Business Plan Case Study 22 May 2016 v1

Page - 1
Business
Finance
Role
-‐‑ Case
Study
Contents: Business Plan

Page - 2
Assumptions
S.No. Key Assumptions Details Sub Details Sub Detais-2 Sub Details-3
1 GSV
(stands
for

Gross
Sales
Value) Rs 10000
Cr
in
Total
Value
for
the
Year
2 Basis
several
past
trends,
Category
wise
GSV
Break
Up
Sales
Weightage
assumed
as
follows:
Product
Segment Category
% Avg.
Ticket

Size
/
Per
Unit
Market
Share

Assumed
Mobile 40% 10500 40% Overall
Market
share

assumed
41%
Electronics 35% 15000 35%
FMCG 25% 5000 25%
3 GSV
Buildup
/
Scale
up
levels
1st
Qtr 20%
of
Annual
GSV
2nd
Qtr 45%
of
Annual
GSV

3rd
Qtr 70%
of
Annual
GSV
4th
Qtr Balance
30%
of
Annual
GSV
4 Gross
Margin
(Net
of
COGS)
@
20%
-‐ assumed
evenly
on
all
product
segments

Page - 3
Assumptions
S.No. Key Assumptions Details Sub Details Sub Detais-2 Sub Details-
3
5 Direct
Cost
(assumed
directly
variable)
Supply
Chain
Cost 5%
Cash
Back
&
Discount 2%
Indirect
Cost
(assumed
Fixed
/
semi-‐fixed) 3%
Marketing
Cost
(assumedFixed
/
semi-‐fixed) 5%
(All
%
above
are
on
GSV)
6 Capex
Investment
100
Cr
7 Capex
is
assumed
to
be
amortized
over
10
Years.
Hence
10%
Depreciation
assumed
8 Tax
Expense
-‐ assumed
@
30%
net
of
Deferred
Tax
Adjustments
9 Funding
of
Capex
is
assumed
to
be
done
as
follows:
12%
5
Year
Term
Loan
against
Land
&
Building

at
beginning
of
the
FY
16-‐17
60%
Balance
through
Equity 40%
Repayment
assumed
to
be
commencing
from
beginning
of
1st
Qtr of
FY
16-‐17
EMI
assumed
to
be
accrue
on

simple
interest
basis
on
60
principal
repayments
of
1
Cr
each
&
not
on
compounded
interest

repayment
basis
Interest
Payments
assumed
to
be
included
as
part
of
given
cost
structure
in
Indirect
Costs

Page - 4
Assumptions
S.No. Key Assumptions Details Sub Details Sub Detais-2 Sub
Details-3
10 Working
Capital
Assumptions
a Inventory
Model
Back
to
Back 70%
Upfront
Inventory
-‐ Outright
Purchase 30%
Inventory
Turnover
assumed
in
Days 14
b Prepaid
Shipments
-‐ assumed
back
to
back
swap
linked,

else
nominal
1-‐2
day
float
65%
Post
Shipment
Delivery
Collections 35%
Time
Lag
in
case
of
Post
Shipment
Delivery
Collections
in

Days
7
c Accounts
Payable
Credit
Period
Assumed
from
Creditors
for
Upfrom
Outright

Purchases
in
Days
7
d Taxes
Collected

Sales
Tax
in
Days 25
Service
Tax
in
Days
-‐ presumptive
revserse
charge

collections
(GTA
/
Business
Auxiliary)
15
Supply
Chain
&
Indirect
Cost
assumed
to
include
10%
GTA

cost
&
relevant
other
reverse
charge
line
items
e.g.
Manpower
Supply,
Rent
a
Cab,
Advocates
etc.
15
Supply
Chain
-‐ GTA
@
25%
of
exp.
Value 10%
Indirect
Cost 10%

Page - 5
Assumptions
S.No. Key
Assumptions
Details Sub Details Sub Detais-2 Sub Details-3
11 For
KPI
purposes,
following
KPI
indices
are
taken
on
adhoc presumptive
basis
for
illustrative
demonstration

in
KPI
Dashboard,
the
same
may
not
be
relevant
for
actual
industry
numbers
Benchmark
Targets
Max.
Score,
Weightages
assigned
for
evaluation
against
overall
BSC
matrix
Top
3
Competition
Best
actual
achievement
10%
of
Baught Out
Inventory
assumed
to
be
slow
moving
ageing
>
30
days 10%
No
Overageing Debtors
assumed NIL
12 Provision
for
B/Debts,
if
any
assumed
to
be
factored
into
indirect
costs
Sales
Returns
assumed
to
be
factored
into
Gross
Margin
13 Growth
Rate
in
Net
Earnings
Assumed
@
5%
YoY
on
going
concern
basis
for
approximate
Business
Valuation.

Valuation
is
derived
from
WACC
capitalisation
rate
as
overall
cost
of
capital
rather
than
cost
of
equity

Page - 6
Gross Sales Value & Contribution Build up
GSV
Build
Up
FY
2016-‐17

(Rs Crores)
Particulars Qtr1 Qtr 2 Qtr 3 Qtr 4 Total
Mobiles 800 1000 1000 1200 4000
Electronics 700 875 875 1050 3500
FMCG 500 625 625 750 2500
Total 2000 2500 2500 3000 10000
Contribution Build Up (Rs Crores)
Particulars Qtr1 Qtr
2 Qtr
3 Qtr
4 Total
Mobiles 8 10 10 11 38
Electronics 5 6 6 7 23
FMCG 10 13 13 15 50
Total 22 28 28 33 111
Qtr1
Qtr
4
0
2500
5000
7500
10000
MobilesElectronicsFMCG Total
GSV Build up
Qtr1
Qtr
3
Total
0
50
100
150
MobilesElectronicsFMCG Total
Contribution Build up

Page - 7
Cost Structures
Cost
Structure Qtr
1 Qtr
2
Qtr
3 Qtr
4 FY
16-‐17

Total
%
to

Sales
COGS 1600 2000 2000 2400 8000 80.0%
Supply
Chain
Cost 100 125 125 150 500 5.0%
Marketing
Cost 100 125 125 150 500 5.0%
Indirect
Cost
excl.
Interest 58 73 73 89 294 2.9%
Cash
Back
&
Discount 40 50 50 60 200 2.0%
Depreciation 2.50 2.50 2.5 2.5 10 0.1%
Interest 1.74 1.65 1.56 1.47 6 0.1%
Total
Pre-‐Tax
Cost 1903 2378 2378 2853 9510 95.1%
Sales 2000 2500 2500 3000 10000
0
2000
4000
6000
8000
10000
75%
80%
85%
90%
95%
100%
Qtr 1 Qtr 2 Qtr 3 Qtr 4 FY 16-17
Total
% to Sales
% to GSV
Cost Break up
Rs Cr

Page - 8
Break Even Levels
Break Even Levels
Segment wise
Actual Margin Per
Segment Unit
Volume
Mix Q-2
% Mix Weighted
Margin
Weighted Break Even
Volumes - Q-2
Contribution
check
Mobiles 1467 9,52,381 34% 502 5,93,407 87
Electronics 1525 5,83,333 21% 319 3,63,462 55
FMCG 770 12,50,000 45% 346 7,78,846 60
1,167 17,35,714 203
Fixed Costs (Rs Cr) 203
Combined Weighted
Break Even Level 17,35,714
vol. 5 lac Vol. 17.35 lac vol. 50 lac
Volume 500000 1735714 5000000
Fixed Costs 203 203 203
GSV 449 1558 4487
Contribution 58 203 583
0
1000000
2000000
3000000
4000000
5000000
6000000
0
500
1000
1500
2000
2500
3000
3500
4000
4500
RsCr –FC / Cont/ GSV
Break Even Levels
Break Even Volume
17.35 lac overall units
Sales Volumes

Page - 9
Working Capital & Source of Finance
Working
Capital Qtr-‐1 Qtr-‐2 Qtr-‐3 Qtr-‐4
Accounts
Revievables 43.56 54.44 54.44 65.33
Inventories 74.67 93.33 93.33 112.00
Accounts
Payables 37.33 46.67 46.67 56.00
Taxes
Collected 64.37 80.47 80.47 96.57
Avg.
Running
Working
Capital 16.52 20.64 20.64 24.77
Rs Cr
0.00
20.00
40.00
60.00
80.00
100.00
120.00
Qtr-1 Qtr-2 Qtr-3 Qtr-4
Working Capital Levels
Inventories Taxes Collected
Accounts Revievables Accounts Payables
Avg. Running Working CapitalWorking Capital is assumed to have been internally funded out of retained earnings

Page - 10
Capex & Sources of Finance
Capex
(with
Presumptive
Break
Up) Total
Capex

(Rs
Crores)
Land
&
Building 36.25

Plant
&
Machinery 26.45

Logistics
Vans
&
Trollies 15.25

Cars 4.55

Air
Conditioners 5.79

Centralised
Cooling
System 0.10

Vending
Machines 0.76

Furniture
&
Fixtures 18.88

Office
Tables
/
Workstations 9.60

Office
Chairs 3.52

Cabinets
&
CupBoards 4.24

Glass
Doors 1.53

Computers
&
peripherals 16.70

Desktop
Computers 5.24

Laptops 4.77

Printers
&
Scanners 2.05

Softwares
Windows
MS
Office
Liscences 3.88

Antivirus 0.26

ERP
/
PoS
Networking
Applications
0.50

Office
Equipments 1.71

Telephones 0.16

Mobile
Handsets 1.55

Grand
Total
Capex 100.00

Capex
(Amount
Rs
Crores) 100 Rate
Sources
of
Finance
Term
Loan
(60%
assumed)
60 12%
Equity 40
5
Year
12%
Term
Loan
Repayment
Schedule
Cummulative
O/s
Amount
Principal
Amount
Principal
Interest
EMI 60 12%
12%
Term
Loan

Repayment

Schedule
Qtr-‐1 Qtr-‐2 Qtr-‐3 Qtr-‐4 Total
/

Avg
FY

16-‐17
Principal 3 3 3 3 12
Interest 1.74 1.65 1.56 1.47 6.42
EMI 4.74 4.65 4.62 4.59 18.6
Avg.
Cumm.
O/s

Principal
58 55 52 49 53.5
Rs Cr
Rs Cr

Page - 11
Profit & Loss Statement
Particulars Qtr-‐1 Qtr-‐2 Qtr-‐3 Qtr-‐4 Total
/
Avg

FY
16-‐17
GSV
Build
Up
as%
to
Total
GSV 20% 45% 70% 100% 72%
GSV 2000 2500 2500 3000 10000
QoQ
GSV
Growth 25% 0% 20% 15%
Contribution 400 500 500 600 2000
%
to
Sales 20% 20% 20% 20% 20%
Direct
Costs 140 175 175 210 700
%
to
Sales 7% 7% 7% 7% 7%
Gross
Profit 260 325 325 390 1300
%
to
Sales 13% 13% 13% 13% 13%
Fixed
/
Semi-‐Fixed
Costs 158 198 198 239 794
Indirect
Fixed
Costs 58 73 73 89 294
Marketing
Costs 100 125 125 150 500
EBIDTA 102 127 127 151 506
%
to
Sales 5.09% 5.07% 5.06% 5.05% 5.07%
Depreciation 2.50 2.50 2.50 2.50 10
EBIT 99.24 124.15 124.06 148.97 496
%
to
Sales 4.96% 4.97% 4.96% 4.97% 4.96%
Interest 1.74 1.65 1.56 1.47 6
EBT 97.50 122.50 122.50 147.50 490
Taxes 29.25 36.75 36.75 44.25 147
EAT 68.25 85.75 85.75 103.25 343
%
to
Sales 3.41% 3.43% 3.43% 3.44% 3.43%
Rs Cr

Page - 12
Cash Flow Statement
Add/Less Particulars Sub
Details Year
ended

31st
Mar
2017
Qtr
ended

Sep
16
Net
Profit
Before
Taxes 496.42 222.80

Cash
From
Operating
Activities 345.20 144.55
Add:
Non
Fund
Expense
-‐
Depreciation 10.00 5.00

Add
/
(Less) Net
Decrease
/
(Increase)
Changes
in
Working
Capital -‐20.64 20.64-‐

Interest
Repayments
incl.
in
Net
Profit
-‐
Financing
Outflow 6.42 3.39

Less:
Taxes
Paid 147.00 66.00

Cash
From
Investment
Activities -‐100.00 -‐100.00
Capex
Addition -‐100.00 100.00-‐

Cash
From
Financing
Activities 81.58 90.61
Add Equity
Raised 40.00 40.00

12%
5
Year
Term
Loan
Raised 60.00 60.00

Less Repayment
of
Term
Loan
Principal 12.00 6.00

Repayment
of
Term
Loan
Interest 6.42 3.39
Increase
/
(Decrease)
in
Cash
&
Cash
Equivalents 326.78 135.16
Opening
Cash
&
Cash
Closing
Cash
&
Cash
Rs Cr

Page - 13
Balance Sheet
Particulars Sub

Details
As
at
31st
March

2017
As
at
30th
Sep

2016
I. EQUITY AND LIABILITIES Amount
Rs
Cr Amount
Rs
Cr
(1) Shareholders’ funds 389.42 196.80
(a) Share capital 40.00 40
(b) Reserves and surplus 349.42 156.8
(c) Money received against share warrants 0.00 0.00
(2) Share application money pending allotment 0.00 0.00
(3) Non-current liabilities 58.00 59.00
(a) Long-term borrowings 48.00 54
(d) Long-term provisions 10.00 5.00
(4) Current liabilities 127.13 127.13
(c) Other current liabilities 127.13 127.13
TOTAL 574.55 382.93
II. ASSETS
Non-current assets 100.00 100.00
(1) (a) Fixed assets 100.00 100.00
(i) Tangible assets 95.36 95.36
(ii) Intangible assets 4.64 4.64
(2) Current assets 474.56 282.94
(a) Current investments
(b) Inventories 93.33 93.33
(c) Trade receivables 54.44 54.44
(d) Cash and cash equivalents 326.78 135.16
Grand Total 574.55 382.93

Page - 14
KPIs Balance Score Card**Benchmarks,-Weightages-&-Scores-are-taken-on-presumptive-basis-9-for-illustration-of-KPI-Dashboard-Model
KPI-Categories
**Benchmarks,-Weightages-&-Scores-
are-taken-on-presumptive-basis-9-for-
illustration-of-KPI-Dashboard-Model
Budget-/-
Benchmark-Target
Actual Variance Weightage Max.-
Score
Max.-
Weighted-
Score
Actual-
Score9-
Under-/-
Over-
Performed
Actual-
Weighted-
Score
Top-3-
Competitor-
Best
GSV-Market-Share 51% 41% 910% 5% 85.00 4.25 68.33 3.42 3.82
Sales-Volume9-Overall-Lacs-Units 35 27.86----- 97.14 2% 100.00 2.00 79.59 1.59 1.99
CAGR 115% 124% 9% 5% 100.00 5.00 107.43 5.37 5.77
Break-Even-Volume 2000000 1735714 9264286 5% 150.00 7.50 130.18 6.51 9.04
BREAK&Even&Levels&Segment&Wise
Mobiles 750000 593407 156593 5% 50.00 2.50 63.19 3.16 3.56
Electronics 400000 363462 36538 5% 50.00 2.50 55.03 2.75 3.15
FMCG 850000 778846 71154 5% 50.00 2.50 54.57 2.73 3.13
Profitability&Ratios
Gross-Profit-Ratio 12% 13% 1% 8% 100.00 7.50 108.33 8.13 8.53
Operating-Profit-Ratio 7% 5% 92% 8% 100.00 7.50 72.37 5.43 5.83
Net-Profit-Ratio 4% 3% 91% 8% 100.00 7.50 87.40 6.56 6.96
Turnover&Ratios
Debtors-Turnover-Ratio 45 51.4 6.4 2% 100.00 2.00 114.29 2.29 2.69
Inventory-Turnover-Ratio 75 85.71 10.7 2% 100.00 2.00 114.29 2.29 2.69
Fixed-Assets-Turnover-Ratio 80 101.27 21.3 2% 100.00 2.00 126.59 2.53 2.43
Liquidity&Ratios
Current-Ratio 2.00 2.23 90.2 2% 100.00 2.00 89.87 1.80 2.20
Liquidity-Ratio 1.50 1.49 0.0 2% 100.00 2.00 100.58 2.01 2.41
Baught-Out-Inventory->-45-Days-(%-to-
Total-Inventory) 12 16 94.0 2% 100.00 2.00 75.00 1.50 1.90
Over-Aegeing-Debtors->-15-Days 2 0 2.0 0.00
Working-Capital-to-Turnover-Ratio 450 484.18 934.2 2% 100.00 2.00 92.94 1.86 2.26
Capital&Ratios
Debt-Equity-Ratio 1 0.95 90.05 2% 100.00 2.00 94.58 1.89 2.09
Financial&KPIs
ROCE-(Return-of-Capital-Employed) 28% 48% 20% 5% 100.00 5.00 171.39 8.57 8.97
ROI-(Return-on-Investment) 25% 47% 22% 5% 100.00 5.00 186.55 9.33 8.59
Expected-Value-of-Business-Rs-Cr 1600 1614 14.1 5% 100.00 5.00 100.88 5.04 6.16
Current&Period&C&Qtr&2&FY&2017

Page - 15
KPIs Balance Score Card
**Benchmarks,-Weightages-&-Scores-are-taken-on-presumptive-basis-9-for-illustration-of-KPI-Dashboard-Model
KPI-Categories
**Benchmarks,-Weightages-&-Scores-
are-taken-on-presumptive-basis-9-for-
illustration-of-KPI-Dashboard-Model
Budget-/-
Benchmark-Target
Actual Variance Weightage Max.-
Score
Max.-
Weighted-
Score
Actual-
Score9-
Under-/-
Over-
Performed
Actual-
Weighted-
Score
Top-3-
Competito
r-Best
Leverage'Ratios
Operating-Leverage 2.5 4.03 91.5 2% 100.00 2.00 62.08 1.24 1.54
Financial-Leverage 1.5 1.01------- 0.5 2% 100.00 2.00 148.01 2.96 3.26
Combined-Leverage 3.75 4.08------- 90.3 2% 100.00 2.00 91.88 1.84 2.14
Interest-Coverage-Ratio 60 75.24----- 15.2 2% 100.00 2.00 125.40 2.51 2.81
Debt-Service-Coverage-Ratio 21 27 6.2 2% 100.00 2.00 129.65 2.59 2.89
Market'Penetration 45% 41% 0.0 5% 75.00 3.75 68.33 3.42 3.72
Qualitative'Customer'Trends
Top-Products-Browsed 53% 48% 90.1 2% 100.00 2.00 90.57 1.81 2.11
Repeat-Search 30% 35% 0.1 2% 100.00 2.00 116.67 2.33 2.63
Product-Comparisons 40% 45% 0.1 2% 100.00 2.00 112.50 2.25 2.55
Efficient-Customer-Demographics 31% 40% 0.1 2% 100.00 2.00 129.03 2.58 2.88
Regional-Participation 43% 32% 90.1 2% 100.00 2.00 74.42 1.49 1.79
Avg.-Transaction-Value 15000 12500 92500.0 2% 100.00 2.00 83.33 1.67 1.97
Cash-back-incremental-clicks 12% 15% 0.0 2% 100.00 2.00 125.00 2.50 2.80
Total'Score 100% 3110.00 100.00 3277.45 105.29 117.40
This-score-suggests-overall-over-performance
Current'Period'D'Qtr'2'FY'2017

Page - 16
KPI$Categories
**Benchmarks,$Weightages$&$Scores$
are$taken$on$presumptive$basis$=$for$
illustration$of$KPI$Dashboard$Model
Budget$/$
Benchmark$
Target
Actual Variance Weightage Max.$
Score
Max.$
Weighted$
Score
Actual$Score=$
Under$/$Over$
Performed
Actual$
Weighted$
Score
Top$3$
Competitor$
Best
GSV$Market$Share 45% 41% =4% 5% 85.00 4.25 77.44 3.87 4.22
Sales$Volume=$Overall$Lacs$Units 75 50.14$$$$$$$$$ =25 2% 100.00 2.00 66.86 1.34 1.69
CAGR 125% 141% 16% 5% 100.00 5.00 113.20 5.66 6.01
Break$Even$Volume 3090000 31,28,571$ 38571 5% 150.00 7.50 151.87 7.59 7.94
BREAK&Even&Levels&Segment&Wise
Mobiles 1100000 10,69,597$ 30403 5% 50.00 2.50 51.42 2.57 2.92
Electronics 670000 6,55,128$$$$ 14872 5% 50.00 2.50 51.14 2.56 2.91
FMCG 1425000 14,03,846$ 21154 5% 50.00 2.50 50.75 2.54 2.89
Profitability&Ratios
Gross$Profit$Ratio 13.00% 13% 0.00% 8% 100.00 7.50 100.00 7.50 7.90
Operating$Profit$Ratio 6.00% 5.08% =0.92% 8% 100.00 7.50 84.61 6.35 6.75
Net$Profit$Ratio 3.60% 3.48% =0.12% 8% 100.00 7.50 96.75 7.26 7.66
Turnover&Ratios
Debtors$Turnover$Ratio 45 51.43 6.43 2% 100.00 2.00 114.29 2.29 2.69
Inventory$Turnover$Ratio 75 85.71 10.71 2% 100.00 2.00 114.29 2.29 2.69
Fixed$Assets$Turnover$Ratio 80 92.31 12.31 2% 100.00 2.00 115.39 2.31 2.71
Liquidity&Ratios
Current$Ratio 2 2.23 =0.23 2% 100.00 2.00 89.87 1.80 2.05
Liquidity$Ratio 1.5 1.49 0.01 2% 100.00 2.00 100.58 2.01 2.26
Baught$Out$Inventory$>$45$Days$(%$to$
Total$Inventory) 12 18 =6.00 2% 100.00 2.00 66.67 1.33 1.58
Over$Aegeing$Debtors$>$15$Days 2 0 2.00
Working$Capital$to$Turnover$Ratio 450 387.43 62.57 2% 100.00 2.00 116.15 2.32 2.11
Capital&Ratios
Debt$Equity$Ratio 1 0.95 =0.05 2% 100.00 2.00 94.58 1.89 2.14
Financial&KPIs
ROCE$(Return$of$Capital$Employed) 45% 82% 37% 5% 100.00 5.00 181.92 9.10 9.35
ROI$(Return$on$Investment) 40% 61% 21% 5% 100.00 5.00 152.65 7.63 7.88
Expected$Value$of$Business$Rs$Cr 1600 1614.08 14.08 5% 100.00 5.00 100.88 5.04 6.01
YTD&Qtr2&G&Current&Year&G&FY&2017

Page - 17
KPI$Categories
**Benchmarks,$Weightages$&$Scores$
are$taken$on$presumptive$basis$=$for$
illustration$of$KPI$Dashboard$Model
Budget$/$
Benchmark$
Target
Actual Variance Weightag
e
Max.$
Score
Max.$
Weighted$
Score
Actual$Score=$
Under$/$Over$
Performed
Actual$
Weighte
d$Score
Top$3$
Competitor$
Best
Leverage'Ratios
Operating$Leverage 2.5 4.03 =1.53 2% 100.00 2.00 62.05 1.24 1.54
Financial$Leverage 1.5 1.02$$$$$$$$$$$ 0.48 2% 100.00 2.00 147.72 2.95 3.25
Combined$Leverage 3.75 4.09$$$$$$$$$$$ =0.34 2% 100.00 2.00 91.67 1.83 2.13
Interest$Coverage$Ratio 60 65.90$$$$$$$$$ 5.90 2% 100.00 2.00 109.83 2.20 2.50
Debt$Service$Coverage$Ratio 22 24 2.49 2% 100.00 2.00 111.34 2.23 2.53
Market'Penetration 45% 41% =0.04 5% 75.00 3.75 68.33 3.42 3.72
Qualitative'Customer'Trends
Top$Products$Browsed 53% 48% =0.05 2% 100.00 2.00 90.57 1.81 2.11
Repeat$Search 30% 35% 0.05 2% 100.00 2.00 116.67 2.33 2.63
Product$Comparisons 40% 45% 0.05 2% 100.00 2.00 112.50 2.25 2.55
Efficient$Customer$Demographics 31% 40% 0.09 2% 100.00 2.00 129.03 2.58 2.88
Regional$Participation 43% 32% =0.11 2% 100.00 2.00 74.42 1.49 1.79
Avg.$Transaction$Value 15000 12500 =2500 2% 100.00 2.00 83.33 1.67 1.97
Cash$back$incremental$clicks 12% 15% 0.03 2% 100.00 2.00 125.00 2.50 2.80
Total'Score 100% 3110.00 100.00 3260.44 106.07 116.03
This$score$suggests$overall$over$performance
YTD'Qtr2'E'Current'Year'E'FY'2017

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Business Plan Case Study 22 May 2016 v1

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