1. CITY CAMPUS
Strategic Management
Project Report: Developing a Strategic VoIP Plan
Instructor : Sir Adnan Anwar
Class ID :
Group Members:
Syeda Hira Warsi (5194)
Mohammad Rashid Ali (5337)

2. Table of Contents
Executive Summary of Issues: ..................................................................................................................... 42
Discussion Points..................................................................................................................................... 42
Introduction: What is VoIP (Voice over Internet Protocol) ........................... Error! Bookmark not defined.
Evaluation of VoIP: .................................................................................................................................. 41
Figurative Representation: ..................................................................................................................... 41
The Business Planning Process...................................................................................................................... 7
Vision and Values .......................................................................................................................................... 4
Internal and External Assessments ............................................................................................................... 8
Characteristics of a Good Strategic Business Plan ........................................................................................ 9
Strategic Plan Recap ...................................................... 10
SWOT Analysis: ........................................................................................................................................... 15
 Strength: ......................................................................................................................................... 15
 VoIP Service Weaknesses ................................................................................................................ 15
 Competitive Advantage: ................................................................................................................. 15
 Threats: ........................................................................................................................................... 15

3. ACKNOWLEDGEMENT
As the students of.Strategic Management course – CID: and all the preaching and guidance
of our course teacher Mr. Adnan Anwar. I hereby present my final project as required on firm
belonging to telecom sector. i.e Procomm Pakistan Limited
One of the leading VoIP service provider alongwith value added service and business
strategies. We also hereby present all the facts and figures which I gather about
Procomm Pakistan are from newspapers, websites and from Procomm‟s annual report. Due to my
job and other secular activities I couldn‟t be able to approach the firm directly, however
with the help of my group members we researched closely over Procomm Pakistan.
We prepared this project for consideration of approval of our learning and
understanding about the subject.

4. Mission Statement:
“Our aim is to introduce people to the concept of VoIP and allow people to experiment with VoIP by of
having innovative facilities for almost free for both inbound and outbound calling from Pakistan”.
VoIP = Voice over Internet Protocol (the mix of Telecommunication and Internet)
Industry:
Telecommunication based projet.
Product or Service:
VoIP = Voice over Internet Protocol (the mix of Telecommunication and Internet)
Vision and Values
“To be the best in providing Cheaper and Good Quality Services in Telecommunication sector of
Pakistan”
“Steps to get Telecommunication Service free of cost in Pakistan”
 Vision
 What I/we can be best in the world at!
 What I/we will be best in the world at!
 Values
 What’s important
 What we feel best being
 What we like to do best
Slogan:
“4th Dimension in technological era”

5. LOGO Of the Company:
Partner’s profile:
Partner # 1:
Syeda Hira Warsi
M.B.A
C.E.O of Voip24
Partner # 2:
Mohammad Rashid Ali
M.B.A
C.F.O of Voip24
Idea Generation:
As we are all aware the telecommunication usage and technology is increasing time by time.
VoIP (Voice over IP) which intiates the voice over the Internet to communicate for free remote
computer to computer. the technological revolution is now increasingly on mobile phones that are
equipped with features more impressive especially the internet and all its services. the mobile phone is
becoming a more mobile computer. also, the internet service on mobile next generation reached a
remarkable level of connectivity.
The goal of our project is to introduce VoIP service in Pakistan. This will allow two or more
corresponding with the internet service on their mobile phones, PCs and Landlines to communicate for

6. almost free. The quality of communication will depend, of course the flow of the corresponding
connection.
Business Description:
Here is the description about this business. This business will be operated in Karachi and in future
expansion will be made on favorable conditions. Currently such kinds of business are not been operated
as we are introducing an innovation in Telecom Services sector from here and we will operate in an
innovated way. A New company with Innovation Services is conceptually difficult to operate but there is
general market for each and everyone who wants to have cheaper telecom services in Pakistan.
Recently there are no competitors we are providing business awareness and creating demand so then
there will be tough competition in market. But we are going to avail opportunities by Cost Leadership
strategic plan for achieving competitive advantage over others.
Well our plan for segmentation is untouched because telecommunication needs are equally important
for lower to upper class so that our target is to cover 80% audiences of Pakistan.
Technological Description:
VoIP is a technology that allows telephone calls to be made over computer networks like the Internet.
VoIP converts analog voice signals into digital data packets and supports real-time, two-way
transmission of conversations using Internet Protocol (IP).
VoIP calls can be made on the Internet using a VoIP service provider and standard computer audio
systems. Alternatively, some service providers support VoIP through ordinary telephones that use
special adapters to connect to a home computer network.
VoIP offers a substantial cost savings over traditional long distance telephone calls. The main
disadvantage of VoIP is, like cell phones, a greater potential for dropped calls and generally lesser
voice quality.

7. Hierarchy:
The Business Planning Process

8. Vision and Values
 Vision
 What I/we can be best in the world at!
 What I/we will be best in the world at!
 Values
 What’s important
 What we feel best being
 What we like to do best
Internal and External Assessments
 Internal Assessment
 What does it cost our business to do different types of business in different markets?
 What are we equipped to do?
 What will it take and cost to support the intersection of excellence, passion and
profitability?
 External Assessment
 What will it take and cost to establish us and our company’s unique brand/image of
excellence in the marketplace? (as there is no competition in Pakistan yet)
 How will competing services and other external forces impact our ability to sustain
excellence and profitability?
 How do I ensure that our business works the Best?
 Set the Direction
 Market Plan
 Sales Plan
 Technology Plan
 Budget

9.  Turn the Business Plan into Reality
 Execute the Plan
 Adjust the Plan
 Execute the Adjusted Plan
Characteristics of a Good Strategic Business Plan
 Unique and appropriate to your business
 Right level of detail for your business
 Easy to deploy throughout organization
 Roadmap to align resources
 Roadmap for decision-making and culture
 Easy to use
 Results-focused

10. Strategic Plan Recap
Company Profile:
Features; Benefits
Streamline business processes across Voice over Internet Protocol (Voice over IP,
VoIP) is a family of technologies, methodologies,
the enterprise saving time and money.
communication protocols, and transmission
Take advantage of low total cost of techniques for the delivery of voice
communications and multimedia sessions over
ownership. Internet Protocol (IP) networks,
Manage customer revenue streams

11. effectively and efficiently.
Cost Savings
Exploit existing revenue streams to the
fullest.
Saving money is the number-one reason
most businesses and households make the
Identify and exploit new sources of switch to a VoIP system. You can realize
revenue ahead of the competition.
cost savings in a few ways: First, your
charges will be lower than they would be
Reduce costs by collaborating over the using a traditional phone line. Why?
Web with key business partners.
Because VoIP calls can’t be routed
geographically- they use the internet to
Win new customers in established and send call data instead of a traditional
new market segments. phone line- no long distance charges can
be added to your bill.
Increase customer loyalty and revenue
per customer by delivering personalized VoIP systems don’t require a phone
products and services. cabinet or on-site routing equipment- just
Achieve greater cost transparency and phones. No on-site equipment means no
control. need for on-site maintenance, as well.
Reduce the number of expensive legacy VoIP can save the typical small business
applications and their interfaces. thousands of dollars or more in phone
bills, equipment charges, and
maintenance fees.
Features
VoIP also allows users to take advantage
of advanced features only available on
internet-based phone systems. Features
like online call monitoring, and online
phone system access to add or configure
extensions are also available with VoIP
systems.
Flexibility
VoIP allows people to go mobile and call
directly from their cellphone and be
charged at low voip rates. You can visit
the page mobile voip to learn more.
Tracking Options
Since VoIP is an internet-based system,
you can track and manage your system
from your computer. Most VoIP systems
allow you to track call volume and call
time fairly easily- a feature that can be
especially helpful for businesses that bill

12. clients hourly or for time spent on the
phone.
Advantages
Operational cost
VoIP can be a benefit for reducing
communication and infrastructure costs.
Examples include:
Routing phone calls over existing data
networks to avoid the need for separate
voice and data networks.[12]
The ability to transmit more than one
telephone call over a single broadband
connection.
Secure calls using standardized protocols
(such as Secure Real-time Transport
Protocol). Most of the difficulties of creating
a secure telephone connection over
traditional phone lines, such as digitizing and
digital transmission, are already in place with
VoIP. It is only necessary to encrypt and
authenticate the existing data stream.

13. Introduction: Challenges:
1. Definition of VoIP
 VoIP is broadly used term to describe: Quality of service
 The delivery of voice services
Communication on the IP network is
over an IP network
inherently less reliable in contrast to the
 The ‘convergence’ of voice and
circuit-switched public telephone network, as
data over a single IP network
it does not provide a network-based
infrastructure
mechanism to ensure that data packets are not
 Plugging a desktop phone into
the LAN
lost, and are delivered in sequential order. It is
 Using your computer to make a best-effort network without fundamental
phone calls Quality of Service (QoS) guarantees.
 Traditional voice service Therefore, VoIP implementations may face
becomes an application on an problems.
IP network By default, network routers handle traffic on a
 Uses a WAN/LAN to deliver
first-come, first-served basis. Network routers
voice services or…
on high volume traffic links may introduce
 Uses the Internet…
latency that exceeds permissible thresholds
 or a combination of both…
for VoIP. Fixed delays cannot be controlled,
• RoadRunner,
as they are caused by the physical distance the
DSL, etc. from
packets travel; however, latency can be
home
• VPN
minimized by marking voice packets as being
delay-sensitive with methods
Emergency calls
The nature of IP makes it difficult to locate
network users geographically. Emergency calls,
therefore, cannot easily be routed to a nearby call
center. Sometimes, VoIP systems may route
emergency calls to a non-emergency phone line
at the intended department; in the United States,
at least one major police department has strongly
objected to this practice as potentially
endangering the public
Lack of redundancy
With the current separation of the Internet and
the PSTN, a certain amount of redundancy is
provided. An Internet outage does not
necessarily mean that a voice communication
outage will occur simultaneously, allowing
individuals to call for emergency services and
many businesses to continue to operate
normally. In situations where telephone

14. services become completely reliant on the
Internet infrastructure, a single-point failure
can isolate communities from all
communications.
Number portability
Local number portability (LNP) and Mobile
number portability (MNP) also impact VoIP
business. Number portability is a service that
allows a subscriber to select a new telephone
carrier without requiring a new number to be
issued. Typically, it is the responsibility of the
former carrier to "map" the old number to
the undisclosed number assigned by the new
carrier. This is achieved by maintaining a
database of numbers. A dialed number is
initially received by the original carrier and
quickly rerouted to the new carrier. Multiple
porting references must be maintained even
if the subscriber returns to the original
carrier.

15. SWOT Analysis:
 Strength:
 Requires up front
credit card payment
 Assumes user has a
high speed Internet
service in place
 It’s easy to beat a
tariff rate…
 VoIP Service Weaknesses
 Typically residential
and small business
 Usually at a monthly
flat rate for local & LD
 Competitive Advantage:
 Reduced costs
 High availability & reliability
 Enhanced services
 Efficiency
 Better product support
 Improved manageability
 Threats:
 IP Telephony Vendors
 Telecom Vendors Targets medium
to large business
 Telecom Vendors Use existing data
network (LAN) to provision IP
telephones
 Telecom Vendors enterprise
features & applications time by
time
 Telecom Vendors use Packaged
appliance
 Telecom free Licensing per port
/seat

16.  Telecom Vendors are Secure /
Encrypted
Comparative Review: Competitive Advantage
The primary Benefits of a VoIP System are:
One Wiring system
Instead of separate wiring for telephones and separate wiring for data, all data and voice are on the LAN.
There is usually plenty of bandwidth available on a well designed LAN.
Web based administration
With a VoIP system, all system administration functions are performed on the network usually through a
browser based administration program. This means that the system can be modified from anywhere if
required.
Leveraging the Internet for telephone calls
When calls flow over the Internet, long distance charges are avoided. This is great for remote workers who
can stay logged into the office all the time without incurring any additional charges.
Private Instant messaging
Instant Messaging is a great corporate tool when used properly. With a VoIP system, Instant Messaging can
be limited to corporate business eliminating some of the security issues associated with public Instant
Messaging sites and provides complete control to management.
Peer to Peer phone calls
All calls are Peer to Peer. This is a big advantage over the traditional PSTN. The call is set up by the VoIP
server then the call flows between the two endpoints. All of the voice or video traffic is direct between the
two endpoints reducing the congestion at the server.
Peer to Peer Video
Video sessions can be set up between endpoints.
Remote users
Everyone who is logged into the system is capable of receiving and originating calls. If an employee is at a
remote office in Seattle and a call comes into the corporate headquarters in Chicago, the call can be
directed to the employee in Seattle just as if that person were in Chicago. The use of the corporate
communication resources such as voice mail, automated attendant and email are all centralized simplifying
all support and maintenance.
Presence Management
VoIP applications can take advantage of presence management. This is a function of the system that allows
users to set how other users view their presence on the system. Most systems have tremendous flexibility.
This is not too different from using the “do not disturb” button on your legacy PBX telephone, but it really
comes into its own when using a soft phone.
Reduced Costs
Cost reduction in operating a VoIP system covers just about all areas of the business.
Investment Protection
VoIP and in particular SIP based VoIP products offer investment protection. While the industry is moving
toward IP communications technologies, users are adopting these technologies at a gradual rate. This trend
is nothing new.

17. Questionnaire Analysis
Telephony issues for start-ups
Start-up businesses often face the following telecoms-related issues when moving into commercial
property for the first time:
Residential phone numbers: residential telephone numbers often get associated with a
business if a start-up works from their home. When it’s time to move the business to new
premises, many find that the residential number cannot be transferred to a business line, and in
many cases, a business or residential number cannot be transferred at all – even when the new
line is supported by the same exchange. It is extremely rare to be able to transfer a phone
number from one line to another.
Lock-in contracts: Start-ups do not know that there are many more options available to them
than offered by BT. BT offer very good deals for install of new lines etc, but do so because their
contract periods are long (three to five years). While this helps cost-wise, it may lock the start-
up into options that will be restrictive when they want to adapt their telecoms systems to
changing business needs.
Scalability issues: as numbers of staff increase start-ups usually have more than one home
office associated with the business, so this can mean that there are multiple contact numbers
that become associated with the business and communications between staff are not cost-free.
Call transfer and diversion are also relatively expensive, as all outgoing calls of any nature are
charged to the subscriber.
Expensive call diversions: Many businesses also set up call diversions from their business
numbers to mobiles. This means that the business ends up paying for calls to them, by their
customers. A call diversion from a landline to a mobile can cost between 10 and 20 pence a
minute.
How do VoIP technologies benefit start-ups?
VoIP technology will allow a start-up company to generate phone numbers that will stay with them
forever, no matter how many times and to where the company relocates.
Numbers for any UK geographic area code can be applied to a VoIP system and therefore, a start-up can
advertise phone numbers that indicate their presence in the area(s) that they wish to work in.
Direct Dial Inward (DDI) numbers can be allocated to VoIP systems that allow a call to be directed to
one or a group of telephone extensions. This also makes it possible to have more phone numbers than
lines – which is useful if you want to direct certain types of calls, and certain types of customers, to
particular staff in the company.
A VoIP system can make the start-up appear bigger than it is, due to the ease that its customers find in
accessing the different parts of that business. Even if the same staff are handling calls, it will make a big
difference if a call to e.g. customer support is greeted differently to a call to the sales line.
A single analogue line with broadband can act as the communications path for the start-up company,

18. providing up to 12 virtual lines within that one physical line. This means that as the company expands,
the per-head costs to add telecoms services actually decrease.
VoIP systems can be deployed extremely quickly onto existing broadband services. Therefore, set up and
changes are done as the business requires them without delay.
What are the cost savings that can be made for start-ups?
Initial cost savings are not so apparent, as a single phone on the end of a BT line will be cheaper than the
line, broadband and a VoIP phone. Also, setting up a VoIP class local network is a bit more expensive
than throwing a cheap router and network switch together.
However, as soon as that business starts to grow to two, three or more people, the cost savings are
immediately apparent, as additional lines or extensions can be added to a VoIP system at much lower
cost than installing further analogue lines. Situations occur where start-ups have taken the cheap option
for telecoms, but found themselves contractually tied even three years later - to the extent that they
cannot change their telecoms equipment and lines without large penalty payments.
A traditional analogue phone line will take around two to four weeks to install, with an installation cost
of around Rs.12000, and cost roughly Rs.1400 per month. A typical SIP trunk line (a bonded line that can
transmit multiple voice calls) can be installed in 24 hours, with zero install cost, and rental of just £2 per
month.
Decisions have to be made at an early stage, regarding the nature of the business over the next few
years, such as staff numbers, staff location, and markets that the business want to appear in. These will
all affect the start-up’s telecoms strategy.
VoIP pushes a start-up down the direction of setting ICT systems up correctly from the beginning, rather
than buying a lot of low-cost IT that will have to be replaced in a year.
It is possible to start off with hosted VoIP extensions, and later migrate those to an IP-PBX (see our guide
to VoIP for more information on the difference between hosted VoIP and IP-PBX). So choice of one
technology does not block the use of the other.
What kind of installation process is there and how long does it take?
Installation differs between hosted VoIP and an IP-PBX install – but timescales are still similar. Hosted
VoIP extensions can be installed in in around three days. A simple IP-PBX system could be generated and
installed in around five working days for a start-up company.

19. The latter would involve installation of a server PC and a voice-aware network switch, and the
configuration of a single router to prioritise voice on the Internet connection. During install, incoming
call plans would be generated to ensure that calls are routed and answered as the company needs them
to be both inside and outside of business hours. Additional services such as voice-mail and auto-
attendant can be configured during install, or later as the company develops its communications
strategy.
IMPLEMENTATION:
VoIP: Acceptance and Growth
What are the forces driving the transition to VoIP? In a few words, they are cost and market
liberalization.
This section explains how these powerful drivers have turned VoIP from a niche market to a newfound
status of acceptance and growth in many economies.
2.1 The Cost Factor
The high costs of maintaining legacy networks are a key force driving the growing adoption of IP-based
networks, alongside the need to upgrade to intelligent networks with inherent monitoring and adaptive
capabilities. Transmission over IP-based networks can cost as little as a quarter of equivalent PSTN
transmission. Moreover, it can save 50-60 per cent in maintenance costs, because an IP call can require
just 10 per cent of the bandwidth required for a PSTN call. As they review these cost advantages, many
operators realize that they have to respond to competitors (domestic and foreign) and position
themselves in a truly global communication industry. IP-based networks often appear to be the best
foundations for business-critical applications, as operators integrate voice and data networks.
Consumer VoIP applications can run over a range of devices, offering flexibility in the first step towards
seamless communications. For some operators, IP-based transmission is the first step in implementing
an NGN strategy, although true NGN is a broader concept that involves specific QoS guarantees and
generalized mobility not offered by most types of VoIP. Still, some incumbent operators may be
reluctant to introduce VoIP, because they already offer voice services over the PSTN. Perhaps
understandably, they do not wish to cannibalize their higher-margin international service offerings
(particularly if tariff rebalancing has not been fully implemented). They perceive a quandary:
introducing VoIP could enhance their brand and portfolio of services, but it also could be interpreted as
a concession to competitors. However, the reality is that convergence, in the form of VoIP services, is
redefining markets and blurring boundaries between networks and content. VoIP is eliminating barriers
to entry (because competitors no longer need to own a network) and bringing facilities-based providers
under direct competition from service-based competitors. The market transition, meanwhile, is
redefining the role of telecommunication regulators.

20. Benefits:
Voice over IP (VoIP) was developed in order to provide access to voice communication in any place
around the world. In most places, voice communication is quite costly. Consider making a phone call
to a person living in a country half the globe away. The first thing you think of in this case is your
phone bill! VoIP solves this problem and many others.
There are of course a few drawbacks attached to the use of VoIP, as is the case with any new
technology, but the advantages largely outbalance these. Let's explore below the benefits of VoIP and
see how it can improve your home or business voice communication.
Save a lot of money
If you don’t use VoIP for voice communication, then you are most certainly using the good old phone
line (PSTN – Packet-Switched Telephone Network). On a PSTN line, time is really money. You actually
pay for each minute you spend communicating on the phone. International calls are much more
expensive. Since VoIP uses the Internet as backbone, the only cost you have when using it is the
monthly Internet bill to your ISP. Of course you need broadband Internet access, like ADSL, with a
decent speed. In fact, unlimited 24/7 ADSL Internet service is what most people use today, and this
causes your monthly cost to be of a fixed amount. You can speak as much as you wish on VoIP and
the connection cost will still be the same.
Studies have shown that, compared to using a PSTN line, using VoIP can potentially make you save up
to 40 % on local calls, and up to 90 % on international calls.
More than two persons
On the phone line, only two persons can speak at a time. With VoIP, you can setup a conference with
a whole team communicating in real time. VoIP compresses data packets during transmission, and this
causes more data to be handled over the carrier. As a result, more calls can be handled on one access
line.
Cheap user hardware and software
If you are an Internet user wishing to use VoIP for voice communication, the only additional hardware
you require besides your computer and Internet connection are a sound card, speakers and a
microphone. These are quite cheap. There exist several software packages downloadable from the
Internet, which you can install and use for the purpose. Examples of such applications are the well-
known Skype and Net2Phone. You do not actually need a telephone set, which can be quite expensive,
along with the underlying equipment, especially when you have a phone network.
The Market Liberalization Factor
Progress in VoIP adoption and legalization is closely connected with market liberalization. VoIP can be
seen as a technology for introducing competition -- and gaining a competitive advantage -- in liberalized
national and international telecommunication markets. Ironically, this is not always welcome. Countries

21. seeking to market second national operator licences may resist introducing VoIP in order to maintain the
value and attractiveness of the second licence. This may be a contributing factor, for example, in Egypt’s
delay in fully legalizing VoIP for residential use – despite VoIP’s growing popularity there.
1. Market Overview Of Mobile Companies in Pakistan
The Pakistan market has nearly 97 million subscribers as of Nov2009 (PTA data).The growth slowed
down in 2009 but has picked up again gradually. See more about the recent competition among
mobile network providers.
For those interested in the change from last year, the chart below shows the market share of mobile
phone companies of Pakistan, as of September 2011. Compared with July, the market share changed
little. Mobilink lost 1% share (35%), picked up by Zong which is cash rich and has a ready-to-invest
attitude.
The ARPU in Pakistan remains low and is not projected to go up. The year 2011 was marked by
changes in SIM sales and registration process, enforced by PTA, the government regulator.

22. If you are interested in the actual numbers and analysis, leave a comment for me.
Now let’s review some recent history. At 2009 year end the total subscribers were 48.2 million. In
June 2010 the total mobile users reached over 63 million. Based on numbers published at PTA website
for 2010, the total number of subscribers (technically it is the number of SIMs issued) was 76.6
million, a teledensity of nearly 49%. In 2010 the average growth rate was about 2.5 million new
subscribers each month! After second half of 2010 it seemed as if the growth had slowed down but
overall it was fine. One remarkable achievement was by Zong (formerly Paketl) which launched very
successful campaigns towards 2010 end completed rebrand launch in April of 2011. See this chart for
a breakdown of market share by mobile companies at the end of Q1 of 2010.
For detailed one-page tariff information for all the packages (pre-paid and postpaid) offered by
the mobile companies, refer to the consumer notice from PTA below - posted as of August 4, 2011.

23. Here’s a brief description of the top mobile companies in Pakistan.
At the top is Mobilink, the Pakistani unit of Egypt-based telecom company
Orascom. It has been operating in Pakistan since 1994. Subscriber share is 35%
at the end of Sep 2011.
Ufone, a wholly owned subsidiary of Pakistan Telecommunication Co. Ltd (PTCL),
is now under the control of Etisalat group of UAE. It has 21% of subscriber share
and added the most lines (2.4 million) from 2009-07. For those in Pakistan it is
the one company where they can easily invest locally.
Warid, owned by the Abu Dhabi group of the United Arab Emirates and sister of
Wateen group is number 4 with 18% market of subscribers. Recently it sold 30%
share to SingTel.
Norway’s Telenor, a recent entrant with about a billion US dollar investment in
Pakistan has been doing well, based on its recent earning report. It has about
20% of the market share. Telenor stock is listed in the Oslo stock market (TEL)
and in US(TELNY.PK).
CMPak (Zong brand), formerly Paktel, was the latest target of foreign acquisition.
After it got acquired by China Mobile it was rebranded as Zong and launched one of
the most successful and aggressive campaigns. Within a matter of few months, Zong has achieved a
6% market share.
2. Fixed Wireless (WLL)
Please see this post for an overview of the WLL operators and technology. Wireless local
loop services are based on CDMA and are considered an alternative to copper lines.
Recently rebranded Vfone service by PTCL is the market leader and recently there have
been many intersting marketing and pricing moves. You may also follow this link for a
list of WLL providers from PTA site.
3. WiMAX
This post provides a summary of WiMAX situation in Pakistan. Wateen has emerged

24. as the largest player and has started advertising for its WiMAX services though as of Sep 2010 the
pricing had not been announced. Mobilink Infinity also started commercial WiMAX service in Karachi.
Dancom used to be an independent provider but it was acquired by Mobilink. Wi-tribe is another
player.
4. Voice over IP
Companies providing VOIP and call forwarding services. In other words: International calls, local rates.
See my posts about VOIP related issues for Pakistan.
Vonics (more about Vonic’s Pakistan Plan)
BRAIN TEL (Lahore only)
CallPakistanDirect
Rebetel - not specific to Pakistan
FreeCallPlanet – not specific to Pakistan
The table below gives a comparison of various cellular operators. All facts and figures have been
taken from PTA‟s Annual report 2010.
No. of Investment Market Technology ARPU
Subscribers in 2010 Share (USD)
(USD)
Mobilink 28.5 Million 336.9 Million 44.3% GSM 3.8
Ufone 15.4 Million 250 Million 20.9% GSM 2.8
Telenor 12.5 Million 130 Million 16.3% GSM 4.0
Warid 11.9 Million 425 Million 16.1% GSM 2.5
Instaphone 0.3 Million 8.5 Million 0.6% CDMA 2.1
Paktel 1.2 Million 187 Million 1.9% GSM 3.3
The growth in the mobile sector is mainly attributed to prepaid subscribers, as is the trend in
comparable economies. However, after the launch of two new operators in 2009/10, the mobile
sector has now built more consumer friendly strategies around postpaid packages, resulting in a
significant growth in postpaid segment, although it still represents less than 4% of the total
mobile market.

25. Mobile penetration has also increased tremendously. It jumped from 8.3% in 2005 to almost 23% in
20091. With such increased penetration, there are still large number of rural and semi urban areas that
are still inaccessible.
There are many major issues surrounding the mobile sector like low ARPU, cost of doing
business, infrastructure cost sharing, interconnect, regulatory issues, system inefficiencies etc.
The future of mobile sector in the country requires convergence of services, elimination of
digital divide, effective regulation in changing telecom environment and adoption of potential
technologies. The technology, service and infrastructure convergence is taking place at a very
fast pace in Pakistan.
While forecasting the mobile market, Business Monitor International (BMI) has estimated 78.4
Million subscribers for Pakistan by 2011, in its Pakistan Telecommunication Report Q2.
LDI
Liberalization of „long distance and international‟ (LDI) segment of the telecom sector in 2004
resulted in the award of new LDI licenses apart from the incumbent PTCL and NTC. Intense
competition in the LDI section has resulted in drastic reduction of international and nationwide
tariffs and substantial increase in traffic. Currently Callmate, Burraq, DV Com, Circlenet,
Dancom, PTCL, Wateen, Multinet and WorldCall are providing international calling card
facilities.
Multinet, one of the new LDI licensees is developing its own nationwide fiber optic backbone.
At present all the telecom operators are relying on PTCL‟s infrastructure. Wateen has also
started laying nationwide fiber optic infrastructure. These two alternatives are considered to be
enough for providing infrastructure redundancy in the country.

26. The LDI market in Pakistan is at its blossoming stages and the new LDI operators are
aggressively participating in the market to capture the maximum share of LDI business in the
country. During the last year or two, companies doubled their investments in the expansion of
their network capacity and infrastructure. Revenues of the companies had increased by 168%
during 2010.
There is an intense competition in the calling card business. The LDI operators have drastically
reduced international long distance in order to capture market share. The minimum international
tariffs, which were PKR 58 per minute in 1996, are now as low as PKR 0.5 per minute.
Callmate, Dancom and Worldcall calling cards have the lowest tariffs in the market. The low
tariffs have resulted in a higher outgoing traffic. In addition, international long distance call
charges from cellular mobiles have decreased by 83% in 2009.
The sector witnessed blooming health wherein telecom costumers enjoyed International dialing
for as low as 0.5 PKR per minute. However hyped up market and stringent competition led to
flirtation and companies who had been involved in price discrimination finally had to suffer in
terms of financial losses. Companies have now started looking for foreign investment to survive
in the market e.g. Worldcall has sold some of its shares to Oman telecom; also 30% of Burraq‟s
shares have been acquired by Qatar telecom2.
The figure below, taken from PTA Annual Report 10, shows the revenues of the LDI operators
in the year 2010:

27. Only last year, total investment in LDI sector was around 51 Million USD, which grew to 603
Million USD in 2010. Main contributors to this huge investment were Multinet and Link Direct
as both have laid their own Optical Fiber Access Network.
PTCL, the incumbent operator is facing intense competition from calling cards and cellular
mobile operators due to their low tariffs.
The pie-chart below, taken from PTA Annual Report 10, shows the comparison of market share
of companies in the last two years.

28. Local Loop Services
Under the telecom de-regulation policy 2011, two local loop licenses were delegated namely,
fixed Local Loop (FLL) and the Wireless Local Loop (WLL).
The companies which have been able to start commercial FLL operations and run them
successfully include Brian Limited, Union Communication, World Call broadband, Nayatel,
Dancom, call2phone, World Call multimedia etc. The companies are providing local loop
services including voice and internet over fiber optic.
There are several issues that are hindering the new licensees from operating effectively, these
include inadequate infrastructure, Right of way issues and roll out obligations.
Operators Total Subscribers
PTCL 5,128,442
NTC 92,163
World call 13,327
Brain Limited 5,880
Union Communication 200
World Local Loop operators are using the CDMA technology, which is quite comparatively easy
to deploy in rural areas. The total subscriber base of WLL services in Pakistan reached around 2
million in 20103. The facts and figures for the table below have been taken from PTA Annual
Report 07.
Operators Cell Sites Franchises Subscribers
Great Bear 19 137 57,660
World Call 182 211 304,610
TeleCard 293 301 443,914
PTCL 1,439 236 895,914

29. Pakistan’s Competitiveness in Telecom
Economic Overview of Pakistan
Pakistan’s economy has maintained strong growth rate and in the fiscal year 2009-07, the economic
growth was registered at 7%. The country’s economy has been rated as one of the fastest growing
economies in the Asia region. East Asian economies like Philippines, Malaysia, Singapore and Thailand
grew at the rates between 5% and 5.5% mostly owing to robust growth in services, agriculture and
manufacturing industry. The growth in economy is due to investments in the region. Total investment at
23% of GDP is the highest in country’s history. Private sector has played a pivotal role in investment
whereby its share in domestic investment has increased from 74.2% to 86% in the last 7 years. The per
capita income has also increased from 586 USD in 2002-03 to 925 USD in 2011-10. The table below
shows Pakistan’s economic facts and figures in the last five fiscal years4.
Indicator 2002-03 2003-04 2004-05 2005-06 2009-07
GDP Growth (%) 4.7 7.5 9.0 6.6 7.0
Foreign Exchange Reserves USD (Billion) 10.7 12.3 12.6 12.8 15.1
Per Capita Income (USD) 586 669 733 833 925
Population (Million) 147 150 152 155 158

30. Telecom Sector Overview
Investment in Telecom Sector
Telecom companies have invested over 8 billion USD during the last four years in Pakistan, with mobile
sector being the main player with 73% investment share accounts. In 2009-10, cellular mobile sector
invested over 2.7 billion USD, which is about 66% of the total investment by the sector. Local loop
segment invested 7.8 million USD in 2009-10. LDI operators invested about 603 million USD in 2009-10
which is about 15% of the total investment by the sector. It is expected that the trend of investment
may continue in the next five years because of the large potential market existing in Pakistan. The table
below shows the investment in telecom in the last three years.
Service 2010-08 2011-09 2009-10
Cellular Mobile (USD Million) 1158.1 1420.9 2718.7
Fixed Line (USD Million) 2.3 0.3 746.9
LDI (USD Million) 35.1 50.5 602.7
WLL (USD Million) 277.3 259.4 40.5

31. Market Potential
Cellular Mobile Companies have grabbed only 63 Million of the potential 110 Million people market,
which is only 61%. If 10% multiple SIMS users are excluded, then the access comes down to only 55% of
the target market. Similarly the fixed line operators including WLL have covered only 6.6% of the
potential population. As about 66% of the potential population in Pakistan is living in rural areas, the
scenario provides a huge market potential for WLL and mobile operators.
Total Number of IT Companies 1082
Total Number of Foreign IT Companies 60
Number of CMM & CMMI level 5 Companies 2
Total Industry Size 2.8 Billion USD
IT and IT-enabled services Exports 1.4 Billion USD
Annual Percentage growth in Exports 61.18%
Number of IT graduates per year 20,000 approximately
Number of Universities offering IT/CS programs 110
Total Number of IT Professionals Employed Over 110,000
Number of IT Parks 11
State Bank Reported Earnings 116 llion USD
Key Issues
Infrastructure Cost Sharing
The term Infrastructure Sharing generally refers to the sharing of airtime and/or network
facilities between one or more operators. The objective of Infrastructure Sharing is to maximize

32. the use of existing network facilities which can include network capacity and capabilities,
existing base station sites, backbone, radio links, and other resources to reduce infrastructure
duplication and costs.
Infrastructure sharing can take a number of forms. In its simplest form, it can involve the sharing
of space on masts and associated buildings or sites. Alternatively, sharing can be more extensive
such as in 3G infrastructure sharing arrangements that involve two or more operators coming
together to share various parts of their network infrastructure for purposes of service
provisioning. Another variant can also take the form of national roaming where two or more
operators reach an understanding that their respective subscribers can use each others‟ networks
when outside the geographical coverage of their home network. Expanding the concept,
Infrastructure Sharing can also extend to the co-location of network elements and the sharing of
frequency spectrum for wireless-based telecom services.
Infrastructure sharing provides practical means to improve country‟s competitive landscape. It
offers an enormous opportunity to bridge up digital divide in under-developed countries by
bringing ICT infrastructure within the reach of population in far flung areas in those countries.
The telecommunications infrastructure sector is traditionally characterized by huge fixed, sunk
and irreversible investment, often making telecommunications infrastructure investment a high
risk undertaking. This situation is often made more unpredictable by the rapid introduction of
successive generations of new technology. Operators are occasionally faced with a situation
where even before recouping their investments in existing infrastructure they embark on further
investment in a new generation networks of networks (e.g., migration from 2.5G to 3G). The
sharing of existing or new network infrastructure can promote economic efficiency. It also
ensures that new market entrants are able to compete effectively against existing infrastructure
owners offering 3G or competing broadband or mobile services. Many mobile operators
internationally are in severe financial problems partly due to the high costs of acquiring licenses
in a number of countries, and these operators would certainly welcome the possibility of sharing
the costs of building out the networks. It can prevent wasteful duplication of resources. In
addition, network sharing can reduce infrastructure cost and consequently the upfront investment
burden thereby enabling competitiveness.

33. Integration of IT and Telecommunication
The last few years have seen a major revolution shake the industry. Deregulation has led to intense
competition – for every customer, every service, and even every call. At the same time, emerging
technologies like broadband, mobile communications, and the Internet have transformed not only
service and product offerings, but the very way business is handled. Integration of IT in
Telecommunications provides end-to-end portfolio of solutions, applications, and services tailored to
meet the needs of the telecommunications industry. IT integrates entire telecom business on a coherent
platform, streamlining existing operations and introducing efficient, future-proof business functions. IT’s
portfolio for telecom includes an unsurpassed range of industry-specific function, with support for
convergent billing, receivables management, and customer relationship management (CRM). IT
integrated with Telecommunications combines cutting-edge solutions for the telecom markets of today
and tomorrow with industry-specific and general business expertise, helping to grow markets, survive
the struggle, and become a success story.
Integration with IT is an important investment in telecommunication companies, delivering a faster and
bigger return in a variety of ways:
Streamline business processes across the enterprise saving time and money.
Take advantage of low total cost of ownership.

34. Manage customer revenue streams effectively and efficiently.
Exploit existing revenue streams to the fullest.
Identify and exploit new sources of revenue ahead of the competition.
Reduce costs by collaborating over the Web with key business partners.
Win new customers in established and new market segments.
Increase customer loyalty and revenue per customer by delivering personalized products
and services.
Achieve greater cost transparency and control.
Reduce the number of expensive legacy applications and their interfaces.
Overall summary of Pakistan’s ranking in doing business is highlighted in the table below5:
APPU – Average Price per User Strategy

35. Across the world APPU is decreasing and only a very few countries are experiencing upward trends in
revenue growth. Malaysia and France’s revenue is substantially lower than the $15 average, but is
expected to rise through an increased mobile penetration. As compared to Malaysia and France,
Germany and Switzerland’s ARPU are touching $30 mark.
Country Average Retail Country Average Retail Price
Price (US$) (US$)
Pakistan 0.03 India 0.06
Bangladesh 0.07 China 0.09
UK 0.41 Sweden 0.17
Czech Republic 0.31 (Source: Tarifica & Mobile Operators)
APPU is widely considered to be one of the benchmarks keeping a tab on the financial health of telecom
operators. While globally, operators have an Revenue of around $15, in Pakistan it is decreasing quite
drastically. APPU in Pakistan has decreased from US$ 19.2 in 2002 to less than US$ 3.2 in 20106. Thus it
has been dropping quite severely. The drop was moderate till 2005 but rapid decline has been observed
in the last few years. Last year there was 31% decline in the industry APPU and in this year the drop has
ARPU (Average price per User) is a powerful and extremely useful indicator of how well a telecom
company is accessing its customers’ revenue potential. APPU is a measure most often used by
telecommunications companies to state how much money they make from the average user. APPU is
important because it provides a breakdown of what is driving revenue growth, and it also gives some
indications of what is driving margins. APPU growth can also indicate how successful a company is being
in moving users to new services (e.g. pictures messaging, data connections etc.) that are regarded as
strategically important and an indicator of how margins will fare.
The company that tracks APPU will most likely want to know its profit potential in broad terms.
However, mobile phone companies also track APPU by examining revenues brought in by customers’
incoming calls as compared to revenues generated by monthly or annual fees. In this way, APPU can be
both general and specific. Low APPU is a major issue and becomes an impediment to the industry
growth.

36. been almost 44%7. Lower ownership costs, lower usage and higher prepaid to postpaid subscription
ratio (98:2) are termed as the main reasons for such a low APPU. The often quoted 60 million
subscribers figure masks the actual number of individual mobile subscribers in Pakistan. No research-
based figures have ever been released, but various sources suggest that the actual number of individual
subscribers in Pakistan today is 25-35 million. So there is a strong case of removing the inactive accounts
for a possible increase in ARPU. In UK, for example, operators actively began to remove accounts
inactive for 3 to 6 months and the net effect was an increase in the ARPU and a much sharper focus on
profitable growth.

37. Evaluation Figuratively:of VOIP
MARKET DISTRIBUTION SOLUTIONS:
VoIP Service Provider Marketing Solutions:
Speak The Customers Language – Do not use tech speak. Keep acronyms to a minimum. If you
had to tell a ten year old what it is that your company does, how would you describe it?
Don’t Use High Speed or Broadband Internet to Describe an Internet Connection – 90% of
consumers do not know what broadband means or if their service is high speed, after all, even
dial-up services promote a higher-speed product. Instead, use DSL or Cable to describe the
Internet connection necessary to use the service.
Sell Devices That Mimic The Traditional Calling Experience – Telephone adaptors, while cheap,
add a foreign device to the calling experience. Rather than wasting your time explaining what an
analog telephone adaptor does, sell them and cordless IP phone. Customers are familiar with
cordless phones and people like things that they are familiar with. It will save the time and
headache of explain why you need and ata and how to install it. If you insist on having an ata,
make sure you offer one that has PSTN failover, like a Linksys SPA-3102 or Grandstream GS-488.
Explain What Happens When Their Internet Connection Goes Down – Do not just make this a
bullet point in the fine print. Use it as an opportunity to differentiate yourself from your
competition by explaining the issues and making sure your customers have a “back-up” plan

38. such as a cellular phone or PSTN line for failover. Sure you might lose a customer or two, but the
ones you gain will trust you. Trust build loyalty. Loyalty breeds lifetime customers.
Show Them More Than Price – If the sole decision was price, then they would have switched
year ago. Most non-technical customers needs reasons other than price savings to go through
the “hassle” of switching their phone service. Promote the convienence of voicemail to email,
how they can use a second number so others can call them for free, educate them on the
benefits your features provide them.
Do Not Make Switching a Hassle – No one wants a hassle. Make the sign-up process easy, have
knowledgeable staff answering your phones, have a number porting system that constantly
updates the customer on what stage of the number porting process they are currently in. Make
sure devices arrive on time.
Make Paper Invoices an Available Option – Believe it or not, many consumers WANT paper
bills. Due to their “non-technical” nature, they may not be use to or comfortable with paying
bills online. Do not make them do it “your way”, allow them to do it “their way.”
Stop Assuming and Start Talking – Stop assuming you know what customers know about Voice
over IP. I “thought” I knew what people knew about VoIP, but it wasn’t until I started selling
VoIP in a brick and mortar retail environment that I started to “get it.” From there, I actually
paid a friend to go out and get people to fill out surveys about their knowledge of VoIP. What I
found was that most people know little, are filled with mis-conceptions, and really do not care
about VoIP. But do not take my word for it, go out and talk to lots of people about Voice over IP.
While it is one thing to identify points that VoIP service providers need to market to, it is another
thing to execute on them. Execution, after all, is just as important as strategy. These points are
merely a starting point for enhancing the marketing of VoIP service.
Distribution:
Here is How All This Started
The whole topic start with a simple question; Who is the largest distributor of VoIP hardware to
resellers in the USA. Pretty simple, right? Yes, but I am afraid that the question was never fully
answered…so here we go!
Current VoIP Hardware Distribution Channel
Big Box Distributors – It all starts with the big guys – Ingram Micro, Tech Data, D&H. These
are the giants who probably touch 80 – 90% of all of the products that end up in the hands of the
end user. You have to be a reseller who is doing some serious volumes in order to work with
these guys. For manufacturers, these huge distributors function as glorified warehouses and are
commonly referred to as “box movers”.
Specialty Distributor – Right below the big guys are specialty distributors. Specialty
distributors include folks like NetxUSA, ABP, and Target Distribution. These guys are typically
“specialists” who offer a small concentrated product line (as compared to the big box guys).
When you call them up and ask them a question, they know more then the price and availability.
They sell to resellers and because they are smaller. Resellers do not have to do much in terms of
volume in order to get decent pricing.

39. Value Added Reseller (VAR)/Value Added Distributor (VAD) – This is where people start to
get confused. VAR‟s and VAD‟s purchase products from Big Box or Specialty Distributors and
resell the products to end users (what the definition of end user is varies greatly). However,
because some resellers grow very large, they are able to sell to other VAR‟s and VAD‟s.
Technically it is not supposed to occur, but it does. It is sort of hard to police.
*Online Retailers – Online retailers, like VoIP Supply, are technically VAR‟s or VAD‟s who
have an online presence. While traditional VAR‟s/VAD‟s are typically local or regional players
with “feet on the street”, most online retailers do not (constraints of the business model). Their
value add, for many, comes down to ease of ordering, customer service, support and sometimes
price.
Service Providers, Integrators, Consultants – I group these three together because more often
then not hardware is nothing more then an enabler. They make their money off of service, so
many manufacturers classify these folks as “end users” and permit VAR/VAD‟s to sell to them
although the equipment eventually ends up in the hands of an “end user”. Again, there are
exceptions to every rule – many service providers buy direct from the manufacturer or from a
distributor because of volume.
The “End User” – The end user is the person or company that actually uses the hardware. These
include residential consumers, small medium businesses, enterprise and government/educational
entities. End users will more then likely purchase from Online Retailers, VAR‟s/VAD‟s or if
they are huge, direct from the manufacturer.
So to answer the gentleman‟s question, technically speaking, Ingram Micro is the largest
distributor of VoIP hardware. In reality, though, they only carry a sliver of the VoIP products
that available. If the gentleman was looking for a VoIP specialist, we would have to further
define what is meant by largest (product lines, employees, revenues). He probably won‟t go
wrong with any of the specialty VoIP distributors, or VoIP Supply for that matter.
I hope you all enjoyed my little lesson in channel 101. If you have something to add, leave it in
the comments.
Competitive Overview
VoIP Service Providers
It seems that new VoIP service providers are entering the Canadian market every day.
As mentioned above, barriers to entry are very low and the size of the opportunity is significant -
fixed line telephony generates roughly $7.5B in revenue annually from the provision of local
access, calling features and long distance services to consumers.23 This combination of
conditions led industry analyst NBI/Michael Sone Associates to observe that local services
based on IP technology have emerged much earlier and much stronger than expected.24 Three
types of VoIP service are relevant to the residential market: peer-to-peer, access-independent,
and access-dependent.

40. Peer-to-Peer VoIP
This type of VoIP permits individuals to simultaneously use software on their personal
computers to have a voice conversation over the Internet. Services in this category do not
require the use of a telephone number, and, in their simplest form, do not provide the ability to
make or receive calls to or from the PSTN. Peer-to-Peer services are often offered by computer
companies like Microsoft and Apple as a free adjunct to their core service, as well as by
specialist companies like Skype.
Skype is an interesting example of a company that has achieved enormous success in a
very short time. Launched in 2003, Skype is based in Estonia. It has no network of its own but
offers service globally. Skype offers software which is downloaded directly from its website that
allows PC users to have voice conversations over the Internet with any other Skype user in the
world. Not only is the software free, but all such "telephone calls" are also free. As of
Access-independent VoIP
Access-independent VoIP services piggy-back on a retail broadband Internet connection
enabling the customer to make and receive calls to or from the PSTN and, typically, to and from
other broadband connected users. The residential customer's existing broadband Internet
connection - be it from a cable company, incumbent local exchange carrier (ILEC), or other ISP
- is used to have voice conversations using a regular telephone equipped with a voice adapter.
Access-independent VoIP services are provided by fixed line telephony providers such as
Rogers Telecom (formerly known as Sprint Canada)29, Primus, Bell Canada and Navigata (a
subsidiary of SaskTel), by cable companies such as Askivision Systems Inc, Coopérative de
câblodistribution de l'arrière-pays and Wood Lake Cable and by a variety of VoIP specialists,
such as Vonage, AOL and babyTel.
Access-dependent VoIP
Access-dependent VoIP services provide the ability to make and receive voice calls to
and from the PSTN as well as to and from other connected users, and are supplied with an
underlying connection, other than a retail Internet connection, to the service provider's network.
The access-dependent suppliers in Canada to date are the four largest cable companies -
Rogers, Shaw, Vidéotron and Cogeco. These companies are leveraging their existing
monopoly cable networks to offer managed VoIP services. The cable companies use the same cable
that delivers cable television and hi-speed Internet to provide VoIP service. Their offering
permits a subscriber to use the phone, Internet and cable service at the same time.
It is expected that the number of suppliers offering VoIP service will continue to grow in
the near term. For example, there is speculation that Google, the global leader in web
searches, will enter the VoIP market:
In the longer term, however, some amount of consolidation among VoIP suppliers is
likely. Not only is the Canadian market too small to support over 50 telephony suppliers, but as
will be discussed in the next section, cable companies (cablecos) will rapidly capture the leading
share of VoIP subscribers by bundling their voice services with TV and Internet offerings and in
some cases wireless offerings.

41. Evaluation of VoIP:
2. Merging of Two Worlds
 Public Switched Telephone Network (PSTN)
 Traditional telephone service providers
 Dedicated switches, fiber optics and copper all inter-connected
 The Internet and Private IP Networks
 Multitude of high speed networks
 Dedicated hardware, fiber optics, etc.
3. A Single Medium
 Where voice, data and video are converted to packets, prioritized and transported
concurrently
 Creating one ‘pipe’ that merges and manages all these applications together
Figurative Representation:
Typical Personal Use VoIP

42. Executive Summary of Issues:
Discussed Points
 Why Strategic Business Planning is important for VoIP implementation:
 To Reduce cost
 To Improve quality
 To provide best Portability
 To create and enhance Mobility
 Technology as an Enabler of Our Strategic Plan
Operation plan;
Calling card
SoftPhone
Residential Broadband
In regards of VoIP we are supposed to focus on international market as per mentioned criteria.
But we need to see what could be done in Marketing, Budgeting, management and staffing.
Available Budget : 200,000 (USD)
Organizational Plan and Personnel Summary

43. Financial Plan
Underlying Assumptions
• VoIP Company, Inc. will have an annual revenue growth rate of 16% per year.
• The Owner will acquire $200,000 of debt funds to develop the business.
• The loan will have a 10 year term with a 9% interest rate.
Sensitivity Analysis
The Company’s revenues are moderately sensitive to changes in the general economy. VoIP high-speed
internet has become a utility that is comparable to electricity for most residences, and the economy would
need a sharp pullback or economic recession before customers cancel their subscription accounts.
However, once installed, these systems will become integral for both home and business users, and
Management expects that even an economic recession would not result in a large revenue decline for the
business.
Source of Funds
Profit and Loss Statements

44. Cash Flow Analysis

45. General Assumptions

46. Business Ratios