A PRESENTATION ON THE BUSINESS PLAN

‘MANUFACTURE OF EMPTY HARD GELATIN CAPSULE

SHELL’

PRESENTERS:Manoj Bhattarai

Mahesh Raj NepalMaheshwor Thapa

Nibedan Baral

29th December 2009

INTRODUCTION

The present demand of drugs and pharmaceuticals has reached beyond the worth of Rs. 6000 millions.

Study made by Department of Drug Administration (DDA) shows that the increment of drug consumption per year is about 27 percent.

At present the local pharmaceutical industries meet only about 14 percent of national demand 86 percent of the medicines are still imported from India and overseas countries.

There is every possibility of a number of pharmaceuticals to increase in the days to come.

Hard gelatin capsule shell for manufacturing capsule dosage form has been brought from abroad as none of the manufacturing industries exist in Nepal.

Hard gelatin capsule shell manufacturing industry can be one of the best options in the industrial sector.

VISION AND MISSION STATEMENTS Vision Statements:

“Be the Global Leader for supply of superior quality two-piece hard Gelatin Capsules”.

Mission Statement:

We take an immense pride in our worldwide reputation for quality and reliability in our area of expertise. By specializing in only one field - pharmaceutical hard gelatin capsule production - we can channel all of our resources and energies towards one goal of producing empty gelatin shells.

Competitive Advantage

Quality products (capsule shell).Skilled and experienced manpower.Timely delivery of products.Acceptance, investigation and complaint

handling.Supplement of products as per the

demand.Right location.

Business and industry profile

Company goals and objectives:

1. Goals The major goals of this project are to manufacture different sizes of hard gelatin

capsule shells and to sale to the local market. In specific, this project has goals to:

Help to extend the primary health care coverage in the country by giving emphasis in the manufacture of essential drug in capsule dosage forms.

Create and provide employment for experts, technologists, skilled, semi-skilled and unskilled manpower.

Substitute import of gelatin capsule shell. Bridge the gap between the demand and supply.

2. Objectives: To increase the resource utilization to 100% in 3 years. To recover the initial investment in 5 years.

Industry analysis

1. Industry background and overview:

CAPS: The Shell Manufacturer has emerged into existence due an immense requirement of empty capsule shell manufacturing industry in Nepal.

2. Significant trends: Currently no industries in Nepal that produces empty hard gelatin

shell. Empty shells are imported from India in bulk and only filling is done

in Nepal. No pharmaceutical companies are focused in producing empty

gelatin shell despite only filling of the imported shell and marketing them.

Growth rate The no. of pharmaceutical industries producing capsules is

increasing at a good rate. If high quality gelatin shells are provided consistently then it is not

difficult to gain the faith of the domestic pharmaceutical industries.

Key success factors in the industry Assurance of quality products (capsule shell). Skilled and experienced manpower. Timely delivery of products. Acceptance, investigation and correction of complaints from the

market. Supplement of products as per demand. Honest staffs. Close management of wastes. Right location. Consistency. Provision of accepting defective products.

Outlook for the future

Exporting the quality products and face the competition with other industries.

To supply the product to all the pharmaceutical companies of Nepal.

III. COMPETITIVE STRATEGY

1. Cost Leadership: We cannot adopt this strategy because we cannot compete with the international companies in price as we don’t manufacture in bulk.

2. Differentiation We have aimed of being the best in providing the

domestic companies. We can be different from the Indian companies in

following aspects: Supplying products as per the requirement of the

Pharmaceutical companies. Compensation provisions in the case of return Short lead time. Emergency orders.

3. Focus: We concentrate on gaining the entire Nepalese market share.

COMPANY PRODUCTS AND SERVICES

Product or service features CAPS: The Shell manufacturer intends to sell the empty hard gelatin

capsule shells to the Pharmaceutical companies. We are focused in providing high quality empty gelatin capsules as per the demands of Nepalese Pharmaceutical Companies.

The feature of our products is as follows Hard gelatin capsule shells of 0 size made from cattle bone Color combinations available with all types of linear and circular

printing facilities. Products confirm fully to all the GMP & International norms.

Customer benefits Easy to disintegrate and release in gastric juice, compared to tablet

and pill which can enhance biological utilization ratio. Capsule shells are supplied as per the demand, no compulsion of

bulk purchase as done by the Indian suppliers.

Description of production process

Gelatin Production On a commercial scale, gelatin is made from by-products of the

meat and leather industry. Recently, fish by-products have also been considered because

they eliminate some of the religious obstacles surrounding gelatin consumption.

Gelatin is derived mainly from pork skins, pork and cattle bones, or split cattle hides.

The raw materials are prepared by treating bones and skins with acid and alkalis, which are employed to extract the dried collagen hydrolysate..

The intermolecular and intra-molecular bonds which stabilize insoluble collagen rendering it insoluble must be broken, and the hydrogen bonds which stabilize the collagen helix must also be broken.

PRETREATMENT OF RAW MATERIAL

Bone/ skin

Storage

Size reduction

Washing with cold water

Degreasing with hot water

Acid-Base HydrolysisFor type A: 24-28 hrs

For type B: 1-1.5 months

Formation of collagen

Formation of gelatin

Treat with dilute acid

Wash with hot water

TYPES OF GELATIN There are two types: Type A & type B Type A is obtained from acid hydrolysis of pork skin Type B is obtained from alkali hydrolysis of animal bones The physicochemical properties of gelatin are the bloom strength

and viscosity

Raw materials

Colorants Various soluble synthetic dyes (“coal tar dyes”) and insoluble pigments are used. Not only play a role in identifying the product, but also may play a role in improving patient compliance E.g., white, analgesia; lavender, hallucinogenic effects; orange or yellow, stimulants and antidepressants.Opaquing agents Titanium dioxide may be included to render the shell opaque. Opaque capsules may be employed to provide protection against light or to conceal the contents.Preservatives

When preservatives are employed, parabens are often selected.

Capsule Manufacturing Process

1. Once raw materials have been received and released by Quality Control, the gelatin and hot de-mineralized water are mixed under vacuum in R&J Engineering's Stainless Steel Gelatin Melting System

2. After mixing in stainless steel receiving tanks, the gelatin solution is transferred to stainless steel feed tanks

3. Dyes, opacifants, and any needed water are added to the gelatin in the feed tanks to complete the gelatin preparation procedure.

4. From the feed tank, the gelatin is gravity fed to dipper section. Here, the capsules are moulded onto stainless steel Pin Bars which are dipped into the gelatin solution.

5. Once dipped, the Pin Bars rise to the upper deck allowing the cap and body to set on the Pins

6. The Pin Bars pass through the Drying System. Here gently moving air which is precisely controlled for volume, temperature, and humidity, removes the exact amount of moisture from the capsule halves.

7. Precision controls constantly monitor humidity, temperature, and gelatin viscosity throughout the production process

8. Once drying is complete, the Pin Bars enter the Table section which positions the capsule halves for stripping from the Pins in the Automatic section.

9. In the Automatic section, capsule halves are individually stripped from the Pins.

10. The cap and body lengths are precisely trimmed to a ±0.15 mm tolerance.

11. The capsule bodies and caps are joined automatically in the joiner blocks.

12. Finished capsules are pushed onto a conveyer belt which carries them out to a container.

13. Capsule quality is monitored throughout the production process including size, moisture content, single wall thickness, and color.

14. Capsules are sorted and visually inspected on specially designed R&J Inspection Stations.

15. Perfect capsules are imprinted with the client logo on high-speed capsule printing machines. Capsules are now ready to be sterilized and packaged.

RAW MATERIALS AND CONSUMABLES

S.No. Items Qty (kgs) Rate/kg Amount in Rs.

A. CATTLE BONE 2000 4 8000

B. REAGENTS:1.Pharma grade sugar 90 32 28802.Sorbitol 72 42 30243.Propylene glycol 72 80 57604.Soluble dyes/ pigment 54 1200 648005.Flavour(Different types) 72 1200 86400 6.Glycerine 90 190 171007.Methyl Paraben 72 400 288008.Propyl Paraben 72 600 432009.Titanium dioxide 126 350 4410010.Others 60000

C. PACKAGING MATERIALS•Printed Aluminum foil (thin size) 260 200 52000•Labeling Cartoon 120000 2.20 264000•Packaging cartoons 3600 6.00 21600•Printing Ink 50 1826.72 91336•Packing label, seal gum, ink etc. 20000•Miscellaneous 15000

Sub-Total Rs. 828000

Marketing strategy

Target market

Pharmaceutical industries of Nepal producing capsule dosage forms

Thirty eight Pharmaceutical companies of Nepal.

S.N. Name of the company Location

1 Asian Pharmaceuticals P. Ltd Butwal

2 Arya Pharma Lab P. Ltd Birgunj

3 Amie Pharaceuticals Pvt. Ltd. Dhanusa.

4 Alive Pharmaceuticals Pvt. Ltd Sunsari

5 Alliance Pharmaceuticals Pvt. Ltd Bara

6 Amtech Med Pvt. Ltd Morang

7 Apex Pharmaceuticals Pvt. Ltd Birgun

8 Birat Pharma Lab Pvt Biratnagar

9 Curex Pharmaceuticals P. Ltd Banepa

10 CTL Pharmaceutical P. Ltd Bhaktapur

11 Chemidrug Industries Private Limited Kathmandu,

12 Concept Pharmaceuticals (Nepal) Private Limited Birgun

13 Deurali –Janta Pharmaceutical Kathmandu

14 Denium Laboratiories Private Limited Birgunj

15 Dingla Pharmaceuticals Pvt.Ltd. Biratnagar

16 Elder Universal Pharmaceuticals (Nepal) Pvt. Ltd Rupandehi

17 Everest Pharmaceuticals Private Limited Kathmandu

18 Florid Laboratiories Private Limited Lalitpur

19 G.D. Pharmaceutical P. Ltd Birgunj

20 Hukum Pharmaceuticals P.Ltd Bhaktapur

21 Lomus Pharmaceuticals P.Ltd Kathmandu

22 Manoj Pharmaceutical Works Dharan

23 Mark Formulations Pvt. Ltd.

Kathmandu

24 Nepal Pharmaceutical Laboratory Private Limited

Bara

25 Omnica Laboratories Private Limited

Bhaktapur

26 Pharmaceutical Company of Nepal Private Limited

Bara

27 Pharmaco Industries Private Limited.

Kathmandu

28 Quest Pharmaceuticals Private Limited

Bara

29 Nepal Drugs Limited

Kathmandu

30 Shiv Pharmaceuticals Laboratories

Dharan

31 Siddhartha Pharmaceuticals Pvt. Ltd.

Rupandehi

32 Simca Laboratories Private Limited

Bhaktapur

33 S. R. Drugs Laboratories Pvt. Ltd.

Satungal,

34 Sumy Pharmaceuticals P. Ltd

Nawalparasi

35 Time Pharmaceuticals Private Limited Nawalparasi

36 Unique Pharmaceuticals Private Limited Bara

37 Vijaydeep Laboratories P Ltd Lalitpur

38 Vijaydeep Pharmaceuticals P Ltd Lalitpur

39 National Health Care Private Limited Bara

Customer motivation to buy 1.Less volume: less holding costs Indian companies provide shell in greater than 10 lakhs units per order,

but even for the known large industry of Nepal, the required quantity of empty shells for one batch is not more than 5 lakhs. so this causes major demerits like:

Stock increases causing large capital lockup Cost for storage increases Chance of damage or degradation of capsule shells

2.Timely available: Indian suppliers are unable to supply emergency demand quickly. In such case,

if there are domestic suppliers,then emergency demand can be met in time.

3.Compensation facilities:

Quality failure problems which the Indian companies are not willing to compensate for can be the motivational factor if we can provide compensation facilities.

Market size and trends

Market size:

If we can address many of the problems faced by Nepalese industries, then our market can be all pharmaceutical industries of Nepal i.e.37 industries

Market trend:

2 to 3 industries have been establishing within 10 to 15 yrs so our market is growing.

Advertisement: Advertising in TVs, Radios, and Newspapers: not effective

The major advertising media are: Door to door. Pharmaceutical journals e.g. DDA journals. Internet. Programs like promotional events, seminars etc.

Media cost: Advertisement in journals: 1,20,000/yr Exhibitions and Seminars: 2,20,000/yr Internet: 60,000/yr Others: 1,00,000/yr

Frequency of usage: Pharmaceutical journals: published every month Internet: regular basis Seminars: six months Door to door: regular basis.

Pricing: Cost- plus pricing strategy Establishes a price composed of direct materials, direct labor, factory

overhead, selling and administrative costs plus the desired profit margin

Cost stucture including fixed and variable costs: discussed in financial

forecast.

Desired image in market: Quality can’t compromised with price so the company tries to make the

customers satisfied in terms of service and convenience. Thus we desired our image as a “company which provides high quality products at a price which the customers are willing to pay giving major emphasis on service and convenience”.

Comparison against competitor’s prices

The major competitors are Indian companies.e.g Sunil healthcare limited Bio-caps india ltd. Erawat pharma ltd. Saviour caps pvt. Ltd. Associated pharmaceuticals pvt.Ltd.

Price of Imported: Rs 0.18/unit.Price we set: Rs 0.2/unit.

Channels of distribution:

Manufacturer Customer

Locations and layouts

Birgunj

Adarshnagar

Parsa district

Narayani Zone

Central development region

Nepal

Demographic analysis of location vs target customers

Adarshanar of Birgunj :selected as the right location because of the following reasons:

Most of the pharmaceutical industries are located nearby the Birgunj area.

Minimize transportation cost Easy availability of raw materials and easy supply of

finished goods. Easy to fulfill the emergency demands. Less incidence of damage of quality during

transportation Cheap land cost.

Traffic count: The number of pharmaceutical industries in this location is

dense.

Manufacturing costs: Constructing building is the best option for us.

Need about five ropanees of land that costs 50 lakhs and other facilities cost Rs. 1 crore.

Labor needs:

Laborers needed for our industry are available locally with low labour costs. Labour cost per person costs Rs. 500 per month.

LAYOUT

Q C

Offices Gowning

Canteen

Incoming goods

Corridor

Corridor

Shipping

Corridor

Packaging

Weighing Processing

Filling

Raw Materials

& Packaging Storage

Washing

Machine

Shop

Finished Products Storage

Corridor Utilities and Services Waste Treatment

Example of Materials and People FlowArrival of goods Entrance for visitors Entrance for workers Shipment of goods

Material flow

People flow

Zone: clean

Zone: packaging

Zone controlled

Competitor Analysis

Existing competitors

SUNIL HEALTHCARE LIMITED BIO-CAPS INDIA LTD ERAWAT PHARMA LTD SAVIOUR CAPS PVT. LTD

Competitor Analysis

Strengths large market area high quality less cost/unit high market share consistency

Weakness Long lead time no provision for compensation quality failure during supply No supply during emergencies no interaction with the Nepalese companies

Potential competitors

New manufactures may enter the field once our business stars making profits.

Remedy: Contract supply arrangements with industries

assuring supply of product of consistent quality. Offer packages like charging only for 8 units out

of ten supplied.

Description of management team

Administrative head (CEO) (M. Pharm & MBA with 10 years of experience) responsible for handling the overall institution and is at the highest level of authority.

Production manager: M. Pharm with 5 years experience in production

Quality control manager :M. Pharm with 5years experience in quality control

Marketing Manager: B. Pharm with experience in marketing

Chief Administrator: MBA/ MBS with 5 years experience

Description of management team

Other members are:Chief Accountant: BBA/ BBSPharmacist: B. Pharm. Plant Engineer: Electrical or Mechanical

engineer. Store Keeper: Diploma in Pharmacy

Plan of Operation

A. Form of Ownership

A partnership firm Partners (co-owners) share an equal amount of business’s assets, liabilities

and profit Partners will share profit/loss equally Name: Nibedan Baral Manoj Bhattarai Mahesh Raj Nepal Maheshowor Thapa Jayaram K.C.

Owner’s equity : 32.25% (2crores) LTL and LTL : 67.74% (4 crores and 20 lakhs )

B. Company Structure The organizational chart of the industry will be as in the chart given

below. CEO

PRODUCTION MANAGER

QUALITY CONTROL MANAGER

MARKETING MANAGER

ADMINISTRATOR

PLANT ENGINEER

PHARMACISTS

CHIEF ACCOUNTANT

STORE KEEPER

Plan of Operation

C. Decision Making Authority Equal authority to make decisions In case of obligations an immediate meeting will be held The decision is authorized to be valid if any three of the spokesperson in

meeting agrees

D. Compensation and Benefits Packages Compensation packages for industries will be the returning of their sums

and providing them with the new packages. If any industries buy whole-sum quantities at a time then they will be

provided with the special discounts.

FINANCIAL ANALYSIS

InvestmentThe total investment required to set up the proposed project is Rs.

613600000. The plant shall operate on single shift per day and 300 days per annum. The fixed assets investment is Rs. 4664600. 00 and the working capital is Rs.4993800 for the initial year of operation

Projection Span The financial projection has been made for a period of 5 years. Construction Period Financial projection have been made assuming one year for construction

period. Capacity Utilization The capacity utilization of the plant has been assumed to start from 80

percent in first year and annual increment at the rate of 10 percent for 2 subsequent years.

Interest Rate Long-Term loan (NIDC Commercial Bank) 12% Short-Term loan for working capital commercial Bank 12%

Depreciation The following rates have been taken into account for depreciation

calculation: For building and civil works 5% For plant and machinery office equipment 10% For furniture and fixture 20% Vehicle 15% Income Tax A full exemption of tax is assumed for first five years of operation. Then

tax payment is assumed at 50 percent of net profit.

Insurance rate The insurance of fixed assets excluding land and pre-operation expenses

is calculated at five percent.

Financial Analysis and Its findings

Projected profit and loss The projected profit and loss statement shows the net operating profit

after deducting all expenses including corporate taxes at various capacity of operations which shows highly satisfactory results.

Cash flow Projection The internally generated funds are sufficient to meet the debt service

obligation.

Balance Sheet Analysis The projected balance sheet analysis indicates a satisfactory financial

position of the company.

Break –Even Analysis The commercial break even of the project is at 26.33%. The project will

start making profit if operated above commercial break-even point i.e. above 26.33%.

Break –Even Analysis The commercial break even of the project is at 26.33%. The project will start

making profit if operated above commercial break-even point i.e. above 26.33%.

Pay Back Period The Pay back period calculation shows that the project gets it investment

after four years and four months approximately.

Sensitivity analysis on BEP Sensitivity analysis of BEP on the fluctuation on raw material cost and

revenue shows that the project seems more sensitive on sales price. Conclusion From the financial point of view the project is viable and merits investments

BREAK EVEN POINT(@ 100% Capacity Utilization)

FIXED COST 9746.6

Depreciation 2438Interest on Long term Loan 3600Insurance 680Office Overheads 610Fixed Electricity Charge 225

Indirect Labour 2193.6

VARIABLE COST 4993.8

Material & Consumable 978 Utilities 735 Variable Overheads 150 Direct Labor 835.2

Repair and Maintenance 355.6 Sales Promotional Expenses 500

Interest on Short term Loan 1440

BREAK EVEN POINT (BEP)

Ratio of Variable cost to Total Sales = 4993800/42000000 =0.1189 Rs. 0.1189 out of every sales rupee is used to cover variable

expenses

Break Even Point = Total fixed cost Contribution margin expressed as % of sales

= 9746600 .8811 = 11061854.5 BEP (Sales) = Rs. 11061854.5 BEP (Units) = 55309272.5

Break Even Selling Price

= (Var. cost/unit*Total Sales) +Total Fixed Cost

Total Sales

= 9746600 + (0.02378*210000000)

210000000

= Rs. 0.07019238

SENSITIVITY ANALYSIS ON BEP

Sales revenue 42000

Annual Operating Cost

14740.4

Fixed Cost 9746.6 Variable Cost 4993.8

Raw Material and input Cost 828

BEP = 9746.6*100 (42000-4993.8)

=26.33

A. If 10% increase on the Raw Material Cost

BEP = 9746.6*100] (42000-5077.6)

= 26.39 B. If 10% decrease on the Raw Material Cost

BEP = 9746.6*100 (42000-4910.)

= 26.27%

C. If 10% decrease on sale price

BEP = 9746.6*100 (37800-4993.8)

= 29.70%

D. If 10% increase on sale price

BEP = 9746.6*100 (46200-4993.8)

= 23.61%

LONG TERM LOAN REPAYMENT SCHEDULE

Year 1 2 3 4

5

1. Loan at the beginning (L) 2. Repayment on annual basis ( R )

30000 2000

28000 4000

24000 6000

18000 10000

8000 8000

3. Interest Payment @ 12% 3600 3369 2880 2160 960 4. Loan at the end of the year 28000 24000 18000 8000 0 5. Debit Servicing 5600 7369 8880 12160 8960

PROFIT AND LOSS STATEMENT

Operating Years 1 2 3 4 5

6

7

Capacity Utilization 80% 90% 100% 100% 100%

100%

100%

Sales Revenue Less: Operating Cost

33600 9700.4

37800 9931.4

42000 10420.4

42000 11140.4

42000 12340.4

42000 13300.4

42000 13300.4

Gross Operating Profit

23899.6

27868.6

31579.6

30859.6

29659.6

28619.6

28619.6

Less: Maturities Profit Before Interest & Tax Interests Profit Before Tax Less: Tax 50%

14000 9899.6

5040

4859.6 2429.8

16000 11868.6

4809

7059.6 3529.8

18000 13579.6

4320

9259.6 4629.8

22000 8859.6

3600

5259.6 2629.8

20000 9659.6

2400

7359.6 3629.8

12000 16619.6

1440

15179.6 7589.8

12000 16619.6

1440

15179.6 7589.8

Profit After Tax

2429.8

3529.8

4629.8

2629.8

3629.8

7589.8

7589.8

Cumulative Saving

2429.8

5959.6

10589.4

13219.2

16849

24438.8

32028.6

CASH FLOW PROJECTION

Years 0 1 2 3 4 5 6 Capacity Utilization 0% 80% 90% 100% 100% 100% 100%

A CASH INFLOWS 1 Equity on

a. Fixed Assets b. Working Capital

2 Long term Loan 3 Short term Loan 4 Gross Operating Profit

17000

30000

0 3000

0 12000

23899.6

0 3000

0 12000

27868.6

0 3000

0 12000

31579.6

0 3000

0 12000

30859.6

0 3000

0 12000

28619.6

0 3000

0 12000

28619.6

Total Inflows 47000 38899.6 42868.6 46579.6 45859.6 43619.6 43619.6

B CASH OUTFLOWS 1 Repayment of STL 2 Repayment of LTL 3 Interest of STL 4 Interest on LTL 5 Working Capital 6 Tax

47000

0 12000 2000 1440 3600

14573 2429.8

0

12000 4000 1440 3369

14656.6 2529.8

0

12000 6000 1440 2880

14740.4 4629.8

0

12000 10000 1440 2160

14740.4 2629.8

0

12000 8000 1440

960 14740.4 3629.8

0

12000 0

1440 0

14740.4 7589.8

C Total Outflows

47000 29842.8 34995.7 41690.2 39370.2 38370.2 35770.2

D Net Cash flow

0 2856.8

3873.2 4889.4 6489.4 5249.4 7849.4

E Cumulative Cash flows

0 2856.8

6730

11619.4

18108.8

23358.2

31207.6

BALANCE SHEET Operating Years 1 2 3 4 5

Capacity Utilization 80% 90% 100% 100% 100%

A ASSETS 51808.8 54987.9 59570.46 67981.02 69353.2

1. Current Assets 2. Accumulated Cash Balance 3. Net Fixed Assets

14000 2856.8 34952

16000 6730

32257.9

18000 11619.4

29951.06

22000 18108.8

27872.22

20000 23358.2

25995.00

B LIABILITIES 51808.8 54987.9 59570.46 67981.02 69353.2

1. Current Liabilities 2. Long Term Loan 3. Owners Equity 4. Retained Saving

12000 2000

35379 2429.8

12000 4000

33028.3 5959.6

12000 6000

30981.06 10589.4

12000 10000

32761.82 13219.2

12000 8000

32504.2 16849

CALCULATION OF PAY-BACK PERIOD

Operating Year 1 2 3 4 5

a. Net Profit b. Maturities c. Financial Cost d. Profit (a-b-c)

23899.6

14000 5040

1859.6

27868.6

16000 4809

4059.6

31579.6

18000 4320

6259.6

30859.6 22000 2520

2259.6

29659.6 20000

2400

4259.6

Cumulative Profit 1859.6

5919.2 12178.8 15518.4 18698

Pay-Back Period -46360

-44500.4 -38581.2 -26402.4

--10884 7814

FINANCIAL RATIOS

Years 1 2 3 4 5 6

Capacity Utilization 80% 90% 100% 100% 100% 100%

1 Debit Service Coverage 1.087 1.172 1.221 1.064 1.216 2.028

a. Gross Operating Profit b. Maturities and Interest

20705.2 19040

24402.4 20809

27259.6 22320

27259.6 25600

27259.6 22400

27259.6 13440

2 Current Ratio 1.166 1.33 1.5 1.83 1.667

a. Current Assets b. Current Liabilities

14000 12000

16000 12000

18000 12000

22000 12000

20000 12000

4 NPAT / Sales 2.47 4.75 5.88 1.97 5.78 16.45

a. Net Profit b. Sales Revenue

832.6 33600

1796.7 37800

2469.8 42000

829.8 42000

2429.8 42000

6909.8 42000