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Tel: (042) 111-111456
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a.org.pk
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Fax: (021) 5610572
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Fax: (091) 286908
helpdeskpew@smeda.org.pk
September 2013
REGIONAL
OFFICE
BALOCHISTA
N
Bungalow No.
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Pre-Feasibility Study
(Montessori School)
Table of Contents
1.
DISCLAIMER........................................................................................................................
................... 3
2. PURPOSE OF THE
DOCUMENT ......................................................................................................... 4
3. INTRODUCTION TO
SMEDA .............................................................................................................. 4
4. INTRODUCTION TO
SCHEME............................................................................................................ 5
5. EXECUTIVE
SUMMARY....................................................................................................................... 5
6. BRIEF DESCRIPTION OF PROJECT &
PRODUCT......................................................................... 6
7. CRITICAL
FACTORS ............................................................................................................................
6
8. INSTALLED & OPERATIONAL
CAPACITIES ................................................................................. 7
9. POTENTIAL TARGET
MARKETS/CITIES........................................................................................ 8
10. PROJECT COST
SUMMARY ......................................................................................................... 8
September 2013
Pre-Feasibility Study
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September 2013
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12. ANNEXURE
1 .................................................................................................................................. 17
12.1 INCOME
STATEMENT..................................................................................................................... 17
12.2 BALANCE SHEET
........................................................................................................................... 18
12.3 CASH FLOW
STATEMENT.............................................................................................................. 19
13. USEFUL LINKS
............................................................................................................................... 20
14. KEY
ASSUMPTIONS.....................................................................................................................
. 21
September 2013
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1. DISCLAIMER
This information memorandum is to introduce the subject matter and provide a
general idea and information on the said matter. 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
September 2013
Pre-Feasibility Study
(Montessori School)
September 2013
Pre-Feasibility Study
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September 2013
Pre-Feasibility Study
(Montessori School)
4. INTRODUCTION TO SCHEME
Prime Ministers Small Business Loans Scheme, for young entrepreneurs, with an
allocated budget of Rs. 5.0 Billion for the year 2013-14, is designed to provide
subsidised financing at 8% mark-up per annum for one hundred thousand
(100,000) beneficiaries, through designated financial institutions, initially through
National Bank of Pakistan (NBP) and First Women Bank Ltd. (FWBL).
Small business loans with tenure upto 7 years, and a debt : equity of 90 : 10 will be
disbursed to SME beneficiaries across Pakistan, covering; Punjab, Sindh, Khyber
Pakhtunkhwah, Balochistan, Gilgit Baltistan, Azad Jammu & Kashmir and Federally
Administered Tribal Areas (FATA).
5. EXECUTIVE SUMMARY
The fast paced life of the metropolitan cities is significantly influencing the life style
of its inhabitants. Economic pressures are compelling both parents to work
towards achieving and sustaining quality life standards. This has further added to
complexity and competition of a metropolitan dweller. As a result of these social
changes, the trend of sending children to Daycare Centers or to Montessori
schools at a much earlier age is gaining rapid grounds, resulting in high demand
for Montessori schools in metropolitan cities. The growing population has
somewhat exhausted the limited capacity of existing private as well as public
primary school systems. Private sector with its investment capacity to provide
9
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September 2013
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and 10% equity. The Net Present Value (NPV) of the project is around Rs. 3.46
million with an Internal Rate of Return (IRR) of 48% and a payback period of 3.29
years.
The project will generate direct employment opportunity for 16 persons. Higher
return on investment and a steady growth of business is expected with the
entrepreneur having some prior experience in the related field of business. This pre
feasibility encompasses essential information regarding various aspects of starting
a Montessori school business in Pakistan. This pre feasibility will encompass
essential information regarding various aspects of starting a Montessori
school business in Pakistan.
September 2013
Pre-Feasibility Study
(Montessori School)
increasing to 170 students in year 8. Each class level from Playgroup, KGI, KGII
has two sections while class I and II will have one section each. The maximum
number of enrolments per class is limited to 20 students from Playgroup till KG II
and 25 students for class I and II.
The proposed building for the project will be acquired on rent, covering an
approximate area of 1.5 Kanals to accommodate the proposed student strength.
The total project cost for setting up this school is estimated at Rs. 2.20 million out
of which the Capital cost is estimated at Rs. 1.72 million and working capital of Rs.
0.47 million. The project is financed through 90% debt and 10% equity. The project
NPV is around Rs. 3.46 million with an IRR of 48% and payback period of 3.29
years.
7. CRITICAL FACTORS
?
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Parents are conscious about the well being and safety of their children at
schools, therefore, it is suggested that the school environment ensures security
and should be free from any apparent hazards. The school should preferably
not be located in a highly populated location or at a location with high traffic
hazards.
The area of the classrooms should be in line with the number of students in
each classroom. Moreover, the classrooms should either be air-conditioned or
at least well ventilated. Classrooms should also be well equipped with teaching
as well as extra-curricular activity aids.
September 2013
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14
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Class
Play Group
KG-I
KG-II
Class I
Class II
Total
Year 1
2
0
2
0
2
0
1
31
3
8
Year 2
2
6
2
6
2
6
1
6
1
6
11
Year3
Year
2
8
2
8
2
8
1
8
1
8
12
Year 4
3
1
3
1
3
1
1
19
9
13
Year 5
3
3
3
3
3
2
1
2
1
14
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Montessori school. Other than Lahore, Karachi & Islamabad, cities like Sargodha,
Multan, Faisalabad, Sheikhupura, Rahimyar Khan, Gujranwala, Sialkot, Gujrat,
Hyderabad and Abbotabad are some of the cities in this category. Moreover, the
presence of large middle class families in major cantonment cities of the country is
another opportunity to be tapped.
A suitable location will depend upon the target market. It is recommended that the
Montessori school should be located in an easily approachable location in line with
the selected target market.
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Class
Play Group
KG-I
KG-II
Class I
Class II
Total
Year 1
2
0
2
0
2
0
1
3
1
3
8
Year 2
2
6
2
6
2
6
1
6
1
6
11
Year3
Year
2
8
2
8
2
8
1
8
1
8
12
Year 4
3
1
3
1
3
1
1
9
1
9
13
Year 5
3
3
3
2
2
14
The following table shows internal rate of return, payback period and net present
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value:
Table 3 - Project Economics
Description
Internal Rate of Return (IRR)
Payback Period (Yrs)
Net Present Value (NPV)
Details
48%
3.29
3,460,51
0
Returns on the scheme and its profitability are highly dependent on the
entrepreneur having some practical knowledge about advanced educational
procedures, teaching an extensive curriculum and using modern teaching
methodology in sync with international standards along with qualified and
experienced faculty to be hired.
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September 2013
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10.2
Project Financing
Following table provides details of the equity required and variables related to bank
loan;
Table 4 - Project Financing
Description
Total Equity (10%)
Bank Loan (90%)
Markup to the Borrower (%age/annum)
Tenure of the Loan (Years)
10.3
Details
Rs.
220,168
Rs.
1,981,5098%
7
Project Cost
September 2013
Pre-Feasibility Study
(Montessori School)
Pre-operating Cost
Total Capital Costs
Initial Working Capital
Total Project Cost
49,97
7
1,726,67
7 475,00
0
2,201,67
7
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September 2013
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Building Rent
Monthly rent for the proposed 1.5 Kanal building in the middle or upper middle
income group area is estimated at Rs. 100,000 and total building rent during year
1 would be approximately Rs. 1,200,000.
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Pre-Feasibility Study
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ii.
Suitable Location
The suitable location will depend upon the target market. All major cities in the
country are best suited for starting a Montessori school. However, with the
increasing population pressure and increasing concentration of well reputed
Montessori schools in metropolitan cities, peripheral and smaller cities also
present a very lucrative business opportunity for opening up a well-planned
Montessori school. Other than Lahore, Karachi & Islamabad, cities like Sargodha,
Multan, Faisalabad, Sheikhupura, Rahimyar Khan, Gujranwala, Sialkot, Gujrat,
Hyderabad and Abbotabad are some of the cities in this category. Moreover, the
presence of large middle class families in major cantonment cities of the country is
another opportunity to be tapped.
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10.5
The details of the different equipment required for the project is given in the
following tables:
Equipment
Computers
Computers Lab
Networking Cost
Printer
Scanner
Server
Fax Machine
Telephone Sets
UPS 3.0 KVA
Total Equipment
Description
3
1
01
1
1
1
1
4
2
September 2013
Unit (Rs.)
25,00
0
25,00
0
20,00
07,50
0
5,00
0
35,00
0
12,00
01,50
0
40,00
0
Unit (Rs)
45,00
0
Total
Cost
(Rs
75,00
0
250,00
020,00
07,50
0
5,00
0
35,00
0
12,00
06,00
80,00
490,50
Total
Cost
(R45,00
Pre-Feasibility Study
(Montessori School)
Ceiling fans
Exhaust fans
Energy Saver
Water coolers
2
64
7
41
Refrigerator
Microwave
Electric Kettle
Fire extinguisher
Vacuum cleaner
Telephone/facsimile
Wall clock
Total
1
1
1
2
1
1
1
2
Description
Play Equipment
See Saw
4 Feet Slide
24
September 2013
2,50
0
2,00
0200
20,00
0
25,00
07,50
0
2,50
0
15,00
0
15,00
0
12,00
0 750
65,00
8,00
14,70
20,00
0
25,00
12,00
0
15,00
0
7,50
0
2,50
30,00
15,00
0
0
12,00
09,00
0
253,70
0
Total
Cost
(R
12,00
0
15,00
0
Pre-Feasibility Study
(Montessori School)
6 Feet Slide
8 Feet Slide
Monkey Bars 6x6
Zig Zag Bridge
Monkey Jumping
Total
10.6
1
1
1
1
1
17,00
0
20,00
0
12,00
0
10,00
0
15,00
0
Furniture
17,00
0
20,00
0
12,00
0
10,00
0
15,00
0
101,00
0
Description
Principal Office
Table & Chair
Visitors Chairs
Cupboard
Admin Office
Table
Chairs
Cupboard
25
September 2013
Unit
Cost
(R
Total
Cost
(R
1
3
1
20,00
03,00
0
7,50
0
20,00
9,00
7,50
1
2
1
5,00
0
2,50
0
7,50
0
5,00
5,00
7,50
Pre-Feasibility Study
(Montessori School)
Class Rooms
Round tables for Play Group to KG II
Chairs for Play Group to KG II
Student Table & Chair for Class 1 & 2
Teacher Table & Chair
Cupboards & Book shelves
White Boards
Children Books / Toys / Entertainment
equipment
Computer Lab
Computer Chairs
Computer Tables
Cupboard
Soft board
White board
Reception Area Furniture
Total Furniture & Fixture Cost
26
September 2013
2
0
12
0
5
08
8
8
3,00
0
1,50
0
4,50
0
5,00
0
5,00
0
2,50
0
60,00
180,00
225,00
40,00
40,00
20,00
100,00
0
2
0
1
01
2,50
0
3,50
0
7,50
0
2,50
0
2,50
0
15,00
0
50,00
0
35,00
07,50
0
2,50
0
2,50
0
15,00
0
831,50
0
1
1
1
Pre-Feasibility Study
(Montessori School)
10.7
Following human resource is estimated for the Montessori School which will be
required during the first year:
Table 11 - Human Resource
for the first year
Position
Number required
Salary/mont
Annual
h
Salary
(Rs 25,00
(Rs300,00
Principal
1
0
0
Teachers Coordinator
1
15,00
180,00
0
0
Computer Teacher
1
15,00
180,00
0
0
Games Teacher
1
15,00
180,00
0
0
Teacher Play Group
2
12,00
288,00
0
0
Teacher KG-I
2
12,00
288,00
0
0
Teacher KG-II
2
12,00
288,00
0
0
Class I
1
12,00
144,00
0
0
Class II
1
12,00
144,00
0
0
Accountant
1
15,00
180,00
0
0
Guard
1
10,00
120,00
0
0
Student Attendent
1
10,00
120,00
0
0
Cleaner
1
10,00
120,00
0
0
TOTAL
1
2,532,00
6
0
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September 2013
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Key Personnel
i. Principal
The principal should be responsible for coordinating all the activities of the school
including the hiring of teachers, developing liaison with the parents, maintaining and
developing the brand name of the school for appropriate positioning, course design,
admission tests and extra-curricular activities.
ii. Teachers Coordinator
An experienced and trained Montessori school teacher is recommended for this
post The Coordinator would be assisting the principal in all school matters. He/she
will be responsible for teachers attendance, their performance and evaluation.
He/she has to collaborate with students, parents, staff and volunteers to ensure that
group activities run effectively. Supervise and monitor the tutoring of students.
Coordinate any special projects to increase coaching awareness among teachers
including arranging guest speakers, visits and workshops.
28
September 2013
Pre-Feasibility Study
(Montessori School)
iii. Accountant
The accountant will be responsible for book keeping and maintaining accounts,
salaries, and other administrative expenditures.
iv. Teachers
Experienced teachers or fresh graduates with a natural aptitude for teaching
should be employed. A balanced mix of experienced and fresh teachers is
recommended for efficient running of the school. Each teacher shall be given a
class and held responsible for proper training, imparting knowledge, arranging cocurricular activities for the children and their performances in the examinations.
v. Student Attendant
The students in the elementary institutes are very young and may also need
attendants or baby-sitters.
vi. Computer Teacher
The teacher should be responsible for the introduction of information technology to
the young students and for proper arrangement of students games and basic
computer learning.
10.9 Revenue Generation
Expected revenue generation by the number of students admitted in the school
during the first year is given in the table below:
Table 12 - Expected Revenue Generation during Year-I
Number of Total Number of
Classes
Students in
each Class
40
40
40
25
25
170
29
September 2013
Class Name
Fee Per
Student
Registration Fee
Admission Fee
2,500
7,500
Playgroup
3,500
KG I
4,000
KG II
4,300
Class I
4,800
Class II
5,300
Year - I
Qty.
Rupees
86
86
20
20
20
13
13
86
215,000
645,000
840,000
960,000
1,032,000
748,800
826,800
5,267,600
Pre-Feasibility Study
(Montessori School)
30
September 2013
7.5
%
50%
2,220,142
16
September 2013
Pre-Feasibility Study
(Montessori School)
12. ANNEXURE 1
12.1
Income Statement
Income
Statement
Revenue
5,267,600
11,363,832
6,350,010
13,028,539
7,274,372
14,663,684
1,992,000
3,208,136
1,992,000
3,208,136
3,275,600
8,155,696
2,191,200
3,528,950
2,191,200
3,528,950
4,158,810
9,499,590
2,410,320
3,881,844
2,410,320
3,881,844
4,864,052
10,781,839
2,651,352
4,270,029
2,651,352
4,270,029
5,848,394
11,361,111
1,292,2
80
1,452,0
00384,9
52
33,0
75
39,6
90
66,1
50
33,0
75
39,6
90
33,0
75
99,2
25
39,6
90
26,4
60
66,1
50
33,0
75
33,0
75
33,0
75
33,0
75
99,2
25
66,1
50
216,7
20
1,563,65
9
1,756,92
0 465,79
236,46
5
43,75
8
72,93
0
36,46
5
43,75
8
36,46
5
109,39
643,75
8
29,17
2
72,93
0
36,46
5
36,46
5
36,46
5
36,46
5
109,39
672,93
0
216,72
0
1,892,02
7
2,125,87
3 563,60
940,20
3
48,24
3
80,40
6
40,20
3
48,24
3
40,20
3
120,60
948,24
3
32,16
2
80,40
6
40,20
3
40,20
3
40,20
3
40,20
3
120,60
980,40
6
243,82
3
Faculty Salary
Total cost of sales
Gross Profit
8,499,746
15,631,140
Year 10
9,840,583
16,800,336
2,916,487
4,697,032
2,916,487
4,697,032
6,924,095
12,103,304
32
September 2013
540,00
0
1,200,00
0 318,14
230,00
0
36,00
0
60,00
0
30,00
0
36,00
0
30,00
0
90,00
0
36,00
0
24,00
0
60,00
0
30,00
0
30,00
0
30,00
0
30,00
0
90,00
0
60,00
0
216,72
0
1,174,8
00
1,320,0
00349,9
57
31,5
00
37,8
00
63,0
00
31,5
00
37,8
00
31,5
00
94,5
00
37,8
00
25,2
00
63,0
00
31,5
00
31,5
00
31,5
00
31,5
00
94,5
00
63,0
00
216,7
20
1,421,5
08
1,597,2
00423,4
48
34,7
29
41,6
75
69,4
58
34,7
29
41,6
75
34,7
29
104,1
86
41,6
75
27,7
83
69,4
58
34,7
29
34,7
29
34,7
29
34,7
29
104,1
86
69,4
58
216,7
20
1,720,02
5
1,932,61
2 512,37
238,28
8
45,94
6
76,57
7
38,28
8
45,94
6
38,28
8
114,86
545,94
6
30,63
1
76,57
7
38,28
8
38,28
8
38,28
8
38,28
8
114,86
576,57
7
243,82
3
2,081,23
0
2,338,46
1 619,97
042,21
3
50,65
6
84,42
6
42,21
3
50,65
6
42,21
3
126,63
950,65
6
33,77
0
84,42
6
42,21
3
42,21
3
42,21
3
42,21
3
126,63
984,42
6
243,82
3
2,289,353
2,572,307
681,967
44,324
53,188
88,647
44,324
53,188
44,324
132,971
53,188
35,459
88,647
44,324
44,324
44,324
44,324
132,971
88,647
243,823
2,518,2
88
2,829,5
37750,1
63
46,5
40
55,8
48
93,0
80
46,5
40
55,8
48
46,5
40
139,6
20
55,8
48
37,2
32
93,0
80
46,5
40
46,5
40
46,5
40
46,5
40
139,6
20
93,0
80
243,8
23
Pre-Feasibility Study
(Montessori School)
Amortization of pre-operating costs
Subtotal
Operating Income
9,995
9,995
9,995
9,995
9,995
2,986,85
3,808,5
4,129,9
4,481,5
4,866,37
8 288,74
72350,2
03734,1
24
2
1,366,8
2,057,72
2
38
50
71
3
5,304,78
1
2,850,91
5
5,766,07
9
3,733,51
0
6,271,26
8
4,510,57
2
6,824,623
4,536,488
2,850,915
3,733,510
4,510,572
4,536,488
7,430,8
44
4,672,4
60
288,742
350,238
2,253,923
734,150
1,366,871
150,56
150,56
9
138,17
4
132,3
132,3
05
217,9
33
112,5
112,5
26
621,6
23
91,1
91,1
05
1,275,7
66
67,90
67,90
6
2,186,01
7
42,78
42,78
2
2,808,13
3
15,57
15,57
2
3,717,93
8
4,510,572
4,536,488
4,672,460
Tax
NET PROFIT/(LOSS) AFTER TAX
138,17
4
217,9
33
20,1
601,4
76
99,0
1,176,7
53
237,25
1,948,76
4
340,93
2,467,19
4
521,58
3,196,35
0
680,11
3,830,45
8
685,297
3,851,191
712,4
3,959,9
68
33
September 2013
4,672,4
60
12.2
Balance Sheet
Balance Sheet
Assets
Current
assets
Cash & Bank
Accounts receivable
Pre-paid building rent
Fixed assets
Land
- Building/Infrastructure
93,250
Year 0
Year 7
Year 8
Year 9
Year 10
375,000
400,858
447,199
833,846 1,686,170
3,188,234
5,141,785
7,742,773
11,290,353
14,872,799
18,826,729
119,718 264,037
309,645
358,503 416,826 481,919 554,372
629,369
688,519
737,079
100,000 110,000 121,000
133,100
146,410 161,051
177,156
194,872 214,359
235,795
- Total Current Assets
475,000
630,576
832,236 1,276,591
2,191,083
3,766,111
5,800,859
8,492,017
12,134,081
15,797,113
19,563,808
-
Intangible assets
Pre-operation costs
Total Intangible Assets
TOTAL ASSETS
Liabilities & Shareholders' Equity
49,977
49,977
2,201,67
7
39,98
2
39,98
2
2,130,53
8
29,98
6
29,98
6
2,105,48
2
19,99
1
19,99
1
2,323,12
2
9,99
5
9,99
5
3,010,89
9
4,985,227
6,776,152
19,563,808
9,223,487
12,621,727
16,040,936
Current liabilities
Accounts payable
Total Current Liabilities
Other liabilities
Deferred tax
Long term debt (Debt facility : Bank 1)
Total Long Term Liabilities
Shareholders' equity
Paid-up capital
Retained earnings
Total Equity
TOTAL CAPITAL AND LIABILITIES
1,981,50
9
1,981,50
9
220,16
220,16
8
2,201,67
7
45,273
45,273
95,07
3
95,07
3
104,58
0
104,58
0
115,03
8
115,03
8
126,542
126,542
139,196
139,196
(444,213)
985,5
71
541,3
58
(753,465)
682,86
7(70,59
8)
(1,114,560)
355,03
8
(759,52
1)
(34,543)
1,761,46
7
1,726,92
4
(89,027)
1,523,16
2
1,434,13
5
(224,285)
1,265,07
7
1,040,79
2
220,16
138,17
4
358,34
1
2,130,53
8
220,16
356,10
6
576,27
4
2,105,48
2
220,16
957,58
2
1,177,75
0
2,323,12
2
220,1
2,134,33
5
2,354,50
3
3,010,89
9
846,18
4,083,09
9
4,929,28
3
4,985,22
7
846,18
6,550,29
4
7,396,47
7
6,776,15
2
153,116
153,116
168,427
168,427
185,270
185,270
203,7
97
203,7
97
(1,522,457)
(1,522,457)
(1,969,985)
(1,969,985)
(2,874,433)
(2,418,810)
(2,418,810)
(2,874,433)
-
846,18
9,746,64
4
10,592,82
89,223,48
7
846,18
13,577,10
2
14,423,28
5
12,621,72
7
846,184
17,428,292
18,274,476
16,040,936
846,1
21,388,2
60
22,234,4
44
19,563,8
08
Operating
activities
Net profit
1,948,764
2,467,194
Add: depreciation expense
Year 0
Year 1
Year 7
Year 8
Year 9
Year 10
138,174
217,933
601,476
1,176,753
3,196,350
3,830,458
3,851,191
3,959,968
216,720
216,720 216,720
216,720 216,720 243,823 243,823
243,823
243,823 243,823 amortization of pre-operating costs
9,995
9,995
9,995
9,995
9,995
Deferred income tax
(34,543)
(54,483)
(135,258)
(219,929)
(309,252)
(361,095)
(407,897)
(447,529)
(448,825)
(455,623) Accounts receivable
(119,718)
(144,318)
(45,608)
(48,858)
(58,323)
(65,093)
(72,454)
(74,997)
(59,150)
(48,560) Pre-paid building rent
(100,000)
(10,000)
(11,000)
(12,100)
(13,310)
(14,641)
(16,105)
(17,716)
(19,487)
(21,436)
235,795
Accounts payable
45,273
49,800
9,507
10,458
11,504
12,654
13,920
15,312
16,843
18,527
Other liabilities
Cash provided by operations
(100,000) 245,900 284,646
644,732 1,131,830
1,804,768 2,281,379
2,956,027
3,547,580
3,582,446 3,953,930
Financing activities
Debt facility : Bank 1 - principal repayment
Additions to Debt facility : Bank 1
Issuance of shares
Purchase of (treasury) shares
Cash provided by / (used for) financing activities
Investing activities
Capital expenditure
Acquisitions
Cash (used for) / provided by investing activities
NET CASH
September 2013
1,981,50
9 220,16
8
2,201,67
7
(220,042
)
-
(238,30
5) -
(258,08
5) -
(279,50
6) -
(302,704
)
626,016
(327,829
)
-
(355,038)
-
(220,042
)
(238,30
5)
(258,08
5)
(279,50
6)
323,312
(327,829
)
(355,038)
(1,726,677)
(626,016)
(1,726,677)
(626,016)
375,000
25,858
46,341
386,647
852,324
1,502,064
1,953,550
2,600,989
3,547,580
3,582,446
3,953,930
19
September 2013
Pre-Feasibility Study
(Montessori School)
September 2013
Pre-Feasibility Study
(Montessori School)
39
September 2013
Pre-Feasibility Study
(Montessori School)
September 2013
22
12
50%
85
5%
Pre-Feasibility Study
(Montessori School)
25 Nos.
10 Nos.
41
September 2013
10%
10%
10%
7.5%
5%
5%
Rs. 90,000 per
annum
Rs. 30,000 per
annum
Rs.
60,000 per
annum
Rs.
36,000 per
annum
Rs.
90,000 per
annum