Pre-Feasibility Study Applicant Name Fathers Name CNIC # Cell # Education Experience Business Project Address Category Loan Amount Rate Bank Cow Dairy Farming Ali Adnan Raza Page 1 of 21 Ali Adnan Raza Ghazanfar Ali Shah 33204-0469004-1 0300-0966612 M.Phil (&nglish) 05 Year Cow Dairy Farming Mouza Inayat Shah p/o Garh Maharaja Teh: Ahmad Pur Sial Distt: Jhang Tier II 2,000,000/- 4% tes por MeSMEFD Leer No, 201 2020 Dated 10 July 20) NBP1 EXECUTIVE SUMMARY milk production, Dairy production is an all-inclusive activity, related to dairy animal care, reproduction, feeding and management. It encompasses all aspects and activities related to raising dairy animals during various phases of life to get maximum productivity in terms of hygienic milk. A dairy farm with 15 cows needs a total investment of approximately Rs. 02.74 million out of which, capital cost of the project is Rs. 2.25 with working capital of 0.52 million. The project is assumed to be working on a 72:28 debt and equity ratio. [tis assumed that starting from 16 animals in year 1, the herd of animals will increase ‘0 approximately 90 animals, out of which, 52 would be lactating cows in 10" year of the project. The culling rate is assumed to be 15% per annum The Internal Rate of Return (IRR), Payback Period and Net Present Value (NPV) of the project, based upon stated assumptions, are 43%, 8 years and Rs. 4.75 million respectively. The farm will provide employment opportunity to 4 individuals. The legal status of the project is proposed to be a sole proprietorship. 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 documentstudy 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 setting up Dairy Farm (15 cows) 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 Tegarding various aspects of business set-up and it's 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 BRIEF DESCRIPTION OF PROJECT & PRODUCT The proposed dairy farm will be established on owned land. The farm will begin operations with 15 cows to achieve sellable milk production of 108,338 litres in first Ali Adnan Raza Page 2 of 21year of the project. The initial capacity utilization of milk production for sales revenue is 95% by year 10. Female calves will be raised on milk replacer for first three months of age. Upon weaning at 4" month of age, calves will be offered Total Mixed Ration (TMR) for the rest of their productive life. Breeding of animals will be planned through ‘Artificial Insemination’ method, Female calves will be given special ~ attention and raised as ‘Heifers’ whereas male calves are to be sold in the market round the age of one month. The milk will be primarily sold to bulk buyers at the te of Rs. 55 with 10% annual growth rate in selling price. he subject business can be set-up at any appropriate location that ensures easy availability of feed, water and other related services. The development of urban or peri-urban commercial dairy farms is a relatively new concept in dairy production however, the demand increases in summer (April to November). 3.1 Dairy Farm Production Process + Selection of dairy cattle breed such as Holstein Friesian with proven pedigree and high genetic worth from elite/ Superior and renowned sires. Holstein cows are recognized by their distinctive color markings and outstanding milk production, having large body stature with typical color patterns of black & white or red & white. Holstein heifers can be bred at around 15 months of age as they gain 65% of their adult body weight (approx. 550 kgs live body weight). Gestation period of the animal is nine months with normal productive life of 4-5 years. Figure 1: A typical Holstein Cow i Ali Adnan Raza Page 3 of 21Selection of animals with excellent body condition and udder health average daily milk production of 32 litres or above for cows in first lactation, essentially with no disease history. Housing: Good housing leads to good Management practices and ultimately _ optimum production. Generally, housing should be: |. Pre-engineered building Ml. Tunnel-type, ventilated, comfortable and dry with hygienic environment WI. Designed with the probability of future expansion when required The housing should facilitate; Easy drainage and removal of dung, urine and waste material Apparent (or feels like) temperature not exceeding 27 °C Minimum sun exposure: axis of length to be east to west Availability of feed and water round the clock Feeding: The lactating Holstein cows are fed 1 kg of Dry Matter (DM) feed per 1.75 litres of milk produced. The ration allows nutntionally balanced feed in 24 hours. It includes dry matter with 60% concentrate and 40% roughages containing 16% Crude Protein (CP) and energy to increase animal productivity It is better to use Total Maxed Ration (TMR) wagon for feeding the cows. Watering: Supply of clean drinking water in clean troughs 1e. 50 to 80 titres of water consumption per adult animal per day, round the clock, maintains milk production capacity of the animal Breeding: Efficient and timely Artificial Insemination (Al) of good genetic worth 1s, a key to success in good breeding programs of herd Calving: Pregnant animals should be given special attention in third trimester of pregnancy and should be separated in pregnancy pens. Veterinary assistance should be sought out in case of emergency. Calf care and heer management is very important in maintaining dairy farm production. The proposed farmer will raise female calves as future breeding heifers which will replace culled dairy animals. The first generation (F1) will be capable of breeding at age of 14 months; hence producing milk at about 23-24 months of age Lactation Period: lactation period is the period during which animals yield milk after calving. The animals producing milk are called ‘Wet Animals’. Generally standard lactation period is taken as 305+ 5 days. This pre-feasibility study has taken 50-65% of the total number of animals as wet cows. The calving interval {interval between two calving) in Holstein cows is 12-14 months. The average Gaily mik yield of a cow is 35 litres, Uader health: Hygienic and clean milking three times a day (morning/afternoon! Svening) lowers chances of mastitis as udder health and hygiene is most Ali Adnan Raza Page 4 of 21important in dairy animals. Proper storage of milk should be done preferably at temperature of 4 °c. Disease management: Vaccination & medicine is required to prevent any disease outbreak in the dairy herd. Each animal will be vaccinated before entering the farm. Procurement of vaccines from reliable sources should be sought. Following is a tentative vaccination schedule; Table 1: Tentative Vaccination Schedule Time for Dose! Disease Vaccine saeaatnh ‘Administration Foot & Mouth = FMD. February/March & 5 ml sub cut. Disease September/October Black Quarter. BQ March/April 5 mi sub cut. Haemorrhagic HS May/June & 5 ml / 300 kg body wt. Septicemia November/December sub cut. Anthrax Anthrax August 1 ml sub cut. Brucella BA ‘Once in life for ‘ml sub cut Abortus heifers (4-12 months of age) Ali Adnan Raza Page 5 of 21Installed and Operational Capacities the proposed study, initially, 15 cows are recommended to obtain optimum mitk production in first year of project. It is assumed that on average. 60-65 "% of total mals present at farm would be in lactation on farm. The female calves born at rm will be added to the milking herd through heifer management; hence total ber of animals to be 90, among which, §2 animals will be in lactation in 10” year project. The male calves will be sold in open market. Average milk production of during one lactation period is estimated to be 9,750 litres. The dairy farm will ve the capacity to generate revenues at total sellable milk produced at farm ie 108338 litres in its first year of operation. The annual mortality rate is assumed to be 7% for newborn calves, 3% for heifers 1d 2% for adult cows. The project will operate at 95% of its installed capacity from e first year of operations. CRITICAL FACTORS he most critical considerations or factors for success of the project are + Background knowledge and related experience of the entrepreneur in dairy farm operations. * Application of good husbandry practices such as timely feeding, watering and vaccination to ensure animat's health and disease-free environment * Awareness about supply and demand of milk in the market as demand of milk is relatively higher in summer as compared to wanter season, * Efficient marketing of the project and bulk supply to wholesalers. 5 GEOGRAPHICAL POTENTIAL FOR INVESTMENT Commercial dairy farming is a viable business proposition for peri-urban areas of " Pokistan. There is higher demand for milk in pen urban areas around the major cities such as Karachi, Hyderabad, Sakkar Lahore, Faisalabad, Sheikhupura, Bahawalpur, Multan, Jhang, Sahiwal, Pakpattan, Okara, Jehlum, Peshawar. _ Charsadda, D.!. Khan, Quetta, etc. across the country: hence, the said project offers 900d investment opportunities for potential investment in all provinces of country The peri-urban areas around major cities with abundant water and availability of fodder make a better choice for farming; provided there is ready access to livestock ‘elated marketing and veterinary services. Ali Adnan Raza Page 6 of 21POTENTIAL TARGET CUSTOMERS / MARKETS, is pre-feasibilty study suggests that milk will be sold at the farm gate directly t consumers or milk contractors. It can also be sold directly to mill centers in he an market or may be pasteurized at farm by the farmer and delivered to the earest city, however it involves extra investment which is not included in this feasibility study. Milk contractors collect milk from farmers and deliver it to the consumer's doorstep. Milk collection networks of different processing companies also collect milk directly from the farm and transport it to the processing facilities. part from Lahore, Sialkot, Kasur, Gujranwala, Bahawalpur, Okara, Quetta, 0.1. Khan etc,, commercial dairy farming in peri-urban locations takes place around all major cities. Metropolitan cities are considered major markets for the sale of milk. Following are some of the target clients for a dairy farmer; + Domestic consumers + Milk contractors and suppliers + Milk collection and processing companies + Dairy products manufacturing companies + On-farm Processing by farmer (however, it requires minimum viable capacity of 40,000 liters of milk daily) ‘The cost of production per litre of raw milk should be lower than its sale price so that the farmer finds it economical. The daily milk intake of Lahore & Karachi is 3 million lies and 5 million litres respectively. The demand for milk increases during summers as consumption of whey (lassi) increases due to hot weather. Yogurt or curd is another popular product. These are high value products however with __telatively short shelf life. Mik processing companies use milk as a raw material to formulate different types of milk ie. pasteurized milk, UHT treated milk, condensed milk, skim milk & milk powder, etc. Different value added products like ghee, khoya, yogurt, ice cream, butter and cheese are also prepared from raw milk. Processed milk market has increased its share in quality conscious consumers. Processed milk has achieved 4% share in Lahore milk market during the last two decades. Milk supply is increasing at the rate of 4% annually, however demand is increasing at 15% annually. Ali Adnan Raza Page 7 of 21PROJECT COST SUMMARY Project Economics w financial model for this pre-feasibility study indicates estimated revenue of . 1 milion in first year of the project. The capacity utilization during year one is 95%, which will remain the same throughout the life of the project, The following table shows Internal Rate of Return, payback period and Net Present Value of the proposed venture. Table 2: Project Economics _ Description Details Internal Rate of Return (IRR) 43% Payback Period (Yrs.) 8 Net Present value (Rs.) 4,746,328 7.2. Project Financing Following table provides details of equity required and variables related to bank loan; Table 3: Project Financing Description Details Total Equity (28%) Rs. 777,434 Bank Loan (72%) Rs. 2,000,000 Markup to the Borrower (%age / annum) 8% Tenure of the Project (Years) 8 Ali Adnan Raza Page 8 of 2173. Project Cost Following fixed and working capital requirement identifi operations of the proposed business S Nave been identified for Table 4: Project Cost Description Capital Cost Cost (Rs.) Building and infrastructure 000 _ Machinery and Equipment 265,100 Cows 1,800,000 Pre-operating Cost 185,000 “Total Capital Cost 2,250,100 Working Capital "Raw Material Inventory 271,415 Cash 255,919 Total Working Capital 527,334 Total Project Cost 2,777,434 ‘The proposed pre-feasibility is based on the assumption of 72% debt and 28% equity, however this composition can be changed as per requirements of the investor, 74 Space Requirement Space requirement for the proposed dairy farm is already availed _15 Machinery & Equipment Requirement Following farm machinery and equipment are needed to run daily farm operations; Table 6: Machinery & Equipment Quantity Unit Cost Total Cost Description (No) (Rs.) (Rs.) Calf Feeder (New born calves) 3 1,200 3.600 Calt Cages 3 12,000 36,000 Making Line 1 180,000 150,000 Milk Testing Machines 1 20,000) 20,000 Velocity Meter 4 1,500 1,500 ‘Nergy Savers-Farm 10 400 4,000 Miscellaneous 1 ening 50,000 Total Machinery & Equipment 265,100 Ali Adnan Raza Page 9 of 21ss ansumed thal electricity inteastruce ure ANd inataRations along wi weedy mG with 9 pastornmer are already available. hence Caloulations de nat inc tude hese costs, 9 Human Resource Requirement order to Tun Operations of the farm smoot ty. fotlowing human resources wong th number of employees and monthly salary are tecommended Table 10: Human Resource Requirement Description No. of Monthly Salary Tota! Salary Employees (Re) Year t (Ra) Owner / Farm Manager 1 20,000 240,000 Workers: Cows 1 1,000 180,000 Workers Catves 1 16.000 180 000 Total 3 600,000 Ab Adnan Baza Page 10 of 21Raw material Requirement yowng tables show raw material Wuire : rem “sust year of production; Paurement to run the proposed dairy farm Table 11: Feeding Requirements for one Cow* in Year 1 ription Daily Feed “ Attowancetigy "BNE Cost Total cost tan (TM) 3.5% of Wve year pone) GK ote 2 oO jvorage adult Live Body Weight (Bw) roduction for one lactation For the ca ne lactation period is distributed in timated to be 305 4_ 5 days Of COW 18 Sued to be 700 kg wah 35 itors of dy rie culation purpose, the total mk production of 9.780 tee ry 365 days. One tactation poriod of Motstomn Fi cow is Table 12: Feeding Requirements of One Female Calf" ‘one year of age) in year t Daily Feed (from birth tilt ne Daily Total Cost Description Allowance Feed Cost in Year 1 (Kgs) eee) (Rs) (RsJ Calf) ilk Replacer (First 3 6 itres 40 240 21,600 onths of age per iM) MR (trom 4" to 12" 83 20 249 68,062 ronths of age) {@ 3% of ve BY) otal 89,663 “Average birth weight of the new born caf is 35-40.ags At the time of weaning at tree months 01090, itis 180 kgs which increases up to 400 Ags at the age of one year Total Cost of Feeding in Year 1 Total Cost (Rs.)**** No. of Year 1 Animals Lactating Cows 15 3694224 q Female Caives (younger 05 443642 ‘than one year) ne (Female calves 2 E than one year} Total 4 15 4137866 "S08 are rouncied off to near decimal point for 365 days of feeding The number of anwmas snp Ali Adnan Raza Page 11 of 21iat ater mortally COUNT Which Is 74% jy jul new bon sean one in all COWS. '0rP. 3 % in female calves older than one 4? ana Table 15: Total Cost of Vaccination, Medication and Al in 141. Utilities and other “costs An essential cost to be borne by the project is the cost of electricity. Direct electricity expenses of the dairy farm are estimated to be approximately Rs. §9,193 per month ie. Rs. 717,513 annually. The type of electricity connection is Industrial B-1 Category and one time connection charges are Rs. 35,000. It is further assumed that within the cooling system, the cone exhaust fans with water motor will operate for 12 hours per day. The milk chiller and energy savers will operate for 12 hours per day (average) throughout the year. The water turbine will _ operate for 2 hours daily (average). The milking line will operate for 7 hours daily _ [average) to carry out three milking sessions daily for a herd of 25 cows. The indirect or regular electricity expense for management building and staff residence is assumed to be approximately Rs. 5,000 per month or Rs. 60,000 in year one of the projects. ‘The fuel cost (diesel) for running generator set in case of absence of electricity _'S assumed at an average 4 hours daily; for a monthly expense of Rs. 48,900 ORs, 586,800 annually in first year of perations, _ Machinery maintenance expense is assumed to be Rs. 10,000 per month or Rs _ 120,000 in year one. Monthly expenses related to travelling, communication and office vehicle running : Rs, 120,000, 60,000 and 42,000 respectively. Similar ate Rs, = audit 'y, monthly expenses related to business promotion and office routine tasks . 748,286 and Rs, 39,600 respectively. Professional fees related to any legal, °rlechnical consultation is assumed to be Rs. 14,966 per year. In nance of equipment, machinery and office vehicle is assumed to be 5% of total “Shieh is Rs. 72,905 in first year of operations. Ali Adnan Raza Page 12 of 21 Year 1 Description Rs./ Animal " ” Total Vaccination and Medication ‘000 Cost in year 4 eek wificial Insemination (Al) 5,000 ha Total 6,000 90,00047 Revenue Generation 1 4 on capacity utilization of 95% go, Fevenues fro ied sales revenue during the first ye cows, ear of operation: pie. However, capacity has been increased at 5% tal ™ milk production from 25 S #s shown in the following for a maximum utilization of 95% Table 16: Revenue Generation - Year 1 Description Unit Annual Price Total Revenue in Production (RsJUnit) Yaar 1(Rs.) sale of Milk No.of 108,338 55 5,958,590 Liters Sale of male calves No. 5 10,000 50,000 Sale of culled cows No, 1 125,000 125,000 6,133,590 Total The annual culling rate is 15% applicable to all animals in the herd, Ali Adnan Raza Page 13 of 21s CONTACT DETAILS ree W taciliate Potential investors. contars eoetere HeeeRN 10 the proposed project ary — O Breve sector Service 41 Machinery Suppliers: Pakistan Pvt Lig, pict No. 62, Bloch R1, vA Johar Town, Lahore, Pakistan 1 +82 (OM? 352019024 (3 finn), F062 oy49 W201 905 t nlogiprotarm.cOm.pk, Customer Serve (24/7; +82 229 pame 211 dary Solution Pvt Lia 17 Johar Town, Latore Ph +02-49-98 100450 +82.42.35 306451 ta 982-042 28160680 ‘Cattle Kit Pvt. Ltd. Pakistan 1044, Punjaty Government Servants Housing Society Neat Uti Wax, Lahore Ph #82 (042) S8BTEHO0-3 Ema intogbaatiekit crn sak Web ww cattiokiL oom gk 12 Row Materiat Suppliers Feed Suppliers. “Teoh Feeds Pvt. Lig. }4 Shadman Chowh, dail Road, Lahore Ph 082.97564505 Staoat tomas hut 10 4 Now Muslin Town, Lahore M Oarasraszss.s Se Lomestock ana Osiry Devetapment Deparment Goxt of Pad, jE Scene" Row. Lenore Fee Lane (0800-7B68S, O800-7SE8E : Feed Pat tng “6 Alaa Block, New Garden Town, atone. Ab Adnan Plaza Page 14 0f 21ph: 042-35835374-35835379 al/semen Suppliers Ghazi Brothers -35 KDA Scheme No 1, ian Muhammad Shah Roag, ph: 021-4543579 Word Wire Sires by Maxim Internatio ~ §9-A, Sector-XX, Khayaban-e-tqbal, OHA Lat’ Ph: 042-35693993, fees “Altaf & Co., Altaf & Co Plaza, 16/1, Out Fall “Ph: 042-35763411-4 Milk Contractors/ Processors _Engro Foods Pvt. Limited Sth, 6th Floor, Harbor Front Building Marine Drive, Block 4, Clifton, Karachi, Ph: #92 21 3529-6000 (10 lines) Nestle Pakistan 308, Upper Mall, Lahore, Ph: 042-35757082-95, UAN +92-42-111637853 ‘Holstein Cow Sup Karachi, Road, Lahore, The Pedigreed Holstein breed cows with average daily milk production capacity of 35 liters of EU and USA origin may be found from following sources; __ 1. Holstein Association USA (ww. holsteinusa.com) - United States Livestock Exporters Association (USLEA) Fe aa ate oterseioicon vores rm) . Veepro Netherland (www, veepro.nl Mr, Ber, Berg ee Netherlands ([email protected]) on Mrs. Karin, Ugerup Cattle Exports Sweden (ena a . Mr. Johan, Hun land Exports from Holland Oe acon - Mrs, Renee, Strickland Global, USA (www.strickiandg| 124 ‘Ali Adnan Raza Page 15 0!+z Jo 91 Beg ezey UeUpy IV [pein [rie [ioe [one [rm [oe osovoos | szzsizy Gv) ios sp008 jo 209 pa] s0/85 Jo 1unowe uoomyag e2uelesip On Uiods pause 14014] ywoua sso1a| ssoscor | oonsty (arove) 1S $009 301809] 3 [s2:8002 [ soreoee [zsscese [sserees [ossecos [rreveer ° 2 | coo | oo0ss | oo00e ‘Ayoue013 1809 1901 | woo Buneied | / va] a cavevoamn dimixoen| 9 Sane | severes 2 aves [rovcees [ro vzirs]| wesoes | ocoas | eons | oo00e | pu eeaianeg manana sa Torta Tra stem | eesszt [se0scz: esearss | esecso: [eseivo: | cess I o0sre | o0006 | 1 $2000 0 vononpand woneiperwvonnunoen jo 802 oys| PANEER | og [even [ ese0u J aseon | seen | vison | even | exon | vom ‘pepny2uy aqheus seayrses 84) DuUaNyep Jo 1809 ‘sassauisng p buriclynw 4g peureiqo 0g ue2 esnby si1L) ‘pjOs sun ey) 104 uoyanpoud ox) 6 yup pessnot 1 speaysen0 A10}0) pue “snoge} }BW ed JO 3509 SEpnroUI SIAL )28eq B01AI0S Jo aseO Uf “(100K a4) BUUNp pjos syiun Jo sequinU Je}0) ey) yum yun Jad js09| 10$ $p009 J0 1809 roez [eseee [erie [core [ecrs [rarer [oon [eon s6esony om Ae wesceee | zeesize | eeuezer | uaveses | zecoote | enzeucs | oxzorvs | osseei9 22/0108 /onpoid oup 0 224d sores iu aun win 186 cons ups spun jo voquny Burau a pouesgo sy sa SaaK | TaeoR | grea |S TeaR | peaR | TaeoK | eoewA TT 1d yoos Kews nok ‘soyung “sej0u AlojeuEldxe ym Buoje smoy YsED pue Jays aUEIeG ‘TUBWA}E}s aWODU! "seDN 5 ye/2UeUY aun UI POBNIUI oq AEU! YEU} SWHON nujulu 210g sp1emo BpIN6 e Se Alas ‘papIAosd sejeydu) 10 soujopin6 nek opioid jk UOH298 SUL ‘seoulsng snod Jo juowoyers awoou! o1¥dosd 01 mou In5 nok120 £1 obey ezey ueupy ily [seseoes [rrczons [ szzcens | eeravon [vosivas [ciseoee [eavsora | volar rinsaiy ini ouSaR RAE saan s Teac [iies : : | oe [oem [or] ea crag oes 0 i] ean [ees Tossteet [esvons [iets [seins [ota [toto vv eC =e zeros [ame ccosror | weveee | vasise | ocaie [ orien Ca Loree « eee seers Ir a ¥eOT) Ye07 uo 3018 l f erore | sreee [saree | eoiso | orse | e000 | wer vou ots von) ums ug eprom] =e Heme [eee | eres | oem | ower | ae es (eae cra co Tener] | orp | 0 0 0 | o | o ecw even] nowrevoe Kovons ayo], SEE | Sama out ee feces | seoor | cane | ssece | 01592 | sessepou muese patie iatou nj umeoncorming| _wameanina | 7 ssousnal ussoapy | 0 o ° bd 7 MOK Jo vonowiosd pue Bursisonpe 104 pouunsuy asnypuadxe Auy| o |e {offs |o ee 2, pounce canada e Bg a) a ee meacees1240 81 oBeg ezey UeUpy IY coowe fomors [enoeer awe mimre [rom [orm [wn [oom [oumeees ee $5951 Jeces: — eariz —aswez —osez | woumis ou ak ou ops vomoeieo Pe] wzzers |erseos | resizor |res'oe | sieeve | zou'tex f.woumiers owoo maka 0 Heian] Suen] yaeen | veseon | eaen | pa8en | onmen | eavsropen wontnoreal Se TET] soyue pasea oeinuioy yi Busadul plone o589Ie “Bepuuios 0 2sn B}>}pU DENA U poWLEw ve Jey eyEE Ha UI SOHN 1) yo uonesedesd Jo} aouepin6 ieuo1ss9j018 {uesseoou pawoop j‘siuowoyes e}2Ueus [ewHO} Jo UoREzedai 0} 2240p -yowows ewoovs“sopnaur unwoyes jemueuy Jo toe Biyduloo el) oIOU Osea "sUAWTEIS UCL OU Hapr¥H ae Kew eK Sw ssoujsng snok Jo 1812406) obeg ezey UBUpY IY [ser Jorwwe [owtes Towort [eves [arene [wre [ane SST a ea RTA i [sone [aww [omar [aie [a woe |e eins | eases i canal = corn [reer [aoe [encore] ve pnlstinmmmineastear 95) 0 aS a [rie owners fovea Jone = [sie [eve [ose tozne |osvese {we07 way 6u09) Wy ae Papivaxd mpayos woo) 0 2}94) 20} Nau jo uHISNBDe Woy poutreo wea was vous] 7 4822 10 eo] owelute dos oy ped yee yen eso teevescist |sesaszesrs lort escort |vvvcesre1 oo . . (ru8a ow Fa papa’ ‘20101798 sors eors9 ono 08 2896 04110; asuodeo Denrs|12 40 0g 062g Bzey UeUpY IY [nome = [reese meses s0e9i9% soveare oa) I seeevieeal [secs [nme [=e [sree surezoe err ezoz cormow | eemvemanmn | 9 ‘21 229 waved 14 pas siossy pox| 260K ov0 veut aous 79 9p & Bun (asoeaev) ‘esr quoung ye | 312 10 12 ebeg ezey uBUDy iy oo = > "| — eee eae soar [enn [mare lana [ee temrered| [rue [raore [are a fam ow aero] 0 i LS Saa Sees as