Voreef-J Ventures

BUSINESS PLAN
For
Production of Instant Plantain Flour,
Pounded Yam Flour and Beans Flour

Prepared by:
Voreef-J Ventures
5, Oluwaseyi Street, Ajebamidele,
Ado-Ekiti, Ekiti State, Nigeria.
Telephone: 08060553453, 07015575670.
E-mail: [email protected]

December, 2017
Voreef-J Ventures

Table of Content

Executive Summary

1.0 BUSINESS OVERVIEW

1.1 Company Description
1.2 Vision and Mission Statement
1.3 The Objective of the Company
1.4 Keys to Success
1.5 Industry Analysis
1.6 Contribution to Local and National Economy

2.0 MARKETING PLAN

2.1 Description of Products
2.2 Product Packaging and Delivery
2.3 The Target Market
2.4 The Competition
2.5 Marketing Plan & Sales Strategy
2.6 Sales Forecast

3.0 ORGANISATIONAL AND MANAGEMENT PLAN

3.1 Management Team

3.2 Future Management Considerations

3.4 Staffing

4.0 OPERATION / PRODUCTION PLAN

4.1 Description of Location / Factory

4.2 Raw Materials Needed / Suppliers
4.3 Production Equipment / Capital Expenses
4.4 Protection Process

4.5 Production Cost

4.6 Stock/Inventory Control Process

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4.7 The Milestones

5.0 FINANCIAL PLAN

5.1 Financial Assumptions

5.2 Breakeven Analysis

5.3 Required Startup Capital Estimate

5.4 Swot Analysis

6.0 BUSINESS RISKS AND MITIGATING

6.1 Business Risks

6.2 Mitigation

Appendix
Voreef-J Ventures

Executive Summary

Concept

Voreef-J Ventures management has conducted research into the company’s industry
market and has identified a significantly underserved segment within it. Voreef-J
Ventures’ product is uniquely positioned to serve this segment of the market because of
its unique taste, nutrients, curative agents and natural wholesomeness. Management
estimates that the [Underserved segment] of the market will generate N85,330,000 of
sales and that Voreef-J Ventures will capture about 5% of that market by year 2.

Company description

In October, 2016 Mrs. Ekaette Ogunrinde formed a business that first started with
manufacturing of wholesome plantain flour, and later developed other products like
poundo yam flour and beans flour. This business was located in Ado-Ekiti, Ekiti State.
The company registration is on-going, and hopes to complete it in due course. Others
involved in this business are family members and contract staff. The company’s name is
VOREEF-J Venture; and it is currently in the start-up stage and expects to move rapidly
towards further growth and profitability.

Vision

To be ranked among the top ten manufacturers of packaged food products in

Nigeria by year 2023.

The Objectives

VOREEF-J Foods Ventures’ objectives for the first two years of operation includes:

 Controlling costs of production at all times without exception.

 Promote and expand advertising in not just Ekiti State but in surrounding states
to attract customers.
 Ensuring that the company will be known for integrity, steadfastness and prompt
product delivery.
Voreef-J Ventures

 Cultivate 20 hectares of farm land for plantain and yam tubers to complement
existing suppliers.

Keys to Success
 No compromise of raw material quality and product quality.
 Ensure that our products are of higher quality, less expensive and more
desirable.
 Attractive packaging of all products; especially dried plantain chips. Most
customers prefer un-milled dried plantain chips in order to avoid adulterated
plantain flour.
 Our products are unique in taste, in nutrition and maintain natural
wholesomeness.

Industry Analysis

Size and Growth Rate of the Industry

The food industry has expanded rapidly in the past several years, and growth is
expected to continue at higher rate with the increasing growth of Nigerian population.
USDA GRAIN report shows that Nigeria‘s retail food imports are estimated at $750
million in 2010 and projected to increase by 20 percent in subsequent years. Changing
demographics and lifestyles are resulting in increasing consumer demand and
preference for packaged retail foods.

Products

The Voreef-J Ventures’ main product is plantain flour and slices. The product is unique
in that it is a healthy food; it has curative agents, and naturally wholesome.

Target Market

Voreef-J Ventures’ management recognizes an enormous unmet need in the packaged

plantain flour market. Large percentage of customers surveyed recently said they were
Voreef-J Ventures

either very likely or likely to purchase plantain flour or plantain slices if it were available.
This segment of the market has tremendous potential that has been untapped by any of
our competitors in the industry. It is our primary target audience.

Marketing & Sales Strategy

Voreef-J Ventures’ marketing strategy is to represent its product as the best and most
logical solution to customers’ needs. We are positioning the company as the highest
quality producer of plantain flour in the marketplace. The company will use a variety of
marketing approaches and materials including trade shows, seminars, online marketing,
advertisement and flyers.

Sales of the company’s products will be handled by an internal sales and marketing
team. An advertising firm will be hired to assist with building brand awareness and
generating sales leads.

Competition

Voreef-J Ventures faces competition from Ayo-ola Foods, Ola Ola foods, Blossom
Foods, and other smaller firms. These companies specialize in instant packaged foods
and do not provide the same quality and price that Voreef-J does. Our company
distinguishes itself from its competitors through its unique selling proposition (UPS). Its
competitive edge is its ability to provide plantain flour and other products to its
customers more economically and better quality than any of its competitors.

Management

Voreef-J Ventures has a capable and experienced management team.

Ekaette Ogunrinde (Mrs.) born 44 years ago is M.D and the sole proprietor. Her
experience includes 15 years with United Bank for Africa where she grew their sales,
cut expenses, opened a new branch and motivated several staff under her to gain
promotions. She has a B.Sc. degree Computer Science from the university and an MBA
degree from another university. She has passion for agriculture and entrepreneurship.
Voreef-J Ventures

In addition to its present leadership, Voreef-J Ventures recognizes that it will need other
executives to join its management team. Specifically, it will be necessary to look outside
the company for a Production Manager with Food Science and Technology as
background to handle the production/operation processes. Others include
Marketing/Sales Manager, Finance and Administrative Manager, Quality Control
Manager and Purchasing/Store Manager.

By bringing in seasoned executives with relevant industry experience, the company will
be in a better position to achieve its objectives.

Operations

Voreef-J Ventures operates from its facility located at 5,Oluwaseyi street, Ajebamidele,
Ado-Ekiti, Ekiti state. Key suppliers are Arimogija Farms and Elegbeka Farms. Quality
control analysis is handled by Adu Laboratory and Chemical services. Distribution to
customers is handled by the Marketing/Sales Manager

. Financials

By achieving its sales targets, Voreef-J Ventures will position itself for profitability and
self-funded growth. The table below is a brief summary of the company’s projected
performance in two years:

Year 1 Year 2 Total

Sales N40,151,000 N45,179,000 85,330,000
Cost of Sales N32,280,600 N36,327,000 68,607,600
Gross Profits N7,870,400 N8,852,000 16,722,400
Net Profits N2,129,790 N3,727,436 5,857,226

Sources & Uses of Funds

Management will seek for an investment of N7,393,450 in addition to the N15,000,000

that will be invested by the founder. Proceeds will be used to finance the company’s
Voreef-J Ventures

ongoing start-up expenses, the enhancement of its systems and infrastructure, and the
cash shortfall until cash flow breakeven is achieved.

CHAPTER ONE
Voreef-J Ventures

1.0 BUSINESS OVERVIEW

1.1 Company Description

In October, 2016 Mrs. Ekaette Ogunrinde formed a business that first started with
manufacturing of wholesome plantain flour, and later developed other products
like poundo yam flour and beans flour. This business was located in Ado-Ekiti,
Ekiti State. The company registration is on-going, and hopes to complete it in due
course. Others involved in this business are family members and contract staff.
The company’s name is VOREEF-J Venture; and it is currently in the start-up
stage and expects to move rapidly towards further growth and profitability.

During the Company’s brief existence, management has spent significant money,
time and effort researching and consulting the food industry, particularly the
packaged instant food segment of the industry, developing its own business
model and products.

The company began selling its product – plantain flour in April, 2017, at the time
of plantain scarcity. As a result, the company was able to dictate the price and
made over 50% profits. We are presently developing new products to add to the
existing plantain flour. These products are pounded yam flour and beans flour.

1.2 Mission and Vision Statement

Mission

VOREEF-J Foods is an innovative maker of packaged food products that offers

unparalleled quality of food products in its natural state. We value integrity,
creativity and respect our relationships with each other, our customers and the
nation at large.
Voreef-J Ventures

Vision

To be ranked among the top ten manufacturers of packaged food products in

Nigeria by year 2023.

1.3 The Objectives

VOREEF-J Foods Ventures’ objectives for the first two years of operation includes:

 Producing up to 200 tons of our products in the first two years of

commencement.

 Controlling costs of production at all times without exception.

 Promote and expand advertising in not just Ekiti State but in surrounding states
to attract customers.
 Ensuring that the company will be known for integrity, steadfastness and prompt
product delivery.
 Cultivate 20 hectares of farm land for plantain and yam tubers to complement
existing suppliers.
 Minimization of waste during processing.

1.4 Keys to Success

 No compromise of raw material quality and product quality.
 Ensure that our products are of higher quality, less expensive and more
desirable.
 Attractive packaging of all products; especially dried plantain chips. Most
customers prefer un-milled dried plantain chips in order to avoid adulterated
plantain flour.
 Our products are unique in taste, in nutrition and maintain natural
wholesomeness.

1.5 Industry Analysis

Voreef-J Ventures

Size and Growth Rate of the Industry

The food industry has expanded rapidly in the past several years, and growth is
expected to continue at higher rate with the increasing growth of Nigerian population.
USDA GRAIN report shows that Nigeria‘s retail food imports are estimated at $750
million in 2010 and projected to increase by 20 percent in subsequent years. Changing
demographics and lifestyles are resulting in increasing consumer demand and
preference for packaged retail foods.

1.5.1 Maturity of Industry

The packaged food segment of the industry in which Voreef-J Ventures operates is
expanding. Our management believes that there is opportunity in the industry for a
company that can make products that are unique in taste, in nutrition and maintain
natural wholesomeness.

1.5.2 Sensitivity to Economic Cycles & Seasonality

Traditionally, the food industry has been heavily impacted by economic trends. This
segment of the food industry is seasonal; sales are heaviest during the first and fourth
quarters of the year.

1.5.3 Barriers to Entry

The costs of infrastructure, product development, staffing and technology make it

difficult for new companies to establish themselves in the food industry market. In
addition, existing customers have been reluctant to try new suppliers because of the
time and effort involved in switching allegiances.

Companies that are likely to successfully capture market share are those that have
unique product to offer, qualified technical and management staff; and adequate source
of finance.
Voreef-J Ventures

1.5.4 Trends in the Industry

The major trend in the packaged food market is toward originality of the products.
Because of adulteration with artificial food additives, consumers are more likely to
expect quality packaged food in its natural state. Product that is only good for
consumption will gradually be replaced by those that offer additional features and
benefits such as high quality, good taste, nutritious and natural.

1.5.5 Opportunities

Voreef-J Ventures is poised to take advantage of the trend toward originality through its
products. There is substantial opportunity for growth for a regional firm such as Voreef-J
Ventures to capture market share and develop a profitable business.

1.6 Contribution to Local and National Economy

The following are the benefits of this business:

 Employment generation for the promoter, the community and the state.
 Stress-free food preparation, thereby increasing the health of our people. They
gain more time for productivity.
 Reduction of post-harvest losses from the farms.
 The company and the staff pay taxes to the government.

CHAPTER TWO
Voreef-J Ventures

2.0 MARKETING PLAN

Voreef-J Ventures’ marketing strategy is to communicate its competitive differences

particularly as they relate to the needs of its target customers. Our ability to produce
quality instant food that is free of artificial food additives is what set us apart and all our
marketing efforts and tactics focus on driving this point home.

2.1 Description of Products

i. Instant Plantain Flour

This product is highly nutritious. It is good source of potassium and
vitamins A & C. High in dietary fiber, energy booster – because it is
high in carbohydrates.
The peels of plantain are of economic importance. It constitutes
valuable fodder for goats and sheep. In addition, when the peels and
the stalk are burnt, the resultant ash is used to produce local black
soap. Ready markets exist for this in the neighborhoods.

ii. Instant Pounded Yam Flour (Poundo Yam)

Instant pounded yam flour is one of the food items that defy socio-
economic class, religious and ethnic boundaries. It contains
carbohydrate as high as 75% of the nutrient in yam. When prepared, it
can be eaten or served with various sauces.

iii. Instant Beans Flour

Instant Beans Flour is naturally high in protein, and carbohydrate. It is
used in preparing nutritious Moin-moin (steamed beans paste), Akara
(fried beans paste) and Gbegiri (Beans soup).

The beans flour surely provides working and busy women, as well as
nursing mothers the opportunity to prepare this favourite meal for their
families at home. The meal can be eaten at any time; however it is
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commonly taken as breakfast or as dinner. The meal is usually eaten

along with other suitable food items like rice, corn pap (Ogi or Eko),
and gari soaked in water.

Intellectual Property

Voreef-J Ventures shall secured trademark for their products and obtain
NAFDAC certifications for each of the products.

Locations

Voreef-J Ventures currently has one office located at 5, Ogunrinde street,

Ajebamidele, Ado-Ekiti, Ekiti state.

2.3 The Target Market

Voreef-J Ventures operates in the south-west region of Nigeria and targets working
class and busy consumers that loves quality instant packaged food that is stress-free
and easy to prepare.

i. Market Size & Trends

The population of the south-west region is about 28 million as indicated by National

Population Commission (NPC). Recent studies show that the region is growing at
3% annually, and analysts predict that future growth will be 5% per year until 2020.
This may be due to changing demographics and lifestyles resulting in increasing
consumer preference for wide range of convenience, processed and packaged
foods.

The area has benefited from the recent “go-back-to-farm” campaign by the Federal
government, where quite a large number of people went into farming. This development
Voreef-J Ventures

is likely to have a positive effect on businesses such as ours who depends solely on
local raw materials for its production.

ii. Demographics

Most of the Company’s client base will be made up of working class adults of both
gender between 30 and 60 years of age, located in the urban centers of southwest
Nigeria. They will account for over 70% of the company’s revenue. They most often
purchase via supermarkets, open markets, online, from sales reps and other sales
outlets.

iii. Lifestyle and Psychographics

Voreef-J Ventures’ target customers are married or single adults in 30 - 60 age groups.
They are status-seeking, trend-setting, socially conscious customers. Our target
customers’ buying decisions are based on price, quality, artificial- additive-free,
advertising, and packaging.

iv. Market Readiness

Our management has conducted its own research into the target customer base and
has discovered that the following needs either are not being met or are being met poorly
by products currently available in the market:

• Existing products are not natural.

• Existing products are of low quality

• Existing products contain artificial food additives, such as preservatives, flavor and
colour.

v. Strategic Opportunities
Voreef-J Ventures

With its product, Voreef-J Ventures is in excellent position to address and fill the stated
needs of customers in its market. Our marketing efforts will focus on positioning the
company as the best solution to these needs.

2.4 The Competition

Voreef-J Ventures has performed extensive analysis of its competitors in the product
market in south-west Nigeria. The following types of firms offer either direct or indirect
competition:

i. Ayo-ola Foods Limited, Lagos.

ii. Blossom Food Specialties Limited, Akure.
iii. Frijay Consult Limited Lagos.
iv. Yusol International Limited, Lagos and USA.

v. Daylay Foods Processing Nigeria Limited Akure.

vi. Crystalfocus Ventures, Lagos
vii. Honeywell Plc Lagos
viii. Nigerian Flour Mills Plc Lagos.

Management considers only Firms i, ii, iii, iv and v above to be in direct competition with
our products. They offer the only realistic challenge to our company’s share of the
market. Other remaining firms do not provide the characteristics of our products.
 Voreef-J Ventures

Competitive Analysis

Table 2.1
Factors Voreef-J Ventures Ayo-Ola Foods Blossom Food Daylay Foods Nig
Ltd Specialties Ltd Ltd
Products Pounded yam Poundo yam flour, Pounded yam Pounded yam
flour, Plantain plantain flour, flour, Plantain powder.
flour, Beans flour beans flour and flour, Beans flour
Cassava flour.
Average N600/kg N700/0.9kg N650/0.9kg N800/kg
Price
Quality Maintain natural Good texture and Maintain natural Good texture and
colour, flavor and well pulverized but colour, flavor and well pulverized but
taste. No food mixed with other taste. No food mixed with other
additives flours food additives flours food additives.
additives.
Location We are located in The company is They are located The company is
Ado-Ekiti. We are located in Lagos, in Akure. located in Akure,
close to the target which makes it Lagos and Republic
market and also to easier to reach of Ireland.
the source of raw markets.
materials.
Quantity We have low They have high They have low Their product is
capacity at the volume capacity. capacity. They packaged in 450g,
moment. We have Their pack sizes pack in 1kg pack 0.9kg.
1kg pack size. are 0.9kg, 1.8kg size.
and 4.8kg.
Reliability Our Company will They are reliable. Very reliable to Their reliability can
ensure reliability at Attend to their customers. be trusted.
every level of customer’s Effective delivery
operations. complain promptly. channels through
dedicated staff.
Sales We shall use direct Their distribution They sell their They use the
and sales and network cut across product through dealership method to
 Voreef-J Ventures

Distributi dealership method the entire south- distributors sell their product in
on in major markets west, the FCT, and located in various Nigeria. They have
methods for distribution of major cities in the markets within sales agents abroad.
our products. country. Akure. They
concentrate more
on supermarkets
outside Akure.
Advertise The use of They have Display of product Internet advert and
ment handbills, radio branded delivery in the market display of product in
jingles, and social vehicles. Also places and the market.
media networks. through internet through social
advertisement media networks.
Packagin Our packaging Good packaging The packaging is The product is well
g shall be design to but they can very simple and packaged. The
be attractive, improve on the transparently design is attractive.
inviting and design of the attractive.
distinct. It shall packaging
stand out among material.
others.

2.4.1 Future Competition

Given the voids that management has identified in Voreef-J Ventures’ target market, it is
entirely likely that existing competitors will develop products to meet customers’ needs.
It is also conceivable that new firms will perceive market voids and make attempts to
capture market share. Management is ready for this type of healthy activity in the
marketplace and plans to continually assess its competitive position and protect its
market share.

2.4.2 Strategic Position and Risk Assessment

Voreef-J Ventures

Voreef-J Ventures’ strategy is to position the company as the leading provider of

packaged food products in the south-west market of Nigeria. It will achieve this goal by
establishing a market position characterized by the following:

• Affordable prices, high quality products in its natural state, and friendly customer
service.

• Operational and technological advantages of the company which include the use of
renewable energy, and good product design.

• Sales channels: retail, wholesale, and internet.

Management will establish its strategic position after a careful evaluation of the
industry’s trends, the target market, the competitive environment, the company’s
strength, and the inherent risks.

2.5 Marketing Plan & Sales Strategy

Voreef-J Ventures’ marketing strategy is to communicate its competitive differences

particularly as they relate to the needs of its target customers. Our ability to produce
high quality natural food products is what sets us apart and all of our marketing efforts
and tactics focus on driving this point home.

2.5.1 Company Image

Our company’s logo, marketing materials, promotions, and sales approach are all
coordinated so as to present a clear and consistent message to its customers and
potential customers: Voreef-J Ventures’ product is the ideal solution to their need for
originality, high quality and a product void of additives.
Voreef-J Ventures

The company’s logo, a dark red, olive green, with a fork in-between the colours
integrates with its slogan: “Eat natural.” This integration leads to a variety of consistent
messages throughout our communications with the target customers.

2.5.2 Sales Program

The nature of our company’s products makes the direct sales, wholesales and internet
sales the most effective approach.

2.5.3 Marketing

Voreef-J Ventures will use the following marketing vehicles to express its message to its
target market:

i. Brochures

The company will developed its own sales literature and also used the services of a
marketing/design firm. These materials will be used by the sales and marketing team.

ii. Public Relations And Advertising

Management recognizes the importance of creating awareness about its offerings, and
will engage the services of PR and Advertising firm to handle its public relations and
advertisement. The firm to be chosen must have extensive experience and track record
in the packaged food industry. Ads will be run strategically to support and maximize the
impact of the positive public relations.

iii. Customer Loyalty

Management believes that in today’s market place the most successful companies are
those that provide excellent service to their customers. Our company is committed to
total customer satisfaction and recognizes it has an opportunity to separate itself from
the rest of the pack by servicing its customers better than anyone else.
 Voreef-J Ventures

Management has already put into place loyalty programs that will reward its customers
for their business. The program, such as branding customer’s van, offering of roll-up
banners and yearly rewards is being put in place.

Management believes that these types of programs serve to, not only reward its
customers, but also to build the company’s credibility in the marketplace.

iv. Trade Shows

Management shall, as a matter of priority, participate in national trade shows such as

Lagos International Trade Fair, Abuja Trade Fair and Enugu Trade Fair. Our company
intends to register with Nigerian Export Promotion Council (NEPC), on whose platform
we can attend international trade fairs. Management also believes that significant sales
and sales leads can be achieved in attending trade shows.

2.6 Sales Forecast

Management projects that the company will achieve direct sales of 60 tons of products
and N40,151,000.00 of revenue in year 1. These figures will grow to 72 tons and
N45,179,000.00 in year 2.

The Table below indicates the company’s projected revenues:

Table 2.2: Bi-Monthly Sales Forecast (24 MONTHS)

    P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 TOTAL

Instant
Pound Qty 4,000 4,000 3,600 3,600 4,500 4,500 4,500 4,500 4,000 4,000 5,000 5,000 51,200
ed Price  
Yam / 680 680 680 680 680 680 680 680 680 680 680 680
Flour Unit

2,720 2,720 2,448 2,448 3,060 3,060 3,060 3,060 2,720 2,720 3,400 3,400 34,816,0
Amt ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 00
Instant
Plantai Qty 2,700 2,700 2,200 2,200 3,000 3,000 3,200 3,200 2,800 2,800 3,200 3,200 34,200
 Voreef-J Ventures

n Flour  
Price 780 780 780 780 780 780 780 780 780 780 780 780
/Uni
t

Amt 2,106 2,106 1,716 1,716 2,340 2,340 2,496 2,496 2,184 2,184 2,496 2,496 18,076,8
,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 00
Instant
Beans Qty 2,800 2,800 2,500 2,500 3,000 3,000 3,000 3,000 2,500 2,500 3,600 3,600 34,800
Flour
 
Price 685 685 685 685 685 685 685 685 685 685 685 685
/Uni
t

Amt 1,918 1,918 1,712 1,712 2,055 2,055 2,055 2,055 1,712 1,712 2,466 2,466 23,838,0
,000 ,000 ,500 ,500 ,000 ,000 ,000 ,000 ,500 ,500 ,000 ,000 00
Total Revenue
6,744 6,744 5,876 5,876 7,455 7,455 7,611 7,611 6,616 6,616 8,362 8,362 76,799,8
,000 ,000 ,500 ,500 ,000 ,000 ,000 ,000 ,500 ,500 ,000 ,000 00
Voreef-J Ventures

CHAPTER THREE

3.0 Management & Organization

3.1 Management Team

Voreef-J Ventures has a capable and experienced management team.

Ekaette Ogunrinde (Mrs.) born 44 years ago is M.D and the sole proprietor. Her
experience includes 15 years with United Bank for Africa where she grew their sales,
cut expenses, opened a new branch and motivated several staff under her to gain
promotions. She has a B.Sc. degree Computer Science from the university and an MBA
degree from another university. She has passion for agriculture and entrepreneurship.

3.2 Future Management Considerations

In addition to its present leadership, Voreef-J Ventures recognizes that it will need other
executives to join its management team. Specifically, it will be necessary to look outside
the company for a Production Manager with Food Science and Technology as
background to handle the production/operation processes. Others include
Marketing/Sales Manager, Finance and Administrative Manager, Quality Control
Manager and Purchasing/Store Manager.

By bringing in seasoned executives with relevant industry experience, the company will
be in a better position to achieve its objectives.

3.3 Staffing

Voreef-J Ventures plans to run its business with a staff of 8 full time and 6 part-time
employees. Each is responsible for a different function, although management has
created a system of cross-functional training that will keep its business running
smoothly despite illness, attrition, or turnover.
Voreef-J Ventures

The staff is organized along for the following functional framework:

• Marketing/Sales:

Responsible for actual distribution of a product to the customer.

• Finance and Administration:

Responsible for bookkeeping, accounting, and auditing. In addition, he
performs any combination of routine calculating, posting, and verifying
duties to obtain primary financial data for use in maintaining accounting
records; provides clerical services in order to ensure effective and
efficient operations.

• Production/Operations:

He is responsible for the operations of the company. Establish work

schedules, assignments, and production sequences to meet
production goals.

• Quality Control:
Monitor compliance with health and fire regulations. It also consists of analysing the
quality of all raw materials, production equipment, hand tools, production area and the
finished product before packaging.

• Customer Service:
Responsible for interacting with customers to provide information in
response to inquiries about products or services and to handle and
resolve complaints.
Voreef-J Ventures

CHAPTER FOUR

4.0 OPERATION / PRODUCTION PLAN

One of the keys to the success of our company is the production process. Our ability to
effectively manage this aspect of our business enables us to keep costs down and at
the same time provide quality products.

4.1 Description of Location / Factory

Voreef-J Ventures operates its business from its factory located at 5, Oluwaseyi
Street, Ajebamidele, Ado-Ekiti, Ekiti State, and comprises of about 3500 square
feet.
The facility is provided by the sole proprietor.

4.2 Raw Materials Needed / Suppliers

i. Instant Pounded Yam Flour

Materials Description Key Supplier Comment

Yam White Yam, Wholesome Yam Dealers Buy at the farm
Tubers from Abuja and gate..
Ogbese, Akure.

ii. Instant Plantain Flour

Material Description Key Supplier Comment

s
Plantain Unripe Arimogija farm, Buying directly from source
Wholesome Ifon Local govt. will prevent mixture of
Plantain immature plantain with the
mature ones.

iii. Instant Beans Flour

 Voreef-J Ventures

Material Description Key Supplier Comment

s
Beans White Beans dealer Beans from Sokoto or
Wholesome from Northern Maiduguri is better.
beans from Nigeria.
Sokoto or
Maiduguri

4.3 Production Equipment / Capital Expenses

Table 3.1
Equipment Descri Unit Cost Value Life Span Monthly
ption (Months) Depreciation

Parboiler 1 500,000 60
500,000.00 8,333.33
Slicing Machine 1 250,000 60
250,000.00 4,166.67
Cabinet Dryer 1 1,500,00 120
0 1,500,000.00 12,500.00
Hammer Mill 1 1,800,00 60
with cyclone 0 1,800,000.00 30,000.00
and Silos
Mixing Machine   1 650,000 60
650,000.00 10,833.33
Sealing   1 300,000 60
machine and 300,000.00 5,000.00
Coding Machine
Weighing   1 75,000 48
Balance (Digital 75,000.00 1,562.50
 Voreef-J Ventures

and Manual)
Power   1 1,200,00 120
Generating Set 0 1,200,000.00 10,000.00
Spare parts   4 55,000.0 60
0 220,000.00 3,666.67
Moisture meter   1 45,000 48
45,000.00 937.50
Water treatment   1 210,000 60
system, 2 Tanks 210,000.00 3,500.00
Office   3 80,000 60
equipment 240,000.00 4,000.00
Delivery Van   1 1,500,00 60
0 1,500,000.00 25,000.00
        1
- -
TOTAL    
8,490,000.00 119,500.00

Table 3.2: OFFICE EQUIPMENT / ACCESSORIES

Particulars Source Qty Unit Price Amount

Furniture & Fitting A reputable
Furniture company. 5 set 60,000 300,000
Voreef-J Ventures

Air Conditioner LG Store

2Hp 4 60,000 240,000
Carpet / Rug Nobel Carpet 20 1,500 30,000
36 Sqm
LED TV Set 21” LG Stores 1 500,000 50,000
Desktop Pc and Lasco Computers
Printer Oba-Adesida Road, 2 70,000 140,000
Akure
Total 760,000

Table 3.3: Utilities

S/N Particulars Qty Used Qty Used Unit Price Monthly
Daily Monthly (N) Cost (N)
1. Electricity 30 kwh 600 kwh 35.00 21,000.00
2. Fuel (Diesel) 10L 150L 160 45,000.00
3. Water 100L 2450 N1 2,450.00
5. Office Stationeries 50 papers 4,500 5.00 22,500.00
6. Laboratory Analysis 3 20,000 60,000.00

Total N150,950.00

4.4 Production Process

The production process consists of simple operations which have been

mechanized. The unit operations are as shown below:

i. Instant Pounded Yam Flour

Yam Selection and Weighing

Voreef-J Ventures

Washing

Peeling

Slicing

Parboiling

Drying

Milling

Packaging

ii. Instant Plantain Flour production:

Selection and Weighing

Washing

Peeling
Voreef-J Ventures

Slicing

Drying

Milling

Cooling

Packaging

iii. Instant Beans Flour:

Beans Selection and Weighing

Washing

Peeling
Voreef-J Ventures

Sieving

Drying

Milling

Cooling

Packaging

4.5 Production Cost

The following assumptions are made in arriving at the proposed production program
Table 3.4
Rate of Production Instant Pounded Instant Plantain Instant Beans
Yam Flour Flour Flour
No. of working hours/day 8 8 8
No. of days/week 4 1 1
No. of shifts/day 1 1 1
Output/Input Ratio 3:5 2:3 4:5
Percentage yield 60% 67% 80%
Volume of production/day 200kg 200kg 400kg
Voreef-J Ventures

Direct Material Cost per month

Plantain Flour Cost/Batch

Direct Materials Qty/Size Cost/Unit Amount

Raw Material (PLANTAIN) 246 90 22,140
Packaging Nylon/ quantity
produced 59.04 0
Packaging Carton / Bags 2 200 400
Delivery 6 50 300
Labour 8 800 6,400
Electricity (Kwh) 0 35 0
Diesel 15 250 3750
Cooking Gas 8 400 3200
Vitamin A 60 2.5 150
Water 200 2 400

Total Cost on 2560Kg Output 36,740

Cost per unit (900g) 622.29

Selling Price / Unit 777.862

Instant Pounded Yam Flour/Batch 90% Yam

 
Direct Materials Cost/Uni
S/N Qty/Size t Amount  
1 Raw Material (Yam) 12000 85 1020000  
Packaging Nylon
2 /OUTPUT 3300   0  
Packaging
3 Carton /Bags 132 200 26400  
5 Labour 16 10000 160000  
6 Electricity (kwh) 2800 35 98000  
Voreef-J Ventures

7 Diesel 200 250 50000  

8 Starch 10% C4 300 520 156000  
8 Cooking Gas 900 400 360000  
9 Vitamin A 750 0.5 375  
10 Water 1000 2 2000  
Total Cost of
  3168Kg Output     1872775  
Cost per unit
      567.5076  
Selling Price / Unit
      681.0091

Ordinary Beans Flour Cost/ Batch

   
S/N Direct Materials Qty/Size Cost/Unit Amount  
1 Raw Material (Beans) 2000 300 600000  
2 Output Pouches 1700 35 59500  
3 Packaging Bags 170 130 22100  
4 Packaging cartons 170 400 68000  
5 Delivery 0 60 0  
6 Labour 5 10000 50000  
7 Electricity 250 35 8750  
8 Diesel/Petrol 100 250 25000  
9 Water/Dehulling 2000 30 60000  
  Total Cost on Output     893,350  
 Voreef-J Ventures

  Cost per unit kg     525.5  

  Selling Price/Unit     683.15
 

Table 3.5: Operating Activities and Expenses (Bi-Monthly)

Expenses P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12

Total
Salary 2 2
Expenses 260, 60,0 60,0 260 260 260 260 260 260 260 260 260 3,120,
000 00 00 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 000
Repair & 6 1 1 6 1 1 6 1 1
Maintenan 60,0 60,0 60,0 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 420,00
ce 00 00 00 0 0 0 0 0 0 0 0 0 0
Advertising 6 6 6 6
60,0 0,00 0,00 0,00 0,00 300,00
00     0     0     0   0 0
Delivery 4 1 1 1 4 1 1 1 4
/transport 40,0 10,0 10,0 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 240,00
00 00 00 0 0 0 0 0 0 0 0 0 0
Telephone 1 1 1 1 1 1
12,0 10,0 10,0 2,00 6,00 6,00 8,00 0,00 2,00 2,00 2,00 4,00 124,00
00 00 00 0 0 0 0 0 0 0 0 0 0
Utilities
1 1
150, 50,9 50,9 150 150 150 150 150 150 150 150 150 1,811,
950 50 50 ,950 ,950 ,950 ,950 ,950 ,950 ,950 ,950 ,950 400
Total 4 4
Operating 582, 90,9 90,9 582 436 436 548 470 442 552 442 534 6,015,
Expenses 950 50 50 ,950 ,950 ,950 ,950 ,950 ,950 ,950 ,950 ,950 400

Initial Operating Expenses = 582,950.00

Cost Forecast
 Voreef-J Ventures

Management projects that the company will produce 60 tons of products at the cost of
N32,280,600.00 in Year 1. These figures is expected to grow to 72 tons of products at
N36,327,000.00 in year 2.

The Table below indicates the company’s cost forecast:

Table 3.6: Bi-Monthly Cost Forecast (24 MONTHS)

  Cost P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12 TOTAL

Instant  
Pound Qty 4,000 4,000 3,600 3,600 4,500 4,500 4,500 4,500 4,000 4,000 5,000 5,000
ed Yam  
Flour Cost 567 567 567 567 567 567 567 567 567 567 567 567
/Unit

Amt 2,268, 2,268, 2,041, 2,041, 2,551, 2,551, 2,551, 2,551, 2,268, 2,268, 2,835, 2,835, 29,030,
 Voreef-J Ventures

000 000 200 200 500 500 500 500 000 000 000 000 400
Instant  
Plantai Qty 2,700 2,700 2,200 2,200 3,000 3,000 3,200 3,200 2,800 2,800 3,200 3,200
n Flour  
(Elubo Cost 622 622 622 622 622 622 622 622 622 622 622 622
Ogede) /Unit

Amt 1,679, 1,679, 1,368, 1,368, 1,866, 1,866, 1,990, 1,990, 1,741, 1,741, 1,990, 1,990, 21,272,
400 400 400 400 000 000 400 400 600 600 400 400 400
Instant  
Beans Qty 2,800 2,800 2,500 2,500 3,000 3,000 3,000 3,000 2,500 2,500 3,600 3,600
Flour  
Cost 526 526 526 526 526 526 526 526 526 526 526 526
/Unit

Amt 1,472, 1,472, 1,315, 1,315, 1,578, 1,578, 1,578, 1,578, 1,315, 1,315, 1,893, 1,893, 18,304,
800 800 000 000 000 000 000 000 000 000 600 600 800
Total Cost of
Sales 5,420, 5,420, 4,724, 4,724, 5,995, 5,995, 6,119, 6,119, 5,324, 5,324, 6,719, 6,719, 68,607,
200 200 600 600 500 500 900 900 600 600 000 000 600

4.6 Stock/Inventory Control Process

Voreef-J Ventures management is committed to an efficient supply. The current lead
time from production order to finished product is two weeks. We shall put in place a
system to manage our supply chain which will enable us to keep our inventories at the
lowest possible levels.
Finished goods are held in inventory at our finished product store managed by the Store
Keeper. It is this place that handles order and supply of products to our customers.

Table 3.7: Opening Stock

Stock / Item Quantity Unit Cost Total

Yam tubers (Tons) 20 120000 2,400,000.00

Plantain (Tons) 12 110000 1,320,000.00
White Beans (Tons) 4 300000 1,200,000.00
 Voreef-J Ventures

Printing Cylinder (4 colours) 4 80,000 320,000.00

Printing on Pouches (Units) 20000 35 700,000.00
Packaging Carton (Units) 2,000 400 800,000.00
Diesel (L) 2000 180 360,000.00
Stainless bowls 1 8500 8,500.00
Total     7,108,500.00

4.7 Milestones
Table 3.8
 Voreef-J Ventures

Milestone Period Budget ($) Supervisor Suppliers

1. Business registration 20,000 CAC

2. Writing Business plan Oct - Dec, 50,000 M.D Blossom

2017 Consulting.
3. Hiring a Consultant 400,000

Design and construction of Jan - March, 5,000,000 M.D Fatleyon

factory 2018. Nigeria
Consultant Enterprises

Purchase of equipment: Dryer, 4,200,000 Production Vital

Hammer Mill, Slicer, Mixer Manager Engineering,
Akure
Weighing scales, Sealer and Consultant
Coding machine. April - June, 375,000 Global Sterling,
2018. Lagos
Installation and
Commissioning.

Purchase of power generator 1,200,000 MD Emeka Gen

services,
Week 1 – 2, Consultant Ogunpa,
Ibadan
Installation: Switches, Gear July, 2018 180,000
boxes, amour cables, recline Vital Engr.
cables

Purchase of office equipment Week 3 – 4, 760,000 Admin Mgr. Electronic

Store
Purchase of other equipment: July, 2018 500,000
Parboiler. Vital Engr.

Installation of semi-water Week 4, 100,000 Consultant Fatleyon Nig.

treatment plant. 2018. Ent.

Trial production and staff Wk 1-3, Consultant Blossom

 Voreef-J Ventures

training August, 200,000 Consulting.

2018.
Raw materials for training,
including sample pouches

Commencement of Nafdac Week 4, 250,000 Mr. Adu Nafdac Agent

registration and certification August,
2018.

Design of electronic 1,820,000 Consultant Lekan

rotogravure printing cylinder (4 Packaging,
colours) and printing of Lagos
pouches and cartons.
Wk 1-4
Recruitment of management September,
and production staff. 2018. 20,000 M.D -

Interview and Refreshment 20,000 Admin Mgr. -

Publicity and advertisement: Sales / A-Gold Prints,

Design and printing of roll-up Marketing Akure
50,000
banner and handbills.

Procurement of raw materials 1,120,000 M.D Farm Gate

(Yam x 5tons, Plantain x2
tons, Beans x 1ton). Wk 1-4, Purchasing
October,
Commencement of production 2018. Production
Manager

Commencement of S.O.N 150,000 Standard Org.

registration and certification Of Nigeria

TOTAL N15,915,000
Voreef-J Ventures

CHAPTER FIVE

5.0 Financial Plan

The following topics and tables outline our financial plan. We plan to turn a significant
profit, and maintain a healthy cash flow.

5.1 Financial Assumptions

The financial plan depends upon important assumptions, most of which are shown in
the following table. The key underlying assumptions are:

 We assume a slow-growth economy, without major recession.

 We assume that there are no unforeseen changes in the expectancy in the
popularity of our products.
 We assume access to investments and financing are sufficient to maintain and
fulfill our financial plan.
 We also assume tax at 5% of net profit; and insurance at 5% of total capital
expense.

 Pre-Operating Activities and Expenses

Table 5.1
S/N Item Description Amount
1 Rent of the factory two year  
Equipment See Table 4.1 for Details
2 8,490,000.00
Factory Building the factory
3 5,000,000.00
Plumbing works, Installation and
Accessories and Commissioning 700,000.00
4 Machine Installation
Business and product C.A.C, Trademark, Nafdac
registration, Training, registration, NEPC 512,000.00
Consultancy services, registration, and Bar-coding.
5 Equipment installation
Voreef-J Ventures

TOTAL  
14,702,000.00

5.2 Break Even Analysis

We want to minimize surprises (good or bad) in our business. We do know that “good
surprises” are desirable but may create havoc when it is not prepared and planned for.
Break- even point and other financial projections will help us avoid or minimize it.

Break-Even Point Calculations

Average Sales Price 715

average Variable Cost 572
Contribution 143
Fixed Cost 13,717,125
Break-Even Units 95,924
Break-Even Sales (N) 68,585,625

Month of Profitability
Projected Monthly sales in Unit 9,500
Quantity Required for Profitability 96,000
Expected Month of Profitability 10.1096 (10th month/ October)
A total sale, for our company to reach break-even point is Sixty-Eight Million, Five
Hundred and Eighty-Five Thousand, Six Hundred and Twenty-Five Naira.

5.3 Required Startup Capital Estimate

Table 5.2
 Voreef-J Ventures

Required Startup Capital

Estimate    
COMMEN
ITEMS AMOUNT T
Pre-operating Expenses 14,702,000.00  
Opening Stock 7,108,500.00  
Initial Operating Expenses
-2months 582,950.00  
Total Startup Capital Estimated 22,393,450.00  
SOURCES OF FUNDS AMOUNT %
Directors' Fund /Equity 15,000,000.00 67%
Loan/Grant/Investors 7,393,450.00 33%
Total Funds Sourced 22,393,450.00 100%

Table 5.3: Loan Repayment Schedule

Monthly Monthly Principal +
Month Principal Principal Interest Interest Cumulative

0 7,393,450.00        

1 7,393,450.00 - 123,224.17 123,224.17 123,224.17

2 7,393,450.00 - 123,224.17 123,224.17 246,448.33

3 7,393,450.00 336,065.91 123,224.17 459,290.08 705,738.41

4 7,057,384.09 336,065.91 123,224.17 459,290.08 1,165,028.48

5 6,721,318.18 336,065.91 123,224.17 459,290.08 1,624,318.56

6 6,385,252.27 336,065.91 123,224.17 459,290.08 2,083,608.64

7 6,049,186.36 336,065.91 123,224.17 459,290.08 2,542,898.71

8 5,713,120.45 336,065.91 123,224.17 459,290.08 3,002,188.79

9 3,461,478.86
 Voreef-J Ventures

5,377,054.55 336,065.91 123,224.17 459,290.08

10 5,040,988.64 336,065.91 123,224.17 459,290.08 3,920,768.94

11 4,704,922.73 336,065.91 123,224.17 459,290.08 4,380,059.02

12 4,368,856.82 336,065.91 123,224.17 459,290.08 4,839,349.09

13 4,032,790.91 336,065.91 67,213.18 403,279.09 5,242,628.18

14 3,696,725.00 336,065.91 67,213.18 403,279.09 5,645,907.27

15 3,360,659.09 336,065.91 67,213.18 403,279.09 6,049,186.36

16 3,024,593.18 336,065.91 67,213.18 403,279.09 6,452,465.45

17 2,688,527.27 336,065.91 67,213.18 403,279.09 6,855,744.55

18 2,352,461.36 336,065.91 67,213.18 403,279.09 7,259,023.64

19 2,016,395.45 336,065.91 67,213.18 403,279.09 7,662,302.73

20 1,680,329.55 336,065.91 67,213.18 403,279.09 8,065,581.82

21 1,344,263.64 336,065.91 67,213.18 403,279.09 8,468,860.91

22 1,008,197.73 336,065.91 67,213.18 403,279.09 8,872,140.00

23 672,131.82 336,065.91 67,213.18 403,279.09 9,275,419.09

24 336,065.91 336,065.91 67,213.18 403,279.09 9,678,698.18

GRAND
TOTAL   7,393,450.00 2,285,248.18 9,678,698.18

5.4 SWOT ANALYSIS

Table 5.4

Strength Weaknesses
Voreef-J Ventures

i. The M.D and the management team i. Weak financial capacity.

have excellent knowledge of the ii. Low production capacity to
business. meet customer’s demand.
ii. Product uniqueness. iii. Seasonality of the raw
iii. Our marketing strategy to reach the materials.
customers and our pricing is highly iv. Fairly high turnover in the
competitive. workforce, especially the
iv. We are close to the source of raw casual staff.
materials.

Opportunities Threats

i. The competitors are vulnerable. i. Erratic power supply.

ii. The trend in the food industry and the ii. Ever changing technologies.
industrialization is such that create iii. Economic down turn in the
high demand for packaged food country.
products. iv. Larger competitors dropping
iii. Raw materials are available in high their prices.
quantity and obtainable at cheaper v. New market entrants.
prices during their on-season.
iv. Technology application has improved
the quality of production.

CHAPTER SIX

6.0 Business Risk and Mitigation Factor

6.1 Identified Risks

Voreef-J Ventures

The food processing factory is associated with some risks which include:
i. Fire hazard / outbreak
ii. Employee accident
iii. Food poisoning
iv. Pilfering / Theft

6.2 Mitigation
i. Fire extinguisher must be installed at strategic point in the factory.
ii. Comprehensive insurance policy shall be obtained for the business
iii. Training on food handling and personal hygiene.
iv. Register all employees with NSITF against hazard and accident.

APPENDICES
 Voreef-J Ventures

BI-MONTHLY PROFIT AND LOSS STATEMENT (24 MONTHS)

Compo 1 2 3 4 5 6 7 8 9 10 11 12 TOTAL
nents
TOTAL
SALES 6,744 6,744 5,876 5,876 7,455 7,455 7,611 7,611 6,616 6,616 8,362 8,362 85,330,
,000. ,000. ,500. ,500. ,000. ,000. ,000. ,000. ,500. ,500. ,000. ,000. 000.00
00 00 00 00 00 00 00 00 00 00 00 00
TOTAL
COST 5,420 5,420 4,724 4,724 5,995 5,995 6,119 6,119 5,324 5,324 6,719 6,719 68,607,
OF ,200. ,200. ,600. ,600. ,500. ,500. ,900. ,900. ,600. ,600. ,000. ,000. 600.00
SALES 00 00 00 00 00 00 00 00 00 00 00 00
GROSS
PROFIT 1,323 1,323 1,151 1,151 1,459 1,459 1,491 1,491 1,291 1,291 1,643 1,643 16,722,
,800. ,800. ,900. ,900. ,500. ,500. ,100. ,100. ,900. ,900. ,000. ,000. 400.00
00 00 00 00 00 00 00 00 00 00 00 00
EXPENS
ES -
Operati
ng 582,9 490,9 490,9 582,9 436,9 436,9 548,9 470,9 442,9 552,9 442,9 534,9 6,015,4
Expense 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 00.00
s
Interest
246,4 246,4 246,4 246,4 246,4 246,4 134,4 134,4 134,4 134,4 134,4 134,4 2,285,2
48.33 48.33 48.33 48.33 48.33 48.33 26.36 26.36 26.36 26.36 26.36 26.36 48.18
Depreci 131,0
ation 20.83 131,0 131,0 131,0 131,0 131,0 131,0 131,0 131,0 131,0 131,0 131,0 1,572,2
20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 20.83 49.96
Rent
30,00 30,00 30,00 30,00 30,00 30,00 30,00 30,00 30,00 30,00 30,00 30,00 360,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00
Insuran
ce 27,00 27,00 27,00 27,00 27,00 27,00 27,00 27,00 27,00 27,00 27,00 27,00 324,000
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00
TOTAL
EXPENS 1,017 925,4 925,4 1,017 871,4 871,4 871,3 793,3 765,3 875,3 765,3 857,3 10,556,
ES ,419. 19.16 19.16 ,419. 19.16 19.16 97.19 97.19 97.19 97.19 97.19 97.19 898.14
16 16
NET
PROFIT 306,3 398,3 226,4 134,4 588,0 588,0 619,7 697,7 526,5 416,5 877,6 785,6 6,165,5
BEFORE 80.84 80.84 80.84 80.84 80.84 80.84 02.81 02.81 02.81 02.81 02.81 02.81 01.86
TAX
Income
Tax 15,31 19,91 11,32 6,724 29,40 29,40 30,98 34,88 26,32 20,82 43,88 39,28 308,275
9.04 9.04 4.04 .04 4.04 4.04 5.14 5.14 5.14 5.14 0.14 0.14 .09
NET
PROFIT 291,0 378,4 215,1 127,7 558,6 558,6 588,7 662,8 500,1 395,6 833,7 746,3 5,857,2
AFTER 61.79 61.79 56.79 56.79 76.79 76.79 17.67 17.67 77.67 77.67 22.67 22.67 26.77
TAX
 Voreef-J Ventures

BI-MONTHLY CASH FLOW PLAN (24 MONTHS)

Compo Pre 1 2 3 4 5 6 7 8 9 10 11 12 TOTAL
nents Start
up
CASH
INFLO
W
Cash
at
Hand
(begin
ning of 582, 1,035 902, 606, 223, 270, 318, 395, 547, 536, 421, 743,
month 950. ,032. 383. 429. 075. 640. 206. 813. 520. 586. 153. 765.
)   00 62 43 24 04 85 66 34 01 69 37 05  
Cash
Sales 6,74 6,744 5,87 5,87 7,45 7,45 7,61 7,61 6,61 6,61 8,36 8,36 85,33
4,00 ,000. 6,50 6,50 5,00 5,00 1,00 1,00 6,50 6,50 2,00 2,00 0,000.
  0.00 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 00
Equity
15,0
00,0 15,00
00.0 0,000.
0                         00
Loan
Procee 7,39 7,393,
d 3,45 450.0
0.00                         0
Total
Cash 22,3
Inflow 93,4 7,32 7,779 6,77 6,48 7,67 7,72 7,92 8,00 7,16 7,15 8,78 9,10 114,3
50.0 6,95 ,032. 8,88 2,92 8,07 5,64 9,20 6,81 4,02 3,08 3,15 5,76 07,00
0 0.00 62 3.43 9.24 5.04 0.85 6.66 3.34 0.01 6.69 3.37 5.05 6.31
CASH
OUTFL
OW -
Pre-
operati 14,7
ng 02,0 14,70
Expens 00.0 2,000.
es 0                         00
Openi
ng
invent
ory 7,10 5,42 5,420 4,72 4,72 5,99 5,99 6,11 6,11 5,32 5,32 6,71 6,71 75,71
Total 8,50 0,20 ,200. 4,60 4,60 5,50 5,50 9,90 9,90 4,60 4,60 9,00 9,00 6,100.
Cost 0.00 0.00 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 00
Opera
ting 582, 490, 582, 436, 436, 548, 470, 442, 552, 442, 534, 6,015,
Expens 950. 490,9 950. 950. 950. 950. 950. 950. 950. 950. 950. 950. 400.0
es   00 50.00 00 00 00 00 00 00 00 00 00 00 0
 Voreef-J Ventures

Interes
t 246, 246, 246, 246, 246, 134, 134, 134, 134, 134, 134, 2,285,
448. 246,4 448. 448. 448. 448. 426. 426. 426. 426. 426. 426. 248.1
  33 48.33 33 33 33 33 36 36 36 36 36 36 8
Loan
Repay 672, 672, 672, 672, 672, 672, 672, 672, 672, 672, 7,393,
ment 672,1 131. 131. 131. 131. 131. 131. 131. 131. 131. 131. 450.0
  - 31.82 82 82 82 82 82 82 82 82 82 82 0
Insura
nce 27,0 27,0 27,0 27,0 27,0 27,0 27,0 27,0 27,0 27,0 27,0
00.0 27,00 00.0 00.0 00.0 00.0 00.0 00.0 00.0 00.0 00.0 00.0 324,0
  0 0.00 0 0 0 0 0 0 0 0 0 0 00.00
Incom
e Tax 15,3 11,3 29,4 29,4 30,9 34,8 26,3 20,8 43,8 39,2
19.0 19,91 24.0 6,72 04.0 04.0 85.1 85.1 25.1 25.1 80.1 80.1 308,2
  4 9.04 4 4.04 4 4 4 4 4 4 4 4 75.09
Total
Cash 21,8
Outflo 10,5 6,29 6,876 6,17 6,25 7,40 7,40 7,53 7,45 6,62 6,73 8,03 8,12 106,7
w 00.0 1,91 ,649. 2,45 9,85 7,43 7,43 3,39 9,29 7,43 1,93 9,38 6,78 44,47
0 7.38 19 4.19 4.19 4.19 4.19 3.32 3.32 3.32 3.32 8.32 8.32 3.27
Cash
Balanc
e (end
of the 582, 1,03 606, 223, 270, 318, 395, 547, 536, 421, 743, 978,  84,93
month 950. 5,03 902,3 429. 075. 640. 206. 813. 520. 586. 153. 765. 976. 3,973.
) 00 2.62 83.43 24 04 85 66 34 01 69 37 05 73 27