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LIQUIDITY ANALYSIS
Liquidity ratio refers to a concern to meet its current obligations and when these become
due .The short-term obligations are met by realizing amount from current, floating or circulating
assets. The current assets should either be liquid or near liquidity. These should be convertible
into cash for paying obligation of short-term nature. The sufficiency or insufficiency of current
assets should be assessed by comparing them with short-term (current) liability. If current assets
can pay of current liability, then liquidity position will be satisfactory. On the other hand, if
current liability may not be easily met out of current assets then liquidity position will be bad.
The banker, suppliers of goods and other short-term creditors are interested in the liquidity of the
concern. They will extend credit only if they are sure that current assets are enough to pay out
the obligations.
To measure the liquidity of a firm, the following ratios can be calculated:
Current Ratio
Liquid or Quick or Acid Test Ratio
Absolute Liquid Ratio or Cash Position Ratio
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CURRENT RATIO
Current ratio may be defined as the relationship between current assets and current
liabilities. The ratio, also known as Working Capital Ratio, is a measure of general liability and
most widely used to make the analysis of a short-term financial position or liquidity of a firm. It
is calculated by dividing the total of current assets by total of the current liability.
Cur rent Ratio = Current Assets/Cur rent L iabi li ties
TABLE 4.1
(In lakhs)
Year Current
Assets
Current
Liabilities
Ratio
2005-2006 7412.1 2044.25 3.63
2006-2007 10538.85 4332.36 2.43
2007-2008 7693.17 4768.23 1.61
2008-2009 13471.86 9856.92 1.37
2009-2010 31114.18 8440.86 3.69
2010-2011 41733.89 8083.39 5.16
2011-2012 53492.45 22347.29 2.39
2012-2013 62817.94 15352.11 4.09
The above table shows the status of CURRENT RATIO. The current ratio of the company
shows a declining trend from the year 2005-2006 to 2008-2009, and it gradually raised in the
year 2009-2010 and 2010-2011. In the year 2011-2012, the ratio decreased to 2.39 but it
increased during the year 2012-2013.Thus it is interpreted that current ratio position of the
company is good.
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CHART NO-4.1
CURRENT RATIO
3.63
2.43
1.61
1.37
3.69
5.16
2.39
4.09
0
1
2
3
4
5
6
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Ratio
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LIQUID RATIO
Liquid ratio is also known as Quick Test or Acid Test ratio, is a more rigorous test of
liquidity then the current ratio .The term Liquidity refers to the ability of a firm to pay it short-
term obligations and when they become due.
L iquid Ratio = Quick or li quid Assets/Curr ent l iabili ties
L iquid assets = Cur rent assetsStock
TABLE 4.2
(In lakhs)
Year Liquid Assets Current
Liability
Ratio
2005-2006 3749.64 2044.25 1.83
2006-2007 6419 4332.36 1.48
2007-2008 3683.2 4768.23 0.77
2008-2009 6152.05 9856.92 0.62
2009-2010 23253.21 8440.86 2.75
2010-2011 29542.78 8083.39 3.65
2011-2012 42551.32 22347.29 1.9
2012-2013 51591.51 15352.11 3.36
From the above table ,it is clear that liquidity position of the company decline during the
year 2007-2009 it increase tremendously during the year 2009-2010 and 2010-2011 . During the
year 2011-2012 the liquidity position of the company decreased to 1.90 but it shows an
increasing trend during the year 2012-2013. Hence on an average, It is interpreted that the
liquidity position of the company is good
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CHART NO 4.2
LIQUID RATIO
3.63
2.43
1.61
1.37
3.69
5.16
2.39
4.09
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Ratio
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ABSOLUTE LIQUID RATIO
Absolute Liquid Ratio is also known as Cash Position Ratio. Although receivables,
Debtors and bills receivables or generally more liquid then inventories, yet there may be doubts
regarding their realization into in cash immediately or in time. Hence, some authorities are of the
opinion that they absolute liquid ratio should also be calculated together with current ratio and
acid test ratio so as to exclude even receivables from the current assets and find out the absolute
liquid assets.
Absolu te li quid Ratio = Absolute li quid Assets / Current L iabil it ies
Absolute liquid Assets = Cash + Bank balances
TABLE 4.3
(In lakhs)
Year Absolute
Liquid Assets
Current
Liabilities
Ratio
2005-2006 82.12 2044.25 0.04
2006-2007 1841.81 4332.36 0.43
2007-2008 280.27 4768.23 0.06
2008-2009 1077.07 9856.92 0.11
2009-2010 15979.79 8440.86 1.89
2010-2011 20415.08 8083.39 2.53
2011-2012 27247.65 22347.29 1.22
2012-2013 27909.04 15352.11 1.82
The above table shows that, the absolute liquid ratio of the company has increased from
0.04 (2005-2006) to 2.53 (during the year 2010-2011).It shows a decline trend during the 2011-
2012 and gradually increased to 1.82 during the year 3012-13 .Thus it is inferred that the
absolute liquid position of the company is poor
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CHART NO 4.3
ABSOLUTE LIQUID RATIO
0.04 0.43
0.06 0.11
1.89
2.53
1.22
1.82
0
0.5
1
1.5
2
2.5
3
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
Ratio
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PROFITABILITY RATIO
The primary objective of a business is to earn profits. Profit earning is considered
essential for survival of the business. In the words of Lord Keynes Profit is the engine that
drives the business enterprises. Abusiness needs profits not only for its existence but also for
expansion and diversification .the investors want an adequate return on their investments,
Workers want higher wages, Creditors want higher security for their interest and loan and so on.
A Business enterprise can discharge its obligations to various segments of the society only
through earning profits. Profit is, thus a useful measure of overall efficiency of a business. The
various profitability ratios are discussed below:
The following ratios are known as general Profitability ratios
Gross Profit Ratio
Net Profit Ratio
Return on Investment
Return on Equity
Return to the Total Assets
Operating Expenses Ratio
Earning per Share
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GROSS PROFIT RATIO
Gross profit ratio measures the relationship of Gross Profit to net profit to net sales and is
usually Representation as a percentage .Thus; it is calculated by dividing the gross profit by sales
Gross Prof it Ratio = Gross prof it /sales X 100
TABLE 4.4
(In lakhs)
Year Gross Profit Sales Ratio(%)
2005-2006 24500.29 42044 58%
2006-2007 29244.8 51825 56%
2007-2008 33756.76 58593 58%
2008-2009 44016.12 74893 59%
2009-2010 63965.59 102170 63%
2010-2011 72974.96 124707 59%
2011-2012 125553.21 145351 86%
2012-2013 158682.57 169910 93%
The above table shows the gross profit ratio of the company. There is slight
changes in gross profit ratio of the company during the year 2005 to 2009 .In the year 2009-2010
the gross profit of the company has increased by 4% and in the very next year it decreased by
4%. In the year 2011-12 and 2012-2013, there is an tremendous increase in the ratio .Thus it is
interpreted that gross profit of the company is very good .
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CHART NO 4.4
GROSS PROFIT RATIO
0
0.2
0.4
0.6
0.8
1
0.580.56 0.58 0.59 0.63
0.59
0.860.93
Ratio
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NET PROFIT RATIO
Net profit ratio establishes a relationship between net profit (after taxes) and sales and
indicates the efficiency of the management in manufacturing ,selling, administrative and other
activities of the firm .The ratio is the overall measure of firms Profitability and is calculated as :
Net Prof it Ratio = Net Profi t after tax/Net Sales X 100
TABLE 4.5
(In lakhs)
The above table shows the massive development in net profit ratio an increasing trend
from the year 2005-2006 to 2007-2008 .But during the year 2008 -2009 the ratio has declined to
11.69 %
Year Net Profit Sales Ratio(%)
2005-2006 4935.58 42044 11.74%
2006-2007 6592.13 51825 12.72%
2007-2008 9274.87 58593 15.83%
2008-2009 8751.5 74893 11.69%
2009-2010 16540.27 102170 16.19%
2010-2011 22749.22 124707 18.24%
2011-2012 25681.3 145351 17.67%
2012-2013 32377.28 169910 19.06%
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CHART NO 4.5
NET PROFIT RATIO
0 2 4 6 8 10 12 14 16 18 20
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
11.74
12.72
15.83
11.69
16.19
18.24
17.67
19.06
Ratio
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RETURN ON INVESTMENT
The basic earning power of the firm can be measured, with the returns on investment
Return on Investment = EBI T / I nvestment in Total Assets
TABLE 4.6
(In lakhs)
Year EBIT Investment in
Total Assets
Ratio
2005-2006 5074 8709.8 0.58
2006-2007 6624 7817.91 0.85
2007-2008 9519 10296.59 0.92
2008-2009 12903 3989.36 3.23
2009-2010 24517 6208.48 3.95
2010-2011 24517 708.11 34.62
2011-2012 29676 724.2 40.98
2012-2013 34728 724.32 47.95
According to the table, ROI is improving in a massive way .The ROI increases gradually
every year from 2005-2006 to 2012-2013. During the year 2012-2013. During the year
2012 -2013, the ROI of the was 47.95 which shows that the company enjoys better returns
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CHART NO 4.6
RETURN OF INVESTMENT
0
5
10
15
20
25
30
35
40
45
50
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
0.58 0.85 0.923.23 3.95
34.62
40.98
47.95
Ratio
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RETURN ON EQUITY
In real sense, ordinarily shareholders are the real owners of the company. They assume
the highest risk in the company .Preference share holders have a preference over ordinary
shareholders in the payment of dividend as well as capital. Preference shareholders get a fixed
rate of dividend irrespective of the quantum of profits of the company .Return on equity capital
which is the relationship between profits of a company and its equity capital
ROE= Net prof it af ter tax Preference Dividend / Equi ty share capital
TABLE 4.7
(In lakhs)
The above table shows that return on equity is in its developing stage.
ROE shows an increasing strategy from the year 2005-2006 .During the previous year
2012-2013, the ROE is 21.40 and this shows that the company ROE is satisfactory
YEAR NET PROFIT EQUITY SHARE
CAPITAL
RATIO
2005-2006 4935.58 1223 4.04
2006-2007 6592.13 1242.9 5.3
2007-2008 9274.87 1242.9 7.46
2008-2009 8751.5 1313.11 6.66
2009-2010 16540.27 1513.12 10.93
2010-2011 22749.22 1513.12 15.03
2011-2012 25681.3 1513.12 16.97
2012-2013 32377.28 1513.13 21.40
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CHART NO 4.7
RETURN OF EQUITY
2005-06, 4.042006-07, 5.3
2007-08, 7.46
2008-09, 6.66
2009-10, 10.93
2010-11, 15.03
2011-12, 16.97
2012-13, 21.4
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RETURN ON TOTAL ASSETS
This ratio shows earning generated by the use of firms assets, before the influence of
depreciation, taxes and leverage and its useful for comparing the firms with different
depreciation policies, tax situation and degree of financial leverage. It is an unbiased single
measure of overall profitability used to cross sectional comparisons of firms.
Return on total assets = EBIT / Total Assets
TABLE 4.8
(In lakhs)
Year EBIT Total Assets Ratio
2005-2006 5074 28574 0.18
2006-2007 6624 33225 0.17
2007-2008 9519 54382 0.18
2008-2009 12903 93165 0.14
2009-2010 24517 105854 0.24
2010-2011 24517 109729 0.22
2011-2012 29676 117317 0.25
2012-2013 34728 121617 0.29
The above table shows that the condition of the total assets is not satisfactory .It is in
diminishing growth. The profitability status is poor.
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CHART NO 4.8
RETURN OF TOTAL ASSETS
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
0.18
0.17
0.18
0.14
0.24
0.22
0.25
0.29
Ratio
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OPERATING EXPENSES RATIO
This ratio explains the changes in the profit margin (EBIT to sales) Ratio. This ratio
indicates the relationship of various expenses to net sales. The lower the ratio, the greater is the
profitability and higher the ratio; lower is the profitability.
Operating expenses ratio = Operating expenses / Net sales X 100
TABLE 4.9
(In lakhs)
Year Operating
Expenses
Sales Ratio
2005-2006 7275.05 42044 17.3
2006-2007 22402.85 51825 43.28
2007-2008 23933.02 58593 40.85
2008-2009 29129.98 74893 38.9
2009-2010 38245.87 102170 37.43
2010-2011 45875.05 124707 36.79
2011-2012 42285.51 145351 29.09
2012-2013 44080.28 135029 17.16
From the extract of the table, the expenses ratio is in growth stage from 2006-2007.After
that the concern getting decline gradually .In previous year the shows the satisfiable ratio as17.16
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CHART NO 4.9
OPERATING EXPENSES RATIO
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
17.3
43.28
40.85
38.9
37.43
36.79
29.09
17.16
Ratio
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EARNINGS PER SHARE
Earning per share is the profitability of the firm on per share basis it does not reflect how
much is paid as dividend and how much is retained in the business
Earni ngs per Share = Net Prof it / No. of Equi ty Shares
TABLE 4.10
(In lakhs)
Year Net Profit No. of Share
Capital
Ratio
2005-2006 493558 61150 8.07
2006-2007 659213 62145.177 10.78
2007-2008 927487 62145.177 14.92
2008-2009 875150 75655.873 14.08
2009-2010 1654027 151311.746 21.86
2010-2011 2274922 151311.746 15.03
2011-2012 2568130 151311.746 16.97
2012-2013 3237728 151311.746 21.39
Above table shows that ,The earning per share of the current previous year is
21.39.During the study period the earning per share is reasonably good and would be satisfactory
to the shareholders
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CHART NO 4.10
EARNINGS PER SHARE
2005-06, 8.07
2006-07, 10.78
2007-08, 14.92
2008-09, 14.08
2009-10, 21.86
2010-11, 15.03
2011-12, 16.97
2012-13, 21.39
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ACTIVITY RATIO
Fund is invested in various assets in business to make sales and earn profits. The
efficiency with which assets are managed directly affect the volume of sales .The better the
management of, the larger is the amount of sales and the profit. Activity ratios measure the
efficiency of effectiveness with which a firm assets manages its resources or assets. These ratios
also called as Turnover Ratiosbecause they indicate speed with which assets are converted or
turned over into sales. The activity ratios are as follows
Fixed assets turnover ratios
Working capital turnover ratios
Debtors turnover ratios
Creditors turnover ratios
Inventory turnover ratios
Total assets turnover ratios
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FIXED ASSETS TURNOVER RATIO
The ratio is calculated by dividing sales into fixed assets. It is used to highlight the
extended utilization of the plant and equipment. A low ratio indicates the poor utilization of the
existing plant capacity.
F ixed Assets turnover ratios = Sales / Net f ixed Assets
TABLE 4.11
(In lakhs)
Year Sales Fixed Assets Ratio
2005-2006 42044 20245.48 2.08
2006-2007 51825 8128.8 6.38
2007-2008 58593 9129.34 6.42
2008-2009 74893 64927.57 1.15
2009-2010 102170 56705.23 1.80
2010-2011 124707 48892.48 2.55
2011-2012 145351 46662.83 3.11
2012-2013 135029 41840.03 4.06
The above table shows ,Fixed assets status of the concern .The ratio indicates the
investment in fixed has been increasing from 2008 -1.15 till now 2013-4.06 .It is a growth but
unsatisfied growth
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CHART NO 4.11
FIXED ASSETS TURNOVER RATIO
Ratio
2.08
6.38 6.42
1.15
1.8
2.55
3.11
4.06
Ratio
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WORKING CAPITAL TURNOVER RATIO
Working capital of a concern is directly related to sales. Working capital turnover ratio
indicates the velocity of the utilization of net working capital. This ratio indicates the number of
times the working capital is turned over in the course of a year. This ratio measures the
efficiency with which the working capital is being by a firm. This ratio can be calculated as
Work ing Capital Turnover Ratio = Sales / Net worki ng capital
Net working capital = Cur rent AssetsCurrent Liabil iti es
TABLE 4.12
(In lakhs)
YEAR SALES NET WORKING
CAPITAL
RATIO
2005-2006 42044 5367.85 7.83
2006-2007 51825 6206.49 8.35
2007-2008 58593 2924.94 20.03
2008-2009 74893 3614.94 20.72
2009-2010 102170 22673.32 4.51
2010-2011 124707 33650.59 3.71
2011-2012 145351 31145.16 4.67
2012-2013 135029 47465.83 3.58
The above table ascertain that, the utilization of working capital is increased from 2005-
2006 and massive utilization in 2007-2009. But after that the using getting low now it comes to
3.58 .It is too bad in corporate scenario
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CHART NO 4.12
WORKING CAPITAL TURNOVER RATIO
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
7.83
8.35
20.03
20.72
4.51
3.71
4.67
3.58
Ratio
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DEBTORS TURNOVER RATIO
A concern may sell goods on cash as well as on credit. Credit is one of the important
elements of sales promotion. The volume of sales can be increased by following a liberal credit
policy. But the effect of a liberal credit policy may result in tying up substantial fund of a firm in
the form of trade debtors. Trade debtor is expected to be converted into cash within a short
period and is included in current assets. Thus,
Debtors Tur nover Ratio = Sales / Debtors
TABLE 4.13
YEAR SALES DEBTORS RATIO
2005-2006 42044 3667.52 2.08
2006-2007 51825 4577.19 6.38
2007-2008 58593 3402.93 6.42
2008-2009 74893 5074.98 1.15
2009-2010 102170 7273.47 1.80
2010-2011 124707 9127.7 2.55
2011-2012 145351 7893.3 3.11
2012-2013 169910 8048.4 21.11
From the above we come to know that debt are being collected properly from debtor on
2005 the recovery ratio is 2.08 but now it 2013 it reach 21.11 .It is good development standard
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CHART NO 4.13
DEBTORS TURNOVER RATIO
2.08
6.38
6.42
1.15
1.8
2.55
3.11
21.11
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
Ratio
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CREDITORS TURNOVER RATIO
In the course of business operations, a firm has to make credit purchases and incur short-
term liabilities. A supplier of goods is naturally interested in findings out how much time the
firm is likely to take in repaying its trade creditors.
Creditors Turnover Ratio = Annual Purchases / Creditors
TABLE 4.14
(In lakhs)
Year Purchases Creditors Ratio
2005-2006 17358.78 2029.85 8.55
2006-2007 22515.45 4127.63 5.45
2007-2008 24784.43 4765.59 5.20
2008-2009 32035.12 9853.3 3.25
2009-2010 37954.45 8430.24 4.50
2010-2011 54239.03 8069.35 6.72
2011-2012 65073.97 10081.95 6.45
2012-2013 59656.47 8234.23 7.24
The above table shows that the prompt payment to the creditors to assume the credit
worthiness of the company .From 2003-2010 it met decline ratio .After 2010 -2013 they maintain
the credit in increasing standard
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CHART NO 4.14
CREDITORS TURNOVER RATIO
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
8.55
5.45
5.2
3.25
4.5
6.72
6.45
7.24
Ratio
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INVENTORY TURNOVER RATIO
Every firm has to maintain ascertain level of inventory of finished goods so as to be
able to meet the requirement of the business .But the level of inventory should neither be too
high nor too low.
I nventory Tur nover ratio = Cost of goods sold / Average stock
Average Stock = Openi ng Stock + Closing Stock / 2
TABLE 4.15
(In lakhs)
Year Cost of Goods
Sold
Average stock Ratio
2005-2006 17543.71 3517.78 4.99
2006-2007 22580.2 3747.9 6.02
2007-2008 24836.24 3657.24 6.79
2008-2009 30876.88 5380.44 5.73
2009-2010 38204.41 6413.7 5.962010-2011 51132.04 5662.66 9.03
2011-2012 41512.1 9245.03 4.49
2012-2013 53917.74 10285.18 5.24
The above table shows that the creditors turnover ratio is getting increase and decrease
simultaneously. The stock position of the concern is satisfactory
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CHART NO 4.15
INVENTORY TURNOVER RATIO
4.99
6.02
6.79
5.73
5.96
9.03
4.49
5.24
Ratio
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TOTAL ASSETS TURNOVER RATIO
This ratio expressed relationship between the amount invested in the assets and the result
accruing in term of sales .This is calculated by dividing net sales by total assets .Total assets
turnover ratio indicates the efficiency with which assets of the firm have been utilized
Total Assets Tur nover Ratio = Sales / Total Assets
TABLE 4.16
(In lakhs)
Year Sales Total assets Ratio
2005-2006 42044 28574 1.47
2006-2007 51825 33225 1.56
2007-2008 58593 54382 1.08
2008-2009 74893 93165 0.8
2009-2010 102170 105354 0.97
2010-2011 124707 109729 1.14
2011-2012 145351 117317 1.24
2012-2013 169910 121617 1.4
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CHART NO 4.16
TOTAL ASSETS TURNOVER RATIO
1.47
1.56
1.08
0.8
0.97
1.141.24
1.4
Ratio
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SOLVENCY POSITION
The term Solvency refers to the ability of a concern to meet its long term obligation
.The long-term obligation. The long-term ineptness of a firm includes debenture holders,
financial institution providing medium and long-term creditors of a firm are primarily interested
in knowing the firmsability to pay regular interest on long-term borrowings, repayment of the
principal amount at the maturity and the security of their loans. Accordingly, long-term solvency
rations indicate a firms ability to meet the fixed interest and costs and repayment schedules
associated with its long-term borrowings. The followings rations serve the purpose of
determining the solvency of the concern:
Debt-Equity Ratio
Equity ratio
Fixed assets to Networth Ratio
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DEBT EQUITY RATIO
Debt equity ratio indicates to what extent the firm depends upon outsiders for its
existence for the owners, it is useful to measure the extent to which they can gain the benefits of
maintaining control over the firm a limited investment.
Debt-Equi ty Ratio = Outsiders funds / share holders funds
Table 4.17
(In lakhs)
Year Outsiders
Fund
Share Holders
Fund
Ratio
2005-2006 3216.67 33521.63 0.10
2006-2007 2541.92 22942.33 0.11
2007-2008 3825.82 28900.22 0.13
2008-2009 44818.98 29916.95 1.49
2009-2010 25905.71 61937.17 0.42
2010-2011 22937.47 68301.65 0.34
2011-2012 10753.38 69725.51 0.15
2012-2013 4355.13 77731.37 0.06
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CHART NO 4.17
DEBT EQUITY RATIO
0.1 0.110.13
1.49
0.42
0.34
0.15
0.06
Ratio
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EQUITY RATIO
A variant to the debt equity ratio is the proprietors ratio, which is also known as equity
ratio or Share holders to equity ratio or net worth to total assets of the firm
Equity Ratio = Share holders Fund / Total Assets
TABLE 4.18
(In lakhs)
Year Share Holders
Fund
Total Assets Ratio
2005-2006 33521.63 28574 1.17
2006-2007 22942.33 33225 0.69
2007-2008 28900.22 54382 0.53
2008-2009 29916.95 93165 0.32
2009-2010 61937.17 105354 0.59
2010-2011 68301.65 109729 0.62
2011-2012 69725.51 117317 0.59
2012-2013 77731.37 121617 0.63
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CHART NO 4.18
EQUITY RATIO
2005-06, 0.62006-07, 0.35
2007-08, 0.32
2008-09, 2.172009-10, 0.92
2010-11, 0.72
2011-12, 0.67
2012-13, 0.54
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FIXED ASSET TO NETWORTH RATIO
The ratio of fixed assets to networth assets to networth indication the extent to which
share holders fund are sunk into the fixed assets
F ixed Assets to Networth Ratio = Fixed Assets / Share holders funds
TABLE 4.19
Year Fixed Assets Share Holders
Fund
Ratio
2005-2006 20245.48 33521.63 0.6
2006-2007 8128.8 22942.33 0.35
2007-2008 9129.34 28900.22 0.322008-2009 64927.57 29916.95 2.17
2009-2010 56705.23 61937.17 0.92
2010-2011 48892.48 68301.65 0.72
2011-2012 46662.83 69725.51 0.67
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CHART NO 4.19
FIXED ASSET TO NETWORTH RATIO
0.6
0.35 0.32
2.17
0.92
0.72 0.670.54
0
0.5
1
1.5
2
2.5
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 2011-2012 2012-2013
Ratio