1.

1 Executive Summary
The following plan is based on 15 years of experience, is highly focused and promises to follow
a path of prosperity for its owners and staff. It is based on conservative sales figures, and actual
sales may be higher. The projections contained herein are authentic and will be used as the
budget for the business. Ameh Feeds Nig. Ltd. will show a profit immediately, and will increase
sales and profits each year thereafter.
Ameh Feeds Nig. Ltd. is a well-established custom feed store. The company is engaged in the
production of custom livestock feeds, bird feed, deer feed, and other animal products in relation
to livestock animals, pets, etc. Ameh Feeds, Nig. Ltd has recently expanded its production
facility (custom market) and is well-positioned to market its workroom production beyond its
present client base. The company is dedicated to providing the highest quality customer service,
meeting the agreed delivery dates, and keeping the sales prices controlled in accordance with
ongoing market trends. The focus of this business plan is to identify future target clients, explain
our marketing strategy, improve internal procedures so we can substantially increase
profitability, and obtain the funding required to expand the business.
1.2 Location
Ameh Feeds, Nig Ltd. is located in Makurdi, No. 10 Mkar Street North Bank Makurdi, Benue.
The company is a privately owned corporation and has been operating for nearly 15 years. The
previous owners live next door to the store, and are planning on moving to their retirement home
in Northern Benue, as soon as this business transaction is completed. However, since the current
owners and new owners are in fact family, the current owners will be around if needed and to
visit on a bi-weekly basis.
The six counties surrounding Ameh Feeds contain an estimated 14,695 livestock farms, and
20,434 hunters. However, the entire state is an open market once delivery to customers is an
option. Ameh's would then be in the market to compete for the business of 53,315 farms. USDA
records show that a quarter of a billion dollars is spent annually on feed in the State of Benue by
these same farms. The company's estimated existing share of the nearby market is less than
1%. Previously, the owners have established an estimated N140,000 of the state total on an
annual basis.

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1.3 Objectives
There are five primary objectives by which the success of Ameh Feeds will be tracked:
1. Maintain 100% of existing customer base by consistent customer service.
2. Expand our customer base through direct referrals and aggressive direct sales. 
3. Expand our product line gradually, based on customer requests.
4. Expand our custom feed market to meet the growing sales market.
5. Expand the types of services offered to our customers, as their desires are identified.
1.4 Mission
Ameh Feeds is a family owned and operated company, dedicated to providing our customers
with the best premium products and services on the market. Ameh's offers all of our customers
the direct personal attention they deserve. Our commitment to customer service and satisfaction
assures us that our customers are 100% satisfied with our products and services.
1.5 Keys to Success
The primary keys to the success of Ameh Feeds are as follows:
1. Product freshness and quality.
2. Variety and price.
3. Constant research of industry to keep knowledgeable of market needs.
4. Management: products delivered on time, professional customer service, managing
budgets.
5. Constant evaluation of strengths and weaknesses with adjustments made as warranted.

1.6 Company Summary

Ameh's was founded in 1990 by Charles and John Ameh. Their hard work and dedication has
proven to be successful, as Ameh's is now one of the area's premiers feed stores and the only one
specializing in custom-made feed.
The future of Ameh's is looking bright with younger family members taking over ownership. Our
focus is on the core products, our sales and promotions emphasize our history and reputation for
quality and customer service. With the addition of new energy and enthusiasm from younger
owners, we will increase sales and the bottom line. Even though the new owners have the time,

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energy, interest and knowledge to invest in an already successful family business, our greatest
asset will be our commitment and pride in protecting and growing the business.
In the past, Ameh's has been just a feed store...in the future Ameh's will grow to become not only
a larger provider of quality feeds, but also a boarding stable and resource for customer with
inquiries about all areas of pet care.
1.7 Company Ownership
Ameh Feeds, Inc. is a privately-held Benue corporation. Charles Ameh is the Ameh Feeds, Nig
Ltd's founder, and his brother John Ameh are the two current owners. 
The new owners will share 50/50 ownership and they are as follows: 
 Charles Ameh
 John Ameh
2.1 Company History
Ameh Feeds was founded in 1989 as a privately held corporation registered in Nigerian County,
owned and operated by Chris and John Ameh. It was originally a retail company that sold feed
and supplies to local customers.
Charles and John recognized the need for more variety in products and more competitive pricing.
Eventually this idea generated the need for a feed market, which has greatly increased the
success of the business. Producing custom feeds reduces the costs to almost 80% less than it
costs to purchase a name brand feed. The custom-made feed has been Ameh's best seller because
of quality and price.
2.2 Services
Ameh Feeds, Nig. Ltd currently offers our customers products and supplies (Feed, Wormer,
Treats, Beading, layers mash, etc.) for the following animals:
i. Birds (Caged and Wild) viii. Goats

ii. Cats and Dogs (Household Pets) ix. Pigs

iii. Cattle x. Llamas
iv. Chickens xi. Lambs
v. Deer and Elk xii. Rabbits
vi. Horses xiii. Sheep

vii. Fish (Pond) xiv. Turkeys

Services

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 1. Custom Made Feeds
2. Delivery (Selective)
Ameh Feeds will continue to offer all of the above great products, while evaluating the desire
and need by our customers for the following items.
Products
i. A Complete Line of Feeds for All vii. Landscape Supplies
Animals viii. Live Animals
ii. Books (Related to Animals) ix. Organic Gardening
iii. Deer Blinds x. Plants, Flowers and Trees
iv. Exotic Animal Feed xi. Ponds and Water Gardens
v. Home and Garden Accessories xii. Shanties
vi. Horse Tack xiii. Tools and Gloves
Ameh Feeds, Inc. will continue to offer the existing services, but we will also be expanding our
services to include the following as customers demonstrate an interest in supporting the addition
of such services.
Services
1. Delivery (Full Time)
2. Equine Massage
3. Equine Boarding and Stable 
2.3 Market Analysis Summary
Ameh Feeds is the only custom feed manufacturer in Nigerian, Benue area and surrounding 50
mile radius. In the past, our market has been individual end users. Recent market analysis
suggests that our custom feeds could be marketed to other direct feed stores outside of this 50
mile radius.
In reviewing our existing customer base, and recognize the broad range of local organizations
such as 4-H and Future Farmers of America (FFA) and area farms and ranches, we have seen the
possibilities for potential market growth. Ameh's has never had a direct sales force, advertised, or
approached the specialized market they dominate with any zest for growth.
More than sixteen years in this business with success in the creation of formulas of high quality,
cost-contained custom feed, mixed with the energy of youth and enthusiasm to grow this family
business is greatly reinforced by the simple market analysis outlined below.

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2.4 Market Segmentation
Ameh Feeds, Nig. Ltd will focus on the following markets:
 4-H Enrollments: Simply put, this segment of our market is our future. We are working
with 4-H to further interest in animals, their nutritional needs, and means of cost
containment. Through offering quality custom feeds we will provide success for today
and many tomorrows as these youth become adult consumers (while annually, new youth
will be targeted). This market will allow for sales of all our feed products as 4-H offers
exposure to a variety of animals.
 Cattle Farms: The number of cattle farms within a 100 mile radius of Ameh Feeds is
quite phenomenal. There are many different purposes for these farms as well. Some raise
cattle for auction and slaughter while some raise cattle for milk processing. All together,
this is a market that is small, but would be very lucrative just by having a few of these
commercial accounts purchase their feed from us on a weekly basis. The cattle market is
very tough, but with our low prices and quality service, we should be able to obtain at
least 10% of the overall market.
 Horse owners: We will provide custom feed while building customer relationships for
long term growth and expansion into our goals of massage, boarding and other related
services. Horse owners range from individual owners to ranches and even direct
marketing to area race tracks will be undertaken.
 Hunters: These customers, of all ages and genders, have contributed a great deal of the
Ameh's cash flow over the years. Expanding on simple hunter spontaneous purchases
(jerky, nuts, dried fruit) will increase net revenue without an increase in labor, space or
marketing costs.  During the hunting season, "regulars" stop for beets, carrots, corn and
apples on their way to their blind. Adding these impulse-purchase items will add to our
bottom line.
 Livestock Farmers: This market is virtually up for grabs. Tax-exempt farmers look for the
best in quality and price, both of which Ameh's offers to our customers. Farmers also
look for availability of large quantities. Again, at Ameh's, we can handle any size order
from less than a pound through orders containing thousands of pounds. Ameh's custom
feed market will again prove to be a big asset when dealing with the farmers.

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Market Analysis
2004 2005 2006 2007 2008
Potential Customers Growth CAGR
4-H Enrollments 5% 9,846 10,338 10,855 11,398 11,968 5.00%
Cattle Farms 2% 1,450 1,479 1,508 1,538 1,570 2.00%
Horse Owners 5% 2,750 2,887 3,032 3,183 3,343 5.00%
Hunters 8% 20,434 22,068 23,834 25,740 27,800 8.00%
Other Livestock Farms 3% 649 668 23,833 25,741 731 3.00%
Total 6.63% 35,129 37,440 63,062 67,600 45,411 6.63%

2.5 Target Market Segment Strategy

Strategically targeting all the 4-H enrollments close to our business helps serve the needs and
requirements of our local customers, and ties in logically with our marketing plan (see below)
and our style of feed store. The youth of the 4-H are our future. These customers have
regimented schedules, and find value in exceptional service, low prices and high quality feed.
This first tier of our market segment is also the primary focus of our marketing plan, which has a
deep commitment to focusing on the support of the 4-H kids and their community. 
Our SECOND-TIER market group, Cattle Farms, will also find value in great service and quality
feed, and will appreciate a supplier that keeps their products fresh and ready for immediate
delivery. Finding the niche in all our targeted markets has been relatively easy... customers

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are looking for a feed supplier who maintains a complete line of fresh products and has the
ability to deliver. 
Our THIRD-TIER group, Horse Owners, will find that Ameh's special blend of oats and grains,
all mixed in with our high quality minerals, results in premium feed at an affordable cost.  
Our FOURTH-TIER, Hunters, is simply the largest in number of individual purchasers. Hunters
are mostly seasonal customers, from the months of September through December we will see our
numbers skyrocket when compared to the other eight months of the year. For projection
purposes, we figured on having a low 30% of the total available market (69,232). This total
potential market includes hunters from six of our surrounding counties (within a 50 mile radius).
The actual number of hunters that stop by on their way to their cabins or blinds is substantially
higher than forecasted.
Our FIFTH-TIER, Other Livestock Farms, represents a market that has an abundant number of
feed users. Our custom feed market allows us to manufacture any type of animal feed we desire,
which help us acquire the available customers in this tier. From sheep and goat feed to rabbit and
turkey feed, we make it all. Again, when we make our high quality feed, we make it with the
highest quality products and sell it at wholesale prices. This market is basically up for grabs,
as there are currently no competitors within a 125 mile radius that can supply these customers
with such a high quality feed at the lowest costs possible.
We acquired our data for our market analysis from the Department of Natural Resources, the 4-H
Council, and from USDA National Agricultural Statistics Service.
 2.6 Service Business Analysis
Currently, Ameh Feeds, Inc. is involved in the manufacture and retail sale of custom feed and
related products. Ameh Feeds straddles two industries - manufacturers of feed, and retailers of
feed and farm supplies. Ameh's 16 years of success in the custom feed industry is the strong
foundation for the success and continued growth.
There are over 7,000 farm product raw materials businesses in the United States, according to the
2002 NIGERIA. Census Economic report. According to the same source, farm supplies and raw
materials wholesalers currently sell over N62,000,000 of goods per year. Of these, only 843 of
these were selling poultry and livestock feeds mixed on location. With total sales of N8,141,368,
businesses like ours sold an average of N9,658 in goods each, per year. This reflects the fact that
most of the custom-feed mixers in the United States are very small operations; many of them are

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farmers who mix their own feed for their own livestock, and sell the extra to neighbors. Ameh
Feeds started out this way, but expanded its product line with snacks for people, and wild and
exotic animal feed. By becoming a full-service custom-feed store, and developing a reputation
for great service and high quality feed, we have far surpassed the industry average for revenue.
Our products are purchased from wholesale suppliers and re-sold to retail consumers. Our
custom feed is a huge competitor with other retail products. The raw goods and time to
manufacture cost at least 80% less than similar feeds. With more focus on the overall quality of
our feeds, the cost savings to our customers will become more of a word of mouth advertising
from end user to end user. Direct referrals are always the best source of committed customer and
sustained reliable growth.
There really is no competitor within a 50 mile radius of Ameh Feeds for custom feed for the
wide variety of animals we provide for. Our tasks are to encourage our customers to make
referrals, to implement direct marketing to groups such as the 4H and FFA, and to go out to the
various ranches and livestock farms and introduce our company and our line of custom feeds.
At this point, we are a great-kept secret, when comparing our customer base to the existing
market research potential.
2.7 Competition and Buying Patterns
Within the feed and farm supply industry, businesses compete on price, quality, customer
service, and delivery. Customer service can include things like ability to produce a range of
quantities, and custom-feed options. Customers must also trust the supplier for regular, reliable
service and consistent quality, since sudden changes in feed can really disrupt their animals'
digestion and health.
Our existing customers have pretty routine buying patterns. The same customers come at the
same time of the week or every other week. Their deliveries are scheduled for the same time,
with the same volumes each time. When asking our customers why they use our products, they
always have the same answer: "your custom feed is so good for my animal and it is priced just
right."
Most of our customers have been doing business with us for several years. Solid customer
relationships, a friendly atmosphere and being available to provide quality products at a good
price all add to a successful bottom line.

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We strongly believe that by offering delivery services, we will gain a substantial number of new
customers, both through the advantages of the new service, and with the new advertising (signs
on our truck). We will gain the recognition of new customers through our focused marketing
plan.
3.1 Sales Strategy
Ameh Feeds,Nig. Ltd will be entering into direct sales for the first time. Starting in October and
November, we will approach members of our target markets within 10 square miles both via
phone and with direct visits. Where possible, we will ask existing customers to provide us with
an introduction or to mention us to their neighbors and friends before we approach them. This
will both lend credibility and pre-qualify potential customers as genuinely in need of our
services, based on others' knowledge of them.
We will tell them about our current products and services, and then ask them clearly what we
need to do to earn their business. We will listen to their desires and individual goals. We will
then mirror back to them what they have said; to be sure we understand their needs. Finally, we
will create an individualized sales proposal with their specific needs (products, volumes,
frequency, price, other services) included.
We will present the proposal as a written agreement ready for signature by both parties to begin
doing business.
Details for each order will be entered into our customer database. We will then adjust our
planned shipments of raw goods to include arrival of fresh product necessary for new orders, to
be manufactured and delivered as agreed by the timeline. Deliveries will be automatically
scheduled through our point of sale/delivery database. Each customer price grid, conditions and
all specific comments will be clearly maintained for all to review and to guarantee complete
customer satisfaction. Each order will be reviewed by one of the owners prior to delivery to
guarantee quality, accuracy and completeness. Terms for payment will be COD and an invoice
for each shipment will be faxed or called to each customer the day prior to delivery to ensure
payment is ready at the time of delivery. (This will all be part of the agreement terms.)
Follow up calls will go to each customer within 24 hours of each delivery to ensure satisfaction.
If for any reason there is an issue, it will be handled immediately by one of the owners directly
with the customer.

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Ameh's has previously been successful do to repeat customers. As the business switches hands
we will also focus on keeping the existing customers happy and successfully introducing our new
products and services. We will always focus on our repeat customers. The loyalty and respect we
get from those customers will all play a big role in growing the business and taking it to the next
level.
3.2 Sales Forecast
The sales forecast for Ameh Feeds, Nng. Ltd includes all varieties of feed, as well as non-feed
supplies and future forecasts for boarding stable revenue.
Adding the boarding stable will utilize vacant land and make it work for the company. The
addition of the boarding stable will add to our company's feed sales, and to the specialized
services we offer. Boarding Stable costs include laundering of horse blankets, feed used
by horses during their stay, and wear and tear on grooming instruments. 
The annual growth rates fluctuate and are defined as:
 2005 - 3.37%
 2006 - 8.83%
 2007 - 34.63%
 2008 - 16.68%
 2009 - 14.81%  

Sales Forecast
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Sales
Equine Feed N38,040 N39,942 N41,939 N44,036 N46,238
Deer Feed N12,000 N12,960 N13,997 N15,117 N16,326
Livestock Feed N93,346 N102,680 N112,948 N124,243 N136,668
Misc. Products & Supplies N6,000 N7,000 N8,000 N9,000 N10,000
Boarding Stable N0 N0 N42,000 N63,000 N84,000
Total Sales N149,386 N162,582 N218,884 N255,396 N293,232
Direct Cost of Sales FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Corn, Oats, Molasses, Other
N40,400 N42,258 N44,202 N46,236 N48,362
Ingredients
Misc. Products & Supplies N3,000 N3,500 N4,000 N4,500 N5,000

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Boarding Stable N0 N0 N8,400 N12,600 N16,800
Bags, Ties, Pallets, Labels N1,440 N1,506 N1,575 N1,648 N1,724
Subtotal Direct Cost of Sales N44,840 N47,264 N58,177 N64,984 N71,886

3.3 Strategy and Implementation Summary

We will differentiate ourselves with CUSTOMER SERVICE! We will establish our business as
a clear and viable alternative for our target market, from the scores of competitors known for
"do-it yourself," "no we don't offer that product," and "no delivery available."
Customer service is paramount in our business and our business plan.
3.4 The Management Team
The management team will accomplish this goal by training employees and by providing
encouragement. Ameh set up new management team to enable the company grow maximally and
to achieve the desired goal.
The new management team of Ameh Feeds, Nig. Ltd believes that an employee who is happy at
work will enjoy working. It is always easier to please customers with staff that cares, a facility
that is clean and equipment that is kept in proper working order.
Ameh Feeds, Nig.Ltd will also work toward establishing community involvement programs that
will demonstrate how the business can contribute to a better quality of community
life. Community project groups such as the 4-H Council, the FFA, Schools, churches, and other
groups will be welcomed for tours of the facilities and will be shown how the facility can be used
to help raise funds for their needs.
Build long-term relationships with customers, not single-visit deals. Become their "feed dealer of
choice." Teach them the value of the relationship.
Focus on target markets. We need to focus our offerings on specific population groups as the key
market segment we should own. We definitely want to be able to sell to smart, quality conscious
customers.
3.5 Competitive Edge

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Ameh Feeds, Nig. Ltd has one of the most sought-after competitive edges in the industry. We
have our own individual feed market that can produce any animal feed requested. All we need is
a few ingredients and some time to make our specialty custom feeds.
When we can produce and market feed that costs us nearly 80% less than it costs to purchase a
generic feed, we can keep our shelf prices lower than our competitors.
3.6 Marketing Strategy
Ameh Feeds, Nig. Ltd will implement the following Marketing Strategies upon the business
transfer in the following order:
1. Direct Marketing: we will personally market (sell face to face) our products to various
feed stores, stables, boarding facilities, farms, clubs and race tracks.
2. Customer Referral: we will provide customer incentives for direct referrals, in the form of
price discounts.
3. Website Marketing: we will implement our web plan and review the outcome to
determine the efficiency it has on our customer base.
4. Event Marketing: we will visit area livestock events (within 150 miles) to hand out flyers,
business cards, and product catalogs, and to meet potential customers face to face.
Through marketing our products in these ways, we project that Ameh's will almost double its
business within the first 2 years of new ownership.
3.7 Milestones
The following detailed milestone table shown identifies the primary tracking points for our initial
company takeover, for our growth and our development process. We have included budgets for
each subject and the name of which company came in with the lowest bid price.
Milestones
Milestone Start Date End Date Budget Manager Department
Business Title Transfer 10/4/2004 10/31/2004 N0 Chris Department
Implement POS System 11/1/2004 11/30/2004 N6,000 Nelson Department
Print Product Catalogs 11/1/2004 11/30/2004 N250 Nelson Department
Buy Delivery Truck 11/1/2004 12/1/2004 N15,000 Nelson Department
Begin Delivery Service 12/1/2004 12/5/2004 N0 Nelson Department
Advertise in Newspapers 11/1/2004 12/31/2004 N1,000 Nelson Department
Affiliate with related website 11/1/2004 12/31/2004 N400 Nelson Department

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Contact 200 potential Nelson &
11/15/2004 1/1/2005 N0 Department
customers Jessica
Build Web Site 11/1/2004 1/15/2005 N1,500 Nelson Department
Nelson &
Get 50 new contracts 1/1/2005 3/1/2005 N0 Department
Jessica
Track hunter snack
11/1/2004 3/1/2005 N0 Nelson Department
preferences
Average livestock feed sales
11/1/2004 10/31/2005 N0 Nelson Department
of N7775/month
Renovate Boarding Stable 3/1/2006 10/1/2006 N100,000 Nelson Department
Landscaping, fencing, etc. 10/1/2006 7/1/2007 N25,000 Nelson Department
Totals N149,150

3.8 Web Plan Summary

Ameh Feeds, Nig. Ltd's website will enable us to offer customers current information on special
sales, promos, new product releases, events, and public service announcements. We also plan
on utilizing the Web to sell and market our products and services. An e-store will also be
implemented into our web design, allowing customers to place orders for the feed they need right
on our website. We will be able to accept and process check and credit card orders immediately
online. Our customers will still have the options of paying by cash, check or money order as
well.
4.1 Website Marketing Strategy
Our website will be promoted through the use of sponsor listings and affiliate memberships
(confidential and proprietary information removed). Our site will be registered with all of the
major search engines. We will also share links with our distributors and manufacturers.
4.2 Development Requirements
Ameh Feeds, Nig. Ltd's website will be initially developed with few internal technical resources.
IPowerWeb will host the site and provide the technical back end. MX-Productions will produce
the graphics, logos, artwork, and flash media as they will be developing our website from
scratch. Our site will be maintained by one of the owners.
4.3 Management Summary

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Ameh Feeds, Nig. Ltd is presently made up of three employees. The two current owners and
one market operator put in approximately 75 hours a week. As the new business ownership takes
effect and various marketing plans are implemented, the product volume will increase. There is
sufficient room in the production market to expand and produce more feed daily. It is planned
that the two new owners will oversee the production and day to day business practices.
We will also be contracting a new outside CPA to handle the corporate book keeping
and business accounts (listed in the Profit and Loss table). We value and understand how
important proper accounting and reporting of all sales activities are to the successful growth of a
company. It is through development of this accuracy that true business growth will be verified
and available for the continued security of this well-established family business.
4.4 Personnel Plan
Ameh Feeds, Nig. Ltd is currently run and operated by one person in the market and one person
in the store. In time, as we implement our marketing plan, we will need to hire in an additional
person to assist in the market, and possibly another person to assist Jessica in the store. We also
could possibly need to hire a delivery person in the year 2005. When the business expands with
new customers and larger feed orders, Nelson will need to be on site to assist Jessica with
inspecting the orders prior to delivery to ensure quality and accuracy of all orders. As growth
evolves other family members may be of age to assist in the processes or employees may need to
be placed.
As we expand we will hire independent contractors. We believe this way would best suite a
company our size. Instead of spending the amount of money required by law to actually hire an
employee, we feel we would all benefit more from setting up our personnel in this aspect.
4.5 Financial Plan
The financial plan is to borrow N15,000 now as a short-term loan from Citizens Bank, at
an interest rate of 7%, to buy a delivery truck suitable to our needs. We will repay this loan
within two years from the cash flow of the business. This truck will allow us to expand our
services to include delivery, giving us a further edge over the local competition and enabling us
to further expand into our target market, while increasing recognition of our name and services.
The second phase of the plan is to borrow N135,000 in long-term loans from the bank in early
2006, to fund the renovation of the existing property's barn and outbuilding into a structurally-
sound, attractive, and livable horse boarding stable, and to install fencing and landscaping

14
suitable to that purpose. This renovation will be completed within 7 months, although final
landscaping and fencing is not expected to be finished until early 2007. We will repay this loan
over 10 years. We will secure this loan with our equity in the value of the existing property. The
boarding stable will open up a new revenue stream for the business, and attract new steady
customers.
With aggressive target marketing and the sales strategies outlined above, we will increase sales
over 3% in the first year. We expect a bigger increase in year two, with the extensive renovation
generating some free publicity and with existing customers making referrals, but the largest
expansion is planned for 2008, when we can first realize a full year's revenue from the boarding
stable.
From the very start, the new owners of Ameh's will start building the business and taking it to the
highest level. The new owners have bright futures ahead of themselves, as does Ameh Feeds,
Nig. Ltd The once small, unknown feed store will be transformed into the area's premier
livestock feed store and equine boarding facility. The new Ameh Feeds will be capable of
hosting large scale rodeos and other livestock shows by the end of 2009.
4.6 Important Assumptions
This business plan was developed for Ameh Feeds, Nig. Ltd assuming the following:
 Steady growth from good management, barring any unforeseen local or national disasters
such as the economic slowdown seen by most of the country following the September
11th, 2001 tragedies.
 An adequate loan amount to allow for initial implementation of plans.
 Competition and buying patterns remain similar to those used for forecasting.
 Existing customer base maintained.
 Market research is on target and current (received from different state organizations).
 New customers will be gained through direct sales and advertising.
 Long-term interest rate will be no more than 7%.
 Income tax rate is 30%.
 Sales tax rate is 6%.
General Assumptions
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Plan Month 1 2 3 4 5

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Current Interest Rate 7.00% 7.00% 7.00% 7.00% 7.00%
Long-term Interest Rate 7.00% 7.00% 7.00% 7.00% 7.00%
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0

4.7 Break-even Analysis

Break-even is based on fixed costs of approximately N5,900 including loan repayment,
insurance, maintenance and labor. Additionally, controllable such as service labor, payroll taxes,
property taxes, advertising and legal/professional fees are included.
The following chart shows that we need to produce approximately N8,500 from sales per month
to break-even (according to the assumptions). That is less than what the previous owners have
accomplished in previous years. We strongly believe we will succeed and provide handsome
returns for our company and its owners.
Break-even Analysis
Monthly Revenue Break-even N7,929
Assumptions:
Average Percent Variable
30%
Cost
Estimated Monthly Fixed Cost N5,549

5.1 Projected Profit and Loss

Outlined below and in the following table and chart, are some of the intrinsic facets of the
projected profit and loss for Ameh Feeds, Nig. Ltd.
Cost of sales reflects our cost to manufacture the feed and purchase all other non-manufactured
products. Gross margin will continue to rise at a steady pace throughout the years forecasted.
Payroll expenses currently includes income for the two owners. As forecasted, additional
employees will be brought aboard as required to keep up with the growing pace of Ameh
Feeds, Nig. Ltd Further details are available in our Personnel table (above).
5.2 Projected Cash Flow
The cash flow projection for Ameh Feeds, Nig. Ltd shows that provisions for ongoing expenses
are adequate to meet the needs of the company, as the business generates sufficient cash flow to
support operations and future expansions.

16
Cash flow projections are critical to our success. The monthly cash flow is shown in the
illustration, with one bar representing the cash flow per month and the other representing the
monthly balance. The annual cash flow figures are included here and in our Cash Flow table.
Detailed monthly numbers are included in the Appendix.
Cash Flow shows the purchase of long-term assets as follows:
 N15,000 for a delivery truck
 N125,000 for renovations of the barn to a horse boarding stable, which will improve the
value of the property owned by the business
Pro Forma Cash Flow
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Cash Received
Cash from Operations
Cash Sales N149,386 N162,582 N218,884 N255,396 N293,232
Subtotal Cash from Operations N149,386 N162,582 N218,884 N255,396 N293,232
Additional Cash Received
Sales Tax, VAT, HST/GST Received N0 N0 N0 N0 N0
New Current Borrowing N15,000 N0 N0 N0 N0
New Other Liabilities (interest-free) N0 N0 N0 N0 N0
New Long-term Liabilities N0 N135,000 N0 N0 N0
Sales of Other Current Assets N0 N0 N0 N0 N0
Sales of Long-term Assets N0 N0 N0 N0 N0
New Investment Received N0 N0 N0 N0 N0
Subtotal Cash Received N164,386 N297,582 N218,884 N255,396 N293,232
Expenditures FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Expenditures from Operations
Cash Spending N31,000 N45,000 N63,000 N73,000 N82,000
Bill Payments N75,770 N103,070 N116,585 N129,680 N143,333
Subtotal Spent on Operations N106,770 N148,070 N179,585 N202,680 N225,333
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out N0 N0 N0 N0 N0
Principal Repayment of Current
N9,167 N5,833 N0 N0 N0
Borrowing

17
Other Liabilities Principal Repayment N0 N0 N0 N0 N0
Long-term Liabilities Principal
N0 N13,500 N13,500 N13,500 N13,500
Repayment
Purchase Other Current Assets N0 N0 N0 N0 N0
Purchase Long-term Assets N15,000 N125,000 N0 N0 N0
Dividends N0 N0 N0 N20,000 N20,000
Subtotal Cash Spent N130,937 N292,403 N193,085 N236,180 N258,833
Net Cash Flow N33,449 N5,179 N25,799 N19,216 N34,399
Cash Balance N33,976 N39,155 N64,953 N84,169 N118,569

5.3 Projected Balance Sheet

The Balance Sheet shows healthy growth of net worth, and strong financial position. The
monthly estimates are included in the Appendix. The balance sheet for Ameh Feeds, Nig. Ltd is
quite solid. We do not project any trouble meeting our debt obligations. Our management is
strong enough and more than capable of keeping the business on track for total repayment of any
obligations (loans). 
Our major capital asset (the property and affixed buildings) is valued at about N170,000. Our
current assets include all the market equipment (N71,463) and the tractor (N4,000). These items
will be purchased upon funding of the requested loan, for the amount of N100,000.
5.4 Business Ratios
Ameh Feeds, Nig. Ltd's projected business ratios are provided in the table below.  The final
column, Industry Profile, shows significant ratios for the Feed Store Industry, as determined by
the Standard Industry Classification (SIC) Index code 5999-0803.
Ratio Analysis
Industry
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Profile
Sales Growth 3.37% 8.83% 34.63% 16.68% 14.81% 3.97%
Percent of Total Assets
Inventory 2.31% 1.63% 1.89% 2.11% 2.25% 38.92%
Other Current Assets 29.21% 19.56% 18.40% 17.65% 16.39% 24.26%
Total Current Assets 44.68% 31.34% 36.13% 39.45% 44.41% 79.54%
Long-term Assets 55.32% 68.66% 63.87% 60.55% 55.59% 20.46%
Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

18
Current Liabilities 6.37% 2.15% 2.37% 2.51% 2.58% 43.26%
Long-term Liabilities 0.00% 31.49% 26.34% 22.10% 17.60% 14.36%
Total Liabilities 6.37% 33.64% 28.70% 24.61% 20.18% 57.62%
Net Worth 93.63% 66.36% 71.30% 75.39% 79.82% 42.38%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Gross Margin 69.98% 70.93% 73.42% 74.56% 75.48% 33.23%
Selling, General & Administrative
0.00% 0.00% 0.00% 0.00% 0.00% 20.52%
Expenses
Advertising Expenses 0.00% 0.00% 0.00% 0.00% 0.00% 2.10%
Profit Before Interest and Taxes 25.41% 15.20% 27.38% 30.72% 33.81% 1.04%
Main Ratios
Current 7.01 14.60 15.28 15.70 17.22 1.67
Quick 6.65 13.84 14.48 14.86 16.34 0.65
Total Debt to Total Assets 6.37% 33.64% 28.70% 24.61% 20.18% 2.45%
Pre-tax Return on Net Worth 15.39% 7.91% 17.75% 22.14% 25.31% 62.21%
Pre-tax Return on Assets 14.41% 5.25% 12.66% 16.69% 20.21% 6.49%
Additional Ratios FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
Net Profit Margin 17.45% 8.72% 16.60% 19.56% 22.20% n.a
Return on Equity 10.78% 5.54% 12.43% 15.50% 17.72% n.a
Activity Ratios
Inventory Turnover 11.97 7.71 8.29 7.74 7.41 n.a
Accounts Payable Turnover 8.13 12.17 12.17 12.17 12.17 n.a
Payment Days 27 34 28 29 29 n.a
Total Asset Turnover 0.58 0.42 0.53 0.60 0.64 n.a
Debt Ratios
Debt to Net Worth 0.07 0.51 0.40 0.33 0.25 n.a
Current Liab. toLiab. 1.00 0.06 0.08 0.10 0.13 n.a
Liquidity Ratios
Net Working Capital N98,955 N112,631 N138,463 N157,925 N192,535 n.a
Interest Coverage 52.05 5.54 7.46 11.07 16.14 n.a
Additional Ratios
Assets to Sales 1.73 2.37 1.87 1.67 1.57 n.a

19
Current Debt/Total Assets 6% 2% 2% 3% 3% n.a
Acid Test 6.65 13.84 14.48 14.86 16.34 n.a
Sales/Net Worth 0.62 0.63 0.75 0.79 0.80 n.a
Dividend Payout 0.00 0.00 0.00 0.40 0.31 n.a

5.5 Long-term Plan

Ameh Feeds, Nig. Ltd is expected to grow at a steady pace. In conversations with other
feed owners, this topic is already a common theme. Many feed stores are beginning to
experience record breaking growth rates. This is an exciting time to purchase an already
established and successful store in this market. As we expand our customer base, offer more
products and bring the dreamed of equine boarding stable to life, we will be positioning Ameh
Feeds, Nig. Ltd amongst the elite dealers in the state of Benue.
We will continuously review our business plan as we implement changes. By doing so we will
ensure accuracy and stability. Our goal is to take over this great business, protect it, nurture it,
and provide for it. Doing these things will enable us to grow and expand the business in a
professional atmosphere.

Long-term

FY FY FY FY FY
FY 2005 FY 2006 FY 2007 FY 2008 FY 2009
2010 2011 2012 2013 2014

Sales N149,386 N162,582 N218,884 N255,396 N293,232 N0 N0 N0 N0 N0

Cost of Sales N44,840 N47,264 N58,177 N64,984 N71,886 N0 N0 N0 N0 N0

Gross
N104,546 N115,318 N160,707 N190,412 N221,346 N0 N0 N0 N0 N0
Margin

Gross
69.98% 70.93% 73.42% 74.56% 75.48% 0.00% 0.00% 0.00% 0.00% 0.00%
Margin %

Operating
N66,587 N90,610 N100,772 N111,950 N122,190 N0 N0 N0 N0 N0
Expenses

Operating
N37,959 N24,708 N59,935 N78,462 N99,156 N0 N0 N0 N0 N0
Income

Net Income N26,061 N14,176 N36,332 N49,962 N65,109 N0 N0 N0 N0 N0

Current
N115,409 N120,910 N148,162 N168,670 N204,408 N0 N0 N0 N0 N0
Assets

20
Long-term
N142,911 N264,911 N261,911 N258,911 N255,911 N0 N0 N0 N0 N0
Assets

Current
N16,453 N8,279 N9,699 N10,745 N11,874 N0 N0 N0 N0 N0
Liabilities

Long-term
N0 N121,500 N108,000 N94,500 N81,000 N0 N0 N0 N0 N0
Liabilities

Equity N241,866 N256,042 N292,374 N322,336 N367,446 N0 N0 N0 N0 N0

21
22
 Appendix
Sales Forecast

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Sales

Equine Feed N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170

Deer Feed N2,800 N2,800 N100 N100 N100 N100 N100 N100 N100 N100 N2,800 N2,800

Livestock Feed N7,200 N8,900 N6,400 N6,300 N6,600 N7,200 N8,654 N8,200 N7,900 N8,600 N9,300 N8,092

Misc. Products & Supplies N500 N500 N500 N500 N500 N500 N500 N500 N500 N500 N500 N500

Boarding Stable N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Total Sales N13,670 N15,370 N10,170 N10,070 N10,370 N10,970 N12,424 N11,970 N11,670 N12,370 N15,770 N14,562

Direct Cost of Sales Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Corn, Oats, Molasses, Other

N5,600 N2,800 N2,800 N2,800 N2,800 N2,800 N2,800 N2,800 N2,800 N2,800 N4,000 N5,600
Ingredients

Misc. Products & Supplies N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250

Boarding Stable N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Bags, Ties, Pallets, Labels N120 N120 N120 N120 N120 N120 N120 N120 N120 N120 N120 N120

Subtotal Direct Cost of Sales N5,970 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N4,370 N5,970

Personnel Plan

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Nelson 0% N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000

Jessica 0% N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000

Extra Market Operator 0% N0 N0 N0 N0 N0 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000

23
Extra Store Help 0% N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Total People 3 3 3 3 3 3 3 3 3 3 3 3

Total Payroll N2,000 N2,000 N2,000 N2,000 N2,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000

General Assumptions

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Plan Month 1 2 3 4 5 6 7 8 9 10 11 12

Current Interest
7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Rate

Long-term Interest
7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Rate

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0

Pro Forma Profit and Loss

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Sales N13,670 N15,370 N10,170 N10,070 N10,370 N10,970 N12,424 N11,970 N11,670 N12,370 N15,770 N14,562

Direct Cost of Sales N5,970 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N4,370 N5,970

Other Costs of Goods N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Total Cost of Sales N5,970 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N4,370 N5,970

Gross Margin N7,700 N12,200 N7,000 N6,900 N7,200 N7,800 N9,254 N8,800 N8,500 N9,200 N11,400 N8,592

Gross Margin % 56.33% 79.38% 68.83% 68.52% 69.43% 71.10% 74.48% 73.52% 72.84% 74.37% 72.29% 59.00%

Expenses

Payroll N2,000 N2,000 N2,000 N2,000 N2,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000

24
Advertising &
N100 N100 N100 N100 N100 N100 N100 N100 N100 N100 N100 N10
Marketing

Depreciation N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250

Fuel N629 N672 N542 N539 N547 N562 N598 N587 N579 N597 N682 N652

Maintenance of Delivery
N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250 N250
Truck

Utilities N256 N256 N256 N256 N256 N256 N256 N256 N256 N256 N256 N256

Insurance N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200 N1,200

Payroll Taxes 15% N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Postage N15 N15 N15 N15 N15 N15 N15 N15 N15 N15 N15 N15

Bank Charges N20 N20 N20 N20 N20 N20 N20 N20 N20 N20 N20 N20

Stable Renovation
N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Expenses

Accounting & Legal N100 N100 N100 N100 N100 N100 N100 N100 N100 N100 N100 N100

Feed Dealers Permit N0 N0 N15 N0 N0 N0 N0 N0 N0 N0 N0 N0

Website Development N500 N500 N500 N0 N0 N0 N0 N0 N0 N0 N0 N0

Website hosting N25 N25 N25 N25 N25 N25 N25 N25 N25 N25 N25 N25

Online Payment Account

15% N30 N30 N30 N30 N30 N30 N30 N30 N30 N30 N30 N30
Mgmt

Sales Tax License N0 N0 N25 N0 N0 N0 N0 N0 N0 N0 N0 N0

Total Operating
N5,375 N5,418 N5,328 N4,785 N4,793 N5,808 N5,844 N5,833 N5,825 N5,843 N5,928 N5,808
Expenses

Profit Before Interest

N2,325 N6,782 N1,672 N2,115 N2,407 N1,992 N3,410 N2,967 N2,675 N3,357 N5,472 N2,784
and Taxes

EBITDA N2,575 N7,032 N1,922 N2,365 N2,657 N2,242 N3,660 N3,217 N2,925 N3,607 N5,722 N3,034

Interest Expense N88 N83 N78 N73 N68 N63 N58 N53 N49 N44 N39 N34

Taxes Incurred N671 N2,010 N478 N613 N702 N579 N1,005 N874 N788 N994 N1,630 N825

25
Net Profit N1,566 N4,690 N1,116 N1,429 N1,637 N1,350 N2,346 N2,040 N1,838 N2,319 N3,803 N1,925

Net Profit/Sales 11.46% 30.51% 10.97% 14.19% 15.79% 12.31% 18.88% 17.04% 15.75% 18.75% 24.12% 13.22%

Pro Forma Cash Flow

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Cash Received

Cash from Operations

Cash Sales N13,670 N15,370 N10,170 N10,070 N10,370 N10,970 N12,424 N11,970 N11,670 N12,370 N15,770 N14,562

Subtotal Cash from Operations N13,670 N15,370 N10,170 N10,070 N10,370 N10,970 N12,424 N11,970 N11,670 N12,370 N15,770 N14,562

Additional Cash Received

Sales Tax, VAT, HST/GST

0.00% N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Received

New Current Borrowing N15,000 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

New Other Liabilities (interest-

N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
free)

New Long-term Liabilities N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Sales of Other Current Assets N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Sales of Long-term Assets N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

New Investment Received N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Subtotal Cash Received N28,670 N15,370 N10,170 N10,070 N10,370 N10,970 N12,424 N11,970 N11,670 N12,370 N15,770 N14,562

Expenditures Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Expenditures from Operations

Cash Spending N2,000 N2,000 N2,000 N2,000 N2,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000 N3,000

Bill Payments N231 N6,881 N5,791 N6,664 N6,394 N6,479 N6,385 N6,823 N6,677 N6,589 N6,904 N9,952

Subtotal Spent on Operations N2,231 N8,881 N7,791 N8,664 N8,394 N9,479 N9,385 N9,823 N9,677 N9,589 N9,904 N12,952

Additional Cash Spent

26
Sales Tax, VAT, HST/GST Paid
N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Out

Principal Repayment of Current

N0 N833 N833 N833 N833 N833 N833 N833 N834 N834 N834 N834
Borrowing

Other Liabilities Principal

N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Repayment

Long-term Liabilities Principal

N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Repayment

Purchase Other Current Assets N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Purchase Long-term Assets N15,000 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Dividends N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0

Subtotal Cash Spent N17,231 N9,714 N8,624 N9,497 N9,227 N10,312 N10,218 N10,656 N10,511 N10,423 N10,738 N13,786

Net Cash Flow N11,439 N5,656 N1,546 N573 N1,143 N658 N2,206 N1,314 N1,159 N1,947 N5,032 N776

Cash Balance N11,966 N17,622 N19,168 N19,741 N20,884 N21,542 N23,748 N25,062 N26,221 N28,168 N33,200 N33,976

Pro Forma Balance Sheet

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Assets Starting Balances
Current Assets
Cash N527 N11,966 N17,622 N19,168 N19,741 N20,884 N21,542 N23,748 N25,062 N26,221 N28,168 N33,200 N33,976
Inventory N8,904 N5,970 N3,300 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N4,370 N5,970
Other Current Assets N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463 N75,463
Total Current Assets N84,894 N93,399 N96,385 N97,801 N98,374 N99,517 N100,175 N102,381 N103,695 N104,854 N106,801 N113,033 N115,409
Long-term Assets
Long-term Assets N170,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000 N185,000
Accumulated Depreciation N39,089 N39,339 N39,589 N39,839 N40,089 N40,339 N40,589 N40,839 N41,089 N41,339 N41,589 N41,839 N42,089
Total Long-term Assets N130,911 N145,661 N145,411 N145,161 N144,911 N144,661 N144,411 N144,161 N143,911 N143,661 N143,411 N143,161 N142,911
Total Assets N215,805 N239,060 N241,796 N242,962 N243,285 N244,178 N244,586 N246,542 N247,606 N248,515 N250,212 N256,194 N258,320
Liabilities and Capital Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Current Liabilities

27
Accounts Payable N0 N6,689 N5,568 N6,451 N6,178 N6,266 N6,157 N6,600 N6,458 N6,362 N6,574 N9,586 N10,620
Current Borrowing N0 N15,000 N14,167 N13,334 N12,501 N11,668 N10,835 N10,002 N9,169 N8,335 N7,501 N6,667 N5,833
Other Current Liabilities N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Subtotal Current Liabilities N0 N21,689 N19,735 N19,785 N18,679 N17,934 N16,992 N16,602 N15,627 N14,697 N14,075 N16,253 N16,453
Long-term Liabilities N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0 N0
Total Liabilities N0 N21,689 N19,735 N19,785 N18,679 N17,934 N16,992 N16,602 N15,627 N14,697 N14,075 N16,253 N16,453
Paid-in Capital N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000 N1,000
Retained Earnings N205,465 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805 N214,805
Earnings N9,340 N1,566 N6,256 N7,372 N8,801 N10,439 N11,789 N14,135 N16,175 N18,013 N20,332 N24,136 N26,061
Total Capital N215,805 N217,371 N222,061 N223,177 N224,606 N226,244 N227,594 N229,940 N231,980 N233,818 N236,137 N239,941 N241,866
Total Liabilities and Capital N215,805 N239,060 N241,796 N242,962 N243,285 N244,178 N244,586 N246,542 N247,606 N248,515 N250,212 N256,194 N258,320
Net Worth N215,805 N217,371 N222,061 N223,177 N224,606 N226,244 N227,594 N229,940 N231,980 N233,818 N236,137 N239,941 N241,866

Inventory Detail

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct

Months of
Inventory 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
On-hand

Minimum
Inventory N500
Purchase

Plus
Inventory N3,036 N500 N3,040 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N5,570 N7,570
Purchase

Ending
Inventory N5,970 N3,300 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N3,170 N4,370 N5,970
Balance

28