1.
ChamindaRuwanpathirana
2009
BusinessExpansionPlan
Requesting funds as a Revolving – Short Term Loan of
LKR.20.00 Mio., under bullet repayment after 06 Months and
Interest to be serviced monthly, in order to meet the forthcoming
Seasonal working capital requirement i.e. to meet the very heavy
demand in “Vesak – Poson” Season. The funds will be used to
hold extra stocks of Candle products in two different varieties &
qualities.
SELAN
CANDLE
INDUSTRIES
No.10/1, Vidyala
Road, Kotaboda
Watta, Avissawella.
036 – 2230518
2. 2
Contents
Vision / Mission
Management Structure
Company Profile
Candle Making Machines
Accounts Summary
Accounts Highlights
Purpose
Breakeven Level / Leverages
Bankers
Working Capital Statement
Cash-flow Statement
Assessment of Risks
Page No.
03
04
05
07
08
09
11
12
13
14
15
16
3. 3
Our Vision
Our Mission
To be the number one in
highest quality yet
affordable Candle products
provider to the nation.
We will be the highly
market oriented and the
premier provider of Candle
products beyond the
customer expectations, while
managing and expanding
the Company effectively and
efficiently in a social
responsible and sustainable
manner.
To be the number one in
highest quality, yet
affordable Candle products
provider.
We will be the highly
market oriented and the
premier provider of Candle
products beyond the
customer expectations,
while managing and
expanding the Company
effectively and efficiently in
a sustainable manner.
4. 10
O
01 - Sup
0 - Machine
Operators
MA
ST
M
ervisor
e
ANAGE
TRUC
Manag
EMEN
TURE
ging P
15
Packing
&
Storing
NT
E
Partneers
01 - Supe
Tran
Dis
ervisor
04
nsportation
&
stribution
n
5. cand
Prese
The
cons
“Vel
of w
Prese
diffe
Mr. Anil
“Selan
dles (in two
ently the com
MAN
Mr. Anil Pi
of “Seetha I
Mr. Ruhan
years, befor
good knowl
business is
struction of
landa Piyasa
water and abil
ently from t
erent qualitie
M
SMALL
sized, eac
packet
contained
40 numbe
of Candle
B
Kumara &
Candle Indu
different ve
mpany can b
NAGING
iyadasa was
Industries – A
Kularatne w
re the comp
ledge of acco
M
Located at “
same was fi
a”. Taking in
lity to find a
the above sa
es which diff
Brand
"SEL
weight o
40
ch
d
er
es
Retail price LK
Wholesale price
Retail price LK
Wholesale price
BUSINES
& Mr. Ruhan
ustries” (SC
erities i.e. L
be placed am
G PARTN
an Ex-Sales
Avissawella
was a manag
any was for
ounting.
MACHIN
“Anhettigam
inanced by “
n to conside
ample labour
id factory pr
fer from its w
named
LAN"
of a packet
00g
KR.160/‐
LKR.120/‐
LARGE
sized, each p
containe
08 number of
KR.160/‐
LKR.120/‐
SS PART
n Kularatne
CI), which i
Large and S
mong the Top
NERS - E
s Representa
a” for over a
er attached t
rmed and ha
NES AN
ma”, in a fac
“Seylan Ban
eration, it is
r resources a
roduces two
weight and t
E
packet
ed
Candles
TNERS A
e were scho
s actively en
Small, to m
p 02 of the le
EXPERI
ative (with a
period of 05
to “D. C. M
as the neces
D THE C
ctory buildin
nk PLC – A
an idyllic se
at a lower co
o different ve
the prices as
AND AC
oolmates and
ngaged in m
eet the cust
eading Cand
IENCE I
an enormous
5 years, befo
Mills – Balum
sary admini
CAPACI
ng, property
Avissawella”
etting for the
st in the vici
erities of can
follows.
SMALL
sized, eac
packet
contained
40 numbe
of Candle
TIVITIE
d are the m
manufacturin
tomers’ dem
dle manufact
IN THE
experience
ore the comp
mmahara” fo
strative skil
ITY
worth over
” branch thro
e business s
inity area.
ndles i.e. La
Brand
"DES
weight o
36
h
d
er
es
Retail price LK
Wholesale price
Retail price LK
Wholesale price
ES
managing pa
ng and distri
mand) in lar
turers in the
TRADE
in the trade
pany was for
or over a per
ls together w
LKR.6.00 M
ough a facil
ince, free av
arge and Sma
named
SHAN"
f a packet
60g
R.160/‐
LKR.120/‐
LARGE
sized, each p
containe
08 number of
KR.150/‐
LKR.110/‐
artners of
ibuting of
rge scale.
country.
E
concern)
rmed.
riod of 06
with very
Mio., and
ity called
vailability
all in two
E
packet
ed
Candles
6. 6
The following machines have been installed in the site at present.
QUANTITY PRODUCTION CAPACITY AT ONCE
MV
(LKR’000)
08 Machines
(03 Brand-new Machines)
300 Small candles from each 2,400
02 Machines 50 Large candles from each 350
02 Machines 100 Large candles from each 500
01 Machine
(Brand-new Machine)
120 Large candles 500
Minimum output for a normal day - 15,600 Large Candles or 1,950 packets or 65 Cases
- 74,400 Small Candles or 1,860 packets or 62 Cases
Permanent employees - 18
Casual Basis - 15
Note 01 : Please note that the before the newly installed machines the capacity was, Small and Large
candles both, 50 cases each for a normal day. Further, the above mentioned output per day and the
casual workers which the company is introducing to the process will be TRIPLED during the
Season
MARKET INQUIRIES / MARKET SHARE OF THE COMPANY
According to the market inquiries the only competitor to the company in this line of industry is “Elephant
Brand” (known as the present Market leader or Branded candles) yet, the “SCI” holds the largest
market share at all-times.
“Selan Candle Industries”
holds the largest market share
of them all, approximately
55%. The present market
leader “Elephant Brand” holds
approximately 30% and the
“Sun Brand” 10% and other
Brands holds the rest of the
market share in the country.
01 Case
(Large OR Small)
30 Packets
(Large OR Small)
Large → 240 Candles
Small → 1,200 Candles
Selan Candle Industries
Elephant Brand
Sun Brand
Other Brands
7. 7
Note 02 : Please note that the all above machines are Water Coolant and the island wide distribution is
carried out by the company’s own vehicles.
8. 8
THE COMPANY’S SUMMARY OF THE BALANCE SHEET / PROFIT &
LOSS HIGHLIGHTS FOR PAST THREE YEARS.
FIXED ASSETS
Furn & Fitts 67 67 19
Machinery 1,430 1,430 1,430
Vehicles 3,631 3,631 2,030
Land & Buildings 1,690 1,690 1,690
6,818 6,818 5,169
CURRENT ASSETS
Stocks 16,269 11,416 4,520
Cash 1,268 5,354 1,329
Savings Accounts 525 18,062 225 16,995 - 5,849
24,880 23,813 11,018
EUITY
Capital 1,000 1,000 1,000
Add : Net Profit 3,645 8,364 2,151
4,645 9,364 3,151
Less : Drawings - 1,140 1,317
4,645 8,224 1,834
CURRENT LIABILITIES
Bank Overdraft 4,686 5,595 4,007
Loans 13,000 5,500 3,000
Leases 1,143 1,400 -
Invoices 1,406 20,235 3,094 15,589 2,177 9,184
24,880 23,813 11,018
Sale s 49,148 43,511 27,499
Le s s : Cos t of Sale s
Stocks 11,416 4,520 3,869
Purchases 42,747 35,524 20,556
16,269 37,894 11,416 28,628 4,520 19,905
Gros s Profit 11,254 14,883 7,594
Le s s : Expe nditure s
Fuel 557 415 421
Other 494 324 291
Salaries 2,600 2,175 1,892
Meals 109 101 87
Packing 1,717 1,617 1,196
Vehicle
Maintaine
207 282 175
Electricity 68 94 59
EPF/ETF 296 143 100
Fire
Woods
214 286 139
Bank
Charges
209 81 157
OD
Interest
618 383 298
Loan
Interest
222 618 628
Lease
Interest
186 - -
VAT 66 - -
Taxes 46 7,609 - 6,519 - 5,443
Ne t Profit 3,645 8,364 2,151
01/04/2007 - 31/03/2008
LKR '000
01/04/2006 - 31/03/2007
LKR '000
01/04/2005 - 31/03/2006
LKR '000
Stocks as at 31 st
March for the
Current Year ended
9. 9
SUMMARY BALANCE SHEET
2008 – 2007
(LKR. ‘000)
2007 – 2006
(LKR. ‘000)
2006 – 2005
(LKR. ‘000)
Current Assets 18,062 16,995 5,849
Less :
Current Liabilities
20,235 15,589 9,184
Net Current Assets (2,173) 1,406 (3,335)
Fixed Assets 6,818 6,818 5,169
Other Assets - - -
Total Net Assets 4,645 8,224 1,834
Equity 4,645 8,224 1,834
Long term Debt - - -
Total 4,645 8,224 1,834
PROFIT & LOSS HIGHLIGHTS
2008 – 2007
(LKR. ‘000)
2007 – 2006
(LKR. ‘000)
2006 – 2005
(LKR. ‘000)
Revenue 49,148 43,511 27,499
Cost of Sales 37,894 28,628 19,905
Gross Profit 11,254 14,883 7,594
Operating Profit 4,993 9,365 3,234
Interest 1,236 1,001 1,083
Profit Before Taxation 3,757 8,364 2,151
Tax 112 - -
Net Profit After
Taxation
3,645 8,364 2,151
Ratios 2008 – 2007 2007 – 2006 2006 – 2005
Gross Profit Margin 22.9% 34.2% 27.6%
Net Profit Margin 07.4% 19.2% 07.8%
Current Asset Ratio 0.89 : 1 1.09 : 1 0.64 : 1
Quick Asset Ratio 0.07 : 1 0.36 : 1 0.14 : 1
Debt / Equity 4.05 : 1 1.52 : 1 3.82 : 1
Gearing / Debt Ratio 0.81 : 1 0.65 : 1 0.83 : 1
Interest Cover 3.95 times 9.36 times 2.99 times
10. BAL
SAL
NOT
Altho
over
Thus
10
15
20
25
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
50,0
LANCE
LES TO
TE WITH
ough the Fin
01st
January
s, the financi
‐
5,000
0,000
5,000
0,000
5,000
31.03
‐
000
000
000
000
000
000
000
000
000
000
Year 2
SHEET
GROSS
CARE
nancial Yea
y - 30th
June
ial figures ar
3.2006
31.03
2006 Year
GROWT
PROFIT
ars rolling ov
every year
re intricate /
.2007
31.03.
2007 Year
TH
T TO NET
ver 01st
Apri
and the last
confused to
2008
r 2008
T PROFI
il - 31st
Marc
credit collec
analyse to g
ASSETS
EQUITY
LIABILITIES
Sales
Gross Profit
Net rofit
Note 03:
The reaso
increasing
is due to
stocks for
the exces
due to the
called “D
August ’0
of financi
The reaso
year 200
trend in N
year ’08,
it was LK
the Year 2
IT ANAL
Note 04:
The reaso
Increasing
is due to
for the en
introducti
“Deshan”
affected to
Reason, f
Net Profi
the decre
(Wax) for
inflated c
was affec
‘08. Furth
May ’07,
prepare a
consumer
New Year
financial y
Purchasin
August ’0
over LKR
taken for
Avissawe
not reflec
ch every yea
ctions will b
get the clear
:
on for decrem
g Assets from
the mere fac
r the end of f
ss amount of
e introduction
Deshan” to th
05 and it wa
ial year ’07.
on for decreas
07-2008 is d
Net profit fo
i.e. Change i
KR.6.2 Mio.,
2007-2008 by
LYSIS
on for decrem
g of Sales fro
the fact of ho
nd of financia
ion of low
” in August ’0
o the end of f
for decrease
it for the yea
ement in the
r the end of f
ost of the Wa
cted for the
her, the “Ves
, which is m
and lesser am
rs, as soon aft
r” and it was
year ended 20
ng of pro
06, where the
R.2.20 Mio.,
same from t
ella for LKR.
ted by the abo
ar, the compa
be over by en
picture for t
ment in the c
m the Year 20
cts of holding
financial year
Cash in hand
n of low pric
he market du
s affected for
se the Equity
due to the de
r the end of
in the year 20
and was dec
y LKR.4.7 M
ment in the c
om the year 20
olding an ext
al year ’07 an
priced, bran
05 and such p
financial year
the Gross P
ar 2007-2008
change in P
financial-year
ax during the
end of finan
ak” was falle
much shorter p
mount in cash
ter the “Sinha
badly affecte
008.
operty at
e Company ha
and the fac
the Seylan B
6.75 Mio., w
ove financials
any’s Season
nd of July ea
the Season.
change in
007-2008
g an extra
r ’07 and
d, mainly
ced brand
uring the
r the end
y from the
ecreasing
financial
006-2007
creased in
io.
change in
007-2008
tra stocks
d further,
nd called
profit was
r ’07.
rofit and
is due to
Purchases
r ’07 and
e year ’07
ncial year
en on 01st
period to
with the
ala Hindu
ed for the
Ukwatte
as funded
cility has
Bank PLC
which was
s.
n rolling
ach year.
11. PUR
Prese
whic
dema
Thus
Bran
Furth
meet
TH
Sale
Less
Purc
Gro
Less
Fue
Sala
Mea
Pack
Fire
Loa
Net
RPOSE O
ently the Se
ch is not suf
and at all, es
s, the necess
nd new mach
03 Machine
01 Machine
her, “SCI” i
t their custom
E COMP
P
es
s : Cost of S
chases
oss Profit
s : Expenditu
l
aries
als
king
e Woods
an Interest
t Profit
OF THE
lan Candle I
fficient to m
specially dur
sary steps ha
hines with be
es → 300 S
es → 50 La
is required a
mer’s heavy
ANY’S P
THE C
Particulars
Sales
ures
CREDIT
Industries (S
meet their ex
ring the seas
ave been alre
etter capacity
Small candle
arge candles
and targeted
demand on
PROJECT
CANDLE
T FACIL
SCI) functio
xpected prod
son sale i.e. J
eady taken t
y.
s from each
at once
d to produce
the forthcom
TED PRO
PRODUC
De
LITY
oning with m
duction of c
January to Ju
to enhance th
→ MV is
→ MV is
10,000 case
ming season
OFIT & L
CTION O
ebits
28,125
50
750
20
870
180
2,400
maximum ou
candles in o
uly.
he productio
approximat
approximat
es additiona
.
OSS HIG
OF 10,000
Cred
utput for the
rder to neut
on by install
tely LKR.30
tely KR.100,
ally which is
GHLIGHT
0 CASES
dits
34,500
last couple
tralise the cu
ing under m
0,000/-
,000/-
s hardly suff
TS ONLY
.
LKR
Total
34
6
2
of years,
ustomers
mentioned
fficient to
Y FOR
R ‘000
4,500
6,375
2,105
12. PR
Acco
prod
Vari
Fixe
Aver
Brea
Brea
Note
The
mat
targ
Note
Plea
for th
ODUCTI
ording to th
duction of 10
iable Cost
ed Cost (LKR
rage Whole
ak-even Lev
ak-even Lev
e 05:
company
tched whe
geted / exp
e 06:
se note that
he expected
ION CAP
he Company
0,000 cases, t
R.’000)
esale Selling
vel (in Units)
vel (in LKR.
y’s (SCI)
en they
pected can
the above L
enhanced ca
PACITY
y’s’ Manage
the Breakev
=
=
g Price =
) =
) =
) No Pro
touched t
ndle prod
O
c
O
T
F
T
a
t
Leverages ha
andle produc
/ BREAK
ement Acco
ven Level can
97.48 pac
2,964
LKR.115/
169 (pack
19.435 Mi
ofit – No
the sales
uction of
OVERHE
Operating
Sales Tu
“SCI” spend
company’s o
Operating
Equ
The company
FINANC
T
Owner’
Equity
The “SCI” ru
are not in a p
their owner’
as been estim
ction of 10,0
K-EVEN
ounts and th
n be as follo
ckets
/-
kets in ’000)
io.
o Loss m
turnover
10,000 ca
EADS &
Expenses
urnover
ds; approxim
operating exp
Expenses
ity
y’s operating e
IAL LEV
otal Debts
s
+
Total
Debt
unning the b
position to re
s equity
mated as per
000 cases.
N LEVEL
he projected
ws.
)
margin (Br
r of LKR
ases.
OPERAT
= 6,261
mately 13%
penses.
= 6,26
expenses for q
VERAGE
s
=
l
s
(4
business with
epay all their
the Financia
L
d Profit & L
reakeven
R.19.435
TING LE
1 / 49,148
from their s
61 / 4,645
quity is 1.35 t
ES
20,235
,645 + 20,23
h high debt e
r debts in the
al Year ende
Loss for the
Level) w
Mio., fo
EVERAG
= 0.13 tim
sales turnove
= 1.35 ti
times.
= 1 : 0
35)
exposure, wh
e short-run f
ed March ’08
e Candle
will be
r their
ES
mes
er for the
imes
.81
hich they
from
8 and not
13. BA
Prese
The
fully
Mio
Seyl
Prese
Per
Rev
Vel
Lea
Tot
Furth
welc
made
ANKING
ently, the “S
1st
facility w
y secured nat
approximat
an Bank PL
ently “SCI”
Facility
rmanent Ove
volving Shor
lenda Piyasa
ase Facilities
tal Existing F
her, with th
coming staff
e a tremendo
G & BAN
SCI” is exclu
was granted o
ture. Simult
tely during t
C.
enjoying un
y Type
erdraft
rt Term Loan
a Loan
s
Facilities
he proper g
f and togethe
ous growth i
NKERS
usively bank
on March 19
aneously, w
the past and
nder mention
C
n
guidance an
er with the
in a very sho
ing with Sey
996, after wh
we have mana
d we have in
ned facilities
Capital Grant
LKR.
3,700
13,000
6,750
1,565
25,015
nd the expe
commitment
ort period
ylan Bank PL
hich the seve
aged to buil
nvested the
with the Se
ted
0,000-
0,000-
0,000-
5,217-
5,217-
rtise of the
ts, enthusias
LC at Avissa
eral facilities
d up a depo
same under
ylan Bank P
Capital Ou
LKR
3
6
e Selan Ban
sm of the bu
awella since
s were grante
sit base to th
long term F
PLC at Aviss
utstanding
R.
3,700,000-
00-
6,000,000-
nk PLC at
usiness partn
e December
ed time to tim
he value of
Fixed Depo
sawella bran
Rate o
Interes
27.0% p
15.5 % p
17.5 & p
Avissawella
ners, the bus
1994.
me, under
LKR.3.70
sits at the
nch.
of
st
p.a.
p.a.
p.a.
a branch’
siness has
14. 14
ASSESSMENT OF WORKING CAPITAL REQUIREMENT
ASSUMPTIONS
Expect production per 1 month in units 9,525 cases (approx. 6,750,000 candles in both large and
small) 1 Case includes 30 packets with small 40 / large 8 candles each. Purchasing and storing of Raw
Materials is 1 month (57,150 cases per 6 months).
Processing Time is 2,820 candles for 20 Minutes, and maximum of 203,040 candles can be
manufactured per day (5,076,000 per month), during the season. Storing period of finished goods
(Candles) is 1month.
60% sales done on Credit and Credit allowed for 45 days
Production requirement is for 6 months
No. of Workers 50. Working 24 Hours round the clock (shift work) during the season and No. of
Working days per months = 25 days.
Payments made for Raw Materials within 1 Month
Average wholesale selling price per 1 Case is LKR.3,450/-
Raw Materials
Paraffin Wax 50 Kg. is LKR.12,500/-, estimated production is, 11.25 Kg., required for
{average weight from “Selan” & “Deshan”=(12+10.5)/2=11.25}1 Case. Therefore, to 160,734,500
produce 57,150 cases “SCI” required 642,938 Kg. (value for 1Kg is LKR.250/-) Value
required for 6 Months is (642,938 X 250)
Yarn 200 g., per 1 Case (1 Kg = LKR.325/-), Therefore, required Kilograms per __3,714,750
6 month 11,430 Kg. Value required for 6 Months is
Paper - estimated cost per case is LKR.40/-. Value required for 6 Months is __2,286,000
Labels - estimated cost per case is LKR.25/-. Value required for 6 Months is __1,428,750
1 Box per 1 case - estimated cost is 22/-. Value required for 6 Months is __1,257,300
Total Raw Materials 169,421,300
Salaries (Direct Labour) – Candle production of 1 case entitle for LKR.40/- per worker __3,143,250
Therefore Wages per month (9,525 X 55/- = 523,875/-). Wages for 6 Months
Fuel and Transport ___ 407,000
Loan Interest __4,455,000
Factory Overheads ___ 345,000
Administration & Establishment Expenses ___ 600,000
Assessment of Working Capital Requirement for 6 months
No Months Amount (LKR.)
Raw Materials 01 _28,236,883
Working Progress ½ _14,266,369
Finished Goods ⅔ _19,819,061
Debtors 1 ½ _26,755,732
Gross Working Capital _89,078,045
Less : Suppliers Credit 01 28,236,883
Revolving STL at Seylan Bank PLC– Avissawella 13,000,000
Company’s Contribution _6,500,000
Cash Sales 19,716,750 _67,453,633
Net Working Capital Requirement _21,624,412
=========
15. 15
PROJECTED CASH FLOW STATEMENT
FOR THE REVOLVING SEASONAL PERIOD
FROM 1ST
JANUARY TO 31ST
JULY 2009
January
2009
February
2009
March
2009
April
2009
May
2009
June
2009
July
2009
Cash Inflow
Sales Turnover 28,715,000 29,750,000 30,910,000 31,980,000 32,850,000 29,750,000 15,500,000
Sales on Cash 4,506,000 8,900,000 10,320,000 14,460,000 21,320,000 14,210,000 6,066,000
Proceeds on
Credit Sales
excluding
returns (68%)
- 10,759,000 12,708,000 23,606,000 28,842,000 22,152,000 19,610,000
RSTL 13,000,000 - - - - - -
SCI's
Contribution
6,500,000 - - - - - -
Total
Cash Inflow
24,006,000 19,659,000 23,028,000 38,066,000 50,162,000 36,362,000 25,676,000
Cash Outflow
Salaries /
Wages
524,000 524,000 524,000 524,000 524,000 524,000 280,000
Fuel /
Transportation
68,000 68,000 68,000 68,000 68,000 68,000 68,000
Other Factory
Over Heads
58,000 58,000 58,000 58,000 58,000 58,000 58,000
Fire wood 80,000 80,000 80,000 80,000 80,000 80,000 80,000
Bank Interest 742,500 742,500 742,500 742,500 742,500 742,500 742,500
Admin & Estb. 100,000 100,000 100,000 100,000 100,000 100,000 100,000
Raw
Materials
Parapin Wax 26,789,000 26,290,000 26,785,000 26,039,000 26,540,000 25,985,000 22,514,000
Yarn 619,000 619,000 619,000 619,000 619,000 619,000 619,000
Paper/Labels 615,000 615,000 615,000 615,000 615,000 615,000 615,000
Boxes 210,000 210,000 210,000 210,000 210,000 210,000 210,000
Total
Cash Outflow
29,805,500 29,306,500 29,801,500 29,055,500 29,556,500 29,001,500 25,286,500
Net
Cash Outflow
Excess/(Short)
-5,799,500 -9,647,500 -6,773,500 9,010,500 20,605,500 7,360,500 389,500
B/F - -5,799,500 -15,447,000 -22,220,500 -13,210,000 7,395,500 14,756,000
Total New
Cashflow
Excess/(Short)
-5,799,500 -15,447,000 -22,220,500 -13,210,000 7,395,500 14,756,000 15,145,500
16. AS
Com
Indu
Econ
SESSM
mpany Risk
ustry Risk
nomy Risk
ENT OF
: Since “
reputati
compan
: There a
competi
(previou
share an
effectiv
: When it
or the
material
to the w
F RISK
SCI” has be
on and stand
ny risk is ver
are no sever
itors. Howe
usly and till
nd also wer
e manner.
t comes to a
heavy Impo
ls especially
whole country
een in this t
ds among th
ry narrow.
re or huge
ever, now th
l recently, t
re the Mark
a Economic
ort-duty imp
y for Parping
y as well.
trade over d
he Top-02 le
risks or thr
he “SCI” ho
the “Elephan
ket Leader).
risk there is
posed by th
g Wax, but i
decade of tim
eading Cand
reats in this
olds the lar
nt Brand ca
But the “SC
s always ther
he Governm
it will be aff
me, as they
dle manufact
s Industry o
rgest market
andles” held
CI” handles
re the Tax a
ment time to
fected to the
gained an e
tures in this
other than th
t share of t
d the largest
s the situatio
and the Gove
o time for t
e whole Indu
excellent
country,
he main
them all
t market
on in an
ernment,
the Raw
ustry and
