Manoj Kumar Pal

Project on Startup Bansi Khana Khazana Submitted By: Dilip Thapa Manoj Kumar Pal Submitted To: Prof. Gurmeet Singh Objectives To establish a presence as a successful local fast food outlets and gain a market share in Indian’s fast food industry. To make food parcel a destination spot for all customer. To expand into a number of outlets by year five, and sell the franchise in the cities, such as Rajkot, Surat, Baroda and Gandhinagar and also letter on all over India. Mission Our main goal is to be one of the most successful fast food outlets in Gujarat, starting with one retail outlet located in New Maninagar, Ahmedabad as a "market tester." We want our customers to have the total experience when visiting our outlet(s) and website as they will learn about this fascinating new service in food industries. We will give free gift who visited our outlets, all with our official brand attached to them. Our main focus will be serving high-quality food at a great value. Keys to Success To succeed in this business we must: Create a unique, innovative, entertaining menu that will differentiate us from the rest of the competition. Control costs at all times, in all areas and implement a conservative approach to growth policy. Although, we provide more than enough fund to open more than one outlet, we want to be on the safe side of the business. Sell the products that are of the highest quality, as well as keeping the customers happy with all of our product categories from food to store merchandising. Provide 100% satisfaction to our customers and maintaining the level of excellent services among other competitors. Encourage the two most important values in fast food business: brand and image, as these two ingredients is a couple of main drivers in marketing communications. Get access to high-traffic shopping center near the target market. Promote good values of company culture and business philosophy. Company Summary What is Bansi Khana Khazana?  Bansi Khana Khazana sells Variety of food like Punjabi, Chinese, South Indian, Indian and snacks. We use the concept of pizza parcel, where the pizza are all made from fresh pizza ingurdians and made in twice time. Our outlet also provides excellent and friendly customer service to support the ambience of fun, energetic and youthful lifestyle.  Youthful and fresh surroundings  We will imitate successful establishments, such as Jamba Juice and Starbucks, which represent the majority of our core target market, between 18 to 35 years of age. Our store will feature display cooking of our featured Belgian Fries from cutting to frying. Our customers will also be able to read our in-house brochures in regards to all knowledge about Belgian Fries and our featured sauces. Our store will be decorated with fast food setting, such as a bright counter and display menu on the wall. Quality food Each store will offer nothing but fresh food, Punjabi, Chinese, South Indian and sandwiches and other snacks, all served with Free home Delivery. Open everyday  Our store is open everyday from 10:00 am to 10:30 pm. Variety, variety, variety A different selection of items of food will be featured every day special (Means Today Special) and we will also Continuous our Test and flavors to accompany our food. Company Ownership Bansari Khana Khazana is a one owner company. It will be registered as a private firm. Start-up Summary The retail outlet will be rented at one of the target location high residential and Market area. Our preference is Space A, for the main reason of reaching larger traffic. Startup requirements will be financed through owner investments.  START-UP REQUIREMENTS Start-up Expenses Kitchen and Fixtures 21,600 Furniture and Interior 16,500 Rent 15,000 Packaging and Stationary 8,500 Contingencies 4,200 TOTAL START-UP EXPENSES 68,800 Start-up Assets Cash Required 50,000 TOTAL ASSETS 50,000 Total Requirements 118,800 2. Company Locations and Facilities Bansari Khana Khazana locations will range in size from 50 – 70 meter square and will seat from 25 – 30 guests. Our first location will be on the larger end of this range. The location will feature its own originality in merchandise display and other brand building attributes. We will equip the outlet with modern furniture and aim for cleanliness and an open feeling. We are currently looking at several possible sites in High Residential along Market Road. The space selection will be chosen based upon the following criteria: Community size: minimum of 100,000 people within a radius of 8 kilometers. Office area. Easy access.. All of these qualities are consistent with Bansi Khana Khazanas' goal of providing a top quality fast food and Food service experience. We want "word-of-mouth" to be our best form of marketing, where our customers value our brand as something exciting and cannot wait to tell their friends and neighbors. Bansi Khana Khazana will directly compete with several fast food and small restaurants joints inside the chosen nearby area, including Annapurna Restaurant (Indian food), Gayetri Restaurant ( Punjabi and Chinese food), Bread Talk (one of the most successful bakery franchises), and Pizza Walker (locally owned pizza chain). Products We want to focus on selling variety of Food Service and fast food also. Alcoholic drinks will not be sold in our outlet, as Bansi Khana Khazana promotes a healthy and positive Indian lifestyle. Instead, we will offer Pizza and Soft Drink also. In promoting the Bansi Khana Khazana lifestyle, we will plan to offer various Surprise Gift who visit first time in our outlets with our logo and colors, from hats to t-shirts, so that our customers can enjoy Food service at home. Product Description Bansi Khana Khazana primarily sells Punjabi and Chinese food and our unique Service was free homedelevery. We are provide our Indian and Punjabi products at as weight system like 1Kg, 750gm, 500gm, and 300gm. And other variety products are sold as per dish system. The dips for Punjabi and Indian food; they are available in more than 20 flavors: Bansi Sp. Paneer Angara Khoya Kaju Malai Kofta Chees Butter M/s Paneer Tikka Paneer Anguri Veg. Silsila Veg. Jaipuri Paneer Jalfrizi Kaju Butter M/S Kaju Kebab M/S Paneer Garlic Veg. Haydrabadi Paneer Tufani Tadka Dal Paneer Handi Veg. Tava M/S Dum aloo Veg. Kolapuri Competitive Comparison Bansi Khana Khazana has several advantages over its leading competitors: Free Home delivery system. We expect a high degree of enthusiasm and offer a fun store with friendly staff, that reflects the company's youthful and energetic culture. Supporting merchandise items that support the company's brand building. Our Food is made 100% fresh, compared to most fast food outlets that use Materials. Our reasonable price as low as and Quality of food maintain same as. Our innovative packaging will be more entertaining than our competitors. Company Clean Value Merchandising Hang Out Simple Fresh Cool Pop Culture Fresin Yes Yes Yes Yes Yes Yes Yes Yes McDonald's Yes Yes Yes Yes Yes No Yes Yes KFC Yes Yes No Yes No No Yes No Tori-Q Yes Yes No No Yes Yes No No Roti Boy Yes Yes No No Yes Yes No No Sales Literature Bansi Khana Khazana will use advertising and sales programs to get the word out to customers. 2,000 color brochures to be distributed throughout destination Residential Area and facilities: in-store, Shopping market, area eateries, information during the grand opening in January 2015. Sourcing Fresh Vegetables will be delivered daily by our distributor directly from the Jamalpur Vegetables market. We also have a contact with Jain Dairy to delivery daily base dairy items and other grocery items purchased from the kalupur market in weakly base. Sales Programs Opening of Bansi Khana Khazana will have, more or less, the same marketing mix as the others. Below are the programs that we will develop to open each location. Grand Opening Each new outlet will have outdoor signage as soon as possible. We want the signage to be supported by banners before the opening. Point of Purchase We will use "tray toppers" to explain the concept and philosophy of Bansi Khana Khazana. We will also sell gift certificates, announce future job openings, and possibly mention franchise opportunities. Direct Mail Piece A stand-alone piece, folded, will be produced in full color on heavy weight paper. Inside will be all the important details of Bansi Khana Khazana, explanation of our menu, prices, house of operation and a locator map. Future Products For now, we will focus on selling Punjabi& other food and free home delivery service. However, as we grow further, we will add new categories to our menu, such as Italian food and other. In the future, our growth strategy will be offering the franchise of our brand to food entrepreneurs in the region. The success of Café coffee day in India is great example. Family Pack Sales of Bansi will not only generated from the selling of its various prodcuts, but also will be generated by the conception of an innovative package menu called the "family pack." It primarily consists of a combination of our food, sandwiches and coca cola at greater value than selling at individual items. Further customization could be done by selling a bigger size of packaged called "Big family pack" to attract price sensitive customers. Market Analysis Summary Consumer expenditures for fast food in Ahmedabad, Gujarat, India rose during the end of the year 2008, followed by the recovery of India's economy. The increasing number of new establishments such as fast food franchises, fancy restaurants and gourmet bakeries around Indian has shown a significant growth in this sector. Food spending is around 56% of total consumer expenditures in Indian, and consumer spending on leisure and recreation made up of 13% of total consumer spending. A much broader appeal exists for weekend slots because those are the days when most of our core target market enjoys the mall going activities. Age - Youngsters, single, currently enrolled in college and high school. Family unit - We will also appeal to families (young families) with children. Gender - We will target both sexes, with a slight skew for males due to their lower attention to dietary concerns. Income - We will appeal to the medium income individuals and to all in the lower medium income bracket. Our concept will have very broad appeal. It is our goal to be the hip destination for fast food cravings. According to a recent public survey of people 15 - 45 years old, 80% of those interviewed like fast food. 90% of them like fast food on a regular basis, and 10% of them claimed that they like fast food "very much," or "love" fast food. The survey also provided the following particular reasons for the increasing popularity of fast food: People have 52 weekends and three long holidays a year. Most of Indians love to window shop, and when they do strolling around the shopping district, they need a quick bite to accommodate their activities. White-collar workers in offices have stopped bring lunch, and enjoy Punjabi dish, hamburger, pizza or other fast food joints in the vicinity. Parents give more money to kids and students to buy lunch. Fast food is naturally their first choice, because of the brand building effort that heavily targets their age group. Eating out still remains as Singaporeans' common habit of life. They do not perceive fast food is a luxury, and they enjoy it by bringing their family, especially if they have smaller kids, in the environment of the western-style fast food outlets. Market Segmentation We are targeting young Indians as our primary market. CG. Road is the place to meet and hang out after school. Due to heavy extra-curricular activities among Indian's youth, it is common for high schoolers to have lunch inside shopping malls, and not at home. They tend to flock to fast food joints inside shopping malls across CG. Road. Our secondary market segment is the "Residential area." With many shopping market in the vicinity, Ahmedabad- Baroda Express Road is the haven for travelers and job seekers alike Lastly, is also the destination for tourists staying in the area? The Meritus Mandarin, Crown Prince Hotel, the Hilton, and Popular Hotel are a few of the biggest accommodations in Gujarat. MARKET ANALYSIS YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 Potential Customers Growth CAGR Young Gujarati 15% 5,000,000 5,750,000 6,612,500 7,604,375 8,745,-% Working Gujarati 10% 3,000,000 3,300,000 3,630,000 3,993,000 4,392,-% Total 12.52% 8,000,000 9,500,000 10,242,500 1,15,973,753 1,31,37,-% Target Market Segment Strategy Bansi Khana Khazana intends to cater to the bulk of teenagers and youngsters in Indian. We have chosen this group for several important reasons. It is our goal to be "the extraordinary fast food place" and we believe that the all age group from is the primary age where brand building efforts could take place. They are on limited or fixed incomes and seek a value/price relationship that will not stretch their budgets. Our secondary target is between the ages of 25 and 37, which are a heavy lounge/restaurant user group. They are more flexible in budgets and seek more than a value/price relationship. Our lunch strategy is dual purposed. First, we are featuring fresh fries to fill Singapore's craving for fast food as most ideas of lunch is a quick bite not a heavy meal. Second, we want to keep the price point at lunch as fair as possible to keep us in competition with other fast food outlets.. Market Needs Bansi Khana Khazana sees our targeted market group as having many "makan" (eating) Indian Rupees needs. A recent Consumer Trend and Analysis by Indian Researcher identified the following needs among our target markets. Our core group: Wants variety and flavor in its food, preferably something fried Looks for speed of service Wants an entertaining and fun experience Insists upon a clean, friendly, and attractive environment Adopts a global lifestyle Is computer literate Enjoys eating out Strategy and Implementation Summary At first, we will open one outlet inside the New Paragon Shopping Centre. This will become our "market testing area," and as we go further, Fresin Fries is planning to open another in nearby shopping malls. In attracting customers to try our fries, we will provide a see-through kitchen, so that people will see how we are committed to freshness in our products. The kitchen will also let out an aroma of our freshly fried fries into the surroundings area, so that people will come and try our products. Competitive Edge Our unique dipping sauces blend local taste and international into one fusion recipe for the signature sauce. Enthusiastic and friendly staff Supporting merchandise items that support company's brand building. Our fries are made of 100% fresh potatoes, unlike the frozen fries used by competitors. Innovative packaging will position us at the same level with foreign fast food franchises. Marketing Strategy Our strategy is based on serving our markets well. We will start our first outlet as a "market tester" that could become a model of the expanding number of outlets in the future. Concentration will be on maintaining quality and establishing a strong identity in the local market. A combination of local media and local store marketing programs will be utilized at each location. Local store marketing is most effective, followed by print ad. As soon as a concentration of stores is established in a market, then broader media will be explored. We believe, however, that the best form of advertising is still "buzz." By providing a fun and energetic environment, with unbeatable quality at an acceptable price in a clean and friendly outlet, we will be the talk of the town. Therefore, the execution of our concept is the most critical element of our plan. We will actively build our brand, through the selling of supporting materials, such as merchandise, promotional items and other marketing gimmicks similar to those of other fast food franchises. Marketing Programs We will deploy three different marketing tactics to increase customer awareness of Bansi Khana Khazana. Our most important tactic will be "word-of-mouth" and in-store marketing. This will be by far the cheapest and most effective of our marketing programs because of the high traffic in targeted shopping locations. The second tactic will be local store marketing. These will be low-budget plans that will provide community support and awareness of our facility. The last marketing effort will be utilizing local media. Although, this will be the most costly, this tactic will be used sparingly as a supplement where necessary.  In-Store Marketing In-store brochures containing our concept and philosophy. Wall posters. Outdoor signage (if possible). Grand opening promotion. Party catering. Merchandising items. Local Store Marketing Brochures. Free occasional t-shirts at local stores events.  Local Media Direct mail piece – containing brochures sent to surrounding addresses. Web page – containing company philosophy, history and news. Local magazines that target our core customers, such as Free! Magazine. Positioning Statement Our main focus in marketing will be to increase customer awareness in the surrounding community. We will direct all of our tactics and programs toward the goal of explaining who we are and what we are all about. We will price our products fairly, keep our standards high, and execute the concept so that “word-of-mouth” will be our main marketing force. Sales Strategy The sales strategy is to build and open new locations in order to increase revenue. However, this plan will be implemented when the one "market tester" outlet showed potential growth. As each individual location will continue to build its local customer base over the first three years of operation, the goal of each store is S$104,250 in annual sales, with the original flagship store expected to earn almost S$200,000 per year. Sales Forecast We anticipate the highest peak on the months of November and December in our sales forecast, due to the holiday seasons. In November, there is Ramadan, and for non-muslim Malaysians and Indonesians, it means vacation time. Approximately 1.5 million Indonesians visit Singapore each year, mostly for shopping and dining. Then in December, we anticipate more tourists coming into Singapore; this explains the jumped of sales in these last two months of the year.   SALES FORECAST YEAR 1 YEAR 2 YEAR 3 Unit Sales Punjabi food 49,464 98,928 197,856 Chinees food 27,692 55,384 110,768 Snaks 3,889 7,778 15,556 Cold drinks & Other 3,356 6,712 13,425 TOTAL UNIT SALES 84,401 168,802 337,605 Unit Prices Year 1 Year 2 Year 3 Punjabi Food $4.00 $4.00 $4.00 Chinees Food $1.50 $1.50 $1.50 Snaks $8.50 $8.50 $8.50 Cold Drinks & other $2.00 $2.00 $2.00 Sales Punjabi Food $197,856 $395,712 $791,424 Chines Food $41,538 $83,076 $166,152 Snaks $33,057 $66,114 $132,228 Cold Drinks & Other $6,712 $13,425 $26,849 TOTAL SALES $279,163 $558,327 $1,116,654 Direct Unit Costs Year 1 Year 2 Year 3 Punjabi Food $0.80 $0.80 $0.80 Chinees Food $0.15 $0.15 $0.15 Snaks $3.83 $3.83 $3.83 Cold Drinks & Others $1.00 $1.00 $1.00 Direct Cost of Sales Punjabi Food $39,571 $79,142 $158,285 Chinees Food $4,154 $8,308 $16,615 Snaks $14,876 $29,751 $59,503 Cold drink & Other $3,356 $6,712 $13,425 Subtotal Direct Cost of Sales $61,957 $123,914 $247,827 Web Plan Summary The website will, of course, show visitors everything about Indian Food culture, including the history of Bansi Khana Khazana over time. To make the website interactive, Bansi Khana Khazana will offer gift cards and promotions via the Internet, so our visitors can print the promotional coupon in PDF format and bring it when they visit Bansi Khana Khazana. Visitors can also download Bansi Khana Khazana ' menu as for guidance, or order food for delivery. Besides the traditional formats of customer service hotline and in-store form, customers can now write their comments and suggestions on our website, which will be directed to one of our staff. So, the website itself will act as the medium between our company and our audience. In the future, our website will show information on franchising/licensing our brand name. Development Requirements To adequately serve our audience, the front end strategy of our website should be parallel with our corporate color. The front end design of our website will be entirely trusted to Mr. Firoj Khan. The diversity of founders' background in our company has enabled a cost efficient development in our venture. As Mr. Manoj Kumar pal are experts in Information Technology, the back end of our website will be developed by these gentlemen. Management Summary The initial management team depends on the founders themselves, with little back-up. As we grow, we will take on additional help in certain key areas. Part of our basic philosophy will be able to run our executive management as a "knowledge sharing" fellowship. We will not add additional overhead until absolutely necessary. This will mean that the initial staff support team will have to work extra. By doing this, we will keep our overhead as low as possible, allowing us to adequately staff our outlets. This will also allow us and future business partners to recoup investments as quickly as possible and enjoy a higher return. At present time, Fresin Fries is being owned by its 4 founders. Others that have helped on the development of this business venture will be offered an opportunity to grow together with the company at the appropriate time, and when the time comes, the 4 founders’ share will be consolidated as one entity. Management Team Bansi Khana Khazana is currently the creative idea of its two founders. As the company is small in nature, it only requires a simple organizational structure. Implementation of this organization form calls for all two individuals to make all major management decisions in addition to monitoring all other business activities. As we expand into multiple locations, each location will have a primary site manager. Organizational Structure Future organizational structure will include a director of store operations when the store locations exceed four units. We hope that this individual will come out of the ranks of our stores’ management. This will provide a supervisory level between the executive level and the store management level. Current plan is to have our accounting and payroll functions done by an in-house bookkeeping. Mr. Dilip Thapa will be responsible for accounting and business development of Bansi Khana Khazana, helped by Mr. Dilip Thapa, acting Head of Human Resources Division. Possible positions might be added at a later date include marketing manager, purchasing manager, controller, human resources, R&D and administrative support team. Personnel Plan Our initial employees will include one cashier, three cooks, and two helpers, with one delivery boy of each on the premises during open hours. This is considered an ideal personnel number for a food outlet the size of our own. Each employee will work for 60-70 hours per week. In the long run, as we expand our product category and retail outlets, we will employ more people in the middle management to ensure the focus of our work, including site managers. PERSONNEL PLAN YEAR 1 YEAR 2 YEAR 3 Site Managers $0 $60,000 $96,000 Cashiers $36,000 $80,000 $144,400 Cook $28,800 $66,000 $115,200 Helper $23,400 $56,000 $94,000 TOTAL PEOPLE 12 26 40 Total Payroll $88,200 $262,000 $449,600 Financial Plan The company is now privately held by Dilip Thapa and Manoj Kumar Pal. Future shares will be offered after five consecutive years of operating in Gujarat, India. 8.1 Start-up Funding Currently, the company is owned by the original 2 founders, who each will contribute Rs.800,000 for the same amount of share, 25%. This will more than cover start-up requirements, and provide the business with a cash cushion to use for expansion over the first three years. START-UP FUNDING Start-up Expenses to Fund 68,800 Start-up Assets to Fund 50,000 TOTAL FUNDING REQUIRED 118,800 Assets Non-cash Assets from Start-up 30,000 Cash Requirements from Start-up 50,000 Additional Cash Raised 681,200 Cash Balance on Starting Date 731,200 TOTAL ASSETS 761,200 Liabilities and Capital Liabilities Current Borrowing 0 Long-term Liabilities 0 Accounts Payable (Outstanding Bills) 0 Other Current Liabilities (interest-free) 0 TOTAL LIABILITIES 0 Capital Planned Investment Dilip Thapa Rs.800,000 Manoj Kumar Pal Rs.800,000 TOTAL PLANNED INVESTMENT Rs.1600,000 Loss at Start-up (Start-up Expenses) (Rs. 400,000) TOTAL CAPITAL 731,200 TOTAL CAPITAL AND LIABILITIES 731,200 Total Funding 800,000 2 Break-even Analysis Our break-even analysis shows that we need unit sales over 9,700 per month to break even. We do not expect to begin turning a profit until year three. BREAK-EVEN ANALYSIS Monthly Units Break-even 9,706 Monthly Revenue Break-even 32,104 Assumptions: Average Per-Unit Revenue 3.31 Average Per-Unit Variable Cost 0.73 Estimated Monthly Fixed Cost 24,979 3 Projected Profit and Loss As the Profit and Loss shows, Fresin Fries will run at a loss for the first two years, using up some of the cash reserves initially invested by the founders. As sales increase, we will expand into new locations to aggressively spread brand recognition. This increase in visibility will allow us to take up less expensive locations off of Orchard Road, while maintaining our flagship operation, the first store, in a prime spot. PRO FORMA PROFIT AND LOSS YEAR 1 YEAR 2 YEAR 3 Sales 279,163 558,327 1,116,654 Direct Cost of Sales 61,957 123,914 247,827 Other Costs of Sales 0 0 0 TOTAL COST OF SALES 61,957 123,914 247,827 Gross Margin 217,207 434,413 868,826 Gross Margin % 77.81% 77.81% 77.81% Expenses Payroll 88,200 262,000 449,600 Marketing/Promotion 10,000 10,000 10,000 Depreciation 0 0 0 Rent 174,000 248,000 298,000 Utilities 2,550 5,000 8,000 New location setup 25,000 50,000 50,000 Total Operating Expenses 299,750 575,000 815,600 Profit Before Interest and Taxes (82,543) (140,587) 53,226 EBITDA (82,543) (140,587) 53,226 Interest Expense 0 0 0 Taxes Incurred 0 0 0 Net Profit (82,543) (140,587) 53,226 Net Profit/Sales -29.57% -25.18% 4.77% 4 Projected Cash Flow The following tables show the Projected Cash Flow for Bansi Khana Khazana. PRO FORMA CASH FLOW YEAR 1 YEAR 2 YEAR 3 Cash Received Cash from Operations Cash Sales 279,163 558,327 1,116,654 SUBTOTAL CASH FROM OPERATIONS 279,163 558,327 1,116,654 Additional Cash Received Sales Tax, VAT, HST/GST Received 0 0 0 New Current Borrowing 0 0 0 New Other Liabilities (interest-free) 0 0 0 New Long-term Liabilities 0 0 0 Sales of Other Current Assets 0 0 0 Sales of Long-term Assets 0 0 0 New Investment Received 0 0 0 SUBTOTAL CASH RECEIVED 279,163 558,327 1,116,654 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending 88,200 262,000 449,600 Bill Payments 244,265 430,245 599,286 SUBTOTAL SPENT ON OPERATIONS 332,465 692,245 1,048,886 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out 0 0 0 Principal Repayment of Current Borrowing 0 0 0 Other Liabilities Principal Repayment 0 0 0 Long-term Liabilities Principal Repayment 0 0 0 Purchase Other Current Assets 0 0 0 Purchase Long-term Assets 0 0 0 SUBTOTAL CASH SPENT 332,465 692,245 1,048,886 Net Cash Flow (53,301) (133,918) 67,767 Cash Balance 677,899 543,981 611,748 5 Projected Balance Sheet Bansi's projected company balance sheet follows. We expect to run at a loss for the first two years, decreasing our net worth slightly. As the operation becomes more profitable in the third year, our net worth rises again. PRO FORMA BALANCE SHEET YEAR 1 YEAR 2 YEAR 3 Assets Current Assets Cash $677,899 $543,981 $611,748 Other Current Assets $0 $0 $0 TOTAL CURRENT ASSETS $677,899 $543,981 $611,748 Long-term Assets Long-term Assets 0 0 0 Accumulated Depreciation 0 0 0 TOTAL ASSETS 677,899 543,981 611,748 Liabilities and Capital Year 1 Year 2 Year 3 Accounts Payable 29,242 35,911 50,452 TOTAL LIABILITIES 29,242 35,911 50,452 Paid-in Capital 800,000 800,000 800,000 Retained Earnings (68,800) (151,343) (291,930) Earnings (82,543) (140,587) 53,226 TOTAL CAPITAL 648,657 508,070 561,296 TOTAL LIABILITIES AND CAPITAL 677,899 543,981 611,748 Net Worth 648,657 508,070 561,296