PROJECT REPORT

Of

ITTAR(PERFUME)

PURPOSE OF THE DOCUMENT

This particular pre-feasibility is regarding Ittar (Perfume) making Unit.

The objective of the pre-feasibility report is primarily to facilitate potential entrepreneurs in project
identification for investment and in order to serve his objective; the document covers various aspects
of the project concept development, start-up, marketing, finance and management.

[We can modify the project capacity and project cost as per your requirement. We can also prepare
project report on any subject as per your requirement.]

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 ITTAR (PERFUME) MANUFACTURING UNIT

Introduction
Ittar also known as attar, is an essential oil derived from botanical
sources. Most commonly these oils are extracted via hydro or
steam distillation. Ibn Sina, the Persian physician was first to derive
the attar of flowers from distillation. Attar can also be expressed by
chemical means but generally natural perfumes which qualify as
ittars are distilled with water. The oils are generally distilled into a
wood base such as sandalwood and then aged. The aging period
can last from one to ten years depending on the botanicals used
and the results desired. Technically ittars are distillates of flowers,
herbs, spices and other natural materials such as baked soil over
sandalwood oil/liquid paraffins using hydro distillation technique
with deg and bhapka. These techniques are still in use today
at Kannauj in India. Jasmine ittar was the favorite perfume of
the Nizams of the Hyderabad state. Traditionally in the Eastern
world, it was a customary practice of nobility to offer ittar to their
guests at the time of their departure. The ittars are traditionally
given in ornate tiny crystal cut bottles called as itardans. This
tradition of giving a scent to one's guests continues to this day in
many parts of the Eastern world. Among Sufi worshipers the use of
Ittars during meditation circles and dances is quite common
Perfume is a mixture of fragrant essential oils or aroma
compounds, fixatives and solvents, used to give the human body,
animals, food, objects, and living-spaces an agreeable scent. It is
usually in liquid form and used to give a pleasant scent to a
person's body. Ancient texts and archaeological excavations show
the use of perfumes in some of the earliest human civilizations.
Modern perfumery began in the late 19th century with the
commercial synthesis of aroma compounds such
as vanillin or coumarone, which allowed for the composition of
perfumes with smells previously unattainable solely from natural
aromatics alone.
The word perfume derives from the Latin perfumer, meaning "to
smoke through". Perfumery, as the art of making perfumes, began
in ancient Mesopotamia, Egypt, the Indus Valley Civilization and
maybe Ancient China. It was further refined by the Romans and the
Arabs.
In India, perfume and perfumery existed in the Indus civilization.

Uses & types

Ittars are generally classified based on their perceived effect on the
body. 'Warm' ittars such as musk, amber and kesar (saffron) are
used in winter, as they are believed to increase body temperature.
Likewise, 'cool' ittars such as rose, jasmine, khus, kewda and
mogra are used in summers for their perceived cooling effect on the
body.
Although ittars are mostly used as a perfume, they are also used for
medicinal and aphrodisiacal purposes.
Musk
This class of aromatic compound is produced by "Moschus
moschiferus", a rare species of the male deer found in
the Himalaya. The substance used in creating Musk can only be
produced by a mature male Moschus, and the process of acquiring
it involves killing the deer. As such, its demand has led to the
endangerment of most musk deer species, which in turn has aided
the rise of synthetic musk, known as 'white musk'.
Natural musk is commonly mixed with medicines and confectionary.
Purported medicinal benefits range from working as an antivenom
and strengthening organs.
Agarwood
Historically, Oud has been traded and cherished among perfumers,
healers, alchemists and oil traders. Some of the claimed medicinal
uses include pain reduction and stress relief.
Sandalwood
Sandalwood oil is popularly used in incense for its reputed calming
effect during meditation.
Rose
Rose oils are obtained by steam-distilling the crushed petals of
roses, a by-product of which is rose water. Rose oil has been used
since ancient times in ittars, as well as within emollients and as an
anti-inflammatory agent.
Hina
Known scientifically as Lawsonia Alba, hina is traditional used as a
'warm' ittar during cooler seasons.
Ambergris
Also known as Anbar, this waxy substance is excreted by the sperm
whale and retrieved from beaches and the sea. It is thought to have
been used by humans for at least 1,000 years, and has a musky
aroma. Ambrein, an alcohol used as a scent preservative, is
extracted from ambergris.
Jasmine
Jasmine oil, derived from Jasmine flowers, has a potent floral
aroma and is a popular expensive ingredient in perfumes.

Fragrance Notes
Perfume is described in a musical metaphor as having three sets
of notes, making the harmonious scent accord. The notes unfold
over time, with the immediate impression of the top note leading to
the deeper middle notes, and the base notes gradually appearing
as the final stage. These notes are created carefully with knowledge
of the evaporation process of the perfume.

 Top notes: Also called the head notes. The scents that are
perceived immediately on application of a perfume. Top notes
consist of small, light molecules that evaporate quickly. They
form a person's initial impression of a perfume and thus are very
important in the selling of a perfume. Examples of top notes
include mint, lavender and coriander.
 Middle notes: Also referred to as heart notes. The scent of a
perfume that emerges just prior to the dissipation of the top note.
 The middle note compounds form the "heart" or main body of a
perfume and act to mask the often unpleasant initial impression
of base notes, which become more pleasant with time. Examples
of middle notes include seawater, sandalwood and jasmine.
 Base notes: The scent of a perfume that appears close to the
departure of the middle notes. The base and middle notes
together are the main theme of a perfume. Base notes bring
depth and solidity to a perfume. Compounds of this class of
scents are typically rich and "deep" and are usually not
perceived until 30 minutes after application. Examples of base
notes include tobacco, amber and musk.
The scents in the top and middle notes are influenced by the base
notes; conversely, the scents of the base notes will be altered by
the types of fragrance materials used as middle notes.
Manufacturers who publish perfume notes typically do so with the
fragrance components presented as a fragrance pyramid, using
imaginative and abstract terms for the components listed.

Ingredients
some of the important ingredients of Ittar & perfume include – rose
flower extraction, carrier oil & water.

Description of Machine & Equipment’s

Machinery & Equipment’s includes the following:
 Heating tank
 Base oil tank
 Cooling tank
 Separation tank
 Pump
 furnace
These Machines are used to produce final product from different
types of raw material. With the help of this machine the work of
steaming, formulation & packaging completes in a very short span.
Ittar Market Analysis
According to industry estimates, the overall size of the Indian
fragrance (Ittar & perfume) industry is currently estimated at Rs.
2000 crores, projected to grow by 50 percent (Rs.3000 crores) by
the year 2020. The current online perfume market is estimated at
Rs.148 crores projected to grow by approximately 120% to Rs 345
crores.

Ittar Manufacturing Process

 Loading heating tank: Fill half of heating tank with water and
add 10Kg flowers in tank.
 Sealing of heating tank: Sealing of heating tank is done
manually by using mud and sealing wood.
 Starting Furnace: Firewood is added to furnace and fire is
ignited, which continues for 8 to 10 hrs.
 Extraction of Steam: The steam is extracted via Bamboo Pipes
Insulated via ropes. It’s one end is connected to heating tank and
other to base oil tank.
 Condensation of Steam: The steam obtained from heating tank
is condensed back into liquid [Water + Fragrance Oil] in base oil
tank which is filled with 20 kg of base oil. It’s achieved by placing
base oil tank in cooling tank, thus completing Distillation Process.
 Separation: Every day in evening i.e. after 7 to 9 hrs the furnace
is put off and the contents of base oil tank is supplied to
separation tank where its left for an hour which allows oil [Base
Oil + Fragrance Oil] and water to separate which is followed by
extraction of both separately.
 Enrichment: The oil is supplied to base oil tank and water to
heating tank followed by introduction of new load of flowers in
heating tank and repetition of distillation process to enrich base
oil with fragrance oil. This process is repeated for 12 to 15 days.
 Packaging: The oil obtained after enrichment is finished
perfume product which is bottled and labelled with brand logo.
Machinery &Equipment’s required:

Single unit

Name Cost
Total Machine cost 200000
Total 200000

 Cost of the machine is exclusive of GST & value of the machine

varies with the change in batch size.
 Number of units can be installed simultaneously.

Land &Building required:

Land required 300 Square Feet (approx.) for single unit.

Approximate construction cost for the same is 100000. (approx.)

Staff & Labour Requirement:

4 Manpower is required for the Perfume unit.

Includes:

1 skilled Labour

2 Unskilled Labour

1 Supervisor

Raw Material Requirement

Particulars Description Cost

Flower Rs. 80 per KG

Base Oil Sandal wood for costly ittar Rs. 70,000 - 90 000
per Litre
B-2 petro oil for perfume Rs. 10,000 – 13,000
Per Litre
 The average raw material price of the Ittar ranges from 800- 90000
per litre.
 Ittar is usually manufactured in the batch size (Like: 15 days batch of
20 Litre, 40 litre etc.)
 This project report is prepared upon the basic Mogra flavour Ittar
average cost of raw material is Rs. 11,000 per litre.

Selling price

The price of Ittar is depends upon the type & fragrance as well as on the
market strategy and area.

Averagely selling price of the Ittar in market starts from Rs. 1,000 per
Litre and it goes up to Rs. 1,00,000 based on the type of Ittar
manufactured and the quality of flowers and base oil used in it.

 Average Wholesale selling price of the Mogra Ittar in the project report
is taken Rs. 16,000 Per Litre.

License &registration

For Proprietor:
 Obtain the GST registration.
 Additionally, obtain the Udyog Aadhar registeration.
 Fire/ Pollution Registration as required.
 Choice of a Brand Name of the product and secure the name with
Trademark if required.

Implementation Schedule

S.N. Activity Time Required

(in Months)
1 Acquisition Of premises 1
2 Construction (if Applicable) 1- 2 Months
3 Procurement & installation of Plant & Machinery 1
4 Arrangement of Finance 1
 5 Requirement of required Manpower 1
Total time Required (some activities shall run 2-3 Months
concurrently)

Conclusion:
After completion of manufacturing process, product is ready to sell in the
market. This machine can be installed with low investment & one can
earn a good Margin of profit by doing this business.
 PROJECT AT A GLANCE

1 Name of the Entreprenuer xx

Constitution (legal Status)
2 : xx
3 Father's/Spouce's Name xx
4 Unit Address
Taluk/Block: xx
District : xx
Pin: XX
E-Mail : xx
5 Product and By Product Ittar
Name of the project / business activity
6 proposed :

7 Cost of Project Rs. 7.50 Lacs

capital expenditure Rs. 3.50 Lacs

8 Means of Finance

Term Loan Rs. 2.75 Lacs

Own Capital Rs. 0.75 Lacs

working capital Rs. 4.00 Lacs

9 Pay Back Period 5 years

10 Project Implementation Period 6 months

1 KW
11 Power Requirement connection
rose flower extraction,
12 Major Raw materials carrier oil
Estimated Annual Sales Turnover 40.53 Lacs (at 50%
13 capacity)
Detailed Cost of Project & Means of
14 Finance
COST OF PROJECT (Rs. In Lacs)
Particulars Amount
Land
Building & Civil
Work 1.00

Plant & Machinery 2.36

 Furniture &
Fixtures 0.14
Pre-operative Expenses
Contingencies
Working Capital
Requirement 4.00

Total 7.50
MEANS OF FINANCE
Particulars Amount

Own Contribution 0.75

Bank Finance 2.75

working capital
from bank 4.00

Total 7.50
COMPUTATION OF PRODUCTION OF ITTAR

Items to be Manufactured

Ittar

Unit capacity per 15 days 20 litre

Per annum production 480 litre

Production of Ittar

Production Capacity Litre

1st year 70% 336

2nd year 75% 360

3rd year 80% 384

4th year 85% 408

5th year 90% 432

Raw Material Cost

Year Capacity Litre Amount

Utilisation (Rs. in lacs)

1st year 70% 11,000.00 36.96

2nd year 75% 11,110.00 40.00

3rd year 80% 11,221.10 43.09

4th year 85% 11,333.31 46.24

5th year 90% 11,446.64 49.45

Packaging Charges

year bottle Amount

Rate per piece (Rs. in lacs)

1st year 336 300.00 1.01

2nd year 360 303.00 1.09

3rd year 384 306.03 1.18

4th year 408 309.09 1.26

5th year 432 312.18 1.35

COMPUTATION OF SALE

Particulars 1st year 2nd year 3rd year 4th year 5th year

Op Stock - 28 30 32 34

Production 336 360 384 408 432

Less : Closing Stock 28 30 32 34 36

Net Sale 308 358 382 406 430

sale price per Liter 16,000.00 16,320.00 16,646.40 16,979.33 17,318.91

Sales (in Lacs) 49.28 58.43 63.59 68.94 74.47

BREAK UP OF LABOUR CHARGES

Particulars Wages No of Total

Per Month Employees Salary

Skilled 12000 1 12000

Unskilled 8000 2 16000

Total Salary Per Month 28000

Total Annual Labour Charges (in Lacs) 3.36

BREAK UP OF STAFF Charges

Particulars Wages No of Total

Per Month Employees Salary

supervisor 15000 1 15000

Total Salary Per Month 15000

Total Annual Labour Charges (in Lacs) 1.80

Utility Charges at 100% capacity (per month)

Particulars value Description
Power connection required 1 KWH
consumption per day 10 units
Consumption per month 300 units
Rate per Unit 7 Rs.
power Bill per month 2100 Rs.
PROJECTED PROFITABILITY STATEMENT (in Lacs)

PARTICULARS 1st year 2nd year 3rd year 4th year 5th year

Capacity Utilisation % 70% 75% 80% 85% 90%

SALES

Gross Sale

Ittar 49.28 58.43 63.59 68.94 74.47

Total 49.28 58.43 63.59 68.94 74.47

COST OF SALES

Raw Mateiral Consumed 36.96 40.00 43.09 46.24 49.45

Elecricity Expenses 0.25 0.28 0.30 0.34 0.37

Depriciation 0.47 0.40 0.35 0.30 0.26

Consumables 0.99 1.17 1.27 1.38 1.49

Repair & maintennace 2.07 2.45 2.67 2.90 3.13

other direct expenses 1.97 2.34 2.54 2.76 2.98

Bottle charges 1.01 1.09 1.18 1.26 1.35

Labour 3.36 3.70 4.07 4.47 4.92

Cost of Production 47.07 51.42 55.47 59.64 63.94

Add: Opening Stock /WIP - 3.92 4.29 4.62 4.97

Less: Closing Stock /WIP 3.92 4.29 4.62 4.97 5.33

Cost of Sales 43.15 51.06 55.13 59.29 63.58

GROSS PROFIT 6.13 7.37 8.46 9.64 10.89

salary to staff 1.80 1.98 2.18 2.40 2.52

Interest on Term Loan 0.25 0.22 0.16 0.09 0.03

Interest on working Capital 0.40 0.40 0.40 0.40 0.40

Selling & adm Expenses 0.99 1.17 1.27 1.38 1.49

TOTAL 3.43 3.76 4.00 4.27 4.43

NET PROFIT 2.70 3.60 4.45 5.37 6.45

Taxation 0.08 0.30

PROFIT (After Tax) 2.70 3.60 4.45 5.30 6.15

PROJECTED BALANCE SHEET (in Lacs)

PARTICULARS 1st year 2nd year 3rd year 4th year 5th year

Liabilities

Capital

opening balance 2.45 4.05 5.50 6.80

Add:- Own Capital 0.75

Add:- Retained Profit 2.70 3.60 4.45 5.30 6.15

Less:- Drawings 1.00 2.00 3.00 4.00 5.00

Closing Blance 2.45 4.05 5.50 6.80 7.95

Term Loan 2.44 1.83 1.22 0.61 -

Working Capital Limit 4.00 4.00 4.00 4.00 4.00

Sundry Creditors 3.08 3.33 3.59 3.85 4.12

Provisions & Other Liab 0.30 0.40 0.55 0.66 0.83

TOTAL : 12.27 13.61 14.86 15.92 16.89

Assets

Fixed Assets ( Gross) 3.50 3.50 3.50 3.50 3.50

Gross Dep. 0.47 0.87 1.22 1.52 1.78

Net Fixed Assets 3.03 2.63 2.28 1.98 1.72

Current Assets

Sundry Debtors 2.05 4.06 4.42 4.79 5.17

Stock in Hand 5.46 5.95 6.42 6.90 7.39

Cash and Bank 1.72 0.97 1.75 2.25 2.61

TOTAL : 12.27 13.61 14.86 15.92 16.89

PROJECTED CASH FLOW STATEMENT (in Lacs)

PARTICULARS 1st year 2nd year 3rd year 4th year 5th year

SOURCES OF FUND

Own Margin 0.75

Net Profit 2.70 3.60 4.45 5.37 6.45

Depriciation & Exp. W/off 0.47 0.40 0.35 0.30 0.26

Increase in Cash Credit 4.00 - - - -

Increase In Term Loan 2.75 - - - -

Increase in Creditors 3.08 0.25 0.26 0.26 0.27

Increase in Provisions & Oth lib 0.30 0.10 0.15 0.11 0.17

increase in subsidy 1.91

TOTAL : 15.96 4.36 5.21 6.05 7.15

APPLICATION OF FUND

Increase in Fixed Assets 3.50

Increase in Stock 5.46 0.49 0.47 0.48 0.49

Increase in Debtors 2.05 2.00 0.36 0.37 0.38

Repayment of Term Loan 0.31 0.61 0.61 0.61 0.61

Increase in FD 1.91 - -

Drawings 1.00 2.00 3.00 4.00 5.00

Taxation - - - 0.08 0.30

TOTAL : 14.23 5.10 4.44 5.54 6.79

Opening Cash & Bank Balance - 1.72 0.97 1.75 2.25

Add : Surplus 1.72 (0.75) 0.77 0.51 0.36

Closing Cash & Bank Balance 1.72 0.97 1.75 2.25 2.61
COMPUTATION OF CLOSING STOCK & WORKING CAPITAL (in Lacs)

PARTICULARS 1st year 2nd year 3rd year 4th year 5th year

Finished Goods

3.92 4.29 4.62 4.97 5.33

Raw Material

1.54 1.67 1.80 1.93 2.06

Closing Stock 5.46 5.95 6.42 6.90 7.39

COMPUTATION OF WORKING CAPITAL REQUIREMENT

TRADITIONAL METHOD (in Lacs)

Particulars Amount

Finished Goods & Raw Material 5.46

Less : Creditors 3.08

Paid stock 2.38

Sundry Debtors 2.05

4.44

WORKING CAPITAL LIMIT 4.00

COMPUTATION OF DEPRECIATION

Description Building Plant & Machinery Furniture TOTAL

Rate of Depreciation 10.00% 15.00% 10.00%

Opening Balance - - - -

Addition 1.00 2.36 0.14 3.50

Total 1.00 2.36 0.14 3.50

Less : Depreciation 0.10 0.35 0.01 0.47

WDV at end of Year 0.90 2.01 0.13 3.03

Additions During The Year - - - -

Total 0.90 2.01 0.13 3.03

Less : Depreciation 0.09 0.30 0.01 0.40

WDV at end of Year 0.81 1.71 0.11 2.63

Additions During The Year - - - -

Total 0.81 1.71 0.11 2.63

Less : Depreciation 0.08 0.26 0.01 0.35

WDV at end of Year 0.73 1.45 0.10 2.28

Additions During The Year - - - -

Total 0.73 1.45 0.10 2.28

Less : Depreciation 0.07 0.22 0.01 0.30

WDV at end of Year 0.66 1.23 0.09 1.98

Additions During The Year - - - -

Total 0.66 1.23 0.09 1.98

Less : Depreciation 0.07 0.18 0.01 0.26

WDV at end of Year 0.59 1.05 0.08 1.72

Additions During The Year - - - -

Total 0.59 1.05 0.08 1.72

Less : Depreciation 0.06 0.16 0.01 0.22

WDV at end of Year 0.53 0.89 0.07 1.50

Less : Depreciation 0.05 0.13 0.01 0.19

WDV at end of Year 0.48 0.76 0.07 1.30

Less : Depreciation 0.05 0.11 0.01 0.17

WDV at end of Year 0.43 0.64 0.06 1.13

REPAYMENT SCHEDULE OF TERM LOAN

Interest 10.00%
Closing
Year Particulars Amount Addition Total Interest Repayment Balance
ist Opening Balance

1st month - 2.75 2.75 - - 2.75

2nd month 2.75 - 2.75 0.02 - 2.75

3rd month 2.75 - 2.75 0.02 - 2.75

4th month 2.75 - 2.75 0.02 2.75

5th month 2.75 - 2.75 0.02 2.75

6th month 2.75 - 2.75 0.02 2.75

7th month 2.75 - 2.75 0.02 0.051 2.70

8th month 2.70 - 2.70 0.02 0.051 2.65

9th month 2.65 - 2.65 0.02 0.051 2.60

10th month 2.60 - 2.60 0.02 0.051 2.55

11th month 2.55 - 2.55 0.02 0.051 2.50

12th month 2.50 - 2.50 0.02 0.051 2.44

0.25 0.306
2nd Opening Balance

1st month 2.44 - 2.44 0.02 0.051 2.39

2nd month 2.39 - 2.39 0.02 0.051 2.34

3rd month 2.34 - 2.34 0.02 0.051 2.29

4th month 2.29 - 2.29 0.02 0.051 2.24

5th month 2.24 - 2.24 0.02 0.051 2.19

 6th month 2.19 - 2.19 0.02 0.051 2.14

7th month 2.14 - 2.14 0.02 0.051 2.09

8th month 2.09 - 2.09 0.02 0.051 2.04

9th month 2.04 - 2.04 0.02 0.051 1.99

10th month 1.99 - 1.99 0.02 0.051 1.93

11th month 1.93 - 1.93 0.02 0.051 1.88

12th month 1.88 - 1.88 0.02 0.051 1.83

0.22 0.612
3rd Opening Balance

1st month 1.83 - 1.83 0.02 0.051 1.78

2nd month 1.78 - 1.78 0.01 0.051 1.73

3rd month 1.73 - 1.73 0.01 0.051 1.68

4th month 1.68 - 1.68 0.01 0.051 1.63

5th month 1.63 - 1.63 0.01 0.051 1.58

6th month 1.58 - 1.58 0.01 0.051 1.53

7th month 1.53 - 1.53 0.01 0.051 1.48

8th month 1.48 - 1.48 0.01 0.051 1.42

9th month 1.42 - 1.42 0.01 0.051 1.37

10th month 1.37 - 1.37 0.01 0.051 1.32

11th month 1.32 - 1.32 0.01 0.051 1.27

12th month 1.27 - 1.27 0.01 0.051 1.22

0.16 0.612
4th Opening Balance

1st month 1.22 - 1.22 0.01 0.051 1.17

2nd month 1.17 - 1.17 0.01 0.051 1.12

3rd month 1.12 - 1.12 0.01 0.051 1.07

4th month 1.07 - 1.07 0.01 0.051 1.02

5th month 1.02 - 1.02 0.01 0.051 0.96

6th month 0.96 - 0.96 0.01 0.051 0.91

7th month 0.91 - 0.91 0.01 0.051 0.86

8th month 0.86 - 0.86 0.01 0.051 0.81

 9th month 0.81 - 0.81 0.01 0.051 0.76

10th month 0.76 - 0.76 0.01 0.051 0.71

11th month 0.71 - 0.71 0.01 0.051 0.66

12th month(Subsidy
adjusted) 0.66 - 0.66 0.01 0.051 0.61
0.09 0.612
5th Opening Balance

1st month 0.61 - 0.61 0.01 0.051 0.56

2nd month 0.56 - 0.56 0.00 0.051 0.51

3rd month 0.51 - 0.51 0.00 0.051 0.45

4th month 0.45 - 0.45 0.00 0.051 0.40

5th month 0.40 - 0.40 0.00 0.051 0.35

6th month 0.35 - 0.35 0.00 0.051 0.30

7th month 0.30 - 0.30 0.00 0.051 0.25

8th month 0.25 - 0.25 0.00 0.051 0.20

9th month 0.20 - 0.20 0.00 0.051 0.15

10th month 0.15 - 0.15 0.00 0.051 0.10

11th month 0.10 - 0.10 0.00 0.051 0.05

12th month 0.05 - 0.05 0.00 0.047 -

0.03 0.61

DOOR TO DOOR 60 MONTHS

MORATORIUM PERIOD 6 MONTHS
REPAYMENT PERIOD 54 MONTHS
 DISCLAIMER

The views expressed in this Project Report are advisory in nature. SAMADHAN assume no
financial liability to anyone using the content for any purpose. All the materials and content
contained in Project report is for educational purpose and reflect the views of the industry
which are drawn from various research material sources from internet, experts, suppliers and
various other sources. The actual cost of the project or industry will have to be taken on case
to case basis considering specific requirement of the project, capacity and type of plant and
other specific factors/cost directly related to the implementation of project. It is intended for
general guidance only and must not be considered a substitute for a competent legal advice
provided by a licensed industry professional. SAMADHAN hereby disclaims any and all
liability to any party for any direct, indirect, implied, punitive, special, incidental or other
consequential damages arising directly or indirectly from any use of the Project Report
Content, which is provided as is, and without warranties.