Finances of Large Public Limited Companies, 1997-98 (Part 5 of 5)

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Finances of Large Public Limited Companies, 1997-98 (Part 5 of 5)

Table 11 : Selected Financial Ratios of the Selected 807 Large Public Limited Companies Industry-Wise, 1995-96 to 1997-98 (Part 2 of 2)

													(Per cent)
			Paints, varnishes			Basic industrial			Chemical			Cement
						chemicals			fertilizers
				(5)			(73)			(18)			(17)
	ITEM		95-96	96-97	97-98	95-96	96-97	97-98	95-96	96-97	97-98	95-96	96-97	97-98
	1		38	39	40	41	42	43	44	45	46	47	48	49
A.	CAPITAL STRUCTURE RATIOS
	1.	Net fixed assets to total net
		assets	22.5	27.6	31.6	50.7	54.0	54.6	50.1	53.5	54.7	54.0	56.9	58.6
	2.	Net worth to total net assets	40.1	44.0	44.9	40.0	40.4	40.0	38.7	38.8	37.0	38.7	39.1	36.0
	3.	Debt to equity	30.6	37.4	34.0	78.8	79.3	76.5	83.6	86.1	88.3	91.8	90.2	108.1
	4.	Debt-equity (adj. for revaluation
		reserves)	30.6	37.4	33.9	79.8	83.5	76.4	83.6	91.0	88.3	94.1	90.2	113.3
	5.	Short term bank borrowing to
		inventory	54.3	34.6	35.0	73.7	83.6	91.0	72.1	80.5	76.0	80.4	82.2	86.5
	6.	Outside liabilities to net worth	149.3	127.3	122.7	149.9	147.5	150.3	158.5	157.7	170.3	158.1	155.7	177.7

B.	LIQUIDITY RATIOS
	1.	Current assets to current
		liabilities*	1.5	1.7	1.5	1.6	1.5	1.3	1.6	1.6	1.3	1.6	1.5	1.4
	2.	Quick assets to current
		liabilities	49.1	56.2	51.0	65.9	58.8	48.4	63.7	51.5	42.1	69.2	54.7	58.2
	3.	Current assets to total
		net assets	72.2	67.5	60.0	45.0	41.9	39.3	45.9	42.7	40.9	41.6	37.4	35.0
	4.	Sundry creditors to
		current assets	18.8	19.1	18.7	23.4	21.6	23.6	26.3	22.4	26.9	23.0	17.8	16.4
	5.	Sundry creditors to
		net working capital	55.1	46.2	55.7	62.9	62.6	94.3	69.9	63.0	103.9	59.7	56.0	56.8

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
	1.	Sales to total net assets	162.4	148.3	135.7	62.6	56.6	56.4	60.5	53.1	52.1	66.2	61.0	53.7
	2.	Sales to gross fixed assets	* *	* *	**	86.9	74.3	73.0	82.9	69.8	68.2	84.5	75.6	65.8
	3.	Inventories to sales	21.8	19.8	21.1	21.6	21.9	22.7	22.3	24.0	24.7	16.8	18.0	19.0
	4.	Sundry debtors to sales	10.8	11.4	11.9	21.5	20.1	19.0	20.6	16.3	16.0	15.5	14.8	17.0
	5.	Exports to sales	1.7	1.1	0.7	5.0	4.8	5.5	1.5	0.8	1.0	4.4	4.0	4.3
	6.	Gross value added to
		gross fixed assets	82.0	72.6	63.5	26.9	21.7	19.6	24.2	20.0	17.9	25.4	20.9	17.2
	7.	Raw material consumed to
		value of production	56.3	52.5	51.9	42.8	42.4	44.8	45.1	44.0	48.0	17.1	16.9	16.0

D.	PROFITABILITY RATIOS
	1.	Gross profits to total net assets	19.9	19.5	18.0	13.7	10.5	9.4	12.8	10.2	9.7	13.3	9.8	6.3
	2.	Gross profits to sales	12.2	13.1	13.3	21.9	18.5	16.6	21.1	19.2	18.6	20.2	16.1	11.8
	3.	Profits after tax to net worth	25.1	21.5	22.2	18.7	10.7	9.7	17.9	12.0	11.8	21.3	10.6	3.5
	4.	Tax provision to profits before tax	36.5	38.9	33.6	10.0	19.3	19.7	7.3	17.8	17.7	13.2	11.5	19.6
	5.	Profits retained to profits after tax	69.7	53.0	57.6	72.8	59.6	61.5	74.8	66.7	65.2	81.3	70.8	43.0
	6.	Dividends to net worth	7.6	10.1	9.4	5.1	4.3	3.8	4.5	4.0	4.1	4.0	3.1	2.0
	7.	Dividends to ordinary Paid-up
		capital	41.5	65.2	68.5	21.3	19.9	20.7	17.1	17.5	19.2	26.2	20.3	13.0

													(Per cent)
			Rubber and rubber			Paper and paper			Construction			Electricity genera-
			products			products						tion and Supply
				(16)			(29)			(11)			(7)
	ITEM		95-96	96-97	97-98	95-96	96-97	97-98	95-96	96-97	97-98	95-96	96-97	97-98
	1		50	51	52	53	54	55	56	57	58	59	60	61
A.	CAPITAL STRUCTURE RATIOS
	1.	Net fixed assets to total net
		assets	35.8	36.3	38.5	50.4	52.8	57.1	48.0	24.5	66.9	68.2	66.2	62.4
	2.	Net worth to total net assets	35.4	35.3	33.6	43.2	41.0	39.9	37.7	38.3	33.0	49.2	48.0	45.5
	3.	Debt to equity	58.8	65.0	59.8	50.6	59.9	71.4	69.3	80.3	105.9	63.1	61.0	69.4
	4.	Debt-equity (adj. for revaluation
		reserves)	73.5	65.0	59.5	50.6	59.9	81.1	69.4	80.3	105.9	63.1	61.0	69.3
	5.	Short term bank borrowing to
		inventory	72.9	74.9	100.2	45.7	47.8	67.2	33.2	36.8	25.9	70.5	87.3	70.7
	6.	Outside liabilities to net worth	182.3	183.0	198.0	131.3	144.2	150.7	164.9	161.4	203.1	103.2	108.1	119.7

B.	LIQUIDITY RATIOS
	1.	Current assets to current
		liabilities*	1.3	1.4	1.2	1.4	1.3	1.3	1.3	2.3	0.9	1.3	1.3	1.1
	2.	Quick assets to current
		liabilities	60.9	66.3	59.2	55.3	52.3	53.2	43.2	41.8	39.4	76.0	91.5	74.4
	3.	Current assets to total
		net assets	57.1	56.7	55.4	47.5	44.3	40.3	45.3	70.3	30.0	24.4	30.0	24.3
	4.	Sundry creditors to
		current assets	33.8	30.1	32.3	34.5	35.3	32.8	28.2	17.1	42.3	24.5	24.0	32.0
	5.	Sundry creditors to
		net working capital	143.3	111.9	191.5	128.8	156.5	148.9	138.0	30.6	$$	114.7	93.0	400.3

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
	1.	Sales to total net assets	105.0	113.6	104.0	104.0	94.1	79.3	38.3	33.0	22.1	43.8	44.2	42.9
	2.	Sales to gross fixed assets	179.7	188.8	159.6	134.4	117.3	90.4	71.6	115.0	31.4	56.0	56.6	56.4
	3.	Inventories to sales	17.8	14.7	14.2	18.6	18.7	19.2	41.8	39.0	48.6	9.2	11.3	8.8
	4.	Sundry debtors to sales	20.3	19.3	19.4	15.4	15.6	17.5	32.5	27.9	21.4	19.2	24.6	23.1
	5.	Exports to sales	6.9	6.9	7.7	3.9	4.1	3.4	2.7	9.1	12.6	-	-	-
	6.	Gross value added to
		gross fixed assets	32.9	33.0	22.8	33.7	24.4	16.6	22.5	27.8	9.1	17.1	15.0	15.8
	7.	Raw material consumed to
		value of production	64.4	65.0	61.2	37.8	37.7	37.5	9.2	20.3	16.0	34.4	32.6	17.7

D.	PROFITABILITY RATIOS
	1.	Gross profits to total net assets	8.8	8.7	3.2	14.8	7.9	4.3	5.3	2.5	2.3	9.6	7.6	8.0
	2.	Gross profits to sales	8.4	7.7	3.1	14.3	8.4	5.4	13.8	7.6	10.5	21.9	17.1	18.6
	3.	Profits after tax to net worth	7.6	6.0	- 11.0	21.7	7.4	0.5	9.4	6.0	2.7	11.1	6.9	6.6
	4.	Tax provision to profits before tax	22.6	36.4	- 41.6	14.6	23.1	70.5	13.5	28.3	26.9	18.0	27.1	30.8
	5.	Profits retained to profits after tax	71.0	63.3	118.6	88.3	72.1	-127.9	63.6	48.6	85.7	80.9	69.5	70.2
	6.	Dividends to net worth	2.2	2.2	2.1	2.5	2.1	1.0	3.4	3.1	0.4	2.1	2.1	2.0
	7.	Dividends to ordinary Paid-up
		capital	20.4	18.9	15.8	10.0	11.1	5.8	12.8	12.3	1.6	29.5	30.9	29.6

										(Per cent)
			Trading			Shipping			Diversified
				(21)			(7)			(9)
	ITEM		95-96	96-97	97-98	95-96	96-97	97-98	95-96	96-97	97-98
		1	62	63	64	65	66	67	68	69	70
A.	CAPITAL STRUCTURE RATIOS
	1.	Net fixed assets to total net
		assets	11.8	16.2	14.9	63.2	66.8	68.8	51.4	53.1	52.5
	2.	Net worth to total net assets	25.4	30.0	27.1	44.2	43.0	42.4	43.4	44.0	42.8
	3.	Debt to equity	18.4	23.0	29.6	84.9	83.6	88.2	67.2	60.6	55.9
	4.	Debt-equity (adj. for revaluation
		reserves)	18.8	23.0	29.5	84.9	83.6	88.2	67.1	61.5	55.8
	5.	Short term bank borrowing to
		inventory	37.3	41.4	54.5	46.1	38.8	49.1	57.6	88.2	86.1
	6.	Outside liabilities to net worth	293.1	233.5	269.7	126.1	132.5	135.8	130.3	127.2	133.6

B.	LIQUIDITY RATIOS
	1.	Current assets to current
		liabilities*	1.2	1.3	1.3	1.8	1.5	1.4	1.5	1.5	1.3
	2.	Quick assets to current
		liabilities	57.9	57.2	66.4	81.0	57.5	66.2	51.5	50.0	46.0
	3.	Current assets to total
		net assets	85.1	79.5	81.6	33.1	31.0	28.0	42.4	42.8	43.6
	4.	Sundry creditors to
		current assets	51.9	43.6	43.0	21.9	19.2	19.6	20.4	18.8	17.7
	5.	Sundry creditors to
		net working capital	289.1	211.4	209.4	48.4	58.7	69.2	57.7	59.4	73.3

C.	ASSETS UTILIZATION
	AND TURNOVER RATIOS
	1.	Sales to total net assets	226.2	254.6	243.9	29.3	32.6	35.5	64.8	65.9	69.2
	2.	Sales to gross fixed assets	1326.9	1103.2	1125.8	33.1	34.8	35.8	90.9	88.7	90.1
	3.	Inventories to sales	15.7	12.3	11.4	22.3	17.9	15.7	24.9	23.0	23.2
	4.	Sundry debtors to sales	13.3	11.0	14.4	24.6	17.5	16.5	15.4	15.6	15.7
	5.	Exports to sales	2.4	1.6	1.1	-	-	-	10.9	10.7	8.0
	6.	Gross value added to
		gross fixed assets	106.6	88.6	100.5	17.5	18.3	19.7	22.6	21.1	19.9
	7.	Raw material consumed to
		value of production	85.3	84.1	82.8	-	-	-	44.6	42.5	43.2

D.	PROFITABILITY RATIOS
	1.	Gross profits to total net assets	9.2	9.2	8.2	9.3	9.1	8.9	10.4	8.7	5.6
	2.	Gross profits to sales	4.1	3.6	3.4	31.7	27.8	25.1	16.1	13.1	8.2
	3.	Profits after tax to net worth	18.3	6.9	12.0	16.2	12.4	11.3	13.8	7.9	3.3
	4.	Tax provision to profits before tax	35.1	59.1	35.6	10.2	19.5	20.9	13.8	17.1	20.2
	5.	Profits retained to profits after tax	70.5	23.3	57.2	63.6	40.8	24.4	81.3	74.4	60.1
	6.	Dividends to net worth	5.4	5.3	5.2	5.9	7.3	8.6	2.6	2.0	1.3
	7.	Dividends to ordinary Paid-up
		capital	30.6	24.0	23.4	19.5	25.3	30.8	38.7	32.3	14.7

*	Item B.1 is the actual ratio of current assets to current liabilities.
**	Denominator nil or negligible.
$$	Denominator negative.
-	Nil or negligible.

APPENDIX

Explanatory Notes to Various Tables

1.	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.

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

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

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

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

6.	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.

7.	Gross profits are net of depreciation provision but before interest.

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

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

10.	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.

11.	Debt comprises (a) all borrowings from Govt. and semi-Govt. bodies, financial institutions other than banks and 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, (d) debentures, deferred payment liabilities and public deposits.

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

13.	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.

14.	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 of income-tax and other current provisions.

15.	Quick assets comprise (a) sundry debtors, (b) book value of quoted investments and (c) cash and bank balances.

16.	Capital reserves include profits on sale of investments and fixed assets.

17.	Other reserves include profits retained in the form of various specific reserves and profit/loss carried to balance sheet.

18.	Debentures include privately placed debentures with financial institutions.