Here are the key points from the literature review:
- Current and quick ratios have improved over time but are still below optimal levels, indicating some liquidity issues.
- Receivables turnover and average collection period have fluctuated, showing some inefficiencies in receivables management.
- Inventory turnover has increased steadily, with days in inventory decreasing, showing improved management of inventory levels.
- Total assets turnover and operating assets turnover have increased over time, demonstrating improved revenue generation from existing assets.
- Operating margin, return on assets, and return on equity have fluctuated over the past 5 years, with some years performing better than others.
- Overall the literature indicates that while some financial ratios for B
Analysis on financial performance of RSRMAbu Nahiyan
Keeping pace with globalization, Bangladesh is experiencing rapid infrastructural development. In this situation iron & steel industry has a bright growth prospect & Ratanpur Steel Re-Rolling Mills Ltd. is pioneer in this industry. The slogan of the RSRM is “Steel for the nation”.
In this competitive market RSRM using most advanced and latest technology suitable for the production of Termo–Mechanically Treated (TMT) reinforcement bar renowned worldwide for its special features of having strength with high elongation percent and toughness which is not possible in other ordinary reinforcement bars of conventional processes.
Ratanpur Steel Re-Rolling Mills Ltd. was incorporated in Bangladesh as private limited company on 22 April, 1986 as company limited by shares under the Companies Act, 1913 and converted into public limited company on 26 June 2012 under the Companies Act, 1994. The Company is engaged in the manufacturing process of producing various grades of M.S. Deformed Bar (300W/40 Grade, 400W/60 Grade and 500W/TMT) from M.S.Billet and sakes/export of the products and other business related thereto. The Company has set up its Re-Rolling Mills factory at 176, BaizidBostami I/A, BaizidBostami road, Nasirabad, Chittagong, and commenced commercial production from 1986. The Company is listed with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) as a publicly quoted company. Trading of the shares of the company started in two stock exchanges from 22 September 2014.
Functions of Bangladesh Bank. Term paper prepared for course F-209: Law and Practice of Banking under BBA program of Department of Finance, Faculty of Business Studies, University of Dhaka.
Equity Research and Financial Modelling Report on BSRM Steels LtdMd. Tanzirul Amin
BSRM Steels Limited mainly engaged in the production and supply of “Xtreme 500W” (the only EMF (Elongation at Maximum Force) tested and Fatigue ductile rod in Bangladesh) deformed bars of reinforced steel. Xtreme500W also demonstrated superior yield strength and ductility compared to the traditional Grade 60 rebar. This reduced the quantity of steel consumed in any building by 15%. The main purpose of the Company is to manufacture M.S. products by setting up rolling and re-rolling mills and marketing the same. In 2017 the Company launched ‘BSRM Maxima’ which is the first Rebar of the country designed specifically for the mega projects. The new Grade 80 will be more economical as it will require 20% less steel in construction. The Company is supplying specialized steel to Padma Multipurpose Bridge, Roopur Nuclear Power Plant, Mass Rapid Transit Project (Rail), Metro Rail, Rampal 1320MW Power Plant, First Dhaka Elevated Express Way, Payra 1320 MW Thermal Power Plant Project. Moreover, people are more quality and safety conscious. Resultantly, demand for quality steel like BSRM product is rising. The production efficiency of the mill is very impressive during the period of July 2017 to June 2018. BSRM Steels Limited again produced more than its installed capacity.
We have issued a buy recommendation with a 1-year target price of BDT 92.69; representing a capital gain of 55% from its April 21st 2019 closing price of BDT 59.80. To get this price, we allocated 50% weight on FCFF model, 30% on P/E multiple and 20% on DDM model.
Analysis on financial performance of RSRMAbu Nahiyan
Keeping pace with globalization, Bangladesh is experiencing rapid infrastructural development. In this situation iron & steel industry has a bright growth prospect & Ratanpur Steel Re-Rolling Mills Ltd. is pioneer in this industry. The slogan of the RSRM is “Steel for the nation”.
In this competitive market RSRM using most advanced and latest technology suitable for the production of Termo–Mechanically Treated (TMT) reinforcement bar renowned worldwide for its special features of having strength with high elongation percent and toughness which is not possible in other ordinary reinforcement bars of conventional processes.
Ratanpur Steel Re-Rolling Mills Ltd. was incorporated in Bangladesh as private limited company on 22 April, 1986 as company limited by shares under the Companies Act, 1913 and converted into public limited company on 26 June 2012 under the Companies Act, 1994. The Company is engaged in the manufacturing process of producing various grades of M.S. Deformed Bar (300W/40 Grade, 400W/60 Grade and 500W/TMT) from M.S.Billet and sakes/export of the products and other business related thereto. The Company has set up its Re-Rolling Mills factory at 176, BaizidBostami I/A, BaizidBostami road, Nasirabad, Chittagong, and commenced commercial production from 1986. The Company is listed with Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) as a publicly quoted company. Trading of the shares of the company started in two stock exchanges from 22 September 2014.
Functions of Bangladesh Bank. Term paper prepared for course F-209: Law and Practice of Banking under BBA program of Department of Finance, Faculty of Business Studies, University of Dhaka.
Equity Research and Financial Modelling Report on BSRM Steels LtdMd. Tanzirul Amin
BSRM Steels Limited mainly engaged in the production and supply of “Xtreme 500W” (the only EMF (Elongation at Maximum Force) tested and Fatigue ductile rod in Bangladesh) deformed bars of reinforced steel. Xtreme500W also demonstrated superior yield strength and ductility compared to the traditional Grade 60 rebar. This reduced the quantity of steel consumed in any building by 15%. The main purpose of the Company is to manufacture M.S. products by setting up rolling and re-rolling mills and marketing the same. In 2017 the Company launched ‘BSRM Maxima’ which is the first Rebar of the country designed specifically for the mega projects. The new Grade 80 will be more economical as it will require 20% less steel in construction. The Company is supplying specialized steel to Padma Multipurpose Bridge, Roopur Nuclear Power Plant, Mass Rapid Transit Project (Rail), Metro Rail, Rampal 1320MW Power Plant, First Dhaka Elevated Express Way, Payra 1320 MW Thermal Power Plant Project. Moreover, people are more quality and safety conscious. Resultantly, demand for quality steel like BSRM product is rising. The production efficiency of the mill is very impressive during the period of July 2017 to June 2018. BSRM Steels Limited again produced more than its installed capacity.
We have issued a buy recommendation with a 1-year target price of BDT 92.69; representing a capital gain of 55% from its April 21st 2019 closing price of BDT 59.80. To get this price, we allocated 50% weight on FCFF model, 30% on P/E multiple and 20% on DDM model.
Study of of working capital management in kotak mahindra bankManali Tendolkar
This project is base on day to day transaction on the business and how they manage it. Also given a information about the advantages growth and development in financial sector and the economy.
An Internship Report On Investment Management Analysis of Al-Arafah Islami Ba...Mahfuz Hasan
An Internship Report On
Investment Management Analysis of Al-Arafah Islami Bank Ltd.
Executive Summary
The first chapter shows different aspects of the report like a brief introduction, origin
of the report, statement of the Issue, objectives, significance, methodology &
limitations of the study. Second chapter shows a brief company overview. In this
section different important data about Al-Arafah Islami Bank Limited is provided.
Background, vision, mission, commitments, special features, product line,
organogram of AIBL and some other necessary company related information is
provided in this chapter.
The third chapter is about literature review. In this chapter I described the investment
management policy, department, objectives, strategies, importance, under Islami
Sharia.
The fourth chapter is the most important chapter of this report. Chapter 4 describes
investment management Analysis & performance of AIBL showed current investment
position of the bank and some previous records. I also described Sharia concept about
investment of the bank. There is a detailed description about their investment products
so that their managing strategy could be understood more clearly.
Finally, in the last chapter I stated some recommendations for the
improvement of the bank and then the conclusion has been made.
“Analysis of Financial Performance of Jamuna Bank Limited”.pptfaqrul islam
Presentationon
“ANALYSIS OF FINANCIAL PERFORMANCE OF JAMUNA BANK LTD.’’
AREAS COVERED:
Objectives of the Report
The methodology of the Report
Limitations
Company Overview
Ratio Analysis of Jamuna Bank Ltd
Comparative Analysis
Findings of the Study
Recommendations
OBJECTIVES OF THE REPORT
Broad Objective:
The board objective of this is report to analyze the financial performance of Jamuna Bank Limited.
Specific Objectives:
To analyze the liquidity position of Jamuna Bank Limited.
To analyze the asset utilization performance of Jamuna Bank Ltd.
To assess the debt position of Jamuna Bank Ltd.
To analyze the profitability Jamuna Bank Ltd.
To compare the financial performance of Jamuna Bank Ltd. within the banking industry.
METHODOLOGY
Research Design:
This report is descriptive in nature which revels the financial performance of Jamuna Bank Ltd. It has also been administered by collecting secondary data. The secondary are collected from the annual report of Jamuna Bank Ltd, annual report of Bangladesh Bank, Website & book. The data are collected for the period of 2012 to 2016. The use of primary data is very limited in the report. Some information has been collected from observation & discussion with officers of Jamuna Bank Ltd.
INSTRUMENTS USED FOR ANALYSIS:
The ratio analysis is used to analyze the financial Performance of Jamuna Bank Ltd Ltd. Different types of computer software such as- Microsoft word, Microsoft excel etc. are used for analyzing and reporting purpose of the study. The ratio analysis is conducted in form of trend analysis.
Trend Analysis: Trend analysis is the analysis of firm’s performance over time using ratios. It is really important to analyze trend in ratio as well as their absolute levels. This analysis informs us whether a company’s financial condition improving or degenerating.
Comparative Analysis: Comparative analysis takes several periods of information and compares them from period to period.
LIMITATIONS
One of the major limitations is the shortage of internship period. Since three month is not enough to know everything of a bank, so this report does not contain all the area of Jamuna Bank ltd.
The employees in the Jamuna Bank ltd. are so much busy in their responsible fields they could provide me very little time.
Large scale analysis was not possible due to constraints & restrictions posted by the banking authority.
Limitation of personal knowledge is another one. Some knowledge has known no bound, so this report is incapable to represent all things with more depth.
Every organization has report did not disclose much information for the sake of organization confidentiality.
I carried out such a study for the first time so inexperience is one of the main constraints of study.
COMPANY OVERVIEW:
Financial Statement Analysis of Square Pharmaceuticals Company LimitedMohammad Istiaq Hasan
The report was prepared for the requirement of course 'F-206, Financial Management' under the academic supervision of the course instructor, Nausheen Rahman, Professor, Department of Finance, University of Dhaka. I along with my group members tried to cover all of the relevant topics of Financial Management in this report.
This Presentation will represent all the information about general banking activities of Mutual Trust Bank Ltd. It also describe an intern activities report to a specific branch of Mutual Trust Bank.
Study of of working capital management in kotak mahindra bankManali Tendolkar
This project is base on day to day transaction on the business and how they manage it. Also given a information about the advantages growth and development in financial sector and the economy.
An Internship Report On Investment Management Analysis of Al-Arafah Islami Ba...Mahfuz Hasan
An Internship Report On
Investment Management Analysis of Al-Arafah Islami Bank Ltd.
Executive Summary
The first chapter shows different aspects of the report like a brief introduction, origin
of the report, statement of the Issue, objectives, significance, methodology &
limitations of the study. Second chapter shows a brief company overview. In this
section different important data about Al-Arafah Islami Bank Limited is provided.
Background, vision, mission, commitments, special features, product line,
organogram of AIBL and some other necessary company related information is
provided in this chapter.
The third chapter is about literature review. In this chapter I described the investment
management policy, department, objectives, strategies, importance, under Islami
Sharia.
The fourth chapter is the most important chapter of this report. Chapter 4 describes
investment management Analysis & performance of AIBL showed current investment
position of the bank and some previous records. I also described Sharia concept about
investment of the bank. There is a detailed description about their investment products
so that their managing strategy could be understood more clearly.
Finally, in the last chapter I stated some recommendations for the
improvement of the bank and then the conclusion has been made.
“Analysis of Financial Performance of Jamuna Bank Limited”.pptfaqrul islam
Presentationon
“ANALYSIS OF FINANCIAL PERFORMANCE OF JAMUNA BANK LTD.’’
AREAS COVERED:
Objectives of the Report
The methodology of the Report
Limitations
Company Overview
Ratio Analysis of Jamuna Bank Ltd
Comparative Analysis
Findings of the Study
Recommendations
OBJECTIVES OF THE REPORT
Broad Objective:
The board objective of this is report to analyze the financial performance of Jamuna Bank Limited.
Specific Objectives:
To analyze the liquidity position of Jamuna Bank Limited.
To analyze the asset utilization performance of Jamuna Bank Ltd.
To assess the debt position of Jamuna Bank Ltd.
To analyze the profitability Jamuna Bank Ltd.
To compare the financial performance of Jamuna Bank Ltd. within the banking industry.
METHODOLOGY
Research Design:
This report is descriptive in nature which revels the financial performance of Jamuna Bank Ltd. It has also been administered by collecting secondary data. The secondary are collected from the annual report of Jamuna Bank Ltd, annual report of Bangladesh Bank, Website & book. The data are collected for the period of 2012 to 2016. The use of primary data is very limited in the report. Some information has been collected from observation & discussion with officers of Jamuna Bank Ltd.
INSTRUMENTS USED FOR ANALYSIS:
The ratio analysis is used to analyze the financial Performance of Jamuna Bank Ltd Ltd. Different types of computer software such as- Microsoft word, Microsoft excel etc. are used for analyzing and reporting purpose of the study. The ratio analysis is conducted in form of trend analysis.
Trend Analysis: Trend analysis is the analysis of firm’s performance over time using ratios. It is really important to analyze trend in ratio as well as their absolute levels. This analysis informs us whether a company’s financial condition improving or degenerating.
Comparative Analysis: Comparative analysis takes several periods of information and compares them from period to period.
LIMITATIONS
One of the major limitations is the shortage of internship period. Since three month is not enough to know everything of a bank, so this report does not contain all the area of Jamuna Bank ltd.
The employees in the Jamuna Bank ltd. are so much busy in their responsible fields they could provide me very little time.
Large scale analysis was not possible due to constraints & restrictions posted by the banking authority.
Limitation of personal knowledge is another one. Some knowledge has known no bound, so this report is incapable to represent all things with more depth.
Every organization has report did not disclose much information for the sake of organization confidentiality.
I carried out such a study for the first time so inexperience is one of the main constraints of study.
COMPANY OVERVIEW:
Financial Statement Analysis of Square Pharmaceuticals Company LimitedMohammad Istiaq Hasan
The report was prepared for the requirement of course 'F-206, Financial Management' under the academic supervision of the course instructor, Nausheen Rahman, Professor, Department of Finance, University of Dhaka. I along with my group members tried to cover all of the relevant topics of Financial Management in this report.
This Presentation will represent all the information about general banking activities of Mutual Trust Bank Ltd. It also describe an intern activities report to a specific branch of Mutual Trust Bank.
Corporate governance is a vital part of the company. This project is about to study any one of companies and one of that company’s ownership and management according torules and regulations. In this project we have studied the different shareholders of company, from identifying the needs wants and demands of their product among the people, and how company developed the relationship with stakeholders, that are how they have done the investment situations. We have studied the Major shareholders fluctuation in in the value of shares during the last five years earnings per share and payment of dividend to the shareholders CEO/senior executive compensation pattern corporation’s profit corporation’s reputation and all other necessary information.
At the end I have studied the SWOT and PEST analysis of the company and conclusion and recommendations.
Financial Statement Analaysis of Odisha Mining Corporation Ltd.Sangam Patra
This is a concise report which reflects last five years performance of Odisha Mining Corporation Ltd. It is helpful to understand various techniques of "Financial Statement Analysis" & its importance in MBA curriculum.
This report is true to the best of my knowledge and as per the statistical data revealed by OMC annual reports.
Financial Statement Analysis With The Help of Ratios (Suyesh Metel Pressing p...Avinash Labade
If any have Need Project Report please call +919011888598 and I will provide only Word File.
and
Project Cost is Rs 500/- Per Project
Send Me Payment Phone Pay or Google Pay
Financial Statement Analysis and Valuation of Berger Paints Bangladesh LimitedPantho Sarker
Disclaimer: This report has been prepared for academic purpose only.The writer of this report is not responsible for taking any decision based on the recommendation of this report.
Citygem Priority Banking, an analytical review of management , a case study on The City Bank Ltd. Organizational Management
North South University
NSU SBE
Focus Group Discussion on UC Browser Bangladesh TVCShagufta Rahman
A report on the results acquired from focus group discussion regarding a Bangladesh TV Commercial, UC Browser. And analysis of the consumer behavior regarding the service/product.
Focus Group Discussion on UC Browser Bangladesh TVCShagufta Rahman
A report on the results acquired from focus group discussion regarding a Bangladesh TV Commercial, UC Browser. And analysis of the consumer behavior regarding the service/product.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in South Korea profitably.DOT TECH
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Tele gram: @Pi_vendor_247
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@Pi_vendor_247
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Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
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@Pi_vendor_247
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Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
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@Pi_vendor_247
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#US
2. REPORT
Prepared for
Ms.Mahpara Nodee
Lecturer – AIS
School of Business and Economics
United International University
Prepared By
Student Name Student ID
Shagufta Rahman 111151022
Taiyeb Ahmed 111151349
Mohammed Thouhid Aziz 111151277
Shakhor Saha 111152032
Section: NJ
April 25, 2016
United International University
3.
4. LETTER OF TRANSMITTAL
April 25,2016
Ms. Mahpara Nodee
Lecturer- AIS
School of Business and Economics
United International University
Subject: Submission of Report.
Dear Ma’am,
We are pleased to submit the report that you asked for and gave us the authorization to
work on “Financial Analysis of BSRM Steels Limited”. We tried our best to work on it
carefully and sincerely to make the report informative.
The study we conducted enhanced our knowledge to make an executive report. This report
has given us an exceptional experience that might have immense uses in the future
endeavors and we sincerely hope that it would be able to fulfill you expectations.
We have put our sincere effort to give this report a presentable shape and make it as
informative and precise as possible. We thank you for providing us with this unique
opportunity.
Sincerely yours,
On behalf of the group members, Signature:
Shagufta Rahman
5. ACKNOWLEDGEMENT
It is our esteemed pleasure to present the project report on “Financial Analysis of BSRM
Steels Limited”.
We express our deep gratitude to our course guide, Ms. Mahpara Nodee (Lecturer- AIS,
School of Business and Economics ), who have gave us the inspiration to pursue the project
and guided us in this endeavor. She has been a constant source of motivation and
encouragement for us. She allowed us to encroach upon her precious time right from the
very beginning of this paper work till the completion. Her expert guidance, affectionate
encouragement and critical suggestion provided us necessary insight into the problem and
paved the way for the meaningful ending of this assignment work in a short duration.
Without her constant supervision and valuable advices and suggestion from time to time,
we would not be able to complete the whole thing in a right manner. We thank her for all
the initiative and zeal she filled us with throughout the report.
6. TABLE OF CONTENTS
Table of Contents
LETTER OF TRANSMITTAL.............................................................................................................. 4
ACKNOWLEDGEMENT................................................................................................................... 5
EXECUTIVE SUMMARY .................................................................................................................. 7
INTRODUCTION............................................................................................................................ 9
Background of the study/report.................................................................................................9
Objectives of the study/report...................................................................................................9
Methodology.......................................................................................................................... 10
Company Profile..................................................................................................................... 10
Limitations of the report ......................................................................................................... 13
LITERATURE REVIEW................................................................................................................... 14
ANALYSIS AND FINDINGS ............................................................................................................ 17
Analysis.................................................................................................................................. 17
Findings.................................................................................................................................. 28
RECOMMENDATION................................................................................................................... 32
CONCLUSION.............................................................................................................................. 33
REFERRENCES............................................................................................................................. 34
APPENDIX .................................................................................................................................. 35
7. EXECUTIVE SUMMARY
Every corporation has many and varied uses for the standardized records and reports of its
financial activities. Financial performance is the most important thing for a public or private
limited company. It is the key tool for attracting investors towards the company. In this
study we have analyzed about the overall financial performance through ratio analysis of
BSRM Steel Limited. We have finished this work as much efficiently as we could. In this
report we have worked on. The data needed were collected from the annual reports of the
BSRM steels over last 3 years, the website of the company. We have gone through the study
by analyzing the following things of the company over last three years data:
Activity Ratios
- Inventory turnover
- Receivables turnover
- Payable turnover
- Fixed asset turnover
- Total asset turnover
Liquidity Ratios
- Current ratio
- Quick ratio
- Cash ratio
Solvency ratios
- Debt-to-assets ratio
- Debt-to-capital ratio
- Debt-to-equity ratio
- Financial leverage ratio
Profitability ratios
- Gross profit margin
- Net profit margin
- ROA
- ROE
8. Finally we have some recommendations for the company to do their business well further.
In this way, we have prepared our study in a well manner and as relevant and reliable as
possible.
9. INTRODUCTION
Financial Management is that activity is concerned with the planning and controlling of the
firm’s financial resources. Though it was a branch of economics till 1890 as a separate or
discipline it is of recent origin. Financial management is concerned with the duties of finance
manager in a business firm. He performs such as budgeting, financial forecasting, cash
management, credit administration, and investment analysis and fund procurement. The
recent trend towards globalization of business activity has created new demands and
opportunities in managerial finance. Financial statements are prepared and presented for
external users of accounting information. As these statements are used by investors and
financial analysts to examine the firms performance in order to make investment decisions.
Background of the study/report
The topic of this report is Financial Analysis at BSRM Steels. Financial Analysis constitutes
approach to judge the effectiveness of the financial function of the firm. Finance is needed
to promote or establish the business, acquires fixed assets, make investigations, develop
product, meeting day to day affairs of the company, encourage manager to make progress
and create value. The project work during the period of study equips the youngsters with
necessary experience and enhances the learner with adequate to the real field. It enables
the learner to meet the challenges of a business world.
Objectives of the study/report
The objectives of the study on Financial Analysis of BSRM Steels in Chittagong are as follows:
To find out BSRM Steels Limited company’s performance on the previous 3 years.
To analyze if the company performed overrated or underrated in the previous years
comparing to present condition.
To find out the drawbacks of their financial condition.
To provide a general description of the initial and present financial condition of
BSRM Steels Limited.
To know the existing system of methods of Financial Analysis in details in this
company.
To gather practical experience about Financial Analysis method and procedure.
10. Methodology
For preparing this report paper, our course advisor guided us and co-operatively evaluated
our performance also. We have to randomly select a listed company, that’s how we
randomly chose BSRM Steels Limited, and our course teacher permitted us to make report
on this company. We used some data sources. The main purpose of this report is to show
Financial Analysis of the organization BSRM Steels Limited. So we went through Google, and
from the website of the company BSRM (Bangladeshi steel manufacturing conglomerate
based in Chittagong) we collected their annual report of 2013, 2014 & 2015. From the
report we got their financial statement that we needed to analyze the ratios. Thus the
report is structured on the basis of secondary data resource.
Company Profile
Overview
The BSRM began the first re-rolling mills to emerge in the then East Bengal in 1952. Shares
of BSRM Steels limited, the flagship company of BSRM group was listed with the country’s
premier bourses DSE Ltd and CSE Ltd as on 18 January 2009. BSRM has been recognized as
the best brand of Bangladesh in the Steel Category at the Best Brand Award Bangladesh
2011 and 2013 ceremony, organized by Bangladesh Brand Forum. BSRM Steels Limited is a
high grade steel manufacturing company and only producer of EMF tested ductile rod in
Bangladesh. EMF (Elongation at Maximum Force) is the parameter of measuring of ductility
of steel which has taken the country’s construction sector to a new era. BSRM is the market
leader in the steel industry.
Vision
We at BSRM group aspire to…
Maintain our leadership position in the steel industry by producing the best quality steel
products, continuously enhancing customer satisfaction and becoming a reliable business
partner of our customers and suppliers. Be an employer of choice, with focus on nurturing
talent and developing future leaders of the organization. Protect the interest of our
shareholders through sustainable growth and value creation. Preserve the trust of all our
11. stakeholders by adopting ethical business practices. Support the society through Corporate
Social Responsibility initiatives.
Values
Sustainable Growth: Consistent improvement in the quality of products and
services, efficiency of processes and profitability of business; continuously
anticipating and responding to the changing business and environmental needs using
innovation; sharing knowledge and experience within the organization.
Quality: Creating products and services valued by our customers; constantly
improving our process through innovation and adopting best practices; reducing
wastage; minimizing costs; investing in systems and technology and developing our
people to build a highly capable workforce.
Reliability: Be the preferred business partner of our customers and suppliers by
offering quality products; providing our best and timely service before, during and
after the business transactions and honoring all our commitments despite
challenges.
Trust: Preserve the faith and goodwill of all our stakeholders – Customers,
shareholders, suppliers, employees, regulatory bodies and society by-adopting
ethical and transparent business practices, being fair and honest in all our dealings
and building robust governance and risk management processes.
Leadership: Be a role model, setting benchmarks through our products, processes
and people; constantly moving ahead of competition by differentiating our products,
innovating our processes, increasing our market share and nurturing talent to
develop leaders within the organization.
Social responsibility: Acknowledge and fulfill our obligations towards the society by
undertaking initiatives for the general upliftment of the society, building capability
and making facilities available to the underprivileged.
12. Customer Satisfaction: Delight our external and internal customers at every stage of
our interaction with them by truly understanding their needs, offering them our best
products and services, treating them with respect and actively seeking and acting on
their feedback.
Corporate Objectives
To procure material of required quality or quantity at most competitive prices for
uninterrupted production and maintenance of plant with least possible tie ups in
inventories.
To develop services and retain customers for the range of products manufactured by
company and to meet customer needs in terms of new products and services.
To promote and raise the standard of system and practices of corporate conduct to
attain levels of accountability.
To adopt transparency and responsibility in its operation and enhancement of
overall long value of its shareholders, customers, leaders and employees.
To ensure maximum utilization of available human resources.
Products and markets
BSRM Steels Limited is a high grade steel manufacturing company and only producer of EMF
tested ductile rod in Bangladesh. EMF ( Elongation at Maximum Force ) is the parameter of
measuring of ductility of steel which has taken the country’s construction sector to a new
era. Products of BSRM Steels are:
1) Xtreme500W :
Size (mm) – 8,10,12,14,16,20,22,25,28,29,32 & 40
2) Grade – 400
BSRM is the market leader in the steel industry.
13. Limitations of the report
Writing this report was incredibly useful for us but we faced some limitations while doing
this report, they are written below:
Considerable cost of time
We could not gather the field work information by visiting offices
Still we do not know our analysis is reliable or not
This is our first report on financial analysis
Some writings contains vital information about which we do not know their values
As we are only undergraduate students and this is our first work report on financial
analysis, we faced must difficulties cause this report analysis is beyond our
knowledge.
We have no right and no knowledge to evaluate the performance of this vast and
growing company.
As we are not professional analyses’, we have no authority or knowledge to give
recommendation to this well known big company. But from the basis of our small
knowledge, we tried to give them some recommendations. Recommendations may
or may not be reliable.
14. LITERATURE REVIEW
1.
1) Nazmul Mishuk & 2) Mamun Ahmed
Students – Department of Business Administration
East West University
March 22, 2015
The current ratio of the firm though not an ideal one (2:1) because the company did not
attain the satisfactory ration in any year. The current ratio shows a satisfactory position in
meeting short term obligation. Quick ratio is not satisfactory; BSRM cannot attain the
satisfactory level of 1:1 almost all the years. Quick ratio is very high during the year 2013 . In
Gross profit ratio higher the ratio, the better it is. The company can achieve a high ratio of
8.97% during the year 2013. But we can see that the ratio is increasing in year to year. Net
profit ratio explains per Taka profit generating capacity of sales. The amount of net profit
and volume of sales increased year by year but the ratio shown an upward and downward
trend. Return on employed is not satisfactory, need to increase the equity investment. Stock
turnover is satisfactory.
2.
Ayman Rahman
Current ratio has hovered around an average of 0.85:1. Although this figure may not be
encouraging for the creditors and investors, BSRM’s short term debt paying ability has
increased over the past five years. Current ratio has increased from 0.72:1 in the fiscal year
of 2007-07 to 0.92:1 in the fiscal year of 2011-12. Current ratio had reached its optimum at
the fiscal year of 2010-11 to 0.94:1.
Acid test ratio has an average of 0.33:1. It has fluctuated over the past five years, and
reached 0.37:1 in the fiscal year of 2011-12. The fact that acid test ratio has hovered around
0.30:1 goes on to show that BSRM’s short term debt paying ability is heavily depended on
it’s inventory, this is not an encouraging sign for potential investors and creditors.
15. Receivable turnover has also fluctuated over the last five years. It reached its lowest in the
fiscal year of 2011-2012 to 10.66. This indicates managerial inefficiency and not a good sign
for the potential creditors.
Average collection period has reached its optimum level of 34.23 days in the fiscal year of
2011-2012. This signals management’s growing inability to collect receivables quickly from
buyers.
Inventory turnover has been increasing steadily. It reached 5.08 times in the year of 2011-
12; it was only 3.46 times in the year of 2007-08. Turnover reached its optimum level to 5.19
at the fiscal year of 2009-10. Considering the large amount of goods BSRM keeps in its
inventories, it’s actually bright prospect for the company and indicates that turnover is
increasing with the passage of time.
Days in inventory have been decreasing steadily as BSRM’s sales have increased over the
past five years. Days spent in inventory were a bit more than 105 days in the year of 2007-
08. This is one of the major reasons behind BSRM’s net loss that year. It has been
substantially reduced to 71.85 days in the year of 2011-12. Such a progress can be a good
sign for the investors indicating management’s efficiency.
Total assets turnover reached its peak to 1.74:1 in the year of 2011-12, which was only
0.84:1in the year of 2007-08. This indicates improvement in BSRM’s revenue generating
ability and BSRM will be able to make further inroads in this regard, if every other factor
remains constant.
Although operating margin was -26.02% in the year of 2007-08, it increased to 8.62% in the
year of 2008-09, after that operating margin has steadily declined and reaching 3.03% in
2011-12. This indicates management’s inability to keep down various operational costs such
as selling and distribution cost and general administrative cost.
Turnover of operating assets has steadily increased over the past five years. It reached
1.79:1 in the year of 2011-12, which is the highest in the five years. This indicates
management’s ability to yield higher revenue by using the given assets
16. Net income to net sales ratio has increased as well over the past five years. The
management has been able to yield higher profit increase its income margin over the past
five years, thus reaching to 7.98% in 2011-12 from -34.63% in 2007-08.
Return on operating assets has fluctuated over the past five years.It was -21.85% in 2007-08
and increased to 13.80% in 2008-09 but from then on it has steadily decreased and reached
5.42% in the year of 2011-12.
Net income’s percentage in regards to stockholders equity has fluctuated over the past five
years. It was 71.75% in the year of 2011-12 and 459.30% in the year of 2008-09. This is
largely due to the fact that the company issued large number of common shares in order to
finance its expansion and operational activities. Capital stock increased from 1450 million
taka to 3255 million taka in the past five years. This indicates that BSRM is losing financial
leverage through issuance of common stock. Similar case goes for earnings per share (EPS)
as well.
Equity ratio has an average of only 9.94%. It increased steadily thanks to issuance of
common stocks. It reached 24.72% in the year of 2011-12. This may not be a good sign for
the investors’ s higher number of common shares means lower amount of earnings per
share, but the fact that equity to debt ratio is increasing for the creditor, indicating higher
amount of stockholders’ equity in BSRM’s capital structure to finance short term and long
term debt.
Debt to assets ratio has steadily declined from 105.16 in the fiscal year of 2008-09 to 75.28%
in 2011-12. This is an encouraging indication for creditors as well as investors. It goes on to
show that the company has been paying off its debts, and lower amount of debts means
lower amount of interest paid, thus higher earnings per share (EPS) for the share holders.
17. ANALYSIS AND FINDINGS
Analysis
Ratio analysis is a powerful tool of Financial Analysis. The relationship between two
accounting figures, expressed mathematically is known as financial ratio. A ratio is used as
an index or yardstick for evaluating the financial position and performance of a firm. Ratio
Analysis highlights the liquidity, solvency, profitability, capital gearing etc. The technique
serves as a tool for assessing the current and long term financial soundness of a business. It
id also used to analyze various aspects of operating efficiency and level of profitability. Ratio
was used for the time in 1919 by a German Scholar.
1) Inventory turnover = Cost of sales or cost of goods sold / Average inventory
Year Cost of sales or cost
of goods sold
Average inventory Inventory turnover
2013 32,978,920,353 7883,356,183 4.18
2014 7,862,344,633 4707,093,435 1.72
2015 27,947,447,147 6,889,962,898 4.06
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2013 2014 2015
Inventory turnover
Inventory turnover
20. 5) Total asset turnover = Revenue / Average total assets
Year Revenue Average total assets Total asset turnover
2013 36,294,868,240 28,155,426,318 1.28
2014 8,049,886,582 22,032,636,072 0.37
2015 33,493,228,651 24,730,431,003 1.35
6) Current Ratio = Current assets / Current liabilities
Year Current assets Current liabilities Current ratio
2013 15,316,947,598 15,829,546,471 0.97
2014 10,163,738,657 9,329,750,460 1.09
2015 16,927,661,590 14,213,786,630 1.19
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2013 2014 2015
Total asset turnover
Total asset turnover
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2013 2014 2015
Current ratio
Current ratio
21. 7) Quick ratio = cash + Short-term marketable investments + Receivables / Current
liabilities
Year Cash Short-term
marketable
investments
Receivables Current
Liabilities
Quick ratio
2013 34,63,696,936 33,672,752 4,853,971,631 19,104,954,216 0.437
2014 71,908,952 34,711,818 599,201,784 9,329,750,460 0.076
2015 2,554,191,955 266,749,130 14,213,786,630 0.20
8) Cash ratio = Cash + Short-term marketable investment / Current liability
Year Cash Short-term
marketable
investment
Current liability Cash ratio
2013 34,63,639,936 33,672,752 19,104,954,216 0.183
2014 71,908,952 34,711,818 9,329,750,460 0.011
2015 468,886,084 266,749,130 14,213,786,630 0.05
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
0.5
2013 2014 2015
Quick ratio
Quick ratio
22. 9) Debt-to-assets ratio = Total debt / total asset
Year Total debt Total asset Debt-to-assets ratio
2013 2,52,410,775 28,155,426,318 8.96
2014 14,201,731,663 22,766,018,821 0.62
2015 18,114,738,586 24,730,431,003 0.64
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
0.18
0.2
2013 2014 2015
Cash ratio
Cash ratio
0
1
2
3
4
5
6
7
8
9
10
2013 2014 2015
Debt-to-assets-ratio
Debt-to-assets-ratio
23. 10) Debt-to-capital ratio = Total debt / Total debt + Total shareholder’s equity
Year Total debt Total shareholder’s
equity
Debt-to-capital ratio
2013 2,52,410,775 15,58,510,380 0.14
2014 14,201,731,663 1,558,510,380 0.90
2015 18,114,738,586 9,080,618,705 0.67
11) Debt-to-equity ratio = Total debt / total shareholder’s equity
Year Total debt Total shareholder’s
equity
Debt-to-equity ratio
2013 2,52,410,775 15,58,510,380 1.61
2014 14,201,731,663 1,558,510,380 9.11
2015 18,114,738,586 9,080,618,705 1.99
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2013 2014 2015
Debt-to-capital ratio
Debt-to-capital ratio
24. 12) Financial leverage ratio = Average total asset / Average total equity
Year Average total asset Average total equity Financial leverage
ratio
2013 28,155,426,318 7,530,306,613 3.73
2014 22,032,636,072 8,419,075,176 2.62
2015 24,730,431,003 10,262,683,05 1.58
0
1
2
3
4
5
6
7
8
9
10
2013 2014 2015
Debt-to-equity ratio
Debt-to-equity ratio
0
0.5
1
1.5
2
2.5
3
3.5
4
2013 2014 2015
Financial leverage ratio
Financial leverage ratio
25. 13) Gross profit margin = Gross profit / Revenue
Year Gross profit Revenue Gross profit margin
2013 3,200,148,080 36,294,868,280 8.8%
2014 187,541,949 8,049,886,582 2.3%
2015 4,814,951,451 33,493,228,651 14%
14) Net profit margin = Net income / Revenue
Year Net income Revenue Net profit margin
2013 1,196,113,781 36,229,050,933 3.3%
2014 207,624,644 8,049,886,582 2.6%
2015 827,674,669 33,493,228,651 2%
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
2013 2014 2015
Gross profit margin
Gross profit margin
26. 15) ROA = Net income / Average total asset
Year Net income Average total asset ROA
2013 1,196,113,781 21,144,136,313 5.6%
2014 207,624,644 22,032,636,072 0.9%
2015 827,674,669 28,484,533,161 16%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2013 2014 2015
Net profit margin
Net profit margin
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
0.18
2013 2014 2015
Return on asset
Return on asset
27. 16) ROE =Net income / Average total equity
Year Net income Average total equity ROE
2013 1,196,113,781 7,530,306,613 15.8%
2014 207,624,644 8,419,075,176 2.5%
2015 827,674,669 1,026,268,305 80%
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
2013 2014 2015
Return on equity
Return on equity
28. Findings
1) Inventory turnover:
A firm should have neither too high nor too low inventory turnover ratio. Too high a ratio
may indicate very low level of inventory and a danger of being out of stock and incurring
high “stock out cost”. On the contrary too low a ratio is indicative of excessive inventory
entailing excessive carrying cost. The ratio of the company was high at 4.18 in 2013, than it
decreased into 1.72 in 2014, than again increased to 4.06 in 2015. The difference shows that
the ratios are neither too high nor too low in previous three years. So it is considerably in a
satisfactory level.
2) Receivables turnover:
Since, the receivables turnover ratio measures a business’ ability to efficiently collect its
receivables; it only makes sense that a higher ratio would be more favorable. Higher ratios
mean that company is collecting its receivables more frequently throughout the year. In
2015 the company’s ratio is more than 3 times high at a point of 66.4 than 2013 (7.47) and
2014 (14.87). So the existing highest ratio shows that the company is in a most favorable
position by collecting its receivables most frequently throughout the year of 2015.
3) Payables turnover:
A higher ratio shows suppliers and creditors that the company pays its bills frequently and
regularly. It also implies that new vendor will get paid back quickly. A high turnover ratio can
be used to negotiate favorable credit terms in the future. In 2014 the ratio was higher at the
point of 46.7. But in 2015 it poorly drop down to 2.98. This indicates to the suppliers and
creditors that the company is not able to pay its bills frequently and regularly and new
vendors won’t paid back quickly. This is a very unfavorable condition for the company.
4) Fixed asset turnover:
One of a variant of asset turnover ratio. These ratio measures the efficiency of a firm in
managing and utilizing its assets. Higher ratio is indicative of efficient management and
utilization of resources while low ratio is indicative of under-utilization of resources and
presence of idle capacity. In 2013, the ratio was 122.47 and indicates highest level of
29. efficient management and utilization of assets. In 2014, the ratio dropped poorly into 0.69
indicating very much under-utilization of resources and presence of vast idle capacity, a
state of completely inefficiency in managing assets. Again in 2015, with a higher ratio than
previous year at 11.6 it started to gain its efficiency in managing assets.
5) Total asset turnover:
Again one of a variant of asset turnover ratio. It indicates same as fixed asset turnover ratio,
higher ratio indicates efficient management and lower ratio indicates inefficient
management of assets. In 2013 the ratio was slightly higher (1.28) than in 2014 (0.37). Then
again in 2015 the ratio slightly increased to 1.35. So we can say that the company is
considerably in a state of efficient management and utilization of resources.
6) Current Ratio:
In 2013, the current ratio of the company was 0.97 which is slightly lower than the standard
ration of 2:1. This means the company was performing well, over trading and under
capitalization. But for the last two years, the company was in a bad situation. Because in
2014 current ratio was 1.09 and in 2015 the ratio was 1.19 which are slightly higher than the
standard ratio. This shows under trading and over capitalization.
7) Quick ratio:
For the last three years the quick ratio of the company is lower than the standard ratio 1:1.
This represents that the firm’s liquidity position is not good. The firm has no ability to meet
its current or liquid liabilities in time. The ratio shows no satisfactory level. Though the ratio
turned down in 2014 (0.076) from 2013 (0.437) and again last year 2015 increased to 0.20.
8) Cash ratio:
A ratio above 1 means that all the current liabilities can be paid with cash and equivalents. A
ratio below 1 means the company needs more than just its cash reserves to pay off its
current debt. A higher ratio means that the company is more liquid and can more easily
fund debt. Any ratio above 1 is considered to be a good liquidity measure. But for the last
three years, the ratio is much less than 1, 2013 (0.183), 2014 (0.011) & in 2015 (0.05) which
30. means the company needs more than just its cash reserves to pay off its current debts
which is considered to be a very poor situation for the company.
9) Debt-to-assets ratio:
A lower ratio is more favorable than a higher ratio. A lower debt ratio usually implies a more
stable business with the potential of longevity because a company with lower ratio also has
lower overall debt. A debt ratio of 0.5 is often considered to be less risky. This means that
the company has twice as many assets as liabilities. A ratio of 1 means that total liabilities
equals total assets. In other words, the company would have to sell off all of its assets in
order to pay off its liabilities. Once its assets are sold off, the business no longer can
operate. In 2013 the company was in a position of to sold off all its assets with a ratio
ranging 8.96. Than the company resolved its poor condition in 2014 with a decreasing ratio
of 0.62 and in 2015 with a ratio of 0.64, the company now is in a favorable condition.
10) Debt-to-capital ratio:
Conventionally a ratio of 2/3 is considered satisfactory. In 2013, the ratio was not in a
satisfactory level because it was 0.14. Than in 2014 it increased into 0.90 and was in a
satisfactory level. Also in 2015 (0.67) though the ratio decreased but remained in a
satisfactory level.
11) Debt-to-equity ratio:
The ideal ratio is 2:1. In 2013, the ratio was 1.61, it means the debt is less than 2 times the
equity, it indicates the creditors was relatively less and the financial structure was sound.
But in 2014, the ratio increased to 9.11, it means the debt is more than 2 times the equity;
this indicates the state of long term creditors was more and indicates weak financial
structure. Again in 2015, the ratio turn down into 1.99 and the company got back its sound
financial structure.
12) Financial leverage ratio:
If the financial leverage ratio of a company is higher than 2 to 1, it indicates financial
weakness. If the company is leveraged highly, it is considered to be near bankruptcy. In 2013
a ratio of 3.73 and in 2014 a ratio of 2.62 indicates that the company was financially weak
31. on those years, but in 2015 the ratio of 1.58 indicates that the company overcame its
financial weakness.
13) Gross profit margin:
A firm should have a reasonable gross profit margin to ensure coverage of its operating
expenses and ensure adequate return to the owners of the business especially the
shareholders. To judge whether the ratio is satisfactory or not, it should be compared with
the firm’s past ratios. So, comparing to past two ratios of the company, in 2013 (8.8%) and
in 2014 (2.3%), last year in 2015 the ratio increased vastly to 14%. So the firm’s gross profit
margin is in a satisfactory level.
14) Net profit margin:
This ratio is indicative of the firm’s ability to leave a margin of reasonable compensation to
the owners for providing capital, after meeting the cost of production, operating charges
and the cost of borrowed funds. Higher the ratio, greater is the capacity of the firm to
withstand adverse economic conditions. In 2013 the ratio was 3.3%, than the ratio
decreased to 2.6% in 2014 and again it decreased to 2% in 2015. It indicates that the
capacity of the firm to withstand adverse economic conditions is decreasing gradually.
15) ROA:
A higher ratio is more favorable to investors because it shows that the company is more
effectively managing its assets to produce greater amounts of net income. In 2013 the
company’s ratio was 5.6% whereas in 2014 it dropped to 0.9% only. In 2015 it is much in a
higher position of 16% comparing to previous years and it shows a favorable condition.
16) ROE:
Higher ratio is almost always better than lower ratio because investors want to see a high
return on equity as this indicates that the company is using its investors’ funds effectively. In
2015 the company’s ratio is in the most favorable condition with a highest ratio of 80% than
comparing to the year 2013 (15.8%) and 2014 (2.5%).
32. RECOMMENDATION
BSRM Steels Limited should make their payable turnover ratio high comparing to
their previous all year’s payable turnover ratio by cutting down average trade
payable in total.
The company should lower their current ratio than the standard ratio 2:1, that is
how the company will be able to perform wee, over trade and under capitalize. To
do this the company should maintain an equal balance in its current assets and
current liabilities.
The company should increase its quick ratio as the standard ratio of 1:1 as this ratio
represents that the firm’s liquidity position is good and the firm has the ability to
meet its current or liquid liabilities in time. This will attract the investors.
The company should change its cash ratio into above 1 by cutting down its current
liabilities and increasing cash and short-term marketable investment to avoid the risk
of bankruptcy.
The company have make its net profit margin high by decreasing revenue and
increasing net income so it can represent that it has the capability to withstand
adverse economic conditions.
33. CONCLUSION
BSRM is an epitome of industrial success in the customer of Bangladesh. From a very
modest beginning the company has reached its present status of glory. As a Bar rolling, Steel
making manufacturing, and processing unit, the company’s ability to sustain a steady and
time bound supply schedule coupled with its constant striving for excellence has given it
that extra edge over all its competitors in the field. The combined effort of the management
and workers has ensured that the companies never lose its course. Today the firm is well
known for its consistent performance and the quality of its products and work force. In
Bangladesh that is notorious for its militant trade unionism BSRM has succeeded in
maintaining a peaceful industrial climate. The company’s working capital position shows a
positive trend which shows good or satisfactory existences in current period.