FSA Project3 Group2

8/19/2019 FSA Project3 Group2

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2/33

khardt Ltd

DM Number16103

1611

16!!"

16!#0

16!#"

al and biotechnology organisation, providing affordable, high-quality medicines for a healthierelevance in the fields of Pharmaceuticals, Biotechnology and a chain of advanced Supe

lti-ethnic workforce of "#$$ Wockhardt %ssociates from &' different nationalities globally. Itranging from the manufacture and marketing of )harmaceutical and *io-pharmaceutical formhardt is in the forefront of Intellectual )roperty creation with 1,!! patents filed till date, ofin pursuing Intellectual )roperty has been recognised by the /overnment of India for four yea/rants from India’. Wockhardt is determined to create benchmarks for a promising future.


3/33

world. It is

Speciality

as (lations,hich ""#

rs in a row,


4/33

$enera

1. 'evenue from operations in () "

". /he gross margin has consistently stayed above ++ in all 0uarters

!. /he decrease in B2/3A is mainly due to degro&th in S mar4ets

-. /he Company%s B2/3A margin declined to 1#.+ compared to "*.! +. 6ther e7penses &ere at "" of sales for ()8"*1+ compared to 1 previ


5/33

l Analysis of certain factors affecting company%s gro&th

*1+ &as lo&er compared to () 1- due to decline due to decline in S sales due to continuous

n the previous year o&ing to huge ' 5 3 spend.ous year. 2nterest costs reduced substantially in "*1+ due to repayment of debts during the year


6/33

egulatory alerts


7/33

Consolidated Statement of Balance Sheet (In

Mar$h 31s%& !01# Mar$h 31s%& !01"

!"#I$% &ND LI&BIL$I!S

S'&!')LD!S* +#NDS

Share $a'i%al 3#3(#) 3#3("3

Reser*es and sur'uls 3&361(6 3&!!+(0"

,-./01,0 ,-0/13.MIN)I$% IN$!!S$ 1"3()# 136(1

N)N4C#!N$ LI&BILI$I!S

,on-.%erm /orroin-s 1&1+"(+" 1&10!(30

e2erred %a asse%s 4ne%5 #!(# 6()

,on-.%erm 'ro*isions 6)(! #1()+

/-,5616/ /-/6/1/

C#!N$ LI&ILI$I!S

Shor%.%erm /orroin- 3"+(!+ !10(!

Trade Paya/les ##!(#6 ##()%her Curren% ,ia/ili%ies +""("" )"(

Shor%.%erm Pro*isions !(6) !(#1

/-..217. /-.3,125

$)$&L 6-7,1 6-622152

&SS!$S

N)N4C#!N$ &SS!$S

+I8!D &SS!$S

Tan-i/le asse%s 1&31#(0+ 1&33)(") 7n%an-i/le asse%s +0(66 )##(1"

Ca'i%al ork.in.'ro-ress 1&00(30 0(#3

7n%an-i/le asse%s under de*elo'men% 8 8

9on.$urren% in*es%men%s !(6! !(6!

e2erred %a asse%s 4ne%5 8 8

,on-.%erm loans and ad*an$es !)(+3 !3#(+6

%her non.$urren% asse%s "(+3 !#("6

,-3/.1,2 ,-2661/5

C#!N$ &SS!$S

Current in9estments 33+(! #3()+7n*en%ories 10!0(+ ))!(+)

Trade re$ei*a/les "1("3 "+1(0"

Cash and /ank /alan$es 1&!3"(## 1&1!#(+0

Shor%.%erm loans and ad*an$es 1+6(0+ 1+!(!1

,-02/106 ,-,00172

$)$&L 6-7,1 6-622152


8/33

rores

Mar$h 31s%& !013 Mar$h 31s%& !01!

3#3(3" +16(0)

!&3#0(+" 6#"()3

2-.531/ /3./1528 8

1&"#(1# !06(3)

8 101

6)(+# +"(")

/-030155 2-7/1

1+! !60(+

63"(1# #"0(++)()6 )+(3+

1+"(6 110()6

/-.751. /-75173

6-535150 6-20,13

1&1#0(3+ 1&103(+6+3)(!! 1"6("+

")0()" ")+(#

8 "03(#"

!(63 )0(#

!"(! 8

!00(" !0()#

#(01 8

2-./,1/2 ,-..21,,

8 81&0#+(+3 +++(#6

)#+("6 #+(6)

1&0)6(06 6))())

!13(#+ 13"(!

,-,2617, 2-3/10/

6-535150 6-20,13


9/33

Consolidated Statement of Balance Sheet (In

Mar$h 31s%& !01# Mar$h 31s%& !01"

Net )peratin: &ssets

)peratin: &ssets

Tan-i/le asse%s 1&31#(0+ 1&33)(")

7n%an-i/le asse%s +0(66 )##(1"Ca'i%al ork.in.'ro-ress 1&00(30 0(#3

7n%an-i/le asse%s under de*elo'men% 8 8

7n*en%ories 10!0(+ ))!(+)

Trade re$ei*a/les "1("3 "+1(0"

%her non.$urren% asse%s "(+3 !#("6

e2erred %a asse%s 4ne%5 8 8

$otal )peratin: &ssets 3-7.15 3-05/100

)peratin: Liabilities

Trade Paya/les ##!(#6 ##()%her Curren% ,ia/ili%ies +""("" )"(

Shor%.%erm Pro*isions !(6) !(#1

e2erred %a asse%s 4ne%5 #!(# 6()

,on-.%erm 'ro*isions 6)(! #1()+

$otal )peratin: Liabilities /036136 /07/1

Net )peratin: &ssets ,-,05162 2-75716.

Net +inancial &ssets

+inancial &ssets

Cash and /ank /alan$es 1&!3"(## 1&1!#(+0

,on-.%erm loans and ad*an$es !)(+3 !3#(+6

Shor%.%erm loans and ad*an$es 1+6(0+ 1+!(!1

9on.$urren% in*es%men%s !(6! !(6!

Curren% in*es%men%s 33+(! #3()+

$otal +inancial &ssets 253/1 2/2513.

+inancial Liabilities

,on-.%erm /orroin-s 1&1+"(+" 1&10!(30

Shor%.%erm /orroin- 3"+(!+ !10(!

$otal ;nancial Liabilities /0,,1/2 /,/210

Net +inancial &ssets 0516 5.17.

N)& < N+& ,-071,5 ,-./.163

Common Shareholders= !>uit? ,-./01,0 ,-0/13.


10/33

Minorit? Interest 1"3()# 136(1

CS! < MI ,071, ,./.163


11/33

rores

Mar$h 31s%& !013 Mar$h 31s%& !01!

1&1#0(3+ 1&103(+6

+3)(!! 1"6("+")0()" ")+(#

8 "03(#"

1&0#+(+3 +++(#6

)#+("6 #+(6)

#(01 8

!"(! 8

3-02.153 0-/251

63"(1# #"0(++)()6 )+(3+

1+"(6 110()6

8 101

6)(+# +"(")

/6.1.2 //016,

2-31,2 ,-,50120

1&0)6(06 6))())

!00(" !0()#

!13(#+ 13"(!

!(63 )0(#

8 8

/0/,15/ //,2176

1&"#(1# !06(3)

1+! !60(+

/60.1/0 276.1/7

4/331/3 4/,312,

2-.531/ /-3./152

2-.531/ /3./152


12/33

8 8

2.531/ /3./152


13/33

Consolidated Statement

Re*enue 2rom o'era%ions

,ess: ;$ise du%y

Re*enue 2rom o'era%ions 4ne%5

%her 7n$ome

TTA, R;V;9 Amor%iza%ion ;'ense

;$han-e @u$%ua%ion loss4-ain5& ne%%her e'enses

TTA, ;BP;9S;S

PRF7T ;FR; ;B;PT79A, 7T;MS > TAB

;$e'%ional 7%ems 4Dain5loss

PRF7T ;FR; TAB

Ta ;'ense:

Curren% Ta

MAT Credi%

Ta 2or ;arlier Eearse2erred Ta

PRF7T AFT;R TAB FRM C9T79


14/33

of @ro;t and Loss (In Crores

Mar$h 31s%& !01# Mar$h 31s%& !01" Mar$h 31s%& !013 Mar$h 31s%& !01!

"&"++(!+ "&+3#(+ #&61#(1) "&3#"(3"

.6(" .#(#1 .#( .3(+"

"&"+1(#" "&+30(36 #&60)("! "&3#0(#0

66(## 3+(" #1(!1 !3(31

""+(0) "&+6+(6 #&660(63 "&33(+1

+3()+ )#+(+" 1&!)0( 1&060(++

#"(#1 "(1 63(06 #"(1"

.#1(01 !( .1+0(! .100(6"

+6+(+ 6+(63 6##() #!()1

##(!1 +3(3# !1#(3 !6)(0!

1"#(" 13)()! 1!!(1" 11#(0

11( ."#(++ !(++ !1("61&!)+(0) 1&!#(6# 1&11#(61 +66(01

3&)!(# "&0!()! 3&++"("6 3&3+(+#

##(3" +"0(+" 1&6(1 ))"()6

0 .")(+3 .61(#! "3(

##(3" +)0(6 1&+3(6) #!1(1)

.1)6() .##(# .31(6# .)+(3+

#+()! "#(!3 0 ")(6"

36(# +(0+.61(3# ."#(6) 113("" .13

"1!(6) +"!() 1)("+ !))("#

0 0 1#(!1 "!(1"

"1!(6) +"!() 1#)"(6) 3"1(#)

0 .0(01 .0(# 1(1!

"1!(6) +"!(+ 1)"(1! 3"!(1

(+ !(0 0 0

"0"()1 +"0(1 1)"(1! 3"!(1

36(+1 6(6" 1"#(61 31(31

36(3) #(1 1"3(3" 31(1#


15/33

Consolidated Statement of @ro;t and Loss (In Cr

Mar$h 31s%& !01# Mar$h 31s%& !01"

9e% Sales "&"+1(#" "&+30(36

;'enses in$urred %o -enera%e sales 3&)1(#" 3&)""(#

'era%in- 7n$ome 2rom Sales #6"(00 ++#()

Taes Taes as Re'or%ed 16!(6# "(++

Ta /ene?% 2or in%eres% e'ense 1+(1" !+(33)

/3,1.6 /7103/

'era%in- 7n$ome 2rom sales a2%er %a 3251/2 66120

%her 'era%in- 7n$ome 9e% o2 Ta #+(# !+(6#

'era%in- in$ome 2rom e$e'%ional i%ems 0 ")(+3

Pro?%4,oss5 2rom Asso$ia%e $om'anies 0 .0(01

)peratin: Income after $aA 3.167 7331.2

Net ;nancial eApenses after taA

7n%eres% ;'ense ##(!1 +3(3#

7n%eres% Re*enue .()+ .)(#

Minori%y 7n%eres% .(+ .!(0

Comprehensi9e Income 3,7123 .,1/7


16/33

res

Mar$h 31s%& !013 Mar$h 31s%& !01!

#&60)("! "&3#0(#0

3&66)(0) 3&10)(+3

1&)"0(33 1&!"0(6

!#+(!1 !!1("

3(!!#+ )1("66+

/31732 /,512.,2

/-.001,0 /-//5135

!0(" 13(6

6(3 ."31(63

.0(# 1(1!

/-0/17/ 67,106

!1#(3 !6)(0!

.30(+1 .)(6"

0 0

/-66.1,0 3,31/


17/33

!01# !01" !013 !01!

7n%eres% e'ense ##(!1 +3(3# !1#(3 !6)(0!

Ta /ene?% 2or in%eres% e'ense 1+(1" !+(33) 3(!!#+ )1("66+


18/33


19/33

Consolidated Statement o

A( CAS F,=S FRM4


20/33

( CAS F,=S PRV7; E4


21/33

(In Crores

Mar$h 31s%& !01# Mar$h 31s%& !01" Mar$h 31s%& !013 Mar$h 31s%& !01!

##(3" +)0(6 1&+60(!0 #6(!

16()! !0(!3 !#(+! 10(!1"#(" 13)()! 1!"(+" 1!!(#1

. . 1(") #3()

11( ."#(3+ !(+6 !1("6

.6(!" .!(!3 .6("" .3(0#

3(0) 1(+ 1("6 1(++

. . .1#(06 !)(36

0("6 (3+ .0(+ .!(03

"(3) 0(# !() .1(1

.!+(16 . . .

. . "1(61 .

. . 6!1(!1 333(#

. . .1&1)#(! .

. . .11(6) .

. . 1+( .

. 13(+6 !!(16 .

. .16)(+6 . .13(3

.+(1+ . . .

.6()+ . . .

. . . 0(01

. )3(1

. . . 10#(#6

##(!1 +3(3# !1#(3 !6+(+

.()+ .)(# .30(+1 .)(6"

.0(00! .0(00! .0(001 .

+60() 1&0!"(!0 !&133(#1 1&")"(31

42.17 42.1.. .!0"(+6 .1"(+"

.3!+( ")0(#1 .!0(3 .10"(!#

10 13(!6 .+0(01 .33(61

!3(+ .1!"(!! 1")(66 !3(!

.!1(" !36(!1 #()# 1#)(")

#16(3# 1&61!(1) 1&+66(#! 136"(3

.161(3) .13#() .33"(1! .!0(#"

,03176 /3.6127 /0,213 /,3,1,


22/33

.""0(#1 ."6!(#1 .3"1("3 .31(#"

)( 3(+1 )(63 1(!1

23512, 40.,17 61. E

6()+ 8 1&!++(31 88 16)(+6 8 .1(!!

.31(0+ 1("# ."0(3 !("6

()+ )(# 30(+1 )(6"

0(00! 0(00! 0(001 8

425616, 40/162 /501,. 4,50130

0(16 0(0) 0(0 88 0(3) 1(# 8

8 +(6)

.31(1# 8

.33(! 8

#61(+ 8 1(1+ 1()+

."66(33 ."#+(+# .1&""!(6 .#!3(66

130(!3 !+(! .+(+ .1!)(!6

.#6(01 .+6(0 .3#(6 .1#(#

.!"#("+ .163( .0(" .0(1!

4.0160 465/1,2 422301.0 426106

!(6+ !3(3# 3!(0! !11(+!

1&101(6# 1&0#0(01 6+)(66 "0(1

.1#(6" !+(!) .11(6 ("

/-/0167 /-/5/160 /-50515/ 67166


23/33

eformulation of cash Fo st

eported C+)Interest income

7n%eres% 'aid

7n%eres% 'aymen%s

Cor'ora%e %a ra%e

Cash Fo from operations (C

eported C+I

Pur$hase o2 in%eres% /earin- se$uri%ies

Pro$eeds 2rom sale o2 in*es%men%s

Cash In9estment in operations(I

+C+(C4I+inancin: +los to claimants(f

Debt +inancin:

Shor% Term /orroin-s

9e% in$rease in $ash eGui*alen%s

Pro$eeds 2rom lon- %erm /orroin-s

RePaymen% o2 lon- %erm de/%

9e% in%eres% a2%er %a

!>uit? +inancin:(d

Common i*idends

Redem'%ion o2 're2eren$e sharesPremium on 're2eren$e shares

Pro$eeds 2rom issue o2 shares %o Minori%y /y su/sidiary

Pro$eeds 2rom issuan$e o2 share $a'i%al

Premium 2rom issue o2 shares

Net +inancin: Fos(f


24/33

tement W)C'&D$

25/0 25/3 25/, 25/2

3#"()6 1"6(!) 1#3!(" 13"3(+3()+ )(# 30(+1 1!(6

#6(01 +6(0 1!0("# 1"#(6#

"+(03 6(3! +)(6" 13!(+)

0(33)) 0(33)) 0(33)) 0(33))

,61. /0261. /07/16 /3,/16

25616, 0/162 4/501,. ,50130

0 0 0 0

.!0"(63 #3()+ .300("# 0

3//126 2..163 4.3172 ,50130

423165 /23715, 2,.6137 //261/5

.130(!3 .!+(! 100(#6 1!)(!6

.!(6+ .!3(3# .3!(0! .!11(+!

.#61(+ 0 .1(1+ .1()+

"66(33 )+1 1&6+("3 )+0(##

31(6))+ #0(31! !!(66 10)("66

!"#("+ !1(3! 0(+# 1!0("#

#+0() 86#("# 8

8

8

.3(! 8

4231,52 /20/1/3 2,.51.2. //20172.6


25/33

!01# !01" !013 !01!

7n%eres% e'ense "+(03 6(3! 3""()# 16#(+6

Ta /ene?% 2or in%eres% e'ense 16(330! !#()"++ 11(!+3 #6(3)!"

9e% in%eres% a2%er %a 31(6))+ #0(31! !!(66 10)("66


26/33

25/2 25/, 25/3

N)& 3&30#(!# !&+"+(3! !&)0)(6

N+) 1+3"(!3 1""(1" .+0()

N+! !#)(3+ 1+"(#6 1(#3

CS! 1"1(0! !&0"(1+ 3+1("

)I 6)3(#6 1&+#1()1 )""(!

/ )peratin: Liabilit? Le9era:e ()LL! #"() #+() #"(2 CapitaliHation ratio !(!# 1(0# 0(+

, +inancial Le9era:e ation (+L! 1(!# 0(0# .0(!3

3 N)& !0()+ 6#(0! 3!("

0 NBC 1"(1" 1!+(0" .+(+#

6 Spread 6(+" .63(0! "1(3!

. )C! !)(#! 61(66 !3(1#

Implicit Interest ++(#1 +1(+" (60

7 ))& 1#(! "!(! !!(1

/5 )L Spread 10("0 3(+" 1(+"

Groth atios

// Groth in N)& .13(+ !(!

/2 Groth in CS! +3(+ 3!("

An

&. et *orrowing cost+*! has declined over the years as the company has significantly reduced i

3. /rowth in !45 has decreased over the years6 o share repurchases has been done by the compan

'. 7eturn on et 8perating %ssets+78% has decreased from &$.9" : in &$'& to ';.&9 : in &$'2gro&th in S mar4et

(. 8perating spread has increased significantly to && : in &$'2 as compared to #."; : in &$'&, ind positive financial leverage

;. 4ince =8 +et financial obligations is negative in &$'2, we can say that the company has net fifinancing activities9'(A;, rather than net borro&ing costs.

2. 4ince the company has =%, so positive spread reduces 78!5, as evident from the declining 78/he company is hence adding value through its operations.

#. he 78% of ';.&9 : in &$'2 is weighed down by the lower return on financing activities in the3.3#:B

". 8CC5 has decreased in &$'2 compared to &$'&6his implies that the ability of the company toterm borrowing rate from the credit supplied in accounts payable6 he companyDs power to leveragemanufacturers.


27/33

25/0 +ormula

3&3#0(6!

.#0+(6+

3)("#

3&1#(3#

"+(6)

"6(! 'era%in- ,ia/ili%y9e% 'era%in- Asse%s0(+ 9ACS;

.0(1" 9FCS;

1"(!) 79A

.(6 9F;9F

!!(0"

11(!

#(3)

11(31 7J7m' 7n% A

6("" RA.7n% Ra%e a2%er %a

1#(! Chan-e in 9Ae-innin- 9A

3( Chan-e in CS;e-innin- CS;

alysis of Profitability

s debts in &$'2

. /he reason for this is the decrease in net operating income in "*1+ compared to "*1" o&ing to r

icating that the company has ade0uate financial leverage6 4ince the 4)75%< is positive, we can s

nancial assets+=%6 In this case, the financial income is greater than financial e7pense, and the fi

!5 in &$'2 compared ton &$'&6 In &$'2, 78!5>78%, which implies that financial assets are earnin

overall 78!56 =or &$'2, 78!5+''.&3:?';.&

se operating liabilities to lever the rate of return from operations has decreased. his indigates that suon the suppliers has decreased. his is mainly due to slow growth in E4 market which led to the suppl


28/33

egulatory issues and &ea4

y that thde company has

m has a positive return on

g less than operating assets6

:-@$.'(#9A+';.&9:-+-

pliers are charging higher shorters to reduce credit offered to


29/33

@ro;t Mar:in atios 25/0 25/3 25/,

'era%in- 7n$ome A2%er Ta "+(6) )""(! 1&+#1()1

Sales "&"+1(#" "&+30(36 #&60)("!

)peratin: @ro;t Mar:in /516 /7106 ,,15/

7 2rom Sales #6"(00 ++#() 1&)"0(33

Core Sales @M /210 /1,3 ,3107

7 2rom o%her i%ems #+(# +(" )6(#6

)ther )I Items @M /1,/ /162 /1.2

2nd Dri9er of N)& 25/0 25/3 25/,

9A 3&3#0(6! !&)0)(6 !&+"+(3!

&sset $urno9er atio /1,3 /166 /17./&sset $urno9er atio 51.0 5165 510/

Groth atios 25/0 25/3 25/,

Re*enue ""+1(#" "+30(36 #60)("!

Groth in Sales 4.122 4/,17 2173

A2%er Ta To%al 'era%in- 7n$ome "+(6) )""(! 1&+#1()1

Groth in )peratin: Income 4371,, 43177 /6.152

9A 3&3#0(6! !&)0)(6 !&+"+(3!

Groth in N)& /01/0 21/0 4/,12

CS; 3&1#(3# 3+1(" !&0"(1+

Groth in CS! ,1.3 ,2133 ,1,


30/33

25/2 Sales @M Dri9ers

6)3(#6 Cos% o2 Ma%erials Consumed

"&3#0(#0 C)MG as a a:e of Sales

/0173 Pur$hases o2 S%o$k in Trade

@urchases as a a:e of Sales

1&!"0(6 Chan-es o2 7n*en%ories o2 %raded -oods

2102 Chan:e of In9entories as a a:e of Sales

;m'loyee ene?% ;'ense

."16(+" !mplo?ee Bene;t !Apense as a a:e of Sales

4 e're$ia%ion and Amor%iza%ion

D J & as a a:e of Sales

25/2 %her ;'enses

)ther !Apenses as a a:e of Sales

3&30#(!#

/1,2 $urno9er Dri9ers51.6

Ca'i%al =ork in Pro-ress

25/2 &s a a:e of Sales

7n*en%ories

"3#0(# &s a a:e of Sales

Sundry e/%ors

&s a a:e of Sales

6)3(#6 Cash and ank alan$e

&s a a:e of Sales

Tan-li/le Asse%s

3&30#(!# &s a a:e of Sales

%her Curren% Asse%s

&s a a:e of Sales

1&"1(0! ,on- %erm 'ro*isions

&s a a:e of Sales

Trade Paya/les

&s a a:e of Sales

%her $urren% lia/ili%es

&s a a:e of SalesShor% %erm 'ro*ision

&s a a:e of Sales


31/33

25/0 25/3 25/, 25/2

+3()+ )#+(+" 1!)0( 1060(++

/.137 /710 2,15/ 231,7

#"(#1 "(1 63(06 #"(1"

/613 /6153 //1,6 /,125

.#1(01 !( .1+0(! .100(6"

4/1/3 /10/ 4,12/ 421,/

+6+(+ 6+(63 6##() #!()1

/71,7 /017/ //167 /,1/.

1"#(" 13)()! 1!!(1" 11#(0

,123 2175 21/ 2163

1&!)+(0) 1&!#(6# 1&11#(61 +66(01

217. 2613/ /717 /717/

25/0 25/3 25/, 25/2

1&00(30 0(#3 ")0()" ")+(#

2213 /3160 1.0 //136

10!0(+ ))!(+) 10#+(+3 +++(#6

221. 25106 /1 25132

"1("3 "+1(0" )#+("6 #+(6)

/6103 7176 /.157 /.133

1&!3"(## 1&1!#(+0 1&0)6(06 6))())

2.100 2,1,/ /7103 /6157

1&31#(0+ 1&33)(") 1&1#0(3+ 1&103(+6

271,3 2.1., 2510/ 201,.

1+6(0+ 1+!(!1 !13(#+ 13"(!

31/0 ,1.. ,1/ ,157

6)(! #1()+ 6)(+# +"(")

/103 /15 /120 /173

##!(#6 ##() 63"(1# #"0(+

/21,, //100 //1,/ /213,

+""("" )"( +)()6 )+(3+

/13 /7162 /315 22137!(6) !(#1 1+"(6 110()6

5162 510. ,127 2100


32/33

Base in 25/2 25/,

7n*en%ories +++(#6 11)(!

Trade re$ei*a/les #+(6) 1!6(3

$otal )peratin: &ssets 1&6"(!# !""(

Trade Paya/les #"0(+ 11(3%her Curren% ,ia/ili%ies )+(3+ +0(

$otal )peratin: Liabilities 1+1#(63 )!(#

Net )peratin: &ssets 330#(!# +6(!

Net +inancial &ssets .1+3"(!3 ()

Common Shareholders= !>uit? 1"1(0! 1+3(+


33/33

25/3 25/0

111( 11"()

6,13 )(

!11( !!)(3

103(1 10!(!)6() +6(3

+( +#(!

++(0 101("

.""(0 .!(

!"3(# !#!(6

FSA Project3 Group2

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