BMG Ltd is a manufacturer of auto components for the South African motor industry. You are tasked with analyzing the performance of the firm over the latest two years. A simplified statement of comprehensive income and statement of financial position are provided below. BMG Ltd Statement of Comprehensive Income for the year ended 28 February 2023 2023 2022 Sales 780 000 624 000 Cost of Sales (440 000) (405 600) Gross Profit 340 000 218 400 Operating Costs (176 880) (149 760) Operating profit (PBIT) 163 120 68 640 Finance Costs (9 920) (7 200) Profit before tax 153 200 61 440 Tax (28%) (38 000) (14 000) Net Profit after Tax (NPAT) 115 200 47 440 BMG Ltd Statement of Financial Position as at 28 February 2023 ASSETS 2023 2022 Net Non-Current Assets 507 700 456 100 Current Assets 268 100 195 900 Inventory 127 600 82 250 Accounts receivables 117 400 92 050 Cash and cash equivalents 23 100 21 600 Total Assets 7 7 5 800 6 5 2 000 EQUITY AND LIABILITIES Equity 462 080 376 000 Ordinary Share Capital 150 000 150 000 Retained Profit 312 080 226 000 Liabilities 313 720 276 000 Long term debt 132 000 120 000 Overdraft 34 400 24 000 Accounts payable 147 320 132 000 Total Equity and Liabilities 7 7 5 800 6 5 2 000 Additional information: BMG Ltd pays out 60% of its profits as dividends. Number of shares outstanding (2022 and 2023): 15 000 Market price per share: R15.00 (2022) R25.80 (2023) Required: Analyse the profitability and asset management of BMG Ltd for the 2022 and 2023 financial years. Your analysis should include a comparison of relevant ratios in 2022 and 2023. Assume 365 days in a year. The ratio analysis should include Net Profit Margin, Gross Profit Margin, Return On Assets, Return On Equity, Inventory Turnover, Accounts Receivable Period, Accounts Payable Period and Total Asset Turnover. (25 Marks