Creation of New Plant

Inputs reqd to create the Plant........

Our company have only 2 modules FICO and MM Module and Version used is SAP 4.7

I tried to create the Plant

1. Define Plant BU35

2. EC02 -> copied Old Plant BU01 (old plant) to BU35

3. checked Assignment for Plant to Comp code (already assigned) but found the error "Valuation area missing in T001W -> Save again"

In OMWD Valuation area is not listed to codify the valuation group.

Please give me the Steps to create Plant with the related parameter to maintain Inventory management and Physical Inventory.

Regards

Sandeep