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8/7/2019 Final Project National Stat
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APPLIED STATISTICSANALYSIS
PROJECTStaistics And Financial Analysis
Submitted to:
Dr. Masaud Aslam Mian
On
NATIONAL FOODS LIMITED
Annual Report 2009
Submitted by
TANVEER SALEEM BHATTI ROLL #21
SHAIKH TALLAT HUSSAIN ROLL #52
AIMAN KHAN ROLL #70MHRM-B (SEMSTER-01)
Institute of Administrative Sciences
University of the Punjab, Lahore.
1
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APPLIED STATISTICSANALYSIS
2
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APPLIED STATISTICSANALYSIS
3
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APPLIED STATISTICSANALYSIS
National Foods was founded in 1970 and started out as a Spice company. 3 decades later
it has diversified into a versatile Food Company with over 110 products and 165 andabove SKUs (Stock Keeping Unit) for the domestic market and over 100 different
products for the international markets.
The vision to see National Foods as a professionally managed Human Resource
company, set more then 7 years ago, was realized by transforming a local company into avery dynamic and progressive management structure in line with industry practices.
Competent Human Resources from within the company have fuelled tremendous growth
by excelling in Functional Management. Even after 3 decades the company's focal point
still remains on Customer's needs through Product development in line with thechanging market trends.
In this innovative age of ever changing lifestyles, fuelled by the rampant development oftechnology; consumers have been compelled to change their eating habits. National
Foods responds to this challenge of developing innovative food products based onconvenience and fast preparation in line with modern lifestyles and yet retains traditional
values through its impressive collection of food products.
The brand delivers its ultimate promise by consistently delivering value to its consumers.
National Foods enriches family relationships by bringing people together for familytraditions, feasts, seasonal holidays and of course - everyday life.
Company Information
4
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APPLIED STATISTICSANALYSIS
BOARD OF DIRECTORS:
ABDUL MAJEED Chairman
ABRAR HASSAN M.D / C.E.O
WAQAR HASSAN Director
KHAWAJA MUNIR Director
ZAHID MAJEED Director
EBRAHIM QASSIM Director
IQBAL ALIMOHAMED Director
INTERNAL AUDITORS:
Messrs. Ford Rhodes Sidat Hyder & Co. C.A
AUDITORS:
A.F. Ferguson & Co C.A
SHARE REGISTRATION OFFICE:
NOBLE COMPUTER SERVICES (PVT.) LIMITED
PRINCIPAL BANKERS:
BANK AL HABIB
RBS
MCB
UBL
BANK AL-FALAH
BARCLAYS BANK
MEEZAN BANK
Karachi
Factory Office
Mailing Address F- 160/ C, F- 133, S.I.T.E., Karachi
Landline # 021-257-7707 - 10
Fax # 021-257-2217
E- Mail Address [email protected]
Forum Office
Mailing Address 219, The Forum, G-20, Block-9, Khayaban-e- Jami, Clifton, Karachi
Landline # 021-582-1243 - 46
Fax # 021-582-1247
Corporate Office
Mailing Address 12/ CL- 6, Claremont Road, Civil Lines, Karachi
Landline # 021-566-2687, 567-0793, 567-0646
Fax # 021-568-4870
Bin Qasim Industrial Unit
Mailing Address A-13, North Western Industrial Zone, Bin Qasim, Karachi
Landline # 021-475-0373 - 7
5
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APPLIED STATISTICSANALYSIS
Lahore
Muridke Salt Plant
Mailing Address 5-A/1, New Muslim Town, LahoreFactory Address G.T. Road, Manooabad Meer Muridke
Landline # 042-798-1427, 798-0808Fax # 042-798-1427, 798-0808
Lahore Warehouse
Mailing Address Bagh Stop, Near Saadat Market, 13 Km Multan Road, Thokar Niaz Baig, Lahore.
Landline # 042-541-3709
Fax # 042-541-3141
Multan
Multan Warehouse
Mailing Address Plot No. 1091, Near Al-Madina Islamic Kanta, Bahawalpur Bypass Road, Opposite
Multan Gas Center, Multan
Landline # 061-23-2789
Fax # 061-23-2789
Islamabad
Islamabad Warehouse
Mailing Address Plot No. 119-A, Street # 8, Sector I-10/III, IslamabadLandline # 051-443-6592 - 3
Fax # 051-443-6592 3
VISION AND MISSION STATEMENT:
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APPLIED STATISTICSANALYSIS
To be a Rs. 50 billion food company by the year 2020 in then convenience food segment
by launching products and services in the domestic and international markets that
enhance lifestyle and create value for our customers through management excellence atall levels.
OPERATING AND FINANCIAL HIGHLIGHTS:
PROFIT & LOSS STATEMENT:
YEARS 2006 2007 2008 2009
SALES 1847700 2391058 3061746 3758706COST OF SALES 1276437 1572574 2075969 2632255GROSS PROFIT 571263 818484 985777 1126451ADMIN. EXPENSES 73112 91297 129868 152110DISTRIBUTION COST 364758 513902 570218 665664OTHER OP COST 8753 19094 17815 18140ADMIN, SELL EXP 446623 624293 717901 835914FINANCIAL CHARGES 24850 32675 56238 86841CLAIM RECOVERY 0 24096 0 0OTHER INCOME 6681 6110 22309 17006PROFIT BEFORE TAX 106471 191722 233947 220702TAXATION 36107 62430 77401 81241PROFIT AFTER TAX 70364 129292 156546 139461
BALANCE SHEET:
YEARS 2006 2007 2008 2009
SHARE CAPITAL 42505 42505 55257 331542RESERVES 204584 325375 460688 323844SHAREHOLDERS EQ 247089 367880 515925 655386LONG TERM LIAB 206161 193763 197020 140479CURRENT LIAB 514710 626815 1033710 1115911
TOTAL= 967960 1188458 1746655 1911776
7
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,000
,000
00
2004 2005 2006 2007 2008 20
Current Asset Current Liabilities
APPLIED STATISTICSANALYSIS
FIXED ASSET& CWIP 369938 492223 637519 649672OTHER NON CURRENT 2504 2766 4444 5163ASSETSCURREN ASSETS 595518 689469 1104692 1256941
TOTAL= 967960 1188458 1746655 1911776
8
0
100000
200000
300000
400000
500000
600000
700000
2004 2005 2006 2007 2008 2009
RupeesInMillion
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APPLIED STATISTICSANALYSIS
9
500,000
000,000
500,000
000,000
500,000
000,000
,
00
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APPLIED STATISTICSANALYSIS
Ratio Analysis
Of
National FoodsLimited
Financial Year 2009
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APPLIED STATISTICSANALYSIS
ACTIVITY RATIO:
Receivable Turnover
Receivable Turnover =Annual Sales
Average Receivable
= 3758706268739
= 13.98 Times
RT ratio provides insight into the quality of the firms receivable and how
successful the firm is in its collection.
This ratio tells us the number of times A/R have been turned over ( turned into
Cash)
Normally higher the RT ratio better it is.
Higher turnover signifies speedy and effective collection.
Average Collection Period
Days Sale Outstanding
/Average Collection Period /
RTD / Debtors Turnover
=365
Receivable Turnover
=
360
13.98
= 26.18 Days
It indicates that in how many days firm is collected their receivables.
High RTD is too bad and Very low RTD may not necessarily be good.
A high RTD mean that customers are too slow in paying their bills.
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APPLIED STATISTICSANALYSIS
Calculated ratio indicate the good RTD
Inventory
Turnover
Determine how effectively the firm is managing inventory.
The IT tells us how many times inventory is turned over into receivables through
sales during the year.
Generally, the higher the IT, the more efficient the inventory management of the
firm.
Days of Inventory on Hand
12
Inventory Turnover =C.G.S
Average Inventory
=2632255
801118
= 3.29 Times
Days Of Inventory On Hand =360
Inventory Turnover
=360
3.29
= 111 Days
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APPLIED STATISTICSANALYSIS
It tells us how many days, on average, before inventory is turned into A/R through
sales.
It should be low consider better.
Calculated ratio shows that in 111 days company is turning over the inventory in
receivables through sales.
Payable Turnover \ Credit Turnover
It indicates the speed with which the payments are made to the trade creditors.
It should be minimum.
No of Days Payable
13
Payable Turnover \ Credit Turnover =Purchase .
Average Trade Payable
=2723973
1648785
= 16.52 Times
No of days of payable =360
Payable Turnover
=360
16.25
= 22.1 Days
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APPLIED STATISTICSANALYSIS
It indicates that in how much days company pays their bills.
It should be high.
Calculate
d ratio
shows
that
company
is paying their bills in 22 days.
Total Asset Turnover
This ratio indicates that how much sale is generating by assts.
Low AT means that the company has too much capital tied up in its asset base.
High AT might imply that the firm has too few assets for potential sales.
Fixed Asset Turnover
14
Total Asset Turnover =Revenue
Average Total Asset
=3758706
1829215,5
= 2.055 Times
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APPLIED STATISTICSANALYSIS
Thisratio tells us that how much sale is generating by NFA.
It should be high.
Low FAT ratio indicates that the company has too much capital tied up in its
asset base or is using the asset it has inefficiently
Working Capital Turnover
Increasing Ratio indicates that working capital is more active, it is supporting,
comparatively, higher level of production and sales, it is being used more
intensively.
WC is negative shows that our CL> CA.
15
Fixed Asset Turnover =Revenue
Average Net Fixed Asset
= 781582919770841
= 0.40 Times
Working Capital Turnover = Revenue
Average Working Capital= 3758706
106006
= 35.46 Times
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APPLIED STATISTICSANALYSIS
LIQUIDITY RATIO:
Current Ratio
C.R is also known as working capital ratio or 2:1 ratio.
As a convention 2:1 is regarded as satisfactory level I.E C.A should be double
the C.L.
16
Current Ratio =Current Asset
Current Liabilities
=1256941
1115911
= 1.13:1
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APPLIED STATISTICSANALYSIS
Quick Ratio
Quick Ratio is a more stringent measure of liquidity .1:1 is considered to
satisfactory.
Higher the Q.R is that the company will be able to pay its short terms bills.
0.37 shows that company quick asset can't able to pay their short terms
obligations.
SOLVENCY RATIO:
Debt to Equity
17
Quick Ratio =Cash + Mkt.Securities + Receivables
Current Liabilities
=409964
1115911
= 0.37 : 1
Debt To Equity =Total Debt
Total Shareholder Eqity
=143974
655386
= 21.9%
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APPLIED STATISTICSANALYSIS
Its the measurement the firms use of fixed-cost financing source. It is the
relationship b/w borrowed funds and internal owners.
Increase or decrease in this ratio suggests a greater or lesser dependence on debt
as a source of financing.
It should be minimum
Debtor checks that how much capital of owner is invested in business.
Debt to Capital
This minimum consider better. This ratio suggests how much portion of long term
funds was financed through long term debt.
60:40 ratio is usually is considering being satisfactory.
Debt to Asset
18
Debt To Capital =Total Debt
Total debt + Total S.H Equity
=143974
799360
= 18.01%
Debt To Asset =Total debt
Total Asset
=143974
1911776
= 7.5%
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APPLIED STATISTICSANALYSIS
It is measure of creditor long term risk.
The lower the debt ratio the safer their position.
It should be under 50%.
PROFITABILITY RATIO:
Net Profit Margin
It expresses the relation b/w net profit after tax and sales.
This ratio is a measure of the overall profitability.
The ratio indicates that what portion of the net sales is left for the owner after all
expense has been met.
Higher the net profit margin,
higher is the
profitability of
the business.
Gross Profit Margin
19
Net Profit Margin =Net Income
Net Sales
=139461
3758706= 3.71%
Gross Profit Margin = G.P.Sales
=1126451
3758706
= 29.97%
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APPLIED STATISTICSANALYSIS
The ratio thus reflects the margin of profit that a concern is able to earn on its
trading and manufacturing activity.
GP margin usually b/w 20% and 50%.
Higher the GP rates mean firms are able to meet other operating expenses like
administration, selling and distributions.
Operating Profit Margin
This ratio helps in determining the ability of the management in running the
business.
Higher the ratio, better it is.
Calculated ratio shows that company working is not good.
Pre Tax Margin
Pre Tax margin = EBTSales
=220702
3758706
= 5.87%
20
Operating Profit
Margin=
EBIT
Sales
=307543
3758706
= 8.18%
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APPLIED STATISTICSANALYSIS
That ratio indicates that how much the company is earning before paying their
tax.
Higher the
ratio is
conceder
better.
It measure
profitability
relative to funds invested in the company by suppliers of debt financing.
Return on Asset
This ratio indicates in evaluating whether management has earned a reasonable
return with the asst under the control.
Ratio should be very high.
It indicates how firm is managing their asset and generating income or return.
Return on Asset*
21
Return On
Asset =
Net Income
Average TotalAsset
=139461
1829215.5
= 7.62%
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APPLIED STATISTICSANALYSIS
Operating Return on Assets
It includes
both taxes and
interest in the
numerator
Return on Total Capital
22
Return On
Asset=
Net Income+
Interest exp
(1- tax rate)
Average Total
Asset
=
139461+86841
(1-0.35)
1829215.5
= 10.70%
Operating
Return OnAsset
=
EBIT
Average TotalAsset
=307543
1829215.5
= 16.8%
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APPLIED STATISTICSANALYSIS
Return On total capital =EBIT
Average total capital
=307543
1253625
= 24.5%
It includes EBIT to total capital.
Total capital includes short term debt, preferred equity and common equity.
Return on Equity
Return On Equity =Net income
average total Equity
=139461
585655.5
= 23.81%
It indicates that how much return is earned on the stockholders investments or
owner equity.
Traditionally stock holders have expected to earn an average return of 12% or
more from equity investment in large, financially strong companies.
Return on Common Equity
Return On Common = Net income-
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APPLIED STATISTICSANALYSIS
Equity
preferred dividend
average commonEquity
=139461
193399.5
= 72.1%
This ratio differs from the return on total equity.
It only measures the accounting profits available, capital invested, common
stockholder, instead of common and preferred stockholders.
Ratio should be very low.
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APPLIED STATISTICSANALYSIS
TWO
WAYS:
THREE WAYS:
25
ROE =Net Profit Margin * Asset Turnover
*Leverage Ratio
= 3.71% * 1.97 * 2.92
= 21.3%
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APPLIED STATISTICSANALYSIS
FIVE WAYS:
26
ROE =Net Profit Margin * Equity Turnover
= 3.71% * 5.74
= 21.3%
ROE =
Tax burden * Interest burden *
EBIT margin * Asset Turnover *Financial Leverage
= 0.632 * 0.72 * 0.082 * 2.917 * 1.97
= 21.3%
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APPLIED STATISTICSANALYSIS
OPERATING CYCLE OF NATIONAL FOODS
LIMITED:
Operating Cycle = Inventory Turnover Days + Receivable Turnover Days
Operating Cycle = 111 + 26.18
Operating Cycle = 137 days
OPERATING CYCLE OF ZIL LIMITED:
Operating Cycle = Inventory Turnover Days + Receivable Turnover Days
Operating Cycle = 85 + 5
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APPLIED STATISTICSANALYSIS
Operating Cycle = 90 days
Conclusion
It indicates that in how much days our purchase is converting in sale. It
should be low consider good. So ZIL LIMITD is best then NATIONAL
FOODS LIMITED
CASH CYCLE OF NATIONAL FOODS LIMITED:
Cash Cycle = Inventory Turnover Days + Receivable Turnover Days
Payable Turnover Days
Cash Cycle = 111 + 26.18 - 22.1
Cash Cycle = 115.1 days
CASH CYCLE OF ZIL LIMITED
Cash Cycle = Inventory Turnover Days + Receivable Turnover Days
Payable Turnover Days
Cash Cycle = 85 + 5 - 34
Cash Cycle = 56 days
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APPLIED STATISTICSANALYSIS
Conclusion
It should be low, high CCC are considered undesirable. A conversion cycle
is too high implies that the company has an excessive amount of capital
investment in the sale process. Calculated cycle is better.So ZIL LIMITD is
best then NATIONAL FOODS LIMITED.
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APPLIED STATISTICSANALYSIS
Earning Per Share of National Food Limited:
E.P.S =
Net income-
Preferred Dividend
Weighted Average
of no. of shares
=13946100
33154194
= 4.21
Earning Per Share of ZIL LIMITED:
E.P.S =
Net income-Preferred Dividend
Weighted Averageof no. of shares
=
51244
4844000
= 10.58
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APPLIED STATISTICSANALYSIS
31
0
1
2
3
4
5
2004 2005 2006 2007 2008 2009
Earning Per Sahre
0
2
4
6
810
12
14
16
2004 2005 2006 2007 2008 2009
Earning Per Sahre
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APPLIED STATISTICSANALYSIS
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APPLIED STATISTICSANALYSIS
VALUATION RATIO:
RATIOSNATIONAL
FOOS LIMITEDZIL LIMITED GOOD
PRICE TO
EARNING15.91 6.42 ZIL
PRICE TO SALE 590.98 243.77 ZIL
PRICE TO CASH
FLOW4722.4 2202.2 ZIL
Conclusion
By the analysis of valuation ratios of NATIONAL FOODS LIMITED & ZIL
LIMITED we conclude that ZIL LIMITED value is better than NATIONAL
FOODS LIMITED.
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APPLIED STATISTICSANALYSIS
Growth Rate of National Food Limited:
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APPLIED STATISTICSANALYSIS
G = Retention Rate * ROE
G = 0.53 * 23.81%
G = 12.5%
Growth Rate of ZIL Limited:
G = Retention Rate * ROE
G = 0.91 * 19.5%
G = 17.7%
Conclusion
Calculation shows that both companies rate almost excellent but the
ZIL LIMITED rate is so much better then NATIONAL FOODS
LIMITED.
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APPLIED STATISTICSANALYSIS
36
Income Statement Hilight
1533879
1847700
2391058
3061746
3758706
397152571263
818484985777
1126451
30653 70364 129292156546 139461
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
2005 2006 2007 2008 2009
Sale GP Net Income
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APPLIED STATISTICSANALYSIS
37
Ba lance Sh eet H ilig
42505 42505 42505 55257
33154
435491514710
626815
103371
1115911
475727
595518
689469
110469
1256941
230865
369938
496223
63751 64967
90139
206161 191763 1970214047
0
200000
400000
600000
800000
1000000
1200000
1400000
2005 2006 2007 2008 2009
Share Capital Current Liab Current Assets
F ixe d a sse ts L on g te rm o blig atio n
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APPLIED STATISTICSANALYSIS
ACTIVITY RATIO:
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APPLIED STATISTICSANALYSIS
RATIOSNATIONAL
FOOS LIMITEDZIL LIMITED GOOD
RECIVABLE
TURNOVER 13.98 TIMES 73 TIMES ZIL
AVG
COLLECTION
PERIOD
26 DAYS 5 DAYS ZIL
INVENTORY
TURNOVER3.29 TIMES 4.3 TIMES ZIL
INVENTORY
PROCESSING
PERIOD
111 DAYS 85 DAYS ZIL
PAYABLE
TURNOVER16.52 TIMES 10.7 TIMES ZIL
PAYABLE
PAYMENT
PERIOD
22 DAYS 34 DAYS ZIL
TOTAL ASSET
TURNOVER2.05 TIMES 1.97 TIMES NATIONAL
FIXED ASSET
TURNOVER5.8 TIMES 4.96 TIMES NATIONAL
WORKING
CAPITAL
TURNOVER
35.46 TIMES 10.10 TIMES NATIONAL
Conclusion
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APPLIED STATISTICSANALYSIS
In that Portion both companies are working almost excellent but the
ZIL LIMITED activities ratios are so much better then NATIONAL
FOODS LIMITED.
LIQUIDITY RATIO:
RATIOSNATIONAL
FOOS LIMITEDZIL LIMITED GOOD
CURRENT RATIO 1.13 1.59 ZIL
QUICK RATIO 0.37 0.84 ZIL
CASH RATIO 0.0136 0.46 ZIL
DEFENSIVE
INTERVAL42.7 65.5 ZIL
Conclusion
By the analysis of liquidity comparison of NATIONAL FOODS LIMITED
& ZIL LIMITED we conclude that ZIL LIMITED is working better than
NATIONAL FOODS LIMITED. The company ZIL LIMITED working
Capital is efficient then Maple Leaf.
SOLVENCY RATIO:
40
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APPLIED STATISTICSANALYSIS
RATIOSNATIONAL
FOOS LIMITEDZIL LIMITED GOOD
DEBT TO EQUITY 21.9% 4.5% ZIL
DEBT TO
CAPITAL18.01% 4.3% ZIL
DEBT TO ASSET 7.5% 1.79% ZIL
FINANCIAL
LEVERAGE3.12 2.61 NATIONAL
INTEREST
COVERAGE3.54 13.02 ZIL
FIXED CHARGES
COVERAGE3.24 6.52 ZIL
Conclusion
The comparison of Solvency ratios of NATIONAL FOODS LIMITED
& ZIL LIMITED shows that the working of ZIL LIMITED is good.
ZIL LIMITED is managing their debts very efficiently then
NATIONAL FOODS.
PROFITABILITY RATIO:
41
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APPLIED STATISTICSANALYSIS
RATIOSNATIONAL
FOOS LIMITEDZIL LIMITED GOOD
NET PROFIT
MARGIN 3.71% 3.8% ZIL
GROSS PROFIT
MARGIN29.97% 26.6% NATIONAL
OP PROFIT
MARGIN8.18% 6.4% NATIONAL
PRETAX MARGIN 5.87% 5.95% ZIL
R.O.A 7.62% 7.5% NATIONAL
R.O.A* 10.71% 8.1% NATIONAL
OP RETURN ON
ASSETS16.8% 12.7% NATIONAL
RETURN ON
TOTAL CAPITAL24.5% 12.7% NATIONAL
RETURN ON
EQUITY23.81% 19.5% NATIONAL
RETURN ON
COMMON EQ.72.1% 110.9% ZIL
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APPLIED STATISTICSANALYSIS
Conclusion
The profitability portion of report analysis shows that the GP of
NATIONAL FOODS LIMITED is better then ZIL LIMITED but when
we compare the Companies, the overall working of profitability of
NATIONAL FOODS LIMITED is efficient.
INVESTMENT DECISION:
By the investment point of view we will suggest that we should invest not in ZIL
LIMITED rather in NATIONAL FOODS LIMITED is preferable.
We make decision by the help of Valuation ratio, Profitability ratio of
NATIONAL LIMITED and ZIL LIMITED.
By the analysis of both companies we see that there is difference between
business sizes of both companies.
DEBT/LOAN DECISION:
By the analysis of liquidity ratios and solvency ratios we conclude that ZIL
Limited Debt Condition is best than National Foods Limited.
ZIL used the less Debt than the National Foods Ltd.
Interest Coverage ratio of ZIL is best than National Foods Ltd.
There is some difference in the business size of the both companies.
43
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APPLIED STATISTICSANALYSIS