Animation Production House

Pre-Feasibility Study Prime Ministers Small Business Loan Scheme
(Animation Production House)
Small and Medium Enterprises Development Authority Ministry of Industries & Production
Government of Pakistan
www.smeda.org.pk
HEAD OFFICE
4th Floor, Building No. 3, Aiwan e Iqbal, Egerton Road, Lahore Tel 92 42 111 111 456, Fax 92 42 36304926-7 helpdesk@smeda.org.pk
REGIONAL OFFICE PUNJAB 3rd Floor, Building No. 3, Aiwan e Iqbal, Egerton Road Lahore, Tel: (042) 111-111-456 Fax: (042)6304926-7 helpdesk.punjab@smeda.org.pk
REGIONAL OFFICE SINDH 5TH Floor, Bahria Complex II, M.T. Khan Road, Karachi. Tel: (021) 111-111-456 Fax: (021) 5610572 helpdesk-khi@smeda.org.pk
REGIONAL OFFICE KPK Ground Floor State Life Building The Mall, Peshawar. Tel: (091) 9213046-47 Fax: (091) 286908 helpdesk-pew@smeda.org.pk
REGIONAL OFFICE BALOCHISTAN Bungalow No. 15-A Chaman Housing Scheme Airport Road, Quetta. Tel: (081) 831623, 831702 Fax: (081) 831922 helpdesk-qta@smeda.org.pk
November 2013
Pre-Feasibility Study
Animation Production House
Table of Contents
1. DISCLAIMER ............................................................................................................................... 2 2. PURPOSE OF THE DOCUMENT ................................................................................................ 3 3. INTRODUCTION TO SMEDA ...................................................................................................... 3 4. INTRODUCTION TO SCHEME ................................................................................................... 4 5. EXECUTIVE SUMMARY ............................................................................................................. 4 6. BRIEF DESCRIPTION OF PROJECT & PRODUCT .................................................................. 5 7. CRITICAL FACTORS .................................................................................................................. 5 8. INSTALLED & OPERATIONAL CAPACITIES ........................................................................... 6 9. GEOGRAPHICAL POTENTIAL FOR INVESTMENT AND POTENTIAL TARGET MARKETS ........................................................................................................................................ 6 10. 10.1. 10.2. 10.3. 10.4. 10.5. 10.6. 10.7. 10.8. 10.9. 11. 11.1. 11.2. 11.3. 11.4. 12. PROJECT COST SUMMARY ................................................................................................ 7 PROJECT ECONOMICS ...................................................................................................... 7 PROJECT FINANCING ........................................................................................................ 7 PROJECT COST ................................................................................................................ 8 SPACE REQUIREMENT ...................................................................................................... 8 REQUIRED EQUIPMENT ..................................................................................................... 9 OFFICE FURNITURE AND EQUIPMENT ................................................................................. 9 HUMAN RESOURCE REQUIREMENT .................................................................................. 10 REVENUE GENERATION .................................................................................................. 10 OTHER COSTS ............................................................................................................... 10 ANNEXURE.......................................................................................................................... 11 INCOME STATEMENT ....................................................................................................... 11 CASH FLOW STATEMENT ................................................................................................ 12 BALANCE SHEET............................................................................................................. 13 USEFUL LINKS ................................................................................................................ 14 KEY ASSUMPTION ............................................................................................................. 15
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
2. PURPOSE OF THE DOCUMENT

The objective of the pre-feasibility study is primarily to facilitate potential entrepreneurs in project identification for investment. The project pre-feasibility may form the basis of an important investment decision and in order to serve this objective, the document/study covers various aspects of project concept development, start-up, and production, marketing, finance and business management. The purpose of this document is to facilitate potential investors in Animation Production House business by providing them with a general understanding of the business with the intention of supporting potential investors in crucial investment decisions. The need to come up with pre-feasibility reports for undocumented or minimally documented sectors attains greater imminence as the research that precedes such reports reveal certain thumb rules; best practices developed by existing enterprises by trial and error, and certain industrial norms that become a guiding source regarding various aspects of business set-up and its successful management. Apart from carefully studying the whole document one must consider critical aspects provided later on, which form basis of any Investment Decision.
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 successful 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 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). SMEDA has been tasked with an advisory role in the implementation of PMs scheme by providing fifty (50) updated pre-feasibilities for referencing by SME beneficiaries and participating banks to optimally utilize their financial resources.
5. EXECUTIVE SUMMARY
Digital animation constitutes a vital part of the overall digital media industry and has become one of the fastest growing sectors. The demand for animated content has increased manifold (in domestic and international markets) due to increase in the numbers and broadcasting hours by cable and satellite television and ever increasingly popularity and dependence on the internet. Today animation is not utilized just to create cartoon series but it has become an essential tool in creating visual materials such as movies, videos, and games. Corporate entities too are dependent on animated content for modelling and advertising campaigns of their products. . Animation is increasingly being used as a tool for education and a new phenomenon of edutainment is emerging utilizing interactive compact disc (cds) and visuals. Currently Pakistan is going through a revolution in electronic media as there is an explosion of T.V channels, broad band adoption and mobile ownership creating huge demand for animated production. Against this surging domestic and international demand, animation development and its allied fields are being considered as a lucrative area for entrepreneurial ventures. Animation business venture entails a total investment of about Rs. 2.21 million. This includes a capital investment of Rs.1.91 million and a sum of Rs.0.30 million as working capital. The project is financed through 90% debt and 10% equity. The Net Present Value (NPV) of the project is around Rs. 2.50 million with an Internal Rate of Return (IRR) of 44% and a payback period of 3.08 years. The project will generate direct employment opportunity for 6 persons. Higher return on investment and a steady growth of business is expected with the entrepreneur
having some prior experience/education in the related field of business. The prefeasibility study provides information on key facets of starting an Animation Production House.
6. BRIEF DESCRIPTION OF PROJECT & PRODUCT

Rapid advancements in digital media over the last decade have transformed information communication technologies, entertainment and media sector. It has driven the convergence of the said sectors resulting in novel products and services. As high bandwidth digital technologies, ranging from portable devices to wireless and broad band connectivity, become increasingly pervasive around the globe, they continue to fuel an insatiable demand for high quality content that can be delivered to users over these channels. This content encompasses education, information, entertainment and business applications providing huge opportunities to new start-ups/entrepreneurs in countries like Pakistan that can position themselves at the epicenter of creative arts and digital technology revolution. The proposed animation production house in this pre feasibility study will be catering to domestic and international clients, offering digital animation as a finished product as well as providing ancillary/customized services for an array of clients i.e. telecommunication companies, T.V channels, video game development companies, advertisement companies, large media, studio and production houses etc. The Animation production house business entails a total investment of about Rs. 2.21 million. This includes a capital investment of Rs.1.91 million and a sum of Rs.0.30 million as working capital. Initially rented premises of 675 square feet shall be sufficient. It shall entail 2 rooms for animation production while 1 room for client/office meetings and a small reception area. The animation house shall employ a total staff of 6 persons.
7. CRITICAL FACTORS
Following are the factor critical for the success of this business venture; Selection of a dedicated competitive team of artists, designer, animators and a creative art/production director. Ability to conceive creative ideas and translating them into finished product as per clients specifications. Safeguarding design and animation production from piracy. Employing and retaining skilled staff.
Strict adherence to timelines. 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.
8. INSTALLED & OPERATIONAL CAPACITIES

Essential hardware/equipment for animation production facility will house 4 customized computer machines for animation, backed by a server. With a dedicated team of 4 animation developers it is anticipated that the enterprise shall be able to roll out 50-150 seconds per month of finished and semi finished animation. However for the purpose of this particular pre feasibility study, it is assumed that the enterprise shall be producing 100 seconds of finished/semifinished animated content. It is estimated that the production cost for animation in Asian countries particularly Pakistan and India is 25% to 35% cheaper of what it would cost in developed countries hence attracting considerable business from America and Europe.
9. GEOGRAPHICAL POTENTIAL POTENTIAL TARGET MARKETS
FOR
INVESTMENT
AND
Digital animation continues to grow as an increasingly important and integral part of film and television production, particularly in the current scenario where animation is being fused with live production to gain results that were hitherto considered impossible. As the animation and special effects content has increased in sophistication, the production and post-production activities have also experienced enhanced integration. However, tight production budgets and time schedules are increasingly exerting pressures on the special effects and post production schedules. As a result of this, animation activities are being outsourced to competent and cheaper locations in Asia. The cost of developing animated content in Asian region is estimated to be 25% to 35% of what it would cost in developed countries.
10.
PROJECT COST SUMMARY
A detailed financial model has been developed to analyze the commercial viability of Animation Production House under the Prime Ministers Small Business Loan Scheme. 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 appendix. 10.1. Project Economics
All the assumptions in this financial model are based upon animation production of 1,200 seconds (finished/semi-finished animation) on yearly basis. The project will be running at 50% of its total capacity during the first year. The following table shows Internal Rates of Return and payback period.
Table 1: Project Economics
Description Internal Rate of Return (IRR) Payback Period (yrs) Net Present Value (NPV)
Details 44% 3.08 Rs. 2,500,068
Returns on the project and its profitability are dependent on efficient management and team work of the project staff. 10.2. Project Financing
Following table provides details of the equity required and variables related to bank loan;
Table 2: Project Financing
Description Total Equity (10%) Bank Loan (90%) Markup to the Borrower (%age/annum) Tenure of the Loan (Years)
Details Rs. 221,050 Rs.1,989,450 8% 7
10.3.
Project Cost
Table 3: Capital Investment
Capital Investment Licensed Software Cost Furniture & Fixtures Hardware Cost (computers, server, UPS, scanner, printers etc.) Pre-operating Cost Total Capital Costs Initial Working Capital Total Project Cost
Amount (Rs.) 545,000 478,000 730,000 157,500 1,910,500 300,000 2,210,500
10.4.
Space Requirement
Initially rented premises of 675 square feet shall be sufficient. It shall constitute 2 rooms for animation production while 1 room for client/office meetings and a small reception area. Monthly rent for the said premises is estimated to be Rs. 25,000/Following table shows calculations for project space requirement.
Table 4: Space Requirement
Space Requirement
Sq. ft 300 (150 each) 200 175 675
Rent per month (Rs.)
Animation Production/room (2) Meeting Room Reception Total Area
25,000/-
Animation production house can be started in a rented place in any city of Pakistan where access to basic IT infrastructure and human resource is available.
10.5.
Required Equipment
Table 5: Equipment for Animation Production House
Description Customized Computers Main Server UPS (7000 watt) backup support Printers Scanner Hub Modem DSL Networking Cable Total 10.6.
Quantity 4 1 1 2 1 1 1
Cost Rs/unit 75,000 100,000 250,000 20,000 15,000 12,000 8,000
Total Rs. 300,000 100,000 250,000 40,000 15,000 12,000 8,000 5,000 730,000
Office Furniture and Equipment
Following table provides details of office furniture and equipment required for this project.
Table 6: Furniture and Fixutre
Quantity Cost Furniture for the Premises (workstations etc.) Fax Machine Telephone Drawing boards, stationary etc. LCD for High Resolution Presentation Air-conditioned Sound System Total 1 3 1 50,000 60,000 1 3 15,000 1,000
Amount 150,000 15,000 3,000 40,000 50,000 180,000 40,000 478,000
10.7.
Human Resource Requirement
Following table provides details of human resource required for the project along with monthly salaries;
Table 7: Human Resource Requirement
Description Production/Creative/Art Director (owner) Modeler Animator Effects Designer Receptionist Office boy Total
No. of Employees 1 1 1 1 1 1 6
Salary per month (Rs) 55,000 45,000 40,000 35,000 12,000 10,000 197,000
It is assumed that the owner/entrepreneur should have some prior experience or knowledge/education in the related field. 10.8. Revenue Generation
Table 8: Revenue in First Year
Sales Animation/ Price Year (Rs./sec ond) Animated produced time (in seconds) Total Sales Revenue 1,200 (seconds) 8,000
First Year Production at 50% capacity 600
First Year Sales Revenue (Rs) 4,800,000 4,800,000
10.9.
Other Costs
Promotional and maintenance expense such as utility bills, entertainment expense, printing and stationery, etc. have not been mentioned in the above text, however they are in detail reflected in the Income Statement of the Pre-feasibility study.
10
11.
ANNEXURE
Income Statement
Year 1 4,800,000 2,100,000 480,000 2,580,000 2,220,000 Year 2 5,544,000 2,310,000 528,000 2,838,000 2,706,000 Year 3 6,350,400 2,541,000 580,800 3,121,800 3,228,600 Year 4 7,223,580 2,795,100 638,880 3,433,980 3,789,600 Year 5 8,168,202 3,074,610 702,768 3,777,378 4,390,824 Year 6 9,189,227 3,382,071 773,045 4,155,116 5,034,111 Year 7 10,291,935 3,720,278 850,349 4,570,627 5,721,307 Year 8 11,481,939 4,092,306 935,384 5,027,690 6,454,249 Year 9 12,765,215 4,501,537 1,028,923 5,530,459 7,234,756 Year 10 14,148,113 4,951,690 1,131,815 6,083,505 8,064,608
11.1.
Income Statement
Revenue Cost of sales Salaries Electricity Expense Total cost of sales Gross Profit
General administration & selling expenses Administration expense Rent expense Printing & Stationary Entertainment Promotional expense Depreciation expense Amortization of pre-operating costs Janitorial Expenses Miscellaneous expense Subtotal Operating Income Earnings Before Interest & Taxes Interest expense on long term debt (Project Loan) Interest expense on long term debt (Working Capital Loan) Subtotal Earnings Before Tax Tax NET PROFIT/(LOSS) AFTER TAX
264,000 300,000 60,000 60,000 50,000 467,300 31,500 60,000 13,200 1,306,000 914,000 914,000 151,172 151,172 762,828 36,924 725,904
290,400 330,000 63,000 63,000 45,000 524,525 31,500 66,000 14,520 1,427,945 1,278,055 1,278,055 132,835 132,835 1,145,220 94,283 1,050,937
319,440 363,000 66,150 66,150 40,500 622,024 31,500 72,600 15,972 1,597,335 1,631,265 1,631,265 112,977 112,977 1,518,288 151,157 1,367,130
351,384 399,300 69,458 69,458 36,450 685,114 31,500 79,860 17,569 1,740,092 2,049,508 2,049,508 91,470 91,470 1,958,038 239,107 1,718,930
386,522 439,230 72,930 72,930 32,805 792,607 31,500 87,846 19,326 1,935,697 2,455,127 2,455,127 68,178 68,178 2,386,949 324,890 2,062,059
425,175 483,153 76,577 76,577 29,525 923,170 96,631 21,259 2,132,065 2,902,046 2,902,046 42,953 42,953 2,859,093 437,273 2,421,820
467,692 531,468 80,406 80,406 26,572 1,041,681 106,294 23,385 2,357,902 3,363,405 3,363,405 15,635 15,635 3,347,770 559,442 2,788,328
514,461 584,615 84,426 84,426 23,915 1,118,368 116,923 25,723 2,552,856 3,901,393 3,901,393 3,901,393 697,848 3,203,545
565,907 643,076 88,647 88,647 21,523 1,249,025 128,615 28,295 2,813,737 4,421,018 4,421,018 4,421,018 848,805 3,572,213
622,498 707,384 93,080 93,080 19,371 1,333,573 141,477 31,125 3,041,587 5,023,022 5,023,022 5,023,022 1,029,406 3,993,615
11
11.2.
Cash Flow Statement

Year 0 Year 1 725,904 467,300 31,500 (85,658) (10,000) 1,129,046 Year 2 1,050,937 524,525 31,500 (120,491) (11,000) 1,475,471 Year 3 1,367,130 622,024 31,500 (153,307) (12,100) 1,855,247 Year 4 1,718,930 685,114 31,500 (171,539) (13,310) 2,250,696 Year 5 2,062,059 792,607 31,500 (189,041) (14,641) 2,682,484 Year 6 2,421,820 923,170 (204,179) (16,105) 3,124,707 Year 7 2,788,328 1,041,681 (214,137) (17,716) 3,598,155 Year 8 3,203,545 1,118,368 (224,594) (19,487) 4,077,831 Year 9 3,572,213 1,249,025 (214,523) (21,436) 4,585,279 Year 10 3,993,615 1,333,573 (195,952) 235,795 5,367,031
Cash Flow Statement

Operating activities Net profit Add: depreciation expense amortization of pre-operating costs Deferred income tax Pre-paid building rent Cash provided by operations Financing activities Project Loan - principal repayment Additions to Project Loan Additions to Working Capital Loan 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
(100,000) (100,000)
1,989,450 221,050 2,210,500
(220,924) 572,250 351,326
(239,260) 1,405,688 1,166,427
(259,119) 630,906 371,787
(280,626) 1,549,770 1,269,145
(303,917) 1,305,636 1,001,719
(329,142) 1,708,622 1,379,479
(356,461) 766,870 410,409
1,883,756 1,883,756
845,474 845,474
(1,910,500) (1,910,500) 200,000
(572,250) (572,250) 908,122
(1,405,688) (1,405,688) 1,236,211
(630,906) (630,906) 1,596,128
(1,549,770) (1,549,770) 1,970,070
(1,305,636) (1,305,636) 2,378,566
(1,708,622) (1,708,622) 2,795,564
(766,870) (766,870) 3,241,694
(1,883,756) (1,883,756) 4,077,831
(845,474) (845,474) 4,585,279
5,367,031
12
11.3.
Balance Sheet
Balance Sheet
Year 0 Assets Current assets Cash & Bank Pre-paid building rent Total Current Assets Fixed assets Machinery & equipment Furniture & fixtures Cafe equipment Total Fixed Assets Intangible assets Pre-operation costs Legal, licensing, & training costs Total Intangible Assets TOTAL ASSETS Liabilities & Shareholders' Equity Current liabilities Total Current Liabilities Other liabilities Deferred tax Long term debt (Project Loan) Total Long Term Liabilities Shareholders' equity Paid-up capital Retained earnings Total Equity TOTAL CAPITAL AND LIABILITIES
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
200,000 100,000 300,000
1,108,122 110,000 1,218,122
2,344,333 121,000 2,465,333
3,940,461 133,100 4,073,561
5,910,532 146,410 6,056,941
8,289,098 161,051 8,450,149
11,084,662 177,156 11,261,818
14,326,356 194,872 14,521,228
18,404,187 214,359 18,618,546
22,989,467 235,795 23,225,261
28,356,498 28,356,498
545,000 478,000 730,000 1,753,000
1,062,750 430,200 365,000 1,857,950
1,551,888 382,400 804,825 2,739,113
2,010,982 334,600 402,413 2,747,994
2,438,531 286,800 887,320 3,612,651
2,832,958 849,063 443,660 4,125,680
3,192,605 740,256 978,270 4,911,132
3,515,736 631,450 489,135 4,636,321
3,800,522 522,644 1,078,542 5,401,709
4,045,049 413,838 539,271 4,998,157
3,359,553 305,031 3,664,585
157,500 157,500 2,210,500
126,000 126,000 3,202,072
94,500 94,500 5,298,945
63,000 63,000 6,884,556
31,500 31,500 9,701,092
12,575,829
16,172,949
19,157,548
24,020,255
28,223,419
32,021,082
1,989,450 1,989,450
(85,658) 1,768,526 1,682,868
(206,149) 1,529,266 1,323,117
(359,456) 1,270,147 910,691
(530,995) 989,521 458,527
(720,036) 685,604 (34,432)
(924,214) 356,461 (567,753)
(1,138,352) (1,138,352)
(1,362,946) (1,362,946)
(1,577,469) (1,577,469)
(1,773,421) (1,773,421)
221,050 221,050 2,210,500
793,300 725,904 1,519,204 3,202,072
2,198,987 1,776,841 3,975,829 5,298,945
2,829,893 3,143,971 5,973,865 6,884,556
4,379,664 4,862,902 9,242,565 9,701,092
5,685,300 6,924,961 12,610,261 12,575,829
7,393,922 9,346,781 16,740,703 16,172,949
8,160,791 12,135,109 20,295,900 19,157,548
10,044,547 15,338,654 25,383,201 24,020,255
10,890,021 18,910,867 29,800,888 28,223,419
10,890,021 22,904,483 33,794,503 32,021,082
13
11.4.
Useful Links
Prime Ministers Office, www.pmo.gov.pk Government of Pakistan, www.pakistan.gov.pk Ministry of Industries & Production, www.moip.gov.pk Ministry of Education, Training & Standards in Higher Education, http://moptt.gov.pk Government of Punjab, www.punjab.gov.pk Government of Sindh, www.sindh.gov.pk Government of Khyber Pakhtunkhwa, www.khyberpakhtunkhwa.gov.pk Government of Balochistan, www.balochistan.gov.pk Government of Gilgit Baltistan, www.gilgitbaltistan.gov.pk Government of Azad Jamu Kashmir, www.ajk.gov.pk Trade Development Authority of Pakistan (TDAP), www.tdap.gov.pk Security Commission of Pakistan (SECP), www.secp.gov.pk Federation of Pakistan Chambers of Commerce and Industry (FPCCI) www.fpcci.com.pk State Bank of Pakistan (SBP), www.sbp.org.pk National Bank of Pakistan (NBP), www.nbp.com.pk First Women Bank Limited (FWBL), www.fwbl.com.pk Pakistan Software Houses Association, www.pasha.org.pk Pakistan Software Export Board, www.pseb.org.pk Punjab Information Technology Board, www.pitb.org.pk Lahore school of Animation, www.lsa.org.pk National College of Arts, www.nca.edu.pk Beaconhouse National University, www.bnu.edu.pk
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12.
KEY ASSUMPTION
Table 9: Operating Assumptions
Project Hours Operational per day Days operational per month Days operational per year 8 25 300
Table 10 - Economy Related Assumptions
Annual Electricity Price Growth Annual Salary Growth Rate Rent Growth Rate Annual Sale Price Growth Rate
10% 10% 10% 5%
Table 11 - Financial Assumptions
Project Life (Years) Debt Equity Ratio Interest Rate on Long Term Debt Long Term Debt Tenure (Years) Number of Payment/Year Income Tax Rates
10 90 : 10 8% 7 12 Sole Proprietorship Tax Slabs
15

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Pre-Feasibility Study Prime Ministers Small Business Loan Scheme