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Superstore
8th Floor,LDA Plaza 5TH Floor, Bahria Ground Floor Bungalow No. 15-A
Egerton Road, Complex II, M.T. Khan Road, State Life Building Chaman Housing Scheme
Lahore. Karachi. The Mall, Peshawar. Airport Road, Quetta.
Tel: (042) 111-111-456 Tel: (021) 111-111-456 Tel: (091) 9213046-47 Tel: (081) 831623, 831702
Fax: (042) 5896619, 5899756 Fax: (021) 5610572 Fax: (091) 286908 Fax: (081) 831922
helpdesk@smeda.org.pk Helpdesk-khi@smeda.org.pk helpdesk-pew@smeda.org.pk helpdesk-qta@smeda.org.pk
April, 2005
DISCLAIMER
The purpose and scope of this information memorandum is to introduce the subject
matter and provide a general idea and information on the said area. All the material
included in this document is based on data/information gathered from various sources and
is based on certain assumptions. Although, due care and diligence has been taken to
compile this document, the contained information may vary due to any change in any of
the concerned factors, and the actual results may differ substantially from the presented
information. SMEDA does not assume any liability for any financial or other loss
resulting from this memorandum in consequence of undertaking this activity. Therefore,
the content of this memorandum should not be relied upon for making any decision,
investment or otherwise. The prospective user of this memorandum is encouraged to
carry out his / her own due diligence and gather any information he/she considers
necessary for making an informed decision.
The content of the information memorandum does not bind SMEDA in any legal or other
form.
DOCUMENT CONTROL
Document No. PREF-9
Revision 1
Prepared by SMEDA-Sindh
Approved by Provincial Chief - Sindh
Issue Date April, 2005
Issued by Library Officer
1 PURPOSE OF THE DOCUMENT ............................................................................................... 1
3 PROJECT PROFILE.................................................................................................................... 1
3.1 OPPORTUNITY RATIONALE ...................................................................................................... 1
3.2 PROJECT BRIEF ....................................................................................................................... 2
3.3 MARKET ENTRY TIMING ......................................................................................................... 2
3.4 PROPOSED BUSINESS LEGAL STATUS ....................................................................................... 2
3.5 PROJECT INVESTMENT ............................................................................................................. 3
3.6 PROPOSED PRODUCT MIX ........................................................................................................ 3
3.7 Key Success Factors.............................................................................................................. 3
3.8 PROPOSED LOCATION .............................................................................................................. 5
9 DISTRIBUTORS ANALYSIS....................................................................................................... 3
10 KEY ASSUMPTIONS................................................................................................................. 13
10.1 REVENUE ASSUMPTIONS ....................................................................................................... 13
10.2 PILFERAGES AND DAMAGES .................................................................................................. 14
10.3 DAYS OPERATIONAL.............................................................................................................. 14
11 PROJECTED FINANCIAL STATEMENTS ............................................................................. 15
11.1 INITIAL INVESTMENT........................................................................................................... 165
11.2 INCOME STATEMENT ............................................................................................................. 16
11.3 BALANCE SHEET .................................................................................................................. 17
11.4 PROJECTED CASH FLOW STATEMENT ..................................................................................... 18
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3 PROJECT PROFILE
3. 1 Opportunity Rationale
In order to cater to the changing taste and growing needs of the consumers, different
companies have emerged with top quality products. For that reason the demand for super
markets is ever increasing which plays a vital role in making the product available from
the manufacturer to the final consumers.
Furthermore the increase in the living standards of people has increased the consumption
of imported goods, which leaves a good profit margin to entrepreneur. Furthermore the
provision of sponsors and schemes held by different companies also generates a good
amount of revenue for the entrepreneurs.
Supermarkets, which are expanding at the expense of traditional wet markets and small
independent shops, account for 10 percent of all retail food sales. Media exposure and
increased awareness about packaged and hygienic food has also shifted people from
Kiryana / general stores to super markets.
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Karachi is one of the fastest growing metropolitan cities of the country. Customers are
looking for convenient, safe and relaxed shopping places. They prefer to walk in the store
and pick their choice of merchandise. This itself will be a benefit to super market as self-
shopping increase impulsive buying which in result increase in sales.
The Pakistani economy is almost evenly divided between the commodity sector and the
services sector. The total contribution of services sector to real GDP is 48.7% of which
contribution of Wholesale and Retail is 15.4 %.
Supermarket is also one of the low risk businesses at the present scenario. Major
investment is either the land or sellable merchandise. Both have high cash liquidity in
case of severe economic problems.
3. 2 Project Brief
The proposed project will give a detail analysis of the investment criteria of a
supermarket. The project will shed light on the key factors to be considered in the starting
of this business. The required covered area of the land/space is 150 square yards.The
project will also require knowledge about the distributors, which play a vital role in
transferring the goods from the manufacturer to the retailer, the benefits if any provided
by them, their supply method etc.
However it is noted that sales of supermarket rises in the months of October—March, this
is primarily due to the occurrence of different traditional occasions like Ramzan, Eid-ul-
Fitr, Eid-ul-Azha and peek wedding seasons. Also another trend in the sales of
supermarket is the starting of the month effect where the first week of the month registers
a phenomenal increase in the sales as households are stocking their pantries with their
monthly groceries.
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3. 5 Project Investment
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The marketing concept states to sell a product keeping in view the customers needs and
wants. Super market being the product of the entrepreneur should be marketed
accordingly to be competitively successful. These can be done on the following basis:
3.7.1 DISPLAY
As now-a-days most customers indulge in self-shopping, the product should be displayed
in such a manner so that they are easily accessible. Keeping the large size product both
breathe wise and length wise should be kept on the ground, major selling product should
be kept on the second and third panel of the shelf so that it is easily accessible.
The staff hired should be well mannered and well trained in dealing with the customers.
Any complaints by the customers should be immediately noted down and action should
be taken.
The staff hired should have in-depth knowledge of all the products so that they are able to
provide information if any required by the customers. Special care should be taken in
hiring chemist for the medical section. A simple way to overcome this problem is by
assigning aisles to the sales staff.
The entrepreneur should try to gain sponsors from different companies so that they
advertise their products by giving free samples and also set up stalls outside the super
market so that customers get attracted.
One-way of earning is to rent shelf space to different companies for the display of their
products. Usually the entrepreneurs rent a small portion of there shelf to companies
where they can display their own products and also allow the companies to place their
own stands and thus pay the required amount of rent.One can sell shelf space from Rs.
1000 – Rs. 5,000 per month depending upon the product and the season.
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The entrepreneur also can rent advertisement space to companies where the companies
are allowed to place hoardings, banners, posters, sign boards consisting of the companies
product and also carrying the name of the super market.Inside board space can be rented
out to companies from Rs. 15,000 – Rs. 30,000 for a quarter.
The entrepreneur should be able to stock his inventory in such a way that he covers most
of the demands of the target customers. It casts a very negative image on the customers
perception of the shop if they are turned away with an excuse that a certain product is not
available either because of a sell-out or the shop doesn’t carry the product. To minimize
this problem the purchase section of the shop has to be managed efficiently.
3. 8 Proposed Location
Location plays a vital role in the starting of this business. Our proposed areas include
Clifton, Gulshan-E-Iqbal, Ghulistan-E-Johar, & North Nazimabad. These areas are
selected based on heavy population and a clutter of houses/apartments. The detail
analysis of the feasibility for opening a super market in these areas will be covered latter
in this report. The approximate no. of households in these areas are as follows:
The number of households in these areas include only A-B class households, with
monthly expenditure of around Rs. 2500-3000 on groceries and spending around Rs.100-
150 on daily purchases.
With a total investment of around 6 million (60 lacs) for shop purchasing with a total
covered area of 150 sq.yd. at Rs.40,000 per sq yd, the following areas will be suitable for
investment:
GHULSHAN-E-IQBAL
GHULISTAN-E-JOHAR
NORTH NAZIMABAD
P.E.C.H.S
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It is estimated that at any given time minimum of 4-5 customers may be present at the
shop. Therefore an ample space of 3-4 cars must be available either outside the
supermarket or very near.
The safety and security element must also be kept in mind in identifying the location.
Following are the five important elements to be considered in selecting the supermarket
location
SIZE
PRESENCE OF COMPETITION
PARKING SPACE
It is suggested that the super market should be opened in a densely populated area where
these services are not being provided. Apart from that it should be opened in the center so
that it also covers the near by areas.
It is not advisable to open a super market in an area, which already comprises of number
of super markets since the market can become saturated, and also because the customers
may have become loyal to the existing super markets so that it will be difficult to win/pull
those customers.
Since this feasibility is based on A–class super market, our target is to achieve a 30%
market from small general stores and kiryana stores. A detail analysis of number of
households per supermarket will give the benefits of opening a supermarket in these
areas.
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4 INDUSTRY ANALYSIS
4. 1 Industry Overview
Supermarket is defined as a place where following products are available under one roof,
and customer can select and pick his/her desired product by himself/herself.
The retail industry has emerged to be one of the most rapid growing industries thus
attracting a substantial amount of investment in the business. Retail outlets like Naheed
Superstore, ARY Cash & Carry, Agha’s Supermarket, Paradise Supermarket, Imtiaz
Supermarket and Pace Supermarket are few modern style retail business.
According to a recent study by the United States embassy in Islamabad, the value of
processed retail food sales has grown 12 percent annually in Pakistan during the past
decade. Currently it is estimated at about $1.1 billion (about Rs 68 billion), including
$250 million (Rs 15.5 billion) for imported consumer food.
The Pakistani economy is almost evenly divided between the commodity sector and the
services sector. The total contribution of services sector to real GDP is 48.7% of which
contribution of Wholesale and Retail is 15.4 %.
As more and more retail outlets are opening and consumer buying has shifted towards
packaged/branded products. Companies are coming with top quality products and with
the increase in production level the employment also increases.Thus creating a need for
retail store to sell the product.One window trend has already emerged in Pakistani
market, where the consumer would like to buy groceries, food/non-food, toiletries and
household products under one roof.
4. 2 Profit Margins
Margins in supermarket merchandise varies from 7-20 percent, depending upon the
product category. It is safely estimated that average margin of 12-15 percent can be
calculated for the purpose of feasibility study.
The income statements and profitability are prepared on the basis of 15 percent margin.
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5 MARKET INFORMATION
5. 1 Market Potential
According to a survey report there are about 125,000 retail shops/outlets in Pakistan, out
of which 30,000 are located in major cities. Out of these about 50,000 are universal
stores/outlets. These are further sub-divided into the following categories:
Stores in the latter three categories are usually owned by the sole proprietorship. In
addition hundreds of government-owned utility stores sell food and household items and
serve as a mechanism for restraining inflationary price increase by following the
government line on pricing.
5. 2 Target Customers
Since according to our analysis this is a class-A super market our target customers will be
according to that i.e. our customers will be those who spend around Rs. 2500-3500 in
monthly grocery purchase and also a visit of around 200 customers spending around
Rs.100-200 on daily purchase.
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6 BUSINESS OPERATIONS
6. 1 Inventory Procurement
In the prevailing market dynamics the individual retailers are buying their goods from
two sources, one is through the delivery vans of the distributors who visit the outlet after
a certain specified time. The other mode of purchasing is done through the traditional
wholesale markets like Jodia Bazaar where the retailers purchase their depleted stocks. It
is worth mentioning that the delivery vans of the distributors do not visit the micro level
retailers due to the high cost of distribution attached to the transactions.
The decision about size and content of any store is largely determined by the space
available. Adequate space to display an assortment of products is important for
customers’ comfort. Thus, an important decision involves the range of products that are
essential to satisfy the customers’ needs. A small number of products will probably
account for a large amount of sales volume. These products deserve special attention and
need to be stocked. Being out of preferred and highly demanded goods creates a negative
customer impression of the retailer.
In addition to a wide assortments of products on hand, retailers must also have stock
depth, that is, sufficient quantity of each product on hand to support sales.
6. 3 Pricing Strategies
Pricing decisions are a major challenge for most of the retailers. Price is a major factor in
dealing with competition from other retailers.
A retailer can adopt both a high pricing strategy or a low pricing strategy. In some cases a
store may offer something that permits it to set its prices higher than its competitors do.
Pricing below market levels is used by retailers who have decided to focus on lower
expenses, less service, and less ambience.Such a retail store attracts customers who are
extremely price conscious but tend to purchase their entire months grocery from these
type of retail stores.
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6. 4 Capital Expenditure
This section will provide a detail analysis of the estimates of the cost of furniture and
fixtures required to set the business. These will include items like:
The cost of one isle can be calculated on the basis of per Kg cost. The size of the isle can
be around 5 ft in width, 8 ft height and 1. 8 ft in depth. At least a 200 Kg isle will be
required to carry the weights of the items. Around 6 isles will be required. Further more
the cost of one split (2 ton) will cost around Rs. 35000-40000 with installation. Like wise
the cost of one refrigerator is around Rs, 26000-30000, and that of deep freezer is around
Rs.15000-20000. The cost of one tube light is around Rs. 60-65 and at least 25-30 tube
lights will be required. The table below will give a detail cost of these items.
The cost of setting up the barcode reading system is estimated at Rs. 219,000. This is an
additional option but carries with it great benefits.The first and foremost benefit is that it
tremendously enhances the managements ability to tracks the depleted stocks so that
purchase orders can be placed with the suppliers timely in an effective and efficient
manner.Secondly this facility also enables the management to trace inventory
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pilferages.All in all this bar code facility enables the management to keep a complete
overview of the activities of the business.
6. 6 Distributor Analysis
Distributors play a vital role in transferring the product from the manufacturer to the
retailer and finally to the end consumer thus maintaining an integral part in the value
chain delivery.
Foreign companies considering marketing their products in Pakistan may choose to use
the services of local distributors or may develop their own distribution chain. Distributors
in urban areas generally deal on an exclusive basis. Some market consultants estimate
that the services of 100-300 distributors would be required for nationwide coverage. One
very large multinational company selling consumer products employ 500 distributors to
reach a significant portion of Pakistan’s small towns and villages.
It is ideal to get the required merchandise from various distributors. It is also possible to
have different payments arrangement with different distributors, such as, strictly cash,
credit, and bill-to-bill.
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If careful sight selection is observed a corner plot off the main road can be acquired at a
reasonable price.
7. 3 Utilities Requirement
In supermarket the only direct utility cost will be electricity and telephone charges.The
consumption of electricity will be lower in the winters as compared to the summers since
the air-conditioning will be shut, this will result in savings directly to the business.
Cashier will be responsible to make all the payments and receipts for purchases and sales
respectively. Also they will ensure that no counterfeit notes are forwarded into the cash
register of the store.
A purchaser will be commissioned to ensure that the depleted stocks are replaced as
quickly as possible. To achieve this target the purchaser will be required to receive the
distributor’s goods arriving in delivery vans in the morning and go to the whole sale
market in the evening to purchase emergency stocks and imported stuff.
Salesman will be required to price the goods and stack them in the shelves according to
their specifications. Furthermore they will assist the customers in locating the products.A
trained salesman is required to deal with the pharmacy section.
Helpers are next in place to the salesman who will assist them in their activities. Their
core job description will be to dust the products twice daily so that the customers don’t
get a negative image of the store. Additionally they will be required to help the cashiers
pack the goods in plastic bags.
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Security guards are essential for cash businesses like a retail store. Daily cash before
being deposited in the bank or used to purchase inventory in vulnerable to being lifted by
thieves.
9 DISTRIBUTORS ANALYSIS
Distributors play a vital role in transferring the product from the manufacturer to the
retailer and finally to the end consumer thus maintaining an integral part in the value
chain delivery.
Foreign companies considering marketing their products in Pakistan may choose to use
the services of local distributors or may develop their own distribution chain. Distributors
in urban areas generally deal on an exclusive basis. Some market consultants estimate
that the services of 100-300 distributors would be required for nationwide coverage. One
very large multinational company selling consumer products employ 500 distributors to
reach a significant portion of Pakistan’s small towns and villagers.
It is ideal to get the required merchandise from various distributors. It is also possible to
have different payments arrangement with different distributors, such as, strictly cash,
credit, and bill-to-bill.
10 KEY ASSUMPTIONS
10. 1 Revenue Assumptions
The entire feasibility is based on the following assumption:
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This will make up approximately Rs. 60,000 – Rs. 65,000 sales every day. It must be
noted that the sales numbers are calculated at a lower side. The potential of such type of
supermarket sales can go upto Rs. 90,000-125,000 per day within a small period of time.
One should also keep in mind that in such a business it is almost impossible to maintain
an error free inventory. Chances of pilferage and damages increases due to large number
of sizes and variety of products. It is estimated that minimum 1 percent of total cost of
sale will be account for such purpose.
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Revenue 22,750,000 25,095,000 27,716,850 30,649,150 33,939,500 37,616,950 41,737,500 46,348,050 51,512,650 58,114,000
Cost of goods sold 20,337,784 22,429,495 24,766,222 27,377,479 30,304,776 33,573,955 37,233,884 41,325,815 45,905,719 51,725,568
Gross Profit 2,412,216 2,665,505 2,950,628 3,271,671 3,634,724 4,042,995 4,503,616 5,022,235 5,606,931 6,388,432
Other income 8,898 27,864 58,955 96,348 140,938 197,389 267,113 348,048 440,517 641,564
Gain / (loss) on sale of assets - - - - - - - - - -
Earnings Before Interest & Taxes 1,929,694 2,175,970 2,462,881 2,788,289 3,158,608 3,614,961 4,098,020 4,644,406 5,261,756 6,167,249
Interest expense 519,414 476,417 428,444 374,920 315,202 260,328 213,512 161,278 103,000 37,979
Earnings Before Tax 1,410,281 1,699,553 2,034,437 2,413,370 2,843,406 3,354,633 3,884,508 4,483,128 5,158,756 6,129,270
Tax 366,098 467,344 584,553 717,179 867,692 1,046,622 1,232,078 1,441,595 1,678,064 2,017,745
NET PROFIT/(LOSS) AFTER TAX 1,044,182 1,232,209 1,449,884 1,696,190 1,975,714 2,308,011 2,652,430 3,041,533 3,480,691 4,111,526
Balance brought forward 522,091 1,754,301 3,204,185 4,900,375 6,876,089 9,184,100 11,836,531 14,878,064 18,358,755
Total profit available for appropriation 1,044,182 1,754,301 3,204,185 4,900,375 6,876,089 9,184,100 11,836,531 14,878,064 18,358,755 22,470,281
Dividend 522,091 - - - - - - - - -
Balance carried forward 522,091 1,754,301 3,204,185 4,900,375 6,876,089 9,184,100 11,836,531 14,878,064 18,358,755 22,470,281
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Assets
Current assets
Cash & Bank 100,000 344,901 1,048,313 1,899,437 2,917,980 4,128,911 5,740,563 7,615,110 9,787,280 12,238,562 19,839,660
Accounts receivable - - - - - - - - - - -
Finished goods inventory - - - - - - - - - - -
Equipment spare part inventory - - - - - - - - - - -
Raw material inventory 1,611,458 1,777,563 1,963,277 2,170,981 2,404,048 2,664,534 2,956,406 3,282,987 3,648,813 4,116,408 -
Pre-paid annual land lease - - - - - - - - - - -
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Pre-paid insurance 21,600 19,440 17,280 15,120 12,960 10,800 8,640 6,480 4,320 2,160 -
Total Current Assets 1,733,058 2,141,904 3,028,870 4,085,538 5,334,988 6,804,245 8,705,609 10,904,576 13,440,413 16,357,130 19,839,660
Fixed assets
Land 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000
Building/Infrastructure 489,000 464,550 440,100 415,650 391,200 366,750 342,300 317,850 293,400 268,950 244,500
Machinery & equipment 1,080,000 972,000 864,000 756,000 648,000 540,000 432,000 324,000 216,000 108,000 -
Furniture & fixtures 83,200 74,880 66,560 58,240 49,920 41,600 33,280 24,960 16,640 8,320 -
Office vehicles - - - - - - - - - - -
Office equipment 224,500 202,050 179,600 157,150 134,700 112,250 89,800 67,350 44,900 22,450 -
Total Fixed Assets 7,876,700 7,713,480 7,550,260 7,387,040 7,223,820 7,060,600 6,897,380 6,734,160 6,570,940 6,407,720 6,244,500
Intangible assets
Pre-operation costs 168,000 134,400 100,800 67,200 33,600 - - - - - -
Legal, licensing, & training costs - - - - - - - - - - -
Total Intangible Assets 168,000 134,400 100,800 67,200 33,600 - - - - - -
TOTAL ASSETS 9,777,758 9,989,784 10,679,930 11,539,778 12,592,408 13,864,845 15,602,989 17,638,736 20,011,353 22,764,850 26,084,160
Other liabilities
Lease payable - - - - - - - - - - -
Deferred tax - 61,500 (66,000) (193,500) (321,000) (448,500) (613,800) (779,100) (944,400) (1,109,700) (1,275,000)
Long term debt 4,888,879 4,517,313 4,102,750 3,640,214 3,124,154 2,548,376 2,143,809 1,692,427 1,188,810 626,916 -
Total Long Term Liabilities 4,888,879 4,578,813 4,036,750 3,446,714 2,803,154 2,099,876 1,530,009 913,327 244,410 (482,784) (1,275,000)
Shareholders' equity
Paid-up capital 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879 4,888,879
Retained earnings - 522,091 1,754,301 3,204,185 4,900,375 6,876,089 9,184,100 11,836,531 14,878,064 18,358,755 22,470,281
Total Equity 4,888,879 5,410,970 6,643,180 8,093,064 9,789,254 11,764,968 14,072,980 16,725,410 19,766,943 23,247,634 27,359,160
TOTAL CAPITAL AND LIABILITIES 9,777,758 9,989,784 10,679,930 11,539,778 12,592,408 13,864,845 15,602,989 17,638,736 20,011,353 22,764,850 26,084,160
Note: Total assets value will differ from project cost due to first installment of leases paid at the start of year 0
- - - - - - - - - - 0
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Operating activities
Net profit - 1,044,182 1,232,209 1,449,884 1,696,190 1,975,714 2,308,011 2,652,430 3,041,533 3,480,691 4,111,526
Add: depreciation expense - 163,220 163,220 163,220 163,220 163,220 163,220 163,220 163,220 163,220 163,220
amortization expense - 33,600 33,600 33,600 33,600 33,600 - - - - -
Deferred income tax - 61,500 (127,500) (127,500) (127,500) (127,500) (165,300) (165,300) (165,300) (165,300) (165,300)
Accounts receivable - - - - - - - - - - -
Finished good inventory - - - - - - - - - - -
Equipment inventory - - - - - - - - - - -
Raw material inventory (1,611,458) (166,104) (185,714) (207,705) (233,066) (260,486) (291,872) (326,581) (365,826) (467,596) 4,116,408
Pre-paid building rent - - - - - - - - - - -
Pre-paid lease interest - - - - - - - - - - -
Advance insurance premium (21,600) 2,160 2,160 2,160 2,160 2,160 2,160 2,160 2,160 2,160 2,160
Accounts payable - - - - - - - - - - -
Other liabilities - - - - - - - - - - -
Cash provided by operations (1,633,058) 1,138,558 1,117,975 1,313,660 1,534,604 1,786,708 2,016,219 2,325,930 2,675,787 3,013,176 8,228,014
Financing activities
Change in long term debt 4,888,879 (371,566) (414,563) (462,536) (516,060) (575,778) (404,567) (451,383) (503,616) (561,894) (626,916)
Change in short term debt - - - - - - - - - - -
Change in export re-finance facility - - - - - - - - - - -
Add: land lease expense - - - - - - - - - - -
Land lease payment - - - - - - - - - - -
Change in lease financing - - - - - - - - - - -
Issuance of shares 4,888,879 - - - - - - - - - -
Purchase of (treasury) shares - - - - - - - - - - -
Cash provided by / (used for) financing activities
9,777,758 (371,566) (414,563) (462,536) (516,060) (575,778) (404,567) (451,383) (503,616) (561,894) (626,916)
Investing activities
Capital expenditure (8,044,700) - - - - - - - - - -
Acquisitions - - - - - - - - - - -
Cash (used for) / provided by investing activities
(8,044,700) - - - - - - - - - -
NET CASH 100,000 766,992 703,412 851,124 1,018,544 1,210,930 1,611,652 1,874,547 2,172,171 2,451,281 7,601,098
Cash balance brought forward 100,000 344,901 1,048,313 1,899,437 2,917,980 4,128,911 5,740,563 7,615,110 9,787,280 12,238,562
Cash available for appropriation 100,000 866,992 1,048,313 1,899,437 2,917,980 4,128,911 5,740,563 7,615,110 9,787,280 12,238,562 19,839,660
Dividend - 522,091 - - - - - - - - -
Cash carried forward 100,000 344,901 1,048,313 1,899,437 2,917,980 4,128,911 5,740,563 7,615,110 9,787,280 12,238,562 19,839,660
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PREF-9/April, 2005/Rev1
Pre-FeasibilityStudy____________________________________________________________Super Store
The following are the list of few distributors operating in Karachi city:
PREMIER DISTRIBUTOR
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PREF-9/April, 2005/Rev1