MUGISHA JOSHUA FIRM

IJWARA VILLAGE, MAGONDO

PARISH,

BURUNGA SUB-COUNTY

KAZO COUNTY -KIRUHURA

28TH JUNE, 2019

Our ref: Mugisha Joshua Farm

Your ref: ………

ATTENTION

PROPOSED ESTIMATE FOR THE FARM IMPROVEMENT OF MR. JOSHUA

MUGISHA OF IJWARA VILLAGE, MAGONDO PARISH, BURUNGA SUB-
COUNTY, KAZO COUNTY, KIRUHURA DISTRICT.

+256(0)-702-219443
[email protected]

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 CONTENTS

EXECUTIVE SUMMARY ................................................................................................. 1

1. THE BUSINESS............................................................................................................. 3

1.1 Business model and value proposition ....................................................................... 3

1.2 PRODUCTS .................................................................................................................. 4

1.3 Market structure and analysis ........................................................................................ 4

1.3.1 Target market and customer base ............................................................................ 4

1.3.2 Market size and potential......................................................................................... 5

1.3.3 Competitor analysis ................................................................................................. 8

1.3.4 Competitive advantage ............................................................................................ 8

1.4 RISKS ........................................................................................................................ 9

1.5 SWOT ANALYSIS ..................................................................................................... 10

1.6 PURPOSE OF THE LOAN ......................................................................................... 11

1.6.1 Activities to be undertaken .................................................................................... 11

1.6. 2 Proposed activity budget ...................................................................................... 12

1.7 EXPECTED INCOME WITH LOAN ACQUISITION AND IMPLEMENTATION

OF THE PROPOSED ACTIVITIES ................................................................................. 13

1.8 ANNUAL .................................................................................................................... 14

1.8.1 Repayment plan ..................................................................................................... 14

1.9 FINAL REMARKS ..................................................................................................... 15

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 EXECUTIVE SUMMARY

Concept
The Dairy industry in Uganda has to date in general, not adopted the improved
managerial and technological advances available worldwide, which would have resulted
in improved, efficient and profitable production of milk and other dairy products for the
majority of Ugandans. Through this business plan, Mugisha Joshua Firm, a Ugandan
Company and part of a breeders association will use leading dairy management and
technology to improve milk production levels, efficiency and profitability.

Promoter
Mugisha Joshua Firm is a Ugandan company with over 10 years’ experience in dairy
farming. The company is a family business.

The Market
The national milk market is estimated to be 660 million litres per annum, valued at Ug.
Shs. 330 billion. The current supply, as estimated by the annual report on Development
of Animal Production and Marketing by the Ministry of Agriculture, Animal Industry and
Fisheries, is 625 million litres. The market therefore is not satisfied by the current
supply.

Management
Mugisha Joshua Firm has long and substantial experience in dairy farming. The
company has in addition to its experience established a strategic alliance with a dairy
production and reproduction expert.

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Operations
The operations will centre around the goals of achieving the production of 3,295 litres of
milk per day. To achieve this production, high yielding cows will be purchased to add to
the existing stock. There will also be improved nutrition and improved farm operations.
Appropriate technologies and work processes will be adopted to achieve these objectives.

Financials
The projected sales revenue is an average of Ug. Shs. 200,000,000 (Two hundred million
shillings) is expected every year. Overall, therefore, the financial basis for the concept to
produce and sell dairy products in Uganda is promising.

Investment
The total investment in plant and equipment is estimated at 201,000,000 shs. Mugisha
Joshua Firm expects to raise this through a bank loan.

Conclusion
The final conclusion to be drawn is that the owners have the required technical capacity
and are committed to running an efficient and profitable dairy enterprise, the business
concept and ideas are realistic, the macro economic and political conditions are
acceptable, the market potential is there, the human resource situation at Mugisha Joshua
Firm can be improved adequately, the risks and negative environmental impacts can be
remedied, the financial viability of the project is commendable and the farm’s impact on
Uganda’s society overall will be positive. The business plan is therefore technically and
economically viable.

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1. THE BUSINESS

1.1 Business model and value proposition

Mugisha Joshua Firm, hereinafter referred to as the Mugisha Farm, is a Ugandan
company whose principle business and subject of this business plan is milk production
and processing. Milk produced by the farm is sold both as raw and processed milk.

The raw milk is sold to price and quality conscious households with relatively lower
incomes, in suburban towns / trading centres. The Mugisha Farm targets to increase its
customer base in this market segment and gain loyalty from these customers, to whom
the biggest milk suppliers in the country do not sale too, given that they are not in the
main urban centres where the biggest milk suppliers target. To do this, the farm will
offer: (1) High quality milk sold in permanently established farm outlets within the
proximity of the customers residences, with refrigerators to keep the milk at 4 degrees
centigrade that is not adulterated as per normal practice of raw milk vendors. (2) A
relatively lower price for the milk, given that middlemen have been eliminated and that
the farm enjoys economies of scale given its production facilities that are relatively larger
than most of the competitors in this market segment. (3) Delivery of appropriate
quantities very early in the morning, to ensure availability of milk throughout the entire
day till late at night when customers stop purchasing.

As a result of the need to transform and improve our farming income, the propriator has
been engaged with expanding farming activities and currently he operates a mixed farm
(Mugisha Farm) in Ijwara village, Magondo Parish, Burunga Sub-County, Kazo County,
Kiruhura District. The farm sits on 100 hectares conducive for dairy, goat rearing and 2
acres of banana plantation on situate 2km away from a tarmac road hence an easy access
to market of all its produce.

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The farm employs both permanent and temporary staffs myself included who attend to
different activities and these are directly remunerated from the proceeds accruing from
sale of different farm products

1.2 PRODUCTS
The Mugisha Farm focus is on quality – both for the processed and the raw milk. In
comparison, most vendors of raw milk and some processors adulterate their milk to get
more revenue from increased volumes. The Mugisha Firm milk selling slogan “NO
ADDITIONS NO SUBTRACTIONS – WHOLE FARM MILK” puts emphasis on the
quality of the product sold by the Mugisha Farm.

1.3 Market structure and analysis

1.3.1 Target market and customer base

The Mugisha Farm operates in its home region with emphasis on the nearest big towns.

The Mugisha Farm targets low income class households in suburban / trading centres for
the raw milk and middle and high income class household consumers in urban centres for
the processed milk.

It can be concluded that the Mugisha Farm reaches quite different segments, in different
areas, with different incomes and backgrounds. Likewise the reasons for buying the
various milk products differ. The reasons why these segments are served by the Mugisha
Farm is to reach a wide range of segments with the various products, thus increasing its
customer base. There is also a tendency, especially for the raw milk consumers to
develop loyalty thus repeated sales over a long period of time.

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1.3.2 Market size and potential
According to the Dairy Development Authority (DDA) publication – Dairy industry at a
glance, the average per capita consumption of milk (raw and processed) in Uganda is 30
litres per year (0.08 litres/day). This is only 15% of the per capita consumption level
recommended by World Health Organization equal to 200 litres per year (0.5 litres/day).

Given the total population of 40 million people, the estimated consumption of milk in the
country stands at 660 million litres per annum (44 million X 30 litres/capita). This equals
to Ushs. 1320 billion if based on the lowest market cost of Ushs. 1000/litre.

When looking at the demand for / the consumption of milk in Uganda, certain patterns
emerge, e.g.:
Apart from direct consumption by children, most of the purchased milk is used for
making beverages such as tea and coffee. There has lately, however, been a change in
adult consumption, where direct taking of milk is increasing.

Farm families consume 50 – 70% of the production directly at home. Of the remaining
30 – 50%, farmers and traders sell 90% in the informal market, and rest, 10%, is
processed and sold in the formal market.

Consumption of unprocessed milk increases substantially during the wet season because
of increased supplies and depressed prices, and likewise declines in the dry season when
supply is low and prices are high (author’s field survey/experience).

There are clear differences between the low, middle and high-income groups’
consumption patterns. E.g. a survey carried out by the International Livestock Research
Institute revealed the following (see table 5 below)

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Table 1 - consumption patterns for low, Middle and High Income groups.
HOUSE HOLD INCOME CATEGORY
Type of milk consumed Low Income Middle High Income
(%) Income (%)
(%)
Pasteurized Milk 23.4 83.4 73.3
Fresh whole milk 56.7 16.7 13.3
UHT milk 6.7 0.0 6.7
Any type 13.3 0.0 6.6
Total (%) 100 100 100
Avg. quantity of milk consumed per 1.4 2.4 3.5
day
MAIN REASON FOR CHOICE OF MILK TYPE (%)
Cheapest type 50.0 13.3 6.7
Most preferred 26.7 56.7 73.3
Only type available 3.3 13.3 13.3
Natural flavour 13.3 6.7 3.3
High quality 6.7 10.0 3.3
Total 100 100 100

It can be concluded from the above that:

Low-income households:
Mostly consume fresh whole milk (raw/loose milk), being very price sensitive. These
two findings support each other, as the fresh whole milk usually is the cheapest type of
milk.
The average consumption per day per household is 1.4 litres.

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Middle and High Income households:
Predominantly consume pasteurised milk and are not price sensitive. These income
groups choose what they prefer the most, which is pasteurised milk.
The average consumption per day per household is 3.5 litres for the high – income groups
– much higher than for the low and middle – income groups.

There are clear differences between the low, middle and high income groups
consumption of milk in urban areas. (See table 6)

Table 2 - consumption patterns for low, middle and high income groups.
Urban population Low Income Middle Income High Income
Proportion of population 61% 29% 10%
Consumption 20% 43% 37%

Furthermore it should be noted that urban consumption of milk per day per capita is
estimated to be around 39 litres. This is considerably higher than the national average.
This is estimated to be 30 litres.

It can be concluded from the above that in urban centres, low income groups, in spite of
their relatively bigger numbers, consume less than the high income groups.

Of the above information, the following is relevant to the Mugisha Farm:

The biggest household consumption of milk can be found in the middle and high-income
households in urban areas. The Mugisha Farm will target these promising markets with
the pasteurized milk and will target low income households with the raw / loose milk.

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Given a choice and ability to pay, there exists a general preference for pasteurised milk.
As Uganda is enjoying considerable economic growth the demand for pasteurised milk is
likely to grow. This increases the Mugisha Farm’s sales potential.

1.3.3 Competitor analysis

Competition in the Uganda dairy industry exists in four different forms:
Competition from milk processors – formal sector
Competition from raw/loose milk vendors/suppliers – informal sector
Competition from imported milk
Competition from substitutes

1.3.4 Competitive advantage

Competitive Forward – Backward Linkage: The Mugisha Farm will have a competitive
forward – backward linkage (vertical integration). Whereas with the exception of Jesa
Dairy Farm all processors depend on purchasing milk, the Mugisha Farm, through its
vertical integration will be able to control the whole process from breeding, feeding,
milking and delivery of the final products to the consumers. The vertical integration
further will avoid the Mugisha Farm from having to buy most of the raw milk for its
production, thereby making savings and so increasing its competitive strengths.

Planned/Synchronised milk production: Given that the price of milk is high during the
dry season and low during the wet season, the Mugisha Farm will synchronise its
production to initially have a constant production during all seasons and at a later stage
have the highest production during the dry season. This will enable the Mugisha Farm to
maximise its profits by having its highest production when milk supply is low and prices
are high thus competing favourably against other milk sellers / processors.

High Quality: The Mugisha Farm will be in control of production of its milk, right from
the stage of feeding the animals (vertical integration). Milking machines to be purchased
will further guarantee that the milk received is of the best quality. In comparison most

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processors and vendors depend on purchasing of milk that is transported in unhygienic
conditions.
Pricing: The Mugisha Farm will offer more competitive prices to the retailers through a
discount of Ushs. 20 for any purchase of 20 litres and above. This will be possible by
taking advantage of the higher margins enjoyed due to the forward and backward
linkages.

1.4 RISKS
The Mugisha Farm’s greatest risk lies in the area of achieving the targeted productivity of
its cows and its farm labourers. Care must be taken to ensure good genetic animals are
purchased right from the beginning and that the cows receive a sufficient and steady
supply of good food and water. In addition the staff needs to learn how to become more
productive and to use the correct techniques in caring for the herd.

The Mugisha Farm must also be certain to expand its markets as forecast. Special
attention will need to be paid to the third year when the target market will need to be
moved aggressively to absorb the quantities of milk that are going to be supplied by the
farm.

The Mugisha Farm will also closely monitor the developments related to the production
and sales, updating the financial schedules. The Mugisha Farm on a monthly basis will
compare actual developments with the projections made, constantly analysing the reasons
for deviations and recommending remedial actions in case of negative developments.

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1.5 SWOT ANALYSIS
STRENGTHS WEAKNESSES
 Experience in the dairy sector  Few trained personnel
 Arable and large acreage of land  Poor production equipment
 competitive forward and Back ward
linkage

OPPORTUNITIES THREATS
 Growing economy  Strong and versatile competition
 Increasing demand of milk  Relatively long distance from market
 Appropriate climate for milk  Fluctuating demand for milk – (i.e.
production high during dry and low during wet
 Relatively stable country – politically season)
and economically and Friendly  Perishability of the product
government policies encouraging
investment in dairy sector
 Name recognition and consumer
satisfaction with Mugisha Farm
products in primary market
 Availability of specialized human
resources – production and
reproduction experts

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1.6 PURPOSE OF THE LOAN
The major purpose is to facilitate putting in place of critical facilities that will accelerate
and improve the farm’s ability to reach full production capacity, these will simply boost
production in terms of quantity and quality so as to generate more revenue and contribute
to national development.

I strongly believe that the farm’s full production potential has not been achieved and
therefore the need to put in place a number of facilities (measures) that can and will
stimulate production and add value to the farm.

1.6.1 Activities to be undertaken

 Construction of additional 02 dams.
 Purchase of a water pumping or distribution system to supply different padlocks
with water
 Put in place organized padlocking systems
 Reservoir tanks
 Pasture establishment
 Water troughs
 Banana extension
 Bush clearing

Production from 300 to 450 litres per day

Note: the above activities are critical in light of the above farm’s desire to transform from
subsistence to commercial farming.

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1.6. 2 Proposed activity budget
S/N Activity Description Quantity Unit cost (shs) Total cost Remarks
(shs)

1. Dam construction 1 7,000,000 7,000,000 Critical and urgently

required to install
water system

2. Water pump and 1 6,000,000 6,000,000 To have constant

accessories on the farm supply of water in the
farm

3. Paddocking 3 3,000,000 90,00,000 Critical for pasture

preservation.

4. Banana plantation 3 15,466,667 46,400,000 It’s urgently needed to

target the coming
rains.

5. Water troughs 4 5,408,750 21,635,000

6. Bush clearing 24,000,000 Should be done early

so as to benefit from
the rains

7. Piping system

8. Pasture establishment 15,000,000 Early preparations are

needed to start at the
beginning of rains.

10. General Management 28,745,000 If well done in time it

for Goats and Dairy will improve on
production.

GRAND TOTAL 201,000,000

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1.7 EXPECTED INCOME WITH LOAN ACQUISITION AND
IMPLEMENTATION OF THE PROPOSED ACTIVITIES
YEAR 1

Item Quantity Rate (shs) Monthly Annual income

income (shs) (shs)

Milk sales 300 litres 1,000= 9,000,000 108,000,000

per day

Goat sales 20 120,000= 2,400,000 28,800,000

Banana sales 20 12,000= 240,000 2,880,000

TOTAL 139,680,000

YEAR 11

Item Quantity Rate (shs) Monthly Annual income

income (shs) (shs)

Milk sales 450 litres 1,000= 13, 500,000 162,000,000

per day

Banana sales 100bunches 12,000= 1,200,000 14,400,000

Goat sales 30 150,000= 4,500,000 54,000,000

TOTAL 230400000

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YEAR 111

Item Quantity Rate (shs) Monthly Annual income (shs)

income (shs)

Milk sales 450 litres 1,000= 13, 500,000 162,000,000

per day

Banana sales 150bunches 120,000= 12,000= 1,200,000

Goat sales 40 150,000= 6000000 72,000,000

TOTAL 235,200,000

1.8 ANNUAL
I propose and request that post bank Uganda facilitates me with Ug Shs 200,000,000/=
(two hundred million shillings). The remaining amount shall be catered for by revenue
proceeds from activities on going on the farm.

With the loan availed, the highlighted activities shall be immediately undertaken and
proposed structures put in place.

Subsequently production shall be enhanced and more sales revenue realised as a result of
expanded capacity and use of improved farming systems.

1.8.1 Repayment plan

The loan shall be catered for from milk and cattle scales from the farm, banana and goat
inclusive and the repayment shall be made on monthly instalments.

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1.9 FINAL REMARKS
It is my humble prayer that this proposal, is given the kindest and most urgent
consideration and thus look forward to your most considered support

Yours sincerely,

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QUOTATION FOR THE PLANTING OF A BANANA PLANTATION

Coverage: 3 Acres

No Item Description Qty Rate Amount

1. Cultivation Primary 3acres 200,000 600,000

tillage

Secondary 3acres 240,000 720,000

tillage

2. Pits 3x3ft 440pits x3 500 660,000

acres (1320
pits)

3. Purchase of suckers Suckers 1320 1,000 1,320,000

4. Transportation of FUSO 2 trips 150,000 300,000

suckers

5. Loading and 150,000

offloading costs

6. Planting costs Planting 1320 banana 500@ 660,000

suckers

7. Fertilizers Organic 10 trip 150,000 1,500,000

(forward)

8. Fertilizer application 3 acres 100,000 300,000

costs

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9. Purchase of mulches Dray grass 10 lorries 210,000 2,100,00

10. Loading and 20 lorries 50,000 1,000,000

offloading

11. Mulching 3 acres 50,000 150,000

Casual workers 2 150,000x2x12 36,000,000

Wheel barrows 2 150,000x2 300,000

Pangas 2 10,000 20,000

Hoes 2 10,000 20,000

Stakers 600 10,000 600,000

Sub total 46,400,000

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QUOTATION FOR THE BUSH CLEARING

Land Coverage: 43 Hectares

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Bush clearing Hand hoes 43 200,000 1,600,000

uprooting hectares

2. Demolishing of Bull dozers 43 3,500 20,000,000

ant hills hectares

SUB TOTAL 21,600,000=

QUOTATION FOR THE EXCAVATION OF A VALLEY DAM & FENCING

Capacity: 100 x 50 x 5m

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Transport of Low bed trucks 2 500,000 1,000,000

machines

2. Fuel Diesel 370 ltrs x 3,500 12,950,000

10 days
(3700ltrs)

3. Hiring costs 2machines for 10 10 days 1,000,000 10,000,000

days

4. Fencing

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 i. Poles Concrete 100 35,000 3,500,000

ii. Digging of holes 100 500@ 50,000

iii. Aggregates Forward 1 trip 250,000 205,000

iv. Cement Ordinary 8 bags 6,000 264,000

v. Sand Forward 1 trip 75,000 250,000

vi. Binding wire 5kgs 1,000 30,000

vii. Chain link mesh 15m 10 rolls 750,000

viii. Stretching wire Meters 600m 600,000

ix. Labour Casual 500,000

SUB TOTAL 30,099,000=

QUOTATION FOR THE GENERAL MANAGEMENT OF GOATS

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Casual workers Monthly 2 150,000x12x3 5,760,000

yrs

2. Accaracides Monthly 5litres 75,000 375,000

3. Treatment Treatment drugs 30,000x12 360,000

SUB TOTAL 6,495,000

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QUOTATION FOR THE PADDOCKING OF THE LAND FOR GRAZING

Land Coverage 43 Hectares

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Wooding poles Treated ones 2,000 4,000 8,000,000

2. Excavation of 1x2ft 2,000pits 500 1,000,000

pits

3. Transport for Lorry 4 200,000 800,000

poles/posts

4. Barbed wire Samba gauge 80 260,000 20,800,000

16mm

5. v-nails Sacks 2 sucks 200,000 400,000

6 Casual labour 2,000,000

SUB TOTAL 33,000,000=

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QUOTATION FOR THE CONSTRUCTION OF A CONCRETE RESERVOIR
TANK

Capacity: 50m3

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Sand Forward 15 trips 120,000 3,750,000

2. Cement Ordinary 150 bags 33,000 4,950,000

3 Iron bars 10mm High tensile 100 pcs 18,000 1,800,000

4 Iron bars 12mm High tensile 240 pcs 26,000 6,240,000

5 Aggregates Forward 16 trips 180,000 2,880,000

6 Hardcore Forward 4 trips 100,000 400,000

7 Bricks Clay burnt 10,000 300 3,000,000

8 Timber

i 12x1mm Soft wood 100 pcs 8,000 800,000

ii 4x2mm Soft wood 300 pcs 3,500 1,050,000

9 Plywood 50 pcs 15,000 750,000

10 Strut supports Trees 150 5,000 160,000

11 Water proof 40kgs 4,000 250,000

12 Binding wire 50kgs 5,000 450,000

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13 Bituminous paint Non toxic 3 tin 150,000 200,000

14 Stirrups 20 pcs 10,000 1,500,000

15 G1 spigots and 1lumpsum 1,500,000 1,500,000

pipes

16 Wire nails 50kgs 40,000 2,000,000

17 Metallic lid 2 50,000 100,000

18 Breathers 2 50,000 100,000

19 Transport costs lumpsum 1,000,000 1,000,000

20 Labour charges lumpsum 9,000,000 9,000,000

21 Miscellaneous lumpsum 3,000,000 3,000,000

SUB TOTAL (i) 44,130,000=

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QUOTATION FOR THE CONSTRUCTION OF FOUR (4) WATER TROUGHS

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Iron bars 12mm 28pcs 26,000 7,280,000

2. Cement Ordinary 160 bags 33,000 5,280,000

3 Aggregates 5 trips 200,000 1,000,000

4 Welded mesh R8 10 pcs 18,000 360,00

5 Sand Plaster floor 5 trips 120,000 600,000

6 Hardcore 5trips 100,000 500,000

7 Timber Lumpsum 500,000 500,000

8 Binding wire 20kgs 5,000 100,000

9 Wire nails 25kgs 25,000 625,000

10 Water proof 30kgs 3,000 90,000

cement

11 Spigots 10 30,000 300,000

12 Labour charges 5,000,000 5,000,000

Sub-total (iii) 21,635,000/=

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PIPELINE AND PLUMBING WORKS
DESCRIPTION QUANTITY RATE AMOUNT

Pump davey twin impeller 1 20,000,000 20,000,000

Transmition HDPE pipe 2 250m 8,000 2,000,000

Distribution pipe HDPE pipe 50 & 810m 4,250 3,442,500

40mm

Valves 50mm 7 60,000 420,000

Pump fittings 1 300,000 300,000

G1 pipes (40mm) 2 85,000 170,000

G1 fittings 1 250,000 250,000

G1 pipes 90mm 2 230,000 460,000

Non return valves 1 120,000 120,000

Tephrone tapes 20 3,000 60,000

Wash out 1 180,000 180,000

Transport for material 1 200,000 200,000

HDPE fittings 1 750,000 750,000

Pump house 1 1,800,000 1,800,000

Excavation 110m 300,000 300,000

Plumbing labour 2,000,000 2,000,000

Contingency 1,000,000
Sub-total (iii) 33,152,500/=
Total for (I, ii,&iii) 98,917,500/=

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QUOTATION FOR THE GENERAL MANAGEMENT OF DAIRY

NO ITEM DESCRIPTION QTY RATE AMOUNT

1. Casual workers 4 150,000x12x3 21,600,000

yrs

2. Accaracides 38 litres 75,000 2,850,000

3 Vet. Doctor 1 400,000x12 4,800,000

4 Treatment 100,000x12 1,200,000

5 Supplements 150,000x12 1,800,000

SUB-TOTAL 32,250,000/=

PASTURE ESTABLISHMENT

NO ITEM QUANTITY TYPE UNIT COST TOTAL

1. Land clearing 5 acres

2. Primary cultivation 5 acres 400,000 2,000,000

3 Secondary 5 acres 400,000 2,000,000

cultivation

4 Buying seeds 300 sacks Nappier 35,000 10,500,000

5 Planting 5 acres 200,000 1,000,000

6 Fencing 5 acres

7 Wooden poles 1,000 6,000 6,000,000

8 Barbed wire 10 rolls Samba 270,000 2,700,000

V Nails 50kgs 6,000 300,000

TOTAL 24,500,000=

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SUMMARY

S/N ACTIVITY DESCRIPTION QUANTITY UNIT COST TOTAL COST

(SHS) (SHS)

1 Dam construction 02 30,099,000

2 Water pump and accessories on 01 16,387,604

the farm

3 Paddocking 04 33,000,000

4 Reservoir tank 01 44,130,000

5 Water troughs 04 21,635,000

6 Bush clearing 43hectares 21,600,000

7 Water from dam to reservoir tank 33,152,500

8 Pasture establishment 05 acres 24,500,000

9 Banana establishment 03 acres 46,400,000

10 General management for goats and 38,745,000

dairy

GRAND TOTAL 309,649,104=

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