2nd Draft
PRE-FEASIBILITY STUDY
MOZZARELLA CHEESE PREPARATION
AT SMALL SCALE/FARM LEVEL
Prepared By:Mohammad Amin Shah
Tariq Aziz
Principal Scientific Officers
Animal Products Improvement Program
National Agricultural Research Center
PAKISTAN AGRICULTURAL RESEARCH COUNCIL, ISLAMABAD
MINISTRY OF NATIONAL FOOD SECURITY AND RESEARCH
Government of Pakistan
www.parc.gov.pk
February 2014
Contents
1. DISCLAIMER ....................................................................................................................... 1
2.
PURPOSE OF THE DOCUMENT........................................................................................... 1
3.
INTRODUCTION TO SCHEME ............................................................................................. 2
4.
Executive Summary ........................................................................................................... 2
5.
BRIEF DESCRIPTION OF PROJECT AND PRODUCT .............................................................. 3
6.
CRITICAL FACTORS ............................................................................................................. 3
7.
INSTALLED AND OPERATIONAL CAPACITY ........................................................................ 4
8.
GEOGRAPHICAL POTENTIAL FOR INVESTMENT ................................................................ 4
9.
POTENTIAL TARGET MARKETS ........................................................................................... 4
10.
PRODUCTION PROCESS FLOW ....................................................................................... 5
11. PROJECT COST AND BENEFIT SUMMARY ........................................................................... 5
11.1. Project Economics ......................................................................................................... 6
11.2 Project Financing ............................................................................................................ 6
11.3 Project Cost ................................................................................................................. 7
11.4 Space Requirement ..................................................................................................... 7
11.5 Machinery and Equipments ........................................................................................ 7
11.6 Furniture and Fixture ..................................................................................................... 8
11.7.
Raw Material Requirements .................................................................................... 8
11.8
Human Resource Requirement ............................................................................... 8
11.9 Revenue Generation ................................................................................................... 8
11.
CONTACTS – SUPPLIERS, EXPERTS / CONSULTANTS ...................................................... 9
13.
KEY ASSUMPTIONS....................................................................................................... 10
14.
Annexures .................................................................................................................... 11
1. DISCLAIMER
This information memorandum is to introduce the subject matter and provide a general
idea and information on the said 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 an ‘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. PARC, 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.
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 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 document also provides sectoral
information, brief on government policies and international scenario, which have some
bearing on the project itself. The purpose of this document is to facilitate potential investors
in mozzarella cheese preparation at small scale/farm level by providing them a holistic as
well as a micro view of business with the hope that such information as provided herein will
help the potential investors in crucial investment decisions. The need to come up with prefeasibility reports for undocumented or minimally documented sectors attains greater
imminence as the research that precedes such reports reveal certain thumbs of 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 SCHEME
‘Prime Minister’s Youth Business Loan’ (PMYBL) program , 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,
through designated financial institutions, initially by the National Bank of Pakistan (NBP) and
the First Women Bank Ltd. (FWBL). Small business loans up to 2 million with tenure up to 8
years, inclusive of a 1 year grace-period and a debt : equity of 90: 10 will be disbursed to
SME beneficiaries across Pakistan, covering; Punjab, Sindh, Khyber Pakhtunkhaw,
Baluchistan, Gilgit Baltistan, Azad Jammu & Kashmir and Federally Administered Tribal Areas
(FATA).
4. EXECUTIVE SUMMARY
Mozzarella cheese preparation at small scale /farm level is enlisted business in the PMYBL
scheme. This business is proposed to be located primarily in milk pocket area with water,
gas and electricity installed already. All the prospects of milk processing for cheese
preparation, management and sale have been studied at Dairy Technology Program (DTP),
Animal Sciences Institute (ASI) National Agricultural Research Centre (NARC) Islamabad.
Successful processing of milk for mozzarella cheese preparation has been achieved at DTP,
NARC, Islamabad, Department of Dairy Technology, University of Veterinary and Animal
Sciences, Ravi Campus, Pattoki and Department of Animal Product Technology, Faculty of
Animal Husbandry and Veterinary Sciences, Sindh Agriculture University, Tandojam. After
successful experimentation, this study is declared technically feasible for small scale/at farm
level. The technology of mozzarella cheese preparation and allied services have been
extended to the individuals, progressive farmers as well as cheese maker at small industrial
level. They are already applying said technology and running it as successful business. The
project can be started in any suitably built premises of two to three rooms. Total cost
estimate of this proposal is Rs. 2.112 million, including capital investment of Rs. 1.755
million. Given the cost assumptions, Net Present Value (NPV) is Rs.13.75 million, Internal
Rate of Return (IRR) is 92%, and payback period is 1.28 years.
2
5. BRIEF DESCRIPTION OF PROJECT AND PRODUCT
Following key parameters must be addressed as per pre-feasibility study:
• Techniques: Different techniques are used for different variety of cheese preparation at
small scale/farm level. However, keeping in view the economical, technical and managerial
and marketing factors, mozzarella cheese preparation is suggested for the proposed project.
• Location: The business can be better initiated in milk pocket areas of Sindh (Sangarh,
Tando Jam etc), Punjab (Lahore, Pattoki , Okara, Chichawatni, Kotmomen, Multan etc) and
Khyber Pakhtunkhaw (Peshawar, Charsadda, Mardan, Kohat, Dera Ismail Khan etc) having
suitable environment for cow and buffalo farming with low cost of milk production or having
surplus quality milk available at competitive price. The best locations are explained under
geographical potential (see section 8) for investment.
• Product: Cheese consumption is increasing in Pakistan due to changing food habits and
special preferences for high quality milk products. Mozzarella cheese is becoming very
popular due to its taste texture, physical properties and nutritive values. Its use in Pizza has
gained high popularity in big cities.
• Target Markets: In addition to major cities, such as Karachi, Lahore, Peshawar, Quetta,
Rawalpindi, Hyderabad, Multan, Faisalabad and Islamabad, there is also export potential for
Iran, Afghanistan and Middle Eastern countries.
• Employment Generation: The proposed project will provide direct employment to at least
two individuals at the start however it can be expanded by development in business.
Financial analysis shows the profitability of proposed business within first year of its
operation.
6. CRITICAL FACTORS
The commercial viability of the proposed project depends on the following factors:
• Selection of proper location with milk availability at competitive price, sustained
availability of utilities (water, electricity and gas supply), cost effective equipment and
efficient staff play very important role in ensuring the project to run successfully.
3
• Cheese production and sale unit is required to maintain the record of production and
management practices for successful marketing and traceability.
• Production unit should have strong market linkages for effective disposal of produce.
7. INSTALLED AND OPERATIONAL CAPACITY
This pre-feasibility suggests a cheese production/preparation operation on Three Room Unit
details given at 11.4 having electricity, gas connection for cooking of milk and water for
washing of equipment and utensils etc .The total capacity of processing will be 200 liters of
milk/day. Initially in First year @ 80 % processing of 38400 liters of milk producing 6,912 Kg
of cheese, Second year @ 96 % processing of 46,080 liters of milk producing 8294 Kg of
cheese while in third year at 100 % capacity by processing 48,000 liters of milk producing
8,640 Kg of mozzarella cheese.
8. GEOGRAPHICAL POTENTIAL FOR INVESTMENT
The proposed location for establishment of the cheese preparation unit will primarily be the
milk pocket areas such as, Lahore, Pattoki, Okara, Chichawatni, Multan, Kotmomen,
Sangarh, Tando Jam, Peshawar, Charsadda, Mardan, Kohat, Dera Ismail Khan Etc where milk
will be easily available on relatively low price.
9. POTENTIAL TARGET MARKETS
The marketing of cheese follows the traditional distribution channel, through middlemen or
wholesalers who identifies potential buyers and negotiate price, or directly to retailers in
urban markets. The time spent in transportation, from production site to the retail markets
varies from area to area. Over the years, collection and transportation of milk and milk
products has improved with the use of loader vehicles. However, greater the distance
between producer and consumer, more complicated will be the marketing or distribution
system and partially due to the perishable nature of the product. The key factors in
marketing are availability of current market information, quality of milk and cheese and
supply and demand which will determine the selling price.
4
10. PRODUCTION PROCESS FLOW
The overall business cycle for mozzarella cheese preparation comprises of 12 months of the
year subject to the availability and quality of milk to achieve the desired output which may
vary during peak and low milk production seasons. Keeping in view the economic
perspective, it is suggested that the farm with different dairy animals as cow and buffalo
both may be selected for routine availability of milk. The technical flow diagram of cheese
preparation procedure is shown next.
Flow Chart for Preparation of Mozzarella cheese
11. PROJECT COST AND BENEFIT SUMMARY
A detailed financial model has been developed to analyze the commercial viability of
mozzarella cheese preparation at small scale/farm Level under the PMYBL Scheme. Various
cost and revenue related assumptions, along with results of the analysis, are outlined in this
section.
5
11.1. Project Economics
All figures in the financial model have been calculated for 200 Litters of milk processed for
36 kg of Mozzarella cheese preparation. The following table shows internal rates of return
and payback period.
Table.1. Project Economics
Description
Net Present Value (NPV)
Details
Rs.13.751 million
Internal Rate of Return (IRR)
92 %
Payback Period (years)
1.28
The results in this table show that the Net Present Value (NPV), Internal Rate of Return
(IRR), Returns on the business and its profitability are highly dependent on experience,
suitable location of entrepreneur and good production practices. The project will not be
able to cover the potential demand of consumers and recover payments, if these factors are
not efficiently managed and will also lead to increased operating cost and overhead charges.
In addition factors that influence the profitability of cheese preparation at small scale/farm
level are farm management, quality of inputs and environmental factors etc.
11.2 Project Financing
Following table provides details of the equity required and variables related to bank loan:
Table.2. Project financing
Description
Details
Total Equity (@10%)
Rs. 0.211 million
Bank loan
Rs. 1.910 million
Mark up to borrower (per annum)
8%
Tenure of Loan (Years)
8
Grace Period (years)
1
The above table shows that the bank will provide the loan of worth Rs.1.910 and owner
having the equity of Rs. 0.211 million. The owner will have to pay 8% mark up of the
borrowing amount.
6
11.3
Project Cost
Following requirements have been identified for operations of the proposed business.
Table 3: Project Cost
Capital Investment
Cost of Land
Cost of Building
Equipments and machinery
Amount (Rs. million)
0.250
0.486
0.900
Office Furniture
Pre-operating costs
Total Capital Cost
Initial Working Capital
Total Project Cost
11.4
0.050
0.069
1.755
0.358
2.113
Space Requirement
Table.4. Space requirement and its cost
Space Requirement.
Office and processing rooms
(12x15x3=540 (Sq. ft.)
Cost of Land
Total
11.5
Cost Rs.
Area (Sq. ft.)
Total Cost (Rs.)
900 /Sq.ft.
Quantity
(NO.S)
3 (Rooms)
540
0.486
50,000/Marla
5 (Marla)
1360
0.250
0.736
Machinery and Equipment
Table .5.List of Machinery& Equipments and its cost (Rs, million)
S#
1.
2.
3
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
Particulars
Generator
Chiller for Milk
Cheese vat
Geyser
Cheese press
Cheese hoop
Curd Cutter
Stirrer(Mechanical)
Cheese cutter
Sealing Machine
Mincing Machine
Refrigerator
Freezer
Miscellaneous (Knives, spatula, bowl,
14.
spoons, strainer, ladle, etc.)
Total
Specification
3kv
S/S food grade, 500 lit
S/S food grade (Double Jacket) 200 lit
200 lit, gas operated
Adjustable screwed
S/S food grade, 15 kg capacity
S/S food grade (Horizontal/Vertical), size 4”x24”
Blades of S/S food grade, motor 1 HP gear operated
Wooden frame with S/S working top
10” sealing jaw, foot operated
Hooper 4” dia, motor ½ HP, frame mounted S/S tray
14 cubic feet/400 lit capacity
16 cubic feet
Assorted sizes, made of S/S and hard wood
Quantity. No. Estimate
1
O.100
1
O.300
1
O.100
1
O.050
1
O.050
2
O.050
2
O.020
1
O.020
1
O.020
1
O.020
1
O.020
1
O.050
1
O.050
-
O.050
0.900
7
11.6 Furniture and Fixture
Following table provides list of furniture and fixture required for preparation of mozzarella
cheese at small/ Farm level.
Table 6.List of Furniture & Fixture and its cost (Rs. million)
Repair and Maintenance
Quantity (NOs)
Cost
Furniture and Fixture
Lump sump
O.050
Total
O.050
11.7. Raw Material Requirements
Table 7.Operational & maintenance cost of cheese production for 240 days
S#
1.
2.
3.
4.
5.
6.
7.
Description
200 liter milk daily @ Rs.65/lit, 20 working day per month
Lactic acid/rennet
Packing Material
Labor
Utilities
Repair & Maintenance
Depreciation @ 10 %
Total
11.8
Amount (Rs.)
3.120
0.144
0.360
0.240
0.120
0.050
0.152
4.186
Human Resource Requirement
The table below provides details of human resource required to manage basic mozzarella
cheese preparation at small scale/farm level. The staff salaries are estimated according to
the market trends. However, these requirements and pay scales may vary from locality to
locality.
Table 8 .Human Resource Requirement and its cost (Rs. Million)
Description
Technician
Assistant/Helper
Total
No. of Employees
1
1
Salary/person/month
0.010
0.010
Total salary per year
0.120
0.120
0.240
11.9 Revenue Generation
Final product is mozzarella cheese ready for sale that will generate revenue. Milk processing
/ cheese production capacity of the unit is 200 lit and 36 Kg of mozzarella cheese/day. For
starting year of business whole sale price as per market is @ Rs. 750/kg as detailed in next
table.
Table 9: Revenue Generation
Product
Mozzarella Cheese
Per day Production
(kg)
Unit Price
(Rs./kg)
Total Annual Revenue
(RS. million)
36
750
6.480
8
12. CONTACTS – SUPPLIERS, EXPERTS / CONSULTANTS
Resource sites:
Pattoki (Punjab):
Dept. of Dairy Technology,
Faculty of Animal Production and Technology,
University of Veterinary and Animal Sciences, Ravi Campus,
Pattoki
Person/Telephone/Email:
Dr. Imran Javed
Ph: 0300 5331495
imranjaved@uvas.edu.pk
Tandojam (Sindh):
Department of Animal Product Technology,
Faculty of Animal Husbandry and Veterinary Sciences,
Sindh Agriculture University, Tandojam
DR. Muhammad Khaskheli
Cell: 0302-3905698
Off: 22-2765870 Ext. 211
khaskheli_m@yahoo.com
Islamabad:
Mohammad Amin Shah
Dairy Technology Program, Animal Sciences Institute, NARC, Ph: 051-8443957
Park Road,
aminshahsso@yahoo.com
Islamabad.
Tariq Aziz
Ph : 051-8443956
tariqueazeez@gmail.com
DAIRY EQUIPMENT FABRICATORS / SUPPLIERS (PROPOSED, NOT RECOMMENDED)
1. New Shama Engineering and Dairy Equipment, near Sahiwal bypass, GT Road, Sahiwal,
Phone Nos. 040-4220467; 0312-6922708; 0300-6922708
E Mail: newshamaengineeringworks@yahoo.com
2. Al- Madina Engineering and Dairy Equipment,
Near Canal Bridge, Okara Bypass / GT Road, Okara
Phone Nos. 044-2527118, 044-2528818, 044-2522690
Email 1: al_madina75@yahoo.com Email 2: al_madina75@hotmail.com
Website: www.al-madina.net.pk
3. Said Asghar Engineering Co., DHA Lahore
Phone Nos. 042-36608632; 0300-8415581; 0304-9630794
Email: saidasghar@gmail.com
Website: www.saidasghar.com
4. Other Important link: www.pakdairyinfo.com
9
13.
KEY ASSUMPTIONS
Table.11. Key Assumption
Particulars
Sales price growth rate
Increase in cost of raw material
Increase in utilities
Debt/Equity Ratio
Plant Building
Machinery
Office furniture & fixture
Loan Period
Grace Period
Loan installments
Financial charges (interest rate)
Assumptions
5% per year
5% per year
5% per year
90:10
5%
5%
5%
8 years
1 year
Monthly
8%
10
14. Annexures
Statement Summaries
PARC
Income Statement
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Rs. in actuals
Year 10
5,184,000
6,687,360
7,488,450
8,050,084
8,653,840
9,302,878
10,000,594
10,750,638
11,556,936
12,423,707
540,000
2,496,000
240,000
50,000
360,000
3,686,000
1,498,000
680,400
3,144,960
264,000
63,000
475,200
4,627,560
2,059,800
744,188
3,439,800
290,400
68,906
544,500
5,087,794
2,400,656
781,397
3,611,790
319,440
72,352
598,950
5,383,928
2,666,155
820,467
3,792,380
351,384
75,969
658,845
5,699,044
2,954,796
861,490
3,981,998
386,522
79,768
724,730
6,034,508
3,268,370
904,565
4,181,098
425,175
83,756
797,202
6,391,796
3,608,798
949,793
4,390,153
467,692
87,944
876,923
6,772,505
3,978,134
997,282
4,609,661
514,461
92,341
964,615
7,178,361
4,378,576
1,047,147
4,840,144
565,907
96,958
1,061,076
7,611,232
4,812,474
General administration & selling expenses
Travelling & Comm. expense (phone, fax, etc.)
Depreciation expense
Amortization expense
Subtotal
Operating Income
6,000
143,600
13,735
163,335
1,334,665
6,300
143,600
13,735
163,635
1,896,165
6,615
143,600
13,735
163,950
2,236,706
6,946
143,600
13,735
164,281
2,501,874
7,293
143,600
13,735
164,628
2,790,167
7,658
143,600
151,258
3,117,112
8,041
143,600
151,641
3,457,157
8,443
143,600
152,043
3,826,091
8,865
143,600
152,465
4,226,111
9,308
143,600
152,908
4,659,566
Other income
Gain / (loss) on sale of assets
Earnings Before Interest & Taxes
1,334,665
1,896,165
2,236,706
2,501,874
2,790,167
3,117,112
3,457,157
3,826,091
4,226,111
4,659,566
Interest expense
Earnings Before Tax
157,791
1,176,874
144,459
1,751,706
126,937
2,109,769
107,960
2,393,914
87,409
2,702,759
65,151
3,051,961
41,046
3,416,111
14,941
3,811,151
4,226,111
4,659,566
99,031
1,077,843
197,841
1,553,865
269,454
1,840,316
326,283
2,067,632
398,189
2,304,569
485,490
2,566,471
576,528
2,839,584
675,287
3,135,863
790,333
3,435,778
920,370
3,739,197
Revenue
Cost of Goods Sold
Innoculant/detergents & Packaging
Cost of Milk
Direct Labor
Repair & Maintenance
Utilities
Total Cost of Sales
Gross Profit
Tax
NET PROFIT/(LOSS) AFTER TAX
Statement Summaries
PARC
Balance Sheet
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Rs. in actuals
Year 10
54,667
50,000
253,000
357,667
1,434,303
66,150
334,719
1,835,172
3,108,145
75,969
384,404
3,568,518
5,116,345
83,756
423,805
5,623,906
7,378,833
92,341
467,245
7,938,419
9,924,938
101,806
515,138
10,541,882
12,779,074
112,241
567,940
13,459,255
15,967,521
123,746
626,153
16,717,420
19,518,556
136,430
690,334
20,345,319
23,818,159
150,414
761,093
24,729,666
29,507,084
29,507,084
Fixed assets
Land
Building/Infrastructure
Machinery & equipment
Furniture & fixtures
Total Fixed Assets
250,000
486,000
900,000
50,000
1,686,000
250,000
437,400
810,000
45,000
1,542,400
250,000
388,800
720,000
40,000
1,398,800
250,000
340,200
630,000
35,000
1,255,200
250,000
291,600
540,000
30,000
1,111,600
250,000
243,000
450,000
25,000
968,000
250,000
194,400
360,000
20,000
824,400
250,000
145,800
270,000
15,000
680,800
250,000
97,200
180,000
10,000
537,200
250,000
48,600
90,000
5,000
393,600
250,000
250,000
Intangible assets
Pre-operation costs
Total Intangible Assets
TOTAL ASSETS
68,676
68,676
2,112,343
54,941
54,941
3,432,512
41,206
41,206
5,008,523
27,470
27,470
6,906,576
13,735
13,735
9,063,755
11,509,882
14,283,655
17,398,220
20,882,519
25,123,266
29,757,084
143,296
143,296
178,715
178,715
195,635
195,635
206,512
206,512
218,045
218,045
230,278
230,278
243,260
243,260
257,041
257,041
271,676
271,676
245,928
245,928
1,901,108
1,901,108
1,901,108
2,000,139
1,689,995
1,986,866
1,461,359
2,027,684
1,213,746
2,106,354
945,581
2,236,379
655,159
2,431,447
340,632
2,693,448
3,028,103
3,818,436
4,738,805
Shareholders' equity
Paid-up capital
211,234
Retained earnings
Total Equity
211,234
TOTAL CAPITAL AND LIABILITIES 2,112,343
211,234
1,077,843
1,289,077
3,432,512
211,234
2,631,707
2,842,942
5,008,523
211,234
4,472,023
4,683,257
6,906,576
211,234
6,539,654
6,750,889
9,063,755
211,234
8,844,224
9,055,458
11,509,882
211,234
11,410,695
11,621,929
14,283,655
211,234
14,250,279
14,461,513
17,398,220
211,234
17,386,142
17,597,376
20,882,519
211,234
20,821,920
21,033,154
25,123,266
211,234
24,561,117
24,772,351
29,757,084
Assets
Current assets
Cash & Bank
Equipment spare part inventory
Raw material inventory
Total Current Assets
Liabilities & Shareholders' Equity
Current liabilities
Accounts payable
Total Current Liabilities
Other liabilities
Long term debt
Total Long Term Liabilities
-
Note: Total assets value will differ from project cost due to first installment of leases paid at the start of year 0
12
Statement Summaries
PARC
Cash Flow Statement
Operating activities
Net profit
Add: depreciation expense
amortization expense
Deferred income tax
Accounts receivable
Finished good inventory
Equipment inventory
Raw material inventory
Accounts payable
Other liabilities
Cash provided by operations
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
(50,000)
(253,000)
(303,000)
1,077,843
143,600
13,735
99,031
(16,150)
(81,719)
143,296
1,379,636
1,553,865
143,600
13,735
197,841
(9,819)
(49,685)
35,419
1,884,956
1,840,316
143,600
13,735
269,454
(7,787)
(39,401)
16,920
2,236,836
2,067,632
143,600
13,735
326,283
(8,585)
(43,440)
10,877
2,510,101
2,304,569
143,600
13,735
398,189
(9,465)
(47,893)
11,533
2,814,269
2,566,471
143,600
485,490
(10,435)
(52,802)
12,233
3,144,558
2,839,584
143,600
576,528
(11,505)
(58,214)
12,981
3,502,974
3,135,863
143,600
675,287
(12,684)
(64,181)
13,781
3,891,667
3,435,778
143,600
790,333
(13,984)
(70,759)
14,636
4,299,603
(211,114)
(211,114)
(228,636)
(228,636)
(247,613)
(247,613)
(268,164)
(268,164)
(290,422)
(290,422)
(314,527)
(314,527)
(340,632)
(340,632)
Financing activities
Change in long term debt
1,901,108
Issuance of shares
211,234
Purchase of (treasury) shares
Cash provided by / (used for) financing2,112,343
activities
-
Investing activities
Capital expenditure
(1,754,676)
Acquisitions
Cash (used for) / provided by investing(1,754,676)
activities
-
-
-
-
-
-
-
-
Rs. in actuals
Year 10
3,739,197
143,600
920,370
150,414
761,093
(25,748)
5,688,925
-
-
-
-
NET CASH
54,667
1,379,636
1,673,842
2,008,200
2,262,488
2,546,105
2,854,136
3,188,447
3,551,034
4,299,603
5,688,925
Cash balance brought forward
Cash available for appropriation
Dividend
Cash carried forward
54,667
54,667
54,667
1,434,303
1,434,303
1,434,303
3,108,145
3,108,145
3,108,145
5,116,345
5,116,345
5,116,345
7,378,833
7,378,833
7,378,833
9,924,938
9,924,938
9,924,938
12,779,074
12,779,074
12,779,074
15,967,521
15,967,521
15,967,521
19,518,556
19,518,556
19,518,556
23,818,159
23,818,159
23,818,159
29,507,084
29,507,084
13