The Islamia University of Bahawalpur

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REPORT
ON
ANALYSIS OF FINANCIAL STATEMENTS

COLONY MILLS LTD

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The amount of knowledge in the world had been doubled every ten years in last century , and in turn of 21st century , it will be doubling every five years. This report actually includes the complete knowledge of analysis of financial statements. The company which is selected by us for that purpose is Colony Textile Mills. This report actually a part of our MBA program, because it is actually related to practical knowledge, which will give us an experience of analysis of financial statements. We tried our best to prepare that report with the hope that we shall take our department to a new height, where it is rated as the best in all spheres of education sectors and everyone concerned feels proud of being its integral parts.
MUHAMMAD IRFAN

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At first, I am very thankful to Almighty Allah, who make us sensible and gives us the ability to seek knowledge. After that, I am thankful to Prof. Dr. Bilal .A. Khan , Vice chancellor of Islamia University Bahawalpur , who tried his best to promote the concept of practical knowledge in the department of management sciences. After that , I am very thankful to Ma’m Sobia Tehreem , because due to her strong efforts , we became able to complete that analysis of the financial statements of colony textile mills . Ma’m Sobia Tehreem actually provided us a platform , which will give us confidence , courage and capability in the current era of rapid changes.

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Table of contents
Sr. No 1. 2. 3. 4. 5. 5.1 6. 7. 7.1 7.2 7.3 7.4 7.5 8. 9. 10. Description Table of Annexure Executive summary Overview of Industry Introduction of Company Summarized Income Statement Summarized Balance Sheet Statement of Cash Flow Ratio Analysis Classification of Ratios Liquidity Ratio Leverage Ratios Profitability Ratio Du-Pont Analysis Bankruptcy model SWOT Analysis Suggestions and Recommendation Page numb er

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Table of annexure
Sr. No 1. 2. 3. 4. 5. 6. 7. 8. Income Statement Summarized Income Statement Summarized Income Statement(Trend analysis) Summarized Income Statement(Horizontal analysis) Balance Sheet Summarized Balance Sheet Summarized Balance Sheet(Trend analysis) Summarized Balance Sheet(Horizontal analysis) Description Page number

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To excel in delivering highest standards quality yarn to customers in the local and international markets as per their customized needs.

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A

growth

oriented

company

to

provide new

quality yarn to customers and expand sales through good governance, explore markets, quality control by developing a team for sustainable and equitable growth with a concept of ”one window solution”
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EXECUTIVE SUMMARY
Prior to the detail description we are starting the summary of our report. To review the executive summary the basic purpose is to give the clear idea about what report actually contains and efforts made behind the completion of report. It was assigned us to analyze the Financial Statement of the manufacturing Companies. We choose a well reputed company COLONY MILLS LTD. In this report we have to point out different factors that are necessary to make any investment decision. We start work in different phases that are recasting, trend analysis and ratios. We also take market views about COLONY MILLS Limited. . By working at this company we find so many useful insights about manufacturing sector. Manufacturing Industry sector has a good impact economy of Pakistan. This is most growing industry of Pakistan. This sector contributes a major portion to our export and also the total Gross Domestic Product (GDP). This sector gives great employment to our population. Company is planning to diversify its business so to have more benefits to its stakeholders. SWOT analysis is also a part of this report. This shows company’s strengths, weaknesses, opportunities and threats.

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INTRODUCTION OF COLONY MILLS
Colony Mills Limited is a Pakistan-based company. The Company is principally engaged in the manufacturing and sal of yarn. It offers a variety of yarn including carded and combed, slab and core yarn, single and double yarn, made from 100% cotton and synthetic material, catering to the needs of knitting and weaving consumers in domestic and international markets. The Colony Group is one of Pakistan's oldest and the most revered business groups. The Group has grown phenomenally and has become a leading player in all the sectors in which it operates. The Group has set up different companies whose activities span various sectors like Textiles, Sugar and Distillery.

HISTORY OF COLONY MILLS
The Colony Group was founded in 1986 with a focus on providing high net worth families and individuals with intelligent wealth management and investment guidance. Since its founding, the firm has grown substantially, attracting corporate and institutional clients. Recognizing the importance and success of its investment management capabilities, The Colony Group established Colony Investment Management as a separate division, through which it has built an experienced, talented

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team of Chartered Financial Analysts and other investment professionals dedicated to delivering out performance over full market cycles. Our proprietary, research-intensive approach is implemented through a defined, systematic, and repeatable investment process.

OFFICERS AND DIRECTORS
Fareed M. Shiekh > Mehboob Ahmad > Waqar Ibn Zahoor Bandey > Najeeb Ullah Khan > M. Akram Qureshi > Muhammad Farooq > Syed Arif Hussain > Muhammad Chairman of the Board, Chief Executive Chief Financial Officer

Company Secretary

Head - Internal Audit Director Director Director Director
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Azam Barki > Malik Sohail Ahmed > Director

ADDRESS.
Ismail Aiwan-e-Science Bldg 205, Ferozepur Road Lahore, 54600 Pakistan.

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Products of colony mills.
Textile Sugar. COLONY TEXTILE MILLS LIMITED.
Established as a textile manufacturing unit on 24th August, 1946, Colony Mills Limited is engaged in the production and manufacturing of different types of yarns of various counts. The company has a healthy portfolio of income generating assets that crossed total revenues of 7.0 billion rupees in the year ending June 2008.

Product Range
100% cotton carded and combed yarns, lycra/spandex core spun and slub yarns 100% polyester and 100% viscose yarns along with various blends, polyester viscose yarn, and yarns of polyester cotton and polyester viscose blends in the range of 6 to 80 Ne (Number English) Counts.

Future Ventures
A state-of-the-art Open-End Spinning production facility is under construction. It will be the first of its kind facility in the country, with 2,880 rotors capable of producing 15,000 Metric Tons of yarn annually, including slub yarns.

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Colony Sugar Mills Limited
In a continued bid to diversify its portfolio, the Colony Group recently acquired two sugar plants in Phalia and Mian Chanu:

Colony Sugar Mills Limited (Mian Channu) Operations
Conversion of Sugarcane into refined sugar

Crushing Capacity
4,500 Metric Tons per day of Sugarcane

Projected Annual Turnover
Over Rs. 1.00 Billion or US$ 15 Million

Colony Sugar Mills Limited (Phalia)
Operations
Conversion of Sugarcane into refined sugar Production of Ethanol from the refined sugar waste

Crushing Capacity
7,500 Metric Tons per day of Sugarcane

Distillery Plant Capacity
125,000 liters per day of Ethanol.

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SOCIAL RESPONSIBILITY OF COMPANY.
At COLONY, we believe in business with integrity and social responsibility. One of our main corporate objectives is to pursue ethical growth in business.  Effective Waste Management Systems at all the production plants.  Awarded Oeko-Tex Standard-100 as recognition for our continued attention for environmental concerns Our policies are not restricted to environment only; therefore, we are engaged in a continuous effort to reduce under age employment from our production facilities.

INTERNAL STRUCTURE/COMMITIES OF COLONY MILLS LIMITED
The different comities of colony mills are as follows.

Audit Committee.
This is the most effective and prime committee of the board,it has the ital role in the compliance of the internal controls so as to safeguard he interests of company through monitoring of internal audit functions and risk management policies.

Executive Committee.
This committee is responsible for setting overall corporate objectives and strategies, Identification of opportunities

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,monitoring the business strategies and plans and there after the successful implementations of those plans.

Human resource committee.
This committee determines the compensation package for all cadres of the company s employee. The committee is also responsible to create and maintain conductive working environment that instill trust & ensure respect, fair treatment and development opportunity.

Technical Committee.
The technical committee acts in an advisory capacity to the CEO, Provides recommendations relating to technical affairs to the company, formulation of technical policies required under the code of corporate governance.

Finance committee.
The role of finance committee is to review and recommend the financial targets, annual and quarterly budgets, approval of expenditures for amounts with in its limits, investment of the surplus funds of the company and financial policies.

Corporate Governance.
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The management ensured that all requirements of the code of corporate governance were compiled with the statement of compliance with best practices of code of corporate governance is annexed.

Acknowledgment.
hard work.

Our team of workers, supervisors and managers is greatly appreciated for their commitment, dedication and consistent

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COLONY MILLS LTD INCOME STATEMENT AS ON 30,june, 200__
Colony mills limited Summarized Balance Sheet As On 30,june,200___
2005 Rs.(000) ASSETS CURRENT ASSETS Cash & Bank Balance Short Term Investment Trade Debts Loans & Advances Short Term Deposits Other Receivable Stores & Spares Tax Refunds due from Government Stock in Trade Raw Material Working in Process Finish Goods Assets held for disposal Real etate property held for trading Total Current Assets FIXED ASSETS Work in Progress Plant & Machinery at cost Less: Depreciation Other Total Fix Assets Long Term Security Deposit Long Term Investment 2006 Rs.(000) 2007 Rs.(000) 2008 Rs.(000)

65352792 146685782 192852005 126920420 479330738 12082974 29631906 11560127 610612647 71558000 308959531

4419673 812209813 166085822

4414338 433627562 305086776

32066725 466030145 331929726

174612533 64802911 42140864 869248471 80378369 284348296 318422562

504451730 73473064 83795404 1092423524 89887439 210140198 484322562

793984464 120827747 122130069 1606823241 87496286 265973244 491215801

2055546922

2816669314

3281622597

4318477448

415822597 2829766453 471957286 2357809167 471957286 3245589050 16716122 3133116

281606595 2565266237 471957286 2093308951 2578278895 4953194441 2451716 18111122

267457672 3946861781 775926523 3170935258 2385825526 5824218456 18576122 4525998

1284218441 4705633505 926890172 3778743333 2463964046 7526925820 787243175 18576123

Total Assets LIABILITIES & EQUITY

5320985210

7790426593

9128943173

12651222566

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CURRENT LIABILITIES Trade & Other Payables Creditor Bills Payable Advance Payments Other Total Trade & other Payables Accured Interest & Mark Up Short Term Borrowing Tax Current Portion of Non Current Liabilities Provision against contingent liabilities Total Current Liabilities NON CURRENT LIABILITIES Loan from related parities Liabilities against asset Long term financing other STOCK HOLDER EQUITY Issued Capital Capital Reserve unappreciated profit

55732274 721273762 7709133 87102659 871817828 68832214 799537736 64786639 208404027

203703650 155321385 27891258 85230590 472146883 88489407 1866403904 48290819 291884397 31417382

557745562 606225694 2211614 95733842 1261916712 96132098 1592203909 28999380 262529592

1965521987 19486443 113093543 2098101973 167589397 2264788587 35907313 539916788

2013378444

2798632792

3241781691

5106304058

45454920 12099318 1089550531 912529335 2059634104

44019429 1974621760 340051740 2358692929

74154515 2415894313 248050727 2738099555

132569317 4179440783 326557758 4638567858

250000000 157738584 338622672

2441763000 191337872

2441763000 707298927

2441763000 464587650

Total Equity Surplus on Fix Asset Total Liabilities & Equity

746361256 501611406 5320985210

2633100872

3149061927

2906350650

7790426593

9128943173

12651222566

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RATIO ANALYSIS
Ratio analysis is a widely used tool of financial analysis. It is defined as the systematic use of ratio to interpret the financial statements so that the strengths and weaknesses of a firm, as well as its historical performance and current financial condition can be determined. A complete ratio analysis shows a whole snap of the whole activities of the company during the year. A ratio becomes meaning full when compared with other standard and the ratio of the other years. So for this purpose we have calculated the ratio of COLONY MILLS and compare it with the previous year and brief them according to our knowledge.

PURPOSES:
The recommendation of ratio analysis depends upon the stake holder’s position and relation to the company for which the analysis is done. The following paragraph briefly explains the purpose of ratio analysis stage by stage.

MANAGEMENT:
Would like to know the operational efficiency during the year and would think of such ratios as return on investment, turnover of fixed assets and net profit to sales etc.

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CREDITORS:
Would like to know the ability of the company to meet its current obligations and, therefore, would think of current and liquid ratios, turnover of receivables, coverage of interest by the level of earnings, etc

INVESTORS:
Will be interested in such ratios as earnings per share, book value per share and dividends per share etc.

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CLASSIFICATION OF RATIOS
Ratios may be classified in a number of ways keeping in view the particular purpose. To achieve the above purposes effectively ratios may be classified as: 1. Liquidity ratios:  Working Capital  Current Ratio  Account Receivable Turnover  Accounts Receivable Turnover in days  Inventory Turnover  Inventory Turnover in day  Sales to Working Capital  Operating Cycle  Acid -Test Ratio 2. Leverage /Solvency Ratios.  Debt ratio  Debt Equity Ratio  Time Interest Earned Ratio  Fixed Coverage Ratio 3. Profitability ratios.  Gross Profit Margin  Operating Profit Margin  Net Profit Margin

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 Total Asset Turnover  Return on Assets  Operating Asset Turnover  Return on Operating Assets  Sales to Fixed Assets  Return on Total Equity  Return On investment

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CURRENT RATIO=CURRENTASSETS/CURRENT LIABILITIES
CUURRENT ASSETS CURRENT LIABILITIES CURRENT RATIO QUICK ACID RATIO=QUICK ASSETS/CURRENT LIABILITIES QUICK ASSETS CURRENT LIABILITIES QUICK RATIO WORKING CAPITAL=CURRENT ASSETS-CURRENT LIABILITIES CUURRENT ASSETS CURRENT LIABILITIES WORKING CAPITAL CASH RATIO=CASH+MRK SECURITIES/CURRENT LIABILITIES CASH MRK SECURITIES CURRENT LIABILITIES CASH RATIO A/R TURNOVER=ANNUAL CREDIT SALES/AVG A/R ANNUAL CREDIT SALES AVG A/R A/R TURNOVER AVG COLLECTION PERIOD=360/A/R TURNOVER A/R TURNOVER AVG COLLECTION PERIOD INVENTORY TURNOVER=CGS/AVG INVENTORY CGS AVG INVENTORY INVENTORY TURNOVER AVG OF INVENTORY=360/INVENTORY TURNOVER INVENTORY TURNOVER AVG OF INVENTORY SALES TO WORKING CAPITAL=SALES/WORKING CAPITAL SALES WORKING CAPITAL 2005 205554692 2 201337844 4 1.02094413 9 106441674 4 201337844 4 0.52867196 8 205554692 2 201337844 4 42168478 2006 281666931 4 279863279 2 1.0064447 62 158269417 8 279863279 2 0.5655240 6 281666931 4 279863279 2 18036522 2007 3281622597 3241781691 1.01228981 8 2008 431847744 8 510630405 8 0.8457149 04 235818467 7 510630405 8 0.4618183 03 431847744 8 510630405 8 -78782661 0

1889171436 3241781691 0.58275714 3

3281622597 3241781691 39840906

65352792 146685782 201337844 4 0.10531481 3 334940675 2 150073976 22.3183715 2 22.3183715 2 16.1302091 3 297926922 0 990382399 3.00820089 6 3.00820089 6 119.672858 4 334940675 2 42168478

4419673 812209813 279863279 2 0.2917958 68 205588069 4 239850875 8.5714954 93 8.5714954 9 41.999672 1 177610450 3 111255265 7 1.5964228 68 1.5964228 7 225.50416 11 205588069 4 18036522

4414338 1336742 3241781691 0.00177404 9 578505405 575118430 1.00588917 8 1.00588918 357.892307 8 5046353813 1313213149 3.84275303 4 3.84275303 93.6828355 1

32066725 466030145 510630405 8 0.0975454 78 702072954 2 979371758 7.1686052 66 7.1686052 7 50.218973 77 602650480 7 167637196 6 3.5949687 36 3.5949687 100.13995 39 702072954 2 -78782661 0

5784505405 39840906

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SALES TO WORKING CAPITAL OPERATING CYCLE=A/R Turnover in days + Inventory Turnover in days A/R Turnover in days Inventory Turnover in days OPERATING CYCLE

79.4291591 9 16.1302091 3 119.672858 4 135.803067 5

113.98431 99 41.999672 1 225.50416 11 267.50383 32

145.190107

-8.9115161 29 50.218973 77 100.13995 39 150.35892 77

357.892307 8 93.6828355 1 451.575143 3

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 Current Ratio: Current Ratio =
2005 1.02094413 9 2006 1.006444 76 2007 1.01228981 8 2008 0.845714 9

CURRENT RATIO
1.2 1 0.8 TIMES 0.6 0.4 0.2 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
The current ratio is the ratio of total current assets and total current liabilities. The current ratio of a firm measures its shortterm solvency, i.e. its ability to meet short-term obligations. As a measure of short term/current financial liquidity, it indicates the rupees of current assets available for each rupee of current liability / obligation. The higher the current ratio, the large the amount of rupees available per rupee of current liability, the more the firm’s ability to meet current obligations and the greater the safety of funds of short term creditors .And in Colony Textile mills ltd the current ratio is decreasing from 2005 to 2008.it shows that co has poor short term debt paying ability.
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 Acid -Test Ratio
Acid -Test Ratio=
2005 0.52867196 8 2006 0.565524 06 2007 0.58275714 3 2008 0.461818 3

QUICK ACID RATIO
0.7 0.6 0.5 TIMES 0.4 0.3 0.2 0.1 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
The term quick assets refers to current assets which can be converted into cash immediately or at a short notice without dimension of value. Thus, the quick assets = current assets -inventory. This ratio is used to check that how much inventory is unsold and includes in current assets. Because current assets may include inventory in large amount which would increase the current assets. This ratio shows a minor increase from 2005 to 2006 and 2007, but in 2008 it decreases.

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Working capital:
Working Capital =Current Assets –Current Liabilities
2005 42168478 2006 1803652 2 2007 39840906 2008 7878266 10

working capital
200000000 0 -200000000 Rs -400000000 -600000000 -800000000 -1000000000 years 2005 2006 2007 2008

INTERPRETATION:
Working capital indicates the short run solvency position of the business. As shown above the net working capital decreases from 2005 to 2006 but improves in 2007, but goes – tive in 2008 which gives a warning to company.

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 CASH RATIO :
CASH RATIO= CASH+MRK SECURITIES/CURRENT LIABILITIES

2005 0.10531481 3

2006 0.291795 87

2007 0.00177404 9

2008 0.097545 48

CASH RATIO
0.35 0.3 0.25 TIMES 0.2 0.15 0.1 0.05 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
Cash ratio indicates that how much mot liquid assets a company have to fulfill its current liabilities. Increasing trend is favorable and vive versa. In Colony textile this ratio increases from year 2005 to 2006 but it’s a minor increase and in 2007 it shows a minor decrease and it increases in 2008.

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 Accounts Receivable Turnover:
Account Receivable Turnover =
2005 22.3183715 2 2006 8.571495 49 2007 1.00588917 8 2008 7.168605 27

A/R TURNOVER 25 20 15 TIMES #REF! 10 5 0 2005 2006 2007 2008 YEARS

INTERPRETATION:
This ratio shows the proportion of sales to receivable. It means that how many times in a year our receivables are collected. It shows the credit management and collection management ability that how much they are efficient to collect the receivables. There is a decrease in A/R Turnover from year 2005 to 2007 but in 2008 it improves and increases.

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 Accounts Receivable Turnover in days:
Accounts Receivable Turnover in days =
2005 16.1302091 3 2006 41.99967 21 2007 357.892307 8 2008 50.21897 38

AVG COLLECTION PERIOD 400 350 300 DAYS 250 200 150 100 50 0 2005 2006 2007 2008 YEARS #REF!

INTERPRETATION:
This ratio indicates that how many days’ receivables are collected. It shows credit collection management ability that how much they capable to get receivables. In Colony Textile in increases from 2005 to 2007 but it decreases in 2008.

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 Inventory Turnover:
Inventory Turnover =
2005 3.00820089 6 2006 1.596422 87 2007 3.84275303 4 2008 3.594968 74

INVENTORY TURNOVER 5 4 3 TIMES 2 1 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
This ratio reveals the number of times finished stock is turned over during a given accounting period. In other words this ratio
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indicates that how many times in a year inventory can be converted into sales. High inventory turnover ratio is better than a low ratio. A high ratio implies good inventory management. In Colony textile inv turnover decreases from year 2005 to 2006 but in 2007 it improves and in 2008 there is a minor decrease in inv turnover.

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 Inventory Turnover in days:
 Inventory Turnover in days =
2005 119.672858 4 2006 225.5041 61 2007 93.6828355 1 2008 100.1399 54

AVG OF INVENTORY
250 200 150 DAYS 100 50 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
This ratio shows us that for how many days the inventory remains with the company after its conversion from raw material and work in process to finished goods. The lower the ratio better it is. This is calculated by dividing the 365 by
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inventory turnover. The standard of day inventory in stock is that lower the days the higher the performance. In Colony textile the inventory turnover in days first increases from 2005 to 2006 but it decreases in 2007, and in 2008 it again shows an increase.

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 :

Sales to working Capital :
Sales to working Capital =
2005 79.4291591 9 2006 113.9843 2

sales WorkingCapital
2007 2008 8.911516 1

145.190107

sales to working capital
200 times 100 0 -100 2005 2006 2007 2008

years

INTEPRETATION:
Sales to working give an indication of the turnover in working capital per year. A low working capital turnover ratio indicates an unprofitable use of working capital. In other words sales are not adequate in relation to the available working capital. In Colony textile this ratio shows a rapid increasing trend from year 2005 to 2007 but shows a sharp decrease in 2008 even it goes to –tive.

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 Operating Cycle:
Operating Cycle = A/R Turnover in days + Inventory Turnover in days
2005 135.803067 5 2006 267.5038 33 2007 451.575143 3 2008 150.3589 28

operating cycle
600 times 400 200 0 2005 2006 2007 2008 years

INTEPETATION:
The operating cycle represents the period of time elapsing between the acquisition of goods and the final sash realization resulting from sales and sub sequent collections. The operating cycle should be helpful when comparing a firm from period to period. In the company this ratio first shows increase from 2005 to 2007 but it decreases in 2008.

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 Current Ratio:
Current Ratio =
2005 1.02094413 9 2006 1.006444 76 2007 1.01228981 8 2008 0.845714 9

CURRENT RATIO
1.2 1 0.8 TIMES 0.6 0.4 0.2 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
The current ratio is the ratio of total current assets and total current liabilities. The current ratio of a firm measures its shortterm solvency, i.e. its ability to meet short-term obligations. As a measure of short term/current financial liquidity, it indicates the rupees of current assets available for each rupee of current liability / obligation. The higher the current ratio, the large the amount of rupees available per rupee of current liability, the more the firm’s ability to meet current obligations and the greater the safety of funds of short term creditors .And in Colony Textile mills ltd the current ratio is decreasing from 2005 to 2008.it shows that co has poor short term debt paying ability.

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 Acid -Test Ratio
Acid -Test Ratio=
2005 0.52867196 8 2006 0.565524 06 2007 0.58275714 3 2008 0.461818 3

QUICK ACID RATIO
0.7 0.6 0.5 TIMES 0.4 0.3 0.2 0.1 0 2005 2006 YEARS 2007 2008

INTEPETATION:
The term quick assets refers to current assets which can be converted into cash immediately or at a short notice without dimension of value. Thus, the quick assets = current assets -inventory. This ratio is used to check that how much inventory is unsold and includes in current assets. Because current assets may include inventory in large amount which would increase the current assets. This ratio shows a minor increase from 2005 to 2006 and 2007, but in 2008 it decreases.

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Working capital:
Working Capital =Current Assets –Current Liabilities

2005 42168478

2006 1803652 2

2007 39840906

2008 7878266 10

working capital
200000000 0 -200000000 Rs -400000000 -600000000 -800000000 -1000000000 years 2005 2006 2007 2008

INTERPRETATION:
Working capital indicates the short run solvency position of the business. As shown above the net working capital decreases from 2005 to 2006 but improves in 2007, but goes – tive in 2008 which gives a warning to company.

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 CASH RATIO :
CASH RATIO= CASH+MRK SECURITIES/CURRENT LIABILITIES
2005 0.10531481 3 2006 0.291795 87 2007 0.00177404 9 2008 0.097545 48

CASH RATIO
0.35 0.3 0.25 0.2 TIMES 0.15 0.1 0.05 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
Cash ratio indicates that how much mot liquid assets a company have to fulfill its current liabilities. Increasing trend is favorable and vive versa. In Colony textile this ratio increases from year 2005 to 2006 but it’s a minor increase and in 2007 it shows a minor decrease and it increases in 2008.

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 Accounts Receivable Turnover:
Account Receivable Turnover =
2005 22.3183715 2 2006 8.571495 49 2007 1.00588917 8 2008 7.168605 27

A/R TURNOVER 25 20 15 TIMES #REF! 10 5 0 2005 2006 2007 2008 YEARS

INTERPRETATION:

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This ratio shows the proportion of sales to receivable. It means that how many times in a year our receivables are collected. It shows the credit management and collection management ability that how much they are efficient to collect the receivables. There is a decrease in A/R Turnover from year 2005 to 2007 but in 2008 it improves and increases.

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 Accounts Receivable Turnover in days:
Accounts Receivable Turnover in days =
2005 16.1302091 3 2006 41.99967 21 2007 357.892307 8 2008 50.21897 38

AVG COLLECTION PERIOD 400 350 300 250 DAYS 200 150 100 50 0 2005 2006 2007 2008 YEARS #REF!

INTERPRETATION:
This ratio indicates that how many days’ receivables are collected. It shows credit collection management ability that how much they capable to get receivables. In Colony Textile in increases from 2005 to 2007 but it decreases in 2008.

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 Inventory Turnover:
Inventory Turnover =

2005 3.00820089 6

2006 1.596422 87

2007 3.84275303 4

2008 3.594968 74

INVENTORY TURNOVER 5 4 3 TIMES 2 1 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
This ratio reveals the number of times finished stock is turned over during a given accounting period. In other words this ratio

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indicates that how many times in a year inventory can be converted into sales. High inventory turnover ratio is better than a low ratio. A high ratio implies good inventory management. In Colony textile inv turnover decreases from year 2005 to 2006 but in 2007 it improves and in 2008 there is a minor decrease in inv turnover.

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 Inventory Turnover in days:
Inventory Turnover in days =
2005 119.672858 4 2006 225.5041 61 2007 93.6828355 1 2008 100.1399 54

AVG OF INVENTORY
250 200 150 DAYS 100 50 0 2005 2006 YEARS 2007 2008

INTERPRETATION:
This ratio shows us that for how many days the inventory remains with the company after its conversion from raw material and work in process to finished goods. The lower the ratio better it is. This is calculated by dividing the 365 by

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inventory turnover. The standard of day inventory in stock is that lower the days the higher the performance. In Colony textile the inventory turnover in days first increases from 2005 to 2006 but it decreases in 2007, and in 2008 it again shows an increase.

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Sales to working Capital :
sales WorkingCapital

Sales to working Capital =
2005 79.4291591 9

2006 113.9843 2

2007 145.190107

2008 8.911516 1

SALES TO WORKING CAPITAL
200 150 100 50 0 -50

TIMES

2005

2006 2007 YEARS

2008

INTEPRPETATION:
Sales to working give an indication of the turnover in working capital per year. A low working capital turnover ratio indicates an unprofitable use of working capital. In other words sales are not adequate in relation to the available working capital. In Colony textile this ratio shows a rapid increasing trend from year 2005 to 2007 but shows a sharp decrease in 2008 even it goes to –tive.

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 Operating Cycle:
Operating Cycle = A/R Turnover in days + Inventory Turnover in days
2005 135.803067 5 2006 267.5038 33 2007 451.575143 3 2008 150.3589 28

operating cycle
500 400 times 300 200 100 0 2005 2006 2007 2008 years

INTEPETATION:

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The operating cycle represents the period of time elapsing between the acquisition of goods and the final sash realization resulting from sales and sub sequent collections. The operating cycle should be helpful when comparing a firm from period to period. In the company this ratio first shows increase from 2005 to 2007 but it decreases in 2008.

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Debt ratio=Total liabilities/Total assets Total liabilities Total assets Debt ratio Debt to equity ratio=Total liabilities/Shareholder's equity Total liabilities Shareholder's equity Debt to Equity ratio Debt to tangible net worth ratio=T.liabilities/O.EIntangible assets Total liabilities Shareholder's equity Intangible assets Debt to tangible net worth ratio current debt to net worth ratio=current liabilities/O.E Current liabilities Shareholder's equity Current debt to net worth ratio Total capitilization ratio=LTD/LTD+equity LTD Equity Total capitalization ratio

2 2 007 008 515732572 4073012548 1 779042659 5320958210 3 0.662008 0.765465991 127

2 005

2 006

597988124 6 912894317 3 0.655046 387

974487191 6 126512225 66 0.7702711 63

4073012548 746361256 5.457159673

515732572 1 263310087 2 1.958651 025

597988124 6 314906192 7 1.898940 505

974487191 6 290635065 0 3.3529580 87

4073012548 746361256 0 5.457159673

515732572 1 263310087 2 0 1.958651 025

597988124 6 314906192 7 0 1.898940 505

974487191 6 290635065 0 0 3.3529580 87

2013378444 746361256 2.697592389

279863279 2 263310087 2 1.062865 772

324178169 1 314906192 7 1.029443 614

510630405 8 290635065 0 1.7569470 01

2059634104 746361256 0.734011942

235869292 9 263310087 2 0.472514 095 495319444 1 263310087 2 1.881125 973

273809955 5 314906192 7 0.465096 73 582421845 6 314906192 7 1.849509 026

463856785 8 290635065 0 0.6147936 33 752692582 0 290635065 0 2.5898202 68

Fixed asset to equity ratio=Fixed asset/Shareholder's equity Fixed assets Shareholder's equity Fixed asset to equity ratio Time interest earned ratio=EBIT/Interest EBIT Interest Time interest earned ratio FIXED CHARGE COVERAGE RATIO EBIT Lease Pmt Tax rate 2646676555 23443822 40% 2646676555 129235123 20.47954529 3245589050 746361256 4.348549746

212720950 178660925 1.190640 595

530687771 371807572 1.427318 352

674774732 491568948 1.3726960 07

212720950 18219485 40%

530687771 34889562 40%

674774732 36416568 40%

58

Principle intrest Preferred dividened Fixed charge coverage ratio T.ASSET TURNOVER RATIO=NET SALES/T.ASSETS net sales total assets TOTAL ASSET TURNOVER RATIO

0 129235123 0 10.49307897

0 178660925 0 0.703799 129 205588069 4 779042659 3 0.2638983 46

0 371807572 0 0.834395 848 578450540 5 912894317 3 0.6336445 85

0 491568948 0 0.8081941 02 702072954 2 126512225 66 0.55494475

3349406752 5320985210 0.629471164

59

 Debt Ratio:
Debt Ratio =
2005 0.765465991 2006 0.6620081 27 2007 0.6550463 87 2008 0.770271 16

debt ratio
0.8 0.75 0.7 0.65 0.6 0.55 2005 2006 years 2007 2008

INTERPRETATION:
Debit ratio is calculated to check the total asset financed by the firm creditors. This ratio shows relation between total assets and total liabilities. In Colony textile this ratio shows a minor decrease from 2005 to 2006, and in 2007 it also decreases, but in 2008 it improves or increases.

times

60

 Debt To Equity Ratio:
Debt Equity Ratio =
2005 5.457159673

long term liabilties Equity
2007 1.8989405 05 2008 3.352958 09

2006 1.9586510 25

debt to equity ratio
6 times 4 2 0 2005 2006 years 2007 2008

INTERPRETATION:
The debt equity ratio indicates the relationship between the long-term funds provided by creditors and those provided by the firm’s owners. The standard debt equity ratio is 60:40. The lower the debt equity ratio that is preferable. This ratio decreases from year 2005 to 2007 but it improves/increases in 2008.

61

 Debt to tangible net worth ratio
Debt to tangible net worth ratio=Total liabilities/Shareholder's equityIntangible assets 2005 5.457159673 2006 1.9586510 25 2007 1.8989405 05 2008 3.352958 09

debt to tangible net worth
6 times 4 2 0 2005 2006 years 2007 2008

INTERPRETATION:
This ratio tells that how much the equity portion contributes to total liabilities. In Colony textile it decreases from 2005 to 2007, but further it does not decrease but shows an increase in 2008.

62

 current debt to net worth ratio
Current debt to net worth ratio=current liabilities/shareholder's equity 2005 2.697592389 2006 1.0628657 72 2007 1.0294436 14 2008 1.756947

current debt to net worth ratio
3 times 2 1 0 2005 2006 years 2007 2008

INTERPRETATION:
This ratio shows that how much contribution of shareholder’s equity is in the current portion of liabilities. In this company it shows a gradual decrease from year 2005 to 2007 but it improves in minor in 2008.

63

 Total capitalization ratio
Total capitalization ratio=LTD/LTD+equity 2005 0.734011942 2006 0.4725140 95 2007 0.465096 73 2008 0.614793 63

total capitalization ratio
0.8 0.6 0.4 0.2 0 2005 2006 years 2007 2008

INTERPRETATION:
LTD represents a company’s huge investment so through this ratio we check that whether company’s capital is capable of paying the interest on long term debts. In Colony textile shows a decrease from 2005 to 2006 and in 2007 it minor decreases and in 2008 it improves/increases.

times

64

 Fixed asset to equity ratio
Fixed asset to equity ratio=Fixed asset/Shareholder's equity 2005 4.348549746 2006 1.8811259 73 2007 1.8495090 26 2008 2.589820 27

fixed asset to equity ratio
6 times 4 2 0 2005 2006 years 2007 2008

INTERPRETATION:
It shows that in fixed assets how much contributed or owned by the shareholders equity and remaining by creditors. And in Colony textile this ratio decreases from year 2005 to 2007, but a minor increase also comes in 2008.

65

 Time Interest Earned Ratio:
Time interest Earned Ratio =
2005 20.47954529 2006 1.1906405 95 2007 1.4273183 52 2008 1.372696 01

time interest earned ratio
30 times 20 10 0 2005 2006 years 2007 2008

INTERPRETATION:
This ratio measures the firm’s ability to make contractual payments this ratio is also calculated to know about long- term solvency position of the business. This ratio indicates the company’s ability to pay interest this company this ratio shows a rapid decrease from 2005 to 2006 and a minor increase in 2007, and in 2008 it also decreases.

66

 FIXED CHARGE COVERAGE RATIO
FIXED CHARGE COVERAGE RATIO=EBIT+Lease Pmt/Interest+Lease Pmt+ (Principle+Preferrd dividend)*(1/1-T) 2005 10.49307897 2006 0.7037991 29 2007 0.8343958 48 2008 0.808194 1

fixed charge coverage ratio
15 times 10 5 0 2005 2006 years 2007 2008

INTERPRETATION:
This ratio shows a major decrease in 2006 but it improves in 2007, and in 2008 it again decreases.

67

 Total Assets Turnover ratio:
Total Assets Turnover Ratio =
2005 0.629471164 2006 0.2638983 46

NetSales TotalAssets
2007 0.6336445 85 2008 0.554944 75

total asset turnover ratio
0.8 0.6 0.4 0.2 0 2005 2006 years 2007 2008

INTERPRETATION:
This ratio is based on the relationship between the sales and assets of a firm indicate that how much is contributed by assets towards our sales. The higher the turnover ratio, the more efficient the management and utilization of the assets while low turnover ratios are indicate of under utilization of available resources and presence of idle capacity. If turn over increases it means that assets are properly used to generate sales and company’s position is very good. In Colony textile ratio decreases from year 2005 to 2006 but improves in 2007 and also shows decreases in 2008.
68

times

69

2005 Financial leverage= EBIT/EBT EBIT EBT Financial leverage EPS=net income-Preferred dividened/No.of C/S Outstanding Net income Preferred dividened weighted average EPS Note There is no dilutive effect on the basic EPS of a company. Price earning ratio= Market price per share/EPS Market price per share EPS P/E ratio % of earning retained=Net income-all divideneds/net income Net income All divideneds % earning retained 12 10.25786 1.16983464 4 310183157 180948234 1.71420936 3

2006 291991853 119330928 2.44690842 4

2007 830067779 458269207 1.81131039 6

2008 854941799 363372851 2.3527949 2

106792352 0 C/S outstanding 10410959 10.2576863 5

104917000 0 135653589 0.77341853 4

513886773 0 244176300 2.10457269 2

281497826 0 245000000 1.1489707 2

13 0.7734185 16.8084937 2

12 2.1045727 5.70187002 8

14 1.1489707 12.184819

106792352 106792352 0

104917000 104917000 0

513886773 513886773 0

281497826 281497826 0

Dividened payout ratio= Dividened per share/EPS

Dividened per share Earning per share Dividened payout ratio Dividened Yield=Dividened per share/ Market price of share Dividened per share Market price of share Book value=Total shareholder's equityPreferred equity Total NO.of common stock outstanding Dividened yield

10.26 10.26 1

0.77 0.77 1

2.1045727 2.1045727 1

1.1489707 1.1489707 1

10.26 12 0.855

0.77 13 0.05923076 9

2.1045727 12 0.17538105 8

1.1489707 14 0.0820693 4

Total shareholder's equity Preferred equity common stock outstanding

746361256 0 10410959 71.6899620 9

263310087 2 0 135653589 19.4104770 2

314906192 7 0 244176300 12.8966731 3

290635065 0 0 245000000 11.862655 7

70

71

72

 FINANCIAL LEVERAGE Financial leverage= EBIT/EBT:
2005 1.714209 2006 2.446908 2007 1.81131 2008 2.352795

financial leverage 3 Times 2 1 0 1 2 Years 3 4

INERPETATION:
This ratio tells that how much change comes in EBIT due to change in net income, as the interest increases or decreases he financial leverage increases and decreases with the same aspect. from year 2005 to 2006 this ratio increases but in 2007 it shows a decrease and it 2008 again improves.

73

 EARNING PER SHARE

EPS=net income-Preferred dividend / No. of common stock Outstanding
2005 2006 2007 10.257 0.773 2.104 6 4 5
EPS 15 Rs. 10 5 0 2005 2006 2007 2008 Years

2008 1.148

INERPETATION:
IT tells that what a single share earns, it is a mandatory /compulsory part of I/S. this ratio is in a good position in 2005 but it goes to much down in 2006 and in 2007 it improves but again shows a decreasing trend in 2008.

74

 PRICE EARNING RATIO:
Price earning ratio= Market price per share/EPS: 2005 2006 2007 2008 1.169 16.808 5.701 12.184 8 4 8 8
Price earning ratio
20 15 Rs. 10 5 0 2005 2006 2007 2008 Years

INERPETATION:
THIS ratio basically tells about the increase or decrease in the market prices for good sign the market prices should increases from EPS this ratio first shows an increasing trend from year 2005 to 2006 but in 2007 it goes down and in 2008 it increases.

75

76

 Profitability ratios
Gross Profit Ratio = *100 Years .Gross profit margin 2005 11.05083 8 2006 13.60858 1 2007 12.7608419 4 2008 14.1612738 3

gross profit margin
15 % 10 5 0 Years 2005 2006 Years 2007 2008

INTERPRETATION:
The gross profit ratio indicates the proportion of gross profit to sales. Gross profit is calculated by deducting the cost of good sold from sales. Higher the ratio, the better it is, and the lower the relative cost of merchandise sold and better would be the company’s position. A low ratio indicates unfavorable trends in the form of reduction in selling prices or increase in cost of production this ratio increases from year 2005 to 2006 but a minor decrease appeared in 2007 and in 2008 it also increases.

77

 Operating Profit Ratio
Operating Profit Ratio = *100

Years Operating Income margin.

2005

2006

2007

2008 9.61117684 4

7.90192635 10.3469501 9.17429812 9 2 7

operating profit margin
15 % 10 5 0 Years 2005 2006 Years 2007 2008

INTERPRETATION:
This ratio measures the percentage of profit earned on sale after deducting operating expenses from the Gross Profit. This ratio indicates that how efficiently the expenses are being controlled by management. The higher the margin the lower would be the operating expenses and better would be management ability to control expenses this ratio increases from
year 2005 to 2006 and in 2007 it decreases but recovered or increased in 2008.

78

 Net profit Ratio =

*100

Years Net profit margin

2005

2006

2007

2008 4.00952385 8

3.18839603 5.10326305 6.96081736 3 9 4

Net profit margin
8 6 4 2 0 Years 2005 2006 Years 2007 2008

Interpretation:
The net profit margin shows the net % age of sales after payment of interest and taxes from operating profit this ratio increases from year 2005 to year 2006 and also increases in 2007 but in 2008 it decreases.

%

79

Total Asset Turnover =

Net ⋅ Sales Total ⋅ Assets

Years Total Assets turnover Ratio

2005

2006

2007

2008 55.4944750 1

62.9471163 26.3898346 63.3644584 7 2 6

Total asset turnover ratio
80 60 40 20 0 Years 2005 2006 Years 2007 2008

INTERPRETATION:
Total asset turnover measures the activity of the assets and the ability of the firm to generate sales through the use of sales there is a decreasing trend from year 2005 to 2006 but in 2007 it increases and in 2008 it again shows a decreasing position.

%

80

Return on Assets = *100

Years ROA

2005

2006

2007

2008 2.22506421 5

2.00700336 1.34674268 4.41071472 1 2 8

ROI
5 4 3 % 2 1 0 Years 2005 2006 Years 2007 2008

INTERPRETATION:
The purpose of this ratio is to calculate the return that the business is providing on total assets. This is important from owner’s point of view that what the business is earning on its assets, how their funds are being utilized. This ratio also provides an indicator of overall effectiveness of management in generating profit with the available assets .If utilization of assets is productive the return would be high and position would be good this ratio from 2005 to 2006 decreases but in 2007 it improves and in 2008 it again shows a decrease.

81

Net ⋅ Sales  Operating Assets Turnover = Average ⋅ Operating ⋅ Assets
Years Operating Assets Turnover 2005 2006 2007 126.19572 7 2008 11.885292 3

103.198732 67.489324 2 8

Operating assets turnover
150 % 100 50 0 2005 2006 2007 2008 Years

INTERPRETATION:
This ratio measures the ability of operating assets to generate sales .If this ratio is high then it is in favor of company. It shows the effective use of assets. It goes down in 2006 but increment comes in 2007 but in 2008 it again goes down.

82

Return on Operating Assets = Years Return on operating assets 2005 2006

Operating Income Average Operating Assets

2007

2008 11.4232387 2

8.15468782 6.98308677 11.5775722 2 6 2

Return on operating assets
15 % 10 5 0 2005 2006 2007 Years 2008

INTERPRETATION:
This ratio gives the operating efficiency of management. This ratio indicated how Operating assets are utilized. In other words how much assets are used in operating activities. High Return on Operating Asset ratio shows the efficient use of operating assets. This ratio shows a minor decrease in 2006 but improves in 2007 and in 2008 it again shows a minor decrease.

83

 Sales to Fixed Assets= Years Sales to fixed assets ratio 2005 103.20

Net ⋅ Sales Average ⋅ Net ⋅ Fixed ⋅ Assets 2006 67.49 2007 126.20 2008 118.85

Sales ti fixed asset ratio
150 % 100 50 0 2005 2006 2007 2008 Years

INTERPRETATION:
This ratio measures the firm’s ability to make productive use of its fixed assets to generate sales. High ratio is favorable for the Company than that of low ratio this ratio goes down from year 2005 to 2006 but increase comes in 2007 and in 2008 it also shows a minor decrease.

84

Return on Investment = Net income / LTD+Equity
Years Return on Investment 2005 3.80586 3 2006 0.442840 2 2007 6.83948 7 2008 3.730959

ROI
8 6 4 2 0 Years 2005 2006 YEARS 2007 2008 %

INTERPRETATION
The net profit margin ignores the utilization of assets and the total asset turnover ratio ignores profitability on sales. The return on investment ratio or earning power resolve these short come. Return investment measures the overall effectiveness In generating profits with available assets. It shows a decrease from year 2005 to 2006 but in 2007 it shows a good position and improves but in 2008 it again goes down.

85

86

Du-Pont Analysis
RETUN ON EQUITY = (Net Profit Margin ×Total Asset Turnover) × (Financial Leverage Multiplier) We need following ratios to calculate the Return on Equity. Net Pr ofitAfterTax NetSales

Net Profit Ratio =

Years Net profit margin

2005

2006

2007

2008 4.00952385 8

3.18839603 5.10326305 6.96081736 3 9 4

Net ⋅ Sales Total Asset Turnover = Total ⋅ Assets

Years Total Assets turnover Ratio

2005

2006

2007

2008 55.4944750 1

62.9471163 26.3898346 63.3644584 7 2 6

87

Financial leverage Multiplier =

Total Assets Equity

Years

2005

2006

2007

2008 4.35295808 5

Financial leverage Multiplier

7.12923556 2.95865102 2.89894050 4 5 5

RETURN ON EQUITY= (Net Profit Margin ×Total Asset Turnover) × (Financial Leverage Multiplier)

Years

2005 1430.8 4

2006 398.454 2

2007 1278.63 1

2008 968.5611

ROE
2000 1500 1000 500 0 2005 2006 2007 2008 Years

%

88

DU PONT ANALYSIS:
One of the easiest way to calculate whether a company is in asset re-creator or cash consumer is to look at the Return On Equity (ROE). The Du Pont Analysis is a way that breaks down ROE into three parts. • • • Profit Margin Asset Turnover Equity Multiplier

DUPONT MODEL:
Sales -CGS Earning for -Operating expenses common -Interest expenses share holder/ -Taxes sales Preferred Dividend

Net profit margin (ROA) Return on Asset (ROE) Return on

Current Asset Total asset Fixed asset

Total Assets/ Equity Sales turnover * Total asset/ Common stock equity

Total Current liability liability Long term + Liability shareholder Equity

Financial leverage multiplier

89

But the main analysis in it we focused on ROE and interpretation is also based on this. The value of return on equity is given below:

RETURN ON EQUITY:
years values 2004 34 2005 27 2006 9 2007 0.3 2008 0.7

Return on total equity 40 30 20 10 0 2004 2005 2006 years 9 0.3 2007 0.7 2008 34 27

Interpretation:
Dupont analysis is used to evaluate the firm effectiveness. The ROE is decreased since 2004 to 2008 but there is a great decrease in 2006 the main reason of this decreasing trend is that in 2005 the company face the bank kruptacy and its efficiency tremendously decreased. In this analysis we see that firm’s working is not effective and they never use its asset effectively and their liabilities increased more as compared to assets.

90

91

Cash Flow / Total Debt
Years 2005 0.0 3 2006 0.0018 7 2007 0.00161 2008 0.00691

Cash Flow / Total Debt

Net Income / Total Debt
Years

2005
0.05

2006
0.044

2007
0.147

2008
0.060

Net Income / Total Debt

Total Debt / Total Assets
Years

2005
0.387

2006
0.3027

2007
0.299

2008
0.366

Total Debt / Total Assets

92

Multivariate Model
Z= X1+X2+X3+X4+X5 Where

X1= Working Capital / Total Assets
Years Working Capital / Total Assets

2005
0.72

2006
0.231

2007
0.436

2008
-6.22

X2= Retained Earning / Total Assets
Years Retained Earning / Total Assets

2005
0.2964

2006
0.3779

2007
0.3494

2008
0.2297

X3= EBIT /Total Assets
Years

2005
0.0497

2006
0.0273

2007
0.0581

2008
0.053

EBIT /Total Assets

X4= Market value of equity / book value of Total Debt 2005
0.362

Years

2006
1.11

2007
1.15

2008
0.626

Market value of equity / book value of Total Debt
Years

X5=Sales / Total

Assets 2005
0.629

2006
0.263

2007
0.633

2008
0.55

Sales / Total Assets

93

Z – Score
2005 X₁×.012 X₂×.014 X₃×.033 X₄×.006 X₅×.01 Z
0.00864

2006

2007

2008

0.002772 0.005232 -0.07464 0.005291 0.004892 0.003216 0.000901 0.001917 0.001749 0.00666 0.00263 0.0069 0.00633 0.003756 0.0055

0.00415 0.00164 0.002172 0.00629 0.018742

0.018254 0.025271 -0.06042

The formula for Z score is Z= 0.012*x1+0.014*x2+0.033*x3+0.006*x4+0.010*x5 Z=0.018742

Standard: If the ‘Z’ is 2.675 that company is at cut off point. If it is greater than 2.675 than the position of the company is strong and if it is less than 2.675 that the position of the company is weak.

94

95

SWOT ANALYSIS:
Each organization existing in the market analyzed though external and internal environment has some Strengths, Weaknesses, Opportunities and Threats called SWOT analysis. SWOT analysis gives the overall competitive position of industry. The basic purpose of this analysis is to identify the current strategies of the organization and its potentials of competing in the competitive market and capability of dealing with those changes, which are taking place in the business environment sharply. It gives the scenario regarding weaknesses and threats to the company and offers the company that these should be eliminated or reduced at least as compared to other competitors.

96

STRENGTHS:
 Colony mills have a very stable yarn market with good brand

image in the eyes of customers.  colony has a strong dealer ship network and a large sales force to cater to its needs  Certified by ISO.  WIDE production range.  Top player of TEXTILE business with max. Production capacity.  Having a strong good will.  Significant contribution towards the economic development of the country.  Excellent environmental & working conditions.  Safety measures of international standards are exercised.  Sales growth is very high.
 Export sales especially show a tremendous boost as it increased

from RS 744 MILLION last year to 2.40 BILLION.  Company maintained its position against its competitors very successfully.  Company has strong resources to get the raw material.

97

WEAKNESSES:
 H u g e v o l u m e o f p ro d u c t i o n w h i c h m a y b e d i f f i c u l t t o h a n d l e i n f u t u re .  M o n e t a r y s e n s i t i v e n e s s t o f o re i g n exc h a n g e m a r ke t .  I t h a s b e c o m e m o re c h a l l e n g i n g f o r t h e c o m p a n y t o m a i n t a i n c o m p e t i t i v e e d g e d u e t o W T O re g i m e .  L i m i t a t i o n s i n m e e t i n g u p t h e d e m a n d o f t ex t i l e . To o m u c h c e n t r a l i z a t i o n b u re a u c r a t i c c o n t ro l e f f e c t s timely decision making.  N o t s t ro n g m a r ke t i n g o r a d v e r t i s e m e n t .  C o m p a n y c a n n o t c o n v er t a c c o u n t re c e i v a b l e s i n t o c a s h q u i c k l y. M o s t l y s a l e s a re o n c re d i t b a s i s .  L a c k o f l o n g t erm p l a n n i n g .  Colony mills has no proper framework and policy for the recruitment of employees which result inefficiency. All the Directors and audit committee of the Company are close relative of the Chief Executive  Le n g t h y p ro c e d u re s i n d o c u m e n t a t i o n s .

98

OPPORTUNITIES:
 A gas plant is establishing to overcome the shortage of electricity.  Yarn and sugar is exported.  I m p ro v e m e n t i n t h e q u a l i t y o f t ex t i l e a n d s u g a r.
 Expansion

of get

plants

to

meet for joint

the

demand with

m o re other

efficiently.  Trying to opportunities ventures international companies.  Expanding the business for globalization.  Having two sugar producing plants .  . Delegation of authority so that decisions can be m a d e a t t h e s p o t w i t h o u t a n y d e l a y.  M a y d i v e r s i fy t h e b u s i n e s s i n a l l i e d s er v i c e s . m a y b e cost l e a d er s by cutting down the unnecessary ex p e n d i t u re s .  Adding the new and fresh staff in the company to encourage the work.  After textile and sugar now moving towards paper making industry.  Company is focused on reducing cost to maintain and enhance its local as well as its global position.

99

THREATS:
 Wa t e r c r i s i s i s g o n e u p i n t h e c o u n t r y w h i c h m a y re s u l t i n t h e s e r i o u s p ro b l e m o f l o w g ro w t h i n c o t t o n , y a rn a n d s u g a r c a n e .  A f re e t r a d e p o l i c y o f WT O i s a m a j o r t h re a t t o t h e c o m p a n y.  M a i n t a i n i n g i t s l e a d e r s h i p i n f u t u re a ft e r i m p l e m e n t a t i o n o f f re e t r a d e z o n e s .  T h re a t o f e n t r y o f n ew c o m p e t i t o r s .  A trade free policy can be the threat of the company as new entry is easy.  T h re a t o f w a t e r a n d g a s c r i s i s i n i t h i g h c o n s u m p t i o n p o t e n t i a l m a r ke t .  N o w a d a y s e l e c t r i c i t y s h o r t a g e i s t h e b i g t h re a t t h a t c a n b e res u l t e d i n t h e l o w p ro d u c t i o n .  Due to political instability the bad condition of stock exchange is a threat of company that results in low share prices.  Due to high trade tariff export and cotton and yarn can be low..

100

Suggestions and Recommendations.
 Jobs should be assigned according to their caliber to develop their interest in work, output and to enhance the efficiency of workers. It is also observed that in some cases more than one department maintains the same record. This is done all of over staffing and unbalanced distribution of work, which results in de-motivation of the employee and decrease in efficiency.  In colony mills there is lot of documentation and lengthy procedure of paper work involved, which results in wastage of time and deficiency so each system should be computerized through intranet work.  C o m p a n y m u s t t a ke i n i t i a t i v e s t e p s t o m a i n t a i n t h e h u g e o rd e r s .
 Wo r ke r s

must be trained to follow the safety rules.

Management should take necessary action to implement the safety rules in the organization.
 J o b v a r i e t y m u s t b e a d d e d t o c h a n g e t h e a t m o s p h ere ,

t o d e v e l o p t h e i n t ere s t t o e m p l o y e e s a n d t o i n c re a s e t h e i r p e r f o rm a n c e. . So proper analysis should be done and explore those employees who can do better work in the organization.  People working in one section or department from years are still with the same knowledge and style of doing job. There should be proper career planning of employee that not only sharpens the

101

skills of the employee & improve its efficiency but also results in better and improved output for the organization.  Proper advertisement must be planned to increase the sales, to stay in touch with customers.

There should be delegation of authority up to certain extent that enables manager to take timely decisions at the spot with confidence. Involvement of top management and reaching at the final decisions is time consuming and some times result in heavy losses.

 C o l o n y m i l l s m u s t a d o p t t h e n e w t e c h n o l o g y.  Pro m o t i o n c a m p a i g n s a n d s a l e s p ro m o t i o n s m u s t b e f o r s u g a r m i l l s a l s o.

102

CONCLUSION
We financially analyzed the four years annual reports of Colony Textile limited, by making following analysis  Short term liquidity analysis  Long term liquidity analysis  Profitability analysis  Investor’s analysis
 Du Pont analysis

 Bankruptcy models

 By analyzed its short term liquidity, we concluded that the short

term liquidity position of this company is going down with the passage of time. Besides this, company short term ratios are less as compare to benchmark ratios. So as a short term creditor, we cannot make the decision to give short term loan to colony textile mills limited.
 Company’s long term debt paying ability is also going down .It

means that company has no ability to pay its long term debts. So as a long term creditor, we cannot make the decision to give long term loan to colony textile mills limited.  Profitability ratios are improving day by day. Although this increase is not so much high, but increase in profitability ratios

103

tells us that company is earning good profits and utilizing its assets in an excellent way. So as an investor ,we can take decision to invest in colony textile mills limited.  After that we make the investor’s analysis in investor’s analysis degree of financial leverage is improving. It means that risk in the business is increasing. But when risk is increasing return will also go to increase. Because where there is risk, there is return. After that we observed that the earning per share of colony textile mills limited is going to improve day by day, and that is a positive sign. So we conclude that as an investor, we make investment in colony textile mills limited.

104

105

COLONY MILLS LIMITED SUMMARIZED INCOME STATEMENT VERTICAL ANALYSIS AS ON
2005 Rs.(00 0) Sales Cost of Good Sold Raw Material Salary Wages FOH Total Manufacurring Cost Less Excees Closing Cost W.I.P Cost of Goods Manufactured Others Cost of Goods Sold Gross Profit Less Operating Expenses Distrubtion Cost Product Transport Salary & Wages Export Sales Expenses Others Total Distrubtion Cost Administrative Expences Salaries & Benefits Repair & Maintances Others 0.58 0.08 0.27 0.59 0.14 0.37 0.63 0.09 0.52 0.40 0.11 0.50 0.10 0.04 1.56 0.19 1.88 0.17 0.05 1.40 0.54 2.16 0.11 0.05 2.05 0.14 2.35 0.15 0.05 3.01 0.33 3.54 100% 63.45 7.22 18.21 88.87 -0.04 88.83 -0.12 88.95 11.05 2006 Rs.(00 0) 100% 68.80 7.11 16.05 91.96 1.79 90.18 -3.78 86.39 13.61 2007 Rs.(00 0) 100% 66.82 5.67 13.63 86.12 0.16 85.96 1.28 87.24 12.76 2008 Rs.(00 0) 100% 67.67 4.96 13.96 86.60 0.03 86.63 -0.80 85.84 14.16

106

Total Adminstrative Expenses Others Operating Expenses Operating Profit (EBIT)

100.0 0 0.34 7.90

100.0 0 0.00 10.35

100.0 0 0.00 9.17

100.00 0.00 9.61

Less Finance Cost
Intrest on Long Term Loan Intrest on Short Term Loan Bank Charges & Other Finance Cost Other Expenses Other Income EBT Tax 1.78 1.50 0.08 0.49 1.36 5.40 2.21 3.19 0.13 4.19 0.37 4.01 4.15 5.80 0.70 5.10 3.07 1.87 0.36 1.14 5.18 7.92 0.96 6.96 1.67 5.16 1.65 -1.48 2.57 5.18 1.17 4.01

Net Profit

107

COLONY MILLS LIMITED SUMMARIZED INCOME STATEMENT HORIZONTAL ANALYSIS AS ON
2005 RS.(00 0) Sales Cost of Good Sold Raw Material Salary Wages FOH Total Manufacurring Cost Less Excees Closing Cost W.I.P Cost of Goods Manufactured Others Cost of Goods Sold Gross Profit Less Operating Expenses Distrubtion Cost Product Transport Salary & Wages Export Sales Expenses Others Total 100.00 100.00 100.00 100.0 0 100.00 108.58 75.61 55.37 174.18 70.48 185.31 216.80 228.11 125.61 215.37 320.21 287.07 405.39 365.42 394.42 100.0 0 2006 RS.(000) 61.3804 43 2007 RS.(000) 172.702 39 2008 RS.(000) 209.611 14

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

66.56 60.48 54.12 63.52 (3028.98 ) 62.31 1987.02 59.62 75.59

181.89 135.61 129.33 167.36 (783.78) 167.11 (1895.03 ) 169.38 199.43

223.58 144.15 160.76 204.26 (197.09) 204.42 1425.79 202.28 268.61

108

Distrubtion Cost Administrative Expences Salaries & Benefits Repair & Maintances Others Total Adminstrative Expenses Others Operating Expenses Operating Profit (EBIT) Less Finance Cost Intrest on Long Term Loan Intrest on Short Term Loan Bank Charges & Other Finance Cost Other Expenses Other Income EBT Tax Net Profit 100.00 100.00 100.00 100.00 100.00 100.00 62.47 107.43 85.02 72.95 0.00 80.37 187.79 187.57 337.37 231.16 0.00 200.51 143.82 295.37 389.00 228.20 0.00 254.95

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

4.32 171.02 275.11 502.18 187.34 65.95 19.44 98.24

297.04 214.65 742.82 400.85 657.77 253.26 75.00 377.04

196.08 719.36 4182.24 (631.54) 395.91 200.83 110.45 263.59

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COLONY MILLS LIMITED SUMMARIZED BALANCE SHEET VERTICAL ANALYSIS AS ON
2005 Rs.(0 00) ASSET S CURRENT ASSETS Cash & Bank Balance Short Term Investment Trade Debts Loans & Advances Short Term Deposits Other Receivable Stores & Spares Tax Refunds due from Government Stock in Trade Raw Material Working in Process Finish Goods Assets held for disposal Real etate property held for trading Total Current Assets FIXED ASSETS Work in Progress Plant & Machinery Less: Depreciation Other Total Fix Assets 2006 Rs.(0 00) 2007 Rs.(0 00) 2008 Rs.(0 0

1.23 2.76 3.62 2.39 9.01 0.23 0.56 0.22 0.00 11.48 1.34 5.81 0.00 0.00 38.63 0.00 0.00 7.81 53.18 8.87 44.31 8.87 61.00 0.00

0.06 10.43 2.13 0.00 0.00 2.24 0.83 0.54 0.00 11.16 1.03 3.65 4.09 0.00 36.16 0.00 0.00 3.61 32.93 6.06 26.87 33.10 63.58 0.00

0.05 4.75 3.34 0.00 0.00 5.53 0.80 0.92 0.00 11.97 0.98 2.30 5.31 0.00 35.95 0.00 0.00 2.93 43.23 8.50 34.73 26.13 63.80 0.00

0.25 3.68 2.62 0.00 0.00 6.28 0.96 0.97 0.00 12.70 0.69 2.10 0.00 3.88 34.13 0.00 0.00 10.15 37.20 7.33 29.87 19.48 59.50 0.00

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Long Term Security Deposit Long Term Investment

0.31 0.06 0.00 0.00 100.0 0

0.03 0.23 0.00 0.00 100.0 0

0.20 0.05 0.00 0.00 100.0 0

6.22 0.15 0.00 0.00 100.0 0

Total Assets LIABILITIES & EQUITY CURRENT LIABILITIES Trade & Other Payables Credito r Bills Payable Advance Payments Other Total Trade & other Payables Accured Interest & Mark Up Short Term Borrowing Tax Current Portion of Non Current Liabilities Provision against contingent liabilities Total Current Liabilities NON CURRENT LIABILITIES Loan from related parities Liabilities against asset Long term financing other STOCK HOLDER EQUITY Issued Capital Capital Reserve unapproriated profit

1.05 13.56 0.14 1.64 16.38 1.29 15.03 1.22 3.92 0.00 37.84 0.00 0.00 0.85 0.23 20.48 17.15 38.71 4.70 2.96 6.36 0.00

2.61 1.99 0.36 1.09 6.06 1.14 23.96 0.62 3.75 0.40 35.92 0.00 0.00 0.00 0.57 25.35 4.36 30.28 31.34 2.46 0.00 0.00

6.11 6.64 0.02 1.05 13.82 1.05 17.44 0.32 2.88 0.00 35.51 0.00 0.00 0.00 0.81 26.46 2.72 29.99 26.75 7.75 0.00 0.00

15.54 0.00 0.15 0.89 16.58 1.32 17.90 0.28 4.27 0.00 40.36 0.00 0.00 0.00 1.05 33.04 2.58 36.66 19.30 3.67 0.00 0.00

111

Total Equity Surplus on Fix Asset Total Liabilities & Equity

0.00 14.03 9.43 0.00 100.0 0

0.00 33.80 0.00 0.00 100.0 0

0.00 34.50 0.00 0.00 100.0 0

0.00 22.97 0.00 0.00 100.0 0

112

COLONY MILLS LIMITED SUMMARIZED BALANCE SHEET
HORIZONTAL ANALYSIS AS ON
2005 Rs.(0 00) 2006 Rs.(00 0)

2007 Rs.(00 0)

2008 Rs.(00 0

ASSETS
CURRENT ASSETS Cash & Bank Balance Short Term Investment Trade Debts Loans & Advances Short Term Deposits Other Receivable Stores & Spares Tax Refunds due from Government Stock in Trade Raw Material Working in Process Finish Goods Assets held for disposal Real etate property held for trading Total Current Assets FIXED ASSETS Work in Progress Plant & Machinery Less: Depreciation Other 100.0 0 100.0 0 100.0 0 100.0 0 100.0 67.72 90.65 100.00 88.78 546.29 64.32 139.48 164.41 134.49 505.52 308.84 166.29 196.39 160.27 522.07 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 6.76 553.71 86.12 0.00 0.00 1445.1 1 218.69 364.54 142.36 112.33 92.03 6.75 295.62 158.20 0.00 0.00 4174.9 0 247.95 724.87 178.91 125.61 68.02 49.07 317.71 172.12 0.00 0.00 6571.1 0 407.76 1056.4 8 263.15 122.27 86.09

100.0 0

137.03

159.65

210.09

113

Total Fix Assets Long Term Security Deposit Long Term Investment

0 100.0 0 100.0 0 100.0 0

152.61 14.67 578.05

179.45 111.13 144.46

231.91 4709.4 8 592.90

Total Assets LIABILITIES & EQUITY CURRENT LIABILITIES Trade & Other Payables Credito r Bills Payable Advance Payments Other Total Trade & other Payables Accured Interest & Mark Up Short Term Borrowing Tax Current Portion of Non Current Liabilities Provision against contingent liabilities Total Current Liabilities NON CURRENT LIABILITIES Loan from related parities Liabilities against asset Long term financing other

100.0 0

146.41

171.56

237.76

100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0 100.0 0

365.50 21.53 361.80 97.85 54.16 128.56 233.44 74.54 140.06

1000.7 6 84.05 28.69 109.91 144.75 139.66 199.14 44.76 125.97

3526.7 2 0.00 252.77 129.84 240.66 243.48 283.26 55.42 259.07

139.00

161.01

253.62

100.0 0 100.0 0 100.0 0 100.0 0 100.0

0.00 363.82 181.23 37.26 114.52

0.00 612.88 221.73 27.18 132.94

0.00 1095.6 8 383.59 35.79 225.21

114

0 STOCK HOLDER EQUITY Issued Capital Capital Reserve unapproriated profit 100.0 0 100.0 0 100.0 0 976.71 121.30 0.00 976.71 448.40 0.00 976.71 294.53 0.00

Total Equity Surplus on Fix Asset Total Liabilities & Equity

100.0 0 100.0 0 100.0 0

352.79 0.00 146.41

421.92 0.00 171.56

389.40 0.00 237.76

115

PROFITABILITY RATIOS.
Years .G.P.M 2005 11.050838 2006 13.608581 2007 12.7608419 4 2008 14.16127383

Years O.I.M

2005 7.90192635 9

2006 10.3469501 2

2007 9.17429812 7

2008 9.611176844

Years Net profit margin

2005 3.18839603 3

2006 5.10326305 9

2007 6.96081736 4

2008 4.009523858

Years T.A.T.R

2005 62.94711637

2006 26.3898346 2

2007

2008

63.3644584 55.49447501 6

Years ROA

2005 2.00700336 1

2006 1.34674268 2

2007 4.41071472 8

2008 2.225064215

Years R.O.A

2005 8.15468782 2

2006 6.98308677 6

2007 11.5775722 2

2008 11.42323872

116

Years Operating Assets Turnover

2005 103.198732 2

2006 67.4893248

2007 126.195727

2008 11.8852923

Years Sales to fixed assets ratio

2005 103.20

2006 67.49

2007 126.20

2008 118.85

Years Return on Investment

2005 3.805863

2006 0.4428402

2007 6.839487

2008 3.730959

117

SHORT TERM DEBT PAYING ABILITY.
CUURRENT ASSETS CURRENT LIABILITIES CURRENT RATIO 2005 205554692 2 201337844 4 1.0209441 39 2006 28166693 14 27986327 92 1.0064447 6 2007 328162259 7 324178169 1 1.01228981 8 2008 43184774 48 51063040 58 0.8457149

QUICK ASSETS CURRENT LIABILITIES QUICK RATIO

106441674 4 201337844 4 0.5286719 68

15826941 78 27986327 92 0.5655240 6

188917143 6 324178169 1 0.58275714 3

23581846 77 51063040 58 0.4618183

CUURRENT ASSETS CURRENT LIABILITIES WORKING CAPITAL

205554692 2 201337844 4 42168478

28166693 14 27986327 92 18036522

328162259 7 324178169 1 39840906

43184774 48 51063040 58 -78782661 0

CASH MRK SECURITIES CURRENT LIABILITIES CASH RATIO

65352792 146685782 201337844 4 0.1053148 13

4419673 81220981 3 27986327 92 0.2917958 7

4414338 1336742 324178169 1 0.00177404 9

32066725 46603014 5 51063040 58 0.0975454 8

ANNUAL CREDIT SALES AVG A/R A/R TURNOVER

334940675 2 150073976 22.318371 52

20558806 94 23985087 5 8.5714954 9

578505405 575118430 1.00588917 8

70207295 42 97937175 8 7.1686052 7

A/R TURNOVER AVG COLLECTION PERIOD

22.318371 52 16.130209 13

8.571495 49 41.99967 21

1.00588918 357.892307 8

7.168605 27 50.21897 38

118

CGS AVG INVENTORY INVENTORY TURNOVER

297926922 0 990382399 3.0082008 96

17761045 03 11125526 57 1.5964228 7

504635381 3 131321314 9 3.84275303 4

60265048 07 16763719 66 3.5949687 4

INVENTORY TURNOVER AVG OF INVENTORY

3.0082008 96 119.67285 84

1.596422 87 225.5041 61

3.84275303 93.6828355 1

3.594968 7 100.1399 54

SALES WORKING CAPITAL SALES TO WORKING CAPITAL

334940675 2 42168478 79.429159 19

20558806 94 18036522 113.98432

578450540 5 39840906 145.190107

70207295 42 -78782661 0 -8.911516 1

A/R Turnover in days Inventory Turnover in days OPERATING CYCLE

16.130209 13 119.67285 84 135.80306 75

41.99967 21 225.5041 61 267.5038 33

357.892307 8 93.6828355 1 451.575143 3

50.21897 38 100.1399 54 150.3589 28

119

LONG TERM DEBT PAYING ABILITY.
Total liabilities Total assets Debt ratio 407301254 515732572 597988124 8 1 6 532095821 779042659 912894317 0 3 3 0.765465 0.662008 0.655046 991 127 387 97448719 16 1.2651E+ 10 0.770271 16 97448719 16 29063506 50 3.352958 09

Total 407301254 515732572 597988124 liabilities 8 1 6 Shareholder' 263310087 314906192 746361256 s equity 2 7 Debt to 5.457159 1.958651 1.898940 Equity 673 025 505 ratio Total liabilities Shareholder' s equity Intangible assets DEBT TO TENGIBLE NET WORTH RATIO Current liabilities Shareholder' s equity Current debt to net worth ratio 407301254 8 746361256 0 5.457159 673 515732572 1 263310087 2 0 1.958651 025 597988124 6 314906192 7 0 1.898940 505

97448719 16 29063506 50 0 3.352958 09

201337844 279863279 324178169 4 2 1 263310087 314906192 746361256 2 7 2.697592 389 1.062865 772 1.029443 614

51063040 58 29063506 50 1.756947

LTD Equity

205963410 4 746361256

235869292 9 263310087 2

273809955 5 314906192 7

46385678 58 29063506 50 120

Total capitalizati on ratio

0.734011 94

0.472514 09

0.465096 73

0.614793 63

Fixed assets Shareholder' s equity Fixed asset to equity ratio

324558905 495319444 582421845 0 1 6 263310087 314906192 746361256 2 7 4.348549 746 1.881125 973 1.849509 026

75269258 20 29063506 50 2.589820 27

EBIT Interest Time interest earned ratio

264667655 212720950 530687771 5 129235123 178660925 371807572 20.47954 529 1.190640 595 1.427318 352

67477473 2 49156894 8 1.372696 01

EBIT Lease Pmt Tax rate Principle intrest Preferred dividened Fixed charge coverage ratio

264667655 212720950 530687771 5 23443822 40% 0 18219485 40% 0 34889562 40% 0

129235123 178660925 371807572 0 10.49307 897 0 0.703799 129 0 0.834395 848

6747747 32 3641656 8 40% 0 4915689 48 0 0.80819 41

121

Investor’s Analysis
2005 Financial leverage= EBIT/EBT EBIT EBT Financial leverage EPS=net income-Preferred dividened/No.of C/S Outstanding Net income Preferred dividened weighted average EPS Note There is no dilutive effect on the basic EPS of a company. Price earning ratio= Market price per share/EPS Market price per share EPS P/E ratio % of earning retained=Net income-all divideneds/net income Net income All divideneds % earning retained 12 10.25786 1.1698346 44 13 0.7734185 16.808493 72 12 2.1045727 5.7018700 28 14 1.1489707 12.184819 310183157 180948234 1.7142093 63 291991853 119330928 2.4469084 24 830067779 458269207 1.8113103 96 2006 2007 2008 85494179 9 36337285 1 2.3527949 2

106792352 0 C/S outstanding 10410959 10.257686 35

104917000 0 135653589 0.7734185 34

513886773 0 244176300 2.1045726 92

28149782 6 0 24500000 0 1.1489707 2

106792352 106792352 0

104917000 104917000 0

513886773 513886773 0

28149782 6 28149782 6 0

Dividened payout ratio= Dividened per share/EPS

Dividened per share Earning per share Dividened payout ratio Dividened Yield=Dividened per share/ Market price of share Dividened per share Market price of share Dividened yield

10.26 10.26 1

0.77 0.77 1

2.1045727 2.1045727 1

1.1489707 1.1489707 1

10.26 12 0.855

0.77 13 0.0592307 69

2.1045727 12 0.1753810 58

1.1489707 14 0.0820693 4

122

Book value=Total shareholder 's equityPreferred equity

Total NO.of common stock outstanding Total shareholder's equity Preferred equity common stock outstanding 746361256 0 10410959 71.689962 09 263310087 2 0 135653589 19.410477 02 314906192 7 0 244176300 12.896673 13 29063506 50 0 24500000 0 11.862655 7

123

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