Indian Hotels Co.Balance sheetBalance sheet for Indian Hotels Co.

Indian Hotels Co.Balance sheetBalance sheet for Indian Hotels
Co. LimitedBalance Sheet for1-MarMar-20Mar-19AssetsCurrent
AssetsCash39.98148.296Accounts
Receivable196.96250.94249.99Inventory52.7259.151.21Capital
work in progress51.72137.833.94Loans and
advances1036.62847.68850.36Investments4409.674151.54112.7
Total current assets1325.811305.921247.56Fixed assetsGross
Block422.74.664036.473025.51(-) Acc.
Depreciation915.07725.11539.17Net
Block3359.593311.362486.34Current
liabilities2786.442405.511953.41Provisions198.18208.9188.79T
otal current liabilities2984.622614.412142.2Net current assets -
1658.81-1308.49-894.64Misc Expenses000Total
assets6162.1762922.175738.34Liabilities and equityCurrent
liabilitiesShare capital118.93118.93118.93Reserves &
surplus4089.454464.634364.81Net
worth4208.384583.564483.74Secured
loan1953.791708.611254.6Unsecured loan000Total current
liabilities6162.176292.175738.34Please make sure that total
assets equals total liabilities and equity in your balance sheet.If
the difference. The two size of the balance sheet is greater than
zero, please review the values entered.
Indian Hotels Co,CashflowCash FlowRs (in
Crores)ParticularsMar'21Mar'20Mar'19Mar'18Mar'17Profit
Before Tax-640.28437.74417.54284.23262.04Net Cash Flow
from Operating Activity-53.21610.85546.81481.12458.32Net
Cash Used in Investing Activity-383.6-332.96-372.44-1387.63-
95.83Net Cash Used in Financing Activity338.66-235.35-
206.721012.79-368.92Net Inc/Dec In Cash and Cash
Equivalent-98.1542.54-32.35106.28-6.12Cash and Cash
Equivalent - Beginning of the
Year131.4788.93121.281521.12Cash and Cash Equivalent - End
of the Year33.32131.4788.93121.2815
Indian Hotels P&L Acc.Profit & Loss - Indian Hotels Company

Ltd.Rs (in
Crores)Mar'21Mar'20Mar'19Mar'18Mar'1712Months12Months12
Months12Months12MonthsINCOME:Sales
Turnover1133.152743.472780.412583.952401.56Excise
Duty00000NET
SALES1133.152743.472780.412583.952401.56Other
Income110.52134.4190.555.3958.02TOTAL
INCOME1243.672877.882870.912639.342459.58EXPENDITUR
E:Manufacturing
Expenses405.28768.3790.25745.89723.49Material
Consumed00000Personal
Expenses538.64725.07703.85649.61633.24Selling
Expenses27.6373.1677.2593.0980.95Administrative
Expenses258.5415.88479.62466.56444.2Expenses
Capitalised00000Provisions Made00000TOTAL
EXPENDITURE1230.051982.412050.971955.151881.88Operati
ng Profit-
96.9761.06729.44628.8519.68EBITDA13.62895.47819.94684.1
9577.7Depreciation203.81203.78169.1151.34151.31Other
Write-offs00000EBIT-
190.19691.69650.84532.85426.39Interest294.79237.55158.6419
3.43197.86EBT-484.98454.14492.2339.42228.53Taxes-
115.536.33153.84136.46118.86Profit and Loss for the Year-
369.48417.81338.36202.96109.67Non Recurring Items-128.94-
32.44-81.19-60.9938.16Other Non Cash
Adjustments00000Other Adjustments-26.3616.046.535.8-
4.65REPORTED PAT-524.78401.41263.7147.77143.18KEY
ITEMSPreference Dividend00000Equity
Dividend59.4647.7441.8327.57-1.66Equity Dividend
(%)5040.1435.1723.18-1.68Shares in Issue
(Lakhs)11892.5811892.5811892.5811892.589892.74EPS -
Annualised (Rs)-4.413.382.221.241.45Rs (in Crores)
Indian Hotels Income statementYearly - Indian Hotels Company
Ltd. Income StatementRs (in
Crores)Mar'21Mar'20Mar'19Mar'18Mar'17INCOMENet Sales
Turnover1133.152743.472780.412583.952391.25Other

Income110.52134.4190.555.3953.86Total
Income1243.672877.882870.912639.34244 5.11EXPENSESStock
Adjustments00000Raw Material
Consumed107.93235.74246.76232.64219.99Power and
Fuel00000Employee
Expenses538.64725.07703.85649.61633.22Administration and
Selling Expenses00000Research and Development
Expenses00000Expenses Capitalised00000Other
Expenses583.481021.61100.361072.91017.41Provisions
Made00000TOTAL
EXPENSES1230.051982.412050.971955.151870.62Operating
Profit-
96.9761.06729.44628.8520.63EBITDA13.62895.47819.94684.1
9574.49Depreciation203.81203.78169.1151.34151.29EBIT-
190.19691.69650.84532.85423.2Interest294.79237.55158.64193
.43197.86EBT-484.98454.14492.2339.42225.34Taxes-
115.536.33153.84136.46116.91Profit and Loss for the Year-
369.48417.81338.36202.96108.43Extraordinary Items-155.3-
16.4-74.66-55.1933.51Prior Year Adjustment00000Other
Adjustment00000Reported PAT-
524.78401.41263.7147.77141.94KEY ITEMSReserves Written
Back00000Equity
Capital118.93118.93118.93118.9398.93Reserves and
Surplus4089.454464.634364.814275.032668.27Equity Dividend
Rate4050504035Agg. Non-Promoter Share(Lakhs)00000Agg.
Non-Promoter Holding(%)00000Government Share00000Capital
Adequacy Ratio00000EPS(Rs.)NaNNaNNaNNaNNaNRs (in
Crores)
Sheet6
Sheet7
Sheet8
Foundations of Finance
Tenth Edition
Chapter 4

Evaluating a Firm’s Financial Performance
Copyright © 2020, 2017, 2014 Pearson Education, Inc. All
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1
Learning Objectives
4.1 Explain the purpose and importance of financial analysis.
4.2 Calculate and use a comprehensive set of measurements to
evaluate a company’s performance.
4.3 Describe the limitations of financial ratio analysis.
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2
The Purpose of Financial Analysis
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The Purpose of Financial Analysis
Financial analysis using ratios
A popular way to analyze the financial statements is by
computing ratios. A ratio is a relationship between two
numbers, e.g., a given ratio of A:B = 30:10 means A is 3 times
B.
A ratio by itself may have no meaning. Hence, a given ratio is
compared to
ratios from previous years
ratios of other firms or leaders in the same industry
See Figure 4.1 for a financial analysis example.
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Figure 4.1 Financial Statement Data by Industry Norms for
Software Publishers
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Uses of Financial Ratios: Within the Firm (1 of 3)
Identify deficiencies in a firm’s performance and take
corrective action.
Evaluate employee performance and determine incentive
compensation.
Compare the financial performance of the firm’s different
divisions.
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Prepare, at both firm and division levels, financial projections.
Understand the financial performance of the firm’s competitors.

Evaluate the financial condition of a major supplier.
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Financial ratios are used by
Lenders in deciding whether or not to lend to a company.
Credit-rating agencies in determining a firm’s credit worthiness.
Investors (shareholders and bondholders) in deciding whether or
not to invest in a company.
Major suppliers in deciding to whether or not to extend credit
to a company or in designing the specific credit terms.
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Measuring Key Financial Relationships
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Question 1: How Liquid Is the Firm? Can It Pay Its Bills?
A liquid asset is one that can be converted quickly and routinely
into cash at the current market price.
Liquidity measures the firm’s ability to pay its bills on time. It
indicates the ease with which noncash assets can be converted
to cash to meet the financial obligations.
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How Liquid Is the Firm?

Liquidity is measured by two approaches:
Comparing the firm’s current assets and current liabilities
Examining the firm’s ability to convert accounts receivables
and inventory into cash on a timely basis
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Measuring Liquidity: Perspective 1
Compare a firm’s current assets with current liabilities using:
Current Ratio
Acid Test or Quick Ratio
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Table 4.1 Walmart Income Statement for the Year Ending
January 31, 2018 (expressed in millions, except per share data)
(1 of 2)Sales$ 500,343 Cost of goods sold (373,396)Gross
profit$ 126,947Operating expenses:BlankSelling, general and
administrative expenses$ (95,981)Depreciation expenses
(10,529)Total operating expenses$(106,510)Operating income
(earning before interest and taxes) $ 20,437Interest expense
(2,178)Non-operating losses (3,136)Earnings before taxes
(taxable income) $ 15,123Income taxes (5,261)Net income
(earnings available to common shareholders) $ 9,862
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Table 4.1 Walmart Income Statement for the Year Ending
January 31, 2018 (expressed in millions, except per share data)
(2 of 2)Additional information:BlankNumber of shares
outstanding (millions)3,007Earnings per share$ 3.28Dividends
paid to stockholders$ 6,124Dividends per share$ 2.04

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Table 4.2 Walmart’s Balance Sheet for the Year Ending January
31, 2018 (expressed in millions) (1 of 2)Cash and cash
equivalents$ 6,756Accounts receivable
5,614Inventories43,783Prepaid expenses and other current
assets3,511Total current assets$ 59,664Gross plant and
equipment$202,298Less accumulated depreciation(87,480)Net
plant and equipment$114,818Goodwill and other intangible
assets 30,040Total assets$ 204,522
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Table 4.2 Walmart’s Balance Sheet for the Year Ending January
31, 2018 (expressed in millions) (2 of 2)Liabilities and
EquityBlankAccounts payable $ 46,510Accrued liabilities
24,031Short-term notes 9,662Total current liabilities$
80,203Long-term debt 45,179Total debt$125,382Stockholders'
equityBlankCommon stock (par value) $ 295Paid-in capital
2,648Retained earnings 76,197Total equity$ 79,140Total
liabilities and equity$ 204,522
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Current Ratio
Current ratio compares a firm’s current assets to its current
liabilities.
Walmart has $0.74 in current assets for every $1 in current
liabilities. Walmart’s liquidity is slightly less than that of

Target, which has a current ratio of 0.95.
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17
Acid Test or Quick Ratio
Quick ratio compares cash and current assets (minus inventory)
that can be converted into cash during the year with the
liabilities that should be paid within the year.
Walmart has 15 cents in quick assets for every $1 in current
debt. Walmart is slightly less liquid than Target, which has 20
cents for every $1 in current debt.
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18
Measuring Liquidity: Perspective 2
Measures a firm’s ability to convert accounts receivable and
inventory into cash:
Days in Receivables or Average Collection Period
Inventory Turnover
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Days in Receivables (Average Collection Period)
How long does it take to collect the firm’s receivables?

Walmart (at 10.24 days) is slightly slower than Target (at 9.56
days) in collecting accounts receivable.
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20
Accounts Receivable Turnover
How many times are the accounts receivable “rolled-over” each
year?
The conclusion is the same — Walmart (35.65X) is slightly
slower than Target (38X) in collecting accounts receivable.
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21
Days in Inventory
How long is the inventory held before being sold?
Walmart carries inventory for a shorter time (42.80 days) than
Target (61.81 days).

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22
Inventory Turnover
How many times are the firm’s inventories sold and replaced
during the year?
The conclusion is the same—Walmart moves inventory much
quicker (8.53X) than Target (5.91X).
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23
Question 2: Are the Firm’s Managers Generating Adequate
Operating Profits from the Company’s Assets?
This question focuses on the profitability of the assets in which
the firm has invested. We consider the following ratios to
answer the question:
Operating Return on Assets
Operating Profit Margin
Total Asset Turnover
Fixed Assets Turnover
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Figure 4.2 Walmart Operating Profits Resulting from Asset
Investments
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Operating Return on Assets (ORA)
O R A indicates the level of operating profits relative to the
firm’s total assets.
Thus Walmart managers are generating 10 cents of
operating profit for every $1 of assets, which is less than Target
(11.1%).
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26
Disaggregation of Operating Return on Assets
Calculated as follows:
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27

Managing Operations: Operating Profit Margin (O P M)
O P M examines how effective the company is in managing its
cost of goods sold and operating expenses that determine the
operating profit.
Target managers are better than Walmart in managing the cost
of goods sold and operating expenses, as the Operating Profit
Margin for Target is 6.0% compared to Walmart at 4.1%.
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28
Managing Assets: Total Asset Turnover
This ratio measures how efficiently a firm is using its assets in
generating sales.
Walmart is generating $2.45 cents in sales for every $1 invested
in assets, which is higher than Target (1.84X).
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29
Managing Assets: Fixed Asset Turnover
Examines efficiency in generating sales from investment in
“fixed assets.”

Walmart generates $4.36 in sales for every $1 invested in fixed
assets, which is much higher than Target (2.87X).
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30
Figure 4.3 Analysis of Walmart’s Operating Return on Assets
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Question 3: How Is the Firm Financing Its Assets?
Here we examine the question: Does the firm finance its assets
by debt or equity or both? We use the following two ratios to
answer the question:
Debt Ratio
Times Interest Earned
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Debt Ratio
This ratio indicates the percentage of the firm’s assets that are
financed by debt (implying that the balance is financed by
equity).
Walmart finances 61% of its assets by debt and 39% by equity
compared to Target financing 70% of its assets by debt.
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33
Times Interest Earned (1 of 2)
This ratio indicates the amount of operating income available to
service interest payments.
Walmart’s operating income is 9 times the annual interest
expense and higher than Target (6.47X) due to its relatively
higher operating profits.
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34
Times Interest Earned (2 of 2)
Note
Interest is not paid with income but with cash.
Oftentimes, firms are required to repay part of the principal
annually.
Thus, times interest earned is only a crude measure of the firm’s
capacity to service its debt.
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35
Question 4: Are the Firm’s Managers Providing a Good Return
on the Capital Provided by the Company’s Shareholders?
This is analyzed by computing the firm’s accounting return on

common stockholder’s investment or return on equity (R O E).
Note: Common equity includes both common stock and retained
earnings.
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36
Return On Equity (ROE)
Owners of Walmart are receiving a 12.5% return compared to
Target’s 25%.
One of the reasons for lower ROE is the lower operating return
on assets (10.0% for Walmart v. 11.1% for Target).
A lower return on the firm’s assets will always result in a lower
return on equity and vice versa.
Also, Walmart uses less debt (61% for Walmart v. 70% for
Target).
Higher debt translates to higher ROE under favorable business
conditions.
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37
Figure 4.4 Return on Equity Relationships for the Walmart
Company

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Question 5: Are the Firm’s Managers Creating Shareholder
Value?
We can use two approaches to answer this question:
Market value ratios (P/E)
Economic Value Added (E V A)
These ratios indicate what investors think of management’s past
performance and future prospects.
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Price/Earnings Ratio
Measures how much investors are willing to pay for $1 of
reported earnings.
Investors are willing pay more for Walmart for every dollar of
earnings per share compared to Target ($26.22 for Walmart
versus $14.07 for Target).
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40
Price/Book Ratio
Compares the market value of a share of stock to the book value
per share of the reported equity on the balance sheet.
A ratio greater than 1 indicates that the shares are more
valuable than what the shareholders originally paid. The

Walmart ratio of 3.27X is lower than Target ratio of 3.53X,
suggesting that Target is perceived as having better growth
prospects relative to its risk.
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41
Summary of Ratios
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Table 4.3 Walmart and Target: Financial Ratio Analysis
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The Limitations of Financial Ratio Analysis
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The Limitations of Financial Ratio Analysis
It is sometimes difficult to identify industry categories or
comparable peers.
The published peer group or industry averages are only

approximations.
Industry averages may not provide a desirable target ratio.
Accounting practices differ widely among firms.
A high or low ratio does not automatically lead to a specific
conclusion.
Seasons may bias the numbers in the financial statements.
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Key Terms (1 of 2)
Accounts receivable turnover ratio
Acid-test (quick) ratio
Asset management
Current ratio
Days in inventory
Days in receivables (average collection period)
Debt ratio
Financial ratios
Fixed asset turnover
Inventory turnover
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Key Terms (2 of 2)
Liquidity
Operating profit margin
Operating return on assets (OROA)
Operations management
Price/book ratio
Price/earnings ratio
Return on equity
Times interest earned
Total asset turnover
Total common equity (total stockholder equity)

Rights Reserved
Copyright
This work is protected by United States copyright laws and is
provided solely for the use of instructors in teaching their
courses and assessing student learning. Dissemination or sale of
any part of this work (including on the World Wide Web) will
destroy the integrity of the work and is not permitted. The work
and materials from it should never be made available to students
except by instructors using the accompanying text in their
classes. All recipients of this work are expected to abide by
these restrictions and to honor the intended pedagogical
purposes and the needs of other instructors who rely on these
materials.
Rights Reserved
48
÷
ø
ö
ç
è
æ
shares
of
number
income
net

current assets59,664
Current ratio===.74
current liabilities80,203
M
M
cash+accounts receivable12,370
Acid-test ratio===0.15
current liabilities80,203
M
M
accounts receivableaccounts receivable
Days in receivables==
annual credit sales
daily credit sales
365
æö
ç÷
èø
5,6145,614
===10.24 days
500,343×.40
548
360
MM
M
M
annual credit sales
Accounts receivable turnover=
accounts receivable
$500,343*.40
==35.65
$5,614
M
X
M

inventory
Days in inventory=
annual cost of goods sold
365
$43,783$43,783
42.80days
$373,396
$1,023
365
M
M
M
===
cost of goods sold
Inventory turnover
inven
=
tory
373,396
Inventory turnover==8.53X
43,783
M
M
operating profits
Operating return on assets=
total assets
20,437
0.1010%
204,522
M
M
===
Operating return on assetsoperating prof
it margin total asset turnover
=´
operating profitssales

Operating return on assets=×
salestotal assets
operating profits$20,437
Operating profit margin==0.04=4.1%
sales$500,343
M
M
=
sales$500,343
Total asset turnover==2.45X
total assets$204,522
M
M
=
sales$500,343
Fixed assets turnover==4.36X
net fixed assets$114,818
M
M
=
total debt$125,382
Debt ratio==0.61=61%
total assets$204,522
M
M
=
operating profits20,437
Times interest earned==9.38X
interest expense2,178
M
M
=
net income
Return on equity=
total common equity
net income$9,862

Return on equity = ==0.125=12.5%
total common equity$79,140
M
M
market price per share$86.00
Price/earnings ratio==26.22X
earnings per share$3.28
=
market price per share86
Price/book ratio==3.27X
equity book value per share26.3
=
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XYZ Balance sheethttps://formswift.com/sem/static-non-
state/balance-
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e%20A%20Free%20Balance%20Sheet%20Online&u_sitelinkid=
53908&gclid=CjwKCAiA6seQBhAfEiwAvPqu1_O0V5Bqq1LaS
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TCu5KAGyXcThOUkccE2vSJrdXu46fhoCCJUQAvD_BwEForm
SwiftBalance Sheet forAssetsCurrent AssetsCashAccounts
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current assetsTotal current assetsFixed assetsLong-term
investmentsLandBuildingMachinery and fixturesOther fixed

assetsNet fixed assetsOther assetsGoodwillTotal
assetsLiabilities and equityCurrent liabilitiesAccounts
payableAccrued wagesAccrued payroll taxesAccrued employee
benefitsInterest payableShort-term notesCurrent portion of
long-term debtTotal current liabilitiesLong term
liabilityMortgageOther long-term liabilitiesTotal long-term
liabilitiesOwners equityPaid in capitalNet incomeTotal
equityTotal liabilities and equityPlease make sure that total
assets equals total liabilities and equity in your balance sheet.If
the difference. The two size of the balance sheet is greater than
zero, please review the values
entered.https://formswift.com/sem/static-non-state/balance-
sheet?utm_source=google&utm_medium=cpc&utm_campaign=st
atic__balance_sheet__search&u_adgroup=balance_sheet__b&u_
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XYZ Income
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static__income_statement__b&u_adgroup=income_statement&u
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product=income_statement&u_landingpage=2018aa2&headline=
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E#0FormSwiftIncome statementFor the
periodEndedRevenuesProductsLess returns and
allowancesServicesOtherTotal
revenueCostsProductsServicesOtherTotal costGross
profitOperating expensesGen. and administrativeInsuranceNon-
recurringPayroll taxesRentResearch and developmentSalaries

and wagesSales and marketingUtilitiesOtherTotal operating
expensesOperating incomeNot operating, or otherInterest
revenueInterest expensesGain on sale of assetsLoss on sales of
assetsGain from legal actionLoss from legal actionDepreciation
and amortizationOther gameOther lossTotal not operating
otherPretax incomeTaxesIncome tax expenseNet income
Sheet3
Sheet4
Sheet5
Sheet6
Sheet7
Sheet8
Sheet1TABLE 21-1 Financial Ratio AnalysisRatioValue Less
Than 1Value = 1Value More Than 1Current ratio = current
assets/current liabilitiesDebts greater than assets; potentially
major problemsDebts and assets are equalAssets greater than
debts; current ratio of 2 is desirableAcid-test ratio = quick
current assets / current liabilitiesCash flow could be a
problemBusiness is in satisfactory conditionBusiness is in good
financial conditionOperating ratio = (COGS+OPERATING
EXPENSES)/NET SALESDesirableMarginalUndesirableGross
profit margin ratio = (Gross profit from sales)/net sales0.25 to
0.40 is industry averageUncommon except for businesses with
low turnover and high investmentUndesirableAsset turnover
ratio = net sales / average total assets0.40 to 1.0 is industry
averageUncommonUncommonTotal debt to total assets ratio =
total liabilities / total assets0.05 to 0.75 is industry averageDebt
ratio is too highDebt ratio is dangerously high
Operations Management Paper Assignment:
Using the LIRN resource, please search for an article/ a business
case study which discusses / involves lean operations.
In 4-5 written pages (not including cover page and
bibliography) please do the following:
(a) Summarize the key points from the article you found.

(b) Highlight 3 key lessons you have learned from reading this
article.
(c) Discuss how this article connects with the material in
Lesson 4. (Lesson 4 material “New approaches in Lean
management” also attached.)
*Lesson 4 topic: Lean operations supply the customer with
exactly what the customer wants when the customer wants it,
without waste, through continuous improvement. In this lesson,
we discuss the usefulness of lean operations and just-in-time
operations, and cover what is means to be a lean organization,
and ways to build lean sustainability.
Note: Please make sure to use APA format. Include at least one
direct quote from the article as well as its accompanying
reference (citation).
General Guidelines:
· The cover page and reference page/s are not included in the
above-stated page requirement. These should be in addition to
page requirements.
· Papers need to be formatted in proper APA 7th Edition
style.
· Each paper requires a minimum of at least three outside
peer-reviewed sources for your references (unless stated
otherwise in the guidance above).
o Acceptable/credible sources include: Academic journals and
books, industry journals, and the class textbook.

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