-- UNIVERSITY OF TURBAT

Submitted to: Mr. Atta Ur Rehman

Student: QAMBER

Department/Faculty: Management Sciences

Semester: MBA 4th

Comapany Name:

Address: JUSAK,TURBAT
Table of Contents
01 EXECUTIVE SUMMARY
02 CRUCIAL FACTORS
PROJECT TIME LINES ..............................................
03 PROJECT PROFILE
PURIFICATION OF WATER.........................................

OPPORTUNITY RATIONALE .......................................

PROJECT BRIEF .........................................................

PROJECT INVESTMENT .............................................

PROCESS ......................................................

PLANT CAPACITY ......................................................

FINANCIAL SUMMARY ...........................................

THE PROCESS FLOW ..........................................

PROPOSED LOCATION ............................................

04 STRATEGIC RECOMMENDATIONS
MARKET ENTRY TIMING .........................................................
05 KEY SUCCESS FACTORS
MARKETING ................................................................

PRICING ....................................................

PRODUCT PACKAGING ...............................................

06 BRANDS AVAILABLE IN THE MARKET
07 MACHINERY & EQUIPMENT REQUIREMENTS
08 FINANCIAL ANALYSIS
PROJECT COSTS ..........................................

LAND: ...........................................................

BUILDING/INFRASTRUCTURE .......................

MACHINERY & EQUIPMENT REQUIREMENT .......

FURNITURE & FIXTURES REQUIREMENT ..................

OFFICE EQUIPMENT REQUIREMENT ..........................

VEHICLES REQUIREMENT ..................

 HUMAN RESOURCE REQUIREMENT .........................................

UTILITIES AND OTHER COSTS ........................................

CAPITAL STRUCTURE ......................................

PROJECT RETURNS ...................................................................

09 FINANCIAL ASSUMPTIONS
REVENUE ASSUMPTIONS .......................................

 Selling Price
 Starting Capacity of Plant
 No. of Bottles

10 FINANCIALSTATEMENT
EXECUTIVE SUMMARY
The demand for mineral water is constantly rising and there are a number of local manufacturers
producing good quality mineral water bottles. The consumers are becoming increasingly quality
conscious and seek products offering value for money. This trend has led to strong growth in mineral
water bottling plant all across Pakistan. The focus of the business would be to provide clean, hygienic
and drinkable water.
This study presents an investment opportunity for establishing a Mineral Water Processing Plant with
a capacity of 100,000 gallons per day. The proposed product line will consist of 19 liters bottles.
The total project cost for setting up a Mineral Water Processing Unit is estimated at Rs. 106.41 million
out of which Rs. 100.48 million is capital cost and Rs. 5.92 million is working capital. The project is
proposed to be financed through 100% equity.

The most critical considerations or factors for success of the project are:

• Most significant consideration

 Location with respect to source of water.

 Maintenance of quality and hygiene standards.
 Efficient promotion of product through various marketing activities.

• Equally important factors

 Experienced & Strong Distributor.

Reasonable & competitive prices with respect to brand positioning

CRUCIAL FACTORS
It is advisable to evaluate the associated risk factors by taking into consideration of certain key
elements. For establishing water purification plant critical factors that should be considered before
launching are described below:

• The market for purified bottled / mineral water is a growing market, but offers tough
competition.
• Perception / positioning of the new brand. Usually the top target markets for bottled mineral
water follows the perception. If the perception is positive, the results will be higher sales. The
positive perception for distributors and final customers may result from direct consumer
experience, awareness, direct promotional activities, print media and cable advertisement.
• Distribution is very important for the success of new brand. The stronger the distribution the
more successful will be the new brand. The distribution strategy should be designed after a
careful study of the market for going for regional distribution or for nationwide distribution.
 • Pre-launch advertising is vital for positive perception of the product, which will result in higher
product acceptance.
• Compliance of the water quality standards of (PSQCA) Pakistan Standards & Quality Control
Authority and license from the authority.
• Availability of product at A class, B class or C class shops should be decided before launching the
product and availability should be persistent.

Project Time Lines

S. No Activity Time (months)
1 Civil Works 06
2 Plant order and lay out 03
3 Pre-opening operations 03

The construction / renovation of civil works are estimated to be completed in six months whereas the
plant lay out and machinery order and installation is also estimated to be completed in three months.
The time required for pre-operations is three months. The project time line may extend and cut back
depending upon the start of activities on parallel basis or one after another.

PROJECT PROFILE

Purification of Water
The process of purified bottled water manufacturing consist of collecting water from a suitable source,
filtration, demineralization, blending with salts, aeration, testing for standards conformation, bottling
and then packaging.

Opportunity Rationale
The market for mineral water has been showing a mushroom growth trend over the last few years due
to the increasing population in a country, less availability of clean drinking water in majority of areas
and awareness of hygiene with respect to drinking water. The demand of clean-fresh water is
increasing year after year. Keeping this situation in mind many individuals and companies have set up
mineral water processing plants in order to supply clean drinking water.

Pakistan has an estimated population of more than 189 million, due to this increase in population,
demand of pure drinking water has increased. Most of our population is facing the problem of drinking
water shortage. This further integrates the demand for pure drinking water.

The potential markets for bottled / mineral water consist of Households, Hotel Industry, Hospitals,
Offices, Homes, Educational Institutions, Commercial Markets and Hygiene conscious people.
Moreover the bottled / mineral water has been emerging as a daily preference of Upper, Middle &
Lower Middle Class due to unavailability of clean/pure drinking water.
Project Brief
This study presents an investment opportunity for establishing a bottled water plant for providing
pure drinking water. The proposed product line will consist of bottles of 19 liters.

Project Investment
The total cost of the project has been worked out to be Rs. 106,411,600 This includes a fixed cost of
Rs. 100,484,300 and a working capital requirement of Rs. 5,927,300

Process
Three sources of water can be used for purification purposes on commercial basis.

• Ground/Boring Water

Plant Capacity
This study has been designed for a water purification plant with a capacity of 100,000 gallons
per day. The product consists of 19 liters bottles only.

Financial Summary
The financial cost of the project can be summarized as under:

Payback Period
Project Cost IRR MIRR (years) NPV

Rs. 106,411,600 41% 23% 3.29 89,966,110

The process flow

The first step for setting up a water purification plant is the analysis of source of water. After the
chemical analysis, the specifications of the purification plant are set. In the purification plant, source
water is stored into the feed water tank, passes through the sand filter for preliminary water filtration.
Water then passes through the dosing Pump-I where chlorine is added to kill the germs in the water.
After the chlorination process, water passes through carbon filter. It helps in the maintenance of
proper odour and taste of the water. It also removes chlorine from water. Water then passes through
dosing pump-II, where Sodium Meta Bisulphate is added. It helps in dechlorination of water. Water is
filtered next, it passes through dosing pump-III, where anti scallant is added. It prevents scaling of
membrane from calcium, magnesium and biological growth. Water then passes through reverse
osmosis module. This stage of the process makes water clear from all the contaminations and minute
particles. Water then passes through dosing pump-IV, where minerals are added for taste
development. After this stage, water undergoes Ultra Violet treatment to avoid any contamination
from bacteria and other microorganisms. Water then passes through automatic washing, filling and
capping plant. Here water is filled into bottles. After filling, bottles are taken into the warehouse or
shipped to the retailers. The complete process flow diagram is as under.

Proposed Location
Mineral Water processing plant can be set-up in any major city with significant population such as
Karachi, Quetta, Turbat

STRATEGIC RECOMMENDATIONS

Market Entry Timing

The weather is the main dynamic that may bring changes in the market size of the purified drinking
water as the daily water requirement increases in summer. When launching a new brand of purified
water for bulk market, weather is the main dynamic and should be given proper consideration. The
demand pattern for retail market of purified bottled water is not affected by the weather. However, it
is suggested that the new brand of purified bottled water is launched in the start of summer season.
The Investor have to match the brand launching time with the advertisement and weather that would
drive the demand of bottled water and willingness of consumers to switch towards new brand.

KEY SUCCESS FACTORS

Marketing
The traditional marketing tools include site advertisement, print media advertising and brochures. This
study allocates 20% of the revenue for advertising and promotional purposes.

Apart from the traditional marketing tools, this study suggests to focus more on other marketing
magnets that include interactive marketing. Interactive marketing may include educating the general
public about the importance of water and its daily consumption requirements for human body
through the participation in seminars and in general public gatherings (e.g. College and University
gatherings).

One of the marketing options is to sponsor public events like cricket matches or hospital campaigns,
distributing free brochures about water and its daily consumption. The interactive marketing may be
designed through seminars and workshops about the daily human consumption requirements and
diseases originating from the lack of pure water. Overall marketing strategy may change with the
change of target market. A market research study is recommended to design the different dynamics of
marketing before launching the new brand.
Marketing expense has been included at the rate of 20% of Total Revenue. The investor may decide to
increase or decrease the amount of marketing expense depending upon the choice of promotional
activities and type of media used. Following table gives the breakup of tentative marketing expense.

Table: In %age if the marketing expense

Bill Boards / Float Operations 20%
Newspapers 25%
Magazines 15%
Point of Sales Marketing 40%

Pricing
The pricing strategy should be in line with the going rate market prices of the different local brands.
Since a new brand has to face a lot of competition from the market, it is suggested that the price
strategy should be according to the market competition. Suggested price is Rs.110 for 19 Gallon Bottle
however different brands are available at Rs. 50 to 250 with respect to their brand positioning and
consumers perception.

Product Packaging
Product packaging and presentation is one of the main dynamics, which control the flow of target
customers towards the product. Packaging should be in line with the industrial norms. Packaging may
also vary with the understanding of the target market. It is suggested that the bottles of 19 liters
capacity should be used. Bottles should be clear. The bottle should give a reflection of light sky blue
color, which is considered a natural symbol of the water. This color also adds a tinge of purity. The
water should give a shiny and a glossy reflection. The bottles should be placed in special racks and
strand meant for bottled water at retail outlets, which will be having a unique color and a unique
design. The color and the design will create a positive perception for the new brand. The lamination on
the bottle is suggested to be on four-color printing and should have the following information in
addition to the logo of the company.

• Water Specification
• Certificate mark of the Pakistan Standards & Quality Control Authority
• Expiry Date (Best Before Date)
• A brief intro of the company with the address
• Website address of the company
• Brand Name / Trade Name
Net volume in System International / Metric system
BRANDS AVAILABLE IN THE MARKET
Table: Some popular Brands available in the market
Abc-Hayat Lucent
Springley Fission
Aqua Bara Safe Balance
Aqua Flex Aqua Plus
Nestle Pure Life Exact
Atlantis Pureza
Sparkletts XT
Aafi Aqua Nation
Classic Aala Pure Drop
AB-E-Tasneem Oasiss
Tws Horizon
Nayab Maya
Aspen Aqua Nino
Pineo Prime Pani
Kinley Pure N Fine

MACHINERY & EQUIPMENT REQUIREMENTS

Most of the water purification plants being installed in the country are Reverse Osmosis based.
Government also recommends RO based technology. This study is based on Reverse Osmosis
technology. Most of the machinery is imported from China, Taiwan, Italy and Germany along with
some local components. Cost of the machinery is as following.

Table: Machinery Cost

Machinery Name Cost

R.O Plant Unit (Imported with duty and taxes) Rs. 25,000,000
FINANCIAL ANALYSIS

Project Costs

Total project cost for the RO Mineral Water Plant is estimated to be around Rs. 106,411,600. This
includes costs of capital expenditure as well as working capital required for the project in the initial
year.
Table Project Cost Details

Description Amount in Rs.

Land 10,018,800
Building/Infrastructure 32,355,500
Machinery, Equipment & Laboratory 29,200,000
Bottles 2,200,000
Furniture & fixtures 1,490,000
Office vehicles 19,050,000
Office equipment 1,100,000
Pre-operating costs (Connections charges, Surveys & Accruals) 4,070,000
Legal, Licensing & Promotional Expense 1,000,000
Total Capital Cost 100,484,300
Working Capital Requirement 5,927,300
Total Project Cost 106,411,600

Land:
The space requirement for the proposed Mineral water processing plant for 100,000 GPD is approx. 01
acre and estimated by considering various facilities including management office, production hall,
storage, open space, etc. Details of space requirement and cost related to land & building is given
below:
Building/Infrastructure
Description Estimated Unit Cost Total Cost (Rs.)
Area (Sq. (Rs.)
ft.)

Management building 1,500 1,400 2,100,000

Factory 5,000 1,400 7,000,000
Store 8,000 1,400 11,200,000
Cafeteria 500 1,400 700,000
Pavement/driveway 2,000 500 1,000,000
Boring (Running Ft.) 500 3,500 1,750,000
Rest Room for Management 1,000 3,000 3,000,000
Rest Room for Labors 23,560 50 1,178,000
Open Space 835 3,500 2,922,500
Boundary Wall (Running Ft.) 700 2,150 1,505,000
Total 42,060 32,355,500

Machinery & Equipment Requirement

Description Total Cost (Rs.)

Complete RO Plant 27,200,000

Full Automatic RO Plant

Mineral Water Filling Machine
Brush bottle & Cap remover
Steam type shrink machine with steam generator
Lamp check
Conveyor
Conveyor driven motor
Cap Sterilizer
Barcoding Machine
Total Machinery Cost 27,200,000
Laboratory Equipment 2,000,000
Total 29,200,000

Description Quantity Unit Cost Total (Rs.)

Bottle (Empty) 4,000 550 2,200,000
Total 2,200,000

Furniture & Fixtures Requirement

Description Quantity Unit Cost Total Cost
(Rs.) (Rs.)

Table & Chairs 20 30,000 600,000

Chairs & Stools 20 10,000 200,000
File Cabinets 10 15,000 150,000
Shelves 10 15,000 150,000
Air Conditioners 1.5 Ton 06 65,000 390,000
Total 1,490,000

Office Equipment Requirement

Description Quantity Unit Cost Total Cost
(Rs.) (Rs.)

Computer server 01 150,000 150,000

Computers/Laptops 08 70,000 560,000
Computer printer 02 25,000 50,000
Telephone exchange 01 40,000 40,000
Telephones 20 2,500 50,000
Fax machines 01 25,000 25,000
Copier 01 225,000 225,000
Total 1,100,000
Vehicles Requirement
Description Quantity Unit Cost Total Cost
(Rs.) (Rs.)

Truck (Mazda or Equivalent)3 10 1,800,000 18,000,000

Motor Bike 15 70,000 1,050,000
Total 19,050,000

Human Resource Requirement

Description1 No. of Monthly Monthly
Employees Salary per Salary (Rs.)
person (Rs.)

CEO / Owner 01 250,000 400,000

Admin & Accounts Manager 01 75,000 100,000
Assistant Admin & Accounts Manager 02 30,000 60,000
QC Officer / Production Officer 01 30,000 30,000
Production Officer / Plant Operator 02 30,000 60,000
Marketing Manager 01 150,000 150,000
Marketing & Sales Officer 12 35,000 420,000
Customer Service Officer 02 20,000 40,000
Plant Helper 02 18,000 36,000
Filler 02 18,000 36,000
Washer 02 18,000 36,000
Loader 20 18,000 360,000
Driver 10 18,000 180,000
Peon 02 18,000 36,000
Watchman 02 18,000 36,000
Total 62 1,980,000
Utilities and other costs
An essential cost to be borne by the project is the cost of electricity. The direct electricity expenses are
estimated to be around Rs. 213,006 per month. Furthermore, promotional expense being essential for
marketing of Mineral water bottling plant is estimated as 20% of Revenue.

Capital Structure
The proposed project is based on 100% equity.

Table: Capital Structure Details

Description Debt/Equity Ratio Amount in Rs.

Debt 0% -
Equity 100% 147,134,153

Project Returns
The details of project returns are as following:

Table: Returns

IRR 41%
PAYBACK (Yr.) 3.29

FINANCIAL ASSUMPTIONS
The financial projections are based on the following assumptions:

Revenue Assumptions

Selling Price of Bottle

The proposed market price for selling 1 bottle of 19 liter is Rs. 110.

Table: Annual Growth Rates Assumed

Price Growth Rate 10%

Annual Increase in Capacity Utilization 5%

Starting Capacity of Plant

Starting annual capacity of the plant is 40% on the basis of single shift operation of 08 hours/ day.
Calculations
Income Statement

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Revenue 119,159,526 145,639,421 176,223,699 211,468,439 251,999,890 298,522,947

96,290,526
Cost of sales
Cost of goods sold 1
6,375,600 7,674,629 9,124,281 10,739,278 12,535,667 14,530,927 16,744,099
Operation costs 1 (direct labor) 9,718,233 10,664,414 11,702,716 12,842,109 14,092,435 30,928,988
8,856,000
Operating costs 3 (direct electricity) 2,811,683 3,092,852 3,402,137 3,742,351 4,116,586 4,528,244
2,556,076
Total cost of sales 20,204,545 22,881,546 25,844,131 29,120,126 32,739,947 52,201,331
17,787,676
Gross Profit 98,954,982 122,757,875 150,379,568 182,348,313 219,259,943 246,321,616
78,502,851
82% 83% 84% 85% 86% 87% 83%

General administration & selling expenses Administration

expense 12,804,000 14,050,616 15,418,603 16,919,780 18,567,114 20,374,835 44,717,114
Administration benefits expense 983,543 1,079,302 1,184,385 1,299,698 1,426,238 3,130,198
Electricity expense 896,280
1,329,542 1,462,496 1,608,746 1,769,620 1,946,582 2,141,241
1,208,675
Maintainance expense 1,562,200 1,671,554 1,788,563 1,913,762 2,047,726 2,191,066
1,460,000
Fuel for Vehicles 3,062,813 3,403,125 3,743,438 4,083,750 4,424,063 4,764,375
2,722,500
Communications expense (phone, fax, mail, internet, etc.) 1,405,062 1,541,860 1,691,978 1,856,711 2,037,483 4,471,711
1,280,400
Office vehicles running expense 3,143,250 3,457,575 3,803,333 4,183,666 4,602,032 5,062,236
2,857,500
Office expenses (stationary, entertainment, janitorial services, etc.) 1,264,555 1,387,674 1,522,780 1,671,040 1,833,735 4,024,540
1,152,360
Promotional expense 23,831,905 29,127,884 35,244,740 42,293,688 50,399,978 59,704,589
19,258,105
Insurance expense 1,565,550 1,391,600 1,217,650 1,043,700 869,750 695,800
1,739,500
Professional fees (legal, audit, consultants, etc.) 2,383,191 2,912,788 3,524,474 4,229,369 5,039,998 5,970,459
1,925,811
Depreciation expense 6,954,775 6,992,725 7,036,368 7,086,556 7,367,338 7,409,456
6,921,775
Amortization of pre-operating costs 814,000 814,000 814,000 814,000 - -
814,000
Amortization of legal, licensing, and training costs 200,000 200,000 200,000 200,000 - -
200,000
Bad debt expense 3,574,786 4,369,183 5,286,711 6,344,053 7,559,997 8,955,688
2,888,716
Miscellaneous expense 1 2,625,000 2,756,250 2,894,063 3,038,766 3,190,704 3,350,239
2,500,000
Subtotal 68,750,787 77,986,621 88,481,007 100,395,494 113,120,459 156,588,713
60,629,621
Operating Income 30,204,195 44,771,255 61,898,562 81,952,819 106,139,484 89,732,903
17,873,229

Earnings Before Interest & Taxes 30,204,195 44,771,255 61,898,562 81,952,819 106,139,484 89,732,903
17,873,229

Subtotal - - - - - - -
Earnings Before Tax 30,204,195 44,771,255 61,898,562 81,952,819 106,139,484 89,732,903
17,873,229

Tax 3,574,646 6,040,839 8,954,251 12,379,712 16,390,564 21,227,897 17,946,581

NET PROFIT/(LOSS) AFTER TAX 14,298,584 24,163,356 35,817,004 49,518,849 65,562,256 84,911,587 71,786,322

Calculations
Balance Sheet

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Assets
Current assets
Cash & Bank 1,000,000 10,312,208 23,197,551 36,367,975 50,465,651 63,451,326 79,676,795 83,308,984
Accounts receivable 4,427,056 5,441,074 6,613,626 7,966,277 9,523,322 11,312,113
3,957,145

Raw material inventory 3,187,800 4,562,140 5,369,639 6,267,833 7,265,463 8,372,049 9,597,957
3,837,314
Pre-paid insurance 1,739,500 1,391,600 1,217,650 1,043,700 869,750 695,800 521,850
1,565,550
Total Current Assets 5,927,300 33,578,347 48,396,338 64,390,810 79,552,817 98,267,966 104,740,904
19,672,217

Fixed assets
Land 10,018,800 10,018,800 10,018,800 10,018,800 10,018,800 10,018,800 10,018,800 10,018,800
Building/Infrastructure 29,119,950 27,502,175 25,884,400 24,266,625 22,648,850 21,031,075
32,355,500 30,737,725
Machinery & equipment 23,360,000 20,440,000 17,520,000 14,600,000 11,680,000 8,760,000
29,200,000 26,280,000
Bottles 2,200,000 2,436,500 2,581,975 2,749,271 5,172,309 4,927,919 4,704,587
2,310,000
Furniture & fixtures 1,490,000 1,192,000 1,043,000 894,000 745,000 596,000 447,000
1,341,000
Office vehicles 15,240,000 13,335,000 11,430,000 9,525,000 7,620,000 5,715,000
19,050,000 17,145,000
Office equipment 1,100,000 880,000 770,000 660,000 550,000 440,000 330,000
990,000
Total Fixed Assets 82,247,250 75,690,950 69,156,471 64,877,734 57,931,569 51,006,462
95,414,300 88,822,525

Intangible assets Pre-

operation costs 4,070,000 3,256,000 2,442,000 1,628,000 814,000 - - -
Legal, licensing, & training costs 1,000,000 600,000 400,000 200,000 - - -
800,000
Total Intangible Assets 5,070,000 3,042,000 2,028,000 1,014,000 - - -
4,056,000
TOTAL ASSETS 106,411,600 112,550,742 118,867,597 126,115,288 134,561,281 144,430,551 156,199,535 155,747,366

Liabilities & Shareholders' Equity

Current liabilities
Accounts payable 502,881 595,641 698,922 813,745 941,218 1,082,550
419,709

Total Current Liabilities - 502,881 595,641 698,922 813,745 941,218 1,082,550

419,709

Shareholders' equity Paid-up

capital 106,411,600 106,411,600 106,411,600 106,411,600 106,411,600 106,411,600 106,411,600 106,411,600
Retained earnings 11,953,116 19,108,048 27,450,759 37,205,206 48,846,717 48,253,216
5,719,433

Total Equity 118,364,716 125,519,648 133,862,359 143,616,806 155,258,317 154,664,816

106,411,600 112,131,033
TOTAL CAPITAL AND LIABILITIES 106,411,600 112,550,742 118,867,597 126,115,288 134,561,281 144,430,551 156,199,535 155,747,366
Calculations
Cash Flow
Statement

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Operating activities Net

profit
14,298,584 24,163,356 35,817,004 49,518,849 65,562,256 84,911,587 71,786,322
Add: depreciation expense 6,921,775 6,954,775 6,992,725 7,036,368 7,086,556 7,367,338 7,409,456

amortization of pre-operating costs 814,000 814,000 814,000 814,000 814,000 - -

amortization of training costs 200,000 200,000 200,000 200,000 200,000 - -

Accounts receivable (469,911)

(3,957,145) (1,014,018) (1,172,552) (1,352,651) (1,557,045) (1,788,791) (2,0

Raw material inventory (3,187,800) (649,514) (724,826) (807,499) (898,194) (997,630)

(1,106,586) (1,225,907) (1,3
Advance insurance premium (1,739,500) 173,950 173,950 173,950 173,950 173,950 173,950 173,950
Accounts payable 419,709 83,172 92,760 103,282 114,823 127,473 141,332

Cash provided by operations (4,927,300) 18,221,358 31,194,516 42,268,921 55,775,703 71,601,303 89,916,718 76,496,361

Financing activities Issuance

of shares 106,411,600 - - - - - - -
Cash provided by / (used for) financing activities 106,411,600 - - - - - - -

Investing activities
Capital expenditure
Acquisitions (100,484,300) (330,000) (379,500) (436,425) (501,889) (2,807,819) (421,173) (484,349)
Cash (used for) / provided by investing activities (330,000) (379,500) (436,425) (501,889) (421,173) (484,349)
(100,484,300) (2,807,819)

NET CASH 1,000,000 17,891,358 30,815,016 41,832,496 55,273,814 68,793,484 89,495,545 76,012,012

Cash balance brought forward 1,000,000 10,312,208 23,197,551 36,367,975 50,465,651 63,451,326 79,676,795
Cash available for appropriation 1,000,000 18,891,358 41,127,224 65,030,047 91,641,789 119,259,135 152,946,871 155,688,808

Dividend 8,579,150 17,929,674 28,662,072 41,176,138 55,807,809 73,270,076 72,379,824

Cash balance 1,000,000 10,312,208 23,197,551 36,367,975 50,465,651 63,451,326 79,676,795 83,308,984

Cash carried forward 1,000,000 10,312,208 23,197,551 36,367,975 50,465,651 63,451,326 79,676,795 83,308,984