Punjab Emu Farms

Academic Version

Confidentiality Agreement
The undersigned reader acknowledges that the information provided by _______________ in this business plan is confidential;
therefore, reader agrees not to disclose it without the express written permission of _______________.
It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other
than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause
serious harm or damage to _______________.
Upon request, this document is to be immediately returned to _______________.
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
This is a business plan. It does not imply an offering of securities.

Academic Version

Table of Contents
1.0

Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.1
Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.2
Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.3
Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1
1
2

2.0

Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.1
Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.2
Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.3
Company Locations and Facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2
2
2
3

3.0

Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.1
Product Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4
4

4.0

Market Analysis Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.1
Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.2
Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3
Industry Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.3.1 Main Competitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5
5
6
6
7

5.0

Strategy and Implementation Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.1
SWOT Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.1 Strengths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.2 Weaknesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.3 Opportunities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.1.4 Threats . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.2
Strategy Pyramid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.3
Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4
Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4.1 Pricing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.4.2 Promotion Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.5
Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.5.1 Sales Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7
7
7
8
8
8
8
8
8
9
9
9
9

6.0

Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.1
Management Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.2
Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10
11
11

7.0

Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.1
Start-up Funding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.2
Key Financial Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.3
Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.4
Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.5
Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.6
Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.7
Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11
11
12
13
14
16
17
18

Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Academic Version

19

Punjab emu farming

1.0 Executive Summary

The Emu is a large bird which originally came from Australia and belongs to the big bird family
group known as the ratites, which includes other birds such as the ostrich (found throughout Africa
and south western Asia) and the Cassowary(also found in Australia).
Our Business will be to raise emu birds for their eggs, chicken, meat, leather e.t.c. and the name of
our partnership firm will be Punjab Emu Farms which will be located in rural land near hoshiarpur.
there we will raise emu birds in healthy environment and provide them with proper feeds and
medicinal facilities so as to get healthy eggs and chicks which can be easily sold for profit.

1.1 Objectives
1. To become the leading supplier of EMU products in India.
2. To provide better quality of products with quality service.
3. To attain more of markets and promote use of emu products in cosmetic, food and Leather
industry

1.2 Mission
our business will aim at providing better quality of emu birds and its products to various customers
so as to make a big leap in business of emu farming

Academic Version

Page 1

Punjab emu farming

1.3 Keys to Success
1.
2.
3.

A high level of quality in its product line

Maintaining and growing its referral networks to generate new and repeat sales
Providing emu products at cheaper yet profitable prices

2.0 Company Summary

Punjab emu farms will be the leading EMU farm in Punjab. Today EMU farming is fast growing
because of it's uses and is also a profitable business. This bird means business. Flightless EMU is
leaving its footprints across the plains of India, with an increasing number of farmers commercially
rearing the Ostrich-size bird. Our farm has plenty of space for the EMU birds to run around and
nest. The EMU's are raised organically, and receive no harmones, steroides or any other kind of
growth enhancing hormones.
Emu have more than 80% hatching and less than 5% mortality rate. We will have well trained staff
to look after the farm. The Punjab Emu Farm is committed to provide the best products and
services to our customers. We will have incubator and Hatchery equipments for rearing the birds.
To achieve the highest standards of quality, we will under take every single measure at all levels of
the process to obtain the best possible results. A healthy environment will be provided to the Emu
birds for the optimal growth of the chicks into adult EMU's.

2.1 Company Ownership

Punjab emu farms will be a privately owned partnership firm which target to sell emu based
products. This company will be having saurav khullar, manish takkar, rishabh sharma as its
partners while raghu sharma , rahul kundliya, jyotsna rai, ishaan dogra, garima aeri, gurpreet kaur
and amit rawat as investors.

2.2 Start-up Summary

The startup cost includes:

Legal - The legal expenses which will be there for opening a partnership firm which includes the
licensing from the government, incorporation fees and others. It will cost around Rs.10,000.
Computer & stationary -These items will be required for maintaining the data in office which will
cost around Rs.40,000 + 2000
Birds - Our business starts with 20 pair of emu birds that are ready for breeding purpose. which will
cost Rs. 25000 per pair
Land - A rural land away from any kind of regular human contact will cost us around Rs. 8 lakhs +
around Rs. 2 lakhs for office
Fencing will cost us around Rs 1 lakh
Machinery for purpose of incubation and slaugter etc will cost around Rs. 1 lakhs

Academic Version

Page 2

Punjab emu farming

Our Suppliers:
SRI VENKATA KRISHNA SAI EMU FARM AND HATCHERIES Hannuman Junction, Krishna Dist,
(Near Vijayawada), Andhra Pradesh, India
Phone: +91 9441453344 or +91 9440139159
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Insurance
fencing
Computer
birds
Total Start-up Expenses

$10,000
$2,000
$100,000
$100,000
$40,000
$500,000
$752,000

Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets

$300,000
$50,000
$200,000
$1,000,000
$1,550,000

Total Requirements

$2,302,000

2.3 Company Locations and Facilities

Punjab Emu Farm will be located in rural land near hoshiarpur,Punjab. this land being less fertile
and on the border land of punjab and Himachal pradesh is cheap and beneficial to carry out emu
farming.

Academic Version

Page 3

Punjab emu farming

3.0 Products
The emu farm will be in the business of raising, emu birds for two main purposes.
The first purpose is to sell the emu eggs or raise newly hatched emu chicks to the age of a year or
older, pair them off and sell them as good quality adult emu pairs
The second purpose is to raise a portion of these chicks to the age of twelve months or older for
the purpose of slaughter for their lean red meat, oil and skin for leather products

3.1 Product Description

Height at birth : 8 - 10 inches
Adult Height : 5 - 6 feet tall
Adult weight : 100 - 140 pounds
Colour : Black and Brown
Health : Generally Robust, Hardy
Temperament : Friendly, Docile
Lifespan : 30 years (appro)
Breeding Method : Mated in pairs
Productive years : Up to 25 years
Eggs per year : 10 to 20 eggs in the first breeding season, gradually increases up to 20-30 eggs in
subsequent breeding seasons
Age at slughter 16 - 18 months
Incubation Period : 48 - 52 days
Percentage of eggs hatched : Approximately 70 percent
Products:
Emu Chicks: It weighs approximately 70% of emu egg weight, Emu chick breeds naturally or by
using incubator. Artificial incubation is often conducted at a temperature of approximately 97.5
degrees. Average incubation time ranges from 48 to 52 days. Born chick colours are coffee brown
with white line marks.
Emu Egg: A single bird gives minimum 20 and maximum 40 eggs every year. These eggs have
dark-green colour. Each egg ways 400 to 600 gms. The eggs will be used for growing fleshy young
ones.
Emu Oil : It has been used for treatment of muscle and joint pains. Two major benefits are its antiinflammatory properties and its ability to penetrate the skin. Emu oil using in cosmetics and
pharmaceuticals is rapidly expanding. This is an important product in emu absorbed in human skin
within 4 used in skin ointments
Emu Meat: Each bird can yield about 25 kg of meat. Its meat which is 97 to 98% fats free. emu
meat is rich in proteins; it contains plenty of iron, vitamin B-12. Emu meat has less fat content, it is
easily digestible, very tasty and hence it serves as a very good alternative for mutton and chicken.
Emu Skin: Emu-skin is very soft and smooth, hence it has a great demand in international leather
industry for producing new fashionable goods. A fully grown up bird can yield 6 to 8 sq. ft. leather
Emu Feather: The feathers of the Emu bird are double quilled, attractive and velvety to the touch.
They are soft, light and non-allergic, which makes them the ideal material for a host of applications.
They are in demand both in the fashion and in art and craft industries. They are used as feather
duster, feather pad, fans, bows, masks, finishing metals prior to painting, weather-proof apparels,
pillows, blazers, sweaters, jewellery, and craft items.

Academic Version

Page 4

Punjab emu farming

4.0 Market Analysis Summary
The primary target industry of the emu ranch will be the current breeder's market. This means that
nearly all of the emu farmers are raising their newborn emus to fully adult breeding pairs and selling
them to emu farmers who are just getting started in the business. The current annual growth rate in
the number of new or start-up emu farms here is between four and five thousand. The average
number of breeding pairs that each new farm will start with, is between two to eight breeding pairs.
Therefore, the average number of breeding pairs needed is twenty-four thousand, or forty eight
thousand birds. The current emu population is estimated to be between two hundred fifty thousand
and five hundred thousand.
The secondary target market will be the emu slaughter market. The number of emus required for
slaughter annually at a conservative projection is estimated to be between one and a half and two
and a half million birds. These projections are expected to increase within the next three to five
years. This figure does not include the existing large demand of products that exist within the
European markets.

4.1 Market Segmentation

We have segmented the markets on the base of their needs of emu products or use of emu
products in their final products:
Poultry: this market is fast growing market to whom we can sell emu eggs, 3 months old emu
pairs or breeding pairs. as Emu farimg indutry is expanding in india, so poultry farming will give us
great scope of expansion and benefits from sale of eggs and birds.
Cosmetic industry: This industry will be focussed to sell oil, emu bird egg shell, emu nails e.t.c
Food industry: Emu meat is yet not so preffered in india, yet it is exported to various companies in
foreign countries of Europe and America. we will target to those frozen food making companies like
venkeys who will sell emu meat to indian and foreign markets.
Leather industry: This industry is well expanding and will be targetted to sell emu feather and
leater as this industry supports to sell leather products like shoes, bags, sofas, jackets which can
also be made from emu skin and now a days, emu leather products are in good demend.

Table: Market Analysis

Market Analysis
Potential Customers
Cosmetics
Food industry
Leather industry
Poultry
Total

Growth
4%
4%
6%
5%
0.00%

2012

2013

2014

2015

2016

1
2
4
3
10

1
2
4
3
10

1
2
4
3
10

1
2
4
3
10

1
2
4
3
10

Academic Version

CAGR
0.00%
0.00%
0.00%
0.00%
0.00%

Page 5

Punjab emu farming

4.2 Target Market Segment Strategy

Our target markets will be:
Initially, in time of first year our farms will producs around 500-600 eggs and within a quarter it will
give chicks too.
so we will target that industry that takes eggs and chicks i.e. poultry and food industry. As poultry in
emu farming is expanding at a very fast pace so it will be a beneficial market for us to target initially.
But as the 2nd year comes we will be having nearly an year old emu birds too, and also new eggs
will also be layed by that time by our Breeding pairs so, our target maket will now expand from
poultry to leather and food industry to whon we can sell emu leather, meat , oil e.t.c.
Leather customers:
1. Abexo ExportsUdyog Vihar581, Phase-5, Udyog Vihar, Gurgaon
2. Ajakson Leathers Private Limited No. 61, Sector-2, Chandigarh - 160 001, India
Meat n oil customers:
Venky's frozen food
Corporate Office Venkateshwara House, S.No. 114/A/2 Pune-Sinhagad Road Viththalwadi
Maharashtra Pune - 411 030. Tel.No.:+91-20-24251530 to 41 Fax: +91-20-24251077 E-mail:
response@venkys.com

4.3 Industry Analysis

Emu ranching has been increasing rapidly since 2004, as more people are discovering the
potential market value of the meat, leather and oil products that can be derived from the bird. 2009
surveys show that the emu population will increase to six hundred thousand by the end of 2012 and
to one and a half million emus by the end of 2013.
1. The emu provides lean, red meat that is low in fat, calories and cholesterol. Furthermore, it is
high in protein and iron with a texture and appearance similar to beef. Because of its low fat
content, emu meat does not shrink during cooking.
2. The emu provides a soft and subtle, high quality leather, that is more highly sought after than

Academic Version

Page 6

Punjab emu farming

leather from cattle in the high fashion and garment industries.
3. Each emu provides a highly penetrating oil extracted from a layer of fat that surrounds the
emu's body.
This oil has the characteristic of being totally absorbed by the skin, which gives it an excellent
market potential for cosmetics, such as skin and facial creams, fragrances and Pharmaceuticals,
such as pain relieving rubbing creams, arthritic rubbing oil and burn relieving creams.
Currently, the emu industry is in the breeder's cycle stage. This means that the emu ranchers are
raising emus for the purpose of selling them as proven breeding pairs. This is where the emu has
its highest return for the amount invested in raising the birds.

4.3.1 Main Competitors

Our competitors in Punjab are:
1: Sandhu Emu Farms
2: Punjab farm is located in outskirts of the faridkot
In Emu farm industry competetion is becoming strong every year, having above two competetors in
market becomes difficult to expand in same market but as our business is on seasonal base we
can easily stratergise our focus on other untouched markets, our competitors focus on exports of
emu products so to differentiate we will focus on domestic market and also provide our products at
a very competetive prices so as to survive the tough competetion.

5.0 Strategy and Implementation Summary

5.1 SWOT Analysis

5.1.1 Strengths
1. Easy availability of rural land
2. Availability of Emu birds at reasonable price
3. Multi-utility of products to be offered
4. Availability of cash and subsidies offered by Govt.

Academic Version

Page 7

Punjab emu farming

5.1.2 Weaknesses
1. Business will yield profits after atleast 1 year
2. Being in B to B business, it will be challenging to establish our market

5.1.3 Opportunities
1. Emu farming being an expanding sector, so it will help ur earn lots of profits in upcoming years.
2. Demand of Emu products is also increasing in domestic markets giving us an opportunity to
expand our business in various parts of country.

5.1.4 Threats
1. competetion can be a strong threat at first 2 years of eastablishment.
2. natural disaster and theft can be problem in poultry business

5.2 Strategy Pyramid

1. we will priortize to build a strong corporate relationships.
2. we will emphasize quality, and resonable prices.
3. we will focus on those markets which are untapped by competetors and have growth potential

5.3 Competitive Edge

Our competetive edge will be our strategy to expand our business in the direction different from
compitetors. that is we will focus on domestic markets to sell emu based products and also try to
have tie-ups with various companies like venkeys(frozen foods) which will sell emu meat to
domestic markets and also try to have links with cosmetic and pharma companies which will make
use of emu oils and other products. hence in this way we can make a firm foot in market.

5.4 Marketing Strategy

Academic Version

Page 8

Punjab emu farming

5.4.1 Pricing Strategy
Our pricing strategy will be compititive as that to our competitors. We will not charge very high or
low for our products and to earn profits, we will try to sell our products on base of their multi-utility
factors in domestic markets, hence we will earn by economy of scale.

5.4.2 Promotion Strategy

In order to promote our business we will register ourself to websites and reference sites, to whom
we will pay regular fees for the customers they bring to us.
apart from web sites we will focus more on marketing people permanent employee and also can
make use of comission based sales persons for bringing in us business. as our business is more of
supplier to companies, we dont need to be much of promotion dependent.

5.5 Sales Strategy

5.5.1 Sales Forecast

Here in this section we will estimate the prices at which we will sell our products.
In initial stage of business, i.e. in first year, we will be having only eggs and newly born chicks to be
sold so, we will sell them at prices:
1 egg @ Rs. 1500 and a 3 month old pair @ Rs. 10,000
But when business is established then we will start selling other products like emu oil, emu meat
and emu leather too @:
Price of Emu oil will be Rs. 1000/litre
Price of Emu meat will be Rs. 300/kg
Price of Emu leather will be Rs. 1000/sq. feet

Table: Sales Forecast

Sales Forecast
Sales
emu oil
emu meat
emu skin and feather
emu chick
emu egg
Total Sales
Direct Cost of Sales
birds
feed
medicine
Subtotal Direct Cost of Sales

FY 2013

FY 2014

FY 2015

$0
$0
$0
$1,000,000
$450,000
$1,450,000

$500,000
$600,000
$600,000
$1,000,000
$450,000
$3,150,000

$550,000
$650,000
$650,000
$1,000,000
$450,000
$3,300,000

FY 2013
$500,000
$200,000
$50,000
$750,000

FY 2014
$0
$700,000
$300,000
$1,000,000

FY 2015
$0
$750,000
$320,000
$1,070,000

Academic Version

Page 9

Punjab emu farming

6.0 Management Summary

Punjab farm will be managed by the 3 owners who have developed the concept for the emu farm.
Owners will manage marketing, business development and finance. We will hire a sales
manager,and an accountant who will manage the market and finance. Additional staff will include
security staff and driver and emu farmer.

Academic Version

Page 10

Punjab emu farming

6.1 Management Team
Name
Manish Takkar
Saurav khullar
Rishabh sharma

Education
MBA MARKETING
MBA MARKETING
MBA MARKETING

6.2 Personnel Plan

We will hire 2 emu farmers who will take care of emu birds.(Rs. 5000 each)
We will hire 1 marketing manager and 1 account manager.(Rs. 10,000 each)
We will also hire 2 security guards (Rs. 4000) and a driver (Rs. 6000).

Table: Personnel
Personnel Plan
emu farmers
marketing manager
security guard and driver
accounts manager
Total People

FY 2013
$120,000
$120,000
$168,000
$120,000
7

FY 2014
$120,000
$120,000
$168,000
$120,000
7

FY 2015
$120,000
$120,000
$168,000
$120,000
7

Total Payroll

$528,000

$528,000

$528,000

7.0 Financial Plan

7.1 Start-up Funding

All the owners will contribute equally in the opening of punjab emu farm i.e Rs.8,02,000 and we will
borrow Rs. 3,00,000 from the investors.

Academic Version

Page 11

Punjab emu farming

Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$752,000
$1,550,000
$2,302,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$1,250,000
$300,000
$0
$300,000
$1,550,000

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

$0
$1,200,000
$0
$0
$1,200,000

Capital
Planned Investment
Owner
Investor
Additional Investment Requirement
Total Planned Investment

$802,000
$300,000
$0
$1,102,000

Loss at Start-up (Start-up Expenses)

Total Capital

($752,000)
$350,000

Total Capital and Liabilities

$1,550,000

Total Funding

$2,302,000

7.2 Key Financial Indicators

The following chart shows changes in key financial indicators: sales, gross margin,operating
expenses, collection days, and inventory turnover. The growth in sales increases from 1% in first
financial year and 2% in second and subsicuent year. We expect to keep gross margin higher than
before from 1 to 1.5%. The operating expenses has constent. The projections for collection days
has decres in 2nd year and inventory turnover show that we are already expecting improvements
as our increasing sales gives us greater economies of scale, and greater negotiation strength with
our channel partners.

Academic Version

Page 12

Punjab emu farming

7.3 Break-even Analysis

Our break-even analysis is based on our cost and price structure at present. Break even monthly
revenue estimated to Rs.168683.

Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$168,683

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

52%
$81,433

Academic Version

Page 13

Punjab emu farming

7.4 Projected Profit and Loss
our company will bear loss in the first year and we will start earning profit from the 2nd year

Table: Profit and Loss

Pro Forma Profit and Loss
FY 2013
$1,450,000
$750,000
$0
-----------$750,000

FY 2014
$3,150,000
$1,000,000
$0
-----------$1,000,000

FY 2015
$3,300,000
$1,070,000
$0
-----------$1,070,000

$700,000
48.28%

$2,150,000
68.25%

$2,230,000
67.58%

$528,000
$100,000
$0
$120,000
$0
$100,000
$79,200
$50,000
-----------$977,200

$528,000
$100,000
$0
$120,000
$0
$100,000
$79,200
$50,000
-----------$977,200

$528,000
$100,000
$0
$120,000
$0
$100,000
$79,200
$50,000
-----------$977,200

($277,200)
($277,200)
$103,750
$0

$1,172,800
$1,172,800
$75,000
$0

$1,252,800
$1,252,800
$45,000
$0

Other Income
Other Income Account Name
Other Income Account Name
Total Other Income

$0
$0
$0

$0
$0
$0

$0
$0
$0

Other Expense
Other Expense Account Name
Other Expense Account Name
Total Other Expense

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
($380,950)
-26.27%

$0
$1,097,800
34.85%

$0
$1,207,800
36.60%

Sales
Direct Costs of Goods
Other Costs of Goods
Cost of Goods Sold
Gross Margin
Gross Margin %

Expenses
Payroll
Marketing/Promotion
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
Other
Total Operating Expenses
Profit Before Interest and Taxes
EBITDA
Interest Expense
Taxes Incurred

Net Other Income

Net Profit
Net Profit/Sales

Academic Version

Page 14

Punjab emu farming

Academic Version

Page 15

Punjab emu farming

7.5 Projected Cash Flow

Table: Cash Flow
Pro Forma Cash Flow
FY 2013

FY 2014

FY 2015

Cash from Operations

Cash Sales
Cash from Receivables
Subtotal Cash from Operations

$1,087,500
$318,194
$1,405,694

$2,362,500
$735,556
$3,098,056

$2,475,000
$820,417
$3,295,417

Additional Cash Received

Non Operating (Other) Income
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received

$0
$188,500
$0
$0
$0
$0
$0
$0
$1,594,194

$0
$409,500
$0
$0
$0
$0
$0
$0
$3,507,556

$0
$429,000
$0
$0
$0
$0
$0
$0
$3,724,417

FY 2013

FY 2014

FY 2015

Expenditures from Operations

Cash Spending
Bill Payments
Subtotal Spent on Operations

$528,000
$1,211,598
$1,739,598

$528,000
$1,521,897
$2,049,897

$528,000
$1,567,979
$2,095,979

Additional Cash Spent

Non Operating (Other) Expense
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent

$0
$0
$0
$0
$300,000
$0
$60,000
$0
$2,099,598

$0
$0
$0
$150,000
$300,000
$0
$60,000
$0
$2,559,897

$0
$0
$0
$250,000
$300,000
$0
$60,000
$0
$2,705,979

Net Cash Flow

Cash Balance

($505,403)
($205,403)

$947,659
$742,256

$1,018,438
$1,760,694

Cash Received

Expenditures

Academic Version

Page 16

Punjab emu farming

7.6 Projected Balance Sheet

The table below presents the balance sheet for Punjab Emu farm. This table reflects a positive
cash position through out the period of this financial plan and dramatic growth innet worth, reaching
Rs. 1,496,850 in 2014.

Table: Balance Sheet

Pro Forma Balance Sheet
FY 2013

FY 2014

FY 2015

Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets

($205,403)
$44,306
$62,500
$200,000
$101,402

$742,256
$96,250
$83,333
$200,000
$1,121,839

$1,760,694
$100,833
$89,167
$200,000
$2,150,694

Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets

$1,060,000
$0
$1,060,000
$1,161,402

$1,120,000
$0
$1,120,000
$2,241,839

$1,180,000
$0
$1,180,000
$3,330,694

FY 2013

FY 2014

FY 2015

$103,852
$0
$188,500
$292,352

$126,989
$0
$448,000
$574,989

$129,044
$0
$627,000
$756,044

Long-term Liabilities
Total Liabilities

$900,000
$1,192,352

$600,000
$1,174,989

$300,000
$1,056,044

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$1,102,000
($752,000)
($380,950)
($30,950)
$1,161,402

$1,102,000
($1,132,950)
$1,097,800
$1,066,850
$2,241,839

$1,102,000
($35,150)
$1,207,800
$2,274,650
$3,330,694

($30,950)

$1,066,850

$2,274,650

Assets

Liabilities and Capital

Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

Net Worth

Academic Version

Page 17

Punjab emu farming

7.7 Business Ratios
The table below presents common business ratios as a reference.

Table: Ratios
Ratio Analysis
Sales Growth

FY 2013
0.00%

FY 2014
117.24%

FY 2015
4.76%

Industry Profile
5.03%

Percent of Total Assets

Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets

3.81%
5.38%
17.22%
8.73%
91.27%
100.00%

4.29%
3.72%
8.92%
50.04%
49.96%
100.00%

3.03%
2.68%
6.00%
64.57%
35.43%
100.00%

33.00%
26.98%
26.35%
86.33%
13.67%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

25.17%
77.49%
102.66%
-2.66%

25.65%
26.76%
52.41%
47.59%

22.70%
9.01%
31.71%
68.29%

39.39%
11.68%
51.07%
48.93%

Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes

100.00%
48.28%
74.55%
6.90%
-19.12%

100.00%
68.25%
33.40%
3.17%
37.23%

100.00%
67.58%
30.98%
3.03%
37.96%

100.00%
8.92%
4.96%
0.22%
0.57%

0.35
0.13
102.66%
1230.86%
-32.80%

1.95
1.81
52.41%
102.90%
48.97%

2.84
2.73
31.71%
53.10%
36.26%

1.94
1.10
55.90%
3.76%
8.53%

FY 2013
-26.27%
0.00%

FY 2014
34.85%
102.90%

FY 2015
36.60%
53.10%

n.a
n.a

8.18
43
12.00
12.67
27
1.25

8.18
33
13.71
12.17
27
1.41

8.18
44
12.41
12.17
30
0.99

n.a
n.a
n.a
n.a
n.a
n.a

0.00
0.25

1.10
0.49

0.46
0.72

n.a
n.a

($190,950)
-2.67

$546,850
15.64

$1,394,650
27.84

n.a
n.a

0.80
25%
-0.02
0.00
0.00

0.71
26%
1.64
2.95
0.00

1.01
23%
2.59
1.45
0.00

n.a
n.a
n.a
n.a
n.a

Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios
Net Profit Margin
Return on Equity
Activity Ratios
Accounts Receivable Turnover
Collection Days
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout

Academic Version

Page 18

Appendix
Table: Sales Forecast
Sales Forecast
Sales
emu oil
emu meat
emu skin and feather
emu chick
emu egg
Total Sales
Direct Cost of Sales
birds
feed
medicine
Subtotal Direct Cost of Sales

0%
0%
0%
0%
0%

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

$0
$0
$0
$83,333
$37,500
$120,833

Apr-12
$41,667
$16,667
$4,167
$62,500

May-12
$41,667
$16,667
$4,167
$62,500

Jun-12
$41,667
$16,667
$4,167
$62,500

Jul-12
$41,667
$16,667
$4,167
$62,500

Aug-12
$41,667
$16,667
$4,167
$62,500

Sep-12
$41,667
$16,667
$4,167
$62,500

Oct-12
$41,667
$16,667
$4,167
$62,500

Nov-12
$41,667
$16,667
$4,167
$62,500

Dec-12
$41,667
$16,667
$4,167
$62,500

Jan-13
$41,667
$16,667
$4,167
$62,500

Feb-13
$41,667
$16,667
$4,167
$62,500

Mar-13
$41,667
$16,667
$4,167
$62,500

Academic Version

Page 19

Appendix
Table: Personnel
Personnel Plan
emu farmers
marketing manager
security guard and driver
accounts manager
Total People
Total Payroll

0%
0%
0%
0%

Apr-12
$10,000
$10,000
$14,000
$10,000
7

May-12
$10,000
$10,000
$14,000
$10,000
7

Jun-12
$10,000
$10,000
$14,000
$10,000
7

Jul-12
$10,000
$10,000
$14,000
$10,000
7

Aug-12
$10,000
$10,000
$14,000
$10,000
7

Sep-12
$10,000
$10,000
$14,000
$10,000
7

Oct-12
$10,000
$10,000
$14,000
$10,000
7

Nov-12
$10,000
$10,000
$14,000
$10,000
7

Dec-12
$10,000
$10,000
$14,000
$10,000
7

Jan-13
$10,000
$10,000
$14,000
$10,000
7

Feb-13
$10,000
$10,000
$14,000
$10,000
7

Mar-13
$10,000
$10,000
$14,000
$10,000
7

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

$44,000

Academic Version

Page 20

Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Apr-12
$120,833
$62,500
$0
-----------$62,500

May-12
$120,833
$62,500
$0
-----------$62,500

Jun-12
$120,833
$62,500
$0
-----------$62,500

Jul-12
$120,833
$62,500
$0
-----------$62,500

Aug-12
$120,833
$62,500
$0
-----------$62,500

Sep-12
$120,833
$62,500
$0
-----------$62,500

Oct-12
$120,833
$62,500
$0
-----------$62,500

Nov-12
$120,833
$62,500
$0
-----------$62,500

Dec-12
$120,833
$62,500
$0
-----------$62,500

Jan-13
$120,833
$62,500
$0
-----------$62,500

Feb-13
$120,833
$62,500
$0
-----------$62,500

Mar-13
$120,833
$62,500
$0
-----------$62,500

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

$58,333
48.28%

Total Operating Expenses

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

$44,000
$8,333
$0
$10,000
$0
$8,333
$6,600
$4,167
-----------$81,433

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred

($23,100)
($23,100)
$9,792
$0

($23,100)
($23,100)
$9,583
$0

($23,100)
($23,100)
$9,375
$0

($23,100)
($23,100)
$9,167
$0

($23,100)
($23,100)
$8,958
$0

($23,100)
($23,100)
$8,750
$0

($23,100)
($23,100)
$8,542
$0

($23,100)
($23,100)
$8,333
$0

($23,100)
($23,100)
$8,125
$0

($23,100)
($23,100)
$7,917
$0

($23,100)
($23,100)
$7,708
$0

($23,100)
($23,100)
$7,500
$0

Other Income
Other Income Account Name
Other Income Account Name
Total Other Income

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

Other Expense
Other Expense Account Name
Other Expense Account Name
Total Other Expense

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
($32,892)
-27.22%

$0
($32,683)
-27.05%

$0
($32,475)
-26.88%

$0
($32,267)
-26.70%

$0
($32,058)
-26.53%

$0
($31,850)
-26.36%

$0
($31,642)
-26.19%

$0
($31,433)
-26.01%

$0
($31,225)
-25.84%

$0
($31,017)
-25.67%

$0
($30,808)
-25.50%

$0
($30,600)
-25.32%

Sales
Direct Costs of Goods
Other Costs of Goods
Cost of Goods Sold
Gross Margin
Gross Margin %

Expenses
Payroll
Marketing/Promotion
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
Other

Net Other Income

Net Profit
Net Profit/Sales

15%

Academic Version

Page 21

Appendix
Table: Cash Flow
Pro Forma Cash Flow
Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

$90,625
$0
$90,625

$90,625
$16,111
$106,736

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$90,625
$30,208
$120,833

$0
$15,708
$0
$0
$0
$0
$0
$0
$106,333

$0
$15,708
$0
$0
$0
$0
$0
$0
$122,444

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

$0
$15,708
$0
$0
$0
$0
$0
$0
$136,542

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

Expenditures from Operations

Cash Spending
Bill Payments
Subtotal Spent on Operations

$44,000
$4,074
$48,074

$44,000
$121,801
$165,801

$44,000
$109,510
$153,510

$44,000
$109,301
$153,301

$44,000
$109,093
$153,093

$44,000
$108,885
$152,885

$44,000
$108,676
$152,676

$44,000
$108,468
$152,468

$44,000
$108,260
$152,260

$44,000
$108,051
$152,051

$44,000
$107,843
$151,843

$44,000
$107,635
$151,635

Additional Cash Spent

Non Operating (Other) Expense
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$78,074

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$195,801

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$183,510

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$183,301

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$183,093

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$182,885

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$182,676

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$182,468

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$182,260

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$182,051

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$181,843

$0
$0
$0
$0
$25,000
$0
$5,000
$0
$181,635

$28,259
$328,259

($73,357)
$254,902

($46,968)
$207,934

($46,760)
$161,174

($46,551)
$114,623

($46,343)
$68,280

($46,135)
$22,145

($45,926)
($23,781)

($45,718)
($69,499)

($45,510)
($115,009)

($45,301)
($160,310)

($45,093)
($205,403)

Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Non Operating (Other) Income
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures

Net Cash Flow

Cash Balance

13.00%

Academic Version

Page 22

Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

$300,000
$0
$50,000
$200,000
$550,000

$328,259
$30,208
$62,500
$200,000
$620,968

$254,902
$44,306
$62,500
$200,000
$561,708

$207,934
$44,306
$62,500
$200,000
$514,740

$161,174
$44,306
$62,500
$200,000
$467,980

$114,623
$44,306
$62,500
$200,000
$421,429

$68,280
$44,306
$62,500
$200,000
$375,086

$22,145
$44,306
$62,500
$200,000
$328,951

($23,781)
$44,306
$62,500
$200,000
$283,024

($69,499)
$44,306
$62,500
$200,000
$237,306

($115,009)
$44,306
$62,500
$200,000
$191,797

($160,310)
$44,306
$62,500
$200,000
$146,495

($205,403)
$44,306
$62,500
$200,000
$101,402

$1,000,000
$0
$1,000,000
$1,550,000

$1,005,000
$0
$1,005,000
$1,625,968

$1,010,000
$0
$1,010,000
$1,571,708

$1,015,000
$0
$1,015,000
$1,529,740

$1,020,000
$0
$1,020,000
$1,487,980

$1,025,000
$0
$1,025,000
$1,446,429

$1,030,000
$0
$1,030,000
$1,405,086

$1,035,000
$0
$1,035,000
$1,363,951

$1,040,000
$0
$1,040,000
$1,323,024

$1,045,000
$0
$1,045,000
$1,282,306

$1,050,000
$0
$1,050,000
$1,241,797

$1,055,000
$0
$1,055,000
$1,201,495

$1,060,000
$0
$1,060,000
$1,161,402

Apr-12

May-12

Jun-12

Jul-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Jan-13

Feb-13

Mar-13

$0
$0
$0
$0

$118,151
$0
$15,708
$133,859

$105,866
$0
$31,417
$137,283

$105,665
$0
$47,125
$152,790

$105,463
$0
$62,833
$168,297

$105,262
$0
$78,542
$183,804

$105,061
$0
$94,250
$199,311

$104,859
$0
$109,958
$214,818

$104,658
$0
$125,667
$230,324

$104,456
$0
$141,375
$245,831

$104,255
$0
$157,083
$261,338

$104,054
$0
$172,792
$276,845

$103,852
$0
$188,500
$292,352

Long-term Liabilities
Total Liabilities

$1,200,000
$1,200,000

$1,175,000
$1,308,859

$1,150,000
$1,287,283

$1,125,000
$1,277,790

$1,100,000
$1,268,297

$1,075,000
$1,258,804

$1,050,000
$1,249,311

$1,025,000
$1,239,818

$1,000,000
$1,230,324

$975,000
$1,220,831

$950,000
$1,211,338

$925,000
$1,201,845

$900,000
$1,192,352

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital

$1,102,000
($752,000)
$0
$350,000
$1,550,000

$1,102,000
($752,000)
($32,892)
$317,108
$1,625,968

$1,102,000
($752,000)
($65,575)
$284,425
$1,571,708

$1,102,000
($752,000)
($98,050)
$251,950
$1,529,740

$1,102,000
($752,000)
($130,317)
$219,683
$1,487,980

$1,102,000
($752,000)
($162,375)
$187,625
$1,446,429

$1,102,000
($752,000)
($194,225)
$155,775
$1,405,086

$1,102,000
($752,000)
($225,867)
$124,133
$1,363,951

$1,102,000
($752,000)
($257,300)
$92,700
$1,323,024

$1,102,000
($752,000)
($288,525)
$61,475
$1,282,306

$1,102,000
($752,000)
($319,542)
$30,458
$1,241,797

$1,102,000
($752,000)
($350,350)
($350)
$1,201,495

$1,102,000
($752,000)
($380,950)
($30,950)
$1,161,402

$350,000

$317,108

$284,425

$251,950

$219,683

$187,625

$155,775

$124,133

$92,700

$61,475

$30,458

($350)

($30,950)

Assets
Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets

Starting Balances

Liabilities and Capital

Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

Net Worth

Academic Version

Page 23