Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
(Dairy Farm)
helpdesk@smeda.org.pk
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Punjab
REGIONAL OFFICE
Sindh
REGIONAL OFFICE
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REGIONAL OFFICE
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Tel: (091) 111-111-456
Fax: (091) 5286908
helpdesk-pew@smeda.org.pk
Note: All SMEDA Services / information related to PM's Youth Business Loan are Free of Cost
December, 2013
Pre-Feasibility Study
Dairy Farm
Table of Contents
1. DISCLAIMER ................................................................................................................................................... 2
2. PURPOSE OF THE DOCUMENT .................................................................................................................. 3
3. INTRODUCTION TO SMEDA ....................................................................................................................... 3
4. INTRODUCTION TO SCHEME .................................................................................................................... 3
5. EXECUTIVE SUMMARY ............................................................................................................................... 4
6. BRIEF DESCRIPTION OF PROJECT & PRODUCT ................................................................................. 4
7. CRITICAL FACTORS ..................................................................................................................................... 4
8. INSTALLED & OPERATIONAL CAPACITIES .......................................................................................... 5
9. GEOGRAPHICAL POTENTIAL FOR INVESTMENT............................................................................... 5
10. POTENTIAL TARGET MARKETS ........................................................................................................ 5
11. DAIRY PRODUCTION PROCESS .......................................................................................................... 5
12. PROJECT COST SUMMARY .................................................................................................................. 7
12.1.
12.2.
12.3.
12.4.
12.5.
12.6.
12.7.
12.8.
12.9.
12.10.
13.
14.
14.1.
14.2.
14.3.
14.4.
14.5.
15.
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1. DISCLAIMER
This information memorandum is to introduce the subject matter and provide a general
idea and information on the subject. Although, the material included in this document is
based on data / information gathered from various reliable sources; however, it is based
upon certain assumptions which may differ from case to case. The information has been
provided on as is where is basis without any warranties or assertions as to the
correctness or soundness thereof. Although, due care and diligence has been taken to
compile this document, the contained information may vary due to any change in any of
the concerned factors, and the actual results may differ substantially from the presented
information. SMEDA, its employees or agents do not assume any liability for any
financial or other loss resulting from this memorandum in consequence of undertaking
this activity. The contained information does not preclude any further professional
advice. The prospective user of this memorandum is encouraged to carry out additional
diligence and gather any information which is necessary for making an informed
decision, including taking professional advice from a qualified consultant / technical
expert before taking any decision to act upon the information.
For more information on services offered by SMEDA, please contact our website:
www.smeda.org.pk
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
Pre-Feasibility Study
Dairy Farm
3. INTRODUCTION TO SMEDA
The Small and Medium Enterprises Development Authority (SMEDA) was established in
October 1998 with an objective to provide fresh impetus to the economy through
development of Small and Medium Enterprises (SMEs).
With a mission "to assist in employment generation and value addition to the national
income, through development of the SME sector, by helping increase the number, scale
and competitiveness of SMEs", SMEDA has carried out sectoral research to identify
policy, access to finance, business development services, strategic initiatives and
institutional collaboration and networking initiatives.
Preparation and dissemination of prefeasibility studies in key areas of investment has
been a hallmark of SME facilitation by SMEDA
Concurrent to the prefeasibility studies, a broad spectrum of business development
services is also offered to the SMEs by SMEDA. These services include identification of
experts and consultants and delivery of need based capacity building programs of
different types in addition to business guidance through help desk services.
4. INTRODUCTION TO SCHEME
Prime Ministers Youth Business Loan, for young entrepreneurs, with an allocated
budget of Rs. 5.0 Billion for the year 2013-14, is designed to provide subsidized
financing at 8% mark-up per annum for one hundred thousand (100,000) beneficiaries,
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Dairy Farm
through designated financial institutions, initially by the National Bank of Pakistan (NBP)
and the First Women Bank Ltd. (FWBL).
Loans from Rs. 0.1 million to Rs. 2.0 million with tenure up to 8 years inclusive of 1 year
grace period, and a debt: equity of 90: 10 will be disbursed to SME beneficiaries+
across Pakistan, covering; Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan, Gilgit
Baltistan, Azad Jammu & Kashmir and Federally Administered Tribal Areas (FATA).
5. EXECUTIVE SUMMARY
This pre-feasibility is about setting up a dairy farm in which cows and buffaloes are kept
primarily for milk production in conventional housing system. The animals are fed green
fodder and roughage at 8-10% of live body weight in addition to nutritionally balanced
formulated feed and bred by Artificial Insemination method to gain optimum milk yields
in lactation cycle of average 300 days. Dairy farming involves housing, breeding,
feeding, watering, disease control and hygienic production of milk on farm.
A dairy farm with 12 animals (80% cows and 20% buffaloes) needs a total investment
estimated at Rs. 2.19 million out of which the capital cost of the project is Rs.2.01
million with working capital of Rs. 0.17 million. It is assumed that starting from 12
animals in year 1, the herd of animals would be increased to approximately 50 animals
till 10th year of business, keeping mortality rate and culling rate each at 5%.
The Internal Rate of Return (IRR), payback period and Net Present Value (NPV) of the
project are estimated to be 48%, 4.26 years and Rs. 5.85 million respectively. The farm
will provide employment opportunity to 02 individuals. The legal status of the project is
proposed as sole proprietorship.
7. CRITICAL FACTORS
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10.
Apart from Lahore, Sialkot, kasur, Gujranwala, Bahawalpur, Okara, Dadu, Lasbela, D. I.
Khan etc., dairy farming in rural and peri-urban locations around all major cities are the
primary markets for dairy farming. The target clients for a dairy farm business include;
domestic consumers, milk contractors and suppliers, milk collection and processing
companies and dairyproducts manufacturing companies.
11.
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Selection of animals with excellent body condition and udder health: average daily
milk production of 8 liters or above for buffaloes and 12 liters or above for cows in
2nd or 3rd lactation, essentially with no disease history.
Less expensive
Well ventilated, comfortable and dry with hygienic environment
Equipped with easy drainage system and mechanism for removal
of dung urine and waste material
Protected from extreme environmental conditions
Having maximum sun exposure: axis of length to be east to west
Available with feed and water for 24 hours
Planned so that future expansion may be possible when required
Feeding: Milking animal should be fed 1 kg of concentrate feed per 3 litres of milk
produced; hence animal with 10 litres of milk production would be offered 3-3.5 kg
of concentrate. Green fodder should be supplied @ 8-10% of body weight to the
animals. Additionally, urea molasses blocks and salt blocks can help in better milk
production. New born calves should be fed colostrum and milk @ 8-10% of body
weight for first month of age. After that, green fodder should be added to its
feeding plan
Watering: Supply of clean drinking water in clean troughs i.e. 50 to 80 liters of
water consumption/adult animal/day round the clock maintains the milk production
capacity of the animal.
Breeding: Efficient and timely Artificial Insemination (AI) of good genetic worth is a
key to success in good breeding programs of herd. The detection of heat in
buffaloes should be given special attention as they do not show signs of heat
(silent heat).
Calving: Pregnant animals should be given special attention in third trimester of
pregnancy and should be separated in pregnancy pens, if possible. Veterinary
assistance should be sought out in case of emergency. Calf care and heifer
management is very important in maintaining dairy farm production.
Udder health: Hygienic and clean milking twice a day (morning/ evening) lowers
the chances of mastitis as udder health and hygiene is most important in dairy
animals.
Storage: Proper storage of milk should be done preferably at temperature of 4 Oc.
Disease management: De-worming for endoparasitic infestations is necessary in
calves born at farm. Timely vaccination against infectious diseases should be done
as a prophylactic measure. At a well managed farm, mortality should not exceed 2-
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Dairy Farm
3% per annum. The sick animals should be separated from rest of the animals and
kept in quarantine. Following is a tentative vaccination schedule;
Table 1: Tentative Vaccination Schedule
Disease
Vaccine
Dose/ Administration
FMD (VRI)
February/March &
September/October
5 ml sub cut.
Black Quarter
BQ
March/April
5 ml sub cut.
Haemorrhagic
Septicemia (HS)
HS (VRI)
May/June &
November/December
5 ml / 300 kg body wt
sub cut.
Anthrax
Anthrax
August
1 ml sub cut.
Brucella Abortus
BA
Care: Regular technical assistance from the livestock professionals and experts.
Returns on the scheme and its profitability are highly dependent on the efficiency of
above mentioned factors. In case dairy farm is not able to attain its target milk
production or implement effective husbandry practices, it will not be able to cover the
potential market and recover payments; hence, cost of operating the business will
increase.
12.
A detailed financial model has been developed to analyze the commercial viability of
dairy farm project under the Prime Ministers Youth Business Loan. Various cost and
revenue related assumptions along with results of the analysis are outlined in this
section.
The projected Income Statement, Cash Flow Statement and Balance Sheet are
attached as annexure.
12.1.
Project Economics
The following table shows Internal Rate of Return (IRR), payback period and Net
Present Value (NPV) of the proposed project;
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Dairy Farm
12.2.
Details
48%
4.26
Rs. 5,852,328
Project Financing
Following table provides details of the equity required and variables related to bank
financing;
Table 3: Project Financing
Description
Details
Rs. 218,736
Rs. 1,968,626
8%
8
1
12.3.
Project Cost
Following table shows the operational requirements identified for the proposed
business;
Table 4: Capital Investment for the Project
Capital Investment
Building/ Infrastructure
Cows and buffaloes cost
Furniture and fixture
Machinery & equipment
Pre-operating costs
Total Capital Costs
Raw material inventory
Cash in hand
Upfront land lease for 1/2 acres per year
Total Working Capital
Total Project Cost
12.4.
Amount (Rs.)
373,068
1,460,000
10,000
97,800
72,065
2,012,933
54,429
100,000
20,000
174,429
2,187,362
Space Requirement
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Dairy Farm
12.5.
Following table provides list of machinery and equipment required for the proposed
dairy farm;
Table 6: List of Machinery and Equipment
Description
Calf feeder
Teat dip cup
Fodder cutter
Water pump
Freezer
Hand carts
Miscellaneous
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Cost (Rs.)
4,800
1,000
20,000
20,000
22,000
10,000
20,000
9
Pre-Feasibility Study
Dairy Farm
12.6.
97,800
Furniture Requirement
Table 7: Furniture Requirements
Description
Qty
Lump sum
Rate (Rs.)
Cost (Rs.)
10,000
10,000
Total
12.7.
10,000
Following tables show raw material requirement to run the proposed dairy farm in first
year of production;
Table 8: Daily Feeding Requirements for One Cow*
Description
Kg/ Animal/ Day**
Rs./ Kg
Amount (Rs.)
Green fodder
32.00
2
64.00
(@8-10 % of body weight)
9.38
46.90
4.33
35
151.67
262.57
* Average. weight of cow is assumed to be 400 kg with 13 liters of daily milk production for 300 days
lactation period
** Figures are rounded off at two decimal places.
Rs./ Kg
Amount (Rs.)
40.00
80.00
Wheat straw
11.73
58.63
Concentrate
2.67
35
93.33
Total
231.96
* Average weight of buffalo is assumed to be 500 kg with average 8 liters of daily milk production for 300
days lactation period
** Figures are rounded off at two decimal place.
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Table 10: Daily Feeding Requirements of One Calf* (younger than 1 year)
Description
Green fodder
Wheat straw
Rs./ Kg
Amount (Rs.)
6.40
12.80
2.10
10.50
Total
23.30
Table 11: Daily Feeding Requirements of One Calf* (older than 1 year)
Description
Green fodder
Wheat straw
Rs./ Kg
Amount (Rs.)
16.00
32.00
5.25
26.25
Total
58.25
* Average weight of calf older than one year is assumed to be 180 kg.
** Figures are rounded off at two decimal place.
12.8.
No. of Animals
10
2
6
6
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Pre-Feasibility Study
12.9.
Dairy Farm
Revenue Generation
Table 14: Revenue Generation
Description
Milk sales
Sale of male calves
Units
Quantity
Liters
34,560
Calf
Rate
(Rs./Unit)
Annual Revenue in
Year 1 (Rs.)
60*
2,073,600
15,000
45,000
Total
2,118,600
12.10.
Other Costs
An essential cost to be borne by the farm is electricity cost which is assumed to be Rs.
60,000 per annum. The cost of vaccination & medication for adult animals and young
calves is taken as Rs. 550 and Rs. 200 per annum respectively, hence in year 1, the
total cost is Rs. 7,800. The Artificial Insemination (AI) cost is assumed to be Rs. 2,000
per animal; hence, it would be Rs. 24,000 per annum respectively. The communication
expense is Rs. 12,000 per annum. The travelling expense is estimated to be 1% of total
revenue hence Rs. 21,186 in year one.
13.
Dr. M. Sarwar
Dean, Faculty of Animal Husbandry
University of Agriculture, Faisalabad
Ph: 041-9920161-70
Dr. Muhammad Abdullah
Dean, Faculty of Animal Production
University of Veterinary & Animal Sciences,
Lahore
Ph: 042 - 99211374
Feed Suppliers
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Pre-Feasibility Study
Dairy Farm
Ph: 021-5081923-27
Alhalal Wanda
Al-Halal Livestock Concern Company
Super High Way Jahania
Ph: 065-2002373
Ghazi Brothers
B-35 KDA Scheme no 1, Mian Muhammad
Shah Road, Karachi.
Ph: 021-4543579
Machinery Suppliers
Kurdson Industries
Sabri Road, Angoori Scheme, Baghbanpura,
Lahore
Ph: 042-36843472
Nestle Pakistan
308, Upper Mall, Lahore
Ph: 042-35757082-95
UAN +92-42-111637853
Nestle, Engro, Gourmet, etc.
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Pre-Feasibility Study
14.
Dairy Farm
ANNEXURE
14.1.
Income Statement
Statement Summaries
SMEDA
Income Statement
Year 8
Rs. in actuals
Year 9
Year 10
7,304,459
10,607,147
16,538,134
22,759,469
3,071,041
2,382,548
3,807,597
3,496,862
5,196,041
5,411,107
7,167,419
9,370,715
9,276,570
13,482,899
439,230
29,282
17,569
43,488
69,146
7,207
605,922
1,324,915
483,153
32,210
19,326
54,536
69,146
7,207
665,578
1,716,969
531,468
35,431
21,259
73,045
69,146
7,207
737,556
2,759,306
584,615
38,974
23,385
106,071
69,146
7,207
829,398
4,581,708
643,077
42,872
25,723
165,381
119,768
7,207
1,004,028
8,366,687
707,384
47,159
28,295
227,595
119,768
7,207
1,137,408
12,345,491
975,247
1,324,915
1,716,969
2,759,306
4,581,708
8,366,687
12,345,491
131,445
564,550
111,794
863,453
90,513
1,234,403
67,465
1,649,505
42,504
2,716,802
15,471
4,566,237
8,366,687
12,345,491
208,367
208,367
564,550
16,455
548,095
863,453
52,018
811,435
1,234,403
107,660
1,126,742
1,649,505
177,401
1,472,104
2,716,802
401,700
2,315,102
4,566,237
892,371
3,673,866
8,366,687
2,150,840
6,215,848
12,345,491
3,543,421
8,802,070
167,287
375,654
375,654
375,654
923,749
923,749
923,749
1,735,184
1,735,184
1,735,184
2,861,926
2,861,926
2,861,926
4,334,030
4,334,030
4,334,030
6,649,132
6,649,132
6,649,132
10,322,998
10,322,998
10,322,998
16,538,846
16,538,846
16,538,846
25,340,915
25,340,915
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Revenue
2,118,600
2,328,810
2,894,986
3,557,465
4,348,831
5,453,588
1,398,092
720,508
1,545,725
783,085
1,731,681
1,163,305
2,068,111
1,489,354
2,417,994
1,930,838
300,000
20,000
12,000
21,186
29,433
7,207
389,826
330,682
330,000
22,000
13,200
23,288
29,433
7,207
425,128
357,957
363,000
24,200
14,520
28,950
29,433
7,207
467,310
695,995
399,300
26,620
15,972
35,575
29,433
7,207
514,107
975,247
Other income
Earnings Before Interest & Taxes
330,682
357,957
695,995
Interest expense
Earnings Before Tax
163,395
167,287
149,590
208,367
167,287
167,287
167,287
167,287
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14
Year 7
Pre-Feasibility Study
14.2.
Dairy Farm
Balance Sheet
Statement Summaries
SMEDA
Balance Sheet
Year 0
Assets
Current assets
Cash & Bank
Raw material inventory
Pre-paid annual land lease
Total Current Assets
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Rs. in
Year 9
actuals
Year 10
100,000
54,429
20,000
174,429
293,222
63,133
22,000
378,355
306,424
74,127
24,200
404,751
649,370
93,195
26,620
769,185
1,269,336
114,253
29,282
1,412,871
2,260,676
153,052
32,210
2,445,938
3,636,481
199,147
35,431
3,871,059
6,014,078
285,465
38,974
6,338,517
10,171,832
413,674
42,872
10,628,377
18,512,951
561,930
47,159
19,122,040
31,594,505
31,594,505
Fixed assets
Land
Building/Infrastructure
Animals (original herd)
Revaluation Surplus/ (loss)
Net value of animals
Machinery & equipment
Furniture & fixtures
Office vehicles
Office equipment
Total Fixed Assets
373,068
1,460,000
1,460,000
97,800
10,000
1,940,868
354,414
1,460,000
144,600
1,604,600
88,020
9,000
2,056,034
335,761
1,460,000
318,180
1,778,180
78,240
8,000
2,200,181
317,107
1,460,000
485,566
1,945,566
68,460
7,000
2,338,133
914,972
1,460,000
934,350
2,394,350
147,551
6,000
3,462,872
865,492
1,460,000
1,328,205
2,788,205
128,884
5,000
3,787,581
816,013
1,460,000
2,140,494
3,600,494
110,217
4,000
4,530,723
766,534
1,460,000
3,445,536
4,905,536
91,550
3,000
5,766,619
1,495,842
1,460,000
4,421,057
5,881,057
189,708
2,000
7,568,608
1,407,423
1,460,000
5,434,699
6,894,699
159,358
1,000
8,462,481
1,319,005
1,460,000
1,460,000
129,009
2,908,014
Intangible assets
Pre-operation costs
Training costs
Total Intangible Assets
TOTAL ASSETS
72,065
72,065
2,187,362
64,859
64,859
2,499,249
57,652
57,652
2,662,584
50,446
50,446
3,157,764
43,239
43,239
4,918,982
36,033
36,033
6,269,552
28,826
28,826
8,430,609
21,620
21,620
12,126,757
14,413
14,413
18,211,398
7,207
7,207
27,591,728
34,502,519
Other liabilities
Lease payable
Deferred tax
Long term debt
Total Long Term Liabilities
1,968,626
1,968,626
1,968,626
1,968,626
1,750,014
1,750,014
16,455
1,513,258
1,529,713
68,473
1,256,852
1,325,324
176,133
979,163
1,155,296
353,534
678,427
1,031,961
755,234
352,730
1,107,964
1,647,605
1,647,605
3,798,445
3,798,445
7,341,866
7,341,866
Shareholders' equity
Paid-up capital
Gain/ (Loss) on revaluation of animals
Retained earnings
Total Equity
TOTAL CAPITAL AND LIABILITIES
218,736
218,736
2,187,362
218,736
144,600
167,287
530,623
2,499,249
218,736
318,180
375,654
912,570
2,662,584
218,736
485,566
923,749
1,628,051
3,157,764
924,125
934,350
1,735,184
3,593,658
4,918,982
924,125
1,328,205
2,861,926
5,114,256
6,269,552
924,125
2,140,494
4,334,030
7,398,648
8,430,609
924,125
3,445,536
6,649,132
11,018,793
12,126,757
1,819,738
4,421,057
10,322,998
16,563,793
18,211,398
1,819,738
5,434,699
16,538,846
23,793,283
27,591,728
1,819,738
25,340,915
27,160,653
34,502,519
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15
Pre-Feasibility Study
14.3.
Dairy Farm
Statement Summaries
SMEDA
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Rs. in actuals
Year 9
Year 10
(54,429)
(54,429)
167,287
29,433
7,207
(8,704)
195,222
208,367
29,433
7,207
(10,994)
234,013
548,095
29,433
7,207
16,455
(19,068)
582,122
811,435
29,433
7,207
52,018
(21,058)
879,035
1,126,742
69,146
7,207
107,660
(38,799)
1,271,956
1,472,104
69,146
7,207
177,401
(46,095)
1,679,763
2,315,102
69,146
7,207
401,700
(86,318)
2,706,837
3,673,866
69,146
7,207
892,371
(128,209)
4,514,381
6,215,848
119,768
7,207
2,150,840
(148,256)
8,345,406
8,802,070
119,768
7,207
3,543,421
561,930
13,034,396
Financing activities
Change in long term debt
Change in short term debt
Change in export re-finance facility
Add: land lease expense
Land lease payment
Lease principal repayment
Issuance of shares
Purchase of (treasury) shares
Cash provided by / (used for) financing ac
1,968,626
(20,000)
218,736
2,167,362
20,000
(22,000)
(2,000)
(218,611)
22,000
(24,200)
(220,811)
(236,756)
24,200
(26,620)
(239,176)
(256,407)
26,620
(29,282)
705,388
446,320
(277,688)
29,282
(32,210)
(280,616)
(300,736)
32,210
(35,431)
(303,957)
(325,697)
35,431
(38,974)
(329,240)
(352,730)
38,974
(42,872)
895,613
538,986
42,872
(47,159)
(4,287)
47,159
47,159
Investing activities
Capital expenditure
Acquisitions
Cash (used for) / provided by investing ac
(2,012,933)
(2,012,933)
(895,613)
(895,613)
(705,388)
(705,388)
NET CASH
100,000
193,222
13,202
342,946
619,966
991,340
1,375,806
2,377,596
4,157,754
8,341,119
13,081,555
100,000
100,000
100,000
293,222
293,222
293,222
306,424
306,424
306,424
649,370
649,370
649,370
1,269,336
1,269,336
1,269,336
2,260,676
2,260,676
2,260,676
3,636,481
3,636,481
3,636,481
6,014,078
6,014,078
6,014,078
10,171,832
10,171,832
10,171,832
18,512,951
18,512,951
18,512,951
31,594,505
31,594,505
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
16
Pre-Feasibility Study
14.4.
Dairy Farm
Technology
Animal Selection:
Selection of disease free animals with good breed
characteristics, body conditions and health.
Machinery Suppliers: Should be asked for after sales services under the
contract with the machinery suppliers
Marketing
Human Resources
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
17
Pre-Feasibility Study
14.5.
Dairy Farm
Useful Links
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
18
Pre-Feasibility Study
Dairy Farm
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
19
Pre-Feasibility Study
15.
Dairy Farm
KEY ASSUMPTIONS
Table 16: Key Assumptions
Description
Details
60
60
10
100
80:20
300
120,000
130,000
60,000
60,000
15,000
SMEDA Services / Information related to PMs Youth Business Loan are FREE OF COST -
13
8
20