Ratio Analysis of ACI pharma Ltd

Term paper

Introduction

Rational of the study.

We have calculated the ratio analysis and from this analysis we made decision, we also calculated the stock valuation and make decision on the basis of this analysis. From this analysis we found intrinsic value of the stock.

Objective of the study.

To find out different types of ratio analysis.

To find out Stock valuation of the share.

Make correct decision about stock.

To gain Knowledge.

To submit this term paper.

To get good marks.

Methodology.

Sources of information

Both primary and secondary sources of data are used to complete the study. They are-

1) Primary Data

2) Secondary Data

Primary Data

We have collected primary information through our calculation on Microsoft excel. We have used different types of ratio formula to calculate the ratio and to measure stock we used stock valuation formula.

Secondary Data

We have collected Secondary information by these ways

Visiting ACI limiteds home page in internet.

Studying relevant books, annual report, books.

Limitation.

We have a very little knowledge about share. We cannot collect sufficient information about ACI Ltd. We cannot find sufficient data from the annual report. And we also have time limitation for the term paper.

Ratio analysis

Introduction to ratio.

Ratio analysis is used to evaluate a firms current financial position and the direction of this position is expected to take in the future. By determining the firms financial position, investors form opinion about future condition of the firm and the safety of their investment. Managers use the information provided by ratio analyses to plan the actions that will correct the firms weaknesses and take advantage of its strengths.

Purpose of ratio analysis

To evaluate the management performance in three areas

1. Profitability

2. Efficiency.

3. Risk.

Importance of financial ratio

1. Compare to the other entities

2. Examine the firms performance.

Limitation of Financial ratios1. For the firms with different divisions, it is difficult to identify ratios.

2. Industry leaders ratio should be standard.

3. Inflation may distort the balance sheet.

4. Seasonal factor may distort the financial statement.

5. Different accounting practice may distort the financial statement.

6. It is difficult to generalize about whether a particular ratio is good or bad.

7. Results may not be consistent. Some ratios are good some are bad.

Liquidity ratio.Liquidity ratio is a ratio analysis that provides quick, easy to use measures to liquidity by relating the amount of cash and other current assets to the firms current obligations. It indicates a firm capability to repay short term debt.

Current ratio: The current ratio is a widely used measure for evaluating a companys liquidity and short term debt paying ability. The ratio is computed by,

YearRatio

2002-031.15

2003-041.16

2004-051.01

2005-061.01

2006-071

Here we can see that current ratio is lower. The current ratio indicates that company hasnt enough capability to measure liquidity position.

Quick ratio: A measure of a company's liquidity and ability to meet its obligations. Quick ratio, often referred to as acid-test ratio, is obtained by subtracting inventories from current assets and then dividing by current liabilities. Quick ratio is viewed as a sign of company's financial strength or weakness (higher number means stronger, lower number means weaker).

YearRatio

2002-030.50

2003-040.55

2004-050.55

2005-060.58

2006-070.65

Here we can see that quick ratio is higher. So this ratio measures higher the liquidity.

Accounts receivable turnover: The number of times in each accounting period that a firm converts credit sales into cash. A high turnover indicates effective granting of credit and collection from customers by the firm's management. Accounts receivable turnover is calculated by dividing the average amount of receivables into annual credit sales.

YearRatio

2002-0313.90

2003-049.88

2004-059.45

2005-068.57

2006-075.47

Here we can see that accounts receivable turnover ratio is not higher. So this ratio measures lower the liquidity.

Receive collection period: The amount of receivables turnover (net sales divided by average receivables) divided by the average receivables to calculate how many times during the year that accounts receivable turns over. Average receivables are equal to the sum of beginning receivables and ending receivables, divided by two. The number alone doesnt provide much information. It must be compared to average receivable collection periods for other companies in the industry, as well as past collection periods, to find out if collection times are increasing or decreasing.

YearRatio

2002-0325.9

2003-0436.42

2004-0538.1

2005-0642

2006-0765.81

Here we can see that receive collection period ratio is higher. So this ratio measures lower the liquidity.

Inventory turnover: The ratio of a company's annual sales to its inventory; or equivalently, the fraction of a year that an average item remains in inventory. Low turnover is a sign of inefficiency, since inventory usually has a rate of return of zero.

YearRatio

2002-032.02

2003-042.57

2004-053.03

2005-063.18

2006-072.98

Here we can see that inventory turnover ratio is lower. So this ratio measures lower the liquidity.

Inventory processing period: Inventory processing period is the average length of time require to convert materials into finished goods and then to sell the goods. It is the amount of time the product remains in inventory in various stage of completion. The inventory processing period, this is the average age of the firms inventory.

YearRatio

2002-03181.14

2003-04141.77

2004-05120.48

2005-06114.91

2006-07122.55

Here we can see that inventory processing period ratio is higher. So this ratio measures lower the liquidity.

Payable turnover: A short-term liquidity measure used to quantify therate at which a companypays offits suppliers.Accounts payable turnover ratiois calculated by taking the total purchases made from suppliers and dividing it by the average accounts payable amount during the same period.

YearRatio

2002-0375.48

2003-0437.31

2004-0528.03

2005-0629.39

2006-0724.57

Here we can see that payable turnover ratio is lower. So this ratio measures higher the liquidity.

Payable payment period: The ratio can be compared to previous years. A long period shows that it represents a source of free finance, or indicts the company is unable to pay quickly because of liquidity problems. If the accounts payable payment period is too long, you should note the company maybe loses out on worthwhile cash discounts, and the existing suppliers won't continue supply. As known, when you're operating a company, that pay more quickly or pay more slowly is a double-edged sword. You must control it cautiously.

YearRatio

2002-034.84

2003-049.78

2004-0513.02

2005-0612.42

2006-0714.85

Here we can see that payable payment period ratio is higher. So this ratio measures higher the liquidity.

Profit ability ratio.

Profitability ratios show the combined effects of liquidity management, assets management, and debt management on operating results. It indicates the overall profitability conditions of the firm.

Gross profit margin: What remains from sales after a company pays out the cost of goods sold. To obtain gross profit margin, divide gross profit by sales. Gross profit margin is expressed as a percentage.

YearRatio

2002-030.29

2003-040.29

2004-050.31

2005-060.33

2006-070.34

Here we can see that gross profit margin ratio is higher. So this ratio measures better the profit ability.

Operating profit margin: Operating profit for a certain period divided by revenues for that period. Operating profit margin indicates how effective a company is at controlling the costs and expenses associated with their normal business operations.

YearRatio

2002-030.07

2003-040.09

2004-050.08

2005-060

2006-070.12

Here we can see that operating profit margin ratio is higher. So this ratio measures better the profit ability.

Net profit margin: Net profit divided by net revenues, often expressed as a percentage. This number is an indication of how effective a company is at cost control. The higher the net profit margin is, the more effective the company is at converting revenue into actual profit. The net profit margin is a good way of comparing companies in the same industry, since such companies are generally subject to similar business conditions. However, the net profit margins are also a good way to compare companies in different industries in order to gauge which industries are relatively more profitable. Also called net margin.

YearRatio

2002-030.04

2003-040.03

2004-050.04

2005-06-0.05

2006-070.06

Here we can see that net profit margin ratio is higher. So this ratio measures better the profit ability.

Return on assets (ROA): An indicator of how profitable a company is relative to its total assets.ROA gives an ideaas to how efficientmanagement isat using its assets to generate earnings.Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Sometimes this is referred to as "return on investment".

YearRatio

2002-030.04

2003-040.04

2004-050.04

2005-06-0.06

2006-070.07

Here we can see that ROA ratio is higher. So this ratio measures better the profit ability.

Return on equity: A measure of how well a company used reinvested earnings to generate additional earnings, equal to a fiscal year's after-tax income (after preferred stock dividends but before common stock dividends) divided by book value, expressed as a percentage. It is used as a general indication of the company's efficiency; in other words, how much profit it is able to generate given the resources provided by its stockholders. Investors usually look for companies with returns on equity that are high and growing.

YearRatio

2002-030.14

2003-040.1

2004-050.13

2005-06-0.18

2006-070.25

Here we can see that ROE ratio is higher. So this ratio measures better the profit ability.

Effective ratio.

Total asset turnover: Net sales divided by average total net assets. The resulting number shows how often assets turnover, which can indicate how effectively a company is managing all of its assets. The number by itself isnt informative; it must be compared to other companies in the industry, as well as to the companys historical data. If the asset turnover is high relative to other companies in the industry, it may indicate that too few assets for potential sales are being used or suggest that the company is using too many old and fully depreciated assets. A low asset turnover can indicate that capital is tied up in too many assets relative to what is needed.

YearRatio

2002-031.11

2003-041.08

2004-051.15

2005-061.21

2006-071.04

Here we can see that total asset turnover ratio is lower. So this ratio measures lower the efficiency.

Fixed asset turnover: Measure of the productivity of a firm, it indicates the amount of sales generated by each dollar spent on fixed assets, and the amount of fixed assets required to generate a specific level of revenue. Changes in the ratio over time reflect whether or not the firm is becoming more efficient in the use of its fixed assets.

YearRatio

2002-033.66

2003-042.47

2004-052.72

2005-063.03

2006-073.05

Here we can see that fixed asset turnover ratio is higher. So this ratio measures higher the efficiency.

Risk ratio.

Debt equity ratio: A measure of a company's financial leverage. Debt/equity ratio is equal to long-term debt divided by common shareholders' equity. Typically the data from the prior fiscal year is used in the calculation. Investing in a company with a higher debt/equity ratio may be riskier, especially in times of rising interest rates, due to the additional interest that has to be paid out for the debt.

YearRatio

2002-030.28

2003-040.41

2004-050.29

2005-060.21

2006-070.26

Here we can see that debt equity ratio is higher. So this ratio measures higher the risk of the firm.

Debt ratio: Debt capital divided by total assets. This will tell you how much the company relies on debt to finance assets. When calculating this ratio, it is conventional to consider both current and non-current debt and assets. In general, the lower the company's reliance on debt for asset formation, the less risky the company is since excessive debt can lead to a very heavy interest and principal repayment burden. However, when a company chooses to forgo debt and rely largely on equity, they are also giving up the tax reduction effect of interest payments. Thus, a company will have to consider both risk and tax issues when deciding on an optimal debt ratio.

YearRatio

2002-030.69

2003-040.64

2004-050.66

2005-060.67

2006-070.73

Here we can see that debt ratio is higher. So this ratio measures higher the risk of the firm.

Interest coverage ratio: A calculation of a company's ability to meet its interest payments on outstanding debt. Interest coverage ratio is equal to earnings before interest and taxes for a time period, often one year, divided by interest expenses for the same time period. The lower the interest coverage ratio, the larger the debt burden is on the company. Also called interest coverage.

YearRatio

2002-032.45

2003-042.6

2004-053.13

2005-060

2006-074.82

Here we can see that interest coverage ratio is higher. So this ratio measures lower the risk of the firm.

DuPont ratio or analysis.

=

YearRatio

2002-030.14

2003-040.1

2004-050.13

2005-06-0.18

2006-070.25

Here we can see that DuPont ratio or analysis is higher.

Growth Ratio

Growth ratio: This is the rate at which a company, economy, earnings, etc. is currently growing at or expected to grow at.

Relation rateReturn on equity

YearRatio

2002-030.09

2003-040.16

2004-050.23

2005-06-0.4

2006-070.44

Here we can see that growth ratio is higher. So this ratio measures higher the performance of the company.

Cost of money.

Concept of cost of money:

Factors that affect the cost of money: four fundamental factors affect the cost of money.

(1) Production opportunity: the returns available within an economy from investment in productive (cast generating) assets.

(2) Time preferences for consumption: The preferences of consumers for current consumption as opposed to saving for future consumption.

(3) Risk: In a financial market context, the chance that a financial asset will not earn the return promised. The higher the perceived risk, the higher the required rate of return.

(4) Inflation: The tendency of prices to increase over time. The higher the expected rate of inflation, the greater the required return.

Determinates of cost of money:

(1) Nominal or quoted or Risk free rate: The rate of interest on a security that is free of all risk. Risk free rate is peroxide by the t bill rate or t bond rate and an inflation premium. The risk free rate has two components one is real risk free rate and inflation.

(i) Real risk free rate: This is the rate of return considering there are no risk and no inflation in the economy. It is determined based on the overall demand and supply of funds. It is designated by r.

(2) Inflation premium: A premium for expected inflation that investors add to the real risk free rate of return.

(3) Risk premium:I. Default risk premium: Defaults risk premium means the borrowers credit the worthiness is not high. That is the borrower may be unwilling or unable to repay the borrow fund. The premium charge for this risk is default risk premium. Treasury securities have no default risk because everyone believes that the U.S government will pay its debt on time. Default risk is the risk that issuer will fail to make promised payment. The greater the defaults risk the higher the interest rate lenders charge.

II. Liquidity risk premium: Liquidity risk is the risk that a security cannot be sold at a predictable price with low transaction cost on short notice. The liquidity risk premium charged for liquidity risk or premium added to the rate on a security if the security cannot be converted to cash on short notice and at close to the original cost. The more easily an asset can be converted to cash at a price that recovers the initial amount invested, the more liquid it is considered. Financial assets generally are more liquid than real assets, and short term financial assets generally are more liquid than long term financial assets.

III. Maturity risk premium: A premium that reflects interest rate risk, bonds with longer maturities have greater interest rate risk. Everything else being equal, maturity risk premium raise interest rates on long term bonds relative to those on short term bonds.

Stock Valuation

In this section, we try to show the way of stock valuation and try to find out the intrinsic value of stock. For this reason, we need to consider some factors which are given below. Here we can show the calculation of the stock valuation from 2003 to 2007

Dividend: Cash distribution made to stockholders from the firms earnings, whether the earnings were generated in the current period or previous period.

Year 2003

Proposed dividend: 64680000

Issued shear: 16170000

Dividend=

=

= 4.00

Year 2004



Dividend=

=

= 4.25

Year 2005



Dividend=

=

= 4.50

Year 2006



Dividend=

=

= 6.00

Year 2007



Dividend=

=

= 8.5

Here we can see that dividends per share Increased year after year because of number of the share outstanding is same compare to the amount of providing dividends. In 2003, dividends per share was 40.00, whereas in 2004 was 42.5, in 2005 it was increased to 4.50 After that time period, dividends per share was increased gradually and it came to 60.00 and 85.0 in year 2006 and 2007 respectively.

Growth rate:

Year 2003 0.00%

Year 200414.21%

Year 200520.76%

Year 200613.83%

Year 200739.86%

Average

EMBED Equation.3

g = g = 17.732%

After calculating growth rate (g) of the stock we need to determine required rate of return(r) to find out the intrinsic value of stock.

Required Rate of return

Here, Real risk free rate that means Treasury bill= 4.25%

Inflation rate of Bangladesh = 5.1%,

Default risk premium= 1.5%

Liquidity risk premium= 1%

Maturity risk premium = 2%

Required rate of return = Real risk free rate + Inflation + Default risk premium + liquidity risk premium + maturity risk premium =4.25+5.1+1.5+1+2

=13.85% (assumption)

We found Treasury bill rate and inflation rate from the Bangladesh Bank websites. Default risk premium is determined 1.5% because there is a possibility that the company will not capable to pay dividend periodically .we also consider 1% as the liquidity risk premium which indicate that there is a possibility that the investment on stock can not converted into cash without lose at very short notice. The maturity premium is considered as 2% which arises when the investment is made for a longer time period

Value of the stock

g= 17.732%

k= 13.85%

Do= 8.50

vb=

=

=257.786

Here, we find the intrinsic value of the stock 257.786 which indicates the actual market price of the stock today. We find that intrinsic value based on estimation of stock expected dividends stream and the risky ness of the stream.

Findings and conclusion

From the ratio analysis we find that the liquidity position in terms of current ratio was not good because there is a large amount of inventory in current asset. We also know that more inventories at hand are not good. To measure the liquidity position quick ratio is more important then current ratio. In case of asset management ratio, the firm financial position is good in terms of inventory turnover ratio, average collection period, fixed asset turnover ratio. We also see that the firms financial position has less riskier because the firm debt ratio is very insignificant as well as long term debt portion is decreasing every year and it come to insignificant amount. The firms profitability position is satisfying in terms of gross profit margin, operating profit margin, net profit margin, return on total assets because all of these ratio is increasing, but in case of return on equity the firms profitability position is good because it is increasing every year, although earning per share is increasing from this period of time.

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0.2854811865

0.2894620433

0.3098947397

0.3344518731

0.3389240409

Year

Ratio

Gross Profit margin

Ratio Analysis

NAME OF COMPANYAdvanced Chemical Industries Ltd.

FIRST CALENDAR YEAR OF DATA2002-03

NUMBER OF YEARS OF DATA5

INCOME STATEMENT2002-032003-042004-052005-062006-07

Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00

Less: Cost of Goods Sold1,600,211,511.001,817,394,259.002,131,538,267.002,339,975,616.003,250,711,677.00

Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00

Less: Operating Expenses:

Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00

General / Admin. Exp.76,077,675.0076,753,063.00103,761,440.00119,018,755.00165,387,099.00

Lease Expense0.000.000.000.000.00

Distribution Expense95,541,757.00101,079,239.00124,686,510.00193,346,149.00190,882,088.00xy

Total Operating Expenses583,605,005.00540,425,340.00726,132,328.00884,474,379.001,235,098,936.001596,318,138.00

Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00

Profit from disposal of subsidiary118,818,000.0041,014,602,710.00

Pro/loss from asso & joint ven0.000.0051,392,203,373.00

Operating Profits326,758,237.00573,658,434.00

Less: Financing Cost67,886,440.0093,164,270.0083,396,936.0081,555,964.00119,087,159.00

Net Profits Before WPPF98,358,117.00148,831,715.00177,974,037.00245,202,273.00454,571,275.00

Less: Allocation for WPPF4,917,906.007,441,586.008,898,702.0012,260,114.0022,728,564.00

Net Profits Before Taxes93,440,211.00141,390,129.00169,075,335.00232,942,159.00431,842,711.00

Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00

Net Profit After Taxes85,413,760.0089,516,202.00112,270,813.00153,825,615.00313,035,231.00

Less: Transfer to tex holiday reseve2,187,562.00

83,226,198.00

Retain profit brought forward pre year117,230,026.00

Prior tax holiday reserve2,576,385.00

Profit avaiable for apropriation203,032,609.0089,516,202.00112,270,813.00153,825,615.00313,035,231.00

Earning per share (EPS)5.285.546.949.5119.36

BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00

Advances income tax0.000.000.0072,401,076.00205,661,524.00

Inter company debt77,674,463.0085,995,917.00218,927,411.00293,218,617.00551,416,377.00

Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00

Advances, deposits and pre231,878,486.00150,642,289.00183,152,700.00133,745,055.00179,761,041.00

Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00

Total Current Assets1,396,399,897.001,342,335,580.001,537,155,946.001,755,046,647.003,120,888,791.00

Total Gross Fixed Assets488,071,274.00946,146,785.001,073,394,360.001,094,190,103.001,327,151,308.00

Less: Accumulated Depreciation209,380,397.00265,311,718.00329,928,253.00399,870,467.00467,726,369.00

278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00

Capital work-in-progress144,628,532.0060,138,205.0013,290,851.0037,004,294.00213,870,224.00

Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets

Current Liabilities:2002-032003-042004-052005-062006-07

Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00

Divident distribution6,468,000.000.000.000.000.00

Proposed final divident64,680,000.000.000.000.000.00

Lease oblication current portion0.001243409218,862,138.0014,076,453.0010,220,408.00

Long term bank loan0.0000.000.0062,504,602.00

Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00

Inter company liabilities155,780,174.00114,539,418.00248,463,517.00362,544,680.00758,658,669.00

Total Current Liabilities1,216,623,034.001,160,955,430.001,524,203,729.001,741,038,501.003,133,520,474.00

L / T Debt (Inc. Financial Leases)166,929,977.00356,247,707.00244,355,147.00200,078,406.00325,169,685.00

Total Liabilities1,383,553,011.001,517,203,137.001,768,558,876.001,941,116,907.003,458,690,159.00

Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00

Revaluation reserve56,071,433.00231678469229,578,000.00216,135,224.00294,901,646.00

Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00

Tax Holiday Reserve2,187,562.001,016,314.000.000.000.00

Proposed divident0.0068,722,500.000.000.000.00

Divident distribution tex0.006,872,250.000.000.000.00

Retained Earnings125,820,859.00138,691,741.00189,086,117.00344,542,827.00563,800,530.00

Total Stockholders' Equity598,585,536.00861,486,956.00833,169,799.00974,071,911.001,272,096,036.00

Total Liabs. & Stockhldrs' Equity1,982,138,547.002,378,690,093.002,601,728,675.002,915,188,818.004,730,786,195.00

Reconciliation TA & TL/SE-27,000,000.000.00-72,765,470.000.00-27,000.00

Number of Common Shares500,000,000.00500,000,000.00500,000,000.00500,000,000.00500,000,000.00

End-of-Year Stock Price (DSE)

RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio

Inventory Turnover2.022.573.033.182.98

Inventory processing Period181.14141.77120.48114.91122.55

Accounts receivable turnover13.909.889.458.575.47

Receive collection period25.9036.4238.1042.0065.81

Payable turnover75.4837.3128.0329.3924.57

Payable payment period4.849.7813.0212.4214.85

Fixed Asset Turnover3.662.472.723.033.05

Total Asset Turnover1.111.081.151.211.04

Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26

Interest coverage ratio2.452.603.134.014.82

Gross Profit Margin0.290.290.310.330.34

Operating Profit Margin0.070.090.080.090.12

Net Profit Margin0.040.030.040.040.06

Return on Total Assets (ROA)0.040.040.040.050.07

Return on Equity (ROE)0.140.100.130.160.25

Earnings Per Share5.167.388.7721.0410.24

Price/Earnings Ratio

DUPONT ANALYSIS0.140.100.130.160.25

Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07

growth rate of sales0.00%14.21%20.76%13.83%39.86%

Ratio Analysis

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Year

Ratio

Gross Profit margin

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_1334260713.xlsChart3

0.0425126282

0.0376325618

0.0419783357

0.0527669474

0.0661694339

Year

Ratio

ROA

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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_1334260996.xlsChart5

3.6550089634

2.4680475695

2.7157398826

3.0305444108

3.0543697075

Year

Ratio

Fixed Asset Turnover

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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_1334261275.xlsChart3

2.4488624974

2.5975192528

3.1340596614

4.0065523228

4.8171309049

Year

Ratio

Interest Coverage ratio

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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_1334294781.unknown

_1334261306.xlsChart4

0.142692656

0.1039089465

0.1347514194

0.1579201836

0.2460783008

Year

Ratio

DuPonnt Ratio

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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_1334261176.xlsChart1

0.6886299668

0.63783136

0.661268554

0.6658631835

0.7310984426

Year

Ratio

Debt Ratio

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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_1334260843.xlsChart4

1.1146893087

1.0752860343

1.1548780964

1.206049622

1.0394205242

Year

Ratio

Total Asset Turnover

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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0.0381385448

0.0349977221

0.0363487158

0.0437518875

0.0636599262

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Net Profit Margine

Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,557.00241,995,985.00261,370,973.00326,758,237.00454,840,434.003797,999,902.00








Less: Taxes8,026,451.0051,873,927.0056,804,522.0079,116,544.00118,807,480.00



83,226,198.00





BALANCE SHEET

Current Assets:

Cash61,294,753.0058,022,038.0056,704,288.0043,051,811.0057,195,473.00

Trade debtors161,119,008.00258,761,616.00326,908,970.00410,135,374.00898,891,044.00



Other debtors70,307,729.0083,011,532.0047,896,041.0065,818,549.00136,565,703.00


Inventories794,125,458.00705,902,188.00703,566,536.00736,676,165.001,091,397,629.00




278,690,877.00680,835,067.00743,466,107.00694,319,636.00859,424,939.00


Investment189,419,241.00295,381,241.00380,581,241.00428,818,241.00536,629,241.00

Net fixed assets612,738,650.001,036,354,513.001,137,338,199.001,160,142,171.001,609,924,404.00

Total Assets2,009,138,547.002,378,690,093.002,674,494,145.002,915,188,818.004,730,813,195.00

Other Assets


Bank overdraft168,862,359.00178,436,825.00258,820,408.00126,757,321.00271,195,982.00

Trade creditors21,200,312.0048,707,961.0076,038,463.0079,630,620.00132,277,207.00

Other Creditors143,583,802.00188,675,983.00294,733,476.00306,087,482.00478,332,706.00

Taxation47,833,985.0048,700,729.0090,500,000.00153,442,970.00277,961,183.00





Bank term loans608,214,402.00569,460,422.00536,785,727.00698,498,975.001,142,369,717.00





Common Stock161,700,000.00161,700,000.00161,700,000.00161,700,000.00161,700,000.00

Special reserve1,111,822.001,111,822.001,111,822.000.000.00

General Reserve1,671,386.001,671,386.001,671,386.001,671,386.001,671,386.00


Share premium250,022,474.00250,022,474.00250,022,474.00250,022,474.00250,022,474.00










RATIO ANALYSIS2002-032003-042004-052005-062006-07

Current Ratio1.151.161.011.011.00

Quick Ratio0.500.550.550.580.65

Cash ratio









Debt Ratio0.690.640.660.670.73

Debt-to-Equity0.280.410.290.210.26










Growth ratio0.090.160.230.350.44

year2002-032003-042004-052005-062006-07


Ratio Analysis

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0.0425126282

0.0376325618

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0.0527669474

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Ratio Analysis





Sales Revenue2,239,565,258.002,557,772,237.003,088,714,707.003,515,862,372.004,917,304,331.00


Gross Profits639,353,747.00740,377,978.00957,176,440.001,175,886,756.001,666,592,654.00


Selling Expense424,698,706.00450,191,109.00569,551,952.00702,237,806.001,035,934,186.00


Lease Expense0.000.000.000.000.00



Other Income110,495,815.0042,043,347.0030,326,861.0035,345,860.0023,346,716.002628,023,411.00

166,244,55

Ratio Analysis of ACI pharma Ltd

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