KATHMANDU UNIVERSITY SCHOOL OF MANAGEMENT

Pinchhe Tole, Gwarko, Lalitpur

Analysis of Startup Business:

Mushroom Farming

Course: Business Environment in Nepal

Submitted to:

A Prof. Dr. Achyut Wagle

Course Instructor, KUSOM

Submitted by:

Krittika Gorkhali (22313)

MBA Spring 2022

11th Aug, 2022

Table of Contents

Contents
Chapter 1....................................................................................................................................................3
Introduction...............................................................................................................................................3
1.1 Background......................................................................................................................................3
1.2 Introduction to startup....................................................................................................................4
1.3 Vision................................................................................................................................................4
1.4 Mission..............................................................................................................................................5
1.5 Objectives.........................................................................................................................................5
Chapter 2....................................................................................................................................................6
Industry Analysis.......................................................................................................................................6
2.1 SWOT Analysis....................................................................................................................................6
2.2 Demand, Supply and Price..................................................................................................................7
2.3 PESTLE Analysis..............................................................................................................................11
1. Political environment...................................................................................................................11
2. Economic environment................................................................................................................12
3. Socio-cultural environment.........................................................................................................13
4. Technological environment.........................................................................................................14
5. Environmental analysis...............................................................................................................15
6. Legal/Regulatory environment...................................................................................................15
Chapter 4..................................................................................................................................................17
Financial Projection................................................................................................................................17
4.1 Projected Income Statement.........................................................................................................17
4.2 Projected Cashflow Statement......................................................................................................18
Conclusion................................................................................................................................................19
References................................................................................................................................................20

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 Chapter 1

Introduction
1.1 Background

Mushrooms are the members of higher fungi belonging to class basic diomycetes and some are
Ascomycetes. They are fleshy spore bearing organ of fungi and characterized by heterotrophic
mode of nutrition. Mushroom occurs under various ecological conditions from desert to forest.
They are abundantly found in nature during rainy season. Some of the mushrooms are edible and
some of them are highly poisonous. Fortunately, the number of poisonous genera and species are
much fewer.

The history of mushrooms goes far back. Mushrooms have probably been eaten for as long as
there are people on this planet. For centuries, our ancestors had to make due with mushrooms
that could be found in fields and forests. Even the Romans had mushrooms on the menu, and the
more ancient Aztecs and Egyptians considered the edible fungus to be the food of the gods.
However, these records all concern wild mushrooms. This changed in the middle of the
seventeenth century. A melon grower near Paris accidentally stumbled upon an important
discovery. He poured water, used to wash wild mushrooms, over some melon leftovers. A little
while later, many mushrooms sprouted in this spot. It was the start of the era of the cultivated
mushroom. This new mushroom quickly gained the name champignon de Paris. The
‘champignon de Paris’ became an institution in the world of food lovers.

To the context of Nepal its history of cultivation is not so long. Invention and cultivated
mushroom was started from 1976 but nowadays it is fast growing business due to its high profit.
Farmers can get output within short period with its high profit. Nepal is also one of the countries
where mushroom can be cultivated throughout the year under natural environmental condition.
We can use most of agriculture wastage and have plenty of raw materials for mushroom
cultivation. It can also be cultivated with the use of technology driven tunnel.

Oyster mushroom and white button mushroom are very popular in Nepal where it can be grown
all-round the year. Mushroom farming is highly growing in Nepal as there are lots of places
across the country for mushroom cultivation. Generally, mushrooms are traded in two forms:

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fresh and processed (canned, frozen, dried & others as mushroom-based products). Processed
mushrooms are projected to witness increased growth due to the rising demand for ready-to-eat
food items. Presently, however, the fresh mushroom dominates the market due to easy
availability and the current preference of fresh food over processed.

1.2 Introduction to startup

The planned startup name is “The Mushroom Farm Pvt. Ltd” which will produce white button
mushroom and oyster mushroom through use of technology driven tunnel. I will be starting my
business with 80% equity and 20% debt in a rented building at Narayanghat. It will be based on
technology driven tunnel farming where temperature and moisture will be controlled with a
computerized system which will also resolve drought problems. A computerized environmental
control system is an invaluable tool for mushroom culture as the computer monitors
environmental parameters, such as temperature, humidity, airflow, pressure, carbon dioxide, and
oxygen content. The use of modern technologies, such as computerized control, automated
mushroom harvesting, preparation of compost, production of mushrooms in a non-composted
substrate, and new methods of substrate sterilization and spawn preparation, will increase the
productivity of mushroom culture. The company will directly supply the mushroom to the hotel
and vegetable markets in case of local markets and will also export to neighboring countries.

1.3 Vision

The vision of “The Mushroom Farm Pvt. Ltd” is to be an agent of making own country self-
reliant through producing and supplying adequate mushroom in local market and globalizing
locally produced goods in international level by utilizing maximum level of available resources,
skills, technology and knowledge.

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1.4 Mission

Our mission is to continuously improve our operations in order to increase value to our
customers and provide the freshest, safest, highest-quality mushrooms and mushroom products
to our customers.

1.5 Objectives

 To strengthen the promotion of mushroom cultivation by establishing a well-equipped

laboratory and offices.
 To increase the production and consumption of mushroom.
 To help create new employment opportunities for rural women and the youth through
mushroom cultivation.
 To foster self-reliance through the possibility of foreign trade opportunities, thus
diversifying the export base of the economy.

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 Chapter 2

Industry Analysis
2.1 SWOT Analysis

Strengths Weakness

 Year-round farming with the use of  Lack of a critical mass of well-trained

humidity controlling system and air cooler mushroom technicians and growers
 Increased productivity with the use of  Lack of proper technical advice on
computerized system mushroom enterprise
 Prevalence of diverse mycophagous  Lack of quality control and certification
communities
 Low-cost labor, plentiful cheap supply of a
wide variety of raw substrates, building
materials, spawns, and other inputs
 The huge potential of the local market as
well as easily accessible vast export market
of India

Opportunities Threats

 Rapid growth of the national and global  Rising inflation and input prices
mushroom market  The limited supply of organic pest control
 Increasing supply and demand gap in the products
Nepalese market as well as in world trade  Lack of appropriate mushroom policies and
of mushrooms laws
 The shrinkage of production in countries
like Japan, Taiwan, and South Korea due to
high labor costs
 Growing numbers of health-conscious
consumers and demand for healthy, quality
and organic products
 Need to increase the production and
consumption of nutritious horticultural
crops to ensure food & nutritional security

Figure 1: SWOT Analysis of Mushroom Startup

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2.2 Demand, Supply and Price

The mushroom market has grown exponentially in the last few years and this trend is projected
to continue. The world mushroom production has increased at a rapid speed since late 1990s.
Production has increased more than 10-fold during last 4 decades. Increasing R&D on the
benefits of mushrooms, rise in consumer awareness about health and wellness, growing
awareness of the various varieties of mushroom and the innovative use of mushroom in meat
substitute recipes are several critical factors that are expected to drive the global market. Rapidly
expanding food industry in India and China also positively impact on the mushroom market.
Mushroom consumption has been increasing steadily throughout the globe

Figure 1: Forecasting of Asia Pacific Mushroom market size

The global mushroom market size was 14.35 tons in 2020. The market is projected to grow from
15.25 million tons in 2021 to 24.05 million tons in 2028 at a CAGR of 6.74% during the 2021-
2028 period. Increasing supply and demand gap in the world trade of mushrooms and the
shrinkage of production in countries like Japan, Taiwan, and South Korea due to high labor costs
increases the feasibility of exporting mushrooms.

The industry economy or market economy of mushroom farming can be observed through the
government data.

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 Fresh Mushroom Production
14,000
Production Unit (Mt.)

12,000
10,000
8,000
6,000
4,000
2,000
0
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019 /20 2020/ 21
Year

Series 1

Figure 1: Trend line of Fresh Mushroom Production

Source: Statistical Information 2020/21

According to Statistical Information on Nepalese Agriculture 2020/21, the production of fresh

mushrooms was 1,530 MT in 2010/11. From looking at statistical information of mushroom
production for last 11 years, growth is seen in each subsequent year. We can see a sharp increase
in mushroom production by 244.44% in 2015/16 and gradual increment in each year thereafter.
In 2020/21, the production of fresh mushrooms was 13,241 MT.

Mushroom Seed Production

1,600,000
Production Units (Bottle)

1,200,000

800,000

400,000

0
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019 / 2020/21
20
Year

Series 1

Figure: Trend line of Mushroom Seed Production

Source: Statistical Information 2020/21

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The production of mushroom seed is also growing in accordance to mushroom production.
According to Statistical Information on Nepalese Agriculture 2020/21, the production of
mushroom seed was 268,560 bottles in 2010/11 and the production has been increasing every
year. We can see a sharp increase in mushroom seed production by 250.12% in 2015/16 and in
2020/21, the production of mushroom seed was 1,600,552 bottles.

Mushroom Description Quantity (Kg) Export Value

Fresh or chilled white button Mushrooms 300 4903

White button mushroom preserved by vinegar 20 281

Provisionally preserved white button mushrooms 11313 12185

Other mushrooms fresh or chilled 525 235

Other dried mushrooms 39668 27655

Total 51826 45259

Table 1: Mushroom exports in fiscal year 2020/21

Source: Statistical Information 2020/21

Nepal has exported fresh or chilled, dried and preserved white button mushroom and oyster
mushroom of 51826 kg worth Rs. 45,259,000 in fiscal year 2020/21 according to Statistical
Information on Nepalese Agriculture 2020/21. Nepal is not being able to export mushroom in
adequate quantity according to the demand of international market. The demand for mushroom
in international market is higher that the supply of mushroom at international market by
Nepalese mushroom exporters.

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 Import Value
Mushroom Description Quantity (Kg)
(Rs. ‘000)

Fresh or chilled white button Mushrooms 630168 111011

Provisionally preserved white button mushrooms 1097 326

Dried white button mushrooms 1711 2002

White button mushroom preserved by vinegar 210153 37536

Other dried mushrooms 16152 4351

Other mushrooms provisionally preserved 1920 299

Other mushrooms fresh or chilled 1759 411

Other mushrooms preserved by vinegar 1331 969

Total 864291 156905

Table 2: Mushroom imports in fiscal year 2020/21

Source: Statistical Information 2020/21

Nepal have imported both white button mushroom and oyster mushroom in huge quantities. The
import of different variety of white button mushroom was 843129 kg worth Rs 150,875,000 and
likely, we have imported oyster mushroom of 21162 kg worth Rs. 6,030,000 in fiscal year
2020/21.

From these data, we can see that production has increased significantly in the last decade but we
have not been able to fulfill our demand so we are importing mushrooms in huge quantities. So, I
believe that the startup of white button and oyster mushrooms will help to fill some demand in
our domestic market.

The pricing of fresh mushrooms is high in Nepalese market. The white button mushroom is sold
at the rate of Rs 480 per kg and oyster mushroom is sold at Rs 240 per kg as on 10th august,

10
2022 in Nepalese local market. We are importing fresh and chilled white button mushroom and
oyster mushroom at an average rate of Rs. 176.16 and Rs. 233.65 respectively; and exporting
fresh or chilled oyster mushroom at an average rate of Rs. 447.619 according to the Statistical
Information on Nepalese Agriculture 2020/21.

The overall data indicate that people are consuming more mushrooms every year even at
premium pricing. The demand for both white button mushroom and oyster mushroom is very
high, so premium pricing is justified.

2.3 PESTLE Analysis

The PESTLE analysis which be performed will analyze the various factors impacting the
mushroom business like Political, economic, socio-cultural, technological and environmental
factors. So, PESTLE will give the insight to external factor i.e., business environment of
mushroom farming in Nepal.

1. Political environment
Political environment is the government action which will impact the business of the country
including mushroom farming. The various aspects of the political environment which will be
impacting my startup are political parties, political philosophy or ideology, political system,
political institution, and government business relationship. Nepali congress party is currently in
power. The current government has a socialdemocratic ideology. However, it was backed by
Maoist center, Janta Samajwadi party and UML faction in parliament for a vote of confidence.

Nepali congress president Sher Bahadur Deuba has been appointed as the prime minister of the
country as per Article 76 (5) of the constitution. Nepali congress manifesto has highlighted to
eradicate poverty through agriculture, infrastructure, hydropower and tourism. The manifesto has
promised to make the country self-dependent on food grain, meat and vegetables within 10 years
and hence favorable policies for agribusiness has been developed. The general election is
expected to be conducted in November 2022. All the parties have positive perspective towards
agricultural sector. So, important policies and steps may come which might be beneficial for the
agriculture business of the country and eventually for my startup.

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2. Economic environment

Economic environment influences buying behavior of consumers as well as businesses which

determines success or failure of business. Some of the economic dimensions that may affect my
startup are GDP, remittance, per capita income, personal consumption and expenditure, inflation
rate etc.

Economies across the globe is facing consequence of ongoing Russia-Ukraine war Nepal’s
economy is also in a recovery phase after the impact of COVID 19 pandemic. Economic growth
rate of 4.25% was achieved in fiscal year 2021/22 and economy of Nepal is estimated to increase
by 5.84% in next fiscal year. As per the Current Macroeconomic and Financial Situation of
Nepal as on Mid-June 2021/22, the inflation of the country stood at 8.56% during the review
month compared to 4.19% a year ago.

In accordance with economic survey 2078/79, the agriculture sector contributes 23.95% to gross
domestic product (GDP). The contribution of mushroom to GDP has decreased to 0.15% in fiscal
year 2021/22 from 0.16% in fiscal year 2020/21 according to the Statistical Information on
Nepalese Agriculture 2020/21.

Policies made by central bank and government greatly affects economic environment of the
country. Some provisions of monetary policy and budget related to my startup are as follows;

I. Monetary policy (2022-23)

The Policies in the monetary policy which can be beneficial for my mushroom farming
startup are;
 Regulatory requirement that commercial banks need to lend at least 13% by mid-July
2022, 15% by mid-July 2023 not exceeding Rs. 10 million to agriculture sector.
 Development banks will be required to disburse at least 20% of loan to agriculture.
 Credit limit for agriculture extended to 1.5 million

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  Agricultural Development Bank Limited (ADBL) will be promoted as lead bank to
facilitate credit in agriculture sector.
 Open market stabilization fund will be implemented to manage liquidity. Interest rates
will eventually decline if liquidity is managed.

II. Federal budget (2022-23):

The steps in the budget which can be beneficial for my mushroom farming startup are;
 Major focus of budget 2079/80 is to transform the agricultural sector through
modernization and commercialization; and be self-reliant in agricultural production. It
has aimed at reducing import of basic agricultural products by 30%
 Budget 2079/80 has allocated budget of Rs. 55.97 billion to agricultural sector
 100% tax rebate on income derived from agricultural business by registered firm,
company, partnership and organized institution.
 80% premium of agriculture insurance will be borne by government

The economic condition of Nepal is satisfactory taking into consideration affect of war and
pandemic and policies stated by budget 2022-23 and monetary policy 2022-23 are also
conducive for mushroom startup. Hence, satisfactory economic condition, favorable policies,
low-cost labor, plentiful cheap supply of a wide variety of raw substrates, building materials,
spawns and other inputs, huge potential of the local market as well as easily accessible vast
export market of India makes economic environment of Nepal advantageous for mushroom
startup.

3. Socio-cultural environment

The social surrounding that business operates in highly affect the growth and operation of
business directly or indirectly. There is prevalence of diverse mycophagous communities in
Nepal due to which demand for mushroom will be high. Talking about religion and belief, in
Jainism eating mushroom is prohibited so, Jain people in Nepal will not be consuming my
product, However, according to the census of 2011 AD, there are only 3,214 Jains residing in
Nepal so, this socio-cultural aspect will not have much impact on mu business.
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In the era of healthy eating by cutting down calories, saturated fat and cholesterol, mushrooms
are bound to attract attention. Moreover, Food and Agriculture Association (FAO) has also
recommended mushrooms as a food item contributing significantly to protein nutrition of
developing countries like Nepal, which is heavily dependent on cereal diets. Many drugs and
dietary supplements contain at least some components produced by fungi because of their
immune system enhancing qualities (FAO, 2004).

Lifestyle of Nepalese people is increasing and they are more into healthy foods. Pandemic has
also made people more health conscious. Thus, growing number of health-conscious consumers,
a smaller number of Jain people and prevalence of mycophagous communities in Nepal
generates more demand for mushrooms which is favorable my startup.

4. Technological environment

The global mushroom industry has entered into a new era with the advancement of technology.
In some developed countries of Europe and America, mushroom farming has attained the status
of a high-tech industry with very high levels of mechanization and automation. The world has

moved towards modern mushroom farming with the advancement in technology like

computerized control, high tech AC for maintaining optimal level of temperature, automated
mushroom harvesting, preparation of compost, production of mushrooms in a non-composted
substrate, and new methods of substrate sterilization and spawn preparation.

Technology diffusion is taking place in Nepal and the new invention and improvement in
techniques of mushroom farming will help my startup to operate efficiently. As per economic
survey 2020/21, construction of 4 tissue culture labs, 670 mushroom seed labs, 409 modern
houses for mushroom production, 101 collection centers and grading houses, and 10 cold
storages with capacity of 10,175 metric tons have been completed. The previous year budget has
emphasized on science & technology investment is Rs 45.09 billion for agricultural sector & 3
billion for Nepal Agriculture Research Council (NARC). With increasing technologies and
competition innovation in agriculture industry, my startup can operate efficiently, keep track of
productivity, and conduct financial planning and research productively.

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5. Environmental analysis

My company will produce mushroom through use of technology driven tunnel and can be
cultivated in Nepal throughout the year. The environmental protection act, 2076 authorizes the
government to set standards to reduce and regulate emission, hazardous waste, and also regulate
pollution emitted by vehicle, equipment or any other organizational activities. Some programs
and policies that support the integration of environmental sustainability into the development of
the agricultural sector in Nepal are the Nepal Biodiversity Strategy (2002), Nepal Biodiversity
Strategy Implementation Plan (2006–2010), National Biosafety Framework (2007), Forestry
Sector Policy (2000), Herbs and Non-Timber Forest Products Policy (2006), National Wetlands
Policy (2003) and so on. Here, in this startup the major waste as an output is compost. After the
harvesting of the mushroom the left compost will be sold to the nursery as it functions like the
vermicomposting. So, the major waste output of my startup will be sold for reuse which will be
beneficial for environment protection and making money with waste resources. Edible cultivated
mushrooms have become a symbol of reaping protein from waste. Through mushroom
cultivation farm wastes have found a new way of being transformed to currency or high-value
products. By taking into consideration of drought problem, mushroom production could help soil
and water conservation too. “The Mushroom Farm Pvt. Ltd” will also be using rice straws for
mushroom cultivation which will reduce air pollution to a great extent as it is preventing the
burning of rice straws. Nowadays, a greater number of people are being concerned about issues
of environment so demand will increase as this startup will be trying to be environmentally
friendly as much as possible.

6. Legal/Regulatory environment

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Laws are the guidelines for any business that comes into the operation in the particular countries.
For any business to incorporate, registration of a company is necessary under company act 2063.
We have an Agriculture Development Strategy (2015-2035) which is a roadmap for the overall
development of the agriculture sector. The fifteen plans (2019/20- 2023/24) have included
various strategies for development and expansion of agriculture through policies, technology,
enhancing institutional capacity, infrastructure etc. If these strategies are implemented properly
than it can bring a positive impact on the agriculture sector.

In the constitution of Nepal, article 51(e) has emphasized on the development of agriculture in
Nepal. Whereas, at the policy level, there is a National Agriculture Policy 2004 for the
agribusiness management. Following this, the Agribusiness Policy 2006 and Agribusiness Policy
Implementation Procedure was formulated in 2008. So, till date our agriculture sector is
regulated by these policies. Here, the department of agriculture which comes under the ministry
of agriculture and livestock development looks into the issues related to the agribusiness like
mushroom farming. The agriculture policy 2004 has also stated the requirement for giving
priority to pockets of high value agricultural products i.e., products with low weight and high
value which will be beneficial for mushroom startup. Sustainable Development Goals (SDG) has
stated the need to increase the production and consumption of nutritious horticultural crops to
ensure food & nutritional security at the household level to end the hunger and poverty by 2030
which will increase the demand for my product.

However, no policies have been yet formulated for mushroom farming. It is not yet recognized
as commodity by horticulturist. It has been placed under Plant pathology division in NARC
because it is a fungi and fungi are one of the disease-causing agents in crops. Therefore, the
regulatory environment would have been more favorable for my startup if there was an
agriculture act with presence of proper laws regarding grant, subsidies, loan, insurance etc.

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 Chapter 4

Financial Projection

Financial projection of 3 years has been done from the year of commencement of operation
which includes Projected Income Statement and Projected Cash flow.

4.1 Projected Income Statement

PARTICULARS Year 1 Year 2 Year 3

Sales Revenue 820,000 984,000 1,180,800
Less: Cost of goods sold;
Rice Straw -60,000 -64,000 -66,000
Poultry Manure -50,000 -58,000 -59,000
Spawn -80,000 -90,000 -92,000
Pesticide -40,000 -40,000 -42,000
Packing plastic -35,000 -38,000 40,000
Gross Profit 555,000 694,000 961,800
Operating Expenses
General and Administrative expenses
Water and irrigation charges -32,000 -32,000 -32,000
Salary expenses -50,000 -50,000 -50,000
Rent expenses -360,000 -360,000 -360,000
Depreciation of humidity controlling system -18,200 -18,200 -18,200
Depreciation of Air cooler -15,000 -15,000 -15,000
Depreciation of Mushroom Rack -7,500 -7,500 -7,500
Total General and Administrative expenses -482,700 -482,700 -482,700
Total Selling Expenses -65,000 -67,000 -68,000
Total Operating Expenses -547,700 -549,700 -550,700
Income from operations 7,300 144,300 411,100
Other revenues and expenses
Sale of compost 30,000 35,000 38,000
Earnings before interest and tax 37,300 179,300 449,100
Less: Interest expense -44,000 -33,000 -22,000
Earning before tax -6,700 146,300 427,100
Less: Income tax expense - - -

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Net Income -6,700 146,300 427,100

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4.2 Projected Cashflow Statement

PARTICULARS Year 1 Year 2 Year 3

Cash flow from Operating Activities

Cash receipt from customers 820,000 984,000 1,180,800
Cash Payment for:
Rice Straw -60,000 -64,000 -66,000
Poultry Manure -50,000 -58,000 -59,000
Spawn -80,000 -90,000 -92,000
Pesticide -40,000 -40,000 -42,000
Packing plastic -35,000 -38,000 40,000
Water and irrigation -32,000 -32,000 -32,000
Salary -50,000 -50,000 -50,000
Rent -360,000 -360,000 -360,000
Interest expense 44,000 33,000 22,000
Selling expenses -65,000 -67,000 -68,000
Net Cashflow from Operating Activities 92,000 218,000 473,800
Cash flow from Investing Activities
Purchase of humidity controlling system -91,000 - -
Purchase of Air cooler -75,000 - -
Purchase of Mushroom Rack -150,000 - -
Net Cashflow from Investing Activities -316,000 0 0
Cash flow from Financing Activities
Capital 100,000 - -
Loan 400,000 - -
Repayment of loan -100,000 -100,000 -100,000
Net Cash flow from Financing Activities 400,000 -100,000 -100,000
Net Cash flow 176,000 118,000 373,800
Beginning Cash and Bank Balance - 176,000 294,000
Closing Cash and Bank Balance 176,000 294,000 667,800

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Conclusion

The industry analysis shows that there is the demand for both white button and oyster mushroom
in the local as well as international market where our domestic production has not been able to
meet the demand. Increasing R&D on the benefits of mushrooms, rise in consumer awareness
about health and wellness, growing awareness of the various varieties of mushroom and the
innovative use of mushroom in meat substitute recipes are several critical factors that are driving
the global market. The PESTLE analysis also shows the good prospect of agribusiness like
mushroom farming in Nepal. Positive view of parties towards agriculture sector, favorable
monetary policy and fiscal policy are further making business environment for mushroom startup
conducive. The mushroom farming has good prospect in future as lot of infrastructures are also
being completed recently. From the financial projection, it is seen that profit can be earned from
second year of operation of mushroom startup. Hence, looking at the various factors it seems that
mushroom farming has good prospect as a startup where profitable venture can be established in
this agribusiness field.

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References

 Constitution of Nepal 2072(2015)

 Monetary policy 2022/23
 Budget 2022/23
 Current Macroeconomic and Financial Situation of Nepal as on Mid-June 2022
 The fifteenth plan (fiscal year 2019/20- 2023/24)
 The Environmental Protection Act, 2019(2076)
 Nepali Congress Manifesto
 Economic survey 2021/22
 Nepal Agriculture Policy 2061(2004)

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