ANALYSIS OF BUSINESS REPORT

PEJENCA INDUSTRIAL SUPPLY LTD.

DATE OF SUBMISSION: APRIL

28, 2014

Table of Contents
1. Introduction and background
2. Analysis of the Company
3. Ratio Analysis
3.1 Liquidity Ratios
3.2 Stability Ratios
3.3 Efficiency Ratios
3.4 Growth Ratios
3.5 Debt Ratios
3.6 Net Profit Margin
3.7 Asset Turnover
3.8 Cash Debt Coverage
3.9 Current Cash Debt Coverage
3.10 Expense Ratio
3.11 Free Cash Flow
3.12 Gross Profit Margin
3.13 Return on Equity
3.14 Return on Total Assets
4.0 Vertical & Horizontal Analysis
5.0 Recommendations
6.0 Conclusion

Executive Summary
2

1.0 Introduction and Background

3

This paper is based on the request from Peter Charles of a report on the performance of Pejenca
Industrial Supply LTD based on the companys financial statements for the period 1998 to 2002. This
report is prepared for his upcoming appointment with the bank. The bank as a preliminary to the
granting of a loan will review these financial statements. Appropriate vertical, horizontal and ratio
analysis of these financial statements will be produced. Through this analysis, the nature and causes of
trends will be identified thus relevant recommendations will be made in regards to Pejencas resources
efficiencies in the areas of profitability, liquidity and solvency during this period.
At the completion of high school, a London industrial supply company employed Charles where he
worked at the shipping and receiving order desk. Eventually he moved into a sales role and within a
few years was promoted to sales manager and then general manager. After seventeen years of working
with this firm, the owners son joined the family business in which Charles found lack of promotional
opportunities could no longer be achieved. Charles decided to join former co-workers David Stanley
(who was also in the same situation) in starting up their own business and thus, Pejenca Industrial
Supply was founded in September 1989. Stanley operated the Hamilton division independently of
Charles London division. The London operation consisted of Charles and his wife Jennifer as
employees for the first four months. Charles responsibilities consisted of shipping; receiving and
Jennifer (former teacher) role consisted of handing out the catalogue of a U.S supply company.
Originally, Pejenca concentrated on supplying industrial businesses with specified cutting tools. These
included drills, taps (tools to thread the inside of pipes), and carbides (specialized saws which remove
metal from solid rods, thus enabling a rods thickness to be adjusted as necessary). Eventually, the
company achieved a reputation for experts in specialized cutting tools. The first year consisted of sale
levels above what was expected and thus another employee was hired in December. Further products
were added to the catalogue throughout the years. In 1999, the company not only specialized industrial
cutting tools but precision tools, abrasives, and machine accessories as well. The three major goals for
Pejenca were being in solid financial shape, recognizing that the people, the business and that
satisfying the customers expectations for quality and service was paramount. Thus, Charles and
Stanley developed a company mission statement (see Exhibit 1), quality statement (see Exhibit 2), and
value statement (see Exhibit 3) to guide the company and its employees to meet the desires of the
owners. Lastly, Pejenca was dedicated to producing equitable revenues for the long-term advantage
4

and financial health of the company (Ivey Management Services 2000)

2.0 Analysis of the Company

Pejenca Industrial Supply Limited need to increase their office size with extra stock space and they
have a budget of $150,000. The decision to expand their space requires assessment whether it would
be wise to take a loan from the bank or whether it can be paid through their own income operations.
Peter Charles, the president and major shareholder, in in need of $150,000 for the extension in order to
increase the space of the facility. But, before approaching the bank, he wants to have a concrete
understanding about Pejencas financing which the bank might question. Charles need to make a
decision is less than a week.
Peter Charles must make a decision whether it is feasible to take a loan to build the new extension and
must decide whether the company can keep its profitability with the additional debt. He must make a
decision within one week in order to avoid any customer service delays. Charles also knows that the
company is operating without a working capital and knows that the company needs at least $130,000
in cash to sustain the company throughout the whole year.
Other issues that Charles need to defend any concerns or objection that the bank may have are:

Involvement with the Independent Distributions INC (IDI) where the company needs to pay a
certain percentage of a fee but excludes other competitors from joining IDI. But if another
competitor joins IDI then Pejenca loses veto rights and cannot exclude them and may lose the
exclusive distribution rights.

There is an expectation of growth in the company with 15% to 20% sales growth with an
improved gross margin.

There is no minimum billing requirement as other competitors practice which could affect the
operations and cause the company to have a surplus or deficit of their resources and inventory.

The net cash flow from financial and investing activities sees a negative value from the year
2000-2001. This means that more cash is being spent then is being received. This could effect
Pejenca in a negative way.

The effect of low season sales on December, July and August is a concern.
5

Charles had started working just after high school even though he has good amount of
experience in the supply industry of cutting tools

To avoid any service related delays, Pejenca requires a new extension and is seeking a loan from a
bank. We as analysts would try to recommend whether it would be feasible to take the loan or not.

2.1 Ratio Summary

PEJENCA: Industrial Supply Ltd.
Ratios
SI

Ratio

2002
3%

2001
3%

2000
3%

1999
4%

1998
4%

2.016

1.922

2.323

2.015

1.409

104

89

96

99

51

33

36

23

31

44

41

45

40

42

42

39

32

34

36

30

Cash Debt Coverage

0.3156

0.2225

0.4477

0.0444

N/A

Cash Return on Sales Ratio

0.036

0.016

0.036

0.004

N/A

Current Cash Debt Coverage

0.108

0.062

0.143

0.013

N/A

Current Ratio
Debt Ratio
Expense Ratio

2.92
0.4815
25%

2.71
0.3145
24%

3.45
0.2762
23%

2.97
0.3411
23%

2.00
0.4128
22%

Free Cash Flow

($130.50)

$73.00

$139.50

$9.50

N/A

28%
88.9x
15%
9%

27%
40.36x
15%
10%

27%
27.05x
15%
11%

28%
20.89x
23%
15%

27%
N/A
N/A
N/A

Net Profit Margin

2
3

Acid Test Ratio

Asset Turnover

Average Accounts Payable

Settlement period

Average Accounts Receivable

Settlement Period

Average Inventory Turnover

Period

7
8
9
10
11
12
13
14
15
16
17

Gross Profit Margin

Interest Coverage
Return on Equity
Return on Total Assets

3.0 Ratio Analysis

We will be using different ratio analysis techniques to evaluate various aspects of Pejencas operating
and financial performance such as efficiency, liquidity, profitability and solvency. We would check the
trend of these ratios to see whether Pejenca Industrial Supply Ltd. is improving or deteriorating. The
ratios would be compared against the industry average ratios to see the performance of Penjenca
Industrial Supply Ltd.

3.1 Liquidity
3.1.1 Current Ratio
It is balance-sheet financial performance measure of company liquidity. Current ratio indicates a
company's ability to meet short-term debt obligations. The current ratio measures whether or not a
firm has enough resources to pay its debts over the next 12 months (Current Ratio 2014).

PEJENCA: Industrial Supply Ltd.

Current Ratio

2002

2001

2000

1999

1998

2.92:1

2.71:1

3.45:1

2.97:1

2.00:1

Fig: 01 Current Ratio

The current ratio indicates Pejencas ability to meet its short-term obligations. There is a gradual
increase of the ratio from the year 1998 to 2000 and again a drop from the year 2001 to 2002 but
overall it is quite strong against the market average ratio of 1.7:1. In the year 2002 it had a current
ratio of 2.92:1 which means that for every dollar in current liabilities, there is the presence of $2.92 in
current assets. This means Pejenca has a good solvency ratio. They can repay their current liabilities
7

on time quite efficiently. This means Pejenca has a good solvency ratio. But on the other hand as it is
very high compared to the market average ratio, Pejenca is not utilizing its assets completely to
generate profits.
3.1.2 Acid Test Ratio / Quick Ratio:
The term Acid-test ratio is also known as quick ratio. The most basic definition of acid-test ratio is
that, it measures current (short term) liquidity and position of the company. To do the analysis
accountants weight current assets of the company against the current liabilities which result in the ratio
that highlights the liquidity of the company (Acid-Test Ratio 2014).

PEJENCA: Industrial Supply Ltd.

Acid Test Ratio/ Quick Ratio

200
2

200
1

200
0

199
9

199
8

2.016

1.922

2.323

2.015

1.409

Fig: 02 Acid Test Ratio

Pejenca's acid test ratio has also increased from 1.409:1 in 1998 to 2.016:1 in 2002. The industry
average in 0.6:1. This is positive aspect for Pajenca Industrial Ltd. This means that Pajenca Industrial
Ltd. has $2 of current assets against $1 of current liabilities. It means that they can repay the current
liabilities if required to.

3.1.3 Working Capital

Working capital also gives investors an idea of the company's underlying operational efficiency.
Money that is tied up in inventory or money that customers still owe to the company cannot be used to
pay off any of the company's obligations. So, if a company is not operating in the most efficient
manner (slow collection), it will show up as an increase in the working capital. This can be seen by
comparing the working capital from one period to another; slow collection may signal an underlying
problem in the company's operations (Investopedia 2014)

Fig: 03 Working Capital

Pajencas working capital has substantially increased from 1998 when it was $348,800 to $838,300 in
2002. This ratio varies heavily with the size of the company; however the large increase in working
capital is an extremely positive outcome for this liquidity ratio and shows that Pejenca has the ability
to meet its current liabilities.
3.2 Stability
3.2.1 Net Worth: Total Assets
The net worth to total assets shows a decrease from the initial value at 1998. There is a big growth in
2000 with 72.4% of increase but overall there is a decrease which is not good for Pejenca but overall
good in comparison to the industry average of 39.2% (See exhibit 8). This gives them a competitive
9

advantage over the competition with a lower net worth to total assets. This also shows to lenders that
with a higher net worth, Pejenca has the ability to raise more capital and would give them more
confidence in financing Pejenca.

Fig: 04 - Net worth: Total Assets

3.2.2 Interest Coverage
The interest coverage ratio is used to determine how easily a company can pay interest expenses on
outstanding debt. The ratio is calculated by dividing a company's earnings before interest and taxes by
the company's interest expenses for the same period. The lower the ratio, the more the company is
burdened by debt expense. When a company's interest coverage ratio is only 1.5 or lower, its ability to
meet interest expenses may be questionable (Interest Coverage Ratio 2014)

PEJENCA: Industrial Supply Ltd.

Interest Coverage Ratio

2002

2001

2000

88.9x

40.36x

27.05x

199
8
20.89x N/A

1999

Interest coverage has increased drastically over the years. This indicates that there is a very minimal
risk for Pejenca to repay the new interest if a new loan is taken. It also is a big indicator for investors
and lenders that Pejenca is a less risky company to invest in and thus tells us that Pejenca has the
potential to take loans.
10

3.3 Efficiency
3.3.1 Age of receivables / Average Accounts Receivable Settlement Period
The average time it takes for a business to receive the amount owed from the customers in a specific
accounting period. The shorter the period the better is their position.

PEJENCA: Industrial Supply Ltd.

Average Accounts Receivable Settlement Period

200
2
41

200
1
45

200
0
40

199
9
42

199
8
42

Fig: 05 Average Accounts Receivables Settlement Period

Pejenca's average accounts receivables settlement period has been constant over the periods of 1998 to
2002. The industry average is 55 days which is positive since it needs less cash to operate as it collects
its receivable amounts much quicker than the industry average. The higher the days the higher
amounts of money it would require to operate.
3.3.2 Age of Payables / Average Accounts Payable Settlement Period

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The average time it takes for a business to pay off its creditors in a specific accounting period. This
equation can assess the companys cash situation. This demonstrates how a business handles its
outgoing payments. (Ready Ratios 2014)

PEJENCA: Industrial Supply Ltd.

Average Accounts Payable Settlement Period

200
2
33

200
1
36

200
0
23

199
9
31

199
8
44

Fig: 06 Average Accounts Payable Settlement Period

According to Exhibit 8, Pejenca's average accounts payable settlement period has a slight decrease on
average from Year 1998 to Year 2002 which is 33 days. This is a positive decrease in the efficiency. It
tells us that Pejenca is able to pay off their debt faster and more efficiently. This helps in to reduce the
liabilities and saves money and helps in faster repayments.
3.3.3 Age of Inventory / Average Inventory Turnover Period
The average inventory turnover period is the number of days the inventory must be replaced during a
given period of time, typically a year. It is one of the most commonly used ratio in inventory
management, as it reflects the overall efficiency of the supply chain, from supplier to customer. This
ratio can be computed for any type of inventory (materials and supplies, work in progress, finished
12

products or all combined), and it can be used for retail as well as manufacturing. (Inventory Turnover
2014)

PEJENCA: Industrial Supply Ltd.

Average Inventory Turnover Period

200
2

200
1

200
0

199
9

199
8

39

32

34

36

30

Fig: 07

Average
Inventory Turnover Period.

The industry average of inventory turnover period is 54 days. But Pejencas ratio is negative and is not
positive in par with the industry average. This means that they are taking too much inventory for their
sales or it is becoming redundant. As more inventories require more inventory space, the extra cash
can complement Pejenca to use the space efficiently giving them lower storage costs against the
competition.
3.4 Growth
3.4.1 Sales
There is a positive trend in sales growth as per exhibit 8 from 1998 to 2001. But there is -1.7%
decreases which shows a sales deficit which shows that there are less sales in 2002 than in 2001. This
13

is a major problem but Pejenca can overcome this since they have a high sales growth and maybe in
2002 the sales for a particular season on 2002 was not good.

3.4.2 Net Earnings

The net earnings at Pejenca Industrial Supply Ltd. in on the declining trend.
3.4.3 Total Assets
The total assets is also declining as he took a loan of three hundred thousand from shareholders in
2002.
3.5 Debt Ratio
Debt ratio is a ratio that indicates the proportion of a company's debt to its total assets. It shows how
much the company relies on debt to finance assets. The debt ratio gives users a quick measure of the
amount of debt that the company has on its balance sheets compared to its assets. The higher the ratio,
the greater the risk associated with the firm's operation. A low debt ratio indicates conservative
financing with an opportunity to borrow in the future at no significant risk (Debt Ratio 2014).

PEJENCA: Industrial Supply Ltd.

Debt Ratio

2002

2001

2000

1999

1998

0.4815

0.3145

0.2762

0.3411

0.4128

14

Fig: 08 Debt Ratio

Pajencas debt ratio remained more or less stable over the years but has increased from the year 2000
to 2002 with 48% which means their debt is increasing and it means that 48% of the companys assets
are financed by debt. Pejanca needs to decrease the amount and reduce it to make it sustainable in the
long run.
3.6 Net Profit Margin
Net profit margin is a key ratio of profitability. It is very useful when comparing companies in similar
industries. A higher net profit margin means that a company is more efficient at converting sales into
actual profit (Net Profit Margin 2014).

PEJENCA: Industrial Supply Ltd.

Net Profit Margin

200
2

200
1

200
0

199
9

199
8

3%

3%

3%

4%

4%

Fig: 09 Net Profit Margin

Pajenca Industrial Supply Ltd. net profit margin is decreasing slightly from 4% in 1998 to 3% in 2002.
The net profit margin is still positive and is good.
3.7 Asset Turnover

15

Asset turnover (total asset turnover) is a financial ratio that measures the efficiency of a company's use
of its assets to product sales. It is a measure of how efficiently management is using the assets at its
disposal to promote sales. The ratio helps to measure the productivity of a company's assets (Asset
Turnover 2014).

PEJENCA: Industrial Supply Ltd.

Asset Turnover

200
2

200
1

200
0

199
9

199
8

104

89

96

99

51

Fig: 10 Asset Turnover

By analyzing the asset turnover we can see that Pejenca Industrial Ltd. is utilizing their assets very
well with 104 times of turnover which is a better increase over the years. It is improving from year to
year.
3.8 Cash Debt Coverage
It is a liquidity ratio that measures the relationship between net cash provided by operating activities
and the average current liabilities of the company. It indicates the ability of the business to pay its
current liabilities from its operations. A higher current cash debt coverage ratio indicates a better
liquidity position. Generally a ratio of 1:1 is considered very comfortable because having a ratio of 1:1

16

means the business is able to pay all of its current liabilities from the cash flow of its own operations.
(Cash-Debt Coverage Ratio 2014)

PEJENCA: Industrial Supply Ltd.

Cash Debt Coverage

199
8

2002

2001

2000

1999

0.3156

0.2225

0.4477

0.0444

N/A

Fig: 11 Cash debt Coverage

Pejenca has a positive cash debt coverage. It means that they have the ability to pay its current
liabilities from its operations using cash. And thus showing better liquidity.
3.9 Current Cash Debt Coverage

PEJENCA: Industrial Supply Ltd.

Current Cash Debt Coverage

200
2

200
1

200
0

199
9

0.108

0.062

0.143

0.013

199
8
N/A

It gives the measure that what is the actual cash available to pay for interest expense. Pejenca shows an
increase in the coverage ratio. This shows that Pejenca has the ability to generate cash from operations
from year to year gradually. Thus they are stable.
17

3.10 Expense Ratio

The expense-to-sales ratio measures the operating expenses of a business shown on the profit and loss
statement, with the gross sales of the business that are also shown on the profit and loss statement.
This ratio is a quick indicator of rising or decreasing costs or rising or declining sales (Expense to
sales ratio 2014)

PEJENCA: Industrial Supply Ltd.

Expense Ratio

200
2

200
1

200
0

199
9

25%

24%

23%

23%

199
8
22%

Fig: 12 Expense Ratio

The expanse ratio shows that the sales of Pajenca Industrial Supply Ltd. is increasing at a stable rate.
Which shows it is quite positive in meeting its sales targets.
3.11 Free Cash Flow
Free Cash Flow is a measure of how much cash a business generates after accounting for capital
expenditures such as buildings or equipment. This cash can be used for expansion, dividends, reducing
debt, or other purposes (Free-Cash Flow 2014)

18

PEJENCA: Industrial Supply Ltd.

Free Cash Flow

2002

2001

2000

199
9

($130.50)

$73.00

$139.50

$9.50

199
8
N/A

Fig: 13 Free Cash Flow

The free cash flow is negative in the year 2002 in comparison to strong positive growth in the years
1998 to 2001. This shows that Pejenca is unable to account for its capital expenditures and is using
other sources to keep their inventory. And also this is due cash outflow due to dividend payment of
$300,000.
3.12 Gross Profit Margin
The gross profit margin ratio is used as one indicator of a business's financial health. It shows how
efficiently a business is using its materials and labor in the production process and gives an indication
of the pricing, cost structure, and production efficiency of your business. The higher the gross profit
margin ratio the better (Gross Profit Margin 2014)

PEJENCA: Industrial Supply Ltd.

19

Gross Profit Margin

200
2

200
1

200
0

199
9

28%

27%

27%

28%

199
8
27%

Fig: 14 Gross Profit Margin

The gross profit margin is stable along the years which shows that Pejenca has efficiently maintaining
its sales, pricing and production. They are quite efficient in their gross profit margin and in generating
profit.
3.13 Return on Equity
Return on Equity measures the rate of return on the ownership interest (shareholders' equity) of the
common stock owners. It measures a firm's efficiency at generating profits from every unit of
shareholders' equity (also known as net assets or assets minus liabilities). ROE shows how well a
company uses investment funds to generate earnings growth. ROEs between 15% and 20% are
generally considered good (Wikipedia 2014)

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PEJENCA: Industrial Supply Ltd.

Return on Equity

200
2

200
1

200
0

199
9

15%

15%

15%

23%

199
8
N/A

One of the most important profitability measures is return on equity [ROE]. Return on equity reveals
how much profit a company earned in comparison to the total amount of shareholder equity found on
the balance sheet. The amount of net income returned as a percentage of shareholders equity. Return
on equity measures a corporation's profitability by revealing how much profit a company
generates with the money shareholders have invested.

Fig: 15 Return on Equity

Pejencas ROE is stable meaning that it has been earning 15% of common equity net of all costs. The
company is thus earning 15% of profitiability every year which is stable. Pejenca needs to increase it.
3.14 Return on Total Assets:
This number tells you what the company can do with what it has, i.e. how many dollars of earnings
they derive from each dollar of assets they control. It's a useful number for comparing competing
companies in the same industry. The number will vary widely across different industries. Return on
assets gives an indication of the capital intensity of the company, which will depend on the industry;
companies that require large initial investments will generally have lower return on assets. ROAs over
5% are generally considered good (ROA, Wikipedia 2014)

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PEJENCA: Industrial Supply Ltd.

Return on Total Assets

200
2
9%

200
1
10%

200
0
11%

199
9
15%

199
8
N/A

The return on assets is declining from 15% in 1999 to 9 % in 2002 showing that Pejenca is becoming
inefficient to manage their total assets to generate higher net income.

4.0 Vertical Analysis

Vertical analysis (also known as common-size analysis) is a popular method of financial statement
analysis that shows each item on a statement as a percentage of a base figure within the statement. So,
in order to analyze Pajencas each years financial performance we have pointed out some of the major
highlighted areas in respect vertical analysis as below:
Earnings before income taxes:
22

From the vertical analysis of Income statement we can see that Pejenca is showing declining earnings
before taxes starting from 1998 to 2002 where earnings was 5.4% which came down to 3.4% in 2002.
Return on Equity:
We can see from the Income statement that Pejenca is showing declining trend of return on equity.
They had 29.1% of return on equity having 27.2% gross profit. This means that Pejenca is making
$0.15 from every $1 of shareholders equity. But even gross profit increased to 28% in 2002 having the
return on Equity 15.2% showing a decrease whereas industry average is 23%. This could be the reason
of higher wages & employee benefit increment (it increased from 15% to 18.4% in 1998 and 2002).
From the vertical analysis of Statement of Financial position, we can see that Pajencas Current asset
percentage to Total Asset is increasing steadily which is 73% the year 1998 to 83% in the year 2002.
This is due to higher incremental Cash sales increment and decline in credit sales. This denotes better
company control over credit sales.
Liabilities:
Pajencas liabilities management is showing good control over its debt especially in the account
payable areas. In 2002, Pajenca has been able to reduce its accounts payable drastically in this year
cutting down by half which is from 86% to 46%.

5.0Recommendations
1. Utilizing of Assets efficiently and effectively: There is a gradual increase of the ratio from the
year 1998 to 2000 and again a drop from the year 2001 to 2002 but overall it is quite strong
against the market average ratio of 1.7:1. This means Pejenca has a good solvency ratio. But on
the other hand as it is very high compared to the market average ratio, Pejenca is not utilizing
its assets completely to generate profits. So they need to utilize the assets. They can make full
utilization of assets by
o Investing idle assets like cash.
o Rent out or lease the non-current assets to different business entities and seek further
revenues from it.
2. Improvement in technology to meet the market trends and competition
23

3. By building a new inventory storage Pejenca is hoping to increase their inventory capacity and
their sales growth would be expected to start to increase once again rather than continue to
decrease.
4. Pejenca should concentrate more on Just-in-Time Inventory Management system. It would
enable them manage their huge inventory and improve their productivity and efficiency
enabling them to expand their sales and profitability.
5. In 2002 Pejenca Industrial Supply Ltd. took a loan of $300,000 but again is seeking a loan of
$150,000 which shows that it is taking too much external finances and increasing its debt. It
should try to utilize its current assets and inventory and reduce its debts before undergoing
taking another loan.
6. For the past three years Pejenca has been providing 15% return on equity. If Pejenca takes
$150,000 loan then Pejenca has to ensure that the ROE needs to be stable or needs to be
improved to keep the shareholders confident in the company and its operations.
7. Consider reviewing employees benefit and wages. They may consider outsourcing non-vital
operations to third party vendors so that overall costs could be minimized.
8. Pejenca has a good acid test ratio and they can repay their creditors on time. They need to
maintain their acid test ratio.
9. Pejenca can improve their Average Accounts Receivable Settlement Period by reducing the
number of days to collect their receivables.
Please refer to Appendix for projected Income Statement, Cash Flows and Balance Sheet.

The projected figures mentioned below are based on year 2002 since we do not have sufficient
information present on the report.

As per the requirement from the bank Loan taken after deduction of
On 2003, dividend given to shareholder is assumed to be $210,000 as there is an expansion of
Pejencas capital if a loan of %
Account receivable would increase due to efficiency in inventory management.
24

We thus recommend Pejenca to expand their space without taking the loan. They can start production
of a new inventory space during the off-season when the production and storage is less and thus it will
not affect their productivity.
If Pajenca does not take the loan then they will have 177

A bank loan would require extra interest payments of 6% on the loan. Without the loan Pejenca can
save around ________________ in interest. It is not absolutely necessary to take the loan and pay
interest payments. The main concern with not getting a loan is that the company must be entirely sure
that they can afford to finance the extension without a loan and still operate efficiently.

A few other things for Pejenca to consider in the long-run would be to re-evaluate their credit policy so
that they can reduce bad debts and collect their receivables more quickly. Charles should also decide
whether he needs more employees with the additional space and a growing company.

6.0Conclusion

25