Pre-Feasibility Studymoip.gov.pk/moip/userfiles1/file/Jewellery_Electroplating.pdf ·...

Pre-Feasibility Study Jewellery Electroplating Unit

Pakistan Gems and Jewellery Development Company

A subsidiary of Pakistan Industrial development Corporation Ministry of Industries & Production, Government of Pakistan

A Company setup under section 42 of Companies’ Ordinance 1984

Karachi

Gems & Jewellery Training and

Manufacturing Centre

Plot No. 15, Street No. SB-5,

Opp Bliss Shopping Centre,

Zaib-un-Nisa Street, Saddar,

Karachi.

Phone No. 021-35220294-5

E-mail: [email protected]

Quetta

Gems &Jewellery Training and

Manufacturing centre

Malik Plaza 1st Floor, Main M.A

Jinnah Road,

Quetta

Phone No: 081-2824221-23 E-mail: [email protected]

Lahore



3rd Floor, Rana Centre, 18

Jamaluddin Afghani Road,

Maclagan Road,

Lahore

Tel: 042-37248515-16


Peshawar

Gems &Jewellery Training and

Manufacturing centre

Opposite Imperial Store,

Saddar, Cantt Bazaar,

Peshawar

Phone No: 091-5286115-6


Gilgit



Zakir Complex, Shahrah-e-

Quaid-e-Azam,

Opp. New Secretariat, Gilgit

Baltistan 15100, Jotial Gilgit

Tel: 05811-920537-9


Sargodha



98-A, Bahadur Shah Zafar Road,

Opp. Jamia Girls School,

Sargodha.

Phone No.: 048-3724451-2

Muzaffarabad, AJK



Khawaja Plaza near Darbar

Shah Inayat,

Muzaffarabad, AJK

Phone No.: 058-22923166


Pakistan Gems and Jewellery Development Company of 12

Table of Contents Description Page No

1. DISCLAIMER................................................................................................................ .... 3 2. PURPOSE OF THE DOCUMENT......................................................................................... 4 3. INTRODUCTION TO PGJDC……………………………………………………………………………………………..4 4. INTRODUCTION TO SCHEME........................................................................................... 4 5. EXECUTIVE SUMMARY.................................................................................................... 5 6. BRIEF DESCRIPTION OF PROJECT & PRODUCT..................................................................5 7. CRITICAL FACTORS…........................................................................................................6 8. INSTALLED AND OPERATIONAL CAPACITY……………………………………………………………………..6 9. GEOGRAPHICAL POTENTIAL FOR INVESTMENT………..…………………………….........................6 10. POTENTIAL TARGET MARKETS………….............................................................................6 11. PRODUCTION PROCESS FLOW.......................................................................................6 12. PROJECT COST SUMMARY.............................................................................................7 12.1. PROJECT ECONOMICS ......................................................................................................7 12.2. PROJECT FINANCING........................................................................................................7 12.3. PROJECT COST .................................................................................................................8 12.4. SPACE REQUIREMENT......................................................................................................8 12.5. MACHINERY AND EQUIPMENT........................................................................................8 12.6. CONSUMABLES AND RAW MATERIAL….……………………………………………………………………….9 12.7. FURNITURE AND FIXTURES……………………………………………………………………………………………9 12.8. HUMAN RESOURCE REQUIREMENT.................................................................................9 12.9. REVENUE GENERATION ...................................................................................................9 12.10. OTHER COSTS ................................................................................................................10 13. KEY ASSUMPTIONS ……………………………………………………………………………………………………11 14. ANNEXURE 14.1. INCOME STATEMENT (ANNEXURE 1) 14.2 STATEMENT OF CASH FLOW (ANNEXURE 2) 14.3 BALANCE SHEET (ANNEXURE 3)



1. Disclaimer: This information memorandum is to introduce the subject matter and provide a general idea and information on the subject. Although, the material included in this document is based on data/information gathered from various reliable sources; however, it is based upon certain assumptions which may differ from case to case. The information has been provided on, as is where is basis, without any warranties or assertions as to the correctness or soundness thereof. Although, due care and diligence has been taken to compile this document, the contained information may vary due to any change in any of the concerned factors, and the actual results may differ substantially from the presented information. PGJDC, its employees or agents do not assume any liability for any financial or other loss resulting from this memorandum in consequence of undertaking this activity. The contained information does not preclude any further professional advice. The prospective user of this memorandum is encouraged to carry out additional diligence and gather any information which is necessary for making an informed decision; including taking professional advice from a qualified consultant/technical expert before taking any decision to act upon the information. For more information on services offered by PGJDC, please visit our website: www.pgjdc.org.



2. Purpose of the Document: The objective of the pre-feasibility study is primarily to facilitate potential entrepreneurs in project identification for investment. The project pre-feasibility study may form the basis of an important investment decision and in order to serve this objective, the document/study covers various aspects of project concept development, start-up, production, marketing, finance and business management. The purpose of this document is to facilitate potential investors in setting up a Jewellery Electroplating Unit by providing them a general understanding of the business with the intention of supporting potential investors in crucial investment decisions. The need to come up with pre-feasibility reports for undocumented or minimally documented sectors attains greater imminence as the research that precedes such reports reveals certain thumb rules; best practices developed by existing enterprises by trial and error, and certain industrial norms that become a guiding source regarding various aspects of business set-up and it’s successful management. Apart from carefully studying the whole document, one must consider critical aspects provided later on, which form basis of any Investment Decision.

3. Introduction to PGJDC: Pakistan Gems and Jewellery Development Company (PGJDC) was established in 2006 as a subsidiary of Pakistan Industrial Development Corporation, working under the Ministry of Industries & Production, Government of Pakistan. The charter of the Company is to enhance the value chain productivity of gems and jewellery industry of Pakistan from Mine to Market. The Company aims to enhance exports through facilitation, technology up-gradation, skill development and marketing/branding initiatives. Its aim is to establish Pakistan as a high value added, internationally competitive, world class hub for precious stone cutting and jewellery manufacturing by means of supporting the value chain and ancillary trades. PGJDC has designed this pre-feasibility study to facilitate the entrepreneurs related to Gems & Jewellery sector of Pakistan by providing technical advice to them so that they could establish their Gems & Jewellery related businesses.

4. Introduction to Prime Minister’s Youth Business Loan Scheme: ‘Prime Minister’s Youth Loans’ Scheme, for young entrepreneurs, with an allocated budget of Rs. 5.0 Billion for the year 2013-14, is designed to provide subsidized financing at 8% mark-up per annum for one hundred thousand (100,000) beneficiaries, by designated financial institutions, initially through National Bank of Pakistan (NBP) and First Women Bank Ltd. (FWBL). Loans from Rs. 0.1 million to Rs. 2.0 million with tenure up to 8 years inclusive of 1 year grace period, and a debt: equity of 90: 10 will be disbursed to SME beneficiaries across Pakistan, covering; Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Gilgit Baltistan, Azad Jammu & Kashmir and Federally Administered Tribal Areas (FATA).



5. Executive Summary: Jewellery Electroplating is the process of applying a thin layer of metal on another material, usually a less expensive type of metal. This technique is commonly used with costume jewellery and can also be used to produce a number of artistic effects. Electroplating can be done on Jewellery made out of any base metal. The most ideal locations for setting up a Jewellery Electroplating Unit are the Jewellery hubs of the Country, such as, Karachi, Lahore, Hyderabad, Sukkur, Multan, Faisalabad, Peshawar, Quetta, Sargodha and Islamabad/Rawalpindi. The Jewellery markets of these areas will offer maximum consumption of the Jewellery Electroplating services offered through these units. The proposed unit will offer services in terms of Gold plating, Rhodium plating and Nickel plating, will have the capacity to plate 388,000 grams of articles per year and the cost of each gold and rhodium plated article would be Rs. 20 per gram and that of nickel plated article would be Rs. 5 per gram. In the first year of operation, the unit would run on 60% of the total production capacity. The total cost of the project is Rs. 0.975 Million, with capital cost of Rs. 0.270 Million and operating expenses of Rs. 0.706 Million. The success of the project will depend mainly on the following:

Craftsmanship and expertise of the Jewellery Electroplating and polishing workers.

Regular orders from customers.

Delivery of orders on time.

Effective marketing of the products.

6. Brief Description of Project and Product: Jewellery electroplating is gaining popularity day by day due to decrease in affordability of gold and other precious metal jewellery. As the prices of gold and other precious metal jewellery are increasing, consumers are shifting towards buying electroplated jewellery. Electroplated jewellery is also beginning to act as an import substitute to gold and other precious metal jewellery.

Technology: The proposed unit will require latest Jewellery Electroplating and polishing equipment including electrifiers, buff polishing machines, ultrasonic machines etc.

Location: The most ideal locations for setting up a Jewellery Electroplating unit are the Jewellery hubs of the Country including Karachi, Lahore, Hyderabad, Sukkur, Multan, Faisalabad, Peshawar, Quetta, Sargodha and Islamabad/Rawalpindi.

Product: The unit will produce gold plated, nickel plated and rhodium plated articles as per the customer demands.

Target Market: The potential target markets of the jewellery sets produced through this workshop are the jewellery hubs of the country

Profitability: The proposed unit will be able to earn profit from the first year of its operation.

Marketing: The electroplating unit can be marketed through different means of conventional as well as online marketing. Websites, E-Commerce portals and social media platforms will be the ideal tools for marketing the services provided by this unit.



7. Critical Factors: Regular orders from customers will be the main factor for the successful running of the Jewellery Electroplating and polishing unit. In order to make the business successful, following factors must be kept in mind:

Awareness about the consumer trends.

Delivering orders on time as per the entire satisfaction of customers.

Quality of Jewellery Electroplating.

Effective marketing of the electroplated jewellery articles.

8. Installed and Operational Capacity: The installed capacity shall be 388,000 grams of electroplated jewellery articles per year. The project will run with approximately 60% capacity in first year of its operations with annual increase of 3% in production.

9. Geographical potential for Investment: The Jewellery Electroplating unit is proposed to be set up near the Jewellery hubs of the Country, so that close interaction could be developed with the Jewellery manufacturers and shops. Jewellery markets in the cities of Karachi, Lahore, Islamabad/Rawalpindi, Hyderabad, Sukkur, Multan, Sargodha, Peshawar, Quetta and Faisalabad are ideal locations for setting up this business.

10. Potential target Markets: The services of Jewellery Electroplating by the proposed Jewellery Electroplating unit will be offered to the local Jewellery manufacturers. The customer demand will be fulfilled by processing their orders as per their requirements.

11. Production Process Flow:

Jewellery Electroplating Unit will Electroplate Jewellery ornaments provided by the Jewellery Manufacturers. This Unit will perform electroplating of Nickel, Rhodium and Gold as per the requirement of the Manufacturer. The process of electroplating involves cleaning of the ornaments with chemicals and through ultrasonic machine, and finally plating by electroplating unit.



12. Project Cost Summary:

This section outlines the financial model to analyze the commercial viability of the Jewellery Electroplating unit. It contains various cost and revenue related assumptions along with their results.

12.1 Project Economics: It is estimated that around 388,000 grams of electroplated jewellery articles per year will be electroplated by the proposed Jewellery Electroplating unit and the cost of each gold and rhodium plated article would be Rs. 16 per gram and that of nickel plated article would be Rs. 5 per gram. The Internal rates of Return (IRR) and Payback period are shown in the following table:

Table 1: Project Economics

Description Details Internal rate of Return (IRR) 9.99%

Payback period (years) 2 years

Net Present Value (NPV) Rs. 2,240,846

The commercial viability of this project will depend upon the expertise and skill of the workers. Regular orders from customers will play a vital role in sustainability of the project and delivering orders on time will add to the credibility of the business.

12.2 Project Financing: Details of the equity required and variables related to bank loan are as follows:

Table 2: Project Financing

Description Details

Total Equity (10%) Rs. 97,575

Bank Loan (90%) Rs. 878,175

Markup to the Borrower (Percentage / annum) 8%

Loan Tenure (years) 8 Years

Grace Period (years) 1 year



12.3 Project Cost: Following requirements have been identified for operations of the proposed business.

Table 3: Capital Investment for the project

Cost description Total Cost (Rs.)

Machinery & Equipment 136,750

Furniture /Fixture 83,000

Pre-operational Expenses 50,000

Total Fixed Cost 269,750

Electroplating consumables 312,000

Upfront Building Rent (12 Months) 144,000

Cash 250,000

Total Project Cost 975,750

12.4 Space Requirement: The project is proposed to be set-up in rented premises. In this way, the initial capital cost of the project will be far less.

Table 4: Space Requirement

Space Requirement (in ft) Sq.ft

Electroplating work shop 140

Polishing chamber 100

TOTAL 240

12.5 Machinery and Equipment: Following equipment is required for Jewellery Electroplating unit to produce approximately 388,000 grams of electroplated jewellery articles per year. Approximate prices are given below;

Table 5: List of Machinery and Equipment

Description Qty Per Unit Price

Total Cost

Electrifier 100 Amps 1 30,000 30,000

Electrifier 50 Amps 1 15,000 15,000

Plating bath tub with filter pump 1 48,000 48,000

Buff polishing machine 1 5,000 5,000

Ultrasonic machine 1 20,000 20,000

Beakers (2 ltrs) 2 1,800 3,600

Beakers (1000 ml) 2 1,200 2,400

Stainless steel buckets 3 1,500 4,500

Thermometers 1 200 200

pH meters 1 6,000 6,000

Beaker (1.5 ltrs) 1 1,200 1,200

Beaker (500 ml) 1 600 600

Hydrometer 1 250 250

Total 136,750



12.6 Consumables and Raw Material: The details of the consumables and raw materials required per year are as under:

Table 6: Consumables and raw material

Item Unit Qty Price Cost (Rs)

Nickel bath chemical (in ltr) Litre 60 300 18,000

Copper chemical bath Litre 60 300 18,000

Gold & Rhodium chemical bath (in ltr) Litre 24 10,000 240,000

Nickel anodes ( in Kg) Kg 4 4,000 16,000

Copper anodes in (in Kg) Kg 2 2,000 4,000

Platinum coated titanium anodes (in pc) pc 2 3,000 6,000

Miscellaneous chemicals and cleaners - - - 10,000

TOTAL 312,000

12.7 Furniture and Fixtures:

Table 7: List of Furniture & Fixture

Description of Items Qty Per unit cost Total

Polishing chamber 1 35,000 35,000

Working table 2 5,000 10,000

Chairs 4 3,000 12,000

Fans 2 3,000 6,000

Lighting and wiring 1 20,000 20,000

TOTAL 83,000

12.8 Human Resource Requirement:

Table 8: Human Resource Requirement

Description No. of employees

Salary per person

Per Month Salary

Rupees

Annual Salary

Rupees

Polishing expert 1 10000 10000 120000

Jewellery Electroplating experts 3 10000 30000 360000

TOTAL 40,000 480,000

12.9 Revenue Generation:

Table 9: Revenue Generation (at 60% production capacity for first year)

Product Service charges/ gm

First Year service in gms

First Year Sales Revenue (Rs.)

Gold and Rhodium plating 20 37,500 750,000

Nickel Plating 5 205,000 1,025,000

Total Sales Revenue 242,500 1,775,000



12.10 Other Costs: Approximately 240 sq.ft of office space will be required to setup this Jewellery Electroplating unit. Monthly rent is estimated up to 12,000 / month (5% yearly increase) and utility charges @ 10,000 / per month (10% yearly increase). In year 1, the total rent cost amounts to Rs. 144,000. Similarly, utility expense is estimated to be about 10,000 per month which comes to Rs.120,000 per annum



13. KEY ASSUMPTIONS

PRODUCTION ASSUMPTIONS

Maximum Capacity Utilization 100%

Maximum Capacity Utilization (Year-1) 60%

Name of the Product: Electro Plating Unit

No of Gold & Rhodium plating (gms)/ year 62,500

Nickel plating in (gms)/ year 341,665

No of Gold & Rhodium plating (gms)/year (60%) 37,500

Nickel plating in (gms)/ year (60%) 205,000

Plating in (gms) per day 808 gms/ day

OPERATING ASSUMPTIONS

Annual Capacity 100%

Total Capacity (Year 1) 60%

Growth Rate in Production (15.5%) OR (times) 1.155

Hours operational per day 8

Days operational per month 25

Days operational per year 300

ECONOMY-RELATED ASSUMPTIONS

Electricity growth rate (10%) OR (times) 1.1

Pay roll growth (10%) OR (times) 1.1

CASH FLOW ASSUMPTIONS

Accounts receivable cycle (in days) 30

Accounts payable cycle (in days) 30

WIP (Days) 01

Finished Goods (Days) 07

Raw Materials Inventory (Days) 30

Cash in Hand 250,000



REVENUE ASSUMPTIONS

Gold & Rhodium plating/ gms (1st year) 20

Nickel plating/ gms (1st year) 5

Sale price growth rate (15.5%) OR (times) 1.155

EXPENSES ASSUMPTIONS

Electricity Expenses Per/Year (Rs) 120,000

Equipments/ Machine maintenance Cost /year (% of total machinery cost) 2.%

Growth in maintenance cost (3 %) OR (times) 1.03

Pre-paid rent (12 months) 144,000

Raw material 0.00

Consumables cost 312,000

Rent growth rate 5%

COST OF GOODS SOLD ASSUMPTIONS

COGS Growth Rate (21%) OR (times) 1.21

Financial Assumptions

Project Life (Years) 08

Debt 90%

Equity 10%

Interest Rate on Long term debt 8%

Debt Tenure (Years) 8

Debt payments per years 12

Grace Period (Year) 1

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

SALES

Gold & Rhodium Plating 750,000 866,250 1,000,519 1,155,599 1,334,717 1,541,598 1,780,546 2,056,530 2,375,293 2,743,463

Nickel Plating 1,025,000 1,183,875 1,367,376 1,579,319 1,824,113 2,106,851 2,433,413 2,810,592 3,246,233 3,749,400

1,775,000 2,050,125 2,367,894 2,734,918 3,158,830 3,648,449 4,213,959 4,867,122 5,621,526 6,492,863

COST OF SALES

Consumable 312,000 377,520 456,799 552,727 668,800 809,248 979,190 1,184,819 1,433,632 1,734,694

Cost of Good Sold 312,000 377,520 456,799 552,727 668,800 809,248 979,190 1,184,819 1,433,632 1,734,694

Admin & General Expenses

Electrcity Expenses 120,000 132,000 145,200 159,720 175,692 193,261 212,587 233,846 257,231 282,954

Internet Charges - - - - - - - - - -

Repair & Maintanance Charges 2,735 2,817 2,902 2,989 3,078 3,171 3,266 3,364 3,465 3,569

Payroll Expense (All staff) 480,000 528,000 580,800 638,880 702,768 773,045 850,349 935,384 1,028,923 1,131,815

Depreciation Expense 10,988 10,439 9,917 9,421 8,950 8,502 8,077 7,673 7,290 6,925

Computer Maintanance Expenses - - - - - - - - - -

Rent Expense 144,000 151,200 158,760 166,698 175,033 183,785 192,974 202,622 212,754 223,391

Amortization of Preliminary Expenses 10,000 10,000 10,000 10,000 10,000 - - - - -

Total Operating Expenses 767,723 834,456 907,578 987,707 1,075,521 1,161,763 1,267,253 1,382,890 1,509,661 1,648,654

Earnings Before Interest & Taxes 695,277 838,149 1,003,517 1,194,484 1,414,510 1,677,438 1,967,516 2,299,413 2,678,233 3,109,515

Financial Charges on Long Term Loan 70,254 63,649 56,516 48,812 40,492 31,506 21,801 11,320 - -

Profit Before Tax 625,023 774,500 947,001 1,145,672 1,374,018 1,645,932 1,945,715 2,288,093 2,678,233 3,109,515

Income Tax 37,501 61,960 94,700 137,481 192,363 263,349 350,229 457,619 589,211 746,284

Profit After Tax 587,522 712,540 852,301 1,008,191 1,181,656 1,382,583 1,595,486 1,830,475 2,089,022 2,363,231

Retained Earning at the beginning of year - 587,522 1,036,422 1,564,849 2,179,845 2,888,839 3,704,563 4,629,945 5,673,315 6,843,167

Dividend (15-20) - 263,640 323,874 393,195 472,662 566,859 670,104 787,104 919,170 1,063,454

Retained Earning at the end of year 587,522 1,036,422 1,564,849 2,179,845 2,888,839 3,704,563 4,629,945 5,673,315 6,843,167 8,142,945

14.1 Income StatementANNEXURE 1

Project Cash Flow StatementYear 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Operating Activities

Net Profit 625,023 774,500 947,001 1,145,672 1,374,018 1,645,932 1,945,715 2,288,093 2,678,233 3,109,515

Add:

Depreciation 10,988 10,439 9,917 9,421 8,950 8,502 8,077 7,673 7,290 6,925

Amortization (Pre Operational Costs) 10,000 10,000 10,000 10,000 10,000 - - - - -

Net Profit Before Working Capital Changes - 646,011 794,939 966,918 1,165,093 1,392,968 1,654,435 1,953,792 2,295,767 2,685,523 3,116,440

Working Capital Changes

Upfront Building Rent (144,000) (7,200) (7,560) (7,938) (8,335) (8,752) (9,189) (9,649) (10,131) (10,638) (11,170)

Electroplating Consumables (312,000) 280,800 (6,552) (7,928) (9,593) (11,607) (14,045) (16,994) (20,563) (24,881) (30,106)

W.I.P (1,040) (218) (264) (320) (387) (468) (566) (685) (829) (1,004)

Finished Goods Stock (7,280) (1,529) (1,850) (2,238) (2,708) (3,277) (3,965) (4,798) (5,806) (7,025)

Accounts Payable 26,000 5,460 6,607 7,994 9,673 11,704 14,162 17,136 20,734 25,089

Accounts Recievable (147,917) (22,927) (26,481) (30,585) (35,326) (40,802) (47,126) (54,430) (62,867) (72,611)

Income Tax Paid (37,501) (61,960) (94,700) (137,481) (192,363) (263,349) (350,229) (457,619) (589,211) (746,284)

Working Capital Changes (456,000) 105,862 (95,286) (132,554) (180,558) (241,470) (319,426) (414,367) (531,091) (673,498) (843,111)

Cash provided by/used in operation (456,000) 751,873 699,653 834,364 984,535 1,151,498 1,335,009 1,539,425 1,764,676 2,012,025 2,273,329

FINANCING ACTIVITIES

Long term Loan Repayment (Debt Facility) 878,175 - (82,561) (89,166) (96,300) (104,004) (112,324) (121,310) (131,015) (141,496) (0)

Owner's Equity 97,575 - - - - - - - - - -

Dividend Paid - - (263,640) (323,874) (393,195) (472,662) (566,859) (670,104) (787,104) (919,170) (1,063,454)

Cash provided by/used in financing activities 975,750 - (346,201) (413,041) (489,494) (576,666) (679,183) (791,414) (918,119) (1,060,665) (1,063,454)

INVESTING ACTIVITIES

Capital Expenditure (269,750) - - - - - - - - - -

Cash provided by/used in investing activities (269,750)

Net Cash Flow 250,000 751,873 353,451 421,323 495,041 574,832 655,826 748,011 846,557 951,360 1,209,875

Cash balance B/F - 250,000 1,001,873 1,355,324 1,776,647 2,271,688 2,846,520 3,502,345 4,250,356 5,096,913 6,048,273

Cash Balance C/F 250,000 1,001,873 1,355,324 1,776,647 2,271,688 2,846,520 3,502,345 4,250,356 5,096,913 6,048,273 7,258,148

14.2 Cash FlowANNEXURE 2

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

ASSETs

Current Assets

Cash & Bank Balance 250,000 1,001,872 1,355,323 1,776,646 2,271,686 2,846,517 3,502,343 4,250,353 5,096,910 6,048,269 7,258,144

Electroplating Consumables 312,000 31,200 37,752 45,680 55,273 66,880 80,925 97,919 118,482 143,363 173,469

W.I.P 1,040 1,258 1,523 1,842 2,229 2,697 3,264 3,949 4,779 5,782

Finshed Good Stock 7,280 8,809 10,659 12,897 15,605 18,882 22,848 27,646 33,451 40,476

Recievables 147,917 170,844 197,325 227,910 263,236 304,037 351,163 405,594 468,461 541,072

Upfront Building Rent 144,000 151,200 158,760 166,698 175,033 183,785 192,974 202,622 212,754 223,391 234,561

Total 706,000 1,340,509 1,732,746 2,198,529 2,744,641 3,378,253 4,101,859 4,928,169 5,865,334 6,921,714 8,253,505

TOTAL CURRENT ASSETS

Fixed Asset

AT Cost less: Depreciation 219,750 208,763 198,324 188,408 178,988 170,038 161,536 153,460 145,787 138,497 131,572

Intangible Assets

Pre-operational Expenses Worth 50,000 40,000 30,000 20,000 10,000 -

TOTAL ASSETS 975,750 1,589,272 1,961,071 2,406,937 2,933,628 3,548,291 4,263,395 5,081,629 6,011,121 7,060,212 8,385,077

LIABILITIES AND EQUITY

Current Laibilities

Accounts Payable 26,000 31,460 38,067 46,061 55,733 67,437 81,599 98,735 119,469 144,558

TOTAL CURRENT LIABILITIES 26,000 31,460 38,067 46,061 55,733 67,437 81,599 98,735 119,469 144,558

Non Current Liabilities

Long term Loan (Debt Facility) 878,175 878,175 795,614 706,447 610,148 506,144 393,820 272,510 141,496 0

EQUITY

Paid Up Capital 97,575 97,575 97,575 97,575 97,575 97,575 97,575 97,575 97,575 97,575 97,575

Retained Earnings 587,522 1,036,422 1,564,849 2,179,845 2,888,839 3,704,563 4,629,945 5,673,315 6,843,167 8,142,945

Total Equity 97,575 685,097 1,133,997 1,662,424 2,277,420 2,986,414 3,802,138 4,727,520 5,770,890 6,940,742 8,240,520

TOTAL LIABILITIES AND EQUITY 975,750 1,589,272 1,961,071 2,406,937 2,933,628 3,548,291 4,263,395 5,081,629 6,011,121 7,060,212 8,385,077

14. 3 Balance SheetANNEXURE 3

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