FEASIBILITY REPORT OF SRS TECH
SUBMITTED TO: SIR WASEEM AHMED SUBMITTED BY: SABEEN JAVAID (2007-NUST-BIT-147) SABA MANZOOR (2007-NUST-BIT-90) RASHID ALI (2007-NUST-BIT-138) RIZWAN ALI (2007-NUST-BIT-49)
Feasibility Report for SRS Tech
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TABLE OF CONTENT: Executive Summary Introduction 1- Market Analysis 1.1 1.2
1.3
Estimated size of Industry Software and Services sector with 41% Growth Employment of Professionals by 43% Growth
2- Industry at a Glance 3- Departments 3.1
Prospecting Projects
3.2
Launch of a New Software
4- Market 4.1
Market Segmentation
4.2
Market Analysis
4.3
SWOT Analysis
4.4
Competitive Edge
4.5
Main Objectives
5- Financial Analysis 5.1 5.2 5.3 5.4 5.5
Require Assets Means of Financing Expenses incurred at start of SRS Tech Projected Balance Sheet Projected Income Statement • Net Profit Percentage • Operating Capital • NOPAT • ROIC
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• • • • • • •
Accounting Rate of Return (ARR) Pay-Back Period Discounted Pay-Back Period Net Present Value Internal Rate of Return Time Value of Money Modified Internal Rate of Return
5.6 Ratio Analysis •Liquidity Ratios ➢Current Ratio ➢Quick Ratio ➢Working Capital •Profitability Ratios ➢Gross Profit Margin ➢Net Profit Margin •Debt Management Ratio ➢Debt Ratio
6- References
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Executive Summary: SRS TECH is a start-up organization whose vision is to create the finest education/entertainment software for non-reading individual with developmental disabilities. The software product has been designed and created by IT specialists with vast industrial experience and knowledge, to meet the needs of the targeted customer segments. The software will be constructive by giving customization to the product and will be according to client’s choice and requirements. SRS TECH will be August 2010 as a Customer Oriented IT Platform. Idea founded and owned by partners Ms. Sabeen, Ms. Saba, Mr. Rashid & Mr. Rizwan.
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SRS TECH
is a software house which is focusing on Pakistani projects specially to participate in the development of Pakistan thus enhancing IT value and strength in the country.
Mission Statement: To give quality product to the active economy drivers of the market.
Vision: Focusing on providing quality services to the target market which are playing important role in country’s economy and progress i-e Business concerns, manufacturing concerns, banks and educational institutes. Thus we promote technology within these working concerns which results into their efficient participation in Pakistan’s economy and progress.
1-Market Analysis: The Pakistan IT industry today has an impressive story to tell. Much like the successful startup that one would have not heard of a few years ago but now it is all of a sudden the talk of the town The Pakistan’s IT industry has started to appear on the radar of firms like Gartner and IDC and in the reports by AT Kearny and the World Bank. It is a transformed industry growing exponentially and creating stir. 1.1Estimated Size of IT Industry From its slow beginnings in the late 1980s, the industry has successfully arrived to a point where its value proposition has been validated over and over again. The largest members are grossing 15-25million dollars in revenues, and 100 million dollar valuations. Most tech companies are growing in excess of 30% a year annually. The industry as a whole is doing over 2 billion dollars a year in revenue, up from less than a billion dollars a few years ago. 1.2 Software and Services sector with 41% Growth
For 2007-2008 About half of this growth is coming from foreign, software and high end services projects. IBM, Cisco and Microsoft are expanding there in Pakistan operations aggressively while several startups are now backed by VCs such as e-Planet Ventures, Motorola, and adobe. Feasibility Report for SRS Tech
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1.3 Employment of Professionals by 43% Growth
Sectors and countries have achieved in 15-20years, Pakistan’s technology scene is poised to achieve this in less than a decade.
Putting it all together, now Pakistani Technology industry is very different from what it was in the early 1990’s. From 4 founding companies in 1994, PASHA’s membership exceeds 370. From 4,619full-time employees in 2004, current employees are 12,232 and still rising day by day. The number of QA (Quality assurance) professionals has doubled in the last 3 years and 20% of those employed in the sector are foreign qualified. Fast becoming a hub of high performance business, the questions that now arise are if this year’s growth will be 28% or 50%, if there will be enough skilled HR to staff demand, if there will be enough office space available in next year.
2- Industry at a Glance:
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3- Departments: Our main idea is to open a software house in Islamabad which would be the biggest software house in Pakistan. We will have mainly two Departments.
Direct Projects: Projects to create the set of standards and services that Feasibility Report for SRS Tech
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With a policy framework enable us to develop simple, Directed and easy to use software that are used for Educational purposes and for meaningful exchange of Technology skills between Techies and people having Development disabilities.
Out Sourcing: Outsourcing is an arrangement in which one company provides services for another company that could also be or usually have been provided in-house. Outsourcing is a trend that is becoming more common in information technology and other industries for services that have usually been regarded as intrinsic to managing a business. In some cases, the entire information management of a company is outsourced, including planning and business analysis as well as the installation, management, and servicing of the network and workstations. Outsourcing can range from the large contract in which a company like IBM manages IT services for a company like Xerox to the practice of hiring contractors and temporary office workers on an individual basis. So we will be providing such kind of services to other institutions as well.
3.1 Prospecting Projects: ➢ Supporting firms We will support various projects in collaboration with NADRA by using SQL, Oracle. ➢ Database for Institutions We will be focusing on the projects and solutions for institutions like Educational, Medical Business Growing Institutes. 3.2 Launch of a New Software: ➢ SRS Tech will launch new software and will introduce a new idea in the history
of Pakistan. ➢ Our software will help disable people. This idea has been taken from the Research work of Dr. Sue. We were really impressed with his this kind of thought so we decided to implement his idea.
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4- Market: 4.1 Market Segmentation: SRS Tech has identified four market segments for its product. They are the most likely consumers of their product. These segments are as follows: a. IT Intensive Corporate – The corporate and commercial businesses that are
focusing on IT software and are having an IT oriented environment like banks, manufacturing concerns. b. Centers of Independent living - They are typically non-profit organizations that assist individuals with development disabilities. They help their clients with transition skills, making them more independent. They also provide a wide range of life skills training for the individuals. c. Proactive Parents and Educational Concerns – Parents and educational institutions (like district schools etc) that are really concern in the education of their kids and students respectively. They will be looking for assistance that can help them with the learning progress of their kids and student at home and at educational places respectively. d. Agencies - Internationally many countries have their agencies that act as Brokers to connect the service Providers and that individual that are in need of these services. Such agencies generally formed as a result of a settlement or payout from a lawsuit (individual and class actions).
4.2 Market Analysis:
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4.3 SWOT Analysis: SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieve that objective. We briefly pointed out them as below: ➢ Strengths: • Highly skilled and focused employees. • Providing customizable software products. • Satisfying the requirements of the targeted segments. • Quality assurance of value added products. • Giving a new flavor to the software development in Pakistan. ➢ Weaknesses: • To gain the trust of the people. • To get our software house to be renowned among the software techies. • Lack of training in the employees at beginning.
➢ Opportunities: • To provide a diversified range of products according to customers taste and demands. • To implement the knowledge hidden inside “the untapped stockrooms of our minds” – G.R.Harrison. • Ensure Individual Integrity. • Enhance Personal Professional Competence ➢ Threats: • Terrorists attacks. • Influence of Economy Impairment. • Prevailing trends of Globalization. • Global Economic Crisis. • Rationalism
4.4 Competitive Edge:
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As there are several companies present in the market and are providing similar product for educational purposes SRS Tech will Leverage its competitive edge by including Entertainment factor in our software products. By doing so users will spend more time on using our product as it creates a mean of interest while using software.
4.5 Main Objectives: ➢ We will follow the strategy of Market Penetration in the first year. Then we will focus on how to increase our sales up to double or triple of current sales in the next 2-3 years. ➢ To assist more than 15000 individuals with development disabilities by the end of 5th year at max. ➢ Achieve up to 20-25% market penetration by the end of 4th year. Projected sales, gross profit margin and profit for next three years are shown below:
5- Financial Analysis: Note: All figures are in (000) Rs 5.1 Require Assets:
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Assets Cash
610
A/C Receivables
500
Inventory
190
Prepaid Rent
600
Bill Boards
100
Total Current Assets 2100 Furniture
755
Fixture
345
Computers
500
Equipment
450
Total Fixed assets
2050
Total Assets
4100
5.2 Means of Financing: Owner’s Equity: Partner’s Names
Equity in Rupees
Ms. Sabeen Javaid
720
Ms. Saba Manzoor
720
Mr. Rashid Ali
720
Mr. Rizwan Ali
720
Liabilities: ➢
➢
Loan from Bank : Long-term loans :
Feasibility Report for SRS Tech
460 760 Page 13
Owner’s equity + Liabilities = Assets (720 × 4) + (460 + 760) = 4100 4100 = 4100 Therefore Accounting Equation is satisfied. 5.3 Expenses incurred at start of SRS Tech: Expenses heads
Amount in Rs
Legal formalities
100
license
200
Marketing Campaign
300
furniture
700
Fixtures
350
Computers 2500 • Laptops • SRS’s Main Server • Network establishment • H/w & S/w Equipment 500 • Generator • Photocopy Machine • Others like telephone connections etc. R & D Fund
2000
Advance Rents
500
Other expenses
240
Total startup expense
7390
Cash in hand required
610
Total
8000
5.4 Projected Balance Sheet: Projected Balance Sheet
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ASSETS Current Assets Year 2010 Year 2011
Year 2012
Year 2013
Cash
610
710
850
1000
Inventory
500
550
500
550
A/C Recv
190
165
200
250
Prepaid Rent
600
675
650
600
Bill Boards
200
200
250
200
2300
2450
2600
Total Current Assets 2100 Fixed Assets Furniture
755
755
855
855
Fixture
345
345
345
345
Computers
500
500
600
650
Equipment
450
450
500
550
Less: Accumulated Depreciation
(100)
(100)
(100)
(100)
Total Fixed assets 2050
2050
2200
2300
Total Assets
4350
4650
4900
Year 2010 Year 2011
Year 2012
Year 2013
A/C Payable
250
330
300
250
Accrued Expenses
120
290
260
220
Current Borrowing
250
300
400
550
Total Current liabilities
620
920
960
1020
long term liabilities
600
550
810
1000
4100
LIABILITIES AND CAPITAL
Liabilities
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Total Liabilities
1220
1470
1770
2020
Ms. Sabeen Javaid
720
720
720
720
Ms. Saba Manzoor
720
720
720
720
Mr. Rashid Ali
720
720
720
720
Mr. Rizwan Ali
720
720
720
720
Total Capital
2880
2880
2880
2880
Total Liabilities & 4100 Capital Stock
4350
4650
4900
Capital Stock
NOTE: We have ignored retain earnings and dividends. 5.5 Projected Income Statement: INCOME STATEMENT Year 2010
Year 2011
Year 2012
Year 2013
1500
2000
2600
3700
Service Revenue 700
1000
1200
1300
Total Revenue
3000
3800
5000
Salaries Expense 300
300
300
400
Commissions
20
20
30
20
Office Supplies
90
90
70
80
Legal Fees
70
70
100
70
Advertisement
200
250
200
200
Interest
50.6
50.6
100
100
R&D
50
70
150
100
Other expenses
820
750
1000
1200
1600.6
1950
2170
Revenue: Sales Revenues
2200
Expenses:
Total Expenses: 1600.6 Feasibility Report for SRS Tech
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•
Profit or Net Income 599.4 Before Income tax
1399.4
1850
2830
Less Income Tax 59.94 10%
139.94
185
283
Profit or Net539.46 Income after Tax
1259.46
1665
2547
Add: Depreciation100
100
100
100
Net Cash flow
1359.46
1765
2647
639.46
Net Profit Percentage: All companies must consume resources (i.e. incur costs) in order to generate revenue. The Net Income Percentage is simply a measure of management’s ability to control these costs. Net Profit Percentage = (Net Income / Total Revenue) * 100
For Year 2010: Net Profit Percentage = (Net Income / Total Revenue) * 100 = (539.46/2200)*100 = 24.52 % Thus the company will be able to convert 24.52 % of its revenue into net income. For year 2011: Net Profit Percentage = (Net Income / Total Revenue) * 100 = (1259.46/3000)*100 = 41.982 % Thus the company will be able to convert 41.982 % of its revenue into net income. For year 2012: Net Profit Percentage = (Net Income / Total Revenue) * 100 = (1665/3800)*100 = 43.82 % Thus the company will be able to convert 43.82 % of its revenue into net income. For year 2012: Net Profit Percentage = (Net Income / Total Revenue) * 100 = (2547/5000)*100 Feasibility Report for SRS Tech
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= 50.94 % Thus the company will be able to convert 50.94 % of its revenue into net income. Here trend of net profit percentage is shown graphically. That is pretty good, improving every year.
•
Operating Capital: Total Operating Capital = NOWC + Operating long term assets = (Cash + A/R +Inventories-(A/P + Accruals)) +Operating long term assets For year 2010: Total Operating Capital = (Cash + A/R +Inventories-(A/P + Accruals)) +Operating long term assets = 610 + 500 + 190 – 250 – 120 + 2050 = 2980 For year 2011: Total Operating Capital = (Cash + A/R +Inventories-(A/P + Accruals)) +Operating long term assets = 710 + 550 + 165 – 330 – 290 +2050 = 2855
For year 2012: Total Operating Capital = (Cash + A/R +Inventories-(A/P + Accruals)) +Operating long term assets = 850 + 500 +200 – 300 -260 + 2200 = 3190
For year 2013: Total Operating Capital = (Cash + A/R +Inventories-(A/P + Accruals)) +Operating long term assets = 1000 + 550 + 250 – 250 – 220 + 2300 = 3630 Here trend of Operating Capital is shown graphically. That is quite positive. Feasibility Report for SRS Tech
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•
NOPAT: NOPAT = EBIT (1 - T) Assuming, T = 10% For year 2010: NOPAT = EBIT (1 - T) = 599.4 (1- 0.10) =539.46 For year 2011: NOPAT = EBIT (1 - T) = 1399.4 (1- 0.10) =1259.46 For year 2012: NOPAT = EBIT (1 - T) = 1850 (1- 0.10) = 1665 For year 2013: NOPAT = EBIT (1 - T) = 2830 (1- 0.10) = 2547 Here trend of net profit percentage is shown graphically.
•
ROIC: ROIC= [NOPAT/ Operating Capital]*100 Assuming WACC = 10 % If ROIC > WACC, this means company is adding value & will have positive EVA. For year 2010: Feasibility Report for SRS Tech
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ROIC= [NOPAT/ Operating Capital]*100 = [539.46/2980]*100 =18.1 % Since ROIC > WACC, this means company is adding value & will have positive EVA. For year 2011: ROIC= [NOPAT/ Operating Capital]*100 = [1259.46/2855]*100 = 44.11 % Since ROIC > WACC, this means company is adding value & will have positive EVA. For year 2012: ROIC= [NOPAT/ Operating Capital]*100 = [1665/3190]*100 = 52.19 % Since ROIC > WACC, this means company is adding value & will have positive EVA. For year 2013: ROIC= [NOPAT/ Operating Capital]*100 = [2547/3630]*100 = 70.16 % Since ROIC > WACC, this means company is adding value & will have positive EVA.
•
Accounting Rate of Return (ARR): ARR Years
Cash Flow
Depreciation
Profit
0
(4100)
0
0
1
639.46
100
539.46
2
1359.46
100
1259.46
3
1765
100
1665
4
2647
100
2547
Average Profit for 4 years Feasibility Report for SRS Tech
1502.73 Page 20
•
Average Investment
(4100+0)/2=2050
ARR
(1502.73/2050)*100 =73.3%
Pay-Back Period: Pay-Back Period Year
Cash-Flow
0
(4100)
1
639.46
3460.54
2
1359.46
2101.08
3
1765
336.08
4
2647
Payback Period= 3years and ((336.08/2647)*12) months = 3years and 1month and (0.52*30)days = 3years and 1month and 16 days
•
Discounted Pay-Back Period: Assuming WACC=10% Present Value of Cash-Flow = FV (1/(1+.10)n) Present Value Factor= 1/(1+.10)n
,
n=0,1,2,3,4.
Discounted Pay-Back Period Year
FV of Cash FlowPV Factor
PV of Cash-Flow
0
(4100)
1
1
639.46
0.909
581.27
3518.54
2
1359.46
0.826
1122.91
2395.63
3
1765
0.751
1325.5
1070.13
4
2647
0.683
1807.9
Discounted Payback Period= 3years and ((1070.13/1807.9)*12) months Feasibility Report for SRS Tech
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= 3years and (0.59*30)days = 3years and 18 days
•
Net Present Value: Net Present Value Year
FV of Cash FlowPV Factor
PV of Cash-Flow
0
(4100)
1
(4100)
1
639.46
0.909
581.27
2
1359.46
0.826
1122.91
3
1765
0.751
1325.5
4
2647
0.683
1807.9
NPV = Inflow - Outflow = 737.58 NPV is positive so we will accept this project
•
Internal Rate of Return (IRR):
Internal Rate Of Return Year
FV of Cash FlowPV Factor (10%)PV of Cash-FlowPV Factor (20%)
0
(4100)
1
- 4100
1
(4100)
1
639.46
0.909
581.27
0.833
532.67
2
1359.46
0.826
1122.91
0.6944
944
3
1765
0.751
1325.5
0.578
1020.17
4
2647
0.683
1807.9
0.4822
1276.38
NPV = Inflow - Outflow
737.58
-326.78
This means IRR is between 10% & 20% so now we will use interpolation technique. Feasibility Report for SRS Tech
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IRR= 10% + [(737.58/(737.58-(-326.78)))*(20-10)] IRR= 16.93 %
•
Time Value of Money: Assuming:
Interest rate =10%
Present Value Present Value of Cash-Flow = FV (1/ (1+.10) n ) Present Value Factor= 1/ (1+.10)n
,
n=0, 1, 2, 3, 4.
Present Value Year
FV of Cash FlowPV Factor
PV of Cash-Flow
0
(4100)
1
1
639.46
0.909
581.27
2
1359.46
0.826
1122.91
3
1765
0.751
1325.5
4
2647
0.683
1807.9
PV of future inflows = 4837.58
Future Value Future Value of Cash-Flow = PV *(1+.10) n Where n=0, 1, 2, 3, 4. Future Value Year
PV of Cash FlowFV Factor
0
(4100)
1
639.46
Feasibility Report for SRS Tech
1.331
FV of Cash-Flow
851.121 Page 23
2
1359.46
1.21
1644.95
3
1765
1.10
1941.5
4
2647
1
2647
FV of inflows = 7084.57
•
Modified Internal Rate of Return (MIRR): We select this project if its MIRR is greater than WACC because greater the MIRR than WACC, greater will be the security margin. Future Value Year
PV of Cash FlowFV Factor
FV of Cash-Flow
0
(4100)
1
639.46
1.331
851.121
2
1359.46
1.21
1644.95
3
1765
1.10
1941.5
4
2647
1
2647
FV of inflows = 7084.57
Now we will find that discount rate on terminal value (i.e. 7084.57) for which our answer equals the outflow. Find i=?
Future Value of Cash-Flow = PV *(1+.10) n n=0, 1, 2, 3, 4. 7084.57=4100(1+i) 4 MIRR = i = 14.65 %
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5.6 Ratio Analysis: 1.
Liquidity Ratios: Liquidity measures a company's capacity to pay its debts as they come due. There are three ratios for evaluating liquidity. a. Current Ratio: The current ratio gauges how capable a business is in paying current liabilities by using current assets only. Current Ratio = CA / CL Ideally it should be 2:1
For year 2010: Current Ratio = CA / CL = 2100 / 620 = 3.38 times For year 2011: Current Ratio = CA / CL = 2300/ 920 = 2.5 times For year 2012: Current Ratio = CA / CL = 2450 / 960 = 2.55 times For year 2013: Current Ratio = CA / CL = 2600 / 1020 = 2.54 times Here we have shown the trend of Current Ratio graphically:
b. Quick Ratio: It indicates the extent to which you could pay current liabilities without relying on the sale of inventory. Quick Ratio = Quick Assets / CL = (CA – Inventory – Prepayments) / CL Ideally it should be > 1. For year 2010: Quick Ratio = (CA – Inventory – Prepayments) / CL = (2100-500-600) / 620 Feasibility Report for SRS Tech
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= 1.61 times For year 2011: Quick Ratio = (CA – Inventory – Prepayments) / CL = (2300 – 550 - 675) / 920 = 1.19 times For year 2012: Quick Ratio = (CA – Inventory – Prepayments) / CL = (2450 – 500 – 650) / 960 = 1.35 times
For year 2013: Quick Ratio = (CA – Inventory – Prepayments) / CL = (2600 – 550 – 600) / 1020 = 1.42 times Trend of quick ratio is shown below:
c. Working Capital: Working capital = CA – CL It should be positive. For year 2010: Working capital = CA – CL = 2100 – 620 =1480 For year 2011: Working capital = CA – CL =2300 – 920 =1380 For year 2012: Working capital = CA – CL = 2450 – 960 = 1490 Feasibility Report for SRS Tech
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For year 2013: Working capital = CA – CL = 2600 – 1020 =1580 Trend of working capital is as follows:
1.
Profitability Ratios: Profitability ratios measure the company's ability to generate a return on its resources. a. Gross Profit Margin Gross profit margin indicates how well the company can generate a return at the gross profit level. It addresses three areas -- inventory control, pricing and production efficiency. Gross Profit Margin = Gross Profit / Total Sales = (Sales – Cost of Goods Sold) / Total Sales Assuming: Cost of Goods Sold to be as follows: For For For For
year year year year
2010, 2010, 2010, 2010,
cost cost cost cost
of of of of
goods goods goods goods
For year 2010: Gross Profit Margin= (Sales = (1500 = 0.46 For year 2011: Gross Profit Margin= (Sales = (2000 = 0.40 For year 2012: Gross Profit Margin= (Sales = (2600 Feasibility Report for SRS Tech
sold sold sold sold
is is is is
= = = =
800 1200 1500 2000
– Cost of Goods Sales) / Total Sales 800)/ 1500
– Cost of Goods Sales) / Total Sales 1200)/2000
– Cost of Goods Sales) / Total Sales 1500) / 2600 Page 27
= 0.42 For year 2013: Gross Profit Margin= (Sales – Cost of Goods Sales) / Total Sales = (3700 - 2000) / 3700 = 0.45 Trend of GPM is shown below:
b. Net Profit Margin Net profit margin shows how much net profit is derived from every dollar of total sales. It indicates how well the business has managed its operating expenses. Net Profit Margin =Net Profit / Total Sales
For year 2010: Net Profit Margin =Net Profit / Total Sales = 539.46 / 1500 = 0.37 For year 2011: Net Profit Margin =Net Profit / Total Sales = 1259.46 / 2000 = 0.62 For year 2012: Net Profit Margin =Net Profit / Total Sales = 1665 / 2600 = 0.64 For year 2013: Net Profit Margin =Net Profit / Total Sales = 2547 / 3700 = 0.68 It is graphically shown below:
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1.
Debt Management Ratio: This is an indication of the company's ability to satisfy its debt obligations and its capacity to take on additional debt without impairing its survival. a. Debt Ratio: A ratio that indicates what proportion of debt a company has relative to its assets. Debt Ratio = Total Liabilities / Total Assets For year 2010: Debt Ratio = Total Liabilities / = 1220 / 4100 = 0.29 For year 2011: Debt Ratio = Total Liabilities / =1470 / 4350 = 0.34 For year 2012: Debt Ratio = Total Liabilities / = 1770 / 4650 =0.38 For year 2013: Debt Ratio = Total Liabilities / = 2020/ 4900 = 0.41 Trend of debt ratio is shown below:
Total Assets
Total Assets
Total Assets
Total Asset s
6- References
www.wikipedia.com www.pasha.org.pk www.scribed.com http://womeninbusiness.about.com/od/freebusinesscour ses/a/finfeasibility_2.htm www.whatis.com IT professional’s reviews from www.Google.com
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