FEASIBILITY ANALYSIS OF INVESTMENT FACILITIES OF SLIP FISH PROCESSING FACTORY, SORONG DISTRICT

. The potential of marine resources in Sorong Regency, West Papua is very abundant, especially in the fisheries sector. The abundant potential of tuna makes it an attractive commodity. Fishery products are foodstuffs that are susceptible to post-catching spoilage so that they can last a long time, a canning process is needed. This study aims to analyze income, costs and investment decisions at a fish canning factory in Sorong Regency to obtain the feasibility of a project with quantitative research methods, because this study seeks to determine the value of the feasibility indicators of an investment project. The result of the investment criteria is an NPV of Rp. 7,841,604,054.00 is greater than zero, the IRR value is 97.84% greater than the 14% interest rate and the Net B/C value is 2.44 greater than one. The payback period is achieved within 2 years 7 months 6 days, meaning this business can cover the initial investment costs before the end of the business life. The sensitivity analysis carried out shows that the canned fish canning factory is feasible to run as long as the project runs according to the assumptions and technical parameters specified.


INTRODUCTION
In general, the grouping of fishery and marine resources is divided into groups of pelagic fish whose habitat is around the surface such as skipjack, tuna, anchovies, mackerel, selar, layur and mackerel, groups of demersal fish such as snapper, yellow tail, baronang fish, samandar fish. , bubara, shrimp group which is a mainstay commodity from Sorong Regency which is mostly caught by traditional fishermen with Fish is one of the sources of food that is needed by humans because it contains protein, essential amino acids and has high biological value and the price is cheap compared to other animal protein sources (Tangke, Bafagih, & Daeng, 2018).
According to (Damongilala, 2008), fish and other fishery products are foodstuffs that are easily subject to a post-morten process of high perishable food. Therefore, it is necessary to have good handling and reach the level of processing and diversification of fishery products. The principle of fish processing and product diversification basically aims to protect fish from spoilage or damage as well as increase shelf life and processing and diversification aims also to increase the shelf life of fish (Adawyah, 2007).
The design of a fish cannery requires an appropriate investment decision. There are a variety of different evaluation procedures that managers can use to analyze potential projects, namely net present value and internal rate of return (Shapiro, Astin, Bishop, & Cordova, 2005). In addition there are other calculations that must be analyzed such as Break event point and Pay Out Time to determine an investment decision (Gill et al., 2004).

Net Present Value (NPV)
Net Present Value (NPV) can be defined as the present value of cash flows in the future, discounted with cost of capital the appropriate, then deducting the initial outlay of the project. Projects with positive NPV will be accepted, and projects with negative NPV will be rejected. This method performs calculations of cash flows and time value of money. The NPV formula is as follows 14): Source: information public fishery service system in Sorong Regency, 2020 The value of fishery production in  (Atikah, 2020).

Production Process.
The production process is a zone that functions as a place to produce canned yellow tilapia. The production flow carried out in this zone is receiving raw materials, cutting, washing, steaming, filling in cans, weighing, filling media, closing cans, sterilizing processes, and packing.

Figure 1. Fish Canning Flow
The related description of the yellow selar fish canning factory is in Figure 4. 10 where the capacity of tuna that can be processed is 2 tons of raw fish in 8 hours.
The overall yield from raw material processing to canned fish reaches 50-55% of the raw material (FAO,).

Investment feasibility
Analysis The selar fish canning factory is carried out by setting 2021 as the initial year or year 1 so that the costs used are the costs that apply in that year. All costs incurred are divided into two parts, namely fixed costs and variable costs. The cost of the selar fish canning factory in 2021 which can be seen in Table 3.

Sri Sundari
| 896    (Rachim et al., 2021). In more detail, the results of the analysis of the feasibility of investing in the fish canning plant can be seen in Table 4.   West Papua, can be seen in Table 5. Period.

Net Present Value (NPV)
The Net Present Value (NPV) in Table 5 shows that the NPV has a positive value of  (Nurainy, Nawansih, & Sitanggang, 2015). The results of this study are in line with research (Dewi et al., 2018) that the IRR value is greater than the prevailing interest rate (DF = 16.75%) then the business is feasible to run.

Net B/C
Net B/C is a comparison between the present value of cash in and the present value of cash out.  (Dewi et al., 2018) that the Payback Period is smaller than the economic life of the business for 3 years, so the business is feasible to run.

CONCLUSIONS
The results of the calculation of the