PROJECT PROPOSAL

FOR PAINT MANUFACTURING FACTORY

project to be implemented in Amhara national regional state, north showa zone, bulga city
administration

PROMOTER – Natinael Negash Bezabih

PHONE: +251921427137

Bulga, Ethiopia
EXECUTIVE SUMMARY..........................................................................................................................4
1. INTRODUCTION................................................................................................................................5
1.1. Project Justification.....................................................................................................................5
1.2. Objective of the Project...............................................................................................................6
1.3. The Socio-Economic Significance of the Project.......................................................................6
1.4. Location, Infrastructure and Land............................................................................................8
A. Location.........................................................................................................................................8
 Land................................................................................................................................................9
2. MARKET STUDY, PLANT CAPACITY AND PRICING..............................................................9
2.1. MARKET STUDY.......................................................................................................................9
2.1.1. Demand factors.....................................................................................................................9
2.1. Plant Capacity And Production Program..................................................................................9
i. Plant Capacity and Production Program..................................................................................9
3. TECHNICAL STUDY.......................................................................................................................10
3.1. Project/Product Description......................................................................................................10
I. Plastic Chemicals............................................................................................................................10
3.2. Raw Materials and Inputs.........................................................................................................11
3.3. Production Technology and production Process.....................................................................12
3.4. Machinery and Equipment..........................................................................................12
3.5. Civil Engineer Building and Civil Works................................................................................14
3.6. Project Design and Engineering................................................................................................14
3.7. Utilities.........................................................................................................................................14
3.8. Project Implementation Plan/ Action Plan..............................................................................15
4. OGANIZATION, MANAGEMENT AND MANPOWER.............................................................15
4.1. ORGANIZATION AND MANAGEMENT.............................................................................15
4.2. MAN POWER............................................................................................................................15
4.3. ORGANIZATIONAL STRUCTURE.......................................................................................17
5. FINANCIAL REQUIRMENT AND ANALYSIS...........................................................................19
5.1. Total Initial Investment Cost....................................................................................................20
EXECUTIVE SUMMARY

1. Project Name Chemicals and construction paint Manufacturing Factory

2. Project Owner Natinael Negash Bezabih
3. Nationality Ethiopian
4. Project location Amhara National Regional State, North Showa Zone, Bulga City adiministration

5. Project Manufacturing of different chemicals and construction paint for construction

Composition sector plastic, rubber, foam, water treatment, textile and construction
chemical and paint chemical (, varnishes, pigment, oil- based
paint, water –based paint, latex-based paint, primer, flat paint, e.t.c
6. hectares, which is equivalent to 20,000 M2

7. Total initial 100,000,000 from this amount 30% (Br. 30,000,000) financed by from
Capital owner equity and 70% (70,000,000) financed from bank loan
8. Employment total manpower required for the project will be a total 179 employees
Opportunity  Permanent workers 179
 Skilled 107
 Unskilled 72
9. Market Share project will supply 60% of its products for domestic market and 40% of
products for export to international market
10. Technology Advanced production technology
11. Benefits of the
Produce and Supply quality chemicals products, Source of Revenue,
project for the Save/Generate Foreign Currency, Employment opportunity, Benefit for the
region/ country Local Community, Stimulate the Local Economy and technology transfer.

4
 1. INTRODUCTION

In dynamic and fast socio-economic environment, like the one currently exist in Ethiopia, the
development of construction sector has a great role to make the overall economic growth to be
persistent.
The government of Ethiopia has a conducive investment policies and guidelines that promote the
private sectors involvement in the economic development through the various investment and
business endeavors.
In this regard, the owner of the envisaged chemicals and construction paint products
Manufacturing Factory has planned to invest in Amhara National Regional State, North Showa
Zone, , Bulga City,tulefa Town in manufacturing of chemicals and construction paint products
for different purposes. This pre-project study is to check the market, technical and financial
feasibility of this project. The result of the study is very sound and promising for the owner to
start the project in this area
The promoter is very determined to commence the project. Hence, he expects to get the required
support from the regional and local government bureaus to make the project operational.
Raw materials: The project uses more than 80% local raw materials.
Economic linkages: has backward and forward linkages with other industries.

1.1. Project Justification

Ethiopia is scoring a double digit economic growth in all sectors. As one sector of the economy,
the construction and manufacturing sector is booming that need to be supported consistently
supply of chemicals inputs.

Furthermore, the government of Ethiopia has developed a conducive investment policy packages
and other sectorial reforms at federal and regional level to attract a huge private investment for
the wellbeing of the nation and its citizens as a whole. Moreover, it is also implementing the five
years

5
growth and transformation plan 2 (2017/18-2021/22) that gave a space for infrastructural
development and industrialization.

1.2. Objective of the Project

The main objective of this factory is to manufacture cost effective, quality, affordable and
customer oriented chemicals and construction paint products mainly (, varnishes, pigment, oil-
based paint, water –based paint, latex-based paint, primer, flat paint, e.t.c and chemical
(corrosives, Flammable, oxidizers, water reaction, pyrophoric and toxics.
In line with the above main objective, the project has the following specific objective;
 To provide inputs and raw materials for small and large scale industries located in the
region like varnishes, pigment, oil- based paint, water –based paint, latex-based paint,
primer, flat paint, e.t.c and chemical (corrosives, Flammable, oxidizers, water reaction,
pyrophoric and toxics.
 To utilize raw materials of the region

1.3. The Socio-Economic Significance of the Project

The envisaged project deemed to contribute to the economic development of the nation in
general and the region in specific with following ways:

1. Produce and Supply of Quality Chemical Products

By producing and supplying customer oriented, high quality and cost effective chemicals and
construction paint products mainly (, varnishes, pigment, oil- based paint, water –based paint,
latex-based paint, primer, flat paint, e.t.c and chemical (corrosives, Flammable, oxidizers, water
reaction, pyrophoric and toxics., it will satisfy the demand of the citizens in particular and the
nation in general.

2. Quality Elements and Earth Quick Resistance

The company will design and produce quality elements based on customer preference and
specification. Besides, the company will produced those Wall elements to be sensitive and

6
resistance to earth quick. This makes the company to be unique, secured and for sight for
unforeseen natural disasters in Ethiopian context.

3. Efficiency of Construction

In many cases, architectural finishes also can be provided for structural precast components,
combining functions and saving material cost and construction time. Precast components also
mesh well with other materials, including curtain walls, and they can accommodate any required
penetrations. Special considerations will aid the installation of mechanical systems and vapor
barriers, all of which can be accommodated easily.

4. Save/Generate the Country Foreign Exchange

Some types of the envisioned products (Produced by the project) are mostly imported from
abroad. By producing in Ethiopia, the factory will save the foreign currency of the nation. By
minimizing the market demand and supply gab for these products, the factory will help to reduce
the nation’s foreign exchange cost to import these products. This will save the foreign exchange
resource of the nation.

Moreover, the nation can generate foreign currency when the factory start exports these products
to international market.

5. Source of Revenue

As public policy of any nation, the government collects different forms of taxes from different
business organizations and individuals. Among the different forms of taxes, business income
taxes are collected from undertaking business activities. Therefore, the project will serve as
sources of revenue for both the region and nation as a whole.

6. Employment Opportunity

One of the problems that our country faced is unemployment. Therefore, the current objective of
the government is working on tackling the problem of unemployment and fostering the

7
development process either through creating self employment or employment in other
organization. Hence, this project will hire 179 citizens.

7. Benefit For The Local Community

As a corporate responsibility the company will engage in different development activities on the
surrounding areas. This will better worse the community and contribute for the development of
the nation.

8. Stimulate The Local Economy

This factory has positive externality in the zone that will encourage the economic movement of
local economy. There will be economic relationship and transactions among different actors.

9. Technology Transfer

By producing those chemicals and construction paint products locally, the project will train and
develops the capacity of the technical staffs. By doing this, the company will add value in
technology transfer for the nation/region in this area.

10. Environmental Friendly product(Green Building)

The company wall systems are designed to reduce the overall impact of built environment on
human health and the natural environment by:
a) Efficiently using energy, water and other sources
b) Protecting occupant health
c) Reducing waste, pollution and environmental degradation

1.4. Location, Infrastructure and Land

A. Location

The envisioned project will locate in Amhara Regional State, North Shewa Zone, , Bulga City
,Tulefa Town is located in central Ethiopia, in Amhara National Regional State, North Showa zone

8
at a distance 65 Km from Addis Ababa, and 65 Km from Debere Brihan . Its astronomical location
is 11º 06’ North Latitude and 39º 45’ East Longitude.
The main justifications to choice this location is;

 Because of geographical location (i.e. near to the largest market

 Relatively advanced development in infrastructure (Power, Water, Telephone internet,
road etc.
 Availability of huge skilled labor force
 Conducive investment policy and governance and Favorable climate and topography for
manufacturing industry

 Land

The project planned to acquire a total of 20,000 m2 areas of land.

2. MARKET STUDY, PLANT CAPACITY AND PRICING

2.1. MARKET STUDY

2.1.1. Demand factors

2.1. Plant Capacity And Production Program

i. Plant Capacity and Production Program

Based on market and plant capacity, the first three years it is estimated to produce at 60%, 80%
and 100%. The full capacity is reached at the third year of operation. The plant uses one shift
system (8 hours) and 300 days of operation in year.
At full capacity, the plant will produce 5800 ton chemical and 800,000 litter of paint produced
annually.
Hence the annual production and program for the project is show in the table below.

Table - Plant capacity and production program

9
 Description Year
SN
1 2 3_-_10
Capacity utilization (%) 60 80 100

1 Construction paint in litter 280,000.00 520,000.00 800,000.00

2 Chemical in ton 2160.00 3,640.00 5,800.00

3 TECHNICAL STUDY

3.1. Project/Product Description

I. Plastic Chemicals
Plastic Definition and Composition Plastic is any synthetic or semisynthetic organic
polymer. In other words, while other elements might be present, plastics always include
carbon and hydrogen. While plastics may be made from just about any organic polymer,
most industrial plastic is made from petrochemicals.
II. Rubber chemical
The chemical name for natural rubber is polyisoprene. The monomer (meaning “one-part”)
from which it is built is isoprene. It is worth mentioning here that, although natural rubber
is built of repeating isoprene units, isoprene is not the starting monomer for the natural
product.
III. Foam chemical
Foam is an object formed by trapping pockets of gas in a liquid or solid. A bath
sponge and the head on a glass of beer are examples of foams. In most foam, the
volume of gas is large, with thin films of liquid or solid separating the regions of gas.
Soap foams are also known as suds.
IV. Water treatment chemical
Water treatment fungicides are also known as bactericidal algaecides, sludge
strippers or anti-sludge agents. A chemical that inhibits the growth of algae and
microorganisms in the water to prevent the formation of microbial slime that is
harmful to the system. Among them, quaternary ammonium salts are the best non-
oxidizing fungicides.
V. Textile chemical
Textile chemical products range from highly specialized chemicals (biocides, flame
retardants, water repellents, and warp sizes, for example) to relatively simple
commodity chemicals (such as bleaches) or mixtures thereof (such as emulsified oils
and greases, starch, sulfonated oils, waxes, and some surfactants).
VI. Construction chemical
Construction chemicals basically consist of the following areas although they are not
limited to them.
 Concrete Admixtures

10
  Waterproofing materials
 Concrete Repair/ Grouts- Cementitious, Polymer modified
 Industrial Flooring- Cementitious Dry shake, Polymer
 Sealants- Polysulphides, Polyurethanes, Silicone
 Bonding agents- SBR, Acrylic
 Anchoring materials-Epoxy
 Other related materials such as curing agents, Mould release agents, surface
retarders, expansive agents, etc
VII. Construction paint
A. Oil-based paints:-
Oil-based paints are also sometimes called solvent-based paints. This paint is going to be
a great choice if you are looking for something that is durable and reliable.
B. Water – based paint
Water-based paint isn’t quite as resilient or long-lasting as the oil-based options on the
market, but it can still be a good choice for you to use. This paint has several advantages
over the oil-based options. One of the biggest reasons that people choose water-based
paints is that they dry a lot quicker.

C. Primer
Primer is an important part of the process that you won’t want to forget if you want to have good
results. You need to put on a coat of primer before painting your walls, in most situations. It is
possible to buy paint and primer all-in-one solutions for certain things, but it is often best to just
do a primer coat ahead of the normal painting. This prepares the walls for the paint and gives you
the best results possible.

D. Flat paint
Flat paint is very affordable but doesn’t give off a very vibrant look. It isn’t very reflective and it
won’t have much texture to it at all. This may make it sound like flat paint isn’t a very desirable
option, but this isn’t necessarily the case. Flat paint can be useful, but it is best used in areas that
aren’t used as often.

3.2. Raw Materials and Inputs

The main raw materials of chemicals fossil oil ( coal, natural gas, petroleum),air ,water, salt
limestone ,sulfur ,rock phosphate, apatite ,e,t,c and construction paints are pigments, solvents,
resins, vegetable oils, varnishes, alkyds and polyvinyl acetate (PVA) emulsions Some of the raw
materials (pigments, solvents, polyvinyl acetate emulsions and resins) are imported from abroad
because the manufacturing requires complex, capital-intensive operations. The other inputs

11
(vegetable oils, varnishes and alkyds) are purchased from domestic sources. Other inputs like
packing materials.

3.3. Production Technology and production Process

For both large and small plants the main steps in paint manufacture are as follows.
I. Mixing and dispersion.
Pigments are usually added to the vehicle by blending the ingredients in a paste
mixer. The paste that is formed consists of poorly mixed aggregates of pigment and
vehicle; this paste is brought to a specified fineness and uniformity by using an
appropriate mill. "Grinding" or shearing wets the individual pigment particles with
the liquid vehicle and further reduces the size of the pigment aggregates. For
emulsion paints, such as the PVA's, the pigments must be dispersed separately in a
mixture of surface-active agents and hydrophilic gums.

II. Thinning down and adjusting.

The paste is usually further blended with vehicle, driers, fungicides, and other additives. It is
then tinted with colored dispersions to match a desired color standard.

III. Testing
The paint is tested against standards for color, application properties, and other features. It is
then adjusted to meet agreed specifications and released for marketing.

IV. Filtration and packaging.

Filtration is often performed at the time of packaging to remove lumps from the
product.

The alternative technological option available is related to the production of some part of the inputs used in the
production process. This however, requires huge capital investment and is not recommended in the short and
medium stage of the plant life.

3.4. Machinery and Equipment

The machineries and equipment required for producing paints is detailed in table 4 below

12
 Table 3.4: Machinery and Equipment

Machinery and Equipment Quantity

Steel tanks or drums (200-L) 1
Mixing tank (400 Lit) 2
Mixing tank (1,200 Lit) 2
Portable mixers (several) 3
large paddle mixer 2
Pebble mill (about 1,200 Lit capacity) 2
Sand mill (about 120 L/h capacity) 2
Small 3-roll mill 2
Several pumps 1
Filter press or centrifugal filter 2
Lift trucks 1
Stand-by electric generator 1
Storage tanks and filling line 3
Scales of different sizes 4

The, total cost of machinery and equipment including freight insurance and bank cost is
estimated to be about Birr 40,130,000.00.

The following are some of the machineries suppliers’ address for the envisaged project
Universal Engineering Systems

Address: 16, K. K. Gupta Industrial Estate, Mulund West,

Mumbai, Maharashtra - 400 080, India
Phone: +(91)-(22)-25677581/55974236
Irsha Engineers Pvt. Ltd.

Address: 8, Aradhana, Pandit Deendayal Marg,

Dombivli (W), Thane, Maharashtra - 421 202, India
Phone: +(91)-(251)-2488262
Fax: +(91)-(251)-2484814
Website: http://www.indiamart.com/company

Raymer Engineering

Address: 20, Thakkar Ind. Estate, 3rd- Floor, Unit No. 7,

13
 Chapsi Bhimji Road, Mazgaon, Mumbai, Maharashtra - 400 010, India
Phone: +(91)-(22)-23774333
Fax: +(91)-(22)-23729904
Website: http://www.raymerengineering.com

3.5. Civil Engineer Building and Civil Works

As indicated in part 1 the total land requirement for the project is estimated to be 20,000M 2.The
buildings are planned to accommodate production houses, storage, office, loading and unloading,
waste accumulation, parking, green area and buffer zone.
In general the buildings must be capable of being kept clean and provision should be made for
keeping the sewerages drained out properly and room temperature is attained to keep healthy
environment. In most environments, equipment should be totally enclosed in a light structure:
where the climate is suitable. A concrete floor, which can be swept, is usual. Besides, the loading
and offloading areas together with incoming and outgoing roads are proposed to be paved to
ensure a clean environment around the project site. The site will be encircled by a chain linked
fence fastened to concrete posts. The project construction is designed by professional engineers
and construction will be done under close supervision and collaboration of the engineers.

3.6. Project Design and Engineering

The proposed project comprises stock of different components to be executed at different phases
of the project life. These activities include: Design and Construction of various buildings,
importing of additive inputs and other raw materials, Import of product machineries, equipment’s
and vehicle.

3.7. Utilities

A number of utilities would be put in place in order to ensure smooth functioning of the factory.
These utilities include:

A. Water Supply,

14
 B. Supplementary Electricity supply,
C. Fuel
D. Oil and lubricants
E. Paved Road Transportation,
F. Drainage Facility

3.8. Project Implementation Plan/ Action Plan

The project's implementation is expected to take 2 years . The major activities include Bank loan
processing, construction of the building, cleaning the area around the building, procurement of
equipment’s and start rendering services. The time schedule for the above mentioned major
activities is presented below:
Table 5-Project-Implementation-Schedule
SN Activities Date

1 Land Approval Feb 2021

2 Bank loan processing April –
may
2021
3 Site Development June
2021
4 Building and construction work July
2021-
Jan

2023
5 Purchasing of Machines and Equipment’s Feb 2023
6 Production execution March
2023

4 OGANIZATION, MANAGEMENT AND MANPOWER

4.1. ORGANIZATION AND MANAGEMENT

The organizational structure should be in a way that the company able to achieve its objectives as
well as the satisfaction of standard requirement.

4.2. MAN POWER

15
The total manpower required for the project will be a total 179 employees
 Permanent workers 179

16
  Skilled 107
 Unskilled 72
The total number of manpower, Manpower list, qualification and salary composition are listed in
the table below.

Table - Manpower list, Number, Qualification and Salary composition of the project

SN Description Qualification Monthly Annual Salar in br.

Salary
in Br
I Permanent Worker

1 General manager MSC in Chemical Engineering 1

1
2
0
,
0
0
0
.
0
2 Production Head in Chemical Engineering 5
6
0
,
0
0
0
.
0
3 Shift supervisor Advanced Diploma in Chemistry 3
7
2
,
0
0
0
.
0
4 Chemist in industrial Chemistry 3
8
4
,
0
0
0
.
17
 0
5 Quality Control in Chemistry/chemical engineering 3
1
2
6
,
0
0
0
.
0
6 Operator/Production worker
10+2 in production technology 2
7
9
2
,
0
0
0
.
0
7 Mechanic 10+2 in General Mechanic 2
3
0
,
0
0
0
.
0
8 Assistant operator Basic 2
4
0
8
,
0
0
0
.
0
9 Sales 10+2 in salesmanship and marketing 2
7
5
,
0
0
0
.
0
10 Personnel Diploma in Management 2
18
 , 1
5 8
0 ,
0 0
. 0
0 0
0 .
0
11 Humanresource head
in HRM 3
4
2
,
0
0
0
.
0
12 Finance head in Accounting 3
4
2
,
0
0
0
.
0
13 Transistor Diploma in management 2
2
1
,
6
0
0
.
0
14 Market Research & Promotion
Officer in Marketing management 3
6
0
,
0
0
0
.
0
15 Marketing Head in Marketing management 5
6
0
,
0
19
 0
0
.
0
16 Mechanic 10+2 in general mechanics 2
1
2
,
8
4
0
.
0
17 Admin and Finance Head
in Management/Accounting 5
6
0
,
0
0
0
.
0
18 Internal Auditor in Accounting 3
3
6
,
0
0
0
.
0
19 Senior Accountant in Accounting 3
4
2
,
0
0
0
.
0
20 Accountant in accounting 2
6
0
,
0
0
0
.
0
21 Packaging worker Basic 2
20
 , 2
4
8 0
0 ,
0 0
. 0
0 0
0 .
0
22 Secretary Diploma in secretariat science 2
2
7
,
6
0
0
.
0
23 Clerk completed 2
1
0
,
8
0
0
.
0
24 Store keeper 10+2 in store and logistics management 2
2
5
,
2
0
0
.
0
25 Driver completed + licensing 2
4
3
,
2
0
0
.
0
26 Assistant driver Basic 2
1
8
,
0
0
21
 0
.
0
27 Cashier 10+2 in Bookkeeping 2
2
4
,
0
0
0
.
0

22
 28 Office boy/girl 1 10 completed 2 720.00 8,640.0
29 General service 1 Diploma in management 2,100.00 13,200.0
30 Security 6 Basic 2, 800.00 57,600.0
31 Gardner 1 Unskilled 2,650.00 7,800.0
32 Cleaner 4 Unskilled 2,650.00 31,200.0
Sub Total 179 2,728,680.0

4.3. ORGANIZATIONAL STRUCTURE

The organizational structure of the project is designed by including all the necessary personnel
under the right division. At the top of the organizational structure, there will be manager with the
responsibility of supervising the overall activity of the plant. Depending up on the nature of the
center and the amount of work to be performs; there exist auxiliary units under the general
manager.

Employees under each unit will be supervised by the department head that is accountable for the
general manager. General Manager is appointed by the owner

General
Secretary
Manager

Production Admin. & Commercial

Dept. Finance Dept. Dept.

Design Sec F.ig 1- Admin. & Finance

OrganizationInaslpSetcrtuiocntuSreec HRM Section section

Hence the following section deals with the duties and responsibilities of some departments.
1. Manager
Marketing Sales Section
Manufacturer Sec
Section
G-Two Investment and Environm ental Consulting PLC

23
 Duties and responsibilities
 She/he will plan, organize, direct and control the overall activities of the plant
 She/he will devise policies and strategies that will enable the Plant to be profitable.
 She/he will incorporate modern technological innovation that will facilitate the service
delivery of the project center and increase customer’s satisfaction.
 He/he will plan, organize, direct and control the human and non-human resources of the
plant so as to achieve the short and long run objectives of the organization.
2. Production Department
Duties and responsibilities:-
It is the core department of the project and it has three main sections (Design, Manufacture and
Inspection). The department has the following responsibilities.

 Design and prepared prototype for all products based on the plant standard and customer
preferences
 Use modern manufacture, processing and technologies that will enhance the quality of
products.
 Produce quality product that will enable the center competent both in the domestic and
international market.
 Use appropriate technology to manage its products.
 Control on the quality of raw materials, inputs, quality of the product and also the overall
production process.
 Produce products in least cost so that the profitability of the center is guaranteed.
 Moreover control over the quality of the final products
3. Administration and Finance
Department Duties and responsibilities:-
 Will plan, organize direct and control the financial transaction of the plant by using the
entire necessary document.
 Will develop sound financial control system by developing modern financial control
systems.

24
  Will prepare the annual financial statements and prepare condensed reports for the
general manager, owner and other concerned government body.
 Will control the human and non human resources of the plant, which include: effective
handling of the different inventories of the machineries, equipments, raw materials,
finished products, and devise strategies of controlling against fraud and damage.
 Manage and execute the company national and international procurement procedure
 Administer and control the company logistic resource
 Effectively administer the company Procurement process domestically as well as
internationally.
 Manage the public relation of the company/factory with external parties/stakeholders
 Provide and manage general supportive service to the plant.
4. Commercial Department
Duties and responsibilities:-
 Will handle the overall marketing activities of the organization which include planning,
organizing, directing, and controlling.
 Provide cost estimates in estimation of pricing.
 Gather information on new product design, profile
 Approval of new products profile & brand plan analyzes market research.
 Plan and execute sales.
 Will develop effective customer handling strategies
 Will design and implement effective advertisement and promotion schemes
 Will develop the marketing strategies for future project center’s development.
 Conduct both foreign and domestic market research for expanding the sales of the
company

5. FINANCIAL REQUIRMENT AND ANALYSIS

25
5.1. Total Initial Investment Cost

The total amount of money that is required to establish the envisaged plant is estimated to be birr
100,000,000.

Table - Total Initial Investment Capital

Description Cost in birr
Land, Building & Construction 3
5
,
4
7
5
,
0
5
0
.
0
0
Machines & Equipments 4
0
,
1
3
0
,
0
0
0
.
0
0
Vehicles 2
,
8
2
0
,
0
0
0
Office Equipment 3
4
5
,
7
0
26
 0
Total Fixed Investment Cost 7
8
,
7
7
0
,
7
5
0
Pre service Expense 2
0
4
,
0
0
0
.
0
0
Initial Working capital 1
8
,
7
0
3
,
8
1
2
Total 9
7
,
6
7
8
,
5
6
2
Contingency (2.9%)
2
,
3
2
1
,
4
3
8
27
 .
1
0
Total Initial Investment Capital 1
0
0
,
0
0
0
,
0
0
0

28
29
30
31
32
33
34
35
36
37
38
39