Project Proposal for Packed Tomato Paste

Manufacturing Project

By: Mahadi Barkatle Abdi

PRESENTED TO: Dire Dawa Administration

Investment Bureau

December 2018
Dire Dawa
Packed Tomato Paste Manufacturing Project by Mahadi Barkatle 2018

Contents

1. Executive Summary........................................................................................................................2
2. Introduction.......................................................................................................................................3
3. Product Description & Application.............................................................................................4
4. Objective of the Project.................................................................................................................4
5. Market Study.....................................................................................................................................5
5.1. Past Supply and Present Demand.........................................................................................5
Table: Supply of Tomato Ketchup and Sauce (2005-2014)..................................................5
5.2. Projected Demand.......................................................................................................................6
Table: Projected Demands for Tomate Ketchup & Sauce (Tonnes)...................................7
5.3. Pricing and Distribution.............................................................................................................7
6.2. Production Programme..............................................................................................................7
Table: Production Programme.........................................................................................................8
7. Raw & Auxiliary Materials.............................................................................................................8
Table: Annual Costs of Raw Material.............................................................................................8
Table: Summary of Annual raw materials cost..........................................................................9
8. Utilities................................................................................................................................................9
Table: Utilities Requirement and Costs.........................................................................................9
9. Production Process........................................................................................................................10
10. Machinery and Equipment.......................................................................................................10
Table: Tomato paste making machine........................................................................................11
Table: Tomato paste packing machine.......................................................................................12
Table: Vehicles.....................................................................................................................................13
Table: Summary of Capital Expenditure....................................................................................13
Table: Depreciation............................................................................................................................13
Table: Repair and maintenance costs based on the standard rate..................................14
11. Land & Building Requirement.................................................................................................14
12. Proposed Location.......................................................................................................................14
13. Manpower Requirement............................................................................................................14

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Table: Manpower Requirement and Labor Cost.......................................................................14

Table: Operating costs......................................................................................................................15
Table: Summary of Annual Operating expenses.....................................................................16
Table: Working Capital Determination........................................................................................16
14. Total Initial Investment Cost..................................................................................................17
Table: Initial Investment Cost.......................................................................................................17
Table: Sources of finance................................................................................................................17
Table: Loan Repayment Schedule................................................................................................18
Table: Profit and Loss Statement.................................................................................................19
Table: Cash Flow Statement.................................................................................................................20
Table: Balance Sheet Statement..........................................................................................................21

1. Executive Summary

This profile envisages the establishment of a plant for the production of

tomato paste and sauce with a capacity of 300 tonnes per annum. The
present demand for the proposed product is estimated at 2,000 tonnes per
annum. The demand is expected to reach at 4,522 tonnes by the year 2020.
The plant will create employment opportunities for 28 persons. The total
investment requirement is estimated at Birr 10,310,359, out of which Birr
8,450,500 is required for plant and machinery.

The project is financially viable with an internal rate of return (IRR) of 31 %

and a net present value (NPV) of Birr 22.96 million, discounted at 8.5%.

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2. Introduction
Following the liberalization of the Ethiopia economy, business and
investment activities are witnessing substantial progress. New buildings are
replacing dilapidated houses and offices in urban enclaves. Innumerable new
factories, commercial farms, hotels, roads bridges, dams, reservoirs
irrigation canals, airports, have been constructed in recent years by
domestic and foreign investors.

With a total population of over 90 million Ethiopia stood as the fourth largest
in size and the second most populous nation in sub-Saharan Africa, the
Ethiopia economy features peasant dominated agriculture as the mainstay of
the economy with GDP share of about 50% and accounting for over 85% of
export and total employment. The countries export is dependent on primary
agricultural commodity, coffee, hide, skin and accounting nearly 60% of the
foreign exchange earnings.

The share of the manufacturing sector is minimal with a share of 4.5% of

the total GDP. On the other hand, the merchandise import of the country
constitutes food, energy other consumable goods, in intermediate and
capital goods. The share of capital goods is a mere 30% of the aggregate
imported materials, a closer examination of the rated of growth of import
and export shows that the former is increasing much higher than the latter.
Import was climbing with an average annual growth rate of 4.8% while that
of export was 3.8%.

Though the country’s economy has been overshadowed by two decades of

crisis, it possesses a considerable potential for development. The country‟s
development potential lies on the huge work force, arable land and nature
resources. It can be said that the overall national situation resembles a

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paradox when viewed to the actual living standard and the potential that
could alter it.

The basic reason for this situation was the bad polices and strategies
selected by the former regime and added to these were the abused practices
of implementing them. With the end of the command socialist economic
system, the new government was faced with numerous social and economic
problems. Above all the government has to face the task of engineering
economic recovery to address the long run needs of sustainable economic
growth and development. To that end, the economic reform measures were
taken to reduce macroeconomic imbalances, to liberalize trade, to
decentralize economic management and most important of all, to lift the
restrictions imposed on the private sector.

This favorable policy environment has played a crucial role to attract private
investment in the country and it is to benefit from this situation that the
owner of the project came up with the idea of establishing a Tomato Paste
manufacturing project to be established in Dire Dawa Administration.

3. Product Description & Application

Tomato paste and sauce are processed products of fresh tomato usually
consumed in households, restaurants and institutions. Concentrated tomato
juice, without seeds and skins and containing not less than 25 percent of
solids is known as tomatoes paste. If the juice (pulp) is further concentrated
so as to contain 33% or more of tomato solids, it is called concentrated
tomato paste.

4. Objective of the Project

The major objectives of the project are:

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o To establish and provide a high standard Packed Tomato Paste

Manufacturing plant for domestic use as cooking fuel.

o To serve as demonstrative investment venture and contribute toward

the development of investment sector in Dire Dawa.

o To provide employment opportunity to the growing labor force of the

project area.

5. Market Study
5.1. Past Supply and Present Demand

Although tomato is consumed by both the urban and rural population,

industrially processed paste and sauce are consumed only by the urban
population. Apart from households, hotels, restaurants, snack bars and
various other catering establishments are major users of tomato ketchup
and sauce for food preparation.

The major domestic suppliers are the Merti Horticultural Processing Plant and
Elfora while imports originate from various countries. The following table
depicts the supply from these sources.

Table: Supply of Tomato Paste and Sauce (2005-2014)

Year Domestic Prod. (tonne) Import (tonne) Total supply (tonne)

2005 1648 12.1 1660.1

2006 1949 34.8 1983.8
2007 825 33.6 858.6
2008 951 23.1 974.1
2009 1949 433.5 2382.5

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2010 2424 81.2 2505.2

2011 1730 57.5 1787.5
2012 555 234.7 789.7
2013 2116 526 2642
2014 1846 410 2256
Sources: CSA, Survey of the Manufacturing and Electricity Industries, Annual Issue and Excise and Tax
Authority, External Trade Statistics, Annual Issues.

As can be seen from the above table, the bulk of demand for tomato ketchup
and sauce is being supplied through local production, imports constituting
less than 10% in most years. A growth trend is observable, however, in both
imports and domestic production.

The average total supply during the recent 5 years (2010-2014) was about
2,000 tonnes; and this amount is considered to fairly approximate the
present demand for the product.

5.2. Projected Demand

The future demand for tomato paste and sauce is a function of income and
the urban population growth. Assuming that demand will grow at a rate
higher by half than the urban population growth rate of 4%, the demand
projection is executed by applying a growth rate of 6% annually on the
estimated present demand.

Accordingly, as shown in the following table, unsatisfied demand for tomato

ketchup and sauce is projected to range from 1879 tonnes in the year 2015
to about 3022 tonnes by the year 2020.

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Table: Projected Demands for Tomate Ketchup & Sauce

(Tonnes)
Year Projected Existing Demand
Demand Capacity
2015 3379 1500 1879
2016 3582 1500 2082
2017 3796 1500 2296
2018 4024 1500 2524
2019 4266 1500 2766
2020 4522 1500 3022

5.3. Pricing and Distribution

The current retail price of packed tomato paste ( in a package of 70gm
pouch) ranges from Birr 4 per piece to Birr 6 per piece. Allowing margin for
wholesalers and retailers, the factory gate price of Birr 4 per piece is
proposed for this project. Distribution of the product could be effected
through the existing wholesale and retail trade channels for food items.

6. Plant Capacity & Production Programme

6.1. Plant Capacity

The capacity of the proposed project is 300 tonnes per annum, based on 300
working days and single shift 8 hours per day. This capacity can be
increased by increasing the number of shift per day.

6.2. Production Programme

The following table shows the production programme of the envisaged

project. At the initial stage of production, the plant may require some years
to penetrate into the local and export market such as Djibouti. Therefore, in

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the first and second year of production, the capacity utilization rate will be
50% and 75%, respectively. From the fourth year onwards, full capacity
production shall be attained.

Table: Production Programme

Year (Capacity utilization)

1st year 2nd year 3rd year 4th year
Detail Product (unit) (50%) (75%) (85%) (100%)
Packed tomato paste
(70gm pieces) 2,142,857.14 3,214,285.71 3,642,857.14 4,285,714.29

7. Raw & Auxiliary Materials

The manufacture of tomato paste and sauce can be undertaken when two
basic conditions are met: the availability of a large and stable supply of fresh
quality tomato, and the availability of a vast supply of water. Since the
quality of the paste that is produced will be determined largely by the quality
of the tomato used as raw material, great importance is attached to tomato
cultivation itself.

Auxiliary materials required by the processing plant are salt, sugar, vinegar,
spices, and other ingredients. The raw and auxiliary materials requirements
of the envisaged project are indicated in Table below.

Table: Annual Costs of Raw Material

No items Unit of Qty price Total Costs
Measure
s

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1.0 Fresh Tomato Tonnes 1,500.00 4,500.00 6,750,000.00

0
2.0 Sugar Kg 18.90 24.00 453.60
0
3.0 Vinegar Kg 7.75 40.00 310.00
0
4.0 Spices Kg 2.19 200.00 438.00
0
5.0 Packaging pouch pcs 4,285,714.2 0.21 900,000.00
0 9
7.0 Cartons pcs 357,142.86 2.00 714,285.71
0
8.0 others LS 80,774.37
0
Total 8,446,261.6
8

Table: Summary of Annual raw materials cost

Year (Capacity utilisation)

1st year 2nd year 3rd year 4th year
Detail Product (unit) (50%) (75%) (85%) (100%)
Packed tomato paste 4,223,130.8 6,334,696.2 7,179,322.4 8,446,261.6
(pieces) 4 6 3 8

There are various recipes employed to produce tomato sauce and paste. The
recipe applied for sauce shows a considerable variation from the recipe used
to produce paste/ketchup. For paste spices are added to vinegar and cook at

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about 850C, covered in a dried kettle for about 2-3 hours. Onion, garlic and
paprika are then added directly to the ketchup.

8. Utilities
Electricity, fuel oil and water are the principal utilities of the project. The
annual utility requirement and cost are indicated in Table below.

Table: Utilities Requirement and Costs

No. Description Unit Qty. Cost ((Birr)
1.00 Electricity KWh 9,240.00 4,376.60
2.00 Fuel oil Litre 12,000.00 40,080.00
3.00 Water M3 2,800.00 8,680.00
Total 53,136.60

9. Production Process

The fresh tomato transported to the plant will be cleaned by washing in

water. To accomplish this task, a special washing technic has been
developed that allows for the preservation of the fresh, natural qualities of
ripened tomato.

Washed tomato is crushed into tomato pulp (Juice) which is strained and
filtered. This is followed by preheating and concentration to about one-third
of its original volume by means of a continuous concentrator, for which a
boiler plant is used. Since the concentration would be achieved in a very
short time, a special technical know-how shall be employed. Instantaneous
concentration is necessary since; otherwise, heating the tomato pulp would
cause oxydation giving it a dark- reddish disagreeable color, as opposed to
the color of natural tomato.

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Concentrated tomato pulp (juice) is homogenized and salt, sugar, spices,

vinegar & other ingredients are added in the seasoning room to give it the
flavor associated with tomato sauce & tomato paste. The products are then
filled into bottles and cans. This is followed by packing.

10. Machinery and Equipment

The list of machinery and equipment is indicated in Table below.

Table: Tomato paste making machine

Price Ex-works
No. Description Qty India in USD Price(Birr)
TOMATO PASTE
BLEADING &
FILLING INTO 80GM.
1.00 Barrel pump 1.00
Jacketed Collection Tank
2.00 - 300 Lit 1.00
3.00 Screw Pump -500 LPH 1.00 75,000.00 1,650,000.00
Standardization Tank -
4.00 200 Lit 3.00
Shell & Tube Preheater –
5.00 300 Kg/hr 1.00
6.00 Homogeniser -300 LPH 1.00
7.00 Collection Tank -100 Lit 1.00
8.00 Screw Pump -500 LPH 1.00
Tube In Tube Pasteuriser
9.00 -200 LPH 1.00
Insulated Storage Tank -
10.00 300 Lit 2.00

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11.00 Screw Pump -500 LPH 1.00

RO Water Pump – 100
12.00 LPH 1.00
13.00 Storage Tank – 500 Lit 1.00
Centrifugal Pump – 100
14.00 Lit 1.00
Plate Heat Exchanger –
15.00 400 Kg/hr 1 lot
Utilities
Steam Boiler with
16.00 accessories 1 lot 42,000.00 924,000.00
Steam Pressure Reducing
17.00 Station 1 lot
18.00 Steam Piping 1 lot
19.00 Water Piping 1 lot
20.00 Air Piping 1 lot
21.00 Product Piping 1 lot
22.00 Electrical Panel 1 lot
23.00 Electrical Cabling 1 lot
Subtotal In USD 1 lot 117,000.00 2,574,000.00
Erection & Commissioning Excluding air
ticket to & fro, lodging, boarding, local
conveyance, out of pocket expense for 2
persons. For more details refer payment
terms. These services are only for
installation & commissioning not for total
season running of the plant. 5,000.00 110,000.00
Subtotal in USD 122,000.00 2,684,000.00

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Table: Tomato paste packing machine

Price Ex-
Description Qty works Price(Birr)
Horizontal Fill and
Seal machine 1.00 101,000.00 2,222,000.00
Top spout
attachment 1.00 11,000.00 242,000.00
Emboss Coding unit 1.00 1,250.00 27,500.00
total 2,491,500.00

Table: Vehicles
Vehicles Quantity Unit Price Total cost
(Birr) (Birr)
Delivery Vans 1 450,000 450,000
Management Cars 1 300,000 300,000
Employee Service 1 525,000 525,000
Total 1,275,000

Table: Summary of Capital Expenditure

Description Value
(Birr)
Plant machineries 5,175,500.0
0
Vehicles 1,275,000.0
0
Other Clean room 2,000,000.0
equipment & facilities 0
Total Fixed Investment 8,450,500.

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00

Table: Depreciation
Service Original Annual Dep.
Description
life value (Birr) (Birr)
Plant machineries 20.00 5,175,500.00 258,775.00
Vehicles 20.00 1,275,000.00 63,750.00
Other Clean room
20.00 2,000,000.00 100,000.00
equipment & facilities
Total Fixed Investment 8,450,500.00 422,525.00

Table: Repair and maintenance costs based on the

standard rate

Description Percentage Total Repair &

investment maintenance costs
Machineries & equipment 3.00% 5,175,500.00 155,265.00
Other Clean room 3.00% 2,000,000.00 60,000.00
equipment & facilities
Vehicle 5.00% 1,275,000.00 63,750.00
Total 8,450,500.00 279,015.00

11. Land & Building Requirement

The total land requirement of the project is 3,000 m2, out of which 830 m2
is a built-up area which can accommodate production hall, finished product
and raw material stores, boiler house, offices and social facilities.

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12. Proposed Location

The location of the envisaged project can be in Dire Dawa town, where
access for infrastructure and market is secured.

13. Manpower Requirement

The list of manpower and the annual labour costs are indicated in Table
below. The envisaged project requires a total of 28 workforces.

Table: Manpower Requirement and Labor Cost

Sr. Description Req. Monthly Annual
No No. Salary (Birr) Salary (Birr)
1.00 General Manager 1.00 3,500.00 3,500.00
2.00 Secretary 1.00 750.00 750.00
3.00 Accountant 1.00 2,500.00 2,500.00
4.00 Accounting clerk 1.00 600.00 600.00
5.00 Production Head 1.00 2,500.00 2,500.00
6.00 Technical Department 1.00 2,500.00 2,500.00
Head
7.00 Quality Control Head 1.00 2,500.00 2,500.00
8.00 Operators 8.00 9,000.00 72,000.00
9.00 Laborers 4.00 6,000.00 24,000.00
10.0 Mechanic 2.00 1,600.00 3,200.00
0
11.0 Electrician 2.00 1,600.00 3,200.00
0
12.0 Driver 2.00 1,200.00 2,400.00
0
13.0 Guards 3.00 900.00 2,700.00
0

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Sub-Total 28.0 35,150.00 122,350.00

0
Workers Benefit =25% of Basic 8,787.50 30,587.50
Salary
43,937.50 152,937.50
Total Cost

Table: Operating costs

 Description Costs (Birr)
Utilities 53,136.60
Maintenance and Repair 279,015.00
Depreciation 422,525.00
Uniforms & other supplies 60,000.00
Insurance 0.00
Manpower Expenditures( Direct 152,937.50
labor)
R&D @ 2% of revenue 128,571.43
Warehouse Rent 360,000.00
Administration Costs* 144,000.00
Total Operating Costs 1,600,185.5
3

Table: Summary of Annual Operating expenses

Production Year
Capacity Year 1 Year 2 Year 3 Year 4
No utilization rate
. (%) 50% 70% 85% 100%
Operating
1 expenses (Birr) 800,093 1,183,035 1,520,566 1,897,637

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Table: Working Capital Determination

Direct costs Days of Required working
coverage capital
Imported raw 120 300,000.00
materials
Local materials 60 1,257,710.28
requirement
Sub total 1,557,710.28
Wage and Salaries 60 25,489.58
Utilities 60 8,856.10
Warehouse rent 90 60,000.00
Administration Costs* 60 24,000.00
Sub total 118,345.68
Miscellaneous (5%) 83,802.80
Total required 1,759,858.76
working capital

14. Total Initial Investment Cost

The total investment cost of the project including working capital is

estimated at about 10,310,359. The major breakdown of the total initial
investment cost is shown in the Table below.

Table: Initial Investment Cost

No Cost Items Local Cost
.

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1 Machinery 5,175,500
2 Vehicles 1,275,000
3 0 2,000,000
Sub -total 8,450,500
4 Pre operating cost 100,000
Sub -total (Fixed costs) 8,550,500
5 Working capital ** 1,759,859
Grand Total 10,310,359

Table: Sources of finance

No Owners equity Bank Loan
. Description Total Amount % Amount %
Costs
1 Machinery 5,175,500 0 0 5,175,500 100
2 Vehicles 1,275,000 0 0 1,275,000 100
3 Other capital 2,000,000 0 0 2,000,000 100
goods
0 Sub -total 8,450,500 0 0 8,450,500 100
5 Pre 100,000 100,000 100 0 0
operating
cost
Sub -total 8,550,500 100,000 1 0 0
(Fixed costs)
6 Working 1,759,859 1,759,859 100 0 0
capital **
Grand Total 10,310,359 1,859,859 18 8,450,500 82

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Table: Loan Repayment Schedule

Loan Interest Outstandin
Repayme (8.5%) g Balance
nt
8,450,500
845,050 718,293 7,605,450
845,050 646,463 6,760,400
845,050 574,634 5,915,350
845,050 502,805 5,070,300
845,050 430,976 4,225,250
845,050 359,146 3,380,200
845,050 287,317 2,535,150
845,050 215,488 1,690,100
845,050 143,659 845,050
845,050 71,829 0

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Table: Profit and Loss Statement

Project Years
Description
1 2 3 4 5 6 7 8 9 10
10,607,14 18,824,14 20,706,55 25,054,93
6,428,571 13,223,571 17,112,857 17,112,857 22,777,213 27,560,428
Sales 3 3 7 4
10,266,48
4,223,131 6,334,696 7,179,322 8,446,262 8,446,262 8,868,575 9,312,004 9,777,604 10,779,808
Direct cost of sales 4
11,394,55 14,788,45
Gross Profit 2,205,441 4,272,447 6,044,249 8,666,595 8,666,595 9,955,568 12,999,609 16,780,620
4 0
Gross argin(%) 34.31% 40.28% 45.71% 50.64% 50.64%
Operational expense 800,093 1,183,035 1,520,566 1,897,637 1,897,637 1,992,519 2,092,145 2,196,752 2,306,590 2,421,919
Profit before tax and 12,481,86
1,405,348 3,089,412 4,523,683 6,768,958 6,768,958 7,963,049 9,302,409 10,802,857 14,358,700
interest 0

Depreciation 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525
EBITDA (Earning
12,904,38
before tax, interest and 1,827,873 3,511,937 4,946,208 7,191,483 7,191,483 8,385,574 9,724,934 11,225,382 14,781,225
5
depreciation)
Interest expense 718,293 646,463 574,634 502,805 430,976 359,146 287,317 215,488 143,659 71,829
Profit tax (35%) 0 0 0 0 0 0 0 3,680,439 4,293,230 4,975,265
Net profit 687,055 2,442,948 3,949,049 6,266,154 6,337,983 7,603,903 8,943,262 6,835,101 7,973,142 9,239,777

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Table: Cash Flow Statement

Production Year
Cash in flow 0 1 2 3 4 5 6 7 8 9 10
Owners' equity 1,859,859
Existing Bank Loan 0
Additional Bank 8,450,500
Loan
Net Profit 0 687,055 2,442,94 3,949,04 6,266,154 6,337,983 7,603,903 8,943,262 6,835,101 7,973,142 9,239,777
8 9
Depreciation 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525 422,525
Total Cash in flow 10,310,35 1,109,580 2,865,47 4,371,57 6,688,679 6,760,508 8,026,428 9,365,787 7,257,626 8,395,667 9,662,302
9 3 4
Cash out flow
Replacement 0 0 0 0 0 0 0 0 0 0
loan repayment 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050
Capital Expenditure 8,550,500 - - - - - -
- - - -
Working capital 1,759,859 - - - - - - - - - -
Existing Working 0
capital
Pre-operating 100,000
expenses and
interest
Total Cash out 10,410,35 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050 845,050

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flow 9
Net Cash Flow -100,000 264,530 2,020,42 3,526,52 5,843,629 5,915,458 7,181,378 8,520,737 6,412,576 7,550,617 8,817,252
3 4
Cash balance 2,024,389 4,044,81 7,571,33 13,414,965 19,330,42 26,511,801 35,032,53 41,445,114 48,995,73 57,812,983
2 6 3 8 1

Table: Balance Sheet Statement

Description Investment Production Year

ASSETS 0 1 2 3 4 5 6 7 8 9 10
Current Assets
Cash 1,759,859 2,024,389 4,044,812 7,571,336 13,414,965 19,330,42 26,511,801 35,032,53 41,445,11 48,995,73 57,812,983
3 8 4 1
Other Current Assets 0 0 0 0 0 0 0 0 0 0
Total Current Assets 1,759,859 2,024,389 4,044,812 7,571,336 13,414,965 19,330,42 26,511,801 35,032,53 41,445,11 48,995,73 57,812,983
3 8 4 1
Fixed Asset
Machinery 5,175,500 4,916,725 4,657,950 4,399,175 4,140,400 3,881,625 3,622,850 3,364,075 3,105,300 2,846,525 2,587,750
Vehicles 1,275,000 1,211,250 1,147,500 1,083,750 1,020,000 956,250 892,500 828,750 765,000 701,250 637,500
Other capital goods 2,000,000 1,900,000 1,800,000 1,700,000 1,600,000 1,500,000 1,400,000 1,300,000 1,200,000 1,100,000 1,000,000
Total Fixed Asset 8,450,500 8,027,975 7,605,450 7,182,925 6,760,400 6,337,875 5,915,350 5,492,825 5,070,300 4,647,775 4,225,250
Pre-operating Costs 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
including interest
Total Asset 10,210,359 10,052,364 11,650,262 14,754,26 20,175,365 25,668,29 32,427,151 40,525,36 46,515,41 53,643,50 62,038,233
1 8 3 4 6

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LIABILITIES
Short term liability - - - - - - - - - - -
Long term liability 8,450,500 7,605,450 6,760,400 5,915,350 5,070,300 4,225,250 3,380,200 2,535,150 1,690,100 845,050 0
(Bank Loan)
Sub Total 8,450,500 7,605,450 6,760,400 5,915,350 5,070,300 4,225,250 3,380,200 2,535,150 1,690,100 845,050 0
CAPITAL
Owner's Equity 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859 1,859,859
Retained Earnings -100,000 587,055 3,030,004 6,979,053 13,245,206 19,583,18 27,187,092 36,130,35 42,965,45 50,938,59 60,178,374
9 4 5 7
Earnings 687,055 2,442,948 3,949,049 6,266,154 6,337,983 7,603,903 8,943,262 6,835,101 7,973,142 9,239,777
Sub Total 1,759,859 2,446,914 4,889,862 8,838,911 15,105,065 21,443,04 29,046,951 37,990,21 44,825,31 52,798,45 62,038,233
8 3 4 6
Total Liability & Capital 10,210,359 10,052,364 11,650,262 14,754,26 20,175,365 25,668,29 32,427,151 40,525,36 46,515,41 53,643,50 62,038,233
1 8 3 4 6
Net Worth 1,759,859 2,446,914 4,889,862 8,838,911 15,105,065 21,443,04 29,046,951 37,990,21 44,825,31 52,798,45 62,038,233
8 3 4 6

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Packed Tomato Paste Manufacturing Project by Mahadi Barkatle 2018

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