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Finance Strategy Project | Financial Position Report to a Company Board

Finance Strategy Project | Financial Position Report to a Company Board

The project report titled "Financial Analysis and Strategic Recommendations for Duran" offers an in-depth examination of the company's financial performance and strategic positioning. This report presents a detailed analysis of key financial metrics, including profitability, liquidity, and operational efficiency, alongside strategic recommendations tailored to improve Jacinth Duran's financial stability and growth prospects. By addressing critical financial challenges and opportunities, the report outlines actionable steps for the board to consider in achieving long-term sustainability and competitive advantage. This project underscores the importance of strategic financial management and offers a roadmap for Duran to enhance its market position.


Financial Position Report to a Company Board

1. Executive Summary


In this report, the financial analysis, financial planning and associated recommendations are presented for the Board of Directors of Duran to help them plan their finances for the Australian Defense Force contract worth 20 million USD.


As part of the Financial Analysis, the company financial reports of Balance Sheet, Profit and Loss Report, Cash Flow Report from year 2021 have been analyzed to understand the viability, liquidity and solvency position. They present the financial position of the company to determine the feasibility to take up or avoid the Australian Defense Force contract. Break even point and Cost Volume Graph is also given for effective management decision making for different unit numbers and associated sales and break even. The financial statement analysis of a company is critical for making decisions since it reflects all of the information that is relevant to the shareholders' decision-making process and subsequent executive actions.


As part of Financial Planning, both the operating budget and cash budget are prepared to help the board plan their finances for the contract. In the operating budget the sales forecast, production forecast and operating expenses forecast is presented. For the cash budget, first 3 months projections of collections cash flow and expenses cash flow is presented. A financial plan serves as a road map. It basically helps you keep track of your income, spending, and investments so you can manage your money and achieve your goals.


Based on the cash budget, operating budget and the VLS (viability, liquidity and solvency) of the company, its is recommended to go ahead with the Australian Defense Force contract with some operational improvements, better inventory management and effective marketing and sales efforts.

 

2.   Financial Analysis 


A.   Viability of 2021


       I.          Break-even point in 2021  

The volume of sales at which total revenues and costs are equal is referred to as a business's break-even point. At break even, Revenue = Costs and to break even, the founders must analyze and determine exactly how many units they need to sell. Breakeven point is 119.

Variable costs per unit sold

 

Raw materials

0.08

Direct labour

0.03

Total

0.11

Fixed costs

 

Wages

7.30

Rent

1.20

Utilities

0.80

Admin expenses

0.48

Marketing and Sales expenses

6.27

Interest expense

0.62

Total

16.67


Fixed costs

16.67

Variable costs

0.11

Average revenue per sale

0.25



Breakeven Point Formula = Fixed costs / (Revenue - Variable costs)

 

Break Even Point

119

Yes, the company is viable with more than 119 units of budgeted sales.

     

II.          Cost-Volume-Profit Graph for 2021


The Costs, Revenues, and Profits (CVP) analysis depicts the link between the three points of Costs, Revenues, and Profits. Businesses may use the CVP analysis to understand the long-term consequences of short-term decisions.


It also provides executives with a snapshot of their current profitability at any given time, allowing them to better manage their resources and make more informed strategic and financial decisions.

Number of units sold

Total revenue

Fixed Cost

Variable Cost

Total Costs

0

0

16.67

0

16.67

25

6.25

16.67

2.75

19.42

50

12.5

16.67

5.5

22.17

75

18.75

16.67

8.25

24.92

100

25

16.67

11

27.67

125

31.25

16.67

13.75

30.42

150

37.5

16.67

16.5

33.17

175

43.75

16.67

19.25

35.92

200

50

16.67

22

38.67

225

56.25

16.67

24.75

41.42

 

Variables

Values

Fixed Cost

16.67

Variable Cost

0.11

Total Revenue

33.78

Average revenue per sale

0.25

Cost-Volume-Profit Graph


Margin of Safety: The difference between the budgeted sales volume and the break-even sales volume is the safety margin. It informs executives how much leeway they have in their sales budgets.

Variables

Values

Budgeted sales volume

135.12

Breakeven sales volume

119

Margin of Safety

16.12

 

B.   Liquidity of 2021

      

I.          Current ratio for 2021   

The current ratio (CR) is one of the liquidity ratios that assesses a company's capacity to meet short-term obligations, particularly those due within a year.

Current ratio formula

Current Ratio= (Current Assets) / (Current liabilities)

 

 

Current Assets

22.31

Current Liabilities

9.36

 

 

Current Ratio for 2021

2.38

 

Good current ratio number is between 1.2 and 2. To cover its debts, the Duran has 2.38 times greater current assets than liabilities. It's in a good spot.

    

II.          Quick ratio for 2021             


The Quick Ratio is a measure of a company's ability to meet short-term obligations using its most liquid assets. It is more sensitive than the CR since it compares the company's current obligations against the assets that can be turned into cash the quickest.

Quick ratio formula

Cash + Cash Equivalents + Short term investments+ Accounts Receivables / Current Liabilities

 

 

Cash and Cash Equivalents

7.49

Marketable securities

0.59

Accounts Receivable

4.83

Current Liabilities

9.36

 

 

Quick Ratio for 2021

1.38

The industry standard has a quick ratio of 1. A quick ratio of less than one indicates that a corporation may be unable to satisfy its present obligations due to a lack of liquid assets. With 1.38, Duran is doing good with quick ratio numbers as well.

                

    III.          Operating cash cycle for 2021     

Operating cash cycle tells management how long it will take to pay its suppliers after receiving cash from sales. The operating cash cycle has three parts: Day’s inventory outstanding, Day’s sales outstanding, Day’s payables outstanding.

 

2021

2020

Inventory

9.40

6.70

Accounts Receivable

4.83

4.65

Accounts Payable

4.28

3.87

 

Operating Cash Cycle formula

Operating Cash Cycle = Days Inventory Outstanding + Days Sales Outstanding – Days Payables Outstanding

 

 

Days Inventory Outstanding

Average inventory/COGS per day

Average Inventory

8.05

DIO

199.88

Days Sales Outstanding

Average AR / Revenue per day

Average AR

4.74

DSO

51.22

Days Payables Outstanding

Average AP/COGS per day

Average AP

4.08

DPO

101.18

COGS per day

-0.04

Revenue per day

0.09

Operating Cash Cycle for 2021

149.92

Operating Cash Cycle for 2021, rounding off is 150 days. It means the company needs cash of 150 days to run the business and this is a normal number for anyone in the Aerospace industry, but needs to be improved (RYCEY Cash Conversion Cycle | Rolls-Royce Holdings - GuruFocus.com n.d.). Cash cycle reduction helps to free up cash, which improves profitability.

  

  IV.          Working capital for 2021 

 

Working capital is calculated as follows: Working capital equals the difference between the organization's current assets and its current liabilities.

Working Capital formula

Working capital = Current assets of the organization - Current liabilities of the organization

 

 

Current assets of the organisation

22.31

Current liabilities of the organisation

9.36

 

 

Working Capital for 2021

12.95

 

In most circumstances, having a positive working capital is necessary to keep the firm running smoothly. Having 12.95 USD million as working capital is a good number to have for Duran.


C.   Solvency of 2021

      

I.          Debt-to-equity ratio for 2021

The debt-to-equity ratio (DE Ratio) is a measurement of how much debt is being used to keep the company afloat. It takes into account both short- and long-term debt. The DE Ratio is an important indicator that rating agencies use to determine a company's credit rating.

Debt-to-equity ratio formula

Debt-to-equity = Total Liabilities/Total Equity

 

 

Total Liabilities

14.21

Total Equity

15.20

 

 

Debt-to-equity ratio for 2021

0.93

 

The average D/E ratio for S&P 500 businesses is around 1.6 (What Is Considered a Good Net Debt-to-Equity Ratio? n.d.). The general view is that it should not exceed 2.0 and with 0.93, Duran is in a good position with this ratio.

     

II.          Debt-to-total assets ratio for 2021

The debt-to-total-assets ratio indicates how much debt is being used to fund a company's assets. The higher the ratio, the larger the debt leverage and the greater the financial risk. It's a measure of total debt-financed assets in a nutshell.

 

Debt-to-total assets ratio formula

Debt-to-equity = Total Liabilities/Total Assets

 

 

Total Liabilities

14.21

Total Assets

29.41

 

 

Debt-to-total assets for 2021

0.48

 

Although the ratio result is believed to be indicative of a "healthy" company differs by industry, a ratio result of less than 0.5 is typically deemed acceptable (Kenton n.d.). 0.48 is a good Debt-to-total assets ratio to have for a company.

   

III.          Interest coverage ratio for 2021     

The interest coverage ratio is the last ratio we'll look at in terms of solvency. This ratio assesses the company's capacity to cover the loan interest expense. The higher the ratio, the more capable the corporation is of covering the interest costs.

Interest Coverage ratio formula

Interest Coverage ratio = Earnings Before Interest and Taxes (EBIT)/Interest Expense

 

 

Earnings Before Interest and Taxes(EBIT)

2.55

Interest Expense

0.62

 

 

Debt-to-total assets for 2021

4.11

 

An interest coverage ratio of at least two is typically regarded the minimum acceptable level for a corporation with consistent, predictable income. Analysts want a coverage ratio of three or greater (Maverick, undated). Duran is in a strong position with 4.11.


D.  Summary of Viability, Liquidity and Solvency for 2021


The volume of sales at which total revenues and costs are equal is referred to as a business's break-even point. At break even, Revenue = Costs and to break even, the founders must analyze and determine exactly how many units they need to sell. Breakeven point is 119. Yes, the company is viable with more than 119 units of budgeted sales. The Costs, Revenues, and Profits (CVP) analysis depicts the link between the three points of Costs, Revenues, and Profits. The CVP analysis enables businesses to comprehend the long-term implications of short-term decisions. It also gives executives a glimpse of their present profitability at any given point in time, helping them to better manage their resources and make better strategic and financial decisions. The difference between the budgeted sales volume and the break-even sales volume is the safety margin. It informs executives how much leeway they have in their sales budgets.


The current ratio (CR) is one of the liquidity ratios that assesses a company's capacity to meet short-term obligations, particularly those due within a year. Good current ratio number is between 1.2 and 2. To cover its debts, the Duran has 2.38 times greater current assets than liabilities. It's in a good spot. The Quick Ratio is a measure of a company's ability to meet short-term obligations using its most liquid assets. It is more sensitive than the CR since it compares the company's current obligations against the assets that can be turned into cash the quickest. The industry standard has a quick ratio of 1. A quick ratio of less than one indicates that a corporation may be unable to satisfy its present obligations due to a lack of liquid assets. With 1.38, Duran is doing good with quick ratio numbers as well.


Operating cash cycle tells management how long it will take to pay its suppliers after receiving cash from sales. The operating cash cycle has three parts: Day’s inventory outstanding, Day’s sales outstanding, Day’s payables outstanding. Operating Cash Cycle for 2021, rounding off is 150 days. It means the company needs cash of 150 days to run the business and this is a reasonable number for anyone in the Aerospace industry (RYCEY Cash Conversion Cycle | Rolls-Royce Holdings - GuruFocus.com n.d.). Cash cycle reduction helps to free up cash, which improves profitability.


Working capital is calculated as follows: Working capital equals the difference between the organization's current assets and its current liabilities. In most circumstances, having a positive working capital is necessary to keep the firm running smoothly. Having 12.95 USD million as working capital is a good number to have for Duran.


The debt-to-equity ratio (DE Ratio) is a measurement of how much debt is being used to keep the company afloat. It takes into account both short- and long-term debt. The DE Ratio is an important indicator that rating agencies use to determine a company's credit rating. The average D/E ratio for S&P 500 businesses is around 1.6 (What Is Considered a Good Net Debt-to-Equity Ratio? n.d.). The general view is that it should not exceed 2.0 and with 0.93, Duran is in a good position with this ratio.


The debt-to-total-assets ratio indicates how much debt is being used to fund a company's assets. The higher the ratio, the larger the debt leverage and the greater the financial risk. It's a measure of total debt-financed assets in a nutshell. Although the ratio result that is believed to be indicative of a "healthy" company differs by industry, a ratio result of less than 0.5 is typically deemed acceptable (Kenton n.d.). 0.48 is a good Debt-to-total assets ratio to have for a company. The interest coverage ratio is the last ratio we'll look at in terms of solvency. This ratio assesses company's capacity to cover its loan interest expense. The higher the ratio, the more capable the corporation is of covering its interest costs. For a company with reliable, continuous revenues, an interest coverage ratio of at least two 2 is generally considered the minimum acceptable number. A coverage ratio of three 3 or better is preferred by analysts (Maverick, undated). With 4.11 Duran is in a very good position.


3.   Financial Planning


A.   Introduction


As part of Financial Planning, both the operating budget and cash budget are prepared to help the board plan their finances for the contract. In the operating budget the sales forecast, production forecast and operating expenses forecast is presented. For the cash budget, first 3 months projections of collections cash flow and expenses cash flow is presented. Financial planning. Budgeting is essential since it helps to keep track of your expenses, save more money, and control spending. Budgeting may also help make smarter financial decisions, plan for emergencies, get out of debt, and stick to long-term financial objectives.


B.   Operating budget for the Financial Year 2022 (In Quarters)


A.     Sales Forecast

The sales projection is first stage for putting together the operating budget. Three primary pieces of information are necessary to construct a sales estimate:

1. The items or services that are being sold

2. Sales volume expected per item

3. The cost of each item.


We generate the following information by multiplying predicted unit sales by unit pricing in each quarter.

Price per item


Products

Unit price (in USD)

UAE Engine #1

250,000

UAE Engine #2

196,000

UAE Engine #3

223,000

 


Expected quantity of sales per item





Products

Q1

Q2

Q3

Q4

Yearly

UAE Engine #1

8

8

8

9

33

UAE Engine #2

6

9

7

6

28

UAE Engine #3

7

8

7

6

28

Total Engines

21

25

22

21

89

 

Sales Forecast

Products

Q1

Q2

Q3

Q4

Yearly

UAE Engine #1

2000000

2000000

2000000

2250000

8250000

UAE Engine #2

1176000

1764000

1372000

1176000

5488000

UAE Engine #3

1561000

1784000

1561000

1338000

6244000

Total

4737000

5548000

4933000

4764000

19982000

 

A.     Production forecast

Before predicting yearly costs, all firms must finish their production estimate. In order to generate a production prediction, the following information is frequently required:

1. The quantity of items that will be manufactured

2. The materials needed to create a product

3. Direct labour expenses to make the commodities, and 4. Unit costs for three basic materials


We generate the following statistics by multiplying predicted unit sales by COGS in each quarter.

Products

Cost of Goods Sold (in USD)

UAE Engine #1

120,000

UAE Engine #2

94,080

UAE Engine #3

107,040



Expense

In USD

Wages

900,000

Rent

150,000

Utilities

80,000

Admin Expenses

100,000

Marketing and Sales Expenses

80,000

Interest Expenses

0

Tax Expense*

10% of quarterly sales


Expected quantity of sales per item





Products

Q1

Q2

Q3

Q4

Yearly Total Product Sales

UAE Engine #1

8

8

8

9

33

UAE Engine #2

6

9

7

6

28

UAE Engine #3

7

8

7

6

28

Total Engines

21

25

22

21

89

 

Assume that there are no completed engines in the warehouse and that all engines sold in the quarter must be built.


Production Forecast





Cost of Goods Sold (in USD)

Q1

Q2

Q3

Q4

Yearly

UAE Engine #1

120,000

120,000

120,000

120,000

480,000

UAE Engine #2

94,080

94,080

94,080

94,080

376,320

UAE Engine #3

107,040

107,040

107,040

107,040

428,160

Total cost of Goods Sold (IN USD)






UAE Engine #1

960,000

960,000

960,000

1,080,000

3,960,000

UAE Engine #2

564,480

846,720

658,560

564,480

2,634,240

UAE Engine #3

749,280

856,320

749,280

642,240

2,997,120

Total Production Forecast

2,273,760

2,663,040

2,367,840

2,286,720

9,591,360

 

B.     Operating expenses forecast

Products

Cost of Goods Sold (in USD)

Unit price (in USD)

UAE Engine #1

120,000

250,000

UAE Engine #2

94,080

196,000

UAE Engine #3

107,040

223,000

 

 

Expected quantity of sales per item












 

Products

Q1

Q2

Q3

Q4

Yearly Total Product Sales







 

UAE Engine #1

8

8

8

9

33







 

UAE Engine #2

6

9

7

6

28







 

UAE Engine #3

7

8

7

6

28







 

Total Engines

21

25

22

21

89







Total Sales






 







UAE Engine #1

2000000

2000000

2000000

2250000

8250000

 







UAE Engine #2

1176000

1764000

1372000

1176000

5488000

 







UAE Engine #3

1561000

1784000

1561000

1338000

6244000

 







Total Sales

4737000

5548000

4933000

4764000

19982000

 







Estimated Gross Revenue of 2022






 







Particulars(In USD)

Q1

Q2

Q3

Q4

Yearly

 







Total Sales (A)

4737000

5548000

4933000

4764000

19982000

 







Total COGS (B)

2273760

2663040

2367840

2286720

9591360

 







Gross Profit (=A-B)

2463240

2884960

2565160

2477280

10390640

 




















 

Operating Expenses






Expense

Q1

Q2

Q3

Q4

Yearly

Wages

900000

900000

900000

900000

3600000

Rent

150000

150000

150000

150000

600000

Utilities

80000

80000

80000

80000

320000

Admin Expenses

100000

100000

100000

100000

400000

Marketing and Sales Expenses

80000

80000

80000

80000

320000

Interest Expenses

0

0

0

0

0

Tax Expense, 10% of quarterly sales

473700

554800

493300

476400

1998200

Total expenses

1783700

1864800

1803300

1786400

7238200

 

Net Profit = Gross Profit - Total Expenses.

              

Net Profit

679540

1020160

761860

690880

3152440

 

The operating budget is an evaluated and detailed forecast of company's revenue and expenses over a certain time. Companies typically develop an operating budget near end of year to forecast activity for following year. An operating budget assists businesses in setting up and achieving their objectives. Managers can compare actual outcomes to the operating budget each month or quarter and analyze results.


C.   Cash budget for the Financial Year 2022 (First 3 Months)


A cash budget is a document that helps a business manage its cash flow. A cash budget is prepared in advance and contains all expected monthly cash incomings (receipts) as well as any planned cash outgoings (payments).


Financial budgeting provides a number of advantages, including the ability to foresee any potential cash shortages. The firm will be able to plan ahead and get additional funding, such as a bank overdraft, as a result of this. It can help with financial planning. Any of the months with excessive spending will be mentioned in the cash budget. It will show if a corporation has more of cash (surplus) or less of cash (deficit) than expected. As a consequence, a corporation will be able to plan more efficiently and make better judgments.


A.     Collections Cashflow

 

Jan

Feb

Mar

Total sales

Sales

1,579,000

1,579,000

1,579,000

4,737,000

 

Cash Inflow

 

Jan

Feb

Mar

Collections of current month (20%)

315800

315800

315800

Collections of One Month Ago 20%

0

315800

315800

Collections of Two Months Ago 60%

0

0

947400

Total cash-Inflow

315800

631600

1579000

 

B.     Expenses Cashflow

 

Jan

Feb

Mar

Total sales

Sales

1,579,000

1,579,000

1,579,000

4,737,000

Cash Outflow

 

Jan

Feb

Mar

COGS

0

0

75792000

48% of the total sales with a DPO is 60 days for Duran




Operating Expenses




Expense

Jan

Feb

Mar

Wages

300000

300000

300000

Rent

50000

50000

50000

Utilities

26666.67

26666.67

26666.67

Admin Expenses

33333.33

33333.33

33333.33

Marketing and Sales Expenses

26666.67

26666.67

26666.67

Interest Expenses

0.00

0.00

0.00

Tax Expense, 10% of quarterly sales

0.00

0.00

473700.00

Total expenses

436666.67

436666.67

910366.67



Adding COGS

757920



March Total Expenses

1668286.67

 

Operating Expenses


Expense

Q1

Wages

900000

Rent

150000

Utilities

80000

Admin Expenses

100000

Marketing and Sales Expenses

80000

Interest Expenses

0

Tax Expense, 10% of quarterly sales

0

Total expenses

1310000

 

Cash surplus/ Deficit from last Month

0.00

-120866.67

74066.67

Cash surplus/Deficit from this Month

-120866.67

194933.33

-89286.67

Total cash surplus/Deficit

-120866.67

74066.67

-15220.00

D.   Recommendations to Board on Debt and Budgets


The Operating Budget compares the forecast sales and expenses for the next year, often reduced to quarterly periods. The Operating Budget, in conjunction with the Cash Budget, allows a firm to plan and regulate its viability & liquidity for the coming years.


As the numbers on Viability, Solvency and Liquidity are good for Duran, it needs to accept the contract and utilize short term debt option. The sales forecast for Engine 1 are good and it needs to allocate its marketing budgets accordingly. Decreasing sales forecast is a concern and company needs to revisit and the marketing budget and work on strategy for Engine 2 and Engine 3. Net profit numbers for Q2, Q3 and Q4 are showing a decline in the numbers which is not a good trend.


Some of the measures to improve the cash budget can be to keep the inventory at minimum levels, ensure quick invoicing processes, electronic payments for quick turn arounds. You'll have a better chance of negotiating better terms with suppliers if you get in touch with them on a frequent basis. If suppliers are ready in giving a discount in exchange of early payments, it needs to be done. Mastering negotiation is an important component of doing business, it can help to persuade suppliers to give a better price.


Need to take a note that a cash deficit may not mean a non-profitable or insolvent business.

As the operating expenses for an engine manufacturing contract will be quite high, Duran needs to effectively handle the operating expenses by cautions make or buy decisions, implementing automation, paying the bills in advance etc. The Net profits of the company are sowing decline over the last 3 quarters.


While short term budget will help the company, ensure that it is coupled with a strategy to achieve viability. This is a good option to have, especially when operating cash cycle requires company to pay its suppliers before it receives cash from sales.


4.   Recommendations to the Board


The current financial position of the company is good to accept the Australian Defense Force contract of USD20 million to design and manufacture engines for their unmanned drone program. The company can increase its debt and expand its offerings by the current VLS position and the budgeted financial plans.


Optimum Profitability through Operating Budget: Viewing all of the business's costs if you meticulously record your operational costs. A few running costs would fall into the category of completely unneeded. Those running costs are frequently below the owner's level of concern. Bring all of your tiny financial leaks together and put an end to them once and for all. The company is viable with more than 119 units of budgeted sales.


You may kind of save money on infrastructure while also keeping for all intents and purposes your personnel busy with day-to-day operations, which essentially is fairly significant. Taxes, fairly capital expense (you''ll need it to finance the inventory acquisition), insurance, warehouse, labour, and administrative personnel for operating the warehouse, actually material handling, and equipment, utilities, and so on definitely are all part of the inventory carrying expense in a subtle way. On very top of the inventory expense, inventory carrying expense might for all intents and purposes add up to 25% or much more of the inventory rate in a subtle way.


Optimum Cash position through Cash Budget: The cash position at end of the month on a cash flow reflects amount of cash on hand at that point in time. This cash position is an indicator of the company's financial health & liquidity, indicating the company's capacity in satisfing existing obligations. It is advantageous to have a large cash position.


Cash cycle reduction helps to free up cash, which improves profitability. The collections cash flow and expenses cashflow can be increased by negotiating quick payment terms by giving incentives. Timely check on account payables, watching account receivables and minimizing accounts payable will help improve the cash position for the company. 


Lower the DIO, DSO and increase the DPO: Operating Cash Cycle for 2021, is 150 days. It means the company needs cash of 150 days to run the business and this is a normal number for anyone in the Aerospace industry, but needs to be improved. Cash cycle reduction helps to free up cash, which improves profitability. The days payable outstanding can be increased further.


Improve the Liquidity position by reducing overheads, eliminating unproductive assets, leveraging sweep accounts, managing dividend payments, using long term financing, managing account receivables and managing payable accounts.


Improve Inventory Management: Examine your present inventory and make a note of any things that aren't selling as quickly as others. Rather than purchasing more, strive to sell what you already have and either delete it from your sales funnel or reduce the amount you acquire. If you decide not to order more of a particular item, try to get rid of your existing stock. Sell it for a lower price, combine it with other successful sales goods, or give it to get a tax deduction. Whatever you do, attempt to get rid of slow-moving merchandise and obtain as much money as you can.


Methods such as just-in-time delivery and lean management are also good options to consider.


Consider Debt Financing: To cover its debts, the Duran has 2.38 times greater current assets than liabilities. Even with the quick ratio Duran is doing good with 1.38 making debt financing a favorable option to consider. With 0.93, Duran is in a good position with its Debt-to-equity ratio for 2021 as well as Debt-to-total assets ratio of 0.48. For the interest coverage ratio, Duran is in a very good position with 4.11. Considering all the VLS numbers, its good for Duran to consider debt and proceed with the contract execution.

 

5.   Reference List



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