Assembly of Centrifugal Pumps

7/28/2019 Assembly of Centrifugal Pumps

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Investment Office ANRS

Project Profile on Assembly ofCentrifugal Pumps


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Table of Contents

1.Executive Summary..............................................................................................3

2.Product Description and Application.................................................................3

3.Market Study, Plant Capacity and Production Program.................................4

3.1Market Study...........................................................................................................................43.1.1Present Demand and Supply............................................................................................4

3.1.2Projected Demand............................................................................................................4

3.1.3Pricing and Distribution...................................................................................................53.2Plant Capacity.........................................................................................................................53.3Production Program................................................................................................................5

4.Raw Materials and Utilities.................................................................................6

4.1Availability and Source of Raw Materials..............................................................................6

4.2Annual Requirement and Cost of Raw Materials and Utilities...............................................6

5Location and Site...................................................................................................6

6Technology and Engineering ...............................................................................6

6.1Production Process..................................................................................................................6

6 2Machinery and Equipment 7


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1. Executive Summary

This project profile deals with the establishment of a plant that assembles centrifugal pumps

Amhara National Regional State. The following presents the main findings of the study

Demand projection divulges that the domestic demand for centrifugal pumps is substantial and is

increasing with time. Accordingly, the planned plant is set to assemble 340 centrifugal pumps

annually. The total investment cost of the project including working capital is estimated at Birr

7.11 million and creates job opportunities to 31 citizens

The financial result indicates that the project will generate profit beginning from the first year of

operation. Moreover, the project will break even at 34.20% of capacity utilization and it will

payback fully the initial investment less working capital in four years. The result further showthat the calculated IRR of the project is 22.6%; while the NPV discounted at 18% annually is

about Birr 1.13 million.

In addition to this, the proposed project possesses wide range of economic and social benefits

such as increasing the level of investment, tax revenue, employment creation, diversification of

the economy and import substitution.

G ll th j t i t h i ll f ibl fi i ll d i ll i bl ll


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air-conditioning, and for many other industrial purposes. From the technical point of view,

manufacture of pumps of the above type is comparatively easy. Accordingly, centrifugal pumps

may constitute one of the industrial fields most suit-able for developing countries. Developed

through many years of research, centrifugal pumps feature complete standardization, a fact

which makes possible a comparatively cheap cost of making while offering high performances.

Features of Centrifugal Pump

(1) Keeping favourable efficiency over a wide range of volumes of water, without causing

overload.

(2) Small consumption of electric power and cost of fuels on account of high efficiency.

(3) Less troubles on account of the simple mechanism.

3. Market Study, Plant Capacity and Production Program

3.1 Market Study

3.1.1 Present Demand and Supply

Annual of import of all types of pumps is around 80,000 units of which 60000 units is estimated

to centrifugal pumps. Share of the Amhara Region is about 20000 units. This will increase as

more and more farmers turn to small scale irrigation activities to increase their income. The


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Table 1: Projected Demand

Year

Projected

demand (pcs)2009 2,0802010 2,1632011 2,2502012 2,3402013 2,4332014 2,531

2015 2,6322016 2,7372017 2,8472018 2,960

3.1.3 Pricing and Distribution

The Price is set on competitive bases. Currently, imported centrifugal pumps sell in range of Birr20,000 to 25,000 depending on their quality. The envisaged plants product price is set well

below the market retail price to attract customer. Distribution will be directly to the customers as

well as through the exiting market channel.

3.2 Plant Capacity

Thus, given the expected demand for centrifugal pumps presented earlier, and the planned

technology the envisaged plant is set to produce 340 pieces annually


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4. Raw Materials and Utilities

4.1 Availability and Source of RawMaterials

The raw materials casts, steels, bolts, ball bearings should be imported, preferably from India.

4.2 Annual Requirement and Cost of Raw Materialsand Utilities

A full capacity, 190 tons of casts, steels, bolts, ball bearings, etc are required. All this materials

should be imported. The total cost of these materials is estimated at Birr 1.9 million.

The utility requirements are shown in Table 2 below.

Table 2: Utilities Requirements at Full Capacity

Item Qty

Annual

Cost

(Birr)

Electricity 110000 kw 60,500

Water 6000 m3 15,900

Fuel 5000 lit 25,000

Total 101,400


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The operation up to the above stage centred on work by machine tools of centred on work by

machine tools of various kinds. Then, the assembly process takes over, with required parts

brought out of the warehouse for assembly.

The assembled pumps are subjected to performance tests, and they are shipped out after painting

and packing.

Alternative

Integrated manufacturing from the manufacture of raw materials to pumps is alternative

which requires heavy investment. In this project profile, therefore, it is proposed that the plant

makes pumps through machining and assembly of cast materials.

6.2 Machinery and Equipment

The machineries and equipment required for producing centrifugal pumps is detailed in Table 3

below.

Table 3: Required Machineries and Equipments

Description SpecificationNo

1 Vertical lathe (with accessories) LV 600 mm x 4-400 rpm x 7.5 kw 1

2 Engine lathe (with accessories) LG 750 mm x 20-1,500 rpm x 3.7 2


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The National Small Industries Corporation Limited

Ladha Udyog Bhavan

Okhla Industrial EstateNew Delhi-110 020

India

6.3 Civil Engineering Cost

The total site area for the envisaged plant is estimated to be 1,000m2 where 300m2 is allocated to

the production place and other facilities. The

7 Human Resource and Training Requirement

7.1 Human Resource

The human resource requirement at full capacity is shown in Table 4 below.Table 4: Human Resource Requirement

Job Title No.

Salary/Wage (Birr)

Monthly Annual

1 General Manager 1 5,000 60,000

2 Engineers 2 4,000 96,000

3 Skilled Workers 7 2,000 168,000

4 Unskilled Workers 7 600 50,4005 Clerical Workers 2 800 19,200

6 Personnel Head 1 1,600 19,200

7 Secretary 1 900 10 800


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7.2 Training Requirement

Both induction and periodic trainings are indispensable. Annual training budget that amounts to

Birr 60,000 is included in the working capital.

8 Financial Analysis

8.1 Underlying Assumption

The financial analysis of centrifugal pumps assembly plant is based on the data provided in the

preceding chapters and the following assumptions.

A. Construction and Finance

Construction period 2 year

Source of finance 40% equity and 60% loan

Tax holidays 2 years

Bank interest rate 12%

Discount for cash flow 18%

Value of land Based on lease rate of ANRS


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C. Working Capital (Minimum Days of Coverage)

Raw Material-Local 30

Raw Material-Foreign 120

Factory Supplies in Stock 30

Spare Parts in Stock and Maintenance 30

Work in Progress 10

Finished Products 15Accounts Receivable 30

Cash in Hand 30

Accounts Payable 30

8.2 Investment

The total investment cost of the project including working capital is estimated at Birr 7.11

million as shown in table 5 below. The Owner shall contribute 40% of the finance in the form of

equity while the remaining 60% is to be financed by bank loan.

Table 5: Initial Investment and Working Capital

Total Initial Investment

Item CostLand 3 000 00


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8.3 Production Costs

The total production cost at full capacity operation is estimated at Birr 3.91 million as detailed in

table 6 below.

Table 6: Production Cost at Full Capacity

Total Production Cost at Full Capacity

Items Cost

1. Raw materials 1,900,000.00

2. Utilities 101,400.00

3. Wages and Salaries 605,520.00

4. Spares and Maintenance 171,390.00

Factory costs 2,778,310.00

5. Depreciation 623,130.00

6. Financial costs512,085.18

Total Production Cost3,913,525.18

8.4 Financial Evaluation


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II. Breakeven Analysis

The breakeven point of the project is estimated by using income statement projection.

Accordingly, the project will break even at 34.20% of capacity utilization.

III. Payback Period

Investment cost and income statement projection are used in estimating the project payback

period. The projects will payback fully the initial investment less working capital in fourth year

of operation.

IV. Simple Rate of Return

For the envisaged plant the simple rate of return equals to 18.6%.

V. Internal Rate of Return and Net Present Value

Based on cash flow statement described in the annex part, the calculated IRR of the project is

22.6% and the net present value at 18 % annual discount rate is Birr 1.13 million.

VI Sensitivity Analysis


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A. Profit Generation

The project is found to be financially viable and will generate a total profit of about Birr 10.27

million during ten operational years. Such result induces the project promoters to reinvest the

profit which, therefore, increases the investment magnitude in the region.

B. Tax Revenue

In the project life under consideration, the region will collect about Birr 4 million from corporate

tax payment alone (i.e. excluding income tax, sales tax and VAT). Such result create additional

fund for the regional government that will be used in expanding social and other basic services in

the region

C. Import Substitution and Foreign Exchange Saving

Based on the projected figure we learn that in the project life an estimated amount of USD

4,870,500 will be saved as a result of the proposed project. This will create room for the saved

hard currency to be allocated on other vital and strategic sectors

D. Employment and Income Generation

The proposed project is expected to create employment opportunity to several citizens of the

region. That is, it will provide permanent employment to 31 citizens.


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ANNEXES


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Annex 1: Total Net Working Capital Requirements (in Birr)

CONSTRUCTION PRODUCTION

Year 1 Year 2 1 2 3 4

Capacity Utilization (%) 0 0 75% 85% 95% 100%

1. Total Inventory 0 0 1,329,258 1,506,492 1,683,727 1,772,344

Raw Materials in Stock- Total 0 0 551,864 625,445 699,027 735,818

Raw Material-Local 0 0 23,318 26,427 29,536 31,091

Raw Material-Foreign 0 0 528,545 599,018 669,491 704,727

Factory Supplies in Stock 0 0 2,783 3,154 3,525 3,711

Spare Parts in Stock and Maintenance 0 0 14,023 15,893 17,762 18,697

Work in Progress 0 0 69,575 78,852 88,128 92,767

Finished Products 0 0 139,150 157,703 176,256 185,533

2. Accounts Receivable 0 0 417,273 472,909 528,545 556,364

3. Cash in Hand 0 0 57,839 65,551 73,263 77,119

CURRENT ASSETS 0 0 1,252,506 1,419,507 1,586,507 1,670,008

4. Current Liabilities 0 0 417,273 472,909 528,545 556,364

Accounts Payable 0 0 417,273 472,909 528,545 556,364

TOTAL NET WORKING CAPITAL REQUIREMENTS 0 0 835,233 946,597 1,057,962 1,113,644

INCREASE IN NET WORKING CAPITAL 0 0 835,233 111,364 111,364 55,682

1


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Annex 1: Total Net Working Capital Requirements (in Birr) (continued)

PRODUCTION

5 6 7 8 9 10

Capacity Utilization (%) 100% 100% 100% 100% 100% 100%

1. Total Inventory 1,772,344 1,772,344 1,772,344 1,772,344 1,772,344 1,772,344

Raw Materials in Stock-Total 735,818 735,818 735,818 735,818 735,818 735,818

Raw Material-Local 31,091 31,091 31,091 31,091 31,091 31,091

Raw Material-Foreign 704,727 704,727 704,727 704,727 704,727 704,727

Factory Supplies in Stock 3,711 3,711 3,711 3,711 3,711 3,711

Spare Parts in Stock and Maintenance 18,697 18,697 18,697 18,697 18,697 18,697

Work in Progress 92,767 92,767 92,767 92,767 92,767 92,767

Finished Products 185,533 185,533 185,533 185,533 185,533 185,533

2. Accounts Receivable 556,364 556,364 556,364 556,364 556,364 556,364

3. Cash in Hand 77,119 77,119 77,119 77,119 77,119 77,119

CURRENT ASSETS 1,670,008 1,670,008 1,670,008 1,670,008 1,670,008 1,670,008

4. Current Liabilities 556,364 556,364 556,364 556,364 556,364 556,364

Accounts Payable 556,364 556,364 556,364 556,364 556,364 556,364

TOTAL NET WORKING CAPITAL REQUIREMENTS 1,113,644 1,113,644 1,113,644 1,113,644 1,113,644 1,113,644

INCREASE IN NET WORKING CAPITAL 0 0 0 0 0 0

2


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Annex 2: Cash Flow Statement (in Birr)


Year 1 Year 2 1 2 3 4TOTAL CASH INFLOW 2,999,325 4,112,969 4,242,273 4,390,636 4,900,636 5,127,818

1. Inflow Funds 2,999,325 4,112,969 417,273 55,636 55,636 27,818

Total Equity 1,199,730 1,645,188 0 0 0 0

Total Long Term Loan 1,799,595 2,467,781 0 0 0 0

Total Short Term Finances 0 0 417,273 55,636 55,636 27,818

2. Inflow Operation 0 0 3,825,000 4,335,000 4,845,000 5,100,000

Sales Revenue 0 0 3,825,000 4,335,000 4,845,000 5,100,000

Interest on Securities 0 0 0 0 0 0

3. Other Income 0 0 0 0 0 0

TOTAL CASH OUTFLOW 2,999,325 2,999,325 4,421,715 3,693,665 4,240,717 4,266,406

4. Increase In Fixed Assets 2,999,325 2,999,325 0 0 0 0

Fixed Investments 2,856,500 2,856,500 0 0 0 0

Pre-production Expenditures 142,825 142,825 0 0 0 0

5. Increase in Current Assets 0 0 1,252,506 167,001 167,001 83,500

6. Operating Costs 0 0 2,039,256 2,303,349 2,567,443 2,699,489

7. Corporate Tax Paid 0 0 0 0 368,307 430,797

8. Interest Paid 0 0 1,129,953 512,085 426,738 341,3909.Loan Repayments 0 0 0 711,229 711,229 711,229

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 0 1,113,644 -179,442 696,972 659,919 861,412

Cumulative Cash Balance 0 1,113,644 934,202 1,631,174 2,291,093 3,152,505

3


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Annex 2: Cash Flow Statement (in Birr): Continued

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

1. Inflow Funds 0 0 0 0 0 0

Total Equity 0 0 0 0 0 0

Total Long Term Loan 0 0 0 0 0 0

Total Short Term Finances 0 0 0 0 0 0

2. Inflow Operation 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

Sales Revenue 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000


3. Other Income 0 0 0 0 0 0TOTAL CASH OUTFLOW 4,123,163 4,095,559 4,035,815 3,264,843 3,264,843 3,264,843

4. Increase In Fixed Assets 0 0 0 0 0 0

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

5. Increase in Current Assets 0 0 0 0 0 0

6. Operating Costs 2,699,489 2,699,489 2,699,489 2,699,489 2,699,489 2,699,489

7. Corporate Tax Paid 456,401 514,145 539,749 565,353 565,353 565,353

8. Interest Paid 256,043 170,695 85,348 0 0 0

9. Loan Repayments 711,229 711,229 711,229 0 0 0

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 976,837 1,004,441 1,064,185 1,835,157 1,835,157 1,835,157

Cumulative Cash Balance 4,129,342 5,133,783 6,197,968 8,033,126 9,868,283 11,703,440

4


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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED


Year 1 Year 2 1 2 3 4

TOTAL CASH INFLOW 0 0 3,825,000 4,335,000 4,845,000 5,100,000

1. Inflow Operation 0 0 3,825,000 4,335,000 4,845,000 5,100,000

Sales Revenue 0 0 3,825,000 4,335,000 4,845,000 5,100,000




3. Increase in Fixed Assets 2,999,325 2,999,325 0 0 0 0

Fixed Investments 2,856,500 2,856,500 0 0 0 0

Pre-production Expenditures 142,825 142,825 0 0 0 0

4. Increase in Net Working Capital 0 0 835,233 111,364 111,364 55,682

5. Operating Costs 0 0 2,039,256 2,303,349 2,567,443 2,699,489

6. Corporate Tax Paid 0 0 0 0 0 430,797

NET CASH FLOW -2,999,325 -2,999,325 950,511 1,920,286 2,166,193 1,914,031

CUMULATIVE NET CASH FLOW -2,999,325 -5,998,650 -5,048,139 -3,127,853 -961,660 952,372

Net Present Value (at 18%) -2,999,325 -2,541,801 682,642 1,168,746 1,117,298 836,641

Cumulative Net present Value -2,999,325 -5,541,126 -4,858,484 -3,689,738 -2,572,440 -1,735,799

5


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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED (Continued)

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

1. Inflow Operation 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

Sales Revenue 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000




3. Increase in Fixed Assets 0 0 0 0 0 0

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

4. Increase in Net Working Capital 0 0 0 0 0 0

5. Operating Costs 2,699,489 2,699,489 2,699,489 2,699,489 2,699,489 2,699,489

6. Corporate Tax Paid 456,401 514,145 539,749 565,353 565,353 565,353

NET CASH FLOW 1,944,109 1,886,366 1,860,762 1,835,157 1,835,157 1,835,157

CUMULATIVE NET CASH FLOW 2,896,481 4,782,847 6,643,608 8,478,766 10,313,923 12,149,081Net Present Value (at 18%) 720,159 592,177 495,034 413,747 350,633 297,147

Cumulative Net present Value -1,015,640 -423,462 71,571 485,319 835,952 1,133,099

Net Present Value (at 18%) 1,133,099.05

Internal Rate of Return 22.6%

6


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Annex 4: NET INCOME STATEMENT ( in Birr)

PRODUCTION

1 2 3 4 5

Capacity Utilization (%) 75% 85% 95% 100% 100%

1. Total Income 3,825,000 4,335,000 4,845,000 5,100,000 5,100,000

Sales Revenue 3,825,000 4,335,000 4,845,000 5,100,000 5,100,000

Other Income 0 0 0 0 0

2. Less Variable Cost 1,799,045 2,038,917 2,278,790 2,398,726 2,398,726

VARIABLE MARGIN 2,025,955 2,296,083 2,566,210 2,701,274 2,701,274

(In % of Total Income) 52.97 52.97 52.97 52.97 52.97

3. Less Fixed Costs 863,341 887,562 911,783 923,893 923,893

OPERATIONAL MARGIN 1,162,614 1,408,521 1,654,427 1,777,381 1,777,381


4. Less Cost of Finance 1,129,953 512,085 426,738 341,390 256,043

5. GROSS PROFIT 32,661 896,436 1,227,690 1,435,990 1,521,338

6. Income (Corporate) Tax 0 0 368,307 430,797 456,401

7. NET PROFIT 32,661 896,436 859,383 1,005,193 1,064,937

RATIOS (%)

Gross Profit/Sales 0.85% 20.68% 25.34% 28.16% 29.83%

Net Profit After Tax/Sales 0.85% 20.68% 17.74% 19.71% 20.88%

Return on Investment 17.01% 20.28% 18.23% 18.93% 18.57%

Return on Equity 1.15% 31.51% 30.21% 35.33% 37.43%

7


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Annex 4: NET INCOME STATEMENT (in Birr): Continued

PRODUCTION

6 7 8 9 10

Capacity Utilization (%) 100% 100% 100% 100% 100%

1. Total Income 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

Sales Revenue 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000

Other Income 0 0 0 0 0

2. Less Variable Cost 2,398,726 2,398,726 2,398,726 2,398,726 2,398,726

VARIABLE MARGIN 2,701,274 2,701,274 2,701,274 2,701,274 2,701,274


3. Less Fixed Costs 816,763 816,763 816,763 816,763 816,763

OPERATIONAL MARGIN 1,884,511 1,884,511 1,884,511 1,884,511 1,884,511


4. Less Cost of Finance 170,695 85,348 0 0 0

5. GROSS PROFIT 1,713,816 1,799,163 1,884,511 1,884,511 1,884,511

6. Income (Corporate) Tax 514,145 539,749 565,353 565,353 565,353

7. NET PROFIT 1,199,671 1,259,414 1,319,157 1,319,157 1,319,157

RATIOS (%)

Gross Profit/Sales 33.60% 35.28% 36.95% 36.95% 36.95%

Net Profit After Tax/Sales 23.52% 24.69% 25.87% 25.87% 25.87%

Return on Investment 19.27% 18.91% 18.55% 18.55% 18.55%

Return on Equity 42.17% 44.27% 46.37% 46.37% 46.37%

8


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Annex 5: Projected Balance Sheet (in Birr)


Year 1 Year 2 1 2 3 4

TOTAL ASSETS 2,999,325 7,112,294 7,562,228 7,803,071 8,006,860 8,328,643

1. Total Current Assets 0 1,113,644 2,186,708 3,050,681 3,877,600 4,822,513

Inventory on Materials and Supplies 0 0 568,669 644,492 720,315 758,226

Work in Progress 0 0 69,575 78,852 88,128 92,767

Finished Products in Stock 0 0 139,150 157,703 176,256 185,533

Accounts Receivable 0 0 417,273 472,909 528,545 556,364

Cash in Hand 0 0 57,839 65,551 73,263 77,119

Cash Surplus, Finance Available 0 1,113,644 934,202 1,631,174 2,291,093 3,152,505

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 2,999,325 5,998,650 5,375,520 4,752,390 4,129,260 3,506,130

Fixed Investment 0 2,856,500 5,713,000 5,713,000 5,713,000 5,713,000

Construction in Progress 2,856,500 2,856,500 0 0 0 0

Pre-Production Expenditure 142,825 285,650 285,650 285,650 285,650 285,650

Less Accumulated Depreciation 0 0 623,130 1,246,260 1,869,390 2,492,520

3. Accumulated Losses Brought Forward 0 0 0 0 0 0

4. Loss in Current Year 0 0 0 0 0 0

TOTAL LIABILITIES 2,999,325 7,112,294 7,562,228 7,803,071 8,006,860 8,328,643

5. Total Current Liabilities 0 0 417,273 472,909 528,545 556,364

Accounts Payable 0 0 417,273 472,909 528,545 556,364

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 1,799,595 4,267,376 4,267,376 3,556,147 2,844,918 2,133,688

Loan A 1,799,595 4,267,376 4,267,376 3,556,147 2,844,918 2,133,688Loan B 0 0 0 0 0 0

7. Total Equity Capital 1,199,730 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918

Ordinary Capital 1,199,730 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 0 0 0 32,661 929,097 1,788,480

9.Net Profit After Tax 0 0 32,661 896,436 859,383 1,005,193

Dividends Payable 0 0 0 0 0 0

Retained Profits 0 0 32,661 896,436 859,383 1,005,193

9


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Annex 5: Projected Balance Sheet (in Birr): ContinuedPRODUCTION

5 6 7 8 9 10

TOTAL ASSETS 8,682,350 9,170,791 9,718,976 11,038,133 12,357,291 13,676,4481. Total Current Assets 5,799,350 6,803,791 7,867,976 9,703,133 11,538,291 13,373,448

Inventory on Materials and Supplies 758,226 758,226 758,226 758,226 758,226 758,226

Work in Progress 92,767 92,767 92,767 92,767 92,767 92,767

Finished Products in Stock 185,533 185,533 185,533 185,533 185,533 185,533

Accounts Receivable 556,364 556,364 556,364 556,364 556,364 556,364

Cash in Hand 77,119 77,119 77,119 77,119 77,119 77,119

Cash Surplus, Finance Available 4,129,342 5,133,783 6,197,968 8,033,126 9,868,283 11,703,440

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 2,883,000 2,367,000 1,851,000 1,335,000 819,000 303,000

Fixed Investment 5,713,000 5,713,000 5,713,000 5,713,000 5,713,000 5,713,000

Construction in Progress 0 0 0 0 0 0

Pre-Production Expenditure 285,650 285,650 285,650 285,650 285,650 285,650

Less Accumulated Depreciation 3,115,650 3,631,650 4,147,650 4,663,650 5,179,650 5,695,650

3. Accumulated Losses Brought Forward 0 0 0 0 0 0

4. Loss in Current Year 0 0 0 0 0 0

TOTAL LIABILITIES 8,682,350 9,170,791 9,718,976 11,038,133 12,357,291 13,676,448

5. Total Current Liabilities 556,364 556,364 556,364 556,364 556,364 556,364

Accounts Payable 556,364 556,364 556,364 556,364 556,364 556,364

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 1,422,459 711,229 0 0 0 0

Loan A 1,422,459 711,229 0 0 0 0

Loan B 0 0 0 0 0 0

7. Total Equity Capital 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918Ordinary Capital 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918 2,844,918

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 2,793,673 3,858,610 5,058,280 6,317,695 7,636,852 8,956,009

9. Net Profit After Tax 1,064,937 1,199,671 1,259,414 1,319,157 1,319,157 1,319,157

Dividends Payable 0 0 0 0 0 0

Retained Profits 1,064,937 1,199,671 1,259,414 1,319,157 1,319,157 1,319,157

10

Assembly of Centrifugal Pumps

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