pak suzuki motor company limited repaired)
TRANSCRIPT
1
Presented by:
Sana Taqi 9843
Asadullah-9897
Babar Ansari-10055
Shafiq-10713
Presented to : Sir Amyn Wahid
Acknowledgement:
We are thankful to Allah, the gracious, the merciful for Helping us at every step and giving us
the strength to complete this report on time.
We are really grateful to our course facilitator Sir Amyn Wahid who guided us and provided
with all his possible assistance during the obstacles faced in the creation of this report, which
would not have been possible without his guidance and support.
We would like to thank our family who supported us and gave us time to complete our report.
2
Table of Contents
INTRODUCTION OF COMPANIES...................................................................4
PAK SUZUKI MOTOR COMPANY LIMITED..............................................4
INDUS MOTORS...............................................................................................6
LIQUIDITY RATIO:..............................................................................................8
FINANCIAL LEVERAGE RATIOS...................................................................12
EFFICIENCY RATIOS........................................................................................17
PROFITABILITY RATIOS.................................................................................25
COMMON SIZE ANALYSIS..............................................................................34
INDEXED ANALYSIS.........................................................................................42
REFERENCES:.....................................................................................................52
APPENDICES........................................................................................................53
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INTRODUCTION OF COMPANIES
Pak Suzuki Motor Company Limited
Pak Suzuki Motor Company was formed in August 1983 as a joint venture between
Pakistan Automobile Corporation Limited (representing government of Pakistan) and
Suzuki Motors Corporation Japan for the manufacturing, assembling and marketing of
Suzuki vehicles in Pakistan.
PSMCL started production in 1984. In 1989 the foundation stone of the new Bin Qasim
plant was laid.
Over the years PSMCL has expanded its capacity to 150,000 vehicles per annum. On
25th April 2007 the board of directors of Pak Suzuki Motor Corporation Limited and
Suzuki Motorcycles Pakistan (SMPL) Limited decided to amalgamate SMPL into
PSMCL.
It has the largest dealership network in Pakistan. PSMCL also has the highest market
share and has become a household name in Pakistan.
It is manufacturing eight car models; this is the highest number of models manufactured
by any automobile manufacturer in Pakistan.
OUR VISION
To be Excellent All Around.
OUR MISSION
To provide vehicles of international quality at competitive price.
To iprove skills of employees by imparting training and inculcating in them sense of
participation.
4
To achieve maximum indigenization and promote the automobile vending industry.
To contribute to Pakistani society through development of industry in general and
automobile industry in particular.
Product range
Automobile Motorcycles
Cultus: Swift: GS 150
Alto Jimmy Sprinter
Liana Cargo
van
Sprinter
Eco
Mehran Ravi
pickup
Shogun
Bolan
van
APV and
Jimny
INTRODUCTION OF INDUS MOTORS
Indus Motor Company Limited is an assembler, manufacturer and marketer of Toyota
vehicles in Pakistan since July 01, 1990.
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The company is engaged in sole distributorship of Toyota and Daihatsu Motor Company
Ltd. vehicles in Pakistan through its dealership network. IMC is a joint venture between
the House of Habib, Toyota Motor Corporation Japan (TMC), and Toyota
Tsusho Corporation Japan (TTC). Indus Motor Company was incorporated in 1989 and is
listed on all the three stock exchanges of Pakistan.
It has a market share of 41%, slightly behind Pak Suzuki Motors (market share: 46%).
Thus Indus Motor Company is one of the two leading car manufacturers in Pakistan. The
market share of Pak Suzuki declined to 46% in YEAR 2010 from 48% in YEAR 2009.
Dewan Motor's market share also decreased from 0.38% in YEAR 2009 to 0% in YEAR
2010.
However, Indus Motor and Honda Atlas gained in terms of market share. Honda Atlas'
market share increased from 12.22% in YEAR 2009 to 12.49% in YEAR 2010.
Indus Motor Company performed better than the other companies in the auto sector
during YEAR 2010.The market share of Indus Motors surged from 39% in YEAR 2009
to 41% in YEAR 2010.
Vision
IMC’s Vision is to be the most respected and successful enterprise, delighting customers with
a wide range of products and solutions in the automobile industry with the best people and the
best technology".
The most respected.
The most successful.
Delighting customers.
Wide range of products.
The best people.
The best technology.
Mission
Mission of Toyota is to provide safe & sound journey.
Automobiles
6
Camry Hilux
Corolla Imported vehicles
Cuore
Liquidity Ratio:
a. Current Ratio = Current Assets
Current Liabilities
7
Rs
Indus Motors Ltd 2009 16,715,319.00/
9,884,850.00
1.69
Indus Motors Ltd 2010 23,791,253.00
/14,224,866.00
1.67
Pak Suzuki Co Ltd 2009 12,427,633,000/
3,325,134,000
3.74
Pak Suzuki Co Ltd 2010 14,313,132,000/
4,752,499,000
3.01
Current Ratio Indus Motors Ltd Pak Suzuki Co Ltd
2009 1.69 3.74
2010 1.67 3.01
2009 20100
0.5
1
1.5
2
2.5
3
3.5
4
1.69 1.67
3.74
3.01
Indus Motors Ltd Pak Suzuki Co Ltd
Internal analysis of Indus Motors
Since the company has increased its current assets has increased by 7075934, and our liabilities
has increased by 4340016,therefore our current ratio has increased because current assets grew
less in comparison to current liabilities.
The ratio is mainly used to give an idea of the company to pay back its short tern liabilities with
its short term assets.
8
Internal analysis of Pak Suzuki
Current ratio shows firm`s ability to cover its current liabilities over its current assets. As the
current ratio decreased by 0.73 in 2010 due to increase in current liabilities by 1427365000,
which causes decrease in the liquidity position of Pak Suzuki in 2010 in comparison of 2009 CR.
External Analysis
Paki Suzuki is in a better position than Indus motors to pay off its current liabilities with its
current assets. Pak Suzuki both current assets and current liabilities are much higher than Indus
motors. However both firms have shown improvement in 2010 in terms of current ratio.
b. Quick Ratio = Current Assets – Inventories
Current Liabilities
Rs
Indus Motors Ltd 2009 (16,715,319.00-4,217,341.00)/9,884,850.00 1.26
Indus Motors Ltd 2010 (23,791,253.00 -5,309,934.00)/14,224,866.00 1.30
Pak Suzuki Co Ltd 2009 (12,427,633,000 – 6,879,729,000) /3,325,134,000 1.67
Pak Suzuki Co Ltd 2010 (14,313,132,000 – 8,748,031,000) /4,752,499,000 1.147
9
Quick Ratio Indus Motors Ltd Pak Suzuki Co Ltd
2009 1.26 1.67
2010 1.30 1.14
Indus Motors Ltd Pak Suzuki Co Ltd0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
1.26
1.67
1.31.14
2009 2010
Internal analysis of Indus Motors
The company is able to pay off its short term obligations with its current assets other than
inventories, which denotes that company is managing its inventories efficiently inventories.
Internal analysis of Pak Suzuki
Quick ratio of Pak Suzuki decreased by 0.523 which show Pak Suzuki is in not position to cover
its current liabilities with most liquidating of its assets. This decrease in Quick ratio shows
increase in obsolete inventory which shows inefficient inventory management and have got less
liquidate items to pay off its debts
External Analysis
Indus motors are not having any inventory issues, which is evident by quick ratio which is
increasing in 2010. But Pak Suzuki quick ratio declined which means that its not managing its
inventory well in 2010.
10
Financial Leverage Ratios a. Debt to Asset ratio: Total Debt
Total Assets
Rs
Indus Motors Ltd 2009 10,388,550.000/ 20,685,523.00 50.22%
Indus Motors Ltd 2010 14,550,663.00/ 27,138,278.00 53.62%
Pak Suzuki Co Ltd 2009 3,330,134,000 / 17,655,734,000 19%
11
Pak Suzuki Co Ltd 2010 4,752,449,000 / 19,250,364,000 25%
Indus Motors Ltd Pak Suzuki Co Ltd
2009 50.22% 19%
2010 53.62% 25%
Indus Motors Ltd Pak Suzuki Co Ltd 0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00% 50%
19%
54%
25%
2009 2010
Internal analysis of Indus Motors
This ratio indicates that the proportion of total debt relative to its total assets. This shows in year
2009 we had debt financing of 50.22% and equity financing was 49.78%, however in 2010, our
debt financing was increased to 53.62 and equity financing is 46.38%.
Internal analysis of Pak Suzuki
Debt to total assets shows the percentage of the firm`s assets supported by the debt financing. As
in 2009 23.2% debts were of assets to 2010 33% of the total assets. This shows that 23.2% of the
assets are being financed by liabilities and rest 76.8% are being financed by equity. This
variation of 9.8% occurs because of increase in total debts by 1422315 and also increases in total
assets by 172315.
12
External Analysis
Both the companies has shown that total debt to total assets ratio have increased in 2010.however
Indus motors finance almost half of its assets by debt financing, which is very risky, while Pak
Suzuki is financing very less with debt and more with equity financing, which makes the
company less risky and leading to less interest expense.
b. Debt to Equity Ratio = Total Debt
Shareholder’s Equity
Rs
Indus Motors Ltd 2009 10,388,550.00/10,296,973.00 1.01
Indus Motors Ltd 2010 14,550,663.00/12,587,615.00 1.16
Pak Suzuki Co Ltd 2009 3,330,134,000 / 14,325,600,000 0.23
Pak Suzuki Co Ltd 2010 4,752,449,000 / 14,497,915,000 0.33
Debt to Equity Ratio Indus Motors Ltd Pak Suzuki Co Ltd
2009 1.01 0.23
2010 1.16 0.33
13
Indus Motors Ltd Pak Suzuki Co Ltd0
0.2
0.4
0.6
0.8
1
1.2 1.01
0.23
1.16
0.33
2009 2010
Internal analysis of Indus Motors
This ratio indicates the proportion of liquidity and debt the company uses to finance its assets. As
the ratio is more than 1 in both years, therefore its prone to risk as its doing more of debt
financing in both years as compares to equity financing. This has happened because debt has
increased four times in year from 2009 to 2010, while equity rose only twice the time.
Internal analysis of Pak Suzuki
Debt to equity ratio shows the extent by which the firm is financed by its debt. In 2009
company`s liability were 0.19 times the equity of the company and in 2010 liability of Pak
Suzuki was 0.25 times the company`s equity. As increase by 0.6 shows increase in debt finance.
As the company increases its debt finance which causes more risk to them.
14
External Analysis
As mentioned earlier in the above ratio. Pak Suzuki is using more of equity financing to play on
the safe side, which is indicated through ratio 0f 0.23 and 0.33 which is less than 1 , means more
equity financing, while Indus motor is using more of debt financing.
c. Interest Coverage Ratio = ___ EBIT_______
Interest Charges
Rs
Pak Suzuki Co Ltd 2009 14,02500/62,000 22.62
Indus Motors Ltd 2010 36,47600/15,33900 2.38
Indus Motors Ltd 2009 427,843/ 20,607 20.762
Pak Suzuki Co Ltd 2010 668,015/ 20,278 32.942
Interest Coverage Ratio Indus Motors Ltd Pak Suzuki Co Ltd
2009 22.62 20.762
2010 2.38 32.942
15
Indus Motors Ltd 20100
5
10
15
20
25
30
35
22.6220.762
2.38
32.942
2009 2010
Internal analysis of Indus Motors
There is a massive decline in interest coverage ratio in 2010, because our interest expense has
increased with a huge amount. Hence its proved through that increased debt financing in 2010
lead to increased interest expense.
Internal analysis of Pak Suzuki
Interest coverage ratio of Pak Suzuki shows its ability to cover its interest charges from its
profits. As there is increase in ICR by 12.18% which shows that firm`s ability has increased to
covers its interest charges because they have increased their profitability in 2010 by 240172 and
there is less increase in interest charges in 2010 as comparison of 2009.
External Analysis
In 2010,Indus motors interest charges increased drastically more than double, which lead to
decreased coverage ratio, while for Pak Suzuki, interest charges had decreased almost same for
two years but its EBIT has increased , due to decreased expenses. Therefore Pak Suzuki is in a
better position to cover its interest charges with its EBIT.
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Efficiency Ratios
a. Receivable Turnover = _Annual Credit Sales_
Receivables
Rs
Indus Motors Ltd 2009 37,864,604/1,845,900 20.51
Indus Motors Ltd 2010 60,093,139.00/1,737,600.00 34.58
Pak Suzuki Co Ltd 2009 26,234,061,000/376,508,000 69.68
Pak Suzuki Co Ltd 2010 42,642,762,000/240,719,000 177.15
Receivable Turnover Indus Motors Ltd Pak Suzuki Co Ltd
2009 20.51 69.68
2010 34.58 177.15
Indus Motors Ltd Pak Suzuki Co Ltd 0
20
40
60
80
100
120
140
160
180
20.51
69.68
34.58
177.15
2009 2010
17
Internal analysis of Indus Motors
This ratio indicates the quality of receivables and how successful the firm is in its collection
Receivable turnover has increased in year 2010 to 34.58 from 20 because receivables have
declined in 2010 by 6% while have sales Increased drastically. This means that the company is
much more effective in collection of its receivables.
Internal analysis of Pak Suzuki
Receivable turnover ratio shows the quality of receivables and how Pak Suzuki efficiently
collects its receivables. As the ratio increased by 107.447 in 2010 which shows credit sales have
been increased by 16408701 and also shows a decrease in account receivable of 56%
External Analysis
Both the companies are doing well in collection of its receivables and are managing its
receivables well. However in 2010, receivables for Pak Suzuki declined by 56%, while its sales
have almost doubled, means that more sales were made on cars and company was providing
some incentive to creditors that they were paying quickly so less receivables.
b. Average Collection Period = Days in the Year
Receivable Turnover
Indus Motors Ltd 2009 360/20.51 17.55 days
Indus Motors Ltd 2010 360/34.58 10.40 days
Pak Suzuki Co Ltd 2009 360/69.68 5.17 days
Pak Suzuki Co Ltd 2010 360/177.15 2.03 days
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Average Collection Period Indus Motors Ltd Pak Suzuki Co Ltd
2009 17.55Days 5.17 days
2010 10.40 days 2.03 days
Indus Motors Ltd Pak Suzuki Co Ltd 0
2
4
6
8
10
12
14
16
18
17.55
5.17
10.4
2.03
2009 2010
Internal analysis of Indus Motors
This indicates that in how many days the firm collects its receivables. Average collection period
for Indus motors in 2010 have decreased to 10 days from 17 days, which means that the
company is giving some kind of discounts to creditors, so that they are paying early. As the
receivable turnover ratio has increased for Indus motor for 2010, Average collection period has
decreased in 2010.
Internal analysis of Pak Suzuki
As the Average collection period ratio shows a drastic decrease in average collection period
which shows very weaker receivable turnover. As in 2009 Pak Suzuki takes 6 days in collecting
receivables where as in 2010 it takes 2 days. It takes 3 less days for collecting receivables in
2010 in comparison of 2009.
19
External Analysis
As evident from average collection ratio for Pak Suzuki, it has decreased the days that it was
taking to convert account receivables to cash to only 2 days. While Indus motor is taking 10 days
in 2010, therefore Pak Suzuki is doing well in 2010 as compared to Indus motors.
c. Inventory Turnover = Cost Of Goods Sold or Net Sales
Inventory
Rs
Indus Motors Ltd 2009 35,540,418.00/4,217,341.00 8.43
Indus Motors Ltd 2010 55,382,306.00/5,309,934.00 10.43
Pak Suzuki Co Ltd 2009 25,664,762,000/ 6,879,729,000 3.73
Pak Suzuki Co Ltd 2010 41,638,975,000/ 8,748,031,000 4.46
Inventory Turnover Indus Motors Ltd Pak Suzuki Co Ltd
2009 8.43 3.73
2010 10.43 4.46
20
Indus Motors Ltd Pak Suzuki Co Ltd 0
2
4
6
8
10
12
8.43
3.73
10.43
4.46
2009 2010
Internal analysis of Indus Motors
This ratio indicates how effective is the company in converting its inventory to cash and generate
sales. As the ratio of inventory turnover has increased from 8.43 to 10.43, this shows that
inventory are now pulled out two times faster and Indus motor inventory is improving. This may
be due increased quality good products, or some relaxation in credit policies of the company.
Internal analysis of Pak Suzuki
Inventory turnover ratio indicates the effectiveness of the inventory management practice of the
company. The inventory turnover ratio of Pak Suzuki has increased by 0.73. This shows Pak
Suzuki efficiently converts cash better than previous year. And the cost of goods sold also
increased in 2010.
External Analysis
Indus motors are taking around 10 times to covert its inventory to sale, while Pak Suzuki is
taking 4 times in 2010 to convert inventory to cash. This may be due to the fact that Indus motor
produce cars that are luxurious and expensive, so upper class buys it and few units are sold but
which give increase amount of revenue but Pak Suzuki cater to masses and produce
comparatively low price cars, which are purchased regularly by masses.
21
d. Inventory Turnover in Days = Days in the Year
Inventory Turnover
Indus Motors Ltd 2009 360/8.43 42.72 days
Indus Motors Ltd 2010 360/10/43 34.52 days
Pak Suzuki Co Ltd 2009 360/3.73 96.50 days
Pak Suzuki Co Ltd 2010 360/4.46 75.63 days
Inventory Turnover in Days Indus Motors Ltd Pak Suzuki Co Ltd
2009 42.72 days 96.50 days
2010 34.52 days 75.63 days
Indus Motors Ltd Pak Suzuki Co Ltd0
20
40
60
80
100
120
42.72
96.5
34.52
75.63
2009 2010
Internal analysis of Indus Motors
This ratio indicates the days taken by the company to convert its inventory to account
receivables. Indus motors have decreased its inventory turnover days by 8 days in 2010. This
may be due increased quality good products, or some relaxation in credit policies of the
company.
22
Internal analysis of Pak Suzuki
From this analysis, we came to know that Pak Suzuki is taking more time in converting its
inventory. This shows company is taking 15 days more in 2010 than in 2009 for inventory
conversion which shows a weaker inventory management system than as was in 2009.
External Analysis
Inventory turnover in days have decreased for both companies in 2010, which shows that both
companies are selling cars fast in 2010, as compared to 2009, this may be due to increased car
financing and increased disposable income of consumers.
e. Total Asset Turnover = Net Sales
Total Assets
Rs
Indus Motors Ltd 2009 37,864,604.00/20,685,523.00 1.83
Indus Motors Ltd 2010 60,093,139.00/27,138,278.00 2.21
Pak Suzuki Co Ltd 2009 26,234,061,000/ 17,655,734,000 1.49
Pak Suzuki Co Ltd 2010 42,642,762,000/ 19,250,364,000 2.22
Total Asset Turnover Indus Motors Ltd Pak Suzuki Co Ltd
2009 1.83 1.49
2010 2.21 2.22
23
Indus Motors Ltd Pak Suzuki Co Ltd 0
0.5
1
1.5
2
2.5
1.83
1.49
2.21 2.22
2009 2010
Internal analysis of Indus Motors
This ratio indicates how effective the firm is utilizing it total assets to generate sales. Total assets
have increased by 31% in 2010, while sales have increased by 58%. This shows that Indus
motors have utilized its total assets very effectively to generate sales. And it has doubled its sales
over time. This all is evident in the profit and loss account and by inventory turnover ratio, that
inventory is selling fast, leading to increased sales.
Internal analysis of Pak Suzuki
Total assets turnover of any company shows how a firm is performing in terms of economic
utilization of its assets; from the use of these assets they generate revenues. As the ratio shows
that Pak Suzuki is efficiently utilizing its assets as there is increase in net sales by 61.52%. This
shows Pak Suzuki is efficiently using its assets for revenue generation. Total sales and assets
both decreased in 2010.
External Analysis
Indus motors and Pak Suzuki total asset turnover is almost the same in 2010, which indicates
both companies are using its assets well to generate sales. Total assets and sales have increased
for both the companies in 2009 and 2010.
24
Profitability Ratios:
a) Gross Profit Margin = Gross profit
Sales
Rs
Indus Motors Ltd 2009 2,324,186.00/37,864,604.00 6.14
Indus Motors Ltd 2010 4,710,833.00/60,093,139.00 7.84
Pak Suzuki Co Ltd 2009 569,299,000/26,234,061,000 2.17%
Pak Suzuki Co Ltd 2010 1,003,787,000/42,642,762,000 2.35%
Gross Profit Margin Indus Motors Ltd Pak Suzuki Co Ltd
2009 6.14% 2.17%
2010 7.84% 2.35%
2009 20100.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
0.0614
0.0784
0.0217 0.0235
Indus Motors Ltd Pak Suzuki Co Ltd
25
Internal analysis of Indus Motors
The gross ratio for Indus has increased in 2010 from 2009 as Sales have increased by 59% and
Cost of goods sold by 55% in 2010 from 2009 year.
Internal analysis of Pak Suzuki
After analyzing the income statement we got increase in sales by 56.71% which shows an
efficient profitability of Pak Suzuki in 2010.in 2010 gross profit of the company has increased
due to increased sales in 2010 and reduction in cost of goods sold cost.
External Analysis
Indus motors have much better gross margins than Pak Suzuki, which means that its operations
are much better than Pak Suzuki and is producing goods in cost efficient manner.
b. Net Profit Margin = Net Profit After Taxes
Net Sales
Rs
Indus Motors Ltd 2009 1,385,102.00/37,864,604.00 3.66
Indus Motors Ltd 2010 3,443,403.00/60,093,139.00 5.73
Pak Suzuki Co Ltd 2009 255,219,000/26,234,061,000 0.97%
Pak Suzuki Co Ltd 2010 211,143,000/42,642,762,000 0.50%
Net Profit Margin Indus Motors Ltd Pak Suzuki Co Ltd
2009 3.66% 0.97%
2010 5.73% 0.50%
26
Indus Motors Ltd Pak Suzuki Co Ltd 0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
3.66%
0.97%
5.73%
0.50%
2009 2010
Internal analysis of Indus Motors
From 2009, NOPAT increased by 148% in 2010, as the operating income tremendously
increased from 727080 to 1801459. Financing cost has also decreased from 26450 to 23576.
Internal analysis of Pak Suzuki
Net profit margin of Pak Suzuki has declined drastically in 2010 by 47.2% because of higher
operating cost, and of other expenses also.
External Analysis
Net profit for Indus motors have decreased in 2010 due to increased expenses due to which its
Net profit margin ratio declined. Indus motor had better profitability in 2010, while Pak Suzuki
profitability declined in 2010. Therefore an Indus motor was in a better position in 2010.
27
c. Return on assets: Net Profit After Taxes
Total Assets
Rs
Indus Motors Ltd 2009 1,385,102.00/20,685,523.00 6.70%
Indus Motors Ltd 2010 3,443,403.00/27,138,278.00 12.69%
Pak Suzuki Co Ltd 2009 255,219,000/17,655,734,000 1.45%
Pak Suzuki Co Ltd 2010 211,143,000/19,250,364,000 1.10%
Return on assets: Indus Motors Ltd Pak Suzuki Co Ltd
2009 6.70% 1.45%
2010 12.69% 1.10%
Indus Motors Ltd Pak Suzuki Co Ltd0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
6.70%
1.45%
12.69%
1.10%
2009 2010
Internal analysis of Indus Motors
Return on assets form Indus motors have doubled in 2010 over 2009, as our total assets have
increased by31.19%.
28
Internal analysis of Pak Suzuki
The ROI ratio has declined in 2010 by 35%, as the sales decreased in 2010 as compared to 2009
by 44,076 and also investments in total assets also increased which causes a gap in ROI.
External Analysis
Indus motors have increased ROI as compared to Pak Suzuki declining ROI in 2010. As evident
from Pak Suzuki declining net income in 2010, it was obvious that its ROI willed cline too,
While Indus motors had increased net income and increased assets in 201, making the company
better off.
d. Return on Equity= Net Profit After Taxes
Shareholder’s Equity
Rs
Indus Motors Ltd 2009 1,385,102.00/10,396,973.00 13.32%
Indus Motors Ltd 2010 3,443,403.00/13,587,615.00 25.34%
Pak Suzuki Co Ltd 2009 255,219,000/14,325,600,000 1.78%
Pak Suzuki Co Ltd 2010 211,143,000/14,497,915,000 1.46%
Return on Equity Indus Motors Ltd Pak Suzuki Co Ltd
2009 13.32% 1.78%
2010 25.34% 1.46%
29
Indus Motors Ltd Pak Suzuki Co Ltd 0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
13.32%
1.78%
25.34%
1.46%
2009 2010
Internal analysis of Indus Motors
Return on equity for Indus motors have increased in 2010 , as our reserves have increased by
22.4% in 2010 from 2009.
Internal analysis of Pak Suzuki
RoE indicates the profitability to the shareholders of the firm. As RoE has also decreased by
32%, this cause because of decrease in net income as well as increase in shareholder’s equity
External Analysis
Indus motors look more interesting to investors in 2010 because its ROE has increased to 25%
which is beneficial for shareholders while Pak Suzuki ROE declined, which causes decrease in
RoE, Which is obviously due to decreased net income in 2010?
30
e. Earning per share= Net income
Number of shares
Rs/ No of Shares
Indus Motors Ltd 2009 1,385,102.00/78,600.00 17.62
Indus Motors Ltd 2010 3,443,403.00/78,600.00 43.81
Pak Suzuki Co Ltd 2009 255,219,000/82,329,000 3.10
Pak Suzuki Co Ltd 2010 211,143,000/82,157,000 2.57
Earning per share Indus Motors Ltd Pak Suzuki Co Ltd
2009 17.62 3.10
2010 43.81 2.57
Indus Motors Ltd Pak Suzuki Co Ltd0
5
10
15
20
25
30
35
40
45
17.62
3.1
43.81
2.57
2009 2010
Internal analysis of Indus Motors
Earning per share has increased to 43rs from 17 rs, because our net income has increased for
2010, as described above, however the company has not issued extra shares in 2010, and the
number of shares had remained to 78600 in 2010 and 2009. This means more wealth
maximization for share holder has increased.
31
Internal analysis of Pak Suzuki
Earnings per share of Pak Suzuki has also fallen because of decrease in profit as the number of
share as same in both years but the profit earned has difference of 44076, that causes decrease in
earning per share by 0.535.
External Analysis
Indus motors earning per share ratio has increased drastically to 43.81 in 2010 from 17 in 2009,
which making the firm more desirable to investors as they would earn more wealth, while Pak
Suzuki ratio has declined leading to decreased shareholder value and which is a cause of
decreased net income in 2010.
f. Price to Earnings Ratio = Price (Market Price)
Earnings per Share
Rs
Indus Motors Ltd 2009 107.65/17.62 6.11
Indus Motors Ltd 2010 262.42/43.81 5.99
Pak Suzuki Co Ltd 2009 NA 23.9
Pak Suzuki Co Ltd 2010 NA 31.7
Price to Earnings Ratio Indus Motors Ltd Pak Suzuki Co Ltd
2009 6.11 23.9
2010 5.99 31.7
32
Indus Motors Ltd Pak Suzuki Co Ltd 0
5
10
15
20
25
30
35
6.11
23.9
5.99
31.7
2009 2010
Internal analysis of Indus Motors
Its a valuation ratio of a company's current share price compared to its per-share earnings Price
to earning ratio has decreased in 2010, because earning per share have increased much more
heavily in 2010 than the market price of shares, which have also increased in 2010.
Internal analysis of Pak Suzuki
Pak Suzuki P/E ratio has increased in 2010,
External Analysis
As price to earning ratio was Pak Suzuki is not avail
33
Common size analysis
Profit and Loss account for Indus motors
Profit an Loss account Regular Common
size
As at June 30, 2010 2010 2009 2010 2009
(Rupees in '000)
Net sales 60,093,139 37,864,604 100.00% 100.00
%
Cost of sales 55,382,306 35,540,418 92.16% 93.86%
Gross profit 4,710,833 2,324,186 7.84% 6.14%
Distribution expenses 468,496 469,985 0.78% 1.24%
Administrative expenses 381,575 352,249 0.63% 0.93%
850071 822,234 1.41% 2.17%
3,860,762 1,501,952 6.42% 3.97%
Other operating expenses 416,106 156,479 0.69% 0.41%
3,444,656 1,345,473 5.73% 3.55%
Other operating income 1,801,459 727,080 3.00% 1.92%
5246115 2,072,553 8.73% 5.47%
Finance costs 3,576 26,540 0.01% 0.07%
Profit before taxation 5,242,539 2,046,013 8.72% 5.40%
Taxation 1,799,136 660,911 2.99% 1.75%
Profit after taxation 3,443,403 1,385,102 5.73% 3.66%
(Rupees)
Earnings per share 44 17.62
34
Analysis:
In this common size analysis of profit and loss account we have seen that cost of goods sold have
decreased in 2010 as a percentage of sales, while gross profit has also increased in 2010 to
7.84% as a percentage of sales, however distribution expenses have declined to 0.78% in 2010
along with administrative expenses while other operating expenses have increased to 0.69% as a
percentage of sales.net income of Indus motors have increased to 5.73% as a percentage of sales,
which shows that company has good income available with itself to distribute to shareholders in
2010.
Balance sheet for Indus motors
Balance Sheet
As at June 30, 2010 Regular Common size
2010 2009 2010 2009
(Rupees in '000)
ASSETS
Non-current assets
Fixed Assets 3,324,333 3,934,473 19.02% 12.25%
Long-term loans and advances 15,570 28,509 0.14% 0.06%
Long-term deposits 7,122 7,222 0.03% 0.03%
Total Non current Assets 3,347,025 3,970,204 19.19% 12.33%
Current assets
Stores and spares 111,567 128,483 0.62% 0.41%
Stock-in-trade 5,198,367 4,088,858 19.77% 19.16%
Trade debts 1,613,247 1,736,631 8.40% 5.94%
Loans and advances 839,819 894,459 4.32% 3.09%
35
Short-term prepayments 18,778 16,876 0.08% 0.07%
Accrued return on bank deposits 57,254 50,944 0.25% 0.21%
Other receivables 196,241 67,902 0.33% 0.72%
Cash and bank balances 15,755,980 9,731,166 47.04% 58.06%
Total Current Assets 23,791,253 16,715,319 80.81% 87.67%
TOTAL ASSETS 27,138,278 20,685,523
100.00
%
100.00
%
EQUITY
Share capital
Authorized capital
100,000,000 (2009: 100,000,000) Ordinary
shares of Rs 10 each 1,000,000 1,000,000 4.83% 3.68%
Issued, subscribed and paid-up capital 786,000 786,000 3.80% 2.90%
Reserves 11,801,615 9,510,973 45.98% 43.49%
Total Equity 12,587,615 10,296,973 49.78% 46.38%
LIABILITIES
Non-current liabilities
Deferred taxation 325,797 503,700 2.44% 1.20%
Total non current liabilties 325,797 503,700 2.44% 1.20%
Current liabilities
Trade, other payables and provisions 5,905,062 3,942,988 19.06% 21.76%
Advances from customers and dealers 8,076,281 5,926,529 28.65% 29.76%
Accrued mark-up 944 673 0.00% 0.00%
Short-term running finance - -
Taxation – net 242,579 14,660 0.07% 0.89%
36
14,224,866 9,884,850 47.79% 52.42%
TOTAL EQUITY AND LIABILITIES 27,138,278 20,685,523
100.00
%
100.00
%
Analysis:
For Indus motors the total current assets have increased to 19 % in 2010 as a percentage of total
assets. However total current assets declined in 2010 to 80% from 87% in 2009, due to decline in
receivables and cash
Total equity also increased to 48% in 2010 from 46% in 2009 due to increased reserves in the
company which improved the equity percentage increased. Total current liabilities decreased to
47% in 2010 from 52% in 2009, due to decreases in payables in 2010.
37
Balance sheet (common) for Pak Suzuki
Pak Suzuki Motor Company Limited
Common Size Balance Sheet
As at December 31, 20__
2010 2009
(Rs. 000) % (Rs. 000) %
ASSETS
Non-current assets
Fixed Assets
Property, plant & equipment 4,226,582 21.96 4,684,671 26.53
Intangible leases 505,760 2.63 347,732 1.97
4,732,342 24.58 5,032,403 28.50
Long-term investments 5,413 0.03 4,449 0.03
Long-term loans 1,114 0.01 3,162 0.02
Long-term deposits & prepayments 28,499 0.15 34,609 0.20
Long-term installment sales receivables 169,864 0.88 153,478 0.87
4,937,232 25.65 5,228,101 29.61
Current assets
Stores, spares and loose tools 63,916 0.33 41,749 0.24
Stock-in-trade 8,748,031 45.44 6,879,729 38.97
Trade debts 240,719 1.25 376,508 2.13
Current portion of long-term installments
Sales receivables 251,254 1.31 205,680 1.16
Loans, advances and advances 134,963 0.70 226,388 1.28
Trade deposits & short-term prepayments 43,466 0.23 31,738 0.18
Accrued markup income 8,652 0.04 7,837 0.04
Other receivables 107,779 0.56 76,685 0.43
38
Sales tax & excise duty adjustable 389,453 2.02 255,609 1.45
Income tax refundable - net 1,407,713 7.31 780,089 4.42
Cash and bank balances 2,917,186 15.15 3,545,621 20.08
14,313,132 74.35 12,427,633 70.39
TOTAL ASSETS 19,250,364 100.00 17,655,734 100.00
EQUITY & LIABILITIES
Authorised share capital 1,500,000 1,500,000
150,000,000 (2009: 150,000,000)
Ordinary shares of Rs 10 each
Issued, subscribed and paid-up capital 822,999 4.28 822,999 4.66
Reserves 13,674,916 71.04 13,502,601 76.48
14,497,915 75.31 14,325,600 81.14
Non-current liabilities
Deferred taxation 0 0.00 5,000 0.03
Current liabilities
Trade, other payables 3,080,351 16.00 1,853,034 10.50
Advances from customers 327,031 1.70 441,781 2.50
Accrued mark-up 0 0.00 1,512 0.01
Short-term borrowing 50,000 0.26 80,000 0.45
Deposits against display of vehicles 1,067,839 5.55 723,554 4.10
Security deposits 88,753 0.46 86,778 0.49
Provision for custom duties and sales tax 138,475 0.72 138,475 0.78
4,752,449 24.69 3,325,134 18.83
TOTAL EQUITY AND LIABILITIES 19,250,364 100.00 17,655,734 100.00
39
Analysis:
In year 2010, total assets of Pak Suzuki consists of 74.35% of current assets and 25.65% of non-
current assets as compared to 70.39% and 29.61% respectively in 2009. The increase in current
assets was because of increase in stores, spares & loose tools by 0.09%, stock-in-trade by 6.47%,
trade deposits & short-term prepayments by 5%, other receivables by 0.13%. The decrease in
non-current assets was a result of decrease in fixed assets by 4.57%. The equity side of the
balance sheet indicates the decline from 81.14% to 75.31% however the liabilities side of the
balance sheet shows an increase from 18.83% to 24.69%
Income statement (common) for Pak Suzuki
Pak Suzuki Motor Company
Limited
Common Size Profit & Loss
Account
For the year ended December 31,
20__
2010 2009
(Rs. 000) % (Rs. 000) %
Turnover - net 42,642,762 100.00 26,234,061 100.00
Cost of sales (41,638,975) 97.65 (25,664,762) 97.83
Gross profit 1,003,787 2.35 569,299 2.17
Distribution costs (197,361) 0.46 (214,550) 0.82
Administrative expenses (636,332) 1.49 (495,200) 1.89
Other operating income 575,078 1.35 619,572 2.36
Finance costs (21,349) 0.05 (12,564) 0.05
40
Other operating expenses (55,808) 0.13 (38,714) 0.15
(335,772) 0.79 (141,456) 0.54
Profit before taxation 1,339,559 3.14 710,755 2.71
Taxation (456,872) 1.07 (172,624) 0.66
Profit after taxation 882,687 2.07 538,131 2.05
Analysis:
In the year 2010 the cost of goods sold was decrease which resulted in increase in gross profit
from 2.17% to 2.37%. the overall cost structure was decreasing i.e. the administration cost &
distribution cost by 0.40% & 0.36% respectively .the overall tax or the company increased from
0.66% to 1.07% but still the company profit after taxation
Indexed Analysis
41
Profit and Loss account for Indus motors
Profit an Loss account Regular Indexed
As at June 30, 2010 2010 2009 2009 2010
(Rupees in '000)
Net sales 60,093,139 37,864,604 100%
158.71
%
Cost of sales 55,382,306 35,540,418 100%
155.83
%
Gross profit 4,710,833 2,324,186 100%
202.69
%
Distribution expenses 468,496 469,985 100% 99.68%
Administrative expenses 381,575 352,249 100%
108.33
%
850071 822,234 100%
103.39
%
3,860,762 1,501,952 100%
257.05
%
Other operating expenses 416,106 156,479 100%
265.92
%
3,444,656 1,345,473 100%
256.02
%
Other operating income 1,801,459 727,080 100%
247.77
%
5246115 2,072,553 100%
253.12
%
Finance costs 3,576 26,540 100% 13.47%
Profit before taxation 5,242,539 2,046,013 100%
256.23
%
Taxation 1,799,136 660,911 100% 272.22
42
%
Profit after taxation 3,443,403 1,385,102 100%
248.60
%
(Rupees)
Earnings per share 44 17.62 100%
248.64
%
Analysis:
In indexed analysis for profit and loss account for Indus motors, we have seen that all items have
increased drastically over the next year of 2010 from 2009. Net sales increased by 158% , with
COGS being increased in the same proportion and gross profit getting doubled with 200%
increase. However distribution expenses have declined and other expenses increased in 2010.
One thing is to be notices that our finance cost has decreased to 13.47%, leading to almost
double increase of 248% in net income in 2010, showing effectiveness of companies operations
and how desirable the company for investors.
Balance sheet for Indus motors
Balance Sheet
As at June 30, 2010 Regular Indexed
2010 2009 2009 2010
(Rupees in '000)
ASSETS
Non-current assets
Fixed Assets 3,324,333 3,934,473 100.00% 84.49%
Long-term loans and advances 15,570 28,509 100.00% 54.61%
Long-term deposits 7,122 7,222 100.00% 98.62%
Total Non current Assets 3,347,025 3,970,204 100.00% 84.30%
43
Current assets
Stores and spares 111,567 128,483 100.00% 86.83%
Stock-in-trade 5,198,367 4,088,858 100.00% 127.13%
Trade debts 1,613,247 1,736,631 100.00% 92.90%
Loans and advances 839,819 894,459 100.00% 93.89%
Short-term prepayments 18,778 16,876 100.00% 111.27%
Accrued return on bank deposits 57,254 50,944 100.00% 112.39%
Other receivables 196,241 67,902 100.00% 289.01%
Cash and bank balances 15,755,980 9,731,166 100.00% 161.91%
Total Current Assets 23,791,253 16,715,319 100.00% 142.33%
TOTAL ASSETS 27,138,278 20,685,523 100.00% 131.19%
EQUITY
Share capital
Authorized capital
100,000,000 (2009: 100,000,000)
Ordinary shares of Rs 10 each 1,000,000 1,000,000 100.00% 100.00%
Issued, subscribed and paid-up capital 786,000 786,000 100.00% 100.00%
Reserves 11,801,615 9,510,973 100.00% 124.08%
Total Equity 12,587,615 10,296,973 100.00% 122.25%
LIABILITIES
Non-current liabilities
Deferred taxation 325,797 503,700 100.00% 64.68%
Total non current liabilities 325,797 503,700 100.00% 64.68%
Current liabilities
Trade, other payables and provisions 5,905,062 3,942,988 100.00% 149.76%
44
Advances from customers and dealers 8,076,281 5,926,529 100.00% 136.27%
Accrued mark-up 944 673 100.00% 140.27%
Short-term running finance - -
Taxation - net 242,579 14,660 100.00%
1654.70
%
14,224,866 9,884,850 100.00% 143.91%
TOTAL EQUITY AND LIABILITIES 27,138,278 20,685,523 100.00% 131.19%
Analysis
In balance sheet for indexed analysis, its observed that current assets have decreased to 84% in
2010 while current assets have increased to 142% in 2010, however trade debt and inventory
decreased in 2010. Total equity increased to 122% in 2010, as our reserves increased to 124% in
2010.however our total liabilities have increased to 143% in 2010, with decreased in total non
current liabilities of 64% in 2010. Total equity and liabilities have increased by 131% making the
company in a good financial position.
45
Pak Suzuki Ltd Balance sheet Indexed
Pak Suzuki Motor Company Limited
Indexed Balance Sheet
As at December 31, 20__
2010 2009
(Rs. 000) % (Rs. 000) %
ASSETS
Non-current assets
Fixed Assets
Property, plant & equipment 4,226,582 90.22 4,684,671 100.00
Intangible leases 505,760 145.45 347,732 100.00
4,732,342 94.04 5,032,403 100.00
Long-term investments 5,413 121.67 4,449 100.00
Long-term loans 1,114 35.23 3,162 100.00
Long-term deposits & prepayments 28,499 82.35 34,609 100.00
Long-term installment sales receivables 169,864 110.68 153,478 100.00
4,937,232 94.44 5,228,101 100.00
Current assets
Stores, spares and loose tools 63,916 153.10 41,749 100.00
Stock-in-trade 8,748,031 127.16 6,879,729 100.00
Trade debts 240,719 63.93 376,508 100.00
46
Current portion of long-term installments
Sales receivables 251,254 122.16 205,680 100.00
Loans, advances and advances 134,963 59.62 226,388 100.00
Trade deposits & short-term prepayments 43,466 136.95 31,738 100.00
Accrued markup income 8,652 110.40 7,837 100.00
Other receivables 107,779 140.55 76,685 100.00
Sales tax & excise duty adjustable 389,453 152.36 255,609 100.00
Income tax refundable - net 1,407,713 180.46 780,089 100.00
Cash and bank balances 2,917,186 82.28 3,545,621 100.00
14,313,132 115.17 12,427,633 100.00
TOTAL ASSETS 19,250,364 109.03 17,655,734 100.00
EQUITY & LIABILITIES
Authorized share capital 1,500,000 100.00 1,500,000 100.00
150,000,000 (2009: 150,000,000)
Ordinary shares of Rs 10 each
Issued, subscribed and paid-up capital 822,999 100.00 822,999 100.00
Reserves 13,674,916 101.28 13,502,601 100.00
14,497,915 101.20 14,325,600 100.00
Non-current liabilities
Deferred taxation 0 0.00 5,000 100.00
Current liabilities
Trade, other payables 3,080,351 166.23 1,853,034 100.00
Advances from customers 327,031 74.03 441,781 100.00
Accrued mark-up 0 0.00 1,512 100.00
Short-term borrowing 50,000 62.50 80,000 100.00
Deposits against display of vehicles 1,067,839 147.58 723,554 100.00
47
Security deposits 88,753 102.28 86,778 100.00
Provision for custom duties and sales tax 138,475 100.00 138,475 100.00
4,752,449 142.93 3,325,134 100.00
TOTAL EQUITY AND LIABILITIES 19,250,364 109.03 17,655,734 100.00
Analysis:
In the year 2010 the companies current assets increased by 15.17% however non current assets
decreased by 5.56%. The equity of the company increased by 1.02% however noncurrent
liabilities increased by 42.93% which resulted in 9.03% increased the overall assets and
liabilities and equity in the balance sheet. Major increase was indicated in the deposits against
displaying vehicles which was 47.58%
Pak Suzuki Income statement (indexed)
Pak Suzuki Motor Company Limited
Indexed Profit & Loss Account
For the year ended December 31,
20__
2010 2009
(Rs. 000) % (Rs. 000) %
Turnover - net 42,642,762 162.55 26,234,061
100.0
0
Cost of sales (41,638,975) 162.24
(25,664,762
)
100.0
0
Gross profit 1,003,787 176.32 569,299
100.0
0
Distribution costs (197,361) 91.99 (214,550) 100.0
48
0
Administrative expenses (636,332) 128.50 (495,200)
100.0
0
Other operating income 575,078 92.82 619,572
100.0
0
Finance costs (21,349) 169.92 (12,564)
100.0
0
Other operating expenses (55,808) 144.15 (38,714)
100.0
0
(335,772) 237.37 (141,456)
100.0
0
Profit before taxation 668,015 156.14 427,843
100.0
0
Taxation (456,872) 264.66 (172,624)
100.0
0
Profit after taxation 211,143 82.73 255,219
100.0
0
Analysis:
Net turnover and cost of sales both increased by 62.55% and 62.24% respectively in year 2010
resulting in an increase in gross profit by 76.32%. Distribution costs decreased by 8.01%,
administrative expenses increased by 28.50%, other operating income decreased by 7.18%,
finance costs increased by 69.92% and other operating expenses increased by 44.15% in year
2010 resulting in an enormous increase in profit before taxation by 137.37%. The decrease in net
profit after taxation by 17.27% in year 2010 was because of increase in taxation by 164.66%
causing a declining net profit margin.
49
Conclusion and Recommendations;
In terms of liquidity Pak Suzuki is doing better in comparison to Indus motors , as Pak Suzuki
enjoy higher liquidity and ability to meet its short term obligation with its current assets,
however Pak Suzuki is having inventory issues and its inventory is stuck up in 2010,where Indus
motors having improving inventory management.
Pak Suzuki is in a good position in 2010 to cover its interest charges with its profit, however
Indus motors had huge amount of interest charges to incur in 2010, that why its interest charges
declined.
50
When it comes tor receivables, Pak Suzuki is doing in terms of converting its receivables to cash
with comparatively less days in 2010, where as Indus motors has increased the number of days in
2010.
Pak Suzuki is managing its inventory well as told above and its taking less days to convert its
inventory to cash than Indus motors.
Both the companies are using their assets well to produce sales.
Gross profit margin has increased for both the companies in 2010, but net profit margin
decreased for Pak Suzuki in 2010 as compared to Indus motors, due to increased expenses of Pak
Suzuki. This is because of a substantial increase in assets for Indus motors, especially the stock-
in-trade and cash balance.
However in terms of profitability, Indus motor is providing good shareholder wealth for its
shareholders in 2010 as compared to Pak Suzuki.
Earning per share has improved for Indus motors as compared to Pak Suzuki in year 2010.
From the analysis, we have concluded that Indus motor is
doing well in terms of profitability and efficiently therefore it
looks more desirable to investors.
However Pak Suzuki should reduce its expenses, so that its net
income can be increased and can provide to wealth to
shareholders.
51
References: Annual report of Pak Suzuki Ltd for Year 2010-2009
Annual report of Pak Suzuki Ltd for Year 2010-2009
52
Appendices
Detailed Financial statement of Indus motors Ltd
2009 2010
Profit and Loss account
TOTAL REVENUES 37,864.60
60,093.1
0
Cost of Goods Sold 35,566.60 55,266.60
GROSS PROFIT 2,298.00 4,826.50
Selling General & Admin Expenses, Total 915.5 1,214.20
Other Operating Expenses -20.1 -35.4
OTHER OPERATING EXPENSES, TOTAL 895.5 1,178.90
OPERATING INCOME 1,402.50 3,647.60
Interest Expense -8.8 -77.7
53
Interest and Investment Income 628.9 1,611.60
NET INTEREST EXPENSE 620 1,533.90
Currency Exchange Gains (Loss) 8.1 -42.1
Other Non-Operating Income (Expenses) -14 -22.5
EBT, EXCLUDING UNUSUAL ITEMS 2,016.70 5,116.90
Gain (Loss) on Sale of Investments 1.8 25.2
Gain (Loss) on Sale of Assets 10.7 3.2
Other Unusual Items, Total 16.9 97.3
Other Unusual Items 16.9 97.3
EBT, INCLUDING UNUSUAL ITEMS 2,046.00 5,242.50
Income Tax Expense 660.9 1,799.10
Earnings from Continuing Operations 1,385.10 3,443.40
NET INCOME 1,385.10 3,443.40
NET INCOME TO COMMON INCLUDING
EXTRA ITEMS 1,385.10 3,443.40
NET INCOME TO COMMON EXCLUDING
EXTRA ITEMS 1,385.10 3,443.40
Balance sheet for Indus motors Ltd
2010 2010
Assets
Cash and Equivalents 9,731.20 15,756.00
Short-Term Investments -- --
Trading Asset Securities -- --
54
TOTAL CASH AND SHORT TERM
INVESTMENTS 9,731.20 15,756.00
Accounts Receivable 1,736.60 1,613.20
Notes Receivable 10.2 8.4
Other Receivables 99.1 116.1
TOTAL RECEIVABLES 1,845.90 1,737.60
Inventory 4,217.30 5,309.90
Prepaid Expenses 16.9 18.8
Other Current Assets 904.1 968.9
TOTAL CURRENT ASSETS 16,715.30 23,791.30
Gross Property Plant and Equipment 7,629.60 7,834.50
Accumulated Depreciation -3,699.10 -4,513.60
NET PROPERTY PLANT AND EQUIPMENT 3,930.50 3,320.90
Loans Receivable, Long Term 9.3 5.2
Other Intangibles 4 3.5
Other Long-Term Assets 26.4 17.5
TOTAL ASSETS 20,685.50 27,138.30
LIABILITIES & EQUITY Accounts Payable 635.5 1,384.20
Accrued Expenses 2,019.60 2,206.60
Current Income Taxes Payable 14.7 242.6
Other Current Liabilities, Total 1,288.50 2,315.20
Unearned Revenue, Current 5,926.50 8,076.30
TOTAL CURRENT LIABILITIES 9,884.90 14,224.90
Deferred Tax Liability Non-Current 503.7 325.8
TOTAL LIABILITIES 10,388.60 14,550.70
Common Stock 786 786
Additional Paid in Capital 196.5 196.5
Retained Earnings 9,308.40 11,572.80
55
Comprehensive Income and Other 6.1 32.4
TOTAL COMMON EQUITY 10,297.00 12,587.60
TOTAL EQUITY 10,297.00 12,587.60
TOTAL LIABILITIES AND EQUITY 20,685.50 27,138.30
56