Broom Corn Production Farm

7/28/2019 Broom Corn Production Farm

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Investment Office ANRS

Project Profile on the Establishment

of Broom Corn production farm

Development Studies


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e e op e S ud es

Table of Contents

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

2.Product Description and Application.......................................................1

3.Market Study, Farm Capacity and Production Program......................2

3.1Market Study...............................................................................................................2

3.1.1Present Demand and Supply................................................................................23.1.2Projected Demand................................................................................................3

3.1.3Pricing and Distribution.......................................................................................3

3.2Farm Capacity.............................................................................................................43.3Production Program....................................................................................................4

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

4.1Availability and Source of Raw materials..................................................................44.2Annual Requirement and Cost of Raw Materials and Utilities...................................4

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

6Technology and Engineering .....................................................................5

6.1Production Process......................................................................................................5

6.2Machinery and Equipment..........................................................................................6


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1. Executive Summary

This project profile deals with the establishment of 10 hector broom corn production farm in

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

Demand projection divulges that the domestic demand for broom corn is substantial and is

increasing with time. Accordingly, the planned farm is set to produce 60 ton of broom corn

annually. The total investment cost of the project including working capital is estimated at Birr

637,947.72 and creates 42 jobs and Birr 374,400 of household income annually for workers.

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

operation. Moreover, the project will break even at 48.6% of capacity utilization and it payback

fully the initial investment less working capital in third operation year. The result further show

that the calculated IRR of the project is 27%

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 import

substitution.

Generally, the project is technically feasible, financially and commercially viable as well as


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Broom corn is one of the sorghum. Unlike other sorghum varieties which are grown for grain,

fodder and making molasses, broom corn is grown only for broom making. It is cultivated like

any other ordinary field crop. It is well adapted and widely grown in areas with 500 to 700 mm

rainfalls and temperature range of 27 0c to 400c; soil PH from 5.0 to 8.5. The best brush is

produced on warm and moist weather and fertile soils. From farming to harvesting crops and

preparing it for broom maker require a great deal of manual labor. Hence the production process

of broom corn is labor intensive.

In the light of the crop's natural conditions and production requirement the Amhara region has

both resources in abundance. In fact, it has a comparative advantage in terms of cheap labor

availability and suitable land resources. The region has over 85,000 hectares of land in the

lowlands of North Gondar and West Gojam zones.

3. Market Study, Farm Capacity and Production Program

3.1 Market Study

3.1.1 Present Demand and Supply


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the long run. The aggregate population of the two regions is around 25 million. And if we

assume 20% of the total population purchases 0.5 kg per year, average annual demand is

estimated to be about 2500 ton. With 5% annual growth rate the ten year projected demand will

be as follows.

3.1.2 Projected Demand

Table 1: Projected Demand for Broom Corn

Year

Projected

Demand for

Broom Corn

(in ton)2007/08

25002008/09 2625

2009/10 2756

2010/11 2894

2011/12 3039

2012/13 3191

2013/14 3350

2014/15 35182015/16 3694

2016/17 3878


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3.2 Farm Capacity

Thus, given the modern plant science, expected demand for broom corn presented earlier and the

planned technology, the envisaged farm is set to produce 60 ton of broom corn from 10 ha of

land annually. Indeed this capacity is only hypothetical, as untapped demand and sufficient land

for the production prevailed in the region, an investor can exploit this opportunity to expand its

farm to the maximum of its capacity in the future.

3.3 Production Program

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

annually. During the first year of production the farm will produce only 75 percent of the total

capacity and then it grows to 85 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 market and

logistics barriers would take place for the first two years of production.

4. Raw Materials and Utilities


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Table 2: Material and Utility Requirement

Material and Input Quantity

Total Cost(Birr)

L.C. F.C.

Seeds

3-4 quintal per

hectare

59,500

Fertilizers 1000Kg 6,000

Agro-chemicals 50lit. 1,000

Total Material Cost 66,500

Utility

Electricity 1000KWh 550

Water 500m3 1,325

Total Utility Cost 1,875

5 Location and Site

The appropriate locations for the envisaged project in view of the availability of input, Suitable

weather condition, infrastructures as well as market for the output are Lowland areas of North

Gondar, West Gojam and Awi zones are suitable for the project.

6 T h l d E i i


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crown and piled in batches on wooden table. The brush is spread on racks in a drying shed. After

curing for 2-3 weeks, the dried batches are hauled to a machine called seed remover with

whirling spiked cylinder which knocks of the seed. The seedless brush is compressed in to bales

weighing 40-50kg each. All this must be done carefully to yield good, untangled and straight

fiber for use in broom.

6.2 Machinery and Equipment

The machineries and equipment required for broom corn is basically, irrigation machine and seed

remover machine. While all the relevant farm equipment are used. A total of Birr 240,000

including freight insurance and bank cost is required to cover their cost.

Supplier address

The above mentioned machineries and equipments are available at Addis Ababa market.

6.3 Civil Engineering Cost

Broom corn production will have two inseparable components, i.e. a farm and a processing unit.

Even if the farm size depends on the capacity and interest of the investors, this project is

d f 10 h t f l d Th i it ill i b t 2000 2 f i


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Table 3: Human Resource Requirement

Position Req.No. Monthly Salary(Birr) Total Annual Salary(Birr)

Farm Manager 1 3,500.00 42,000.00

Production Head 1 3,000.00 36,000.00

Administration & Finance 1 3,000.00 36,000.00

Accountant 1 1,000.00 12,000.00

Sales 1 700.00 8,400.00

Plant Science Graduate 1 2,200.00 26,400.00Laborers 30 300.00 108,000.00

Operator 2 700.00 16,800.00

Store Keeper 2 700.00 16,800.00

Security 2 400.00 9,600.00

Total 312,000.00

Employment Benefits 20% of Annual Salary 62,400.00

Grand Total 42 374,400.00

The envisaged farm therefore, creates 42 jobs about Birr 374,400 of household income through

employment annually.

7.2 Training Requirement


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A. Construction and Finance

Construction 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

Processing House 5%

Machinery and equipment 10%

Office furniture 10%

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 is estimated at Birr 637,947.72

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: Total Initial Investment

Item CostLand 25.00

Building and civil works 200,000.00

Office equipment 80,000.00

Vehicles

Plant machinery & equipment240,000.00

Total Fixed Investment 520,025.00

Pre production capital expenditure 26,001.25

Total Initial Investment 546,026.25

Working capital at full capacity 91,921.47

Total 637,947.72*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 marketing and interest expenses during construction


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Table 5: Production Cost

Total Production Cost at Full Capacity

Items Cost

1. Raw materials 66,500.00

2. Utilities 1,875.00

3. Wages and Salaries 374,400.00

4. Spares and Maintenance 15,600.75

Factory costs 458,375.75

5. Depreciation 47,200.25

6. Financial costs45,932.24

Total Production Cost551,508.24

8.4 Financial evaluation

I. Profitability

According to the projected income statement attached in the annex part 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 8.52%, 23.94% and 17.89% in the


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IV. Simple Rate of Return

For the envisaged farm the simple rate of return equals to 24.5%

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

27% and the net present value at 18 % discount is Birr 208,769.15.

VI. Sensitivity Analysis

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

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

the sector. This result is accompanied by same payback period but in the last quarter.

9 Economic and Social Benefit and Justification

The envisaged project possesses wide range of benefits where it promotes the socio-economic

goals and objectives stated in the strategic plan of the Amhara National Regional State. Thesebenefits are listed as follows


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C. Import Substitution and Foreign Exchange Saving

Based on the projected figure we learn that in the project life an estimated amount of US Dollar

685,440.00 will be saved as a result of the proposed project. This will create room for the saved

hard currency to be allocated on other vital and strategic sectors

D. Employment and Income Generation

The proposed project is expected to create employment opportunity to several citizens of theregion. That is, it will provide permanent employment to 42 professionals as well as support

stuffs. Consequently the project creates income of Birr 374,400 per year. This would be one of

the commendable accomplishments of the project.

E. Pro Environment Project

The proposed production process is environment friendly and has got a significant share with

respect to positive externalities.

F. Diversification and InterSectoral linkage.

The proposed project helps to diversify ANRS and Ethiopian economy. It contributes to

industrialization of the ANRS as well as the country as a whole. It also has a potential to


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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% 100% 100%

1. Total Inventory 0 0 43,596 49,409 58,128 58,128

Raw Materials in Stock- Total 0 0 5,441 6,166 7,255 7,255

Raw Material-Local 0 0 5,441 6,166 7,255 7,255

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 0 0 414 469 552 552

Spare Parts in Stock and Maintenance 0 0 1,276 1,447 1,702 1,702

Work in Progress 0 0 10,341 11,720 13,788 13,788

Finished Products 0 0 20,683 23,440 27,577 27,577

2. Accounts Receivable 0 0 58,418 66,207 77,891 77,891

3. Cash in Hand 0 0 30,786 34,891 41,048 41,048

CURRENT ASSETS 0 0 127,359 144,341 169,812 169,812

4. Current Liabilities 0 0 58,418 66,207 77,891 77,891

Accounts Payable 0 0 58,418 66,207 77,891 77,891

TOTAL NET WORKING CAPITAL REQUIREMENTS 0 0 68,941 78,133 91,921 91,921

INCREASE IN NET WORKING CAPITAL 0 0 68,941 9,192 13,788 0

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 58,128 58,128 58,128 58,128 58,128 58,128

Raw Materials in Stock-Total 7,255 7,255 7,255 7,255 7,255 7,255

Raw Material-Local 7,255 7,255 7,255 7,255 7,255 7,255

Raw Material-Foreign 0 0 0 0 0 0

Factory Supplies in Stock 552 552 552 552 552 552

Spare Parts in Stock and Maintenance 1,702 1,702 1,702 1,702 1,702 1,702

Work in Progress 13,788 13,788 13,788 13,788 13,788 13,788

Finished Products 27,577 27,577 27,577 27,577 27,577 27,577

2. Accounts Receivable 77,891 77,891 77,891 77,891 77,891 77,891

3. Cash in Hand 41,048 41,048 41,048 41,048 41,048 41,048

CURRENT ASSETS 169,812 169,812 169,812 169,812 169,812 169,812

4. Current Liabilities 77,891 77,891 77,891 77,891 77,891 77,891

Accounts Payable 77,891 77,891 77,891 77,891 77,891 77,891

TOTAL NET WORKING CAPITAL REQUIREMENTS 91,921 91,921 91,921 91,921 91,921 91,921

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 273,013 364,935 593,918 614,689 725,684 714,000

1. Inflow Funds 273,013 364,935 58,418 7,789 11,684 0

Total Equity 109,205 145,974 0 0 0 0

Total Long Term Loan 163,808 218,961 0 0 0 0

Total Short Term Finances 0 0 58,418 7,789 11,684 0

2. Inflow Operation 0 0 5 35,500 606,900 7 14,000 714,000

Sales Revenue 0 0 5 35,500 606,900 7 14,000 714,000

Interest on Securities 0 0 0 0 0 0

3. Other Income 0 0 0 0 0 0

TOTAL CASH OUTFLOW 273,013 273,013 570,019 512,577 633,230 602,400

4. Increase In Fixed Assets 273,013 273,013 0 0 0 0

Fixed Investments 260,013 260,013 0 0 0 0

Pre-production Expenditures 13,001 13,001 0 0 0 0

5. Increase in Current Assets 0 0 127,359 16,981 25,472 0

6. Operating Costs 0 0 3 41,085 385,868 4 53,043 453,043

7. Corporate Tax Paid 0 0 0 0 52,644 54,941

8. Interest Paid 0 0 101,575 45,932 38,277 30,6219.Loan Repayments 0 0 0 63,795 63,795 63,795

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 0 91,921 23,899 102,113 92,453 111,600

Cumulative Cash Balance 0 91,921 115,820 217,933 310,386 421,986

3


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

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 714,000 714,000 714,000 714,000 714,000 714,000

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 714,000 714,000 714,000 714,000 714,000 714,000

Sales Revenue 714,000 714,000 714,000 714,000 714,000 714,000


3. Other Income 0 0 0 0 0 0TOTAL CASH OUTFLOW 597,041 593,242 587,884 518,730 518,730 518,730

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 453,043 453,043 453,043 453,043 453,043 453,043

7. Corporate Tax Paid 57,237 61,094 63,391 65,687 65,687 65,687

8. Interest Paid 22,966 15,311 7,655 0 0 0

9. Loan Repayments 63,795 63,795 63,795 0 0 0

10.Dividends Paid 0 0 0 0 0 0

Surplus (Deficit) 116,959 120,758 126,116 195,270 195,270 195,270

Cumulative Cash Balance 538,945 659,703 785,819 981,089 1,176,359 1,371,629

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 0 535,500 606,900 714,000 714,000

1. Inflow Operation 0 0 535,500 606,900 714,000 714,000

Sales Revenue 0 0 535,500 606,900 714,000 714,000




3. Increase in Fixed Assets 273,013 273,013 0 0 0 0

Fixed Investments 260,013 260,013 0 0 0 0

Pre-production Expenditures 13,001 13,001 0 0 0 0

4. Increase in Net Working Capital 0 0 68,941 9,192 13,788 0

5. Operating Costs 0 0 341,085 385,868 453,043 453,043

6. Corporate Tax Paid 0 0 0 0 52,644 54,941

NET CASH FLOW -273,013 -273,013 125,474 211,840 194,525 206,017

CUMULATIVE NET CASH FLOW -273,013 -546,026 -420,553 -208,713 -14,188 191,828

Net Present Value (at 18%) -273,013 -231,367 90,113 128,932 100,334 90,052

Cumulative Net present Value -273,013 -504,380 -414,267 -285,335 -185,001 -94,949

5


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

PRODUCTION

5 6 7 8 9 10

TOTAL CASH INFLOW 714,000 714,000 714,000 714,000 714,000 714,000

1. Inflow Operation 714,000 714,000 714,000 714,000 714,000 714,000

Sales Revenue 714,000 714,000 714,000 714,000 714,000 714,000




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 453,043 453,043 453,043 453,043 453,043 453,043

6. Corporate Tax Paid 57,237 61,094 63,391 65,687 65,687 65,687

NET CASH FLOW 203,720 199,863 197,567 195,270 195,270 195,270

CUMULATIVE NET CASH FLOW 395,548 595,412 792,978 988,248 1,183,518 1,378,788Net Present Value (at 18%) 75,464 62,742 52,560 44,025 37,309 31,618

Cumulative Net present Value -19,485 43,257 95,817 139,842 177,151 208,769

Net Present Value (at 18%) 208,769.15

Internal Rate of Return 27.0%

6


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Annex 4: NET INCOME STATEMENT ( in Birr)

PRODUCTION

1 2 3 4 5

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

1. Total Income 535,500 606,900 714,000 714,000 714,000

Sales Revenue 535,500 606,900 714,000 714,000 714,000

Other Income 0 0 0 0 0

2. Less Variable Cost 223,553 253,360 298,071 298,071 298,071

VARIABLE MARGIN 311,947 353,540 415,929 415,929 415,929

(In % of Total Income) 58.25 58.25 58.25 58.25 58.25

3. Less Fixed Costs 164,732 179,708 202,172 202,172 202,172

OPERATIONAL MARGIN 147,215 173,831 213,757 213,757 213,757


4. Less Cost of Finance 101,574.94 45,932.24 38,276.86 30,621.49 22,966.12

5. GROSS PROFIT 45,639.61 127,899.24 175,480.00 183,135.37 190,790.75

6. Income (Corporate) Tax 0.00 0.00 52,644.00 54,940.61 57,237.22

7. NET PROFIT 45,639.61 127,899.24 122,836.00 128,194.76 133,553.52

RATIOS (%)

Gross Profit/Sales 8.52% 21.07% 24.58% 25.65% 26.72%

Net Profit After Tax/Sales 8.52% 21.07% 17.20% 17.95% 18.70%

Return on Investment 23.94% 27.85% 25.25% 24.89% 24.53%

Return on Equity 17.89% 50.12% 48.14% 50.24% 52.34%

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 714,000 714,000 714,000 714,000 714,000

Sales Revenue 714,000 714,000 714,000 714,000 714,000

Other Income 0 0 0 0 0

2. Less Variable Cost 298,071 298,071 298,071 298,071 298,071

VARIABLE MARGIN 415,929 415,929 415,929 415,929 415,929


3. Less Fixed Costs 196,972 196,972 196,972 196,972 196,972

OPERATIONAL MARGIN 218,957 218,957 218,957 218,957 218,957


4. Less Cost of Finance 15,311 7,655 0 0 0

5. GROSS PROFIT 203,646 211,302 218,957 218,957 218,957

6. Income (Corporate) Tax 61,094 63,391 65,687 65,687 65,687

7. NET PROFIT 142,552 147,911 153,270 153,270 153,270

RATIOS (%)

Gross Profit/Sales 28.52% 29.59% 30.67% 30.67% 30.67%

Net Profit After Tax/Sales 19.97% 20.72% 21.47% 21.47% 21.47%

Return on Investment 24.75% 24.39% 24.03% 24.03% 24.03%

Return on Equity 55.86% 57.96% 60.06% 60.06% 60.06%

8


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Annex 5: Projected Balance Sheet (in Birr)


Year 1 Year 2 1 2 3 4TOTAL ASSETS 273,013 637,948 742,006 813,899 884,624 949,024

1. Total Current Assets 0 91,921 243,180 362,273 480,198 591,799

Inventory on Materials and Supplies 0 0 7,131 8,082 9,508 9,508

Work in Progress 0 0 10,341 11,720 13,788 13,788

Finished Products in Stock 0 0 20,683 23,440 27,577 27,577

Accounts Receivable 0 0 58,418 66,207 77,891 77,891

Cash in Hand 0 0 30,786 34,891 41,048 41,048

Cash Surplus, Finance Available 0 91,921 115,820 217,933 310,386 421,986

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 273,013 546,026 498,826 451,626 404,426 357,225

Fixed Investment 0 260,013 520,025 520,025 520,025 520,025

Construction in Progress 260,013 260,013 0 0 0 0Pre-Production Expenditure 13,001 26,001 26,001 26,001 26,001 26,001

Less Accumulated Depreciation 0 0 47,200 94,401 141,601 188,801

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

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

TOTAL LIABILITIES 273,013 637,948 742,006 813,899 884,624 949,024

5. Total Current Liabilities 0 0 58,418 66,207 77,891 77,891

Accounts Payable 0 0 58,418 66,207 77,891 77,891

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 163,808 382,769 382,769 318,974 255,179 191,384

Loan A 163,808 382,769 382,769 318,974 255,179 191,384

Loan B0 0 0 0 0 0

7. Total Equity Capital 109,205 255,179 255,179 255,179 255,179 255,179

Ordinary Capital 109,205 255,179 255,179 255,179 255,179 255,179

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 0 0 0 45,640 173,539 296,375

9.Net Profit After Tax 0 0 45,640 127,899 122,836 128,195

Dividends Payable 0 0 0 0 0 0

Retained Profits 0 0 45,640 127,899 122,836 128,195

9


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

PRODUCTION

5 6 7 8 9 10

TOTAL ASSETS 1,018,783 1,097,540 1,181,657 1,334,927 1,488,197 1,641,467

1. Total Current Assets 708,758 829,515 955,632 1,150,902 1,346,172 1,541,442

Inventory on Materials and Supplies 9,508 9,508 9,508 9,508 9,508 9,508

Work in Progress 13,788 13,788 13,788 13,788 13,788 13,788

Finished Products in Stock 27,577 27,577 27,577 27,577 27,577 27,577

Accounts Receivable 77,891 77,891 77,891 77,891 77,891 77,891

Cash in Hand 41,048 41,048 41,048 41,048 41,048 41,048

Cash Surplus, Finance Available 538,945 659,703 785,819 981,089 1,176,359 1,371,629

Securities 0 0 0 0 0 0

2. Total Fixed Assets, Net of Depreciation 310,025 268,025 226,025 184,025 142,025 100,025

Fixed Investment 520,025 520,025 520,025 520,025 520,025 520,025

Construction in Progress 0 0 0 0 0 0Pre-Production Expenditure 26,001 26,001 26,001 26,001 26,001 26,001

Less Accumulated Depreciation 236,001 278,001 320,001 362,001 404,001 446,001

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

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

TOTAL LIABILITIES 1,018,783 1,097,540 1,181,657 1,334,927 1,488,197 1,641,467

5. Total Current Liabilities 77,891 77,891 77,891 77,891 77,891 77,891

Accounts Payable 77,891 77,891 77,891 77,891 77,891 77,891

Bank Overdraft 0 0 0 0 0 0

6. Total Long-term Debt 127,590 63,795 0 0 0 0

Loan A 127,590 63,795 0 0 0 0

Loan B 0 0 0 0 0 0

7. Total Equity Capital 255,179 255,179 255,179 255,179 255,179 255,179Ordinary Capital 255,179 255,179 255,179 255,179 255,179 255,179

Preference Capital 0 0 0 0 0 0

Subsidies 0 0 0 0 0 0

8. Reserves, Retained Profits Brought Forward 424,570 558,123 700,676 848,587 1,001,857 1,155,127

9. Net Profit After Tax 133,554 142,552 147,911 153,270 153,270 153,270

Dividends Payable 0 0 0 0 0 0

Retained Profits 133,554 142,552 147,911 153,270 153,270 153,270

10

Documents

Broom Corn Production Farm