ratio analysis of cement industry of bangladesh
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1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY:
This term paper has been made as a part of our course Managerial Finance
(FIN201). Our course instructor Ms. alma aharat!ho"dhur# assigned us to
de$elop a term paper based on ratio anal#sis of a corporation and anal#%e and
interpret the current financial situation of that corporation.
1.2 PURPOSE OF STUDY:
Through this term paper "e "ant to gain practical &no"ledge of the financial
aspects of a corporation through ratio anal#sis. The perspecti$e of such a report
is to ma&e us familiar "ith the financial instruments along "ith ratio anal#sis to
measure the financial situation of corporation.
1.3 SCOPE OF THE STUDY:
To accomplish the report "e ha$e been assigned to !ement Industr# "hich
includes 'afarge urma !ement 'td as the base compan# and for industr#
a$erage "e choose Meghna !ement !onfidence !ement and eidelberg
!ement. *e use annual reports of these corporations to find out the financial
situation of our base compan# through ration anal#sis comparing "ith the
industr# a$erage.
1.4 METHODOLOGY:
To ac+uire data for our report primaril# "e use the annual reports of 'afarge
urma !ement Meghna !ement !onfidence !ement and eidelberg !ement.
The annual reports that "e use as our source are gi$en belo",
'afarge urma !ement -nnual eport 200/ 200 200.
Meghna !ement -nnual eport 200.
!onfidence !ement -nnual eport 200.
eidelberg !ement -nnual eport 200.
*e ha$e also collected the necessar# and rele$ant data from different
secondar# sources. These sources are,
'arfargeurma !ement *ebsite (""".lafarge3bd.com)
Meghna !ement *ebsite (""".bg.com.bd)
!onfidence !ement *ebsite (confidencegroupbd.com4cement4inde5.html)
eidelberg !ement *ebsite (""".heidelbergcement.com)
1.5 LIMITATIONS OF STUDY:
Ratio Analysis of Lafarge Surma Cement Ltd. Page 1
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The limitations of the stud# are defined b# the e5tensi$e of the facts co$ered b#
the stud# and those that left out. o"e$er these limitations can be presented in
the follo"ing lines,
The first limitation is the lac& of intellectual thought and anal#tical abilit#
to ma&e it the most perfect one.
*e ha$e to offset "ith the +ualit# due to time constraint.
2.0 COMPANY OVERVIEW:
For our term paper "e ha$e chosen 'afarge urma !ement 'td as our base
compan# and for our industr# a$erage "e ha$e chosen Meghna !ement
!onfidence !ement and eidelberg !ement. The o$er$ie" of these companies
are gi$en belo",
2.1 LAFARGE SURMA CEMENT:
'afarge urma !ement 'td. ('!) "as incorporated on 11 No$ember 1/ as a
pri$ate limited compan# in 6angladesh under the !ompanies -ct 17 ha$ing its
registered office in 8ha&a. On 20 9anuar# 200: 'afarge urma !ement 'td. "as
made into a public limited compan#. The !ompan# is listed in 8ha&a and
!hittagong toc& ;5change. Toda# 'afarge urma !ement 'td. has more than11000 shareholders.
In No$ember 2000 the t"o
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(IF! ? The *orld 6an&
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and !hittagong toc& ;5change the t"o bourses of the countr# in 1B and
1@ respecti$el#. The !ompan# mar&ets its products under the registered trade
mar& GIN< 6-N8H. The manpo"er of Meghna !ement Mills 'td. is 720 persons
out of "hich there are 0 Officers and :70 staff4"or&ers.
The industr# enDo#s a uni+ue facilit# in cargo handling both in recei$ing ra"
materials and in dispatching finished product through its o"n 02 nos. of Detties
suitable for berthing sea going $essels. -t present the production capacit# of
M!M' is appro5.1.0 million MT4annum.
There are 7 nos. of grinding mill in M!M' ha$ing production capacit# of :000
MT4 da# and these mills are e+uipped "ith high efficienc# separator to segregate
fine particle from the coarse one. The dimension of each of the 02 (t"o) mills is:m diameter 5 m length (production capacit# :0 T>) "hile the each of the
rest 02 is :m diameter 5 11m length (production capacit# 70 T>).
To ensure the product +ualit# the ualit# -ssurance (.-.) department collects
samples from different areas of mill house e$er# after 1hrs. to e$aluate +ualit#
of the crushed product and thus feed bac& to the production department. 6ased
on the +ualit# report determined b# .- department >roduction department
acts accordingl#.
There are 7 nos. of cement silo for cement storing purpose in M!M' "here the
capacit# of each of the first 02 silo is :B00 MT "hile the capacit# of each of the
rest 02 is B000 MT. !ement is e5tracted from the cement silo through e5traction
s#stem "hich consists of roots blo"er inlet bo5 pneumatic shut off $al$e flo"
control $al$e etc. "hich are controlled from the control room of the pac& house.
There are 2 nos. of roto pac&er ha$ing pac&ing capacit# of 100 MT 4 r. and 110
MT 4 r. respecti$el#. These pac&ers are the e+uipments of modern technolog#
"here "eighing s#stem of the deli$ered cement sac& is full# electronic based toensure proper "eight of e$er# sac& of cement.
Mainl# paper made cement sac&s are preferred for filling purpose although small
percentage of pol# sac& are also used based on the consumersA demand. It ma#
be mentioned here that the paper sac&s are manufactured b# the ac& plant of
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se$eral nos. of dust collector ha$ing larger capacit# of modern deducting s#stem
to secure almost dust free "or&ing en$ironment.There e5ists 02 modes of
cement deli$er# s#stem i.e. road deli$er# and $essel deli$er# a$ailable in this
plant. To pre$ent bag bursting "hile loading in $essel one spiral chute has been
designed "ith the barge loader. To ensure smooth deli$er# of cement sac&s 1
nos. ten "heeler and 1@ nos. si5 "heeler compan# deli$er# truc&s are being
used.
There e5ists a modern e+uipped Dett# facilit# in this organi%ation "here the sea
going $essel can berth easil#. There e5ists 02 nos. of h#draulic crane of modern
technolog# of
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In 17 after commencement of production !!' "as able to ma&e t"o most
popular brands is cement in this countr#. No" 'ion brand is the brand leader in
all o$er the countr#. aDmistr# brand is popular leading brand in o"n territories
as "ell as other parts of the countr#. !!' manufactures Ordinar# >orland
!ement (O>!) in conformance "ith 6TI re+uirements. It is noted that !!'Js
cement specifications is much higher than the parameters specified b# 68
2:2,1: or meets the 612,1@ -TM !1B0,B t#pe31. To ensure best
+ualit# !!' maintains a uni+ue computeri%ed ra" material mi5ing process to get
the finest high +ualit# cement "ith compressi$e strength. The clin&er is
grained through close circuit ball mills "ith uniform blains "hich gi$es the
cement better spread. The uniform fineness of !!' cement helps in cutting do"n
construction costs as onl# small +uantities are re+uired to co$er large areas.
-part from the most modern technolog# the paper bags used b# !!' ha$e
additional features. The bags ends are pasted not stitched. >asted means all the
piles of paper are o$erlapped upon each other and glued. 8ue to this
pilferage4-dulteration in a pasted sac& is protected.
2.4 HEIDELBERG CEMENT:
eidelberg !ement 6angladesh 'td is one of the largest producers of +ualit#
cement in 6angladesh. eidelberg !ement is a member of eidelberg group
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mar&et. The !ompan# also produces other t#pes of cement namel# Ordinar#
>ortland !ement.
The compan# further increased the capacit# of its Ganchpur plant b# setting up
another grinding unit of 0.7B million tones per #ear that "as commissioned in
200. The compan# is also currentl# increasing the capacit# of its !hittagong
plant b# installing another grinding unit of 0./B million tones per #ear e5pected
to be commissioned b# end of 2011.
3.0 PRODUCTS AND SERVICES
3.1 LAFARGE SURMA CEMENT PRODUCT SERVICES:
'afarge cements are designed to respond to the re+uirements of all of the
ortland cements, high3+ualit# basic building materials that are both
efficient and $ersatile
2. !ements for different t#pes of en$ironments, products suitable for
e5posure to sea "ater sulfates and other aggressi$e en$ironments
:. pecial cements for specific applications, including "hite cements for
architectural proDects cements for "ell drilling operations cements
containing silica fume or fl# ash po%%olan cements and cements for road
surfacing that incorporate slag and h#draulic binders
7. !ements for masonr# and mortars for concrete bloc&s tiles rendering
stucco etc. These different cements can all be used to produce concretes
"ith a $ariet# of characteristics and properties.
5.S!"#$%&'( ) "!* +!"!,)-$" / !&!"-: S!"#$%& -!"+$)
!&!"-# *!,! )%"! $" F,)"! $" 200. T! ),! $""6)-$6! $" 3
7! ,!#8!-#:
!leaner and more comfortable to use their dust3free composition
ma&es it easier to obtain an e5cellent finish
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Mortar that is easier to handle and more "or&able concrete "hich
is more fluid and easier to spread. ensiumK re+uires less effort
during application and ma&es construction "or& easier
-ccelerated hardening and increased resistance results in a
substantial gain in producti$it# on building sites.
S%88,- )" )##$#-)"! L)/),+! //!,#:
1. Technical and logistical support for orders and deli$eries so customers
recei$e their cement at the right place and the right time
2. 8ocumentation demonstrations and training in the characteristics and
correct use of the
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C!&!"- 8,%! ),$"+ - -! BDS EN:can !ement and ub#
!ement are designed to achie$e the best characteristics for its customersL
this result is achie$ed b# design using clin&er and high +ualit# other
constituents. >!! has the optimum of, 8urabilit# 'ong3term strength and
"or&abilit#. can !ement and ub# !ement are produced according to the
;uropean norm.
L$&!;#-"! )" $&!;8,%-#: 'imestone aggregates limestone
sand pul$eri%ed limestone burnt limestone "hite pul$eri%ed
limestone and limestone h#drate.
S)";$&! !) pole
:. >aint
7.
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4.0 PERFORMANCE EVALUATION OF LAFARGE SURMA CEMENT LTDTHROUGH RATIO ANALYSIS:
4.1 CURRENT RATIO:
!urrent ratio indicates the e5tent to "hich current liabilities are co$ered b#
assets e5pected to be con$erted into cash in the near future. The current ratio of
three #ears of 'afarge urma !ement is gi$en belo",
200 200 200/ Industr# -$erage0.:15 0.:25 0.2@15 1.B5
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lo". Thus compan# has poor amount of li+uidit# cash in hand. -ll this turns the
ratio 0.12/ in 200/.
In 200 the compan# has started impro$ing its asset management. Thus the
recei$ables also in increased but 8O is ta&ing a long time to pa#ing the credit
sale. -nd its li+uidit# of mone# is still lac&ed behind. -nd still the firm has to pa#
a huge current liabilities or debt interest. Thus its ratio has come in a slight
impro$ed "a# and it is 0.1/.
6ut in 200 the compan# has managed its debt interest b# managing its current
asset. 6ut as firm has paid huge amount of interest automaticall# the firm has
less li+uidit# of cash in hand. ThatAs "h# its ratio is decreased to 0.17/ times.
4.3 DAYS SALES OUTSTANDING 9DSO:
The ratio indicates that the a$erage length of time it ta&es the firm to collect its
credit sales. The 8O of three #ears of 'afarge urma !ement is gi$en belo",
200 200 200/ Industr# a$erage
1 da#s :/ da#s da#s 1 da#s
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200/ firm has da#s outstanding customers pa#ing credit sales much earlier at
da#s comparing to industr# period.
6ut at 200 the customers are dela#ing the credit sales. Thus it ta&es :/ da#s
much than a$erage rate. -nd the last #ear
-t 200 it sho"s that the compan# managed to collect itAs credit sales in 1
da#s "hich is e+ual to the industr# a$erage.
4.4 INVENTORY TURNOVER:
Theratio is calculated b# di$iding cost of goods sold b# in$entories. The in$entor#
turno$er of three #ears of 'afarge urma !ement is gi$en belo",
200 200 200/ Industr# a$erage
:./75 :.75 2./5 B.025T)
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-nd lastl# in 200 the firm has met its financial obligations in a better "a#. -nd
used its in$entor# to generate a better sales. Thus the ratio is impro$ed to
:./7C. 6ut still less than industr# le$el cause there must be some problem lies
"ith the entire firmAs management of both financial current assets and debt
management. - great share of income is used for pa#ing the interest. o there is
automaticall# alteration in the income statement "here it is sho"n that the
contribution margin is still undersi%ed to co$er up the "hole fi5ed e5penses or it
be con$erted into in a smaller percentage "ith relation of earn a higher
profitabilit# margin.
4.5 FI>ED ASSET TURNOVER:
The ratio measures ho" efficientl# the firm uses its fi5ed assets to help to
generate sales. The fi5ed asset turno$er of three #ears of 'afarge urma !ement
is gi$en belo",
200 200 200/ Industr# -$erage
0.B15 0.715 .1B5 2.B5T)
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In 200 fi5ed asset ratio increased to 0.71 times that means the compan# has
been able to increase their sales and started to lo"er their in$estment in fi5ed
assets. 6ut the score is not good enough because it is less than one times.
In 200 fi5ed assets turno$er is 0.B1 times "hich indicates that it is graduall#
increasing their sales b# using their fi5ed assets properl#. 6ut the# are not using
their fi5ed assets li&e the other firms of the industr#. The industr# a$erage of
fi5ed asset turno$er is 2.B times "hereas the fi5ed assets turno$er for 'afarge
urma !ement is onl# 0.B1 times "hich indicates that the# are not efficient to
utili%e their fi5ed assets li&e the other firms in the industr#.
4.? TOTAL ASSETS TURNOVER:
The ratio measures the turno$er of all the firm assets. The total asset turno$er
of three #ears of 'afarge urma !ement is gi$en belo",
200 200 200/ Industr# -$erage
0.775 0.:B5 0.1:B5 2.@25T)
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In 200 total asset turno$er has increased from 0.:B to 0.77 times b#
increasing their sales but still it is belo" the industr# a$erage. The reason of lo"
total asset turno$er is a problem "ith the asset categories composing total
assets 3 in$entor# recei$ables or fi5ed assets. There is a problem "ith
in$entor#. The firm is holding obsolete in$entor# and not selling in$entor# fast
enough. *ith regard to accounts recei$able the firmJs collection period is
fluctuating and credit accounts ma# be on the boo&s too long. Fi5ed assets such
as plant and e+uipment could be sitting idle instead of being used to their full
capacit#. There is also li+uidation problem of current assets. -ll of these issues
lo"er the total asset turno$er ratio of 'afarge urma !ement.
4. DEBT RATIO:
The ratio measures the percentage of funds pro$ided b# creditors. The debt ratio
of three #ears of 'afarge urma !ement is gi$en belo",
200 200 200/ Industr# a$erage
/7C 0./C 1.@C 7BC
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current asset management. Thus it sho"s that there is a ban&ruptc# position in
200/.
6ut graduall# in 200 it has started to use itAs current assets a better "a# than
200/. -nd also successes in rising the#Are income or sales or both. Thus in
200 the debt ratio has come 0./C.
-nd at 200 it has increased itAs sales or income and usage of assets
management at a healthier position than pre$ious #ears. -nd it becomes /7C
"hich sho"s a decreasing rate of using debt finance.
4.@ TIMES INTEREST EARNED:
It measures the abilit# of the firm to meets its annual interest pa#ments. The
TI; of 'afarge urma !ement for three #ears is gi$en belo",
200 200 200/ Industr# a$erage
/./5 1.75 30.:5 10.0:5
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6ut in 200 compan# has started pa#ing its debt interest and sales "as raising
or net income "as rising. Thus usage of assets both current and fi5ed "as
increased in 200. o the change is ta&en place in 200 and the TI; has come
1.7C.
-nd in 200 the firm has earned a greater operating profit due to increase in
sales and it helps to co$er the fi5ed operating cost. -nd also the debt ratio has
reduced to /7C. -s the operating profit has increased thus it results an
impro$ed percentage in TI; and this is 2.@C. 6ut still lac&ing behind the
industr# le$el cause ma# be the# used a huge amount of debt and the
management does not properl# finance the management of operation. -nd there
is insufficienc# of li+uid cash. !ertainl# firm has a great difficult# dealing "ith
this under3poor situation. o the firm has lac& behind.
4. RETURN ON ASSET 9ROA:
The ratio of net income to total assetsit pro$ides an idea of the o$erall return on
in$estment earned b# the firm. The O- of 'afarge urma !ement for three
#ears is gi$en belo",
200 200 200/ Industr# -$erage
B./BC 1C [email protected] .1BC
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In 200/ O- is [email protected] it indicates that the# ha$e incurred loss in 200/ and the
reason is using of huge debt and poor asset management to generate sales.
In 200 the increase to 1C because the# ha$e use lot of debt "hich is almost
0C and the current assets ha$e been used for the problem of huge debt for
that their sales gone do"n and net income decline.
In 200 the O- has again increased to B./BC because the# ha$e lo"ered their
debt and paid up some debt and sales and net income also increased but that is
still belo" the industr# a$erage. The reason is that the firm is not using their
assets efficientl# to increase the re$enue of the firm. The# ha$e li+uidation
problem of current assets and also using huge debt abo$e the a$erage le$el of
industr# a$erage.
4.10 RETURN ON E=UITY 9ROE:
The ratio of net income to common e+uit# it measures the rate of return on
common stoc&holdersA in$estment. The O; of 'afarge urma !ement of three
#ears is gi$en belo",
200 200 200/ Industr# -$erage
22.7C B.1BC 3::.@C 1/.0BC
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In 200/ O; for 'afarge urma !ement is 3::.@C. O; is negati$e because
firm is using 1.@C debt "hich is $er# higher the# are using more debt for their
in$estment rather than common e+uit# and for using more debt and poor asset
management the# ha$e incurred loss as a result there is no earning a$ailable for
common stoc&holders in 200/.
In 200 O; increased to B.1BC. It indicates that for each dollar of common
e+uit# there is a return of t&. 0.0B1B. The# ha$e profit in this #ear because the#
ha$e impro$ed their asset management and Dust able to ma&e a profit though
the# ha$e huge debt.
In 200 O; increased to 22.7C and it is abo$e industr# a$erage. It indicates
that the# are able to use the common e+uit# efficientl# than the other firms.
The# ha$e paid up some.>rofit goes up as a result O; also goes up.
4.11 NET PROFIT MARGIN ON SALES:
This ratio measures net income per dollar of sales. The net profit margin on
sales of 'afarge urma !ement for three #ears is gi$en belo",
200 200 200/ Industr# a$erage
1:.1C 2.7C 37B.@C .::C
F$+%,!;11
In industr# a$erage it is .::C. Thus at 200/ the compan# has huge gap in
managing their operational obligations and asset management. The usage ofdebt is also high. For large amount of debt it has to pa# a large interest
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pa#ment. Thus compan#As ;6IT is also lo". -nd all these caused a negati$e or
loss in profit margin on sale and it is ?7B.@C.
6ut as it has mentioned that compan# graduall# starts using its current assets
in$entor# or fi5ed assets a good "a# it caused the profit margin to increased b#
2.7C.
-nd at the end #ear at 200 it has come 1:.1C. That indicates the compan# is
increasingl# boosted its current asset management as "ell as its operational
functions. Thus manage its in$entor# to generate the sales largel#. Thus ;6IT
also increased. o it has crossed the industr# le$el a$erage.
4.12 PRICEEARNINGS RATIO:
The ratio of the price per share to earnings per share. It sho"s the amount
in$estors "ill pa# for each dollar of current earnings. The >4; ratio of 'afarge
urma !ement is gi$en belo" for three #ears.
200 200 200/ Industr# -$erage
2.7@5 1@./B5 N4- /1.125T)4; ratio. Thus it
cannot be determinened.
6ut in 200 the compan# ma# gain fa$orable earnings that can satisf# the
shareholders "ealth. Thus demands on in$esting the shares on 'afarge !ompan#
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ha$e 1@./B "hich is greater than the industr# a$erage le$el. It sho"s that
compan# ma# ha$e a potential high gro"th that fascinated the in$estorAs mind
for in$est mone# at this point. For e$er# dollar of earnings in$estors are li&e to
pa# 1@./BC.
In 200 the compan# has paid a huge amount of debt as interest. -nd it
decreases the amount of profit or income though the sales are high in 200. It
reduced the income of shareholders or ma# be for unfa$orable circumstance in
econom# or mar&et condition. o the >4; ratio has decreased to 2.7@C less
than industr# le$el.
4.13 MARKETBOOK RATIO:
The ratio of a stoc&As mar&et price to its boo& $alue. It indicates that ho" the
in$estors regard the compan#. The M46 ratio of 'afarge urma !ement is gi$en
belo" for three #ears.
200 200 200/ Industr# -$erage
@.@25 .@5 N4- 7.@5
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"ere more e5cited about the future prospects of the common stoc& as an
in$estment than in 200. The reason fluctuating ma# be people ma# feel that
the firm has poor asset management and li+uidit# problems.
5.0 FINDINGS AND RECOMMENDATIONS:
F$"$"+#:
I. -sset management is e5tremel# in a poor condition. The "a# of using it is
not that much effecti$e.
II. In$entor# is utili%ed in a good "a# in recent #ears. 6ut it is not applicable
because of poor asset management.
III. Thus compan# is using the debt to finance the compan#As "or&load in a
large amount. It can be more dangerous for ban&ruptc#.
I. The 8O is also $er# fluctuating o$er time. It couldnAt fi5 its time of credit
period.
". The price earnings ratio is fluctuated b# ha$ing a great difference in
compan# in$estment. The compan# ma# loss the financial in$estment due
to ha$ing fluctuating earnings.
R!&&!")-$"#:
I. !ompan# should manage its both current asset management and financial
obligations efficientl#.
II. The percentage of debt ratio must be lo"ered for sa$ing the compan#
from the ris& of ban&ruptc#.
III. -nd the# should be stricter in recei$ing their credit sales.
I. Firm ma# tr# to boost its position "here it can automaticall# attracted
more in$estors for further e5pansion.
.0 CONCLUSION:
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From the abo$e content "e can conclude that in li+uidit# ratios 'afarge urma
!ement 'td are belo" industr# a$erage and the $alues are far a"a# from the
industr# a$erage. o the# definitel# ha$e li+uidit# problem. In asset
management 'afargeAs position is not good. The# are lagging behind from the
other companies in this industr#. Their in$entor# turno$er fi5ed asset turno$er
and total asset turno$er are impro$ing e$er# #ear but good enough. There 8O
is Dust as the industr# a$erage but it is fluctuating e$er# #ear. o the# ha$e poor
asset management. The# are inefficient in managing current and fi5ed assets.
The# are using a huge debt "hich is a great ris& of ban&ruptc# to the compan#.
Their debt ratio is higher than the industr# a$erage. Times interest earned is
belo" the industr# a$erage but it is impro$ing each #ear. In profitabilit# ratios
O- is belo" industr# a$erage but O; and profit margin is abo$e industr#
"hich means the# are tr#ing to impro$e their asset management and li+uidit#
position. In mar&et ratios "e can see that the# ha$e a good position in 200 but
in 200 it declined though the ratios are abo$e industr# a$erage. That means
people are becoming less interested to the compan# than the pre$ious #ear. o
to impro$e from the current situation the# need to impro$e their asset
management li+uidit# position and use lo" debt and must be strict in recei$ingcredit sales and finall# tr# to attract the customers through e5pansion of firm.
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APPENDI>
CURRENT RATIO
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200:
!urrent atio
0.2@15
200@:
!urrent atio
0.:25
200:
!urrent atio
0.:15
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=%$7 R)-$
200:
uic& atio
0.12/5
200@:
uic& atio
0.1/5
200:
uic& atio
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0.17/5
I"6!"-, T%,"6!,
200:
In$entor# Turno$er atio
2.//5
200@:
In$entor# Turno$er atio
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:.75
200:
In$entor# Turno$er atio
:./75
D)# S)!# O%-#-)"$"+ 9DSO
200:
8O
.7 8a#s
200@:
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8O
:/ 8a#s
200:
8O
1 8a#s
F$! A##!- T%,"6!,
200:
Fi5ed -sset Turno$er
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0.175
200@:
Fi5ed -sset Turno$er
0.70/5
200:
Fi5ed -sset Turno$er
0.B0@5
T-) A##!- T%,"6!,
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200:
Total -sset Turno$er
0.1:B5
200@:
Total -sset Turno$er
0.:B5
200:
Total -sset Turno$er
0.7:@5
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D!
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0./7
/7C
T$&!# I"-!,!#- E),"! 9TIE
200:
TI;
30.:5
200@:
TI;
1.75
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200:
TI;
2.@5
R!-%," " A##!-# 9ROA
200:
O-
3.0@1
200@:
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O-
0.01
1C
200:
O-
0.0B/B
B./BC
R!-%," " E%$- 9ROE
200:
O;
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30.::@
3::.@C
200@:
O;
0.0B1B
B.1BC
200:
O;
0.227
22.7C
N!- P,/$- M),+$" " S)!#
200:
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Net >rofit Margin on ales
30.7B@
37B.@C
200@:
Net >rofit Margin on ales
0.027
2.7C
200:
Net >rofit Margin on ales
1:.1C
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P,$! E),"$"+# R)-$ 9PE
200:
>rice ;arnings atio
N4-
200@:
>rice ;arnings atio
1@./B5
200:
>rice ;arnings atio
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2.7@5
M),7!-B7 9MB R)-$
200:
Mar&et46oo& atio
N4-
200@:
Mar&et46oo& atio
.@B5
200:
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Mar&et46oo& atio
@.@25
INDUSTRY AVERAGE OF THE RATIOS
CURRENT RATIO
M!+") C!&!"-:
!urrent atio
1.25
H!$!
-
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C"/$!"! C!&!"-:
!urrent atio
1.725
I"%#-, A6!,)+! 1.B5
=%$7 R)-$
M!+") C!&!"-:
uic& atio
0./B5
H!$!
-
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1.B25
C"/$!"! C!&!"-:
uic& atio
0.:5
I"%#-, A6!,)+! 1.0B5
I"6!"-, T%,"6!,
M!+") C!&!"-:
In$entor# Turno$er atio
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B.05
H!$!
In$entor# Turno$er atio
:.@@5
I"%#-, A6!,)+! B.025
D)# S)!# O%-#-)"$"+ 9DSO
M!+") C!&!"-:
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8O
22 8a#s
H!$!
8O
B 8a#s
I"%#-, A6!,)+! 1 8a#s
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F$! A##!- T%,"6!,
M!+") C!&!"-:
Fi5ed -sset Turno$er
7.25
H!$!
Fi5ed -sset Turno$er
0./2:5
I"%#-, A6!,)+! 2.B5
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T-) A##!- T%,"6!,
M!+") C!&!"-:
Total -sset Turno$er
1.7:5
H!$!
Total -sset Turno$er
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0.B25
I"%#-, A6!,)+! 2.@25
D!
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C"/$!"! C!&!"-:
8ebt atio
0.1B
1.BC
I"%#-, A6!,)+! 7BC
T$&!# I"-!,!#- E),"! 9TIE
M!+") C!&!"-:
TI;
1./5
H!$!
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TI;
/./5
C"/$!"! C!&!"-:
TI;
20.715
I"%#-, A6!,)+! 10.0:5
R!-%," " A##!-# 9ROA
M!+") C!&!"-:
O-
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0.071
7.1C
H!$!
O-
@.1/C
I"%#-, A6!,)+! .1BC
R!-%," " E%$- 9ROE
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M!+") C!&!"-:
O;
0.211
21.1C
H!$!
O;
0.0/:
/.:C
I"%#-, A6!,)+! 1/.0BC
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N!- P,/$- M),+$" " S)!#
M!+") C!&!"-:
Net >rofit Margin on ales
2.1C
H!$!
Net >rofit Margin on ales
11.C
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I"%#-, A6!,)+! .7C
P,$! E),"$"+# R)-$ 9PE
M!+") C!&!"-:
>rice ;arnings atio
1/7.@@5
H!$!
>rice ;arnings atio
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1.75
I"%#-, A6!,)+! /1.125
M),7!-B7 R)-$ 9MB
M!+") C!&!"-:
Mar&et46oo& atio
10.@25
H!$!
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2.015
C"/$!"! C!&!"-:
Mar&et46oo& atio
1.75
I"%#-, A6!,)+! 7.@5