To, Date:

The Astt. General Manger

BO:

REGD: - TECHNO-ECONOMIC VIABILITY STUDY REPORT Of M/S VIVAAN INDUSTRIES,

. As per instructions, given by you circle office undersigned has visited the site the captioned unit on
situated at Delhi and discussed the loan proposal in detail with Sh. Vishnu Bhagat, one of the
partner in the firm, and being the main promoter of the proposed unit. Now on the basis of discussion
held, papers/information submitted on by the party and study made by me, I have to report as
under:-
Introduction:

Name : M/s Vivaan Industries.

Regd.office :

Works :

CONSTITUION : Partnership Concern.

Partners : Sh. Vishnu Bhagat

Sh.

ACTIVITY : Manufacturing and Trading of Readymade

Sportswear, Bags and Shoes.

1
ABOUT THE PROJECT:

The company aims at establishing a unit for manufacturing and supplying of a broad spectrum of
Sports Wear.
Our Comprehensive range of fashionable and designer clothing, includes the following categories and
products:

Category Products

1 Sports Wear Sports Shorts Sports Bag & Cap Track Suits Sports Kit Printed T-Shirts
Sweat Shirts Track Pants

2 Uniform & Dresses Corporate Uniform School Dresses Cricket Uniform Army Uniform

3 Designer Jackets Designer Jackets Denim Jackets Corporate Jackets Work Jackets

4 T-Shirts Polo T-Shirts Round Neck T-Shirts T-shirts with Logos Message T-shirts
Corporate Wear T-shirts For Events

5 Caps Promotional Caps Printed Caps Caps with Embroidery Baseball Caps
Golf Caps Sports Caps

6 Bags Promotional Bags Travel Bags School Bags Corporate Bags

Initial production capacity of the plant will be 120% of the total sales and 80% of the product
shall be procured from our dedicated job work units, which will be further enhanced and
upgraded based on the market conditions and demand for the product and gradually converted to
a 100% manufacturing unit.

The Entire Project is estimated to be around of Rs. 2 Cr . The company aims to finance the
project through self equity and loans from family and friends of the promoters and rest to be
financed through term loan from bank.

The unit will be setup at …..

2
ABOUT THE COMPANY:

Vivaan Industries has been incorporated in April 2018. The registered office of the company is
situated at 25/48, Lane No. 16, Vishwas Nagar, Shahdara, Delhi-110032. The main object of the
company is Manufacturing and Trading of Bags and Sports Wear.
The promoters of the firm have experience and knowledge of the market trend and demand for
these products.

BRIEF ABOUT THE DIRECTORS:

There are two partners in the firm viz. Mr. Vishnu Bhagat and Mr. Trindh Kiran Vemuri.

Mr. Vishnu Bhagat CO FOUNDER : PURE PLAY (Brand Launched in 2013 )Pure Play is India’s first authentic
sports wear brand offering both performance footwear and apparel collection. The Pure Play brand apart from
being affordable also offers international design and quality bringing a wave of freshness in the Indian market at an
affordable price as compared to larger international players. Solid track record of success leading start ups ,
turnaround and rapidly growing businesses

 Strategic Planning – Partnered in the franchisee retail strategy to drive profitable growth in 325 cities
with over 1000 franchisee ; Profits grew consistently at a rate faster than sales
 Transformational Change – Developed a franchisee business model with the capex on the franchisee that
enabled growth especially in an unorganized retail environment; added 600 stores in 3 years across
various formats
 Business Development – Currently also leading the Rockport , Cricket and Fitness Equipment
businesses .Reebok is the market leader in cricket in India
 Corporate Finance – Secured AAA- rating to drive down borrowing costs ; leveraged global banking
relationships to set up channel financing programs for franchisees and vendors
 New Business Set Up - Instrumental in setting up a B2B division in 2008 ; Also launched new categories –
Luggage , sunglasses and Watches in 2010. The businesses accounted for more than 20% of sales and
profits thus ensuring efficient deployment of financial resources and capital .
 Forming Strategic Alliances – Signed up sports marketing assets for the Reebok brand . Some of the assets
signed include MS Dhoni , Yuvraj Singh , Brett Lee and Harbhajan Singh . Also played the lead role in
forming strategic alliances with Chennai Super Kings, Kolkata Knight Riders & ICC .
 Supply Chain Management – Developed a local sourcing strategy including FTA and Excise Free sourcing
base for generating cost savings and lead time reduction for the Group .

Trinadh Kiran Vemuri is a dynamic multifaceted professional with an impeccable track record of
around 2 decades in Private Banking, Financial services, Cleantech and metals trading business.
He is a Masters in Business Administration and has been at the helm of several companies and
has held senior management positions. Trinadh has spearheaded many retail and institutional
businesses and has been responsible for high Octane growth of Balance sheets. He Possess
excellent Interpersonal, communication and analytical skills with demonstrated abilities in
Business Development.

Comment on Management: Both the Directors are having good experience of running the
business.

3
ABOUT THE INDUSTRY:

Executive summary

Over the past few years India has rapidly caught up with the wider global fitness trend. Driven
by the country's growing wealth, changing lifestyles, and rising urbanisation, an increasing
amount of Indian consumers are becoming more health conscious and are adding new health and
wellness routines to their hectic lifestyles as a result.

From 2015 to 2016, the Indian sportswear market grew 22 percent, outpacing the segment's
global increase of 7 percent according to Euromonitor. By 2020, it is expected to grow an
additional 12 percent CAGR (compound annual growth rate) with sales expected to reach $8
billion.

"There are many factors at play here" Rising incomes and discretionary expenditure in urban
India have allowed people to focus increasingly on health and wellness, as well as rising
awareness of lifestyle diseases. The proliferation of international brands represented by sports
and Bollywood stars have kept sportswear in the public eye fuelling this drive as well."

Previous generations made no bones about the hourglass figure being the beauty ideal, but the
millennial beauty vocabulary has changed.

Meanwhile, running, cycling and team sports are amongst India's fastest trending exercises —
the number of gyms in the country is projected to rise 7 percent year-on-year till 2020 — and the
rise of social media in the country has shifted consumer perception of what is now considered to
be 'body-beautiful'. A growing number of consumers – both female and male – are emulating the
daily fitness routines and sportswear purchases of Bollywood stars and famous athletes.

With these social, cultural and market shifts continuing in the years to come, India is gearing up
for its biggest sporting boom to date. This makes the country’s sportswear sector increasingly
attractive to a host of local and international brands.

Surprising Social and Cultural Shifts

4
Though it has an exceptionally high number of underweight people among its poorest classes,
India also has an obesity problem among the more affluent. In 2014, it was the fifth most obese
country amongst men and jumped to the third rank for women — with over 20 million of them
being obese, as reported by British medical journal The Lancet.

Motivated by this, government backing was one of the catalysts to initiate the fitness movement
that started about three years ago. Making use of subsidies, local councils started focusing on
fitness accessibility by making public jogging tracks, gyms and swimming pools.

A mainstream interest in yoga has also been reignited, following Indian prime minister Narendra
Modi's declaration of June 21 as International Yoga day in 2014 — resulting in millions of
people joining collective efforts to practice the country's 5,000 year-old discipline. The buzz
around India's two 2016 Rio de Janeiro Olympic medals also helped push fitness onto the public
agenda.

"The biggest driver [of sportswear purchases] is the fact that India is a very young country". In
fact, India is set to become the world's youngest country with 64 percent of its population in the
working age group by 2020, and for many of them beauty standards have radically changed from
those of past generations. “In the past, people were not as conscious about their looks as the
youth today who are also more careful about what they eat. In fact, being overweight used to be
celebrated as looking good because it was seen as prosperous,”.

International sportswear brands were among the first to spot an opportunity, with many of them
entering India in the mid-1990s. For those that did, franchising was the only viable business
model. "Previously, companies could not come and open up their own stores in India. They had
to get into a partnership with a local player that needed to have a higher stake than the brand,".

Over the years, a flood of local franchisees got into business with aspirational sportswear brands,
facilitating a rapid expansion of their presence throughout India.

Today, 80 percent of India's sportswear market is dominated by the "Big Four" global players
(Adidas, Reebok, Nike and Puma), with others such as Under Armour, Fila and Lotto, domestic
multi-brand sportswear retailers like Planet Sports and Royal Sporting House, and emerging
local players, collectively battling for the remaining 20 percent.

5
Between the "Big Four," Adidas AG — parent company of Adidas and its subsidiary Reebok —
currently holds a 45 percent share of the market, operating all of its 760 stores through the
franchise model. "We would like to take this number [of own retail and franchises] up to 1,000
stores by 2020," says Dave Thomas, managing director of Adidas and Reebok India.
Competitors like Puma and Nike also run their operations in the country through franchising —
all of Nike's 200 outlets are licensed by local franchising partners.

However, change is afoot. In September 2012, India's Department of Policy and Promotion
permitted 100 percent foreign direct investment across single-brand retail. Two years later,
Adidas became the first multinational sportswear company to get the governmental nod to open
single brand retail in the country — a similar application filed by Nike in August 2014 was
rejected.

The shift in regulations has provided brands with opportunities to rethink their distribution
strategies, and many are now doing so as the challenges around franchising are starting to show.
"The franchise model in the past has limited us a bit. It made us open a lot of stores but not all
stores in the right places. They were neither strategic nor representing our brand properly or
profitably,".

Last year, Adidas AG shut 100 stores, as part of its move towards a directly owned retail
restructuring across India's key cities, including Delhi, Mumbai and Bengaluru. In the next five
years, Adidas is set to open between 20 to 40 large format monobrand stores. The way the firm
approaches franchising will also evolve. "We'll show our franchise partners what's possible for
our brand. In the past it was seen that a smaller store was less rent, which meant more profits.
Now the logic is, a bigger store with better products and a better experience for the consumer
will drive profits,".

New Players Enter the Race

"We see more demand every day with more people coming to our website and retailers," national
sales head at Punjab-based sporting goods company Vector X. The brand, which prices its
products below Nike and Adidas, counts over 500 stockist in India, including e-commerce giants
Flipkart, Jabong and Snapdeal.

6
Still, popular Indian sportswear labels like Wildcraft India, Future Lifestyle and HRX are finding
difficulty penetrating a market that is becoming increasingly crowded. "Domestic players have
only now started looking at this growing trend in this space, and international players have a big
head start," notes that the opportunity for domestic players is to dive into the masses by
leveraging affordable price points to consumers in tier two and three cities.

However, for brands wanting to compete with established names like Adidas and Reebok,
differentiating themselves by making product accessible to markets outside of the country's
urban centres, might not be enough in today's online culture, where Indian e-commerce players
like Amazon India, Flipkart, Jabong and Myntra act as brand middlemen.

"Having a large portfolio of brands ranging from low price to premium sportswear, we cater to
all types of customer demands," says Arun Sirdeshmukh, head of fashion at Amazon India.
"Between 2015 and 2016, sportswear in metro and tier two and three cities grew close to 80
percent. The footwear category grew 100 percent for metro and tier two cities and there’s also a
strong demand we see from tier three cities which grew over 110 percent."

To broaden its reach, Adidas is diversifying and adapting to the Indian market reality. "We still
have a mass-market appeal and in India that appeal does go down to a lower price-point. We've
segmented and brought different products at different price-points to the market in different
channels," says Thomas. "Being a driver and developer of the market will be about growing
strongly, profitably and sustainably."

Every brand-name corporation involved in the sportswear sector uses outsourcing. Or as Nike
CEO Phil Knight once put it: “there is no value in making things anymore. The value is added by
careful research, by innovation, and by marketing”.

This trend has now been copied by everyone in the industry; they’ve all become “manufacturers
without factories” and source most of their products from overseas suppliers. As a result, Puma,
Fila, Umbro, Kappa, and Lotto no longer own any factories.

7
Product Line for Manufacturing

Bags :
50 machines are planned to be installed with a monthly capacity of 20000 bags . These
bags will made for own brand as well as on OEM basis . The bags include laptap bags ,
school bags , gym bags , travel bags etc ..

Apparel :
50 machines are planned to be installed with a monthly capacity of 25000 pieces . These
apparel will made for own brand as well as on OEM basis . The apparels include T shirts
, Track suits , shorts etc .

MARKETING:

Promoter is in the same industry and is already having dealer market all over India. Initially
Company will sell its product through online portals.

LOCATION OF THE PROJECT

The proposed project is being setup for manufacturing of Sports wear and Bags etc at Rangpuri,
Delhi. The main benefits of the proposed location can be summarized as under:-

1. The proposed site is located in fully developed industrial area and is connected by road
links.
2. The area has all other infrastructural facilities such as power, water, transport, labour and
other utility items.
Building:- Company is on rented premises.

POWER REQUIREMENT

The unit requires a power load of 90 KW for running of the plant & machinery and other
ancillary equipments being installed. Party already having electricity connection from state
board. For ensuring smooth running of the production activities a generator set of also purposed
to be installed to meet the power requirement in the absence of availability of power from State
Electricity Board during the period of load shedding.

8
TRANSPORTATION:

The site is found to be accessible with local transport as site is available in Industrial area so
communication will not be a problem.

MANPOWER:-

Skilled and semi skilled labors will employed by the company for various activities on contact
basis in line with the industry practice . The contractors would be paid on a per piece basis .

RAW MATERIALS and proposed supplier detail:-

The raw material would be sourced from various cloth mills and fabric suppliers based out of
Delhi , Noida . Ludhiana and Mumbai.

Implementation Schedule:-

Particular Start date END DATE

Construction of Already start Built Up

building

Purchase of Machine Apr-2018 May2018

Installation May 2018 May 2018

Trail run May 2018 June 2018

Start manufacturing June 2018

COD date:- 25-01-2016

Capacity Utilization:-

The installed capacity is proposed to be utilized in the following manner:-

Year ending Capacity Utilization (%)

31.03.2019 80

31.03.2020 85

31.03.2021 90

9
Registration With DIC: Company is having PART-II certificate from DI C. Branch must take a
copy of certificate.
NOC From Pollution Board: Company is having NOC from pollution department. Company
needs it to run the company. Copy of NOC Pollution must be taken by branch

NOC From Fire and Safety:

Company is not having NOC from Fire and safety department. Company needs it to run the
company as per information given by director of the company has applied for this. Branch must
ensure that NOC from pollution department has be taken also copy of application and subsequent
copy OF NOC should be taken by the branch

Factory License:-
Company is having factory license. Branch must take a copy of certificate.
WATER:
As per discussion with party to provide water for drinking purpose and for other uses as water is
not a major requirement as raw material.
Plant & Machinery :-

Machines Cost
# of Stitching Machines 50
Cost 40,000

Cost 2,000,000

Bar Tak Machines 1,200,000

Cutting Machines & Tables 1,200,000

Finishing Etc 1,200,000

Printing + Emboidery
2,000,000
Machines

Other Tools 2,400,000

Bags Unit 10,000,000

Machines Cost
# of Stitching Machines 50
Cost 50,000

10
Cost 2,500,000

# of Steam Press & Boiler 6

Cost 200,000

Cost 1,200,000

Cutting Machines & Tables 600,000

Finishing Etc 1,700,000

Machines - Transfer +
1,500,000
Steamer

Other Tools 2,400,000

Apparel Unit 9,900,000

COST OF PROJECT:
Rs in lacs

Particulars To be incurred
Plant & Machinery & Electrical Installation 192.5
DG Set 5
Misc. Fixed Assets 2.5
TOTAL COST OF PROJECT 200

Means of Finance:-

SECURED LOANS
Term Loan 150
Promoters Contribution: - 50

TOTAL 200

Term Loan Assessment:

11
VALUE IS LACS

BANK
PARTICULAR VALUE MARGIN FUND
25% 75%
Building NA
Plant &
Machinery 200 50 150
Other Fixed
assets - - -
150
TOTAL 200 50

HENCE TOTAL PERMISSIBLE BANK FINANACE IS RS 150 LACS

Note: The party has requested to consider Term Loan of Rs 150.00 Lacs for purchase of Plant &
machinery and other fixed assets, the same may be considered accordingly.

12
FUTURE PROFITABILITY STATEMENT:-

Sl.No. Particulars 31.03.19 31.03.20 31.03.21 31.03.22

audited audited Audited Audited Prov
1 Gross Sales (Value) 0.00 5000.00 7500.00 8500.00 10000.00

Net sales (Value)

a).Domestic & Other income 0.00 5.00 7.50 10.00 12.50
b).Exports 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
2 Total Income 0.00 5005.00 7507.50 8510.00 10012.50

3 Cost of Production/sales
Direct Expenses 0.00 121.33 151.66 189.58 236.97
Purchases 0.00 5000.00 7350.00 8385.00 9650.00
Salary 0.00 85.00 106.25 132.81 166.02
Freight & Cartage 0.00 45.00 56.25 70.31 87.89
Depreciation 0.00 30.00 25.50 21.68 18.42
Other Expenses 0.00 0.00 0.00 0.00 0.00
Add:Opening stock of WIP
Less: closing stock of WIP
Cost of Production 0.00 5281.33 7689.66 8799.38 10159.30
Add:Opening stock of Finished goods 0.00 0.00 750.00 1500.00 2500.00
Less: closing stock of finished goods 0.00 750.00 1500.00 2500.00 3500.00
Cost of sales 0.00 4531.33 6939.66 7799.38 9159.30

4 Operating profit 0.00 473.67 567.84 710.62 853.20

Selling/Administrative expenses 0.00 300.00 375.00 468.75 585.94
Interest/Financial charges 0.00 93.95 91.85 89.75 87.65
Sales Tax
Operating profit 0.00 79.72 100.99 152.12 179.61

5 Add:
Other non operating income 0.00 0.00
Less:
Other non operating expenses/salary to Partners 0.00 0.00 0.00 0.00 0.00
6 Profit before tax 0.00 79.72 100.99 152.12 179.61
7 Provision for tax 0.00 26.31 33.33 50.20 59.27

13
 8 Net Profit/Loss after Tax 0.00 53.41 67.66 101.92 120.34

Raw Materials Purchased 0.00 0.00 0.00 0.00 0.00

Raw Materials Consumed
Stores and Spares Consumed

No of months 12 12 12 12 12

Analytical and comparative Ratios:

M/s VIVAAN INDUSTRIES

Sl.No. Particulars 31.03.19 31.03.20 31.03.21 31.03.22

1 Tangible Net Worth 0.00 228.41 321.07 473.00 643.33
2 Sales (Net)
Domestic 0.00 5.00 7.50 10.00 12.50
Exports 0.00 0.00 0.00 0.00 0.00
Other Income 0.00 0.00 0.00 0.00 0.00

3 Net Profit/Loss before Tax after Depreciation 0.00 79.72 100.99 152.12 179.61
4 Net Profit/Loss after Dep/Taxation 0.00 53.41 67.66 101.92 120.34

5 Depreciation provided for 0.00 30.00 25.50 21.68 18.42

6 Internal Cash Accruals #REF! 83.41 93.16 123.60 138.76

7 Cash Generation Nil 109.72 126.49 173.80 198.03

8 Working Capital Gap 0.00 1237.41 1434.57 1637.17 1854.93

9 Required Net Working Capital Gap 0.00 487.64 888.56 1170.21 1513.80
10 Actual Net Working Capital 0.00 437.41 634.57 837.17 1054.93

11 Excess Finance Nil 50.23 253.99 333.04 458.87

12 Net Profit(Loss)/Net Sales (%) #DIV/0! 1068.25 902.15 1019.22 962.71

13 Net Sales/Gross Fixed Assets. #DIV/0! 0.58 0.70 0.84 1.01

14
14 TOL/TNW(incl U/s loan as Quasi Capital) #DIV/0! 3.43 4.51 4.50 4.63

15 Debt Equity Ratio #DIV/0! 1.66 1.43 1.03 0.80

16 Current Ratio #DIV/0! 1.29 1.22 1.22 1.21

15
SWOT ANALYSIS:

Strength

 Experienced Management
 Exiting dealer market
 Product demand is increasing in India.

Weakness

 Highly technical manufacturing process.

Opportunity

 Firm can diversify their product line.

 The growth of middle class in the country has resulted in fast changing lifestyles in urban
and to some extent rural centers. This opens a huge market for lighting industry.
Threat
 Any change in government policies.

Projected balance sheet

16
Balance sheet:-

Sl.No. Particulars 31.03.19 31.03.20 31.03.21 31.03.22

Liabilities audited (Proj.) (Proj.) (Proj.) (Proj.)
1 Paid up Capital 0.00 175.00 200.00 250.00 300.00
2 Reserves & Surplus 0.00 53.41 121.07 223.00 343.33
3 SHARE PREMIUM 0.00 0.00 0.00 0.00 0.00
SHARE HOLDERS FUND - A 0.00 228.41 321.07 473.00 643.33

3 Debentures
4 Term Deposits from Public
5 Deferred payment
6 Term Loans from Banks/Fis/Others 0.00 129.00 108.00 87.00 66.00
7 Loans from friends/Banks (unsecured loan) 0.00 250.00 350.00 400.00 450.00
8 Creditors Against the Capital Goods 0.00 0.00 0.00 0.00 0.00
TOTAL TERM LIABILITIES - B 0.00 379.00 458.00 487.00 516.00
Current Liabilities
9 Short Term Borrowings from Bank
against stocks,stores etc. 0.00 800.00 800.00 800.00 800.00
10 Unsecured Borrowings from Bank 0.00 0.00 0.00 0.00 0.00
(Including Bills Discounted)
11 Sundry Creditors 0.00 571.62 2010.28 2527.33 3563.59
12 Sundry Creditors for expenses 0.00 0.00 0.00 0.00 0.00
13 Advances/Progress Payment from customers 0.00 0.00 0.00 0.00 0.00
14 Unsecured Borrowings from others 0.00 0.00 0.00 0.00 0.00
15 Deposits maturing within one year
16 Instalments of TL/DPG /Deb./R.P.shar due
17 Interest and other charges but not due
18 Provision for Taxation 0.00 26.31 33.33 50.20 59.27
19 Dividend Payable 0.00 0.00 0.00 0.00 0.00
20 Other Statutory Liabilities 0.00 0.22 1.06 1.13 2.41
21 Other Current Liability/Provisions 0.00 115.00 75.00 465.00 575.00

TOTAL CURRENT LIABILITIES - C 0.00 1513.15 2919.67 3843.66 5000.27

Total Outside Liabilities (B+C) 0.00 1892.15 3377.67 4330.66 5516.27
TOTAL LIABILITIES (A+B+C) 0.00 2120.56 3698.74 4803.66 6159.61

17
M/s VIVAAN INDUSTRIES
Sl.No. Particulars 31.03.19 31.03.20 31.03.21 31.03.22
Current Assets audited audited Audited Audited Prov
1 Cash and Bank balances 0.00 5.00 7.50 10.00 12.00
2 Investments - Govt/Other Security
- Fixed Deposit with Banks 0.00 0.00 0.00 0.00 0.00
3 Quoted Investments
4 Receivables -
a) Outstanding below 6 months 0.00 1041.67 1846.38 1920.83 2241.86
b) Outstanding above 6 months 0.00 0.00 0.00 0.00 0.00
c) Export receivables 0.00 0.00 0.00 0.00 0.00
5 Inventory
Raw Materials - Indigenous 0.00 750.00 1500.00 2500.00 3500.00
Raw Materials - Imported
Stores and Spares
Stocks/Work in Process
Finished Goods 0.00 0.00 0.00 0.00 0.00
Trading and other goods
Total Inventory 0.00 750.00 1500.00 2500.00 3500.00
6 Advances Recoverable in cash or kind 0.00 3.89 0.36 0.00 1.34
7 Advances to Suppliers 0.00 0.00 0.00 0.00 0.00
8 Advance Income Tax 0.00 0.00 0.00 0.00 0.00
9 Accrued Income/Interest
10 Other Current Assets 0.00 150.00 200.00 250.00 300.00
TOTAL CURRENT ASSETS - D 0.00 1950.56 3554.24 4680.83 6055.20

Fixed Assets
11 Gross Blocks 0.00 200.00 170.00 144.50 122.83
12 Depreciation charged upto date 0.00 30.00 25.50 21.68 18.42
13 Capital Work in Progress

NET FIXED ASSETS - E 0.00 170.00 144.50 122.83 104.40

18
 Non Current Assets
14 Investments in subsidiary/affiliates
15 Advances to Group concerns
16 Cash margin for BG/security deposit 0.00 0.00 0.00 0.00 0.00
17 Adv. to suppliers of capital goods
18 Deferred Receivables 0.00 0.00 0.00 0.00 0.00
Other Miscellaneous Assets/securities
19 &deposits/EMD 0.00 0.00 0.00 0.00
20 Investment in others 0.00 0.00 0.00 0.00 0.00
TOTAL NON CURRENT ASSETS - F 0.00 0.00 0.00 0.00 0.00
Intangible Assets
21 Preliminary expenses/patents/goodwill 0.00 0.00 0.00 0.00 0.00
bad and doubtful debts not provided for
22 Misc Exp./Deferred Revenue Expenditure
23 Accumulated Losses
TOTAL INTANGIBLE ASSETS - G 0.00 0.00 0.00 0.00 0.00

TOTAL ASSETS (D+E+F+G) 0.00 2120.56 3698.74 4803.66 6159.60

19