Arunika Herath

2015 2017 XYZ Co.(Pvt) Ltd Arunika Herath [PROJECT ANALYSIS REPORT ] This report intends to evaluate the financial feasibility of constructing a new commercial building in XYZ Co Pvt Ltd .This mainly analyze on granting a financial facility to the new construction project. XYZ CO .(PVT) LTD 1.0 PROJECT PROPOSAL PROPOSED FACILITY DETAILS Proposed Type Amount/Li mit Rs. Mn Funding 200 ABC PL Total Security Rate of Int/ Comm Tenure / (Months) Grace Inst. 12 108 (Equal) AWPR (4 weeks) + XXXXXX Description (Indicate -Property / Machinery / Vehicle / Stocks /PG) P/M over property situated at Peradeniya road owned by the company MB Value Rs Mn 200 200 200 2.0 BORROWER INFORMATION 2.1 BORROWER PROFILE XYZ Co. (PVT) LTD Name: Registered Address: NO.22 PERADENIYA ROAD, KANDY. Constitution: PLC / PVT / PARTNER / PROPRIETOR/INDIVIDUAL Date of Incorporation / Registration No.: 07/07/2015 PV106818 Stated Capital : Rs. 5.5Mn Telephone Nos./ Email - Directors/ Proprietor/Partners NIC / Passport Nos. Main Shareholders Mr.A.G Perera -V Business Address: NO.22 PERADENIYA ROAD, KANDY. Group Name: XYZ Co. (PVT) LTD Number of existing Employees: 35 . Contact Person: Mr.A.G Perera Mr.A.G Perera Mrs. L.A. Perera % Holding 50% -V Mrs. L.A. Perera 50% 2.2 ACCOUNT DATA Client No.: Current AccountNo.: 1125 Purpose: Start-up / Expansion / Modernisation / Working Capital 11225 Segment Gem and jewellery Business 2 XYZ CO .(PVT) LTD PROJECT PROPOSAL Date of Application: 11/11/2015 Existing borrower : Yes/No Appraisal Officer: Arunika Herath 2.3 Gem and Jewellery Sector Classification Industry Sector ISIC III Des. : 4610 Extension No. EXISTING FACILITES OF THE BORROWER FROM ABC BANK Year Type Amount Rs. Mn O/S as at ……. Rs. Mn Inst. Arrears Rs. Mn/Days Int. OOD Rate of Interest Security Description Nil Total 2.4 Total EXISTING FACILITIES OF THE GROUP FROM ABC BANK Year Type Amount Rs. Mn O/S as at ….. Rs. Mn Arrears Rs. Mn/Days Inst Int OOD Rate of Interest Security Description Nil Company A Company B Total Exposure 3.0 BORROWER BACKGROUND Mr. A.G Perera and his wife Ms.L.A.perea are the directors of the XYZ Co. (PVT) LTD which is engaged in crafting and selling of widest range of Sri Lanka's premium quality Gems & Jewellery items. Mr . A.G Perera has started his careers in Prasanna Gems at Kandy as a manager and after working there for so many years he has started his own business in 1995 with the support of his wife and the father in law. The business has achieved a remarkable growth during the past years. in 2008 the business has been incorporated as a private limited company . In July 2015 PQR ( Pvt ) Ltd has been established with the same directors in order expand the business operations of the XYZ Co. (PVT) LTD.It is a fully owned subsidiary of the XYZ Co. (PVT) LTD in Kandy which is also involve in the same business of XYZ Co. (PVT) LTD. Since the PQR (pvt) Ltd has established very recently the business operations will be commenced with the proposed project. XYZ Co. (PVT) LTD) caters only to the up market , especially to foreigners. The entity is located in their own building at peradeniya road in the city limits of Kandy which is a 4 story building with modern facilities. During the short span of operations, the company has performed successfully reaching greater heights. Now XYZ Co. (PVT) LTD is a well established entity and has shown a tremendous growth over the years. The business is mainly focus on selling gem and jewellery. However the new unit will also focus on authentic clothes and batiks in addition to the gem and jewellery. XYZ CO. (PVT) LTD owns an unblemished record locally and internationally for many years being the pioneer of gem industry in Kandy and be possessed of a wide range of exquisite gems and jewellery other items. 3 XYZ CO .(PVT) LTD PROJECT PROPOSAL Description to the clientele. XYZ CO. (PVT) LTD is mainly targeting for foreigners who come from different part of the world including countries such as China, Russia, Australia, Holland, German, India Poland etc. The production is segmented according to the clientele. The designs are mainly targeted the foreign market with a specialized product range. Mainly the studded jewellery, precious and semi precious stones ,gems such as blue sapphire, star sapphire, orange sapphire, Ruby etc which are most saleable for tourists. The pricing is done accordingly. They are having their own workshop for jewellery crafting and gem polishing which are located in the upper floor of the shop premises Stability: XYZ CO. (PVT) LTD ‘s 20 - year existence has proved the success of the establishment. Most of the tourists have been channelled through reputed travel companies such as Jet Wings, Aitken Spence, Abans Travels, Gabo, Nikar Travels and some international operators etc. Mr Perera and Mrs. Perera are key figures among the business circles Locality of the businessXYZ CO. (PVT) LTD is one of the major Jewellery shops situated in Kandy which is highly attractive to the foreigners. Therefore XYZ CO. (PVT) LTD has an access to a large client base. The business is located in an area which has all the facilities including most of the banks, financial institutes situated very closely and every kind of retail and wholesale shops are available in the area. Therefore the area is identified as a high density area 4.0 CREDIT PROPOSAL The Tourism Sector has experienced immense growth since the end of the decade’s long civil war in 2009. With the increase of the tourist traffic, XYZ CO. (PVT) LTD also has seen an excellent increase in sales during last 6 months. As a result of that demand for Gem and Jewellery too has seen a healthy growth. Since the Kandy is a major city which focuses heavily on tourism there is a huge potential for increase the sales of the business. In order to cater to the demand and to exploit the market opportunities in the market client is planning to expand the business by constructing another 6 story building in front of the existing business location. The proposed building will be faced to the Kandy – Peradeniya main road. It consist of 2 basement levels of car park ,authentic clothing store, showroom for gem and jewellery, Gem museum & workshop and a Conference hall together with a mini theatre. The total construction of the proposed building is Rs.387Mn as per the drafted BOQ prepared by the U & D engineers Pvt Ltd, Peradeniiya (see below for details) . The total project is Rs.455Mn and the company request a financial facility of Rs.200Mn under the EIB credit line. The proposed facility will be used to part finance the construction cost of the building and the balance amount of Rs.255Mn will be financed by the 4 XYZ CO .(PVT) LTD PROJECT PROPOSAL equity. The proposed project will facilitate to provide a complete shopping experience for their clients by offering exclusive products to the up market. This area could be considered as a tourist hub since most of the hotels and gem & jewellery shops such as Isini gems, Hemachandras, tiesh gems, Zam gem and jewellery etc are located in the area. The proposed facility will be secured by a Primary Mortgage over the project property situated at Peradeniya road owned by the company. Term loan will be repaid in 108 equal instalments after a grace period of 12 months. 4.1 BORROWING PURPOSE, AMOUNT AND MEANS OF FINANCE Debt Rs Mn Cost Item Equity Total 187.00 387.00 5.00 5.00 Working Capital 15.00 15.00 Pre-operative expenses 10.00 10.00 Contingencies 38.00 38.00 255.00 455.00 ABC Other Banks Land & land development Civil works 200.00 Plant, Machinery & Equipment Vehicles Other Fixed Assets Utilities Project Cost Total Existing capital Structure (debt : equity) Overall Capital Structure - 5.00 7.00 12.00 200.00 5.00 262.00 467.00 Project Debt Equity Ratio: 44:56 Total Debt Equity Ratio: 45:55 4.2 LOCATION AND OWNERSHIP OF PROJECT PROPERTY The project property is situated in Peradeniya Road, Kandy. The proposed facility will be secured against the same property. The total extent of the project property is around 00A 01R 15.P is solely owned by PQR Develop ( Pvt) Ltd . The close proximity of the proposed location is a developed commercial area with all infra-structural facilities inclusive of electricity, supplied water and telephone since it is within the city limits of the Kandy. There are some other well known players in the same area since it is a highly attractive area to foreigners. 5 XYZ CO .(PVT) LTD 4.3 PROJECT PROPOSAL TECHNICAL ASPECTS Technology and Process N/A  Process Description  Process Flow Diagram  Capacity & Utilisation  Wastage Civil Engineering Aspects  BOQ ( for the proposed building constructions) Drafted BOQ has been prepared by Mr. A.Silva, Charted Engineer of the Institution of Engineers for the proposed buildings. The expected total cost is amounting to Rs.386.61Mn.The total floor area is 82,959 Sq Ft. and it comprise of basement (2 levels) for car park ground floor and another 5 floors. Final BOQ will be submitted within two weeks.  Description of civil works The proposed utilisation of the building as follows Basement 01 Basement 02 Ground Floor 1st floor 2nd & 3rd floors 4Th Floor 5 th floor - Car park - Car park - Authentic clothing store - Authentic clothing store - Showroom for Gem and jewellery - Gem Museum and work shop - Conference hall and Mini theatre As per the BOQ prepared by Mr. Silva the proposed construction structure of the building as follows Description Preliminary work Earth work Anti – Termite treatment Concrete work Stone Rubble work Asphalt work/water proofing Masonry work Rain water Gutter and down pipe Doors and windows Hand Rails Plumbing and engineering installation Builders work Plaster work and other floor wall Painting and decorating Strom Water drain Electrical installation Front Paving RCC Concrete tank Provisional Sums Total Cost (Rs.) 1,285,000.00 7,197,-,-,003,875.00 1,200,000.00 5,019,-,144,-,-,673,000.00 3,401,500.00 5,676,100.00 1,158,-,397,440.00 9,549,000.00 1,191,000.00 5,961,-,-,-,315,-,615,165.00  Reasonableness of cost As per the BOQ the cost is very reasonable. The cost per Sq. Ft is Rs.5484 However, the client is requesting the loan only to part finance the construction of the proposed building. Also the total project cost is about Rs.455.0Mn;out of that client will contribute more than 55% since all the other expenses will be borne by the borrower’s equity (as per the section 4.1) 6 XYZ CO .(PVT) LTD 4.4 PROJECT PROPOSAL PLANT, MACHINERY AND VEHICLES Item Supplier Price Still the equipment purchases are not finalized. VAT Total a) Procurement Decision b) Alternate Quotations 4.5 NA N/A UTILITIES Electricity is obtained from the National grid (with a backup generator) and pipe borne water supply is from the National Water Supply and Drainage Board 4.6 SUPPLY CHAIN MANAGEMENT The company has a regular set of suppliers who have been registered in gem and jewellery authority. Some of them are Supun Gems ,Mr.Kim etc 4.7 REGULATORY APPROVALS AND LICENSES The unit has obtained the necessary approvals such as approval from the Gem Corporation, Tourist board etc. 4.8 CRITICAL PERFORMANCE CONTRACTS The client has been in the industry for more than 20 years. They have mutual agreements with the regular suppliers for a long time. 4.9 ENVIRONMENTAL IMPACT, ISSUES AND POLLUTION CONTROL There are no hazardous materials released from the proposed project. The land is situated in a commercial area therefore no objections anticipated from the neighbourhood. Directors have run the business for last 20 years without any complaints with respect to environmental matters. There is no any environmental impacts expected form the proposed constructions. There are no any sensitive water resources or other sensitive areas around the project. Schools, Hospitals, religious places, archaeological sites etc are not located near the project property. There will be a small stand by generator within the project which does not generate high noise which comes outside of the premises. It is rarely used only when the grid supply is not available 7 XYZ CO .(PVT) LTD 4.10 WORKING CAPITAL COMPUTATION N/A 4.11 PROJECT IMPLEMENTATION SCHEDULE       4.12 ABC Bank Approval Legal Documentation Opening of LCs First Disbursement Trial runs & Commissioning Commercial operations PROJECT PROPOSAL Month/Year November 2015 November 2015 N/A December 2015 N/A January 2018 MANAGEMENT Managerial skills / experience The managing director Mr. Perera is a well recognised jewellery manufacturer and a trader in the area. He has been engaging in the industry for more than 20 years. Due to the experience gathered over the years, he has a set of clientele to canvass more repeated businesses especially from the reputed travel agencies in the country. At present there are more than 35 employees who are working in the company. Under the proposed expansion project client is planning to recruit professional qualified and experienced unit heads to each sub section such as Sales, Jewellery designing and crafting, and Administration etc. Altogether there will be additional 25 staff members in the proposed project. In addition to the directors, their son also involve in the business since he is professionally qualified in the area. At the same time client is planning to out source some of the non value adding activities such as cleaning, security etc.to the reputed companies Financial – The borrowers are financially strong. All the accounts are prepared on conservative basis. The borrowers have been identified as one of the prime clients in Kandy area. Further, the proposed project property is sole owned by the company and it helps to prove their richness in assets Marketing – As the proposed business premises is located in a highly strategic location, the borrowers have planned to get the maximum use of the key attraction areas since most of the gem and jewellery businesses are located in the same area. In addition to that they market their products using the foreign exhibitions and trade shows. Also they market their company through the reputed travel companies. Personal Attributes of the main promoters – The Managing Director of PQR (Pvt) Ltd is an experienced and talented businessman with more than 25 years of experience in the business field. Directors are actively participating to the business and intend to diversify company’s portfolio into new business segments. When consider the proposed building project the borrowers have planned to recruited professionally and technically qualified personal to manage the technical areas such jewellery crafting, sales, gem polishing etc. Succession Planning – Director’s son has completed his higher education in jewellery crafting & gemology in UK and now he has joined the management of the business. 8 XYZ CO .(PVT) LTD 4.13 PROJECT PROPOSAL LABOUR Category Managerial Supervisory Skilled / unskilled Total Existing- Proposed 2 8 15 25 Total- 9 XYZ CO .(PVT) LTD 5.0 PROJECT PROPOSAL MARKET Sri Lanka’s Gem and Jewellery industry is one of the country’s oldest and is also one of the largest export earners. Whilst Sri Lankan Gem and Jewellery industry is centuries old, the country began manufacturing calibrated Gemstones, Cast Jewellery, and Diamonding the 1980’s with gradual industrialization of the country and the opening up of trade barriers. From there onward, progressive legislation helped the country. Market Segments The market for Gem and Jewellery is composed of at least three segments: Domestic, Tourist, and Export. It was believed that domestic segment is on decline, while the Tourist and Export segments are growing According to the newly launched Tourism Development Strategy, the main target of the tourism sector in the next fi year is to achieve a target number of 2.5Mn tourists by 2018. In order to achieve this, the Ministry of Economic Development is to emphasize on covering all aspects of tourism including infrastructure development, standardization of products and services, improving the brand awareness and finally gearing efforts towards achieving sustainability in the long run. Tourist arrivals/Trend -): Source : SLTDA So far in 2015 (up to September) Sri Lanka has recorded 1.3Million arrivals, nearly 18.8% growth against 2014 (for a similar period). With the same growth rate, the expected arrivals for the year would be around 1.8 million. Which, on the other hand challenges the country’s target of 2.5 million tourists arrivals for 2016? A further growth of nearly 38% for year 2016 Tourist Arrivals- in Sri Lanka Source: SLTDA 10 XYZ CO .(PVT) LTD PROJECT PROPOSAL Arrival Targets and the achivements Sri Lanka targets around 1.50Mn tourist arrivals this year. According to the latest records of the SLTDA, Sri Lanka's tourist arrivals recorded a growth of 20.3 % in May 2014 compared to the same period in year 2013. During the month of May, 2014 recorded 90,046 tourists arrivals in the country compared to the 74,838 arrived in May 2013 which is highest in foreign tourist history for month of May. The cumulative total of foreign tourist arrival for first five months of 2014 is 624,178 giving record of a 26.5 percent increase from the 493,294 came during the corresponding period in 2013. SLTDA statistics have recorded 1.274Mn tourist arrivals in 2013 compared to the 1.005Mn arrived in 2012. Under the plan Sri Lanka expects to raise the number of arrivals to 2.5 million and to earn annual revenue of US$ 2.75 billion by 2016. Looking ahead, even though there are concerns about the over enthusiastic target, business projects like proposed “Amith Property Developers (Pvt) Ltd ” will continue to have business from foreign travellers. Tourism in Kandy Kandy is considered a transit destination where visitors stay for only a few days. One of the main reasons for this is the lack of entertainment and other facilities. A substantial investment in refurbishing and construction of new hotels and guesthouses is required to fill this need gap. All these facts warrants new investments in the country particularly places like Kandy in order to boost the industry. In view of the above, proposed project will have a bright future in terms of business and future potential. 11 XYZ CO .(PVT) LTD PROJECT PROPOSAL 6.0 FINANCIAL ANALYSIS + 6.1 PAST FINANCIAL PERFORMANCE PQR (Pvt) Ltd has not commenced the business operations since it was established recently. Therefore the financial performance of the XYZ Co. (PVT) LTD has been considered in the financial analysis. The following table shows a summary of the certified accounts prepared by the Ernst and Young, Charted Accountants, No.839/2, Peradeniya Road, Kandy XYZ (Private ) Limited Certified Certified Certified 2012 2013 2014 Income 164,046,279 202,173,487 274,078,585 Gross Profit 114,492,419 132,338,193 185,581,683 Operating profit 44,556,212 54,431,012 83,323,517 PBT 91,486,784 63,309,550 103,205,155 PAT 91,253,217 62,585,656 101,308,318 Net Fixed Assets 133,090,105 130,785,040 212,579,137 Current Assets 146,601,184 208,190,514 209,747,174 Total Assets 279,691,289 338,975,554 422,326,311 LKR Net worth - - - LT Liabilities 3,332,000 3,328,000 - Current Liabilities 1,114,398 1,005,538 1,364,766 Total liabilities 4,446,398 4,333,538 1,364,766 - 23.24 35.57 GP margin 69.79 65.46 67.71 NP Margin 55.63 30.96 36.96 - 122,243,311.00 Profitability Sales Growth Cash flow Net cash flow from operating activities Net cash flow from financing activities - - 200,000,000.00 Net cash flow from investing activities - - - 131.55 207.04 153.69 LT debt : Equity 0.01 0.01 - Total Liab : Networth 1.02 1.01 1.00 77.16 94.69 68.84 - - - 33.15 18.70 24.07 Liquidity Current Ratio (Times) Leverage Coverage Interest Coverage (Times) DSCR Return on Equity 12 XYZ CO .(PVT) LTD 8.0 FINANCIAL VIABILITY 8.1 FINANCIAL FORECAST Rs. PROJECT PROPOSAL Forecasted Year 1 Forecasted Year 2 Forecasted Year 3 Forecasted Year 4 Forecasted Year 5 - - 340,200,000 357,210,000 375,070,500 15,735,228 238,140,000 250,047,000 262,549,350 Operating profit 16,550,043 108,490,663 116,790,516 125,416,473 PBT 20,051,350 39,166,862 108,490,663 116,790,516 125,416,473 PAT 20,051,350 39,166,862 103,066,130 110,950,990 119,145,649 577,104,553 577,104,553 569,111,166 569,111,166 569,111,166 Current Assets 1,088,080,565 1,105,025,205 1,193,862,499 1,290,584,654 1,395,501,467 Total Assets 1,665,185,118 1,682,129,758 1,762,973,665 1,859,695,820 1,964,612,633 200,000,000 177,777,778 155,555,556 133,333,333 111,111,111 6,000,000 6,000,000 6,000,000 6,000,000 6,000,000 206,000,000 183,777,778 161,555,556 139,333,333 117,111,111 Sales Growth - - - 5.00 5.00 GP margin - - 70.00 70.00 70.00 NP Margin - - 30.30 31.06 31.77 Net cash flow from operating activities 20,051,350 39,166,862 8,999,517 113,841,377 121,780,886 Net cash flow from financing activities - (22,222,222) (22,222,222) (22,222,222) (22,222,222) Net cash flow from investing activities - - - - - 181.35 184.17 198.98 215.10 232.58 LT debt : Equity 0.14 0.12 0.10 0.08 0.06 Total Liab : Net worth 1.14 1.12 1.10 1.08 1.06 Interest Coverage (Times) 2.21 3.49 8.96 10.77 13.22 DSCR 2.21 1.45 3.46 3.81 4.22 Return on Equity 1.37 2.61 6.44 6.45 6.45 Income Gross Profit Net Fixed Assets Networth LT Liabilities Current Liabilities Total liabilities Profitability Cash flow Liquidity Current Ratio (Times) Leverage Coverage 13 XYZ CO .(PVT) LTD PROJECT PROPOSAL Note : 1/3 of the profit of XYZ Pvt Ltd has been transferred to PQR Pvt Ltd in year 01 and 1/2 will be transferred in year 02 to service the debt. 8.2 PROJECT PARAMETERS IRR 9% NPV Rs.13,221,213 The project generates a positive NPV. Therefore it is financially viable to accept the project Break-even Year 08 ( Sales - Rs.434,190,988/-) 8.3 * KEY ASSUMPTIONS Base Case Scenario The base year has been considered as Year 03 since the business operations will be commenced in Year 03 8.4 SENSITIVITY Scenario Net Profit (LKR) Minimum DSCR Base case 103,066,130.00 3.6 113,372,743.00 4.6 92,759,517.00 2.7 * Scenario 1 Best case scenario: Sales will increase by 10% over the future periods * Scenario 2 Worst case scenario : Sales will decrease by 20% during the next accounting period 11.0 SECURITY 11.1 SECURITY COMPUTATION FOR THE PROPOSED FACILITY 14 XYZ CO .(PVT) LTD PROJECT PROPOSAL Description Land. Building (.82,959sq. ft ) Valuation Method Market Value Rs. Mn Cover % Cover Available Rs. Mn contract basis BOQ 178 386 60 50 107 193 Machinery/Movables etc Total Cover Available Less : Existing facilities Cover Available Less : Proposed Facility Surplus /(Deficit) 11.2 VALUATION DETAILS Description Commercial Land Proposed Building 12.0 300 (200) 100 MV Rs. Mn FSV Rs. Mn Date of valuation / date of the stock / debtors statement Name of panel valuer YOM (In case of vehicles / Machinery) 178 160 04/11/2015 J.M.S.I.B Karunathiake NA 387 (Estimate Value) RISKS AND MITIGANTS Risk Business Risk Competition Industry Risk 13.0 A.. Silva , Charted Enginner Steps Taken to Mitigate Risk The jewellery related business is a seasonal one. Although client had sought many ways in moving to foreign markets. Recently he had invested in foreign trade exhibitions to increase his revenues and presence in those markets. With the commencement of the season, have tied up the guest with various promotions and marketing campaigns to increase the occupancy. In addition unit has tied up with reputed travel agencies such as jetwing, Hemas etc to mitigate the risk in of having seasonal income. There are many players in the market for jewellery items. Due to the long standing presence, experience and set clientele would mitigate this risk. Apart from that he has been able to tap the foreigners for stone and silver related jewelleries. However, with the increasing demand and with the key tourist attractions location in the area still there is a big positive potential for a PQR Pvt Ltd since it has the competitive edge over the competitors in the area. The tourism industry in the past has been susceptible to the political situation in the country. Post war negative media may cause a drop in tourists, especially from the western markets. Even with these concerns SLTDA has been able to record a 19.0% increase in tourist arrivals to the country in 2014 in comparison to the corresponding period last year. The Government has already initiated activities to promote Sri Lanka to countries such as China, India and Middle Eastern countries to decrease dependence on western markets JUSTIFICATION OF FACILITIES The proposed project will be financially viable and the client will be able to manage the business together with the existing operations of the group. 15 XYZ CO .(PVT) LTD PROJECT PROPOSAL Business Background – The borrowers engage in more than 20 years and an establish business in the area. They have employed a talented work force, competent to handle the operations. Security Position -Collateral which offered by the borrowers is the proposed project property as collateral to secure the proposed facility. This is a valuable land (00A-1R-22.5P) with a market value of Rs.178Mn. The value addition after the proposed investment is around Rs.455 Mn. Financial Forecast –Based on the financial analysis client has a good repayment capacity to service the loan. During the first two years it was assumed that part of the AGPL‘s profit will be transferred to service the loan. The retained earnings of the PQR (Pvt) Ltd will be used to finance the equity contribution of the proposed project. Honesty and credit worthiness – The client has a very low amount of borrowings hence with existing income and the proposed income , servicing the facility is justifiable. Project Viability - This will be financially viable project which will enhance the future business potentials with the increasing trends of the tourism sector of the country. The proposed project cost is around Rs. 455Mn The debt equity ratio is 44: 56. All the other funds are equity contribution of the client which comes from internal savings and other assets. 14.0 RECOMMENDATIONS On the basis of the above appraisal I recommend granting above facility/ies of TWO HUNDRED MILLION ( Rs. .200,000,000/-) to XYZ (Pvt) Ltd Signed Financial Analyst . 16