Assorted Vegetable Production Farms

7/28/2019 Assorted Vegetable Production Farms

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Investment Office ANRS

Project Profile on the AssortedVegetable Production Farms


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Table of Contents

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

2.Product Description and Application.................................................................33.Market Study, Farm Capacity and Production Program.................................4

3.1Market Study...........................................................................................................................4

3.1.1Present Demand and Supply............................................................................................4

3.1.2Projected Demand............................................................................................................53.1.3Pricing and Distribution...................................................................................................5

3.2Farm Capacity.........................................................................................................................5

3.3Production Program................................................................................................................6

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

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

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

5Location and Site...................................................................................................7

6Farming Technology .............................................................................................7

6.1Production Process..................................................................................................................7

6.2Agricultural tools & Equipments............................................................................................9

6.3Civil Engineering Cost............................................................................................................9


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1. Executive Summary

This project profile deals with the establishment of an assorted vegetable production farms in

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

Demand projection divulges that the domestic demand for vegetable products is substantial and

is increasing with time. Accordingly, the planned plantation is set to produce 450 quintals of

various types of vegetables. The total investment cost of the project including working capital is

estimated at Birr 621,349.01 and creates job opportunities for 58 citizens.

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

operation. Moreover, the project will break even at 63.25% of capacity utilization and it will

payback fully the initial investment less working capital in three years. The result further show

that the calculated IRR of the project is 26.70% and the NPV discounted at annual rate of 18% is

Birr 183,953.

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

such as increasing the level of investment, tax revenue, employment creation and better public

health and nutrition, and modernization and commercialization of agriculture.


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requirement. Combining different kinds of vegetable production creates better opportunity for

crop rotational practices and gives advantage of utilizing common faculties such as washing,

cleaning cooling and storage facilities. Plus marketing assorted vegetables facilitate an increase

marketable volume by attracting more customers.

The Amhara Region has large areas and water resources suitable for the production of assorted

vegetables. Compared to cereals, pulses and oil crops, vegetables are very high in productivity

per unit of land which can play substantial role to increase the food supply of the region. With a

growing urban population, which is totally market dependent, and the current food supply

shortage, expansion in vegetable production will play a significant role in increasing food supply

of the region.

On the other hand, unbalanced and inadequate nutritional status of the people is still a central

problem in the region. Deficiency of essential food elements, such as protein, vitamins and

minerals are widely observed as basic food intake is below the minimum requirement in the

region. Increase in blindness due vitamin a deficiency is an alarming circumstance in region.

Therefore, vegetables are important source of vitamins, minerals and also good sources ofprotein as well.


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3.1.2 Projected Demand

The future demand for vegetables is promising due to two main factors. First, an increase in

population in general and urbanization in particular is expected to amplify the domestic

consumption of vegetables. At the same time, an increase in income inevitably improves the per

capita consumption of vegetables in the future. Consequently, with a conservative growth rate of

3% per annum, the future demand for vegetables is forecasted as shown in table 1 below.

Table 1: Future Demand

YearProjected

Demand (qts)

2009 2,060,000

2010 2,121,800

2011 2,185,454

2012 2,251,018

2013 2,318,548

2014 2,388,105

2015 2,459,748

2016 2,533,540

2017 2,609,546

2018 2,687,833

3 1 3 Pricing and Distribution


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3.3 Production Program

The program is scheduled based on the consideration that the envisaged farm will work

throughout the year except for Sundays and public holidays. During the first year of operation

the farm will operate at 75 percent capacity and then it grows to 90 percent in the 2nd year. The

capacity will grow to 100 percent starting from the 3rd year. This consideration is developed

based on the assumption that there is ample demand for the product so that market and logistics

barriers would be eliminated with in the first two years of operation.

4. Raw Materials and Utilities

4.1 Availability and Source of Raw Materials

All raw materials are available in the local market. Cooperating with local agriculture bureaus isimportant.

4.2 Annual Requirement and Cost of Raw Materialsand Utilities

The annual raw material and utility requirement and the associated cost for the envisaged farm is

listed in table 2 here under


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5 Location and Site

This project can be implemented in various localities in ANRS. Given varying ago-ecological

factors of the region, there is ample opportunity to grow a wide range of horticultural crops,

including fruits, spices and various types of vegetables2.

6 Farming Technology

6.1 Production Process

The production process involves many steps.

1. Clearing the plot

The site should be as near as possible to a source of water. This may be a spring, river,

little stream, well or artificial reservoir. The soil must always be damp. It will have to be

watered often even during the rainy season.

Before sowing, remove all the plants and trees on the plot. Shade and the roots of trees

prevent vegetables from growing well. Roots of trees take out of the soil mineral salts

which should feed the vegetables.


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Sowing in rows

Lines are traced with the cord and the seeds sown along the lines. The distancebetween rows varies according to the size of the vegetables.

Sowing in seed holes

Little holes are made along the lines, and one or several seeds are placed in each

hole. The distance between holes is different according to the size of the

vegetables.

3. Taking care

a. Watering

Vegetables need plenty of water to develop their roots and leaves. Vegetables do not grow

well in dry soil; the soil of the beds must always be moist. In the dry season, each bed of 10

square meters needs about 7 watering cans full of water every day.

b. Weeding and earthing up

Watering a lot means that weeds will grow. Furthermore, the water compacts the soil and a

hard layer of earth may form. Weeds take the nourishment (mineral salts) of the vegetables

out of the soil. Weeds must be removed often.

Earthing p means heaping p soil aro nd the base of the plant C lti ate often so as to


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4. Harvest and sale

In order to keen quality, utmost care should be made in harvest. Well- packed vegetables are

easier to sell and fetch a better price.

Vegetables must not be damaged in transport.

Alternatives:

1. The traditional subsistence farming

2. Large scale mechanized farming

6.2 Agricultural tools & Equipments

Basically, the planting and harvesting of vegetables do not require much tools and equipments.

Tractor is used while preparing the land for the first planting period and therefore, the envisaged

plantation shall use hired tractor while preparing the land. The plantation however, needs to

acquire 10 medium capacity water pumps and the associated equipments for irrigation purpose.

In addition various hand tools are also demanded. The cost of agricultural tools is estimated to be

birr 40,000. The water pumps and equipments can be purchased from local suppliers.

6.3 Civil Engineering Cost

The envisaged assorted vegetable plantation requires 10 hectares of land. It also requires 100m2

area for office, store and other related facilities. The land rate is estimated at Birr 800; while the


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Table 3: Human Resource Requirement

Job Title No.

Salary/Wage (Birr)

Monthly Annual

1 Manager 1 4,000 48,000

2 Horticulturists 3 2,500 90,000

3 Laborers 40 400 192,000

Support Staff

1 Administration & Finance 1 2,000 24,000

2 Accountant 1 1,000 12,000

3 Cashers 2 850 20,400

4 Sales Clerks 3 600 21,600

5 Store Keeper 1 600 7,200

6 Driver 1 850 10,200

7 Guards 5 350 21,000

Total 58 446,400

Employment Benefits 20% of AnnualSalary 89,280

535,680

7.2 Training Requirement

Commercial vegetable plantation is a risky business which requires utmost care. Therefore,

appropriate trainings are imperative for all workers. Annual budget of Birr 53,000 is allotted for


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A. Construction and Finance

Preparation period 2 year

Source of finance 40% equity and 60% loan

Tax holidays 2 years

Bank interest rate 12%

Discount for cash flow 18%Value of land Based on lease rate of ANRS

Spare Parts, Repair & Maintenance 3% of fixed investment

B. Depreciation

Building 5%

Machinery and equipment 10%

Office furniture 10%

Vehicles 20%

Pre-production (amortization) 20%

C. Working Capital (Minimum Days of Coverage)


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8.2 Investment

The total investment cost of the project including working capital at full capacity is estimated at

Birr 621,349.01 as shown in Table 4 below. The Owner shall contribute 40% of the finance in

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

Table 4: Initial Investment and Working Capital

Total Initial Investment

Item CostLand 40.00

Building and civil works 100,000.00Office equipment

75,000.00

Vehicles250,000.00

Machinery & equipment40,000.00

Total Fixed Investment465,040.00

Pre production capital expenditure23,252.00

Total Initial Investment488,292.00

Working capital at full capacity133,057.01

Total 621,349.01*Pre-production capital expenditure includes - all expenses for pre-investment

studies, consultancy fee during construction and expenses for companys

establishment project administration expenses commission expenses preproduction


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Table 5: Production Costs

Total Production Cost at Full Capacity

Items Cost

1. Raw materials 43,000.00

2. Utilities 69,650.00

3. Wages and Salaries 535,680.00

4. Spares and Maintenance 13,951.20

Factory costs 662,281.20

5. Depreciation 71,150.40

6. Financial costs44,737.13

Total Production Cost778,168.73

8.4 Financial Evaluation

I. Profitability

According to the projected income statement attached in the annex part (see annex 3) the project

will generate profit beginning from the first year of operation. Ratios such as the percentage of

net profit to total sales, return on equity and return on total investment are 1.44%, 18.27% and

i h fi d d ll i i d i l h


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III. Payback Period

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

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

operation.

IV. Simple Rate of Return

For the envisaged plantation the simple rate of return equals to 20.1%.

V. Internal Rate of Return and Net Present Value

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

26.7% and the net present value at 18 % discount is Birr 183,953.44.

VI. Sensitivity Analysis

The envisaged plantation is profitable even with considerable cost increment. That is the

plantation maintains to be profitable starting from the first year when 10 % cost increment takes

place although the total profit drops to Birr 821,701. If sales revenue drops by 10%, total profit

drops to Birr 494,714. However, in both cases the project remains profitable.

9 E i d S i l B fit d J tifi ti


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B. Tax Revenue

In the project life under consideration, the government will collect about Birr 445,530 from

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

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

services in the region

C. Employment and Income Generation

The proposed project is expected to create employment opportunity to 58 citizens of the region.

D. Pro Environment Project

The proposed production is environment friendly.

E. Public Health and Nutrition

Eating fresh and clean vegetables improves and public health and nutrition.

F. Modernization of Agriculture

The proposed project compliments to the concerted efforts to modernize and commercialize

Ethiopian agriculture.


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ANNEXES


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

CONSTRUCTION PRODUCTION

Year 1 Year 2 1 2 3 4

Capacity Utilization (%) 0 0 75% 85% 90% 100%

1. Total Inventory 0 0 53,784 60,955 64,541 71,712

Raw Materials in Stock- Total 0 0 3,518 3,987 4,222 4,691

Raw Material-Local 0 0 3,518 3,987 4,222 4,691

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 0 0 600 680 720 800

Spare Parts in Stock and Maintenance 0 0 1,141 1,294 1,370 1,522

Work in Progress 0 0 15,002 17,002 18,002 20,003

Finished Products 0 0 30,004 34,005 36,005 40,005

2. Accounts Receivable 0 0 73,636 83,455 88,364 98,182

3. Cash in Hand 0 0 49,527 56,131 59,432 66,036

CURRENT ASSETS 0 0 173,429 196,553 208,115 231,239

4. Current Liabilities 0 0 73,636 83,455 88,364 98,182

Accounts Payable 0 0 73,636 83,455 88,364 98,182

TOTAL NET WORKING CAPITAL REQUIREMENTS 0 0 99,793 113,098 119,751 133,057

INCREASE IN NET WORKING CAPITAL 0 0 99,793 13,306 6,653 13,306

1


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

PRODUCTION

5 6 7 8 9 10

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

1. Total Inventory 71,712 71,712 71,712 71,712 71,712 71,712

Raw Materials in Stock-Total 4,691 4,691 4,691 4,691 4,691 4,691

Raw Material-Local 4,691 4,691 4,691 4,691 4,691 4,691

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 800 800 800 800 800 800

Spare Parts in Stock and Maintenance 1,522 1,522 1,522 1,522 1,522 1,522

Work in Progress 20,003 20,003 20,003 20,003 20,003 20,003

Finished Products 40,005 40,005 40,005 40,005 40,005 40,005

2. Accounts Receivable 98,182 98,182 98,182 98,182 98,182 98,182

3. Cash in Hand 66,036 66,036 66,036 66,036 66,036 66,036

CURRENT ASSETS 231,239 231,239 231,239 231,239 231,239 231,239

4. Current Liabilities 98,182 98,182 98,182 98,182 98,182 98,182

Accounts Payable 98,182 98,182 98,182 98,182 98,182 98,182

TOTAL NET WORKING CAPITAL REQUIREMENTS 133,057 133,057 133,057 133,057 133,057 133,057

INCREASE IN NET WORKING CAPITAL 0 0 0 0 0 0

2


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Annex 2: Cash Flow Statement (in Birr)


Year 1 Year 2 1 2 3 4TOTAL CASH INFLOW 244,146 377,203 748,636 774,818 814,909 909,818

1. Inflow Funds 244,146 377,203 73,636 9,818 4,909 9,818

Total Equity 97,658 150,881 0 0 0 0

Total Long Term Loan 146,488 226,322 0 0 0 0

Total Short Term Finances 0 0 73,636 9,818 4,909 9,818

2. Inflow Operation 0 0 6 75,000 765,000 8 10,000 900,000

Sales Revenue 0 0 6 75,000 765,000 8 10,000 900,000

Interest on Securities 0 0 0 0 0 0

3. Other Income 0 0 0 0 0 0

TOTAL CASH OUTFLOW 244,146 244,146 767,565 691,980 737,785 817,025

4. Increase In Fixed Assets 244,146 244,146 0 0 0 0

Fixed Investments 232,520 232,520 0 0 0 0

Pre-production Expenditures 11,626 11,626 0 0 0 0

5. Increase in Current Assets 0 0 173,429 23,124 11,562 23,124

6. Operating Costs 0 0 4 96,418 561,984 5 94,767 660,334

7. Corporate Tax Paid 0 0 0 0 32,040 41,607

8. Interest Paid 0 0 97,719 44,737 37,281 29,8259.Loan Repayments 0 0 0 62,135 62,135 62,135

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 0 133,057 -18,929 82,838 77,124 92,794

Cumulative Cash Balance 0 133,057 114,128 196,966 274,090 366,883

3


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

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 900,000 900,000 900,000 900,000 900,000 900,000

1. Inflow Funds 0 0 0 0 0 0

Total Equity 0 0 0 0 0 0

Total Long Term Loan 0 0 0 0 0 0

Total Short Term Finances 0 0 0 0 0 0

2. Inflow Operation 900,000 900,000 900,000 900,000 900,000 900,000

Sales Revenue 900,000 900,000 900,000 900,000 900,000 900,000


3. Other Income 0 0 0 0 0 0TOTAL CASH OUTFLOW 788,681 799,857 794,638 727,284 727,284 727,284

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

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

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

6. Operating Costs 660,334 660,334 660,334 660,334 660,334 660,334

7. Corporate Tax Paid 43,844 62,476 64,713 66,950 66,950 66,950

8. Interest Paid 22,369 14,912 7,456 0 0 0

9. Loan Repayments 62,135 62,135 62,135 0 0 0

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 111,319 100,143 105,362 172,716 172,716 172,716

Cumulative Cash Balance 478,202 578,345 683,707 856,423 1,029,140 1,201,856

4


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Annex 3: DISCOUNTED CASH FLOW-TOTAL CAPITAL INVESTED


Year 1 Year 2 1 2 3 4

TOTAL CASH INFLOW 0 0 675,000 765,000 810,000 900,000

1. Inflow Operation 0 0 675,000 765,000 810,000 900,000

Sales Revenue 0 0 675,000 765,000 810,000 900,000




3. Increase in Fixed Assets 244,146 244,146 0 0 0 0

Fixed Investments 232,520 232,520 0 0 0 0

Pre-production Expenditures 11,626 11,626 0 0 0 0

4. Increase in Net Working Capital 0 0 99,793 13,306 6,653 13,306

5. Operating Costs 0 0 496,418 561,984 594,767 660,334

6. Corporate Tax Paid 0 0 0 0 0 41,607

NET CASH FLOW -244,146 -244,146 78,790 189,710 208,580 184,753

CUMULATIVE NET CASH FLOW -244,146 -488,292 -409,502 -219,792 -11,212 173,541

Net Present Value (at 18%) -244,146 -206,903 56,585 115,464 107,583 80,757

Cumulative Net present Value -244,146 -451,049 -394,464 -279,000 -171,417 -90,660

5


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

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 900,000 900,000 900,000 900,000 900,000 900,000

1. Inflow Operation 900,000 900,000 900,000 900,000 900,000 900,000

Sales Revenue 900,000 900,000 900,000 900,000 900,000 900,000




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

Fixed Investments 0 0 0 0 0 0

Pre-production Expenditures 0 0 0 0 0 0

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

5. Operating Costs 660,334 660,334 660,334 660,334 660,334 660,334

6. Corporate Tax Paid 43,844 62,476 64,713 66,950 66,950 66,950

NET CASH FLOW 195,822 177,190 174,953 172,716 172,716 172,716

CUMULATIVE NET CASH FLOW 369,363 546,553 721,506 894,223 1,066,939 1,239,656Net Present Value (at 18%) 72,539 55,624 46,544 38,940 33,000 27,966

Cumulative Net present Value -18,121 37,503 84,047 122,987 155,987 183,953

Net Present Value (at 18%) 183,953.44

Internal Rate of Return 26.7%

6


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Annex 4: NET INCOME STATEMENT ( in Birr)

PRODUCTION

1 2 3 4 5

Capacity Utilization (%) 75% 85% 90% 100% 100%

1. Total Income 675,000 765,000 810,000 900,000 900,000

Sales Revenue 675,000 765,000 810,000 900,000 900,000

Other Income 0 0 0 0 0

2. Less Variable Cost 331,044 375,183 397,253 441,392 441,392

VARIABLE MARGIN 343,956 389,817 412,747 458,608 458,608

(In % of Total Income) 50.96 50.96 50.96 50.96 50.96

3. Less Fixed Costs 236,524 257,951 268,665 290,092 290,092

OPERATIONAL MARGIN 107,432 131,866 144,082 168,516 168,516


4. Less Cost of Finance 97,719 44,737 37,281 29,825 22,369

5. GROSS PROFIT 9,713 87,128 106,801 138,691 146,147

6. Income (Corporate) Tax 0 0 32,040 41,607 43,844

7. NET PROFIT 9,713 87,128 74,761 97,084 102,303

RATIOS (%)

Gross Profit/Sales 1.44% 11.39% 13.19% 15.41% 16.24%

Net Profit After Tax/Sales 1.44% 11.39% 9.23% 10.79% 11.37%

Return on Investment 18.27% 21.93% 18.43% 20.42% 20.06%

Return on Equity 3.91% 35.06% 30.08% 39.06% 41.16%

7


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

PRODUCTION

6 7 8 9 10

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

1. Total Income 900,000 900,000 900,000 900,000 900,000

Sales Revenue 900,000 900,000 900,000 900,000 900,000

Other Income 0 0 0 0 0

2. Less Variable Cost 441,392 441,392 441,392 441,392 441,392

VARIABLE MARGIN 458,608 458,608 458,608 458,608 458,608


3. Less Fixed Costs 235,441 235,441 235,441 235,441 235,441

OPERATIONAL MARGIN 223,166 223,166 223,166 223,166 223,166


4. Less Cost of Finance 14,912 7,456 0 0 0

5. GROSS PROFIT 208,254 215,710 223,166 223,166 223,166

6. Income (Corporate) Tax 62,476 64,713 66,950 66,950 66,950

7. NET PROFIT 145,778 150,997 156,216 156,216 156,216

RATIOS (%)

Gross Profit/Sales 23.14% 23.97% 24.80% 24.80% 24.80%

Net Profit After Tax/Sales 16.20% 16.78% 17.36% 17.36% 17.36%

Return on Investment 25.86% 25.50% 25.14% 25.14% 25.14%

Return on Equity 58.65% 60.75% 62.85% 62.85% 62.85%

8


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Annex 5: Projected Balance Sheet (in Birr)


Year 1 Year 2 1 2 3 4

TOTAL ASSETS 244,146 621,349 704,699 739,510 757,046 801,813

1. Total Current Assets 0 133,057 287,557 393,519 482,205 598,122

Inventory on Materials and Supplies 0 0 5,260 5,961 6,312 7,013

Work in Progress 0 0 15,002 17,002 18,002 20,003

Finished Products in Stock 0 0 30,004 34,005 36,005 40,005

Accounts Receivable 0 0 73,636 83,455 88,364 98,182

Cash in Hand 0 0 49,527 56,131 59,432 66,036

Cash Surplus, Finance Available 0 133,057 114,128 196,966 274,090 366,883

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 244,146 488,292 417,142 345,991 274,841 203,690

Fixed Investment 0 232,520 465,040 465,040 465,040 465,040Construction in Progress 232,520 232,520 0 0 0 0

Pre-Production Expenditure 11,626 23,252 23,252 23,252 23,252 23,252

Less Accumulated Depreciation 0 0 71,150 142,301 213,451 284,602

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

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

TOTAL LIABILITIES 244,146 621,349 704,699 739,510 757,046 801,813

5. Total Current Liabilities 0 0 73,636 83,455 88,364 98,182

Accounts Payable 0 0 73,636 83,455 88,364 98,182

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 146,488 372,809 372,809 310,675 248,540 186,405

Loan A 146,488 372,809 372,809 310,675 248,540 186,405

Loan B 0 0 0 0 0 0

7. Total Equity Capital 97,658 248,540 248,540 248,540 248,540 248,540

Ordinary Capital 97,658 248,540 248,540 248,540 248,540 248,540

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 0 0 0 9,713 96,842 171,603

9.Net Profit After Tax 0 0 9,713 87,128 74,761 97,084

Dividends Payable 0 0 0 0 0 0

Retained Profits 0 0 9,713 87,128 74,761 97,084

9


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

PRODUCTION

5 6 7 8 9 10

TOTAL ASSETS 841,981 925,624 1,014,486 1,170,702 1,326,919 1,483,135

1. Total Current Assets 709,441 809,584 914,946 1,087,662 1,260,379 1,433,095Inventory on Materials and Supplies 7,013 7,013 7,013 7,013 7,013 7,013

Work in Progress 20,003 20,003 20,003 20,003 20,003 20,003

Finished Products in Stock 40,005 40,005 40,005 40,005 40,005 40,005

Accounts Receivable 98,182 98,182 98,182 98,182 98,182 98,182

Cash in Hand 66,036 66,036 66,036 66,036 66,036 66,036

Cash Surplus, Finance Available 478,202 578,345 683,707 856,423 1,029,140 1,201,856

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 132,540 116,040 99,540 83,040 66,540 50,040

Fixed Investment 465,040 465,040 465,040 465,040 465,040 465,040

Construction in Progress 0 0 0 0 0 0

Pre-Production Expenditure 23,252 23,252 23,252 23,252 23,252 23,252

Less Accumulated Depreciation 355,752 372,252 388,752 405,252 421,752 438,2523. Accumulated Losses Brought Forward 0 0 0 0 0 0

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

TOTAL LIABILITIES 841,981 925,624 1,014,486 1,170,702 1,326,919 1,483,135

5. Total Current Liabilities 98,182 98,182 98,182 98,182 98,182 98,182

Accounts Payable 98,182 98,182 98,182 98,182 98,182 98,182

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 124,270 62,135 0 0 0 0

Loan A 124,270 62,135 0 0 0 0

Loan B 0 0 0 0 0 0

7. Total Equity Capital 248,540 248,540 248,540 248,540 248,540 248,540

Ordinary Capital 248,540 248,540 248,540 248,540 248,540 248,540Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 268,687 370,990 516,767 667,764 823,981 980,197

9. Net Profit After Tax 102,303 145,778 150,997 156,216 156,216 156,216

Dividends Payable 0 0 0 0 0 0

Retained Profits 102,303 145,778 150,997 156,216 156,216 156,216

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Assorted Vegetable Production Farms

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