Dear students, in our earlier sessions, we
have discussed about Financial Analysis of a
Company. So, we have taken a few balance sheets P and L accounts and tried to use
various techniques to do the analysis of financial statements. Let us do some revision
today. Do you remember, what are the major techniques to analyze financial statements
of a company? I think some of you would be remembering ratio analysis, because that is
one of the most important techniques. There are few techniques little simpler than
that, do you remember them? One of them is vertical analysis, horizontal analysis. We
can also have trained analysis. So, there are a
few techniques, which are used to go in depth, about a financial statement. So, financial
statement just gives a raw data. I hope now, you know looking at a financial statement.
Trying to understand the health of the company, the profitability of the company or what
is a liquidity? But, if we go more into depth, try to calculate
a few ratios or try to do comparison, then we get more information.
Now, let us try to
do a few cases. So, that the concepts are strengthen more clearly in your mind. As you
know, the DLF is quite in news these days. There are many allegations, about the way
DLS has provided loans to some of the political, big ways and so on. So, I felt,
it will be interesting to know and analyze the
company’s balance sheets. You know that DLF is one of the companies into builders
and developers business. They are infrastructure
creators. So, let us look at their financial statement.
Now, here is a balance sheet of DLF for March
11 and March 12, please have a keen look at the balance sheet. And then we will
try to use one by one various methods of analysis. So, what do you see from the balance
sheet? One by one, if you observe the items, you will realize that, for example,
secured loans have come down. The total of the
balance sheet has also come down, which is rather unusual.
Generally, the business expands, here you can see, there is a slight contraction. You
can see that, equity share capital is relatively
very less and company is substantially dependent on loans. You will have observed
that, total does not match here, if you are a
keen observer. So, some item is missing, that also, you will have to find out. Then,
applications of funds, various assets and liabilities are given.
You will see that, net block is a very small amount, because they are into building
construction. A bigger amount is that of net assets, net current assets. The total of current
assets has around 24,000 crores. Below, the balance sheet, some information about P and
L is also available.
So, let us try to analyze the company. So, what are the various ways
of analyzing; please solve along with me. You can get the printout of this sheet; I
request you take the printout. So, that, you will
actually enjoy solving the problem. So, what are the various ways, can you remember?
how and in what form, we can analyze the company? The simplest way is, just making
comparisons. So, you look at March 11 and March 12 figures and compare. That is one of the easiest ways. In comparison or with
the past year, what technique it is called, do
you remember, what type of analysis; that it is known as? Some of you must be, rightly
telling, it is horizontal analysis. So, let us start with horizontal analysis.
In horizontal analysis, we make statements, which is known as comparative statement.
we will try to make comparative balance sheet and whatever the data available, we
will try to compare. Before that, as I was mentioning to you, you will observe that,
these totals, may not be this total. So, let us
first calculate the total and check out, whether the total matches actually. So, you will see
that, the total is only 12315. Whereas, given total of funds is 26472.
So, something is missing, what could be that missing item? Can you guess, I will also do
it for March 11, again, you will realize that, there is a gap? So, what could be that
missing item? I think most of you would have guessed reserves are not available. So, it
will be appropriate for us to calculate the reserves. So, we assume that, only missing
item is reserves and try to calculate
the reserves. So, reserve will be 26 minus 12. So, there
will be a problem of circular formula.
So, let us first do it outside. So, you get 14
and this just for as a working note. So, reserve figure
is 14 and 14152 and 13470. Let us try to put these figures here. It would not readily accept.
So, I will first paste it outside as values. And then those values will be put in here.
So, you can see now, the difference has become 0 and we have started and the totals
are now matching. So, this is the first working for us, calculation of reserves. I
will put it as a working note, just to keep in
your mind that, we have to first calculate the reserves. So, if you remove this reserve figure and
put it outside, the total was like this. Total prior
to calculation of reserve. And based on the difference, we have calculated the amount
of reserve. So, this was the first thing, we
have tried to do. Now, on asset side also or the application
side also, let us try to check, whether the total
So amongst the available items, we add net block plus capital WIP plus
investment plus net current assets. You can see for both the years, the figure is matching.
So, there is no difference. And a few P and L items are given. So, we
will try to separate those items up to contingent liability, we have balance sheet
items. In P and L items, the pack is available and tax depreciation and interest are given.
So with that we will try to work back some of the items.
So, which profits we can calculate
from given data. So, PAT is available. From PAT, if we add back the tax, what profit
will you get? We will get, what is known as PBT. So, we were given profit after tax,
we have calculated profit before tax. Then, we can also add back interest to get,
what is known as, popularly known as PBIT? And we can also calculate PBDIT, if we add
back depreciation. So, a few more levels of profit, we have calculated.
What does the
PAT convey to you? Profit after tax is a final profit, which is available to the owners.
Profit before tax is obviously, the profit available
to the owners, but before tax. PBIT is useful from the lenders prospective.
Because, it tells you, how much profit was generated from running of the business minus
the, I mean without considering the tax aspects, without considering the interest
aspects. And PBDIT tells us about cash availability. So, it is the cash operating
profit. You would have heard, some of you would
have heard the term EBDITA, EBDITA and PBIT is same. I will also mention it.
Because, nowadays, this term EBDITA has become quite common. This is an American
terminology. It full form is earning before depreciation, interest, tax and amortization,
which is same as PBDIT. Now, we were doing horizontal analysis. So,
in horizontal analysis, I hope you remember. First we just find the difference.
And then we will try to find the difference in
percentage terms. So, how does it look like in percentage terms, that we will like to
find out? Let me slightly minimize the columns.
So, that, you can clearly see the difference.
So, we will find the difference and the percentage
difference. So in percentage difference, we try to link
the difference and divide it by the base year. That is March 11. So in equity capital, you
can see there is no difference. So answer is 0.
Percentage difference would be difference upon the base year into 100. So again, we
get 0 there. This we try to drag. So, you will
realize that, reserves have increased by 687, which is an increased of about 5 percent.
I will reduce the decimals up to 2, so that, figures are more clear and more readable,
visible to all. So, you can see that, 5 percent increase in
the reserves. Loans went down by 2856, secured loans particularly. That is a 19 percent
reduction in the loans. And total balance sheet size; that is the totals of sources
have also reduced by 2300 crores, which is about 8
percent reduction. Now same thing, we will apply for various
items on applications. So, I do not think much
of the discussion is required. It is very apparent to you.
We can also extend it to
various P and L items, please observe the items carefully,
so that you can yourself analyze. You will realize that the gross block has increased
by 22 percent. Capital work in progress has slightly gone down. Sundry debtors have increased substantially
by 92 percent. And cash and bank balances have also increased. Fixed deposit of 42,
which were there earlier have now been taken out fully. And perhaps, they are added to
cash and bank. Current liabilities have also increased substantially. It is an increase
of 3600 crores, it is a huge rise. So, we will
observe that, the total of current assets; have not increased much, but current liabilities
have increased. So, the net current assets, there is a fall
of 2631. It is about 14 percent fall. Contingent liabilities have also increased by 25 percent.
If you look at profits, you will realize that, net profit has gone down by 14 percent.
has also gone down by 4 percent. There was a major increase in the tax burden. But,
PBDIT has slightly shown improvement. So, at operations level, there was no fall in
profit. The fall in profit is mainly because of
increase in the interest burden and increase in the tax. You will be surprised, that if the loan amount
is falling, why is the interest rising? Perhaps, the loan has reduced towards the
end of the year only. So, the interest burden has not gone down. We do not know the reasons.
But, you can observe that, there is something abnormal here is increase in the
interest by 20 percent, whereas, the loans are
falling by. Secured loans, you can see have fallen by 20 percent. Unsecured loans are
fallen by 63 percent. So, this needs to be looked into. Right now, we cannot tell the reason, as to
why it has happened, but we can say that, this
needs to be analyzed further.
That is why; I have made it in a different color. So, it
is clear to you, whatever we have done now is
a very simple analysis. That is known as horizontal analysis. Now, let us try to go ahead and try to do
vertical analysis. I am just renaming it, if you
are doing it on computer, please rename at your end or you can mention specifically,
if you are doing it by pen and paper. Now let
us do it, what is known as vertical analysis. So, how is vertical analysis done? Are you
able to remember? Yes, I think some of you are remembering it right.
So, we take the total as the base here and every figure is attempted to be calculated
as a percentage of that base. So, here, instead
of difference, percentage difference, we will just take the same years. And the total will
be considered as 100. And what we do is, each figure. So if we have share capital,
we divide it by the total.
And multiply it by 100.
So, that, we know that in percentage terms, how much it is. I will make this b dollar
10. And we can change
format the sales and make it percentage. So, you get 1.28 percent.
Now, it is copied all across. So, it is clear to you. So, you can observe that, share capital
is anyways very negligible. The major funding comes from reserves and it has increased
from 46 percent to 63 percent. Secured loans have gone down from 50 percent to 44
percent and so on. Let us try to do it; on assets as well, on
assets, also you can see some of the changes. You
will observe that, investment was one of the major applications. And it has remained
more or less same and it has slightly gone up to 26 percent.
Inventory is pretty high
from 29 percent; it has gone up to 30 percent.
What will be there inventory? There are into activity of builders. So, their land bank
is there major inventory. So, you will observe that, there is a slight increase there. So, any other major deviations, you can see
total current liabilities, which were 22 percent, have increased to 36 percent. Particularly,
the current liabilities, has increased from 18 to 34 percent. Even, the current assets, particularly, the
loans and advances, you can see, there is an
increase. In fact, that is where the allegations about DLF advancing loans to certain
political big wigs. So you can see here, there is an increase in the loans and advances.
Though, in absolute terms, that increase is not much, in percent terms, you can see the
increase. So, here is a vertical analysis, we cannot
do it for P and L items, because we are not provided with the total sales.
So, is it clear
to you? Now, which is the 3rd analysis and the most important analysis. You are right,
that is ratio analysis. Let us try to do the ratio analysis as well.
So, the reserves figure, which we have found out, I am just putting into that sheet. Now,
before going for the analysis, what are the important types of ratios? On the balance
sheet, particularly from the sources of fund side, we can calculate the leverage. So, we
can calculate debt equity ratio, which is one
of the most important ratios to calculate the leverage.
We can also see, how much is the interest burden; which is known as interest coverage
ratio. So, we will start with those ratios. Now, in debt equity ratio, what is a formula?
The first and one of the most important ratios is debt equity ratio.
So, what is the formula
for debt equity ratio? Debt upon equity as the name suggest or the total of borrowed
funds upon total of owners funds. So, here, we will have to first calculate,
what is the total of owners fund? So, I will just
try to calculate it, please do it along with me. So, that, equity capital plus reserves
is nothing but the owners fund. What is the other
name for owner’s fund? It is also known as net worth. So, net worth of the company
is 14,497 earlier it was 13,810.
We also calculate total debt which is 11,975 now,
it had gone down. So, now, the debt equity ratio is a relationship
between debt and equity. So, the formula is debt
upon equity. So, we have the debt, which is equal to, you can see, 11975 or it is
equal to B 15; divided by equity, which is B 12. So, you will observe that, debt equity
ratio is 11,975 upon 14,478. So, it is 87 percent. Generally, there is a high reliance on the
debt. Same thing is extended to the next year. So, there is 109 percent of debt equity ratio.
The next important ratio in leverage is, interest coverage ratio, as the name suggests.
Here, we will try to find, how best is the interest covered. So, interest is paid from
PBIT. So, PBIT upon interest, you can see the
formula here. Now, we have calculated PBIT. So, let us first try to copy, whatever we
have calculated. So, interest coverage ratio is PBIT divided
by interest. So, you can see, earlier it was 2.23. Now it is 1.97. But, still, it is reasonably
well covered, because out of PBIT of 3055. There is a burden of 2000.
the interest coverage has gone down from 2.23 to 1.97. It is not a very good sign. You can
see from the lenders prospective, it is risky, very high. Part of PBIT is committed for the
interest. Suppose, there is default at any point of
time, PBIT goes down; company will find it difficult to pay the interest. So, debt equity
ratio has gone down from 109 to 83, which is
a good sign, more stability for the company. But, interest coverage does not so good
sign. We had already seen that, why interest has increased, there is a question mark. And
because the interest has increase substantially, the interest coverage ratio is negatively
affected. Now, let us try to look at the liquidity.
For liquidity, I think the important ratio is current
It is current assets, upon current liabilities. So, current assets is 24,855
divided by total current liabilities. So, you can see,
there is a major fall. Earlier, it was 3.84. Now, it
has gone down to 2.59. So, what will you say about their liquidity is it a good position?
There is a lot of cause of concern. One is, because there is a fall from 3.83
to 2.59, but there is one more reason, you can
observe that, good part of their equity consists of inventory. So, good part of their current
assets consists of inventory. Since, inventory for this company DLF is land. It is highly
So, always, there will be a question, whether this inventory can realistically be
considered as a current asset. For other companies, the inventory is fast moving. But, for
a developer company, like DLF, it is inventory is very slow moving. Inventory is not a
very high quality current asset. So, we will go a little next step. And apart from current assets, let us also
try to calculate quick asset, quick ratio. What is
the other name for quick ratio? It is also known as acid test. What is the formula for
acid test? Q A upon Q L. Q A means quick assets
upon quick liabilities. Now, have a look at their current assets, we have got inventory,
sundry debtors, cash, loans, deposits. So, which of them, you can consider as quick.
Usually, you can consider sundry debtors, cash and fixed deposits as quick acid. I am
saying, usually because, we do not know the composition of debtors. But, if we assume
that, we can receive them in reasonably short time, say about, 1 to 3 months, we can
consider debtor as the quick asset. Cash is always considered as a quick asset and fixed
deposits can also be considered as quick asset.
So, it is Q A upon Q L. So, Q A is nothing
but debtors plus cash plus FD. What is Q L? You can see that, Q L consists of quick liabilities.
We have two figures here, current liabilities and provisions. I think, both
are considered as quick liabilities. If we have
some liability, which is not payable immediately, that can be removed. But, currently, we
do not have any such liability. So, both should be considered.
So, the quick ratio is, you can see this, this is a very big cause of concern.
ratio is as low as 0.09. They have quick assets of
only 886 versus quick liabilities of 9596. So,
they are going to have big difficulty in able to pay these current liabilities. And those quick current liabilities, themselves have
increased substantially. So, we will look at the
earlier year, the earlier year also the position was bad. It was only 0.07.
Now, it has gone down to 0. It has slightly increased to 0.09. But, quick liabilities
have increased substantially. There is also a slight
rise in quick assets. Mainly, you can see that, the cash balance has increased. But,
overall their immediate liquidity position as it
is called is not very sound. We may also try to find the ratio of cash availability.
Now, since, there are some concerns about their liquidity position. Let us also try
to see, how much cash, they have available for paying
their quick liabilities. So, it is cash divided by Q L. That the cash balance is 367
divided by Q L.
So, the cash ratio is very low. It was only 2 percent. Now, it has slightly
increased to 3.8 percent. But, overall the cash availability has remained low.
So, we have now studied two aspects, liquidity and first we studied leverage. Leverage is
also known as long term stability of the company. In that, we have looked at debt equity
ratio and interest coverage ratio. Now, we have tried to find liquidity by calculating
three ratios. Now, the next important aspect is of course,
profitability. In profitability, we have to link
various items to sales. Now, let us look at the sales figure and take it here, which is
right now not given. So, now EBDITA is earnings,
before interest and tax, divided by sales.
We have calculated these figures of EBDITA,
etcetera. The formulas are already ready. So, you can immediately get the answer. You
can see that, EBDITA margin is more or less stable. There is a slight increase in
the sales. So, EBDITA has increased from 30 to
31 percent. We can find NPM, Net Profit Margin, which is PAT divided by sales. PAT is
1045; sales figure as given. So, it has fallen slightly from 13 percent
to 10 percent, why the sale has NPM has fallen. You can observe the P and L figures. You will
realize that, there is a increase in taxation and increase in the interest. That has mainly
cost increase in the fall in the NPM. So, you
can see that, the net profit has fallen from 13 to 10. But, there is no much change at
So, EBDITA is more or less constant because of rising interest and tax, the
NPM has fallen. Next, we look at ROCE. That is Return on Capital
Employed. What is the formula for ROCE? It is PBIT or the operating profits
divide by capital employed. So, here, we see that, from the prospective of a long term
investor, what is the business earning on the
capital employed. That is why; it is PBIT divided by capital employed. PBIT figure is
something which we have calculated 3055. Capital employed means, the total of funds.
That is total of net worth plus total debt. We
have ready figure available here with us. So, you see ROCE is 12 percent for the current year. Let us see, how much, it was in the
It is more or less constant, last year, it
was 10 percent. Now, it has increased to 12 percent. Now, let us try to find out, return on net
worth, which is also popularly known as ROE or
the return on equity. Now, what is a formula for ROE? It is PAT upon NW, because
here, we are looking from the owners prospective. So, the profit, which owners get is
nothing but profit after tax. We divided by the net worth, which is the funds own of the
owners. So, PAT is 1041 divided by the net worth,
which we have just now calculated. So, 7 percent is the return on net worth and 9 percent
is the return on net worth in the earlier year. You can see, there is a slight fall,
why is this fall caused? This fall is mainly caused, because of higher interest and tax,
which lead to fall in PAT.
And since, PAT has
fallen RONW also have fallen. Now, let us try to find out EPS, the Earnings
Per Share, which is the very interesting and important ratio. For the small investor, who
wants to know, how much profit, they have earned per share. So, it is PAT upon number
of equity shares. PAT is 1045; the number of equity shares is 169. So, you can see,
it is 6.13 is the EPS. EPS or earning per share is
one of the highly reported figures. The next important ratio is the P E ratio,
price earnings ratio. The formula is market price
divided by EPS. In this case, since we do not know the market price, we will not be
able to find the P E ratios. So, let us keep it.
So, now, we have done various profitability ratios. What are the two types of profitability
ratios? The first type is profitability in relation to sales.
So, when, we calculated EBDITA and NPM; we calculated the profitability divided by
sales or in relation to sales. The second type is profitability in relation to investment
for which we calculated ROCE and RONW.
is the profitability mainly calculated on per share basis. So, we have done leverage
ratios, liquidity ratios and now profitability ratios.
Now, what is the next type of ratios? Next types of ratios are known as activity ratios
or the turnover ratios, where we try to relate
the sales to the assets they have. So, we try to
find out, how effectively the company is able to utilize the assets. That is why; they are
known as activity or turnover ratios. So, the first ratio is fixed asset turnover
The formula is sales upon fixed assets. So,
sale figure is given to us, divided by fixed assets. So, we can either take gross block
or net block. Generally, we take gross block
here. So, we have got 3.91, last year it was 4.61. This is not a very important ratio for
a company, like DLF, because it is a real estate company. They hardly have any fixed
assets, you can see, out of the total assets. The composition of fixed asset is that very
small. For a manufacturing company, FA turnover is
a very important ratio, because we want to know there, how effectively, they are using
their fixed assets. In this case, it is not so
important, but we have calculated it. Next is inventory turnover, it is sales upon
inventory. So, we get 1.26, earlier year, it was 1.18. You can see that, both the figures
are not changed much sales have slightly increased
inventory has slightly fallen leading to slight increase in the turnover.
Overall, it is not a healthy turnover, 1.26. But, being into infrastructure or builders
and developers business, it is bound to be relatively
low. It cannot be very high.
Now, let us try to calculate the number of days of inventory.
So, this is again sales. So, here, it is reverse of the earlier. It is inventory divided
by sales by 360. So, we do 360, because we try to find the daily sales.
So, we take the inventory and divide it by daily sales. So, here, we have got 285. That
means, they have 285 days of inventory in their hand. Earlier, it was 306. Again, this ratio is not so important. For a manufacturing
company or a trading company, the days of inventory is very important. Whether, they
have 30 days inventory, 40 days, 50 days, 60
days. But, for builders, it could be relatively high. Let us also try to find debtors turnover.
So, it is sales divided by debtors. So, it is 19.76.
Earlier, it was 36.57. So, you can see that, the sales have not increased much. But,
debtors have increased. So, the turnover has fallen, which is not a good sign. That means,
they have more amount to be recovered.
This is debtor’s turnover or receivables turnover
as it is known as sometimes. Now, what could be important turnover ratio
for his company? Since, they have very high extent of current assets. Current asset
turnover; overall could be very important. And we can also calculate working capital
turnover. I think, let us calculate working capital turnover. So, this will take of all
current assets and current liabilities. So, what
will be the formula, just as we had sales upon debtors? Here, instead of debtors, we
will take sales upon working capital.
So, what is working capital? Current assets minus current liabilities. So, numerator is
unchanged, for denominator, we will take this figure of net current assets. So, you can
see here, the working capital has gone down from 17 to 15. And working capital turnover
ratio has slightly increased. But, overall, it is a low turnover ratio. We can also find
the turnover for the current assets only. So, the formula will be sales upon current
Total of current assets figures are available in the balance sheet, that figure
you can take. So, you can see here, it has remained more or less constant. So, we have
tried to find various operating ratios now or
we see, how effectively, they utilize their assets. They are also known as activity of
turnover ratios. So, we have done a variety of ratios, now
I think that would have given you some insight into the operation of the company. On the
whole, you can see that, there is a rise in the
current liabilities, which is of concern. The liquidity of the company is of concerned.
The profitability, you can see has gone down in
terms of NPM. That is not a big problem. That is mainly because of rise in taxes.
The EBDITA has remained more or less constant, there is not much, there is a decrease
in the loans in the current year, which is a good sign.
So, companies dependent on
outsider funds has reduced. Overall, the size of the balance sheet itself has fallen, which
is not a good sign; it does not show the growth of the company. Now, let us look at the I
hope you have understood the various aspects of it. Let us try to go for the in depth
analysis of a different type of a company. This time, I have chosen Mahindra Satyam,
basically, it was company known as Satyam InfoTech. There was lot of malpractices for
which, the enquires are on. The company went into losses. So, I have chosen the year,
March 9 and 10, where there was a completely turbulent atmosphere in the company.
Then, the company was taken over by Mahindra’s and is now running effectively.
So, have a look at their balance sheet and P and L.
So, equity share capital, you can
see has slightly increased. There is a very large
amount of money parked up in the share application money. The reserves had turned
negative in March 09, the reserves, where minus 657. Now, the company is showing good
sign, the reserves are 2062 current liabilities, contingent liabilities, secured
loans. So, here, the balance sheet has not been arranged
properly. First thing, we have to do is to arrange the balance sheet. We have also
been given some information from P and L account. Let us first try and start with the
arrangement of balance sheet in the proper structure.
So, that, we can use for other
calculations. How do you arrange the balance sheet in a suitable format? Here, you can
see all the items, which are there in the balance
sheet. But, we have to make it in the format suitable
for analysis. So, if you remember, we have got this equity share capital, share application
money and reserves. They all are in one category. That total could be called as, yes,
what it is called as, it is called as net worth or
also known as owners funds. Then, you can see here, current liability,
then contingent liability, then secured loans. Actually, current and contingent liabilities
need not be there on the funds side. There are
more items, which are reduced current liability, must be reduced from current assets. So,
it need not be here. So, then you have secured, unsecured loans, then it has provision,
gross block and so on. So, the first heading for the company balance
sheet is sources of funds. So, we are trying to analyze it in the form suitable for analysis.
So, we will start with the sources of funds. Here, you can see gross block, accumulated
depreciation and so on.
So, that could be called as applications of funds. I hope these things, that gross block minus
accumulated depreciation, we get net block. So, we will try to find the net block. Then,
you have capital WIP, after capital WIP, what should be the next heading. In this case,
instead of giving the next heading, they have started with cash. But, what will be the correct
next heading, first heading is fixed assets. So, we have covered net block and capital
WIP, then next heading is investments. So, I have tried to copy the investment then
after investments, we go for working capital items. And in working capital, we will take
current assets and current liabilities. So, again, we have current assets. In current
assets, you can have cash and bank debtors and
so on. So, we got cash, loans, investments, we have already copied it upwards. Then,
inventories, debtors, fixed deposits. Then, the P and L item start, but we will
try to arrange the current assets properly. I hope
all of you are able to do it with me.
So, here we have major headings, investments and
working capital. Within that, now we have started with current assets and have put all
current assets in one place. Now, from current assets, what should we reduce? We should
reduce current liabilities and provisions. So, current liabilities are given here and
provisions are given here. So, we will remove those figures and put them at proper place.
I will just do it fast, I think for your benefit. So, total CA minus total CL’S is the working
capital figure. Sometimes, it is called as net
current assets. So, now, all the three headings are clear with us. Net block plus capital
WIP, plus investments, plus working capital. Now, on liability side, we have already removed
these current liabilities. Contingent liabilities also we should not take, this
is not an item in the balance sheet. It is just given
as a foot note. So, I have removed it, keep it down.
So, what we are left is with now
secured and unsecured loans. We will take the total of it. That is the total debt
and the total of net worth plus debt is the total
of sources. So, now, the whole balance sheet is analyzed
in the format, which is suitable for analysis. In the next session, we will try to actually
analyze it by various methods. Thank you so much..