Cloud Period Panties

FIN 103 (N)

Ma. Katrina W. Duavit
Zackary N. Duquilla
Sophia P. Muñoz
Shaina Y. Santiago
Hannah Mae R. Sy
Ann Louise E. Villaseran

May 21, 2018

John Patrick S. Delavin, CFA
BUSINESS OVERVIEW

There is no doubt that every woman sees her monthly flow as a burden to her
everyday routine. From minimizing brisk movements to actively avoiding spills and leaks, this
female bodily process continues to be a nuisance and hindrance to the normal lifestyle of
women of every kind during their time of the month. Even conventional sanitary products in
the market such as napkins, tampons, and menstrual cups do not completely give the stain-
free assurance that every woman seeks. Through innovative period panty technology,
Blossom Inc. seeks to provide the Filipino women with an ingenious sanitary product that will
surely eliminate their monthly inconveniences.
The Cloud Period Panty is an ultra-thin, multi-layered underwear with absorbent
center linings, much like a sanitary pad in the form of a biodegradable, full-coverage,
seamless underwear. Made of extremely absorbent material, users will be able to move
freely without any restraint. Considering that the Philippines has a tropical climate, the
product is also engineered with breathable materials like bamboo cloth and organic cotton to
allow comfortable air circulation. The period panties come in two variants, namely Cloud (for
loungewear) and Acti-Cloud (for active wear), which will be priced at ₱20 and ₱30 per piece,
respectively.
Set to compete within the sanitary napkin industry, its target market will capture
consumers from the AB socioeconomic classes. While Blossom Inc.’s products are priced
significantly higher than a piece of sanitary napkin being sold in the market today, the
company sees a niche in the industry that it can occupy through its promise of convenience
and comfort that only the Cloud Period Panties can uphold. In an online survey conducted
by the company, a final percentage of 77.9% (of the total respondents) were willing to
purchase the products at a particular price. Combining different statistics and data such as
the total population of women in the Philippines divided into menstruating age groups, the
total demand for its first year of operation is a little over 1.5 million. Blossom Inc. is
forecasted to attain approximately 0.8% to 1.0% of the total brand shares in the market.
As for its manufacturing facility, the company has located the main office and the
warehouse in Plaridel, Bulacan. The company chose Bulacan as its work location because
the living and commuting conditions for laborers there are better as opposed to those in
Metro Manila, where the traffic situation is terrible. Aside from this, the property being rented
out in Bulacan perfectly fits the company’s specifications and requirements. With a total area
of 900 square meters, the warehouse will be occupying 783 square meters, while the
remaining 117 square meters will be used for the main office, which will be situated in one
corner of the factory floor. That being said, Blossom Inc. does not see a need to heavily
renovate the property.
 Being a company that aims to sell sanitary products, quality determines brand
survival. With this, Blossom Inc. will uphold a high quality management standard to ensure
quality output. While it is a start-up business, the headquarters of Blossom Inc. has taken
the form of a traditional work system that has a head office, security personnel, and separate
departments for marketing, finance, human resources, and operations, which will result to a
total of 24 employees. 20 working days will be assumed per month, where weekends will be
considered as rest days, and two days will be reserved for possible holidays. As such,
warehouse employees will be working on weekdays from Monday to Friday, with eight-hour
shifts for each person per day. Working hours will begin at 7:00 AM and end at 11:00 PM,
which will be divided into two shifts within the day. As for their compensation, Blossom Inc.
will be utilizing two different minimum wage rates given that the warehouse and the main
office will be situated in Bulacan and the retail store will be located in Metro Manila.
Seeing a profitable opportunity in online enterprise, Blossom Inc. will make use of
social media platforms, such Instagram and Facebook, as an avenue for product selling.
Blossom Inc. has ruled out launching its own website because with only one or two products
to its name, it has yet to seem necessary. While setting up an online shop on social media
platforms is free, advertisements and other promotional materials will still incur costs in the
form of marketing expenses. Apart from online selling, Blossom Inc. will also make its
products available through a kiosk in SM Megamall, which was chosen for its heavy foot
traffic. Blossom Inc. will strategically locate its kiosk in Mega Fashion Hall, where women
from the A and B social classes usually frequent. This way, the brand’s target market
matches the mall’s market. The Cloud kiosk will be manned by two employees from the retail
staff, who will be expected to assist customers, provide a good sales appearance, and keep
up the orderly merchandise display. The products will be coming straight from the
warehouse in Bulacan, delivered via delivery truck by the company driver.
Blossom Inc. strives to become the champion of Filipino women of all ages in
providing the best sanitary products that are sustainable, accessible, and comfortable. With
women’s increasingly progressive lifestyle, Blossom Inc.’s innovation aims to provide women
with the confidence and comfort that they need during their menstrual period. Through Cloud
Period Panties, menstruation can now be an opportunity for women to be empowered in
embracing their womanhood with complete positivity.
DISCUSSION OF ASSUMPTIONS

Sales
 For the first year, it is assumed that 70% of the sales will come from the Cloud
variant and the remaining 30% from the Acti-Cloud variant. The computation for the
cost of goods sold is based from the calculation that for each unit of Cloud, ₱0.32 is
spent for its production; and for every unit of Acti-Cloud, ₱0.43. This estimation is
made based on the quantity and pricing of every material used in making a single
unit, or the variable costs (discussed on the latter portion).
 Due to the positive projection of easy market acceptance of Blossom Inc.’s product
as derived from the demand forecast coupled with the design capacity and units sold
(discussed on the next part), there is an expectation to earn a total revenue of
₱560,351 monthly, which shall increase in the succeeding years as the population
grows. From this revenue, it is projected that the net income for the first year will total
to ₱6 million.
o The demand was forecasted by, first, gathering the total menstruating female
population in the Philippines for the years 2020-2022.
‘000 2020 2021 2022
15-19 4,863.2 4,860.1 4,871.5
20-24 4,839.0 4,837.7 4,827.5
25-29 4,421.3 4,542.6 4,644.3
30-34 3,779.3 3,864.8 3,996.1
35-39 3,422.1 3,470.9 3,523.8
40-44 3,094.8 3,157.4 3,217.2
45-49 2,783.0 2,819.9 2,861.3
o According to the online survey conducted by Blossom Inc., 93.3% were willing
to purchase the product. When suggested an introductory price of ₱50 each,
the percentage dropped to 77.9%.
Total Population of Willing to Purchase Wiling to Purchase
Year
Target Market (93.3%) at ₱50 (77.9%)
2020 27,202,700 25,380,100 19,771,097.9
2021 27,533,400 25,707,300 20,025,986.7
2022 27,911,700 26,041,600 20,286,406.4
o For the company’s first three years of operations, it will target only 1% of the
77.9%, which is the AB socioeconomic class. Blossom Inc. seeks to target the
classes who receive higher income because the market price of one period
 underwear, essentially a napkin variant, is at least five times the price of the
cheapest sanitary napkin in the market. It would be logical to assume that the
lower socioeconomic classes would stick to purchasing the ordinary sanitary
napkin instead of Cloud Period Panties.
Year Wiling to Purchase at ₱50 (77.9%) AB Social Class (1.0%)

2020 19,771,097.9 197,711.0

2021 20,025,986.7 200,259.9
2022 20,286,406.4 202,864.1

Design Capacity
 After calculating the manufacturing process through bottleneck analysis, the group
has discovered that it will take approximately 12 minutes to produce each unit of
underwear.
 The design capacity is computed by taking into account that there are five working
days in a week, two eight-hour shifts, five resulting units per hour, and ten lines
(cutting + straight sewing + zigzag stitching) of working machineries.
o Number of working days per week * number of shifts * number of working
hours per shift * units per hour * lines of working machineries
 5 * 2 * 8 * 5 * 10 = 4,000 units per week or 16,000 units per month

Units Sold
 Because the design capacity is capped at 16,000 units per month, the company will
be unable to meet the monthly demands.
Monthly
Year AB Social Class (1.0%) Units Sold (per month)
Demand
2020 197,711.0 16,475.0 15,500.0
2021 200,259.9 16,688.0 15,600.0
2022 202,864.1 16,905.0 15,700.0
 The value for the units sold per month was strategized not to meet the design
capacity of 16,000 units to account for safety stock. The remaining 500 unsold units
for the first year will be used as safety stock.
 As the years go by, as the population gets bigger, the monthly demand also
increases. To keep up with this, the units sold per month shall also increase every
year, guided by the same aforementioned reason that the unsold units will be used
as safety stock.
Raw Materials Cost
Cloud
# of Products
Material Quantity per Variable
Raw Material Unit Cost Produced per
Length Piece Cost
Raw Material
Polybraid Elastic 130 x 0.68 x
Meter 5.00 191 ₱ 0.03
Garter 0.0127 0.0127
Organic Cotton
Meter 1000 x 1 103.04 0.34 x 0.30 4411 ₱ 0.02
Fabric
Organic Cotton
Meter 1000 x 1 59.25 0.34 x 0.30 8823 ₱ 0.01
Pad
Bamboo Cloth Meter 1000 x 1 1030.40 0.34 x 0.30 8823 ₱ 0.12
Biodegradable
Kilo 500 154.56 0.0230 21739 ₱ 0.01
TPU
Thread Meter 4114 450.00 1.28 3214 ₱ 0.14
Cloud Variable Cost ₱ 0.32

Acti-Cloud
Product per
Material Quantity per Variable
Raw Material Unit Cost Raw
Length Piece Cost
Material
Polybraid Elastic 130 x 0.68 x
Meter 5.00 191 ₱ 0.03
Garter 0.0127 0.0127
Organic Cotton
Meter 1000 x 1 103.04 0.34 x 0.30 8823 ₱ 0.01
Fabric
Organic Cotton
Meter 1000 x 1 59.25 0.34 x 0.30 8823 ₱ 0.01
Pad
Bamboo Cloth Meter 1000 x 1 1030.40 0.34 x 0.30 4411 ₱ 0.23
Biodegradable
Kilo 500 154.56 0.0230 21739 ₱ 0.01
TPU
Thread Meter 4114 450.00 1.28 3214 ₱ 0.14
Acti-Cloud Variable Cost ₱ 0.43
Capital Expenditures
Machinery
Item Quantity Price per Item (in ₱) Total Price (in ₱)
Singer 191D Straight Sewing 10 21,000 210,000
Machine
Singer 950C Round Cutting 10 5,000 50,000
Machine
Singer 20U11C Zigzag Machine 10 24,000 240,000
Total Price of Machinery 500,000
Delivery Truck
Item Quantity Price per Item (in ₱) Total Price (in ₱)
Isuzu N-Series NKR Cab 1 1,000,000 1,000,000
Chassis 55
Plant and Office Equipment
Item Quantity Price per Item (in ₱) Total Price (in ₱)
LG Smart Inverter (Wall- 4 40,000 160,000
mounted) HSN24IST
Intel Core i3 4170 3.7Ghz 7 20,000 140,000
Computer Package
HP DeskJet Ink Advantage 2135 1 4,000 4,000
Printer
Starlux T5 Linear Fluorescent 100 200 20,000
Lamp Fixture
Standard SOF18Q 18” Orbit Fan 45 1,000 45,000
Total Price of Plant and Office Equipment 369,000

Labor Expense
 The compensation packages are calculated based on the hierarchical status of
certain positions on the company’s organizational chart. The company will be utilizing
two different minimum wage rates given that the warehouse and main office will be
located in Plaridel, Bulacan, while the retail store will be in Metro Manila.
Respectively, the minimum wage rates will be ₱380 and ₱475 (according to the
Department of Labor and Employment: National Wages and Productivity
Commission).
 Given so, the staff from the warehouse and the retail store, albeit having different
minimum wage rates, will be compensated with the respective minimum wage rate
 for their area multiplied with the decided number of business working days for the
company, which is 20 per month.
 For the employees with supervisorial or head positions in the warehouse, they will be
compensated with 130% of the minimum wage rate. For the employees with
managerial positions, they will be offered a slightly higher compensation package
because of their qualifications, which will be 135% of the minimum wage rate for
Central Luzon, while the manager for retail in NCR will be given 110%. Lastly, the
people working in the executive positions will get a considerably higher
compensation than the rest given the scope of their work, which may extend to
external affairs. The executive secretary will be offered 175% of the minimum wage
rate while those working the vice presidential positions will get 225%. Finally, the
CEO, being the highest in the hierarchy, will have a 265%-offer.
Monthly Compensation

Position Per 20 working days per person (in ₱)

Chief Executive Officer (1) 20,140

Vice President for Marketing (1) 17,100
Vice President for Finance (1) 17,100
Vice President for Human Resources (1) 17,100
Vice President for Operations (1) 17,100
Executive Secretary (1) 13,300
Retail Manager (1) 10,450
Production Supervisor (2) 9,880
Store and Inventory Supervisor (1) 9,880
Retail Staff (2) 9,500
Quality Management Staff (1) 7,600
Production Staff (6) 7,600
Warehouse/Maintenance Staff (2) 7,600
Security Guards (2) 8,600
Truck Driver (1) 8,600

Maintenance Expense
 The maintenance expense, which starts at a monthly cost of ₱19,500, comprises
costs with regard to the transportation (company delivery truck), equipment (sewing
machines), appliances (air-conditioning units), and property upkeep. The company
decided to make it a variable cost because there are months when certain repairs are
unnecessary.
o Delivery truck
 A monthly budget of ₱17,000 is allocated for the minor repairs of the
company delivery truck. Some examples of these are the
vulcanization, brake fluid replacement, oil changes, alignment, and
carwash.
 This amount was based on a professional opinion.
o Sewing machines
 All 30 sewing machines are self-oiling, so oil replacements are limited
to only three times per year, specifically in January, May, and
September, all within an interval of four months. The total cost for
every oil replacement for all the sewing machines in a month is ₱500,
which will set the company back ₱1,500 for the whole year.
 The amount is based on the price of industrial sewing machine
oil for Singer. One gallon costs ₱1,500 – which should be
enough to last the whole year.
 The sewing machine needles need replacement every two weeks, so
two needles will be used up every month for each sewing machine.
Following this, ₱1,500 will be allocated monthly, given that the cost of
each Singer needle is ₱25.
 A general tune-up is also required for each machine every year,
preferably in December, in order to make sure that the gears, hook,
and other general parts are in safe condition. The average cost for
one tune-up is ₱5,000, which will garner the highest maintenance
expense for the whole year, amounting to a total of ₱150,000.
 The useful life of these machines is 15 years. It is the average useful
life of industrial sewing machines.
o Air-conditioning units
 Four air-conditioning units will be found in the main office.
 Filter changes shall be done every three months, beginning in April,
then August, then September. One filter change service costs ₱800,
so to have this done thrice a year for four units will incur an annual
cost of ₱9,600, which should be divided into the aforementioned three
months.
 Routine HVAC servicing, priced at ₱2,000, will be done twice a year –
in January and in July. Coupled with four units, the maintenance
expenses for January and July will incur an additional cost of ₱8,000.
 o Property
 Exterior and interior deep-cleaning of the warehouse will be done
annually in the middle of the year, which is in July. The average cost
per square foot is ₱11. With a total area of 900 square meters, the
annual cost will be ₱9,900.
o Miscellaneous
 The company has decided to put a monthly allocation of ₱1,000 for
unforeseen repairs such as broken windows and plumbing problems.

Supplies Expense
 The supplies expense will have a fixed monthly cost of ₱3,000. Examples of these
purchases, which will be distributed in the warehouse and office in Bulacan and the
retail store in Metro Manila, are writing instruments (e.g. pen, paper, receipts, copy
paper, etc.), computer necessities (e.g. printer ink, etc.), and cleaning materials
(machine lubricants, rags, etc.), among others.

Miscellaneous Expense
 The miscellaneous and extra expenses considered by Blossom Inc. include travel
expenses for employees who get sent to seminars to represent the company, as well
as subscriptions for materials like newspapers for the office with annual rates taken
from Manila Bulletin. Furthermore, other aspects are also considered in this category
including expenditures for company parties, etc.
 The table below shows the miscellaneous expense breakdown:
Miscellaneous Expense Cost
Employee Travel ₱63,000
Subscriptions ₱6,500
Company Celebrations ₱90,000
Extra Incidental Expenses ₱60,500

Licenses and Permits Expense

 This was assumed based on Ricky Sare's article entitled The Real Cost of Starting a
Small Business in the Philippines where he discussed his actual expenses for
licenses and permits when he started his business. Blossom Inc.'s assumptions then
includes the annual compliance costs for the BIR and SEC, as well as the business
permits supposedly coming from the Barangay and Mayor's offices for both the
manufacturing plant and the retail outlet. Additionally, this also includes the incidental
 expenses for the printing of related documents, notarial fees, documentary stamps,
and etc.
 The table below shows the licenses and permits expense breakdown:
Year 0
Licenses and Permits Expense (Good for Year 1 Year 2 Year 3
Year 1)
Bureau of Internal Revenue Registration ₱4,500 - ₱ 500 ₱ 500
Securities and Exchange Commission
₱7,000 - - -
Registration
Barangay and Mayor’s Permits ₱20,500 - ₱20,500 ₱20,500
Initial Registration for Other Government
₱7,000 - - -
Offices
Other Related Documents ₱2,000 - ₱2,000 ₱2,000

Insurance Expense
 Blossom Inc. made sure to try to cover its assets as much as possible, most
especially the trucks and the manufacturing plant, and even a portion of the
employees' personal insurances.
o For the truck, the assumption is based on the quotation of the company Alpha
Insurance for a Comprehensive Insurance Plan of a 2016 Foton Tornado
truck which is more or less ₱24,000 a year. Over the years, the expense will
decrease by 17%-18% as the truck’s model devalues each year.
o For the manufacturing plant itself, the amount of ₱50,000 is assumed for the
first year since the start-up factory’s structure is not that huge yet, and the
company is looking more into maximizing the initial investments first before
investing more into insurance. Additionally, since annual renovations won’t be
focused on for the first 3 years, the building’s insurance expense will
decrease by 5% for the next 2 years.
o Finally, for the regular employees, a part of their personal insurances will be
covered by the company while the rest will be deducted accordingly from
them.
  The table below shows the insurance expense breakdown:
Insurance Expense Year 1 Year 2 Year 3
2016 Foton Tornado Truck Insurance ₱24,000 ₱19,600 ₱16,200
Manufacturing Plant/Building Insurance ₱50,000 ₱47,500 ₱45,125
Portion of Employees’ Insurance ₱72,000 ₱72,000 ₱72,000

Marketing Expense
 Marketing expenses will be distributed among the following:
o Online promotions and/or advertisements (through Facebook and Instagram)
 A monthly cost of ₱1,350 will be allocated.
 The audience reach is limited to Metro Manila only.
o Physical advertising campaigns (for the retail kiosk)
 Posters
 ₱70 each x 8 pieces = ₱560
 Tarpaulin
 Size 4” x 6” = ₱500
o Currently, no marketing in the form of TV ads or billboards will be used.

Utilities Expense
 The individual components of the electric bill were computed through Meralco’s
Virtual Engine.
o The office spaces shall have:
 4 split-type inverter air-conditioning units (2.50HP)
 7 LCD computer monitors
 7 desktop PCs
 1 printer
 10 21-inch fluorescent light fixtures
 Approximately 1 fixture per 10 square meters
o The factory shall have:
 45 18-inch ceiling fans
 Approximately 1 fan per 20 square meters
 90 21-inch fluorescent light fixtures
 Approximately 1 fixture per 10 square meters
 10 Singer 191D Straight Sewing Machines
 10 Singer 950C Round Cutting Machines
 10 Singer 20U11C Zigzag Machines
  The table below shows the electricity consumption breakdown:
Office
Item Quantity Wattage Electricity Consumption (in ₱)
Air-conditioning unit 4 1,570 5,086.72
LCD computer screen 7 40 432.32
Desktop PC 7 100 1,081.92
Printer 1 10 15.36
Fluorescent light fixture 10 20 494.40
Factory
Item Quantity Wattage Electricity Consumption (in ₱)
Ceiling fan 45 175 12,168.00
Straight sewing machine 10 250 4,490.00
Cutting machine 10 100 1,796.00
Zigzag machine 10 250 4,490.00
Fluorescent light fixture 90 20 4,449.60
Total Electricity Consumption = ₱34,504.36
 Meanwhile, the water utility was computed by multiplying 85 (average rate for
commercial establishments) with 50 cubic meters. This estimation was derived from
consulting Hans Recato, the Finance Manager of Omni Composite Packaging
Corporation, a packaging manufacturer located in General Trias, Cavite with factory
workspace with an adjoining office space. With a total of 40 employees, their water
bill is roughly around ₱4,250 per month, consuming an average of 50 cubic meters.
With Omni’s workforce and workspace being quite similar to Blossom Inc.’s (having
43 employees), this computation was used as the company’s basis for the average
monthly bill.

Fuel Expense
 The fuel expense was calculated by determining the distance between Plaridel,
Bulacan and SM Megamall, which was roughly 46.5 kilometers. Afterwards, the fuel
consumption in km per liter of the Isuzu N-series truck was ascertained to be 19.77
km/L, according to a Top Gear Philippines article. 46.50 km was then divided with
19.77 km/L, which results to a fuel consumption of 2.35 L per trip. Assuming an
average diesel price of ₱42, a one-way trip would cost ₱98.70 per liter, and because
the company would want to assume the maximum possible cost for fuels, Blossom
Inc. has computed for the assumption of a two-way trip for every working day of the
 month, roughly 5 working days per week and 4 weeks a month, which will amount to
₱3,948 monthly.

Construction Costs
 The team consulted with three construction firms (two in Metro Manila, and one that
mainly operates in provinces) to come up with the cost of renovating the building.
The range that was common in the group’s inquiry is ₱4-5 million. The group has
decided to get the average of the prices estimated by construction firms, hence ₱4.5
million.
 The firms estimated that the group would spend ₱1.8 million for labor and the value
of the contract to be had with the firm. This fee includes the actual labor needed to
renovate, the conceptualizing, and the drawing up of the renovations to be done. The
entire project is estimated to be accomplished in 3-4 months.
 The rest of the allotted cost will be spent on the materials that will be used in making
the renovations to the site. The firms already have their own suppliers of the
materials needed. The group was given a list of basic materials needed for the
renovations, but the necessary quantity for each was not mentioned.
Material Market Price
Heavy Metal Grid Price/kg ₱40.00
Beams Price/kg ₱23.70
Insulators Price/roll ₱4750.00
(50m)
Concrete Price/bag ₱265.00
(40kls)
Aluminum Price/kg ₱170.00
Rebar Price/kg ₱22.00
 Cost will not suffice if intention is a complete overhaul; if so, it will cover the
demolition cost and the building of the structure. The company is not planning a
complete overhaul because there is already an infrastructure on the site. The only
thing necessary is to make the environment conducive for work.
 The renovation cost includes installing comfort rooms and other facilities of the site,
materials to be used, and labor to make the renovations.
Inventory
 Inventory for raw material will be purchased two months prior. This is because the
lead time in ordering the material is 20 days and producing enough products for the
next month will take a month to produce.
o Inventory purchases from year 0 will cover the year 1, months 1-2 raw
materials cost.

Receivables
 Sales coming from online stores are all credit sales; sales coming from the physical
stores are all cash sales.
o The online store will be found in platforms like Facebook and Instagram –
seeing as they are free-for-use websites, there will be no costs incurred.
o Orders will be handled through an online form.
o Delivery costs are shouldered by the buyer.
 30% of the sales are receivables, which will be collected after two months.
o A survey conducted by the GSI Commerce Solutions Inc. says that 71% of
women are likely to research online and buy offline. Some reasons include
wanting to see the material in person, not wanting to wait for the product to
arrive, and being able to try the product.

Minimum Cash Balance Required

 The required minimum cash balance of ₱650,000 assumes the size of the business
and the demand for the product offered.
 The minimum cash balance considers the projected operating expenses that need to
be incurred in a month to keep the business functional. The average operating
expenses per month incurred is ₱608,000. The required balance is raised a bit higher
than the average monthly operating expenses to account for the changing nature of
these expenses.
 The decided amount is geared towards lessening the risk of having a lowered
reputation due to not being able to pay the company’s obligations, while maintaining
a healthy income for the company owners to enjoy.
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Accessed from Euromonitor Passport database.
Philippine Statistics Authority. (n.d.). Forecast Female Population by Age 2016-2021.
Accessed 8 Sept. 2017.