Pre-Feasibility Study Bakery & Confectionery

5 PRODUCT
The proposed bakery will be offering a large variety of quality products at competitive prices.
The product line will be including different types of fresh cream cakes, dry cakes, snacks,
sweets and nimko and biscuits. As the production will depend on the sales potential, the sales
are estimated depending upon the industry norms. The project will be having two sales outlets
of its own and the rest of the production will be sold to other bakeries. It is hereby assumed
that sales to other bakeries will at a trade discount of 15%. Out of the total sales 27% will be
sold to other bakeries while 73% of the total sales will be sold on bakery’s own outlets.
Proposed sales for the first year are as under:

Table 5-1 Estimated Sales

Percentage Sales Amount of Sales (Rs.)
Sales on outlets 73% 21,312,0001
Sales to other bakeries 27% 8,339,000
Total Estimated Sales 100% 29,650,000
Total sales incorporated for profit estimates include 5% safety margins.
The detail of expected annual sales of different items is given in the table below.

Table 5-2 Annual Sales

Items %2 Quantity to be sold Total Amount
Outlets Other Amount Amount
bakeries from from other
outlets Bakeries
Fresh Cream Cakes 7%
Fresh cream (lbs.) 13,406 10,114 1,474,704 945,622
Fresh fruit(lbs.) 4,309 3,251 474,012 303,950
Chocolate Cakes(lbs.) 3,591 2,709 395,010 253,292
Butter cream cakes(lbs.) 359 271 35,910 23,027
Special ice cream cake (lbs.) 958 722 105,336 67,544
Total Revenue from Cream
Cakes 2,484,972 1,593,434
Fresh Pastries 21%
Fresh & Chocolate 81,900 35,217
pastries(Pcs.) 560,196 359,213
Donut (Pcs.) 6,300 2,709 43,092 27,632
Cream puff(Pcs.) 20,580 8,849 140,767 90,264
Cream roll(Pcs.) 8,820 3,793 60,329 38,685

1
Sales on outlet includes sales of general items worth Rs.5, 146,495(30%of total sales).
2
All the percentages have been taken of total production in factory
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Total Revenue from Fresh

Pastries 804,384 515,794
Bread (Outsourced)3
Bread, Bun, Rusk Etc. 2,014,800
Total Revenues from Bread 2,014,800
Dry cakes 9%
Dry cakes(lbs.) 11,970 9,030 1,197,000 767,550
Fruit cakes large(lbs.) 838 632 62,843 40,296
Fruit cakes small(lbs.) 5,626 4,244 213,784 137,084
Plain cakes large(lbs.) 1,245 939 80,917 51,886
Plain cakes small(lbs.) 10,222 7,712 337,339 216,311
Total Revenue from Dry
Cakes 1,891,882 1,213,128
Snacks 54%
Chicken pizza large(Pcs.) 2,730 1,174 217,854 139,694
Chicken pizza medium(Pcs.) 12,222 5,255 626,989 402,043
Chicken pizza small(Pcs.) 11,340 4,876 290,871 186,515
Chicken bread(Pcs.) 8,400 3,612 311,220 199,563
Chicken drum stick leg 7,770 3,341
piece(Pcs.) 132,867 85,198
Chicken leg piece(Pcs.) 6,510 2,799 222,642 142,764
Chicken shami(Pcs.) 25,200 10,836 244,188 156,580
Chicken sandwitch(Pcs.) 48,300 20,769 357,903 229,497
Chicken patties(Pcs.) 161,000 69,230 1,101,240 706,146
Chicken bread roll(Pcs.) 23,450 10,084 294,063 188,561
Total Revenue from Snacks 3,799,837 2,436,562
Sweets & Nimko 6%
Nimko(Kg.) 3,010 1,294 205,884 132,019
Jaman(Kg.) 9,188 3,951 837,900 537,285
Chum Chum(Kg.) 11,040 4,747 1,006,848 645,619
Kalakand(Kg.) 1,225 527 111,720 71,638
Burfi(Kg.) 6,300 2,709 574,560 368,424
Moti Choor(Kg.) 53 23 5,087 3,262
Piteesa(Kg.) 2,170 933 210,273 134,833
Total Revenue from sweets
and Nimko 2,952,272 1,893,080
Biscuits 3%

3
It is assumed that bread items worth Rs. 83,950 per month per outlet will be sold.
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Cake Rusk(Kg.) 4,900 2,107 530,670 340,281

White Biscuits(Kg.) 330 142 33,858 21,711
Coconut Biscuits(Kg.) 900 387 97,470 62,501
Macaroon Coconut(Kg.) 360 155 38,988 25,000
Almond Macaroon (Kg.) 700 301 75,810 48,612
Cheese Finger(Kg.) 225 97 24,368 15,625
Salty Zeera Plus(Kg.) 540 232 55,404 35,527
Plain Khatai(Kg.) 1,820 783 197,106 126,390
Baker Khani (Kg.) 1,230 529 126,198 80,922
Finger(Kg.) 2,340 1,006 240,084 153,949
Jam Wafer(Kg.) 525 226 53,865 34,540
Special Biscuit(Kg.) 770 331 83,391 53,473
Chocolate Biscuits(Kg.) 1,190 512 122,094 78,290
Round Almond Biscuit(Kg.) 700 301 75,810 48,612
Total Revenue from Biscuits 1,755,116 1,125,429
Total Sales 15,703,263 8,777,427
Total Sales (Bakery 24,480,689
Products)
Sales of General Items on 6,729,970
shops 4
Revenues for the first year 31,210,659
Less: Safety Margin (5%) 1,560,533
Amount Realized 29,650,126

4
Sales of general items are assumed to be 30% of the total sales on outlets only.
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5.1 Raw Material

As the proposed bakery is going to offer a variety of products, a number of ingredients will be
used for manufacturing bakery items. Some ingredients for basic items are listed below:

Table 5-3 Plain Cakes

Ingredients Cost (Rs./kg.)
Butter 170
Sugar 34
Maida 15
Baking powder 52
Eggs (Rs./Pc.) 2
Flavour (Rs./Ltr.) 405
Table 5-4 Nimko
Ingredients Cost (Rs./kg)
Baison 56
Peanuts 95
Channey 40
Nimko masala 50
Table 5-5 Sweets
Ingredients Cost (Rs./kg)
Khoya 90
Maida 14
Eggs 2
Ghee 70
Sugar syrup(consisting of 35 kg sugar 19
Table 5-6 Chicken Bread
Ingredients Cost (Rs./kg)
Maida 14
Oil (Rs./Ltr.) 90
Yeast 250
Sugar 19
Salt 8
Chicken 120
Onion 11
Masala 40
Cheese 155
Mayonnaise & Ketchup 93 – 53
Mix Vegetable 25
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Due to a large range of products offered on the proposed bakery, it is not possible to list down
the costing of each and every item. An approximate percentage is used for different items
which is as under:

Table 5-7 Raw Material Pricing5

Raw Material for bakery items sales on outlets 30% of sales Price
Raw Material Purchases for sales to other bakeries 35% of discounted price
Purchase price of General Items 85% of sales price

6 TECHNOLOGY AND PROCESSES

The proposed project will be using local machinery or 2nd hand imported machinery available
locally. Local machinery and installations are quite competitive in price in comparison to the
foreign equipment and installations. Additionally, it is linked with the viability of the project as
the foreign new machinery and installation would not be feasible due to the high costs
involved.
Major suppliers of Local and used imported machinery are:
 Bakexcel Associates, Karachi
 Saeed Fabrication Works, Lahore

5
The raw material cost figure so extracted will be discounted to 95% as for safety margin.
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6.1 Machinery Requirement

Plant and Machinery for the proposed project are stated below.

Table 6-1 Machinery Details

Machinery Item Brand No. of Per Unit Cost Total Cost
Items (Rs.) (Rs.)
Flour Safeter Local 1 100,000 100,000
Spiral Mixer Local 1 275,000 275,000
Planetory Mixer Local 3 100,000 300,000
Oven Local 1 450,000 450,000
Dyes Local 250 85 21,250
Sheeter Imported 1 650,000 650,000
Burner Local 2 20,000 40,000
Deep freezers Local 2 18,000 36,000
Frier Local 1 100,000 100,000
Packing machine Local 2 50,000 100,000
Cold storage equipment Local 1 550,000 550,000
Rolling racks Local 10 12,000 120,000
Fixed racks Local 175,000 175,000
Trays Local 350 225 78,750
Tools & equipment knives others Local 80,000 80,000
Total Cost of Machinery 625 3,076,000
The depreciation is charged at 10% p.a. on written down value.

6.2 Repair & Maintenance

Annual Repair & Maintenance of the plant and machinery is expected to be 1 % from Year 1 ---
4 and 1.5 % from Year 5 --- 10 of the total machinery cost.

6.3 Erection & Installation

Erections and installation cost is assumed to be 10% of the total cost of machinery.

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6.4 Furniture and Fixtures

Following furniture and fixtures will be required for factory and sales outlets.

Table 6-2 Details of Furniture and Fixtures

Items No. of Items Cost per Items Total Cost
(Rs.) (Rs.)
For Factory
Tables for production 4 30,000 120,000
Chairs tables & other furniture 200,000 200,000
Airconditioners 5 30,000 150,000
Vertical freezer 1 100,000 100,000
Electric installations & other utilities 1 100,000 100,000
Weighing scales 2 15,000 30,000
Micro wave oven 1 8,000 8,000
Computers & accessories 100,000 100,000
808,000
For 2 Outlets
Airconditioners 4 30,000 120,000
Cabinet chiller 2 100,000 200,000
Vertical freezer 2 32,000 64,000
Designer cost 2 50,000 100,000
Interior designing cost 2 360,000 720,000
Weighing scales 2 15,000 30,000
Cash register 2 25,000 50,000
Micro wave oven 2 8,000 16,000
Sign board 2 60,000 120,000
Electric installations & other utilities 2 20,000 40,000
1,460,000
Total Cost 2,268,000
64% of the depreciation on furniture and fixtures will be charged to administrative and selling
expenses.

6.5 Motor Vehicles

Alongwith the above mentioned machinery and equipment the proposed business will also be
using two pick ups and one motorcycle. Each pick up will be costing around Rs. 589,000 while
the motorcycle will be acquired for Rs. 40,000. Motor vehicles will be depreciated at 20% on
written down value basis

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7 LAND AND BUILDING REQUIREMENT

7.1 Land / covered area and construction cost
The proposed factory will be consisting of 9600 sq. ft. (43 Marlas) of land whereas the shop
areas will be 900 sq. ft for each outlet. The rate of land is taken as Rs. 100,000 per marla The
development charges are taken to be 10% of the land cost. Double story building is
recommended, sweets, fresh cream and dry cake rooms are proposed to be on first floor. The
details of the building and civil works is as below:

Table 7-1 Land & Covered Area requirement

Factory Area (Sq. Ft.) Cost (Rs./Sq. Ft.) Total Cost (Rs.)
Sweets production room 1,200 600 720,000
Fresh cream cake 900
production room 600 540,000
Dry cake production room 900 600 540,000
Biscuits production room 900 650 585,000
Snacks production room 900 650 585,000
Frying & Oven room 1,500 650 975,000
Dispatch & ware house 1,800 650 1,170,000
Raw material / store spares 1,500
store 650 975,000
Compound 2,000 120 240,000
Admin block 1,000 750 750,000
Construction Cost 12,600 7,080,000
Land Cost (Rs./Marla) 200,000 8,600,000
Total Cost 9,460,000
7.2 Recommended Mode of Land Acquisition

It is recommended to purchase land & building for the factory. The total cost of acquisition of
land has been included in fixed assets. Whereas the land for sales outlets will be acquired for
rent. Approximately 900 square feet area is desirable for the outlet, which is easily available at
about Rs.30, 000 per month.

7.3 Utilities Requirement

Main utilities would be gas, power and water. Distribution transformer station, loading
capacity averaging 10 KW, 3-phase industrial meter is estimated to fulfill the requirement of
power. B-1 category is advisable for electric consumption. Monthly gas consumption is
estimated at 46 HM3 on average for the project. Water supply would be through local
municipality.

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8 HUMAN RESOURCE REQUIREMENT

For the bakery business, following direct labor will be required for the factory.

Table 8-1 Factory wages and salaries

Designation No. of Employees Monthly Salaries Annual Salaries
(Rs.) (Rs.)
Production manager 1 20,000 240,000
Production In charge 2 12,000 288,000
Production supervisor 2 7,000 168,000
Helpers 8 3,500 336,000
Dispatchers 1 3,500 42,000
Electrician 1 5,000 60,000
Mechanic 1 8,000 96,000
Drivers 1 4,500 54,000
Office Boys 2 3,500 84,000
Security guards 2 4,500 108,000
Total Salaries 21 1,476,000
Administrative staff for the feasibility is listed in the table below:

Table 8-2 Administrative and Selling Staff

Designation No. of Employees Monthly Salaries Annual Salaries
(Rs.) (Rs.)
Sales manager 1 15,000 180,000
Accountant 1 10,000 120,000
Asst. Accountant 1 6,000 72,000
Total Salaries 3 372,000
There will be two sales outlets. Details of the shop staff are given in the following table:

Table 8-3 Shop Staff

Designation No. of Employees Monthly Salaries Annual Salaries
(Rs.) (Rs.)
Cashier 2 6,000 288,000
Supervisor 1 5,000 120,000
Sales man 4 4,000 384,000
Sweeper 1 3,000 72,000
Security guard 1 4,500 108,000
Total Salaries 9 972,000

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9 FINANCIAL ANALYSIS
9.1 Project Costs

PR O JEC T CO STS
Rs. (000)
% age Total
Land 9,460
Building and Civil W orks 7,080
Plant and M achinery 3,076
Erection, installation & commissioning charges and duties 308
Furniture, fixture and office equipment 2,268
M otor vehicles 1,218
23,410
Preliminary & preproduction expenses* 343
Contingencies** 5% 1,188
Net initial w orking capital 662
25,602
Debt Equity Ratio
Debt 50% 12,801
Equity 50% 12,801
25,602
Project R eturns
IRR % 16%
Pay Back Period Yrs 5.22
NPV Rs. 9,260
Notes:
* P reliminary expenses include insurance cost taken at 4% of machinery costs, pre-production salaries and wages around
Rs. 200,000 and setting up costs around Rs. 20,000. They have been amortized for 5 years.
** Contingencies are taken as 5% of the total costs and preliminary expenses

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9.2 Projected Income Statement

Projected Income Statement
Rs. in Thosands
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Net Sales - 29,650 31,781 33,236 34,763 36,367 39,061 41,970 45,113 48,506 52,172

Cost of sales
Salaries, wages and benefits - 1,476 1,550 1,627 1,709 1,794 1,884 1,978 2,077 2,181 2,290
Raw material purchases - 12,828 13,697 14,609 15,566 16,571 18,260 20,085 22,055 24,182 26,480
Other production overheads - 898 1,011 1,038 1,067 1,165 1,225 1,291 1,364 1,443 1,530
Fuel and power - 511 537 564 592 621 652 685 719 755 793
Depreciation - 1,127 1,014 913 822 740 735 662 596 536 482
- 16,841 17,809 18,750 19,755 20,891 22,757 24,701 26,810 29,098 31,576

Gross Profit - 12,809 13,972 14,486 15,008 15,475 16,304 17,270 18,302 19,409 20,596
Administrative & Selling Expenses
Salaries, wages and benefits - 1,344 1,411 1,482 1,556 1,634 3,018 3,169 3,327 3,494 3,668
Other Admin expenses - 148 159 166 174 182 195 210 226 243 261
Amortization - 69 69 69 69 69 - - - - -
Selling & related expenses - 2,090 2,213 2,358 2,513 2,681 4,220 4,561 4,932 5,335 5,774
Depreciation - 390 326 274 231 196 432 367 313 267 229
- 4,040 4,178 4,349 4,543 4,760 7,865 8,306 8,797 9,338 9,932

Operating Profit - 8,769 9,794 10,137 10,465 10,715 8,438 8,963 9,505 10,070 10,664
Non-Operating Expenses/Income
Financial expenses - 1,792 1,434 1,075 717 358 - - - - -
Other Income - 593 636 665 695 727 781 839 902 970 1,043
- 2,385 2,069 1,740 1,412 1,086 781 839 902 970 1,043

Profit Before Tax - 6,384 7,724 8,397 9,053 9,629 7,657 8,124 8,603 9,100 9,620

Tax @ average - 1,915 2,317 2,519 2,716 2,889 2,297 2,437 2,581 2,730 2,886

Profit After Tax - 4,469 5,407 5,878 6,337 6,740 5,360 5,687 6,022 6,370 6,734
Retained earnings - opening - - 4,469 9,876 15,754 22,091 28,831 34,191 39,878 45,900 52,270

Retained earnings - closing - 4,469 9,876 15,754 22,091 28,831 34,191 39,878 45,900 52,270 59,005

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9.3 Projected Balance Sheet

Projected Balance Sheet

Rs. in Thosands
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

Fixed assets
Net book value 23,410 21,893 20,552 19,365 18,312 17,377 18,866 17,838 16,930 16,127 15,415
Preliminary & preproduction 343 274 206 137 69 - - - - - -
Current assets
Raw Material - 527 563 600 640 681 750 825 906 994 1,088
Packing Material - 30 33 34 36 37 40 43 46 50 54
Stores and Spares - 2 2 2 2 3 3 3 3 3 3
Finished goods - 244 261 273 286 299 321 345 371 399 429
Trade Debtors- outside sales - 160 171 179 187 196 211 226 243 262 281
Advances to suppliers - 176 188 200 213 227 250 275 302 331 363
Cash & Bank 1,849 6,908 11,538 16,294 21,370 26,706 30,051 36,868 43,900 51,177 58,730
1,849 8,047 12,756 17,583 22,734 28,150 31,627 38,586 45,772 53,215 60,948
25,602 30,215 33,514 37,086 41,115 45,527 50,493 56,424 62,702 69,342 76,362
Financed by :
Share capital 12,801 12,801 12,801 12,801 12,801 12,801 12,801 12,801 12,801 12,801 12,801
Retained earnings - 4,469 9,876 15,754 22,091 28,831 34,191 39,878 45,900 52,270 59,005
12,801 17,270 22,677 28,555 34,892 41,633 46,993 52,679 58,701 65,072 71,806
Long term loans 12,801 10,241 7,681 5,120 2,560 - - - - - -
Current liabilities
Trade Creditors
Raw Material - 527 563 600 640 681 750 825 906 994 1,088
Packing Material - 30 33 34 36 37 40 43 46 50 54
Stores and Spares - 2 2 2 2 3 3 3 3 3 3
Accrued & others - 229 241 255 269 284 410 436 464 493 525
- 788 839 891 946 1,006 1,203 1,307 1,419 1,540 1,670
Provision forTaxes - 1,915 2,317 2,519 2,716 2,889 2,297 2,437 2,581 2,730 2,886

25,602 30,215 33,514 37,086 41,115 45,527 50,493 56,424 62,702 69,342 76,362
- - - - - - - - -

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9.4 Projected Cash Flow Statement

Projected Cash Flow Statement

Rs. in Thosands
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
CASH FLOW FROM OPERATING ACTIVITIES
Net profit - 6,384 7,724 8,397 9,053 9,629 7,657 8,124 8,603 9,100 9,620
Amortization - 69 69 69 69 69 - - - - -
Depreciation - 1,517 1,341 1,187 1,053 935 1,167 1,029 908 803 712
Current Assets movement
Raw Material - (527) (36) (37) (39) (41) (69) (75) (81) (87) (94)
Packing Material - (30) (2) (1) (2) (2) (3) (3) (3) (3) (4)
Stores and Spares - (2) - - - (1) - - - - -
Finished goods - (244) (18) (12) (13) (13) (22) (24) (26) (28) (30)
Trade Debtors- outside sales - (160) (11) (8) (8) (9) (15) (16) (17) (18) (20)
Advances to suppliers - (176) (12) (12) (13) (14) (23) (25) (27) (29) (31)
Current Liabilities movement
Raw Material - 527 36 37 39 41 69 75 81 87 94
Packing Material - 30 2 1 2 2 3 3 3 3 4
Stores and Spares - 2 - - - 1 - - - - -
Accrued & others - 229 12 13 14 15 126 26 28 30 32
Other adjustments
Tax paid - - (1,915) (2,317) (2,519) (2,716) (2,889) (2,297) (2,437) (2,581) (2,730)
- 7,619 7,190 7,317 7,636 7,896 6,002 6,817 7,032 7,277 7,553
CASH FLOW FROM INVESTING ACTIVITIES
Additions in fixed assets (23,410) - - - - - (2,657) - - - -
Preliminary & preproduction (343) - - - - - - - - - -
(23,753) - - - - - (2,657) - - - -
CASH FLOW FROM FINANCING ACTIVITIES
Repayment
Long term loan 12,801 (2,560) (2,560) (2,560) (2,560) (2,560) - - - - -
TOTAL INFLOW / (OUTFLOW) OF FUNDS
(10,952) 5,059 4,630 4,756 5,076 5,336 3,345 6,817 7,032 7,277 7,553
Opening Cash 12,801 1,849 6,908 11,538 16,294 21,370 26,706 30,051 36,868 43,900 51,177
Closing Cash 1,849 6,908 11,538 16,294 21,370 26,706 30,051 36,868 43,900 51,177 58,730

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10 KEY ASSUMPTIONS
Table 10-1 Operating Assumptions
No of Working Days in One Year 365
No. of Working Hours in One Day 8
No. of Shifts 2
No. of Outlets 2
Working Hours of Outlets 16
Table 10-2 Revenue Assumptions
Outlet Sales 73% of the total production
Bakery Sales 70% of shop sales
General Items Sales 30% of shop sales
Outside Sales 27% of the total Production
Table 10-3 Expense and Growth Rates
Sales growth rate 5%
Salaries, wages growth rates (as %age of annual Salaries and Wages) 5%
Other Production Overheads
Repairs and Maintenance (as %age of Machinery Cost) 1.5%
Building Repair and Maintenance (as %age of Building Cost) 1.0%
Insurance and Freight(as %age of Machinery Cost) 4.0%
Packing Material (as %age of sales) 2.5%
Fuel & Power
Gas
Avg. annual units consumed 549
Rate per Unit Rs. 645
Annual rate Increase % 5%
Power & water
Avg. annual units consumed 31,498
Rate per Unit Rs. 5
Annual rate of Increase % 5%
Shop Rent per month Rs. (000) 30
Shop rent growth rate 10%

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Table 10-4 Cash Flow Assumptions

STOCK LEVELS
Raw Material Inventory 15 days
Packing Material Inventory 15 days
Stores and Spares Inventory 15 days
Finished goods inventory 3 days
Accounts Payable 15 days
Accounts Receivable and Advances
Accounts Receivable 7 days
Advances to suppliers 5 days
Table 10-5 Other Expense Assumptions
Administrative Expenses(as %age of sales) 0.50%
Selling and Related Expenses
Annual rent of 2 shops Rs.720,000
Electricity Rs.480,000
Others (as %age of sales) 3%
Amortization in Years 5
Other Income(as %age of sales) 2%

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