African Proj Rep 7 Yrs Govt Grant Loan Fin

8/6/2019 African Proj Rep 7 Yrs Govt Grant Loan Fin

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Pangolin Books & PublishersNotes to the Projected Income Statement

Particulars Y1 Y2 Y3 Y4 Y5

Note 1: Estimate Quantities of Finished ProductsEstimated Production Capacity in A4-sized units/ shift/ dayProcessed Litho Positives (@ 4000 units/22 days) 182 182 182 182 182Colour Proof Printouts (@3000 units/22 days) 136 136 136 136 136Picture Scans (@ 5000 units/22 days) 227 227 227 227 227

Estimated Annual Production Capacity in A4-sized unitsProcessed Litho Positives (@ 4000 units/22 days) 48,000 48,000 48,000 48,000 48,000Colour Proof Printouts (@3000 units/22 days) 36,000 36,000 36,000 36,000 36,000Picture Scans (@ 5000 units/22 days) 60,000 60,000 60,000 60,000 60,000

Estimated Production and Sales in A4-sized units/shift/dayProcessed Litho Positives (@ 1000 units/22 days) (120% in Y2 a 45 50 55 55 55Colour Proof Printouts (@500 units/22 days) (120% in Y2 and 14 23 25 27 27 27Picture Scans (@ 500 units/22 days) (120% in T2 and 140% in Y 23 25 27 27 27

Estimated Annual Production and Sales in A4-sized unitsProcessed Litho Positives (@ 1000 units/22 days) (120% in Y2 a 9,000 13,200 14,400 14,400 14,400Colour Proof Printouts (@500 units/22 days) (120% in Y2 and 14 4,500 6,600 7,200 7,200 7,200Picture Scans (@ 500 units/22 days) (120% in T2 and 140% in Y 4,500 6,600 7,200 7,200 7,200

Note 2: Estimation of the Quanitity of Raw Materials, and Computation ofRaw Materials' Cost per Unit 4SU of RMs/ A4SU of FPs/ RMUC/

(A4SU stands for A4-sized unit; and, RMUC stands for Raw M A4SU of FP Unit of RMs Unit of RMs Unit Cost Unit of FP

ParticularsUnprocessed Litho Films (UPLF) 1 11.76 11.76


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Developing Chemicals (DVCH) 45 Lts 500 500.25 1.00Total RM Cost per unit of Processed Litho Positive (PLP) 12.76Contract Proofing Paper (CNPP) 1 3.03 3.031 Pack of 6 Colour Ink Cartridges (1P6CIC) 1 Pack of 6#s 340 4,025.02 11.84Total RM Cost per unit of Colour Proof Printout (CPP) 14.87

Note 3: Computation of Raw Material CostParticulars Y1 Y2 Y3 Y4 Y5Unprocessed Litho Films (UPLF)Cost per A4SU/Unit of PLP, Escalated by 12% p.a. 12 13.17 14.75 16.52 18.50Opening Stock @ 3 months' consumption 26,457 26,457 40,060 50,493 57,677Purchase @ 1 A4SU of UPLF / A4SU of PLP Prodn 105,829 173,842 212,404 237,892 266,439Closing Stock @ 3 months' Consumption -26,457 -40,060 -50,493 -57,677 -64,823Consumption 105,829 160,240 201,971 230,708 259,293

Developing Chemicals (DVCH)Cost per Lt. / Unit of PLF Prodn, Escalated by 12% p.a. 1 1.12 1.26 1.41 1.57Opening Stock @ 3 months' consumption 3,002 2,401 3,439 4,302 4,909Purchase @ 45 Lt. of DVCH / 500 A4SU of PLP Prodn 9,005 14,791 18,072 20,241 22,670Closing Stock @ 3 months' Consumption -2,401 -3,439 -4,302 -4,909 -5,516Consumption 9,605 13,754 17,209 19,635 22,063

Contract Proofing Paper (CNPP)Cost per A4SU/Unit of CPP, Escalated by 12% p.a. 3 3.40 3.81 4.26 4.77Opening Stock @ 3 months' consumption 4,551 3,640 5,213 6,522 7,442Purchase @ 1 A4SU / A4SU of CPP Prodn 13,652 22,425 27,399 30,687 34,370

Closing Stock @ 3 months' consumption -3,640 -5,213 -6,522 -7,442 -8,362Consumption 14,562 20,852 26,090 29,768 33,449

1 Pack of 6 Colour Ink Cartridges (1P6CIC)Cost of Ink Consumed / A4SU of CPP, Escalated by 12% p.a. 12 13.26 14.85 16.63 18.63Opening Stock @ 3 months' consumption 17,757 14,206 20,343 25,452 29,040


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Purchase @ 1P6CIC / 340 A4SU of CPP Prodn 53,272 87,509 106,920 119,750 134,120Closing Stock @ 1 month's consumption -14,206 -20,343 -25,452 -29,040 -32,632Consumption 56,824 81,372 101,810 116,162 130,528

Summary for Raw Materials

Opening Stock of RMs 51,767 46,705 69,054 86,770 99,068Purchases of RMs 181,758 298,567 364,795 408,570 457,599Closing Stock of RMs -46,705 -69,054 -86,770 -99,068 -111,333Consumption 186,820 276,218 347,079 396,272 445,333

186,820 276,218 347,079 396,272 445,333

Note 4: Estimated Sales Quantities and Values, and Bad DebtsProcessed Litho Positives (PLPs)Estimated Cash Sale Qty @ 10% of the total Sale Qty. 900 1,320 1,440 1,440 1,440Estimated Cheque Sale Qty @ 50% of the total Sale Qty. 3,600 5,280 5,760 5,760 5,760Estimated Credit Sale Qty @ 50% of total Sale Qty. 4,500 6,600 7,200 7,200 7,200

9,000 13,200 14,400 14,400 14,400

Estimated Sale Price / A4SU of PLP escalated by 5% p.a. 110 116 121 127 134Estimated Cash Sale Value 99,000 152,460 174,636 183,368 192,536Estimated Cheque Sale Value 396,000 609,840 698,544 733,471 770,145Estimated Credit Sale Value 495,000 762,300 873,180 916,839 962,681Total Sales Value 990,000 1,524,600 1,746,360 1,833,678 1,925,362

Contract Proofing Paper (CNPP)Estimated Cash Sale Qty @ 10% of the total Sale Qty. 450 660 720 720 720

Estimated Cheque Sale Qty @ 50% of the total Sale Qty. 1,800 2,640 2,880 2,880 2,880Estimated Credit Sale Qty @ 50% of total Sale Qty. 2,250 3,300 3,600 3,600 3,600

4,500 6,600 7,200 7,200 7,200

Estimated Sale Price / A4SU of CNPP escalated by 5% p.a. 80 84 88 93 97Estimated Cash Sale Value 36,000 55,440 63,504 66,679 70,013


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Estimated Cheque Sale Value 144,000 221,760 254,016 266,717 280,053Estimated Credit Sale Value 180,000 277,200 317,520 333,396 350,066Total Sales Value 360,000 554,400 635,040 666,792 700,132

Picture Scans (PCS)

Estimated Cash Sale Qty @ 10% of the total Sale Qty. 450 660 720 720 720Estimated Cheque Sale Qty @ 40% of the total Sale Qty. 1,800 2,640 2,880 2,880 2,880Estimated Credit Sale Qty @ 50% of total Sale Qty. 2,250 3,300 3,600 3,600 3,600

4,500 6,600 7,200 7,200 7,200

Estimated Scan Charge / Scan, Escalated by 5% p.a. 20 21 22 23 24Estimated Cash Sale Value 9,000 13,860 15,876 16,670 17,503Estimated Cheque Sale Value 36,000 55,440 63,504 66,679 70,013Estimated Credit Sale Value 45,000 69,300 79,380 83,349 87,516Total Sales Value 90,000 138,600 158,760 166,698 175,033

Estimated Total Cash Sale 144,000 221,760 254,016 266,717 280,053Estimated Total Cheque Sale 576,000 887,040 1,016,064 1,066,867 1,120,211Estimated Total Credit Sale 720,000 1,108,800 1,270,080 1,333,584 1,400,263Estimated Total Sales 1,440,000 2,217,600 2,540,160 2,667,168 2,800,526

Estimated Bad Debts @ 6% of Cheque Sale Value 34,560 53,222 60,964 64,012 67,213Estimated Bad Debts @ 3% of Credit Sale Value 21,600 33,264 38,102 40,008 42,008Estimated Total Bad Debts 56,160 86,486 99,066 104,020 109,221

Actual Bad Debts of Cheque Sale upto 9th month of each financia 23,040 39,917 45,723 48,009 50,409

Actual Bad Debts of Credit Sale upto the 9th month of each financ 14,400 24,948 28,577 30,006 31,506Total Actual Bad Debts 37,440 64,865 74,300 78,015 81,915

Provn for Doubtful Debts of Cheque Sale from the last 3 mons of -11,520 -13,306 -15,241 -16,003 -16,803Provn for Doubtful Debts of Credit Sale from the last 3 each finan -7,200 -8,316 -9,526 -10,002 -10,502Total Provision for Doubtful Debts of each Calender year -18,720 -21,622 -24,767 -26,005 -27,305


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Estimated Total Bad Debts 56,160 86,486 99,066 104,020 109,221

Note 5: Detailed Estimation of Quantum of Staff

No of Unskilled Citizen Jobs Y1 Y2 Y3 Y4 Y5Full time IndirectDriving Vehicles 1 2 2 2 2Security 1 1 1 1 1Telephone Operator/Receptionist 1 1 1 1 1Cleaner-cum-Office-Helper 1 1 1 1 1Total 4 5 5 5 5

No of Skilled Citizen JobsFull time DirectTechnical Assistant 1 2 1 1 1Technical Operator 0 0 1 2 2

1 2 2 3 3Full time IndirectPersonal Secretary to MD 0 1 1 1 1Administrative Assistant 0 1 1 1 1Accounts Clerk 1 1 1 1 1Total 1 3 3 3 3

Grand Total 2 5 5 6 6

No. of Unskilled & Skilled Citizen Jobs 6 10 10 11 11

Cumulative # of Unskilled and Skilled jobs for the first 5 calander 6 16 26 37 481/5th the cumulative # of unskilled & Skilled Citizen jobs at the 5th Calendar Year 10

Note 6: Detailed Estimation of the Quantum of Managerial Staff


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# of Skilled Citizen Managerial JobsManaging Director 1 1 1 1 1Marketing and Public Relations Manager 1 1 1 1 1

2 2 2 2 2

# of Skilled Non-Citizen Managerial JobsTechnical Manager 1 1 1 1 1Technical Operator 1 1 1 0 0

2 2 2 1 1

Grand Total 4 4 4 3 3

Note 7: Estimation of Unskilled Citizen SalariesDrivers' SalariesDriver 1 Salary @ P800 p.m. escalated by 10% p.a. 800 880 968 1,065 1,171Driver 2 Salary @ P800 p.m. escalated by 10% p.a. 0 800 880 968 1,065Driver 1 Salary 7,200 10,560 11,616 12,778 14,055Driver 2 Salary 0 9,600 10,560 11,616 12,778Annual Drivers' Salaries 7,200 20,160 22,176 24,394 26,833Security Salary @ P900 p.m. escalated by 10% p.a. 900 990 1,089 1,198 1,318Annual Security Salary 8,100 11,880 13,068 14,375 15,812Telephone Operator/Receptionist Salary @ P1200 p.m. escalated 1,200 1,320 1,452 1,597 1,757Annual Tel Op/Receptionist Salary 10,800 15,840 17,424 19,166 21,083Cleaner-cum-Office-Helper Salary @ P 600 p.m. escalated by 10 600 660 726 799 878Annual Cleaner-cum-Office-Helper's Salary 5,400 7,920 8,712 9,583 10,542Total Full-time Indirect Unskilled Citizen Wages 31,500 55,800 61,380 67,518 74,270

Note 8: Estimation of Skilled Citizen SalariesFull time DirectTech Asst 1 Salary @ P2000 p.m. escalated by 10% p.a. 2,000 2,200 0 0 0Tech Asst 2 Salary @ P2000 p.m. escalated by 10% p.a. 0 2,000 2,200 0 0Tech Asst 3 Salary @ P2000 p.m. escalated by 10% p.a. 0 0 0 2,000 2,200


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Tech Asst 1 Salary 18,000 26,400 0 0 0Tech Asst 2 Salary 0 24,000 26,400 0 0Tech Asst 3 Salary 0 0 0 24,000 26,400Annual Tech Assts' Salaries 18,000 50,400 26,400 24,000 26,400Tech Asst 1 WHT Payable 0 -70 0 0 0

Tech Asst 2 WHT Payable 0 0 -70 0 0Tech Asst 3 WHT Payable 0 0 0 0 -70Annual Tech Assts' WHT Payable 0 -70 -70 0 -70Annual Tech Assts' WHT Paid 0 64 70 6 64Tech Op 1 Salary @ P3000 p.m. escalated by 10% p.a. 0 0 3,000 3,300 3,630Tech Op 2 Salary @ P3000 p.m. escalated by 10% p.a. 0 0 0 3,000 3,300Tech Op 1 Salary 0 0 36,000 39,600 43,560Tech Op 2 Salary 0 0 0 36,000 39,600Annual Tech Operators' Salaries 0 0 36,000 75,600 83,160Tech Op 1 WHT Payable 0 0 -550 -730 -928Tech Op 2 WHT Payable 0 0 0 -550 -730

Annual Tech Ops' WHT Payable 0 0 -550 -1,280 -1,658Annual Tech Ops' WHT Paid 0 0 504 1,219 1,626Total Full-time Direct Skilled Citizen Salaries 18,000 50,400 62,400 99,600 109,560

Full time IndirectPers Sec to MD Salary @ P 1500 p.m. escalated by 10% p.a. 0 1,500 1,650 1,815 1,997Annual Pers Sec to MD Salary 0 18,000 19,800 21,780 23,958Admin Asst Salary @ P 1500 p.m. escalated by 10% p.a. 0 1,500 1,650 1,815 1,997Annual Admin Asst Salary 0 18,000 19,800 21,780 23,958Accounts Clerk Salary @ P 1500 p.m. escalated by 10% p.a. 1,500 1,650 1,815 1,997 2,196

Annual Accts Clerk Salary 13,500 19,800 21,780 23,958 26,354Annual Accts Clerk WHT Payable 0 0 0 0 -68Annual Accts Clerk WHT Paid 0 0 0 0 62Total Full-time Indirect Skilled Citizen Salaries 13,500 55,800 61,380 67,518 74,270

Grand Total of Skilled Citizen Salaries 31,500 106,200 123,780 167,118 183,830


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Grand Total of WHT Payable on Skilled Citizen Salaries 0 -70 -620 -1,280 -1,795Grand Total of WHT Paid on Skilled Citizen Salaries 0 64 574 1,225 1,752

Note 9 : Estimation of Skilled Citizen RemunerationManaging Director

Remuneration 4000 p.m.escalated by 20% each year 4,000 4,800 5,760 6,912 8,294House Rent, escalated by 10% p.a. each year 2,500 2,750 3,025 3,328 3,660School Fees 0 0 0 0 0Total 58,500 90,600 105,420 122,874 143,456Withholding Tax (WHT) payable -5,138 -7,495 -11,030 -15,095 -20,237Withholding Tax (WHT) Paid 4,709 7,299 10,735 14,756 19,809

Marketing and Public Relations ManagerRemuneration 3500 p.m.escalated by 20% each year 3,500 4,200 5,040 6,048 7,258House Rent, escalated by 10% p.a. each year 1,500 1,650 1,815 1,997 2,196School Fees 0 0 0 0 0

Total 45,000 70,200 82,260 96,534 113,445Withholding Tax (WHT) payable -2,562 -3,968 -5,827 -8,683 -12,737Withholding Tax (WHT) Paid 2,349 3,850 5,672 8,445 12,399

Grand Total of Skilled Citizen Remuneration 103,500 160,800 187,680 219,408 256,901Grand Total of WHT Payable on Skilled Citizen Remn -7,700 -11,463 -16,857 -23,778 -32,974Grand Total of WHT Paid on Skilled Citizen Remn 7,058 11,149 16,407 23,201 32,208

Note 10 : Estimation of Skilled Non-citizen RemunerationTechnical Manager

Remuneration 4000 p.m.escalated by 20% p.a. 4,000 4,800 5,760 6,912 8,294House Rent, escalated by 10% p.a. each year 0 0 0 0 0School Fees, escalated by 5% p.a. 1,500 1,575 1,654 1,736 1,823Total 49,500 76,500 88,965 103,781 121,412Withholding Tax (WHT) payable -4,588 -6,163 -8,418 -11,570 -15,978Withholding Tax (WHT) Paid 4,205 6,031 8,230 11,308 15,611


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Technical OperatorRemuneration 3000 p.m.escalated by 10% p.a. 3,000 3,300 3,630House Rent, escalated by 10% p.a. each year 1,500 1,650 1,815School Fees, escalated by 5% p.a. 0 0 0

Total 40,500 59,400 65,340Withholding Tax (WHT) payable -3,213 -3,753 -4,489Withholding Tax (WHT) Paid 2,945 3,708 4,427

Grand Total of Skilled Non-Citizen Remuneration 73,500 135,900 154,305 103,781 121,412Grand Total of WHT Payable on Skilled Non-Citizen Remn -7,800 -9,915 -12,907 -11,570 -15,978Grand Total of WHT Paid on Non-Skilled Citizen Remn 7,150 9,739 12,657 11,308 15,611

No 11: Accumulation of Salaries & Remuneration by Different CriteriaSalaries & Wages Classified by Skill LevelUnskilled Citizen Wages 31,500 55,800 61,380 67,518 74,270

Skilled Citizen Salaries 31,500 106,200 123,780 167,118 183,830Skilled Citizen Remuneration 103,500 160,800 187,680 219,408 256,901Skilled Non-Citizen Remuneration 73,500 135,900 154,305 103,781 121,412Total 240,000 458,700 527,145 557,825 636,412

Remuneration Classified by FunctionTechnical Staff Remuneration 73,500 135,900 154,305 103,781 121,412MD's Remuneration 58,500 90,600 105,420 122,874 143,456Marketing & Public Relations Manager's Remn 45,000 70,200 82,260 96,534 113,445Total 177,000 296,700 341,985 323,189 378,313

Salaries & Wages Classified by FunctionSalaries 63,000 162,000 185,160 234,636 258,100Remuneration 177,000 296,700 341,985 323,189 378,313Total 240,000 458,700 527,145 557,825 636,412


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Note 12: Fixed Assets & DepreciationY1 Y2 Y3 Y4 Y5

Mainframe EquipmentCost / Net Book Value B/f 1,519,984 1,291,987 1,063,989 835,991 607,994Current Year Annual Depreciation @15% p.a. 227,998 227,998 227,998 227,998 227,998

Cumulative Annual Depreciation 227,998 455,995 683,993 911,991 1,139,988Cost 1,519,984 1,519,984 1,519,984 1,519,984 1,519,984Yr Beg Available Depreciable Amount (Cost-Cum Annl Depn at Y 1,519,984 1,291,987 1,063,989 835,991 607,994Capitial Allowance (Lower of Curr Yr Annl Depn @ 15% p.a. o 227,998 227,998 227,998 227,998 227,998Yr Beg +ve Available Depreciable Amt, OR Zero, if Yr Beg AvailableDepreciable Amount is -ve)Net Book Value (Yr Beg Avail Depreciable Amt - Capital Allow 1,291,987 1,063,989 835,991 607,994 379,996Zero, if Yr Beg Avail Depreciable Amt is -ve)

Office EquipmentCost / Net Book Value B/f 98,731 88,858 78,985 69,112 59,239

Current Year Annual Depreciation @10% p.a. 9,873 9,873 9,873 9,873 9,873Cumulative Annual Depreciation 9,873 19,746 29,619 39,492 49,366Cost 98,731 98,731 98,731 98,731 98,731Yr Beg Available Depreciable Amount (Cost-Cum Annl Depn at Y 98,731 88,858 78,985 69,112 59,239Capitial Allowance (Lower of Curr Yr Annl Depn @ 10% p.a. o 9,873 9,873 9,873 9,873 9,873Yr Beg +ve Available Depreciable Amt, OR Zero, if Yr Beg AvailableDepreciable Amount is -ve)Net Book Value (Yr Beg Avail Depreciable Amt - Capital Allow 88,858 78,985 69,112 59,239 49,366Zero, if Yr Beg Avail Depreciable Amt is -ve)

Furniture & FittingsCost / Net Book Value B/f 37,319 33,587 29,855 26,123 22,391Current Year Annual Depreciation @10% p.a. 3,732 3,732 3,732 3,732 3,732Cumulative Annual Depreciation 3,732 7,464 11,196 14,927 18,659Cost 37,319 37,319 37,319 37,319 37,319Yr Beg Available Depreciable Amount (Cost-Cum Annl Depn at Y 37,319 33,587 29,855 26,123 22,391


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Capitial Allowance (Lower of Curr Yr Annl Depn @ 10% p.a. o 3,732 3,732 3,732 3,732 3,732Yr Beg +ve Available Depreciable Amt, OR Zero, if Yr Beg AvailableDepreciable Amount is -ve)Net Book Value (Yr Beg Avail Depreciable Amt - Capital Allow 33,587 29,855 26,123 22,391 18,659Zero, if Yr Beg Avail Depreciable Amt is -ve)

Motor VehiclesCost / Net Book Value B/f 99,705 74,778 49,853 24,927Current Year Annual Depreciation @25% p.a. 24,926 24,926 24,926 24,926Cumulative Annual Depreciation 24,926 49,852 74,778 99,705Cost 99,705 99,705 99,705 99,705Yr Beg Available Depreciable Amount (Cost-Cum Annl Depn at Y 99,705 74,779 49,853 24,927Capitial Allowance (Lower of Curr Yr Annl Depn @ 25% p.a. o 24,926 24,926 24,926 24,926Yr Beg +ve Available Depreciable Amt, OR Zero, if Yr Beg AvailableDepreciable Amount is -ve)Net Book Value (Yr Beg Avail Depreciable Amt - Capital Allow 74,778 49,853 24,927 0

Zero, if Yr Beg Avail Depreciable Amt is -ve)

Grand Total of Capital Allowance in respect of all Fixed Asset 266,529 266,529 266,529 266,529 241,603Grant total of Net Book Value of all Fixed Assets 1,489,210 1,222,681 956,153 689,624 448,021

Note 13: UtilitiesPower @ P500 p.m. 6,000 6,300 6,615 6,946 7,293Water @ P300 p.m. 3,600 3,780 3,969 4,167 4,376Direct Utilities 9,600 10,080 10,584 11,113 11,669Postage, Telephone, Fax, & Internet 15,000 18,900 19,845 20,837 21,879

Total Utilities 24,600 28,980 30,429 31,950 33,548

Note 14: Equipment Repairs & MaintenanceRepair & Maint. - Equipment - Service Contract Chgs 0 70,000 70,000 70,000 70,000Total Plant and Machinery Repairs & Maintenance 0 70,000 70,000 70,000 70,000


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Note 15: Vehicle Operating ExpensesRepair & Maintenance - Vehicles 6,000 6,300 6,615 6,946 7,293Petrol @ P1,500 p.m. 18,000 18,900 19,845 20,837 21,879Total Vehicle Operating Expenses 24,000 25,200 26,460 27,783 29,172

Note 16: Printing & StationeryPrinting of Money-Value Forms, Visiting Cards, Letterheads, etc. 11,000 12,600 13,230 13,892 14,586Stationery 5,000 6,300 6,615 6,946 7,293Total Printing & Stationery Exps 16,000 18,900 19,845 20,837 21,879

Note 17: Travel & ConveyanceFuel & Oil for Travel within Botswana 15,000 18,900 19,845 20,837 21,879Fuel & Oil for Travel outside Botswana 0 5,250 5,513 5,788 6,078Total Travel & Conveyance Exps 15,000 24,150 25,358 26,625 27,957

Note 18:Publicity & Advertisement

Media Advertisement 10,000 20,000 20,000 20,000 20,000Printed Materials 2,000 5,000 5,000 5,000 5,000Total Publicity & Advt Exps 12,000 25,000 25,000 25,000 25,000

Note 19: Professional FeesAudit Fees 10,000 10,500 11,025 11,576 12,155Company Secretarial Fees 6,000 6,300 6,615 6,946 7,293Total Professional Fees 16,000 16,800 17,640 18,522 19,448

Note 20: Deferred Revenue Expenditure

Preliminary ExpensesCompany Formation Expenses 2,250 0 0 0 0Share and Debenture Issue Expenses 0 0 0 0 0Total 2,250 0 0 0 0

Other Indirect Unrelated Pre-Production Period Expenditure (OIURPPPE)


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Sales and General Office Staff Training Programme Expenses 2,700 0 0 0 0Salary of Marketing & Sales Staff for one month 0 0 0 0 0Publicity & Advertisement Expenses 38,000Total 40,700 0 0 0 0

Total Deferred Revenue Expenditure 42,950 0 0 0 0

Deferred Reveneue Expenditure written off 14,317 14,317 14,317 0 0Deferred Reveneue Expenditure C/f to B/S 28,633 14,317 0 0 0

Note 21: Indirect Pre-Production Period Revenue Expenditure (IPPPRE)

Managerial RemunerationManaging Director 19,500Technical Manager 16,500

36,000

Preliminary Project ExpenditureProject Report Preparation Expenditure 6,000Feasibility Study Expenditure 9,000

15,000Citizens' Production Training ExpenditureTraining Period in Botswana in Weeks 3Transport to and fro SA 1,300Accomodation @ P500/day 10,500Subsistence Allowance @ P200/day 4,200Transport within Botswana 1,050

Total Training Cost 17,050

General Administrative & Office ExpenditurePrinting and Stationery 2,000Rent, Rates And Taxes 21,000Postage, Telephone, Fax, & Internet 3,000


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Travel and Conveyance 8,000Total 34,000

(Cr Bank)Financial ExpenditureInt on CEDA Proj Loan for the first 3 mons after Sanction but bef 30,541

Total Indirect Pre-Prodn Period Revenue Expenditure 132,591

Note 22 - Financing Pattern Prom SH's Projectof Pre-Prodn Exp & Fixed Assets Contribution WesBk LnCEDA Loan

Indir Pre-Prodn Period Rev Exp, sep capitalisn & w/off (Dr IPPPR 132,591 102,050 30,541Interior Decoration Expenditure (Cap Exp Not Rep by Assets) 55,000 55,000Deferred Revenue Expenditure (Dr DRE A/c) 42,950 42,950Opening Stock of Raw Materials 51,767 51,767Mainframe Equipment 1,519,984 1,519,984

Office Equipment 98,731 98,731Furniture & Fittings 37,319 37,319Motor Cycle b/in as Contribution 7,805 7,805Motor Vehicle financed by WesBank Loan to the tune of 80% 91,900 19,705 72,194Fin Pattern of Pre-Prodn, Int Dec & Publicity Exp & Fixed As 2,038,046 316,596 72,194 1,649,256Percentage of Financing 15.53% 3.54% 80.92%

Note 23: Separate Capitalisation of Indirect Pre-Prodn Period Revenue Expenditure

Indirect Pre-Prodn Period Revenue Expenditure

Managerial Remuneration (MRM) 36,000Preliminary Project Expenditure (PPE) 15,000Cost of Pre-Production-Commencement Training in SA (PPCSAT 17,050Pre-Production-Commencement Genl Admin and Office Exp (PP 34,000Pre-Production-Comm CEDA Proj Loan Int Exp (PPCCPLI) 30,541Total 132,591


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Cost of Capital AssetsMainframe Equipment 1,519,984Office Equipment 98,731Furniture & Fittings 37,319

Motor Vehicles 99,7051,755,738

Indirect Pre-Prodn Period Revenue Expenditure, separately capitalised to differentCapital Assets Heads for separate write-off MRM PPE PPCSAT PPCGAOE PPCCPLI

Mainframe Equipment 31,166 12,986 14,761 29,435 26,440Office Equipment 2,024 843 959 1,912 1,717Furniture & Fittings 765 319 362 723 649Motor Vehicles 2,044 852 968 1,931 1,734Total apportioned to different separate capital asset heads 36,000 15,000 17,050 34,000 30,541

Listing of Indir Pre-Prodn Period Rev Exp capitalised to differ CostMF Equip-Indir Pre-Prodn Period Rev Exp (write-off @ 15% p.a.) 114,787Office Equipment-Indir Pre-Prodn Period Rev Exp (write-off @ 10 7,456Furniture & Fittings-Indir Pre-Prodn Period Rev Exp (write-off @ 1 2,818Motor Vehicles-Pre-Prodn Period Rev Exp (write-off @ 25% p.a.) 7,530

132,591

Note 24: Indir Pre-Prodn Period Rev Exp Write-off Y1 Y2 Y3 Y4 Y5

MainFrame Equip-Indir Pre-Prodn Period Rev Exp

Cost / Net Book Value B/f 114,787 97,569 80,351 63,133 45,915Current Year Annual Write-off @15% p.a. 17,218 17,218 17,218 17,218 17,218Cumulative Annual Write-off 17,218 34,436 51,654 68,872 86,090Cost 114,787 114,787 114,787 114,787 114,787Yr Beg Available Amt for Write-off (Cost-Cum Annl w/off at Yr Beg 114,787 97,569 80,351 63,133 45,915Cap W/off Allowance (Lower of Curr Yr Annl W/off @ 15% p.a 17,218 17,218 17,218 17,218 17,218


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Yr Beg +ve Amt Available for w/off, OR Zero, if Yr Beg AvailableAmt for w/off is -ve)Net Book Value (Yr Beg Avail Amt for w/off - Capital Allowan 97,569 80,351 63,133 45,915 28,697Zero, if Yr Beg Avail Amt for w/off is -ve)

Office Equipment-Indir Pre-Prodn Period Rev ExpCost / Net Book Value B/f 7,456 6,710 5,965 5,219 4,474Current Year Annual Write-off @10% p.a. 746 746 746 746 746Cumulative Annual Write-off 746 1,491 2,237 2,982 3,728Cost 7,456 7,456 7,456 7,456 7,456Yr Beg Available Amt for Write-off (Cost-Cum Annl w/off at Yr Beg 7,456 6,710 5,965 5,219 4,474Cap W/off Allowance (Lower of Curr Yr Annl W/off @ 10% p.a 746 746 746 746 746Yr Beg +ve Amt Available for w/off, OR Zero, if Yr Beg AvailableAmt for w/off is -ve)Net Book Value (Yr Beg Avail Amt for w/off - Capital Allowan 6,710 5,965 5,219 4,474 3,728Zero, if Yr Beg Avail Amt for w/off is -ve)

Furniture & Fittings-Indir Pre-Prodn Period Rev ExpCost / Net Book Value B/f 2,818 2,536 2,254 1,973 1,691Current Year Annual Write-off @10% p.a. 282 282 282 282 282Cumulative Annual Write-off 282 564 845 1,127 1,409Cost 2,818 2,818 2,818 2,818 2,818Yr Beg Available Amt for Write-off (Cost-Cum Annl w/off at Yr Beg 2,818 2,536 2,254 1,973 1,691Cap W/off Allowance (Lower of Curr Yr Annl W/off @ 10% p.a 282 282 282 282 282Yr Beg +ve Amt Available for w/off, OR Zero, if Yr Beg AvailableAmt for w/off is -ve)

Net Book Value (Yr Beg Avail Amt for w/off - Capital Allowan 2,536 2,254 1,973 1,691 1,409Zero, if Yr Beg Avail Amt for w/off is -ve)

Motor Vehicles-Indir Pre-Prodn Period Rev Exp (IPPPRE A/c)Cost / Net Book Value B/f 7,530 5,648 3,765 1,883Current Year Annual Write-off @25% p.a. 1,883 1,883 1,883 1,883


17/68

Cumulative Annual Write-off 1,883 3,765 5,648 7,530Cost 7,530 7,530 7,530 7,530Yr Beg Available Amt for Write-off (Cost-Cum Annl w/off at Yr Beg 7,530 5,648 3,765 1,883Cap W/off Allowance (Lower of Curr Yr Annl W/off @ 25% p.a 1,883 1,883 1,883 1,883Yr Beg +ve Amt Available for w/off, OR Zero, if Yr Beg Available

Amt for w/off is -ve)Net Book Value (Yr Beg Avail Amt for w/off - Capital Allowan 5,648 3,765 1,883 0Zero, if Yr Beg Avail Amt for w/off is -ve)

Grand Tot of Cap W/off All in respect of Indir Pre-Prodn Peri 20,128 20,128 20,128 20,128 18,245Grant Tot of NBV of Capitalised Indir Pre-Prodn Period Rev E 112,463 92,335 72,207 52,079 33,834

Note 25: Mainframe and Office Equipment InsuranceInsurance on MF Equip @ 0.5% p.a. 7,600 6,460 5,320 4,180 3,040Insurance on Off Equip @ 0.5% p.a. 494 444 395 346 296Total Equipment Insurance 8,094 6,904 5,715 4,526 3,336

Note 26: Vehicle Loan AmountVehicle Cost 76,583Comprehensive and Credit Life Insurance and Doc Fees @ 20% 15,317Agreed Money Value 91,900Initial Payment @ 20% of Agreed Money Value -19,705Principal Debt 72,194Prime Rate 14.5%Interest @ 3% over the Prime Rate 17.5%


18/68

Y6 Y7

182 182136 136227 227

48,000 48,00036,000 36,00060,000 60,000

55 5527 2727 27

14,400 14,4007,200 7,2007,200 7,200


19/68

Y6 Y7

20.72 23.2164,823 72,647

298,412 334,221-72,647 -81,374290,588 325,494

1.76 1.975,516 6,181

25,390 28,437-6,181 -6,92424,725 27,695

5.35 5.998,362 9,371

38,494 43,113

-9,371 -10,49737,485 41,988

20.86 23.3732,632 36,569


20/68

150,214 168,240-36,569 -40,962146,277 163,847

111,333 124,769512,510 574,012-124,769 -139,756499,075 559,024499,075 559,024

1,440 1,4405,760 5,7607,200 7,200

14,400 14,400

140 147202,163 212,271808,652 849,085

1,010,815 1,061,3562,021,630 2,122,711

720 720

2,880 2,8803,600 3,6007,200 7,200

102 10773,514 77,190


21/68

294,055 308,758367,569 385,948735,138 771,895

720 7202,880 2,8803,600 3,6007,200 7,200

26 2718,378 19,29773,514 77,19091,892 96,487

183,785 192,974

294,055 308,7581,176,221 1,235,0321,470,276 1,543,7902,940,553 3,087,580

70,573 74,10244,108 46,314

114,682 120,416

52,930 55,57633,081 34,73586,011 90,312

-17,643 -18,525-11,027 -11,578-28,670 -30,104


22/68

114,682 120,416

Y6 Y7

2 21 11 11 15 5

1 1

2 23 3

1 11 11 13 3

6 6

11 11

59 70


23/68

1 11 12 2

0 00 00 0

2 2

1,288 1,4171,171 1,288

15,461 17,00714,055 15,46129,516 32,4681,449 1,594

17,394 19,1331,933 2,126

23,191 25,510966 1,063

11,596 12,75581,697 89,866

0 00 0

2,420 2,662


24/68

0 00 0

29,040 31,94429,040 31,944

0 0

0 0-202 -347-202 -347191 335

3,993 4,3923,630 3,993

47,916 52,70843,560 47,91691,476 100,624-1,354 -1,833

-928 -1,354

-2,282 -3,1872,230 3,112

120,516 132,568

2,196 2,41626,354 28,9892,196 2,416

26,354 28,9892,416 2,657

28,989 31,888-200 -344189 332

81,697 89,866

202,213 222,434


25/68

-2,684 -3,8782,610 3,779

9,953 11,9444,026 4,4290 0

167,755 196,474-26,312 -33,49425,806 32,896

8,709 10,4512,416 2,657

0 0

133,499 157,299-17,750 -23,69917,332 23,203

301,253 353,773-44,062 -57,19343,138 56,099


26/68

81,697 89,866

202,213 222,434301,253 353,773

0 0585,163 666,074

0 0167,755 196,474133,499 157,299301,253 353,773

283,910 312,301301,253 353,773585,163 666,074


27/68

Y6 Y7

379,996 151,998227,998 227,998

1,367,986 1,595,9841,519,984 1,519,984379,996 151,998227,998 151,998

151,998 0

49,366 39,492

9,873 9,87359,239 69,11298,731 98,73149,366 39,4929,873 9,873

39,492 29,619

18,659 14,9273,732 3,732

22,391 26,12337,319 37,31918,659 14,927


28/68

3,732 3,732

14,927 11,196

241,603 165,603206,418 40,815

7,658 8,0414,595 4,824

12,252 12,86522,973 24,12235,225 36,987

70,000 70,00070,000 70,000


29/68

7,658 8,04122,973 24,12230,631 32,162

15,315 16,0817,658 8,041

22,973 24,122

22,973 24,1226,381 6,700

29,354 30,822

20,000 20,0005,000 5,000

25,000 25,000

12,763 13,4017,658 8,041

20,421 21,442

0 00 00 0


30/68

0 00 0

0 0

0 0

0 00 0


31/68


32/68

Total114,787

7,4562,8187,530

132,591

Y6 Y7

28,697 11,47917,218 17,218

103,308 120,526114,787 114,78728,697 11,47917,218 11,479


33/68

11,479 0

3,728 2,982746 746

4,474 5,2197,456 7,4563,728 2,982

746 746

2,982 2,237

1,409 1,127282 282

1,691 1,9732,818 2,8181,409 1,127

282 282

1,127 845


34/68

18,245 12,50615,588 3,082

1,900 760247 197

2,147 957


35/68

Pangolin Booksellers ContraProjected Balance Sheet in Ldgr Note # Y1 Y2 Y3 Y4 Y5

ASSETSNon-Current AssetsNet Fixed Assets GL 12 1,489,210 1,222,681 956,153 689,624 448,021Net Indir Pre-Prodn Period Rev Exp GL 20 112,463 92,335 72,207 52,079 33,834Cap Exp Not Rep by Assets - Interior Dec Exp GL 22 44,000 33,000 22,000 11,000 0Deferred Revenue Expenditure GL 16 28,633 14,317 0 0 0Deferred Tax Asset GL 0 0 0 0 0

1,674,306 1,362,333 1,050,360 752,703 481,855Current AssetsBank Balance GL 545,194 1,148,952 1,850,702 2,577,461 3,274,019InventoriesRaw Material Stock GL 5 46,705 69,054 86,770 99,068 111,333

46,705 69,054 86,770 99,068 111,333

Accounts ReceivableTrade Receivable (Cr Sale + Chq Sale Drs) GL 6 71,520 105,706 121,081 127,135 133,492Less: Provision for Doubtful Debts GL 6 18,720 21,622 24,767 26,005 27,305

52,800 84,084 96,314 101,130 106,187

Total Current Assets 644,699 1,302,090 2,033,786 2,777,660 3,491,539

Current LiabilitiesBank OverdraftIncome Tax Payable GL 96,882 175,823 220,250 235,690 243,884Witholding Taxes Payable GL 9 1,292 1,787 2,532 3,426 4,603

Expense payable GL 2,050 2,415 2,536 2,663 2,796100,224 180,025 225,317 241,779 251,283

Net Current Assets 544,475 1,122,065 1,808,469 2,535,881 3,240,256


36/68

Total Assets 2,218,781 2,484,398 2,858,829 3,288,584 3,722,111

Pangolin BooksellersProjected Balance Sheet

EQUITY & LIABILITIESCapital & ReservesShare Capital GL 0 0 0 0 0Shareholders' Contribution GL 22 316,596 316,596 316,596 316,596 316,596Retained Earnings IS 271,927 777,774 1,413,756 2,094,821 2,799,169

588,522 1,094,370 1,730,352 2,411,417 3,115,765Non-Current LiabilitiesSecured LoansWesBank Veh Loan GL 52,170 28,345 0 0 0Project Bank Loan GL 1,578,089 1,361,683 1,128,477 877,166 606,346Total Non-Current Liabilities 1,630,259 1,390,028 1,128,477 877,166 606,346

Total Liabilities 2,218,781 2,484,398 2,858,829 3,288,583 3,722,111

0 0 0 0 0


37/68

Y6 Y7

206,419 40,81615,588 3,082

0 00 00 0

222,007 43,898

4,076,124 4,821,617

124,769 139,756124,769 139,756

140,166 147,17528,670 30,104

111,496 117,071

4,312,388 5,078,444

281,066 303,0695,601 6,795

2,935 3,082289,602 312,946

4,022,786 4,765,498


38/68

4,244,793 4,809,395

0 0316,596 316,596

3,613,696 4,492,8003,930,292 4,809,396

0 0314,501 -1314,501 -1

4,244,793 4,809,395

0 0


39/68

Pangolin BooksellersProjected Income Statement Contra Note # 2001 2002 2003 2004

in LdgrINCOMESales Revenue GL 6 1,440,000 2,217,600 2,540,160 2,667,168

Cost of Production/Traceable InputRaw Materials Consumed GL 5 186,820 276,218 347,079 396,272

186,820 276,218 347,079 396,272

Cost of Production/Traceable Input 186,820 276,218 347,079 396,272

Direct Costs of other Traceable InputsWages GL 10 31,500 55,800 61,380 67,518Power & Water GL 13 9,600 10,080 10,584 11,113

41,100 65,880 71,964 78,631

Cost of Goods Sold/Traceable Input 227,920 342,098 419,043 474,903

Citizen Managerial Remuneration 10 103,500 160,800 187,680 219,408

Domestic Value Added Accruing to Botswana 1,108,580 1,714,702 1,933,437 1,972,857

Non-Citizen Managerial Remuneration 10 73,500 135,900 154,305 103,781

Gross Profit after Managerial Remn 1,035,080 1,578,802 1,779,132 1,869,076

Managerial Remuneration 177,000 296,700 341,985 323,189

Gross Profit before Managerial Remn 1,212,080 1,875,502 2,121,117 2,192,265

Other Income


40/68

ExpenditureProduction OverheadsEquipment Repairs & Maintenance GL 14 0 70,000 70,000 70,000Depreciation of Fixed Assets GL 12 266,529 266,529 266,529 266,529Write-off of Indir Pre-Prodn Peirod Rev Exp GL 21 20,128 20,128 20,128 20,128

286,657 356,657 356,657 356,657Administrative OverheadsManagerial Remuneration 177,000 296,700 341,985 323,189Salaries GL 10 31,500 106,200 123,780 167,118Equipment Insurance 8,094 6,904 5,715 4,526Deferred Revenue Expenditure written off GL 20 14,317 14,317 14,317 0Office Rent 84,000 92,400 101,640 111,804Printing and Stationery 16,000 18,900 19,845 20,837Communication Expenses GL 13 15,000 18,900 19,845 20,837

345,910 554,321 627,127 648,311

Financial OverheadsInterest on CEDA Proj Loan GL 92,545 111,018 94,218 76,114Interest on Bank Overdraft

92,545 111,018 94,218 76,114Selling & Distribution OverheadsInterior Dec Exp W/off GL 22 11,000 11,000 11,000 11,000Publicity & Advertisement 12,000 25,000 25,000 25,000Travel & Conveyance GL 15,000 24,150 25,358 26,625Vehicle Operating Expenses GL 15 24,000 25,200 26,460 27,783Bad Debts GL 6 37,440 64,865 74,300 78,015

99,440 150,215 162,117 168,423

Total Expenditure 824,552 1,172,211 1,240,118 1,249,505

Provision for Doubtful Debts GL 6 18,720 21,622 24,767 26,005Total Provisions 18,720 21,622 24,767 26,005


41/68

Current Year Net Profit/(Loss) 368,809 681,670 856,232 916,755

Current year Chargeable Income 387,529 703,292 880,998 942,760Chargeble Loss b/f 0 0 0 0Current year Chgbl Income + Chgbl loss b/f upto the next 5 years 0 0 0 0

Tax Expense (Income) at 25% of the Chargeable Income GL 96,882 175,823 220,250 235,690Net Profit/ (Loss) after Tax 271,927 505,847 635,982 681,065Relained Earnings b/f 0 271,927 777,774 1,413,756Relained Earnings c/f 271,927 777,774 1,413,756 2,094,821


42/68

2005 2006 2007

2,800,526 2,940,553 3,087,580

445,333 499,075 559,024445,333 499,075 559,024

445,333 499,075 559,024

74,270 81,697 89,86611,669 12,252 12,86585,939 93,949 102,731

531,272 593,024 661,756

256,901 301,253 353,773

2,012,354 2,046,275 2,072,051

121,412 0 0

1,890,942 2,046,275 2,072,051

378,313 301,253 353,773

2,269,254 2,347,529 2,425,825


43/68

70,000 70,000 70,000241,603 241,603 165,60318,245 18,245 12,506

329,848 329,848 248,109

378,313 301,253 353,773183,830 202,213 222,434

3,336 2,147 9570 0 0

122,984 135,283 148,81121,879 22,973 24,12221,879 22,973 24,122

732,221 686,842 774,220

56,604 35,579 12,923

56,604 35,579 12,923

11,000 0 025,000 25,000 25,00027,957 29,354 30,82229,172 30,631 32,16281,915 86,011 90,312

175,044 170,996 178,296

1,293,717 1,223,265 1,213,547

27,305 28,670 30,10427,305 28,670 30,104


44/68

948,232 1,095,593 1,182,173

975,537 1,124,263 1,212,2770 0 00 0 0

243,884 281,066 303,069704,348 814,527 879,104

2,094,821 2,799,169 3,613,6962,799,169 3,613,696 4,492,800


45/68

Pro Style (Pty) Ltd

Calculation of Interest on Project Loan from Financing Agency

Total loan Amt 1,618,715

Interest rate 7.50%

Repmt in Mons 84Pre-Prodn Period Accrued Int 61,658

Total Interest Paid 447,882

Mon Bal O/s Int Accrued Yrly Prn Yrly Int Y## after PM In Prn Repd Or Paid Inst Amt RepdAccrd/Paid1 1,618,715 10,117

2 1,628,832 10,180

3 1,639,013 10,244

4 1,649,256 10,308

5 1,659,564 10,372

6 1,669,937 10,437 61,6587 1,680,374 16,783 10,502 27,2858 1,663,591 16,888 10,397 27,285

9 1,646,703 16,993 10,292 27,285

10 1,629,709 17,100 10,186 27,285

11 1,612,610 17,207 10,079 27,285

12 1,595,403 17,314 9,971 27,285 102,285 61,427 Y113 1,578,089 17,422 9,863 27,285

14 1,560,667 17,531 9,754 27,285

15 1,543,136 17,641 9,645 27,285

16 1,525,495 17,751 9,534 27,285

17 1,507,744 17,862 9,423 27,285

18 1,489,882 17,974 9,312 27,28519 1,471,908 18,086 9,199 27,285

20 1,453,822 18,199 9,086 27,285

21 1,435,623 18,313 8,973 27,285

22 1,417,311 18,427 8,858 27,285

23 1,398,884 18,542 8,743 27,285

24 1,380,341 18,658 8,627 27,285 216,406 111,018 Y225 1,361,683 18,775 8,511 27,285

26 1,342,908 18,892 8,393 27,285


46/68

27 1,324,016 19,010 8,275 27,285

28 1,305,006 19,129 8,156 27,285

29 1,285,877 19,249 8,037 27,285

30 1,266,628 19,369 7,916 27,285

31 1,247,259 19,490 7,795 27,285

32 1,227,769 19,612 7,674 27,28533 1,208,157 19,734 7,551 27,285

34 1,188,423 19,858 7,428 27,285

35 1,168,565 19,982 7,304 27,285

36 1,148,584 20,107 7,179 27,285 233,206 94,218 Y337 1,128,477 20,232 7,053 27,285

38 1,108,245 20,359 6,927 27,285

39 1,087,886 20,486 6,799 27,285

40 1,067,400 20,614 6,671 27,285

41 1,046,786 20,743 6,542 27,285

42 1,026,043 20,873 6,413 27,285

43 1,005,170 21,003 6,282 27,285

44 984,167 21,134 6,151 27,285

45 963,033 21,266 6,019 27,28546 941,766 21,399 5,886 27,28547 920,367 21,533 5,752 27,28548 898,834 21,668 5,618 27,285 251,311 76,114 Y449 877,166 21,803 5,482 27,28550 855,363 21,939 5,346 27,28551 833,424 22,076 5,209 27,28552 811,348 22,214 5,071 27,28553 789,133 22,353 4,932 27,28554 766,780 22,493 4,792 27,285

55 744,287 22,634 4,652 27,28556 721,653 22,775 4,510 27,28557 698,878 22,917 4,368 27,28558 675,961 23,061 4,225 27,28559 652,900 23,205 4,081 27,28560 629,696 23,350 3,936 27,285 270,820 56,604 Y561 606,346 23,496 3,790 27,28562 582,850 23,643 3,643 27,28563 559,208 23,790 3,495 27,285


47/68

64 535,417 23,939 3,346 27,28565 511,478 24,089 3,197 27,28566 487,390 24,239 3,046 27,28567 463,151 24,391 2,895 27,28568 438,760 24,543 2,742 27,28569 414,217 24,696 2,589 27,28570 389,520 24,851 2,435 27,28571 364,670 25,006 2,279 27,28572 339,663 25,162 2,123 27,285 291,845 35,579 Y673 314,501 25,320 1,966 27,28574 289,181 25,478 1,807 27,28575 263,703 25,637 1,648 27,28576 238,066 25,797 1,488 27,28577 212,269 25,959 1,327 27,28578 186,310 26,121 1,164 27,28579 160,189 26,284 1,001 27,28580 133,905 26,448 837 27,285

81 107,457 26,614 672 27,28582 80,843 26,780 505 27,28583 54,063 26,947 338 27,28584 27,115 27,116 169 27,285 314,502 12,923 Y7

1,680,374 447,882


48/68

PangolinGeneral Ledger (GL)

Particulars Contra Contra A/c Y1 Y2in Ldgr

Shareholders Contribution (Note 22)Bal b/f 0 -316,596Indir Pre-Prodn Period Rev Exp incurred as Contribution GL Dr Indir Pre-Prodn Per R -102,050 0Interior Decoration Exp incurred as Contribution GL Dr Int Dec Exp -55,000 0Deferred Rev Exp incurred as Contribution GL Dr Def Rev Exp -42,950 0RM Stock b/in as Contribution GL Dr RM Stock -51,767 0F&F b/in as Contributionn GL Dr Furn & Fittings -37,319Motor Cycle b/in as Contribtution GL Dr Motor Veh -7,80520% of Agreed Money Value of Motor Veh b/in as Contribution GL Dr Motor Veh -19,705Bal c/f to B/S BS 316,596 316,596

0 0

Indir Pre-Prodn Period Rev Exp (IPPPRE) A/c (Note 21 & 23)Indir Pre-Prodn Period Rev Exp incurred GL Cr SH's Contribn 102,050Int Accrued on CEDA Proj Loan fo first 3 mons after sanction bef GL Cr CEDA Proj Loan 30,541Cost of IPPPRE separately capitalised as MainFrame Equip GL Dr MFE - IPPPRE A/c -114,787Cost of IPPPRE separately capitalised as Off Eq GL Dr Off Eq - IPPPRE A/c -7,456Cost of IPPPRE separately capitalised as Furn & Ftgs GL Dr Furn & Ftgs - IPPPR -2,818Cost of IPPPRE separately capitalised as Motor Veh GL Dr Motor Veh - IPPPRE -7,530

0Interior Dec Exp (Cap Exp Not Rep by Assets) (Note 22)Interior Decoration Exp incurred as Contribution GL Cr SHs' Contribn 55,000 44,000Int Dec Exp w/off over 5 years to Revenue IS Dr Income Stmt -11,000 -11,000

Bal c/f to B/S BS -44,000 -33,0000 0

Deferred Revenue Expenditure (DRE) A/c (Note 20)Bal B/fd 0 28,633Prel Exp and Other Unrelated Pre-Prodn Per Exp GL Cr SHs' Contribn 42,950 0


49/68

Def Rev Exp W/off over 3 years to Revenue IS Dr Income Stmt -14,317 -14,317Bal C/fd to B/S BS -28,633 -14,317

0 0Raw Material Stock (Note 3)Bal b/f 0 46,705RM Stock b/in as Contribution GL Cr SHs' Contribn 51,767 0Purchases of Raw Material Stock GL Cr Cash Flow Stateme 181,758 298,567Raw Materials Consumed IS Dr Income Stmt -186,820 -276,218Bal c/f to B/S BS -46,705 -69,054

0 0Furntiure & Fittings A/c (Note 12)Opg Bal B/fd 0 33,587F&F b/in as Contribution GL Cr SH's Contbn 37,319 0Capital Allowance @ 10% p.a. IS Dr Income Stmt -3,732 -3,732Bal c/f to B/S BS -33,587 -29,855

0 0

Motor Vehicles A/c (Note 12)Opg Bal B/fd 0 74,778Motor Cycle b/in as Contribution GL Cr SH's Contbn 7,805 0Initial Payment @ 20% of the Agreed Money Value GL Cr SH's Contbn 19,705Motor Car obtained by way of WesBk Loan GL Cr WesBank Veh Loan 72,194 0Capital Allowance @ 25% p.a. IS Dr Income Stmt -24,926 -24,926Bal c/f to B/S BS -74,778 -49,853

0 0MainFrame Equip - IPPPRE A/c (Notes 23 & 24)Opg Bal B/fd 0 97,569Cost of IPPPRE separately capitalised GL Cr IPPPRE A/c 114,787 0

Capital Write-off Allowance IS Dr Income Stmt -17,218 -17,218Bal c/f to B/S BS -97,569 -80,351

0 0Off Equip - IPPPRE A/c (Notes 23 & 24)Opg Bal B/fd 0 6,710


50/68

Cost of IPPPRE separately capitalised GL Cr IPPPRE A/c 7,456 0Capital Write-off Allowance IS Dr Income Stmt -746 -746Bal c/f to B/S BS -6,710 -5,965

0 0Furn & Fittings - IPPPRE A/c (Notes 23 & 24)Opg Bal B/fd 0 2,536Cost of IPPPRE separately capitalised GL Cr IPPPRE A/c 2,818 0Capital Write-off Allowance IS Dr Income Stmt -282 -282Bal c/f to B/S BS -2,536 -2,254

0 0Motor Veh - IPPPRE A/c (Notes 23 & 24)Opg Bal B/fd 0 5,648Cost of IPPPRE separately capitalised GL Cr IPPPRE A/c 7,530 0Capital Write-off Allowance IS Dr Income Stmt -1,883 -1,883Bal c/f to B/S BS -5,648 -3,765

0 0

WesBank Veh Loan A/c (Note 22)Opg Bal B/fd 0 -52,170Motor Car acqd by way of WesBk Loan GL Dr Motor Vehicles -72,194 0WesBank Loan Repaid GL Cr Cash Flow Stmt 20,025 23,824Bal c/f to B/S BS 52,170 28,345

0 0CEDA Project Loan A/c (Note 22)Opg Bal B/fd 0 -1,578,089Int Accrued on CEDA Proj Loan for the first 3 mons after sanction GL Dr IPPPRE A/c -30,541Int for the last 3 mons of the 6 mons' gestation period for CEDA GL Dr Int on CEDA Proj Loa -31,117Mainframe Equipment Cost met by CEDA by way of Project Loan GL Dr MF Equip A/c -1,519,984 0

Office Equipment Cost met by CEDA by way of Proj Loan GL Dr Off Equip A/c -98,731CEDA Proj Loan Repaid GL Cr Cash Flow Stmt 102,285 216,406Bal c/f to B/S BS 1,578,089 1,361,683

0 0MainFrame Equipment A/c (Note 12)


51/68

Opg Bal B/fd 0 1,291,987Mainframe Equipment Cost met by CEDA by way of Loan GL Cr CEDA Proj Loan 1,519,984 0Capital Allowance @ 15% p.a. GL Dr Income Stmt -227,998 -227,998Bal c/f to B/S GL -1,291,987 -1,063,989

0 0Interest on CEDA Proj Loan A/c (Separate Working Sheet)Int for the last 3 mons of the 6 mons' gestation period for CEDA GL Cr CEDA Proj Loan 31,117 0Int for 6 mons after beg to repay CEDA Loan and then for eve GL Cr Cash Flow Stmt 61,427 111,018Tfr to Income Stmt IS Dr Income Stmt -92,545 -111,018

0 0Office Equipment A/c (Note 12)Opg Bal B/fd 0 88,858Office Equipment Cost met by CEDA by way of Loan GL Cr CEDA Proj Loan 98,731 0Capital Allowance @ 10% p.a. GL Dr Income Stmt -9,873 -9,873Bal c/f to B/S GL -88,858 -78,985

0 0

Credit Customers (Note 4)Bal b/f 0 60,000Sales to Cr Cust GL Cr Sales 720,000 1,108,800Bad Debts out of CY 1st 9 Mons' Cr Sale to Car Dealers GL Dr Bad Debts -14,400 -24,948LY Last 3 Mons' Doubtful Debts becoming bad in CY GL Dr Provn for DD 0 -7,200Collections from Cr Cust GL Dr Cash Flow Stmt -645,600 -1,044,252Bal c/f to B/S BS -60,000 -92,400

0 0Cheque Sale Customers (Note 4)Bal b/f 0 11,520Cheque Sales GL Cr Sales 576,000 887,040

Bad Debts out of CY 1st 9 Mons' Cheque Sales GL Dr Bad Debts -23,040 -39,917LY Last 3 Mons' Chq Sale Doubtful Debts becoming bad in CY GL Dr Provn for DD 0 -11,520Cheque Sale Receipts GL Dr Cash Flow Stmt -541,440 -833,818Bal c/f to B/S BS -11,520 -13,306

0 0


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Sales (Note 6)Sales to Cr Cust GL Dr Cr Cust -720,000 -1,108,800Cheque Sales GL Dr Chq Sale Cust -576,000 -887,040Cash Sales GL Dr Cash Flow Stmt -144,000 -221,760Total Sales IS Cr Income Stmt 1,440,000 2,217,600

0 0Bad Debts (Note 6)Bad Debts out of Cheque Sales GL Cr Chq Sale Cust 23,040 39,917Bad Debts out of Cr Sale to Car Dealers GL Cr Cr Cust 14,400 24,948Total Bad Debts GL Dr Income Stmt -37,440 -64,865

0 0Provision for Doubtful Debts (Note 6)Bal b/f 0 -18,720Provn for CY Last 3 Mons' Doubtful Cheque Sales GL Dr IS-Pvn for DD -11,520 -13,306LY Last 3 Mons' Chq Sale Doubtful Debts becoming bad in CY GL Cr Chq Sale Cust 0 11,520Provn for CY Last 3 Mons' Doubtful Cr Sales GL Dr IS-Pvn for DD -7,200 -8,316

LY Last 3 Mons' Cr Sale Doubtful Debts becoming bad in CY GL Cr Cr Cust 0 7,200Bal C/f to B/S BS 18,720 21,6220 0

WHT Payable A/c (Note 9)Opg WHT O/s at the Year-Beg b/f 0 -1,292WHT Payable to Dept. of Taxes GL Dr Sals and Mgl Remn P -15,500 -21,447WHT Paid during the year GL Cr Cash Flow Stmt 14,208 20,952Clg WHT O/s at Year-End C/f (1/# of months in the year) BS 1,292 1,787

0 0Salaries Payable A/c (Notes 9 & 10)Salaries IS Dr Income Stmt -31,500 -106,200

WHT Payable on Salaries GL Cr WHT Payable A/c 0 70Pmt of Salaries GL Cr Cash Flow Stmt 31,500 106,130

0 0Managerial Remn Payable A/c (Notes 9 & 10)Managerial Remuneration IS Dr Income Stmt -177,000 -296,700


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WHT Payable on Managerial Remn GL Cr WHT Payable A/c 15,500 21,378Pmt of Mgl Remn GL Cr Cash Flow Stmt 161,500 275,322

0 0

Power & Water Exp Payable A/c (Note 13)Opg Bal B/fd 0 -800

Power & Water Exp Payable IS Dr Income Stmt -9,600 -10,080Power & Water Exp Paid GL Cr Cash Flow Stmt 8,800 10,040Bal C/f to B/S BS 800 840

0 0Communication Exp Payable A/c (Note 13)Opg Bal B/fd 0 -1,250Communication Exp Payable IS Dr Income Stmt -15,000 -18,900Communication Exp Paid GL Cr Cash Flow Stmt 13,750 18,575Bal C/f to B/S BS 1,250 1,575

0 0

Deferred Tax Asset / Income Tax Payable A/cOpg Bal of DTA / ITP B/fd 0 -96,882Income Tax Expense (Income) for the year IS Dr/Cr Income Stmt -96,882 -175,823Income Tax Paid in the year GL Cr Cash Flow Stmt 0 96,882Clg Bal of DTA / ITP B/fd BS 96,882 175,823

0 0Bank (Cash Flow Statement)Particulars Contra A/c

Opening Balance B/fd 0 545,194

Cash from Financing ActivitiesShare Capital BS Cr Share Capital 0 0

0 0


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Cash Inflows from Operating activities

Cash from OperationsCash Sale Receipts GL Cr Sales 144,000 221,760Cheque Sale Receipts GL Cr Chq Sale Cust 541,440 833,818Collection from Credit Customers GL Cr Credit Cust 645,600 1,044,252

1,331,040 2,099,830

Total Cash from Operating Activities 1,331,040 2,099,830

Total Cash Inflows 1,331,040 2,099,830

Opening Balance + Cash Inflow 1,331,040 2,645,023

CASH OUTFLOWS

Cash Outflows for Financing ActivitiesWesBank Veh Loan Repaid GL Dr WesBank Veh Loan -20,025 -23,824CEDA Proj Loan Repaid GL Dr CEDA Proj Loan -102,285 -216,406

-122,309 -240,230Cash Outflows for Investing ActivitiesPurchase of Fixed Assets after Sanction of Proj Bank Loan Cr Fixed Assets 0 0

Cash Outflows for Operating activities

Cash Outflows for Direct Traceable Input Material PurchasePurchase of RM Stock GL Dr RM Stock -181,758 -298,567

Cash Outflows for Other Direct Traceable InputsPayment of Wages IS Dr Income Stmt -31,500 -55,800Payment of Power & Water Exp GL Dr Power & Water Exp P -8,800 -10,040

-40,300 -65,840


55/68


56/68

Closing Balance C/fd 545,194 1,148,952


57/68

Y3 Y4 Y5 Y6 Y7

-316,596 -316,596 -316,596 -316,596 -316,5960 0 0 0 00 0 0 0 00 0 0 0 00 0 0 0 0

316,596 316,596 316,596 316,596 316,5960 0 0 0 0

33,000 22,000 11,000 0 0-11,000 -11,000 -11,000 0 0

-22,000 -11,000 0 0 00 0 0 0 0

14,317 0 0 0 00 0 0 0 0


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-14,317 0 0 0 00 0 0 0 00 0 0 0 0

69,054 86,770 99,068 111,333 124,7690 0 0 0 0

364,795 408,570 457,599 512,510 574,012-347,079 -396,272 -445,333 -499,075 -559,024-86,770 -99,068 -111,333 -124,769 -139,756

0 0 0 0 0

29,855 26,123 22,391 18,659 14,9270 0 0 0 0

-3,732 -3,732 -3,732 -3,732 -3,732-26,123 -22,391 -18,659 -14,927 -11,196

0 0 0 0 0

49,853 24,927 0 0 00 0 0 0 0

0 0 0 0 0-24,926 -24,926 0 0 0-24,927 0 0 0 0

0 0 0 0 0

80,351 63,133 45,915 28,697 11,4790 0 0 0 0

-17,218 -17,218 -17,218 -17,218 -11,479-63,133 -45,915 -28,697 -11,479 0

0 0 0 0 0

5,965 5,219 4,474 3,728 2,982


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0 0 0 0 0-746 -746 -746 -746 -746

-5,219 -4,474 -3,728 -2,982 -2,2370 0 0 0 0

2,254 1,973 1,691 1,409 1,127

0 0 0 0 0-282 -282 -282 -282 -282

-1,973 -1,691 -1,409 -1,127 -8450 0 0 0 0

3,765 1,883 0 0 00 0 0 0 0

-1,883 -1,883 0 0 0-1,883 0 0 0 0

0 0 0 0 0

-28,345 0 0 0 00 0 0 0 0

28,345 0 0 0 00 0 0 0 00 0 0 0 0

-1,361,683 -1,128,477 -877,166 -606,346 -314,501

0 0 0 0 0

233,206 251,311 270,820 291,845 314,5021,128,477 877,166 606,346 314,501 -1

0 0 0 0 0


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1,063,989 835,991 607,994 379,996 151,9980 0 0 0 0

-227,998 -227,998 -227,998 -227,998 -151,998-835,991 -607,994 -379,996 -151,998 0

0 0 0 0 0

0 0 0 0 094,218 76,114 56,604 35,579 12,923

-94,218 -76,114 -56,604 -35,579 -12,9230 0 0 0 0

78,985 69,112 59,239 49,366 39,4920 0 0 0 0

-9,873 -9,873 -9,873 -9,873 -9,873-69,112 -59,239 -49,366 -39,492 -29,619

0 0 0 0 0

92,400 105,840 111,132 116,689 122,5231,270,080 1,333,584 1,400,263 1,470,276 1,543,790

-28,577 -30,006 -31,506 -33,081 -34,735-8,316 -9,526 -10,002 -10,502 -11,027

-1,219,747 -1,288,761 -1,353,199 -1,420,859 -1,491,902-105,840 -111,132 -116,689 -122,523 -128,649

0 0 0 0 0

13,306 15,241 16,003 16,803 17,6431,016,064 1,066,867 1,120,211 1,176,221 1,235,032

-45,723 -48,009 -50,409 -52,930 -55,576-13,306 -15,241 -16,003 -16,803 -17,643

-955,100 -1,002,855 -1,052,998 -1,105,648 -1,160,930-15,241 -16,003 -16,803 -17,643 -18,525

0 0 0 0 0


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-1,270,080 -1,333,584 -1,400,263 -1,470,276 -1,543,790-1,016,064 -1,066,867 -1,120,211 -1,176,221 -1,235,032

-254,016 -266,717 -280,053 -294,055 -308,7582,540,160 2,667,168 2,800,526 2,940,553 3,087,580

0 0 0 0 0

45,723 48,009 50,409 52,930 55,57628,577 30,006 31,506 33,081 34,735

-74,300 -78,015 -81,915 -86,011 -90,3120 0 0 0 0

-21,622 -24,767 -26,005 -27,305 -28,670-15,241 -16,003 -16,803 -17,643 -18,52513,306 15,241 16,003 16,803 17,643-9,526 -10,002 -10,502 -11,027 -11,578

8,316 9,526 10,002 10,502 11,02724,767 26,005 27,305 28,670 30,1040 0 0 0 0

-1,787 -2,532 -3,426 -4,603 -5,601-30,383 -36,628 -50,748 -46,746 -61,07129,639 35,734 49,571 45,748 59,8782,532 3,426 4,603 5,601 6,795

0 0 0 0 0

-123,780 -167,118 -183,830 -202,213 -222,434

620 1,280 1,795 2,684 3,878123,160 165,838 182,034 199,529 218,556

0 0 0 0 0

-341,985 -323,189 -378,313 -301,253 -353,773


62/68

29,764 35,348 48,952 44,062 57,193312,222 287,841 329,361 257,191 296,580

0 0 0 0 0

-840 -882 -926 -972 -1,021

-10,584 -11,113 -11,669 -12,252 -12,86510,542 11,069 11,623 12,204 12,814

882 926 972 1,021 1,0720 0 0 0 0

-1,575 -1,654 -1,736 -1,823 -1,914-19,845 -20,837 -21,879 -22,973 -24,12219,766 20,755 21,792 22,882 24,0261,654 1,736 1,823 1,914 2,010

0 0 0 0 0

-175,823 -220,250 -235,690 -243,884 -281,066-220,250 -235,690 -243,884 -281,066 -303,069175,823 220,250 235,690 243,884 281,066220,250 235,690 243,884 281,066 303,069

0 0 0 0 0

1,148,952 1,850,702 2,577,461 3,274,019 4,076,124

0 0 0 0 00 0 0 0 0


63/68

254,016 266,717 280,053 294,055 308,758955,100 1,002,855 1,052,998 1,105,648 1,160,930

1,219,747 1,288,761 1,353,199 1,420,859 1,491,902

2,428,863 2,558,333 2,686,249 2,820,562 2,961,590

2,428,863 2,558,333 2,686,249 2,820,562 2,961,590

2,428,863 2,558,333 2,686,249 2,820,562 2,961,590

3,577,815 4,409,035 5,263,711 6,094,581 7,037,714

-28,345 0 0 0 0-233,206 -251,311 -270,820 -291,845 -314,502-261,551 -251,311 -270,820 -291,845 -314,502

0 0 0 0 0

-364,795 -408,570 -457,599 -512,510 -574,012

-61,380 -67,518 -74,270 -81,697 -89,866-10,542 -11,069 -11,623 -12,204 -12,814-71,922 -78,587 -85,892 -93,900 -102,680


64/68

-436,717 -487,157 -543,491 -606,411 -676,692

-70,000 -70,000 -70,000 -70,000 -70,000

-312,222 -287,841 -329,361 -257,191 -296,580

-123,160 -165,838 -182,034 -199,529 -218,556-5,715 -4,526 -3,336 -2,147 -957

-101,640 -111,804 -122,984 -135,283 -148,811-19,845 -20,837 -21,879 -22,973 -24,122-19,766 -20,755 -21,792 -22,882 -24,026

-270,126 -323,759 -352,026 -382,814 -416,472

-94,218 -76,114 -56,604 -35,579 -12,923

-25,000 -25,000 -25,000 -25,000 -25,000-25,358 -26,625 -27,957 -29,354 -30,822-26,460 -27,783 -29,172 -30,631 -32,162-76,818 -79,408 -82,129 -84,985 -87,984

-175,823 -220,250 -235,690 -243,884 -281,066-29,639 -35,734 -49,571 -45,748 -59,878

-205,462 -255,983 -285,261 -289,632 -340,943

-1,727,113 -1,831,573 -1,989,692 -2,018,457 -2,216,096


65/68

1,850,702 2,577,461 3,274,019 4,076,124 4,821,617


66/68

WesBank Vehicle Loan

Prin Int Inst M# YrPrn YrInt Yr#72,194 1,053-1,539 -1,053 2,592 M170,655 1,030

-1,562 -1,030 2,592 M269,094 1,008-1,584 -1,008 2,592 M367,509 985-1,607 -985 2,592 M465,902 961-1,631 -961 2,592 M564,271 937-1,655 -937 2,592 M662,617 913-1,679 -913 2,592 M760,938 889-1,703 -889 2,592 M859,235 864-1,728 -864 2,592 M957,507 839-1,753 -839 2,592 M1055,753 813-1,779 -813 2,592 M1153,974 787-1,805 -787 2,592 M12 20,025 11,078 Y1

52,170 761-1,831 -761 2,592 M1350,338 734-1,858 -734 2,592 M1448,481 707


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-1,885 -707 2,592 M1546,596 680-1,912 -680 2,592 M1644,683 652-1,940 -652 2,592 M1742,743 623

-1,969 -623 2,592 M1840,775 595-1,997 -595 2,592 M1938,777 566-2,026 -566 2,592 M2036,751 536-2,056 -536 2,592 M2134,695 506-2,086 -506 2,592 M2232,609 476-2,116 -476 2,592 M2330,493 445-2,147 -445 2,592M24 23,824 7,279 Y228,345 413-2,179 -413 2,592 M2526,167 382-2,210 -382 2,592 M2623,956 349-2,243 -349 2,592 M2721,714 317-2,275 -317 2,592 M28

19,439 283-2,308 -283 2,592 M2917,130 250-2,342 -250 2,592 M3014,788 216


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-2,376 -216 2,592 M3112,412 181-2,411 -181 2,592 M3210,001 146-2,446 -146 2,592 M337,555 110

-2,482 -110 2,592 M345,073 74

-2,518 -74 2,592 M352,555 37

-2,555 -37 2,592M36 28,345 2,758 Y372,194 21,115 93,309

2,592 36 93,309

Documents

African Proj Rep 7 Yrs Govt Grant Loan Fin