ANNEXES (contd.)

ANNEX 5
FINANCIAL ANALYSIS (contd.)

ANNEX 5 - Table 4

ESTIMATED OPERATING COST FOR A 3-HA MODEL FISH SEED FARM

Item		Cost (I.Rs.)
Brood stock:
	Asiatic carps (0.25 ton, at I.Rs. 12 500/ton)	3 125
	Common carp (0.2 ton, at I.Rs. 10 000/ton)	2 000

Fertilizers and feeds:
	Mahua oil cake (2.0 ton, at I.Rs. 1 000/ton)	2 000
	Cow dung (7.5 ton, at I.Rs. 50/ton)	375
	Chicken manure (5.0 ton, at I.Rs. 100/ton)	500
	Wheat flour (0.25 ton, at I.Rs. 1 200/ton)	300
	Mustard oil cake (2.0 ton, at I.Rs. 1 000/ton)	2 000
	Rice bran (4.0 ton, at I.Rs. 500/ton)	2 000
	Wheat (0.5 ton, at I.Rs. 800/ton)	400

Wages:
	60 man-months, at I.Rs. 500/man-month	30 000

Pick-up truck¹		6 000

Water pumps:
	Portable diesel pump²	4 000
	Electrical pump³	900

Maintenance:
	Earthwork, water gates, building and other facilities⁴	9 730

Miscellaneous:
	Interest on working capital⁵	3 485
TOTAL		66 815

¹ Estimated operating cost for a three-wheel pick-up truck: Depreciation period is 7 years; residual value is 15% of the initial cost; annual running hours: 500; insurance is 3% of the average capital; repairing cost is 50% of the value of depreciation; fixed cost is I.Rs. 2 000; running cost is I.Rs. 4 000; total operating cost is I.Rs. 6 000

² Estimated operating cost for a portable diesel pump: Depreciation period is15 years; residual value is 15% of the initial cost; annual running hours; 1000; insurance is 1.2% of the average capital; repairing cost is 50% of the value of depreciation; fuel consumption is 1.4 l/h; oil consumption is 0.05 l/h; fixed cost is I.Rs. 1 530; operating cost is I.Rs. 2 470; total operating cost is I.Rs. 4 000

³ Estimated operating cost for an electrical pump: Depreciation period is 15 years; residual value is 15% of the initial cost; annual running hours: 1 500; insurance is 1.2% of the average capital; repairing cost is 10% of the value of depreciation; fixed cost is I.Rs. 150; operating cost is I.Rs. 750; total operating cost is I.Rs. 900

⁴ Approximately 3% of the initial cost

⁵ Of the operating cost, about 50% is required as working capital and the interest rate on the working capital is 11% per annum

ANNEX 5 - Table 5

ESTIMATED OPERATING COST FOR A 10-HA MODEL FISH SEED FARM

Item		Cost (I.Rs.)
Brood stock:
	Asiatic carps (1.5 ton, at I.Rs. 12 500/ton)	18 750
	Common carp (0.7 ton, at I.Rs. 10 000/ton)	7 000

Fertilizers and feeds:
	Mahua oil cake (6.6 ton, at I.Rs. 1 000/ton)	6 600
	Cow dung (25.0 ton, at I.Rs. 50/ton)	1 250
	Chicken manure (16.5 ton, at I.Rs. 100/ton)	1 650
	Wheat flour (0.8 ton, at I.Rs. 1 200/ton)	960
	Mustard oil cake (6.6 ton, at I.Rs. 1 000/ton)	6 600
	Rice bran (13.2 ton, at I.Rs. 500/ton)	6 600
	Wheat (1.5 ton, at I.Rs. 800/ton)	1 200

Wages:
	96 man-months, at I.Rs. 500/man-month	48 000

Pick-up truck¹		11 500

Water pumps:
	Portable diesel pump²	7 850
	Electrical pump³	1 200

Maintenance:
	Earthwork, water gates, building and other facilities⁴	16 635

Miscellaneous:
	Interest on working capital⁵	7 470
	TOTAL	143 265

¹ Estimated operating cost for a three-wheel pick-up truck: Depreciation period is 7 years; residual value is 15% of the initial cost; annual running hours: 700; insurance is 3% of the average capital; repairing cost is 50% of the value of depreciation; fixed cost is I.Rs. 3 500; running cost is I.Rs. 8 000, and the total operating cost is I.Rs. 11 500

² Estimated operating cost for a portable diesel pump: Depreciation period is 15 years; residual value is 15% of the initial cost; annual running hours: 1 000; insurance is 1.2% of the average capital; repairing cost is 50% of the value of depreciation; fuel consumption is 2.2 l/h; oil consumption is 0.05 l/h; fixed cost is I.Rs. 2 850; operating cost is I.Rs. 5 000, and the total operating cost is I.Rs. 7 850

³ Estimated operating cost for an electrical pump: Depreciation period is 15 years; residual value is 15% of the initial cost; repairing cost is 10% of the value of depreciation; insurance is 1.2% of the average capital; fixed cost is I.Rs. 200; operating cost is I.Rs. 1 000, and the total operating cost is I.Rs. 1 200

⁴ Approximately 3% of the initial cost

⁵ Of the operating cost, about 50% is required as working capital and the interest rate on the working capital is 11% per annum

ANNEX 5 - Table 6

ESTIMATED OPERATING COST FOR A 25-HA MODEL FISH SEED FARM

Item		Cost (I.Rs.)
Brood stock:
	Asiatic carps (4.0 ton, at I.Rs. 12 500/ton)	50 000
	Common carp (2.0 ton, at I.Rs. 10 000/ton)	20 000

Fertilizers and feeds:
	Mahua oil cake (19.2 ton, at I.Rs. 1 000/ton)	19 200
	Cow dung (63.0 ton, at I.Rs. 50/ton)	3 150
	Chicken manure (42.0 ton, at I.Rs. 100/ton)	4 200
	Wheat flour (2.1 ton, at I.Rs. 1 200/ton)	2 520
	Mustard oil cake (19.2 ton, at I.Rs. 1 000/ton)	19 200
	Rice bran (38.7 ton, at I.Rs. 500/ton)	19 350
	Wheat (3.75 ton, at I.Rs. 800/ton)	3 000

Wages:
	180 man-months, at I.Rs. 500/man-month	90 000

Truck¹		38 610

Water pumps:
	Portable diesel pump²	10 918
	Electrical pump³	2 280

Maintenance:
	Earthwork, water gates, building and other facilities⁴	28 780

Miscellaneous:
	Interest on working capital⁵	14 730
	TOTAL	325 938

¹ Estimated operating cost for a truck: Depreciation period is 7 years; residual value is 15% of the initial cost; annual running hours: 700; insurance is 3% of the average capital; repairing cost is 50% of the value of depreciation; fixed cost is I.Rs. 12 150; running cost is I.Rs. 26 460, and the total operating cost is I.Rs. 38 610

² Estimated operating cost for a portable diesel pump: Depreciation period is15 years; residual value is 15% of the initial cost; annual running hours: 1 000; insurance is 1.2% of the average capital; repairing cost is 50% of the value of depreciation; fuel consumption is 2.6 l/h; oil consumption is 0.07 l/h; fixed cost is I.Rs. 3 769; operating cost is I.Rs. 7 149; total operating cost is I.Rs. 10 918

³ Estimated operating cost for an electrical pump: Depreciation period is 15 years; residual value is 15% of the initial cost; annual running hours: 1 500; insurance is 1.2% of the average capital; repairing cost is 10% of the value of depreciation; fixed cost is I.Rs. 280; operating cost is I.Rs. 2 000; total operating cost is I.Rs. 2 280

⁴ Approximately 3% of the initial cost

⁵ Of the operating cost, about 50% is required as working capital and the interest rate on the working capital is 11% per annum

ANNEX 5 - Table 7

CASH FLOW PROJECTIONS FOR FISH SEED FARMS

(in I.Rs.)

		3-ha model		10-ha model			25-ha model
		year		year			year
		1	2–8	1	2–7	8	1	2	3–7	8
Cash Inflow
	Net sales¹	50 000	150 000	240 000	720 000	720 000	600 000	1 200 000	1 800 000	1 800 000
	Loan amount²	325 800	-	584 625	-	-	1 098 900	-	-	-
	Borrowers' contribution³	108 600	-	194 875	-	-	366 300	-	-	-
	Total	484 400	150 000	1 019 500	720 000	720 000	2 065 200	1 200 000	1 800 000	1 800 000
Cash Outflow
	Operating cost⁴	22 272	66 815	47 755	43 265	143 265	108 646	325 938	325 938	325 938
	Investment cost⁵	434 400	-	779 500	-	-	1 465 200	-	-	-
	Debt service⁶	-	68 970	-	138 192	-	-	259 754	259 754	-
	Total	456 672	135 785	827 255	181 457	143 265	1 573 846	585 692	585 692	325 938
Net Cash Flow		27 273	14 215	2 245	438 543	576 735	491 354	614 308	1 214 308	1 474 062
Financial Benefit/Cost
	Benefit	50 000	150 000	240 000	720 000	720 000	600 000	1 200 000	1 800 000	1 800 000
	Cost	457 127	66 815	827 255	143 265	143 265	1 573 846	325 938	325 938	325 938
	Net Benefit	(407 127)	83 185	(587 255)	576 735	576 735	(973 846)	874 062	1 474 062	1 474 062
Financial Rate of Return		Approximately 10 percent		Over 50 percent			Over 50 percent

¹ Net sales in the first year for the 3-ha and 10-ha models are 33% of the net sales at full development; net sales in the first and second years for the 25-ha model are, respectively, 33% and 66% of the net sales at full development, which are projected on the basis of an annual production of 2.5, 12 and 30 million standard-size carp finglerlings from the fish seed farms of, respectively, 3 ha, 10 ha and 25 ha models. Price assumed to be I.Rs. 60 per 1 000 (see Table 5, Annex 2)

² 75 percent of the investment cost

³ 25 percent of the investment cost

⁴ See Tables 4, 5 and 6 in this Annex

⁵ See Tables 1, 2 and 3 in this Annex

⁶ The first year's interest on the loan is capitalized at 11% interest. For the following 6 years, the principal and the capitalized interest are amortized at 11% interest per annum for the 10 ha and 25 ha models and for the following 7 years for the 3 ha models

ANNEX 5 - Table 8

ESTIMATED UNIT INVESTMENT COST FOR REHABILITATED FISHPONDS (TYPE B)

Item	Cost in I.Rs.¹
Item	Model 1 0.75 ha	Model 2 1.5 ha	Model 3 5.0 ha
Desilting²	3 350	5 025	12 050
Outlet screen³	200	200	500
Fishpond equipment⁴	200	200	500
TOTAL	3 750	5 425	13 450

¹ The estimated incremental working capital costs are not included

² Removal of silt along the margins of the pond at a unit cost of I.Rs. 4.0/m³; about 800 m³, 1 200 m³ and 3 000 m³ for models 1, 2 and 3, respectively, and dewatering at I.Rs. 0.15/m³; about 1 000 m³, 1 500 m³ and 3 000 m³ for models 1, 2 and 3, respectively

³ Bamboo screen with wooden frame

⁴ Small seine and gill-net, and hand tools

ANNEX 5 - Table 9

ESTIMATED UNIT INVESTMENT COST FOR IMPROVED FISHPONDS (TYPE C)

Item	Cost in I.Rs.¹
Item	Model 1 0.75 ha	Model 2 1.5 ha	Model 3 5.0 ha
Desilting²	4 950	7 400	18 450
Outlet screen³	200	200	500
Fishpond equipment⁴	200	200	500
TOTAL	5 350	7 800	19 450

¹ This does not include the estimated incremental working capital costs

² Removal of silt along the margins of the pond at a unit cost of I.Rs. 4.0/m³; about 1 200 m³, 1 800 m³ and 4 500 m³ for models 1, 2 and 3, respectively, and dewatering at I.Rs. 0.15/m³; about 1 000 m³, 1 500 m³ and 3 000 m³ for models 1, 2 and 3, respectively

³ Bamboo screen with wooden frame

⁴ Small seine and gill-net, and hand tools

ANNEX 5 - Table 10

ESTIMATED UNIT INVESTMENT COST FOR IMPROVED IRRIGATION PONDS (TYPE D)

Model 1 (10-ha) Item:	Volume or unit	Unit price (I.Rs.)	Cost (I.Rs.)
Dike construction¹	500 m³	4.00	2 000.00
Dewatering	2 500 m³	0.16	400.00
Outlet screen²	1 set	1 000.00	1 000.00
Guard's hut³	1 unit	10 000.00	10 000.00
Fishing gear and tools⁴	1 set	5 000.00	5 000.00
TOTAL for Model 1			18 400.00
Model 2 (25-ha) Item:	Volume or unit	Unit price (I.Rs.)	Cost (I.Rs.)
Dike construction⁵	800 m³	4.00	3 200.00
Dewatering	6 300 m³	0.16	1 008.00
Outlet screen²	1 set	2 000.00	2 000.00
Guard's hut³	1 unit	10 000.00	10 000.00
Fishing gear and tools⁴	1 set	8 000.00	8 000.00
TOTAL for Model 2			24 208.00
Model 3 (75-ha) Item:	Volume or unit	Unit price (I.Rs.)	Cost (I.Rs.)
Dike construction⁶	1 400 m³	4.00	5 600.00
Dewatering	20 000 m³	0.16	3 200.00
Outlet screen²	1 set	4 000.00	4 000.00
Guard's hut³	1 unit	10 000.00	10 000.00
Fishing gear and tools⁴	1 set	15 000.00	15 000.00
TOTAL for Model 3			37 800.00

¹ Construction of a 0.25-ha post-fingerling holding pond within the irrigation pond

² Bamboo screen with a wooden frame

³ With a floor space of 12 m³, constructed with masonry and concrete slabs

⁴ Small seine and gill nets, fish traps and hand tools

⁵ Construction of a 0.63-ha post-fingerling holding pond within the irrigation pond

⁶ Construction of a 2-ha post-fingerling holding pond within the irrigation pond

ANNEX 5 - Table 11

ESTIMATED UNIT OPERATING COST FOR REHABILITATED FISHPONDS (TYPE A)

Model 1 (0.75 ha) Item:			Cost (I.Rs.)
Fish seeds¹:			83
	Catla and silver carp,	540, at I.Rs. 100/1 000
	Rohu,	130, at I.Rs. 80/1 000
	Mrigal,	270, at I.Rs. 50/1 000
	Common carp and grass carp,	180, at I.Rs. 20/1 000
Mahua oil cake, 300 kg, at I.Rs. 1.00/kg²			300
Wages: 30 man-days, at I.Rs. 6.00/man-day³			180
TOTAL for Model 1			563
Model 2 (1.5 ha) Item:			Cost (I.Rs.)
Fish seeds¹:			164
	Catla and silver carp,	1 080, at I.Rs. 100/1 000
	Rohu,	270, at I.Rs. 80/1 000
	Mrigal,	540, at I.Rs. 50/1 000
	Common carp,	360, at I.Rs. 20/1 000
Mahua oil cake, 600 kg, at I.Rs. 1.00/kg²			600
Wages: 40 man-days, at I.Rs. 6.00/man-day³			240
Interest on working capital⁴			74
TOTAL for Model 2			1 078
Model 3 (5.0 ha) Item:			Cost (I.Rs.)
Fish seeds¹:			544
	Catla and silver carp,	3 600, at I.Rs. 100/1 000
	Rohu,	900, at I.Rs. 80/1 000
	Mrigal,	1 800, at I.Rs. 50/1 000
	Common carp,	1 200, at I.Rs. 20/1 000
Mahua oil cake, 2 000 kg, at I.Rs. 1.00/kg²			2 000
Wages: 50 man-days, at I.Rs. 6.00/man-day³			300
Interest on working capital⁴			210
TOTAL for Model 3			3 054

¹ On the basis of commercial price at the size of 0.5 cm, weighing 1.5 g

² At a strength of 5 ppm of saponin

³ Family labour

⁴ Approximately two thirds of the total operating cost is required as working capital and the interest rate on the working capital is calculated at 11% per annum

ANNEX 5 - Table 12

ESTIMATED UNIT OPERATING COST FOR REHABILITATED FISHPONDS (TYPE B)

Model 1 (0.75 ha)		Item:	Cost (I.Rs.)
Fish seeds¹:			136
	Catla and silver carp,	900, at I.Rs. 100/1 000
	Rohu,	225, at I.Rs. 80/1 000
	Mrigal,	450, at I.Rs. 50/1 000
	Common carp,	300, at I.Rs. 20/1 000
Mahua oil cake, 300 kg, at I.Rs. 1.00/kg²			300
Cow dung, 2.25 ton, at I.Rs. 50/ton			112
Wages: 50 man-days, at I.Rs. 6.00/man-day³			300
Depreciation of equipment			100
Interest on working capital⁴			62
TOTAL for Model 1			1 010
Model 2 (1.5 ha)		Item	Cost (I.Rs.)
Fish seeds¹:			275
	Catla and silver carp,	1 800, at I.Rs. 100/1 000
	Rohu,	450, at I.Rs. 80/1 000
	Mrigal,	900, at I.Rs. 50/1 000
	Common carp,	600, at I.Rs. 20/1 000
Mahua oil cake, 600 kg, at I.Rs. 1.00/kg²			600
Cow dung, 4.5 ton, at I.Rs. 50/ton			225
Wages: 75 man-days, at I.Rs. 6.00/man-day⁵			450
Depreciation of equipment			100
Interest on working capital⁴			114
TOTAL for Model 2			1 764
Model 3 (5.0 ha)		Item:	Cost (I.Rs.)
Fish seeds¹:			910
	Catla and silver carp,	6 000, at I.Rs. 100/1 000
	Rohu,	1 500, at I.Rs. 80/1 000
	Mrigal,	3 000, at I.Rs. 50/1 000
	Common carp,	2 000, at I.Rs. 20/1 000
Mahua oil cake, 2 000 kg, at I.Rs. 1.00/kg²			2 000
Cow dung, 12 ton, at I.Rs. 50/ton			600
Wages: 100 man-days, at I.Rs. 6.00/man-day³			600
Depreciation of equipment			250
Interest on working capital⁴			303
TOTAL for Model 3			4 663

¹ On the basis of commercial price at the size of 5.0 cm, weighing 1.5 g

² At a concentration of 5 ppm of saponin

³ One half of the wages will be for hired labour

⁴ Approximately two thirds of the total operating cost is required as working capital and the interest rate of the working capital is calculated at 11% per annum

⁵ One third of the wages will be for hired labour.

ANNEX 5 - Table 13

ESTIMATED UNIT OPERATING COST FOR IMPROVED FISHPONDS (TYPE C)

Model 1 (0.75 ha) Item:			Cost (I.Rs.)
Fish Seeds¹:			205
	Catla and silver carp,	1 350, at I.Rs. 100/1 000
	Rohu,	338, at I.Rs. 80/1 000
	Mrigal,	675, at I.Rs. 50/1 000
	Common carp,	450, at I.Rs. 20/1 000
Mahua oil cake, 300 kg, at I.Rs. 1.00/kg²			300
Cow dung, 2.25 ton, at I.Rs. 50/ton			112
Rice or wheat bran, 375 kg, at I.Rs. 0.9/kg			337
Wages: 75 man-days, at I.Rs. 6.00/man-day³			450
Depreciation of equipment			100
Interest on working capital⁴			103
TOTAL for Model 1			1 607
Model 2 (1.5 ha) Item:			Cost (I.Rs.)
Fish seeds¹:			416
	Catla and silver carp,	2 700, at I.Rs. 100/1 000
	Rohu,	750, at I.Rs. 80/1 000
	Mrigal,	1 350, at I.Rs. 50/1 000
	Common carp,	900, at I.Rs. 20/1 000
Mahua oil cake, 600 kg, at I.Rs. 1.00/kg²			600
Cow dung, 4.5 ton, at I.Rs. 50/ton			225
Rice or wheat bran, 0.75 ton, at I.Rs. 900/ton			675
Wages: 100 man-days, at I.Rs. 6.00/man-day⁵			600
Depreciation of equipment			100
Interest on working capital⁴			185
TOTAL for Model 2			2 801
Model 3 (5.0 ha) Item:			Cost (I.Rs.)
Fish seeds¹:			1 365
	Catla and silver carp,	9 000, at I.Rs. 100/1 000
	Rohu,	2 250, at I.Rs. 80/1 000
	Mrigal,	4 500, at I.Rs. 50/1 000
	Common carp,	3 000, at I.Rs. 20/1 000
Mahua oil cake, 2 000 kg, at I.Rs. 1.00/kg²			2 000
Cow dung, 12 ton, at I. Rs. 50/ton			600
Rice or wheat bran, 2.5 ton, at I.Rs. 900/ton			2 250
Wages: 200 man-days, at I.Rs. 6.00/man-day³			1 200
Depreciation of equipment			250
Interest on working capital⁴			546
TOTAL for Model 3			8 211

¹ On the basis of commercial price at the size of 5.0 cm, weighing 1.5 g

² At a concentration of 5 ppm of saponin

³ Three quarters of the wages will be for hired labour

⁴ Approximately two thirds of the total operating cost is required as working capital and the interest rate of the working capital is calculated at 11% per annum

⁵ One half of the wages will be for hired labour.

ANNEX 5 - Table 14

ESTIMATED UNIT OPERATING COST FOR IMPROVED IRRIGATION PONDS (TYPE D)

Model 1 (10-ha) Item:		Cost (I.Rs.)
Fish seed:		920
	Catla, silver carp and grass carp,
	7 000, at I.Rs. 100/1 000
	Rohu, 1 000, at I.Rs. 80/1 000
	Mrigal, 2 000, at I.Rs. 50/1 000
	Common carp, 2 000, at I.Rs. 20/1 000
Pumping of 2 000 m³ of water, at I.Rs. 0.16/m³		320
Mahua oil-seed cake, 0.75 ton, at I.Rs. 1 000/ton		750
Guard, 9 man-months, at I.Rs. 180/man-month		1 620
Labour, 70 man-days, at I.Rs. 6.00/man-day		420
Maintenance¹		1 680
Interest on working capital²		240
TOTAL for Model 1		5 950
Model 2 (25-ha) Item:		Cost (I.Rs.)
Fish seed:		2 300
	Catla, silver carp and grass carp,
	17 500, at I.Rs. 100/1 000
	Rohu, 2 500, at I.Rs. 80/1 000
	Mrigal, 5 000, at I.Rs. 50/1 000
	Common carp, 5 000, at I.Rs. 20/1 000
Pumping of 6 300 m³ of water, at I.Rs. 0.16/m³		1 008
Mahua oil-seed cake, 2.0 ton, at I.Rs. 1 000/ton		2 000
Guard, 9 man-months, at I.Rs. 180/man-month		1 620
Labour, 150 man-days, at I.Rs. 6.00/man-day		900
Maintenance¹		2 800
Interest on working capital²		580
TOTAL for Model 2		11 208
Model 3 (75 ha) Item:		Cost (I.Rs.)
Fish seed:		6 900
	Catla, silver carp and grass carp,
	52 500, at I.Rs. 100/1 000
	Rohu, 7 500, at I.Rs. 80/1 000
	Mrigal, 15 000, at I.Rs. 50/1 000
	Common carp, 15 000, at I.Rs. 20/1 000
Pumping of 20 000 m³ of water, at I.Rs. 0.16/m³		3 200
Mahua oil-seed cake, 6.0 ton, at I.Rs. 1 000/ton		6 000
Guard, 9 man-months, at I.Rs. 180/man-month		1 620
Labour, 300 man-days, at I.Rs. 6.00/man-day		1 800
Maintenance¹		4 050
Interest on working capital²		1 300
TOTAL for Model 3		24 870

¹ Maintenance of screens and fishing gear, and of the dikes of the fingerling-pond

² Approximately 50% of the total operating cost is required as working capital, and the interest rate of the working capital is calculated at 11% per annum

ANNEX 5 - Table 15

CASH FLOW PROJECTIONS FOR REHABILITATED AND IMPROVED FISH PONDS

(in I. Rs.)

		Model 1 of Type A¹	Model 1 of Type B¹				Model 1 of Type C¹
		year	year				year
		1–9	1	2–7	8	9	1	2–7	8	9
Cash Inflow
	Net sales²	1 575	2 625	2 625	2 625	2 625	3 937	3 937	3 937	3 937
	Borrowers' contribution³	-	938	-	-	-	1 337	-	-	-
	Loan amount⁴	-	2 812	-	-	-	4 013	-	-	-
	Total	1 575	6 375	2 625	2 625	2 625	9 287	3 937	3 937	3 937
Cash Outflow
	Operating cost⁵	377	1 010	1 010	1 010	1 010	1 607	1 607	1 607	1 607
	Investment cost⁶	-	3 750	-	-	-	5 350	-	-	-
	Debt service⁷	-	-	655	938	-	-	850	1 337	-
	Total	377	4 760	1 665	1 948	1 010	6 957	2 457	2 944	1 607
Financial Benefit/Cost
	Benefit	1 575	2 625	2 625	2 625	2 625	3 937	3 937	3 937	3 937
	Cost	377	4 760	1 010	1 948	1 010	6 957	1 607	2 944	1 607
	Net benefit	1 198	(2 135)	1 615	677	1 615	(3 020)	2 330	993	2 330
Financial Rate of Return			Over 50 percent				Over 50 percent

¹ 0.75-ha model

² Net sales are projected on the basis of a yield of 0.6 ton, 1.0 ton and 1.5 ton/ha/year from the rehabilitated and improved fish ponds, respectively, of type A, B and C

³ 25 percent of the investment cost

⁴ 75 percent of the investment cost

⁵ See Tables 11, 12 and 13

⁶ See Tables 8, 9 and 10

⁷ The first year's interest on the loan is capitalized at 11% interest. For the following 6 years, the principal and the capitalized interest are amortized at 11% interest per annum

ANNEX 5 - Table 16

CASH FLOW PROJECTIONS FOR REHABILITATED AND IMPROVED FISH PONDS

(in I. Rs.)

		Model 2 of Type A¹	Model 2 of Type B¹				Model 2 of Type C¹
		year	year				year
		1–7	1	2–7	8	9	1	2–7	8	9
Cash Inflow
	Net sales²	3 150	5 250	5 250	5 250	5 250	7 875	7 875	7 875	7 875
	Borrowers' contribution³	-	1 356	-	-	-	1 950	-	-	-
	Loan amount⁴	-	4 069	-	-	-	3 400	-	-	-
	Total	3 150	10 675	5 250	5 250	5 250	12 225	7 875	7 875	7 875
Cash Outflow
	Operating cost⁵	1 078	1 764	1 764	1 764	1 764	2 801	2 801	2 801	2 801
	Investment cost⁶	-	5 425	-	-	-	5 350	-	-	-
	Debt service⁷	-	-	861	1 356	-	-	719	1 950	-
	Total	1 078	7 189	2 625	3 120	1 764	8 151	3 520	4 751	2 801
Financial Benefit/Cost
	Benefit	3 150	5 250	5 250	5 250	5 250	7 875	7 875	7 875	7 875
	Cost	1 078	7 189	1 764	3 120	1 764	8 151	2 801	4 751	2 801
	Net benefit	2 072	(1 939)	3 486	2 130	3 486	(276)	5 074	3 124	5 074
Financial Rate of Return			Over 50 percent				Over 50 percent

¹ 1.5-ha model

² Net sales are projected on the basis of a yield of 0.9 ton, 1.5 ton and 2.25 ton/ha/year from the rehabilitated and improved fish ponds, respectively, of type A, B and C

³ 25 percent of the investment cost

⁴ 75 percent of the investment cost

⁵ See Tables 11, 12 and 13 of this Annex

⁶ See Tables 8, 9 and 10 of this Annex

⁷ The first year's interest on the loan is capitalized at 11% interest. For the following 6 years, the principal and the capitalized interest are amortized at 11% interest per annum

ANNEX 5 - Table 17

CASH FLOW PROJECTIONS FOR REHABILITATED AND IMPROVED FISH PONDS

(in I. Rs.)

		Model 3 of Type A¹	Model 3 of Type B¹				Model 3 of Type C¹
		year	year				year
		1–7	1	2–7	8	9	1	2–7	8	9
Cash Inflow
	Net sales²	10 500	17 500	17 500	17 500	17 500	26 250	26 250	26 250	26 250
	Borrowers' contribution³	-	3 361	-	-	-	4 863	-	-	-
	Loan amount⁴	-	10 089	-	-	-	14 587	-	-	-
	Total	10 500	30 950	17 500	17 500	17 500	45 700	26 250	26 250	26 250
Cash Outflow
	Operating cost⁵	3 054	4 663	4 663	4 663	4 663	8 211	8 211	8 211	8 211
	Investment cost⁶	-	13 450	-	-	-	19 450	-	-	-
	Debt service⁷	-	-	2 134	3 361	-	-	3 086	4 863	-
	Total	3 054	18 113	6 797	8 024	4 663	27 661	11 297	13 074	8 211
Financial Benefit/Cost
	Benefit	10 500	17 500	17 500	17 500	17 500	26 250	26 250	26 250	26 250
	Cost	3 054	18 113	4 663	8 024	4 663	27 661	8 211	13 074	8 211
	Net benefit	7 446	(613)	12 837	9 476	12 837	(1 411)	18 039	13 176	18 039
Financial Rate of Return			Over 50 percent				Over 50 percent

¹ 5.0-ha model

² Net sales are projected on the basis of a yield of 3.0 ton, 5.0 ton and 7.5 ton/ha/year from the rehabilitated and improved fish ponds, respectively, of type A, B and C

³ 25 percent of the investment cost

⁴ 75 percent of the investment cost

⁵ See Tables 11, 12 and 13 of this Annex

⁶ See Tables 8 and 9 of this Annex

⁷ The first year's interest on the loan is capitalized at 11% interest. For the following 6 years, the principal and the capitalized interest are amortized at 11% interest per annum

ANNEX 5 - Table 18

CASH FLOW PROJECTIONS FOR IMPROVED SMALL IRRIGATION RESERVOIRS

(in I.Rs.)

		Model 1 of Type D¹				Model 2 of Type D¹				Model 3 of Type D¹
		year				year				year
		1	2–7	8	9	1	2–7	8	9	1	2–7	8	9
Cash Inflow
	Net sales²	14 000	14 000	14 000	14 000	26 250	26 250	26 250	26 250	52 500	52 500	52 500	52 500
	Borrowers' contribution³	4 600	-	-	-	6 050	-	-	-	9 450	-	-	-
	Loan amount⁴	13 800	-	-	-	18 150	-	-	-	28 350	-	-	-
	Total	32 400	14 000	14 000	14 000	50 450	26 250	26 250	26 250	90 300	52 500	52 500	52 500
Cash Outflow
	Operating cost⁵	6 130	6 130	6 130	6 130	11 200	11 200	11 200	11 200	24 870	24 870	24 870	24 870
	Investment cost⁶	18 400	-	-	-	35 400	-	-	-	37 800	-	-	-
	Debt service⁷	-	2 919	4 600	-	-	3 848	6 050	-	-	5 997	9 450	-
	Total	24 530	9 049	10 730	6 130	46 600	15 048	17 250	11 200	62 670	30 867	34 320	24 870
Financial Benefit/Cost
	Benefit	14 000	14 000	14 000	14 000	26 250	26 250	26 250	26 250	52 500	52 500	52 500	52 500
	Cost	24 530	6 130	10 730	6 130	46 600	11 200	17 250	11 200	62 670	24 870	34 320	24 870
	Net benefit	(10 530)	7 870	3 270	7 870	(20 350)	15 050	9 000	15 050	(10 170)	27 630	18 180	27 630
Financial Rate of Return							Over 50 percent				Over 50 percent