BUSINESS PLAN

By:

BEERY MED PHARMACEUTICALS

(ETSEGENET KIFLE HAIL)

Addis Ababa

April, 2023

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Table of Contents
1. Executive Summary...........................................................................................2

2. Mission Statement.............................................................................................2

3. Business Objectives...........................................................................................3

4. Guiding principles.............................................................................................3

5. Keys to Success.................................................................................................4

6. Brief profile of the owners and the business.......................................................4

6.1 Ownership......................................................................................................4

6.2 Legal Form.....................................................................................................5

7. Services.............................................................................................................5

8. Competitors.......................................................................................................7

8.1. Suppliers........................................................................................................7

9. Management Controls........................................................................................7

9.1. Marketing strategy:.........................................................................................8

10. Required costs................................................................................................9

10.1.Cost of extended production and sales.............................................................9

11. Expected income from sales............................................................................9

12. Financial Evaluation.....................................................................................12

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1. Executive Summary

Berry Med Pharmaceuticals is an Ethiopian Pharmaceutical company at first

engaged itself merely in the wholesale activities covering drugs, Medical
equipment’s, supplies, laboratory equipment’s, reagents and hospital furniture
in the vicinity of Ethiopia since its commencement (February, 2020).It then
aimed to diversify its role in the industry by having an import and distribution
wing that is realized in March, 2022.

Our company is established having the aim of connecting the medical services
in the country with the latest technology the world makes use of and contribute
its part in narrowing the accessibility gap by supplying Pharmaceuticals
and medical devices for efficient and effective pharmaceutical & medical
services to be implemented thereof. For the medium and long range plan it
aimed to be the preferred supplier of quality and affordable
pharmaceuticals and medical devices and further play its role in the
manufacturing and export based market. Its scope of operation extends all
across the country, the customers to be served includes both governmental and
non-governmental hospitals, clinics, pharmacy retails, health centers, specialty
centers, universities, police and Army hospitals, research centers and AID
organizations. Berry Med as a company believes that its most important assets
are customers and its own employees. It will maintain the highest
standards of Professional ethics and aim to achieve the possible highest level
of customer satisfaction.

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The entity has received Business license No. from Addis Ababa City
Administration Trade Bureau Gulele Sub City , Worda 09, house no-451 ክቁ
003/1 as at 24/6/2014 EC and with paid up capital of birr 2,000,000. It also
received Tax Payers Registration Certificate No. 0026270265.

1.1. Background

“Ensuring healthy lives and promoting well-being for all at all ages” is one of
the Sustainable Development Goals (SDGs) and founding concept of the World
Health Organization and the Universal Deceleration of Human Rights (WHO,
2016). Realizing this goal requires the existence of a well - functioning Health
Care System.

Use of medicines is a critical factor in health system efficiency. However,

the ability of pharmaceuticals to save lives, reduce sufferings and improve
health depends on their quality, safety, efficacy, availability, affordability and
rational use. Cognizant of these, many countries in the world developed and
implemented National Medicines Policy taking into consideration access,
quality, safety and rational use as key strategic objectives. To monitor the
progress of efforts to improve the global medicines situation, WHO has
developed a system of indicators that measure important aspects of a country’s
pharmaceutical situation (WHO, 2007).

1.2. Country background - Health and pharmaceutical sector

Ethiopia is a country in the horn of Africa and one of the oldest states. As of
2016, the country’s projected population was nearly 102 million with a
population growth rate of 2.5%, proportion of rural population was nearly 80%
and life expectancy at births of 65 and 61.3 years for females and males
respectively (UN, 2016). The general fertility rate was 160 per 1,000 women of
age 15-49 years and maternal mortality ratio per 100,000 live births (LB) of
412 (CSA/ICF, 2016). The 2011 EDHS data showed that U5MR was
88/1000 LB MOH/PMNCH/WHO/WB/AHPSR,

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2015). the country follows federal system and is divided into 9 regional states
and two administrative councils. These are further subdivided into 85 zones
and 836 districts (wored as in Amharic).

The healthcare service in Ethiopia has always consisted of a mixture of public,

private and nongovernmental healthcare sectors. However, currently the public
healthcare system is organized into a three-tier health care delivery system
which was introduced in 2010 (FMOH, 2010). Level one is a woreda health
system comprised of a primary hospital (for 60 000–100 000 people), health
centers (for 15 000–25 000 population) and their satellite health posts (for
3000–5000 population), connected to each other by a referral system. The
primary hospital, health centers and health posts form a primary health care
unit. Secondary health Care is a general hospital for 1–1.5 million people and
Tertiary Health Care is a specialized hospital for 3.5–5 million people.

One of the vital components of the healthcare is medicine. Medicines are

crucial high value input for the health care systems that often make a
difference in the health outcomes for the individual and the population (Fidler
and Msisha, 2008). The pharmaceutical sector in Ethiopia is regulated By food,
medicine and health care administration and control proclamation no
661/2009(FDRE, 2010). Accordingly, the Ethiopian Food, Medicines
and Health Care Administration and Control Authority (EFMHACA) under
the Ministry of Health (MOH) and its Regional Regulatory Counterparts are in
charge of enforcement of the major regulatory functions including marketing
authorization, regulatory inspection, licensing of premises, marketing
surveillance and control, pharmacovigilance, clinical trial oversight, etc.

The Authority is aiming at ensuring that medicines marketed in Ethiopia are

efficacious, safe and of high quality. The National Medicines Policy was
issued in 1993 with a number of policy implementation instruments
developed subsequently. For example, list of essential medicines, standard
treatment guidelines and national formulary have been developed and used for

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promotion of rational use of medicines. As part of implementation,
Pharmaceutical Logistic Master Plan was prepared, and Pharmaceuticals Fund
and Supply Agency (PFSA) was established in September 2007 by Proclamation
No. 553/2007 to assure uninterrupted supply of pharmaceuticals to the public
at an affordable price.

The number of pharmaceutical importers and wholesalers was 329 and 287,
respectively and in 2007 E.C. there were 5136 medicine retail outlets including
780 pharmacies, 1030 medicine shops and 3266 rural medicine vendors.

The pharmaceutical market in Ethiopia is also believed to grow by 15% each

annum. The sector in Ethiopia do have many opportunities on which
pharmaceutical companies act accordingly: as manufacturer, as a research
and development center, as importer, as a whole seller and as a retailer in
accordance with the country’s legal grounds.

Berry Med pharmaceuticals as a pharmaceutical company enter in to this

industry first by being a whole seller whose major role is acting as a bridge
between importers and retailers or end users in the supply chain. To date
Berry Med is involved in the import wing as well. Here it can purchase drugs
and medical devices from local manufacturers for resale in the vicinity of the
country through a legal frame work laid by Ethiopian Food and Drug
Authority (EFDA).The other supply pipe is having agency agreement with
international pharmaceutical firms legally registered at Ethiopian Food and
Drug Authority and acquired market authorization.

In this case Berry Med is currently an Ethiopian agent for three Chinese
companies, namely: Better Medical Technology, Jiang suYuyue Medical
Equipment & Supply Co., ltd and Lianyun gang Baishun Medical Treatment
Articles Co., Ltd. It has the plan to diversify products by further adding
selected suppliers from around the world.

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2. Mission Statement

Our Mission and Vision Statement

 Our mission is to become the preferred supply partner to all of our

customers across the country and achieve sustained growth, through
consistent delivery of up-to-date, customer centric, world class quality
products.
 Our vision is to be the preferred pharmaceutical distribution company in
Ethiopia through our supply of quality drugs as well as offering the best
prices for these drugs to our customers. We also hope to be a leading
brand in the industry by the year 2023.
 In order to achieve our vision, we intend to ensure that we liaise with
only trusted pharmaceutical companies as well as with doctors and other
healthcare professionals in order to ensure that we source for as well as
supply quality drugs to our customers.

3. Business Objectives
The primary objectives of the business plan are presented as below:

 Obtain start-up funding.

 To supply customer with product on demand and ensure utmost
satisfaction.
 Achieve strong annual revenue within the first year.
 Providing an easily accessible location for customers.
 Offering clients a wide range of products in one setting, and extended
business hours.

4. Guiding principles
i. Being mindful of our customers and our staff
Coinciding with our Company values, we will treat both our customers
and staff in a manner in which we ourselves would want to be treated (or
better!)

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 ii. Gratitude

“An attitude of gratitude” shown to our customers, employees and

vendors – because without their input, service, labor and time, our
business would not be here without them!
iii. Our Service
Provide the reliable, warm and friendly service expected from Customers
creating an informal, comfortable environment which will make the
customers satisfied and want to repurchase and consume again and
again.

5. Keys to Success
 Repeat business. Every customer who comes and contact us once should
want to return, and recommend us. Word–of–mouth marketing is a
powerful supporter.

 For the businesses and other services we provided we hire skilled

employees and offer training to keep the employees on top of his/her
game, and pay competitive wages to ensure they stay with us.

 We hiring the most known and skilled professionals and pay the top
wages to them.

 Provide and supply up-to-date Products.

 Location. The convenience of a location is essential to our business; we

need to be close to our market because we are not trying to get people to
travel to reach us.

 Expanding customer base through expansion into other geographic areas

to retain a sufficient level of profitability.
 A variety of offerings system will be developed for each business
customers.

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6. Brief profile of the owners and the business

Berry Med Pharmaceuticals/Etsegenet Kifle was founded by Etsegenet Kifle

who has extensive experience in the Import and wholesale trade in Medicine and
Medical Equipment business. Through Her expertise, she will bring the operations
of the business to profitability within its first year. Etsegenet Kifle owns the
company and she is well respected by the business with whom she has worked.

7. Company Profile

Company’s Legal Name: -Berry Med Pharmaceuticals/Etsegenet Kifle

Business Registration Number: GU/AA/1/0008101/2012

Business License Number: GU /AA/14/668/1761995/2014, GU

/AA/03/159/2250958/2012

Business Type:-Import and wholesale trade in Medicine and Medical

Equipment. Certificate of Competence no:-

Year of Registration: 2020 G.C. (2012

TIN Number: 0026270265

Type of Organization: Sole Proprietorship.

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7.1 Establishment
Berry Med Pharmaceuticals/Etsegenet Kifle was established since 2012 EC,
with an initial investment capital ETB 2,000,000.

7.2 Legal Form

The above stated company Berry Med Pharmaceuticals/Etsegenet Kifle is
organized as a Sole Proprietorship and legally registered and operating in
Ethiopia.

7.3 Location and Addressed

Name of the company City Woreda Hou.No

ROBUF GENERAL TARDING PLC
Gulele 09 house no-
451 ክቁ
003/1

Contact Address:-
General Manager (Owner)-Miss. Etsegenet Kifle -
+251919934324
Deputy Manager - Mr. Abebe Goshime ------------
+251911441579
Email-----berrymed2014@gmail.com.

8. Our Products and Services

Our aim is to be able to supply both branded and generic drugs and other
medical accessories to all our customers here in Addis Ababa Ethiopia and in
locations around the state as well.

We are also established to make profit and in order to ensure that we generate
enough revenue to make profit; we intend to create multiple sources of income,
by offering other services as well as creating a franchise for those who intend to

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use our drug distribution model when starting up rather than start from the
scratch. All our sources of income will be under all the legal and permissible
laws of the Ethiopia government.

Therefore, some of the products and services which we intend to offer our
customers are;

 Sale of branded and generic drugs in wholesale to chain pharmacies,

local pharmacies and internet pharmacies.
 Sale of medical related equipment
 Advisory services
 Franchises

9. Price

Penetration Pricing will be the pricing strategy for our business, as our
business is at the high street of Addis Ababa where competition is huge, so we
try to give good quality at low price to penetrate in the market and try to
achieve higher sales volume to set low price and better quality strategy. Once
we achieve this objective then try to charge higher price for our customized
service for value addition.

10. Promotion and Advertising:

Every business that is established to generate revenue and make profit does so
in addition to be able to favorably compete with its other competitors either in
the same environment or in other strategic locations that would have an
impact on its own business. Drafting publicity and advertising strategies is
very important for any business that intends to survive in the business
environment.

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Advertising:

1. above the Line:

 Internet
 Radio
 Magazines
 Newspapers
2. below the Line:

 Flyers
 Coupons..etc

11. Competitors
The market is very competitive because they offer the same products and
services, but has different physical attributes to the Product and different
costs, which buyers have choices to choose from. Companies want to provide
the best products and services to attract buyers by lowering cost and
improving products, which makes the pharmaceutical industry very
competitive.

However, Companies want to provide the best products and services to attract
buyers by lowering cost and improving products and the owners is well
experienced in business sector more than 15 Years. Thus, this experience
makes it competitive and able it to win the battle. Moreover, the owners are
focusing on skilled personnel and customer centric approaches to easily win
the rivalry competitors in the business sector.

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12. Suppliers
Because of its years of business experience combined with its existing
capabilities, the company has established relationships with qualified
suppliers for its products. The suppliers can provide at reasonable prices each
product and also delivered according to the schedule. Each business unit has
its own supplier and some of our suppliers listed below.

Suppliers & manufacturers currently working with the company

N
O NAME OF SUPPLIERS COUNTERY
1 BETTER MEDICAL TECHNOLOGY CO.LTD china
2 JIANGSU YUYUE MEDICAL EQUIPMENT & SUPPLY CO.LTD china
LIANY UNGANG BAISHUN MEDICAL TREATMENT ARTICLES
3 CO.LTD china
4 HUMANWELL Pharmaceutical Ethiopia Plc. Ethiopia
5 ADDIS PHARMACEUTICAL INDUSTERY/APF Ethiopia
6 Pharmacure plc. Ethiopia
7 Population service International(PSI) Ethiopia
8 DANA Trading Plc. Ethiopia
9 Grace trading Plc. Ethiopia

Suppliers & manufacturers In future working with the company

1 CADILD PHARMACEUTICALS ETHIOPIA ETHIOPIA

2 ETHIOPIAN PHARMACEUTICALS MENUFACTURING SHARE CO. ETHIOPIA
3 MEDTECH ETHIOPIA PLC ETHIOPIA
4 JULPHAR MANUFACTURING FACILITY ETHIOPIA
5 SANSHENG PHARMACEUTICAL PLC ETHIOPIA
6 ESETE AFRICA PHARMACEUTICAL ETHIOPIA

Candidate manufacturers as a supplier(Agency deal under way)

1 Shenzhen Longcare Biotechco.ltd. CHINA
2 ZIBO EASTMED HEALTH CARE PRODUCTS CO.LTD. CHINA
3 SANCE Laboratorie pvt.ltd. INDIA
4 Dawei Medical co.ltd. CHINA

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13. Management profile
The company currently has twelve staff members which are permanent
employees, and three other members are employees on contract basis of the
company.

 General Manager (owner) - Miss. Etsegenet Kifle-Pharmacist by

profession:Six years’ experience in the field.

 D/Manager-Mr.Abebe Goshime-BSC in Pharmacy,BA in procurement

and supplies management: More than 25 years of experience in the
industry.

 Technical Manager-BONNY Dinka -BSC in pharmacy: 7 years of

experience in the pharmaceutical sector.

 Biomedical Engineer-Mr.Ezedin Yasin,BSC, Engineering.

 Administration & Finance Head-Hana Lafamo,BA in Accounting,Masters

in Bussiness
 Administration: four years’ experience as an accountant in this industry
and in audit firms.

 • Sales team coordinator-Mahlet Kidane,BSC-Pharmacy,

 Selam Belay, BA in Accounting, Accounts controller.

The company currently has twelve staff members which are permanent
employees, and three other members are employees on contract basis of the
company.

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14. Marketing strategy:

The main business strategy of the company is customer driven approach and
focused to address the need and want of their valuable customers.

14.1 SWOT Analysis

 Strength
 Huge Service Line with variations.
 Business will have longer hours and better prices as
compared to competitors.
 Discounts are available for customer.
 Expertise in getting new service to the market quickly.
 Expertise in providing good customer service.
 Customization available for individual customers.

 Weakness:
 New in business as compare to rivals.
 Huge capital required to start business as credit is not easily
available from supplier in start.
 Marketing expense in the start will be huge, to establish brand
name required lot of advertising.
 Threats
 Competition is high and big chains Incorporation introduced their
product shops in the city and penetrating in market.
 People are more conscious for pricing due to recession and going
for discounts

15. Required costs

Currently the company intended to diversify and expand its existing
business activities. Therefore for the expansion and diversification of its
business the companies required a total cost of ETB 4,000,000 to
purchase medicine and Medical equipment to expand income and
the total cost required from bank as a loan.

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 16. Cost of Purchase medicine and Medical equipment
The total cost estimated to expand the income from the period is estimated at
Birr 4,000,000 as detailed in table below.

Table: Cost

Items Total Cost

Purchase of medicine and 4,000,000

Medical equipment

Operation cost 4,000,000

2 Expected income from the next five Consecutive year

The analysis shows the presence of promising future demand for service. The
demand for each item is growing fast as the economy is growing. This result
also in lined with high rate of population and national growth. As it is known
Ethiopia is one of the fast growing economies in the world and. These are an
advantage for the company to its future investment. In addition the
government’s political commitment to help and encourage the sector is also a
driving force to invest in business.

The new business will also require Working capital to increase the profitability
of the business and the company will create 50 jobs for both professional and
non professional citizens of Ethiopians. On average the Company’s total sales
is estimated to ETB 143,717,743,36 for the next five consecutive years under
operation and serve many customers per week resulting in the expected total
sales.

(I). Table: Revenue/Forecast (5 Years)

2014 2015 2016 2017 Total

Revenue (Sales)
Income 300,212,246.00 360,254,695.20 432,305,634.24 518,766,761.09 1,611,539,336.53
300,212,246.00 360,254,695.20 432,305,634.24 518,766,761.09 1,611,539,336.5
Total revenue 3

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 (II). Start-up Expenses Summary

The start-up expenditures for ROBUF GENERAL TARDING PLC are

summarized below:

Investment Requirement 250,000,000.00

Total Investment
requirement 250,000,000.00

Startup Expenses
Salary and benefit 2,931,263.50
Travel and Perdiem 314,001.60
Communication 66,501.60
Utility expense 83,437.20
Fuel and Lubricant 112,718.10
Repair and Maintenance 90,701.60
Parking 1,627.40
Loading and Unloading 31,881.47
Office Supplies 45,967.90
Cleaning and Sanitation 11,501.60
Insurance 88,161.70
Miscellaneous 4,400.00
Printing and Stationery 8,801.10
Deprecation 35,068.40
Professional fee 33,000.00
License and Registration 11,580.80
Total Start-up Expenses 3,870,613.96

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 II. Profit and Loss Projection (5 Years)

Profit and Loss Projection Total

Year 2015 2016 2017 2018

Revenue 300,212,246.00 360,254,695.20 432,305,634.24 518,766,761.09 1,611,539,336.53

Total revenue 300,212,246.00 360,254,695.20 432,305,634.24 518,766,761.09 1,611,539,336.5

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Cost of Service
Cost of Service 225,159,184.50 270,191,021.40 324,229,225.68 389,075,070.82 1,208,654,502.40
Total Cost of Sales 225,159,184.50 270,191,021.40 324,229,225.68 389,075,070.82 1,208,654,502.4
0
-
Gross Profit 75,053,061.50 90,063,673.80 108,076,408.56 129,691,690.27 402,884,834.13
-
Administration Expense -
Salary and benefit 2,931,263.50 3,370,953.03 3,876,595.98 4,458,085.38 14,636,897.88
Travel and Perdiem 314,001.60 361,101.84 415,267.12 477,557.18 1,567,927.74
Communication 66,501.60 76,476.84 87,948.37 101,140.62 332,067.43
Utility expense 83,437.20 95,952.78 110,345.70 126,897.55 416,633.23
Fuel and Lubricant 112,718.10 129,625.82 149,069.69 171,430.14 562,843.74
Repair and Maintenance 90,701.60 104,306.84 119,952.87 137,945.80 452,907.10
Parking 1,627.40 1,871.50 2,152.23 2,475.06 8,126.19
Loading and Unloading 31,881.47 36,663.68 42,163.24 48,487.72 159,196.11
Office Supplies 45,967.90 52,863.09 60,792.55 69,911.43 229,534.96
Cleaning and Sanitation 11,501.60 13,226.84 15,210.87 17,492.50 57,431.80
Insurance 88,161.70 101,385.96 116,593.85 134,082.93 440,224.43
Miscellaneous 4,400.00 5,060.00 5,819.00 6,691.85 21,970.85
Printing and Stationery 8,801.10 10,121.27 11,639.45 1,745.92 32,307.74
Deprecation 35,068.40 40,328.66 46,377.96 6,956.69 128,731.71
Professional fee 33,000.00 37,950.00 43,642.50 6,546.38 121,138.88
License and Registration 11,580.80 120,456.00 138,524.40 159,303.06 429,864.26
Total Expense 3,870,613.96 4,558,344.13 5,242,095.75 5,926,750.20 19,597,804.05
Net Profit/Loss Before 71,182,447.54 85,505,329.67 102,834,312.81 123,764,940.07 383,287,030.08
Tax

(III). Projected Balance Sheet

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ROBUF GENERAL TARDING PLC
STATEMENT OF PROJECTED BALANCE SHEET
Currency in Ethiopia Birr
Beginning of
the Year Year, 1
ASSETS
Current assets
Cash and cash equivalent 2,856,258 3,284,697
Account Receivable 23,043,324 35,456,125
Prepayments - 2,745,125
Inventories 9,556,123 10,989,541
Other current assets -

Total current assets 35,455,705 52,475,488

Non-current assets

Property, plant and equipment 250,170,388 250,525,456

250,170,388 250,525,456

Total non-current Assets 250,170,388 250,525,456

Total assets 285,626,093 303,000,945

Liabilities and equity

Current liabilities
Accounts payable 24,290,690 19,745,258
Tax payable 17,732,284 19,505,513
Other current liabilities - -
Total current liabilities 42,022,974 39,250,771

Non-current liabilities

Bank Loan - -
Total non-current liability - -

Total liabilities 42,022,974 39,250,771

Equity
Capital 1,000,000 1,000,000
Retained Earning 242,603,119 262,750,174
Total equity 243,603,119 263,750,174

Total equity and liabilities 285,626,093 303,000,945

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3 Financial Evaluation
12.1. Underlying Assumption

The financial analyses of the companies are based on the data provided in the
preceding sections and the following assumptions.

12.2. Profitability
According to the projected income statement underlying assumption, the
company is generating profit in first year of operation and sales turn over well
be increased average (20%) with average profit margin (25%) for the next
consecutive years. Important ratios such as profit to total sales, net profit to
equity (Return on equity) and net profit plus interest on total investment
(return on total investment) show an increasing trend during the life-time of
the project. The income statement and the other indicators of profitability show
that the project is viable.

12.3. Break-even Analysis

One of the most common tools used in evaluating the economic feasibility of a
company or product is the break-even analysis. The break-even point is the
point at which revenue is exactly equal to costs. At this point, no profit is made
and no losses are incurred. The break-even point can be expressed in terms of
ETB sales. That is, the break-even units indicate the level of sales that are
required to cover costs. Sales above that number result in profit and sales
below that number result in a loss. The break-even sales indicate the ETB of
gross sales required to break-even.
The break-even point of the sales including cost of finance is estimated by

using income statement projection .

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The result shows the Company is operating above the breakeven point in terms
sales volume i.e the result is above sales volume is above zero. That means the
company is profitable to return its bank loan.

12.4. Cash flow

Year 2014 2015 2016 2017

Cash Inflow 300,212,246.00 360,254,695.20 432,305,634.24 518,766,761.09

Cash outflow 229,029,798.46 274,749,365.53 329,471,321.43 395,001,821.02
Net Cash Flow 71,182,447.54 85,505,329.67 102,834,312.81 123,764,940.07

The result shows the cash flow indicated positive that means the company is
profitable to return its bank loan.
Pay Back Period
Simply payback period show long it will take for an investment to show a profit.
It is the time it takes for your project to recoup the funds expended and

normally is expressed in years or months .

Several capitals budgeting decision rules have been created to reduce the
probability that incorrect capital budgeting decisions will be made. These
capital budgeting decision rules are applied to the cash flows of any project
which comes under consideration. Whereas, the Payback Period rule does not
involve discounting cash flows, the NPV rule is based on discounting
considerations. Accept any project that has cash inflows which exceed the
initial outlay within a specified number of years.
The cash flow and income statement projection are used to project the pay-
back period. The project’s initial investment will be fully recovered within Five
years period.

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12.6. Financial Ratios
A financial ratio is used to calculate a company’s financial status or production
against other firms. It is a tool used by investors to analyze and gain
information about the finance of a company’s history or the entire business
sector. To calculate financial ration, numbers are taken from the balance
sheet, income statement, and cash flow statement. The financial ratio is not a
calculation but an explanation of the economic status of a company, in terms
of profit, liquidity, leverage, and market valuation. A ratio may serve as an
indicator, red flag or clue for various issues.

Return on Equity = Net Profit before tax 8,652,192.19 0.032804

Net Equity 263,750,173.52

Current ratio = Current asset 52,475,488.15 1.336929

Current Liability 39,250,770.63

Quick ratio = Current asset- Inventory 41,485,946.70 1.056946

Current Liability 39,250,770.63

Debit to Equity = Total Liability 39,250,770.63 0.148818

Net Equity 263,750,173.52

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