Garlic Powder and Paste Production Unit Rs. 47.32 Million May-2019
Garlic Powder and Paste Production Unit Rs. 47.32 Million May-2019
Garlic Powder and Paste Production Unit Rs. 47.32 Million May-2019
3rd Floor, Building No. 3, 5TH Floor, Bahria Ground Floor Bungalow No. 15-A
Aiwan-e-Iqbal Complex, Complex II, M.T. Khan Road, State Life Building Chaman Housing Scheme
Egerton Road Lahore, Karachi. The Mall, Peshawar. Airport Road, Quetta.
Tel: (042) 111-111-456 Tel: (021) 111-111-456 Tel: (091) 9213046-47 Tel: (081) 831623, 831702
Fax: (042) 36304926-7 Fax: (021) 5610572 Fax: (091) 286908 Fax: (081) 831922
[email protected] [email protected] [email protected] [email protected]
May 2019
Pre-Feasibility Study Garlic Powder and Paste Production Unit
Table of Contents
1 DISCLAIMER ................................................................................................................................... 3
2 EXECUTIVE SUMMARY ................................................................................................................. 4
3 INTRODUCTION TO SMEDA ........................................................................................................ 5
4 PURPOSE OF THE DOCUMENT ................................................................................................... 5
5 BRIEF DESCRIPTION OF PROJECT & PRODUCT .................................................................... 6
5.1 HEALTH BENEFITS .......................................................................................................................................... 7
5.2 SULFUR-CONTAINING COMPOUNDS IN GARLIC ............................................................................... 7
5.3 DESCRIPTION .................................................................................................................................................... 7
5.4 HOW TO SELECT AND STORE ................................................................................................................... 9
5.5 LOCAL INDUSTRY ......................................................................................................................................... 10
5.6 PRODUCTION PROCESS FLOW ............................................................................................................. 11
5.7 MANUFACTURING PROCESS: ................................................................................................................. 11
5.8 INSTALLED AND OPERATIONAL CAPACITIES .................................................................................. 13
6 CRITICAL FACTORS .................................................................................................................... 13
7 GEOGRAPHICAL POTENTIAL FOR INVESTMENT ................................................................ 14
8 POTENTIAL TARGET CUSTOMERS / MARKETS .................................................................. 14
9 PROJECT COST SUMMARY ........................................................................................................ 14
9.1 PROJECT ECONOMICS .............................................................................................................................. 14
PROJECT FINANCING .................................................................................................................................................. 15
9.2 PROJECT COST ............................................................................................................................................ 15
9.3 SPACE REQUIREMENT............................................................................................................................... 16
9.4 MACHINERY & EQUIPMENT REQUIREMENT .................................................................................... 16
9.5 FURNITURE & FIXTURES REQUIREMENT .......................................................................................... 17
9.6 OFFICE EQUIPMENT REQUIREMENT ................................................................................................... 17
9.7 HUMAN RESOURCE REQUIREMENT .................................................................................................... 18
9.8 UTILITIES AND OTHER COSTS................................................................................................................. 18
9.9 REVENUE GENERATION ............................................................................................................................ 19
10 CONTACT DETAILS ..................................................................................................................... 20
10.1 MACHINERY SUPPLIERS ........................................................................................................................... 20
10.2 RAW MATERIAL SUPPLIERS.................................................................................................................... 20
10.3 TECHNICAL EXPERTS / CONSULTANTS ............................................................................................. 20
11 USEFUL WEB LINKS .................................................................................................................... 21
12 ANNEXURES .................................................................................................................................. 22
12.1 INCOME STATEMENT .................................................................................................................................. 22
12.2 BALANCE SHEET .......................................................................................................................................... 23
12.3 CASH FLOW STATEMENT............................................................................................................................... 24
13 KEY ASSUMPTIONS ..................................................................................................................... 25
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1 DISCLAIMER
This information memorandum is to introduce the subject matter and provide a
general idea and information on the said matter. 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. SMEDA, 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 SMEDA, please contact our website:
www.smeda.org.pk
Document Control
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
2 EXECUTIVE SUMMARY
Garlic Powder and Paste Production Unit is proposed to be located at Quetta,
Loralai, Mach, Sibi, Harnai, Duki, Qilla Abdullah, Pishin, Karak, Dera Ismail Khan,
Kohat, Attock, Hub, Lahore, Faisalabad, Multan, Gujranwala, others
Products include Garlic Powder and Garlic Paste
Capacity; Installed capacity 1,044,000 Kgs and initial utilization 783,000 Kgs, 75%
Total Cost Estimates is Rs. 47,318,640 with fixed investment Rs. 42,819,765 and
working capital Rs. 4,498,875.
Given the cost assumptions IRR and payback are 46 % and 2.79 years
respectively
The most critical considerations or factors for success of the project are:
• Most significant consideration
Large quantity of garlic production in the country.
Availability of large quantities of three varieties mix.
Availability of hard working & low-cost labor.
Increasing inland trends towards use of garlic powder and paste.
Large and established world markets.
Improved technological changes available.
• Equally important factor
Emphasizing on excellent services to its customers such as standardized
products and timely order fulfillment.
New machinery should be purchased in order to increase the efficiency and
lower the maintenance cost.
Refurbished standardized machinery is also recommended.
Adapt to the rapid, social, economic and technological changes.
Hiring of well-trained / experienced staff will add in the efficiency of the facility.
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
3 INTRODUCTION TO SMEDA
The Small and Medium Enterprises Development Authority (SMEDA) was
established in October 1998 with an objective to provide fresh impetus to the
economy through development of Small and Medium Enterprises (SMEs).
With a mission "to assist in employment generation and value addition to the
national income, through development of the SME sector, by helping increase the
number, scale and competitiveness of SMEs", SMEDA has carried out ‘sectoral
research’ to identify policy, access to finance, business development services,
strategic initiatives and institutional collaboration and networking initiatives.
Preparation and dissemination of prefeasibility studies in key areas of investment
has been a successful hallmark of SME facilitation by SMEDA.
Concurrent to the prefeasibility studies, a broad spectrum of business
development services is also offered to the SMEs by SMEDA. These services
include identification of experts and consultants and delivery of need based
capacity building programs of different types in addition to business guidance
through help desk services.
4 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
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, and production, marketing, finance and business
management.
The purpose of this document is to facilitate potential investors in Garlic Powder
and Paste Production Unit by providing them with 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 reveal 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.
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
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5.3 Description
Garlic—together with onions—are among the best known of all "allium
vegetables." Both of these plants (garlic and onions) belong to the same genus of
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
plants called the Allium genus. "Allium" is actually the Latin word for garlic! Other
commonly enjoyed foods that belong to this Allium genus are leeks, chives,
scallions, and shallots.
Unlike this genus grouping for garlic which is very straightforward, the food family
for garlic can be confusing. The correct placement for garlic is within the very
broad amaryllis family (Amaryllidaceae) that includes the very popular flower by
that same name. The Allioideae are a subfamily within the amaryllis family and
garlic (Allium sativum) is a member of this Allioideae subfamily, along with onions,
leeks, chives, scallions, and shallots.
Garlic is arranged in a head, called a "bulb," which averages about 2 inches in
height and diameter and consists of numerous small separate cloves. Both the
cloves and the entire bulb are encased in paper-like sheathes that can be white,
off-white, or have a pink/purple hue. Although garlic cloves have a firm texture,
they can be easily cut or crushed. The taste of garlic is like no other—it hits the
palate with a hot pungency that is shadowed by a very subtle background
sweetness.
Most producers of garlic divide its varieties into four types:
• Hardneck
• Softneck
• Black
• Creole
Hardneck garlic, like the name suggests, has a central stalk that is hard and
woody. Purple Stripe is a popular variety of hardneck garlic, as are Rocambole
and Porcelain. In the case of Purple Stripe and other hardneck varieties, you will
typically find a light purplish or rosy tint to small portions of the cloves and skins.
Hardneck varieties of garlic typically have more "bite" than softnecked varieties.
Allium sativum subspecies ophioscorodon is usually the subspecies name to refer
to hardneck garlics.
Softneck varieties of garlic are the most common types that you will find in the
grocery store. They typically have less "bite" than hardneck varieties. Formidable,
Western Rose, Artichoke, and Silverskin are popular varieties of softneck garlic.
Allium sativum subspecies sativum is usually the subspecies name to refer to
softneck garlics. Softneck varieties of garlic are also typically the types that you
find braided in the supermarket.
Agricultural information on garlic that treats "Creole garlic" as a type of softneck.
However, there is also some genetic evidence to suggest that Creole garlic be
treated as its own type of garlic, separate from softneck. Creole garlic is usually
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
recognizable by from the rosy/purplish color of the entire garlic bulb (and not just
intermittent rosy hues as can be present in hardneck varieties). You are less likely
to come across this variety of garlic in the grocery store. Worldwide, however,
well-known varieties of Creole garlic include Burgundy, Ajo Rojo, Cuban Purple,
and Creole Red.
Heat treatment, high humidity, and aging are typically the processes used to
create black garlic. Particularly when the aging process is allowed to continue not
only over the course of several days but over the course of several weeks (or even
longer), the color of the garlic cloves can turn into a rich black. This variety of
garlic has a special history of popularity in parts of Korean, Japan, and Thailand.
Although you will often hear the term "fermented garlic" being used to describe
black garlic, the use of this term is a matter of some controversy since
microorganisms (like bacteria) are not typically added during the garlic aging
process to help produce black garlic. (In the world of food, "fermentation" is usually
understood to involve the use of bacteria or yeasts in development of a "fermented
food.")
Elephant garlic (Allium ampeloprasum) is an unusual type of garlic because it is
actually more closely related to leeks (Allium porrum) than to garlic (Allium
sativum). When you see elephant garlic growing, its tall flower stalk and large
purplish flower head make it seem like an extremely large version of normal
garlic—and thus the name. Unlike leeks, however, elephant garlic does form a
bulb, and this bulb usually consists of very large cloves that are few in number.
(Elephant garlic bulbs may sometimes have only three to four cloves per bulb.)
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
1
Pakistan Agriculture Research Council
2
Pakistan Agriculture Research Council
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
Abdullah, Pishin, Karak, Dear Ismail Khan, Kohat, Attock, Hub, Lahore,
Faisalabad, Multan, Gujranwala, and Karachi or any other site where raw
material can be transported easily.
• Product: The unit would produce Garlic Paste and Garlic Powder for
commercial and residential uses.
• Target Market: In addition to local markets in Karachi, Lahore, Rawalpindi,
Quetta, Peshawar, and Islamabad an enormous export market for the Pakistani
Garlic Paste and Garlic Powder exists in Middle East, India, Europe and China
etc.
• Employment Generation: The proposed project will provide direct
employment to 12 people. Financial analysis shows the unit shall be profitable
from the very first year of operation.
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The difference is that in this type of process, the water is drained through a lower
compartment, which carries the husks and residues of the garlic with it.
All of the garlic cloves remain in the upper part, waiting to be released through a
top hatch once the process is finished.
This method, is equally useful and effective, while its difference lies basically in the
use of compressed air on small amounts of garlic cloves.
The machine works in such a way that it receives a portion of garlic and instantly
releases compressed air, instantly breaking the peels or skin off of the garlic.
These are expelled through a mesh and are released below, where a garbage
container awaits them. This occurs while the garlic cloves follow a linear path after
being cleaned, on the same upper mesh.
6 CRITICAL FACTORS
Garlic Paste and Powder have a wide range of application, not only in Household
sector but also in the Hoteling Sector. Certain critical factors involved during the
production process of Garlic Paste and Garlic Powder are:
• Identification of small scale, low cost Garlic processing
machines/technology for setting up of rural enterprises.
• Arrangement of raw material (Garlic)
• Testing of Garlic processing machines available
• Training of entrepreneurs in Garlic processing for value addition to be
deputed
• Problems observed during the operation of Garlic processing machines, if
any.
• Communicating the problem for improvement.
• Standardization of the machines for commercial use by the rural
entrepreneurs.
• Identification of manufacturer for commercial production of the machine.
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Pre-Feasibility Study Garlic Powder and Paste Production Unit
It is suitable to establish the production unit Quetta, Swat, Hub, Khuzdar, Loralai
Bostan, Peshawar, Lahore and Karachi. However such a unit could be established
in other parts of the country provided the main conditions are fulfilled such as
Availability of Garlic Bulb and man power availability, accessibility to markets, and
reasonable demand & usage of Garlic Powder and Garlic Paste.
8 POTENTIAL TARGET CUSTOMERS / MARKETS
Due to demand of garlic paste and garlic powder there exist a vast market
required. Garlic paste and garlic powder was born from a real market demand.
The garlic paste and garlic powder has good market potential. If the product is
manufactured and packed in small quantities such as 50 gms and 100 gms
packets. The market is widespread especially in rural areas.
Especially in an urban area, people are looking for instant food and ginger paste
make it happen all household consume this product. Apart from domestic use
garlic paste and powder is used in hotels, restaurants are a major consumer.
The local consumer is the main customer of this business; therefore, it has huge
market through Pakistan.
9 PROJECT COST SUMMARY
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Project Financing
Following table provides details of the equity required and variables related to
bank loan;
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Working Capital
Equipment Spare Parts Inventory 897,188
Raw Material Inventory 1,734,563
Up-front Insurance Payments 1,367,125
Cash 500,000
Total Working Capital 4,498,875
Total Project Cost 47,318,640
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10 CONTACT DETAILS
In order to facilitate potential investors, contact details of private sector Service
Providers relevant to the proposed project be given.
Golimar, 0300-2364558
Khwaja Spices
Sukkur
People 057-2603333
Watan Dealer Colony
Attock
Shahmir Nazimabad, 021-4915500
Marketing Karachi
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12 ANNEXURES
Revenue 258,390,000 321,437,160 367,223,868 418,953,546 477,356,921 543,251,435 617,551,283 694,564,867 765,364,097 841,900,507
Cost of goods sold 222,185,623 277,095,861 316,357,674 360,700,880 410,749,144 467,200,045 530,833,631 596,837,731 657,655,929 723,408,538
Gross Profit 36,204,377 44,341,299 50,866,194 58,252,666 66,607,777 76,051,390 86,717,652 97,727,136 107,708,169 118,491,969
Other income - - - - - - - - - -
Gain / (loss) on sale of assets - - - - - - - - - -
Earnings Before Interest & Taxes 23,347,934 28,493,898 33,843,627 39,904,378 46,766,222 54,673,705 63,452,833 72,445,136 80,404,083 88,971,977
Tax 6,511,924 8,374,481 10,261,036 12,401,199 14,827,689 17,495,586 20,304,907 23,182,443 25,729,306 28,471,033
NET PROFIT/(LOSS) AFTER TAX 13,837,839 17,795,772 21,804,701 26,352,549 31,508,839 37,178,119 43,147,926 49,262,692 54,674,776 60,500,944
Balance brought forward 13,837,839 23,725,208 34,147,432 45,374,985 57,662,868 71,130,740 85,709,000 101,228,769 116,927,659
Total profit available for appropriation 13,837,839 31,633,611 45,529,909 60,499,980 76,883,824 94,840,987 114,278,667 134,971,692 155,903,546 177,428,603
Dividend - 7,908,403 11,382,477 15,124,995 19,220,956 23,710,247 28,569,667 33,742,923 38,975,886 44,357,151
Balance carried forward 13,837,839 23,725,208 34,147,432 45,374,985 57,662,868 71,130,740 85,709,000 101,228,769 116,927,659 133,071,453
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Assets
Current assets
Cash & Bank 500,000 573,608 9,383,681 15,297,418 21,452,859 27,336,792 38,216,163 49,479,837 61,247,525 72,917,218 104,019,612
Accounts receivable - 13,450,438 15,091,392 17,924,054 20,462,152 23,328,629 26,563,779 30,212,674 34,150,968 37,998,151 41,832,914
Finished goods inventory - 20,198,693 23,165,570 26,444,759 30,148,133 34,327,738 39,041,786 44,355,371 49,823,888 54,804,661 60,284,045
Equipment spare part inventory 897,188 1,171,906 1,405,779 1,683,997 2,014,689 2,407,437 2,873,534 3,393,481 3,926,359 4,534,944 -
Raw material inventory 1,734,563 2,373,575 2,982,844 3,743,331 4,691,678 5,873,251 7,344,181 9,086,065 11,013,461 13,326,288 -
Pre-paid annual land lease - - - - - - - - - - -
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Pre-paid insurance 1,367,125 1,230,413 1,093,700 956,988 820,275 683,563 546,850 410,138 273,425 136,713 -
Total Current Assets 4,498,875 38,998,634 53,122,966 66,050,546 79,589,786 93,957,409 114,586,294 136,937,565 160,435,626 183,717,975 206,136,571
Fixed assets
Land 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000 4,400,000
Building/Infrastructure 9,639,387 9,157,417 8,675,448 8,193,479 7,711,509 7,229,540 6,747,571 6,265,601 5,783,632 5,301,663 4,819,693
Machinery & equipment 27,342,503 24,608,252 21,874,002 19,139,752 16,405,502 13,671,251 10,937,001 8,202,751 5,468,501 2,734,250 -
Furniture & fixtures 267,500 240,750 214,000 187,250 160,500 133,750 107,000 80,250 53,500 26,750 -
Office vehicles - - - - - - - - - - -
Office equipment 452,500 407,250 362,000 316,750 271,500 226,250 181,000 135,750 90,500 45,250 -
Total Fixed Assets 42,101,889 38,813,669 35,525,450 32,237,230 28,949,010 25,660,791 22,372,571 19,084,352 15,796,132 12,507,912 9,219,693
Intangible assets
Pre-operation costs 717,876 574,301 430,725 287,150 143,575 - - - - - -
Legal, licensing, & training costs - - - - - - - - - - -
Total Intangible Assets 717,876 574,301 430,725 287,150 143,575 - - - - - -
TOTAL ASSETS 47,318,640 78,386,603 89,079,141 98,574,926 108,682,371 119,618,200 136,958,865 156,021,917 176,231,758 196,225,887 215,356,264
Other liabilities
Lease payable - - - - - - - - - - -
Deferred tax - 4,374,800 4,374,800 4,374,800 4,374,800 4,374,800 3,499,840 2,624,880 1,749,920 874,960 (0)
Long term debt 23,659,320 18,230,324 14,575,923 10,375,767 5,548,352 - - - - - -
Total Long Term Liabilities 23,659,320 22,605,124 18,950,724 14,750,568 9,923,152 4,374,800 3,499,840 2,624,880 1,749,920 874,960 (0)
Shareholders' equity
Paid-up capital 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320 23,659,320
Retained earnings - 13,837,839 23,725,208 34,147,432 45,374,985 57,662,868 71,130,740 85,709,000 101,228,769 116,927,659 133,071,453
Total Equity 23,659,320 37,497,159 47,384,528 57,806,751 69,034,305 81,322,188 94,790,060 109,368,320 124,888,089 140,586,979 156,730,772
TOTAL CAPITAL AND LIABILITIES 47,318,640 78,386,603 89,079,141 98,574,926 108,682,371 119,618,200 136,958,865 156,021,917 176,231,758 196,225,887 215,356,264
Note: Total assets value will differ from project cost due to first installment of leases paid at the start of year 0
- - - - - - - - - - -
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Operating activities
Net profit - 13,837,839 17,795,772 21,804,701 26,352,549 31,508,839 37,178,119 43,147,926 49,262,692 54,674,776 60,500,944
Add: depreciation expense - 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220 3,288,220
amortization expense - 143,575 143,575 143,575 143,575 143,575 - - - - -
Deferred income tax - 4,374,800 - - - - (874,960) (874,960) (874,960) (874,960) (874,960)
Accounts receivable - (13,450,438) (1,640,953) (2,832,662) (2,538,098) (2,866,477) (3,235,151) (3,648,894) (3,938,295) (3,847,183) (3,834,763)
Finished good inventory - (20,198,693) (2,966,877) (3,279,189) (3,703,374) (4,179,605) (4,714,048) (5,313,584) (5,468,517) (4,980,773) (5,479,384)
Equipment inventory (897,188) (274,719) (233,873) (278,218) (330,692) (392,748) (466,097) (519,947) (532,878) (608,586) 4,534,944
Raw material inventory (1,734,563) (639,013) (609,269) (760,487) (948,348) (1,181,573) (1,470,930) (1,741,884) (1,927,396) (2,312,827) 13,326,288
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Advance insurance premium (1,367,125) 136,713 136,713 136,713 136,713 136,713 136,713 136,713 136,713 136,713 136,713
Accounts payable - 18,284,320 4,459,570 3,273,717 3,707,307 4,196,298 4,747,753 5,359,752 5,565,032 5,170,200 3,861,544
Other liabilities - - - - - - - - - - -
Cash provided by operations (3,998,875) 5,502,604 20,372,876 21,496,369 26,107,852 30,653,241 34,589,618 39,833,341 45,510,611 50,645,580 75,459,545
Financing activities
Change in long term debt 23,659,320 (5,428,996) (3,654,400) (4,200,156) (4,827,416) (5,548,352) - - - - -
Change in short term debt - - - - - - - - - - -
Change in export re-finance facility - - - - - - - - - - -
Add: land lease expense - - - - - - - - - - -
Land lease payment - - - - - - - - - - -
Change in lease financing - - - - - - - - - - -
Issuance of shares 23,659,320 - - - - - - - - - -
Purchase of (treasury) shares - - - - - - - - - - -
Cash provided by / (used for) financing activities
47,318,640 (5,428,996) (3,654,400) (4,200,156) (4,827,416) (5,548,352) - - - - -
Investing activities
Capital expenditure (42,819,765) - - - - - - - - - -
Acquisitions - - - - - - - - - - -
Cash (used for) / provided by investing activities
(42,819,765) - - - - - - - - - -
NET CASH 500,000 73,608 16,718,476 17,296,213 21,280,436 25,104,889 34,589,618 39,833,341 45,510,611 50,645,580 75,459,545
Cash balance brought forward 500,000 573,608 9,383,681 15,297,418 21,452,859 27,336,792 38,216,163 49,479,837 61,247,525 72,917,218
Cash available for appropriation 500,000 573,608 17,292,084 26,679,895 36,577,854 46,557,748 61,926,410 78,049,503 94,990,448 111,893,105 148,376,763
Dividend - - 7,908,403 11,382,477 15,124,995 19,220,956 23,710,247 28,569,667 33,742,923 38,975,886 44,357,151
Cash carried forward 500,000 573,608 9,383,681 15,297,418 21,452,859 27,336,792 38,216,163 49,479,837 61,247,525 72,917,218 104,019,612
24
May 2019
Pre-Feasibility Study Garlic Powder and Paste Production Unit
13 KEY ASSUMPTIONS
25
May 2019