1 | Page Executive Summary Universal Knitwear’s is being established with the mission of providing good quality designer sweaters at economical prises. It’s launching two brands Damsel and Winter wonders. Damsel constitutes range of designer sweater targeting elite high income group women winter wonders focuses on value for money for the middle income population. The strategic advantage of the business is the already established sales network in the Northern eastern States by sister concern Assam Trading Company- working in trading of woollen goods from past 12 years. The process of manufacturing will be outsourced to specialized fabricators thus focusing more on marketing and selling. The total investment required for the business is Rs 94 lacks, 25% of which is being taken as loan and rest 75% as owners fund. An average of 200 pieces of sweater per day is estimated for the first year. The company targets 500 pieces in the first 3 years and 1500 in the first 10 years. The net profit margin of the company is 13 percent; all the loans of the company are paid back in the first six years making it a self financed from 7 year onwards. The company aims to make all India presence in the first 7 years , the long term vision of the company is to diversify into complete range of women clothing’s, and to open retail outlet throughout the country.
Transcript
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Executive Summary
Universal Knitwear’s is being established with the mission of providing good quality designer
sweaters at economical prises. It’s launching two brands Damsel and Winter wonders.
Damsel constitutes range of designer sweater targeting elite high income group women
winter wonders focuses on value for money for the middle income population.
The strategic advantage of the business is the already established sales network in the
Northern eastern States by sister concern Assam Trading Company- working in trading of
woollen goods from past 12 years.
The process of manufacturing will be outsourced to specialized fabricators thus focusing
more on marketing and selling.
The total investment required for the business is Rs 94 lacks, 25% of which is being taken as
loan and rest 75% as owners fund.
An average of 200 pieces of sweater per day is estimated for the first year. The company
targets 500 pieces in the first 3 years and 1500 in the first 10 years.
The net profit margin of the company is 13 percent; all the loans of the company are paid
back in the first six years making it a self financed from 7 year onwards.
The company aims to make all India presence in the first 7 years , the long term vision of the
company is to diversify into complete range of women clothing’s, and to open retail outlet
throughout the country.
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Description of the Project
Universal Knitwear’s is a Ludhiana based company whose mission is to provide good
quality, designers ladies sweaters at economical prises .The Company is a part of backward
intergradations of sister concern Assam trading Company(ATC), involved in trading of all
kind of hosiery goods in Ludhiana for past 12 years.
Universal Knitwear’s will manufacture two brands of sweaters –
Damsel – Exclusive ladies designer sweater for the elite class.
Winter Wonders-Economical Sweaters Targeting Middle Income Group.
The manufacturing of sweaters is outsourced to various contractors thus focusing more on
selling and marketing of Goods.The Company has fabricators specializing in manufacturing
vivid designs customizing the need of target market.
The sweater focuses unique styling and fine quality acrylic wool. The designs are highly
fashionable and include subdued colors and patterns, giving a “one of a kind” feel to the
sweater. The wool is specially processed to allow the sweaters to be hand washable, making
them easy to care for. The Company stays in touch with customers and with fashion trends to
keep its product lines fresh and fashionable.
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Market Research
Study of local, national & export market
Knitwear is emerging as the fastest growing segment of Indian garment exports as compared
to all other segments, including woven garments and the mill-made garments. In the textile
industry, the role of hosiery or knitwear sector is increasing day by day. Knitted garments are
preferred over woven garments the world over due to comfort, stretch ability and easy breath
ability built within the knitted fabric structure.
The important centres of knitwear industry in India are listed below:
1. Ludhiana in Punjab for woollen and synthetic knitwear
2. Tirupur in Tamil Nadu for cotton knitwear
3. Delhi (Gurgaon & Noida included) for synthetic knitwear
4. Bangalore for cotton and synthetic knitwear
5. Mumbai for cotton and synthetic knitwear
The garment industry all over the world is at the threshold for far - reaching institutional
changes. Over the past three to four decades, trade dynamics, especially - price and
quantitative restrictions have come to play a major role in the patterns of the sector’s
development. The removal of quantitative restrictions has brought about important
implications. It has thrown open both opportunities and threat, especially for the low
Income economies seeking to industrialize through promotion of the garment sector.
Internationally retailers are concentrating on their core business, which is selling to the end-
consumer. Many are turning to “lean retailing”, or cutting down inventory to the minimum,
as a means to achieve this. Reducing stocks requires fast and on-time delivery from the
manufacturer
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According to a research “Ludhiana Diagnostic Study “conducted by Ludhiana Knitwear and
Apparel Cluster the demand for knitwear’s is growing steadily. About 66% of firms believe
that business opportunity was abundant in the last two years however 17 % believe that the
sales have reduced due to recession and the rest 17% believes that the market have remain
constant though export gap was fulfilled by high local demand.
Demand Conditions - Industry
•Demand of hosiery goods is totally depended on weather condition.
• In Ludhiana knitwear industry, there is no distinction between a manufacturer and a
marketer. There are very few firms who are selling directly through their own retail outlets.
Many units are doing job work for big brands.
• There is no emphasis on branding and this largely reduces the margin because maximum
value addition in the value chain at this stage.
• There is very less participation in domestic trade fairs while the international ones are
seldom visited to get a feel of the market trends. The marketing in the export sector is
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targeted mainly at the buying houses. There are very few units which are directly marketing
in the international market.
• 95% of the domestic demand for woollen knitwear is fulfilled by Ludhiana industry alone.
The export markets include USA, European Union and the CIS (erstwhile USSR). The
domestic segment consists of both high-end (such as Delhi, Ahmedabad, Mumbai, Lucknow,
and Kanpur) and low-end middle-income mass markets (comprising of Tibetan s/Nepal is).
• Another major market for the industry is Government purchases (primarily for Armed
Forces and other departments) which is done through tendering by the respective government
departments.
Potential users of the product/service
Girls of the age group 16-24 who are more inclined towards fashion and latest trend.
Women of 24-40 years who seek latest design and value for their money invested.
Distribution Network
1. Direct to Retailers-
Goods will be sold directly to retailers who are well known in their city to generate
substantial volume of sales and have good credibility. Credibility plays crucial role in
choosing these channel as the probability is high.
This channel plays a crucial role in demand and trend analysis as retailers are directly
linked to the customers. They provide first hand feedback.
2. Through Whole sellers
Selling through whole sellers is very necessary because they generate huge volume of
sales. It will also help in penetrating the market deep till village level.
Whole sellers located in Delhi-Gandinagar and Ludhiana sells to small retailers
throughout the country. They also provide credit facility in the beginning of the
season by paying advance for good s purchased.
Various whole sellers in Ludhiana
• Punjab Hosiery Mills
• Haryana Hosiery Mills
• Shurbi Traders
• Jainsons etc
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3. Through Commission Agents
Commission agents act as link between the manufactures and whole sellers.
70 percent of sales will generated through commission agents as they provide credit
guarantee. These agents take commission of around 2-5 percent above sales price.
Various Commission Agents that will be target are-
• Assam Trading Company
• Krishna Trading Company
• Ram Chandra Kamal Kishore
• Tayal Brothers
• Jeet Mall Jain
• Sanjay Knitwear traders
• Bharat Trading Company etc
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Competition – SWOT Analysis
STRENGTH
• Design & Quality
• Contract Based manufacturing and
payment
• Easy availability of Raw Material
• Satisfied worker and exporter
• Cluster benefits.
OPPORTUNITY
• Product Diversification- T shirts,
sweat shirts etc
• Market Expansion-
Domestic and Export
• From production to retail.
• Manufacturing of ancillary products-
Printing Units, Dying Units, etc
WEAKNESS
• Risky business(credit risk)
• Seasonal Business
• Labour ( Industry as a whole)
• Technology of production
THREATS
• New Entrants
• Competition
• Poor Infrastructure(Connectivity by
road, airport, Electricity)
• Contract manufacturer starts marketing
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Micheal Porter Five force Analysis
• Bargaining Power of Supplier: -In knitwear’s industry supplier have a higher
bargaining power as they are offering specialized product. Spinning units are few and
large in size giving them the benefit. It it will be difficult to get credit from these
companies.
• Bargaining Power of Customers: - Bargaining power of customer will be very high
initially, goods are being sold through agents thus they need to be given extra
discount to sell our product. Once a brand is built up the bargaining power will shift
in our hands as consumers will directly demand the product and the agents will have
no other option.
Threats of New
Entrants
Bargaining Power of
Buyer
Competitive
Rivalry in
knitwear
Industry
Threats of Substitute
Products Bargaining Power of
Supplier
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• Threat of New Entrant
It is easy for the new entrant to enter the knitwear industry but difficult to enter this
segment of production as it involves greater technical knowledge and a well establish
market base.
• Threats of Substitute Product/Services: - Threats of substitute is high, the market is
fashion based, consumer may opt for substitutes like jackets, sweat shirts, shawls etc.
Competition
1. Competition from Branded Companies
Competition from Branded companies like Monte Carlo , Canterbury, Creative Line
Priknit etc is not that significant as of now because their target market is different and
they follow their own channel of Distribution.
2. Direct Competition
Direct competition will be faced from companies who manufacturer similar product
and use the same distribution channel. They have an advantage as they are in the
market from past many years, and have established a good brand name.
Unique styling, and economical prising will help cutting competition, special offers
and discounts needs to given to the agent so that they stock our product.
Immense competition from companies like
• Queens land- Operating from Past 12 years, generates huge volume of sales
from north eastern regions. Retail Counter in Darjeeling adds to its advantage.
• Revance- Operating intensely in north eastern states from past 5 years
Advantage of having Tibetan market network. Offers wide collection of
designs.
• Soft Pink
• Money Bell etc
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3. Indirect Competition
Indirect competition from companies supplying Jackets, sweat shirts is directly
related to the fashion prevailing.
Critical factors that determines market potential
• Quality- Quality plays a very critical role as production is being subcontracted, there
may be possibility that the fabricator does not adhere to the quality specification.
• Design- Design is very crucial, factor, if the design produced is not liked by the
market, it may not generate enough sales leaving huge amount of stock to be sold at
less price.
• Raw Material price fluctuation- The prices of raw material keeps fluctuating, purchase
of raw material at right prices plays a crucial role in determining profitability.
• Timely Delivery- The goods ordered are to delivered at right time delay will lead to
customer dissatisfaction.
Market Plan Strategies deployed to market entry/penetrate
Winter Wonders and Damsel will be targeting women of the age group 20-40 years.
Income group - Middle and upper middle class.
In the first year of operation north eastern states i.e Assam, West Bengal, Sikkim Arunachal
Pradesh etc will be targeted using existing distribution channel of sister concern Assam
trading company.
Hill Station will be prime target as it provides a market for entire year.
The following Hill stations will be targeted in the 1st year-
• Darjeeling- Presence of 2 retail outlet, Universal stores and Anupam will be of great
benefit in generating sales and 1st hand customer feedback and trend analysis .These
two outlet will also be used for the purpose of testing of samples and product
development.
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• Gangtok
• Kaimpong
• Shillong
• Tawang
After gaining sustainable sales in north eastern region, hilly areas of Northern states i.e
Uttaranchal, Himachal Pradesh, Uttar Pradesh will be targeted. The market will be
approached through agents or through whole sellers who can generate volume sales and have
good credit reputation.
There after Local market of Punjab, Delhi and Haryana will be targeted as these markets
generate huge volumes of sales from the month of October to February dude to chilling
winter. Whole seller in Delhi and Ludhiana generate sales through out the country.
Other states will be targeted depending on the market potential and selling capacity year on
year.
After generation substantial sales volume focus will be on brand building and development of
product line from sweaters to entire ladies wear. Retail outlet throughout the country will be
established.
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Technical Feasibility
Product, it specifications and uses
Sweater is a garment used to cover the upper part of the body; it is generally worn above a t-
shit or a top. It is worn to protect against cold. Sweaters in earlier times always were, made
from wool; however, they can be made of cotton, synthetic fibers, or some combination
thereof.
Wool is the textile fibre obtained from sheep and certain other animals, including cashmere
from goats, mohair from goats, alpaca, and camel from animals in the camel family, and
angora from rabbits.
Synthetic yarn is more popular for making sweater these days, the most commonly used is
Rainbow acrylic wool, daffodil, nylon etc and their combination.
There are two types of sweater-
1. Cardigan-Front open sweater, more common among ladies.
2. Pullover- It’s not open from above more common among gents.
The type of the sweater depends on the yarn used and the method of knitting and the
thickness of the yarn.
Sweater are categorised on the basis of the thickness that is determined by the way of
knitting.
The thickness of sweater varies from 6 gauges to 16 gauge, the more the gauge the finer the
sweater. The price of the sweater is calculated on the basis of quantity of yarn used per
sweater.
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Process of Manufacturing
It starts with spinning of raw wool, acrylic or other fibers that are sourced from outside
Ludhiana. A cleaning operation is
carried out locally for wool by medium or upper end of small scale spinning units before
spinning the yarn. This yarn is then supplied to the industry for further operations.
The hosiery units buy the yarn from spinning units directly or through traders and then send it
to dyeing units for dyeing in different shades. Small units buy different shades from traders
who stock these for retail.
Yarn is wound over cardboard cones. Knitting the yarn into fabric is done through hand
operated flat knitting machines, semiautomatic or fully computerized knitting machines.
Different designs are made on the fabric through these knitting machines manually or
mechanically depending upon the machine used. Generally a master craftsman is employed
for making designs for flat machines (hand driven and mechanical both). In computerized
machines, design inputs are fed through available software programs.
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• The fabric then undergoes milling process in which fabric is dipped in chemicals and soap.
This process softens the fabric. It then gets ready for cutting and tailoring which is generally
done in-house by most of the hosiery units on piece rate basis. After cutting and tailoring,
manufactured garments undergo washing .Visual checking is done before packing them into
boxes.
Installed capacity calculation & utilization of capacity
Manufacturing is outsourced to specialised fabricators, on the basis of skill and technology
possessed by them. Outsourcing does not limit the capacity of production to a certain limit;
the capacity depends on ability of selling and finance available.
In the first year goods is outsourced to a single fabricator who produces on a average 200 pcs
per day. He have in built capacity for 400 pcs per day including hand machines, fully fashion
12 gauge machines and Stoll -8 gauge and 12 gauge machines . Availability of different
machines gives us the benefit of creating a wide portfolio of designs.
Every subsequent year, new fabricators will be contacted and capacity of existing fabricators
will be increased, also new fully automatic Stoll computer machines will be installed
depending on the market conditions.
The capacity is increased to 300 per day in 2nd
year and 500 and 600 consecutively for 3rd
and and 4th
year, thereafter 20% rise year on year.
Selection of location & site
Knitwear’s is diversified industry in India, Ludhiana is cluster for manufacturing of products
from wool and acrylic wool, over 80% of India’s woollen products is manufactured in
Ludhiana, giving benefits of economy of scale due to presence of large number of ancillary
industries enhancing the production and reducing the cost.
Knitwear manufacturers (including manufacturers-cum-traders/exporters) are at the core of
the cluster. Spinners, dyers and subcontracting knitting units provide backward process
support. Dye manufacturers, machinery manufacturers and accessory suppliers provide
requisite raw material backup to various processes. On the domestic front forward linkage is
provided by intermediate agents, wholesalers and retailers. Exports are being affected either
directly or through merchant exporters, buying agents and buying houses. A number of
technical support institutions are also present Ludhiana.
The main hosiery knitting centres in Ludhiana are geographically centred within the city
only. According to industry concentration, the places within Ludhiana can be divided into the
following four blocks:
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1. Purana Bazar/ Madhopuri, Sundernagar and Shivpuri
2. Industrial area
3. Bahadur Ke Road
4. Focal Point (Dhandari Kalan)
About 20% of the firms each are concentrated in the designated Industrial Area(s) like the
Industrial area and Focal Point (Dhandari Kalan), and another 10% in the Bahadur Ke Road
area. In the undesignated area (s), viz., Old city Area (Sunder Ngr, Purana bazar, Dal bazar),
and Civil Lines another 40% of the firms are located. The remaining 10% of the firms are
scaterred across the city.
Site of production will be located in Shivpuri adjoining sunder nager. It’s a developing are
adjoining sunder nager.
The advantages of this location are-
a) Easy availability of labour.
b) In the market not difficult for the customers to locate the firm.
c) Wide roads and easy availability of transport facility unlike purana bazaar (Highly
congested old market)
d) Price of land is less as compare to Industrial thus giving advantage too small and
medium scale industries.
e) Surrounded by well-known companies like Sona- Rupa, AL Jain, Bl Jain Attam
Vallabh, LBR jackets etc.
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Capital inputs: Land & Building (design) plant and machinery; (selection
and justification)
Land
Land and Site Development 2808000
Land 3600sq feet Rs. 780/Sq feet Rs28 Lakhs
Building
Construction Cost of around 30 Lakhs as per the estimate done by various architect during
preconstruction time.
Two floors are being constructed. Ground floor space is utilized for construction of office,
accounts office, sample room, stock room and packaging room.
Tata 407 or mini pick up can be parked inside the premise foe loading and unloading purpse.
The floor is constructed keeping future in mind, it can accommodate any kind of knitting
machines as of today’s technology.
First floor will be used for stitching and garmenting machines, and stall quarters will also be
built in first floor.
Rain water harvesting is done in the building thus protecting the level of ground water.
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Ground Floor Design
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Plant and Machinery
As of now manufacturing of goods is outsourced so plant and machinery is not installed, but
subsequent year 2- Stoll CMS 433.6fully computerised machines will be installed .
Details of the machine
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Cost of project
Details Rs
Land and Site Development 2808000
Building 3000000
MFA 695000
Preliminary Expenses 23000
Pre-operative Exp 422500
Contingency Margin 694850
Working Capital Margin 1820435
Total 9463785
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Recurring inputs- Requirement & Availability of manpower,
infrastructure facilities (transport & communications, power, water etc),
and raw material (cost, quality)
Earlier labour was easily available from states like Bihar, Uttar Pradesh, Uttaranchal,
Himachal Pradesh Etc but dude due industrial development taking place in these states the
availability of labour reducing, also resulting in increasing cost of labour.
Less availability of labour is also helping the industry into capital intensive, more and more
companies are installing automatic machines thus reducing the demand for labour who run
hand knitting machines.
a) Skilled labour is a problem. Training of labour take place in the factories itself, there
are few institution that provide training like Government Poly technique for Women
b) Sportking Institute of Fashion Technology.
c) Government Institute of textile chemistry and Knitting
Infrastructure facilities
a) Support services are fairly affordable. The industry is actively supported by an array
of supportive activities in the value chain, located within the city. These activities
relate to the forward and backward linkages within the industry such as tailoring,
embroidery, Packing, retailing and marketing etc.
b) Telecommunication facilities are very good in the cluster.
c) Connectivity is a major problem as there is no airport in the city and hence the
overseas buyers are usually unwilling to travel to Ludhiana.
d) Infrastructure in the industry is very poor, especially erratic electric power supply and
the increasing pressure on the roads has put considerable strain on the growth.
e) Lack of required infrastructure renders the city unsuitable for visits by foreign buyers
or as a venue for any high-level conference.
The cluster is so big that there are no proper ways of information exchange.
f) The use of ICT including the Internet is very limited.
g) Awareness about various government and institutions aided schemes for the benefit of
the industry in terms of optimum utilization of each and every resource is missing.
h) The winter production is seasonal in nature and also the way it is sold to distributor/
suppliers and the industry is largely unorganized; so are the organizations. There is
very little inventory management; stock details of various accessories are not kept and
there is low- capacity utilization.
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i) Water is available easily as almost every units have their own tube well to bore water
from the ground.
Raw Material
There are various kinds of yarn most commonly used is Acrylic wool, the use of natural
wool is limited to large scale industry due to high cost and less availability.
Some of the fancy yarn in use is nylon, polyester, daffodil, bulbul, feather etc, These
yarns are available in different counts, companies select the yarn on the basis of the
design required.
Yarn is purchased from spinning units directly or through agents of the spinning mills.
Yarn is easily available but the price fluctuates very rapidly.
Various Companies Supplying Raw Material
In Ludhiana there are 50-55 small and large spinning units supplying yarn to the knitting
units directly or through agents.
The prominent ones are-
a) Malwa-Oswal
b) Sportking
c) Arhiant
d) Vardhaman
e) Nahar
f) Jindal
g) Kotex etc
The yarn agents are mainly agents of traders who collect requirements of knitters for different
shades on a daily basis by going door to door. They then purchase these shades from traders
at night and deliver the required amount of different shades to knitters by early next morning
before the unit commences its daily operations. The yarn is purchased through agents because
it gives safeguard of payment to the yarn manufacturers.
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Various agents supplying Yarn are-
• Rabindra Knitwears Raghav Woollen Mills Pvt Ltd
• Rahul Sales Corp
• Ranjit Silk & Woolen Mills
• Sanmati Udyog Shakti Wool Centre
• Sharma Yarn Agency
• Shree Vallabh Agencies
• Vimal Hosiery & Textis
• Vee Kay Entprs
• Victor Corporation
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Cost of production
Costing
Year -1
Yarn Rs Per Kg 370.00
Average Yarn Usage 500 gm
Cost of yarn per piece 185
Knitting 45
Stitching 40
270
Assumptions
• Sales are assumed on per day basis.
• 300 days of production is considered in a year, in first year 250 days of
production is considered.
• 40% growth in sales is shown in the first two years i.e to achieve economy of
scale, there after 32% growth year on year basis.
• 500 gm of yarn is assumed to be used averagely per sweater, the quantity of
yarn depends on the size and design of sweater. Yarn quantity varies from
350-700 grams.
• Fabricator 1 has a total capacity of 200 pieces per day, as of now he is
supplying 50% capacity to us and rest to the market.
• It’s assumed that the fabricator will grow at a certain pace thus capacity of
each fabricator is increased year on year.
• Subsequently every year different fabricators is contacted based on
specialization of production
• Knitting charges varies from Rs 35 to Rs 55 so average if Rs 45 is taken
• Stitching and washing is outsourced too, average of Rs 40 per sweater is
estimated.
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Implementation schedule
S.no Activity Period
1 Preparation of Project Report 1 month
2 Construction of Office 6 months
4 Registration of Firm and Brand 1 week
3 Selection of Fabricators 1 months
4 Purchase of raw material 1 week
5 Requirements of staff 1 months
6 Arrangement of Finance 3 months
Construction of factory building has been started in the month November 2010 and is
expected to get over till May 2010. Fabricators are being contacted and it is expected
to produce the sample goods till 1st week of May thus the production can be started
from June onwards.
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Quality Control
The product proposed for manufacturing is a fashioned item and having different
designs and colour combinations depending upon the demand of the consumers. So,
proper quality control on the product is not possible to be maintained. However, for
quality goods, the quality of yarn in respect of evenness and correct counts and colour
fastness can be maintained. For this proposed items the specification IS 2422:1963
may be followed.
Synthetic Acrylic wool is used for manufacturing of sweaters so wool mark cannot be
used.
Environmental Impact Analysis
• The process of Knitting is not harmful individually as it consumes less energy. The
machine used is environment friendly, but the raw material used, i.e dyed yarn is
harmful to the environment as most of the dying companies are conventionally set up.
They have not installed Environment Treatment Plants, and have immense pressure
from the government to shift their dying units outside the premises of Ludhiana city.
The major problem of the dying units is to dumb the water.
Most of the large scale dying units have moved outside Ludhiana and have installed
ETP. Small companies are collectively setting up ETP with government support. I
will put my efforts to buy yarn from dying units who have their ETP’s.
• The factory and office building is constructed keeping environment factors in
consideration.
It has its own tube well to pump ground water.
A rain water harvesting plant has been set up to drain out the rain water directly into
the ground water level.
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Financial Feasibility
Basic Assumptions
• Construction period will last for six months from November 2010 to April 2010.
• Production will start from the month of June 2011
• On the first year 280 days of production is assumed, thereafter 300 days year on year.
• The aversge yarn used per sweater is 500gm.
• The suppliers will provide a credit of 7 days.]
• Finished goods need to be stocked for 2 months.
• Credit of 3 months will be provided to the customers
• The fabricators will be paid for 15 days advance.
• 25 percent of tern loan is being taken at a interest of 13.5 percent
• Interest on working capital loan 13.5 percent.
• Depreciation has been calculated by both written down and straight line method.
• Preliminary expenses have been written down in 10 equal annual installements
• Income tax is calculated at the rate of 30%.
• No withdrawals in the first year of operation, there after 25 percent of withdrawals
averagely.
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Cost of project, preliminary & pre operating expenses
COST OF PROJECT
In Rupees
Land and Site Development 2808000
Buliding 3000000
MFA 695000
Preliminary Expenses 23000
Pre-operative Exp 422500
Contigency Margin 694850
Working Capital Margin 1822757
Total 9466107
Means of Finance
Equity 70.00% 6626275
Loan 30.00% 2839832
Working .notes
Land 3600 780 2808000
MFA
Laptop 35000
Desktop 25000
Printer 15000
Motor Bikes- Splendor-2 90000
A/C 30000
Furniture 500000
Total 695000
Pre Operative Exp
Interest During Construction 3000000 13.50% 6 months 202500
