Finances of Large Public Limited Companies, 1998-99 (Part 5 of 5)

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Finances of Large Public Limited Companies, 1998-99 (Part 5 of 5)

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99
												(Per cent)

			Tea			Sugar		Cotton/blended			Silk and rayon
								textiles			textiles
			(15)			(16)			(49)			(26)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	58.9	57.8	47.2	44.9	42.9	41.8	40.0	45.4	49.1	56.7	62.0	56.3
2.	Net worth to total net assets	65.2	68.6	69.5	28.4	30.0	30.0	41.6	39.9	36.1	40.7	44.7	39.8
3.	Debt to equity	18.6	16.2	16.5	82.2	78.5	71.3	67.6	65.2	73.6	68.5	43.6	56.2
4.	Debt to equity
	(adj. for revaluation reserves)	18.8	16.1	16.4	83.6	78.4	72.8	67.6	65.3	73.5	68.5	55.2	56.6
5.	Short term bank borrowing to inventory	99.7	93.0	72.0	67.7	66.2	70.9	67.1	106.0	137.9	71.9	38.9	93.3
6.	Outside liabilities to net worth	53.3	45.7	43.8	251.7	232.9	233.1	140.3	150.6	176.7	145.5	123.6	151.3

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	1.6	1.7	2.1	1.1	1.1	1.1	1.7	1.3	1.1	0.9	0.7	0.9
8.	Quick assets to current liabilities	38.1	48.7	72.4	10.6	7.8	10.0	62.7	42.3	37.5	36.5	38.8	53.3
9.	Current asstes to total net assets	36.1	34.1	40.1	51.8	53.1	54.9	50.4	44.7	42.5	27.1	25.2	32.3
10.	Sundry creditors to current assets	19.6	19.5	17.5	32.2	25.3	24.2	19.5	16.1	21.9	41.9	46.4	34.7
11.	Sundry creditors to
	net working capital	52.4	48.1	33.2	449.0	198.3	206.9	48.8	67.5	176.9	-264.7	-109.9	-204.6

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	49.4	57.3	61.0	61.7	68.6	69.5	70.6	64.6	60.3	44.0	50.7	48.4
13.	Sales to gross fixed assets	65.2	75.9	92.4	102.2	114.0	114.4	119.2	97.3	83.7	59.2	61.7	60.5
14.	Inventories to sales	17.4	14.6	14.7	63.3	60.5	60.4	23.8	26.0	23.6	15.7	13.1	12.7
15.	Sundry debtors to sales	9.8	7.7	9.5	4.7	2.7	3.3	13.6	16.0	17.7	11.4	8.5	7.1
16.	Exports to sales	15.8	15.7	14.9	0.7	1.0	0.7	26.0	25.6	27.7	4.6	5.1	6.2
17.	Gross value added
	to gross fixed assets	31.4	39.3	48.2	22.1	29.9	28.0	25.7	21.1	15.9	13.8	14.3	13.8
18.	Raw materials consumed
	to value of production	15.3	12.5	13.4	64.8	61.5	63.6	54.7	54.8	56.7	59.5	61.5	59.9

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	6.3	13.9	14.0	6.6	10.8	9.5	8.9	6.4	3.7	6.5	5.1	4.8
20.	Gross profits to sales	12.7	24.3	22.9	10.7	15.7	13.7	12.6	10.0	6.2	14.9	10.1	10.0
21.	Profits after tax to net worth	1.9	10.4	10.7	0.2	9.7	8.0	7.6	5.5	-2.1	11.1	3.2	2.7
22.	Tax provision to profits before tax	52.8	31.1	32.7	87.2	11.2	22.8	15.4	19.6	-44.9	5.3	25.8	19.3
23.	Profits retained to profits after tax	5.9	73.7	70.8	#	70.7	70.2	61.4	60.8	165.9	71.4	14.2	-8.1
24.	Dividends to net worth	1.8	2.7	3.1	2.2	2.8	2.4	2.9	2.2	1.4	3.2	2.7	3.0
25.	Dividends to ordinary paid-up capital	20.9	31.3	35.1	11.0	14.9	13.2	24.0	18.4	9.8	32.9	24.9	25.4

*	Item B.7 is the actual ratio of current assets to current liabilities.
#	Denominator nil or negligible.
$$	Denominator negative.
-	Nil or negligible.

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99 (Contd.)
												(Per cent)

		Engineering			Motor Vehicle			Electrical			Machinery other
								machinery			than transport
			(265)			(33)			(71)			(82)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	42.2	45.6	46.4	32.4	37.6	40.1	33.1	33.3	33.2	36.3	37.1	38.1
2.	Net worth to total net assets	35.6	34.1	32.9	39.7	41.4	39.5	35.7	33.7	34.2	40.2	39.4	38.8
3.	Debt to equity	67.6	73.8	82.3	39.8	42.1	47.2	49.6	48.7	59.1	35.8	40.7	41.1
4.	Debt to equity (adj. for
	revaluation reserves)	68.5	73.9	82.2	39.8	42.1	47.2	49.3	48.4	58.7	35.9	40.6	41.2
5.	Short term bank borrowing to inventory	74.6	82.6	84.8	75.5	82.2	84.3	65.3	85.7	64.7	52.7	56.3	72.5
6.	Outside liabilities to net worth	180.9	193.3	204.0	151.8	141.3	152.9	179.9	196.4	192.2	148.7	153.7	157.5

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	1.3	1.2	1.2	1.3	1.3	1.2	1.4	1.3	1.4	1.3	1.3	1.3
8.	Quick assets to current liabilities	61.6	57.1	56.2	73.4	71.8	63.0	69.4	65.5	71.5	58.4	62.3	64.3
9.	Current asstes to total net assets	51.9	49.2	48.2	58.9	54.6	50.7	63.6	62.0	62.3	59.0	58.7	56.5
10.	Sundry creditors to current assets	27.4	27.8	28.9	25.9	25.3	26.4	32.1	32.1	32.3	26.9	27.7	27.3
11.	Sundry creditors to
	net working capital	122.0	160.2	170.3	105.5	101.7	149.1	117.7	157.6	119.4	115.9	114.1	133.9

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	79.6	70.5	65.8	104.6	86.5	75.8	91.2	90.2	91.8	96.0	87.9	82.3
13.	Sales to gross fixed assets	138.8	113.7	101.8	208.7	148.6	122.0	183.1	174.9	171.4	178.4	159.8	141.0
14.	Inventories to sales	20.4	21.4	20.3	15.7	17.1	15.6	21.9	19.9	19.9	23.6	23.9	22.3
15.	Sundry debtors to sales	26.1	26.1	26.5	27.0	26.0	24.2	30.0	30.1	29.4	22.2	24.8	27.6
16.	Exports to sales	7.8	9.0	9.1	7.3	9.2	9.0	8.2	8.8	8.7	8.0	8.5	9.4
17.	Gross value added to
	gross fixed assets	32.4	25.7	21.8	48.5	34.2	28.1	41.5	36.5	35.8	45.6	39.0	34.3
18.	Raw materials consumed
	to value of production	57.0	56.0	57.9	62.8	60.4	62.6	61.0	59.2	60.8	53.6	54.0	54.3

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	10.0	7.2	5.0	13.7	8.5	5.9	9.4	6.6	6.0	12.9	10.3	8.1
20.	Gross profits to sales	12.6	10.2	7.6	13.1	9.9	7.8	10.3	7.3	6.6	13.4	11.7	9.9
21.	Profits after tax to net worth	11.7	6.7	0.8	18.5	8.7	5.9	7.3	2.1	2.5	14.6	12.0	4.4
22.	Tax provision to profits before tax	29.0	29.2	76.0	27.1	24.2	28.4	34.0	50.4	49.2	33.5	32.2	56.7
23.	Profits retained to profits after tax	69.9	63.7	#	72.9	64.4	61.5	59.5	-21.7	-2.4	75.0	70.3	7.5
24.	Dividends to net worth	3.5	2.4	2.2	5.0	3.1	2.3	3.0	2.5	2.5	3.7	3.6	4.1
25.	Dividends to ordinary paid-up capital	22.4	16.0	12.7	50.2	32.2	23.6	14.9	12.7	12.7	20.3	21.2	24.6

Industry-groups viz., Motor vehicles, Electrical machinery, apparatus, appliances etc., Machinery other than transport and electricals, Foundries and engineering workshops and Ferrous/non-ferrous metal products are sub-groups of Engineering.

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99 (Contd.)
												(Per cent)

		Foundries and engi-			Ferrous/non-ferrous			Chemicals			Medicines and pharm-
		neering workshop			metal products						aceutical preparations
			(39)			(37)			(139)			(36)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	58.4	62.2	61.6	46.2	47.8	49.2	49.2	49.5	50.8	32.6	33.1	33.1
2.	Net worth to total net assets	29.2	25.8	23.8	36.5	36.0	35.1	41.6	40.6	40.5	45.7	44.5	47.0
3.	Debt to equity	136.1	154.7	177.1	71.5	75.2	82.0	66.8	64.7	70.1	31.0	30.2	32.2
4.	Debt to equity (adj. for
	revaluation reserves)	144.4	156.3	176.9	71.5	75.0	81.7	70.4	65.1	70.3	31.0	30.1	32.4
5.	Short term bank borrowing to inventory	118.7	114.0	118.8	65.3	65.6	80.9	67.8	70.7	65.5	55.5	68.3	47.8
6.	Outside liabilities to net worth	242.3	288.1	320.9	173.7	178.0	184.6	140.5	146.2	146.7	118.8	124.9	113.0

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	1.1	1.0	1.0	1.4	1.4	1.4	1.5	1.4	1.4	1.5	1.4	1.6
8.	Quick assets to current liabilities	42.4	33.0	32.6	59.1	59.0	60.5	55.6	49.8	56.0	56.2	54.1	62.2
9.	Current asstes to total net assets	35.0	33.0	34.6	51.9	50.6	48.7	46.3	45.6	44.6	60.3	59.7	60.1
10.	Sundry creditors to current assets	25.8	27.9	31.3	23.6	23.8	22.8	24.9	25.9	22.3	29.9	28.6	27.4
11.	Sundry creditors to
	net working capital	226.6	$$	#	83.7	88.4	87.7	72.6	93.2	72.8	89.1	96.6	73.9

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	40.0	35.9	32.4	82.2	81.8	83.5	70.6	68.2	69.4	110.2	102.8	104.2
13.	Sales to gross fixed assets	58.4	49.0	43.8	126.1	119.0	113.2	99.0	95.4	94.5	242.8	221.9	217.8
14.	Inventories to sales	23.5	27.1	27.4	26.2	25.5	21.3	21.9	22.3	19.8	20.0	20.2	18.7
15.	Sundry debtors to sales	25.9	24.3	27.0	24.0	23.6	22.8	17.2	17.5	17.9	16.5	17.6	15.8
16.	Exports to sales	9.1	10.5	10.4	7.4	9.3	9.5	7.6	8.6	7.9	11.9	14.0	12.0
17.	Gross value added
	to gross fixed assets	12.8	10.8	7.1	31.2	27.7	24.8	25.0	23.8	21.8	60.0	57.0	58.6
18.	Raw materials consumed
	to value of production	44.2	46.7	52.1	51.2	52.5	50.8	47.9	49.3	50.0	49.0	47.2	45.2

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	5.6	4.5	1.7	9.9	8.0	6.2	10.6	10.0	8.8	15.5	14.3	14.4
20.	Gross profits to sales	14.0	12.6	5.3	12.0	9.8	7.5	15.0	14.7	12.7	14.1	13.9	13.8
21.	Profits after tax to net worth	5.0	2.5	-9.9	10.0	6.4	-1.6	10.6	10.1	10.3	16.9	15.8	16.4
22.	Tax provision to profits before tax	13.2	20.1	-2.0	33.3	24.6	#	25.7	24.4	22.2	29.4	27.0	25.7
23.	Profits retained to profits after tax	54.5	70.2	103.4	70.8	67.1	#	62.9	61.8	61.9	67.0	68.1	65.7
24.	Dividends to net worth	2.3	0.7	0.3	2.9	2.1	2.2	3.9	3.8	3.9	5.6	5.0	5.6
25.	Dividends to ordinary paid-up capital	13.8	4.5	1.2	15.3	11.3	10.4	18.1	18.9	20.5	29.3	29.7	33.4

Industry-groups viz., Basic industrial chemicals and Medicines and pharmaceutical preparations are sub-groups of Chemicals.

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99 (Contd.)
												(Per cent)

		Basic industrial			Chemical			Cement			Rubber and rubber
		chemicals			fertilisers						products
			(63)			(16)			(12)			(16)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	54.4	54.6	56.1	53.8	54.1	56.1	65.5	67.9	68.4	31.9	34.6	36.7
2.	Net worth to total net assets	39.3	38.0	37.4	38.6	37.5	37.1	39.5	34.7	34.6	33.2	35.5	38.6
3.	Debt to equity	83.6	82.3	89.9	87.2	84.4	93.2	97.8	127.7	123.0	77.9	64.7	62.5
4.	Debt to equity (adj. for
	revaluation reserves)	90.1	82.9	90.3	93.4	84.4	94.3	97.8	127.5	122.6	77.9	70.9	63.5
5.	Short term bank borrowing to inventory	74.2	73.8	71.2	69.6	67.4	69.1	57.5	62.7	73.8	76.0	98.5	89.2
6.	Outside liabilities to net worth	154.6	163.0	167.1	159.4	166.3	169.7	153.1	187.8	188.9	201.4	181.8	159.3

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	1.5	1.3	1.4	1.6	1.4	1.4	1.5	1.5	1.3	1.4	1.3	1.5
8.	Quick assets to current liabilities	53.0	43.8	50.8	51.1	39.1	49.8	49.4	57.6	52.4	62.6	61.1	78.1
9.	Current asstes to total net assets	41.8	41.0	39.7	43.2	41.5	39.9	32.3	31.0	30.5	57.0	54.5	56.3
10.	Sundry creditors to current assets	23.2	25.7	20.6	23.2	27.1	20.4	24.9	24.5	22.0	23.9	23.7	24.8
11.	Sundry creditors to
	net working capital	67.9	101.5	74.7	64.0	104.3	70.6	75.7	73.8	87.3	84.9	98.6	73.3

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	57.4	56.5	57.4	55.6	55.9	56.7	80.8	69.4	72.0	103.7	92.5	95.7
13.	Sales to gross fixed assets	72.7	71.1	70.6	70.4	71.0	71.0	81.4	68.9	68.1	205.1	170.2	159.9
14.	Inventories to sales	23.4	24.1	20.9	25.5	25.5	21.4	16.3	17.0	16.8	17.7	17.3	15.4
15.	Sundry debtors to sales	16.7	16.5	18.1	15.8	15.8	18.5	7.5	8.5	9.3	18.9	19.8	18.2
16.	Exports to sales	4.2	4.6	4.7	0.8	1.1	1.7	5.4	4.7	3.8	13.0	13.2	9.3
17.	Gross value added
	to gross fixed assets	19.2	18.1	15.6	18.6	17.8	14.7	22.6	17.4	17.5	33.9	32.4	33.4
18.	Raw materials consumed
	to value of production	46.3	49.3	51.2	47.7	51.3	54.7	16.3	14.6	15.0	66.9	62.5	59.2

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	9.2	8.9	7.2	9.6	9.6	7.4	12.3	8.0	8.1	8.7	9.3	10.4
20.	Gross profits to sales	16.0	15.7	12.5	17.3	17.3	13.0	15.2	11.5	11.2	8.4	10.0	10.8
21.	Profits after tax to net worth	8.9	8.3	8.2	11.6	12.1	10.7	14.8	2.1	-0.4	8.2	6.3	8.0
22.	Tax provision to profits before tax	20.4	21.7	19.7	17.6	16.2	16.2	15.2	46.9	#	26.3	24.6	29.2
23.	Profits retained to profits after tax	63.0	58.7	58.9	69.5	69.3	65.4	82.1	8.1	#	70.0	73.4	79.1
24.	Dividends to net worth	3.3	3.4	3.4	3.5	3.7	3.7	2.6	2.0	1.5	2.5	1.7	1.7
25.	Dividends to ordinary paid-up capital	14.7	15.7	16.4	17.0	18.8	20.9	21.2	15.2	11.7	24.6	18.1	20.1

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99 (Contd.)
												(Per cent)

		Paper and paper			Construction			Information			Trading
		products						technology
			(21)			(20)			(17)			(22)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	51.4	55.1	58.8	22.0	54.0	40.9	30.9	31.9	28.8	34.1	43.2	46.2
2.	Net worth to total net assets	38.1	38.0	33.8	35.4	30.6	26.6	55.7	54.8	62.3	58.8	46.6	45.9
3.	Debt to equity	63.4	73.6	95.0	75.1	99.3	130.1	19.2	26.5	24.7	33.6	62.1	64.9
4.	Debt to equity (adj. for
	revaluation reserves)	63.4	85.7	93.5	74.9	99.1	134.3	19.2	26.5	24.7	32.6	43.9	64.6
5.	Short term bank borrowing to inventory	46.5	61.4	74.3	24.3	21.8	22.9	52.8	90.2	59.8	27.6	28.2	21.2
6.	Outside liabilities to net worth	162.7	162.9	195.5	182.3	227.0	275.5	79.5	82.4	60.6	70.0	114.7	118.0

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	1.2	1.3	1.1	1.7	0.9	1.3	1.9	2.1	2.9	2.8	1.3	1.3
8.	Quick assets to current liabilities	49.1	53.4	49.7	35.0	37.6	30.0	109.4	132.0	208.2	212.9	53.7	55.6
9.	Current asstes to total net assets	46.3	42.5	38.6	65.2	35.3	50.3	63.8	62.7	63.8	60.9	32.2	31.8
10.	Sundry creditors to current assets	38.5	33.5	37.0	17.6	35.4	23.9	14.5	12.6	10.2	12.2	30.9	26.9
11.	Sundry creditors
	to net working capital	204.0	161.3	298.4	42.1	-	103.3	30.6	24.5	15.6	18.8	129.7	115.1

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	97.9	81.9	78.2	37.0	29.3	27.5	105.3	103.7	101.8	71.7	88.1	82.1
13.	Sales to gross fixed assets	121.9	93.8	83.8	131.2	49.7	60.3	247.1	225.8	231.6	190.6	182.1	158.2
14.	Inventories to sales	19.0	19.7	17.7	35.0	38.1	36.4	11.4	8.7	6.5	10.8	10.2	8.5
15.	Sundry debtors to sales	16.3	18.1	18.8	25.0	25.2	24.5	28.4	28.8	25.6	12.7	11.9	12.4
16.	Exports to sales	5.2	4.2	4.2	0.3	1.3	3.5	20.7	15.4	15.1	0.3	0.7	0.8
17.	Gross value added
	to gross fixed assets	25.3	17.5	14.5	36.4	15.1	21.0	88.8	93.1	111.9	23.3	19.8	14.6
18.	Raw materials consumed
	to value of production	34.9	34.4	35.4	16.0	18.9	23.7	33.7	25.4	20.0	81.8	83.2	84.7

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	8.5	5.2	2.4	3.7	3.3	2.9	17.6	18.3	21.7	5.0	4.4	3.2
20.	Gross profits to sales	8.7	6.3	3.0	10.0	11.2	10.6	16.7	17.7	21.3	6.9	5.0	3.9
21.	Profits after tax to net worth	8.2	2.6	-9.1	7.0	3.9	4.2	22.7	22.3	27.2	4.4	3.2	3.9
22.	Tax provision to profits before tax	22.4	30.0	-8.9	29.6	28.3	26.8	9.3	10.7	8.6	27.9	36.8	26.4
23.	Profits retained to profits after tax	75.4	54.9	111.5	53.4	76.9	79.7	81.0	79.6	85.7	52.1	58.6	70.2
24.	Dividends to net worth	2.0	1.2	1.0	3.2	0.9	0.9	4.3	4.5	3.9	2.1	1.3	1.1
25.	Dividends to ordinary paid-up capital	11.5	7.5	5.6	13.8	4.1	4.1	15.1	17.8	21.7	10.2	3.6	3.2

TABLE 11 : SELECTED FINANCIAL RATIOS OF THE SELECTED 820 LARGE PUBLIC LIMITED COMPANIES, INDUSTRY-WISE, 1996-97 TO 1998-99 (Concld.)
						(Per cent)

		Shipping			Diversified
			(5)			(12)
ITEM

		96-97	97-98	98-99	96-97	97-98	98-99

A.	CAPITAL STRUCTURE RATIOS
1.	Net fixed assets to total net assets	58.6	56.7	69.2	54.8	55.5	53.4
2.	Net worth to total net assets	51.4	48.8	35.6	42.3	40.2	37.7
3.	Debt to equity	73.0	76.7	112.7	56.7	64.6	75.5
4.	Debt to equity (adj. for
	revaluation reserves)	73.0	76.5	112.2	57.4	66.2	75.2
5.	Short term bank borrowing to inventory	#	#	#	80.2	91.8	62.9
6.	Outside liabilities to net worth	94.6	104.8	180.6	136.6	148.6	165.4

B.	LIQUIDITY RATIOS
7.	Current assets to current liabilities*	3.6	3.1	0.8	1.2	1.2	1.2
8.	Quick assets to current liabilities	178.9	138.2	60.5	41.1	42.4	41.1
9.	Current asstes to total net assets	40.1	42.2	18.9	41.4	39.6	41.2
10.	Sundry creditors to current assets	10.3	6.5	60.5	26.0	21.9	22.8
11.	Sundry creditors
	to net working capital	14.2	9.6	-216.2	140.2	146.4	126.5

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
12.	Sales to total net assets	28.7	26.3	18.9	65.9	62.1	65.9
13.	Sales to gross fixed assets	34.6	32.2	21.3	88.1	81.8	87.7
14.	Inventories to sales	0.9	0.9	0.8	24.3	24.1	25.8
15.	Sundry debtors to sales	12.9	11.0	22.2	16.1	17.1	16.5
16.	Exports to sales	-	-	-	8.1	7.7	7.6
17.	Gross value added
	to gross fixed assets	18.8	18.0	12.5	19.8	17.8	18.5
18.	Raw materials consumed
	to value of production	-	-	-	33.7	36.4	35.0

D.	PROFITABILITY RATIOS
19.	Gross profits to total net assets	8.6	6.9	4.5	7.1	5.3	4.9
20.	Gross profits to sales	29.8	26.2	23.8	10.8	8.6	7.5
21.	Profits after tax to net worth	8.2	7.5	2.2	7.4	5.6	3.3
22.	Tax provision to profits before tax	14.6	15.8	18.1	18.1	19.0	28.3
23.	Profits retained to profits after tax	67.6	59.6	70.8	55.3	48.6	7.9
24.	Dividends to net worth	2.7	3.0	0.6	3.3	2.9	3.0
25.	Dividends to ordinary paid-up capital	11.8	13.0	2.8	36.2	31.3	30.2

Appendix
Explanatory Notes to various tables

The growth rates of all the items and data on sources and uses of funds are adjusted for changes due to amalgamation of companies. These are also adjusted for revaluation, etc., wherever necessary.

Due to rounding off of figures, the constituent items may not add up to the totals.

Sales are net of 'rebates and discounts' and 'excise duty and cess'.

Manufacturing expenses comprise(a)raw materials, components, etc. consumed, (b) stores and spares consumed, (c) power and fuel and (d) other manufacturing expenses.

Remuneration to employees comprises (a) salaries, wages and bonus, (b) provident fund and (c) employees' welfare expenses.

Non-operating surplus/deficit comprises (a) profit/loss on account of (i) sale of fixed assets, investments, etc., and ii) revaluation/ devaluation of foreign currencies, (b)provisions no longer required written back,(c) insurance claims realised and (d) income or expenditure relating to the previous years and such other items of non-current nature.

Gross profits are net of depreciation provision but before interest.

Gross saving is measured as the sum of retained profits and depreciation provision.

Gross value added comprises (a) net value added and (b) depreciation provision.

Net value added comprises (a) salaries, wages and bonus, (b) Provident fund,(c) employees' welfare expenses, (d) managerial remuneration,(e) rent paid net of rent received, (f) interest paid net of interest received, (g) tax provision, (h)dividends paid net of dividends received and (i) retained profits net of non-operating surplus/deficit.

Debt comprises (a) all borrowings from Govt. and semi-Govt. bodies, financial institutions other than banks and from foreign institutional agencies, (b) borrowings from banks against mortgages and other long term securities, (c) borrowings from companies and others against mortgages and other long term securities and (d) debentures, deferred payment liabilities and public deposits.

Equity or Net worth comprises (a) paid-up capital, (b) forfeited shares and (c) all reserves and surplus.

Current assets comprise (a) inventories, (b) loans and advances and other debtor balances, (c) book value of quoted investments, (d) cash and bank balances and (e) advance of income-tax in excess of tax provision.

Current liabilities comprise (a) short term borrowings from banks, (b) unsecured loans and other short term borrowings from companies and others, (c) trade dues and other current liabilities and (d) tax provision in excess of advance income-tax and other current provisions.