Acknowledgement

I hereby take of Business Administration, Lucknow University, for her

guidance the opportunity to express my profound sense of great reverence, awe and

gratitude to all of them who have helped me in the successful completion of this

desertion project.

I wish to express my sincere gratitude to Mr. Sanjay Medhavi, and his

support rendered to me in solving my problems and difficulties that I faced in

completing this task on such a varied and vast subject.

I will be failing in my duty, if I do not acknowledge my heartfelt thanks to Dr.

B.L. Bajpai (H.O.D) and all the teaching faculty of Department of Business

Administration, Lucknow University, for their esteem guidance and support

rendered to me.

Last but not the least I take this opportunity to express my heartfelt

appreciation for my colleagues for their support and encouragement.

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Declaration

This comprehensive project titled

Radhika Bakery Pvt. Ltd.

is my own piece of work and has been prepared for the partial fulfillment of MBA Degree (2006-08).

I also declare that this project is not submitted anywhere for the award of any research work, degree, or diploma.

Lokesh Kr Shrivastava

MBA (EB) Sem. - IV

Roll No: 71127

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INDEX

SI No. Particulars Page No.1. Executive Summary 4 - 6

Executive Summary 4

Objectives 6

Mission 6

2. Company Summary 7

Company Summary 7

Company Ownership 7

Company Location: 7

3. Products 8

Products 8

4. Market Analysis Summary 9 - 11

Market Analysis Summary 9

Market Segmentation 9

Target Market Segment Strategy 10

Industry Analysis 10

Competition and Buying Patterns 11

5. SWOT Analysis 12

6. Strategy and Implementation Summary 13 - 14

Strategy and Implementation Summary 13

Competitive Edge 13

Sales Strategy 13

Sales Forecast 14

7. Management Summary 15- 16

Management Summary 15

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Personnel Plan 15

8. Financial Plan 17 - 28

Financial Plan 17

Basis and Presumptions 17

Financial Aspects 18

Fixed Capital 18

Working Capital 19

Machinery Utilization 22

Financial Analysis 23

Projected Profit and Loss 24

Projected Balance Sheet 25

Business Ratios 26

Break even analysis 28

Projected Cash Flow Statement 29

9. Bibliography 30

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1. Executive Summary

Executive Summary

Radhika Bakery is a new organic bakery specializing in gluten, wheat and dairy free products. Within the last three years there have been significant increases in demand for these bakery products. This can be explained to a large degree by the fact that up until recently Indians have had food allergies that have been undiagnosed. It has been only in the last few years that medical doctors have begun to diagnosis food allergies correctly. What was once an unknown problem that affected so many people with no recourse has become a manageable ailment that is easily dealt with through modification of diets. This is very positive for both those people that are affected as well as bakeries such as Radhika Bakery that specialize in these products.

The Products

Radhika Bakery offers a wide range of exciting products. The first group is spelt breads, muffins, and pastries. Spelt is used as there are far fewer people that are allergic to this grain. Yeast allergies are also common and Radhika Bakery offers a menu of yeast free breads. Dairy free muffins and pastries are offered for vegans. Lastly, egg free breads, muffins, and pastries are offered.

Customers

Radhika Bakery will focus on three distinct customer segments. The first group is the Allergy group. This segment is growing at 15% a year with 32,000 potential customers. The second niche is the Doctor group. This segment is also growing at 15% with 14,200 potential people. The last group is the Dieters group. This segment is typically making modifications to their diet based on their desire to lose weight. This niche also is growing at 15% with 48,000 possible customers.

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Management Team

Recognizing the importance of human capital, Radhika Bakery has assembled a strong management team. The team is led by Lokesh Kumar. Mahesh brings financial skills to Radhika Bakery after a 15 year CPA career. Durgesh will lead the marketing efforts having participated in her own PR firm. Lastly, Brijesh will be on the team as an assistant baker with over five years of experience.

Radhika Bakery is an exciting opportunity that combines, fresh baked goods with spelt, yeast free, dairy free, and egg free products, addressing the recent need for these new products. Demand for these products is expected to grow exponentially as medical doctors become more and more aware of food allergies Indians are afflicted with. Profitability is forecasted to occur by month three. Through a combination of a strong management team, a solid business model, and exciting, market demanded products will allow Radhika Bakery to quickly gain market penetration and cash richness.

Objectives

1. To establish a working storefront for Radhika Bakery. 2. To develop the strong presence in the community needed to support sales

goals.

3. To develop a full menu by the end of the second quarter.

Mission

Radhika Bakery aims to be a cornerstone in the community creating a neighborhood atmosphere where customers feel comfortable and become instant regulars. We are sensitive to the often over-looked population of allergy sufferers and cater to their needs for healthy, delicious baked goods. We seek fair and responsible profit, enough to keep the company financially healthy for the long term and to fairly compensate owners and investors for their money and risk.

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2. Company Summary

Company Summary

Radhika Bakery will be located in Varanasi (U.P) in a rental building. This Varanasi district is a very popular destination because of the historical architecture for weekenders and tourists. It is also a prime location for all the employees of the surrounding Varanasi businesses. The bakery sells non-wheat and other health specific breads, sweets and pastries to the surrounding community every Tuesday through Sunday.

Company Ownership

Currently Radhika Bakery is a sole proprietorship owned by Lokesh Kumar. Eventually, as the company becomes established, Radhika Bakery will apply to be incorporated.

Company Location

Radhika Bakery manufacturing company is located at Varanasi, (Uttar Pradesh) India.

Plant is in the area of 100 square meters, which is in the vicinity of adjacent main road.

Plant is well in contact with highway and mode of transportation is easily available.

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3. Products

Products

Radhika Bakery provides non-gluten baked goods and pastries to diet-conscious and wheat-allergic consumers. Special considerations are made for all common food allergies such as dairy, yeast, wheat, and eggs.

Example of goods:

Spelt breads, muffins and pastries

Spelt flour is the most common wheat-alternative flour as it has the same characteristics as wheat which provides similar taste, consistency and behaviors creating goods that are just as good as any wheat baked good.

Yeast-free breads

Many people have an allergy to yeast, or have been warned by their doctors not to eat it. We provide a line of yeast-free breads.

Dairy-free muffins and pastries

Most bread does not require any dairy products, so they are not a consideration. Muffins and pastries most often require butter. To avoid this, we use a soy substitute.

Egg-free breads, muffins and pastries

Eggs are most common in muffins and pastries. Applesauce can be used as a substitute as it provides the same amount of moisture that is required.

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4. Market Analysis Summary

Market Analysis Summary

Our target market includes people who are health conscious and/or have common food allergies. This is a niche market since most bakeries do not cater to these needs with the exception of high-fiber diets.

Market Segmentation

Our target market consists of three groups:

The Allergy Group

According to Health Magazine, one out of five people suffer from a common food allergy, however many bakeries do not cater to their needs.

The Doctor Diet Group

For health reasons, many people are warned off certain foods by their doctors because of high cholesterol and blood pressure. Currently the main killer in the Indian is heart disease. Many Indians aged 50+ are going on special diets to prevent heart disease.

The Diet Craze Group

According to Health Magazine, 20 new diet fads that discouraged certain foods such as wheat and dairy. The best selling book list for health was the "Blood Type Diet" which encourages readers to eat only non-gluten flours such as spelt, and to

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avoid dairy. While this target market is quite large, it is ever fluctuating since most people who diet yo-yo between different diets.

Potential Customers

Growth 2004 2005 2006 2007 2008 CAGR

The Allergy Group

15% 32,000 36,800 42,320 48,668 55,968 15.00%

The Doctor Group 15% 19,200 22,080 25,392 29,201 33,581 15.00%The Dieters Group

15% 48,000 55,200 63,480 73,002 83,952 15.00%

Total 15.00% 99,200 114,080 1,31,192 1,50,871 1,73,501 15.00%

Target Market Segment Strategy

In our target market, we will mainly focus on the "allergy group" since they are the most prevalent and steady of customers. We expect that the "doctor diet group" and the '"diet craze" group will make up a smaller portion of our customers. We have not listed "regular customers" as a target group since the customers who do not fit into any of our groups are too varied to segment. We are specifically filling the needs of the "allergy group" so we expect the most business from this group.

Industry Analysis

Radhika Bakery competes in the Food Services Industry. In addition to competing with other organic and non-wheat bakeries, it competes with all restaurants, delis, bakeries and supermarkets for a share of its customers' food rupees. Radhika

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Bakery is most concerned with competitors who differentiate their products and services with a healthy, organic focus. Because this group is so large, Radhika Bakery has chosen to limit its analysis to other gluten-free bakeries.

Competition and Buying Patterns

Currently there are two bakeries in town that provide non-wheat goods.

Cremica Bread Company

Strengths: Makes spelt bread, muffins and cookies every Monday, Wednesday and Friday. Well-established bakery in town. Sells breads in local grocery stores.

Weaknesses: Does not provide a wide selection of non-wheat goods. Furthermore the texture and flavor of their spelt goods is very dense and flavorless. They use whole spelt bread which makes a denser, crumby consistency bread. We use white spelt in our spelt breads and other goods which have a texture and flavor similar to wheat.

The Sweet Life Patisserie

Strengths: Makes spelt bread, muffins and brownies every day. Will make custom-ordered non-gluten cakes.

Weaknesses: Does not produce a wide selection or large quantity of non-wheat goods. Their main focus is wheat goods.

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5. SWOT Analysis

Strength:

Radhika Bakery is located in suitable place Strong supply chain Quality conscious Reasonable prices

Weaknesses:

Not standard Machine Lack of monetary resource

Opportunity:

Capture the unorganized and untapped market Quality conscious leads the market leader.

Threat:

Competitors are well established Government policy

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6. Strategy and Implementation Summary

Strategy and Implementation Summary

Our strategy focuses on serving a niche market with quality goods. We are determined to become a part of the community - an establishment that becomes as much of the community as a church or local grocery store. To achieve these goals, we will provide the following:

Friendly, neighborhood-feel atmosphere. Quality baked goods for everyone to enjoy at a fair price.

Special diet menus in relation to the advice of local healthcare providers.

Competitive Edge

Our competitive edge is our quality of goods. We use only organic flours of the highest quality that create incredible non-gluten goods that can't be matched anywhere else in town. We also focus mainly on non-gluten goods. The other bakeries in town focus on wheat goods and sometimes, as an afterthought, use alternative flours.

Sales Strategy

Our strategy focuses on building a customer base by providing good customer experience. With the addition of the coffee bar and lunch menu in early spring, we hope to have customers make the bakery their one-stop destination for breakfast or lunch. In the summer, when we open the outdoor patio, more and more customers will make the bakery a destination for their lunches more often since the atmosphere will be so pleasing.

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We would also like to work closely with local doctors and elder care homes to bring in customers with health problems.

Sales Forecast

Our sales forecast assumes the following changes:

Bread sales in the summer months will be slightly higher since more people will be having bar-b-ques and picnics requiring items such as hamburger and hotdog buns.

Bread and pastry sales will be higher in November and December because of the food-oriented holidays.

Coffee sales will be higher in winter months, and for summer months sales of sodas and iced beverages will increase.

Sales Foercast 2008-09 2009-10 2010-2011SALES

Breads 75,900 96,000 120,000

Coffee/Beverages 36,400 48,000 60,000

Lunch Items (Soups

& Sandwiches)80,000 96,000 120,000

Pastries/Sweets 59,400 84,000 100,000

Total Sales 251,700 324,000 400,000

       

Direct Cost of Sales 2008-09 2009-10 2010-2011

Breads 22,770 28,800 36,000

Coffee/Beverages 10,920 14,400 18,000

Lunch Items (Soups

& Sandwiches)32,000 38,400 48,000

Pastries/Sweets 23,760 33,600 40,000

Subtotal Direct Cost 89,450 115,200 142,000

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of Sales

7. Management Summary

Management Summary

Lokesh Kumar is the founder of Radhika Bakery. He brings to the bakery her experience as a baker and as an entrepreneur. As a teenager he helped his parents at the family's general store, both in sales and marketing. For his last two years at his family's store, he was the general employee manager. His duties at the bakery will include employee hiring and training, head baker and store management.

Mahesh (accountant) has run his own successful CPA consulting firm for 15 years. His duties will include the bookkeeping, inventory management and stock fulfillment.

Durgesh (salesman) runs his own PR company and will be assisting the Radhika Bakery in its marketing campaigns on the part time basis.

Brijesh has worked as a baker for over five years and will be the assistant baker. Her responsibilities will also include the management of the bakery shopping list.

Personnel Plan

Once the bakery becomes established and the cash flow is steady, we would like to hire one person for counter help and another assistant baker.

The table below illustrates the needs of the current employees, plus the integration of two more employees within three months of operation. The new hirings will coincide with the opening of a lunch menu and coffee bar which will most certainly require more help.

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SI. No.

Designation No. Salary/month (in Rs.)

Amount (in Rs.)

(a) Administrative and Supervisory

1. Production Manager 1 5,000 5,0002. Supervisor/Store-keeper 1 4,000 4,0003. Accountant 1 3,000 3,0004. Salesman 3 3,000 9,0005. Peon/Watchman 1 2,000 2,0006. Sweeper 1 1,500 1,500

(b) Technical, Skilled and Unskilled

1. Skilled Worker 3 3,000 9,0002. Semi-skilled Worker 2 2,500 5,0003. Helper 4 2,000 8,000

Total 46,500Perquisite @ 15% 6,975

Total 53,475

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8. Financial Plan

Financial Plan

The following sections will outline important financial assumptions.

Basis and Presumptions:

1. The Project Profile has been prepared on the basis of Single Shift of 8 hours a day and 25-working days in a month at 75% efficiency.

2. It is presumed that in the first year, the capacity utilization will be 70% followed by 85% in the second year with 100% in the subsequent years.

3. The rate of salaries and wages for skilled workers and others are on the basis of the minimum rates in the state of U.P.

4. Interest rate for the fixed and working capital has been taken @15% on an average whether financed by the Bankers or Financial Institutions.

5. The margin money required is the minimum 30% of the total capital investment.

6. The rental value for the accommodation of office, workshop and other covered area has been taken @ Rs.20 per Sq.mtr.

7. The rates in respect of machinery, equipment and raw materials are those prevailing at the time of preparation of the project profile and are likely to vary from place to place and supplier to supplier. When a tailor made project profile is prepared, necessary changes are to be made.

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8. The pay back period may be 5-years after the initial gestation period.

9. The gestation period in implementation of the project may be to the tune of 6 to 9 months which include making all arrangements, completion of all formalities, market surveys and tie-ups etc.

Financial Aspects

A. Fixed Capital

1. Land and Building

SI No.

Description Amount (in Rs.)

1. Land and Building (rented)@Rs. 20 Sq. Meter (per month)Covered Area 100 Sq. Meter

2,000

2. Machinery and Equipments

SI No.

Description Qty. Amount (Rs.)

1. Manual Wafer Biscuit Machine (6 plates)(including Creaming, Cutting and Support Tables,Capacity cream wafer 25-30 Kg/Hrs., 15 KW)

1 2,75,000

2. Butter Mixing Machine(7-30 Kg/Hrs. Butter, 2 KW) 1 35,000

3. Sugar Grinding Machine(30-50 Kg/Hrs., 2 KW) 1 35,000

4. Planetary Mixer (3 Speed system, steel body, 1 45,000

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Capacity 25 Kg/Hrs., 2 KW)5. Sealing (Packaging) Machine

(1 KW) 1 15,0006. Working table with S.S./

Aluminium top 2 5,0007. Weighing Balance platform

type 1 5,0008. Aluminium vessels, Mats, cups, Mugs,

ladle, spoons, gloves, etc. - 10,0009. Electrification and Installation Charges

@ 10% of cost of Plant and Machinery - 42,00010. Cost of Office furniture and

Equipment etc. - 30,000Total 4,97,000

3. Pre-Operative Expense 20,000

Total Fixed Capital (1+2+3) 5,17,000

B. Working Capital (per month)

(i) Staff and Labour

SI. No.

Designation No. Salary (in Rs.)

Amount (in Rs.)

(a) Administrative and Supervisory

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1. Production Manager 1 5,000 5,0002. Supervisor/Store-keeper 1 4,000 4,0003. Accountant 1 3,000 3,0004. Salesman 3 3,000 9,0005. Peon/Watchman 1 2,000 2,0006. Sweeper 1 1,500 1,500

(b) Technical, Skilled and Unskilled

1. Skilled Worker 3 3,000 9,0002. Semi-skilled Worker 2 2,500 5,0003. Helper 4 2,000 8,000

Total 46,500Perquisite @ 15% 6,975

Total 53,475

(ii) Raw Material

SI No. Description Qty. Rate (in Rs.)

Amount (in Rs.)

1. Wheat Flour (Maida) 4000 Kg

8 per Kg. 32,000

2. Maida starch, vegetable fat, salt,Soda, colours, preservatives etc. 1000 - 1,47,000

3. Packaging material - - 1,25000Total 3,04,000

(iii) Utilities

SI No. Utilities Amount (in Rs.)

1. Electricity 5,0002. Water 1,000

Total 6,000

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(iv) Other Contingent Expenses

SI No. Description Amount (in Rs.)

1. Rent 2,0002. Postage and Stationery 5003. Advertisement and Publicity, Legal Fee etc. 1,0004. Telephone 5005. Repair and Maintenance 5006. Transportation 1,0007. Consumables 5008. Sales Expenses 3,0009. Insurance 50010. Miscellaneous Expenses 500

Total 10,000

(v) Total Recurring Expenditure (per month)

SI No. Description Amount (in Rs)1. Salaries and Wages 53,4752. Raw material 3,04,0003. Utilities 6,0004. Other Contingent Expenses 10,000

Total 3,73,475

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Working Capital (for 3 months) [3,73,475 x 3] Rs. 11,20,425

C. Total Capital Investment

Particulars Amount (in Rs.)

Fixed Capital 5,17,000Working Capital (for 3 months) 11,20,425

Total 16,37,425

MACHINERY UTILIZATION

It is expected that during first year machinery utilization will be 70%, 85% during second year followed by 100% in subsequent years.

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Financial Analysis1. Cost of Production (per annum)

SI No. Cost of Production Amount (in Rs.)1. Total Recurring Cost 44,81,7002. Depreciation on Machinery and Equipment

@10%46,700

3. Depreciation on Office EquipmentsAnd Furniture @ 20%

6,000

4. Interest on Total Capital Investment@15%

2,45,614

Total 47,80,014 ~ 47,80,000

2. Turn over (per annum)

SI No. Description Qty. (Kg.)

Rate (per Kg.)

Amount (in Rs.)

1. Wafers (8 Gm.)MRP Re.1 2,000 125 2,50,000

2. Wafers (18 Gm.)MRP Rs. 2 1,000 111 1,11,000

3. ATC Pack (150 Gm.)MRP Rs. 23 1,000 153 1,53,000

4. Checkers (14 Gm.)MRP Rs.3 1,000 214 2,14,000

Total 7,28,000Less: Sales expenses@ 35% 2,54,800Net Sales Realization (turn 4,73,200

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over)(per month)Net Sales Realization (turn over)(per year)

56,78,400

3. Net Profit (per annum) (Before Income Tax)

Sales – Cost of Production = 56,78,400 – 47,80,000 = Rs. 8,98,400

Projected Profit and Loss

The following table shows the projected profit and loss for Radhika Bakery.

Particulars 2008-09 2009-10 2010-11

Sales (A) 56,78,400 68,95,200 81,12,000

Less: -Direct cost of sales:Wages & Salaries 6,41,700 7,79,207 9,16,714Raw Materials 36,48,000 44,29,714 52,11,429Utilities 72,000 87,429 1,02,857Dep. on machinery & equipments 46,700 42,030 37,827 Cost of Good Sold (B) 44,08,400 53,38,380 62,68,827 Gross Profit (A – B) (C) 12,70,000 15,56,820 18,43,173

Less :–Indirect Exp.Rent 24,000 24,000 24,000Postage and Stationery 6,000 6,771 7,543Advertisement and Publicity, Legal Fee etc.

12,000 13,543 15,086

Telephone 6,000 6,771 7,543Repair and Maintenance 6,000 6,771 7,543Transportation 12,000 13,543 15,086Consumables 6,000 6,771 7,543Sales Expenses 36,000 40,629 45,258Insurance 6,000 6,000 6,000Dep. on office equipments & furniture 6,000 4,800 3,840Miscellaneous Expenses 6,000 6,771 7,543

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Total Indirect Expenses (D) 1,26,000 1,36,370 1,46,985 Profit Before Interest & Tax(C – D) 11,44,000 14,20,450 16,96,188 Less Interest 2,45,600 2,82,456 3,11,948 Profit Before Tax 8,98,400 11,37,994 13,84,240 Less Prov. for Tax 35% 3,14,440 3,98,298 4,84,484

Profit after Tax 5,83,960 7,39,696 8,99,756

Projected Balance Sheet

The following table represents the financial position of the Radhika Bakery at the end of each of the three upcoming fiscal years.

Particulars 2008-09 2009-10 2010-11

Liabilities:

Owner’s Fund 16,37,425 18,83,025 21,65,481Retained Earnings 8,98,400 11,37,994 13,84,240Sundry Creditors 1,25,000 1,45,000 1,75,000Total Liabilities 17,62,425 31,66,019 37,24,721

AssetsFixed Assets:

Machinery & Equipments 4,67,000 4,20,300 3,78,270Office Furniture 30,000 24,000 19,200Pre-operative Expenses 20,000 - -Current AssetsReceivables 50,000 70,225 90,278Stock in Hand 3,04,000 9,23,200 11,90,300Cash at Bank 7,00,200 14,25,900 17,30,000Cash in Hand 1,91,225 3,02,394 3,16,673Total Assets 17,62,425 31,66,019 37,24,721

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Business Ratios

1. Gross Profit ratio = (Gross Profit/Sales) * 100

= (12,70,000 / 56,78,400)*100

=22.37%

2. Net profit ratio = (Profit after tax / Sales) * 100

= (5,83,960/ 56,78,400) * 100

= 10.28%

3. Return on total investment

= (EBIT / Total Investment)* 100

= (8,98,400 / 16,37,425) *100

= 54.87%

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4. Fixed assets turnover ratio

= Sales / Fixed assets

= 56,78,400 / 5,17,000

= 10.98 times

5. Total asets turnover ratio

= Sales / Total assets

= 56,78,400 / 17,62,425

= 3.22 times

6. Stock turnover ratio

= Cost of goods sold / Stock

= 44,08,400/ 36,48,000

= 1.21 times

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Break even analysis

SI No. Fixed Cost (per annum) Amount (in Rs.)(a) Total Depreciation (on machine, equipment, tools and

furniture 52,700(b) Rent 24,000(c) Interest on borrowing

(Total Investment)2,45,614

(d) Insurance 6,000(e) 40% of Salary 2,56,680(f) 40% of Utilities 28,800(g) 40% of Other Contingent Expenses

(excluding rent and insurance)36,000

Total 6,49,794

B.E.P = Fixed Cost X 100 / Fixed cost + Profit

= 6,49,794 X 100 / 6,49,794 + 8,98,400

= 42%

BEP (in Rs) =Sales * Fixed cost / Contribution

= 56,78,400*6,49,794/ 41,30,206

= Rs 8,90,217.78

BEP (in Months)

Monthly Sales = Sales / 12 months

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= 56,78,400/12

BEP (in months) = Break even Sales / Monthly Sales

=8,90,218 / 4,73,200 = 1.88 months

Cash Flow Statement

Calculation of Cash From Operation:

Particulars 2008-09 2009-10 2010-11Net Profits 5,83,960 7,39,696 8,99,756Add:Interest 2,45,600 2,82,456 3,11,948Tax 3,14,440 3,98,298 4,84,483Depreciation 52,700 46,830 41,667

Total 11,96,700 14,67,280 17,37,855Add: Decrease in Current Assets - - -Add: Increase in Current Liabilities i) Sundry Creditors - 20,000 30,000

Less: Increase in Current Assets i) Receivables 20,225 20,053 ii) Stock 6,19,200 2,67,100Less: Decrease in Current Liabilities

- - -

Cash From Operation - 8,07,855 14,20,702

Cash Flow Statement:

Inflow 2009-10 2010-11 Outflow 2009-10 2010-11Opening Balance 9,20,439 17,28,294 - -Cash from operation

8,07,855 14,20,702 Closing Balance 17,28,294 31,48,996

17,28,294 31,48,996 17,28,294 31,48,996

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BIBLIOGRAPHY

Links:

http://www.businessplans.org http://www.morebusiness.com http://www.bplans.com http://www.businessplanarchive.org

Books:

Marketing Management

By Philip Kotler & Keller

Advanced Accounting

By S.M. Shukla

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