The Simulation Manual

Purpose

The Carrada Simulation is intended as an exercise in global business strategy to train executives, government officers, MBA students, and in general students of any specialization, or business practitioners, having basic business skills, on how to apply principles of global management to operate a multinational corporation in a digital economy. mari

Registration

Each company has a management team of 3 to 5 members. Each member has to register under the name of the companies included in Table 1, and e-mail to the administrator of the, Carrada Simulator, the name of the company.

In response, each team member will receive from the Simulation's Administrator, an e-mail confirming: 1) the name of the company, which will be the user name to access the platform of the simulation, 2) the names of the team members, and 3) a common password for all the team members..

Management Responsibilities

To operate a multinational corporation under the guidance of a business plan, designed and approved by all the members, and to update the plan, as many times as necessary.

Business Plan Design

To design a business plan a company has to consider an initial endowment of $50 million dollars for each product, in every subsidiary, and has to include, six decisions (see Table 4):

  • sales: volume of sales and selling price;
  • advertising: dollar value of advertising expenditures in either newspapers or TV, and not both;
  • credit: dollar value of long-term commercial or real estate borrowing to purchase machinery and equipment, and/or plant at the interest rates listed in Table 10;
  • investment: number of lines of production, up to a maximum of 3, from those listed in Table 6 and the number of shifts, to operate them, which can be 1, 2, or 3 ;
  • insurance: dollar value of risk coverage to protect sales from product liabilities, at the rates listed in Table 10 ;
  • raw materials: dollar value of raw materials, purchased in liters, at the prices listed in Table 8, required to meet sales. Sales are measured in either in bottles or cartons where ia bottle holds 1.75 liters, and a carton, 1.9 liters.

Once the business plan is finalized, the management teams have to access the platform of the simulation, using as user name, the name of the company and the password provided by the administrator, to submit the parameters of the business plan to the simulator, Online.

The Carrada Simulation applies the content of this submission to prepare:

  • an income statement, see Table 11;
  • a balance sheet, see Table 12;
  • a statement of cash flow, see Table 13;
  • a business cycle growth model, see Table 14; and
  • comparative performance of each company.

Once these financial statements are prepared, they are provided, as a feedback to the companies.

Table 1
Companies, Markets, and Products
ID Company ID City ID Product
1 Grande 1 Phoenix 1 Orange Juice Bottle
2 Applegate 2 Mexico City 2 Grapefruit Juice Bottle
3 Aurora 3 Quebec 3 Orange Juice Carton
4 Beatriz 4 Barcelona 4 Whole Milk Carton
5 BelGioso 5 Milan 5 Skim Milk Carton
6 Lalita 6 Boston
7 Barataria 7 San Francisco
8 River 8 New York
9 MengNiu 9 Beijing
10 MooVing 10 Shanghai
11 Juma 11 Dubai
12 Buenos Aires
13 Sao Paulo
14 Rio de Janeiro

Learning Opportunities

The participant in the simulation will learn how to:steve

  • estimate the demand for products across international markets
  • design a global pricing strategy;
  • design a cross-border marketing strategy;
  • allocate financial resources efficiently across countries;
  • implement a global investment strategy;
  • protect a company from product-liability risks
  • identify and correct bottlenecks in a supply chain management system;
  • prepare a business plan;
  • analyze the key financial statements of a multinational corporation;
  • evaluate the strategy of a multinational corporation;
  • assess value creation in a globalized environment.

Companies, Markets and Products

dairy_productsIn the digital market of the simulation there are eleven companies, which can operate up to a maximum of fourteen subsidiaries, and sell up to five products in each city. See Table 1.

Sales Decision

It is determined by both the volume of sales (bottles and/or cartons), and the dollar price of each product, in every subsidiary, as shown in Table 4.

To estimate the volume of sales, the manual provides marketing information in Table 2, which includes information on city population, income per capita, and the distribution of population in three age groups.

Table 2
Market Information
City Population Income per Capita 01-14 years 15 - 64 years 65 + years
Phoenix 4,398,762 $36,833 0.16 0.67 0.17
Mexico City 21,600,000 $14,900 0.28 0.67 0.05
Quebec 8,155,334 $44,847 0.18 0.69 0.13
Barcelona 5,357,422 $29,787 0.14 0.68 0.18
Milan 8,123,020 $36,600 0.16 0.77 0.07
Boston 4,684,299 $58,000 0.24 0.66 0.10
San Francisco 4,516,276 $62,300 0.08 0.82 0.10
New York 19,949,502 $52,800 0.26 0.60 0.12
Beijing 21,148,000 $12,447 0.14 0.78 0.08
Shanghai 26,750,000 $12,874 0.12 0.76 0.12
Dubai 2,298,000 $37,392 0.22 0.76 0.02
Buenos Aires 12,801,364 $10,300 0.25 0.64 0.11
Sao Paulo 21,200,000 $7,600 0.23 0.64 0.13
Rio de Janeiro 11,973,505 $20,851 0.23 0.64 0.13
Source: United Nations, UNdata, Country Profile. Retrieved March 28, 2016

The manual also provides information on consumption per capita (or per person), presented in Table 3, in terms of the number of bottles or cartons of a product consumed by one person in a year.

The volume of sales is a function of consumption per capita, population size, and desired market share. The last item has to be reasonable, and is determined by each company.

To assess market share is necessary: 1) to define the period of analysis. In the case of the simulation, it is a year. 2) calculate the company's sales revenue over that period. 3) find out the total sales revenue of the company's industry. And, 4) divide the company's total sales revenue by its industry's total sales. For further details, see S. Nickolas, Investopedia, How do I determine a particular company's market share?

Table 3
Consumption per Capita per Year
Juice Milk
Orange Grapefruit Whole Skim
City bottles cartons bottles cartons cartons
Phoenix 5.20 11.90 3.96 20.28 20.40
Mexico City 7.20 6.80 2.70 8.16 14.80
Quebec 5.00 11.70 2.58 10.10 27.00
Barcelona 4.50 10.50 3.05 11.00 29.00
Milan 4.50 10.50 3.05 11.00 18.20
Boston 5.20 11.90 3.96 20.28 20.40
San Francisco 5.20 11.90 3.96 20.28 20.40
New York 5.20 11.90 3.96 20.28 20.40
Beijing 0.37 0.3 2.95 2.50 6.50
Shanghai 0.37 0.3 2.95 2.50 6.50
Dubai 7.50 10.00 9.00 11.50 13.10
Buenos Aires 2.70 9.30 2.94 6.30 17.70
Sao Paulo 2.40 9.60 3.96 8.50 22.50
Rio de Janeiro 2.40 9.60 3.96 8.50 22.50
Source: Wikipedia, List of countries by milk consumption per capita. Retrieved March 30, 2016.
statista, Per capita consumption of fruit juices and nectar worldwide in 2012 and 2013, by country (in liters). Retrieved March 30, 2016.

To estimate a selling price, a company has to consider two factors: 1) the unit cost of its products, and 2) the desired profit mark up for each product, which needs to be realistic. For example, 10 to 20 percent. For further details, see C. McBride, How Do You Calculate a Sales Price?.

To estimate the unit cost of production is necessary to consider fixed and variable costs.

Fixed costs are expenses unrelated to changes in output, over a set period. Table 9, shows these costs as a percentage of variable or direct costs.

Variable costs include any expenses that increase or decrease in proportion with output. The key components of this cost are direct labor (see Table 7), container costs, and raw materials (see Table 8).

Direct labor costs include wages of both technicians and operators, and the number of these workers required in a shift. If a company operates a line of production 2 shift, the cost of direct labors and materials has to be doubled. Table 6, shows the number of technicians and operators required per machine, in one shift. The wages of technicians and operators, per city, are listed in Table 7. Direct material costs are the sum of: 1) container costs, 2) raw materials , and 3) labor cost.

Unit cost = (variable costs per unit + fixed costs)/sales volume

The unit cost is equivalent to the break-even point or the minimum price at which a good has to be sold without incurring in a loss. For further details, see K. Rogers, Demand Media, How to Determine the Unit Cost of Production.

The selling price is determined as follows:

Selling price = unit cost + mark up

A mark up determines how much money is being made on a specific item, relative to its direct cost. It can be expressed as an absolute value, for example, $2,or as a percentage, for instance, 10 percent. And the mark up applied to the unit cost is different from net income (earnings after taxes, EAT) or profit, described in the income statement, which shows the money earned by a company, in relation to sales revenue over an accounting period.

Advertising Decision

It is the dollar amount allocated, by the management teams, to promote, in radio or television, one or the other, company products.

Walt-Mart spends 0.4 percent of sales, Target closer to 2 percent, Best Buy 3 percent, and a more typically upscale store, like Macy's, 5 percent. See S. McKee, What Should You Spend on Advertising. Similar ratios can be seen in other industries. Automakers spend 2.5 to 3.5 percent of revenue, liquor 5.5 to 7.5 percent, and packaged goods from 4 to 10 percent. Other analysts suggest to have advertising expenses at around 3 percent of sales revenue. See Table 9. However, the ultimate amount of advertising expenditures, rests with a management team's decision.

Credit Decision

It is the dollar amount of long-term borrowing required to finance investment in plant and equipment. To estimate it, is necessary to consider: 1) the initial endowment (equity) of $10 million dollars per product, or $50 million dollars per subsidiary; 2) the prices of lines of production, and the number of them required to meet the planned volume of sales; and 3) plant prices listed, by city, in Table 5.

Investment Decision

It is the number of lines of production to be purchased and the number of shifts to operate them to meet the sales volume. To arrive to a reasonable investment decision, the companies have to consider:

  • the demand for their products, per year;
  • the productivity of the lines, per year;
  • the number of shifts that the companies have to run the lines to meet sales per year; and
  • the number of hours a machine can be operated per shift in one year, which is equal to 2,000 hours, given, that a machine can work 8 hours per shift, 5 days a week, for 50 weeks in a year.

Insurance Decision

To protect consumers, governments around the world have approved legislation directed to impose severe penalties to companies marketing and selling unhealthy or defective products, labeled, product liability. See K. Borch, Product Liability, Quality Control, and Insurance.

To comply with this important regulation, the companies need to establish a strict system of quality control, and purchase insurance to cover for possible product liabilities.

Statistical quality control provides information about the probability that a product may be liable. This probability is used by insurance companies to estimate a premium for a contract covering for the risk involved. The insurance, per unit of output is presented in Table 11.

If a company does not have coverage for product liability, its products will not sell, even if the price is right, under the presumption that the company may not have the financial resources to compensate consumers for the use or consumption of a defective good.

Raw Materials Decision

Raw materials are defined as the materials or substances used in the primary production or manufacturing of a good. They are often referred as commodities, which are bought and sold in commodities exchanges. For further details, see, Investopedia, Raw Materials.

In the simulation, the main raw materials are milk, orange and grapefruits juices, priced on per liter basis. See Table 8.

The five most important producers of milk in the world are India, United States, China, Pakistan, and Brazil. See, Food and Agriculture Organization of the United Nations (FAO), Dairy production and products

The principal producers of orange juice in the world are Brazil, which commands more than 50 percent of the world juice output, followed by the United States, and Mexico. See index mundi, Orange Juice Production by Country

To determine how much to purchase of raw materials, the companies consider:

  • the price of raw materials;
  • the content of either a bottle (1.75 liters) or a carton (1.9 liters), and;
  • the volume of sales.

If a company does not have an appropriate level of raw materials inventories, its sales program will not materialize under the presumption that it will not have the goods to meet a sales contract.

Business Plan Example

The business plan presented in Table 4, describes the six decisions that have to be included in this document.

Selling price for product 1 (orange juice bottle) is in dollars, for example, $2.43.

Advertising, credit, insurance, and raw materials are in thousand of dollars. Advertising expenses are equal to $2 million dollars, credit (borrowing) $13 million dollars, and raw materials purchases $1.4 million dollars.

Sales are in thousand of units, for example, 1 million of orange juice bottles.

Investment is the number of lines of production and shifts, for instance, the purchase of 1 orange bottle line, to be operated in 2 shifts.

It is important to enfasize, that the example included in Table 4 is designed, only, with the purpose of describing the information to be included in a business plan. And is not an attempt to show an optimal,, profitable, or consistent business plan.

Table 4
Business Plan
Decisions
Product Sales Advertising Credit Investment Insurance Raw Material
ID Volume (000) Selling Price ($ 000) ($ 000) Lines Shifts ($ 000) ($ 000)
1 1,000 $2.43 $2,000 $13,000 1 2 $176 $1,400
2 7,200 $1.71 1 3 $91 $400
3 6,000 $2.29 2 2 $412 $3,000
4 11,000 $2.36 1 1 $355 $2,710
5 7,000 $1.83 3 3 $950 $5,300

If a business plan is well designed and meets with the limitations imposed by each decision, the Simulator, on behalf of each company:

  • estimates and pays the dollar value of real estate investment in plant in every subsidiary;
  • hires and pays the salaries and wages of employees, and workers;
  • estimates and pays the cost of containers; and
  • prepares the financial statements.
Table 5
  Asset Prices
Plant ($,000) Lines
Orange Grapefruit Milk ($,000)
City bottle carton bottle carton carton bottle carton
Phoenix $6,800 $5,000 $17,200 $23,200 $23,400 $2,500 $4,225
Mexico City $33,800 $11,700 $34,800 $33,200 $60,300 $2,500 $4,225
Quebec $14,400 $7,125 $36,600 $28,600 $76,500 $2,500 $4,225
Barcelona $9,000 $5,900 $23,225 $22,240 $58,600 $2,500 $4,225
Milan $14,000 $9,000 $35,600 $21,000 $56,400 $2,500 $4,225
Boston $7,700 $5,500 $18,900 $25,700 $25,800 $2,500 $4,225
San Francisco $7,450 $5,300 $18,400 $25,000 $25,100 $2,500 $4,225
New York $33,000 $23,600 $81,400 $110,700 $111,400 $2,500 $4,225
Beijing $3,400 $25,400 $3,000 $29,900 $77,600 $2,500 $4,225
Shanghai $4,250 $32,150 $3,800 $37,800 $98,300 $2,500 $4,225
Dubai $7,700 $8,400 $11,000 $15,300 $17,400 $2,500 $4,225
Buenos Aires $3,500 $3,600 $13,300 $9,400 $26,500 $2,500 $4,225
Sao Paulo $6,700 $10,400 $30,000 $23,300 $61,600 $2,500 $4,225
Rio de Janeiro $3,800 $5,900 $16,900 $13,100 $34,800 $2,500 $4,225
Source: Industrial System Research, Manufacturing and Investment Around the World: an International Survey of Factors Affecting Growth and Performance. Retrieved March 29, 2016.
Alibaba. com, price mdf production line. Retrieved April 11, 2006.

Both plant and equipment depreciate over 30 and 5 years respectively. The accounting profession considers depreciation as an expense, whereas finance sees it as an expense returning to the coffers of a corporation, at the end of the accounting period, as cash inflow.

Table 6
Machinery, Productivity, and Labor Requirements
Line Output/hr Technicians Operators
Orange bottle 960 1 6
Grapefruit bottle 960 1 4
Orange carton 1,850 1 6
Whole milk carton 1,850 1 4
Skim milk carton 1,850 1 8
Source: Alibaba. com, price mdf production line. Retrieved April 11, 2006.

Income Statement

An income statement measures a company's financial performance over a specific accounting period, for example, a year. And provides a summary of how a business incurs its revenue and expenses through both operating and non-operating activities.

The first item of the income statement is sales revenue. See Table 11.

A second item, is cost of goods sold. Includes expenses in packaging materials (bottles and cartons). A bottle costs $0.1 and a carton $0.30 in all the markets. The wages of operators and technicians. And the cost of raw materials.

The wages are described in Table 7.

Table 7
  Wages per Hour
City Name Technician Operator
Phoenix $35.67 $24.97
Mexico City $6.36 $4.46
Quebec $36.59 $25.61
Barcelona $26.83 $18.78
Milan $34.18 $23.93
Boston $35.67 $24.97
San Francisco $35.67 $28.00
New York $35.67 $29.40
Beijing $5.50 $3.80
Shanghai $6.30 $4.10
Dubai $9.45 $7.00
Buenos Aires $18.87 $13.20
Sao Paulo $12.00 $8.40
Rio de Janeiro $11.20 $8.10
Source: Bureau of Labor Statistics (BLS), International Comparisons of Hourly Compensation Costs in Manufacturing, 2012. Retrieved April 13, 2016.

The price of raw materials are shown in Table 8.

Table 8
Raw Materials Prices (per liter)
  Juice  
City Name Orange Grapefruit Milk
Phoenix $0.95 $0.91 $0.67
Mexico City $0.98 $0.96 $0.72
Quebec $1.03 $1.02 $0.90
Barcelona $0.89 $0.86 $0.77
Milan $0.89 $0.86 $0.77
Boston $0.95 $0.91 $0.67
San Francisco $0.95 $0.91 $0.67
New York $0.95 $0.91 $0.67
Beijing $1.70 $1.67 $2.13
Shanghai $1.70 $1.67 $2.13
Dubai $1.01

$0.98

$1.27
Buenos Aires $0.94 $0.91 $1.00
Sao Paulo $0.90 $0.87 $0.75
Rio de Janeiro $0.90 $0.87 $0.75
Source: Dairy Herd, 2015 milk prices now looking more like 2013, 2011. Retrieved April 9, 2016.

A third item is sales and administrative expenses. Includes salaries of managers and staff, accounting and technology expenses, office supplies, rent or mortgage, insurance, and advertising.

Administrative expenses are considered a component of the overhead costs, which are the expenditures holding a constant value if a company produces 100 or 1,000,000 units. However, overhead cost per unit (overhead costs/output) declines, steadily, with the increase in output. The proportion of these expenses with respect to sales, are described in Table 9.

Table 9
Overhead Costs (% direct unit cost)
Staffing 13.0
Rent and Mortgage 8.5
Advertising 3.0
Administrative Costs 2.5
Supplies 2.3
Accounting and Technology 2.0
Total 31.3
Source: Accounting Coach, Controlling your retail business' overhead. Retrieved December 30, 2014.

A fourth concept is depreciation. It is estimated applying the 'straight-line depreciation method'. This is equal to the price of an asset divided by its life. As indicated previously, the lifes of the equipment and buildings are 5 and 30 years, respectively.

Operating Income

It is also known as earnings before interest and taxes (EBIT). Defined as the amount of profits after deducting operating expenses. See Table 11.

EBIT = sales revenue- cost of goods sold, - sales and administrative expenses - depreciation.

Earnings Before Taxes (EBT)

This item is equal to operating income less interest payments.

EBT = operating income - interest expenses

Net Income (EAT)

The last item of the income statement is net income, or profits. Also known as earnings after taxes (EAT). It is equal to earnings less taxes. To estimate net interest expenses and taxes, the Simulator applies the loan and tax rates described in Table 10.

EAT = earnings before taxes - taxes

Table 10
Interest Tax Rates, and Insurance
Rates (%) ($/unit)
City Loan Mortgage Tax Insurance
Phoenix 0.25 4.6 25.5 $0.05
Mexico City 3.0 7.5 19.0 $0.14
Quebec 7.5 3.5 33.5 $0.08
Barcelona 0.05 3.0 40.2 $0.05
Milan 0.05 3.0 40.2 $0.05
Boston 0.25 4.6 25.5 0.05
San Francisco 0.25 4.6 25.5 $0.08
New York 0.25 4.6 25.5 $0.08
Beijing 5.35 7.0 25.0 $0.08
Shanghai 5.35 7.0 25.0 $0.14
Dubai 1.28 3.5 0.0 $0.14
Buenos Aires 20.52 9.0 35.0 $0.08
Sao Paulo 13.25 7.0 22.5 $0.06
Rio de Janeiro 13.25 7.0 22.5 $0.06
Source: Tax Database. Retrieved March 25, 2016.
Interlibrary, Interest rates. Retrieved March 25, 2016.
Veracity, Product Liability Insurance. Retrieved April 12, 2016.

A complete description of an income statement, based on a business plan designed with information included in the manual, is presented in Table 11

Table 11
Income Statement ($,000)
Sales revenue $223,648
Less Cost of Goods Sold $133,899
Less Sales and Administrative Expenses $46,205
Less Depreciation $13,708
Operating Income (EBIT) $29,835
Less Net Interest $6,628
Earnings Before Taxes (EBT) $23,207
Taxes $4,409
Net Income $18,798
Note: there are differences due to rounding

At this point is convenient to recapitulate.

Tables 1 to 10 provide enough information to determine the: 1) volume of sales, 2) purchasing and selling prices, 3) dollar value of advertising expenses, 4) credit (commercial and mortgage), 5) investment in lines of production, 6) dollar value of raw materials purchases, and 7) dollar value of insurance.

To estimate the income statement, a business plan must comply with the following restrictions:

Price restriction: selling prices of producers<= purchasing price of distributors;

The purchasing price is unknown to the management teams. But, it can be estimated by a management team.

Credit restriction: equity + commercial credit + mortgage credit + retained earnings >= investment in plant and equipment;

Raw materials restriction: inventory of raw materials/(price of raw materials x container content >= sales volume;

) Lines of production output per hour x shifts x hours of work per year >= sales volume;

5) Insurance >= volume of sales x cost of insurance per unit of output.

Balance Sheet

This statement shows the financial position of assets, liabilities, and stockholders' equity of a company, on a particular date, for example, the end of a fiscal year.

On the asset side, shows the dollar value of cash after paying for inventory of final goods, and short-term assets; investment in plant and long-term assets; total assets (the sum of current and long-term assets).

The liability side describes the dollar value of long-term debt, and equity capital which is equal to the owners' contributions plus retained earnings.

A description of a complete balance sheet is shown in Table 12.

Table 12
Balance Sheet
Assets ($,000) Liabilities ($,000)
Cash $32,506    
Inventories $29    
Current Assets $32,536 Current Liabilities $0
    Long-Term Debt $88,404
    Total Liabilities $88,404
Plant $173,800 Shareholders Equity $125,000
Equipment $39,575 Common Stock  
Less Depreciation $13,708 Retained Earnings $18,798
Fixed Assets $227,083 Total Shareholder's Equity $143,798
Total Assets $232,202 Total Liabilities and Equity $232,202
Note: there are some minor differences due to rounding.
Source:, Accounting Tools, Balance Sheet. Retrieved April 25, 2016.

Statement of Cash Flows

It provides financial information related to cash inflows and outflows from operating, financing, and investing activities during an accounting period.

It shows the amount of cash left to the company at the end of an accounting period, to finance operations in the next business cycle. A statement of cash flow consistent with the income statement and balance sheet previously described, is presented in Table 13.

Table 13
Consolidated Statement of Cash Flows
Net income $18,798
Depreciation $13,708
Cash provided by operations $32,506
Cash provided by property, plant and equipment
-$213,375
Sale or purchase of other assets $0
Cash provided by investments -$42,575
Additions to (reductions) short-term debt $0
Additions to (reductions) long-term debt $88,375
Dividends paid $0
Cash provided by financing $88,375
Net change in cash and cash equivalents -$98,644

Note: there are some minor differences due to rounding.
Source: Accounting Coach, Cash Flow Statement. Retrieved July 6, 2015.

Business Cycle and Growth Model

This model describes the factors influencing the pattern of corporate growth, which are determined, at a large extent by the ability of a firm to:

  • raise external funds (capital structure), measured by the debt to equity ratio;
  • utilize assets efficiently, determined by the ratio of sales revenue to total assets;
  • have a profit margin consistent with corporate growth, measured by profits to sales revenue; and
  • retain earnings, defined by the ratio of retained earnings to net income. The retention rate is assumed to be 100 percent.

The sustainable growth rate is estimated by the simulator, as follows:

Self Sustainable Growth = (pm x (1-d) x (1+L))/(T-(pm x (1- d) x (1+L)))

where:
pm is the anticipated profit margin,
d is the dividend ratio expressed as dividends to profits,
L is ratio of debt to equity, and
T is the ratio of total assets to total sales.

If any of the ratios previously described is below the rate required to maintain a company's self-sustained growth, then, it will be necessary to raise one or several of the following aspects: 1) equity capital, 2) borrowing, 3) efficiency in the use of assets, or 4) the target profit margin.
See (Wikipedia, Sustainable growth rate. Retrieved, December 5, 2013).

The model is based on a number of assumptions that may not hold in practice. However, in spite of this shortcoming, offers an insight into the variables that matter, to keep a company growing.

Table 14
Business Cycle and Corporate Growth Model
Ratios (%)
Capital Structure Use of Assets Profit Margin Retention Rate  
Debt/Equity Assets/Sales Profit/Sales Ret earnings/Profit Growth
71 95 8 25 22
Robert C. Higgins, "How Much Growth a Firm Can Afford?", Financial Management. Retrieved, March 26, 2016.

Concluding Remarks

The examples previously described are intended, solely, to describe how to apply the information included in the manual, to design a business plan, and to explain how this information is processed by th simulator to estimate financial statements.

Contact Us

For more information on the Carrada Simulator, please, send us an e-mail at the: Carrada_Simulator.