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8/11/2019 Resort Project - Feasibility Final Report - 22082014
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Prepared by:
Kumar & Joseph
Chartered Accountants
www.kumarandjoseph.com
Feasibility study fora proposed Resortat Kovalam
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Contents
Executive Summary .............................................................................................................. 3
Feasibility .......................................................................................................................... 4
Introduction and Background ................................................................................................ 5
Introduction ....................................................................................................................... 5
Background for investment ................................................................................................ 5
Promoters .......................................................................................................................... 5
Demand Analysis .................................................................................................................. 6
Introduction ....................................................................................................................... 6
Kovalam and Tourism ........................................................................................................ 6
Geography ........................................................................................................................ 6
Climate .............................................................................................................................. 6
Food and Drinks ................................................................................................................ 6
Requirement and Demand Analysis for Resorts ................................................................ 6
Location Advantages ......................................................................................................... 8
Advantages of Resort Setup in Trivandrum ....................................................................... 8
Project Profile ....................................................................................................................... 9
Profile of the Proposed Resort ........................................................................................... 91. Process/Steps ............................................................................................................. 10
2. Infrastructure and Amenities ........................................................................................ 10
Financial Plan ..................................................................................................................... 11
Assumptions .................................................................................................................... 11
Feasibility Indicators............................................................................................................ 14
Annexure ............................................................................................................................ 20
Break Up Of Project Cost ................................................................................................ 20
Project Implementation Tracker .......................................................................................... 24
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Feasibility study for a proposed Resort at Kovalam 4
Feasibility
To assess the financial viability of the proposed Project, a feasibility model was created to account forthe revenue streams, expenses, and variables associated with the development and operation of theproject. It is important to keep in mind that the model and the resulting measures of financialperformance are based on general assumptions and enquiry. The results are as follows:
Internal Rate of Return & Net Present Value
Project IRR 30.41%
Project NPV 76.03 lakhs
Discounted Payback period 5 years
Normal Payback period 5 years
Cost of Capital Assumptions
Equity contribution 100%
Cost of Equity (assumed) 15%
The Project IRR is 30.14% which is more than the Cost of Equity which is assumed to be 15%. NPValso shows a positive value.
Moreover from the graphical representation above, we can see the total revenue trend is steeplyrising whereas total cost trend rise is moderate, resulting in increasing profit trend. Since project isdepicting increasing trend of revenue and profit, the project is viable and acceptable.
-8,19,913 -6,26,655
5,93,810
14,84,694 24,45,123 29,00,312
36,94,313 35,01,055
52,29,700
70,89,008
86,89,76796,59,498
28,74,400 28,74,400
60,78,000
92,10,000
1,21,82,800
1,38,02,800
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Profit/Loss Total Cost Total Revenue
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Introduction and Background
Introduction
The Kovalam resort project is promoted by NRI couple, Anuj Narayanan & Meera Anuj. Anuj andMeera have been living abroad for the last 15 years and it has been their dream to construct amedium sized resort aimed at providing a very traditional and malayalee experience for tourists. Thepromoters have 40 cents of land in Kovalam, a major tourist destination of Kerala and South India,which they plan to develop and construct 6 cottages with all modern facilities. Another 4 cottages areplanned and will be commissioned as part of Phase II of the project.
It has been proposed to start the development and construction of the resort by January 2015 andcommission the phase I of the project by April 2016.
This project report covers the market and financial feasibility of Phase I & II of the project.
Background for investment
Tourism is an ever rising industry in any country. The revenue it brings and the employmentopportunities it provide, both directly and indirectly, has gained it a lot of recognition in favourablegovernment policy making.
Also there is a lot of potential if there are vacant lands available in tourist hot spots. The promotersthemselves own ancestral land property in Kovalam, the prime tourist destination of Kerala.The present trend of tourist attraction is economy and cost effectiveness. This has a favorable impacton the project as it is a small scale business and the cost expectations of the tourist would match.
Promoters
Mr. Anuj Narayanan
He is currently working as Senior Project Engineer at Qatar Petroleum in Doha,Qatar. Anuj was born in New Delhi and completed schooling in Cochin/ Mumbai.He is a bachelors degree holder in Mechanical Engineering. He has 19 years ofexperience in Oil and Gas Industry.
Mrs. Meera Anuj
She is born and brought up in Trivandrum, is a holder of Masters degree inCommerce and has been working as a teacher in Delhi Public School, Doha,Qatar.
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Demand Analysis
Introduction
With the Arabian Sea in the west, the Western Ghats in the east and networked by 44 rivers, Keralaenjoys unique geographical features that have made it one of the most sought after touristdestinations in Asia. Also its climate is ideal for tourist visits around the year, making its tourismmarket active all throughout the year.
Kovalam and Tourism
Kovalam Beach is one if the finest beaches in India and the most attractive tourist centre of Kerala. Itis 13 kms south of Thiruvananthapuram, the capital city of Kerala, hailed as Gods Own Country. It islocated on the western coast of India near the extreme south of the mainland. It is close toKanyakumari, another important tourist destination, which also makes it a frequently visited spot.Napier Museum, Sri Chitra Art Gallery, Padmanabhaswamy Temple, Padmanabhapuram Palace,Kowdiar Palace, Ponmudi hill station are certain other places of tourist importance in
Thiruvananthapuram, and they are reasonably close by Kovalam. In 2010, as many as 1,08,639foreign tourists visited Kovalam and the number of domestic tourist is even higher.
Geography
Kerala is made up of fourteen districts. Each of them has a distinct character. Thiruvananthapuram(also known as Trivandrum) is the capital of Kerala, famous for its Kovalam beach (rated as one of thetop ten beaches of the world). Geography is destiny in Kerala with the monsoon winds bringing thegift of life annually. Its monsoons are likened to a battalion of wild elephants.
Climate
Being situated very close to the sea, Kovalam has a moderate climate. Heavy showers are
experienced during the months June, July and August due to the South-West Monsoon. The North-East Monsoon brings light rainfall during the months September, October, November and December.December to February is pretty cool. The annual rainfall is about 310 cm. In summer the temperaturerises to a maximum of 35 C while in winter it is around 25 C. The climate between October to Marchis around an average of 25 C, making it the ideal period for tourism.
Food and Drinks
Kerala has a variety of delicious food specialties. Rice is the staple food. It is accompanied withvarious curries, curd, pappad, pickles and other side dishes. The non-vegetarian dishes are made ofmutton, beef and chicken. Fish is also a favourite dish. A dessert called payasam usually follows themain course of food. The popular thirst aids are buttermilk and tender coconut water.
Kovalam being a tourist village of the state, there are a wide range of restaurants and parlourscatering to all kinds of international cuisines such as French, Chinese, Italian, Continental etc.
Requirement and Demand Analysis for Resorts
The survey conducted in 2013, by the department of tourism from the details collected fromaccommodation units all over Kerala reveals that the foreign tourist visit in Kerala was 8,58,143during 2013, with an increase of 8.12% from previous year figures. Also, domestic tourist visits hadan increase of 7.75% and statistics for the same was 1,08,57,811 visitors.
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Tourist visit in Kerala
Tourism is an ever developing sector. From the graph given above, it is clearly evident that tourist visitin Kerala is on the rise, especially domestic tourist visits. Hence, there is an increasing demand forimprovements in the tourism sector. This provides profitable opportunities for new entrants and theirsuccess lies in their ability to provide quality services to their clients at a reasonable cost.
Out of the 1,17,15,954 tourist visiting Kerala in the year 2013, 18,24,879 tourists (about 16%) arevisiting Trivandrum and wont be missing the beautiful Kovalam. So, on an average 18 lakh peopleare visiting the Kovalam beach every year and this number is rising each year.
The average tourist visits for each of the 14 districts is approximately around 7% whereas inTrivandrum it was 16%, more than double the average.
The revenue acquired directly and indirectly from tourism sector during the year 2013 wasRs.22,926.55 Crores and around 16% of this revenue can be apportioned to Trivandrum(i.e. Rs.3,668.2 Crores), making it evident that Trivandrum and Kovalam are indeed the bestoptions to attract tourists and to start new investments.
Although other tourist spots are somewhat in a 10 km distance, tourists often chooses to stay atKovalam because of the rush and traffic in the city. Hence, a higher occupancy rate is experienced in
Kovalam compared to that in the city.
6,59,265 7,32,985 7,93,696 8,58,143
85,95,075
93,81,4551,00,76,854
1,08,57,811
2010 2011 2012 2013
Foreign Tourist Domestic Tourist
0
20,00,000
40,00,00060,00,000
80,00,000
1,00,00,000
1,20,00,000
Foreign Tourist inkerala
Foreign Tourist inTrivandrum
Domestic Touristin kerala
Domestic Touristin Trivandrum
2012 2011
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Location Advantages
The shimmering water of the vever green coconut trees and cwithin a 20 minutes drive to theresort. Moreover Kovalam is als
It is also very easily acceDestination of Kerala and wiAirport run way of Trivandspiritual tourism, eco-touris
With a record arrival of moryear 2011-12, Trivandrum h
There are many tourist destiBeach, Napier museum andDam, Kuthira Malika palaceand beaches and many othe
Advantages of ResortThe Government of Kerala has
To facilitate the investors, apconversion and allotment of lanallotment of land for setting up o
ort at Kovalam
st expanse of the Arabian Sea, the never endoastal line, away from all the hush and traffic ocity, all makes Kovalam an ideal and suitable locconsidered a safe place in Kerala in terms of la
sible by Air, Train, Road and Water. It is alsll start getting International Chartered Flights inum Airport. Trivandrum is going to make hea, health tourism and rural tourism.
than 3 lakh foreign tourists and 25 lakh domes s been one of the most popular destinations for
nations in or near the city including Kovalam beZoo, Agasthyarkoodam peak, Neyyar Wildlife S
, Sree Padmanabha Swamy temple, Ponmudi,rs.
Setup in Trivandrumccorded a high priority to attract private investm
ropriate amendments have been made in thin rural and urban areas. This has facilitated itourism units in the state by private sector initiat
8
ing panorama of thef the city yet locatedation for putting up a
and order.
the leading touristview of the extendedway in the area of
ic tourists during theall.
ch, Sanghumukhamanctuary and Neyyaroovar, Varkala cliffs
nt in tourism sector.
e relevant rules forthe conversion and
ive.
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Project Profile
Profile of the Proposed Resort
The resort is located in 40 cents of land located in Kovalam, Thiruvananthapuram. The Project isproposed to be launched in 2 Phases. Phase I will have 6 cottages, a multi-cuisine restaurant and a24x7 coffee shop. 4 more cottages will be set up at a later stage as part of Phase II of the project.
The cost of Phase I of the project is estimated at 80 lakhs which will be funded entirely by thepromoters of the project. The estimated cost of the phase II of the project is 47 lakhs and will be partlyfunded by the promoters and partly by the funds generated from the operations of Phase I.
Project at a glance
Project period Phase I Phase II
Project Start Year 2015 2018
Construction period in months 15 6
Investment (in 000s) Phase I Phase II
Project Cost (in 000s) 7000 4700
Contingencies (in 000s) 1000 300
Total Investment (in 000s) 8000 5000
Debt Equity Ratio Phase I Phase II
Debt Nil Nil
Equity 100% 76%
Funds generated from operations of Phase I 0 24%
Built up Area Phase I Phase II
Nos. Sq ft Area Nos. Sqft Area
Cottages 6 800 4800 4 800 3200
Reception and Lobby 1 1000 1000 - - -
Restaurant and Kitchen 1 1200 1200 1 700 700
GymTotal Area 7000 3900
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1. Process/Steps
Following are the necessary steps required to construct the resort:
Feasibility Study
Market and financial analysis and projections
Finalization of the Layout
Completion of site survey, design of plant & buildings, auxiliary & ancillary buildings, mechanicalutilities, electrical services and system
Planning for enabling works, like construction of waterlines, power lines and sewerage, office,labour camp, communication facility etc.
Approach and Internal Roads
Employee Hiring Process
Marketing
2. Infrastructure and Amenities
Air conditioned cottages
Airport transfers
Audio visual equipped
Business centre
Cable TV
Car parking
Doctor on call
Fax service
Fire safeguards
Laundry facilities
Photocopy services
Power back-up
Restaurant
Safe deposit
Travel desk
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Financial Plan
The financial plan consists of a 6 year profit and loss projection, cash-flow projection, projectedbalance sheet, and calculation of financial feasibility indicators. Together they constitute a reasonable
estimate of projects financial feasibility.
Underlying Assumptions used in the financial projections are briefly described below for easyreference.
Assumptions
General assumptions used in the Financial Projections are given below:
Phase I Phase II
Project Start Year January 2015 October 2018
Total Investment (Rs in 000s) 8000 5000
Construction period 15 months 6 months
Funding
Debt Nil Nil
Equity 100% 76%
Income from Phase I operations 0 24%
Project Cost and Funding assumptions
in 000s
A. Building Phase I Phase IIBuilding Construction 3,344 2,723
Plant & Machinery 970 725
Furniture & Fixtures 2,033 1,252
Miscellaneous Fixed Assets 653
Total (A) 7,000 4,700
B. Others
Pre-Operative cost 500 -
Statutory compliance fees 300 150
Consultancy and technical fees 200 150
Total (B) 1,000 300
Project Cost (A+B) 8,000 5,000
The breakup of the cost of construction is annexed to at the end of the project report underAnnexure A.
Phase I of the project will be entirely funded by Anuj Narayanan & Meera Anuj, promoters of theproject. Phase II of the project will be 75% funded by the promoters and 25% from operations ofPhase I
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Income Assumptions
Rental rate in Rs Year 1 &2 Year 3 Year 4 Year 5 Year 6
Season 3,500 4,500 5,500 6,500 7,500
Off-Season 2,000 3,000 4,000 5,000 6,000
Average Occupancy %
Year 1 & Year 2 30%
Year 3 50%
Year 4 70%
Year 5 75%
Year 6 75%
No. of cottages
Phase I 6
Phase II 4
Rental Income in 000s Year 1 &2 Year 3 Year 4 Year 5 Year 6
Season 1,134 2,430 4,158 5,265 6,075
Off-Season 648 1,620 3,024 4,050 4,860
Total 1,782 4,050 7,182 9,315 10,935
Food & Beverages in000s Year 1 &2 Year 3 Year 4 Year 5 Year 6
Breakfast 194 432 756 972 1,134
Dinner 648 1,296 2,117 2,592 2,916
Snacks & Coffee shop 250 300 400 500 600
Total 1,092 2,028 3,273 4,064 4,650
Expense Allocation
Major components of the variable cost and its allocation are as follows:
Components As a % of
General & Administration charges 5% of revenue
Repairs & Maintenance 5% of rental income
Food & Beverages Cost 30% of F&B income
Insurance & Legal Charges 10% of rental income
Utilities 10% of rental income
Miscellaneous 7% of rental income
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Major components of the fixed costs are as follows:
Components Annually in Rs.
Salaries 648,000
Electricity 180,000
Office expenses 120,000
Repairs & Maintenance 200,000
The year on year increase on fixed expenses from 3rd year onwards is assumed at 5 %
Depreciation
Depreciation is calculated as per rates mentioned in the Income Tax Act 1961 and the detailedschedule is attached as part of the projected financial statements.
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Feasibility Indicators
The cost of capital is assumed at 15%
Project IRR
Description Year 0 Year 1 Year 2 Year 3 Ye
Initial Investment (8,000)
Phase II investment (5,000)
Profit as per P&L A/c (1,029) (836) 928 5
Add: Depreciation 1,027 834 684 1
Provision for Tax - - 398 2
(8,000) (3) (3) (2,990) 9
Project IRR 30.41%
Normal payback period
Project IRR
Description Year 0 Year 1 Year 2 Year 3 Ye
Initial Investment (8,000)
Phase II investment (5,000)
Profit as per P&L A/c (1,029) (836) 928 5
Add: Depreciation 1,027 834 684 1
Provision for Tax - - 398 2
(8,000) (3) (3) (2,990) 9
Project present value (8,000) (8,003) (8,005) (10,995) (1
Normal payback period 5 years
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Discounted Payback Period
Description Year 0 Year 1 Year 2 Year 3 Ye
Initial Investment (8,000)
Phase II investment (5,000)
Profit as per P&L A/c (1,029) (836) 928 5
Add: Depreciation 1,027 834 684 1
Provision for Tax - - 398 2
(8,000) (3) (3) (2,990) 9
NPV (8,000) (2) (2) (1,966) 5
Discounted payback (8,000) (8,002) (8,004) (9,970) (4
Discounted payback period 5 years
Project NPV Description Year 0 Year 1 Year 2 Year 3 Ye
Initial Investment (8,000)
Phase II investment (5,000)
Add: Income before Depreciation,Amortisation and Interest
(3) (3) 2,010 9
Total (8,000) (3) (3) (2,990) 9
NPV (8,000) (2) (2) (1,966) 5
Project NPV 7,603
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Resort Project, Kovalam, Trivandrum
Projected Profitability Statement
Sch Year 12016-17
Year 22017-18
Year 32018-19 20
Income
Rental Income 1,782 1,782 4,050
Food & Beverages 1,092 1,092 2,028
Total 2,874 2,874 6,078
Expenditure
Employee Cost 1 648 648 680
Office Expenses 120 120 126
General & Administration charges 144 144 304
Repairs & Maintenance 200 200 210
Food & Beverages Cost 328 328 608
Advertisement 300 300 315
Insurance & Legal Charges 178 178 405
Utilities 358 358 594
Miscellaneous 201 201 425
Interest on Capital 400 400 400
Depreciation 2 1,027 834 684
Profit /(loss) before tax (1,029) (836) 1,325
Provision for Taxation @ 30% 398
Profit/(loss) after tax (1,029) (836) 928
Total 2,874 2,874 6,078
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Projected Balance Sheet
Year 02015-16
Year 12016-17
Year 22017-18
Year 32018-19
Ye201
Liabilities
Fixed Capital 8,000 8,000 8,000 11,800 11
Retained earnings/(acc.deficit) (1,029) (1,865) (938) 4
Total shareholders' funds 8,000 6,971 6,135 10,862 16
Total liabilities and equity 8,000 6,971 6,135 10,862 16
Assets
Work in Progress 5,000
Cash in hand & at Bank (3) (5) 407 7
Total Current Assets (3) (5) 5,407 7
Fixed assets, net 8,000 6,973 6,140 5,455 9
Total Assets 8,000 6,971 6,134 10,862 16
Schedule 1
Employee Cost (in 000s)
Description No Salary Year 1 Year 2 Year 3
General Manager/Front office manager 1 144 144 144 151
Housekeeping 2 96 192 192 202
Cook 1 144 144 144 151
Helper 2 84 168 168 176
Total 6 468 648 648 680
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Rate Year 1
Description % OB Dep
Building 5 3,344 168
Plant& Machinery 25 970 243
Furniture & Fixtures 10 2,033 203
Miscellaneous Fixed Assets 25 1,653 413
Total 8,000 1,027
Schedule 2
Depreciation (in 000s)
Year 2 Year 3 Year 4
CB/OB Dep CB/OB Dep CB/OB Addition Dep CB
3,177 159 3,018 151 2,867 2,723 280 5
728 182 546 136 409 725 284
1,829 183 1,646 165 1,482 1,252 273 2
1,240 310 930 232 697 300 249
6,973 834 6,140 684 5,455 5,000 1,086 9
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Resort Project , Kovalam, Trivandrum
Projected Cash Flow Statement
Year 0 Year 1 Year 2 Year 3
2015-16 2016-17 2017-18 2018-19 20
Sources
Net Profit as per P&L A/c (1,029) (836) 928
Add:
Add: Depreciation 1,027 834 684
Provision for Tax - - 398
Own Funds 8,000 3,800
Total 8,000 (3) (3) 5,810
Applications
Provision for Tax - - 398
Investment in Fixed Assets 8,000 5,000
Total 8,000 - - 5,398
Net Cash flow for the year - (3) (3) 412
Cash and bank, beginning of year 8,000 - (3) (5)
Cashflow for the year 8,000 (3) (3) 412
Cash and bank, end of year - (3) (5) 407
Drawings 10%
Excess Cash / Surplus Funds 5%
Investments 85%
Opening Cash Balance - (3) (5)
Cash Balance & Cash at Bank (3) (5) 407
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Annexure
Break Up Of Project Cost
Phase I Phase II
A. Building: Sch 2015-16 2018-19
Building Construction A 3,344 2,723
Plant & Machinery B 970 725
Furniture & Fixtures C 2,033 1,252
Miscellaneous Fixed Assets 653
Building Total 7,000 4,700
B. Others
Pre-Operative cost 500
Statutory compliance fees 300 150
Consultancy and technical fees 200 150
Others Total 1,000 300
Project Cost 8,000 5,000
Schedule A
in 000s
Cost of Building Phase I Phase II
Total Built up Area 7 3.9
Rate per sq.ft 325 475
Cost 2,275 1,853
Electrical Work 15% 341 278
Plumbing & Drainage 12% 273 222
Consultant 20% 455 371
Total 3,344 2,723
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Schedule B
in 000s
Plant & Machinery Phase I Phase II
Air Conditioners 280 150
Generator 100 100
Bore well 60 40
EPBAX 40 40
Boiler 50 40
CCTV 50 185
Kitchen Equipments 100
Fire Fitting 60 40
Water Coolers 30 30
Printers, Fax, Telex 60 30
Computers 140 70
Total 970 725
Schedule C
in 000s
Furniture & Fixtures Phase I Phase II
Total 2,033 1,252
Schedule C1
Reception, Lobby & Administration in '000s
Counter 25
Stationery 25
Pigeon Hole 15
Cupboard 50
Safe deposit 40
Sofa set 50
Fixtures 20
Luggage Carriers 15
Miscellaneous 30
Total 270
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Schedule C2
Phase I Phase II
Guest Room Nos Rate in 000s Nos Rate in 000s
Cot
Queen size 6 15,000 90 4 20,000 80
Single 5 4,000 20 3 5,000 15
Mattress
Queen size 7 7,000 49 6 7,000 42
Single 5 4,000 20 3 4,000 12
Mattress Protector
Queen size 7 1,600 11 6 1,600 10
Single 5 900 5 3 900 3
Side table 8 1,500 12 5 1,500 8
Chair 12 1,000 12 8 1,000 8
Coffee Table 8 1,000 8 4 1,000 4
Cupboard/Luggage Rack 8 15,000 120 4 15,000 60
Dressing Table and Mirror 6 5,000 30 4 5,000 20
Television 9 20,000 180 4 20,000 80
Telephones 10 600 6 6 600 4
Bathroom Mirror 10 1,000 10 6 1,000 6
Wash Basin 10 1,500 15 4 1,500 6
WC 10 5,000 50 4 5,000 20
Bath Tub 6 10,000 60 4 10,000 40
Upholstery 200 200
Fixtures 200 200
Total 1,098 816
Schedule C3
Phase I Phase II
Restaurant Nos. Rate in '000s Nos. Rate in '000s
Tables 4 2,500 10 3 2,500 8
Trays 10 500 5 5 500 3
Chair 15 1,000 15 15 1,000 15
Side Stations 2 10,000 20 2 10,000 20
Upholstery 20 20
Fixtures 20
Total 90 65
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Schedule C4
Phase I Phase II
Guest Room Linen Nos. Rate in 000s Nos. Rate in 000s
Single Bed Sheet 15 600 9 6 600 4
Double Bed Sheet 20 1,000 20 10 1,000 10
Blankets 20 1,000 20 10 1,000 10
Blankets Cover 20 500 10 10 500 5
Bed Cover 20 800 16 10 800 8
Pillow Cover 40 200 20 20 200 4
Hand Towel 80 150 12 40 150 6
Bath Towel 80 400 32 40 400 16
Bath Mat 40 150 6 20 150 3
Total 145 66
Schedule C5
in 000s
Stores & Housekeeping Phase I Phase II
Racks, Cupboards & Shelves 100 75
Bins 10 10
Fixtures 20 20
Total 130 105
Schedule C6
in 000s
Kitchen & Kitchen Stewarding Phase I Phase II
Kitchen Interiors Hobs, Cabinet etc. 200 100
Glasses 50 50
Cutlery & Crockery 50 50
Total 300 200
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Project Implementation Tracker
in months
# Particulars Phase I Phase II
1 Project research
2 Preparation of feasibility report
3 Preparation of Building plan
4 Project approval
5 Application for electricity & water
6 Building construction
7 Purchase & installation of Plant & Machinery
8 Plumbing & electrification
9 Furnishing and interior decoration
10 Staff recruitment
11 Trail runs and commissioning
12 Land seeping
13 Inauguration and commercial roll out
Total Implementation Period 15 6
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