finance project by ali dayyan, virtual univeristy of pakistan

8/2/2019 Finance Project by Ali Dayyan, Virtual Univeristy of Pakistan

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Project proposal Virtual University of Pakistan

Final Project

Activity Ratio Analysis of Pakistan State Oil, Shell Pakistan andAttock Refinery Ltd for FY 2008, 2009 and 2010

A REPORT SUBMITTED TO THE DEPARTMENT OF MANAGEMENT SCIENCES

VIRTUAL UNIVERSITY OF PAKISTAN IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS FOR THE DEGREE OF MASTERS IN BUSINESS

ADMINISTRATION AT VIRTUAL UNIVERSITY OF PAKISTAN

Submitted By

MC070401068

Ali Dayyan

Date of submission during spring 2011 was 25.10.2011

Current date of submission: 16-12-2011

Department of Management Sciences,

Virtual University of Pakistan


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LETTER OF UNDERTAKING


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DEDICATION

I dedicate this work to my parents and teachers, whose untiring support and encouragement

helped me to reach this milestone in my academic life.

Also to my friends who helped in academics during my period of illness.

And last but not certainly least I am most thankful to Almighty ALLAH who has been

very kind and generous to me, for all the love and happiness HE has bestowed upon

me.


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ACKNOWLEDGEMENT

Well there are many people who I owe acknowledgement. But I feel indebt to the

management of Virtual University of Pakistan campus located in my city. Had they not

supported the students during baffling energy crisis, getting online degree in business

administration would have been a far cry. I must also acknowledge the efforts of Mr. Mian

Muhammad Maqbool who guided me and persuaded me to continue professional study

along with my job.


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EXECUTIVE SUMMARY

Energy sector is very dynamic. It has so many dimensions, from political stability of oil

producing countries to international trade conditions. Nevertheless, oil runs economies of

the countries the world over. Pakistani economy is no exception. I have chosen to compareand analyze efficiency of major oil marketing companies in Pakistan. For this purpose I

have chosen leading oil marketing companies in Pakistan. Before proceeding further, I

must narrate the reason that why this efficiency measurement through ratio analysis is so

important. Well, all three oil marketing companies are engaged in same business, and there

is no product differentiation. It means that one oil company can not perform better from

other merely because its product is superior than competing companys product. So, it is

organizational efficacy in managing inventories and other factors which makes that

company more successful than other. Furthermore, Pakistan State Oil is national oil

supplier to the country. It is main supplier to all large state enterprises like WAPDA,

Pakistan Railway, PIA and IPPs. This further makes this comparison interesting. The tree

companies whose activity ratio analysis has been conducted in this report are Pakistan State

Oil, Shell Pakistan, and Attock Refinery Ltd.

I have obtained all financial information from the audited annual financial reports of these

companies as published at there respected websites. Web links to these financial reports has

been given in report. I have also mentioned the proper note to account as reference in my

calculation of ratios so that any one who wishes to verify the figures may consult notes to

accounts for further clearance. After calculating the ratios I found that almost all companies

have there short comings. Pakistan State Oil, the largest oil marketing company in

Pakistan, faced severe difficulties in collecting receivables from large public sector

enterprises. Furthermore, inventory management of Shell Pakistan needs to pay attention.

Where as Attock petroleum, has proved it self be relatively better performing, partly

because of better inventory management but also tight credit policies as well. Further

details are discussed at length at Conclusions/ Recommendations portion of the report.

TABLE OF CONTENT Page No.


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Title 1

Letter of undertaking 2

Dedication 3Acknowledgement 4

Executive Summary 5

Chapter no. 1 INTRODUCTION AND BACKGROUND Page No.

1.1 Introduction of project 71.2 Background 8

1.3 Financial period under consideration 9

1.4 Objectives 91.5 Significance 10

Chapter no. 2 DATA PROCESSING AND CALCULATIONS2.1 Data source 11

2.2 Ratios calculation, Graphical representation of outcome, 12-52trend analysis

Chapter No. 3 ANALYSIS AND RECOMMENDATIONS3.1 Conclusion & Recommendations 53

Chapter No. 4 INTRODUCTION OF STUDENT 55

Chapter No. 5 BIBLIOGRAPHY 56

Chapter no. 1


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INTRODUCTION AND BACKGROUND

1.1 Introduction of Project:

Financial world is ever dynamic and constantly stimulated by real world

phenomenons. Business and macro economic conditions of countries are main factors

responsible for different trends in financial management. In view of above, it is absolutely

imperative for business school graduates to have apt knowledge and experience regarding

different techniques being utilized in industry for making comparison between two

business entities engaged in same industry. What makes this comparison so important? If

we simple compare profits of two companies, would not it be suffice? Well answer is not

that simple. Because Items contained in financial statement have their own importance.

Each items represents significant financial importance. Therefore every item must be

carefully analyzed and compared with other entity.

The project, I have proposed to take is, activity ratio analysis of three

leading entities of oil refining sector in Pakistan. i.e. Pakistan State Oil, Shell Pakistan and

Attock Refinery Ltd. All these oil refining entities have huge customer base. Shell Pakistan

and Pakistan State Oil also distribute oil directly to its filling stations throughout country.

Where as Attock Refinery is selling its refined oil through other distribution companies.

Also, Government of Pakistan is principal share holder in Pakistan State Oil and has large

share in Attock Refinery Ltd as well.

In current project, the basic aim is to analyze all three business entities from

operational point of view. For this matter, a very detailed activity ratios analysis is going to

be carried out, so that operational efficacy of these companies may be evaluated.

1.2 Background:


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Three, major Oil distribution companies in Pakistan are, Shell Pakistan,

Pakistan State Oil, and Attock Refinery Ltd. Before, going into the detail of project, it is

imperative that history and functional capacity of these companies may be understood.

Sell Pakistan is 2nd largest oil marketing company in Pakistan, having 30%

market share. Shell oil, started its business as a small oil distribution store, some 200 years

ago in London. Since then it has expanded many folds. Now, its a global group of energy

and petrochemicals companies with around 93,000 employees in more than 90 countries

and territories.

Pakistan state oil is largest oil marketing company in Pakistan. PSO came

into being in the mid-1970s when the Government of Pakistan amalgamated three oil

marketing companies: Esso Eastern, Pakistan National Oil (PNO) and Dawood Petroleumas part of its nationalization plan. Pakistan State Oil current holds share of 59% of white oil

market in Pakistan. Government of Pakistan holds 54% shares in Pakistan State Oil.

Pakistan State Oils major products include mogas, high speed diesel (HSD), fuel oil, jet

fuel, and kerosene, liquid petroleum gas (LPG), compressed natural gas (CNG) and

petrochemicals. Pakistan State Oil produced 13.2 million tons of refined oil in 2010, which

generated sales revenue of Rs. 8,771,74 (in million).

Attock Refinery Limited (ARL) was incorporated as a Private Limited

Company in November, 1978 to take over the business of the Attock Oil Company Limited

(AOC) relating to refining of crude oil and supplying of refined petroleum products. It was

subsequently converted into a Public Limited Company in June, 1979 and is listed on the

three Stock Exchanges of the country. Attock Refinery Limited (ARL) is the pioneer in

crude oil refining in the country with its operations dating back to the early nineteen

hundreds. Backed by a rich experience of more than 80 years of successful operations.

ARLs capacity stands at 42,000 barrels of oil per day during 2009 and its revenue for

same financial year was Rs. 94,898 (in million).

1.3 Financial Period under Consideration


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In oil sector, a financial year comprises of 12 months, which starts in

January and ends in December. Furthermore the financial period is divided into four

smaller periods also known as financial quarters. I have decided to conduct activity ratio

analysis of Pakistan State Oil, Shell Pakistan and Attock Refinery Ltd, for three

consecutive years starting from 2008 to 2010. By analyzing the activity ratios of these oil

marketing companies for three consecutive years will help me in understanding the trend

prevailing in industry during this period.

1.4 Objectives:

The core objective for conducting activity analysis of Shell Pakistan,

Pakistan State Oil and Attock Refinery Ltd is to asses the operational efficacy of these

companies furthermore it will help me gaining vital practical experience which is of utmost

importance for any business graduate, in order to acquire practical knowledge. The basic

aim behind initiating this project is that petroleum industry is often under stated in financial

circles, when it comes in terms of their performance. Economists, finance managers and

business executives treat each and every oil extraction and refining company as same. This

monolithic approach towards this sector easily makes it unattended. Furthermore, since the

basic operational differentiation is minimal, the case study in this project makes it

interesting as one has to investigate that why one oil refinery is making more profit than the

other.

It if further stated that current project will cover three consecutive financial

years starting from 2008 to 2010. Last financial year i.e. 2011 is left for analytical process

because final consolidated financial reports are not available for all three companies.

Furthermore time duration for completion of project will be approximately 5 weeks. Since

necessary data has already been gathered and project is at the verge of completion now.

While conducting activity ratio analysis it is observed that both Shell

Pakistan and Pakistan State Oil enjoy a operational scale as both not only engage in

business of refining oil but also in its distribution and marketing by their own brand names.


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This factor gives them edge over Attock Refinery Ltd, which is basically engaged in

refinery industry.

1.4 Significance of project:

Outcome of any project is crucial for its logical development. Without clear

outcome no project can meet its objectives. In view of this, I have kept each and every

aspect of this project in such a manner that outcome of this project will help reader to

understand not only financial gimmicks involved but also it will help to understand

industry and its dynamics. Furthermore it will help in understanding the operational

efficiency of these companies as well.

This research project will help in understanding the organizational structure

of the oil refinery company. Also, the operational efficacy of these firms will be discussed

in detail which will lead to through investigative report making definitive conclusion about

the low and high performance companies in the sector.

Furthermore, this research will also help investors, who primarily rely on

fundamental analysis of entity before investing into its shares. But current research will not

only serve general public but will help investors to understand the different factors behind

the good performance of one company and bad performance of other company in oil

refining and distribution sector.

Since this project is being conducted as a private individual, it is not

plausible that any official recognition vis a vis its results and recommendation is ever going

to be implemented by the companies. However, this will not hamper the quality of project

and if clear guide line will be given while making ration analysis regarding different

operational aspects of business entity.

Chapter no. 2

DATA PROCESSING AND CALCULATIONS


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2.1 DATA SOURCE:

The primary source of information available for conducting research on the companies has

been their websites. These websites not only provide information regarding financial data,

but also provided information regarding organizational structure, goals and future plans.

Primary source for financial data of Shell Pakistan is following web link.

http://www.shell.com.pk/home/content/pak/aboutshell/media_centre/financi

al_reports/

Similarly, following link is Source for financial data of information for

Pakistan State Oil.

http://www.psopk.com/investors/financial_reports.php

And for Attock Refinery Ltd, following link provided Source for financial

data.

http://www.arl.com.pk/financials.php

Furthermore, I have visited PSO regional office located on Mouj Darya

Road Lahore. This has helped me to understand the organization structure of organization.

As, for other two companies, their head offices are located in Karachi personal visit could

not accomplished. Nevertheless, secondary information has been gathered from various

sources.

2.2 ACTIVITYRATIOS ANALYSIS:
http://www.shell.com.pk/home/content/pak/aboutshell/media_centre/financial_reports/http://www.shell.com.pk/home/content/pak/aboutshell/media_centre/financial_reports/http://www.psopk.com/investors/financial_reports.phphttp://www.arl.com.pk/financials.phphttp://www.shell.com.pk/home/content/pak/aboutshell/media_centre/financial_reports/http://www.shell.com.pk/home/content/pak/aboutshell/media_centre/financial_reports/http://www.psopk.com/investors/financial_reports.phphttp://www.arl.com.pk/financials.php


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Activity ratio is measure of companys efficiency in using its resources and assets.

It is gives the operating efficiency of business entity. Following is activity ratio analysis of

Pakistan State Oil, Shell Pakistan and Attock Refinery Ltd.

1. ACCOUNTS RECEIVABLE TURNOVER:

Accounts receivable turnover ratio is measure of firms effectiveness in extending

credit as well as collecting debts. It is measure of firms ability to collect from

debtors or accounts receivables. Higher accounts receivable ratio means company is

maintaining its affairs very effectively or sells goods on cash basis.

Net credit sales

Accounts receivable turn over ratio = ______________________

Average accounts receivable

TABULAR FORM

Year 2008 Year 2009 Year 2010

PSO

495,278,533,000

/ 1,832,138,000

= 270.33

612,695,589,000

/ 57,207,279,000

= 10.71

742,757,951,000

/ 99,005,452,000

= 7.5022

Shell

Pakistan

139,844,689,000/ 4,809,706,000

= 29.07

156,000,098,000/ 2,129,737,000

= 73.25

197,530,911,000/ 1,642,466,000

= 120.27

Attock

Refinery

Ltd

91,910,703,000 /

217,975,000

= 421.65

76,546,448,000 /

315,739,500

= 242.435

88,184,026,000/

22,969,513,000

= 3.83

WORKING:

PAKISTAN STATE OIL

FINANCIAL YEAR 2008


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(All values in Pak rupees)

Net credit Sales = 495,278,533,000 (Net sales is used instead of credit sales due to nonavailability of figure)

Opening Accounts Receivable =1,752,798,000 (Under note to accounts no 11)

Closing Accounts Receivable = 1,911,478,000

Average Accounts Receivable = (1,752,798,000 + 1,911,478,000) / 2

= 1,832,138,000

Net credit sales



= 495,278,533,000 / 1,832,138,000

= 270.33

FINANCIAL YEAR 2009


Net credit Sales = 612,695,589,000 (Net sales is used instead of credit sales due to non

availability of figure)




Net credit sales



=612,695,589,000 / 57,207,279,000

= 10.71

FINANCIAL YEAR 2010






= 99,005,452,000

Net credit sales


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=742,757,951,000 / 99,005,452,000

= 7.5022

SHELL PAKISTAN

FINANCIAL YEAR 2008



Opening Accounts Receivable = 4,579,552,000 (Under note to accounts no 11)



= 4,809,706,000

Net credit sales



=139,844,689,000 / 4,809,706,000

= 29.07

FINANCIAL YEAR 2009






= 2,129,737,000

Net credit sales

Accounts receivable turn over ratio = ______________________Average accounts receivable

= 156,000,098,000 / 2,129,737,000

= 73.25

FINANCIAL YEAR 2010



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= 1,642,466,000

Net credit sales



= 197,530,911,000 / 1,642,466,000

= 120.27

ATTOCK REFINERY LTD

FINANCIAL YEAR 2008



Opening Accounts Receivable = 191,255,000 (Under note to accounts no 19)

Closing Accounts Receivable = 244,695,000

Average Accounts Receivable = (191,255,000+244,695,000) / 2

= 217,975,000

Net credit sales



= 91,910,703,000 / 217,975,000

= 421.65

FINANCIAL YEAR 2009


Net credit Sales = 76,546,448,000 (Net sales is used instead of credit sales due to non

availability of figure)

Opening Accounts Receivable = 248,307,000 (Under note to accounts no 20)

Closing Accounts Receivable = 383,172,000

Average Accounts Receivable = (248,307,000 +383,172,000) / 2


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= 315,739,500

Net credit sales



= 76,546,448,000 / 315,739,500

= 242.435

FINANCIAL YEAR 2010


Net credit Sales = 88,184,026,000




= 22,969,513,000

Net credit sales



= 88,184,026,000/ 22,969,513,000

= 3.83

GRAPHICAL REPRESENTATION OF RATIO:


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0

50

100

150

200

250

300

350

400

450


PSO

Shell Pakistan

Attock Refinery Ltd

INTERPRETATION:

Accounts receivable turn over ratio indicates how quickly a business entity

is recovering from its trade debtors. This means higher the accounts receivable

turnover ratio, better it is for business. Now if we analyze the above graphically

represented data, we come to following conclusion.

1. Pakistan Sate Oil:

Pakistan State Oil, a public sector, oil marketing entity, shows highest

accounts receivable turn over ratio during financial year 2008, ratio being 270.33

times. In following year, 2009 its debtors collection performance declined and ratio

falls to 10.71 times. Next year i.e. 2010, debtors collection performance further

deteriorated. And ratio falls to lowest among all three financial years, to 7.5022

times. The decrease in accounts receivable ratio shows that business entity is facing

difficulty in recovering its receivable from its debtors timely. However, when I

investigated, I found that during these financial years, Pakistan State Oil, faced

tremendous pressure from public sector enterprises like WAPDA, Pakistan Railways,

and PIA. Being major public sector oil marketing company, Pakistan State Oil has to

supply oil to meet the energy needs of large public sector enterprises, mentioned

above, at extended credit period. Now, during the financial year, 2008 till 2010,

Government of Pakistan was in great jeopardy since, it faced largest circular debt in

history of this country. Pakistan State Oil being Public Sector Company could not


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recover its receivables timely from large public sector enterprises. This unique

quagmire is faced by PSO, while other private oil marketing companies remained free

from such woes.

2.SHELL PAKISTAN:

Shell Pakistan is subsidiary of Royal Dutch Shell International, and major

oil marketing company in Pakistan. During 2008, accounts receivable turnover ratio

of Shell Pakistan remained at 29.07 times. In next financial year i.e. 2009, accounts

receivable ratio increased to 73.25 times. Similarly in next financial year the

performance further improved and account receivable ratio reached 120.27 times.

When analyzing the activities of Shell Pakistan, we find that firm is showed steady

improvement in collecting receivables from debtors. This further implies that shell

Pakistan is following tight credit policy and recovering its receivables efficiently.

3. ATTOCK REFINERY LTD:

Attock Refinery Ltd is the most successful business venture of Attock group

of companies. During, the financial year 2008 the company shows, accounts

receivable ratio of 421.65 times. In next financial year, i.e. 2009, its receivable

performance decreased and falls to the level of 242.43 times. And in financial year

2010, the Attock Refinery Ltd showed lowest performance by giving its accounts

receivable ratio of3.83 times. When we look at the trend of accounts receivables for

three years, we find that Attock Refinery Ltd showed healthy accounts receivable

ratio in 2008 but did not performed as well in financial year 2009. In 2010, however

remained lowest performing year than the preceding two years and showed lowest

receivable collection ratio of3.83 times.

2. INVENTORY TURNOVER RATIO:


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Inventory turn over ratio also known as stock turn over ratio. It is measure of firms

efficiency that how efficiently it is using its inventory. This ratio describes relationship

between the cost of goods sold during a particular period of time and the cost of average

inventory during a particular period. It is expressed in number of times.

Cost of Goods Sold

Inventory turn over ratio =____________________________

Average inventory at cost


PSO

465,254,907,000 /

44,931,840,500

=10.3546

609,685,478,000 /

50,067,289,000

=12.1773

713,591,707,000 /

45,426,946,000

=15.7085

Shell

Pakistan

124,694,471,000 /

808,860,500

=154.160

143,097,916,000 /

850,405,000

=168.2703

185,403,153,000 /

909,947,000

= 203.7515

Attock

Refinery

Ltd

89,646,373,000

/ 374,212,500

=239.56

75,342,096,000/

407,270,500

=184.99

88,693,686,000/

2,231,907,000

=39.73

WORKING:

PAKISTAN STATE OIL

FINANCIAL YEAR 2008


Cost of Goods Sold = 465,254,907,000

Opening Stock =28,564,895,000 (Under note to accounts no 25)

Closing Stock = 61,298,786,000

Average Inventory = (28,564,895,000 + 61,298,786,000) / 2

= 44,931,840,500

Cost of Goods Sold

Inventory turn over ratio =____________________________Average inventory at cost

= 465,254,907,000 / 44,931,840,500

= 10.3546

FINANCIAL YEAR 2009



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= 50,067,289,000

Cost of Goods Sold



= 609,685,478,000 / 50,067,289,000

= 12.1773

FINANCIAL YEAR 2010






= 45,426,946,000

Cost of Goods Sold



= 713,591,707,000 / 45,426,946,000

= 15.7085

SHELL PAKISTAN

FINANCIAL YEAR 2008



Opening Stock =581,580,000 (Under note to accounts no 27)


Average Inventory = ( 581,580,000 + 1,036,141,000) / 2

= 808,860,500


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Cost of Goods Sold



=124,694,471,000 / 808,860,500

= 154.160

FINANCIAL YEAR 2009




Closing Stock = 818,939,000

Average Inventory = (881,871,000 + 818,939,000) / 2

= 850,405,000

Cost of Goods Sold



= 143,097,916,000 / 850,405,000

= 168.2703

FINANCIAL YEAR 2010




Closing Stock =

Average Inventory = (818,939,000 +1,000,955,000 ) / 2

= 909,947,000

Inventory turn over ratio =185,403,153,000 / 909,947,000 = 203.7515

ATTOCK REFINERY LTD

FINANCIAL YEAR 2008



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Average Inventory = (311,633,000+ 436,792,000) / 2

= 374,212,500

Cost of Goods Sold



= 89,646,373,000/ 374,212,500

= 239.56

FINANCIAL YEAR 2009





Average Inventory = (436,792,000+377,749,000) / 2

= 407,270,500

Cost of Goods Sold



= 75,342,096,000/ 407,270,500

= 184.99

FINANCIAL YEAR 2010



Opening Stock =1,441,793,000 (Under note to accounts no 24.1)



= 2,231,907,000

Cost of Goods Sold


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= 88,693,686,000/ 2,231,907,000

=39.73

GRAPHICAL REPRESENTATION OF INVENTORY

TURNOVER RATIO:

0

50

100

150

200

250

Year

2008

Year

2009

Year

2010

PSO

Shell Pakistan

Attock Refinery

Ltd

INTERPRETATION

Inventory turnover ratio describe that how well a company is managing its

inventories. Low inventory turnover ratio means that company is either storing the

inventories or facing difficulties in selling goods. In either case, this translates into

very high cost of storing the inventories. Therefore high inventory turn over shows

healthy business activities. Following is analysis of inventory turnover ratios as

calculated above.

1.Pakistan Sate Oil:

Pakistan State Oil is state owned oil marketing company. It has largest

number of petrol pump stations in Pakistan. Also it has large scale storage capacity as

well. During financial year 2008, Pakistan State Oil showed inventory turnover ratio


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of10.3546 times. This is rather low inventory turnover ratio. In following year; 2008,

the inventory turnover ratio remained at 12.1773 times. This is slightly better than

financial year 2008. In financial year 2010, inventory turn over ratio improved further

and remained at 15.7085 times. This is highest inventory turnover ratio for all three

consecutive financial years starting from 2008-2010. Low inventory turn over ratio

indicates that either Pakistan State Oil has very large storage capacity or its debtors

did not paid their dues on time which created negative cash flow in business as we

have analyzed in Accounts receivable turnover ratio.

2.SHELL PAKISTAN:


oil marketing company in Pakistan. During 2008, inventory turnover ratio of Shell

Pakistan remained at 154.16 times. In next financial year, inventory turnover ratio

increased slightly to 168.2703 times.Similarly in next financial year the performance

improved rapidly and inventory ratio reached 203.75 times.

When analyzing the activities of Shell Pakistan, we find that firm is showed sharp

improvement in inventory management activities. This further implies that shell

Pakistan like Pakistan State Oil did not faced problems regarding circular debt of

Government and thereby did not faced problems in ordering new inventories rapidly.

239.56 184.99 39.73


Attock Refinery Ltd is most successful business venture of Attock group of

companies. During, the financial year 2008 the company shows, a health inventory

turnover ratio of239.56 times. In next financial year i.e. 2009 its inventory turnover

ratio decreased rapidly to the level of184.99 times. But in financial year 2010, the

Attock Petroleum faced serious problem in recovering debtors, and showed massive

decrease in inventory management ratio and showed lowest inventory turnover ratio

of all three years of39.73 times. When we look at the trend of accounts receivables

for three years, we find that Attock Petroleum showed healthy inventory turnover

ratio in 2008 but did not performed as well in financial year 2010. In 2008, however

remained best performing year than the preceding two years and showed highest

inventory turnover ratio of239.56 times.


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3. AVERAGE COLLECTION PERIOD:

The average collection period ratio describes the average number of days for which a

business entity has to wait before its debtors are converted into cash. It is expressed in

days.Lower the collection period better it is for business.


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(Trade debtors x 360)

Average collection period = _______________________

Net Credit Sales


PSO

(33,904,728,000

x 360) /

495,278,533,000

=24.64

(80,509,830,000

x 360) /

612,695,589,000

=47.30

(117,501,074,000

x 360) /

742,757,951,000

=56.95

Shell Pakistan

(2,925,753,000

x 360) /

163,150,920,000

=6.4558

(1,239,213,000 x

360) / 156,000,098,000

=2.8597

(2,013,358,000 x

360) /

197,530,911,000

=3.6693

Attock

Refinery Ltd

(9,207,238,000x

360) /

91,910,703,000

=36.063

(15,510,180,000

* 360) /

76,546,448,000

=72.94

=

(30,430,263,000

* 360) /

88,184,026,000

=124.227

WORKING:

PAKISTAN STATE OIL

FINANCIAL YEAR 2008


Trade debtors = 33,904,728,000 (Under note to accounts no 11)

Net credit sales = 495,278,533,000 (Net sales is used instead of credit salesdue to non availability of figure)



Net Credit Sales

= (33,904,728,000 x 360) / 495,278,533,000

= 24.64

FINANCIAL YEAR 2009


Trade debtors =80,509,830,000 (Under note to accounts no 11)



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Net Credit Sales

= (80,509,830,000 x 360) / 612,695,589,000

= 47.30

FINANCIAL YEAR 2010






Net Credit Sales

= (117,501,074,000 x 360) / 742,757,951,000

= 56.95

SHELL PAKISTAN

FINANCIAL YEAR 2008



Net credit sales =163,150,920,000 (Net sales is used instead of credit salesdue to non availability of figure)



Net Credit Sales

= (2,925,753,000 x 360) / 163,150,920,000

= 6.4558

FINANCIAL YEAR 2009(All values in Pak rupees)






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Net Credit Sales

= (1,239,213,000 x 360) / 156,000,098,000

= 2.8597

FINANCIAL YEAR 2010






Net Credit Sales

= (2,013,358,000 x 360) / 197,530,911,000

= 3.6693

ATTOCK REFINERY LTD

FINANCIAL YEAR 2008






Net Credit Sales

= (9,207,238,000x 360) / 91,910,703,000

=36.063

FINANCIAL YEAR 2009






Net Credit Sales


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= (15,510,180,000 * 360) / 76,546,448,000

= 72.94

FINANCIAL YEAR 2010






Net Credit Sales

= (30,430,263,000 * 360) / 88,184,026,000

= 124.227

GRAPHICAL REPRESENTATION OF RATIO

0

20

40

60

80

100

120

140


PSO

Shell Pakistan

Attock Refinery Ltd

INTERPRETATION

The average collection period ratio describes the average number of days for which

a business entity has to wait before its debtors are converted into cash. It is expressed in

days.Lower the collection period better it is for business.

24.64 47.3 56.95



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Pakistan State Oil is state owned oil marketing company. It has largest no of

petrol pump stations in Pakistan. Also it has large scale storage capacity as well.

During financial year 2008, Pakistan State Oil showed average collection period of

24.64 days. This is rather good average collection period when compared with

following two years. In following year; 2009, the average collection period remained

at 47.3 days. This shows benign credit policy of the company. Which means

company is facing hard time in recovering it trade debts. When we look at the

national energy crises and large circular debt of Government of Pakistan, it easily

maintained that due to non payment of dues by large scale state enterprises like

WAPDA, Railways, etc, PSO faced immense problem in recovering debts. But in

next financial year 2010, situation got further worst as the collection period reached

56.95 days.

2.SHELL PAKISTAN:


oil marketing company in Pakistan. During 2008, average collection period of Shell

Pakistan remained at 6.4558 days. In next financial year i.e. 2009 , average collection

period decreased which shows better credit management of company, 2.8597 days.

Similarly in next financial year the performance remained almost same and average

collection period just 3.669 days.When analyzing the activities of Shell Pakistan, we find that firm is showed sharp

improvement in average collection period. This further implies that shell Pakistan like

Pakistan State Oil did not faced problems regarding circular debt of Government and

thereby did not faced problems in ordering new inventories rapidly.



companies. During, the financial year 2008 the company shows, a health average

collection period of 36.063 days. In next financial year i.e. 2009, its average

collection period increased sharply to the level of 72.94 days. But in financial year

2010, the Attock Petroleum average collection period deteriorated and reached

124.227 days. When we look at the trend of accounts receivables for three years, we


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find that Attock Refinery Ltd showed very poor average collection period. But 2008

however remained best performing year than the following two years and showed

lowed average collection period of36.063 days.

4. ACCOUNTS PAYABLE TURNOVER:

It is the measure of firms ability to payoff its debts. It means the credit

period enjoyed by the firm in paying creditors. Accounts payable include

both sundry creditors and bills payable. Higher the accounts payable

turnover ratio, better it is for the firm. As such a firm can payoff its debts

timely.


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Net Credit Purchases

Accounts payable Turnover Ratio = __________________________

Average Accounts payable


PSO494,132,216,000 /61,249,320,000

= 8.067

526,558,634,000/ 95,595,633,500

= 5.5081

731,492,166,000 /133,079,709,000

= 5.4966

Shell

Pakistan

5,105,250,000 /

14,197,752,000

= 0.3595

4,819,071,000 /

15,784,045,500

=0.3053

6,117,414,000 /

17,953,773,000

= 0.3407

Attock

Refinery

Ltd

87,729,294,000 /

31,041,221,000 =

2.826

72,606,265,000 /

33,504,052,500= 2.167

88,057,722,000/

37,257,053,000

=2.363

WORKING:

PAKISTAN STATE OIL

FINANCIAL YEAR 2008


Net Credit Purchases = 494,132,216,000 (Under note to accounts no 25)

Opening Accounts payables =41,431,075,000 (Under note to accounts no 21)

Closing Accounts payables = 81,067,565,000

Average Accounts payables = (41,431,075,000 + 81,067,565,000) / 2

= 61,249,320,000




= 494,132,216,000 / 61,249,320,000

= 8.067




Closing Accounts payables =110,123,702,000

Average Accounts payables = (81,067,565,000+ 110,123,702,000) / 2


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= 95,595,633,500




= 526,558,634,000 / 95,595,633,500

= 5.5081

FINANCIAL YEAR 2010



Opening Accounts payables = 110,123,702,000 (Under note to accounts no 22)


Average Accounts payables = (110,123,702,000 + 156,035,716,000)/2

= 133,079,709,000




= 731,492,166,000 / 133,079,709,000

= 5.4966

SHELL PAKISTAN

FINANCIAL YEAR 2008





Average Accounts payables = (11,912,496,000 + 16,483,008,000) /2

= 14,197,752,000




= 5,105,250,000 / 14,197,752,000

= 0.3595


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FINANCIAL YEAR 2009


Net Credit Purchases = 4,819,071,000 (Under note to accounts no26)

Opening Accounts payables =15,597,095,000 (Under note 21)


Average Accounts payables = (15,597,095,000+ 15,970,996,000) / 2

=15,784,045,500




= 4,819,071,000 / 15,784,045,500

= 0.3053

FINANCIAL YEAR 2010



Opening Accounts payables =15,970,996,000 (note 21)


Average Accounts payables= (15,970,996,000+19,936,550,000)/2

= 17,953,773,000




= 6,117,414,000 / 17,953,773,000

= 0.3407

ATTOCK REFINERY LTD

FINANCIAL YEAR 2008


Net Credit Purchases = 87,729,294,000 (Under note to accounts no 24.1)

Opening Accounts payables = 25,393,520,000 (Under note to accounts no 10)



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Average Accounts payables = (25,393,520,000+36,688,922,000)/2

= 31,041,221,000




= 87,729,294,000 / 31,041,221,000

= 2.826

FINANCIAL YEAR 2009



Opening Accounts payables = 36,691,014,000 (Note 10)

Closing Accounts payables = 30,317,091,000Average Accounts payables = (36,691,014,000+30,317,091,000)/2

=33,504,052,500




= 72,606,265,000 / 33,504,052,500

= 2.167

FINANCIAL YEAR 2010



Opening Accounts payables =30,311,409,000 (under note 10)


Average Accounts payables = (30,311,409,000 +44,202,697,000)/2

= 37,257,053,000




= 88,057,722,000/ 37,257,053,000

= 2.363



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0

1

2

3

45

6

7

8

9

Year

2008

Year

2009

Year

2010

PSO

Shell Pakistan

Attock Refinery Ltd

I

INTERPRETATION

It is the measure of firms ability to payoff its debts. It means

the credit period enjoyed by the firm in paying creditors. Accounts

payable include both sundry creditors and bills payable. Higher the

accounts payable turnover ratio, better it is for the firm. As such a firm

can payoff its debts timely.

1. Pakistan Sate Oil:


petrol pump stations in Pakistan. Also it has large scale storage capacity as well.

During financial year 2008, Pakistan State Oil showed accounts payable turnover

ratio of8.067 times. In following year; 2009, the accounts payable turnover ratio

decreased just a little bit at 5.508 times. This is even lower than financial year 2008.

In financial year 2010, accounts payable turn over ratio fall further to 5.49 times.

When I analyzed the trend, it is found that during 2008-2010, company faced huge

problems in collecting receivables from debtors. This has affected its ability to payoff

creditors timely.

2.SHELL PAKISTAN:


oil marketing company in Pakistan. During 2008, accounts payable turnover ratio of

Shell Pakistan remained at 0.3595times, is very poor. In next financial year i.e.


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2009, accounts payable turnover ratio increased just a little to 0.3053 times.

Similarly in next financial year, 2010, the performance deteriorated slightly and

accounts payable ratio reached 0.3407 times.

When analyzing the activities of Shell Pakistan, we find that firm has showeddecrease in credit management activities. This further implies that shell Pakistan like

Pakistan State Oil faced problems regarding circular debt of Government and thereby

faced problems in paying debts timely.

2.826 2.167 2.363



companies. During, the financial year 2008 the company shows, accounts payable

turnover ratio of 2.826 times. In next financial year, 2009, its accounts payable

turnover ratio fell to the level of2.167 times. But in financial year 2010, the Attock

Petroleum faced problems in paying its creditors and showed slight improvement

accounts payable turnover ratio of 2.363 times. When we look at the trend of

accounts receivables for three years, we find that Attock Refinery showed slight

decrease in performance of accounts payable turnover ratio in 2009.

5. AVERAGE AGE OF INVENTORY:

It is the average number of days a company holds its inventory before selling it to

customer. Lower the average age of inventory, better it is for business, as it shows that


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business is flourishing and it also indicate low storage cost of inventory. Average age of

inventory is derived by dividing inventory turn over ratio by no of days in a year.

Average Inventory

Average age of inventory = ______________________ x 360

Cost of goods sold


PSO

(45,982,517,000 x

360) /

465,254,907,000

= 35.579

(51,550,594,000 x

360) /

609,685,478,000

= 30.48

(377,155,686,000 x

360) /

713,591,707,000

= 190.270

Shell

Pakistan

(808,860,500 x 360)

/ 124,694,471,000

= 2.33

(850,405,000 x

360) /

143,097,916,000

=2.139

(909,947,000 x

360) /

185,403,153,000

= 1.766

Attock

Petroleum

(374,212,500*

360) /

50,493,929,000

= 2.284

(1,360,143,000*

360) /

75,342,096,000

= 6.499

(2,231,907,000 *

360) /

88,693,686,000

= 9.059

WORKING:

PAKISTAN STATE OIL


Cost of goods sold = 465,254,907,000 (Under note to accounts no 25)

Opening inventory = 29,583,511,000 (Under note to accounts no 25)

Closing inventory = 62,381,523,000

Average inventory = (29,583,511,000 + 62,381,523,000) / 2= 45,982,517,000

Average Inventory


Cost of goods sold

= (45,982,517,000 x 360) / 465,254,907,000

= 35.579


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FINANCIAL YEAR 2009





Average inventory = (62,381,523,000 + 40,719,665,000) / 2

= 51,550,594,000

Average Inventory


Cost of goods sold

= (51,550,594,000 x 360) / 609,685,478,000

= 30.48FINANCIAL YEAR 2010






= 377,155,686,000

Average Inventory


Cost of goods sold

= (377,155,686,000 x 360) / 713,591,707,000

= 190.270

SHELL PAKISTAN

FINANCIAL YEAR 2008



Opening inventory = 581,580,000 (Under note to accounts no 27)



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Average inventory = (581,580,000 + 1,036,141,000) / 2

= 808,860,500

Average Inventory


Cost of goods sold

= (808,860,500 x 360) / 124,694,471,000

= 2.33

FINANCIAL YEAR 2009




Closing inventory = 818,939,000

Average inventory = (881,871,000 + 818,939,000) / 2

= 850,405,000

Average Inventory


Cost of goods sold

= (850,405,000 x 360) / 143,097,916,000

= 2.139FINANCIAL YEAR 2010





Average inventory = (818,939,000 + 1,000,955,000) / 2

= 909,947,000Average Inventory


Cost of goods sold

= (909,947,000 x 360) / 185,403,153,000

= 1.766

ATTOCK PETROLEUM

FINANCIAL YEAR 2008


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Opening inventory =311,633,000 (Under note to accounts no 20)

Closing inventory = 436,792,000

Average inventory = (311,633,000 + 436,792,000) / 2

= 374,212,500

Average Inventory


Cost of goods sold

= (374,212,500* 360) / 50,493,929,000

= 2.284



Opening inventory = 1,278,493,000 (Under note to accounts no 24.1)

Closing inventory =1,441,793,000

Average inventory = (1,278,493,000 +1,441,793,000) / 2

=1,360,143,000

Average Inventory


Cost of goods sold

= (1,360,143,000* 360) / 75,342,096,000

= 6.499

88 FINANCIAL YEAR 2010


Cost of goods sold =88,693,686,000 (Under note to accounts no 24)

Opening inventory =1,441,793,000 (Under note to accounts no 24.1)



= 2,231,907,000

Average Inventory


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Cost of goods sold

= (2,231,907,000 * 360) / 88,693,686,000

= 9.059


0

20

40

60

80

100

120

140

160

180

200

Year

2008

Year

2009

Year

2010

PSO

Shell Pakistan

Attock Refinery Ltd

INTERPRETATION:

It is the average number of days a company holds its inventory

before selling it to customer.Lower the average age of inventory, better it is for business,

as it shows that business is flourishing and it also indicate low storage cost of inventory.

Average age of inventory is derived by dividing inventory turn over ratio by no of days in a

year.



petrol pump stations in Pakistan. Also it has large scale storage capacity as well. During

financial year 2008, Pakistan State Oil showed a very high age of inventory of about

35.579 days. This shows that company is facing huge difficulty in selling inventories or

there is some problem in bring these inventories to market. In following year; 2009, the

average of inventory decreased rapidly to 30 days. This is huge improvement over


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financial year 2008. In financial year 2010, average age of inventory increased sharply and

reached to 190.27 days. This is the lowest average age of inventory for all three

consecutive financial years starting from 2008-2010. Low average age of inventory

indicates that either Pakistan State Oil has very large storage capacity or it is facing

problem in selling its inventory.

2. SHELL PAKISTAN:


oil marketing company in Pakistan. During 2008, average age of inventory was 2.33

days. This is very healthy ratio. It means that company is selling its inventories very

effectively. In next financial year, ratio increased a little and reached 2.139 days.

This still looks good. Similarly in 2010, company maintained similar performance

and showed average collection period of2.139 days. This performance is better

than Pakistan State Oil. This shows marketing efficiency of Shell Pakistan is far

better than PSO.



companies. During, the financial year 2008 the company shows, average age of

inventory of2.284 days. In next financial year i.e. 2009, its average age of inventory

showed low performance and increased to the level of6.499 days. But in financial

year 2010, the Attock Refinery showed decrease in performance in its average age of

inventory and showed 9.059days. When we look at the trend of inventories for three

years, we find that Attock Refinery showed healthy average age of inventory in 2008

but did not perform as well in financial year 2010. In 2008, however remained best

performing year than the following two years and showed lowed average of inventory

ratio of2.284 days.

6. Operating Cycle:

Operating cycle means the net days a business entity takes to convert cash in to inventory

and inventory in to accounts receivable and then into cash. Simple it can be described in

following manner.


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Cash InventoryAccounts Receivable Cash

Operating Cycle= Ave. age of inventory + operating period



PSO35.579+24.64

= 60.219

30.48+47.30

= 77.78

190.270+56.95

=247.22

Shell Pakistan2.33+6.4558

=8.7858

2.139+2.8597

=4.9987

1.766+3.6693

=5.4353

Attock Refinery

Ltd

2.284+36.063=

38.347

6.499+72.94

=79.439

9.059+124.227

=133.286


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0

50

100

150

200

250


PSO

Shell Pakistan

Attock Refinery

Ltd

INTERPRETATION:

Operating cycle of business is also known as cash to cash cycle. As it the time

period during which any raw material purchases is converted into cash by sales. Thus it is

the length of time between the cash outflow on purchased material and cash inflow from

the sale of goods. Lower the time period better it is for the business. In current comparing

variable i.e. Attock Petroleum and Shell Pakistan have demonstrated negative values in

their operating cycle calculations. This means that these companies are receiving cashinflows from sales in advance. Where as Pakistan State Oil, the national oil company, is

showing operating cycle of 4-7 days during last three years. Which is overall satisfactory

but under performing form a compared to Shell and Attock Petroleum.



petrol pump stations in Pakistan. Also it has large scale storage capacity as well. During

financial year 2008, Pakistan State Oil showed operating cycle of about 60.219 days. This

shows that company is facing huge difficulty in selling inventories or there is some

problem in bring these inventories to market. In following year; 2009, the average of

inventory decreased rapidly to 77.78 days. This is huge improvement over financial year

2008. In financial year 2010, average age of inventory increased sharply and reached to


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247.22 days. This is the lowest average age of inventory for all three consecutive financial

years starting from 2008-2010. Low average age of inventory indicates that either Pakistan

State Oil has very large storage capacity or it is facing problem in selling its inventory.

2. SHELL PAKISTAN:


oil marketing company in Pakistan. During 2008, average age of inventory was

8.7858 days. This is very healthy ratio. It means that company is selling its

inventories very effectively. In next financial year, ratio increased a little and reached

4.9987days. This still looks good. Similarly in 2010, company maintained similar

performance and showed average collection period of5.4353days. This performance

is better than Pakistan State Oil. This shows marketing efficiency of Shell Pakistan is

far better than PSO.

3. ATTOCK PETROLEUM LTD:

Attock Petroleum is most successful business venture of Attock group of

companies. During, the financial year 2008 the company shows, a health average age

of inventory of38.347days. In next financial year i.e. 2009, its average age of

inventory improved and dropped to the level of79.439 days. But in financial year

2010, the Attock Petroleum showed decrease in performance in its average age of

inventory and showed 133.86days. When we look at the trend of inventories for threeyears, we find that Attock Petroleum showed healthy average of inventory in 2009

but did not perform as well in financial year 2010. In 2009, however remained best

performing year than the preceding two years and showed lowed average of inventory

ratio of1.354 days.


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7. FIXED ASSET TURNOVER RATIO:

Fixed assets turnover ratio is also known as sales to fixed assets ratio. This ratio measures

the efficiency and profit earning capacity of the concern. Higher the ratio, greater is the

intensive utilization of fixed assets. Lower ratio means under-utilization of fixed assets.

Net Sales

Fixed Assets Turnover Ratio = __________________________

Net Fixed Assets


PSO495,278,533,000 /

11,231,328,000

=44.097

612,695,589,000 /14,732,119,000

= 41.589

742,757,951,000 /8,874,593,000

= 83.69

Shell

Pakistan

139,844,689,000 /

9,444,650,000

= 14.80

156,000,098,000 /

12,290,482,000

= 12.692

197,530,911,000 /

13,007,751,000

= 15.185

Attock

Refinery

Ltd

91,910,703,000/

2,929,652,000

= 31.37

76,546,448,000/

2,919,127,000

= 26.22

88,184,026,000/

2,868,001,000

=30.74

WORKING:

PAKISTAN STATE OIL

FINANCIAL YEAR 2008


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Net Sales = 495,278,533,000 (Note 25)

Net Fixed Assets = 11,231,328,000

Net Sales


Net Fixed Assets

= 495,278,533,000 / 11,231,328,000

= 44.097

FINANCIAL YEAR 2009


Net Sales = 612,695,589,000

Net Fixed Assets =14,732,119,000

Net Sales


Net Fixed Assets

= 612,695,589,000 / 14,732,119,000

= 41.589

FINANCIAL YEAR 2010


Net Sales = 742,757,951,000


Net Sales


Net Fixed Assets

= 742,757,951,000 / 8,874,593,000

= 83.69

SHELL PAKISTAN

FINANCIAL YEAR 2008



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Net Sales = 139,844,689,000


Net Sales


Net Fixed Assets

= 139,844,689,000 / 9,444,650,000

= 14.80

FINANCIAL YEAR 2009


Net Sales = 156,000,098,000


Net Sales


Net Fixed Assets

= 156,000,098,000 / 12,290,482,000

= 12.692

FINANCIAL YEAR 2010


Net Sales = 197,530,911,000


Net Sales


Net Fixed Assets

= 197,530,911,000 / 13,007,751,000

= 15.185

ATTOCK REFINERY LTD

FINANCIAL YEAR 2008


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Net Sales = 91,910,703,000


Net Sales


Net Fixed Assets

= 91,910,703,000/ 2,929,652,000

= 31.37

FINANCIAL YEAR 2009


Net Sales = 76,546,448,000


Net Sales


Net Fixed Assets

= 76,546,448,000/ 2,919,127,000

= 26.22

FINANCIAL YEAR 2010


Net Sales = 88,184,026,000


Net Sales


Net Fixed Assets

= 88,184,026,000/ 2,868,001,000

= 30.74



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0

10

20

30

4050

60

70

80

90


PSOShell Pakistan

Attock Refinery Ltd

INTERPRETATIONFixed assets turnover ratio is also known as sales to fixed assets ratio. This ratio

measures the efficiency and profit earning capacity of the concern. Higher the ratio, greater

is the intensive utilization of fixed assets. Lower ratio means under-utilization of fixed

assets.


Pakistan State Oil is Pakistans national oil refinery and oil distribution

company. In 2010, the company utilized its fixed assets resources to the full extent

and showed highest fixed asset to sales ration that is 83.69. While 2009 remained

lowest performance year, but still it is health ration for fixed asset utilization point of

view, nevertheless it remained 41.58. The company showed almost similar

performance in 2008, and it showed ration of 44.097. So from, assessing the

performance from managerial point of view, company utilization of resources has

improved from three consecutive year, i.e. 2008-2010 and shows up word trend on

the graph.

2.SHELL PAKISTAN:

Shell Pakistan is second largest oil refinery and distribution company in

Pakistan, with large scale storage facilities and fuel station network in whole country.

It is a public limited company though. In 2008, the company shows steady fixed

assets to net sales ratio of about; 14.8. In next financial year, i.e. 2009 its


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performance decreased a little and it showed reduced performance of about; 12.69.

In next year, i.e. 2010 the company showed highest fixed asset to net sales ratio of

15.185. When one, analyze the graph of fixed asset to net sales of Shell , it is found

that it shows very consistent performance of this company through out 3 years.



companies. During, the financial year 2008 the company shows, highest utilization of

fixed assets and ratio of 31.37. Where as 2009 it decreased little to the level of

26.22. But in 2010 showed improvement and fixed asset turnover ratio improved to

the level of 30.74.


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Chapter No. 3

CONCLUSIONS AND RECOMMENDATIONS

Following are some suggestions and recommendations which can help management

improve it operational efficiency.

1. PAKISTAN STATE OIL:

a) Pakistan State Oil needs to improve accounts receivable turnover ratio by following

tighter credit policy and collecting receivables from debtors efficiently.

b) Improve inventory turnover by enhancing sales and thereby reducing the cost ofstoring inventories.

c) Should tight credit policy so that average collection period may improve. Last

financial year 2009 was worst for company.

d) Should improve cash inflow, so that company may pay accounts payable timely.

e) Should take drastic measure in selling inventories other wise company will face

huge financial loss if its average age of inventory is not reduced.

2. SHELL PAKISTAN:

a) Maintain tight credit policy and thereby enhance accounts receivable ratio further.


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b) Like PSO, Shell Pakistan also suffered from national crisis of circular debt which

resulted in slow placement of placing new inventory orders. Should reduce storing

time.

c) Maintain tight credit policy and thus maintain excellent average collection period.

d) Improve cash flow by enhancing sales so that company may pay accounts payable

timely.

e) Maintain healthy average age of inventories. This will further ensure high turnover

and better cash flows from operating activities.


a) Maintain tight credit policy for avoiding any fall in accounts receivable turnover

ratio.

b) Improve inventory management so that less stock is stored and cost of storage is

reduced. Although Attock Petroleum inventory management is remains highest as

compared to other oil marketing companies.

c) Very large collection period shows very poor performance of company, company

should bring its average collection period to 15 days.

d) Improve cash inflow by speeding up receivables and hence improve its accounts

payable ratio by paying creditors timely.

e) Maintain healthy average age of inventories. This will further ensure high turnover

and better cash flows from operating activities


55/56


Chapter No. 4

INTRODUCTION OF STUDENT

PERSONAL INFORMATION:

Name Ali Dayyan

Address Professor Colony, Govt. Degree College for boys,

Civil Lines, Sheikhupura.Date of Birth 28.03.1984

ACADEMIC INFORMATION:

1. L.L.B Punjab University Law College Lahore.

2. B.COM Hailey College of Commerce, PU, Lahore.

3. F.sc Govt. Degree College for boys, Sheikhupura.

EXPERIENCE:

1. Worked as Officer Grade III in MCB.

2. Worked as Assistant Section Officer in S& GAD, Govt. of the Punjab.


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3. Attorney at law since Nov, 2009

BIBLIOGRAPHY

1. Clyde P. Stickney, Roman L. Weil, (2007), Financial Accounting: An

Introduction to Concepts, Methods, and Uses, New York: South-Western College

2. Richard Loth, (2010), Financial Ratio Tutorial.

http://www.investopedia.com/university/ratios/

3. Wikipedia Online encyclopedia. (n.d). Retrieved fromhttp://en.wikipedia.org/wiki/Financial_ratio

4. Lawrence J. Gitman, (2005), Principles of Managerial Finance (11thEdition), New York: Addison Wesley
http://www.investopedia.com/university/ratios/http://www.investopedia.com/university/ratios/

finance project by ali dayyan, virtual univeristy of pakistan

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