Ahun Industrial PLC

Proforma invoice Selection

Exchange rate as at April 12/2022
Currency Buying Selling
1 USD 51.147 52.1699

A Machinery and Equipments

SUPPLIERS: - TIANJIN WORLDWIDE (FAR EAST) COMPANY LIMITED
Proforma Invoice No. HEN210219 Date :- 2021/12/15
PROMOTER ;-AHUN INDUSTRIAL PLC
Electric power Unit Cost Total Cost
S/N Items Model Qty
(kw) (USD) (USD)
1 Raw material dryer 1 set 37
2 SJ90 automatic feeding machine 1 set 2.2
3 SJ90 SINGLE SCREW EXTRUDER 1 set 25+0.37*5+4+37
EXTRUDING DIE HEAD + SPINNERET (WITH SCREEN
4 2 set
CHANGER) 16
5 Water trough calibration system 1 set -
6 7-roller tensile unit 1 1 set 7.5 111,240.00 111,240
7 hot water tank 1 1 set 24
8 7-roller tensile unit 2 1 set 11
9 Hot water tank 2 with water removing machine 1 set 24+4
10 5-roller tensile unit 1 set 5.5
11 SJ90 winding machine 1 set 9*1
12 Electric control sytem 1 set
Auxilary Machines
13 Steel bobbine CFJG-100 300pcs 46.80 14,040
14 SJ90 rope twisting machine CFFQ-200 4 set 7,560.00 30,240

15 Installation & training cost SWP-1000 5.5*4 12,000.00 12,000

Total FOB 167,520

Bank Charge (3% of FOB) 5,026
Sea Freight (4%) 6,701
Marine Insurance (1% ) 1,675
Port Handling, Loading & Unloading ,Custom Clearing & Forwarding, Local Transport And Other Cost ( 3% ) 5,026
Total 185,947
Equivalent in Birr 9,700,847
Total cost of Machinery & Equipments (ETB) 9,700,847
Exchange rate: 54.62 Birr bank rate 54.62 4.13% in 6
Packaging: Eight 40" Container
Feb.07/2023 six months

SN Description UNIT OF Quantity

MEASURURE

Invoiced
1 PET Extrusion Line with differen
Electirc Cables
set 1
2 PS/PP Extrusion Line
set 1
3 Plastic Cup Production Line

set 1
4 Four Station Thermoforming
Machine with Auxiliaries
set 1
5 Six Color Cup Printer

set 1
6 Crucher

set 1
7 Three Colors-Screw Straw Extruder
Line
set 1
8 Straw Packing machine

set 1
9 Bending Machine

set 2
10 Diesel Generator (silent with ATS)
HL800GF,
800KW/1000KVA/380V/50HZ
set 1
11 Electric Forklift set 1
12 Voltage Regulator set 1

TOTAL
 Estimated Cost of Machineries
61.387418

7-Aug

Unit Foreign Value Value Value local Value by Insurance Sea Freight
Cost in $ Foreign ratio Currency custom
amount
Currency 61.387418
FOB USD
293,000.00 293,000.00 0.30 17,986,513.47 4,867.97 1,352,214.96

73,500.00 73,500.00 0.08 4,511,975.22 1,221.15 339,207.51

149,500.00 149,500.00 0.16 9,177,418.99 2,483.83 689,952.69

207,500.00 207,500.00 0.22 12,737,889.23 3,447.45 957,626.64

75,000.00 75,000.00 0.08 4,604,056.35 1,246.07 346,130.11

7,000.00 7,000.00 0.01 429,711.93 116.30 32,305.48

14,900.00 14,900.00 0.02 914,672.53 247.55 68,764.52

19,750.00 19,750.00 0.02 1,212,401.51 328.13 91,147.60

10,290.00 20,580.00 0.02 1,263,353.06 341.92 94,978.10

102,300.00 102,300.00 0.11 6,279,932.86 1,699.64 472,121.47

- - - - - -
- - - - - -

963,030.00 1.00 59,117,925.16 - 16,000.00 4,444,449.06

963,030.00
see freigh 4,444,449.06
 Inland Scanning Fee Bank S.Charge Storage Transite Total cost incurred
Freight (5% of FOB) excluding OTHER COST Charge
vat
Before
VAT
158,208.99 1,354.05 899,325.67 10,582.54 6,084.96 12,169.92 20,431,322.54

39,687.24 339.67 225,598.76 2,654.66 1,526.43 3,052.86 5,125,263.50

80,724.38 690.89 458,870.95 5,399.62 3,104.78 6,209.57 10,424,855.70

112,042.20 958.93 636,894.46 7,494.46 4,309.32 8,618.63 14,469,281.32

40,497.18 346.60 230,202.82 2,708.84 1,557.58 3,115.17 5,229,860.72

3,779.74 32.35 21,485.60 252.83 145.37 290.75 488,120.33

8,045.44 68.86 45,733.63 538.16 309.44 618.88 1,038,999.00

10,664.26 91.27 60,620.08 713.33 410.16 820.33 1,377,196.66

11,112.43 95.11 63,167.65 743.31 427.40 854.80 1,435,073.78

55,238.15 472.76 313,996.64 3,694.86 2,124.54 4,249.09 7,133,530.02

- - - - - - -
- - - - - - -

520,000.00 4,450.49 2,955,896.26 34,782.61 20,000.00 40,000.00 67,153,503.57

520,000.00 scaning fee .007% 40000
 Unit cost
X/D

20,431,322.54

5,125,263.50

10,424,855.70

14,469,281.32

5,229,860.72

488,120.33

1,038,999.00

1,377,196.66

717,536.89

7,133,530.02

-
-
 Ahun Industrial PLC
Investment Outlay

A Machinery to be leased

Unit Cost Total Cost

S/N Machineries Qty
(USD) (USD)
1 Raw material dryer 1 set
2 SJ90 automatic feeding machine 1 set
3 SJ90 SINGLE SCREW EXTRUDER 1 set
4 EXTRUDING DIE HEAD + SPINNERET (WITH SCREEN CHANGER) 2 set
5 Water trough calibration system 1 set
6 7-roller tensile unit 1 1 set
111,240 111,240
7 hot water tank 1 1 set
8 7-roller tensile unit 2 1 set
9 Hot water tank 2 with water removing machine 1 set
10 5-roller tensile unit 1 set
11 SJ90 winding machine 1 set
12 Electric control sytem 1 set
13 Steel bobbine 300pcs 47 14,040
14 SJ90 rope twisting machine 4 set 7,560 30,240
15 Installation & training cost 12,000 12,000
Total FOB 167,520
Bank Charge (3% of FOB) 5,026
Marine Insurance (1% ) 1,675
Port Handling, Loading & Unloading ,Custom Clearing & Forwarding, Local Transport And Other Cost ( 3% ) 5,026
Total 185,947
Equivalent in Birr 9,700,847
Total cost of Machinery & Equipments (ETB) 9,700,847

B Generator ????????
C Water
No documents attached within the file regarding availability of water which is necessary for the production process, hence it shall be
submitted. .

D Electricity
 According to the techinical team the project needs 237 kw Electric power, there is 252 KW trasformer at site wich enough for the proposed
machine.

E Working premises o
The promoter has rented working premises having area 874m2 from Ato Idris Bilal and Momu Seied for 6 years with monthly rental cost
of Birr 150,000 Including TOT.
Source: rent agreement Agreement singed on Tir 20,2014E.C
 Ahun Industrial PLC
Investment Outlay

A Machinery to be Purchased

S/N Machineries Qty

1 PET Extrusion Line with differen Electirc Cables 1 set
2 PS/PP Extrusion Line 1 set
3 Plastic Cup Production Line 1 set
4 Four Station Thermoforming Machine with Auxiliaries 1 set
5 Six Color Cup Printer 1 set
6 Crucher 1 set
7 Three Colors-Screw Straw Extruder Line 1 set
8 Straw Packing machine 1 set
9 Bending Machine 2 set
10 Diesel Generator (silent with ATS) HL800GF,
800KW/1000KVA/380V/50HZ 1 set
Total cost of Machinery & Equipments (ETB)

B Generator included in machineries

C Water

No documents attached within the file regarding availability of water which is necessary for the production proc

Elect
D
ricity

According to the techinical team the project needs 237 kw Electric power, there is 252 KW trasformer at site w

E Working premises

The promoter has rented working premises having area 874m2 from Ato Idris Bilal and Momu Seied for 6 y

Source: rent agreement Agreement singed on Tir 20,2014E.C

 Unit Cost (in
Total Cost (in Birr)
Birr)
20,431,323 20,431,322.54
5,125,264 5,125,263.50
10,424,856 10,424,855.70
14,469,281 14,469,281.32
5,229,861 5,229,860.72
488,120 488,120.33
1,038,999 1,038,999.00
1,377,197 1,377,196.66
717,537 1,435,073.78
7,133,530 7,133,530.02
67,153,504

for the production process, hence it shall be submitted. .

KW trasformer at site wich enough for the proposed machine.

d Momu Seied for 6 years with monthly rental cost of Birr 150,000 Including TOT.
 Ahun Industrial PLC
Assumption
B. Cost of fuel, oil and lubricants @Theoretical Production Capacity

Fuel Requirements Unit Cost per Total Cost

Description Total Hr/Year Lt /Hr
(Lt/yr) liter (birr)

fuel of Gererator 540 - 18 -

Total Cost -
oil and lubricants is assumed at 10% of fuel cost -
Total cost of fuel,oil and lubricant -
Note: we assume there will be 25% electric power interruption out of the
total working day
C. Cost of Electric power & fuel @ utilization rate

Project Year
Description 1 2 3 4 & above
60% 65% 70% 75%
Electric Power cost (Birr) 177,472 192,262 207,051 221,841
Fuel cost (Birr) - - - -

D. Cost of Water consumption @ utilization rate

Project Year
Description 1 2 3 4 & above
0% 0% 0% 0%
Water - - - -
 Ahun Industrial PLC
Assumption

Indirect cost
7 Human power requirement
Number
Position Monthly Salary Annual Salary
Required
General Manager 1 15,000 180,000
Secretary 1 2,500 30,000
Production Manager 1 10,000 120,000
Production and Technical Section
Production head 1 8,000 96,000
Production Control expert 1 2,500 30,000
Mechanic 2 2,500 60,000
Electrician 1 2,500 30,000
Production Workers 10 2,000 240,000
Finance, Administration and Marketing Section
Section Head 1 8,000 96,000
Accountant 1 3,000 36,000
Sales Person 1 3,000 36,000
Purchaser 2 3,000 72,000
Janitor 2 1,500 36,000
Cashier 1 2,000 24,000
Guard 4 1,000 48,000
Store Keeper 2 1,500 36,000
Total 32 1,170,000
Salary and wage is assumed to increase by 5% per year

8 Insurance
Rate for
Tyepe of cover Cost Insurance Cost
Insurance
Machinery & Equipment: 0.75% 9,700,847 72,756
Generator 0.75% 72,756
Annual Cost 145,513

9 Repair and Maintenance

Description Machine cost Rate Total Cost
Machinery & Equipment: 9,700,847 5% 485,042
Generator 5% -
Annual Cost 485,042

10 Over head cost

Annual costs
Description
(Birr)
Telephone, post & internet: (0.12% of
47,628
annual sales)
Travel and Perdiem (1.27 % of Annual
14,859
salary)
Office supply (0.01% of annual sales)
3,969

Finished products (5 days of annual

735,000
sales)
Total 801,456
 Ahun Industrial PLC
Assumption
1 Basic Assumption
Working days per annum 300 days/yr
Number of shifts per day 1 shift/day
Working hours per shift 8 hours/shift
1,601.35 ton/24hr
Theoretical Production Capacity of the
Machine 66,723 Kg/hr
160,134,838 Kg/yr
Source: The district technical team evaluation report

2 Production and Revenue @Theoretical Production Capacity

Product type Product Size Proportion
R94500M 100%
R94440M 100%
1 MILK CUP R94*
R94360M 100%
R94250M 100%
R94500B 100%
2 BEER CUP R94* R94400B 100%
R94330B 100%
R74150IC 100%
3 ICE CREAM CUP R74* R74100IC 100%
R74050IC 100%
DOMED LID 100%
4 LID R94*
FLAT LID 100%
5 DRINKING STRAW STRAW 100%

Source: Selling price is taken from Current competitors selling price and adjusted for 35% inflation.

3 Production & Revenue at utilization rate

Projec
Product type Product Size 1
33%
R94500M 5,965,161
R94440M 8,316,988
MILK CUP R94*
R94360M 7,058,488
R94250M 2,109,264
 R94500B 4,103,613
BEER CUP R94* R94400B 3,330,855
R94330B 1,883,372
R74150IC 779,667
ICE CREAM CUP R74* R74100IC 7,087,910
R74050IC 670,648
DOMED LID 29,330,526
LID R94*
FLAT LID 24,555,789
DRINKING STRAW STRAW 23,328,000
Gross Revenue (Birr) 118,520,280

Source: Initial utilization capacity is taken from raw data and information on Production & Sales file.

Note; The production capacity is assumed to increase 13% from each previouse years and Salling price is ass

4 Costs of the Project

Raw Material requirement and cost at utilization rate
Imported
Project Year
Raw material 1 2
33% 38%
PET (Kg) 90,820.32 102,626.96
PP (Kg) 86,895.96 98,192.44
Master batch (Kg) (1% of RM) 1,777.16 2,008.19
PET (Birr) 7,309,004 11,149,886
PP (Birr) 7,902,295 12,054,950
Master batch (Birr) (1% of RM) 799,723 1,219,978
Sub total (kg) 179,493 202,828
Annual Cost (Birr) 16,011,022 24,424,814

*Unit cost of Raw materials (PET & PP) is taken from estimated raw material landing cost raw data and is as
* Unit cost of Master Batch is taken from current market price and is assumed to increase 35% from each prev
* Master Batch consumption is assumed to be 1% of the Raw material consumption.

5 Packing materials cost

Since the raw data and information on monofilament rope manufacturing and marketing for project financing

6 Power and Fuel Cost

A. Cost of Electric power @Theoretical Production Capacity
Working Days per annum 300
 Working shift 1
working hour/day 8
Power requirement 884
Annual Electric Power 2,121,600
Unit Cost of electric power 1.531
Annual electric power cost 3,248,169.60
Note: the power required 884Kw is taken from the PI machinery catalog

B. Cost of fuel, oil and lubricants @Theoretical Production Capacity

Description Total Hr/Year Lt /Hr

fuel of Gererator 600 200.00

Total Cost
oil and lubricants is assumed at 10% of fuel cost
Total cost of fuel,oil and lubricant
Note: we assume there will be 25% electric power interruption out of the total working day

C. Cost of Electric power & fuel @ utilization rate

Project Year
Description 1 2
33% 38%
Electric Power cost (Birr) 812,042 917,608
Fuel cost (Birr) 2,992,000 3,380,960
Note: We assume the electric consumption is 75% as it was assumed to work 25% of the consumption by Gen
D. Cost of Water consumption @ utilization rate

Project Year
Description 1 2
0% 0%
Water - -

Indirect cost
7 Human power requirement
Number
Position Monthly Salary
Required
Factory Manager 1 40,000
Secretary 1 6,000
Production & Technical Manager 1 35,000
Production Division Head 1 25,000
Production Supervisor 4 16,000
Production Workers 40 2,500
 Technical Division Head 1 28,000
Electrical & Mechanical Section Heads 2 21,000
Electrical & Mechanical Engineers 4 16,000
Factory General Service Head 1 30,000
Factory HR Officer 1 16,000
Factory Accountant Cashier 1 6,000
Janitor 4 1,800
Guard 4 2,000
Store Keeper 2 6,000
Total 68
Salary and wage is assumed to increase by 5% per year

8 Insurance
Rate for
Tyepe of cover Cost
Insurance
Machinery & Equipment: 0.75% 67,153,504
Annual Cost

9 Repair and Maintenance

Description Machine cost Rate
Machinery & Equipment: 67,153,504 5%
Annual Cost

10 Over head cost

Annual costs
Description
(Birr)
Telephone, post & internet: (0.12% of
142,224
annual sales)
Travel and Perdiem (1.27 % of Annual
73,640
salary)
Office supply (0.01% of annual sales)
11,852

Finished products (5 days of annual

2,194,820
sales)
Total 2,422,536
 1,828,800.00 Pcs/24hr
76,200.00 Pcs/Hr
182,880,000.00 Pcs/Yr

Annual production in Selling Annual Gross

Pcs price/Pcs Revenue (Birr)
4,091,331 4.37 17,895,482.13
6,553,970 3.81 24,950,964.75
5,831,051 3.63 21,175,463.38
1,838,138 3.44 6,327,790.84
2,763,376 4.46 12,310,838.24
2,741,444 3.65 9,992,563.50
1,827,629 3.09 5,650,116.15
1,096,578 2.13 2,339,000.05
10,862,698 1.96 21,263,731.02
1,273,785 1.58 2,011,942.71
30,315,789 2.90 87,991,578.95
27,284,211 2.70 73,667,368.42
86,400,000 0.81 69,984,000.00
182,880,000 355,560,840

e and adjusted for 35% inflation.

Project Year
2 3 4 5
38% 43% 48% 54%
9,099,853 13,881,825 21,176,724 32,305,093
12,687,566 19,354,881 29,525,871 45,041,717
10,767,723 16,426,162 25,058,110 38,226,146
3,217,682 4,908,573 7,488,029 11,422,988
 6,260,061 9,549,723 14,568,103 22,223,641
5,081,219 7,751,399 11,824,759 18,038,670
2,873,084 4,382,890 6,686,098 10,199,643
1,189,382 1,814,402 2,767,870 4,222,385
10,812,607 16,494,632 25,162,562 38,385,488
1,023,073 1,560,698 2,380,844 3,631,978
44,743,718 68,256,542 104,125,354 158,843,228
37,459,857 57,145,012 87,174,715 132,985,028
35,586,864 54,287,761 82,815,979 126,335,777
180,802,687 275,814,499 420,755,019 641,861,781

mation on Production & Sales file.

ch previouse years and Salling price is assumed to increase 35% from each previouse years.

3 4 5
43% 48% 54%
115,968.47 131,044.37 148,080.14
110,957.46 125,381.93 141,681.58
2,269.26 2,564.26 2,897.62
17,009,150 25,947,459 39,582,848
18,389,827 28,053,681 42,795,890
1,861,076 2,839,089 4,331,009
229,195 258,991 292,659
37,260,053 56,840,229 86,709,748

aw material landing cost raw data and is assumed to increase by 35% from each previouse year.
is assumed to increase 35% from each previouse year.
ial consumption.

uring and marketing for project financing December, 2021. does not include type of packing material we do not consider f packi

days/yr
 shift/day
hr/shift 250
Kw/ hr 884
Kw/ yr 0.28280542986
Birr/KWH
Birr/yr

Fuel Requirements Unit Cost per

Total Cost (birr)
(Lt/yr) liter

120,000 68 8,160,000
8,160,000
816,000
8,976,000
of the total working day

3 4 5
43% 48% 54%
1,036,897 1,171,694 1,324,014
3,820,485 4,317,148 4,878,377.04
d to work 25% of the consumption by Generator.

3 4 & above
0% 0%
- -

Annual Salary
480,000
72,000
420,000
300,000
768,000
1,200,000
 336,000
504,000
768,000
360,000
192,000
72,000
86,400
96,000
144,000
5,798,400

Insurance Cost
503,651
503,651

Total Cost
3,357,675.18
3,357,675
do not consider f packing cost .
 Ahun Industrial PLC
Projected Operating Cost

Project Years
Description
1 2 3 4 5 6 7 8 9 10
Direct Costs:
Imported Raw Material 32,545,800 35,257,950 37,970,100 40,682,250 40,682,250 40,682,250 40,682,250 40,682,250 40,682,250 40,682,250
Local Raw Material 520,506 563,882 607,257 650,633 650,633 650,633 650,633 650,633 650,633 650,633
Electricity 177,472 192,262 207,051 221,841 221,841 221,841 221,841 221,841 221,841 221,841
Fuel cost - - - - - - - - - -
In- direct Costs:
Wages and Salaries 1,170,000 1,228,500 1,289,925 1,354,421 1,422,142 1,493,249 1,567,912 1,646,307 1,728,623 1,815,054
Insurance 145,513 145,513 145,513 145,513 145,513 145,513 145,513 145,513 145,513 145,513

Repair and Maintenance 485,042 485,042 485,042 485,042 485,042 485,042 485,042 485,042 485,042

Telephone, post & internet: (0.12% of

47,628 51,597 55,566 59,535 59,535 59,535 59,535 59,535 59,535 59,535
annual sales)

Travel and Perdiem (1.27 % of

14,859 15,602 16,382 17,201 18,061 18,964 19,912 20,908 21,954 23,051
Annual salary)

Office supply (0.01% of annual sales)

58,500 4,300 4,631 4,961 4,961 4,961 4,961 4,961 4,961 4,961

Finished products (5 days of annual

735,000 796,250 857,500 918,750 918,750 918,750 918,750 918,750 918,750 918,750
sales)

Total Operating Costs: 35,415,278 38,740,897 41,638,967 44,540,147 44,608,728 44,680,738 44,756,349 44,835,740 44,919,101 45,006,630
 Ahun Industrial PLC
Projected Operating Cost

Project Years
Description
1 2 3
Direct Costs:
Raw Material 15,211,299 23,204,836 35,398,977
Indirect Material (Master Batch) 799,723 1,219,978 1,861,076
Electricity 812,042 917,608 1,036,897
Fuel cost 2,992,000 3,380,960 3,820,485
In- direct Costs:
Wages and Salaries 5,798,400 6,088,320 6,392,736
Insurance 503,651 503,651 503,651

Repair and Maintenance 3,357,675 3,357,675

Telephone, post & internet: (0.12% of

142,224 216,963 330,977
annual sales)

Travel and Perdiem (1.27 % of

73,640 77,322 81,188
Annual salary)

Office supply (0.01% of annual sales)

11,852 18,080 27,581

Finished products (5 days of annual

2,194,820 3,013,378 4,596,908
sales)

Total Operating Costs: 28,539,652 41,998,771 57,408,153

ect Years
4 5

54,001,140 82,378,739
2,839,089 4,331,009
1,171,694 1,324,014
4,317,148 4,878,377

6,712,373 7,047,991
503,651 503,651

3,357,675 3,357,675

504,906 770,234

85,247 89,509

42,076 64,186

7,012,584 10,697,696

80,547,582 115,443,082
 Ahun Industrial PLC
Working Capital Determination

Project Years
Description Period
0 1 2 3 4 5 6 7
(In Month)
Direct Costs:
Raw Material 3 0.250 8,136,450 8,136,450 8,814,488 9,492,525 10,170,563 10,170,563 10,170,563 10,170,563

Indirect Material (Master Batch) 3 0.250 130,127 130,127 140,970 151,814 162,658 162,658 162,658 162,658

Electricity 2 0.167 29,579 29,579 32,044 34,509 36,973 36,973 36,973 36,973

Fuel cost 2 0.167 - - - - - - - -

In- direct Costs:

Wages and Salaries 2 0.167 195,000 195,000 204,750 214,988 225,737 237,024 248,875 261,319

Insurance 12 1.000 145,513 145,513 145,513 145,513 145,513 145,513 145,513 145,513

Repair and Maintenance 6 0.500 - - 242,521 242,521 242,521 242,521 242,521 242,521

Telephone, post & internet: (0.12%

2 0 7,938 7,938 8,599 9,261 9,922 9,922 9,922 9,922
of annual sales)
Travel and Perdiem (1.27 % of
2 0.167 2,477 2,477 2,600 2,730 2,867 3,010 3,161 3,319
Annual salary)
Office supply (0.01% of annual
sales) 2 0.167 9,750 9,750 717 772 827 827 827 827

Finished products (5 days of annual

2 0.167 122,500 122,500 132,708 142,917 153,125 153,125 153,125 153,125
sales)
dustrial PLC
tal Determination

Project Years

8 9 10

10,170,563 10,170,563 10,170,563

162,658 162,658 162,658

36,973 36,973 36,973

- - -

274,385 288,104 302,509

145,513 145,513 145,513

242,521 242,521 242,521

9,922 9,922 9,922

3,485 3,659 3,842

827 827 827

153,125 153,125 153,125

 Ahun Industrial PLC
Working Capital Determination

Project Y
Description Period
0
(In Month)
Direct Costs:
Raw Material 3 0.250 3,802,825

Indirect Material (Master Batch) 3 0.250 199,931

Electricity 2 0.167 135,340

Fuel cost 2 0.167 498,667

In- direct Costs:

Wages and Salaries 2 0.167 966,400

Insurance 12 1.000 503,651

Repair and Maintenance 6 0.500 -

Telephone, post & internet: (0.12%

2 0 23,704
of annual sales)
Travel and Perdiem (1.27 % of
2 0.167 12,273
Annual salary)
Office supply (0.01% of annual
sales) 2 0.167 1,975

Finished products (5 days of annual

2 0.167 365,803
sales)
Total Working capital 6,510,570
Working capital
Working Increament
capital (20 % machinere cost) -
Increament 13,430,700.71
Working Capital gap (6,920,130.91)
 Ahun Industrial PLC
king Capital Determination

Project Years

1 2 3 4 5

3,802,825 5,801,209 8,849,744 13,500,285 20,594,685

199,931 304,994 465,269 709,772 1,082,752

135,340 152,935 172,816 195,282 220,669

498,667 563,493 636,747 719,525 813,063

966,400 1,014,720 1,065,456 1,118,729 1,174,665

503,651 503,651 503,651 503,651 503,651

- 1,678,838 1,678,838 1,678,838 1,678,838

23,704.06 36,160.54 55,162.90 84,151.00 128,372.36

12,273 12,887 13,531 14,208 14,918

1,975 3,013 4,597 7,013 10,698

365,803 502,230 766,151 1,168,764 1,782,949

6,510,570 10,574,131 14,211,964 19,700,217 28,005,260

- 4,063,561 3,637,833 5,488,253 8,305,043
 Ahun Industrial PLC
Investment out lay and source of fund
Investment Outlay
Planned Total
Existing Investment
Description Cost (In Birr)
Investment Cost Investment Cost Share (%)
(In Birr) (In Birr)
Machinery and Equipments - 9,700,847 9,700,847
52%
Sub-total - 9,700,847 9,700,847
Pre-operating cost 97,008.47 - 97,008
1%
Sub-total 97,008 - 97,008.47
Working Capital - 8,779,332 8,779,332
47%
Sub-total - 8,779,332 8,779,332
Total 97,008 18,480,179 18,577,188
100%
Proportion of planed to existing 1% 99% 100%

Total investment outlay

Equity Contribution DBE Lease
Description Total cost
In kind Cash Total Finance
Machinery and Equipments 9,700,847 9,700,847
Sub-total - - - 9,700,847 9,700,847
Pre-operating cost 97,008 - 97,008 - 97,008

Sub- total 97,008 - 97,008 - 97,008

Working Capital - 8,779,332 8,779,332 8,779,332
sub total - 8,779,332 8,779,332 - 8,779,332
Total 97,008 8,779,332 8,876,341 9,700,847 18,577,188

Source of fund

Total investment outlay Amount Percentage

DBE Lease Finance 9,700,847 100%
Owner's equity 1,940,169 20%
Total 11,641,016 120%
N.B:- The company obliged to contribute 20% of the cost of capital good which is birr 1,940,169 in cash .
 Ahun Industrial PLC
Investment out lay and source of fund
1 Investment Outlay
Planned
Existing Investment
Description Cost (In Birr)
Investment Cost
(In Birr)
Machinery and Equipments - 67,153,504
Sub-total - 67,153,504
Pre-operating cost 671,535.04 -
Sub-total 671,535 -
Working Capital - 6,510,570
Sub-total - 6,510,570
Total 671,535 73,664,073
Proportion of planed to existing 1% 99%

2 Total investment outlay

Equity Contribution
Description
In kind Cash
Machinery and Equipments
Sub-total - -
Pre-operating cost 671,535 -

Sub- total 671,535 -

Working Capital - 6,510,570
sub total - 6,510,570
Total 671,535 6,510,570

3 Source of fund

Total investment outlay Amount Percentage

DBE Project Finance 67,153,504 100%
Owner's equity 13,430,700.71 20%
Total 80,584,204 120%
N.B:- The company obliged to contribute 20% of the cost of capital good which is birr 13,430,700.71 in cash .
ustrial PLC
and source of fund

Total
Investment Cost Share (%)
(In Birr)
67,153,504
90%
67,153,504
671,535
1%
671,535.04
6,510,570
9%
6,510,570
74,335,608
100%
100%

ntribution DBE Project

Total cost
Total Finance
67,153,504 67,153,504
- 67,153,504 67,153,504
671,535 - 671,535

671,535 - 671,535
6,510,570 6,510,570
6,510,570 - 6,510,570
7,182,105 67,153,504 74,335,608

d which is birr 13,430,700.71 in cash .

 Ahun Industrial PLC
Implementation Schdule
2022 2023
Description

May

Aug
Apr

Nov
Jun

Dec
Sep

Jan
Oct
Jul
Loan processing
Machinery Procurement
Machinery installation and acceptance
certification
Raw material Procurement
Recruitment and training of manpower
Commencement of Operation
Marketing
 Description
Loan Repayment
Repayment Mode ……………… Every Month
Service charge …………….. 11.5%
Calculation of Lease payment including service charge
FV=P[(1+r)n - 1)/r]
0.0096 Annual rate
120 number installment
3,861,326 Service charge at grace period
944,148 Periodic payment

Service charge payment at grace period

service charge
Six Months (birr)
1st Month 643,554
2nd Month 643,554
3rd Month 643,554
4th Month 643,554
5th Month 643,554
6th Month 643,554
Sub total 3,861,326

Repayment schedule
Proposed Machinery cost estimated to be( Birr)
Intrest payment
Including grace
period service
Date Begingig balance Periodic payment charge
Year 1
1st Month 67,153,504 944,148 643,554
2nd Month 66,852,910 944,148 640,674
3rd Month 66,549,436 944,148 637,765
4th Month 66,243,054 944,148 634,829
5th Month 65,933,736 944,148 631,865
6th Month 65,621,453 944,148 628,872
7th Month 65,306,178 944,148 625,851
8th Month 64,987,881 944,148 622,801
9th Month 64,666,534 944,148 619,721
10th Month 64,342,107 944,148 616,612
11th Month 64,014,571 944,148 613,473
12th Month 63,683,896 944,148 610,304
Sub total 11,329,772 7,526,321
Year 2
1st Month 63,350,053 944,148 607,105
2nd Month 63,013,010 944,148 603,875
3rd Month 62,672,737 944,148 600,614
4th Month 62,329,203 944,148 597,322
5th Month 61,982,377 944,148 593,998
6th Month 61,632,227 944,148 590,642
7th Month 61,278,721 944,148 587,254
8th Month 60,921,828 944,148 583,834
9th Month 60,561,515 944,148 580,381
10th Month 60,197,748 944,148 576,895
11th Month 59,830,496 944,148 573,376
12th Month 59,459,724 944,148 569,822
Sub total 11,329,772 7,065,117
Year 3
1st Month 59,085,398 944,148 566,235
2nd Month 58,707,486 944,148 562,613
3rd Month 58,325,951 944,148 558,957
4th Month 57,940,761 944,148 555,266
5th Month 57,551,879 944,148 551,539
6th Month 57,159,270 944,148 547,776
7th Month 56,762,899 944,148 543,978
8th Month 56,362,729 944,148 540,143
9th Month 55,958,724 944,148 536,271
10th Month 55,550,847 944,148 532,362
11th Month 55,139,062 944,148 528,416
12th Month 54,723,330 944,148 524,432
Sub total 11,329,772 6,547,988
Year 4
1st Month 54,303,614 944,148 520,410
2nd Month 53,879,876 944,148 516,349
3rd Month 53,452,078 944,148 512,249
4th Month 53,020,179 944,148 508,110
5th Month 52,584,141 944,148 503,931
6th Month 52,143,925 944,148 499,713
7th Month 51,699,490 944,148 495,453
8th Month 51,250,796 944,148 491,153
9th Month 50,797,802 944,148 486,812
10th Month 50,340,466 944,148 482,429
11th Month 49,878,748 944,148 478,005
12th Month 49,412,605 944,148 473,537
Sub total 11,329,772 5,968,152
Year 5
1st Month 48,941,995 944,148 469,027
2nd Month 48,466,875 944,148 464,474
3rd Month 47,987,201 944,148 459,877
4th Month 47,502,931 944,148 455,236
 5th Month 47,014,020 944,148 450,551
6th Month 46,520,423 944,148 445,821
7th Month 46,022,096 944,148 441,045
8th Month 45,518,993 944,148 436,224
9th Month 45,011,069 944,148 431,356
10th Month 44,498,278 944,148 426,442
11th Month 43,980,572 944,148 421,480
12th Month 43,457,905 944,148 416,472
Sub total 11,329,772 5,318,006
Year 6
1st Month 42,930,229 944,148 411,415
2nd Month 42,397,496 944,148 406,309
3rd Month 41,859,657 944,148 401,155
4th Month 41,316,665 944,148 395,951
5th Month 40,768,469 944,148 390,698
6th Month 40,215,019 944,148 385,394
7th Month 39,656,265 944,148 380,039
8th Month 39,092,156 944,148 374,633
9th Month 38,522,642 944,148 369,175
10th Month 37,947,670 944,148 363,665
11th Month 37,367,187 944,148 358,102
12th Month 36,781,142 944,148 352,486
Sub total 11,329,772 4,589,023
Year 7
1st Month 36,189,480 944,148 346,816
2nd Month 35,592,148 944,148 341,091
3rd Month 34,989,092 944,148 335,312
4th Month 34,380,256 944,148 329,477
5th Month 33,765,586 944,148 323,587
6th Month 33,145,025 944,148 317,640
7th Month 32,518,518 944,148 311,636
 8th Month 31,886,006 944,148 305,574
9th Month 31,247,432 944,148 299,455
10th Month 30,602,739 944,148 293,276
11th Month 29,951,868 944,148 287,039
12th Month 29,294,759 944,148 280,741
Sub-Total 11,329,772 3,771,645
Year 8
1st Month 28,631,353 944,148 274,384
2nd Month 27,961,589 944,148 267,965
3rd Month 27,285,406 944,148 261,485
4th Month 26,602,744 944,148 254,943
5th Month 25,913,539 944,148 248,338
6th Month 25,217,729 944,148 241,670
7th Month 24,515,252 944,148 234,938
8th Month 23,806,042 944,148 228,141
9th Month 23,090,035 944,148 221,280
10th Month 22,367,167 944,148 214,352
11th Month 21,637,372 944,148 207,358
12th Month 20,900,582 944,148 200,297
Sub-Total 11,329,772 2,855,151
Year 9
1st Month 20,156,732 944,148 193,169
2nd Month 19,405,753 944,148 185,972
3rd Month 18,647,577 944,148 178,706
4th Month 17,882,135 944,148 171,370
5th Month 17,109,358 944,148 163,965
6th Month 16,329,175 944,148 156,488
7th Month 15,541,515 944,148 148,940
8th Month 14,746,307 944,148 141,319
9th Month 13,943,478 944,148 133,625
10th Month 13,132,955 944,148 125,857
11th Month 12,314,665 944,148 118,016
12th Month 11,488,533 944,148 110,098
Sub-Total 11,329,772 1,827,524
Year 10
1st Month 10,654,484 944,148 102,105
2nd Month 9,812,442 944,148 94,036
3rd Month 8,962,330 944,148 85,889
4th Month 8,104,071 944,148 77,664
5th Month 7,237,588 944,148 69,360
6th Month 6,362,800 944,148 60,977
7th Month 5,479,629 944,148 52,513
8th Month 4,587,995 944,148 43,968
9th Month 3,687,815 944,148 35,342
10th Month 2,779,009 944,148 26,632
11th Month 1,861,494 944,148 17,839
12th Month 935,185 944,148 8,962
Sub-Total 11,329,772 675,288
G.Total 113,297,719.79 46,144,216.22
 67,153,504

Principal payment
Ending balance
 300,593 66,852,910
303,474 66,549,436
306,382 66,243,054
309,318 65,933,736
312,283 65,621,453
315,275 65,306,178
318,297 64,987,881
321,347 64,666,534
324,427 64,342,107
327,536 64,014,571
330,675 63,683,896
333,844 63,350,053
3,803,451

337,043 63,013,010
340,273 62,672,737
343,534 62,329,203
346,826 61,982,377
350,150 61,632,227
353,505 61,278,721
356,893 60,921,828
360,313 60,561,515
363,766 60,197,748
367,253 59,830,496
370,772 59,459,724
374,325 59,085,398
4,264,655

377,913 58,707,486
 381,534 58,325,951
385,191 57,940,761
388,882 57,551,879
392,609 57,159,270
396,371 56,762,899
400,170 56,362,729
404,005 55,958,724
407,877 55,550,847
411,785 55,139,062
415,732 54,723,330
419,716 54,303,614
4,781,784

423,738 53,879,876
427,799 53,452,078
431,899 53,020,179
436,038 52,584,141
440,216 52,143,925
444,435 51,699,490
448,694 51,250,796
452,994 50,797,802
457,335 50,340,466
461,718 49,878,748
466,143 49,412,605
470,610 48,941,995
5,361,620

475,120 48,466,875
479,673 47,987,201
484,270 47,502,931
488,911 47,014,020
 493,597 46,520,423
498,327 46,022,096
503,103 45,518,993
507,924 45,011,069
512,792 44,498,278
517,706 43,980,572
522,667 43,457,905
527,676 42,930,229
6,011,766

532,733 42,397,496
537,838 41,859,657
542,993 41,316,665
548,196 40,768,469
553,450 40,215,019
558,754 39,656,265
564,108 39,092,156
569,514 38,522,642
574,972 37,947,670
580,482 37,367,187
586,045 36,781,142
591,662 36,189,480
6,740,749

597,332 35,592,148
603,056 34,989,092
608,836 34,380,256
614,670 33,765,586
620,561 33,145,025
626,508 32,518,518
632,512 31,886,006
 638,573 31,247,432
644,693 30,602,739
650,871 29,951,868
657,109 29,294,759
663,406 28,631,353
7,558,127

669,764 27,961,589
676,182 27,285,406
682,663 26,602,744
689,205 25,913,539
695,810 25,217,729
702,478 24,515,252
709,210 23,806,042
716,006 23,090,035
722,868 22,367,167
729,796 21,637,372
736,790 20,900,582
743,850 20,156,732
8,474,621

750,979 19,405,753
758,176 18,647,577
765,442 17,882,135
772,777 17,109,358
780,183 16,329,175
787,660 15,541,515
795,208 14,746,307
802,829 13,943,478
810,523 13,132,955
818,290 12,314,665
826,132 11,488,533
834,049 10,654,484
9,502,248

842,042 9,812,442
 850,112 8,962,330
858,259 8,104,071
866,484 7,237,588
874,787 6,362,800
883,171 5,479,629
891,635 4,587,995
900,179 3,687,815
908,806 2,779,009
917,515 1,861,494
926,308 935,185
935,185 0
10,654,484
67,153,503.57
 Ahun Industrial PLC
Projected Income Statement

Project Years
Description
1 2 3 4 5 6 7 8 9 10

Sales Revenue 39,690,000 42,997,500 46,305,000 49,612,500 49,612,500 49,612,500 49,612,500 49,612,500 49,612,500 49,612,500

Operating Costs: 35,415,278 38,740,897 41,638,967 44,540,147 44,608,728 44,680,738 44,756,349 44,835,740 44,919,101 45,006,630

Gross Profit 4,274,722 4,256,603 4,666,033 5,072,353 5,003,772 4,931,762 4,856,151 4,776,760 4,693,399 4,605,870

Less Depreciation 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786

Profit Before Interest

3,294,936 3,276,817 3,686,248 4,092,568 4,023,987 3,951,976 3,876,366 3,796,975 3,713,614 3,626,085
and Tax

Interest Expense 1,066,156 950,013 819,787 673,770 510046.77418 326,471 120,634 - - -

Profit Before Tax 2,228,780 2,326,804 2,866,460 3,418,798 3,697,516 3,831,342 3,876,366 3,796,975 3,713,614 3,626,085

Profit Tax (30%) 668,634 698,041 859,938 1,025,639 1,109,255 1,149,403 1,162,910 1,139,092 1,114,084 1,087,825

Net Profit 1,560,146 1,628,763 2,006,522 2,393,158 2,588,261 2,681,940 2,713,456 2,657,882 2,599,530 2,538,259
 Ahun Industrial PLC
Projected Income Statement

Project Years
Description
1 2 3

Sales Revenue 118,520,280 180,802,687 275,814,499

Operating Costs: 28,539,652 41,998,771 57,408,153

Gross Profit 89,980,628 138,803,916 218,406,347

Less Depreciation 13,565,008 13,565,008 13,565,008

Profit Before Interest

76,415,621 125,238,908 204,841,339
and Tax

Interest Expense 7,526,321 7,065,117 6,547,988

Profit Before Tax 68,889,300 118,173,791 198,293,351

Profit Tax (30%) 20,666,790 35,452,137 59,488,005

Net Profit 48,222,510 82,721,653 138,805,346

Net Profit %age to Sales 41% 46% 50%

Sales Revenue 106,668,252 162,722,418 248,233,049

Operating Costs: 28,539,652 41,998,771 57,408,153
Gross Profit 78,128,600 120,723,647 190,824,897
Less Depreciation 13,565,008 13,565,008 13,565,008
Profit Before Interest and
64,563,593 107,158,639 177,259,889
Tax
Interest Expense 7,526,321 7,065,117 6,547,988
Profit Before Tax 57,037,272 100,093,522 170,711,901
Profit Tax (30%) 17,111,181 30,028,057 51,213,570
Net Profit 39,926,090 70,065,465 119,498,331
Sales Revenue 118,520,280 180,802,687 275,814,499
Operating Costs: 31,393,617 46,198,649 63,148,968
Gross Profit 87,126,663 134,604,039 212,665,532
Less Depreciation 13,565,008 13,565,008 13,565,008
Profit Before Interest and
73,561,656 121,039,031 199,100,524
Tax
Interest Expense 7,526,321 7,065,117 6,547,988
Profit Before Tax 66,035,334 113,973,914 192,552,536
Profit Tax (30%) 19,810,600 34,192,174 57,765,761
Net Profit 46,224,734 79,781,739 134,786,775
t Years
4 5

420,755,019 641,861,781

80,547,582 115,443,082

340,207,437 526,418,699

13,565,008 13,565,008

326,642,429 512,853,691

5,968,152 5,318,005.92 27,958,707

320,674,277 507,535,685

96,202,283 152,260,706

224,471,994 355,274,980

53% 55%

378,679,517 577,675,603
80,547,582 115,443,082
298,131,935 462,232,521
13,565,008 13,565,008
284,566,927 448,667,513
5,968,152 5,318,006
278,598,775 443,349,507
83,579,633 133,004,852
195,019,143 310,344,655
420,755,019 641,861,781
88,602,340 126,987,391
332,152,679 514,874,390
13,565,008 13,565,008
318,587,671 501,309,383
5,968,152 5,318,006
312,619,519 495,991,377
93,785,856 148,797,413
218,833,663 347,193,964
 Ahun Industrial PLC
Depreciation Schedule
1. Depreciation
Project Years
Percentage
Sr. Original Depreciation
Description of Original
No. Value (Birr) Annually
Value 1 2 3 4 5 6 7 8 9 10

A. Depreciation

1 Machineries and equipments

9,700,847 10% 970,085 8,730,762 7,760,677 6,790,593 5,820,508 4,850,423 3,880,339 2,910,254 1,940,169 970,085 -
Sub-total 9,700,847 970,085 8,730,762 7,760,677 6,790,593 5,820,508 4,850,423 3,880,339 2,910,254 1,940,169 970,085 -
B. Amortaization

Pre-operating cost
97,008 10% 9,701 87,308 77,607 67,906 58,205 48,504 38,803 29,103 19,402 9,701 -
Sub-total 97,008 9,701 87,308 77,607 67,906 58,205 48,504 38,803 29,103 19,402 9,701 -
Total 9,797,855 979,786 8,818,070 7,838,284 6,858,499 5,878,713 4,898,928 3,919,142 2,939,357 1,959,571 979,786 -

Depreciation Cost Per Annum

979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786
 Ahun I
Depreci
1. Depreciation

Percentage
Sr. Original
Description of Original
No. Value (Birr)
Value

A. Depreciation

1 Machineries and equipments

67,153,504 20%
Sub-total 67,153,504
B. Amortaization

Pre-operating cost
671,535 20%
Sub-total 671,535
Total 67,825,039

Depreciation Cost Per Annum

2. Replacement

Sr.
Description
No.
1 2

1
Total
 Ahun Industrial PLC
Depreciation Schedule

Project Years
Depreciation
Annually
1 2 3

13,430,700.71 53,722,803 40,292,102 26,861,401

13,430,701 53,722,803 40,292,102 26,861,401

134,307 537,228 402,921 268,614

134,307 537,228 402,921 268,614

13,565,008 54,260,031 40,695,023 27,130,015

13,565,008 13,565,008 13,565,008

Project Years

3 4 5 6

-
Years

4 5

13,430,701 -

13,430,701 -

134,307 -

134,307 -
13,565,008 -

13,565,008 13,565,008

7 8
 Ahun Industrial PLC
Projected Cash Flow Statement

Project Years
Description
0 1 2 3 4 5 6 7 8 9 10
Cash Inflows
Owner's Equity 20% 1,940,169

Bank Loan 9,700,847

Working capital >20% 6,936,172

Net Profit 1,560,146 1,628,763 2,006,522 2,393,158 2,588,261 2,681,940 2,713,456 2,657,882 2,599,530 2,538,259

Depreciation 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786 979,786

Total Cash Inflows 18,577,188 2,539,932 2,608,548 2,986,308 3,372,944 3,568,047 3,661,725 3,693,242 3,637,668 3,579,315 3,518,045

Cash Outflows

Fixed assets 9,700,847

Pre-operating cost 97,008

Working Capital 8,779,332

Increase In workng Capital - 945,578 712,639 713,157 11,430 12,002 12,602 13,232 13,893 14,588

Lease Repayment 957,805 1,073,947 1,204,173 1,350,191 1,513,914 1,697,490 1,903,327 - - -

Dividends 776,478 804,582 814,037 797,365 779,859 761,478

Replacment - - - - - - - - - - -

Total Cash Outflows 18,577,188 957,805 2,019,525 1,916,812 2,063,348 2,301,823 2,514,074 2,729,965 810,597 793,752 776,066

Net Cash Flow - 1,582,127 589,023 1,069,496 1,309,596 1,266,224 1,147,651 963,276 2,827,071 2,785,563 2,741,979

Cum. Cash Balance - 1,582,127 2,171,150 3,240,646 4,550,242 5,816,466 6,964,118 7,927,394 10,754,465 13,540,028 16,282,007

Retained Earnings 1,560,146 1,628,763 2,006,522 2,393,158 1,811,783 1,877,358 1,899,419 1,860,518 1,819,671 1,776,782

Cumm. Ret.Earnings 1,560,146 3,188,909 5,195,431 7,588,590 9,400,373 11,277,730 13,177,150 15,037,667 16,857,338 18,634,119
NB: the first two consecutive years the promoters share amount is assumed 3% their net profit and the rest 30% throughout the year
 Ahun Industrial PLC
Projected Cash Flow Statem

Pr
Description
0 1
Cash Inflows
Owner's Equity 20% 13,430,701

Bank Loan 67,153,504

Working capital >20% (6,248,596)

Net Profit 48,222,510

Depreciation 13,565,008

Total Cash Inflows 74,335,608 61,787,517

Cash Outflows

Fixed assets 67,153,504

Pre-operating cost 671,535

Working Capital 6,510,570

Increase In workng Capital -

Loan Repayment 3,803,451

Dividends

Replacment - -

Total Cash Outflows 74,335,608 3,803,451

Net Cash Flow - 57,984,067

Cum. Cash Balance - 57,984,067

Retained Earnings 48,222,510

Cumm. Ret.Earnings 48,222,510

NB: the first two consecutive years the promoters share amount is assumed 3% their net profit and t
Ahun Industrial PLC
ected Cash Flow Statement

Project Years
2 3 4 5

82,721,653 138,805,346 224,471,994 355,274,980

13,565,008 13,565,008 13,565,008 13,565,008

96,286,661 152,370,353 238,037,002 368,839,987

4,063,561 3,637,833 5,488,253 8,305,043

4,264,655 4,781,784 5,361,620 6,011,766

106,582,494

- - - -

8,328,216 8,419,617 10,849,872 120,899,303

87,958,446 143,950,736 227,187,129 247,940,684

145,942,512 289,893,248 517,080,377 765,021,061

82,721,653 138,805,346 224,471,994 248,692,486

130,944,163 269,749,509 494,221,503 742,913,988

d 3% their net profit and the rest 30% throughout the year
14,522,428
 Ahun Industrial PLC
Projected Balance Sheet
-
Years
Description
0 1 2 3 4 5 6 7 8 9 10
Assets
Current assets
Cash - 1,582,127 2,171,150 3,240,646 4,550,242 5,816,466 6,964,118 7,927,394 10,754,465 13,540,028 16,282,007
Inventory 8,779,332 8,779,332 9,724,910 10,437,549 11,150,706 11,162,136 11,174,138 11,186,740 11,199,972 11,213,865 11,228,453

Total Current Assets 8,779,332 10,361,460 11,896,061 13,678,195 15,700,948 16,978,603 18,138,256 19,114,134 21,954,437 24,753,893 27,510,460

Fixed assets

Machineries and equipments 9,700,847 8,730,762 7,760,677 6,790,593 5,820,508 4,850,423 3,880,339 2,910,254 1,940,169 970,085 -

Pre-operating cost 97,008 87,308 77,607 67,906 58,205 48,504 38,803 29,103 19,402 9,701 -

Total Fixed Assets 9,797,855 8,818,070 7,838,284 6,858,499 5,878,713 4,898,928 3,919,142 2,939,357 1,959,571 979,786 -

Total Assets 18,577,188 19,179,529 19,734,345 20,536,694 21,579,661 21,877,530 22,057,398 22,053,490 23,914,008 25,733,679 27,510,460
Liability and capital
Liabilities
Bank lease loan 9,700,847 8,743,042 7,669,095 6,464,921 5,114,731 3,600,817 1,903,327 - - - -
Sub Total 9,700,847 8,743,042 7,669,095 6,464,921 5,114,731 3,600,817 1,903,327 - - - -
Capital
Owner's Equity 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341 8,876,341
Retained Earnings - 1,560,146 3,188,909 5,195,431 7,588,590 9,400,373 11,277,730 13,177,150 15,037,667 16,857,338 18,634,119
Sub total 8,876,341 10,436,487 12,065,250 14,071,772 16,464,931 18,276,713 20,154,071 22,053,490 23,914,008 25,733,679 27,510,460

Total Liabil.& Capital 18,577,188 19,179,529 19,734,345 20,536,694 21,579,661 21,877,530 22,057,398 22,053,490 23,914,008 25,733,679 27,510,460

- - - - - - - - - - -
 Ahun Industrial PLC
Projected Balance Sheet
55,758,421
Years
Description
0 1
Assets
Current assets
Cash - 57,984,067
Inventory 6,510,570 6,510,570

Total Current Assets 6,510,570 64,494,636

Fixed assets

Machineries and equipments 67,153,504 53,722,803

Pre-operating cost 671,535 537,228

Total Fixed Assets 67,825,039 54,260,031

Total Assets 74,335,608 118,754,667

Liability and capital
Liabilities
Bank Project loan 67,153,504 63,350,053
Sub Total 67,153,504 63,350,053
Capital
Owner's Equity 7,182,105 7,182,105
Retained Earnings - 48,222,510
Sub total 7,182,105 55,404,615

Total Liabil.& Capital 74,335,608 118,754,667

- -
 Ahun Industrial PLC
Projected Balance Sheet

Years
2 3 4 5

145,942,512 289,893,248 517,080,377 765,021,061

10,574,131 14,211,964 19,700,217 28,005,260

156,516,643 304,105,213 536,780,594 793,026,322

40,292,102 26,861,401 13,430,701 -

402,921 268,614 134,307 -

40,695,023 27,130,015 13,565,008 -

197,211,666 331,235,228 550,345,602 793,026,322

59,085,398 54,303,614 48,941,995 42,930,229

59,085,398 54,303,614 48,941,995 42,930,229

7,182,105 7,182,105 7,182,105 7,182,105

130,944,163 269,749,509 494,221,503 742,913,988
138,126,268 276,931,614 501,403,607 750,096,093

197,211,666 331,235,228 550,345,602 793,026,322

- - - -
 Ahun Industrial PLC
Financial Internal Rate of Return

Project Working Capital Fixed Asset Replacement Operating Costs Net Benefit Before Net Benefit After
Revenue Total Benefits Initial Investment Income Tax Total Costs
Years Recovery Recovery Costs Less Depreciation Tax Tax
0 - 74,335,608 74,335,608 (74,335,608) (74,335,608)
1 118,520,280 118,520,280 28,539,652 20,666,790 49,206,441 89,980,628 69,313,839
2 180,802,687 180,802,687 41,998,771 35,452,137 77,450,909 138,803,916 103,351,779
3 275,814,499 275,814,499 57,408,153 59,488,005 116,896,158 218,406,347 158,918,342
4 420,755,019 420,755,019 80,547,582 96,202,283 176,749,865 340,207,437 244,005,154
5 641,861,781 28,005,260 669,867,042 - 115,443,082 152,260,706 267,703,788 554,423,959 402,163,254

FIRR before tax 169% NPV before tax 821,140,125

FIRR after tax 135% NPV after tax 580,913,977

Ahun Industrial PLC

Sensetivity Analysis When Benefit Decreases by 10%

Project Working Capital Fixed Asset Replacement Operating Costs Net Benefit Before Net Benefit After
Revenue Total Benefits Initial Investment Income Tax Total Costs
Years Recovery Recovery Costs Less Depreciation Tax Tax
0 - 74,335,608 74,335,608 (74,335,608) (74,335,608)
1 106,668,252 106,668,252 28,539,652 17,111,181 45,650,833 78,128,600 61,017,419
2 162,722,418 162,722,418 41,998,771 30,028,057 72,026,828 120,723,647 90,695,590
3 248,233,049 248,233,049 57,408,153 51,213,570 108,621,723 190,824,897 139,611,327
4 378,679,517 378,679,517 80,547,582 83,579,633 164,127,214 298,131,935 214,552,303
5 577,675,603 28,005,260 605,680,863 - 115,443,082 133,004,852 248,447,934 490,237,781 357,232,929

FIRR before tax 152% NPV before tax 712,045,521

FIRR after tax 122% NPV after tax 504,547,754
 Ahun Industrial PLC
Sensetivity Analysis when Operating Costs Increases by 10%

Project Working Capital Fixed Asset Replacement Operating Costs Net Benefit Before Net Benefit After
Revenue Total Benefits Initial Investment Income Tax Total Costs
Years Recovery Recovery Costs Less Depreciation Tax Tax
0 - 74,335,608 74,335,608 (74,335,608) (74,335,608)
1 118,520,280 118,520,280 31,393,617 19,810,600 51,204,217 87,126,663 67,316,063
2 180,802,687 180,802,687 46,198,649 34,192,174 80,390,823 134,604,039 100,411,865
3 275,814,499 275,814,499 63,148,968 57,765,761 120,914,729 212,665,532 154,899,771
4 420,755,019 420,755,019 88,602,340 93,785,856 182,388,196 332,152,679 238,366,823
5 641,861,781 28,005,260 669,867,042 - 126,987,391 148,797,413 275,784,804 542,879,651 394,082,238

FIRR before tax 165% NPV before tax 799,309,452

FIRR after tax 131.76% NPV after tax 565,632,506

Ahun Industrial PLC

Sensetivity Analysis when Investment Cost Increases by 10%

Project Working Capital Fixed Asset Replacement Operating Costs Net Benefit Before Net Benefit After
Revenue Total Benefits Initial Investment Income Tax Total Costs
Years Recovery Recovery Costs Less Depreciation Tax Tax
- - 81,769,169 81,769,169 (81,769,169) (81,769,169)
1 118,520,280 118,520,280 28,539,652 20,666,790 49,206,441 89,980,628 69,313,839
2 180,802,687 180,802,687 41,998,771 35,452,137 77,450,909 138,803,916 103,351,779
3 275,814,499 275,814,499 57,408,153 59,488,005 116,896,158 218,406,347 158,918,342
4 420,755,019 420,755,019 80,547,582 96,202,283 176,749,865 340,207,437 244,005,154
5 641,861,781 28,005,260 669,867,042 - 115,443,082 152,260,706 267,703,788 554,423,959 402,163,254
NPV before tax 814,320,345
FIRR before tax 157% NPV after tax 574,094,197
FIRR after tax 125%
 Ahun Industrial PLC
The project Investment
Investment items Amount Percentage
Machinery Cost 67,153,504 90%
Working Capital 6,510,570 9%
Pre-operating Expenses 671,535 1%
Total 74,335,608 100%

Source of finance for total proposed cost

Description Amount D/E Ratio
Bank Machinery loan amount 67,153,504 100%
Owner's Equity Contribution 13,430,701 20%
Total 80,584,204 120%

Expected Financial Results

Description Year 1 Year 5
Sales Revenue 118,520,280 641,861,781
Profit (Loss) 48,222,510 355,274,980
Cumulative Cash Balance 57,984,067 765,021,061
FIRR before Tax = 169%
FIRR after Tax = 135%

Sensitivity Analysis
Description FIRR Before Tax FIRR after Tax
When Revenue decreased By 10% 152% 122%
When Operating Costs increased By 10% 165% 132%
When Investment Costs increased By 10% 157% 125%

Net Present Value (NPV) Internal Rate of Return

Before Tax 821,140,125 169%

After Tax 580,913,977 135%