Executive Summary

Drink & Think coffee bar is determined to become a daily necessity for local coffee addicts, a place to
dream of as you try to escape the daily stresses of life and just a comfortable place to meet your friends
or to read a book, all in one 24 hr. a day and 365 days in a year. With the growing demand for highquality gourmet coffee and great service, Drink & Think will capitalize on its proximity to the University of
Oregon campus to build a core group of repeat customers. Drink & Think will offer its customers the best
prepared coffee in the area that will be complimented with pastries, as well as free books that its patrons
can read to enjoy their visit.
The company will operate a 2,300 square foot coffee bar within a walking distance from the Maharashtra
Institute Of technology campus. The owners have secured this location through a three-year lease with an
option for extending. They have also provided 1, 25,000 of the required 4, 00,000 start-up funds. The
remaining capital will be obtained through Bank of India commercial loans.
The company is expected to grow sales revenue from Rs. 6, 00,000 in FY2012 to Rs.16, 33,500 in year
three. As Drink & Think will strive to maintain a 65% gross profit margin and reasonable operating
expenses, it will see net profits between Rs. 4, 50,000 to Rs. 6, 00,000 during the same period.

1.1 Objectives
Drink & Thinks objectives for the first year of operations are:

Become selected as the "Best New Coffee Bar in the area" by the local restaurant guide.

Turn in profits from the first month of operations.

Maintain a 65% gross margin.

1.2 Keys to Success

The keys to success will be:

Store design that will be both visually attractive to customers, and designed for fast and efficient
operations.
Employee training to insure the best coffee preparation techniques.
Marketing strategies aimed to build a solid base of loyal customers, as well as maximizing the
sales of high margin products, such as espresso drinks.

1.3 Mission
Drink & Think will make its best effort to create a unique place where customers can socialize with each
other in a comfortable and relaxing environment while enjoying the best brewed coffee or espresso and
pastries in town. We will be in the business of helping our customers to relieve their daily stresses by
providing piece of mind through great ambience, convenient location, friendly customer service, and
products of consistently high quality. Drink & Think will invest its profits to increase the employee
satisfaction while providing stable return to its shareholders.

Company Summary
Drink & Think, a NJ group of co., sells coffee, other beverages and snacks in its 2,300 square feet
premium coffee bar located near the Maharashtra institute of technology campus. Drink & Think major
investor is Nitesh Jaiswal who cumulatively own over 54% of the company. The start-up loss of the
company is assumed in the amount of Rs. 68,000.

2.1 Company Ownership

Drink & Think is registered as a Private Ltd. Co. under the jurisdiction of pune. Nitesh Jaiswal owns 54%
of the company. His cousin sanket rai, as well as friend ricky morgan and somil dixit hold minority stakes
in Drink & Think, pvt. Ltd. Co..

2.2 Start-up Summary

The start-up expenses include:

Legal expenses for obtaining licenses and permits as well as the accounting services totaling Rs.
25000

Marketing promotion expenses for the grand opening of Drink & Think in the amount of Rs.
145,000 and as well as flyer printing (22,000 flyers at Rs.1 per copy) for the total amount of
Rs.167,000

Consultants fees of 65,000 paid to NESCAFE Espresso Services for the help with setting up the
coffee bar.

Insurance (general liability, workers' compensation and property casualty) coverage at a total
premium of Rs. 85000.

Pre-paid rent expenses for one month at Rs. 25 per square feet in the total amount of Rs. 57,500.

Premises remodeling in the amount of Rs. 1,35,000.

Other start-up expenses including stationery (Rs,3700) and phone and utility deposits (Rs. 4400).

The required start-up assets of Rs. 5,05,020 include:

Operating capital in the total amount of Rs.1,72,000 which includes employees salaries of Rs.
1,50,000 for the first two months and cash reserves for the first three months of operation
(approximately Rs.22000 per month).

Start-up inventory of Rs.2,11,700, which includes:

o

Coffee beans (12 regular brands and five decaffeinated brands) - Rs. 88000

Coffee filters, baked goods, salads, sandwiches, tea, beverages, etc. Rs. 1,12,000

Retail supplies (napkins, coffee bags, cleaning, etc.) Rs. 9000

Office supplies Rs.2700

Equipment for the total amount of Rs.1,21,320:

o

Espresso machine Rs.12000

Coffee maker Rs. 3300

Coffee grinder Rs. 1450

Food service equipment (microwave, toasters, dishwasher, refrigerator, blender, etc.) Rs18,000

Storage hardware (bins, utensil rack, shelves, food case) Rs.7,720

Counter area equipment (counter top, sink, ice machine, etc.) Rs.9,500

Serving area equipment (plates, glasses, flatware) Rs.6,000

Store equipment (cash register, security, ventilation, signage) Rs.9,750

Office equipment (PC, fax/printer, phone, furniture, file cabinets) Rs.3,600

Other miscellaneous expenses Rs.5000

Funding for the company comes from two major sources--owners' investments and bank loans. Major
owner, Nitesh Jaiswal have contributed Rs. 8,10,000 respectively. All other investors have contributed
Rs,2,50,000 which brings the total investments to Rs.10,60,000. The remaining Rs.4,40,000 needed to
cover the start-up expenses and assets came from the two bank loans--a one-year loan in the amount of
Rs.1,55,000 and a long-term (five years) loan of Rs.2,85,000. Both loans were secured through the Bank
of India. Thus, total start-up loss is assumed in the amount of Rs.68000.
The following chart and table summarize the start-up assumptions.

Start-up Requirements
Start-up Expenses
Legal
Stationery etc.
Brochures
Consultants
Insurance
Rent

Rs.25,000
Rs.3,700
Rs.167,000
Rs.65,000
Rs.85,000
Rs.57,500

Remodeling
Other

Rs.1,35,000
Rs.4,400

Total Start-up Expenses

Start-up Assets

Rs.542,600

Cash Required
Start-up Inventory

Rs.1,72,000
Rs.2,11,700

Other Current Assets

Rs.24,350

Long-term Assets
Total Assets
Total Requirements

Rs.51,970
Rs.76,320
Rs.1,24,320

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund

Rs.542,600
Rs.1,24,320

Total Funding Required

Assets

Rs.666,920

Non-cash Assets from Start-up

Cash Requirements from Start-up

Rs.2,63,670
Rs.1,72,000

Additional Cash Raised

Cash Balance on Starting Date

$0
Rs.1,72,000

Total Assets
Liabilities and Capital

Rs.6,07,670

Liabilities
Current Borrowing

Rs.1,55,000

Long-term Liabilities
Accounts Payable (Outstanding Bills)

Rs.2,85,000
$0

Other Current Liabilities (interest-free)

Total Liabilities

$0
Rs.4,40,000

Capital
Planned Investment
Nitesh Jaiswal

Rs.8,10,000

All other investors

Additional Investment Requirement

Rs.2,50,000
$0

Total Planned Investment

Loss at Start-up (Start-up Expenses)

Rs.15,00,000
(Rs.68000)

Total Capital
Total Capital and Liabilities

Rs.1,72,000
Rs.1,24,320

Total Funding

Rs.2,96,320

2.3 Company Locations and Facilities

Drink & Think coffee bar will be located on the ground floor of the commercial building at the corner of W
paudoff paud road near kotak Mahindra bank, pune, MH. The company has secured a one-year lease of
the vacant 2,500 square feet premises previously occupied by a hair salon. The lease contract has an
option of renewal for three years at a fixed rate that Drink & Think will execute depending on the financial
strength of its business.
The floor plan will include a 200 square feet back office and a 2,300 square feet coffee bar, which will
include a seating area with 15 tables, a kitchen, storage area and two bathrooms. The space in the coffee
bar will be approximately distributed the following way--1,260 square feet (i.e., 55% of the total) for the
seating area, 600 square feet (26%) for the production area, and the remaining 440 square feet (19%) for
the customer service area.

This property is located in a commercial area within a walking distance from the MIT campus on the
corner of a major thoroughfare connecting Deccan road neighborhood with the busy downtown
commercial area. The commercially zoned premises have the necessary water and electricity hookups
and will require only minor remodeling to accommodate the espresso bar, kitchen and storage area. The
coffee bar's open and clean interior design with modern wooden decor will convey the quality of the
served beverages and snacks, and will be in-line with the establishment's positioning as an eclectic place
where people can relax and enjoy their cup of coffee. The clear window displays, through which passerby
will be able to see customers enjoying their beverages, and outside electric signs will be aimed to grab
the attention of the customer traffic.

Products
Drink & Think will offer its customers the best tasting coffee beverages in the area. This will be achieved
by using high-quality ingredients and strictly following preparation guidelines. The store layout, menu
listings and marketing activities will be focused on maximizing the sales of higher margin espresso drinks.
Along with the espresso drinks, brewed coffee and teas, as well as some refreshment beverages, will be
sold in the coffee bar. Drink & Think will also offer its clients pastries, small salads and sandwiches. For
the gourmet clientele that prefers to prepare its coffee at home, Drink & Think will also be selling coffee
beans.
The menu offerings will be supplemented by free books and magazines that customers can read inside
the coffee bar.

3.1 Product Description

The menu of the Drink & Think coffee bar will be built around espresso-based coffee drinks such as lattes,
mochas, cappuccinos, etc. Each of the espresso-based drinks will be offered with whole, skimmed, or soy
milk. Each of these coffee beverages is based on a 'shot' of espresso, which is prepared in the espresso
machine by forcing heated water through ground coffee at high pressure. Such espresso shots are
combined with steamed milk and/or other additives like cocoa, caramel, etc., to prepare the espressobased beverages. Proper preparation techniques are of paramount importance for such drinks. A minor
deviation from the amount of coffee in the shot, the size of the coffee particles, the temperature of milk,
etc., can negatively affect the quality of the prepared drink.

3.2 Sales Literature

Two thousand flyers will be distributed in the adjacent neighborhood, on the Institutes campus, at the
malls and in the selected office buildings within two weeks prior to the opening of Drink & Think.
Subsequently, free postcards with Drink & Think endorsement will be printed to increase the company
visibility among the patrons.

Market Analysis Summary

Indian coffee consumption has shown steady growth, with gourmet coffee having the strongest growth.
Coffee drinkers in the Northwest are among the most demanding ones. They favor well-brewed gourmet

coffee drinks and demand great service. Pune, with its liberal and outgoing populace and calm whether,
has traditionally been a great place for coffee establishments. Drink & Think will strive to build a loyal
customer base by offering a great tasting coffee in a relaxing environment of its coffee bar located close
to the bustling MIT campus.

4.1 Market Segmentation

Drink & Think will focus its marketing activities on reaching the Institute students and faculty, people
working in offices located close to the coffee bar and on sophisticated teenagers. Our market research
shows that these are the customer groups that are most likely to buy gourmet coffee products. Since
gourmet coffee consumption is universal across different income categories and mostly depends on the
level of higher education, proximity to the MIT campus will provide access to the targeted customer
audience.
The chart and table below outline the total market potential (in number of customers) of gourmet coffee
drinkers in pune.

Market Analysis
Potential Customers
Students and Faculty
Teenagers
Office workers
Other
Total

Year 1

Year 2

Year 3

Year 4

Year 5

Growth
2%

18,000

18,360

18,727

19,102

19,484

CAGR
2.00%

1%
2%

3,000
8,000

3,030
8,160

3,060
8,323

3,091
8,489

3,122
8,659

1.00%
2.00%

0%
1.63%

5,000
34,000

5,000
34,550

5,000
35,110

5,000
35,682

5,000
36,265

0.00%
1.63%

4.2 Target Market Segment Strategy

Drink & Think will cater to people who want to get their daily cup of great-tasting coffee in a relaxing
atmosphere. Such customers vary in age, although our location close to the University campus means
that most of our clientele will be college students and faculty. Our market research shows that these are
discerning customers that gravitate towards better tasting coffee. Furthermore, a lot of college students
consider coffee bars to be a convenient studying or meeting location, where they can read or meet with
peers without the necessity to pay cover charges. For us, this will provide a unique possibility for building
a loyal client base.

4.2.1 Market Needs

General trend toward quality among Indian consumers definitely plays an important role in the recent
growth in gourmet coffee. Additionally, such factors as desire for small indulgencies, for something more
exotic and unique, provide a good selling opportunity for coffee bars.

4.3 Industry Analysis

Coffee consumption has shown a steady 2.5% growth rate in the Indian over the last decade. In 1994,
total sales of coffee were approximately Rs.7.5 billion with gourmet coffee representing 33% (or Rs.2.5
billion) of that. The retail coffee industry is flourishing in the Indian Northwest. The local climate, with a
moderate calm and cold atmoshphere, is very conducive for the consumption of hot non-alcoholic
beverages. At the same time, hot dry summers drive people into cafes to order iced drinks. Further, coffee
has really become a part of the lifestyle in the Northwest. Its discerning coffee drinkers are in favor of
well-prepared, strong coffee-based beverages, which they can consume in a relaxing environment.

4.3.1 Competition and Buying Patterns

Competition
According to the 1997 Maharashtra Food service Statistics (NAICS 72), Pune had 45 established snack &
non-alcoholic beverage bars (NAICS 722213) with total sales of Rs.14.2 million. Among other
establishments that offer coffee drinks to their customers are most of Punes limited- and full-service
restaurants. Drink & Thinks direct competitors will be other coffee bars located near the MIT campus.
These include CCD, Zest, durga, and other Food service establishments that offer coffee. CCD will
definitely be one of the major competitors because of its strong financial position and established
marketing and operational practices. However, despite of ccds entrenched market position, many
customers favor smaller, independent establishments that offer cozy atmosphere and good coffee at
affordable prices. Durga is a good example of such competition. We estimate that CCD holds
approximately 35% market share in that neighborhood, Durga appeals to 25% of customers, Zest caters
to another 10%, with the remaining market share split among other establishments. Drink & Think will
position itself as a unique coffee bar that not only offers the best tasting coffee and pastries but also
provides home-like, cozy and comfortable environment, which established corporate establishments lack.
We will cater to customers' bodies and minds, which will help us grow our market share in this competitive
market.
Buying Patterns
The major reason for the customers to return to a specific coffee bar is a great tasting coffee, quick
service and pleasant atmosphere. Although, as stated before, coffee consumption is uniform across

different income segments, Drink & Think will price its product offerings competitively. We strongly believe
that selling coffee with a great service in a nice setting will help us build a strong base of loyal clientele.

Strategy and Implementation Summary

Drink & Thinks marketing strategy will be focused at getting new customers, retaining the existing customers,
getting customers to spend more and come back more often. Establishing a loyal customer base is of a paramount
importance since such customer core will not only generate most of the sales but also will provide favorable
referrals.

5.1 Competitive Edge

Drink & Think will position itself as unique coffee bar where its patrons can not only enjoy a cup of perfectly
brewed coffee but also spend their time in an ambient environment. Comfortable sofas and chairs, dimmed light and
quiet relaxing music will help the customers to relax from the daily stresses and will differentiate Drink & Think
from incumbent competitors.

5.2 Sales Strategy

Drink & Think baristas will handle the sales transactions. To speed up the customer service, at least two employees
will be servicing clients--while one employee will be preparing the customer's order, the other one will be taking
care of the sales transaction. All sales data logged on the computerized point-of-sale terminal will be later analyzed
for marketing purposes.
In order to build up its client base, Drink & Think will use banners and fliers, utilize customer referrals and crosspromotions with other businesses in the community. At the same time, customer retention programs will be used to
make sure the customers are coming back and spending more at the coffee bar.

5.2.1 Sales Forecast

Food costs are assumed at 25% for coffee beverages and 50% for retail beans and pastries. Proximity to the MIT
campus will dictate certain sales seasonality with revenues slightly decreasing during the school vacation periods.
The chart and table below outline our projected sales forecast for the next three years.

Sales Forecast
Year 1

Year 2

Year 3

Coffee beverages
Coffee beans

Rs.13,50,400
Rs.1,87,600

Rs.13,85,440
Rs.1,96,360

Rs.14,23,984
Rs.2,05,996

Pastries, etc.
Total Sales

Rs.2,46,000
Rs.17,84,000

Rs.2,60,600
Rs.18,42,400

Rs.3,76,660
Rs.20,06,640

Year 1
Rs.1,57,600

Year 2
Rs.1,66,360

Year 3
Rs.2,00,996

Rs.63,800
Rs.83,000

Rs.58,180
Rs.90,300

Rs.61,998
Rs.1,05,330

Sales

Direct Cost of Sales

Coffee beverages
Coffee beans
Pastries, etc.

Previous PageNext
Page

Rs.3,14,840
Subtotal Direct Cost of Sales

Rs.3,04,400

Rs.3,68,324

Management Summary
Drink & Think is majority-owned by Nitesh Jaiswal. Mr. Jaiswal holds a PGDM degree from MIT-SOB. He
also owns a construction co., which he is profitably operating from last 3 years. Mr. Garfield has extensive
business contacts in pune and also being an alumni of MIT that he will leverage to help his new venture
succeed.
However, because of the investors' other commitments they will not be involved into the daily
management decisions at Drink & Think. A professional manager (Rs.2,40,000/yr) will be hired who will
oversee all the coffee bar operations. Two full-time baristas (Rs.1,20,,000/yr each) will be in charge of
coffee preparation. Four more part-time employees will be hired to fulfill the staffing needs. In the second
and third year of operation one more part-time employee will be hired to handle the increased sales
volume.

6.1 Management Team

A full-time manager will be hired to oversee the daily operations at Drink & Think. The candidate (who's
name is withheld due to his current employment commitment) has had three years of managerial
experience in the definitely industry in Pune. This person's responsibilities will include managing the staff,
ordering inventory, dealing with suppliers, developing a marketing strategy and perform other daily
managerial duties. We believe that our candidate has the right experience for this role. A profit-sharing
arrangement for the manager may be considered based on the first year operational results.

6.2 Management Team Gaps

Despite the owners' and manager's experience in the definitely industry, the company will retain the
consulting services of Nescafe Espresso Services, the consultants who have helped to develop the
business idea for Drink & Think. This company has over twenty years of experience in the retail coffee
industry and has successfully opened dozens of coffee bars across the India. Consultants will be primarily
used for market research, customer satisfaction surveys and to provide additional input into the evaluation
of the new business opportunities.

6.3 Personnel Plan

The table below outlines the personnel needs of Drink & Think coffee bar.

Personnel Plan
Year 1

Year 2

Year 3

Manager
Baristas

Rs.2,40,000
Rs.2,40,000

Rs.3,20,000
Rs.3,20,000

Rs.3,20,000
Rs.3,20,000

Employees
Total People

Rs.2,52,000
7

Rs.3,60,000
7

Rs.4,44,000
8

Total Payroll

Rs.7,32,000

Rs.1000000

Rs.1084,000

Financial Plan
Drink & Think will capitalize on the strong demand for high-quality gourmet coffee. The owners have
provided the company with sufficient start-up capital. With successful management aimed at establishing
and growing a loyal customer base, the company will see its net worth doubling in two years. Drink &
Think will maintain a healthy 65% gross margin, which combined with reasonable operating expenses, will
provide enough cash to finance further growth.

7.1 Important Assumptions

General Assumptions
Plan Month
Current Interest Rate

Year 1
1

Year 2
2

Year 3
3

10.00%

10.00%

10.00%

Long-term Interest Rate

Tax Rate
Other

10.00%
25.42%

10.00%
25.00%

10.00%
25.42%

7.2 Projected Cash Flow

As the chart and table below present, the company will maintain a healthy cash flow position, which will
allow for timely debt servicing and funds available for future development.

Pro Forma Cash Flow

Year 1

Year 2

Year 3

Cash Received
Cash from Operations
Cash Sales

Rs.17,84,400

Rs.18,42,400

Rs.20,06,640

Rs.17,84,400

Rs.18,42,400

Rs.20,06,640

Sales Tax, VAT, HST/GST Received

New Current Borrowing

Rs.0
Rs.0

Rs.0
Rs.0

Rs.0
Rs.0

New Other Liabilities (interest-free)

New Long-term Liabilities

Rs.0
Rs.0

Rs.0
Rs.0

Rs.0
Rs.0

Sales of Other Current Assets

Sales of Long-term Assets

Rs.0
Rs.0

Rs.0
Rs.0

Rs.0
Rs.0

Rs.0
Rs.17,84,400

Rs.0
Rs.18,42,400

Rs.0
Rs.20,06,640

Year 1

Year 2

Year 3

Rs.7,32,000
Rs.3,27,865

Rs.10,00,000
Rs.3,88,715

Rs.10,84,000
Rs.4,20,945

Subtotal Cash from Operations

Additional Cash Received

New Investment Received

Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments

Subtotal Spent on Operations

Additional Cash Spent

Rs.10,59,865

Rs.13,88,715

Rs.1,504,945

Sales Tax, VAT, HST/GST Paid Out

Principal Repayment of Current Borrowing

Rs.0
Rs.3,300

Rs.0
Rs.3,300

Rs.0
Rs.3,300

Other Liabilities Principal Repayment

Long-term Liabilities Principal Repayment

Rs.0
Rs.0

Rs.0
Rs.3,585

Rs.0
Rs.3,961

Purchase Other Current Assets

Purchase Long-term Assets

Rs.0
Rs.0

Rs.0
Rs.2,000

Rs.0
Rs.2,000

Dividends
Subtotal Cash Spent

Rs.0
Rs.1,063,165

Rs.0
Rs.1,397,600

Rs.0
Rs1, 510,245.

Net Cash Flow

Cash Balance

Rs.1,784,400
Rs.721,235

Rs.1,842,400
Rs.444,800

Rs.2,006,640
Rs.496,395

7.3 Key Financial Indicators

7.4 Break-even Analysis

With average monthly fixed costs of Rs.1,50,000 in FY 2012 and an average margin of 65%, Drink &
Think's break-even sales volume is around Rs. 2,20,000 per month. As shown further, the company is
expected to generate such sales volume from the out start.

Break-even Analysis
Monthly Revenue Break-even

Rs.231,247

Assumptions:
Average Percent Variable Cost

35%

Estimated Monthly Fixed Cost

Rs.95,311

7.5 Projected Profit and Loss

Annual projected sales of Rs. 1,784,000 in FY2012 translate into Rs.775.7 of sales per square foot, which
is in line with the industry averages for this size of coffee bar. Overall, as the company gets established in
the local market, its net profitability increases from 17.06% in FY 2012 to 17.63% in FY2014. The table
below outlines
Pro Forma Profit and Loss
the projected
Year 1
Year 2
Year 3
Profit and Loss
Sales
Rs.1,784,000
Rs.1,842,400
Rs.2,006,640
Statement for
Direct Cost of Sales
Rs.3,04,400
Rs.3,14,840
Rs.3,68,324
Other
Rs.0
Rs.0
Rs.0 FY2012-2014.
Total Cost of Sales
Gross Margin
Gross Margin %

Rs.3,04,400

Rs.3,14,840

Rs.3,68,324

RS.1,479,600
65.00%

Rs.1,527,560
65.00%

Rs.1,638,316
65.00%

Expenses
Payroll

Rs.732,000

Rs.1,000,000

Rs.1,084,000

Sales and Marketing and Other Expenses

Depreciation

Rs.167,000
Rs.5,400

Rs.160,000
Rs.5,500

Rs.165,000
Rs.5,500

Rent
Maintenance

Rs.18000
Rs.15,840

Rs.18000
Rs.16,424

Rs.18000
Rs.17,066

Utilities/Phone
Payroll Taxes

Rs.9,000
Rs.18,690

Rs.9,500
Rs.21,570

Rs.10,000
Rs.23,272

Other
Total Operating Expenses

Rs.0
Rs.965,930

Rs.0
Rs.1,230,994

Rs.0
Rs.1,322,838

Profit Before Interest and Taxes

EBITDA

Rs.513,670
Rs.51,270

Rs.296,566
Rs.49,866

Rs.315,478
Rs.64,034

Interest Expense
Taxes Incurred

Rs.2,821
Rs.33,740

Rs.2,326
Rs.35,510

Rs.1,618
Rs.42,424

Net Profit
Net Profit/Sales

Rs.425,839
17.00%

Rs.208,864
16.58%

Rs.207,402
16.52%

7.6
Projected
Balance
Sheet
The company's
net worth is

expected to increase from approximately Rs.6, 00,000 by the end of FY2012 to approximately Rs. 16,
35,500 in FY2013. The table below summarizes the projected balance sheets for this period.

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

Cash
Inventory

Rs.195,358
Rs.21,175

Rs.296,358
Rs.23,293

Rs.417,648
Rs.25,622

Other Current Assets

Total Current Assets

Rs.0
Rs.216,533

Rs.0
Rs.319,651

Rs.0
Rs.443,270

Long-term Assets
Long-term Assets

Rs.59,170

Rs.61,170

Rs.63,170

Accumulated Depreciation
Total Long-term Assets

Rs.5,400
Rs.53,770

Rs.10,900
Rs.50,270

Rs.16,400
Rs.46,770

Rs.270,303
Year 1

Rs.369,921
Year 2

Rs.490,040
Year 3

Rs.31,974

Rs.31,947

Rs.34,836

Rs.6,700
Rs.0

Rs.3,400
Rs.0

Rs.100
Rs.0

Rs.38,674
Rs.20,000

Rs.35,347
Rs.16,415

Rs.34,936
Rs.12,454

Total Liabilities
Paid-in Capital

Rs.58,674
Rs.140,000

Rs.51,762
Rs.140,000

Rs.47,390
Rs.140,000

Retained Earnings
Earnings

(Rs.27,680)
Rs.99,308

Rs.71,628
Rs.106,530

Rs.178,159
Rs.124,491

Total Capital
Total Liabilities and Capital

Rs.211,628
Rs.270,303

Rs.318,159
Rs.369,921

Rs.442,650
Rs.490,040

Net Worth

Rs.211,628

Rs.318,159

Rs.442,650

Assets
Current Assets

Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
Long-term Liabilities

7.7 Business Ratios

The table below outlines the company's business ratios. The last column represents industry average
business ratios for Specialty Eating Places (SIC 5812).

Ratio Analysis
Sales Growth

Year 1
0.00%

Year 2
10.00%

Year 3
10.00%

Percent of Total Assets

Inventory

7.83%

6.30%

5.23%

3.60%

0.00%
80.11%

0.00%
86.41%

0.00%
90.46%

35.60%
43.70%

19.89%
100.00%

13.59%
100.00%

9.54%
100.00%

56.30%
100.00%

Other Current Assets

Total Current Assets
Long-term Assets
Total Assets

Industry Profile
7.60%

Current Liabilities
Long-term Liabilities

14.31%
7.40%

9.56%
4.44%

7.13%
2.54%

32.70%
28.50%

Total Liabilities
Net Worth

21.71%
78.29%

13.99%
86.01%

9.67%
90.33%

61.20%
38.80%

Percent of Sales
Sales

100.00%

100.00%

100.00%

100.00%

Gross Margin
Selling, General & Administrative Expenses

65.00%
47.94%

65.00%
48.47%

65.00%
47.37%

60.50%
39.80%

Advertising Expenses
Profit Before Interest and Taxes

2.26%
23.27%

2.18%
22.47%

2.26%
23.85%

3.20%
0.70%

Main Ratios
Current

5.60

9.04

12.69

0.98

Quick
Total Debt to Total Assets

5.05
21.71%

8.38
13.99%

11.95
9.67%

0.65
61.20%

Pre-tax Return on Net Worth

Pre-tax Return on Assets

62.87%
49.22%

44.64%
38.40%

37.71%
34.06%

1.70%
4.30%

Additional Ratios
Net Profit Margin

Year 1
17.00%

Year 2
16.58%

Year 3
17.62%

n.a

Return on Equity
Activity Ratios

46.93%

33.48%

28.12%

n.a

10.91
11.25

10.11
12.17

10.11
12.17

n.a
n.a

Payment Days
Total Asset Turnover

27
2.16

30
1.74

29
1.44

n.a
n.a

Debt Ratios
Debt to Net Worth

0.28

0.16

0.11

n.a

0.66

0.68

0.74

n.a

Rs.177,858
48.16

Rs.284,304
62.07

RS.408,334
104.13

n.a
n.a

Inventory Turnover
Accounts Payable Turnover

Current Liab. to Liab.

Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales

0.46

0.58

0.69

n.a

Current Debt/Total Assets

Acid Test

14%
5.05

10%
8.38

7%
11.95

n.a
n.a

Sales/Net Worth
Dividend Payout

2.76
0.00

2.02
0.00

1.60
0.00

n.a
n.a

Appendix
Sales Forecast
Mon Mon Mon Mon Mon Mon Mon Mon Mon
th 1 th 2 th 3 th 4 th 5 th 6 th 7 th 8 th 9

Mon
th Mon Mon
10 th 11 th 12

Sale
s
Coff 0 Rs.2 Rs.2 Rs.2 Rs.2 Rs.2 Rs.2 Rs.2 Rs.2 Rs.2 Rs.3 Rs.3 Rs.3

ee
beve
rage
s
Coff
ee
bean
s
Pastr
ies,
etc.
Tota
l
Sale
s
Dire
ct
Cost
of
Sale
s
Coff
ee
beve
rage
s
Coff
ee
bean
s
Pastr
ies,
etc.
Subt
otal
Dire
ct
Cost
of
Sale
s

4,00 7,00 8,80 8,80 8,80 8,80 8,80 8,80 9,40 1,20 3,00 3,00
0
0
0
0
0
0
0
0
0
0
0
0

0 Rs.6,
% 000
Rs.1
0 0,00
%
0

Rs.6,
750
Rs.1
1,25
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
200
Rs.1
2,00
0

Rs.7,
350
Rs.1
2,25
0

Rs.7,
800
Rs.1
3,00
0

Rs.8,
250
Rs.1
3,75
0

Rs.8,
250
Rs.1
3,75
0

Rs.4 Rs.4 Rs.4 Rs.4 Rs.4 Rs.4 Rs.4 Rs.4 Rs.4 Rs.5 Rs.5 Rs.5
0,00 5,00 8,00 8,00 8,00 8,00 8,00 8,00 9,00 2,00 5,00 5,00
0
0
0
0
0
0
0
0
0
0
0
0

Mon Mon Mon Mon Mon Mon Mon Mon Mon

th 1 th 2 th 3 th 4 th 5 th 6 th 7 th 8 th 9

Mon
th Mon Mon
10 th 11 th 12

Rs.6, Rs.6, Rs.7, Rs.7, Rs.7, Rs.7, Rs.7, Rs.7, Rs.7, Rs.7, Rs.8, Rs.8,
000 750 200 200 200 200 200 200 350 800 250 250

Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.3, Rs.4, Rs.4,
000 375 600 600 600 600 600 600 675 900 125 125
Rs.5, Rs.5, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6, Rs.6,
000 625 000 000 000 000 000 000 125 500 875 875

Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1 Rs.1
4,00 5,75 6,80 6,80 6,80 6,80 6,80 6,80 7,15 8,20 9,25 9,25
0
0
0
0
0
0
0
0
0
0
0
0

Personnel Plan

Man
ager
Bari
stas
Emp
loye
es
Tota
l
Peo
ple
Tota
l
Payr
oll

Mon Mon Mon

th 1 th 2 th 3
Rs.2 Rs.2
0 Rs.2 00,0 00,0
% 0000 00 00
Rs.2 Rs.2 Rs.2
0 00,0 00,0 00,0
% 00 00 00
Rs.2 Rs.2 Rs.2
0 80,0 80,0 80,0
% 00 00 00

Mon
th 4
Rs.2
00,0
00
Rs.2
00,0
00
Rs.2
80,0
00

Mon
th 5
Rs.2
00,0
00
Rs.2
00,0
00
Rs.2
80,0
00

Mon
th 6
Rs.2
00,0
00
Rs.2
00,0
00
Rs.2
80,0
00

Mon
th 7
Rs.2
00,0
00
Rs.2
00,0
00
Rs.2
80,0
00

Mon
th 8
Rs.2
00,0
00
Rs.2
00,0
00
Rs.2
80,0
00

Mon Mon
th 9 th 10
Rs.2 Rs.2
00,0 00,0
00 00
Rs.2 Rs.2
00,0 00,0
00 00
Rs.2 Rs.2
80,0 80,0
00 00

Mon Mon
th 11 th 12
Rs.2 Rs.2
00,0 00,0
00 00
Rs.2 Rs.2
00,0 00,0
00 00
Rs.2 Rs.2
80,0 80,0
00 00

Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6 Rs.6
8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00 8,00
0
0
0
0
0
0
0
0
0
0
0
0

General Assumptions
Mon Mon Mon
th 1 th 2 th 3
Plan
Mon
th
1
2
3
Curr
ent
Inter
est
10.0 10.0 10.0
Rate
0% 0% 0%
Long
term
Inter
est
10.0 10.0 10.0
Rate
0% 0% 0%
Tax
30.0 25.0 25.0
Rate
0% 0% 0%
Othe
r
0
0
0

Mon Mon Mon Mon Mon Mon Mon Mon Mon

th 4 th 5 th 6 th 7 th 8 th 9 th 10 th 11 th 12

10

11

12

10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

0% 0% 0% 0% 0% 0% 0% 0% 0%

10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0

0% 0% 0% 0% 0% 0% 0% 0% 0%
25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0
0% 0% 0% 0% 0% 0% 0% 0% 0%

Pro Forma Profit and Loss

Sales
Direct
Cost of
Sales
Other
Total
Cost of
Sales
Gross
Margin
Gross
Margin
%
Expens
es
Payroll
Sales
and
Marketi
ng and
Other
Expense
s
Depreci
ation
Rent
Mainten
ance
Utilities
/Phone
Payroll
Taxes
Other
Total
Operati
ng
Expens
es

Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont Mont
h1
h2
h3
h4
h5
h6
h7
h8
h 9 h 10 h 11 h 12
Rs.14 Rs.14 Rs.10 Rs.10 Rs.12 Rs.12 Rs.16 Rs.16 Rs.18 Rs.11 Rs.11 Rs.11
8,700 8,700 0,700 0,700 0,000 0,000 5,000 5,000 5,000 5,200 5,200 5,200
Rs.30, Rs.30, Rs.17, Rs.17, Rs22, Rs.22, Rs.32, Rs.33, Rs.35, Rs.20, Rs.20, Rs.20,
367 367 800 800 800 800 800 766 150 250 250 250
Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0 Rs.0
Rs.30 Rs.30, Rs.17 Rs.17 Rs22, Rs.22 Rs.32 Rs.33 Rs.35 Rs.20 Rs.20 Rs.20,
,367 367 ,800 ,800 800 ,800 ,800 ,766 ,150 ,250 ,250 250
Rs.11 Rs.11 Rs.82, Rs.82, Rs.97, Rs.97, Rs.13 Rs.13 Rs.14 Rs.,94 Rs.94, Rs.94,
8,333 8,333 900 900 200 200 2,200 2,200 9,850 ,950 950 950
65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00 65.00
%
%
%
%
%
%
%
%
%
%
%
%

Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68, Rs.68,
000 000 000 000 000 000 000 000 000 000 000 000

Rs.2,1 Rs.2,1 Rs.2,1

50
50
50
Rs.45 Rs.45 Rs.45
0
0
0
Rs.15, Rs.15,
Rs.0 000 000
Rs.40 Rs.45 Rs.48
0
0
0
Rs.75 Rs.75 Rs.75
0
0
0
15 Rs.1,5 Rs.1,5 Rs.1,5
%
58
58
58
Rs.0 Rs.0 Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.48
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.48
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.48
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.48
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.2,1 Rs.2,1 Rs.2,1

50
50
50
Rs.45 Rs.45 Rs.45
0
0
0
Rs.15, Rs.15, Rs.15,
000 000 000
Rs.48 Rs.49 Rs.52
0
0
0
Rs.75 Rs.75 Rs.75
0
0
0
Rs.1,5 Rs.1,5 Rs.1,5
58
58
58
Rs.0 Rs.0 Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.55
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.2,1
50
Rs.45
0
Rs.15,
000
Rs.55
0
Rs.75
0
Rs.1,5
58
Rs.0

Rs.16 Rs.20, Rs.20 Rs.20 Rs.20 Rs.20 Rs.20 Rs.20 Rs.20 Rs.20 Rs.20 Rs.20,
,191 641 ,671 ,671 ,671 ,671 ,671 ,671 ,681 ,711 ,741 741

Profit
Before
Interest
and
Taxes
EBITD
A
Interest
Expense
Taxes
Incurred
Net
Profit
Net
Profit/S
ales

Rs.9,8 Rs.8,6
09
09
Rs.10, Rs.9,0
259
59
Rs.24 Rs.24
8
5
Rs.2,8 Rs.2,0
68
91
Rs.6, Rs.6,2
693
73

Rs.10,
529
Rs.10,
979
Rs.24
3
Rs.2,5
72
Rs.7,
715

Rs.10,
529
Rs.10,
979
Rs.24
1
Rs.2,5
72
Rs.7,
716

Rs.10,
529
Rs.10,
979
Rs.23
9
Rs.2,5
73
Rs.7,
718

Rs.10,
529
Rs.10,
979
Rs.23
6
Rs.2,5
73
Rs.7,
720

Rs.10,
529
Rs.10,
979
Rs.23
4
Rs.2,5
74
Rs.7,
721

Rs.10, Rs.11, Rs.13,

529 169 089
Rs.10, Rs.11, Rs.13,
979 619 539
Rs.23 Rs.22 Rs.22
2
9
7
Rs.2,5 Rs.2,7 Rs.3,2
74
35
16
Rs.7, Rs.8, Rs.9,
723 205 647

Rs.15,
009
Rs.15,
459
Rs.22
5
Rs.3,6
96
Rs.11,
088

Rs.15,
009
Rs.15,
459
Rs.22
3
Rs.3,6
97
Rs.11,
090

16.73 13.94 16.07 16.08 16.08 16.08 16.09 16.09 16.74 18.55 20.16 20.16
%
%
%
%
%
%
%
%
%
%
%
%

Pro Forma Cash Flow

Mo
Mon Mon Mon
nth Mon Mon Mon Mon Mon Mon Mon Mon th th th
1 th 2 th 3 th 4 th 5 th 6 th 7 th 8 th 9 10 11 12
Cash
Receiv
ed
Cash
from
Operati
ons
$40
Cash
,00 $45, $48, $48, $48, $48, $48, $48, $49, $52, $55, $55,
Sales
0 000 000 000 000 000 000 000 000 000 000 000
Subtot
al
Cash
from
$40
Operat
,00 $45, $48, $48, $48, $48, $48, $48, $49, $52, $55, $55,
ions
0 000 000 000 000 000 000 000 000 000 000 000
Additio
nal
Cash
Receiv
ed
Sales 0.0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Tax,
VAT,
HST/G
ST
Receiv
ed
0%
New
Current
Borrow
ing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New
Other
Liabilit
ies
(interes
t-free)
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New
Longterm
Liabilit
ies
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales
of
Other
Current
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales
of
Longterm
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New
Invest
ment
Receiv
ed
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtot
al
Cash
$40
Receiv
,00 $45, $48, $48, $48, $48, $48, $48, $49, $52, $55, $55,
ed
0 000 000 000 000 000 000 000 000 000 000 000
Mo
Mon Mon Mon
Expen
nth Mon Mon Mon Mon Mon Mon Mon Mon th th th
ditures
1 th 2 th 3 th 4 th 5 th 6 th 7 th 8 th 9 10 11 12

Expend
itures
from
Operati
ons
Cash
Spendi
ng
Bill
Payme
nts
Subtot
al
Spent
on
Operat
ions
Additio
nal
Cash
Spent
Sales
Tax,
VAT,
HST/G
ST
Paid
Out
Princip
al
Repay
ment of
Current
Borrow
ing
Other
Liabilit
ies
Princip
al
Repay
ment
Longterm
Liabilit

$10
,38 $10, $10, $10, $10, $10, $10, $10, $10, $10, $10, $10,
3 383 383 383 383 383 383 383 383 383 383 383
$72 $22, $29, $30, $29, $29, $29, $29, $29, $30, $32, $34,
8 112 845 569 450 449 447 445 474 424 727 195

$11, $32, $40, $40, $39, $39, $39, $39, $39, $40, $43, $44,
112 496 228 952 834 832 830 829 857 808 110 578

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$27
5 $275 $275 $275 $275 $275 $275 $275 $275 $275 $275 $275

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

ies
Princip
al
Repay
ment
Purcha
se
Other
Current
Assets
Purcha
se
Longterm
Assets
Divide
nds
Subtot
al
Cash
Spent
Net
Cash
Flow
Cash
Balanc
e

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$11, $32,
387 771
$28
,61 $12,
3 229
$95
,73 $107
6 ,966

$40, $41, $40, $40, $40, $40, $40, $41, $43, $44,
503 227 109 107 105 104 132 083 385 853
$7,4 $6,7 $7,8 $7,8 $7,8 $7,8 $8,8 $10, $11, $10,
97 73 91 93 95 96 68 917 615 147
$115 $122 $130 $138 $145 $153 $162 $173 $185 $195
,462 ,235 ,127 ,020 ,914 ,811 ,679 ,596 ,211 ,358

Pro Forma Balance Sheet

Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo
nth nth nth nth nth nth nth nth nth nth nth nth
1
2
3
4
5
6
7
8
9 10 11 12
Star
ting
Bal
Asse anc
ts
es
Curre
nt
Asset
s
Cash $67, $95, $10 $11 $12 $13 $13 $14 $15 $16 $17 $18 $19
123 736 7,96 5,46 2,23 0,12 8,02 5,91 3,81 2,67 3,59 5,21 5,35

6
2
5
7
0
4
1
9
6
1
8
Inven $16, $15, $17, $18, $18, $18, $18, $18, $18, $18, $20, $21, $21,
tory
027 400 325 480 480 480 480 480 480 865 020 175 175
Other
Curre
nt
Asset
s
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
Curre
nt
$11 $12 $13 $14 $14 $15 $16 $17 $18 $19 $20 $21
Asse $83, 1,13 5,29 3,94 0,71 8,60 6,50 4,39 2,29 1,54 3,61 6,38 6,53
ts
150
6
1
2
5
7
0
4
1
4
6
6
3
Longterm
Asset
s
Longterm
Asset $59, $59, $59, $59, $59, $59, $59, $59, $59, $59, $59, $59, $59,
s
170 170 170 170 170 170 170 170 170 170 170 170 170
Accu
mulat
ed
Depr
eciati
$45 $90 $1,3 $1,8 $2,2 $2,7 $3,1 $3,6 $4,0 $4,5 $4,9 $5,4
on
$0
0
0 50 00 50 00 50 00 50 00 50 00
Total
Long
-term
Asse $59, $58, $58, $57, $57, $56, $56, $56, $55, $55, $54, $54, $53,
ts
170 720 270 820 370 920 470 020 570 120 670 220 770
Total $14 $16 $18 $19 $19 $20 $21 $22 $22 $23 $24 $26 $27
Asse 2,32 9,85 3,56 1,76 8,08 5,52 2,97 0,41 7,86 6,66 8,28 0,60 0,30
ts
0
6
1
2
5
7
0
4
1
4
6
6
3
Liabil
ities
and
Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo
Capit
nth nth nth nth nth nth nth nth nth nth nth nth
al
1
2
3
4
5
6
7
8
9 10 11 12
Curre
nt
Liabili
ties

Acco
unts
Paya
$21, $28, $29, $28, $28, $28, $28, $28, $29, $31, $33, $31,
ble
$0 118 825 587 469 467 465 464 462 335 586 092 974
Curre
nt
Borro $10, $9,7 $9,4 $9,1 $8,9 $8,6 $8,3 $8,0 $7,8 $7,5 $7,2 $6,9 $6,7
wing 000 25 50 75 00 25 50 75 00 25 50 75 00
Other
Curre
nt
Liabili
ties
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subt
otal
Curre
nt
Liabil $10, $30, $38, $38, $37, $37, $36, $36, $36, $36, $38, $40, $38,
ities 000 843 275 762 369 092 815 539 262 860 836 067 674
Longterm
Liabili $20, $20, $20, $20, $20, $20, $20, $20, $20, $20, $20, $20, $20,
ties
000 000 000 000 000 000 000 000 000 000 000 000 000
Total
Liabil $30, $50, $58, $58, $57, $57, $56, $56, $56, $56, $58, $60, $58,
ities 000 843 275 762 369 092 815 539 262 860 836 067 674
Paidin
$14 $14 $14 $14 $14 $14 $14 $14 $14 $14 $14 $14 $14
Capit 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
al
0
0
0
0
0
0
0
0
0
0
0
0
0
Retai
ned ($27 ($2 ($2 ($2 ($2 ($2 ($2 ($2 ($2 ($2 ($2 ($2 ($2
Earni ,680 7,68 7,68 7,68 7,68 7,68 7,68 7,68 7,68 7,68 7,68 7,68 7,68
ngs
) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0)
Earni
$6,6 $12, $20, $28, $36, $43, $51, $59, $67, $77, $88, $99,
ngs
$0 93 966 680 397 115 834 556 279 484 130 218 308
Total $11 $11 $12 $13 $14 $14 $15 $16 $17 $17 $18 $20 $21
Capit 2,32 9,01 5,28 3,00 0,71 8,43 6,15 3,87 1,59 9,80 9,45 0,53 1,62
al
0
3
6
0
7
5
4
6
9
4
0
8
8
Total $14 $16 $18 $19 $19 $20 $21 $22 $22 $23 $24 $26 $27
Liabil 2,32 9,85 3,56 1,76 8,08 5,52 2,97 0,41 7,86 6,66 8,28 0,60 0,30
ities
0
6
1
2
5
7
0
4
1
4
6
6
3
and
Capit

al
Net
$11 $11 $12 $13 $14 $14 $15 $16 $17 $17 $18 $20 $21
Wort 2,32 9,01 5,28 3,00 0,71 8,43 6,15 3,87 1,59 9,80 9,45 0,53 1,62
h
0
3
6
0
7
5
4
6
9
4
0
8
8