Abstract

Management of risk has always been an integral part of any business and it has gained momentum in recent years due to globalization and liberalization. One of the most important areas in day-to-day management of a firm is to deal with the management of the working capital, which is defined as all the short-term assets used in daily operations. These consist primarily of cash, marketable securities, accounts receivable, and inventory. The balances in these accounts can be highly volatile as they respond quickly to changes in the firm’s operating environment. The effective management of working capital requires both medium-term planning and immediate reactions to the fast changes taking in the present business environment. Working capital management is the functional area of finance that covers all the current accounts of the firm. It is concerned with the adequacy of current assets as well the level of risk posed by current liabilities. It is a discipline that seeks proper policies for managing current assets and liabilities and practical techniques for maximizing the benefits from managing working capital. This paper addresses these issues by over viewing the conceptual and theoretical bases for liquidity, risk and profitability analysis of Square Pharmaceuticals Limited by identifying specific problems for common-pool resources, outlining alternative methodologies for their measurement. This paper highlights how Square Pharmaceuticals Limited has achieved adequate liquidity, risk minimization and profit maximization.

Introduction
The effective management of working capital requires both medium-term planning and immediate reactions to the fast changes taking in the present business environment. Working capital management is the functional area of finance that covers all the current accounts of the firm. It is concerned with the adequacy of current assets as well the level of risk posed by current liabilities. It is a discipline that seeks proper policies for managing current assets and liabilities and practical techniques for maximizing the benefits from managing working capital. The firm’s policies for managing working capital should be designed to achieve
Page 1

three goals, viz. adequate liquidity, maximization of the profitability.

minimization

of

risk,

and

Origin of the report
We are lucky to say that our honorable course teacher M. Takibur Rahman Lecturer, Department of Accounting and Information System, Faculty of Business Administration and Management, assigned us a report on “Liquidity, Risk and Profitability Analysis: A Case Study of Square Pharmaceuticals Limited”. The data required for the preparing this report has been collected from the annual reports of Square Pharmaceuticals Limited for the period of 5 years from 2003-2004 to 2007-2008.

Purpose of the Report
The purpose of the study was to measure the Liquidity, Risk and Profitability of Square Pharmaceuticals Limited over a period of (20032004 to 2007- 2008) five years to compare then and to measure the adequacy of the liquidity, risk minimization and profit maximization. The major objectives of this study are specified as follows:

To measure and evaluate Pharmaceuticals Limited.

the

liquidity

position

of

Square

Page 2

● To assess the correlation between liquidity and profitability ● To assess the trade-off between profitability and risk and ● To offer humble suggestions based on the above study.

Scope of the Study
This study has focused upon the liquidity position of Square Pharmaceuticals Limited, the correlation between liquidity and profitability, and trade-off between profitability and risk of Square Pharmaceuticals Limited. We hope this study will help us to know more clearly about the liquidity, risk and profitability of Square Pharmaceuticals Limited.

Methodology of the Report
Working capital has played an important role in the analysis of economic and operating performance of a company. The firm’s policies for managing working capital should be designed to achieve three goals, which are – adequate liquidity, minimizing risk, and maximizing profit. The term “liquidity” has been subjected to alternative definition of
Page 3

various natures. It is an attribute that signifies the capacity to meet financial obligations as and when required. The study was based on the financial statements data of Square Pharmaceuticals Limited for the period (2003-2004 to 2007- 2008) covering various aspects of operating performance. Data of earlier periods were also used for studying the relationship between liquidity and profitability. This report is based on mainly secondary data. Initially, the work is started with data those were available at Company’s Annual Report and company’s news letter. Moreover, it becomes helpful to gather some more information from the website of the company. Later on, the work progressed through some depth interviews of good range professionals trying to heat some expected area of the study. We collect the necessary information over phone because of time constrains. Then we analyze those data from many angles, in different aspect and present the information in different segment according to their category, in compact way. We highlight different important things, which we found during our survey. After doing all of those we submit the report to the proper authority.

Limitations of the Report
As a student of faculty of Business Administration and Management, 8th semester, this is our initiative for making a report on “Liquidity, Risk and Profitability Analysis: A Case Study on Square Pharmaceuticals Limited” through using its Annual Report and the necessary information which is provided by the employee of this organization. Beside this we have faced the following hindrances in preparing this report: ● Lack of knowledge and experience ● Short of time ● Lack of computer facilities ● Lack of sufficient privileges ● Lack of communication facilities

Page 4

This is our truthful declaration that the report is prepared on both secondary data and primary data as well. But in some cases, we found the problem of shortage of necessary data and that cases we will take hypothetical data, so there is a little chance of misappropriation.

Liquidity, Risk and Profitability

Adequate liquidity
Liquidity is an attribute that signifies the capacity to meet financial obligations as and when required. Liquidity management is a routine function of finance which deals with the effective management of the two components of working capital, viz. the current assets and the current liabilities. The current assets may be defined as the money and other assets that are readily convertible into cash. Cash itself is, by definition, the most liquid form of assets; other assets having varying degree of liquidity depending on the case with which they can be converted into cash. The current liabilities include all types of liabilities which will mature for payment with in a period of one year such as bank overdraft, trade creditors, bills payable, outstanding expenses, etc.

The importance of liquidity to meet the current obligations as and when they become due for payment can hardly be over emphasized. In fact, liquidity is a prerequisite for the very survival of the firm. The suppliers and short-term creditors are interested of the short-term solvency of the firm. It is a constraint which must be satisfied both directly, in that firms must settle their debts, and indirectly, in that they must also report an ability to continue to do so. If in the annual accounts, a firm reports poor liquidity, this may cause such a fall in confidence that its state becomes a self-fulfilling prophecy, as creditors demand immediate payment, the classic example being ‘a run on the bank’.

Page 5

Minimization of Risk
A firm should maintain adequate level of working capital to meet the current obligations and maintain business operations. It should ensure that it does not suffer from lack of liquidity. The failure of a firm to meet its obligations due to lack of sufficient liquidity is highly risky as it will result in bad credit image, lose of creditors confidence high-cost emergency borrowing, unnecessary legal battles or even closure of the firm. At the same time if the level of working capital is more holding cost of current assets would be more, again would badly affect the profitability. In other words, the working capital should not be either too high or too low. A well-monitored minimum level of working capital at a calculated risk is always good for better profitability.

Maximizing Profitability
Profitability is the relationship between profits and capital, i.e. the static resources set aside to rearm those profits, if profitability exceeds the cost of the firm’s capital that is the weighted average cost of firm’s equity and borrowed money, and it can call it successful. The investment of excess cash, minimization of inventories, speedy collection of receivables, and elimination of unnecessary and costly short-term financing all contribute to the maximization the profitability.

Liquidity, Risk and Profitability Trade-off

In connection with the trade-off between liquidity, risk and profitability, a firm can adopt three types of working capital policies:

 Conservative policy  Aggressive policy, and  Moderate policy.

Conservative Policy

Page 6

In the case of conservative policy, a firm will hold a relatively high proportion of working capital total assets to pay safe. As the rate of return on current assets is normally less than the rate of return on lower profitability but at t he same time firms it will signify lower risk of failure to meet the current obligations.

Aggressive Policy Here, the firm opts for a lower level of working capital thereby investing in current assets at a lower proportion to total assets. When a firm adopts this policy, the profitability is high but at high risk in meeting the current obligations on an achieving the desired level of turnover.

Moderate Policy A working capital policy adopted in between the conservative policy and aggressive policy is termed as moderate policy. In this case, the investment in current assets is neither too high nor too low. The profitability and risk are also moderate. Expressed in terms of ratios, conservative policy and aggressive policy will result in low current ratio with different degrees of financial flexibility.

The problem of liquidity is less dependent on particular circumstance and it is easier to make useful generalizations. There are two distinct requirements for liquidity—

1. Profitability and 2. Care and thoroughness in administration

Effective credit management and better control over the inventory are required to control the cost of working capital. It is only if a firm is profitable that in the long run it will receive in cash more than it pays out. This is more clearly imaginable in the case of a trading business which buys and sells mostly on cash basis. If such a firm makes loses it is paying out in cash more than it receives from sales. It can only sustain its
Page 7

cash balances by injections of capital or by selling fixed assets, processes which cannot be continued for a long time.

Profitability may be necessary but it is not sufficient. A firm must be careful to ensure that it does not commit its payment that it cannot cover. As stated early liquidity means short-term solvency of the firm to meet its financial obligations as and when there is— to measure the liquidity, two important ratios are generally used by firms. Which are as follows —

Current Ratio It is the relationship between the current assets and current liabilities and shows the proportion of current assets available per unit of current liability. It is worked out using the following formula—
Current Ratio = Current Assets Current Liabilitie s

A worthwhile target for the current ratio is 2:1. Firms with inventories which are easily realized, such as food retailers can manage with significantly lower ratios, but there is no excuse of going mush below unless, a firm sees liquid investments as a sound home for its resources. The current ratio cannot be judge except in relation to the needs of a particular commercial situation. Anything between 1:1 and 4:1 could be acceptable. Comparison must be made with industry norms and those competitors whom one respects. In the absence of other data, 2:1 is not unreasonable.

Quick Ratio The quick ratio establishes the relationship between quick or liquid assets and current liabilities. Quick assets mean current assets excluding inventory. The exclusion of inventory is for the reason that it is not easily and readily convertible into cash. A high quick ratio is an indication that the firm has liquidity and easiness to meet the current obligations. On the other hand, if the quick ratio is low, it is a clear indicator of illiquidity. The

Page 8

quick ratio is a more rigorous and penetrating test of the liquidity position when compared to the current ratio. It is calculated as follows—
Quick Ratio = Quick Assets Current Liabilitie s

Normally a quick ratio of 1:1 is considered satisfactory.

Profitability Ratios
There are two major categories of profitability ratios:

i. Profit in relation to sales and ii. Profit in relation to investments.

One of the major drawbacks of the profits in relation to sales is that it ignores the money invested by the firm to earn the profit. So, the profit in terms of investment is the best measure to assess the profitability, which is calculated as follows—
Pr ofiability = EBIT Capital Employed

Many a time, when gauging how well business is going, the observers and analysts look solely at profitability. If course, profit is a major consideration, being in an unprofitable business is a personal tragedy for the owners, managers and other stakeholders. Nevertheless, poor or below average profitability situations can be changed, but, not unless effective working capital management practice are established. It is because, through the firm is profitable, but illiquidity persists for a long time may leads to insolvency and may lead to closure of the firm. Based on these theoretical backgrounds, a modest attempt has been made to study the liquidity, profitability and risk trade-off of Square Pharmaceuticals Limited, a popular pharmaceutical industry in Bangladesh.

Page 9

OVERVIEW OF SQUARE PHARMACEUTICALS GROUP

Square Pharmaceuticals Ltd is the flagship company of Square Group. In stark contrast to its present stature, Square had a rather humble beginning. In 1958, the Company started out as a small scale pharmaceutical venture at Pabna, a small town in Northern Bangladesh. It was a partnership effort of four young and enterprising men under the leadership of the Chairman, Mr. Samson H Chowdhury, whose determination and passion saw it through the turmoil of the early days.

In 1964, the Company was turned into a Private Limited Company. After the independence of Bangladesh, 1975 was quite a significant year for Square as it established a technical collaboration with Janssen Pharmaceuticals of Belgium; a subsidiary of Johnson & Johnson, USA. In its relentless quest for higher technology, Square signed a technological collaboration agreement with F. Hoffman-La Roche & Co. Ltd in 1982.

1985 was another historical year for Square as the Company gained the market leadership for the first time in Bangladesh pharmaceuticals market and since then it has been maintaining its position as the leading pharmaceutical Company of the country. In 1987, Square became the first Bangladeshi company to export its product abroad.

The Company stepped into a new era when it was transformed into a Public Limited Company in 1991 and subsequently it was publicly listed at both the stock exchanges in the year 1995. Square Pharmaceutical Ltd has been successfully retaining its market leader position in Bangladesh for the last consecutive 22 years and its current market share is approximately 16%.
Page 10

CORPORATE INFORMATION

Corporate Focus:Our vision, our mission and our objectives are to emphasize on the quality of product, process and services leading to growth of the company imbibed with good governance.

Corporate Governance:-

Top Management: Board of Directors

As per provisions of the Article of Association, Board of Directors holds periodic meetings to resolve issue of policies and strategies, recording minutes/decisions for implementation by the Executive Management.

Executive Management

The Executive Management is headed by the Managing Director, the Chief Executive Officer (CEO) who has been delegated necessary and adequate authority by the Board of Directors. The Executive Management operates through further delegations of authority at every echelon of the line management.

The Executive Management is responsible for preparation of segment plans/sub-segment plans for every profit centers with budgetary targets for every item of goods & services and are held accountable for
Page 11

deficiencies with appreciation for exceptional performance. These operations are carried out by the Executive Management through series of committees, sub-committees, ad-hock committees, standing committees assisting the line management.

ABOUT SQUARE PHARMACEUTICALS LIMITED

Square today symbolizes a name – a state of mind. But its journey to the growth and prosperity has been no bed of roses. From the inception in 1958, it has today burgeoned into one of the top line conglomerates in Bangladesh. Square Pharmaceuticals Ltd., the flagship company, is holding the strong leadership position in the pharmaceutical industry of Bangladesh since 1985 and is now on its way to becoming a high performance global player.

SQUARE Pharmaceuticals Limited is the largest pharmaceutical company in Bangladesh and it has been continuously in the 1st position among all national and multinational companies since 1985. It was established in
Page 12

1958 and converted into a public limited company in 1991. The sales turnover of SPL was more than Taka 7.5 Billion (US$ 107.91 million) with about 16.92% market share (April 2006– March 2007) having a growth rate of about 23.17%.

SQUARE Pharmaceuticals Limited has extended her range of services towards the highway of global market. She pioneered exports of medicines from Bangladesh in 1987 and has been exporting antibiotics and other pharmaceutical products. This extension in business and services has manifested the credibility of Square Pharmaceuticals Limited.

Page 13

VISION, MISSION, AND OBJECTIVES

Vision
We view business as a means to the material and social wellbeing of the investors, employees and the society at large, leading to accretion of wealth through financial and moral gains as a part of the process of the human civilization.

Mission

Our Mission is to produce and provide quality & innovative healthcare relief for people, maintain stringently ethical standard in business operation also ensuring benefit to the shareholders, stakeholders and the society at large.

Objectives

Corporate Focus
Our vision, our mission and our objectives are to emphasize on the quality of product, process and services leading to growth of the company imbibed with good governance practices.

Our objectives are to conduct transparent business operation based on market mechanism within the legal & social frame work with aims to attain the mission reflected by our vision
Page 14

CHRONOLOGY SINCE INCEPTION

Page 15

1974 : 1982 : 1985 : 1987 : 1991 : 1995 : 1997 : 1998 : 2001 : 2004 : 2004 :

Technical Collaboration with Janssen Pharmaceutica, Belgium, a subsidiary of Johnson and Johnson International, USA. Licensing Agreement signed with F. Hoffmann-La Roche Ltd., Switzerland. Achieved first position in the Pharmaceutical Market of Bangladesh among all national and multinational companies. Pioneer in pharmaceutical export from Bangladesh. Converted in to a Public Limited Company Chemical Division of Square Pharmaceuticals production of pharmaceutical bulk products (API). Ltd. starts

Won the National Export trophy for exporting pharmaceuticals. Agro-chemicals & Veterinary Pharma starts its operation. Products Division of Square

US FDA/UK MCA standard new Pharmaceutical factory goes into operation built under the supervision of Bovis Lend Lease, UK. Signing of agreement with ROVIPHARM, Vietnam to manufacture and market SQUARE products under license in Vietnam. Secured the top position for the best published accounts and report for 2003 in the manufacturing category for transparency and excellence in corporate reporting. New State-of- the-Art Square Cephlosporins Ltd. goes into operation; built under the supervision of TELSTAR S.A. of Spain as per US FDA/ UK MHRA requirements. Square Pharmaceuticals Ltd., Dhaka Unit gets the UK MHRA approval.

2005 :

2007 :

Liquidity, Risk and Profitability Analysis of Square Pharmaceuticals Limited

Page 16

Liquidity Position of Square Pharmaceuticals Limited The determinants of liquidity and risk measurement (current assets, current liabilities, quick assets, current ratio, and quick ratio) are presented in the following table.

Table-1: Liquidity Position of Square Pharmaceuticals Limited
(Figures in Thousand Taka)

Year 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009 Total Overall Average Growth Rate (%) Standard Deviation Co-efficient of Variation (%)

Current Assets

Quick Assets

Current Liabilities 1,949,949 2,260,755 2,555,566 3,500,845 2,640,869

Curren t Ratio 1.66 1.78 1.44 1.26 1.46 7.60 1.52

Quick Ratio 1.08 1.19 0.84 0.40 0.66 4.17 0.834

3,242,50 2,097,590 2 4,031,68 2,689,320 5 3,682,51 2,138,319 1 4,411,83 1,385,100 6 3,843,51 1,744,758 3

19,212,0 10,055,08 12,907,984 47 7 3,842,40 2,011,017 9 18.54 386,142 10 (16.82) 435,077 22 2,581,597

35.43 (12.05) (38.89) 519,832 20

The liquidity position of Square Pharmaceuticals Limited is presented in the Table-1. Liquidity position of Liquidity Position of Square Pharmaceuticals Limited (2004-2005 –2008-2009) shows that the size of current assets has increased from 3,242,502 thousands in 2004-2005 to 3,843,513 thousands in 2008-2009, registering a growth rate of 18.54%, the quick assets have shown a nominal growth rate is (16.82) % from
Page 17

2,097,590 thousands to 1,744,758 thousands, whereas, the current liabilities is increased by 35.43% during the same periods. As a result, the current ratio has declined from 1.66 in 2004-2005 to 1.52 in 2008-2009 and quick ratio has reached 0.66 in 2008-2009 from 1.08 in 2004-2005.

Figure-1: Current Assets, Quick Assets and Current Liabilities of Square Pharmaceuticals Limited

Page 18

Figure-2: Current Limited

Ratio and Quick Ratio of Square Pharmaceuticals

Page 19

Above figure-1 shows the components of working capital and figure-2 shows the movement of current ratio and quick ratio. It is worth noted that the current ratios were almost consisted during the study period, although the current ratios of 2006-2007 and 2007-2008 were decreased in compare to the previous year, but in 2005-2006 and 2008-2009 were increased in compare to the previous year. In case of quick ratios it decreased in 2008-2009 in compare to the 2004-2005 (1.08 to 0.66) but it increased in compare to the pervious year 2007-2008 (0.40 to 0.66). The standard deviation and the co-efficient of variation of current liabilities were 519,832 and 20% respectively, whereas the standard deviation of current assets and quick assets were 386,142 and 435,077 with co-efficient of variation of 10% and 22% respectively.

Figure-3: Average of current assets, quick assets and current liabilities of five years, and current and quick ratio of Square Pharmaceuticals Limited.

Page 20

Liquidity and Profitability Analysis of Square Pharmaceuticals Limited
Liquidity and profitability are two contradictory term, though one cannot be effective without other. But excess of one may slowdown of the other. Management should maintain adequate liquidity and profitability. For the
Page 21

measurement of the liquidity and profitability position of Square Pharmaceuticals Limited we use the different indicator shown in the following table. Current assets, total assets, and current assets to total assets ratio has been used for liquidity indicator, and return on capital employed has been used for measuring the profitability indicator.

The spearman’s Rank correlation between current assets to total assets ratio (CTTR) and return on capital employed is displayed in the following table-2. Applying the following formula:
Correlatio n Coefficien t (r) = 1 − 6∑D 2

n(n 2 −1)

Correlatio n Coefficien t (r) = 1 −

6 ×4 5(5 2 −1)

= 0.80

Rank correlation coefficient during the study period was 0.80, indicating moderate degree of positive correlation between two variables, viz. liquidity and profitability.

Table-2: Rank Correlation between CTTR and ROCE of Square Pharmaceuticals Limited
(Figures in Thousand Taka)

Year

Current Assets

Total Assets

Capital Employ ed

EBIT

CTT R %

Ran k R1 1

ROC Ran E k (%) 39.0 1 24.6 8 24.9 0 R2 1

D

D2

2004 3,242,50 5,957,98 2 3 2005 2005 4,031,68 9,298,98 5 7 2006 2006 3,682,51 10,486,9 1 40 2007

5,568,7 2,172,5 54.4 90 93 2 6,402,0 1,580,2 43.3 15 04 5 7,333,2 1,825,7 35.1 58 52 2

0

0

2

3

-1

1

3

2

1

1

Page 22

2007 4,411,83 12,703,1 6 27 2008 2008 3,843,51 13,251,2 3 43 2009

8,417,0 1,709,3 34.7 41 06 3 9,949,3 2,368,4 29.0 98 37 0

4

20.3 1 23.8 0

5

-1

1

5

4

1

1

∑D

2

=4

In order to test the hypothesis, it is necessary to know the sample coefficient of correlation. The appropriate test static to be used here is by applying the following formula:
t= t= r 1−r2 0.80 × n −2 × 5 −2

1 − 0.80 2 = 2.31

Testing the significance of correlation coefficient,

H0: there is statistical relationship between the two variables, viz. liquidity and profitability, and

H1: Alternative hypothesis that there is no statistical relationship between the two variables.

The table value of ‘r’ at 5 percent level of significance for 4= (n-1) degree of freedom is 2.776, where as, the calculated value is 2.31 Since the computed value is less than the table value, the null hypothesis H0 is accepted and concludes that there is a linear relationship between liquidity and profitability.

Figure: Assets, Capital and EBIT of Square Pharmaceuticals Limited

Page 23

Figure: Rank Correlation Pharmaceuticals Limited

between

CTTR

and

ROCE

of

Square

Page 24

Risk versus Profitability
In order to analyze the trade-off between risk and profitability, the risk analysis of working capital management has been done to assets the extent of current assets maintained by Square Pharmaceuticals Limited, adequate enough to meet the current obligations and also to support the
Page 25

given level of operation. Enterprises are said to follow and aggressive approach when the current assets are financed only by short-term sources and a conservative approach when current assets are financed by both short-term and long-term sources. The risk faced by a firm can be measure with the following formula:
Rk = ( Ej + Lj ) − Aj Cj

Where, Rk= Risk factor Ej= Equity + Retained earnings Lj= Long-term loan Aj= Fixed assets Cj= Current assets The above measure indicates the extent of current assets financed by long-term funds after fixed assets are financed in full. Based on the above formula, the following inferences can be drawn—

 Value of Rk is zero or less would mean that the firm is following an aggressive policy and normally profitability would be high,  Value of Rk is 1 or close to 1 would mean that the firm is following a conservative approach and normally profitability would low.

Correlatio n Coefficien t (r) = 1 −

5(5 2 −1)

6∑38

Coefficient Correlation (r) = -0.90 Value of t:

Page 26

t=

× n −2 1−r2 − 0.90 t= × 5 −2 1 − −0.90 2 = − 3.58 or / t / = 3.58

r

Table-3 reveals that Square Pharmaceuticals Limited has followed the modest conservative approach during the study period. The risk factors of Square Pharmaceuticals Limited are positive in all years in the study period.

Table-3: Rank Correlation Pharmaceuticals Limited

between

Risk

and

ROCE

of

Square

(Figures in Thousand Taka)

Year

Equity and RE

Longterm Loan

Fixed Assets

Current Assets

Rk

Rank ROCE Ran D1 D12 k R3 (%) R2 5 39.01 1 -4 16

2004 5,568,79 0 2005 2005 6,402,01 5 2006 2006 7,333,25 8 2007 2007 8,417,04 1 2008 2008 9,949,39 8 2009

389,193 2,715,481 3,242,50 1.0 2 0 602,350 5,267,302 4,031,68 0.4 5 3 492,569 6,804,429 3,682,51 0.2 1 8 602,585 8,291,291 4,411,83 0.1 6 7 449,758 9,407,730 3,843,51 0.2 3 6

4

24.68

3

-1

1

3

24.90

2

-1

1

1

20.31

5

4

16

2

23.80

4

2

4

38

The correlation coefficient (r) for ranked data of risk and profitability is worked out as -0.90 indicates that there is an aggressive association between two variables, viz. risk and profitability. It’s a common theorem that risk and profitability are positively correlated, but in our study, it is
Page 27

found that the correlation coefficient r is negative, means that risk and profitability are negatively correlated. The table value of t at 5 percent level of significance for 4 degrees of freedom is 2.776 where as the calculated value of t is 3.58.

The test statistic is – H0: there is a positive association between risk and profitability, and H1: there is not positive association between two variables.

Since the calculated value of t is greater than the tabulated value, null hypothesis is rejected and concludes that there is negative relationship between two variables and Square Pharmaceuticals Limited has made a negative impact on its profitability that means, if risk is increased then the profitability of the company would be decreased.

Figure:

Page 28

Page 29

Sign up to vote on this title
UsefulNot useful

Master Your Semester with Scribd & The New York Times

Special offer: Get 4 months of Scribd and The New York Times for just $1.87 per week!

Master Your Semester with a Special Offer from Scribd & The New York Times