Description
This is a spreadsheet on financial analysis of Punjab Communications.
Punjab Communications Limited. Balance Sheet (in Rs. Cr.)
Mar '05 12 mths Sources Of Funds Share Capital Reserves and surplus Networth Loan Funds Secured Loans Deffered Tax Liability Total Application Of Funds Fixed Assets Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Deffered Tax Assets Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Less : Current Liabilities&Provisions Current Liabilities Net Current Assets Miscellaneous Expenses Total
Mar '06 12 mths
Mar '07 12 mths
12.05 108.54 120.59 2.97 0.85 124.41
12.05 102.4 114.45 2.98 0.61 118.04
12.05 95.14 107.19 1.77 0.42 109.37
52.07 40.66 11.41 0.05 8.51 0
52.14 41.9 10.24 0.05 8.51 0
51.59 42.56 9.03 0 1.16 0
30 36.67 1.69 68.36 5.19 61.28 134.83
13.44 42.73 2.2 58.37 7.12 61.73 127.22
11.44 30.92 1.96 44.32 4.97 76.39 125.68
36.39 98.44 5.15 123.56
31.3 95.92 2.69 117.41
27.2 98.48 0.27 108.94
SUBMITTED BY:
NEHA GAUR ROLL NO. 19 MBA-GEN (I) SECTION A
Mar '08 12 mths Mar '09 12 mths
12.05 92.35 104.4 1.03 0.26 105.69
12.05 95.52 107.57 1.39 0 108.95
52.01 43.77 8.24 0 1.16 0
52.05 44.79 7.26 0 1.16 0.61
7.22 17.62 4.07 28.91 4.99 85.71 119.61
4.8 26.5 98.07 129.37 7.8 0 137.17
23.73 95.88 0.15 105.43
36.65 100.52 0.02 108.96
Punjab Communications Limited.
Profit & Loss Account
Mar '05 12 mths
Mar '06 12 mths
Mar '07 12 mths
Mar '08 12 mths
Earned From Sales Turnover (gross) Less: Excise Duty Net Sales Stock Adjustments Provision for bad debt & advances written back Other Income Total Paid & Provided For Raw Materials Manufacturing Expenses Administration and Other Expenses Personnel Costs Selling and Distribution Costs Financial Charges Amount Written Off Provision for Obsolete & Slow Moving Stocks Provision for Doubtful Debts and Advances Provision for Excise Demand Depreciation Total Profit/Loss from operations Profit/Loss Before Tax Less: Fringe Benefit Tax Add
effered Tax Adjustment (DTA) Total
41.25 2.94 38.41 1.08 0 6.3 45.8 33.4 1.08 2.38 11.83 2.16 0.53 0.44 1.05 0.38 0.11 1.87 55.2 -9.5 -9.5 0 0.03 -9.42
61.33 4.63 56.8 -1.85 0 6.31 61.27 47.3 1.66 2.02 11.63 1.41 0.54 0.37 0.81 0.16 0.11 1.58 67.6 -6.3 -6.3 0.09 0.24 -6.17
39.12 3.52 35.7 0.49 0.07 6.7 42.96 29.6 1.53 2.09 12.72 0.56 0.46 0.3 1.35 0.06 0.11 1.39 50.1 -7.2 -7.2 0.07 0.2 -7.05
8.47 1.01 7.56 -0.73 0.47 10.2 17.5 4.67 0.87 1.36 10.03 0.27 0.22 0.13 1.44 0.2 0.11 1.22 20.4 -2.9 -2.9 0.05 0.16 -2.81
PROFIT AVAILABLE FOR APPROPRIATIONS Opening Balance Earned during the year Less(-)/Add Prior Period adjustment(Net) Total APPROPRIATIONS Transferred to General Reserve Balance carried forward to Balance Sheet Basic /Diluted Earning per share
0.05 -9.42 -0.14 -9.5
0.05 -6.17 0.03 -6.1
0 -7.05 -0.21 -7.26
0 -2.81 0.03 -2.8
-9.5 0.05
-6.1 0
-7.26 0
-2.8 0
-7.82
-5.12
-5.85
-2.33
(in Rs. Cr.) Mar '09 12 mths
129.71 1.33 128.48 -0.28 0.23 11 139.44 121.22 0.89 1.27 10.07 0.31 0.26 0.16 2.19 0.08 0.11 1.04 137.6 1.84 1.84 0.04 0.87 2.67
0 2.67 0.51 3.17
3.17 0
2.22
FINANCIAL RATIOS
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
CURRENT ASSETS
CURRENT RATIO CURRENT LIABILITIES 1685648622 1348280165 1272247103 1256888398 1196102590 1365624583
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
QUICK ASSETS
QUICK RATIO CURRENT LIABILITIES 1518255250 1048245461 1137871620 1142460629 1123859708 1317623154
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
ABSOLUTE LIQUID ASSETS
ABSOLUTE LIQUIDITY RATIO CURRENT LIABILITIES 1162212753 629693654 639316386 783538014 897758434 980660955
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPENING DEBTORS
DEBTOR TURNOVER RATIO AND AVERAGE COLLECTION PERIOD CLOSING DEBTORS 297178774 366653454 366653454 427313873 427313873 310165703 310165703 176169464 176169464 265044298
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPENING STOCK 167393372 300034704 134375483 114427769 72242882
INVENTORY TURNOVER RATIO AND INVENTORY PERIOD CLOSING STOCK 300034704 134375483 114427769 72242882 48001429
OPERATING CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG.
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPERATING CYCLE AVERAGE INVENTORY HOLDING PERIOD AVERAGE DEBT COLLECTION PERIOD 163.64 289.7 121.21 233.03 94.49 338.93 186.53 1032.23 15.97 61.23
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
GROSS PROFIT
GROSS PROFIT RATIO SALES 192.4 -945.45 -633.1 -717.06 -291.91 183.92
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
NET PROFIT
NET PROFIT RATIO SALES 173.39 -956.25 -609.37 -725.77 -278.16 317.21
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
PROFIT MARGIN SALES 190.49 -942.02 -617.35 -704.55 -281.25 266.54
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
RETURN ON EQUITY EQUITY 190.49 -942.02 -617.35 -704.55 -281.25 266.54
16623.06 12059.16 11444.37 10718.31 10439.84 10756.77
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
TOTAL ASSETS
ASSET TURNOVER SALES 18178.13 14628.8 13751.65 13472.08 12784.56 14381.92
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
TOTAL ASSETS
RETURN ON ASSETS PROFIT AFTER TAX 18178.13 14628.8 13751.65 13472.08 12784.56 14381.92
190.49 -942.02 -617.35 -704.55 -281.25 266.54
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
EARNINGS PER SHARE NO. OF EQUITY SHARES -942.02 -617.35 -704.55 -281.25 266.54
120.242 120.242 120.235 120.235 120.235
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
DEBT
DEBT TO EQUITY RATIO EQUITY 1599.31 297.02 297.65 176.63 102.67 138.53
16623.06 12059.16 11444.37 10718.31 10439.84 10756.77
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
INTEREST
INTEREST COVER PROFIT BEFORE INTEREST AND TAX 26.36 166.04 30.35 -975.8 54.44 -687.54 45.51 -762.57 22.04 -313.95 25.49 158.43
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
YEAR END AVG. STOCK PRICE
PRICE EARNINGS RATIO EPS 49.15 49.53 38.58 47.1 14.97
-6.44 -4.49 -5.23 -2.2 1.85
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
MARKET PRICE PER SHARE
PRICE TO BOOK RATIO BOOK VALUE PER SHARE 59.9 87.9 58.4 58.85 35.2
100.29 95.18 89.14 86.83 89.46
CURRENT RATIO 11.4 3.79 4.15 4.65 5.1 3.73
QUICK RATIO 10.27 2.89 3.68 4.23 4.79 3.59
RATIO 7.86 1.77 2.08 2.9 3.83 2.68
O AND AVERAGE COLLECTION PERIOD SALES DEBTOR TURNOVER RATIO COLLECTION PERIOD 412439814 1.24 289.7 613288671 1.54 233.03 391151881 1.06 338.93 84637667 0.35 1032.23 1297057777 5.88 61.23
ER RATIO AND INVENTORY PERIOD COGS ITR 515214997 644312486 473539186 179856156 1355122712
2.2 2.97 3.81 1.93 22.54
INVENTORY PERIOD 163.64 121.21 94.49 186.53 15.97
NG CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG. INVENTORY HOLDING PERIOD
OPERATING CYCLE 453.34 354.24 433.42 1218.76 77.2
GROSS PROFIT RATIO 4.69 -22.92 -10.32 -18.33 -34.49 1.42
NET PROFIT RATIO 4.22 -23.19 -9.94 -18.56 -32.86 2.45
PROFIT MARGIN 4.64 -22.84 -10.07 -18.01 -33.23 2.05
RETURN ON EQUITY 1.15 -7.81 -5.39 -6.57 -2.69 2.48
ASSET TURNOVER 0.23 0.28 0.45 0.29 0.07 0.9
RETURN ON ASSETS 1.05 -6.44 -4.49 -5.23 -2.2 1.85
EPS -6.44 -4.49 -5.23 -2.2 1.85
DEBT TO EQUITY RATIO 0.1 0.025 0.026 0.016 0.01 0.013
INTEREST COVER 6.3 -32.15 -12.63 -16.76 -14.24 6.22
P.E. RATIO -7.63 -11.03 -7.38 -21.41 8.09
PRICE TO BOOK RATIO 0.6 0.92 0.66 0.68 0.39
INTERPRETATION AND COMMENTS
CURRENT RATIO
12 10 8 6 4 2 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 CURRENT RATIO
QUICK RATIO
12 10 8 6 4 2 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 QUICK RATIO
ABSOLUTE LIQUIDITY RATIO
9 8 7 6 5 4 3 2 1 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 ABSOLUTE LIQUIDITY RATIO
1200 1000 800 600 400 200 0 2004-05 2005-06 2006-07 2007-08 2008-09 DEBTOR TURNOVER RATIO COLLECTION PERIOD
200 180 160 140 120 100 80 INVENTORY PERIOD ITR
80 60 40 20 0 2004-05 2005-06 2006-07 2007-08 2008-09
ITR
OPERATING CYCLE
1400 1200 1000 800 600 400 200 0 2004-05 2005-06 2006-07 2007-08 2008-09 OPERATING CYCLE
GROSS PROFIT RATIO
10 5 0 -5 -10 -15 -20 -25 -30 -35 -40 GROSS PROFIT RATIO 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
NET PROFIT RATIO
10 5 0 -5 -10 -15 -20 -25 -30 -35 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 NET PROFIT RATIO
PROFIT MARGIN
10 5 0 -5 -10 -15 -20 -25 -30 -35 -40 PROFIT MARGIN 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
RETURN ON EQUITY
4 2 0 -2 -4 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 RETURN ON EQUITY
-4 -6 -8 -10
ASSET TURNOVER
1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
ASSET TURNOVER
RETURN ON ASSETS
3 2 1 0 -1 -2 -3 -4 -5 -6 -7 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 RETURN ON ASSETS
EPS
3 2 1 0 -1 -2 -3 -4 -5 -6 -7 2004-05 2005-06 2006-07 2007-08 2008-09 EPS
DEBT TO EQUITY RATIO
0.12 0.1 0.08 0.06 0.04 0.02 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 DEBT TO EQUITY RATIO
INTEREST COVER
10 5 0 -5 -10 -15 -20 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 INTEREST COVER
-15 -20 -25 -30 -35
P.E. RATIO
10 5 0 -5 -10 -15 -20 -25 2004-05 2005-06 2006-07 2007-08 2008-09 P.E. RATIO
PRICE TO BOOK RATIO
1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2004-05 2005-06 2006-07 2007-08 2008-09
PRICE TO BOOK RATIO
THIS RATIO IS AN INDICATOR OF A COMPANY'S ABILITY TO PAY ITS DEBTS IN SHORT TERM. IT SHOWS THE AMOUNT OF CURRENT ASSETS A COMPANY HAS PER RUPEE OF CURRENT LIABILITIES.
THE OPTIMUM LEVEL IS 2. THIS COMPANY HAS LARGE CURRENT RATIO IN THE BEGINNING WHICH ME OVER A PERIOD OF 5 YEARS, THIS RATIO MOVES TOWARDS AN OPTIMAL VALUE.
THIS RATIO DOES NOT INCLUDES INVENTORIES AS INVENTORIES ARE NOT AS LIQUID AS CASH. AN OPTIMAL VALUE FOR THIS RATIO IS 1.5. A LARGE QUICK RATIO IN THE BEGINNING AND THEN SHARP DECLINE AIMS AT REACHING THE OPTIMA
THIS RATIO IS AN INDICATOR OF THE COMPANY'S ABILITY TO USE ITS ABSOLUTELY LIQUID ASSETS TO M AN OPTIMAL VALUE FOR THIS RATIO IS 1 THIS RATIO ALSO HAS A VERY HIGH VALUE IN THE BEGINNING THOUGH IT STARTS FALLING BUT STILL I THIS SHOWS THAT THE COMPANY'S CURRENT ASSETS ARE NOT BEING UTILIZED PROPERLY AND ARE B
DEBTOR TURNOVER MEASURES THE EFFICACY OF A FIRM'S CREDIT AND COLLECTION POLICY AND SHO IT PROVIDES SOME INDICATION OF THE QUALITY OF A FIRM'S DEBTORS AND COLLECTION EFFORTS. DEBTOR TURNOVER RATIO FOR THIS COMPANY IS QUITE LOW AND COLLECTION PERIOD REACHES ABO THIS INDICATES THAT THE DEBTORS ARE NOT CONVERTED RAPIDLY INTO CASH AND COMPANY'S DEBT
INVENTORY TURNOVER RATIO SHOWS THE NUMBER OF TIMES A COMPANY'S INVENTORY IS TURNED
THIS RATIO SHOULD BE HIGH WHICH INDICATES EFFICIENT INVENTORY MANAGEMENT. THIS RATIO IS LOW THOUGH IT IS INCREASING FOR 08-09. BUT STILL IT IS QUITE LOW AS IT IS AROUND
OPERATING CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG. INVENTORY HOLDING PERIOD
OPERATING CYCLE DECREASES IN 08-09 WHICH IMPLIES THAT THE COMPANY'S FUNDS WERE HELD UP
GROSS PROFIT IS NEGATIVE FOR THE 4 YEARS THOUGH IT INCREASES IN THE LAST YEAR. TH
GROSS PROFIT RATIO
NET PROFIT IS ALSO NEGATIVE FOR THE FOUR YEARS THOUGH IT ALSO INCREASES IN THE L THIS SHOWS THAT THE COMPANY IS IN LOSSES.
NET PROFIT RATIO
PROFIT MARGIN OR RETURN ON SALES MEASURES THE AMOUNT OF NET PROFIT EARNED IT IS ALSO NEGATIVE WHICH IMPLIES COMPANY IS IN LOSSES FOR 4 YEARS IN BETWEEN. BU
PROFIT MARGIN
THIS IS A MEASURE OF PROFITABILITY FROM STANDPOINT OF COMPANY'S SHAREHOLDERS. IT MEASU
IT IS HIGHER THAN RETURN ON ASSETS WHICH IMPLIES THAT THE COMPANY EARNED MORE PER RUPE BUT IT IS STILL MISERABLE AS IT IS NEGATIVE.
IT MEASURES THE TURNOVER OF ALL THE FIRM'S ASSETS. IT RISES IN THE LAST PERIOD WHICH IMPLIES THAT THE FIRM'S ASSETS ARE BEING MORE EFFICIENTLY
THIS IS A MEASURE OF PROFITABILITY FROM A GIVEN LEVEL OF INVESTMENT. IT IS ALSO NEGATIVE FOR THE MIDDLE 4 YEARS BUT IT INCREASES SHARPLY IN THE LAST PERIOD INDIC
IT IS ALSO A MEASURE OF PROFITABILTIY. IT IS USEFUL IN COMPARING PERFORMANCE OF A COMPAN IT IS NEGATIVE INITIALLY THOUGH IT RISES SHARPLY AND FINALLY BECOMES POSITIVE IN 08-09
IT MEASURES THE RELATIONSHIP OF THE CAPITAL PROVIDED BY CREDITORS TO THE AMOUNT PROVID IT INDICATES THE EXTENT OF USE OF FINANCIAL LEVERAGE. HIGH RATIO INDICATES AGGRESSIVE USE O THIS COMPANY HAS HIGHER VALUE INITIALLY THOUGH IT BECOMES CLOSE TO 0.01 IN 08-09 WHICH M
THIS IS THE MEASURE OF PROTECTION AVAILABLE TO CREDITORS FOR PAYMENT OF INTEREST CHARGE IT SHOWS WHETHER THE COMPANY HAS SUFFICIENT INCOME TO COVER ITS INTEREST REQUIREMENT THIS RATIO IS NEGATIVE FOR 4 YRS AND THEN BECOMES POSITIVE IN THE LAST YEAR WHICH IMPLIES T
IT IS AN INDICATOR OF A FIRM'S GROWTH PROSPECTS. THIS RATIO IS MOST NEGATIVE IN 07-08 WHICH SHOWS LOSS OF STOCK MARKET'S CONFIDENCE IN TH
IT COMPARES THE MARKET PRICE OF A COMPANY'S SHARE WITH ITS BOOK VALUE. BOOK VALUE IS EQUAL TO THE AMOUNT OF SHAREHOLDER'S EQUITY DIVIDED BY THE NUMBER OF SH
IT DECREASES IN THE LATER YEARS WHICH INDICATES THAT THE STOCK IS UNDERPRICED. THIS RATIO IF MORE THAN 1 IMPLIES THAT THE MARKET EXPECTS THE STOCK TO EARN AT A HIGHER R
EBTS IN SHORT TERM. RUPEE OF CURRENT LIABILITIES.
IO IN THE BEGINNING WHICH MEANS THAT THE CURRENT ASSETS ARE NOT OPTIMALLY UTILIZED MAL VALUE.
NOT AS LIQUID AS CASH.
E AIMS AT REACHING THE OPTIMAL VALUE THOUGH IT STILL IS QUITE HIGH
S ABSOLUTELY LIQUID ASSETS TO MEET ITS CURRENT LIABILITIES. IT INCLUDES CASH AND MARKETABLE SECURITITES.
GH IT STARTS FALLING BUT STILL IS MUCH HIGHER THAN THAT REQD. G UTILIZED PROPERLY AND ARE BEING WASTED.
ND COLLECTION POLICY AND SHOWS THE NO. OF TIMES EACH YEAR THE DEBTORS TURN INTO CASH ORS AND COLLECTION EFFORTS. COLLECTION PERIOD REACHES ABOVE 1000 DAYS FOR 07-08 WHICH SHOULD NOT BE THE CASE NTO CASH AND COMPANY'S DEBTOR PORTFOLIO IS NOT GOOD.
MPANY'S INVENTORY IS TURNED INTO SALES. INVESTMENT IN INVENTORY REPRESENTS IDLE CASH.
RY MANAGEMENT. IT IS QUITE LOW AS IT IS AROUND 20 AND THE COMPANY NEEDS TO WORK UPON ITS EFFICIENCY OF ITS INVENTORY UTILIZATION.
NVENTORY HOLDING PERIOD
OMPANY'S FUNDS WERE HELD UP IN RECEIVABLES AND INVENTORIES FOR A SHORTER PERIOD AS COMPARED TO THE EARLIER YEARS.
T INCREASES IN THE LAST YEAR. THIS SHOWS THAT THE COMPANY IS OPERATING AT LOSSES FOR THAT SPECIFIC PERIOD.
OUGH IT ALSO INCREASES IN THE LAST YEAR.
MOUNT OF NET PROFIT EARNED BY EACH RUPEE OF REVENUE. SSES FOR 4 YEARS IN BETWEEN. BUT IT IS WORKING TOWARDS A HIGHER PROFIT MARGIN AS SHOWN IN THE LAST YEAR.
ANY'S SHAREHOLDERS. IT MEASURES THE EFFIENCY WITH WHICH SHAREHOLDER'S FUNDS ARE EMPLOYED.
OMPANY EARNED MORE PER RUPEE OF SHAREHOLDER'S FUNDS THAN PER RUPEE OF ASSETS.
TS ARE BEING MORE EFFICIENTLY UTILIZED TO EARN THE REVENUE.
ARPLY IN THE LAST PERIOD INDICATING A HIGHER LEVEL OF PROFIT FROM TOTAL ASSETS.
NG PERFORMANCE OF A COMPANY OVER TIME. ECOMES POSITIVE IN 08-09
DITORS TO THE AMOUNT PROVIDED BY SHAREHOLDERS. TIO INDICATES AGGRESSIVE USE OF LEVERAGE AND THIS MAKES THE COMPANY MORE RISKY FOR CREDITORS. CLOSE TO 0.01 IN 08-09 WHICH MEANS THAT HIGHER EQUITY IS USED THAN DEBT OR THAT THE COMPANY IS FOLLOWING A CONSERVAT
R PAYMENT OF INTEREST CHARGES BY THE COMPANY. OVER ITS INTEREST REQUIREMENTS BY A WIDE MARGIN. N THE LAST YEAR WHICH IMPLIES THAT THE COMPANY DOES NOT HAS ADEQUATE SAFETY FOR PAYMENT OF INTEREST.
OCK MARKET'S CONFIDENCE IN THE COMPANY'S FUTURE EARNINGS GROWTH.
BOOK VALUE. Y DIVIDED BY THE NUMBER OF SHARES.
CK IS UNDERPRICED. HE STOCK TO EARN AT A HIGHER RATE THAN THE REQD. RATE.
SECURITITES.
S INVENTORY UTILIZATION.
PARED TO THE EARLIER YEARS.
PECIFIC PERIOD.
N THE LAST YEAR.
ANY IS FOLLOWING A CONSERVATIVE POLICY OF LEVERAGING.
T OF INTEREST.
doc_320631093.xlsx
This is a spreadsheet on financial analysis of Punjab Communications.
Punjab Communications Limited. Balance Sheet (in Rs. Cr.)
Mar '05 12 mths Sources Of Funds Share Capital Reserves and surplus Networth Loan Funds Secured Loans Deffered Tax Liability Total Application Of Funds Fixed Assets Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Deffered Tax Assets Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Less : Current Liabilities&Provisions Current Liabilities Net Current Assets Miscellaneous Expenses Total
Mar '06 12 mths
Mar '07 12 mths
12.05 108.54 120.59 2.97 0.85 124.41
12.05 102.4 114.45 2.98 0.61 118.04
12.05 95.14 107.19 1.77 0.42 109.37
52.07 40.66 11.41 0.05 8.51 0
52.14 41.9 10.24 0.05 8.51 0
51.59 42.56 9.03 0 1.16 0
30 36.67 1.69 68.36 5.19 61.28 134.83
13.44 42.73 2.2 58.37 7.12 61.73 127.22
11.44 30.92 1.96 44.32 4.97 76.39 125.68
36.39 98.44 5.15 123.56
31.3 95.92 2.69 117.41
27.2 98.48 0.27 108.94
SUBMITTED BY:
NEHA GAUR ROLL NO. 19 MBA-GEN (I) SECTION A
Mar '08 12 mths Mar '09 12 mths
12.05 92.35 104.4 1.03 0.26 105.69
12.05 95.52 107.57 1.39 0 108.95
52.01 43.77 8.24 0 1.16 0
52.05 44.79 7.26 0 1.16 0.61
7.22 17.62 4.07 28.91 4.99 85.71 119.61
4.8 26.5 98.07 129.37 7.8 0 137.17
23.73 95.88 0.15 105.43
36.65 100.52 0.02 108.96
Punjab Communications Limited.
Profit & Loss Account
Mar '05 12 mths
Mar '06 12 mths
Mar '07 12 mths
Mar '08 12 mths
Earned From Sales Turnover (gross) Less: Excise Duty Net Sales Stock Adjustments Provision for bad debt & advances written back Other Income Total Paid & Provided For Raw Materials Manufacturing Expenses Administration and Other Expenses Personnel Costs Selling and Distribution Costs Financial Charges Amount Written Off Provision for Obsolete & Slow Moving Stocks Provision for Doubtful Debts and Advances Provision for Excise Demand Depreciation Total Profit/Loss from operations Profit/Loss Before Tax Less: Fringe Benefit Tax Add
effered Tax Adjustment (DTA) Total41.25 2.94 38.41 1.08 0 6.3 45.8 33.4 1.08 2.38 11.83 2.16 0.53 0.44 1.05 0.38 0.11 1.87 55.2 -9.5 -9.5 0 0.03 -9.42
61.33 4.63 56.8 -1.85 0 6.31 61.27 47.3 1.66 2.02 11.63 1.41 0.54 0.37 0.81 0.16 0.11 1.58 67.6 -6.3 -6.3 0.09 0.24 -6.17
39.12 3.52 35.7 0.49 0.07 6.7 42.96 29.6 1.53 2.09 12.72 0.56 0.46 0.3 1.35 0.06 0.11 1.39 50.1 -7.2 -7.2 0.07 0.2 -7.05
8.47 1.01 7.56 -0.73 0.47 10.2 17.5 4.67 0.87 1.36 10.03 0.27 0.22 0.13 1.44 0.2 0.11 1.22 20.4 -2.9 -2.9 0.05 0.16 -2.81
PROFIT AVAILABLE FOR APPROPRIATIONS Opening Balance Earned during the year Less(-)/Add Prior Period adjustment(Net) Total APPROPRIATIONS Transferred to General Reserve Balance carried forward to Balance Sheet Basic /Diluted Earning per share
0.05 -9.42 -0.14 -9.5
0.05 -6.17 0.03 -6.1
0 -7.05 -0.21 -7.26
0 -2.81 0.03 -2.8
-9.5 0.05
-6.1 0
-7.26 0
-2.8 0
-7.82
-5.12
-5.85
-2.33
(in Rs. Cr.) Mar '09 12 mths
129.71 1.33 128.48 -0.28 0.23 11 139.44 121.22 0.89 1.27 10.07 0.31 0.26 0.16 2.19 0.08 0.11 1.04 137.6 1.84 1.84 0.04 0.87 2.67
0 2.67 0.51 3.17
3.17 0
2.22
FINANCIAL RATIOS
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
CURRENT ASSETS
CURRENT RATIO CURRENT LIABILITIES 1685648622 1348280165 1272247103 1256888398 1196102590 1365624583
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
QUICK ASSETS
QUICK RATIO CURRENT LIABILITIES 1518255250 1048245461 1137871620 1142460629 1123859708 1317623154
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
ABSOLUTE LIQUID ASSETS
ABSOLUTE LIQUIDITY RATIO CURRENT LIABILITIES 1162212753 629693654 639316386 783538014 897758434 980660955
147892970 355340704 306883846 270112714 234660023 366541274
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPENING DEBTORS
DEBTOR TURNOVER RATIO AND AVERAGE COLLECTION PERIOD CLOSING DEBTORS 297178774 366653454 366653454 427313873 427313873 310165703 310165703 176169464 176169464 265044298
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPENING STOCK 167393372 300034704 134375483 114427769 72242882
INVENTORY TURNOVER RATIO AND INVENTORY PERIOD CLOSING STOCK 300034704 134375483 114427769 72242882 48001429
OPERATING CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG.
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
OPERATING CYCLE AVERAGE INVENTORY HOLDING PERIOD AVERAGE DEBT COLLECTION PERIOD 163.64 289.7 121.21 233.03 94.49 338.93 186.53 1032.23 15.97 61.23
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
GROSS PROFIT
GROSS PROFIT RATIO SALES 192.4 -945.45 -633.1 -717.06 -291.91 183.92
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
NET PROFIT
NET PROFIT RATIO SALES 173.39 -956.25 -609.37 -725.77 -278.16 317.21
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
PROFIT MARGIN SALES 190.49 -942.02 -617.35 -704.55 -281.25 266.54
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
RETURN ON EQUITY EQUITY 190.49 -942.02 -617.35 -704.55 -281.25 266.54
16623.06 12059.16 11444.37 10718.31 10439.84 10756.77
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
TOTAL ASSETS
ASSET TURNOVER SALES 18178.13 14628.8 13751.65 13472.08 12784.56 14381.92
4106.49 4124.4 6132.89 3911.52 846.38 12970.58
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
TOTAL ASSETS
RETURN ON ASSETS PROFIT AFTER TAX 18178.13 14628.8 13751.65 13472.08 12784.56 14381.92
190.49 -942.02 -617.35 -704.55 -281.25 266.54
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
PROFIT AFTER TAX
EARNINGS PER SHARE NO. OF EQUITY SHARES -942.02 -617.35 -704.55 -281.25 266.54
120.242 120.242 120.235 120.235 120.235
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
DEBT
DEBT TO EQUITY RATIO EQUITY 1599.31 297.02 297.65 176.63 102.67 138.53
16623.06 12059.16 11444.37 10718.31 10439.84 10756.77
YEAR 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
INTEREST
INTEREST COVER PROFIT BEFORE INTEREST AND TAX 26.36 166.04 30.35 -975.8 54.44 -687.54 45.51 -762.57 22.04 -313.95 25.49 158.43
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
YEAR END AVG. STOCK PRICE
PRICE EARNINGS RATIO EPS 49.15 49.53 38.58 47.1 14.97
-6.44 -4.49 -5.23 -2.2 1.85
YEAR 2004-05 2005-06 2006-07 2007-08 2008-09
MARKET PRICE PER SHARE
PRICE TO BOOK RATIO BOOK VALUE PER SHARE 59.9 87.9 58.4 58.85 35.2
100.29 95.18 89.14 86.83 89.46
CURRENT RATIO 11.4 3.79 4.15 4.65 5.1 3.73
QUICK RATIO 10.27 2.89 3.68 4.23 4.79 3.59
RATIO 7.86 1.77 2.08 2.9 3.83 2.68
O AND AVERAGE COLLECTION PERIOD SALES DEBTOR TURNOVER RATIO COLLECTION PERIOD 412439814 1.24 289.7 613288671 1.54 233.03 391151881 1.06 338.93 84637667 0.35 1032.23 1297057777 5.88 61.23
ER RATIO AND INVENTORY PERIOD COGS ITR 515214997 644312486 473539186 179856156 1355122712
2.2 2.97 3.81 1.93 22.54
INVENTORY PERIOD 163.64 121.21 94.49 186.53 15.97
NG CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG. INVENTORY HOLDING PERIOD
OPERATING CYCLE 453.34 354.24 433.42 1218.76 77.2
GROSS PROFIT RATIO 4.69 -22.92 -10.32 -18.33 -34.49 1.42
NET PROFIT RATIO 4.22 -23.19 -9.94 -18.56 -32.86 2.45
PROFIT MARGIN 4.64 -22.84 -10.07 -18.01 -33.23 2.05
RETURN ON EQUITY 1.15 -7.81 -5.39 -6.57 -2.69 2.48
ASSET TURNOVER 0.23 0.28 0.45 0.29 0.07 0.9
RETURN ON ASSETS 1.05 -6.44 -4.49 -5.23 -2.2 1.85
EPS -6.44 -4.49 -5.23 -2.2 1.85
DEBT TO EQUITY RATIO 0.1 0.025 0.026 0.016 0.01 0.013
INTEREST COVER 6.3 -32.15 -12.63 -16.76 -14.24 6.22
P.E. RATIO -7.63 -11.03 -7.38 -21.41 8.09
PRICE TO BOOK RATIO 0.6 0.92 0.66 0.68 0.39
INTERPRETATION AND COMMENTS
CURRENT RATIO
12 10 8 6 4 2 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 CURRENT RATIO
QUICK RATIO
12 10 8 6 4 2 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 QUICK RATIO
ABSOLUTE LIQUIDITY RATIO
9 8 7 6 5 4 3 2 1 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 ABSOLUTE LIQUIDITY RATIO
1200 1000 800 600 400 200 0 2004-05 2005-06 2006-07 2007-08 2008-09 DEBTOR TURNOVER RATIO COLLECTION PERIOD
200 180 160 140 120 100 80 INVENTORY PERIOD ITR
80 60 40 20 0 2004-05 2005-06 2006-07 2007-08 2008-09
ITR
OPERATING CYCLE
1400 1200 1000 800 600 400 200 0 2004-05 2005-06 2006-07 2007-08 2008-09 OPERATING CYCLE
GROSS PROFIT RATIO
10 5 0 -5 -10 -15 -20 -25 -30 -35 -40 GROSS PROFIT RATIO 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
NET PROFIT RATIO
10 5 0 -5 -10 -15 -20 -25 -30 -35 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 NET PROFIT RATIO
PROFIT MARGIN
10 5 0 -5 -10 -15 -20 -25 -30 -35 -40 PROFIT MARGIN 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
RETURN ON EQUITY
4 2 0 -2 -4 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 RETURN ON EQUITY
-4 -6 -8 -10
ASSET TURNOVER
1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09
ASSET TURNOVER
RETURN ON ASSETS
3 2 1 0 -1 -2 -3 -4 -5 -6 -7 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 RETURN ON ASSETS
EPS
3 2 1 0 -1 -2 -3 -4 -5 -6 -7 2004-05 2005-06 2006-07 2007-08 2008-09 EPS
DEBT TO EQUITY RATIO
0.12 0.1 0.08 0.06 0.04 0.02 0 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 DEBT TO EQUITY RATIO
INTEREST COVER
10 5 0 -5 -10 -15 -20 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 INTEREST COVER
-15 -20 -25 -30 -35
P.E. RATIO
10 5 0 -5 -10 -15 -20 -25 2004-05 2005-06 2006-07 2007-08 2008-09 P.E. RATIO
PRICE TO BOOK RATIO
1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2004-05 2005-06 2006-07 2007-08 2008-09
PRICE TO BOOK RATIO
THIS RATIO IS AN INDICATOR OF A COMPANY'S ABILITY TO PAY ITS DEBTS IN SHORT TERM. IT SHOWS THE AMOUNT OF CURRENT ASSETS A COMPANY HAS PER RUPEE OF CURRENT LIABILITIES.
THE OPTIMUM LEVEL IS 2. THIS COMPANY HAS LARGE CURRENT RATIO IN THE BEGINNING WHICH ME OVER A PERIOD OF 5 YEARS, THIS RATIO MOVES TOWARDS AN OPTIMAL VALUE.
THIS RATIO DOES NOT INCLUDES INVENTORIES AS INVENTORIES ARE NOT AS LIQUID AS CASH. AN OPTIMAL VALUE FOR THIS RATIO IS 1.5. A LARGE QUICK RATIO IN THE BEGINNING AND THEN SHARP DECLINE AIMS AT REACHING THE OPTIMA
THIS RATIO IS AN INDICATOR OF THE COMPANY'S ABILITY TO USE ITS ABSOLUTELY LIQUID ASSETS TO M AN OPTIMAL VALUE FOR THIS RATIO IS 1 THIS RATIO ALSO HAS A VERY HIGH VALUE IN THE BEGINNING THOUGH IT STARTS FALLING BUT STILL I THIS SHOWS THAT THE COMPANY'S CURRENT ASSETS ARE NOT BEING UTILIZED PROPERLY AND ARE B
DEBTOR TURNOVER MEASURES THE EFFICACY OF A FIRM'S CREDIT AND COLLECTION POLICY AND SHO IT PROVIDES SOME INDICATION OF THE QUALITY OF A FIRM'S DEBTORS AND COLLECTION EFFORTS. DEBTOR TURNOVER RATIO FOR THIS COMPANY IS QUITE LOW AND COLLECTION PERIOD REACHES ABO THIS INDICATES THAT THE DEBTORS ARE NOT CONVERTED RAPIDLY INTO CASH AND COMPANY'S DEBT
INVENTORY TURNOVER RATIO SHOWS THE NUMBER OF TIMES A COMPANY'S INVENTORY IS TURNED
THIS RATIO SHOULD BE HIGH WHICH INDICATES EFFICIENT INVENTORY MANAGEMENT. THIS RATIO IS LOW THOUGH IT IS INCREASING FOR 08-09. BUT STILL IT IS QUITE LOW AS IT IS AROUND
OPERATING CYCLE = AVG. DEBT COLLECTION PERIOD+ AVG. INVENTORY HOLDING PERIOD
OPERATING CYCLE DECREASES IN 08-09 WHICH IMPLIES THAT THE COMPANY'S FUNDS WERE HELD UP
GROSS PROFIT IS NEGATIVE FOR THE 4 YEARS THOUGH IT INCREASES IN THE LAST YEAR. TH
GROSS PROFIT RATIO
NET PROFIT IS ALSO NEGATIVE FOR THE FOUR YEARS THOUGH IT ALSO INCREASES IN THE L THIS SHOWS THAT THE COMPANY IS IN LOSSES.
NET PROFIT RATIO
PROFIT MARGIN OR RETURN ON SALES MEASURES THE AMOUNT OF NET PROFIT EARNED IT IS ALSO NEGATIVE WHICH IMPLIES COMPANY IS IN LOSSES FOR 4 YEARS IN BETWEEN. BU
PROFIT MARGIN
THIS IS A MEASURE OF PROFITABILITY FROM STANDPOINT OF COMPANY'S SHAREHOLDERS. IT MEASU
IT IS HIGHER THAN RETURN ON ASSETS WHICH IMPLIES THAT THE COMPANY EARNED MORE PER RUPE BUT IT IS STILL MISERABLE AS IT IS NEGATIVE.
IT MEASURES THE TURNOVER OF ALL THE FIRM'S ASSETS. IT RISES IN THE LAST PERIOD WHICH IMPLIES THAT THE FIRM'S ASSETS ARE BEING MORE EFFICIENTLY
THIS IS A MEASURE OF PROFITABILITY FROM A GIVEN LEVEL OF INVESTMENT. IT IS ALSO NEGATIVE FOR THE MIDDLE 4 YEARS BUT IT INCREASES SHARPLY IN THE LAST PERIOD INDIC
IT IS ALSO A MEASURE OF PROFITABILTIY. IT IS USEFUL IN COMPARING PERFORMANCE OF A COMPAN IT IS NEGATIVE INITIALLY THOUGH IT RISES SHARPLY AND FINALLY BECOMES POSITIVE IN 08-09
IT MEASURES THE RELATIONSHIP OF THE CAPITAL PROVIDED BY CREDITORS TO THE AMOUNT PROVID IT INDICATES THE EXTENT OF USE OF FINANCIAL LEVERAGE. HIGH RATIO INDICATES AGGRESSIVE USE O THIS COMPANY HAS HIGHER VALUE INITIALLY THOUGH IT BECOMES CLOSE TO 0.01 IN 08-09 WHICH M
THIS IS THE MEASURE OF PROTECTION AVAILABLE TO CREDITORS FOR PAYMENT OF INTEREST CHARGE IT SHOWS WHETHER THE COMPANY HAS SUFFICIENT INCOME TO COVER ITS INTEREST REQUIREMENT THIS RATIO IS NEGATIVE FOR 4 YRS AND THEN BECOMES POSITIVE IN THE LAST YEAR WHICH IMPLIES T
IT IS AN INDICATOR OF A FIRM'S GROWTH PROSPECTS. THIS RATIO IS MOST NEGATIVE IN 07-08 WHICH SHOWS LOSS OF STOCK MARKET'S CONFIDENCE IN TH
IT COMPARES THE MARKET PRICE OF A COMPANY'S SHARE WITH ITS BOOK VALUE. BOOK VALUE IS EQUAL TO THE AMOUNT OF SHAREHOLDER'S EQUITY DIVIDED BY THE NUMBER OF SH
IT DECREASES IN THE LATER YEARS WHICH INDICATES THAT THE STOCK IS UNDERPRICED. THIS RATIO IF MORE THAN 1 IMPLIES THAT THE MARKET EXPECTS THE STOCK TO EARN AT A HIGHER R
EBTS IN SHORT TERM. RUPEE OF CURRENT LIABILITIES.
IO IN THE BEGINNING WHICH MEANS THAT THE CURRENT ASSETS ARE NOT OPTIMALLY UTILIZED MAL VALUE.
NOT AS LIQUID AS CASH.
E AIMS AT REACHING THE OPTIMAL VALUE THOUGH IT STILL IS QUITE HIGH
S ABSOLUTELY LIQUID ASSETS TO MEET ITS CURRENT LIABILITIES. IT INCLUDES CASH AND MARKETABLE SECURITITES.
GH IT STARTS FALLING BUT STILL IS MUCH HIGHER THAN THAT REQD. G UTILIZED PROPERLY AND ARE BEING WASTED.
ND COLLECTION POLICY AND SHOWS THE NO. OF TIMES EACH YEAR THE DEBTORS TURN INTO CASH ORS AND COLLECTION EFFORTS. COLLECTION PERIOD REACHES ABOVE 1000 DAYS FOR 07-08 WHICH SHOULD NOT BE THE CASE NTO CASH AND COMPANY'S DEBTOR PORTFOLIO IS NOT GOOD.
MPANY'S INVENTORY IS TURNED INTO SALES. INVESTMENT IN INVENTORY REPRESENTS IDLE CASH.
RY MANAGEMENT. IT IS QUITE LOW AS IT IS AROUND 20 AND THE COMPANY NEEDS TO WORK UPON ITS EFFICIENCY OF ITS INVENTORY UTILIZATION.
NVENTORY HOLDING PERIOD
OMPANY'S FUNDS WERE HELD UP IN RECEIVABLES AND INVENTORIES FOR A SHORTER PERIOD AS COMPARED TO THE EARLIER YEARS.
T INCREASES IN THE LAST YEAR. THIS SHOWS THAT THE COMPANY IS OPERATING AT LOSSES FOR THAT SPECIFIC PERIOD.
OUGH IT ALSO INCREASES IN THE LAST YEAR.
MOUNT OF NET PROFIT EARNED BY EACH RUPEE OF REVENUE. SSES FOR 4 YEARS IN BETWEEN. BUT IT IS WORKING TOWARDS A HIGHER PROFIT MARGIN AS SHOWN IN THE LAST YEAR.
ANY'S SHAREHOLDERS. IT MEASURES THE EFFIENCY WITH WHICH SHAREHOLDER'S FUNDS ARE EMPLOYED.
OMPANY EARNED MORE PER RUPEE OF SHAREHOLDER'S FUNDS THAN PER RUPEE OF ASSETS.
TS ARE BEING MORE EFFICIENTLY UTILIZED TO EARN THE REVENUE.
ARPLY IN THE LAST PERIOD INDICATING A HIGHER LEVEL OF PROFIT FROM TOTAL ASSETS.
NG PERFORMANCE OF A COMPANY OVER TIME. ECOMES POSITIVE IN 08-09
DITORS TO THE AMOUNT PROVIDED BY SHAREHOLDERS. TIO INDICATES AGGRESSIVE USE OF LEVERAGE AND THIS MAKES THE COMPANY MORE RISKY FOR CREDITORS. CLOSE TO 0.01 IN 08-09 WHICH MEANS THAT HIGHER EQUITY IS USED THAN DEBT OR THAT THE COMPANY IS FOLLOWING A CONSERVAT
R PAYMENT OF INTEREST CHARGES BY THE COMPANY. OVER ITS INTEREST REQUIREMENTS BY A WIDE MARGIN. N THE LAST YEAR WHICH IMPLIES THAT THE COMPANY DOES NOT HAS ADEQUATE SAFETY FOR PAYMENT OF INTEREST.
OCK MARKET'S CONFIDENCE IN THE COMPANY'S FUTURE EARNINGS GROWTH.
BOOK VALUE. Y DIVIDED BY THE NUMBER OF SHARES.
CK IS UNDERPRICED. HE STOCK TO EARN AT A HIGHER RATE THAN THE REQD. RATE.
SECURITITES.
S INVENTORY UTILIZATION.
PARED TO THE EARLIER YEARS.
PECIFIC PERIOD.
N THE LAST YEAR.
ANY IS FOLLOWING A CONSERVATIVE POLICY OF LEVERAGING.
T OF INTEREST.
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