A P R O J E C T R E P O R T

ON

“ WORKING CAPITAL MANAGEMENT ANALYSIS

OFSAKTHI SUGARS LIMITED ”

SUBMITTED TO

PUNJAB TECHNICAL UNIVERSITY, JALANDHAR

IN PARTIAL FULFILMENT OF THE REQUIREMENT FOR THE

MANAGEMENT PROGRAMME (M.B.A)

Submitted by

SURENDRA KUMAR SWAINENROLMENT NO.740667033

Institute of Management & Bio-Technology,Kunjakanta, Dhenkanal-759001.

C E R T I F I C A T E

This is to certify that Mr. Surendra Kumar Swain, a Management

Programme student of Punjab Technical University, Jalandhar (Punjab)

has completed his Project Report on “ WORKING CAPITAL

MANAGEMENT ANALAYSIS OF SAKTHI SUGARS LIMITED “ under

my guidance and supervision.

To the best of my knowledge and belief, the work is original

piece of project study.

(SATYAPRIYA MISHRA)MANAGER(ACCTS.)

D E C L A R A T I O N

I, Sri Surendra Kumar Swain, a Management Programme student

of Punjab Technical University, Jalandhar (Punjab) do hereby declare

that the present piece of project work entitled “ WORKING CAPITAL

MANAGEMENT ANALYSIS OF SAKTHI SUGARS LIMITED “ being

presented for the partial fulfillment of the Management Programme

(M.B.A) Course of Punjab Technical University, Jalandhar is developed

by me and is of original piece of study.

I sincerely declare that this piece of work is my original work and

it is not submitted in any other institution including this Institute as

published at any time before.

All the data included in the Project Report was collected

personally. I also wish to try my best not to expose the valuable

documents I have collected for my study.

Surendra Kumar Swain,Enrolment No.740667033

ACKNOWLEDGEMENT

I express my sincere, honest and grateful acknowledgement to Dr.S.K.Salwan, Vice Chancellor and Dr.R.P.Singh, Dean, Distance Education cell of Punjab Technical University, Jalandhar for giving me an opportunity to study the Management Programme (M.B.A) at Punjab Technical University, Jalandhar.

I also express my heartiest thanks to Sri Jitendra Prasad Nanda, Project Coordinator of the Institute of Management & Bio-Technology, Dhenkanal (LCC) and other staff members for their most useful guidance and suggestions during my tenure of study here.

Above all, I have special gratitude and thanks to Sri Ramachandran Ramadurai, Vice President (Orissa Operations) and the Management of Sakthi Sugars Limited. for giving me the opportunity and encouragement for higher study and to complete the programme successfully.

I am also thankful to Sri Satyapriya Mishra, Deputy Manager(Accts.) for extending all cooperation and technical guidance needed to complete the Project Report successfully.

My special thanks goes to Mr.S.N.Samantaray, A.G.M(P & C), Mr.V.S.Naidu, A.G.M(Process), Mr.Y.Jaisankar,Manager Engineering, Mr.H.K.Behera, Manager-HRD, Mr.Manoranjan Dash, Dy. Manager (Electrical), Mr. Bhabani Prasad Rath, Dy. Manager(Process), Mr.Sangram Keshari Mohanty, Asst. Manager(Process), all Chemists, all Engineers and EDP staff for their cooperation.

And I also thankful to all of my colleagues in Sakthi Sugars for their excellent cooperation in preparation of this project report.

And last but not least my heartfelt thanks goes to my family members for their moral support and encouragement to complete the course, with a lot of patience and inspiration for future.

Surendra Kumar Swain,

Enrolment No.740667033

CONTENTS

1. Introduction

a) Objectives of the study

b) Scope

c) Importance

d) Techniques

e) Methodology

f) Limitation of the study

g) Company Profile

2. Theoretical Approach to working capital management

a) Concept of working capital

b) Type of working capital

c) factors determining working capital

d) Financing of working capital

3. Working Capital Manager Analysis in Sakthi Sugars Limited.

a) Receivable Management

b) Inventory Management

c) Cash Management

4. financial Analysis

a) Estimate Working Capital

b) Ratio Analysis of Sakthi Sugars Ltd.

5. FINDINGS & SUGGESTIONS

6. BIBLIOGRAPHY

CHAPTER - I

INTRODUCTION

a) Objectives of the study

b) Scope

c) Importance

d) Techniques

e) Methodology

f) Limitation of the study

g) Company Profile

CHAPTER - I

INTRODUCTION

A) OBJECTIVES OF THE STUDY :

The main purpose of the preparation of this project report at Sakthi

Sugars Limited was to have an overall idea about the organization

functions the various factors that are operating in the organization and

thereby gain on the spot training and experience regarding the working

capital functions carried by finance department. This was done to have the

practical knowledge on financial functions to prepare me as a future

manager.

The Major Objectives are :

i) To the efficiency of the Working Capital Management of SSL by

studying the different elements of working capital,

ii) To study the measure of improvement in efficiency of Working

Capital Management of Sakthi Sugars Limited.

B) SCOPE OF THE STUDY :

To study and know about the organizational structure along with their day

to day functions, I had cover the following departments at SSL, Dhenkanal

unit.

1) Finance department

2) Cane department

3) Stores department

C) IMPORTANCE OF UNDER STUDY :

There are five prime factors seen in an industrial organization. They are

described as the five M’s. They are

1) Men

2) Money

3) Material

4) Machinery

5) Management

From among these five M’s the foremost one is financial management.

Finance department is more valuable than other resources in an

organization. Their proper management can help an organization

tremendously to maximize the utilization. I learnt a lot of about Working

Capital Management in my theory but without practical knowledge in the

field, the theory has no value. Scope in order to get experience in the field

I have gone to the understudy programme about “ WORKING CAPITAL

MANAGEMENT “ at Sakthi Sugars Limited, Dhenkanal unit, which helped

me in acquiring more practical knowledge.

D) TECHNIQUES OF THE STUDY :

The information are collected during my six week understudy programme

at Sakthi Sugars Limited, from official documents, records, manuals of

different departments and section of the organization and also through

observation of functioning and discussion about it with officers of various

departments of the organization.

E) METHODOLOGY :

the information were collected during my understudy programme for

about a period of 45 days from official documents, records, company rules

of Sakthi Sugars Ltd, Dhenkanal unit, materials from different department

and sections of the organization and also through observation and

discussion with the officers of various departments of the organization.

F) LIMITATIONS OF THE STUDY :

The whole study primarily centers on the secondary data collected from

annual reports, officials records of SSL and other Financial Management

Book. Therefore, the limitations associated with secondary data present in

the study

G) COMPANY PROFILE :

Sakthi Sugars Limited, a South based Group of Companies is today one

of the largest producers of white crystal sugar in the country. Together

with the new projects in the State of Orissa, its member companies

account for a capacity of over 16,000 Tonnes of cane crush per day.

Sugar also accounts for a large share of the Group’s turnover. The

member companies are standards of technical efficiency and the highest

mill efficiency.

This unit is the only sugar factory in India which could produce superfine

grade of sugar corresponding to international standard measured at

grade 35 and below by International Commission for Uniform Method of

Sugar Analysis (ICUMSA). This has been possible through constant R &

D efforts, excellent rapport with the farming community, adoption of

appropriate technology in cane cultivation and processing techniques. The

registered area under sugar cane cultivation progressively increased from

3500 hectares to over 15,000 hectares and the per hectare productivity

increased from 70 to 100 tons.

Mega Irrigation Projects have been established with the efforts of Sakthi

Sugars Ltd and the area under sugar cane cultivation is continuously

increasing.

Name : Sakthi Sugars Limited,

1. Year of incorporation : 1961

2(a) Registered Office : Sakthi nagar-638315,

Bhavani Taluk,

Erode District,

Tamilnadu State(India)

(b) Corporate Office : 180, Race Course Road,

Coimbatore-641018,

Tamilnadu State(India)

3. Units :

a) Sugar Units Sakthi nagar, BHavani Taluk,Erode District, Tamilnadu

Jothi nagar,Padamathur BO,Sivaganga Dist,Tamilnadu

Kannarirupa Mathur,Modakuruchi, Erode District,Tamilnadu State

Haripur village, Korian Post,Dhenkanal District(Orissa)

b) Distillery units Sakthi nagar, Bhavani Taluk,Erode District,Tamilnadu.

Haripur Village, Korian Post,Dhenkanal District(Orissa)

c) Soya units Marchinaickenpalayam,Pollachi, Tamilnadu State

Harpur Village, Korian Post,Dhenkanal District(Orissa).

d) Pollution Control Unit Sakthi nagar, Bhavani Taluk,Erode District, Tamilnadu

e) Co-generation plant Sakthi nagar, Bhavani Taluk,Erode District, Tamilnadu

Jothi nagar,Padamathur BO,Sivaganga Dist,Tamilnadu

Modakuruchi ,Erode Dist, Tamilnadu

f) Coke Bottling Plant Jothi nagar,Padamathur BO,Sivaganga Dist,Tamilnadu

g) Ethanol Plant Sakthi nagar, Bhavani Taluk,Erode District, Tamilnadu

4. Year of Establishment and Capacities :

Name of the unit Year Estd. Capacity Remarks

Sakthi nagar sugar unit

1964 8000 TCD Last expansion from 6000 TCD in 2005

Sivaganga Sugar unit

1989 4000TCD Expanded from 2500 TCD in May, 2000

Dhenkanal sugar 1994 2500 TCD

unitModakuruchi Sugar unit

2008 2500 TCD

Sakthi nagar Distillery unit

1972 27500 KLPA Expanded from 18000 KL in 1993

Dhenkanal Distillery unit

1996 10000 KLPA

Pollachi Soya unit 1990 90000 TPADhenkanal Soya unit

2008 72000 TPA

Sakthi nagar Co-gen plant

2003 32 MW + 20 MW

Sivaganga Co-gen plant

30

Modakuruchi Co-gen plant

2008 30

Coke bottling plant at Sivaganga

600 BPM

Ethanol (Anhydrous Alcohol) plant

140 Lakh Liters

5. BRIEF HISTORY OF THE COMPANY :

a) The Company was incorporated on 12.05.1961 and the certificate

of commencement of Business was obtained on 11.05.1962. The sugar

factory at Sakthi agar with a capacity of 1250 Tonnes crush per day (TCD)

commenced production in the year 1964. The capacity of this unit was

increased in stages to 4000 TCD. The capacity of this unit has been

increased to 6000 TCD to accommodate increased quantum of sugar

cane available at the command area of this factory. The performance of

the sugar unit has been efficient all along from its inception and achieved

its ever-best performance in the year 1999-2000 by crushing 16.79 lakh

tones of cane. Cane crushing in this unit has crossed one Crore tones

mark in 1983, the maximum quantity crushed by a single factory in 19

years. This unit has bagged national efficiency award consecutively for

three years since the inception of the award. This award has been given to

this unit for achieving minimum loss in sugar recovery.

b) In the year 1972, the Distillery unit was established at the precincts

of Sakthi nagar Sugar unit with a capacity to produce 9000Kilo Liters of

Industrial Alcohol per Annum. The capacity of this unit was raised to

18000 Kilo Liters per Annum in the year 1982. The capacity of this unit

has been further increased to 275000 Kilo Liters per annum in December,

1992.

c) In the year 1988, the Company has installed an Effluent Treatment

Plant (ETP) at a cost of over Rs.2.25 crores for treating the distillery

effluent. For this purpose, the Company had entered into technical

collaboration agreements with Society General Pour Les techniques

Nouvelles (SGN), France and with B.S Smogless, S.P.A, Italy. The unique

feature of this unit is that it will not only treat the effluent water and

achieve pollution free environment but also generate Bio-gas. This Bio-

gas can be used as a fuel substitute for raising steam in the Boilers used

in generation of electricity as well as in distillation. There is no

indigenously developed technology in use today to match this and the

Company has by the collaboration agreement, acquired the right to sell

this technology to other distilleries in South India. The company has

successfully executed 22 contracts by putting up similar effluent treatment

plants for other distilleries, besides executing an Effluent Treatment Plant

at Thailand.

d) In the year 1988-89 a second sugar unit with licensed and

installed capacity of 2500 TCD has been established in Mathur

Kannariruppu Village in Sivaganga Taluk of Tamilnadu State and the Unit

commenced operations in March, 1989. This unit has adopted latest

available technology for sugar manufacturing. The capacity of this unit has

been increased from 2500 TCD to 4000 TCD in May, 2000 to

accommodate increased quantum of sugar cane available at the factory’s

command area.

e) The Soya Division was amalgamated with this Company with effect

from 01.04.1993 pursuant to sanction of the Scheme of Amalgamation of

Sakthi Soyas Limited by the Honourable High court of Madras vide its

order dated 04.01.1995. The installed capacity of Soya Division is 90,000

MT per annum.

f) The Company’s Sugar unit with a crushing capacity of 2500 TCD at

Haripur Village, in Dhenkanal District of Orissa State started

commercial production in January, 1994.

g) In the year 1995, the has installed a Distillery unit with 10,000 KL

of Industrial Alcohol per annum capacity at the precincts of Dhenkanal

sugar unit to take advantage of captive molasses available from the sugar

unit in Orissa.

h) The Company has set up a 32 Mw Co-generation plant at the

premises of its Sakthinagar sugar unit at a cost of Rs.78.00 Crores. M/s

Tamilnadu News Print and Papers Ltd(TNPL) with whom the company has

a barter arrangement have invested Rs.40.00 Crores towards the cost of

Boilers and its accessories required for the Project. The cost of one Boiler

viz. Rs.20.00 crores has to be reimbursed by the company over a period

of 9 years with interest at 12% p.a. The total exportable surplus power will

work out to 144 Million units per year valued at about Rs.48.00 crores and

the entire energy is intended to be sold to TNEB. In view of huge gap in

the demand and supply of power in the State of Tamilnadu, no difficulty is

envisaged in evacuation of power to TNEB. Since the company’s outlay

on the Project works out to only 38.00 Crores (excluding TNPL’s

investment of Rs.40.00 crores, the pay back period is very short. The

Project was commissioned for commercial production during December,

2003.

i) The company has also set up a soft drink bottling unit at its

Sivaganga sugar unit at a cost of about Rs.17.00 Crores. M’s Hindustan

Coca-Cola Beverages (P) Ltd. to whom the company has been supplying

quality sugar for the past four years, have required the company for

bottling the carbonated soft drinks on a contractual basis, which is ready

for commissioning. In the sugar cle-control scenario, taking up of the

proposed venture will not only facilitate off-take of sizeable quantum of

sugar produced by the company but also add to the revenue of the

company from margins on bottling operations.

j) Pursuant to the Government’s decision to permit mixing of Ethanol

with petrol as fuel, the company has created facilities at its Sakthi nagar

Distillery unit for manufacturer of Ethanol. Presently, the distillery unit

produces about 260 lakh liters of Alcohol and the average realization on

the same is Rs.13.00 per liter. The company proposes to produce about

140 lakh liters of Ethanol per annum and with the realization of about

Rs.19.50 per liter there will be additional contribution of about Rs.11.00

crores per annum to the company. The oil companies have already placed

indents on the company for supply of Ethanol and the same will

commence shortly.

6. FEATURES :

a) Sakthinagar Sugar Unit :

► More than 36,000 acres of sugar cane available around the factory

supported by river and canal irrigation. Pioneering efforts put in by

the cane department has increased the yield per hectare to more

than 125 MT.

► Crushing in the unit more than eight months every year.

► The unit has capacity to produce export quality sugar

corresponding to less than 35 ICUMSA (International Commission

for Uniform Method of Sugar Analysis, a measure to determine the

quality and colour of sugar, adopted by European markets) and has

exported more than 12000 MT.

► Optimal recovery of sugar from sugar cane, i.e. more than 10%.

► Secured National Efficiency Award for many years.

► Research and Development Wing of this unit responsible for

developing new sugar rich pest resistant varieties of sugar cane.

► Has Mechanical Harvesters imported from Austoft Industries of

Australia.

► Exported about 13.5 Lakh quintals of sugar for the period from

October, 2000 to October, 2001 and bagged the National Award for

exemplary export performance.

b) Sivaganga Sugar Unit :

► More than 18,000 acres of sugar cane available within 40 km of the

factory supported by river, pond and well irrigation.

c) Soya Unit :

► Has solvent extraction and oil refining plants imported from M/s

Extra Ktionstechnik, West Germany, who are world renowned

supplier of such machinery.

► Has Seed processing and edible flour making plant imported from

M/s Buhler Brothers, Switzerland, who are again the world class

suppliers of such machinery.

► Has facility to produce edible grade Soya flour and refined edible

grade crude sunflower oil.

► Concentrates on production and sale of value added products like

Texturised vegetable Protein (TVP Chunks and refining of edible

grade crude sunflower oil.

► The unit has sophisticated facilities for manufacturer of edible grade

Soya flour. Once it is a separate entity and has a separate identity,

its features and capabilities can be put through web site, which can

attract the attention of intending overseas customers instantly.

► With the announcement of FDA in United States that intake of Soya

flour up to 25 grams per day will help to avoid cancer and heart

diseases, there is an expectation that there will be huge demand

for Soya flour manufactured out of Non-Genetically Modified Soya

Seeds which is available in plenty only in Asia.

d) Pollution Control Unit :

► Technology for treatment of effluents and recovery of methane rich

Bio-gas has been imbibed from SGN (now Proserpol) of France.

The recovery of Bio-gas is through anaerobic digestion of organic

contents in the effluent in a digester erected for this purpose.

► Effluent Treatment-Cum-Bio-gas Plants (ETP) erected and

commissioned in 22 distilleries in India so far. Besides a contract

for erection and commissioning of Effluent Treatment Plant at

Thailand has also been executed.

► Methane rich Bio-gas recovered by installation of ETPs ensures

saving of Furnace Oil to the extent of 8000 to 10000 liters per day.

7. PERFORMANCE :

Performance of the various Divisions of the company for the year ended

30th June, 2005 and that of last accounting year are furnished hereunder.

a) Sugar Division :

Units Sakthi nagar Sivaganga Dhenkanal Modakuruchi

Current Year

Last Year

Current Year

Last Year

Current Year

Last Year

Current Year

Last Year

Cane crushed(MT)Recovery(%)

Sugar prodn(Qtl)

R.S.processed(MT)

Sugar prodn(Qtl)

Sale value(INR)

b) Distillery Division :

Units Sakthinagar unit Dhenkanal unit

Current year Last year Current year Last year

Alcohol produced

Sale value(INR)

c) Soya Unit

Units Pollachi Unit Dhenkanal unit

Current year Last year Current year Last year

Soya products produced(MT)Sale value(INR)

Indigenous

Export

d) Co-gen Plants :

Units Sakthi nagar Sivaganga Modakuruchi

CurrentYear

LastYear

CurrentYear

LastYear

CurrentYear

LastYear

Units generated

Units exported to TNEBSale value(INR)

8. CAPITAL STRUCTURE :

The company’s share capital is as under :

As at 30.06.2005 As at 30.06.2004

Authorised capital 50000000 Equity shares of Rs.10 each 5000000 Redeemable Cumulative Preference shares of Rs.100 eachTotalIssued CapitalEquity capital

Preference capitalTotalPaid-up CapitalEquity CapitalPreference capitalTotalShare Application Money

During the year 2004-05, the company has issued and allotted 3641000

equity shares of Rs.10.00 each at a price of Rs.50.00 per aggregating to

Rs.18.21 crores to Foreign Institutional Investors. With this allotment, the

equity capital has gone up to Rs.31.37 crores.

The Company has further proposed to issue 31.32 lakh equity shares of

Rs.10.00 each at a price of Rs.50.00 per share on preferential allotment

basis to one of the Promoters and to a strategic investor. This process has

already been initiated and it is expected to complete the issue by middle of

April, 2005.

PERFORMANCE AT A GLANCE

PERFORMANCE FOR MARCH, 2006

Particulars Mar.,06(3 months)

Mar.,06(3 months)

Mar.,06(3 months)

Mar.,06(3 months)

Cane crushed (Lakh MT)

Raw sugar processed(Lakh MT)Sugar production(Lakh MT)

Total Income(Rs.in crores)

EBIDtA

Interest

Depreciation

Profit for the period

Prior year adjustment

Net profit

EPS (In Rupees)

SEGMENT –WISE TURN OVER

Particulars FY-02 FY-03 FY-04 FY-05

Sugar

Alcohol

Power

Soya

Auto Component

SEGMENT –WISE EBIDTA

Particulars FY-02 FY-03 FY-04 FY-05

Sugar

Alcohol

Power

Soya

Auto Component

INTRODUCTION :

Working Capital Management is a significant part of business decision. It

is a major concern to the financial manager in as much as

accomplishment of value maximization depends essentially on the

Working Capital decision.

Working Capital Management is concerned with the current assets, the

current liabilities and the matter relationship that exist between them. The

term current assets refers to those asset which in the ordinary course of

business and concerted into cash within one year, without under going a

This paper makes an attempt to examine the efficiency of working capital management of Sakthi Sugars Limited. During 2002-03 to 2005-06 for measuring the efficiency of Working Capital Management. Using industry norm as target efficiency level of the individual firms, this paper also tests the speed of achieving that target level of efficiency by the company during the period of study.

dimension in value and without disrupting the operations of the firm. The

current assets are cash marketable secretary, accounts receivable and

inventory.

Current liabilities are those which are to be paid within a year out of the

current assets or earnings of the concern. The current liabilities are

accounts payable, bills payable, Bank over draft and outstanding

expenses etc. The current assets and liabilities should be managed in

such a way that a satisfactory level of working capital is maintained. A firm

which fairs to maintain satisfactory level of working capital may be forced

in to bankruptcy.

The current assets should always be large enough to cover Ns current

liabilities in order to interaction between current assets and current

liabilities are the main theme of working capital Management.

NEED FOR WORKING CAPITAL:

The basic objectives of financial management are to maximize

shareholder’s wealth. These objectives can be achieved when the

company earns sufficient profits. The amount at profits largely depends

upon the magnitude of sales. But sales do not convert in to cash instantly.

There is time day between the sale of goods and receipt of cash, working

capital is required to purchase raw materials, pay wages and other

expenses in order to sustain sales activity the time lay. The time gap

between the sales of goods and relation of cash is operating cycle.

The term operating cycle refers to the length of time necessary to

complete the following cycle of events.

a) Conversion of cash in to raw materials,

b) Conversion of raw materials into finished goods,

c) Conversion of finished goods into receivable,

d) Conversion of receivable into cash.

OPERATING CYCLE:

Accounts Receivable

Cash

Debtors

Sales

Finished Goods

Raw materials

Work in progress

In the figure only accounts receivable phase is cash inflow phase. Others

are cash out flow phase. But as the inflow phase comes at the end, the

company requires cash to operate through the all other phases.

The speed with which the working capital completes one cycle,

determines the requirement of working capital, the shorter the period of

cycle, the lesser the requirement of working capital. Each of the above

operating cycle stages is expressed in terms of number of days of

relevant information and requires a level of enactment to support it. The

sum total of these stage wise processes will be total amount of working

capital of the firm. The following formula may be used to express the

frame work for the operating cycle.

t = (r-c) + w + f + b

Where t the total period of 0.C in no. of days.

r = the no. of days of raw material and stores consumption requirement held in

raw materials and stores invest.

c = the No. of days of purchase in trade creditors.

w = the no. of days of cost of production held.

f - the no. of days of cost of sales held in finished goods inventory.

b = the no. of days of sale in book debt.

The computation may be made as under :-

Average inventory of raw materials and storesr = ------------------------------------------------------------

Average per day consumption of raw material

Average trade creditorsc = ---------------------------------------

average credit purchase per day

Average work in progressw = ---------------------------------------------

Average cost of production per day

Average inventory of finished goodsf = ------------------------------------------------

Average cost of sales per day

average book debtb = ------------------------------

Average sales per day

The operation cycle method of determining working capital requirements gives

only an average figure. To identify these, continuous short detailed short-term

detailed forecasting and building exercises are necessary.

A) Concept of Working Capital :

There are two concepts of Working Capital.

a) Gross Working Capital – It refers to the Total Current asets.

b) Net Working Capital

Current Ratio

0

1

2

3

4

5

6

7

8

2004-2005 2005-2006 2006-2007 2007-2008

Year

Ra

tio

Ratio

Liquid Ratio

2004-2005

2005-2006

2006-2007

2007-2008

0200400600800

1000120014001600

Days

2004-2005 2005-2006 2006-2007 2007-2008

Year

Internal measure ratio

Ratio

0

0.5

1

1.5

2

2.5

3

3.5

Amount

2004-2005 2005-2006 2006-2007 2007-2008

Year

Cash ratio

Amount

0

0.2

0.4

0.6

0.8

1

1.2

1.4

Amount

2004-2005 2005-2006 2006-2007 2007-2008

Year

Net working capital ratio

Amount

Debtors turnover ratio

2004-2005

2005-2006

2006-2007

2007-2008

0

5

10

15

20

25

30

35

Days

2004-2005 2005-2006 2006-2007 2007-2008

Year

Average collection period

Days

Debt ratio

0

0.5

1

1.5

2

2.5

2004-2005 2005-2006 2006-2007 2007-2008

Year

Time Times

Debt Equity Ratio

2004-2005

2005-2006

2006-2007

2007-2008

2006-20072007-2008

Time0

10

20

30

40

50

year

Time

Internal coverage ratio

Time

0

0.5

1

1.5

2

2.5

Time

2004-2005 2005-2006 2006-2007 2007-2008

Year

Working capital turn over ratio

Time

Gross profit ratio

05

1015

2025

3035

2004-2005 2005-2006 2006-2007 2007-2008

Year

percentage percentage

Net profit

2006-2007

2007-2008

Operating profit ratio

2004-2005

2005-2006

2006-2007

2007-2008

Operating ratio

0

20

40

60

80

100

120

2004-2005 2005-2006 2006-2007 2007-2008

Year

per

cen

tag

e

percentage

Return on asset

2004-2005

2005-2006

2006-2007

2007-2008

Return on owners equity

2004-2005

2005-2006

2006-2007

2007-2008