YARETANOL: GREEN POWER.

Nations are currently striving for energy independence, seeking alternative fuels that are not political instruments,
that are not contaminants and, in the case of biofuels, that do not come from foodstuffs.

1. THE PRODUCTS
The YARE (the milky juice arising from pressing bitter cassava that has a high cyanide content) is at the moment not
taken advantage of industrially in Venezuela and our team, came to the selection and harvesting from yare in sitior where it is
generated and we made scale experimentations of laboratory of alcoholic fermentation during the last two years, obtaining an
increase in the yield of the production of yare/ethanol in 50%.
YIELD COMPARATIVE TABLE *
Raw material
Corn
Potato
Sugarcane
Yam
Carrot
Beetroot
Cassava
YARE**

Yield (%)
20
20
22,3
25
35
35
37
50

YARETANOL: an ecological, non-fossil, renewable fuel that is derived from an environmental liability, that does not
sacrifice any foodstuffs and that has a high demand, at 50% of the market price, through a patented process (See
Apendix A) , with the following characteristics:

High yield (50%),

Low energy use through self-generation,
With proprietary rights to the strain or bacteria for fermentation,
With machinery and equipment of our own design,
That generates a wide range of byproducts,
With very high social impact due to the creation of jobs (>1,500 jobs) and the fostering of agriculture,
With important benefits in relation to environmental cleaning because contamination problems are solved by
using yare (the milky juice arising from pressing bitter cassava that has a high cyanide content) as raw material,
which is considered to be a waste and an environmental liability.
A business capable of being reproduced at the international scale in tropical climates, on arid soils that are
poor in nutrients.

Additionally:

It is not poisonous.
It does not cause air pollution or any environmental hazard.
It does not contribute to the greenhouse effect problem (CO2 addition to the atmosphere, causing global
warming).
It has a higher octane rating than petrol as a fuel. That is, ethanol is an octane booster and anti-knocking agent.
It is an excellent raw material for synthetic chemicals.
Provides jobs and economic development in rural areas.
Reduces countrys dependence on petroleum and it is a source of non-oil revenue for any producing country.
Is capable of reducing the adverse foreign trade balance. (see below for "benefits comparison").

1 YARETANOL

COMPETING RAW MATERIAL FOR ETHANOL BENEFITS COMPARISON

BENEFITS
EPositive Enviromental impact

Non-Fossil Energy use

Yield
Cost
Price
*per ETAVEN,C.A. Vzla trials

How does the Yaretanol rate to other bio fuels on positive

enviromental impact?
How does the Yaretanol compare on Non fossil Energy use?
How does the Yaretanol rate to other bio fuels on Yield?
How does the Yaretanol cost compare to other bio fuels?
How does the Yaretanol price compare to other bio fuels?
Legend: 5=excellent; 1=poor

Yare
5

Sugarcane
1

Corn
1

5
5
5
5
25

1
4
1
1
8

1
3
1
1
7

ETAVENCA will produce YARETANOL and other types of alcohol (Isobutyl Alcohol, Butanol, Propanol, Acetic acid,
etc) in addition to cassava flour as a human food product, starch as a basis for biopolymers, vinasses for biofuel, animal
feed and water.
ESTIMATED YIELD
CASSAVA
WATER STARCH ETHANOL VINASSES ANIMAL FEED
AVERAGE *
Kg/ha Lts Kg Lts FLOUR
(Lt)
(Lt)
(Lt)
(Kg)
(Kg)
(MILES)
(Kg)
IN THE CASSAVA
CROPS
30
IN YARE (75%)
IN CASSAVA PULP
( 20 % )

22,5

3,9
6

IN RIND ( 5 % )

4,4

11,25

2,9

6
1,5

1,5

2 *Source: Business Plan YARETANOL MCT 2008

COMPARISON OF KEY CHARACTERISTICS BETWEEN THE ETHANOL INDUSTRIES IN THE UNITED STATES, BRAZIL AND VENEZUELA (YARETANOL)
CHARACTERISTIC

U.S.
Maize

VENEZUELA

Feedstock Main

BRAZIL
Sugar cane

Cost of production
(USD/Lt)

22

35

18

8.3 to 10.2 times

1.3 to 1.6 times

2.0 to 1.0 times

Energy balance (input

energy productivity)

YARETANOL

UNITS/COMMENTS

cash crop for ethanol production,

the US has less than 2% from
other crops.

Ratio of the energy obtained from

ethanol to the energy expended
in its production

2. OVERVIEW OF THE ORGANIZATION

2.1-Registered Name
ETAVEN, C. A., (Etanol de Venezuela, C.A.)

2.2-Commencement of Operations
ETAVEN, C.A. was registered in Agosto 2007 and will commence production operations in Carabobo in August 2009.

2.3 History
This venture was born when the inventors Mr. Jos Gregorio Gimnez and Mr. Valmore Hernndez patented the method to
obtain ethanol from the Yare in the 2006. Soon, together with Mr. Alesandro Palmisano registered company ETAVEN, C. A.
and incorporated to Board at Ms. Ivaneth Silva Pernalette. (See Apendix B)

2.4 Mission Statement

ETAVEN, C.A., challenges benchmarks in the alternative fuel sector. We manufacture and market innovative energy with
very high social and environmental impact. We find ways to "do what the others don't".

2.5 Vision Statement

Through our diverse professional skills and clarity of purpose and values, we aim to achieve an IPO (or Trade Sale) by 2010.

2.6 Organizational Objectives

1.
2.
3.
4.

Subscribe ETAVEN, C.A., contract for Initial Investors before February 2009.
Achieve recurring profits of a minimum $25 million by Year 2.
To extend the capacity of the pilot plant in Venezuela to the 100% and to establish new international branches.
Research and establish three other innovative products by Year 3, ready to market by year two.

2.7 Organizational Values

Transparency in all dealings with key stakeholders

Commitment to customers
Collaborative approach to new products.

2.8 Founders and Management Team

The Management team is comprised of Ivaneth Silva Pernalette, Valmore Hernndez and Jos Gregorio Gimnez. The
Management team is complimented by two advisors: Francisco Casanova (Strategy and Marketing advisor) and
Mckinsey&Company Consultants. The Management team is highly motivated, experienced and well qualified. The team is
strongly positioned to take advantage of this opportunity (Appendix C). The team has:

Proven business start-up skills, with bottom line responsibility

Experience in business start up (finance, marketing, operations (engineering), standardization and legal aspects)
Personality profiles that reflect the synergies of cohesive group dynamics

Francisco has significant skills and experience in marketing and strategy. McKinsey&Companys Consultants in Venezuela is
helping us in The Start-up phase to covering all aspects of the business system: corporate and business unit strategy,
organization/PMM, growth, innovation, industry structure management, performance management, and all aspects of
operational improvement (e.g., lean transformation, sales and marketing programs, procurement/SCM, IT, site
management) (Appendix D).

2.9 Major Milestones Achieved to Date

Identification of business oportunity in alternative fuels market

Successful trials of YARETANOL in Labs University of Carabobo
Patent of the method to obtain ethanol from yare
Register of Company ETAVEN, C.A.
Project approval for the D&R by Science and Tecnology Ministery
Competitor analysis undertaken to establish uniqueness YARETANOL product benefits
Development of Business Plan
Commitment of management team through investment of hurt money
Be prizewinners of the National Award as Best Business Plan for 2008 in the most important contest in Venezuela
Contact whit Advisory Board of PEQUIVEN: Petroqumica de Venezuela, the most important state-run company in
the chemical sector in our country for RD&I contribution.

2.10 Brief Resumes of the Management Team

Valmore Hernandez
President

Ivaneth Silva Pernalette

Corporate Director

Academic Qualifications: Agronomist Engineer,

Financial scientist, Master of Engineering Process
student.
Positions held: General Manager/Operations
Manager (Corporate Biotechnology Industry);
Valmore con with more than 20 years of
Experience elaborating plans of businesses, design
of processes and Quality Control in farming
projects and biotechnology.

Academic Qualifications: Industrial Engineering student, Auditor of

Quality Management Systems.
Positions held: Owner/ Operator (Technology Industry); Consultant/
Organizational Psychologist/Auditor.
During a career spanning over 10 years, Ivaneth has worked in various
upper management positions in companies related to international
quality, environmental, industrial hygiene and safety standardization,
and social responsibility. She has received several national and
international awards.

Jose Gregorio Gimenez

Operations Director
Academic Qualifications: Electronic Engineering
student. Industrial scientist.
Positions held: Inventor (Technology Industry);
Operator (Chemical Industry)
Jose have 16 years of experience in Design and
industrial manufacture of machinery and
electronic equipment, automatic systems of
control for resin injection and alcoholic
fermentation.

Francisco Casanova
CFO
Academic Qualifications: Bachelor of Business Administration and MBA
student
Positions held: Operations Manager (Finance Industry); Marketing
Consultant (Banking Industry)
Francisco's career and academic achievements have ensured that she
is able to analyze situations from a variety of perspectives. He has 15
years of experience. His analytical skills, attention to detail and
common sense approach are backed by exposure to a variety of
industry sectors.

2.11 Business Structure

The proposed business structure is:
ETAVEN,C.A.
100%

BOARDS OF
DIRECTORS
60%

INITIAL
INVESTOR
(Pequiven?)
15%

INVESTORS
25%

2.12 Board Structure

The Board of Directors conformations is: Mr. Jos Gregorio Gimnez have 26% of the stocks, Mr. Valmore Hernndez have
26%, Mr Alessandro Palmisano 25% and Ms. Ivaneth Silva Pernalette have 23% of the companys stocks and the exclusivity
from international sales.

3. THE OFFER
3.1 Funds Required
A total investment of $2.75 million like as Initial Investment is sought from an investor who has experience in the biofuel
manufacturing and/or marketing industries. (Possibly will be PEQUIVEN (See Apendix E)). There will be three tranches -

The first of $1.43 million will be made once the initial contract is subscribed. This is due to be completed by
March 2009. This money will be used to finance the Building and machinery fabrication. and initial raw material
supply.

The second tranch of $475 thousand is due in April 2009. This money will be used to finance the Installation and
Start-up, to buy critical raw material supplies, as well as provide working capital.

The third tranch of $845 thousand is due in July 2009. This money will be used to Operation and tune-up and
provide working capital.

3.1.1 Initial Investor Equity

For the $2.75 million investment, the initial investor will receive a 15% equity stake in ETAVEN, C.A. The financial
projections forecast an Internal Rate of Return >> 100%, the investor with a cash return 10 times their original investment
at the end of Year 5. If the Board unanimously decides, dividends may be distributed; however, this business plan does not
contemplate any dividend payments, only capital gains.

3.1.2 Management Equity and Royalty

The Management team have invested US$ 568,181in ETAVEN, C.A. into research and developing, in return for a 60% equity
share and will receive royalty payments for each unit sold. Royalty payments are calculated at 5% of sales revenue, with a
base minimum in the first five years of 80,000 Ton of YARETANOL. If these numbers are not achieved the contract may be
renegotiated at the request of ETAVEN, C.A.

3.1.3 Investors Equity (to expand by 100% the production capacity of the pilot plant in Venezuela and to establish
international branches)
In order to achieve the total replacement of ethanol imports from Brazil (corn- and sugar cane-based), for which an
investment of at least US$200 Million for equipment, machinery and infrastructure is required. This would represent
91% of the Venezuelan market, with a growing demand in the range of 1,100,000 tons/year, or US$2,750,000,000/year.
The financial projections forecast an Internal Rate of Return >> 100%, providing the investor with a cash return 10 times
their original investment at the end of Year 5. In return for granting exclusive marketing and distribution rights in
Venezuela for a period of 10 years (options may also been granted for Mexico, Canada and North America), will be granted
a 25% equity stake in ETAVEN, C.A.
The company is valued at US$25 Million, without taking the intangible assets in consideration, as it is a trademark that is
currently growing and being positioned.

3.1.4 Exit Mechanisms

ETAVEN, C.A., will be positioned for an IPO or trade sale in year 6 of operations. An earnings multiple of ten has been
factored into the valuation calculations and reflects a conservative rate for this industry.

3.1.5 Investor Claw Back Strategy

If the Management team fails to achieve at least 90% of the key performance criteria contained in this business plan
(subject to negotiation including a mechanism for measuring the investor's, directors performance and operational
support) over the five years, the investor will be entitled to claw back from the Management team, at no cost, 20% of the
management team's equity, therefore raising the investor's holding to 50%.

4. STRATEGIC ANALYSIS
4.1 External Environment Analysis
4.1.1Macro Environment Analysis
4.1.1.1Technological Developments
Technological developments in the industry have focused on the biofuel derived from yare and a wide
range of byproducts

4.1.1.2 Social and Attitudinal Trends

Biofuel industry achieved prominence ten years ago and continues to grow.
Current biofuel sacrifice foodstuffs toward more expensive.
The yield from the other raw material/ethanol is less than 35% while our yield yare/ethanol is 50%.
To obtain ethanol from corn or sugar cane is used higly fosil energy, while we use eolic auto generation.
Carabobo produce 12,000 tons/year of yare industrially that are generated as waste from the 150 places
that have been making cassava bread for over 25 years.
The yare is considered a waste and an environmental liability.
In 2005, only 30% of gasoline was sold at a ecological; today, it is over 80% suggesting more discerning
consumers and lower margins in the industry.

4.1.1.3 Economic Trends

Consumers today have a larger disposable income.

Urban populations are growing and using more fuel.
The Kioto convention make enphasis in non-fossil fuel because those not contribute to the greenhouse
effect problem.
In Venezuela 91% of the ethanol is imported from Brazil (sugar cane-based).
Many country are dependents of petroleum and it is a source non renewable.

These findings, suggest that YARETANOL will be able to capitalize on the impulse nature of the global market and
his needs.

4.1.2 Market Description

In 2007 291,000 liters of ethanol were produced in the Venezuela (for human comsuption). (9%)
In 2007 3,088 thousands liters of ethanol was consumption for fuel of cars and is imported. (90%)
In 2007 30,000 liter/day of ethanol was consumption in the Chemical Sector in Carabobo. (1%)
The National production accounts for 9 % of the total market and Imported 91%.
Ethanol for fuel is the faster growing sub sector in volume and value terms with increases of 2% from 2005 to 2008.
The actual installed capacity cant supply the Venezuelan market for fuel and chemical sector.
We going to produce 30,000 lt/day (pilot plant) from YARETANOL to supply the market in the chemical sector.

AREA
CENTRAL REGIN
OCCIDENTAL REGIN
ANDEAN REGIN
NATIONAL TOTAL

Potable alcohol production in Venezuela for the 2007 year

Annual production 2.007
(Lts./Day)
9.795,70
34.484,00
289,90
44.569,60

Instaled Capacity
(Lts./Day)
102.500,00
186.500,00
2.000,00
291.000,00

Venezuelan consumption of ethanol for fuel of cars (imported from Brazil)

YEAR
2005
2006
2008
2010
ETHANOL T BPD
17,7
18,2
19,3
20,6
ETHANOL TLPD
2.832
2.912
3.088
3.296
3 Ministry of Energy and Oil / T BPD: Thousands of barrels per day / T LPD: Thousands of liters per day

Consumption for Ethilic Alcohol from the Industrial Chemical sector in Carabobo
COMPANY
ETHANOL LPD

INPROIN R.L.
2.800

SOLVEN C.A.
14.500

SOLVENTES VENEZOLANOS C.A.

12.700

TOTAL
30.000

4.1.3 Competitive Environment Analysis

Our competition at the moment is imported ethanol originating of Brazil. (3.030.000 Lts/day that represent 91% of the
Venezuelan market, with a growing demand in the range of 1,100,000 tons/year, or US$2,750,000,000/year).

4.1.4 Customer Profile

Our main clients are INPROIN, R.L,

SOLVEN, C.A. and SOLVENTES VENEZOLANOS, C.A., important companies from

chemical sector with daily purchases from 2.800 Lts,

14.500 Lts and 12.700 Lts respectively.(See Apendix B)

4.1.5 Suplier Profile

Our enterprise will start out with a pilot plant that will process 12,000 tons/year of yare industrially that are
generated as waste from the 150 places that have been making cassava bread for over 25 years, located in an area close to
the company (In Tocuyito, Libertador Municipality, 12 minutes away). These places will be our initial suppliers to start
producing initially 30 tons/day to replace 1% of the imports of the national ethanol market, whose requirements reach
3,000 tons/day. The product will be used as raw material in the automotive, chemical and food industry, who will be our
clients, and will be marketed at a price promedio of yare US $2,226 per ton (50% less than the competition), that
represent the 64% from Annual Sales.

5. KEY STRATEGIC ISSUES

5.1 Sustainable Competitive Advantage
ETAVEN, C.A., will "succeed" because of the following:

A strategic alliance with the most important state-run company in the chemical sector in our country providing it
with credibility and well established distribution channels to establish the business in its formative stages.

Unique and innovative biofuel appliances

Strong team of committed people

5.2 Basis for Growth

The basis for growing the venture is reflected in the following two strategies:
Priority 1: continue research and development of new and innovative products to meet the current and future needs
of biofuel appliance consumers.
Priority 2: Enter new geographic markets (Central, North, South America, Africa and the Tropical Islands).

6. THE MARKETING PLAN

6.1 Marketing Objectives

Establish a strong presence in the Vzla market

Use the PEQUIVEN association as a conduit for entry into the Vzla market provide guaranteed demand, market
penetration, nation wide distribution, and an opportunity to gauge market acceptance of YARETANOL at a reduced
business and financial risk.
Utilize acquired market knowledge and presence to establish non-Yaretanol customers both through PEQUIVEN
affiliations and through the efforts of ETAVEN, C.A. own sales force.
Establish significant high-margin sales.

6.2 Sales Assumptions

Assumptions underlying the development of the sales forecasts are as follows:

INFLATIN

40%

35%

35%

35%

35%

Year

2009

2010

2011

2012

2013

6.012.278

38.959.559

63.114.486

102.245.467

165.637.656

493.315

3.196.682

5.178.624

8.389.372

13.590.782

2.525.157

16.363.015

26.508.084

42.943.096

69.567.815

61.664

399.585

647.328

1.048.671

1.698.848

240.491

1.558.382

2.524.579

4.089.819

6.625.506

9.332.905

60.477.223

97.973.101

158.716.424

257.120.607

Sales
Ethanol (Lts)
Cassava flour (Kgs)
Starch (L ts)
Ani mal feed (Kgs)
Vin asses (Kgs)
Total Sales

6.3 Marketing Strategies

6.3.1 Products

ETAVEN, C. A.'s product offerings will be positioned as cost-effective, reliable, operational solutions to the current and
future needs of the Venezuelan Market and the global world.

6.4.2

Price

Here in Venezuela the market price from ethanol is $4,5/lt, very high and like as the price of (1 American gallon),
however, our price is US$2,21 per Lt., (50% less that the competence) because our real cost is $US0,18 ( the second year is
smaller because we produce our yare).

PRODUCT

PRICE
(US$/Ton)

Ethanol:
2,226.00
Cassava Flour:
228.31
Starch (Lts):
1,600.00
AAnimal Feed (Kgs):
456.62
Vinasses(Kgs):
228.31
It must be noted that we can have such a large price difference because the raw material extraction costs are
nil for our company, and the collection and transportation costs are very low because the yare is produced whether we
want it or not.
In addition, for negotiation purposes with the producers we have the advantage that we will be processing 30% of
the cassava that is lost in the crops because it does not reach the commercial size and weight standard, plus 50% more
comprising the cassava that is attacked by pests, that which rots away due to excess rain, and the cassava that is not good
to eat because it is either too tough or too fibrous.
After three phases of three months each, we will become independent from the cassava bread makers who will
be our initial suppliers of yare; second, we will be buying 50% less because we will extract the required yare ourselves,
and in the last phase we will extract 100% of the yare we will require, thus assuming total control and we will become
their cassava flour suppliers.

6.4.3 Distribution

The clients come until Planta to look for ethanol.

6.4.4 Promotion

Actually we dont need to develop a mark because our strategy is based in low price, but we are conscious that in the
future will need it.

7. PRODUCTION PLAN
The initial assembly plants for the YARETANOL and Almidon will be located at the Tocuyito, Carabobo State.

Based on the market research undertaken, strategies developed and existing customer relationships, the following sales
forecasts were developed (in units):

Product Details

Year 1

Year 2

Year 3

Year 4

Year 5

Ethanol

29.25

35.1

42.12

50.54

55.60

Cassava flour

24

28.8

34.56

41.47

49.77

Starch

17.55

21.06

25.27

30.33

36.39

Animal feed

1.5

1.8

2.16

2.59

3.11

Vinasses

11.7

14.4

16.85

20.22

24.26

ETAVEN, C. A (Thousands Ton/year)

In addition, checkpoints within the production process have been put in place to guarantee standards.

8. ORGANIZATIONAL PLAN
8.1 Organization Structure Chart

The Organizational Structure charts appearing below show how the organization's staffing needs change over the five
years.

Year 1

Year 5
Board

Board

CEO

CEO

Admin Staff 2
Marketing Staff 1
Production Staff 6

Admin Staff 12
Marketing Staff 4
Production Staff 60
Finance Staff 8
Sales Staff 8
R and D Staff 4

8.2 Organizational Budget

Specific line budget items appear below:

Organizational

Qtr 1

Qtr 2

Qtr 3

Qtr 4

Year 1

Year 2

Year 3

Year 4

Year 5

Expense

Details
Payments

90,411

209,635

262,237

286,712

848,995

4,837,808

6,531,041

8,816,905

11,902,822

Production

25,652

192,677

594,524

573,720

1,386,573

2,246,249

3,638,923

5,895,055

9,549,989

5,227

15,592

15,592

15,592

52,003

84,245

136,477

221,093

358,170

175,000

275,000

275,000

275,000

1,050,000

1,248,000

1,296,000

1,344,000

1,392,000

1,512,000

3,699,120

5,987,520

8,467,200

60,000

120,000

120,000

120,000

120,000

120,000

600,000

480,000

480,000

480,000

Services and ofice

YARETANOL Assembly
Starch Production
Training

40,000

20,000

Marketing

30,000

30,000

30,000

30,000

9. FINANCIAL PLAN
9.1 Underlying Assumptions

YEAR

2009

2010

2011

2012

2013

Growth rate

20%

20%

20%

20%

20%

Inflation

40%

35%

35%

35%

35%

9.2 Financial Highlights (Best Case Scenario)

Cash positive in each year of operation

$5.8 million committed to R&D

Almidon, Cassava flour, Animal feed and Vinasses cash surplus reinvested into YARETANOL.

9.4 Breakeven Point

Breakeven Point ( US$ )

1.169.482

5.253.415

7.013.615

9.344.133

12.545.935

12,53%

8,69%

7,16%

5,89%

4,88%

Breakeven Point ( % )

ETAVEN, C.A. Profits ($million)

Annual Sales($millio n)

9.5 Financial Proformas

Cash f low 2007-2011

Expressed en US$

Opening cash balance

Sales
Ca pita l funds
Re search &
De velopment
Marketing Budget
State
Income Tax

Closing Cash balance

2009

2010

2011

2012

2013

-6.119 .939

-40.858.921

-97.952.884

-191.548.755

-9.332.905
-2.750.000

-60.477 .223

-97.973.101

-158.716.424

-257.120.607

2.287.572
1.326.430

7.168.302
515.309

10.306.441
834.801

14.933.053
1.352.378

21.810.981
2.190.852

2.348.964

18.054.630

29.737.896

48.835.123

79.960.173

-6.119.939

-40.858 .921

-97.952.884

-191.548.755

-344.707.356

Balance Sheet 2 009-2013

Expresed in US$

INFLATIN

40%

35%

35%

35%

35%

Year

2009

2010

2011

2012

2013

9.332.905

60.477.223

97.973.101

158.716.424

257.120.607

Sales
Total Sales
Salaries
Total Production
Total Services
Total Office supplies
Operative expense s

848.995

4.837.808

6.531.041

8.816.905

11.902.822

1.386.573

2.246.249

3.638.923

5.895.055

9.549.989

47.881

77.567

125.658

203.567

329.778

4.122

6.678

10.818

17.526

28.392

1.438.576

2.330.494

3.775.400

6.116.148

9.908.159

Depreciation

136.617

207.068

202.260

150.657

132.647

Other Expenses

136.617

207.068

202.260

150.657

132.647

2.424.189

7.375.370

10.508.701

15.083.710

21.943.629
235.176.979

Total liabilities
Gross profit
State income tax (34%)
Net profit

6.908.716

53.101.853

87.464.401

143.632.714

2.348.964

18.054.630

29.737.896

48.835.123

79.960.173

4.559.753

35.047.223

57.726.504

94.797.591

155.216.806

9.6 Sensitivity Analysis

NPV Scenarios
Price

Production

Unfavorable (-50%)

Low (-35%)

Normal

Favorable (+50%)

-14.717.812

-51.884.245

-89.050.679

Normal

-103.776.739

-352.925.692

-296.120.810

High (+35%)

-244.936.146

-264.263.867

-407.620.112

9.7 Source and Application of Funds

Cron ogram of activities for the YARETANOL project
PERIOD
STAGE
DISBURSEMENT
Jan-March
Apr-Jun
IDENTIFICATION
($)
%
09
09
Jul-Sept 09
Building and
machinery
fabrication
1.430.000 52,00
1.430.000
Installation and
and Start-up
475.000 17,27
475.000
Operation and
tune-up
TOTAL

845.000 30,73
2.750.000 100

845.000

9.8 Critical Risks and Problems

RISK DIMENSION
Development
Management
Marketing
Financial
Valuation
Financing
Exit

PERCEIVED RISK
Zero
Low/Moderate
Low/Moderate
Low/Moderate
Low
Low/Moderate
Low/Moderate

TOTAL ($)

1.430.000
475.000
845.000
2.750.000