Financial Ratio Analysis for Decision Making

The assignment content provided is a set of financial ratios for a company, including liquidity ratios (current ratio and quick ratio), efficiency ratios (inventory turnover, payable days, and creditors' turnover), solvency ratios (debt-to-equity ratio), dividend ratios (dividend payout ratio, dividend yield, and dividend cover), and other key performance indicators. The numbers are presented in a table format with various financial metrics such as current assets, current liabilities, inventory, prepaid expenses, creditors, net purchase, average inventory, average total assets, days inventory outstanding, payable days, credit turnover ratio, assets turnover ratio, long-term debts, shareholders' equity, and dividend payout. The purpose of this assignment is to analyze the company's financial performance and make informed decisions about its future direction.

Individual report analysing the
performance and operations of a public
listed company

Table of Contents
SECTION A.....................................................................................................................................3
1 & 2. Selection of listed business organization and its introduction..........................................3
3. Horizontal and vertical analysis Best World International Ltd...............................................3
4. (A) Economic conditions.........................................................................................................8
B & C. Analysis of profitability performance.............................................................................8
5. Dividend ratio analysis..........................................................................................................11
6. Solvency and liquidity analysis.............................................................................................12
7. Efficiency ratio analysis........................................................................................................13
SECTION B...................................................................................................................................14
1 & 2 Assessing the impact of business news on Best World International Ltd.......................14
3. Identifying the team of Board of Directors and their roles....................................................14
4. Comparing net asset value per share from current price level...............................................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18
APPENDIX....................................................................................................................................20

SECTION A
1 & 2. Selection of listed business organization and its introduction
Best World International Ltd is one of the leading business organizations of Singapore
that has specialization in the manufacturing and development of skin, personal carte as well as
wellness product. It offers skin care and nutritional products to the customers worldwide through
the means of 429000 distributors. Further, it provides customers with health supplements through
150 agents. It focuses on three integral aspects of wellness such as inner, outer and lifestyle
harmony. Such company is also listed on the recognized stock exchange of Singapore stock
exchange (Best World International Ltd, 2016). Location of such business is Jakarta and annual
turnover BWI Ltd was 102 SGD million at the end of financial year 2015.
3. Horizontal and vertical analysis Best World International Ltd
Horizontal P&L
Particulars
2
0
1
1
Percent
age
(2011)
2
0
1
2
Percent
age
(2012)
2
0
1
3
Percent
age
(2013)
2
0
1
4
Percent
age
(2014)
2
0
1
5
Percent
age
(2015)
Revenue
4
2 14.29%
4
8 6.25%
4
1 47.06%
7
5
100.00
%
1
0
2 36%
Less: Cost of
revenue 9 21.43%
1
1 22.92% 9 21.95%
1
9 25.33%
2
5 24.51%
Gross profit
3
3 78.57%
3
7 77.08%
3
2 78.05%
5
6 74.67%
7
7 75.49%
Operating expense 0.00% 0.00% 0.00% 0.00% 0.00%
Sales, general and
administration
expense
3
3 78.57%
2
2 45.83%
3
2 78.05%
3
5 46.67%
6
3 61.76%
Other operating
expense 1 2.38%
1
4 29.17% -1 -2.44%
1
5 20.00% 0.00%
Total operating
expense
3
4 80.95%
3
6 75.00%
3
1 75.61%
5
0 66.67%
6
3 61.76%
Operating income -1 -2.38% 1 2.08% 1 2.44% 6 8.00%
1
4 13.73%
Interest expense 0.00% 0.00% 0.00% 0.00% 0.00%
Other income
(expense) 8 19.05% 1 2.08% 4 9.76% 3 4.00% 2 1.96%

Income before
taxation 0.00% 2 4.17% 2 4.88% 6 8.00%
1
7 16.67%
provision for
income taxes 0.00% 1 2.08% 1 2.44% 2 2.67% 8 7.84%
Net income from
continuing
operations 0 0.00% 2 4.17% 1 2.44% 4 5.33% 9 8.82%
Other 0.00% 0.00% 0.00% 0.00% 1 0.98%
Net income 0 0.00% 2 4.00% 1 2.44% 4 5.33%
1
0 9.80%
Horizontal balance sheet
Amount (In SGD million)
Balance sheet
20
11
%
chang
e
20
12
%
chang
e
20
13
%
chang
e
20
14
%
chang
e
20
15
Cash & its equivalent 32
-
12.50
% 28
17.86
% 33
24.24
% 41
14.63
% 47
short term investments 1
Receivables 7
Inventories 5 0.00% 5
20.00
% 6
33.33
% 8
50.00
% 12
Prepaid expenses 0 0 0 4 0
Other current assets 9
55.56
% 14
-
14.29
% 12
-
41.67
% 7
57.14
% 11
Total 46 2.17% 47
12.77
% 53
26.42
% 67
14.93
% 77
Non-current assets
Property, Plant and
equipment 5
40.00
% 7
-
14.29
% 6
33.33
% 8
-
12.50
% 7
Intangible assets 1 0.00% 1 0.00% 1
600.00
% 7
-
14.29
% 6
Deferred income tax 0 1
Other long-term assets 3 0.00% 3
-
66.67
% 1 0.00% 1
200.00
% 3
Total non-current assets 9
22.22
% 11
-
18.18
% 9
88.89
% 17 5.88% 18

Total assets 55 5.45% 58 6.90% 62
35.48
% 84
11.90
% 94
Current liabilities
Accounts payable 7
-
100.00
% 0 14 7.14% 15
Taxes payable 1 0.00% 1 0.00% 1
400.00
% 5
Other current liabilities 10
20.00
% 12
-
16.67
% 10 0.00% 10
Total current liabilities 7
57.14
% 11
18.18
% 13
92.31
% 25
20.00
% 30
Non-current liabilities
Deferred tax liabilities 0 0 0 2 2
Minority interest -1 0 -1
100.00
% -2
Other long-term liabilities 1 0 0 1
-
100.00
%
Total non-current
liabilities 0 0 0 2
-
100.00
% 0
Stockholders’ equity
Common stock 21
Retained earnings 31 0.00% 31 0.00% 31 9.68% 34
23.53
% 42
Accumulated other reserves 17 0.00% 17
11.76
% 19
21.05
% 23
-
91.30
% 2
Total stockholders’ equity 48 0.00% 48 2.08% 49
14.29
% 56
14.29
% 64
Total liabilities &
stockholders’ equity 56 3.57% 58 6.90% 62
35.48
% 84
11.90
% 94
Vertical analysis of P&L
Amount (In SGD million)
2
0
1
1
Percent
age
(2011)
2
0
1
2
Percent
age
(2012)
2
0
1
3
Percent
age
(2013)
2
0
1
4
Percent
age
(2014)
2
0
1
5
Percent
age
(2015)
Revenue
3
1
100.00
%
3
1
100.00
%
3
0
100.00
%
1
8
100.00
%
1
7
100.00
%

Less: Cost of
revenue
1
9 61.29%
1
9 61.29%
1
8 60.00%
1
1 61.11%
1
0 58.82%
Gross profit
1
2 38.71%
1
2 38.71%
1
2 40.00% 7 38.89% 7 41.18%
Operating expenes 0.00% 0.00% 0.00% 0.00% 0.00%
Sales, general and
administration
expense 9 29.03%
1
0 32.26%
1
2 40.00% 9 50.00% 9 52.94%
Other operating
expense 0 0.00% -7 -22.58% 0 0.00% -8 -44.44% 0 0.00%
Total operating
expense 9 29.03% 3 9.68%
1
2 40.00% 1 5.56% 9 52.94%
Operating income 2 6.45% 9 29.03% 0 0.00% 6 33.33% -2 -11.76%
Interest expense 0 0.00% 0 0.00% 0 0.00% 2 11.11% 2 11.76%
Other income
(expense) 8 25.81% 1 3.23% 4 13.33% 3 16.67% 2 11.76%
Income before
taxation
1
1 35.48%
1
0 32.26% 4 13.33% 9 50.00% 0 0.00%
provision for
income taxes 0 0.00% 1 3.23% 1 3.33% 0 0.00% 0 0.00%
Net income from
continuing
operations
1
1 35.48% 9 29.03% 3 10.00% 9 50.00% 0 0.00%
Other 0 0.00% 0 0.00% 1 3.33% 2 11.11% 2 11.76%
Net income 9 29.03%
1
0 4.00% 4 13.33% 8 44.44% 0 0.00%
Vertical analysis of Balance sheet
Balance sheet
2
0
1
1
Percent
age
(2011)
2
0
1
2
Percent
age
(2012)
2
0
1
3
Percent
age
(2013)
2
0
1
4
Percent
age
(2014)
2
0
1
5
Percent
age
(2015)
Cash & its
equivalent
3
2 57.14%
2
8 48.28%
3
3 53.23%
4
1 48.81% 8 8.51%
Receivables 0 0.00% 0 0.00% 0 0.00% 0 0.00% 7 7.45%
Inventories 5 8.93% 5 8.62% 6 9.68% 8 9.52%
1
2 12.77%
Prepaid expenses 0 0.00% 0 0.00% 0 0.00% 4 4.76% 0 0.00%
Other current
assets 9 16.07%
1
4 24.14%
1
2 19.35% 7 8.33%
1
1 11.70%
Total
4
6 82.14%
4
7 81.03%
5
3 85.48%
6
7 79.76%
7
7 81.91%
Non-current 0.00% 0.00% 0.00% 0.00% 0.00%

assets
Property, Plant
and equipment 5 8.93% 7 12.07% 6 9.68% 8 9.52% 7 7.45%
Intangible assets 1 1.79% 1 1.72% 1 1.61% 7 8.33% 6 6.38%
Deferred income
tax 0 0.00% 0 0.00% 0 0.00% 0 0.00% 1 1.06%
Other long-term
assets 3 5.36% 3 5.17% 1 1.61% 1 1.19% 3 3.19%
Total non-
current assets 9 16.07%
1
1 18.97% 9 14.52%
1
7 20.24%
1
8 19.15%
Total assets
5
6
100.00
%
5
8
100.00
%
6
2
100.00
%
8
4
100.00
%
9
4
100.00
%
Current
liabilities 0.00% 0.00% 0.00% 0.00% 0.00%
Accounts payable 7 12.50% 0 0.00% 0 0.00%
1
4 16.67%
1
5 15.96%
Taxes payable 0 0.00% 1 1.72% 1 1.61% 1 1.19% 5 5.32%
Other current
liabilities 0 0.00%
1
0 17.24%
1
2 19.35%
1
0 11.90%
1
0 10.64%
Total current
liabilities 0.00%
1
0 17.24%
1
3 20.97%
2
5 29.76%
3
0 31.91%
Non-current
liabilties 0.00% 0.00% 0.00% 0.00% 0.00%
Deferred tax
liabilities 0 0.00% 0 0.00% 0 0.00% 2 2.38% 2 2.13%
Minority interest -1 -1.79% 0 0.00% 0 0.00% -1 -1.19% -2 -2.13%
Other long-term
liabilities 1 1.79% 0 0.00% 0 0.00% 1 1.19% 0 0.00%
Total non-
current liabilities 0 0.00% 0 0.00% 0 0.00% 2 2.38% 0 0.00%
Stockholders’
equity 0.00% 0.00% 0.00% 0.00% 0.00%
Common stock 0 0.00% 0 0.00% 0 0.00% 0 0.00%
2
1 22.34%
Retained earnings
3
1 55.36%
3
1 53.45%
3
1 50.00%
3
4 40.48%
4
2 44.68%
Accumulated
other reserves
1
7 30.36%
1
7 29.31%
1
9 30.65%
2
3 27.38% 2 2.13%
Total
stockholders’
equity
4
8 85.71%
4
8 82.76%
4
9 79.03%
5
6 66.67%
6
4 68.09%
Total liabilities
& stockholders’
equity
5
6
100.00
%
5
8
100.00
%
6
2
100.00
%
8
4
100.00
%
9
4
100.00
%

The above presented table shows that sales revenue of firm increased from 14.29% to
36%. On the other side, gross and net profitability aspect of firm is showing fluctuating trend in
the financial performance level. Net income level of firm increased from 2% to 9% at the end of
2015. Hence, by considering such aspects it can be said that Best World International Ltd was
increased significantly during such period. Hence, by taking into consideration such aspect it
can be said that firm is performing its business activities and functions more effectively and
efficiently. Along with this, trend of expenses also increased over the years. On the other side,
cash position of firm is also fluctuating which shows that business unit failed to generate enough
fund during such period. Further, position of total asset also decreased from 35.48% to 11.90%.
Hence, it shows that business unit failed to maintain total assets at the end of 2015 more
effectually. In contrast to this, position of total liabilities also increased from 3.57% to 11.90%.
Thus, business unit needs to frame effectual strategies and policies which in turn help it
improving the financial position and performance.
4. (A) Economic conditions
In the present time, Singapore is recognized as one of the most stable and developed
country of the world. Such country leads in GDP, per capita income as well as high purchasing
power parity. Laws and legislation which are introduced by the legal authority of Singapore is
highly favorable. Employment level of Singapore is every high such as 98% which shows that
economic condition of the country is good. In this, favorable economic condition entails that
spending level of Singapore people is very high. Further, now people are highly conscious in
relation to their beauty aspect and prefer to spend more on skin or beauty care products (Brigham
and Houston, 2012). By considering this, it can be said that economic condition of Singapore
will aid in the profit margin of Best World International Ltd.
B & C. Analysis of profitability performance
Ratio analysis of Best World International Ltd from 2011 to2015 is as follows:

1 2 3 4 5
72.00%
73.00%
74.00%
75.00%
76.00%
77.00%
78.00%
79.00%
GP ratio
GP ratio

1 2 3 4 5
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
NP ratio
NP ratio
1 2 3 4 5
-2
0
2
4
6
8
10
12
14
16
Operating profit margin
Operating profit margin
From financial statement analysis, it has been assessed that GP margin of Best World
International (BWI) Ltd declined from 78.57% to 75.49% in the year of 2015. This aspect shows
that in 2015 business unit failed to make effectual control on direct expenses which in turn
resulted in lower gross margin (Waelbroeck and et.al., 2011). On the other side, both net and
operating profit margin inclined at the end of financial year 2015 significantly. In the year of
2011 operating profit margin of BWI Ltd was 2.38%, whereas it reached on 13.73% in 2015.
Besides this, Net profit of company also increased from 0.00% to 9.80% in the accounting year
2015. Thus, by considering such trend it can be said that profit aspect of the firm is good.
However, company needs to identify the low cost supplier and make focus on developing

competent framework ((Brigham and Daves, 2012). By this, BWI Ltd can make significant
improvement in gross profit margin.
5. Dividend ratio analysis
Earning per share of BWI Ltd was increased from 0.00 to 0.04. Hence, slow growth had
taken place in the earning per share of the company. In addition to this, dividend share of BWI
ltd also increased from 0.01 to 0.05 which is positive indicator. However, dividend which is
offered by the company was not high as compared to current business trends or aspects (Rajesh
and Reddy, 2011).
1 2 3 4 5
0
0.005
0.01
0.015
0.02
0.025
0.03
0.035
0.04
0.045
EPS
EPS

6. Solvency and liquidity analysis
2011 2012 2013 2014 2015
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Current ratio
quick ratio
Current ratio of BWI Ltd lies within the range of 2.57 to 6.57 within the period of five
years. Such ratio of the firm was continuously fluctuating from the period of 2011 to 2015. By
considering the outcome of current ratio it can be said that business unit had enough amount of
current assets which in turn helps it in fulfilling the obligations. Moreover, five years current
ratio trend entails that performance level of the company is very near to the ideal ratio which is
2:1 at the end of 2015. Along with this, quick ratio of BWI ltd also declined from 5.9 to 2.2
within the period of five years. Hence, in each year from the period of 2011 to 2015 quick ratio
of the firm was higher than standard criteria that are .5:1. By keeping such outcome in mind it
can be said that business unit had enough current assets other than prepaid expenses (Ismal,
2010). In this situation, by converting current assets into cash quickly BWI ltd can meet its
obligations within the suitable time frame.
Further, debt-equity ratio of BWI Ltd also increased from 1.17 to 1.47 at the end of
financial year 2015. It entails that business unit has raised more fund from debt equity sources
which in turn imposes financial burden in front of the company in the form of interest. In this
way, high debt aspect closely influences the profit margin of firm (Paradi, Rouatt and Zhu,

2011). Moreover, solvency position of the firm can said to be sound only when debt-equity ratio
is .5:1. On the basis of this aspect, it can be said that solvency position of company was not good
during the financial year of 2011 to 2015. By considering such trend it can be said that
investment ratios of the firm are not good.
7. Efficiency ratio analysis
By doing ratio analysis, it has been identified that in the period of 2011 and 2012 asset
turnover ratio was .76 and .83. On the other side, during the accounting year 2014 and 2015such
ratio reached on .89 & 1.09. This aspect shows that BWI Ltd has made optimum use of assets in
comparison to the previous years. In contrast to this, payable days reduced from 283.89 to 219
which entails that credit period was declined to the great extent. Further, outcome of such
measure presents that working capital of the firm will be affected in the near future (Ou and
et.al., 2012). Thus, BWI Ltd needs to make focus on purchasing raw products from supplier
which offer high credit period.

SECTION B
1 & 2 Assessing the impact of business news on Best World International Ltd
News in relation to mandatory sustainable packaging will place high level of impact
on the brand image, market share and profitability aspect of BWI Ltd. On 15th January 2017
news which has revealed in Singapore presents that both customers and government lays
emphasis on recycling or re-usage aspect that directly contributes in sustainable environment
(Salo and Punkka, 2011). Hence, in this regard, company is required to assess highly cost
effectual methods for performing the manufacturing activities in an eco-friendly manner. For this
purpose, business unit is required to invest money in R&D activity which in turn influences its
liquidity position or aspect (Singapore’s sustainable packaging mandate is coming, 2017).
Further, if company fails to make contribution in sustainable environment then it may result into
loss of brand image and thereby profitability aspect. Moreover, now customers also prefer to
purchase product from retailer which offers products or services in a eco-friendly manner.
3. Identifying the team of Board of Directors and their roles
Bestworld’s BOD members believe that an effective corporate governing system is the
key of long-run sustainability and successful business.
Board
member
Name Roles and responsibilities
Chairman,
CEO
Dr. Dora Hoan Beng Mui The role of Chairman is to lead all the board
members effectively.
Responsibilities
 Review agenda
 Conduct board meeting to resolve strategic
business issues
 Encouraging and promoting an open culture
 Complete and detailed record of board papers
and meeting held
 Proper and accurate documentations
 Maintain an effective communication with the
stakeholders, most importantly shareholders

 Compliance with corporate governance system
Chairman of
NC
Mr Ravindra Ramasamy  Formulating business strategies and monetary
targets
 Performance monitoring
 Approval of nomination of members in the
committee
 Implement internal control mechanism
 Setting business standards and values
 Approval of budgets
 Making plans like expansion, merger and
acquisition and others
Remuneration
Committee’s
Chairman
Mr Chan Soo Sen Since
7th March 2016
 To review and recommend the best remuneration
policy framework
 To gain appropriate advices ad suggestions from
the experts either inside or outside
 Review comapany’s liabilities in the case of
termination
 Investigate business performance with the set
targets
 Formulating incentive and bonus schemes
 Prepare an excellent and best remuneration
policy
Audit
committee’s
chairman
Mr Lee Soon Choon  Constructing an audit plan
 Review internal business control
 Conducting meeting with the external auditors
and discuss various issues
 Report the findings to the board members
 Ensure full freedom to the external auditors
 Implement an effective internal control for the
risk management practices
Other board Mr Robson Lee Teck  Conducting meeting with the shareholders for

members,
executives
and directors
long, Doreen Tan, Huang
Ban and others
the better engagement
 Construct plans for the risk management
practices
 Communicate business performance to the
shareholders through issuance of audited annual
reports
 Modifying the strategic objectives and plans to
drive success to the Best world (Annual report of
Best World International Ltd, 2016).
4. Comparing net asset value per share from current price level
Best world’s NAV can be computed by dividing the surplus of total assets over liabilities
divided by the total number of shares held by the organization. Thus, it can be presented here as
follows:
NAV = (Total assets – Total liabilities)/Number of outstanding shares
Amount (In $000s)
Particulars 2014 2015
Current assets 67053 76599
Non-current assets 17068 17804
Total assets 84121 94403
Current liabilities 25658 30097
Non-current liabilities 3006 2321
Total liabilities 28664 32418
Net assets 55457 61985
Number of outstanding shares [phone] 220184

NAV per share 0.25 0.28
As per the results founded, it can be seen that in 2015, net assets value each holding got
improved from 0.25 to 0.28 due to high increase in total assets relatively to that of increase in
total liabilities. At the same time, Best world also issued additional shares to obtain required
capital for the running of business activities. However, on the other hand, stock market price is
comparatively greater to 1.53. Thus, on the basis of it, it can be said that book value per holdings
of Best world is undervalued.
CONCLUSION
By summing up this report, it can be stated that liquidity and solvency position of BWI
Ltd was not sound from 2011 to 2015. Further, it can be revealed from the report that business
unit needs to make control on direct expense such as material, labor etc for enhancing the
profitability aspect. Besides this, it has been articulated that for gaining competitive edge over
others BWI Ltd requires to consider latest news or trends at the time of decision making. Hence,
from the investor’s perspective, BWI Ltd is not highly fruitful. Moreover, over the past years in
2016, earning per share increased from .01 to .04. Along with this, dividend policy of firm is also
highly influenced from net profit generated by them during the related year. In this, net profit of
firm was not high and thereby influences the decision making aspect of company in relation to
dividend aspect. This in turn closely influences the earning aspect of investors. On the other side,
if government tax policy will reform positively then it may result into increase in firm’s
profitability. Further, business unit can also expand business operations and function if
government will offer financial support at concessional interest rates.

REFERENCES
Books and Journals
Brigham, E. F. and Daves, P. R., 2012. Intermediate financial management. Nelson Education.
Brigham, E. F. and Houston, J. F., 2012. Fundamentals of financial management. Cengage
Learning.
Ismal, R., 2010. Assessment of liquidity management in Islamic banking industry. International
Journal of Islamic and Middle Eastern Finance and Management. 3(2). pp.147-167.
Ou, Z. and et.al., 2012. Energy-and cost-efficiency analysis of arm-based clusters. In Cluster,
Cloud and Grid Computing (CCGrid), 2012 12th IEEE/ACM International Symposium
on (pp. 115-123). IEEE.
Paradi, J. C., Rouatt, S. and Zhu, H., 2011. Two-stage evaluation of bank branch efficiency using
data envelopment analysis. Omega. 39(1). pp.99-109.
Rajesh, M. and Reddy, N. R., 2011. Impact of Working Capital Management on Firm’s
Profitability. Global Journal of Finance and Management. ISSN. pp.0975-6477.
Salo, A. and Punkka, A., 2011. Ranking intervals and dominance relations for ratio-based
efficiency analysis. Management Science. 57(1). pp.200-214.
Waelbroeck, H. and et.al., 2011. Systems and methods for increasing participation of liquidity
providers on crossing system. 7. 996,261.
Online
Annual report of Best World International Ltd. 2016. Pdf. Available through: <
http://bestworld.listedcompany.com/misc/ar2015/ar2015.pdf>. [Accessed on 16thJanuary
2017].
Best World International Ltd. 2016. Online. Available through: <
http://www.bestworld.com.sg/overview.html>. [Accessed on 16thJanuary 2017].
Singapore’s sustainable packaging mandate is coming. 2017. Online. Available through: <

http://www.packworld.com/sustainability/regulations/singapores-sustainable-packaging-
mandate-coming>. [Accessed on 16thJanuary 2017].

APPENDIX
Particulars Formulas
Amount (In SGD Million)
2011 2012 2013 2014 2015
Profitability ratios
Gross profit (GP) 33 37 32 56 77
Net profit (NP) 0 2 1 4 10
Operating profit (OP) -1 1 1 6 14
Net sales (NS) 42 48 41 75 102
Gross profit margin (GP / NS)*100
78.5
7%
77.0
8%
78.0
5%
74.6
7%
75.4
9%
Net profit margin (NP / NS)*100
0.00
%
4.17
%
2.44
%
5.33
%
9.80
%
Operating profit margin (OP / NS)*100
-
2.38
%
2.08
%
2.44
%
8.00
%
13.7
3%
Average total assets 55 58 62 84 94
Average shareholders’
equity (ASE) (Opening + closing) / 2 48 48 48.5 52.5 60
Return on assets
(net profit/total
assets)*100
0.00
%
3.45
%
1.61
%
4.76
%
10.6
4%
Return on shareholders’
equity (NP / ASE)*100
0.00
%
4.17
%
2.06
%
7.62
%
16.6
7%
Liquidity ratios
Current assets (CA) 46 47 53 67 77
Current liabilities (CL) 7 10 13 26 30
Inventories (I) 5 5 6 8 12
Prepaid expenses (PE) 4
Current ratio
(Current assets/Current
liabilities) 6.57 4.70 4.07 2.58 2.57
Quick ratio/acid test ratio
(Current
assets-stock)/current
liabilities 5.9 4.2 3.6 2.0 2.2
Efficiency ratios
Creditors 7 - - 14 15
Net purchase 9 11 9 19 25
Average inventory 5 5 5.5 7 10
Average total assets 55 58 62 84 94
Days inventory outstanding
(average stock/ Cost of
sales) * 365
202.
78
165.
91
223.
06
134.
47 146
Payable days
(average payables / cost of
sales) * 365
283.
89
268.
95 219
Inventory turnover ratio (COGS / Inventory) 1.8 2.2 1.64 2.71 2.5

Creditors turnover ratio
(Net credit
purchase/Average
creditors) 1.29 1.36 1.67
Assets turnover ratio
(Sales revenue/average
total assets) 0.76 .83 .66 0.89 1.09
Solvency / leverage ratios
Long-term debts 1 0 0 1 0
Shareholders’ equity 48 48 49 56 64
Total liabilities 56 58 62 84 94
Debt to equity ratios
(Total liabilities
/Shareholders equity) 1.17 1.21 1.27 1.50 1.47
Dividend ratio
net profit 0 2 1 4 10
Number of shares
210820(Rounded
off in Million) 227 227 227 227 227
EPS
(Total net profit available
for shareholders/Number
of shares) 0 0.01 0.01 0.01 0.04
Total dividend
distributed (In
millions) 2.1 2.1 2.1 2.1 2.1
DPS
(total dividend
distributed among
shareholders/Number of
shares) 0.01 0.01 0.01 0.01 0.01
Dividend yield
ratio (DPS/Share price) 0.042 0.037 0.033 0.028 0.029
Dividend payout
ratio (in %) DPS/EPS 354.20 68.20 58.80 38.50 26.00
Dividend cover
ratio EPS/DPS 0.00 1.08 1.08 1.08 4.00