Diversifying into a new area of a firm

Financial Management
An
Assignment
On
Diversifying into a New Area of a Firm
(Taking example of Asian paints)
IN PARTIAL FULFILLMENT FOR THE AWARD OF DEGREE
OF
MASTER OF BUSINESS ADMINISTRATION
MONIRBA
(University of Allahabad)
Submitted to: Submitted by:
Prof. A. K. Mukherjee Mohd Nazim Hussain
MBA 2nd
Semester
Roll no – 17

Meaning of Diversification of a Firm
Diversification is a strategic option that many managers use to improve their firms’ performance. This
interdisciplinary research attempts to verify whether firm level diversification has any impact on
performance. The study finds that on average, diversified firms show better performance compared to
undiversified firms on both risk and return dimensions. It also tests the robustness of these results by
classifying firms by performance class. The results show that among the best performing class of firms,
undiversified firms have higher returns, but these returns are accompanied by high variance. Whereas,
highly diversified firms show lower returns, and much lower variance. Results further show that
diversified firms perform better than undiversified firms on risk and return dimensions, in the low and
average performance classes. The paper concludes that a dominant undiversified firm may perform
better than a highly diversified firm in terms of return but its riskiness will be much greater. If managers
of such firms opt for diversification, their returns will decrease, but their riskiness will reduce
proportionately more than the reduction in their returns. In such firms, there will be a tradeoff between
risk and return.
Address the question: “What is the appropriate scale and scope of the enterprise?”
• Influences how large and how diversified firms will be.
• Successful corporate strategies are not only the product of successful definition
• Also the result of organizational capabilities or competencies that allow firms to exploit
potential economies/synergies that large size or diversity can offer.
“Why Firms Diversify?”
• To grow
• To more fully utilize existing resources and capabilities.
• To escape from undesirable or unattractive industry environments.
• To make use of surplus cash flows.
Diversification decisions involve two basic issues:
• Is the industry to be entered more attractive than the firm’s existing business?
• Can the firm establish a competitive advantage within the industry to be entered? (i.e.
what synergies exist between the core business and the new business?)

Motives for Diversification
1. GROWTH: The desire to escape stagnant or declining industries has been one of the
most powerful motives for diversification (Wall Primer, Wood Primer, Putty).
• But, growth satisfies management not shareholder goals.
• Growth strategies (esp. by acquisition), tend to destroy shareholder value
2. RISK: Diversification reduces variance of profit flows
3. SPREADING: But, does not normally create value for shareholders, since shareholders can
hold diversified portfolios.
• Capital Asset Pricing Model shows that diversification lowers unsystematic risk
not systematic risk.
4. PROFIT: For diversification to create shareholder value, the act of bringing different
businesses under common owner-ship must somehow increase their profitability.

INTRODUCTION OF THE COMPANY
Asian Paints Limited was established way back on February 1, 1942 and today stands as India’s largest
paint company and Asia’s third largest paint company with an annual turnover of Rs. 5,463 crore.
The company manufactures paints in the category of Decorative, Automotive and Industrial segment.
Apart from these the company also manufactures various Accessories like, Wall Primer, Wood Primer,
Putty and Stainers etc.
The company is having a big and experienced R&D team which has successfully managed to develop High-
end exterior finished and wood finishes in-house, which was earlier imported into the country. These
products are currently marketed under Asian Paints Elastomeric Hi-Stretch Exterior paint and Asian Paints
PU wood finish respectively.
Asian Paints aims to become the 5th largest decorative paint company in the world
Product range of the company includes:
• Automotive Paints
• Decorative Paints
• Industrial Paint

RATIO ANALYSIS
Ratio analysis is a widely used tool of financial analysis. It can be used to compare the risk and return
relationships of firms of different sizes. It is defined as the systematic use of ratio to interpret the
financial statements so that the strengths and weaknesses of a firm as well as its historical
performance and current financial condition can be determined.
CLASSIFICATION OF RATIOS:
Different ratios are used for different purposes. These ratios can be grouped into various classes
according to financial activities. Ratios are classified into four broad categories:
Liquidity ratios
Leverage ratios
Profitability ratios
Activity ratios

1. GROSS PROFIT RATIO: It measures the percentage of each sales rupee remaining after
the firm has paid for its goods. And it is also known as gross margin ratio.
FORMULA: Gross profit
*100
Net sales
TABLE:
Table 5.1.1 (RS IN CRORE)
Particulars 2009-2010 2008-2009 2007-2008
Gross profit 2501.27 2599.19 1475.97
Net sales 5125.08 4270.05 3416.16
Ratio 48.8% 60.87% 43.2%
INTERPRETATION: A high ratio of gross profit to sales is a good sign of a good management as it implies
that the cost of production of the firm is relatively low. While a relatively low gross margin is definitely a
danger signal, warranting a careful and detailed analysis of the factors responsible for it. Here in 2008-
2009 the ratio is the highest where as it has decreased from 60.87% to 48.80% in 2009-2010 which
means the company’s cost of production has increased which is not good for the company.
2. Net Profit Margin: It measures the percentage of each sales rupee remaining after all
costs and expenses including interest and taxes have been deducted.
Formula: earnings before taxes/ net sales *100
Table:
Particulars 2009-2010 2008-2009 2007-2008

Net Profit Before Tax 1153.85 621.33 616.59
Net sales 5125.08 4270.05 3419.06
Ratio 22.51% 14.55% 18.03%
Interpretation: The net profit margin is indicative of management’s ability to operate the business with
sufficient success. A high net profit margin would ensure adequate return to the owners as well as
enable a firm to withstand adverse economic conditions when selling price is declining. Here it has
increased in 2010 which is good for the company.
3. Current ratio: This ratio establishes a relationship between current assets and current
liabilities. The objective of calculating this ratio is to measure the ability of the firm to
meet its short term obligation.
Formula: Current asset
Current liabilities
Table:
Particulars 2009-2010 2008-2009 2007-2008
Current assets 1342.28 1228.42 1043.67
Current liabilities 1460.44 957.74 951.05
Current ratio(times) 0.92 1.28 1.09
Interpretation: The higher the turnover ratio, the more efficient is the management and utilization of
the assets while low turnover ratios are indicative of underutilization of available resources and
presence of idle capacity. Here in 2009 it was higher while in 2010 it has decreased again.

4. Quick ratio: It is the ratio between quick current assets and current liabilities and is
calculated by dividing the quick assets by the current liabilities.
Formula: Quick assets
Current liabilities
Table:
Particulars 2009-2010 2008-2009 2007-2008
Quick assets 579.14 681.71 791.77
Current liabilities 1460.44 957.74 951.05
Quick ratio(times) 0.40 0.71 0.83
Interpretation: A Quick ratio of 1:1 is considered satisfactory as a firm can easily meet all current claims.
It provides in a sense a check on liquidity position of a firm. Here it has shown a decreasing trend from
which can say that the company is having more assets which has tied up in slow moving and unsalable
inventories and slow paying debts.
5. Book value per share: It represents the equity of the equity share holder on a per share
basis. It is computed dividing net worth by the number of equity shares outstanding.
Formula: Net worth
Number of equity shares outstanding
Table:
Particulars 2009-2010 2008-2009 2007-2008
Net worth 1557.22 1094.47 928.50

No. of shares 9.592 9.592 9.592
Book value per share 162.35 114.10 96.8
Interpretation: it is used as a benchmark for comparisons with the market price per share. However it
has a serious limitation as a valuation tool as it is based on the historical costs of the assets of a firm.
Here it is highest in the year 2009-2010.
6. Earnings per share: It measures the profit available to the equity shareholders on a per
share basis. It is calculated by dividing the profits available to the equity shareholders by
the number of shares outstanding.
Formula: Net profit
Number of ordinary shares outstanding
Table: Table 5.1.6 (RS IN CRORE)
Particulars 2009-2010 2008-2009 2007-2008
Net profit 1004.50 562.36 525.20
No. of eq. shares 9.592 9.592 9.592
Earnings per share 104.72 58.63 54.75
Interpretation: It is a widely used ratio. As a measure of profitability of a firm from the owner’s point of
view, should be used cautiously as it does not recognize the effect of increase in equity capital as a
result of retention of earnings. Here it has increased in three years.
7. Dividend payout ratio: It measures the proportion of dividends paid to earning available
to shareholders. It is also known as payout ratio.

Formula: Dividend to equity holders
Net profit *100
Particulars 2009-2010 2008-2009 2007-2008
Dividend to eq. holders 258.98 167.86 163.06
Net profit 1004.50 562.36 525.20
Dividend payout ratio 26% 30% 31%
Interpretation: This ratio generally shows what percentage share of the net profit after taxes and
preference dividend is paid out as dividend to the equity-holders. So that the percentage dividend of
equity holders is decreasing year by year.
8. Debt-equity ratio: It measures the ratio of long-term or total debt to shareholders equity.
It is the ratio of the amount invested by outsiders to the amount invested by the owners
of business.
Formula: Long-term debt
Shareholders’ equity
Table:
Particulars 2009-2010 2008-2009 2007-2008
Long-term debt 116.49 122.44 126.22
Shareholders’ equity 95.92 95.92 95.92
Debt-equity ratio 1.21 1.28 1.31

Interpretation: It is an important tool of financial analysis to appraise the financial structure of a firm. If
the ratio is high, the owners are putting up relatively less money of their own. It is danger signal for the
creditors. A low ratio has opposite implications. Here the ratio is decreasing which is not good for the
company.
9. Fixed Asset turnover ratio: It indicates the efficiency with which firm uses all its assets
to generate sales. It is based on the relationship between the cost of goods sold and
assets/investment of a firm.
Formula: cost of goods sold
Average fixed assets
Particulars 2009-2010 2008-2009 2007-2008
Cost of goods sold 2623.81 2599.19 1940.19
Average fixed assets 1,088.18 711.77 539.22
Fixed asset t/o ratio 2.41 3.65 3.6
Interpretation: The higher the turnover ratio, the more efficient is the management and utilization of
the assets while low turnover ratios are indicative of underutilization of available resources and
presence of idle capacity. Here the ratio has decreased from 3.65 to 2.41 which mean company needs
additional capital investment to expand their activities.
10. Inventory turnover ratio: The number of times the average stock is turn over during the
year is known as stock turn over. It is computed by dividing the cost of goods sold by the
average stock. The objective of computing this ratio is to determine the efficiency with
which the inventory is utilized.
Formula: cost of goods sold
Average inventory

Particulars 2009-2010 2008-2009 2007-2008
Cost of goods sold 2623.81 2599.19 1940.19
Average inventory 654.925 542.84 486.52
Inventory turnover
ratio
4 4.79 3.99
Interpretation: A high ratio implies good inventory management. Here in 2008-2009 it was highest. But
it decreased from 4.79 to 4. A low ratio is dangerous. It signifies excessive inventory or overinvestment
in inventory.
11. Debtor turnover ratio: It is the average amount of time needed to collect accounts
receivables. The debtor’s turnover suggest the number of times the amount of credit sales
is collected during the year, while debtor ratio indicates the number of days during which
the dues for credit sales are collected. Suppose the debtors ratio is sixty days, it means
that debtor’s pay their dues for credit sales after sixty days of making the sales.
Formula: Average debtors + bills receivables
Credit sales * 365
Particulars 2009-2010 2008-2009 2007-2008
Credit sales 5125.08 4270.05 3419.06
Average debtors 331.43 311.02 251.90
Debtor turnover ratio 23.6 26.58 26.89
Interpretation: This ratio measures how rapidly receivables are collected. A high ratio is indicative of
shorter time-lag between credit sales and cash collection. A low ratio shows that debts are not being
collected rapidly. In 2007-08 the ratio was high which shows effective collection policy. But in 2009-10
the ratio has gone down to 23.6. This shows that the company’s policy is not so effective.

12. Proprietary ratio: The ratio shows the proportion of proprietors funds to the total assets
employed in the business. The proprietor’s fund or share-holders equity surplus. The ratio
indicates the amount of capital contributed by the proprietor’s .The higher the ratio, the
higher proprietors & the financial position of business.
Formula: proprietary’s fund
Total assets *100
Particulars 2009-2010 2008-2009 2007-2008
Proprietor’s fund 1577.22 1094.47 928.50
Assets 1673.71 1216.21 1054.72
Proprietary ratio 94.23% 90% 88%
Interpretation: This ratio indicates the extent to which assets are financed by owner’s funds. It may also
show some relationship between equity funds and assets. Here in 2010 the ratio is highest which is good
for the company.
13. Interest coverage ratio: The ratio indicates as to how many times the profit covers the
payment of interest on debentures and long-term loans. Hence, it is knows as “times-
interest earned ratio”. It is indicated in times.
Formula: EBIT
Interest
Particulars 2009-2010 2008-2009 2007-2008
EBIT 1153.85 621.33 616.59
Interest 13.76 10.40 8.27
Interest coverage ratio 83.86 59.74 74.56

Interpretation: It indicates the extent to which a fall in EBIT is tolerable in that the ability of the firm to
service its interest payments would not be adversely affected. Here it has increased in the year 2010 so
it can enable the firm to pay back to the lenders.
14. Return on equity share capital: The ratio is important, as it indicates profitability of a
firm from the viewpoint of real owners who are ordinary shareholders, who bear all the
risks of business. It signifies the success with which the management has been able to
earn enough returns on funds supplied by the proprietors.
Formula: Net profit after tax
Equity share capital *100
Particulars 2009-2010 2008-2009 2007-2008
Net profit after tax 774.50 364.31 375.20
Equity share capital 1557.22 1094.47 982.37
Return on eq. share
capital
49.74% 33.27% 38.19%
Interpretation: Here the ratio has increased from 38.19% to 49.74% which mean company has enough
capital to pay the dividend to his shareholders. It is able to earn enough returns on the funds.
15. Return on capital employed: It is an index of profitability of business and obtained by
comparing net profit with capital employed. The ratio is normally expressed in the
percentage. The term capital employed includes share capital, reserves and long term
loan such as debentures.
Formula:
EBIT
Total capital employed *100

Particulars 2009-2010 2008-2009 2007-2008
EBIT 1153.85 621.33 616.59
Capital employed 1557.22 1094.47 982.37
Return on capital
employed
74.09% 56.77% 62.76%
Interpretation: Here the profits are related to the total capital employed. The higher the ratio, the more
efficient is the use of capital employed. Here the ratio is increasing so we can say that the funds of
owner and lenders have been used efficiently.
16. Long-term funds to fixed assets ratio: The fixed assets should always be acquired out of
long-term funds meaning there by that this ratio should not be less than 100.
Formula: long-term funds
Fixed assets *100
Particulars 2009-2010 2008-2009 2007-2008
Long-term funds 116.49 122.44 126.22
Fixed assets 1,088.18 711.77 539.22
Long-term fund to
fixed asset ratio
10.7% 17.2% 23.4%
Interpretation: Higher the ratio, better for the company. In the year 2010 it has decreased to 10.7%
from 23.4% which is not good for the firm. In 2009-2010 long term funds have decreased while fixed
assets have increased and because of that only the ratio has come down to 10.70%.

DU-PONT ANALYSIS
(RS IN CRORE)
INTERPRETATION:
The equation indicates that the management of the company has three levers through which it can control
ROE:
i. The net profit margin per rupee sales’
ii. The sales generated per rupee of assets employed
Particulars 2008 2009 2010
Net sales 3419.06 4270.05 5125.08
Less: operating expenses 2862.70 3708.78 4115.08
Earnings before interests &taxes 616.59 621.33 1153.85
Less: interest 8.27 10.40 13.76
Earnings before taxes 608.32 610.93 1140.09
Less: taxes 233.12 246.62 365.59
Earnings after taxes 375.20 364.31 774.50
Total assets 2005.77 2174.65 3134.15
Debt 94.70 74.53 68.59
Equity 982.37 1094.47 1557.22
EAT/EBT(times) 0.62 0.60 0.67
EBT/EBIT(times) 0.99 0.98 0.99
EBIT/Sales(per cent) 0.18 0.15 0.23
Sales/assets(times) 1.70 1.96 1.64
Asset/equity(times) 2.04 1.99 2.01
Return on equity(per cent) 0.38 0.34 0.50

iii. The amount of equity used to finance the assets.
Here in the year 2008 the ROE is was higher which means company had the higher
financial leverage. And it has decreased in year 2009 to 0.34 from 0.50 and again it
increased a bit in the year 2010 to 0.38. Which means company is exploring the
possibilities of increasing its profit. This 5 ways break up of ROE enables the firm to
analyze the effect of interest payments and tax payments separately from operating
profitability. The both leverage ratios have been increased in the years 2010 i.e.
company has higher financial leverages. Which ultimately leads to the higher profit.

COMMON-SIZE STATEMENT
Income-statement (common-size) (RS IN CRORE)
PARTICULARS 31-Mar-10(12) 31-Mar-09(12) 31-Mar-08(12)
Profit / Loss A/C Rs % Rs % Rs %
Net Sales 51144.50 100.00 42579.70 100.00 34066.80 100.00
Material Cost 28740.80 56.20 25650.10 60.24 19473.10 57.16
Increase Decrease
Inventories
-147.30 -0.29 586.70 1.38 231.90 0.68
Personnel Expenses 2647.80 5.18 2431.20 5.71 1991.30 5.85
Manufacturing Expenses 1103.50 2.16 983.40 2.31 836.70 2.46
Gross Profit 18799.70 36.76 12928.30 30.36 11533.80 33.86
Administration Selling
and Distribution
Expenses
8752.60 17.11 7381.30 17.34 6094.00 17.89
EBITDA 10047.10 19.64 5547.00 13.03 5439.80 15.97
Depreciation and
Amortization
607.40 1.19 571.50 1.34 437.70 1.28
EBIT 9439.70 18.46 4975.50 11.69 5002.10 14.68
Interest Expense 191.00 0.37 159.10 0.37 82.70 0.24
Other Income 1544.80 3.02 721.40 1.69 726.10 2.13
Pretax Income 10793.50 21.10 5537.80 13.01 5645.50 16.57
Provision for Tax 3301.70 6.46 1835.70 4.31 1879.60 5.52
Extra Ordinary and Prior
Period Items Net
253.20 0.50 -78.50 -0.18 -13.90 -0.04

Net Profit 7745.00 15.14 3623.60 8.51 3752.00 11.01
INTERPRETATION:
These percentage figures bring out clearly the relative significance of each group of items in the
aggregative position of the firm. For instance in the year 2010 the EAT of the company has increased to
6.46 from 4.31 in the year 2009. This improvement can mainly be seen from the efficiency in
manufacturing operation. The increase in financial heads (interest) can be traced to the on time payment
of the long term loans. Further analysis indicates that profitability is more because of decrease in
operating expenses.

BALANCE SHEET (COMMON-SIZE) (RS IN CRORE)
PARTICULARS
31-Mar-10 % 31-Mar-09 % 31-Mar-08 %
Equity Capital 959.20 3.06 959.20 4.41 959.20 4.78
Preference Capital 0.00 0.00 0.00 0.00 0.00 0.00
Share Capital 959.20 3.06 959.20 4.41 959.20 4.78
Reserves and Surplus 14613.00 46.63 9985.50 45.91 8325.80 41.51
Loan Funds 685.90 2.19 745.30 3.43 947.00 4.72
Current Liabilities 11562.70 36.89 7719.00 35.49 7845.60 39.12
Provisions 3041.70 9.71 1861.50 8.56 1664.90 8.30
Current Liabilities and
Provisions
14604.40 46.60 9580.50 44.05 9510.50 47.42
Total Liabilities 31341.50 100.00 21749.60 100.00 20057.70 100.00
Tangible Assets Net 6951.70 22.18 6177.90 28.40 4175.10 20.82
Intangible Assets Net 122.90 0.39 51.20 0.24 38.90 0.19
Net Block 7074.60 22.57 6229.10 28.64 4288.30 21.38
Capital Work In
Progress Net
3807.20 12.15 888.60 4.09 1103.90 5.50
Fixed Assets 10881.80 34.72 7117.70 32.73 5392.20 26.88
Investments 7036.90 22.45 2347.70 10.79 4228.80 21.08
Inventories 7631.40 24.35 5467.10 25.14 5389.70 26.87
Accounts Receivable 3314.30 10.57 3110.20 14.30 2519.00 12.56
Cash and Cash
Equivalents
286.00 0.91 1282.60 5.90 413.50 2.06

Other Current Assets 667.10 2.13 484.60 2.23 331.80 1.65
Current Assets 11898.80 37.96 10344.50 47.56 8654.00 43.15
Loans & Advances 1524.00 4.86 1939.70 8.92 1782.70 8.89
Total Assets 31341.50 100.00 21749.60 100.00 20057.70 100.00
COMMONSIZE INTERPRETATION:
The common size balance sheet shows that current asset as a percentage of total asset have increased by
around 10% over the previous year in 2010. This increase was shared by inventories and cash; the share
of debtors also has decreased. The proportion of current liabilities has also increased. These facts signal a
declining trend in the overall liquidity position in the company. Further, the share of long term debt has
also declined and owners’ equity has remained the same throughout the last 3 years.
TREND ANALYSIS
Balance sheet (As on March 31) for the year 2008, 2009 & 2010 (Rs.in crore)
Particulars 2007-08 % 2008-09 % 2009-10 %
Sources Of Funds :
Share Capital 95.92 100 95.92 100 95.92 100
Reserve & Surplus 832.58 100 998.55 120 1461.30 176
Secured Loan 36.70 100 24.59 67 25.59 70
Unsecured Loan 89.52 100 97.85 109 90.90 101
Total liabilities 1054.72 100 1216.91 100 1673.71 100
Application Of Funds:
Fixed Assets 539.22 100 711.77 132 1088.18 202
W-I-P - - - - -

Investment 422.88 100 234.77 55 703.69 165
CA & loans & Adv. 1043.67 100 1228.11 118 1342.28 129
CL & Provisions 951.05 100 957.74 101 1460.44 154
CA-CL 92.62 100 270.37 292 (118.16) (128)
Miss. Exp. - 100 - -
Total assets 1054.72 100 1216.91 100 1673.71 100
Interpretation:
The significance of a trend analysis of ratios lies in the fact that the analysis can know the direction of
movement, that is, whether the movement is favorable or unfavorable. Trend analysis involves
comparison of a firm over a period of time, that is present ratios are compared with past ratios for the
same firm. It indicates the direction of change in the performance- improvement, deterioration or
constancy- over the years.
If we talk about total liabilities here it has been decreasing; this shows positive aspect of the company.
But the amount in reserves and surplus of the company has decreased so company cannot invest in other
segments or departments their capital that easily.

Profit and loss account (Rs. in crore)
Particulars 2007-08 % 2008-09 % 2009-10 %
Income :
Net Sales 3419.06 100 4270.05 125 5125.08 150
Other Income 60.23 100 60.06 100 143.85 240
Total Income 3479.29 100 4330.11 124 5268.93 151
Expenditure:
Raw Materials 1956.13 100 2606.93 133 2840.24 145
Other Manu. Expenses 194.67 100 238.90 123 260.84 134
Selling, Admin Expenses 711.90 100 862.95 121 1014 142
Miscellaneous Expenses - - - - - -
Total Expenses 2862.70 100 3708.78 130 4115.08 144
PBDIT 616.59 100 621.33 101 1153.85 188
Interest 8.27 100 10.40 126 13.76 167
PBDT 608.32 100 610.93 100 1140.09 187
Depreciation 43.77 100 57.15 131 60.74 139
PBT 564.55 100 553.78 98 1079.35 191
Tax 189.35 100 185.52 98 304.85 161
Net Profit 375.20 100 362.36 97 774.50 207
Interpretation: Here in the year 2009-2010 the profit has decreased from 774.50 in 2007-08 to 375.20. It
is just because of the monsoon which made delay in the production and the sales went down in the last
quarter of the company. Interest rate has also decreased which is good for the firm only. The expenses of
the company are also less related to last two years which also indicates good financial management of
the firm that the firm is handling its finance very efficiently and effectively.

Conclusion
From the above financial project report what can be concluded is that the Asian paints industry is the
largest paint company providing the customer of all kind of the product they want. It is the leading firm
in this industry. The company has expanded its business in different segments. Asian paint is operating in
21 countries and has 29 manufacturing units in the world servicing consumers over 65 countries. The
company’s financial position is also good and they have the brand position in the market. The profit of the
firm has been increasing year by year.
The company is also focusing aggressively on the industrial paints segment where it is currently in the 2nd
position. The demand for industrial paints is expected to rise with the growing demand from the
automotive sector and other industries
Asian Paints is India’s largest paint company having a Strong Brand & Huge Distribution network. It has a
sound financial past & is expected to have robust growth, both in the short-term and long-term.

Bibliography
• For introduction of Asian Paints ltd: www.asianpaints.com
• For introduction of FMCG industry analysis:
o http://www.economywatch.com/world-industries/fmcg.html
• For annual reports of the company:
o www.asianpaints.com
• For economy analysis:
o www.slideshare.net
o www.scribd.com
• Ratio analysis: Im Pandey

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