COMFAR III Brochure - English - Unido

COMFAR III Expert is a new generation of software
developed by UNIDO to facilitate the financial
and economic appraisal of investment projects.
Complementing UNIDO's Manual for the Preparation
of Industrial Feasibility Studies (2nd ed. 1991), it
permits the user to simulate the short and long-term
financial situation of industrial and non-industrial
investment projects, whether new investments,
rehabilitation, expansion, joint-venture or privatization
projects.
Backed up by the experience of more than 1500
users in 130 countries since the original COMPUTER
MODEL FOR FEASIBILITY ANALYSIS AND REPORTING,
COMFAR, was introduced in 1983, COMFAR III
Expert offers a number of novel features that make it
a dynamic tool for project preparation and appraisal:
Easy access − easy to operate
COMFAR III Expert is especially through its graphical
user interface very user-friendly and therefore ideal
even for those with no special computer knowledge. It
is at the moment available for MS Windows 95/98
and MS Windows NT/2000.
After having specified the project type (industrial,
agroindustrial, infrastructure, tourism or mining) and
the level of analysis (opportunity or feasibility study
level) the user is guided through data entry, data
saving, calculations, display and printing of result
schedules and graphical charts.
User-defined flexibility
COMFAR III Expert allows users greater flexibility in
specifying how detailed an analysis they require. The
little flexible model underlying COMFAR 2.1 has been
replaced by an 'open' system, in which the
standardized basic structure can be expanded to fit
the special needs of the analyst. The new main
features are:
• variable planning horizon, up to 60 years,
• variable time structure, construction & startup
• up to 20 products may be distinguished
• data may be entered in up to 20 currencies
• economic analysis option
• direct costing option
• price escalation/inflation option
• cut, copy, split and paste features
The standard structure of investment, operating and
marketing costs may be expanded to allow the entry
of sub-items, sources of finance include equity, longterm
loans, short term finance and definition of
conditions of profit distribution.
With these facilities, COMFAR III Expert can be
applied to all kinds of investment projects, to smalland
medium-scale business investments and for the
analysis of large-scale projects or for complex
production units, e.g.: chemical plants.
COMFAR III Expert − A CASH FLOW MODEL
The COMFAR system distinguishes cash flows in
domestic and foreign currencies while allowing for
changes in exchange rates. A number of standard
functions are available to compute net working
capital, debt service, annual depreciation of fixed
assets and corporate tax. From a variety of financial
and efficiency ratios the user may select those
needed for project appraisal. Direct costing, allocation
of indirect costs to profit centers and analysis in
constant or current prices are also available.
Financial analysis (enterprise level)
For the financial analysis COMFAR III Expert
produces, based on the corresponding input data, the
following result schedules: SUMMARY SHEET,
INVESTMENT COSTS, PRODUCTION COSTS, PRODUCTION
AND SALES PROGRAMME, SOURCES OF FINANCE AND
DEBT SERVICE, BUSINESS RESULTS, comprising:
Financial cash flow, Discounted cash flow, Income
statement, Balance sheet (with ratios), data on direct
costing, product profitability, FINANCIAL AND
EFFICIENCY RATIOS, and BREAK-EVEN CONDITIONS.
User-defined sub-items may be displayed and printed
in addition to the standard schedules.

Economic analysis (macro level)
The Economic Analysis option allows the user to
introduce shadow prices (to express project inputs
and outputs in terms of economic prices) and to
compute economic rates of return, value added,
foreign exchange effects and so on, including or
excluding external economic effects.
The Economic analysis module of COMFAR III Expert
supports the methodologies described in the Guide to
Practical Project Appraisal (UNIDO,1986), in LITTLE,
I.M.D., MIRLEES, J.A., Project Appraisal and Planning
for Developing Coutries (OECD, 1982) and in SQUIRE,
L., VAN DER TAK, H.G., Economic Analysis of Projects
(World Bank, 1984). The Value-added methodology
follows that of the Manual for Evaluation of Industrial
Projects (UNIDO, 1984), but is modified to include the
decomposition of intermediate inputs suggested in the
Manual of Economic Evaluation of Projects written by
CHERVEL, M., and MICHEL LE GALL (Paris, 1989).
Graphical presentation of results
COMFAR III Expert gives the user the ability to
generate graphical presentations of ratios and of
structures of cash flows, costs and revenues.
Sensitivity analysis
With the help of sensitivity analysis it is possible to
show how net cash returns or the profitability of an
investment alter with different values assigned to the
variables needed for the computation (sales prices,
unit costs, sales volumes etc.). COMFAR III Expert
facilitates the assessment of alternative project
scenarios and the determination of the critical
variables. A variety of graphical charts is available to
analyze the structures of project inputs and outputs,
e.g., the structure of the annual production and sales
programmes, or the variable and operational margins
and Break-even sales volumes.
Non-industrial investment projects
For appraisal of investment projects in other sectors
of the economy, such as agro-industrial development,
mining, infrastructure and tourism projects, COMFAR
III Expert offers corresponding data input formats and
output tables.
THE USERS OF COMFAR
The first and second generation of COMFAR have
been licensed to users in the public and private
sectors in over 130 countries. COMFAR III Expert will
serve the same user groups, such as, Development
Financing Institutions (DFIs), Investment Banks,
Industrial Development Corporations, Small Business
Development Institutions, as well as Universities and
Business Schools, Consulting and Engineering
companies, individual Consultants, Suppliers of
equipment, and many other private and public entities
involved in project preparation and investment
appraisal.
For more information, for licensing conditions and order
forms, please contact:
United Nations Industrial Development Organization,
c/o Investment and Technology Promotion Branch / COMFAR
P.O.Box. 300, A-1400 Vienna, Austria
Fax: (43-1) 26026 - 6807
Tel.: (43-1) 26026 - 3855 or 3877 or 4066 or 3840
E-mail: comfar@unido.org
Web: http://www.unido.org/comfar

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
COMFAR III Expert, COMFAR III Business Planner and COMFAR III Mini Expert
for Windows
What it is
COMFAR III is an easy to operate, reliable and flexible project appraisal software. It is the successor of
the COMFAR versions 1.x and 2.x, developed by UNIDO since 1981. The COMFAR III Product palette
consists of:
• COMFAR III Expert, designed to support the user to simulate the short and long-term financial and
economic situation of investment projects in detail.
• COMFAR III Business Planner, designed to support the user to simulate the short and long-term
financial situation of investment projects in detail.
• COMFAR III Mini Expert, designed to allow the user to preliminary assess the short and long-term
financial situation of investment projects.
The software is owned and maintained by UNIDO, and is continuously updated to meet the requirements of
the rapidly growing user’s group.
COMFAR III is operable with Windows 95/98 and Windows NT/2000.
Multilingual software facilitates international cooperation
COMFAR III is currently available in English, Chinese, Czech, French, German, Italian, Japanese, Polish,
Portuguese, Russian, Slovak, and Spanish. Other language versions will follow, depending on demand. The
COMFAR III Manuals are available in English, French, German, Polish, Russian and Spanish, only.
How to obtain COMFAR III
COMFAR III may be obtained from UNIDO under the conditions specified in the COMFAR license
agreement. The lump-sum licence fee depends on the country and status (commercial, non-commercial,
university) of the user. To determine the applicable fee please consult the license fee table.
One COMFAR III package includes the right to use the software on one PC, one CD-ROM, one run-time
key (toggle), necessary to use the run-protected software, and a complete set of COMFAR Manuals. For
COMFAR III Expert or Business Planner one UNIDO Manual for the Preparation of Industrial Feasibility
Studies, Vienna (1991) is also included.
Testing COMFAR III
It is possible to download from our homepage (http://www.unido.org/comfar) COMFAR III Demo versions free
of charge. For testing, COMFAR III Expert and COMFAR III Business Planner may be also obtained under a
License Agreement with limited duration. The minimum testing period is two (2) months, the fee is US Dollar
250.- per month. A deposit of US Dollar 500.- is required for the run-time key. In case the software is ordered
during/by the end of the test, the amount will be credited.
User support services and training workshops
Although the COMFAR Manuals, the Release Notes, and the On-line Help, will normally provide all
information required to understand and operate COMFAR III, it may be necessary to consult with the
COMFAR Support Team. We may be reached by phone, facsimile or e-mail. Workshops for beginners and for
advanced COMFAR users are organized regularly at UNIDO Headquarters, and - at request - also at other
places. Since these workshops are self-financed, a fee needs to be charged.
UNIDO publications complementing COMFAR III
The Manual for the Preparation of Industrial Feasibility Studies; Newly revised and expanded edition, Vienna
(1991), is UNIDO’s best-selling publication in this field. The Manual is available in English, as well as
Arabic, Chinese, French, Italian, Polish, Russian and Spanish. The Manual for Small Business; Project Design
and Appraisal, Vienna (1994), and a series of Manuals on Social Cost-Benefit Analysis complements the
Cost-Benefit module of COMFAR III Expert.
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
HARDWARE AND SOFTWARE REQUIREMENTS
COMFAR III Expert COMFAR III Business Planner and COMFAR III Mini Expert
• PC AT or compatible computer equipped with an 80386 (or higher) microprocessor
• Operating System MS-DOS 3.0 (or higher)
• Microsoft Windows 95/98, Microsoft Windows NT/2000
• 16 MByte RAM (32 MByte or more recommended)
• 3.5” (1.44 MByte ) Diskette Drive
• Hard disk drive
• CD - Drive
• SVGA graphics monitor, 800 * 600 pixels (or higher)
• Microsoft compatible mouse
• Printer, supported by Windows
• COMFAR III Expert, COMFAR III Business Planner and COMFAR III Mini Expert are also available for
Local Area Networks (LAN). The following networks environments are supported and have been tested:
• Microsoft Windows 95/98
• Microsoft Windows NT Network
• Microsoft Windows 2000
• Novell 3.x and Novell 4.x
• Novell 5.x (only with IPX)
The following network environments have not been tested but should also be supported according to the
supplier of the hardware:
• 3Com
• Banyan Vines
• D-Link
• DEC Pathworks
• Netware Lite
• LANtastic
• LAN Manager
• any other network environment that uses one of the following network communication
protocols: IPX, TCP/IP or NetBIOS
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
LICENSE FEES (in US$, valid as of May 1998)
for COMFAR III Expert
SINGLE WORKSTATION - COMFAR III Expert:
User Type Country
Group A Group B Group C
Commercial 5,400.- 4,400.- 2,400.-
Non-commercial, public sector 4,400.- 3,400.- 500.-
University 4,400.- 950.- 500.-
Additional runtime set 500.- 500.- 500.-
Additional language set 1,000.- 800.- 500.-
Additional COMFAR Manual 50.- 50.- 50.-
LOCAL AREA NETWORK VERSION - COMFAR III Expert:
User Type Work- Country
stations Group A Group B Group C
Commercial 3 6,400.- 5,400.- 3,400.-
5 6,900.- 5,900.- 3,900.-
10 8,400.- 7,400.- 5,400.-
15 9,900.- 8,900.- 6,900.-
20 11,400.- 10,400.- 8,400.-
30 14,400.- 13,400.- 11,400.-
Non-commercial, public sector 3 5,400.- 4,400.- 1,400.-
5 5,900.- 4,900.- 1,900.-
10 7,400.- 6,400.- 3,400.-
15 8,900.- 7,900.- 4,900.-
20 10,400.- 9,400.- 6,400.-
30 13,400.- 12,400.- 9,400.-
University 3 5,400.- 1,850.- 1,400.-
5 5,900.- 2,350.- 1,900.-
10 7,400.- 3,850.- 3,400.-
15 8,900.- 5,350.- 4,900.-
20 10,400.- 6,850.- 6,400.-
30 13,400.- 9,850.- 9,400.-
Additional language set - 1,000.- 800.- 500.-
(an additional language set has to be purchased only once per Local Area Network version)
LIMITED DURATION, SINGLE WORKSTATION - COMFAR III Expert:
License for one language including COMFAR
Manuals
Deposit for runtime key 500.-
Fee for two (2) months 500.-
Each additional month 250.-
Country Group A: Europe (except for Eastern Europe/CIS), Australia, Canada, Japan, New Zealand, USA
Country Group B: Developing countries including CIS (except for countries in Group C)
Country Group C: Countries contained in UNIDO’s list of LDC’s: Africa (30), Arab states (4), Asia and Pacific (13),
America (1); For detailed list please contact UNIDO/ITC/ITP
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
LICENSE FEES (in US$, valid as of June 2000)
for COMFAR III Business Planner
SINGLE WORKSTATION - COMFAR III Business Planner:
User Type Country
Group A Group B Group C
Commercial 4,400.- 3,400.- 1,400.-
Non-commercial, public sector 3,400.- 2,400.- 500.-
University 3,400.- 850.- 500.-
Additional runtime set 500.- 500.- 500.-
Additional language set 1,000.- 800.- 500.-
Additional COMFAR Manual 50.- 50.- 50.-
LOCAL AREA NETWORK VERSION - COMFAR III Business Planner:
User Type Work- Country
stations Group A Group B Group C
Commercial 3 5,400.- 4,400.- 2,400.-
5 5,900.- 4,900.- 2,900.-
10 7,400.- 6,400.- 4,400.-
15 8,900.- 7,900.- 5,900.-
20 10,400.- 9,400.- 7,400.-
30 13,400.- 12,400.- 10,400.-
Non-commercial, public sector 3 4,400.- 3,400.- 1,400.-
5 4,900.- 3,900.- 1,900.-
10 6,400.- 5,400.- 3,400.-
15 7,900.- 6,900.- 4,900.-
20 9,400.- 8,400.- 6,400.-
30 12,400.- 11,400.- 9,400.-
University 3 4,400.- 1,750.- 1,400.-
5 4,900.- 2,250.- 1,900.-
10 6,400.- 3,750.- 3,400.-
15 7,900.- 5,250.- 4,900.-
20 9,400.- 6,750.- 6,400.-
30 12,400.- 9,750.- 9,400.-
Additional language set - 1,000.- 800.- 500.-
(an additional language set has to be purchased only once per Local Area Network version)
LIMITED DURATION, SINGLE WORKSTATION - COMFAR III Business Planner:
License for one language including COMFAR
Manuals
Deposit for runtime key 500.-
Fee for two (2) months 500.-
Each additional month 250.-
Country Group A: Europe (except for Eastern Europe/CIS), Australia, Canada, Japan, New Zealand, USA
Country Group B: Developing countries including CIS (except for countries in Group C)
Country Group C: Countries contained in UNIDO’s list of LDC’s: Africa (30), Arab states (4), Asia and Pacific (13),
America (1); For detailed list please contact UNIDO/ITC/ITP
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
LICENSE FEES (in US$, valid as of May 1998)
for COMFAR III Mini Expert
SINGLE WORKSTATION - COMFAR III Mini Expert:
User Type All Country
Groups
For all user types 500.-
Additional runtime set 150.-
Additional language set 350.-
Additional COMFAR Manual 50.-
LOCAL AREA NETWORK VERSION - COMFAR III Mini Expert:
User Type Work- All Country
stations Groups
For all user types 3 800.-
5 950.-
10 1,400.-
15 1,850.-
20 2,300.-
30 3,200.-
Additional language set - 350.-
(an additional language set has to be purchased only once per
Local Area Network version)
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

DIFFERENCES BETWEEN THE COMFAR III Products
Mini Expert Business Planner Expert
Opportunity Study Level � � �
Feasibility Study Level — � �
Financial appraisal � � �
Economic appraisal
Applicable for:
— — �
New Projects � � �
Expansion/Rehabilitation � �
Joint-venture Projects � � �
Inflation � �
Escalation � �
Cost-center Analysis � �
Cost Allocation
Planning Horizon
� �
Balance date December Any month Any month
Construction max. 5 years max. 10 years max. 10 years
Start January any month any month
Structure Yearly min. monthly planning min. monthly planning
Production max. 15 years max. 50 years max. 50 years
Startup — max. 24 months max. 24 months
Currencies
Discounting
2 20 20
Standard IRR � � �
Modified IRR — � �
Standard NPV � � �
Short NPV
Flexibility
— � �
Userdefined subitems — � �
Userdefined project types — � �
Local / Foreign market
Investment Costs
— � �
Sale of assets
Sales Programme
End of project only User-defined User-defined
Subsidies — � �
Sales Tax
Working Capital
— � �
Short-term deposits
Loans
— � �
Number of Long-term loans 1 max. 8000 max. 8000
Number of Short-term loans 1 max. 8000 max. 8000
Interest rates per loan 1 max. 10 max. 10
Fees — � �
Profit distribution
Income (corporate) tax
1 scenario / project 1 scenario / project year 1 scenario / project-year
Tax brackets 1 10 10
Allowances — � �
Depreciation adjustments
General features
— � �
Parallel access to projects 1 5 5
Results produced Standard only Standard & additional Standard & additional
Graph. Parametric analysis — � �
Graph. Compare of projects — � �
Sensitivity analysis — � �
Emblems on printouts
COMFAR Data compatability
— � �
COMFAR 2.1 — � �
MiniExpert n.a. � �
Business Planner — n.a. �
Expert — �
(Financial appr.only)
n.a.
UNIDO, IPC/ITP, Vienna International Center, P.O. BOX 300, A-1400 VIENNA, AUSTRIA
Tel: (+43-1) 26026-3855 / 4066 Fax: (+43-1) 26026-6807 Email: comfar@unido.org Web: www.unido.org/comfar

ORDER FORM - COMFAR 1 III Software
United Nations Industrial Development Organization
c/o Investment Promotion and Institutional Capacity-Building Division/ITP/COMFAR
Vienna International Centre, P.O. Box 300, A-1400 Vienna, Austria
Phone: (43-1) 26026 - 3855 or 4066; Fax: (43-1) 26026 - 6807;
E-mail: comfar@unido.org; Web: www.unido.org/comfar
2000/1 2
Agreement No. _____/________
COMFAR III Expert for Windows
each 2
total
E1 COMFAR III Expert - STAND ALONE VERSION
SYSTEM, one LANGUAGE3 , one RUN-TIME LICENSE (one protection key and one SET of MANUALS)
US$ US$
E2 � 1 � 2 � ___ ADDITIONAL RUN-TIME LICENSES FOR STAND ALONE VERSION US$ 500.- US$
E3 COMFAR III Expert - LOCAL AREA NETWORK VERSION
SYSTEM, one LANGUAGE3 , the selected number of WORKSTATION LICENSES, and one SET of MANUALS per Workstation
US$ US$
Workstation Licenses: � 3 � 5 � 10 � 15 � 20 � ___
E4 LANGUAGES3 (including one SET of MANUALS)
The license fee of the COMFAR SYSTEM in section E1 or E3 includes already ONE LANGUAGE
US$ US$
� Chinese � Czech � English � French � German � Italian
� Japanese � Polish � Portuguese � Russian � Slovak � Spanish
E5 ADDITIONAL SET(S) OF MANUALS (REFERENCE, TUTORIAL and TECHNICAL Manual) US$ 50.- US$
___ English ___ French ___ German ___ Polish ___ Russian ___ Spanish
COMFAR III Business Planner for Windows
B1 COMFAR III Business Planner - STAND ALONE VERSION
SYSTEM, one LANGUAGE3 , one RUN-TIME LICENSE (one protection key and one SET of MANUALS)
US$ US$
B2 � 1 � 2 � ___ ADDITIONAL RUN-TIME LICENSES FOR STAND ALONE VERSION US$ 500.- US$
B3 COMFAR III Business Planner - LOCAL AREA NETWORK VERSION
US$ US$
SYSTEM, one LANGUAGE 3 , the selected number of WORKSTATION LICENSES, and one SET of MANUALS per Workstation
Workstation Licenses: � 3 � 5 � 10 � 15 � 20 � ___
B4 LANGUAGES 3 (including one SET of MANUALS)
The license fee of the COMFAR SYSTEM in section B1 or B3 includes already ONE LANGUAGE
US$ US$
� Chinese � Czech � English � French � German � Italian
� Japanese � Polish � Portuguese � Russian � Slovak � Spanish
B5 ADDITIONAL SET(S) OF MANUALS (REFERENCE, TUTORIAL and TECHNICAL Manual) US$ 50.- US$
___ English ___ French ___ German ___ Polish ___ Russian ___ Spanish
COMFAR III Mini Expert for Windows
M1 COMFAR III Mini Expert - STAND ALONE VERSION
SYSTEM, one LANGUAGE3 , one RUN-TIME LICENSE (one protection key and one SET of MANUALS)
US$ 500.- US$
M2 � 1 � 2 � ___ ADDITIONAL RUN-TIME LICENSES FOR STAND ALONE VERSION US$ 150.- US$
M3 COMFAR III Mini Expert - LOCAL AREA NETWORK VERSION
US$ US$
SYSTEM, one LANGUAGE 3 , the selected number of WORKSTATION LICENSES, and one SET of MANUALS per Workstation
Workstation Licenses: � 3 � 5 � 10 � 15 � 20 � ___
M4 LANGUAGES 3 (including one SET of MANUALS)
The license fee of the COMFAR SYSTEM in section M1 or M3 includes already ONE LANGUAGE
US$ 350.- US$
� Chinese � Czech � English � French � German � Italian
� Japanese � Polish � Portuguese � Russian � Slovak � Spanish
M5 ADDITIONAL SET(S) OF MANUALS (REFERENCE and TECHNICAL Manual) US$ 50.- US$
___ English ___ French ___ German ___ Polish ___ Russian ___ Spanish
The program(s) is delivered on CD-ROM, Protection keys for: Parallel Interface USB TOTAL:
Method of payment: � Transfer to the UNIDO US$ bank account: Creditanstalt-AG (A-1011 Vienna), No. 0127-00662/00
� Cheque in US Dollars, payable to United Nations Industrial Development Organization, Vienna
� EUROCARD / MASTERCARD or VISA, providing us with: name and address of cardholder (same address given
to the credit institute), 16 digit number and expiration date of credit card
I HAVE CAREFULLY READ ALL OF THE TERMS OF THE SOFTWARE LICENSE AGREEMENT ON THE BACK OF THIS ORDER FORM, AND
WITH MY ORDER ACCEPT THE TERMS AND CONDITIONS OF THIS AGREEMENT.
Please send to: Ordered by (the LICENSEE):
Name: Name:
Attn.: Mr. Ms. Attn.: Mr. Ms.
Address: Address:
City State/Province Zip City State/Province Zip
Phone Fax E-mail Phone Fax E-mail
ORDER ACCEPTED ON BEHALF OF LICENSEE: Date: Signature:
ORDER ACCEPTED ON BEHALF OF UNIDO: Date: Signature:
Mr. V. Koloskov, FOA/FPC/GS
1 Copyright © 1981-2000, United Nations Industrial Development Organization. All Rights Reserved
2 This Order Form applies to all License fee categories, as specified in the COMFAR III Licence Fee list. Please refer to the Licence Fee list to determine the applicable fees. For reduced prices
(applicable to non-profit institutions/agencies, governmental bodies and universities) please attach prove of the status. All prices are subject to change. Postage and packaging included.
3 Please select and mark ALL languages you intend to licence in the sections E4 (COMFAR III Expert), B4 (COMFAR III Business Planner) and M4 (COMFAR III MiniExpert).

Software License Agreement
Definitions:
"UNIDO" is the United Nations Industrial Development Organization, an international organization which is a specialized agency of the United Nations, headquartered in Vienna, Austria.
"LICENSOR" is the grantor of the right to use the software, the provider of the manuals and support. UNIDO is the LICENSOR in this Agreement.
"LICENSEE" is the purchaser of the right to use the software and payor of the license fee. The identity of the LICENSEE is specified in the signature section provided above.
"COMFAR III Expert", "COMFAR III Business Planner", "COMFAR III MiniExpert", (COMFAR) is the software along with the manuals which are the subject of this Agreement. The
software and documentation are designed to be used by experienced trained individuals. LICENSEE undertakes to employ such individuals in the acquisition and the operation of the
software. Payment of the fee listed above entitles the user to receive the COMFAR computer program on diskette or CD-ROM, the manuals to operate the program, the Protection Key, and
the Manual for the Preparation of Industrial Feasibility Studies (for COMFAR III Expert and COMFAR III Business Planner only), which is usually sold separately.
1. Grant of license: In consideration of payment of the license fee, which is a part of the price LICENSEE paid, LICENSOR grants to the LICENSEE, and LICENSEE hereby accepts a nontransferable
and non-exclusive license to use and display COMFAR under the following terms and conditions:
2. Installation and use: The license is for the use of COMFAR on a single computer by one user at a time. Should LICENSEE wish to use COMFAR on more than one computer or computer
terminal (workstation), LICENSEE must acquire from UNIDO for each additional computer or computer terminal (workstation) the run-time license (protection key).
3. Ownership: This is a license agreement and not an agreement for sale. COMFAR as well as the related copyrights or other intellectual property rights are the property of UNIDO. This
includes any enhancements or modifications made by UNIDO to COMFAR, and made available to the LICENSEE, with or without charge, during the duration of this Agreement. The
LICENSEE acquires no right, title, or interest in COMFAR other than the license rights specifically granted herein.
4. Copy restrictions: The LICENSEE shall not make copies, in whole or in part, of COMFAR except to the extent necessary for the LICENSEE's own use in accordance with this Agreement and
provided that such copy or copies shall remain subject to all the terms of this Agreement and shall be clearly marked with: "Copyright © 1995 (or other applicable year(s)), United Nations Industrial
Development Organization, All Rights reserved", to indicate proprietary rights of UNIDO.
5. Transfer restrictions: The LICENSEE acknowledges that the rights granted under this Agreement are not subject to transfer and therefore agrees not to attempt to assign, sub-license or otherwise
transfer its rights under this Agreement. In particular, the LICENSEE may not, except as provided in this Agreement or upon prior written permission of UNIDO, use, copy, modify, merge, or transfer
copies of COMFAR.
6. Interoperability: COMFAR is designed to run on platforms (graphical interfaces) such as, WINDOWS. In the event that LICENSEE requires technical information regarding interoperability,
LICENSOR agrees to provide such information at the cost of LICENSEE provided that the details do not violate other license agreements, copyrights, or reveal trade secrets.
7. Use restrictions: The LICENSEE agrees to maintain in confidence the software and documentation referred to as COMFAR, including the successive revised versions thereto, and undertakes to
ensure that its employees, contractors or agents working with COMFAR shall be bound not to disclose the software or documentation to third parties. The LICENSEE agrees to use COMFAR solely in
and for the purpose of its own activities or operations. It may not transfer or copy COMFAR, whether to allied or associated bodies, enterprises, firms, institutes or persons.
8. Software support by UNIDO: UNIDO agrees to provide advice at the time of the installation of COMFAR as may be necessitated by the particular requirements of the LICENSEE. The advice will
be provided during UNIDO's normal business hours with the LICENSEE paying the costs associated with communication. At the request of the LICENSEE and at its cost, including travel, UNIDO
agrees to provide initial training for the LICENSEE's personnel in the installation and operation of COMFAR.
9. Tariffs, Duties and Taxes: The LICENSEE shall be liable for the payment of any tariffs, duties or taxes, however designated, levied or based on COMFAR, imposed or levied by any government
or governmental agency in respect of the use of COMFAR by the LICENSEE. Since the software and printed materials constituting COMFAR remain the property of UNIDO, they will benefit from the
exemptions from tariffs, duties and taxes granted UNIDO in respect of its property and assets by the Convention on the Privileges and Immunities of the United Nations or the Convention on the
Privileges and Immunities of the Specialized Agencies, as applicable.
10. Exclusive Rights of UNIDO and Unauthorized Use by Third Parties:
a. UNIDO represents that it has the right to grant the license referred to in paragraph 1;
b. If either party has knowledge that an action, suit or proceeding arising from a claim that COMFAR infringes any patent, copyright, alleged trade secret, or other proprietary right has been or may be
instituted against either party, such knowledge shall be transmitted to the other party, and UNIDO agrees to defend or settle, at its option, any such action, suit or proceeding. In the event that a final
injunction shall be obtained against the LICENSEE's use of COMFAR by reason of infringement of a patent or other proprietary right, or if, in the opinion of UNIDO, COMFAR is likely to become the
subject of a claim of infringement of a patent or other proprietary right as a result of the actions of UNIDO, UNIDO, at its option and at its expense, either shall procure for the LICENSEE the right to
continue using COMFAR, or shall replace or modify COMFAR so that it becomes non-infringing, or shall grant the LICENSEE a credit for COMFAR, as depreciated, and accept its return. The
depreciation shall be an equal amount per year over the life of COMFAR as established by UNIDO. If there is such an injunction or potential claim in more than one jurisdiction, UNIDO shall have the
right to select in each jurisdiction which of the foregoing options it shall exercise. UNIDO shall not have any liability to the LICENSEE under any provision of this paragraph if the infringement or claim
thereof is based upon an enhancement or modification to COMFAR made by the LICENSEE, or the use by the LICENSEE of COMFAR in combination with other components, either hardware or
software, where such infringement would not have occurred if COMFAR had not been used in such combination;
c. If the LICENSEE has knowledge that the proprietary rights to COMFAR are being infringed by a third party, such knowledge shall promptly be transmitted to UNIDO.
11: Replacement of Defective Diskette(s) or CD-ROM(S): UNIDO will replace defective diskette(s) when requested by the LICENSEE within a period of ninety (90) days from the date of shipment.
12. Disclaimer of Warranty and Limitation of Liability and of Remedies:
a. COMFAR is provided "as is" without warranty of any kind. UNIDO does not warrant, guarantee or make any representations regarding the use or results of use of COMFAR in terms of
correctness, accuracy, reliability, currentness, or otherwise. The LICENSEE is solely responsible for the selection of COMFAR to achieve the LICENSEE's intended results and for the
installation of, use of, and results obtained from COMFAR. The entire risk as to the results and performance of COMFAR is assumed by the LICENSEE. Also excluded is any implied warranty
by UNIDO, such as merchantability and fitness for a particular purpose;
b. In no event will UNIDO be liable for indirect, consequential, incidental or special damages including, but not limited to, lost profits and lost savings arising out of the use or inability to use
COMFAR, even if UNIDO has been advised of the possibility of such damages or for any claim by the LICENSEE based on a third party claim.
c. For any claim whatsoever related to the subject matter of this Agreement, UNIDO's liability for actual damages, regardless of the form of action, shall be limited to the greater of US$ 5,000
or the money paid to UNIDO for the LICENSE for COMFAR that caused the damages or that is the subject matter of, or is directly related to, the cause of action.
d. The LICENSEE agrees to indemnify, defend and hold harmless, UNIDO for liability arising out of any negligent act or omission of the LICENSEE, its employees, contractors or agents with
respect to COMFAR.
e. No action, regardless of form, arising out of this Agreement may be brought by either party more than two years after the cause of action has arisen, except for breach of the provisions in
paragraphs 4 (copy restrictions), 5 (transfer restrictions) and 8 (use restrictions) in which four years shall apply.
13. Arbitration: Any dispute, controversy or claim arising out of or relating to this agreement, or the breach, termination or invalidity thereof, shall - unless it is settled by direct negotiation - be
settled by arbitration in accordance with the arbitration rules established by the United Nations Commission on International Trade Law (UNCITRAL) in effect on the date of this agreement.
The number of arbitrators shall be one. The language to be used in the arbitrary proceedings shall be English. The place of arbitration shall be Vienna. The parties shall be bound by any
arbitration award rendered as a result of such arbitration as the final adjudication of any such dispute.
It is understood, however, that the provisions of this paragraph shall not constitute or imply the waiver by UNIDO of its privileges and immunities.
14. Privileges and Immunities: Nothing contained in the present agreement shall be deemed to constitute a waiver of the rights, privileges and immunities to which the UNIDO and its
personnel are entitled pursuant to the Convention on the Privileges and Immunities of the United Nations of 13 February 1946 or of the Convention on the Privileges and Immunities of the
Specialized Agencies of 21 November 1947, as applicable.
15. Notices: Any notice permitted or required in connection with this Agreement shall be in English addressed and delivered to:
In respect of LICENSEE: to its address stated on the ORDER FORM;
In respect of UNIDO: To the Director, General Services Section, Financial Performance Control Branch, Field Operations and Administration Division (FOA/FPC/GS), United Nations Industrial
Development Organization, Vienna International Centre, P.O. Box 300, A-1400 Vienna, Austria.
16. Entry into Force, Duration, Termination: This License Agreement shall enter into force upon signature by the LICENSEE of the ORDER FORM, payment of the full charge, and UNIDO's
confirmation of the order, and it shall remain in effect from the date of shipment of the order until terminated by either Party. The LICENSEE may terminate this Agreement upon giving ninety
(90) days written notice to UNIDO along with the return of all software and manuals. If the LICENSEE is in default with respect to any of its obligations under this Agreement, UNIDO may issue
a notice in writing of such default. If the LICENSEE has not remedied the default within sixty (60) days of the issuance of the default notice, UNIDO may, by written notice to the LICENSEE
terminate this Agreement. If the LICENSEE is in breach of any of the provisions under paragraphs four (4), five (5) or eight (8), UNIDO may terminate the Agreement with immediate effect by
written notice to the LICENSEE. Upon expiry or termination of this agreement, all copies of COMFAR shall be returned to UNIDO.
17. This Agreement represents the entire understanding and agreements regarding COMFAR and supersedes any prior agreements, discussions and communications, or representations
made by the Parties.
18. Severability: Should any portion of this Agreement be found to be inapplicable or invalid, the rest of the contract will remain in full force.

UNITED NATIONS INDUSTRIAL DEVELOPMENT ORGANIZATION
WORLDWIDE INSTALLATION OF
COMFAR III Expert, COMFAR III Business Planner and COMFAR III Mini Expert
3/2000
Presently over 1600 COMFAR III systems are installed in over 130 countries, half of which in developing
countries. The system is used by development finance institutions, consulting firms, investment promotion
organizations, training institutions, private and public industrial firms, universities as well as international and
national development aid organizations (please refer to the list attached). COMFAR III Expert is widely used for
international joint venture negotiations by partners from industrialized and developing countries. COMFAR III
is the successor of the COMFAR versions 1.x and 2.x which have been licensed by UNIDO to over 1000 users
since 1981.
List of References - COMFAR III Expert and COMFAR III Business Planner
ALBANIA COUNCIL OF MINISTERS, Dpt. of Economic Development & Foreign Aid Coordination
MINISTRY OF FINANCE
ALGERIA 3 D
AMBASSADE DE FRANCE Ecole Superieure de Banque
APSI, Agence de Promotion et de Soutien a l'Investissement
ASMIDAL, ENTREPRISE PUBLIQUE ECONOMIQUE ASMIDAL
CUSTOMS AND FISCAL MAGHREB INSTITUTE Institut d'Economie Douaniere et Fiscale
(IEDF)
FERPHOS, ENTREPRISE NATIONALE DU FER ET DU PHOSPHATE
INFRAFER
ISGP, INSTITUTE SUPERIEUR DE GESTION ET DE PLANIFICATION
SONATRACH - "Direction Strategie Industrielle et Innovation"
UNIDO OFFICE IN ALGERIA
ANGOLA C.N.C.A.
INSTITUTO INVESTIMENTO ESTRANGEIRO
MINISTERIO DA INDUSTRIA, IDIA INSTITUTE FOR INDUSTRIAL DEVELOPMENT OF
ANGOLA
ARGENTINA Catedra Proyectos - ACOFI UNC
MINISTERIO DE ECONOMIA - SUBSECRETARIA DE INVERSIONES, Centro de
Promocion de Inversiones
UNIDO OFFICE IN ARGENTINA
UNIVERSIDAD NACIONAL DE CORDOBA, Departamento de Economia
UNIVERSIDAD NACIONAL DE LA RIOJA, Departamento de Ciencias Aplicadas
UNIVERSIDAD NACIONAL DEL COMAHUE, Secretaria Extension Universitaria
ARMENIA UNIVERSITY OF MANAGEMENT AND INFORMATICS
AUSTRALIA BHP - STEEL, ROD & WIRE PRODUCTS DIVISION
KVAERNER ENERGY (AUSTRALIA) PTY. LTD.
AUSTRIA AGIPLAN
AUSTROPLAN
D. SWAROVSKI & CO.
DR. GREYER, KARL
OEAMTC - TEST & TRAINING GMBH
OPEC FUND FOR INTERNATIONAL DEVELOPMENT
POSCH & PARTNER GmbH
RCE, REFRACTORIES CONSULTING & ENGINEERING
SIEMENS AKTIENGESELLSCHAFT OESTERREICH, Export and Project Finance
SOUTH AFRICAN EMBASSY, Dept. of Trade and Industry, Pretoria
VERBUNDPLAN GMBH

VOGELBUSCH Ges.m.b.H.
WENSAR HOLDING AG
BAHRAIN DEVCORP INTERNATIONAL
ITPO - Investment and Technology Promotion Office in Manama
MINISTRY OF OIL AND INDUSTRY OF BAHRAIN
BANGLADESH BANGLADESH CHEMICAL INDUSTRIES CORPORATION
PLANNING COMMISSION OF BANGLADESH
BELARUS BELPROMSTOIBANK, Joint-Stock Commercial Bank for Industry & Const.
BFIPA - BELARUSIAN FOREIGN INVESTMENT PROMOTION AGENCY
CENTRSYSTEM - SCIENTIFIC PRODUCTION ASSOCIATION
IIEP, INSTITUTE OF INDEPENDENT EXAMINATION FOR INVESTMENT AND CREDIT
PROJECTS
LESMASHINVEST - MINISTRY OF FORESTRY OF THE REPUBLIC OF BELARUS
MINEIP - INTERSECTORAL INSTITUTE OF INDEPENDENT EXPERTISE OF
INVESTMENT PROJECTS
POLOTSK STATE UNIVERSITY
BELGIUM ALTACHEM NV, Building chemicals & industrial products
HAECON
ZAIRE TRADING AND ENGINEERING
BHUTAN MINISTRY OF TRADE AND INDUSTRY OF BHUTAN
BOLIVIA CAMARA DEPARTAMENTAL DE INDUSTRIA
CONPAC-ORURO
UNIDO OFFICE IN BOLIVIA
UNIVERSIDAD MAYOR DE SAN SIMON, Direccion de Investigacion Cientifica y Tecnologia
BOSNIA AND
HERZEGOWINA
DIRECTORATE FOR RECONSTRUCTION & DEVELOPMENT OF SARAJEVO
EKONOMIC FACULTY IN SARAJEVO, Univerzitet u Sarajevu, Ekonomiski Fakultet
HIGH ECONOMICS SCHOOL IN BIHAC, Economic Planning Unit, Office of the President
UNIVERSITY OF BANJA LUKA, Economic Faculty
UNIVERSITY OF MOSTAR, FACULTY OF CIVIL ENGINEERING
BOTSWANA INSTITUTE OF DEVELOPMENT MANAGEMENT, Botswana, Lesotho & Swaziland
RURAL INDUSTRIES PROMOTIONS COMPANY (RIPCO)
BRAZIL FUNCAMP, FUNDACAO DE DESENVOLVIMENTO DA UNICAMP
PROMOEXPORT BAHIA, International Business Centre
UCD's OFFICE IN BRAZIL
USIMINAS
BURKINA FASO PAPME - Project d'Appui a la Creation de Petites et Moyenes Entreprises
CAMBODIA MINISTRY OF INDUSTRY, MINES AND ENERGY OF CAMBODIA
MINISTRY OF RURAL DEVELOPMENT
CAMEROON MR. CHRISTIAN PENDA EKOKA
CANADA MET-CHEM CANADA INC.
CAPE VERDE CAIXA ECONOMICA DE CABO VERDE
FUNDACAO DE INVESTIMENTO SANTA CRUZ
IADE, INSTITUTO DE APOIO AO DESENVOLVIMENTO EMPRESARIA
CHILE UNIVERSIDAD SAN SEBASTIAN
CHINA CAM GROUP
CESTT - CENTRE FOR ENVIRONMENTALLY SOUND TECHNOLOGY TRANSFER
ERI - ENERGY RESEARCH INSTITUTE
ITPO, Beijing
LPMRI, LANZHOU PETROLEUM MACHINERY RESEARCH INSTITUTE
SCIENTIFIC RESEARCH CENTRE OF CEREALS, OILSEEDS AND FOOD, c/o GTZ Office
in Beijing
UNIDO Office in Beijing, China
COLOMBIA CENPAPEL, Corporacion Centro de Capacitacion y Desarrollo para la Industria Papelera
CRIIT, Sede Cartagena
ESCUELA COLOMBIANA DE INGENIERIA
Mr. GERMAN DEL CORRAL
UNIVERSIDAD EAFIT
UNIVERSIDAD NACIONAL DE COLOMBIA, Facultad de Ciencias Economicas, Dpto. de
Finanzas
COSTA RICA FUNDEVI - UNIVERSIDAD DE COSTA RICA Instituto de Investigacion en Ciencias
Economicas
UNDP/UNIDO OFFICE IN COSTA RICA

COTE D'IVOIRE AFRICAN DEVELOPMENT BANK
CEPICI, CABINET DU PREMIER MINISTRE
INSTITUT NATIONAL POLYTECHNIQUE FHB
IVOIRIENNE DE TECHNOLOGIE TROPICALE I2T
MINISTERE AGRICULTURE ET RESSOURCES ANIMALE
UNIDO OFFICE IN ABIDJAN, IVORY COAST
CROATIA B. e. N.
FACULTY OF CIVIL ENGINEERING DPT. OF CONSTRUCTION MANAGEMENT
INSTITUT GRADEVINARSTVA HRVATSKE
PRIORITY ACTIONS PROGRAMME, Regional Activity Center, UNEP
PRIVREDNA BANKA ZAGREB
RAIFFEISEN BANK AUSTRIA d.d.
CZECH REPUBLIC A-CONSULT PLUS Ltd
ABB POWER GENERATION SYSTEMS BRNO, Ltd.
AERO Vodochody a.s.
ATESO, a.s.
BCS ENGINEERING a.s.
BOHEMIA INSTRUMENTS PRAGUE s.r.o.
COMPUTENCE a.s
DHV CR. Ltd.
DUKE ENGINEERING & SERVICES a.s.
HUTNI PROJEKT OSTRAVA
IMAGE 1, A.S.
MR. VACLAV JURSIK
OKD A.S. OSTRAVA-MORAVSKA OSTRAVA
PROJEKTA s.r.o
PROSCON LTD.
PRVNI MESTSKA BANKA, A.S.
TECHNOPROJEKT A.S.
TLAKOVA PLYNARNA USTI
TRINECKE ZELEZARNY A.S.
UNIDO-CZECH REPUBLIC JOINT PROGRAMME, Tecon
UNIVERSITY OF SOUTH BOHEMIA, Faculty of Agriculture Dpt. of Economics & Finance
VERTEX A.S.
VITKOVICE A.S. VITKOVICE INVEST
Zelezarny Veseli a.s.
DEMOCRATIC
GI Agro Groupment pour l'Intervention Agronomique
REPUBLIC OF THE
CONGO
DENMARK BIOPLAN A/S
HALDOR TOPSOE A/S
ECUADOR INECEL, Instituto Ecuatoriano de Electrificacion
EGYPT ALUMINIUM COMPANY OF EGYPT
ARAB MARITIME TRANSPORT ACADEMY, College of Engineering & Technology
CEFRS - CENTER FOR ECONOMIC AND FINANCIAL RESEARCH AND STUDIES
DR. A. M. HEGAZY & CO
IPU EGYPT
JOINT ARAB INVESTMENT CORPORATION S.A.E.
NATIONAL RESEARCH CENTRE
SOCIAL FUND FOR DEVELOPMENT
ERITREA MINISTRY OF TRADE AND INDUSTRY OF ERITREA, Department of Industry
UNIDO Office in Asmara
ETHIOPIA CALUB GAS SHARE COMPANY
COMMERCIAL BANK OF ETHIOPIA
DEVELOPMENT BANK OF ETHIOPIA, Industry Department
EFFORT
ESTC, ETHIOPIAN SCIENCE & TECHNOLOGY COMMISSION
INDUSTRIAL PROJECTS SERVICE
MIDROC, Ethiopia Pvt. Ltd. Co.
MINISTRY OF ECONOMIC DEVELOPMENT & COOPERATION
MINISTRY OF MINES AND ENERGY
MINISTRY OF TRADE & INDUSTRY OF ETHIOPIA
SHAWEL CONSULT INTERNATIONAL

UNDP OFFICE ETHIOPIA, OFFICE OF THE UNIDO COUNTRY DIRECTOR
UNITED NATIONS/ECA ECONOMIC COMMISSION FOR AFRICA
FINLAND ATLAS-NORDIC CEMENT Ltd. Oy
ECO-S INC., Tampere Technology
JAAKKO POYRY GROUP LTD.
FRANCE AIGOS
ECOLE DES MINES DE SAINT-ETIENNE
ITPO, Paris Service de l'Onudi en France
K- INA
MINISTRY OF AGRICULTURE AND FISHERIES
SOFRECO, Ingenieurs Conseil
TECHNOLOGY INTERNATIONAL EXCHANGE SA
GAMBIA DEPT. OF STATE FOR TRADE, INDUSTRY AND EMPLOYMENT (NIB - National
Investment Board)
GAMBIA PORTS AUTHORITY
GEORGIA MINISTRY OF INDUSTRY OF GEORGIA
GERMANY AHT SYSTEMS GmbH
CHEMA BALCKE-DURR, Verfahrenstechnik GmbH
DAIMLER-BENZ AEROSPACE Dornier GmbH
DASTUR ENGINEERING INTERNATIONAL GmbH
DIDIER-WERKE AG
FACHHOCHSCHULE OSNABRUCK, Fachbereich Wirtschaft
FERROSTAAL AG
FRANZ KIRCHFELD GmbH
GITEC CONSULT GmbH
GOPA CONSULTANTS
HANSEATISCHE AKTIENGESELLSCHAFT, Elektrizitaetswerk - und Umwelttechnik
HOLD-TRADE ENGINEERING GmbH
HOSPITALIA INTERNATIONAL GMBH
IAB
IBB, INFORMATIONSYSTEME BERATUNGS UND BETRIEBSGESELLSCHAFT MBH
IFW, INSTITUT FUER NATIONALE UND INTERNATIONALE FLEISCH U.
ERNAERUNGSWIRTSCHAFT HEIDELBERG
INGENIEURBUERO JOSEF GLOECKL
INTERTEC GmbH
KELLER GmbH
KRUPP UHDE GMBH
LEIBNIZ-AKADEMIE HANNOVER
LENTJES ENERGIETECHNIK GMBH
LINDE AG,
LUSO CONSULT GmbH
MANNESMANN ANLAGENBAU AG
MARINE SERVICE GMBH.
PREUSSAG ANLAGENBAU GmbH
PROJEKT-CONSULT GmbH
TEXTIMA Export Import GmbH
THYSSEN RHEINSTAHL TECHNIK GMBH
UNIONMATEX GmbH
UNIVERSIDAD AUSTRAL DE CHILE FACULTAD DE CIENCIAS ECONOMICAS Y
ADMINISTRATIVAS
UNIVERSITY BREMEN, Institute for World Economics and Int. Management
VAW ALUMINIUM TECHNOLOGIE GmbH
ZIMMER AG
GHANA NTHC LTD.
UNDP/UNIDO OFFICE IN GHANA
GREECE ELKE Hellenic Center for Investment
ITPO, Athens
UNIVERSITY OF PIRAEUS, Department of Business Administration
GUINEA TEAM GUINEE S.a.r.L.
UNIDO OFFICE IN CONAKRY
HAITI SOFIHDES, SOCIETE FINANCIERE HAITIENNE DE DEVELOPPEMENT SA
HONDURAS MINISTERIO DE ECONOMIA Y COMERCIO
ONUDI - UNIDO OFFICE IN HONDURAS

INDIA DEPARTMENT OF ELECTRONICS (for ET & T Corp. Ltd.)
EDI, ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA
JNARDDC, JAWAHARLAL NEHRU ALUMINIUM RESEARCH DEVELOPMENT &
DESIGN CENTRE
KSA TECHNOPAK India Pvt. Ltd. A Kurt Salmon Associates Joint Venture
NATIONAL RESEARCH DEVELOPMENT CORPORATION
TBIIP - Technology Bureau for International Industrial Partnerships
INDONESIA PT. BANK MANDIRI (PERSERO)
UNIDO OFFICE IN INDONESIA
ISLAMIC REPUBLIC OF NPC, NATIONAL PETROCHEMICAL COMPANY
IRAN
ISRAEL ECONOMIC DEVELOPMENT GROUP
ITALY AGORA 2000 s.r.l.
ANSALDO ENERGIA
COSMI S.R.L.
CTIP - COMPAGNIA TECNICA INTERNATIONALE PROGETTI
EIDOS PROGRAMMI ECONOMICI E SOCIALI
ENEL S.p.A.
EURIS SRL
FINANZIARIA INDUSTRIALE FIN. IND. S.p.A.
FINEST SPA
INTERNATIONAL TRAINING CENTRE OF THE ILO
ITPO in Milan
LIBRERIA SCIENTIFICA
MEDIOCREDITO CENTRALE s.p.a.
NOESIS S.p.A.
PHARMACHIM ENGINEERING S.R.L.
PRISMA ENGINEERING S.R.L.
PROAQUA
SEED SPA
SNAMPROGETTI
VENETO SVILUPPO SPA, Finanziaria Regionale
WELKO INDUSTRIALE S.P.A.
JAMAICA JAMPRO JAMAICA PROMOTIONS CORPORATION
MONA INSTITUTE OF BUSINESS, The University of the West Indies
UNIDO OFFICE IN JAMAICA
JAPAN HASHIMOTO SANGYO CO., LTD.
IDF, UNIDO FEASIBILITY STUDY FUNDS
JAIDO - JAPAN INTERNATIONAL DEVELOPMENT ORGANIZATION LTD.
JAPAN ASIA INVESTMENT CO., LTD
JGC CORPORATION, Industrial System Dept.
MINDECO
SANWA RESEARCH INSTITUTE CORP. International Division
TOYOBO ENGINEERING CO., LTD.
JORDAN ARAB POTASH COMPANY LTD.
JORDAN DEAD SEA INDUSTRIES COMPANY LTD
KAZAKHSTAN B/D SUPPORT CENTER USAID
CHORI CO. LTD
KENYA UNIDO OFFICE IN KENYA
KIRIBATI MINISTRY OF COMMERCE, INDUSTRY & TOURISM
KOMI REPUBLIC FUND FOR ECONOMIC DEVELOPMENT PROGRAMME OF THE KOMI REPUBLIC
KUWAIT AL-MOGTERIBOON EST. FOR GENERAL TRADE
SYNERGY INTERNATIONAL INC.
THE ARAB PLANNING INSTITUTE
KYRGYZSTAN GOSKOMINVEST, State Commission of Foreign Investments & Economic Assistance
SMALL BUSINESS DEVELOPMENT CENTRE SME PROJECT KYRGYZSTAN
LAO PEOPLE'S
DEMOCRATIC
REPUBLIC
DEPARTMENT OF ENERGY MINISTRY OF INDUSTRY AND HANDICRAFTS
FIMC FOREIGN INVESTMENT MANAGEMENT COMMITTEE
MINISTRY OF AGRICULTURE, FORESTS AND FISHERIES
MINISTRY OF COMMUNICATION, TRANSPORT, POST AND TELECOMMUNICATION
MINISTRY OF INDUSTRY AND HANDICRAFT OF LAO
UNIDO/UNDP OFFICE IN LAO
LEBANON ABDUL LATIF JAMEEL COMPANY LTD.

ARAB FINANCE CORPORATION s.a.l.
MINISTRY OF INDUSTRY
UNIDO Office Beirut
LESOTHO LESOTHO TOURIST BOARD
LITHUANIA STIMEKSA UAB
MADAGASCAR L'EPI, C/O MINISTERE DE L'INDUSTRIALISATION ET DE L'ARTISANAT
MALAWI CLC CONSULTING SERVICES
DEMATT, Development of Malawin Traders Trust
FINCOM, FINANCE CORPORATION OF MALAWI
MIDCOR, THE MINING, INVESTMENT & DEVELOPMENT COORPORATION
MIPA, MALAWI INVESTMENT PROMOTION AGENCY
MIRTDC, MALAWI INDUSTRIAL RESEARCH
MALAYSIA MINT, Malaysian Inst. for Nuclear Technology Research
SIRIM, STANDARDS AND INDUSTRIAL RESEARCH INSTITUTE OF MALAYSIA
MALDIVES FISB, FOREIGN INVESTMENT SERVICES BUREAU MINISTRY OF TRADE,
INDUSTRIES & LABOUR
MALI CNESOLER, CENTRE NATIONAL DE L'ENERGIE SOLAIRE ET DES ENERGIES
RENOUVELABLE
UNIDO/ UNDP OFFICE IN MALI
MEXICO UNIDO OFFICE MEXICO
UNIVERSIDAD AUTONOMA DE YUCATAN, Facultad de Ingenieria Quimica
MONGOLIA MRI - MARKET RESEARCH INSTITUTE OF MONGOLIA
MOZAMBIQUE CPI, CENTRO DE PROMOCAO DE INVESTIMENTOS (INVESTMENT PROMOTION
CENTRE)
UNIDO OFFICE IN MOCAMBIQUE
UNIVERSIDADE EDUARDO MONDLANE, Faculdade de Economia
MYANMAR MINISTRY OF INDUSTRY (1) MPCI - Myanma Paper & Chemical Industries
MINISTRY OF INDUSTRY OF MYANMAR
NAMIBIA MINISTRY OF MINES AND ENERGY
UNDP Namibia
NEPAL FNCCI, Federation of Nepalese Chamber of Commerce & Ind.
MINISTRY OF INDUSTRY
NEPAL ADMINISTRATIVE STAFF COLLEGE
SMALL BUSINESS PROMOTION PROJECT
NETHERLANDS EMDA INSTITUTE
FLUOR DANIEL
HOLLANDSCHE BETON GROEP NV, Group Finance
NICARAGUA BIOMASA - UNIVERSIDAD NACIONAL DE INGENIERIA
GOLDEN MARITIME RESOURCES LTD.
NIGER FONDS DE SOLIDARITE AFRICAIN
NIGERIA CENTRAL BANK OF NIGERIA
FEDERAL MINISTRY OF INDUSTRY
FINANCIAL INSTITUTIONS TRAINING CENTRE
LUBE OILS LTD.
NATIONAL METALLURGICAL DEVELOPMENT CENTRE
UNIDO OFFICE IN LAGOS
UNIVERSITY OF ILORIN
PAKISTAN UNIDO OFFICE IN ISLAMABAD, PAKISTAN
PALESTINE AN-NAJAH NATIONAL UNIVERSITY
MINISTRY OF ECONOMY & TRADE - INDUSTRY
UNDP/ UNIDO OFFICE IN JERUSALEM WEST BANK AND GAZA STRIP
PAPUA NEW GUINEA DEPARTMENT OF COMMERCE AND INDUSTRY, Industry Operation Division
DEPARTMENT OF MINING & PETROLEUM
PARAGUAY MINISTRY OF INDUSTRY & COMMERCE
PERU BANCO SUDAMERICANO
INVERSIONES COFIDE S.A. (INFOBUSINESS)
MINISTERIO DE ASUNTOS EXTERIORES
PONTIFICIA UNIVERSIDAD CATOLICA DEL PERU, Departamento de Ingenieria
UNIDO OFFICE IN LIMA
UNIVERSIDAD DE LIMA
UNIVERSIDAD PRIVADA DE TACNA, Escuela de Ingenieria Comercial
UNIVERSIDAD PRIVADA DEL NORTE

PHILIPPINES DEPARTMENT OF AGRICULTURE, PHILIPPINES
DEPARTMENT OF ENERGY
UNIDO Office in Philippines
POLAND "BIPROZAT" SP. Z O.O.
AGROS HOLDING
BANK DEPOZYTOWO KREDYTOWY SA
BANK POCZTOWY SA
BANK SLASKI SA, Dpt. Informatyki
BUDIMEX S.A.
CCS - MR. J. LUKASIK
CENTRAL MINING INSTITUTE
CENTROZAP
HUTA "POKOJ" S.A., Wydzial Informatyki
HUTA STALOWA WOLA SA, Spolka Akcyjna
INSTITUTE FOR CHEMICAL PROCESSING OF COAL
ITPO, Warsaw
MUNICIPAL GOVERNMENT OF LODZ (URZAD MIASTA LODZI), Wydzial Inwestycji
Miejskich
POL-ITAL POLAND
POLSKI KONCERN NAFTOWY S.A., Biuro Ds. Inwestycji Rynkowych
PONT Info Sp. z o.o.
PROSYNCHEM Ltd., Engineers & Contractors
PUBLIC DEBT DEPARTMENT IN THE MINISTRY OF FINANCE IN POLAND
RAFINERIA NAFTY "TRZEBINIA"
UNIVERSITY IN GDANSK, Katedra Investycji
ZAKLADY AZOTOWE S.A.
ZARZAD MORSKIEGO PORTU GDANSK SA
QATAR GULF ORGANIZATION FOR INDUSTRIAL CONSULTING
QATAR INDUSTRIAL DEVELOPMENT BANK
QATAR INDUSTRIAL MANUFACTURING CO.
REPUBLIC OF
AZERBAIJAN REPUBLIC CABINET OF MINISTERS, Foreign Economic Relations
AZERBAIJAN
Department
REPUBLIC OF
RUSSIAN ACADEMY OF SCIENCE, Institute of Social and Economic Research
BASHKORTOSTAN
REPUBLIC OF KOREA HYUNDAI ENGINEERING CONSTRUCTION CO. LTD., Engineers & Builders
KIST, Korea Institute of Science and Technology
LG ENGINEERING
LG INTERNATIONAL CORP.
MANDO MACHINERY CORPORATION Business Development Team
SMIPC, Small and Medium Industry Promotion Corporation
SUNKYOUNG LIMITED
REPUBLIC OF
FACULTY OF ECONOMICS - SKOPJE
MACEDONIA
REPUBLIC OF
AREA, AGENCY FOR RESTRUCTURING ENTERPRISES ASISTANCE
MOLDOVA
REPUBLIC OF YEMEN MINISTRY OF INDUSTRY IN YEMEN
ROMANIA CONEF, Societate De Strategie
PRICEWATERHOUSECOOPERS BUCHAREST, ROMANIA FINANCIAL ADVISORY
SERVICES DEPARTMENT
ROM-UN CENTRE
ROMANIAN BANK FOR DEVELOPMENT S.A.
RUSSIAN FEDERATION ADMINISTRATION OF THE YAROSLAVL OBLAST
ALL-RUSSIAN ACADEMY OF FOREIGN TRADE
ANALYTICAL CENTER ON SCIENCE AND INDUSTRIAL POLICY, Ministry of Science &
Technology
BUSINESS DEVELOPMENT BANK
CALIFORNIA COMMERCIAL CENTER
CENTRAL BANK OF RUSSIA PRIMORSKI REGION HEADQUARTERS
CHEMHILDOV, The State Federal Company-Marketing Centre
DONTRANSINVEST
HERMES-MOSCOW JOINT-STOCK COMPANY
INGATEC LTD. SCIENTIFIC-INNOVATION CENTER
INTERNATIONAL BUSINESS SCHOOL

INTERNATIONAL FUEL & ENERGY DEVELOPMENT BANK
INTERROS-UNEXIM
JSB "INVESTBANK"
JSC " VNESHSTROYKOMPLEX"
KHRUNICHEV STATE RESEARCH AND PRODUCTION SPACE CENTER
MINISTRY OF ECONOMY OF THE SAKHA REPUBLIC
MOSCOW STATE UNIVERSITY, Economic Department
MOST-INVESTMENT (MOST BANK)
MOSTECHSTROY
ORENBURG REGIONAL ADMINISTRATION, Dpt. of International & Foreign Economic
Relations
REFORMA, INTERNATIONAL FUND FOR ECONOMIC AND SOCIAL REFORMS
SCIENCE PARK
SIBERIAN TRADE BANK
SIBERIAN-URALS ALUMINIUM COMPANY SUAL
SOTROSS FINANCIAL INDUSTRIAL CO.
ST. PETERSBURG REGIONAL FOUNDATION FOR SCIENTIFIC AND TECHNOLOGICAL
DEVELOPMENT
TYAZHPROMEXPORT-TSVETMET FIRM
UNIDO CENTER FOR INTERNATIONAL INDUSTRIAL CO-OPERATION IN THE
RUSSIAN FEDERATION
VAMI, RUSSIAN NATIONAL ALUMINIUM - MAGNESIUM INSTITUTE
VNIPI - PROMTEKHONOLOGII
ZARUBEZHTSVETMET
RWANDA MINISTRY OF PLANNING
SAKHA REPUBLIC WENSAR HOLDING AG/ SAKHACONTRAKT
SAUDI ARABIA ARAB PETROLEUM INVESTMENTS CORPORATION
DR. ENG. MOHAMED TURKI OFFICE FOR ENGINEERING CONSULTANCY
HAMED A. AL-ZAMIL & BROTHERS CO.
IBIN KHALDOON CENTER FOR CONSULTING
ISLAMIC DEVELOPMENT BANK
JEDDAH CHAMBER OF COMMERCE
KING ABDUL AZIZ UNIVERSITY Economics Department
KING FAHD UNIVERSITY OF PETROLEUM & MINERALS, Ministry of Higher Education
MINISTRY OF INDUSTRY & ELECTRICITY, Industrial Affairs
MPT - MODERN PLASTIC TECHNOLOGY, Reifenhauser Division
SADAFCO M.I.S. DEPARTMENT
SAUDI CONSULTING HOUSE
SAUDI INDUSTRIAL DEVELOPMENT FUND, Technical Consultants Division
SETE TECHNICAL SERVICES S.A.
THE ARAB INVESTMENT COMPANY S.A.
UNICHEM, UNIVERSAL PETROCHEMICALS CO. LTD.
SENEGAL UNDP Office in Senegal
IDEP UN. AFRICAN INST. F. ECONOMIC. DEV. & PLANNING
UNIDO Office in Dakar
SLOVAK REPUBLIC CHEMKO, STRAZSKE
DMD GROUP SLOVAKIA
ISTROBANKA A.S.
KERAMOPROJEKT
MAC, MANAGEMENT AUDIT CONSULTING
NAFTOPROJEKT
NOVACKE CHEMICKE ZAVODY as
SES TLMACE A.S. SLOVENSKE ENERGETICKE STROJARNE
SLOVAK TECHNICAL UNIVERSITY, Department of Economics
SLOVENIA EGS, ELEKTROGOSPODARSTVO SLOVENIJE, RAZVOJ IN INZENIRING D.D.
LEK D.D., Pharmaceutical and Chemical Company
SOUTH AFRICA POTCHEFSTROOM UNIVERSITY for Christian Higher Education
SPAIN FERTIBERIA S.A.
SRI LANKA NATIONAL INSTITUTE OF BUSINESS MANAGEMENT
POST-GRADUATE INSTITUTE OF MANAGEMENT
SRI LANKA BUSINESS DEVELOPMENT CENTRE
SRI LANKA EXPORT DEVELOPMENT BOARD
SRI LANKA INDUSTRIAL DEVELOPMENT BOARD

UNIVERSITY OF KELANIYA, Dept. of Industrial Management
SUDAN AAAID, THE ARAB AUTHORITY FOR AGRICULTURAL INVESTMENT & DEVT.
IIIU- INDUSTRIAL INVESTMENT INFORMATION UNIT
IRCC - INDUSTRIAL RESEARCH & CONSULTANCY CENTER
SUDAN DEVELOPMENT CORPORATION
SURINAME ADEK UNIVERSITY
SWEDEN PHARMADULE
SCHOOL OF BUSINESS, Stockholm University
SWITZERLAND COMPASS FINANCE AND INVESTMENT CORPORATION SA
FORUS SERVICES SA
KRASNOIARSK CONVERSION SA
M + F Engineering AG
PEG SA
UNCTAD, Services Development and Trade Efficiency Division
WHO, WORLD HEALTH ORGANIZATION, Division of Control of Tropical Diseases
SYRIAN ARAB
MR. MUHAMMED K. BARMADA
REPUBLIC
THE SYRIAN CONSULTING BUREAU FOR DEVELOPMENT & INVESTMENT
TERRITORY OF HONG NOMURA PROJECT FINANCE INTL. LTD.
KONG
THAILAND ASIAN INSTITUTE OF TECHNOLOGY
CHULALONGKORN UNIVERSITY FACULTY OF ENGINEERING
MAHIDOL UNIVERSITY, Faculty of Medicine Siriraj Hospital
UNIDO OFFICE IN THAILAND
TONGA SHORELINE GROUP
TRINIDAD AND DFL, DEVELOPMENT FINANCE LIMITED
TOBAGO
TUNISIA ODS, OFFICE DE DEVELOPPEMENT DU SUD MINISTERE DU PLAN
UNIVERSITE DROIT ET ECONOMIE
TURKEY BOGAZICI UNIVERSITESI, Idari Bilimler Fakultesi
KARTAL OTEL MARMARIS TURIZM ISLETMECILIGI TIC. VE SAN. A.S.
STATE PLANNING ORGANIZATION
TURK EXIMBANK
TURKMENISTAN MINISTRY OF ENERGY AND INDUSTRY OF TURKMENISTAN, Central Dept. of
Commerical and Foreign Activity
THE STATE AGENCY FOR FOREIGN INVESTMENTS
UGANDA UGANDA DEVELOPMENT BANK
UGANDA INDUSTRIAL PROPERTIES LTD.
UKRAINE "BARI" FIRM
DICOM, Investment Company
UNAP
UNITED ARAB
EMIRATES
AL KHALEEJ SUGAR CO.
GENERAL INDUSTRY CORPORATION
MR. PRADIP VORA
UNITED KINGDOM NIMTECH
NIS LIMITED
UNI FURNACES CONTRACTING LTD
UNITED REPUBLIC OF
TANZANIA
UNITED STATES OF
AMERICA
AUTO MECH LTD.
CTI CONFEDERATION OF TANZANIA INDUSTRIES
ESAMI - EASTERN AND SOUTHERN AFRICAN MANAGEMENT INSTITUTE
MINISTRY OF PLANNING
NSSF, NATIONAL SOCIAL SECURITY FUND (Ministry of Labour and Youth Development)
TCCIA TANZANIA CHAMBER OF COMMERCE AND INDUSTRY
THE TANZANIA INSTITUTE OF BANKERS
TIC TANZANIA INVESTMENT CENTRE
TISCO, TANZANIA INDUSTRIAL STUDIES & CONSULTING ORGANISATION
ZAFREZA ZANZIBAR FREE ECONOMIC ZONE AUTHORITY
ZIPA ZANZIBAR INVESTMENT PROMOTION AGENCY
COOPERS & LYBRAND c/o PRICE WATERHOUSE COOPERS
EXIM DEVELOPMENT CORPORATION, Investment Guarantees Investments
INTERKILN CORPORATION OF AMERICA
JAY MINCO PTY. LTD.
MINISTRY OF AGRICULTURE OF EL SALVADOR C.E.E.-GOES ALA 92/18

PATH, Program for Appropriate Technology in Health
UNIDO INTER-AMERICAN DEVELOPMENT BANK
UNIDO WORLD BANK LIAISON OFFICE
USX ENGINEERS & CONSULTANTS, INC. UEC
URUGUAY CAMARA DE INDUSTRIAS DEL URUGUAY-GTZ (RED PROPYMES)
URUGUAY XXI
UZBEKISTAN NATIONAL FOREIGN INVESTMENT AGENCY OF UZBEKISTAN
NBU, NATIONAL BANK FOR FOREIGN ECONOMIC ACTIVITY
VENEZUELA FONCREI, Fondo de Credito Industrial
VIET NAM CHEMICAL ENGINEERING CORPORATION (DICI)
INVESTMENT CONSULTANCY FOR DEVELOPMENT AND CONSTRUCTION
CORPORATION
MPI - MINISTRY OF PLANNING AND INVESTMENT
UNIDO OFFICE IN HANOI, VIETNAM
VIRGIN ISLANDS (UK) GOVERNMENT OF THE BRITISH VIRGIN ISLANDS DEVELOPMENT PLANNING UNIT
YUGOSLAVIA ENERGOPROJEKT HOLDING
KOMBINAT ALUMINIUMA - INSTITUT
ZAMBIA DEVELOPMENT BANK OF ZAMBIA
HS LIMITED
NORSAD AGENCY
UNIDO OFFICE IN ZAMBIA
ZIMBABWE CAPS LIMITED
INDUSTRIAL DEVELOPMENT CORPORATION
ZIMBABWE DEVELOPMENT BANK
ZIMBABWE INVESTMENT CENTRE ZIC
List of References - COMFAR III Mini Expert
ARGENTINA AGENCIA DE DESARROLLO DE INVERSIONES
CONSULTORA BUENOS AIRES SUR S.R.L.
DINPE S.A.
UNIVERSIDAD NACIONAL DE LA RIOJA, Departamento de Ciencias Aplicadas
ARMENIA MINISTRY OF INDUSTRY AND TRADE OF ARMENIA
AUSTRALIA ILLAWARRA TECHNOLOGY CORPORATION LTD.
AUSTRIA MANNESMANN ANLAGENBAU AUSTRIA AG.
PLUS TEAM
BAHRAIN AL HASSNAIN CO.
DEVCORP INTERNATIONAL
ITPO - Investment and Technology Promotion Office in Manama
BARBADOS SYSTEMS CARIBBEAN LIMITED
BELGIUM MR. JEAN-JACQUES DEVILLE
BOLIVIA DESEC
UNIDO OFFICE IN BOLIVIA
BOTSWANA BOTSWANA TECHNOLOGY CENTRE
INVESTCONSULT (PTY) LTD., Development Consultants
BRAZIL AQUINO CONSULTORES ASSOCIADOS LTDA.
BANCO DO NORDESTE DU BRASIL S.A.
MR. JERONIMO EMMANUEL GRAMACHO
PROMOEXPORT BAHIA, International Business Centre
SECRETARIA DE TURISMO DO RN
CHINA FIND - FOREIGN INVESTMENT NAVIGATOR & DEVELOPMENT CENTRE, WUHAN
ITPO, Beijing
CHINA-TAIWAN LATINWAYS CD., LTD.
COLOMBIA CAMARA DE COMERCIO DE CARTAGENA
CRIIT, Sede Cartagena
ESCUELA COLOMBIANA DE INGENIERIA
CROATIA MINISTRY OF ECONOMY
RAIFFEISEN BANK AUSTRIA d.d.
DENMARK DANBREW LTD. A/S
ECHBERG A/S
HALDOR TOPSOE A/S
DJIBOUTI MINISTRY OF INDUSTRY AND INDUSTRIAL DEVELOPMENT OF DJIBOUTI
EGYPT METTCO HOLDING S.A.

MISR AMERICA INTERNATIONAL BANK
MISR BIOTECHNOLOGY CO.SAE
ETHIOPIA ITAB-CONSULT PVT. LTD CO.
MINISTRY OF MINES AND ENERGY
FINLAND PLANCENTER LTD.
FRANCE ENSIA - SIARC Ecole Nat. Sup. Industries Agricoles & Alimentaire
ITPO Paris Service de l'Onudi en France
LA POSTE
GERMANY CESARE N. ASPES Dr. - Eng., Management Consultant
CHEMTEC LEUNA GmbH
DORSCH CONSULT Ingenieurgesellschaft mbH
DR. JUR. HEINO ACKERT
DU MAIRE ORGANISATIONS- UND MANAGEMENTBERATUNG
FH BRANDENBURG
FRAUNHOFER-INSTITUT FUR CHEMISCHE TECHNOLOGY, ICT
GFA-AGRITEC, Agroindustrie und Technik Consulting GmbH
GKW CONSULT
MR. THOMAS SINGER
UNIONMATEX GmbH
UNIVERSITAET HOHENHEIM, Inst. f. Agrartechnik in den Tropen und Subtropen
GHANA DIPOX INDUSTRIES LTD.
UNDP/UNIDO OFFICE IN GHANA
HONDURAS MINISTERIO DE ECONOMIA Y COMERCIO
HUNGARY HUNGARIAN FOUNDATION FOR ENTERPISE PROMOTION
PISZKEI PAPIR RT
INDIA BE - BIOLOGICAL E. LIMITED
EDI, ENTREPRENEURSHIP DEVELOPMENT INSTITUTE OF INDIA
INDONESIA DANATA CONSULTING NETWORK
DIRECTORATE OF AGRO INDUSTRY MINSTRY OF INDUSTRY AND TRADE
ITALY ITPO, Milan
MR. MARCO NICOLI C/O Europrogetti e Finanza
KAZAKHSTAN ICMA - International City/ County Management Association
MINISTRY OF ECONOMY MAIN DIRECTORATE OF STRUCTURAL & INVESTMENTS
POL.
KOMI REPUBLIC FUND FOR ECONOMIC DEVELOPMENT PROGRAMME OF THE KOMI REPUBLIC
KUWAIT KISR - KUWAIT INSTITUTE FOR SCIENTIFIC RESEARCH, Techno-Economics Division
KYRGYZSTAN MINISTRY OF EXTERNAL TRADE AND INDUSTRY
LAO PEOPLE'S
UNIDO/UNDP OFFICE IN LAO
DEMOCRATIC
REPUBLIC
LEBANON ARAB FINANCE CORPORATION s.a.l.
MALAYSIA ACTACORP HOLDINGS BERHAD
KELANTAN STATE ECONOMIC DEVELOPMENT CORPORATION
MEXICO UNIDO OFFICE MEXICO SI/HON/95/801
MONGOLIA MRI - MARKET RESEARCH INSTITUTE OF MONGOLIA
MYANMAR MINISTRY OF INDUSTRY (1) MPCI - Myanma Paper & Chemical Industries
NAMIBIA MINISTRY OF MINES AND ENERGY
MR. A. MUWONGE
NETHERLANDS J. H. D. JANSSE
NORWAY TROMSO SKIPSVERFT AS
PAKISTAN BOARD OF INVESTMENT
PAKISTAN ENGINEERING SERVICES (PVT) LTD
PALESTINE EXOPAL CONSULTING CO.
UNDP/ UNIDO Office in Jerusalem West Bank and Gaza Strip
PERU INVERSIONES COFIDE S.A. (INFOBUSINESS)
MINISTERIO DE ASUNTOS EXTERIORES
MR. EDUARDO B. PANDO
UNIVERSIDAD DEL PACIFICO
PHILIPPINES BOARD OF INVESTMENTS
UNIDO Office in Philippines
POLAND EKOS CONSULTING
ITPO, Warsaw

MR. GRAGLEWSKI KRZYSZTOF
SAP-PROJEKT spolka z.o.o.
QATAR GULF ORGANIZATION FOR INDUSTRIAL CONSULTING
REPUBLIC OF KOREA B & K INTERNATIONAL CO. , LTD.
CHUNJI VENTURE MANAGEMENT CONSULTING GROUP
ILJIN GROUP, Business Development Division
ITPO in Seoul
KEANGNAM ENTERPRISES LTD. ENGINEERS & CONTRACTORS
KOICA - Korea International Cooperation Agency
KOREA TECHNOLOGY CREDIT GUARANTEE FUND
LANDLOVERS DEVELOPMENT & CONSULTING
REPUBLIC OF
MACEDONIAN PRIVATIZATION AGENCY, Agency for the Transf. of Enterprises
MACEDONIA
MINISTRY OF DEVELOPMENT, Investment Promotion Unit
ROMANIA ALRO SA
CONEF, Societate De Strategie
RUSSIAN FEDERATION UNIDO - Primorsky Krai Investment Programme (Administration of Primorsky Krai)
SAUDI ARABIA DR. MOH. SHAWKI KADDO
DR. MUSA M. BABIKER
UNITED CARTON INDUSTRIES CO.
SENEGAL CAISSE NATIONALE DE CREDIT AGRICOLE, CNCAS
SEYCHELLES UNIVERSAL BUSINESS SERVICES LTD.
SPAIN MS. LA-CASA
SWITZERLAND CABINET JURIDIQUE NORD-SUD
THAILAND SMALL-SCALE INDUSTRY PROMOTION PROJECT
TURKEY GAP - PRIME MINISTRY SOUTHEASTERN ANATOLIA PROJECT REGIONAL
DEVELOPMENT ADMINISTRATION
YASAS, YASAR PAINT & CHEMICAL IND. CO., Yasar Boya ve Kimya Sanayi ve Ticaret
A.S.
ZIRAAT FINANCIAL KIRALAMA A.S., Ziraat Leasing
UKRAINE ECONOMIC DEVELOPMENT AGENCY
PIVDENCOMBANK, Department of International Operations
UNITED ARAB
ABU DHABI INVESTMENT COMPANY
EMIRATES
UNITED KINGDOM AVON TECHNICAL SERVICES
NIMTECH
UNITED STATES OF OPIC Overseas Private Investment Corp.
AMERICA
PATH, Program for Appropriate Technology in Health
YUGOSLAVIA ENERGOPROJEKT HOLDING

COMFAR III Expert COMFAR GROUP, UNIDO
Project title: GROWMANIA GARMENTS, Ltd.
Project description: COMFAR III Expert tutorial case,
Financial and economic analysis
Date and time: 28 July 1995
Project classification: New project
Joint-venture project
Construction phase: 1/1991 - 12/1992
Length: 2 years
Production phase: 1/1993 - 12/2007
Length: 15 periods
Accounting currency: thousand NCU (NCU)
Units: Absolute
Local currency: thousand NCU (NCU)
Exchange rate: 1.0000 NCU = 1.0000 NCU
INVESTMENT COSTS
Total
construction
SUMMARY SHEET
Total
production
1
Total
investment
Total fixed investment costs 7,710.00 1,000.00 8,710.00
Total pre-production expenditures 613.10 0.00 613.10
Pre-production expenditures (net of interest) 308.00 0.00 308.00
Interest 305.10 0.00 305.10
Increase in net working capital 390.00 1,606.25 1,996.25
TOTAL INVESTMENT COSTS 8,713.10 2,606.25 11,319.35
SOURCES OF FINANCE
Total
construction
Total
production
Total
inflow
Total equity capital 3,500.00 0.00 3,500.00
Foreign 700.00 0.00 700.00
Local 2,800.00 0.00 2,800.00
Total long-term loans 5,705.10 0.00 5,705.10
Foreign 2,765.10 0.00 2,765.10
Local 2,940.00 0.00 2,940.00
Total short-term loans 0.00 800.00 800.00
Foreign 0.00 0.00 0.00
Local 0.00 800.00 800.00
Accounts payable 0.00 493.30 493.30
TOTAL SOURCES OF FINANCE 9,205.10 1,293.30 10,498.41
INCOME AND COSTS, OPERATIONS
First year
1993
Reference year
1995
Last year
2007
SALES REVENUE 6,875.00 11,479.60 12,500.00
Factory costs 5,161.50 7,567.75 8,100.00
Administrative overhead costs 500.00 500.00 500.00
OPERATING COSTS 5,661.50 8,067.75 8,600.00
Depreciation 655.31 655.31 235.00
Financial costs 557.69 469.21 0.00

COMFAR III Expert COMFAR GROUP, UNIDO
SUMMARY SHEET
Marketing costs 332.50 385.00 400.00
COSTS OF PRODUCTS 7,207.00 9,577.27 9,235.00
Interest on short-term deposits 0.00 0.00 0.00
GROSS PROFIT FROM OPERATIONS -332.00 1,902.33 3,265.00
Extraordinary income 0.00 0.00 0.00
Extraordinary loss 0.00 0.00 0.00
Depreciation allowances 0.00 0.00 0.00
GROSS PROFIT -332.00 1,902.33 3,265.00
Investment allowances 0.00 0.00 0.00
TAXABLE PROFIT 0.00 1,902.33 3,265.00
Income (corporate) tax 0.00 0.00 1,620.00
NET PROFIT -332.00 1,902.33 1,645.00
RATIOS
Net Present Value of Total Capital Invested at 12.00 % 3,740.24
Internal rate of return on investment (IRR) 19.33 %
Modified IRR on investment 14.29 %
Net Present Value of Total Equity Capital Invested at 15.00 % 2,507.73
Internal rate of return on equity (IRRE) 24.75 %
Modified IRRE on equity 17.53 %
2

DEBT SERVICE - FOREIGN LOANS
thousand NCU
Supplier credit
Disbursement
Repayment
Debt balance
Exchange rate adjustments
Capitalized interest
Interest payable
Other financial costs
Commitment
Agency fee
Guarantee
Other fee
COMFAR III Expert COMFAR GROUP, UNIDO
Total
inflow
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
2,600.00 720.00 1,880.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,765.10 0.00 0.00 0.00 553.02 553.02 553.02 553.02 553.02 0.00 0.00 0.00
0.00 748.80 2,765.10 2,765.10 2,212.08 1,659.06 1,106.04 553.02 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
165.10 28.80 136.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
829.53 0.00 0.00 221.21 210.15 165.91 121.66 77.42 33.18 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3

CASH FLOW FOR FINANCIAL PLANNING - TOTAL
thousand NCU
TOTAL CASH INFLOW
Inflow funds
Total equity capital
Total long-term loans
Total short-term finance
Inflow operation
Other income
TOTAL CASH OUTFLOW
Increase in fixed assets
Increase in current assets
Operating costs
Marketing costs
Income (corporate) tax
Financial costs
Loan repayment
Dividends
Equity capital refund
SURPLUS (DEFICIT)
CUMULATIVE CASH BALANCE
Foreign surplus (deficit)
Local surplus (deficit)
Foreign cumulative cash balance
Local cumulative cash balance
Net flow of funds
COMFAR III Expert COMFAR GROUP, UNIDO
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
3,348.80 5,856.30 7,953.95 9,746.55 11,531.96 12,519.88 12,500.00 12,500.10 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
3,348.80 5,856.30 1,078.95 27.15 52.36 19.88 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,600.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
748.80 4,956.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1,078.95 27.15 52.36 19.88 0.00 0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 6,875.00 9,719.40 11,479.60 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,319.80 5,393.30 7,860.31 9,953.02 11,387.23 11,756.91 12,262.63 13,233.97 11,586.78 10,986.65 10,986.65 10,986.65 11,360.25 11,360.25 11,360.25
3,291.00 4,727.00 0.00 0.00 0.00 0.00 0.00 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 390.00 1,308.62 259.95 268.20 147.59 -3.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 5,661.50 7,148.63 8,067.75 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00
0.00 0.00 332.50 362.50 385.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00
0.00 0.00 0.00 0.00 0.00 0.00 1,290.28 1,341.80 1,340.29 1,362.34 1,362.34 1,362.34 1,620.00 1,620.00 1,620.00
28.80 276.30 557.69 600.15 469.21 342.16 239.12 136.08 44.10 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 1,153.02 1,341.02 1,141.02 1,144.46 1,141.02 588.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 428.77 856.05 1,126.14 591.88 615.06 614.38 624.31 624.31 624.31 740.25 740.25 740.25
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29.00 463.00 93.64 -206.46 144.73 762.97 237.37 -733.86 913.22 1,513.35 1,513.35 1,513.35 1,139.75 1,139.75 1,139.75
29.00 492.00 585.64 379.18 523.91 1,286.87 1,524.25 790.38 1,703.60 3,216.95 4,730.30 6,243.65 7,383.40 8,523.15 9,662.90
-71.00 -26.00 111.90 -327.27 -128.50 32.42 359.05 -125.75 980.65 976.68 976.68 976.68 930.30 930.30 930.30
100.00 489.00 -18.26 120.81 273.23 730.55 -121.68 -608.12 -67.42 536.67 536.67 536.67 209.45 209.45 209.45
-71.00 -97.00 14.90 -312.37 -440.87 -408.45 -49.40 -175.15 805.50 1,782.18 2,758.85 3,735.53 4,665.83 5,596.13 6,526.43
100.00 589.00 570.74 691.55 964.78 1,695.33 1,573.65 965.53 898.10 1,434.78 1,971.45 2,508.12 2,717.57 2,927.02 3,136.47
3,320.00 5,580.00 521.27 -2,154.79 -2,613.92 -2,589.45 -1,975.46 -1,892.06 -1,246.48 -624.31 -624.31 -624.31 -740.25 -740.25 -740.25
4

DISCOUNTED CASH FLOW - TOTAL CAPITAL INVESTED
thousand NCU
TOTAL CASH INFLOW
Inflow operation
Other income
TOTAL CASH OUTFLOW
Increase in fixed assets
Increase in net working capital
Operating costs
Marketing costs
Income (corporate) tax
NET CASH FLOW
CUMULATIVE NET CASH FLOW
Net present value
Cumulative net present value
NET PRESENT VALUE
INTERNAL RATE OF RETURN
MODIFIED INTERNAL RATE OF RETURN
NORMAL PAYBACK
DYNAMIC PAYBACK
NPV RATIO
COMFAR III Expert COMFAR GROUP, UNIDO
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
0.00 0.00 6,875.00 9,719.40 11,479.60 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
0.00 0.00 6,875.00 9,719.40 11,479.60 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,291.00 5,117.00 7,023.67 7,743.93 8,668.59 9,127.71 10,290.61 11,341.70 10,340.29 10,362.34 10,362.34 10,362.34 10,620.00 10,620.00
3,291.00 4,727.00 0.00 0.00 0.00 0.00 0.00 1,000.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 390.00 1,029.67 232.80 215.84 127.71 0.32 -0.10 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 5,661.50 7,148.63 8,067.75 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00 8,600.00
0.00 0.00 332.50 362.50 385.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00 400.00
0.00 0.00 0.00 0.00 0.00 0.00 1,290.28 1,341.80 1,340.29 1,362.34 1,362.34 1,362.34 1,620.00 1,620.00
-3,291.00 -5,117.00 -148.67 1,975.47 2,811.01 3,372.29 2,209.39 1,158.30 2,159.71 2,137.66 2,137.66 2,137.66 1,880.00 1,880.00
-3,291.00 -8,408.00 -8,556.67 -6,581.20 -3,770.19 -397.90 1,811.49 2,969.79 5,129.49 7,267.15 9,404.80 11,542.46 13,422.46 15,302.46
-2,938.39 -4,079.24 -105.82 1,255.45 1,595.04 1,708.51 999.42 467.82 778.81 688.27 614.52 548.68 430.85 384.69
-2,938.39 -7,017.63 -7,123.45 -5,868.01 -4,272.97 -2,564.46 -1,565.04 -1,097.23 -318.41 369.85 984.38 1,533.06 1,963.91 2,348.59
at 12.00 % 3,740.24
19.33 %
14.29 %
at 0.00 % 6 years = 1997
at 12.00 % 9 years = 2000
0.44
5

NET INCOME STATEMENT
thousand NCU
Sales revenue
Less variable costs
Material
Personnel
Marketing (except personnel)
Other variable costs
VARIABLE MARGIN
in % of sales revenue
Less fixed costs
Material
Personnel
Marketing (except personnel)
Depreciation
Other fixed costs
OPERATIONAL MARGIN
in % of sales revenue
Interest on short-term deposits
Financial costs
GROSS PROFIT FROM OPERATIONS
in % of sales revenue
Extraordinary income
Extraordinary loss
Depreciation allowances
GROSS PROFIT
Investment allowances
Deductible loss
TAXABLE PROFIT
Income (corporate) tax
NET PROFIT
in % of sales revenue
Dividends
RETAINED PROFIT
Ratios (%)
Net profit to equity
Net profit to net worth
COMFAR III Expert COMFAR GROUP, UNIDO
Net profit+interest to investment
Production
1993
Production
1994
Production
1995
6
Production
1996
Production
1997
Production
1998
Production
1999
Production
2000
6,875.00 9,719.40 11,479.60 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
3,668.14 5,181.49 6,119.97 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00
2,695.00 3,814.13 4,502.75 4,900.00 4,900.00 4,900.00 4,900.00 4,900.00
687.50 979.50 1,153.00 1,250.00 1,250.00 1,250.00 1,250.00 1,250.00
93.13 125.37 149.22 165.00 165.00 165.00 165.00 165.00
192.50 262.50 315.00 350.00 350.00 350.00 350.00 350.00
3,206.86 4,537.91 5,359.63 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00
46.65 46.69 46.69 46.68 46.68 46.68 46.68 46.68
2,981.18 2,984.94 2,988.09 2,990.31 2,990.31 2,990.31 3,085.31 3,085.31
250.00 250.00 250.00 250.00 250.00 250.00 250.00 250.00
1,638.00 1,638.00 1,638.00 1,638.00 1,638.00 1,638.00 1,638.00 1,638.00
239.37 237.13 235.78 235.00 235.00 235.00 235.00 235.00
655.31 655.31 655.31 655.31 655.31 655.31 750.31 750.31
198.50 204.50 209.00 212.00 212.00 212.00 212.00 212.00
225.69 1,552.96 2,371.54 2,844.69 2,844.69 2,844.69 2,749.69 2,749.69
3.28 15.98 20.66 22.76 22.76 22.76 22.00 22.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
557.69 600.15 469.21 342.16 239.12 136.08 44.10 0.00
-332.00 952.82 1,902.33 2,502.53 2,605.57 2,708.61 2,705.59 2,749.69
-4.83 9.80 16.57 20.02 20.84 21.67 21.64 22.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-332.00 952.82 1,902.33 2,502.53 2,605.57 2,708.61 2,705.59 2,749.69
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 332.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 620.82 1,902.33 2,502.53 2,605.57 2,708.61 2,705.59 2,749.69
0.00 0.00 0.00 0.00 1,290.28 1,341.80 1,340.29 1,362.34
-332.00 952.82 1,902.33 2,502.53 1,315.28 1,366.80 1,365.29 1,387.34
-4.83 9.80 16.57 20.02 10.52 10.93 10.92 11.10
0.00 428.77 856.05 1,126.14 591.88 615.06 614.38 624.31
-332.00 524.05 1,046.28 1,376.39 723.41 751.74 750.91 763.04
-9.49 27.22 54.35 71.50 37.58 39.05 39.01 39.64
-10.48 25.81 40.15 40.93 19.23 18.01 16.37 15.24
2.32 15.57 23.27 27.57 15.06 13.28 12.45 12.26

BREAK-EVEN ANALYSIS - TOTAL
thousand NCU
Sales revenue
Variable costs
Variable margin
Variable margin ratio (%)
Including cost of finance
Fixed costs
Financial costs
Break-even sales value
Break-even ratio (%)
Fixed costs coverage ratio
Excluding cost of finance
Fixed costs
Break-even sales value
Break-even ratio (%)
COMFAR III Expert COMFAR GROUP, UNIDO
Fixed costs coverage ratio
Production
1993
Production
1994
Production
1995
Production
1996
Production
1997
Production
1998
Production
1999
7
Production
2000
Production
2001
Production
2002
Production
2003
Production
2004
Production
2005
Production
2006
Production
2007
6,875.00 9,719.40 11,479.60 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00
3,668.14 5,181.49 6,119.97 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00 6,665.00
3,206.86 4,537.91 5,359.63 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00 5,835.00
46.65 46.69 46.69 46.68 46.68 46.68 46.68 46.68 46.68 46.68 46.68 46.68 46.68 46.68 46.68
2,981.18 2,984.94 2,988.09 2,990.31 2,990.31 2,990.31 3,085.31 3,085.31 3,085.31 3,085.31 2,570.00 2,570.00 2,570.00 2,570.00 2,570.00
557.69 600.15 469.21 342.16 239.12 136.08 44.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7,586.75 7,678.63 7,405.06 7,138.98 6,918.24 6,697.50 6,703.96 6,609.49 6,609.49 6,609.49 5,505.57 5,505.57 5,505.57 5,505.57 5,505.57
110.35 79.00 64.51 57.11 55.35 53.58 53.63 52.88 52.88 52.88 44.04 44.04 44.04 44.04 44.04
0.91 1.27 1.55 1.75 1.81 1.87 1.86 1.89 1.89 1.89 2.27 2.27 2.27 2.27 2.27
2,981.18 2,984.94 2,988.09 2,990.31 2,990.31 2,990.31 3,085.31 3,085.31 3,085.31 3,085.31 2,570.00 2,570.00 2,570.00 2,570.00 2,570.00
6,391.16 6,393.22 6,400.09 6,405.98 6,405.98 6,405.98 6,609.49 6,609.49 6,609.49 6,609.49 5,505.57 5,505.57 5,505.57 5,505.57 5,505.57
92.96 65.78 55.75 51.25 51.25 51.25 52.88 52.88 52.88 52.88 44.04 44.04 44.04 44.04 44.04
1.08 1.52 1.79 1.95 1.95 1.95 1.89 1.89 1.89 1.89 2.27 2.27 2.27 2.27 2.27

PROJECTED BALANCE SHEET
thousand NCU
TOTAL ASSETS
Total current assets
Inventory on materials & supplies
Work in progress
Finished product
Accounts receivable
Cash-in-hand
Short-term deposits
Cash surplus, finance available
Total fixed assets, net of depreciation
Fixed investments
Construction in progress
Total pre-production expenditures
Less accumulated depreciation
Less depreciation allowance
Accumulated losses brought forward
Loss in current year
TOTAL LIABILITIES
Total current liabilities
Accounts payable
Total short-term debt
Total long-term debt
Total equity capital
Ordinary capital
Preference capital
Subsidies, grants
Reserves, retained profit brought forward
Retained profit
Net worth
Ratios (%)
COMFAR III Expert COMFAR GROUP, UNIDO
Equity to total liabilities
Net worth to total liabilities
Long-term debt to net worth
Current assets to current liabilities
1991 1992 1993 1994 1995 1996 1997 1998
3,348.80 9,205.10 10,284.06 9,682.23 9,107.86 9,363.10 8,942.05 8,552.87
29.00 882.00 2,284.27 2,337.75 2,750.69 3,661.24 3,895.50 3,161.63
0.00 390.00 586.99 740.58 857.78 919.15 916.67 916.67
0.00 0.00 134.06 165.83 190.02 202.97 202.50 202.50
0.00 0.00 363.04 297.86 336.16 358.33 358.33 358.33
0.00 0.00 499.50 625.93 704.40 750.00 750.00 750.00
0.00 0.00 115.03 128.38 138.43 143.92 143.75 143.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29.00 492.00 585.64 379.18 523.91 1,286.87 1,524.25 790.38
3,319.80 8,323.10 7,667.79 7,012.48 6,357.17 5,701.86 5,046.55 5,391.24
0.00 3,000.00 7,710.00 7,710.00 7,710.00 7,710.00 7,710.00 7,710.00
3,000.00 4,710.00 0.00 0.00 0.00 0.00 0.00 1,000.00
319.80 613.10 613.10 613.10 613.10 613.10 613.10 613.10
0.00 0.00 655.31 1,310.62 1,965.93 2,621.24 3,276.55 3,931.86
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 332.00 0.00 0.00 0.00 0.00
0.00 0.00 332.00 0.00 0.00 0.00 0.00 0.00
3,348.80 9,205.10 10,284.06 9,682.23 9,107.86 9,363.10 8,942.05 8,552.87
0.00 0.00 1,078.95 506.10 358.46 378.34 374.90 375.00
0.00 0.00 278.95 306.10 358.46 378.34 374.90 375.00
0.00 0.00 800.00 200.00 0.00 0.00 0.00 0.00
748.80 5,705.10 5,705.10 5,152.08 4,011.06 2,870.04 1,729.02 588.00
2,600.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,600.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 192.05 1,238.33 2,614.72 3,338.13
0.00 0.00 0.00 524.05 1,046.28 1,376.39 723.41 751.74
2,600.00 3,500.00 3,168.00 3,692.05 4,738.33 6,114.72 6,838.13 7,589.87
77.64 38.02 34.03 36.15 38.43 37.38 39.14 40.92
77.64 38.02 30.80 38.13 52.02 65.31 76.47 88.74
0.29 1.63 1.80 1.40 0.85 0.47 0.25 0.08
0.00 0.00 2.12 4.62 7.67 9.68 10.39 8.43
8

COMFAR III Expert COMFAR GROUP, UNIDO
FINANCIAL RATIOS
Long-term debt to net worth
Current assets to current liabilities
Net cash flow to long-term debt
Accounts receivable to accounts payable
Net cash flow to long-term debt service
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
0.29 1.63 1.80 1.40 0.85 0.47 0.25 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 2.12 4.62 7.67 9.68 10.39 8.43 10.87 14.90 18.94 22.97 26.01 29.05 32.09 35.13 38.17
-4.40 -0.90 -0.03 0.38 0.70 1.17 1.28 1.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1.79 2.04 1.97 1.98 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
-114.27 -18.52 -0.29 1.87 1.77 2.27 1.60 0.91 3.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
9

EFFICIENCY RATIOS
Sales to total capital investment
Investment to personnel cost
Inventory to sales
COMFAR III Expert COMFAR GROUP, UNIDO
Net cash flow to total sales
Production
1993
Production
1994
Production
1995
Production
1996
Production
1997
Production
1998
10
Production
1999
Production
2000
Production
2001
Production
2002
Production
2003
Production
2004
Production
2005
Production
2006
0.71 0.97 1.13 1.21 1.21 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10
4.19 3.81 3.65 3.57 3.57 3.92 3.92 3.92 3.92 3.92 3.92 3.92 3.92 3.92
0.16 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12 0.12
-0.02 0.20 0.24 0.27 0.18 0.09 0.17 0.17 0.17 0.17 0.15 0.15 0.15 0.15

VALUE-ADDED CRITERIA
thousand NCU
Value of output (incl. tax)
Material input
GROSS DOMESTIC VALUE-ADDED
Investment
NET DOMESTIC VALUE-ADDED
Repatriated payment
Wages
Dividends
Interest payable
Others
NET NATIONAL VALUE-ADDED
Wages
Dividends, interest
Government
Others
COMFAR III Expert COMFAR GROUP, UNIDO
Distribution of value-added
Wages to value-added
Dividends, interest to value-added
Government to value-added
Others to value-added
Absolute efficiency test
PV (NNVA) to PV (wages)
Relative efficiency test
PV (NNVA) to PV (investment)
PV (NNVA) to PV (foreign exchange)
PV (NNVA) to PV (skilled labour)
PV (NNVA) to PV (labour)
Present value Grand total 1991 1992 1993 1994 1995 1996 1997 1998 1999
71,595.95 208,570.91 0.00 0.00 7,961.25 11,269.53 13,303.02 14,475.00 14,477.95 14,475.00 14,475.00
24,626.84 71,093.92 0.00 0.00 2,849.41 3,933.78 4,596.33 4,976.20 4,976.20 4,976.20 4,976.20
46,969.11 137,477.00 0.00 0.00 5,111.84 7,335.75 8,706.69 9,498.80 9,501.75 9,498.80 9,498.80
7,119.19 8,846.71 2,869.00 4,500.00 694.09 120.18 179.69 96.49 0.00 745.60 0.00
39,849.92 128,630.28 -2,869.00 -4,500.00 4,417.75 7,215.58 8,527.00 9,402.31 9,501.75 8,753.20 9,498.80
2,344.72 5,915.01 28.80 136.30 337.71 504.15 563.93 630.72 372.77 337.81 304.35
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,025.37 2,994.38 0.00 0.00 0.00 171.51 271.02 379.05 165.35 174.62 174.35
629.58 994.63 28.80 136.30 221.21 210.15 165.91 121.66 77.42 33.18 0.00
689.77 1,926.00 0.00 0.00 116.50 122.50 127.00 130.00 130.00 130.00 130.00
37,505.20 122,715.28 -2,897.80 -4,636.30 4,080.04 6,711.42 7,963.08 8,771.59 9,128.97 8,415.39 9,194.45
13,956.53 39,360.00 0.00 0.00 2,123.50 2,415.50 2,589.00 2,686.00 2,686.00 2,686.00 2,686.00
3,280.13 8,511.05 0.00 140.00 336.48 647.26 888.33 967.58 588.23 543.34 484.13
15,674.07 48,207.38 224.00 293.00 1,299.14 1,766.98 2,043.24 2,196.80 3,487.08 3,598.60 3,537.09
4,594.48 26,636.85 -3,121.80 -5,069.30 320.92 1,881.68 2,442.51 2,921.21 2,367.66 1,587.45 2,487.22
0.37 0.32 0.00 0.00 0.52 0.36 0.33 0.31 0.29 0.32 0.29
0.09 0.07 0.00 -0.03 0.08 0.10 0.11 0.11 0.06 0.06 0.05
0.42 0.39 -0.08 -0.06 0.32 0.26 0.26 0.25 0.38 0.43 0.38
0.12 0.22 1.08 1.09 0.08 0.28 0.31 0.33 0.26 0.19 0.27
2.69
5.27
11.52
6.09
2.69
11

ECONOMIC APPRAISAL
thousand NCU
TOTAL CASH INFLOW
Inflow operation
Sales revenue
Interest on short-term deposits
Other income
Foreign loans
Indirect effects
TOTAL CASH OUTFLOW
Increase in fixed assets
Fixed investments
Pre-production expenditures (net of interest)
Increase in net working capital
Operating costs
Marketing costs
Foreign debt services
Income (corporate) tax
Indirect effects
NET CASH FLOW
COMFAR III Expert COMFAR GROUP, UNIDO
INTERNAL RATE OF RETURN
Financial value
Adjustment
factor
Adjusted
market value
12
Foreign currency
exposure (%)
Foreign exchange
adjustment
Economic value
(excl. IE)
Indirect effect
(IE)
Economic value
(incl. IE)
61,987.56 1.03 64,145.99 99.47 0.00 64,145.99 0.00 64,145.99
61,519.86 1.04 63,678.29 100.00 0.00 63,678.29 0.00 63,678.29
61,519.86 1.04 63,678.29 100.00 0.00 63,678.29 0.00 63,678.29
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
467.70 1.00 467.70 26.92 0.00 467.70 0.00 467.70
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
58,247.31 0.91 52,854.88 28.64 0.00 52,854.88 0.00 52,854.88
7,110.61 0.96 6,813.42 37.04 0.00 6,813.42 0.00 6,813.42
6,837.24 0.96 6,540.05 37.94 0.00 6,540.05 0.00 6,540.05
273.37 1.00 273.37 15.43 0.00 273.37 0.00 273.37
1,379.04 1.00 1,379.04 43.06 0.00 1,379.04 0.00 1,379.04
43,378.43 0.98 42,570.98 26.96 0.00 42,570.98 0.00 42,570.98
2,091.44 1.00 2,091.44 25.96 0.00 2,091.44 0.00 2,091.44
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4,287.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,740.24 3.02 11,291.11 431.02 0.00 11,291.11 0.00 11,291.11
19.33 --- 29.62 --- --- 29.62 --- 29.62