Description
This is a spreadsheet explains on financial analysis of BHEL.
Balance Sheet of Bharat Heavy Electricals
------------------- in Rs. Cr. -----------------Mar '05 12 mths
Mar '06 12 mths
Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities
244.76 244.76 0 0 5,782.13 0 6,026.89 500 36.98 536.98 6,563.87 Mar '05 12 mths
244.76 244.76 0 0 7,056.62 0 7,301.38 500 58.24 558.24 7,859.62 Mar '06 12 mths
Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets
3,628.50 2,584.70 1,043.80 98.12 8.95 2,916.11 5,972.14 1,392.86 10,281.11
3,821.62 2,839.79 981.83 191.27 8.29 3,744.37 7,168.06 1,483.97 12,396.40
Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)
1,921.33 1,785.01 13,987.45 0 7,248.99 1,325.45 8,574.44 5,413.01 0 6,563.88 609.68 246.24
4,186.27 2,650.01 19,232.68 0 8,905.14 3,649.32 12,554.46 6,678.22 0 7,859.61 769.95 298.31
Profit & Loss account of Bharat Heavy Electricals
------------------- in Rs. Cr. -----------------Mar '05 12 mths
Mar '06 12 mths
Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses
10,682.15 1,043.15 9,639.00 259.98 539.77 10,438.75 5,097.68 220.54 1,650.38 783.44 1,006.38 116.98 0 8,875.40 Mar '05 12 mths
14,739.46 1,298.01 13,441.45 342 386.01 14,169.46 7,099.40 229.01 1,878.51 1,054.67 1,216.00 126.27 0 11,603.86 Mar '06 12 mths 2,223.60 2,565.60 58.75 2,506.85
Operating Profit PBDIT Interest PBDT
1,303.37 1,563.35 81.41 1,481.94
Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)
218.87 0 1,263.07 306.6 1,569.67 616.3 953.4 3,777.71 0 195.81 26.64 2,447.60 38.95 80 246.24
245.93 0 2,260.92 299.86 2,560.78 881.61 1,679.16 4,504.46 0 354.9 49.78 2,447.60 68.6 145 298.31
financial ratios : BHEL year
current assets 2005 10,281.11 2006 12,396.40 2007 15,982.40 2008 19,222.29 2009 25,763.03 CURRENT ASSETS HAVE FALLEN SLIGHTLY year total debt 2005 536.98 2006 558.24 2007 89.33 2008 95.18 2009 149.37 TOTAL ASSETS FELL DURING THE YEAR 2008 AS A RESULT OF GLOBAL FINANCIAL MELTDOWN BUT HAVE SINCE RISEN CONSID year net profit 2005 953.4 2006 1,679.16 2007 2,414.70 2008 2,859.34 2009 3,138.21 PROFIT MARGIN HAS REMAINED ALMOST CONSTANT INDICATING NOT MUCH GROWTH HAS TAKEN PLACE profitability ratios year net sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36
OPERATING MARGIN TOO HAS ALMOST REMIANED CONSTANT year 2005 2006 2007 2008 2009 PROFIT HAS FALLEN CONSIDERABLY FALLEN IN THE LAST ONE YEAR year 2005 2006 2007 2008 2009 NET PROFIT THOUGH HAS INCREASED year EBDIT 2005 1,563.35 2006 2,565.60 2007 4,027.52 2008 4,769.72 2009 5,205.86 RETURN ON CAPITAL EMPLOYED HAS BEEN CONSISTENTLY INCREASING year Net sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36 RETURN ON NET WORTH HAS FALLEN FROM 2007 LEVELS CONSIDERABLY INVESTMENT VALUATION RATIOS year 2005 2006 2007 2008 2009 DIVIDEND / SHARE HAS BEEN FLUCTUATING year 2005 2006 2007 2008 2009 NET OPERATING PROFIT HAS CONSIDERABLY RISEN year 2005 2006
net sales 9,639.00 13,441.45 17,362.89 19,541.08 26,614.36 net sales 9,639.00 13,441.45 17,362.89 19,541.08 26,614.36 Depriciation 218.87 245.93 244.61 297.21 334.27 Total expenses 8,875.40 11,603.86 13,999.06 16,621.81 23,577.90
Dividend 195.8 354.9 599.66 746.52 832.18 Net operating profit 1,303.37 2,223.60 3,545.20 3,746.60 4,188.00 debt 536.98 558.24
2007 89.33 2008 95.18 2009 149.37 DEBT TO EQUITY RATIO TOO HAS FLUCTUATED BUT HAS FALLEN CONSIDERABLY INDICATING IMPROVEMENT MEASURES year EBIT 2005 1,344.48 2006 2,319.67 2007 3,782.91 2008 4,472.51 2009 4,871.59 INTEREST COVERAGE RATIO TOO HAS INCREASED CONSIDERABLY INDICATING MORE SECURIT FOR THE INVESTORS year inventory 2005 2,916.11 2006 3,744.37 2007 4,217.67 2008 5,736.40 2009 7,837.02 INVENTORY TURNOVER RATIO TOO HAS IMPROVED INDICATING GOOD PERFORMANCE BY THE MANAGEMENT year sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36 DEBT RECOVERY TOO HAS BEEN SMOOTH BECAUSE OF A GOOD DEBTORS TURNOVER RATIO INDICATING GOOD POLICY MEAS year total revenue 2005 10,438.75 2006 14,169.46 2007 18,026.58 2008 21,391.53 2009 28,783.76 ASSETS TOO HAVE RISEN, THE COMPANY REALLY HAS BEEN ON A GROWTH PATH LIKE NEVER BEFORE
Mar '07 12 mths
Mar '08 12 mths
Mar '09 12 mths
244.76 244.76 0 0 8,543.50 0 8,788.26 0 89.33 89.33 8,877.59 Mar '07 12 mths
489.52 489.52 0 0 10,284.69 0 10,774.21 0 95.18 95.18 10,869.39 Mar '08 12 mths
489.52 489.52 0 0 12,449.29 0 12,938.81 0 149.37 149.37 13,088.18 Mar '09 12 mths
4,134.61 3,146.31 988.3 306.58 8.29 4,217.67 9,695.82 2,068.91 15,982.40
4,443.03 3,462.21 980.82 658.47 8.29 5,736.40 11,974.87 1,511.02 19,222.29
5,224.43 3,754.47 1,469.96 1,212.70 52.34 7,837.02 15,975.50 1,950.51 25,763.03
5,517.59 3,740.00 25,239.99 0 11,957.32 5,708.25 17,665.57 7,574.42 0 8,877.59 976.05 359.06
7,366.17 6,875.00 33,463.46 0 16,632.97 7,608.68 24,241.65 9,221.81 0 10,869.39 1,673.19 220.1
4,616.67 8,364.16 38,743.86 0 23,415.10 4,975.58 28,390.68 10,353.18 0 13,088.18 2,546.25 264.32
Mar '07 12 mths
Mar '08 12 mths
Mar '09 12 mths
19,058.33 1,695.44 17,362.89 482.32 181.37 18,026.58 8,561.41 259.08 2,366.93 1,733.59 887.55 190.5 0 13,999.06 Mar '07 12 mths 3,545.20 4,027.52 43.33 3,984.19
21,775.60 2,234.52 19,541.08 1,023.12 827.33 21,391.53 10,400.69 273.07 2,602.30 1,464.58 1,664.57 216.6 0 16,621.81 Mar '08 12 mths 3,746.60 4,769.72 35.42 4,734.30
28,504.05 1,889.69 26,614.36 1,017.86 1,151.54 28,783.76 15,587.43 341.82 2,982.63 2,086.06 2,414.84 165.12 0 23,577.90 Mar '09 12 mths 4,188.00 5,205.86 30.71 5,175.15
244.61 0 3,739.58 -13.79 3,725.79 1,311.09 2,414.70 5,437.65 0 599.66 92.83 2,447.60 98.66 245 359.06
297.21 0 4,437.09 -12.69 4,424.40 1,565.06 2,859.34 6,221.12 0 746.52 126.87 4,895.20 58.41 152.5 220.1
334.27 0 4,840.88 96.64 4,937.52 1,799.31 3,138.21 7,990.47 0 832.18 141.43 4,895.20 64.11 170 264.32
current liabilities current ratio 7,248.99 1.418281719 8,905.14 1.392049985 11,957.32 1.336620581 16,632.97 1.155673942 23,415.10 1.100274182 total assets debt ratio
6,563.88 0.081808321 7,859.61 0.071026425 8,877.59 0.010062416 10,869.39 0.008756701 13,088.18 0.011412588 OWN BUT HAVE SINCE RISEN CONSIDERABLY net sales profit margin 9,639.00 0.098910675 13,441.45 0.124924022 17,362.89 0.13907247 19,541.08 0.146324563 26,614.36 0.117914164 HAS TAKEN PLACE Net operating profit operating margin 1,303.37 0.135218384 2,223.60 0.165428581 3,545.20 0.204182599 3,746.60 0.191729423 4,188.00 0.157358659
PBDIT 1,563.35 2,565.60 4,027.52 4,769.72 5,205.86 net profit 953.4 1,679.16 2,414.70 2,859.34 3,138.21 EBIT 1,344.48 2,319.67 3,782.91 4,472.51 4,871.59 Tax 616.3 881.61 1,311.09 1,565.06 1,799.31
PBITM 16.21900612 19.08722645 23.19613843 24.40868161 19.56034261 NET PROFIT MARGIN 9.891067538 12.49240223 13.90724701 14.63245634 11.79141636 Total Assets 10,281.11 12,396.40 15,982.40 19,222.29 25,763.03 Net worth 6,026.89 7,301.38 8,788.26 10,774.21 12,938.81 Current Liabilities 7,248.99 8,905.14 11,957.32 16,632.97 23,415.10 return on net worth 2.444046598 13.0931413 23.35775227 12.56899578 9.561543913 ROCE 0.44341253 0.664422014 0.939834736 1.727291335 2.07484465
# of shares 24.48 24.48 24.48 48.95 48.95 # of shares 24.48 24.48 24.48 48.95 48.95 equity 244.76 244.76
dividend/share 7.999673149 14.49991829 24.49991829 15.25004086 17.00061287 Net operating profit/ share 53.2509397 90.84817781 144.8439287 76.53619873 85.5566905 DEBT EQUITY ratio 2.193904233 2.280764831
244.76 0.364969766 489.52 0.194435365 489.52 0.305135643 TING IMPROVEMENT MEASURES Interest expense INTEREST COVERAGE RATIO 81.41 16.51492446 58.75 39.48374468 43.33 87.30463882 35.42 126.270751 30.71 158.6320417 CURIT FOR THE INVESTORS sales INVENTORY TURNOVER RATIO 9,639.00 3.305430865 13,441.45 3.589776117 17,362.89 4.116701876 19,541.08 3.406505822 26,614.36 3.395979594 BY THE MANAGEMENT debtors DEBTORS TURNOVER RATIO 5,972.14 1.613994314 7,168.06 1.875186592 9,695.82 1.790760348 11,974.87 1.63184068 15,975.50 1.665948484 ATIO INDICATING GOOD POLICY MEASURES IN THIS REGARD net assets ASSET TURNOVER RATIO 5,413.01 1.928455702 6,678.22 2.121742021 7,574.42 2.37992876 9,221.81 2.31966718 10,353.18 2.780185412 EVER BEFORE
doc_852323264.xlsx
This is a spreadsheet explains on financial analysis of BHEL.
Balance Sheet of Bharat Heavy Electricals
------------------- in Rs. Cr. -----------------Mar '05 12 mths
Mar '06 12 mths
Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities
244.76 244.76 0 0 5,782.13 0 6,026.89 500 36.98 536.98 6,563.87 Mar '05 12 mths
244.76 244.76 0 0 7,056.62 0 7,301.38 500 58.24 558.24 7,859.62 Mar '06 12 mths
Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets
3,628.50 2,584.70 1,043.80 98.12 8.95 2,916.11 5,972.14 1,392.86 10,281.11
3,821.62 2,839.79 981.83 191.27 8.29 3,744.37 7,168.06 1,483.97 12,396.40
Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs)
1,921.33 1,785.01 13,987.45 0 7,248.99 1,325.45 8,574.44 5,413.01 0 6,563.88 609.68 246.24
4,186.27 2,650.01 19,232.68 0 8,905.14 3,649.32 12,554.46 6,678.22 0 7,859.61 769.95 298.31
Profit & Loss account of Bharat Heavy Electricals
------------------- in Rs. Cr. -----------------Mar '05 12 mths
Mar '06 12 mths
Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses
10,682.15 1,043.15 9,639.00 259.98 539.77 10,438.75 5,097.68 220.54 1,650.38 783.44 1,006.38 116.98 0 8,875.40 Mar '05 12 mths
14,739.46 1,298.01 13,441.45 342 386.01 14,169.46 7,099.40 229.01 1,878.51 1,054.67 1,216.00 126.27 0 11,603.86 Mar '06 12 mths 2,223.60 2,565.60 58.75 2,506.85
Operating Profit PBDIT Interest PBDT
1,303.37 1,563.35 81.41 1,481.94
Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs)
218.87 0 1,263.07 306.6 1,569.67 616.3 953.4 3,777.71 0 195.81 26.64 2,447.60 38.95 80 246.24
245.93 0 2,260.92 299.86 2,560.78 881.61 1,679.16 4,504.46 0 354.9 49.78 2,447.60 68.6 145 298.31
financial ratios : BHEL year
current assets 2005 10,281.11 2006 12,396.40 2007 15,982.40 2008 19,222.29 2009 25,763.03 CURRENT ASSETS HAVE FALLEN SLIGHTLY year total debt 2005 536.98 2006 558.24 2007 89.33 2008 95.18 2009 149.37 TOTAL ASSETS FELL DURING THE YEAR 2008 AS A RESULT OF GLOBAL FINANCIAL MELTDOWN BUT HAVE SINCE RISEN CONSID year net profit 2005 953.4 2006 1,679.16 2007 2,414.70 2008 2,859.34 2009 3,138.21 PROFIT MARGIN HAS REMAINED ALMOST CONSTANT INDICATING NOT MUCH GROWTH HAS TAKEN PLACE profitability ratios year net sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36
OPERATING MARGIN TOO HAS ALMOST REMIANED CONSTANT year 2005 2006 2007 2008 2009 PROFIT HAS FALLEN CONSIDERABLY FALLEN IN THE LAST ONE YEAR year 2005 2006 2007 2008 2009 NET PROFIT THOUGH HAS INCREASED year EBDIT 2005 1,563.35 2006 2,565.60 2007 4,027.52 2008 4,769.72 2009 5,205.86 RETURN ON CAPITAL EMPLOYED HAS BEEN CONSISTENTLY INCREASING year Net sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36 RETURN ON NET WORTH HAS FALLEN FROM 2007 LEVELS CONSIDERABLY INVESTMENT VALUATION RATIOS year 2005 2006 2007 2008 2009 DIVIDEND / SHARE HAS BEEN FLUCTUATING year 2005 2006 2007 2008 2009 NET OPERATING PROFIT HAS CONSIDERABLY RISEN year 2005 2006
net sales 9,639.00 13,441.45 17,362.89 19,541.08 26,614.36 net sales 9,639.00 13,441.45 17,362.89 19,541.08 26,614.36 Depriciation 218.87 245.93 244.61 297.21 334.27 Total expenses 8,875.40 11,603.86 13,999.06 16,621.81 23,577.90
Dividend 195.8 354.9 599.66 746.52 832.18 Net operating profit 1,303.37 2,223.60 3,545.20 3,746.60 4,188.00 debt 536.98 558.24
2007 89.33 2008 95.18 2009 149.37 DEBT TO EQUITY RATIO TOO HAS FLUCTUATED BUT HAS FALLEN CONSIDERABLY INDICATING IMPROVEMENT MEASURES year EBIT 2005 1,344.48 2006 2,319.67 2007 3,782.91 2008 4,472.51 2009 4,871.59 INTEREST COVERAGE RATIO TOO HAS INCREASED CONSIDERABLY INDICATING MORE SECURIT FOR THE INVESTORS year inventory 2005 2,916.11 2006 3,744.37 2007 4,217.67 2008 5,736.40 2009 7,837.02 INVENTORY TURNOVER RATIO TOO HAS IMPROVED INDICATING GOOD PERFORMANCE BY THE MANAGEMENT year sales 2005 9,639.00 2006 13,441.45 2007 17,362.89 2008 19,541.08 2009 26,614.36 DEBT RECOVERY TOO HAS BEEN SMOOTH BECAUSE OF A GOOD DEBTORS TURNOVER RATIO INDICATING GOOD POLICY MEAS year total revenue 2005 10,438.75 2006 14,169.46 2007 18,026.58 2008 21,391.53 2009 28,783.76 ASSETS TOO HAVE RISEN, THE COMPANY REALLY HAS BEEN ON A GROWTH PATH LIKE NEVER BEFORE
Mar '07 12 mths
Mar '08 12 mths
Mar '09 12 mths
244.76 244.76 0 0 8,543.50 0 8,788.26 0 89.33 89.33 8,877.59 Mar '07 12 mths
489.52 489.52 0 0 10,284.69 0 10,774.21 0 95.18 95.18 10,869.39 Mar '08 12 mths
489.52 489.52 0 0 12,449.29 0 12,938.81 0 149.37 149.37 13,088.18 Mar '09 12 mths
4,134.61 3,146.31 988.3 306.58 8.29 4,217.67 9,695.82 2,068.91 15,982.40
4,443.03 3,462.21 980.82 658.47 8.29 5,736.40 11,974.87 1,511.02 19,222.29
5,224.43 3,754.47 1,469.96 1,212.70 52.34 7,837.02 15,975.50 1,950.51 25,763.03
5,517.59 3,740.00 25,239.99 0 11,957.32 5,708.25 17,665.57 7,574.42 0 8,877.59 976.05 359.06
7,366.17 6,875.00 33,463.46 0 16,632.97 7,608.68 24,241.65 9,221.81 0 10,869.39 1,673.19 220.1
4,616.67 8,364.16 38,743.86 0 23,415.10 4,975.58 28,390.68 10,353.18 0 13,088.18 2,546.25 264.32
Mar '07 12 mths
Mar '08 12 mths
Mar '09 12 mths
19,058.33 1,695.44 17,362.89 482.32 181.37 18,026.58 8,561.41 259.08 2,366.93 1,733.59 887.55 190.5 0 13,999.06 Mar '07 12 mths 3,545.20 4,027.52 43.33 3,984.19
21,775.60 2,234.52 19,541.08 1,023.12 827.33 21,391.53 10,400.69 273.07 2,602.30 1,464.58 1,664.57 216.6 0 16,621.81 Mar '08 12 mths 3,746.60 4,769.72 35.42 4,734.30
28,504.05 1,889.69 26,614.36 1,017.86 1,151.54 28,783.76 15,587.43 341.82 2,982.63 2,086.06 2,414.84 165.12 0 23,577.90 Mar '09 12 mths 4,188.00 5,205.86 30.71 5,175.15
244.61 0 3,739.58 -13.79 3,725.79 1,311.09 2,414.70 5,437.65 0 599.66 92.83 2,447.60 98.66 245 359.06
297.21 0 4,437.09 -12.69 4,424.40 1,565.06 2,859.34 6,221.12 0 746.52 126.87 4,895.20 58.41 152.5 220.1
334.27 0 4,840.88 96.64 4,937.52 1,799.31 3,138.21 7,990.47 0 832.18 141.43 4,895.20 64.11 170 264.32
current liabilities current ratio 7,248.99 1.418281719 8,905.14 1.392049985 11,957.32 1.336620581 16,632.97 1.155673942 23,415.10 1.100274182 total assets debt ratio
6,563.88 0.081808321 7,859.61 0.071026425 8,877.59 0.010062416 10,869.39 0.008756701 13,088.18 0.011412588 OWN BUT HAVE SINCE RISEN CONSIDERABLY net sales profit margin 9,639.00 0.098910675 13,441.45 0.124924022 17,362.89 0.13907247 19,541.08 0.146324563 26,614.36 0.117914164 HAS TAKEN PLACE Net operating profit operating margin 1,303.37 0.135218384 2,223.60 0.165428581 3,545.20 0.204182599 3,746.60 0.191729423 4,188.00 0.157358659
PBDIT 1,563.35 2,565.60 4,027.52 4,769.72 5,205.86 net profit 953.4 1,679.16 2,414.70 2,859.34 3,138.21 EBIT 1,344.48 2,319.67 3,782.91 4,472.51 4,871.59 Tax 616.3 881.61 1,311.09 1,565.06 1,799.31
PBITM 16.21900612 19.08722645 23.19613843 24.40868161 19.56034261 NET PROFIT MARGIN 9.891067538 12.49240223 13.90724701 14.63245634 11.79141636 Total Assets 10,281.11 12,396.40 15,982.40 19,222.29 25,763.03 Net worth 6,026.89 7,301.38 8,788.26 10,774.21 12,938.81 Current Liabilities 7,248.99 8,905.14 11,957.32 16,632.97 23,415.10 return on net worth 2.444046598 13.0931413 23.35775227 12.56899578 9.561543913 ROCE 0.44341253 0.664422014 0.939834736 1.727291335 2.07484465
# of shares 24.48 24.48 24.48 48.95 48.95 # of shares 24.48 24.48 24.48 48.95 48.95 equity 244.76 244.76
dividend/share 7.999673149 14.49991829 24.49991829 15.25004086 17.00061287 Net operating profit/ share 53.2509397 90.84817781 144.8439287 76.53619873 85.5566905 DEBT EQUITY ratio 2.193904233 2.280764831
244.76 0.364969766 489.52 0.194435365 489.52 0.305135643 TING IMPROVEMENT MEASURES Interest expense INTEREST COVERAGE RATIO 81.41 16.51492446 58.75 39.48374468 43.33 87.30463882 35.42 126.270751 30.71 158.6320417 CURIT FOR THE INVESTORS sales INVENTORY TURNOVER RATIO 9,639.00 3.305430865 13,441.45 3.589776117 17,362.89 4.116701876 19,541.08 3.406505822 26,614.36 3.395979594 BY THE MANAGEMENT debtors DEBTORS TURNOVER RATIO 5,972.14 1.613994314 7,168.06 1.875186592 9,695.82 1.790760348 11,974.87 1.63184068 15,975.50 1.665948484 ATIO INDICATING GOOD POLICY MEASURES IN THIS REGARD net assets ASSET TURNOVER RATIO 5,413.01 1.928455702 6,678.22 2.121742021 7,574.42 2.37992876 9,221.81 2.31966718 10,353.18 2.780185412 EVER BEFORE
doc_852323264.xlsx