Ratio Analaysis.

Farhan Fardaus
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Financial Analysis (comparison) Report

On
Heideleburg, Aramit And Meghna Cament from 2002-2006.
Demo
Illustration:
By my younger sister
For me.
Doing analysis is a fun.

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Farhan Fardaus
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Objective:
The objective of this project was to analyze the financial and qualitative position of
Heidelberg, Aramit and Meghna Cement.
So far used:
“Financial Ratios”
“Common size Statements”
“Qualitative Analysis”.
Tools used:
1. Liquidity Analysis
a) Current Ratio
b) Quick Ratio
2. Asset management ratio
a)Inv. Turnover
b)DSO
c)FATO
d)TATO
3. Debt Management Ratio
a) Debt Ratio
b) TIE
4.Profitability Ratio
a)PM
b)BEP
c)ROA
d)ROE
5. Market Value Ratios
a)EPS
b)P/E
c)BVPS
d)M/B
Equity Multiplier
Du Pont system
6. Common size Balance sheet.
7. Common size income statement.
8. Percentage change analysis balance sheet.
9. Percentage change analysis income statement.

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Parameters Variables:
1. Weights used for Yearly industry average.
Heidelberg Cement 0.359 0.586 0.594 0.590 0.593

Aramit cement 0.089 0.057 0.053 0.058 0.067
Meghna Cement Mills 0.552 0.357 0.353 0.352 0.341
Found by adding the total asset of three companies and divide the companies’ asset by the value
of each year.
2. Weights used for Company over all average:
Heidelberg Cement 0.094 0.224 0.219 0.236 0.226

Aramit cement 0.204 0.191 0.173 0.206 0.225
Meghna Cement Mills 0.212 0.200 0.191 0.207 0.191
Found by adding companies five years total asset and divide the companies yearly asset by the
value for each year.
3. Weights used for industry over all average:
Yearly Weight among five years: 0.15 0.21 0.21 0.22 0.21
Found by adding industries five years total asset and divide the industries yearly asset by the
value for each year.
4. Grade points:
Comment GP
Poor 1
Low 2
Ok 3
Good 4
Very good 5

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5. Weight used for ranking:
1. Liquidity Analysis Weight within group Weight within overall

a) Current Ratio 0.4 0.2
b) Quick Ratio 0.6
a)Inv. Turnover 0.15
b)DSO 0.1 0.275
c)FATO 0.4
d)TATO 0.35
a) Debt Ratio 0.65 0.2
b) TIE 0.35
a)PM 0.2
b)BEP 0.1 0.275
c)ROA 0.3
d)ROE 0.4
0.05
d)M/B 1

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Ratio analysis:

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A) Current ratios:
Current ratios Trend:
2.50
2.00
1.50 Heidelberg Cement
Aramit cement
1.00 Meghna Cement Mills
IndIndustry average
0.50
0.00
2002 2003 2004 2005 2006
Current ratios average:
1.00
0.85
0.78
0.44
Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

Mills

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B) Quick ratios:
Quick ratios trend:
1.60
1.40
1.20
1.00
Heidelberg Cement
0.80 Aramit cement
IndIndustry average
0.40
0.20
0.00
2002 2003 2004 2005 2006
Quick ratios average:
0.44
0.40
0.35
0.27

Mills

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A) Inv. Turnover
Inv. Turnover Trend
12.00
10.00
8.00
Heidelberg Cement
6.00 Aramit cement
Meghna Cement Mills
4.00
IndIndustry average
2.00
0.00
2002 2003 2004 2005 2006
Inv. Turnover average
8.81
6.26
5.49
3.81

Mills

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B) DSO
DSO Trend
60
50
40
Heidelberg Cement
30 Aramit cement
Meghna Cement Mills
20
IndIndustry average
10
0
2002 2003 2004 2005 2006
DSO average
43.09
38.14
33.63
31.63

Mills

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C) FATO
FATO Trend
3.0
2.5
2.0
Heidelberg Cement
1.5 Aramit cement
Meghna Cement Mills
1.0
IndIndustry average
0.5
0.0
2002 2003 2004 2005 2006
FATO average
1.9
1.5
1.3
1.2

Mills

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D) TATO
TATO Trend
1.6
1.4
1.2
1.0
Heidelberg Cement
0.8 Aramit cement
IndIndustry average
0.4
0.2
0.0
2002 2003 2004 2005 2006
TATO average
1.0
0.9
0.9 0.9

Mills

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a) Debt Ratio Trend average
Debt Ratio Trend
1.2
0.8
Heidelberg Cement
0.6 Aramit cement
Meghna Cement Mills
0.4
IndIndustry average
0.2
0
2002 2003 2004 2005 2006
Debt Ratio average
0.86
0.74
0.63
0.52

Mills

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b) TIE
TIE Trend
4 Heidelberg Cement
Aramit cement
3
Meghna Cement Mills
2 IndIndustry average
0
2002 2003 2004 2005 2006
TIE average
2.56
2.12
1.97
1.50

Mills

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4. Profitability Ratio
A) PM
PM Trend
0.200
0.100
0.000
Heidelberg Cement
2002 2003 2004 2005 2006
Aramit cement
‐0.100
Meghna Cement Mills
IndIndustry average
‐0.200
‐0.300
‐0.400
PM average
0.031
0.024
0.017

Mills
‐0.144

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B) BEP
BEP Trend
0.2
0.15
0.1
Aramit cement
0
Meghna Cement Mills
2002 2003 2004 2005 2006
‐0.05 IndIndustry average
‐0.1
‐0.15
‐0.2
BEP average
0.081
0.067 0.065

Mills
‐0.045

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C) ROA
ROA Trend
0.1500
0.1000
0.0500
Heidelberg Cement
0.0000 Aramit cement
2002 2003 2004 2005 2006
‐0.0500 Meghna Cement Mills
IndIndustry average
‐0.1000
‐0.1500
‐0.2000
ROA average
0.035
0.026 0.024

Mills
‐0.089

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D) ROE
ROE Trend
0
2002 2003 2004 2005 2006
‐1
Heidelberg Cement
‐2 Aramit cement
‐3 Meghna Cement Mills
IndIndustry average
‐4
‐5
‐6
ROE average
0.064 0.101
Heidelberg Cement Aramit cement ‐0.013

Meghna Cement IndIndustry average
Mills
‐1.377

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A) EPS
EPS Trend
120
100
80
60
Heidelberg Cement
40 Aramit cement
20 Meghna Cement Mills
IndIndustry average
0
2002 2003 2004 2005 2006
‐20
‐40
‐60
EPS average
29
27
25

Mills
‐25

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B) P/E
P/E Trend
100
50
0
‐50 2002 2003 2004 2005 2006
‐100 Heidelberg Cement
‐150 Aramit cement
‐250 IndIndustry average
‐300
‐350
‐400
‐450
P/E average
14
1

Mills
‐43
‐86

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C) BVPS
BVPS Trend
500
450
400
350
300 Heidelberg Cement
250 Aramit cement
100
50
0
2002 2003 2004 2005 2006
BVPS average
433
353
286
42

Mills

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D) M/B
M/B Trend
12
10
8
Heidelberg Cement
6 Aramit cement
Meghna Cement Mills
4
IndIndustry average
2
0
2002 2003 2004 2005 2006
M/B average
4.82
1.64 1.61
1.03

Mills

Farhan Fardaus
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Equity Multiplier
90
80
70
60
Heidelberg Cement
50
Aramit cement
40
Meghna Cement Mills
30
IndIndustry average
20
10
0
2002 2003 2004 2005 2006
27.51
3.91 4.42
2.15

Mills

Farhan Fardaus
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Du Pont:
Heidelberg Cement: Du Pont analysis (Weighted Over all).
Ratio name Ratio Industry average Comment
PM 0.031 0.017 Very Good
TATO 0.87 0.933 Low
Equity Multiplier 2.15 4.42 Low
ROE 0.06 -0.013 Good
Aramit cement limited: Du Pont analysis Weighted Over all).

PM -0.144 0.017 Poor
TATO 0.859 0.933 Low
Equity Multiplier 27.51 4.42 Poor
ROE -3.40 -0.013 Poor
Meghna cement: Du Pont analysis (Weighted Over all).

PM 0.024 0.017 Good
TATO 1.0 0.93 Very good
Equity Multiplier 3.91 4.42 OK
ROE 0.10 -0.013 Very good

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TATO
TATO Trend
1.6
1.4
1.2
1.0
Heidelberg Cement
0.8 Aramit cement
IndIndustry average
0.4
0.2
0.0
2002 2003 2004 2005 2006
TATO average
1.0
0.9
0.9 0.9

Mills

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PM
PM Trend
0.200
0.100
0.000
Heidelberg Cement
2002 2003 2004 2005 2006
Aramit cement
‐0.100
Meghna Cement Mills
IndIndustry average
‐0.200
‐0.300
‐0.400
PM average
0.031
0.024
0.017

Mills
‐0.144

Farhan Fardaus
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ROE
ROE Trend
0
2002 2003 2004 2005 2006
‐1
Heidelberg Cement
‐2 Aramit cement
IndIndustry average
‐4
‐5
‐6
ROE average
0.064 0.101
Heidelberg Cement Aramit cement ‐0.013

Mills
‐1.377

Farhan Fardaus
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Equity Multiplier
Equity Multiplier Trend
90
80
70
60
Heidelberg Cement
50
Aramit cement
40
Meghna Cement Mills
30
IndIndustry average
20
10
0
2002 2003 2004 2005 2006
Equity Multiplier Average:
27.51
3.91 4.42
2.15

Mills

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Common size statement

analysis:

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Common size balance sheet:

A) Cash to total asset:
1. Industry VS firms trend:
Cash to total asset:
25.0
20.0
Aramit cement
IndIndustry average
5.0
0.0
2002 2003 2004 2005 2006
2. Comparison of overall averages:

Cash to total asset :
3.4
2.9 3.0
0.7

Mills

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B) Current asset to total asset:
Current asset to total asset:
50.0
45.0
40.0
35.0
25.0 Aramit cement
20.0
Meghna Cement Mills
15.0
10.0 IndIndustry average
5.0
0.0
2002 2003 2004 2005 2006
Current asset to total asset:
44.0
35.1
30.8
24.2

Mills

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C) Fixed asset to total asset:
Fixed asset to total asset:
90.0
80.0
70.0
60.0
Heidelberg Cement
50.0
Aramit cement
40.0
Meghna Cement Mills
30.0
10.0
0.0
2002 2003 2004 2005 2006
Fixed asset to total asset:
73.4
69.1
63.6
55.3

Mills

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C) Current liability to total asset:
Current liability to total asset:
80.0
70.0
60.0
40.0 Aramit cement
10.0
0.0
2002 2003 2004 2005 2006
Current liability to total asset:
55.1
42.5 43.9 43.5

Mills

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D) Long-term liability to total asset:
Long‐term liability to total asset:
50.0
45.0
40.0
35.0
25.0 Aramit cement
15.0
IndIndustry average
10.0
5.0
0.0
2002 2003 2004 2005 2006
Long‐term liability to total asset:
31.6
28.6
19.7
11.0

Mills

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E) Equity to total asset:
Equity to total asset:
80.0
70.0
60.0
40.0 Aramit cement
10.0
0.0
1 2 3 4 5
Equity to total asset:
47.9
37.4
26.4
14.4

Mills

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Market share:
1. Market share trends:
Market share :
0.70
0.60
0.50
0.30 Aramit cement
0.10
0.00
2002 2003 2004 2005 2006
2. Market share on an average:
Market share :
Heidelberg Cement Aramit cement Meghna Cement Mills
38%
56%
6%

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Financing Arrangement:
1. Industry financing arrangement:
Industry financing arrangement
Current liability Long‐term liability Equity
37%
43%
20%
2. Firm financing arrangement trend & average:
a) Heidelberg Cement:

Heidelberg Cement (average)
39%
50%
11%

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Heidelberg Cement (trend):
80.0
70.0
60.0
50.0
Current liability
40.0
Long‐term liability
30.0
Equity
20.0
10.0
0.0
2002 2003 2004 2005 2006
b) Aramit cement:

Aramit cement (Average)
16%
54%
30%

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Aramit cement (trend):
80.0
70.0
60.0
50.0
Current liability
40.0
Long‐term liability
30.0
Equity
20.0
10.0
0.0
1 2 3 4 5
c) Meghna Cement Mills:
Meghna Cement Mills (Average)
26%
43%
31%

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Meghna Cement Mills (trends):
50.0
45.0
40.0
35.0
30.0
Current liability
25.0
20.0 Long‐term liability
15.0 Equity
10.0
5.0
0.0
2002 2003 2004 2005 2006

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Percentage change analysis common size

balance sheet:
Total asset:
Total asset growth:
300
250
200
Heidelberg Cement
150
Aramit cement
IndIndustry average
50
0
2002 2003 2004 2005 2006
Average Total asset growth:
128
69
Heidelberg Cement ‐1
Aramit cement Meghna Cement
Mills

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Fixed asset:
Fixed asset growth:
400
350
300
250
Heidelberg Cement
200 Aramit cement
IndIndustry average
100
50
0
2002 2003 2004 2005 2006
Average fixed asset growth:
204
115
0 3

Mills

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Fixed liability:
Fixed liability growth:
700
600
500
Aramit cement
300
Meghna Cement Mills
100
0
2002 2003 2004 2005 2006
Average fixed liability growth:
250
142
74
Heidelberg Cement Aramit cement ‐5
Mills

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Current liability:
Current liability growth:
600
500
400
Heidelberg Cement
300 Aramit cement
Meghna Cement Mills
200
IndIndustry average
100
0
2002 2003 2004 2005 2006
Average Current liability growth:
305
166
21
Heidelberg Cement Aramit cement Meghna Cement

Mills

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Equity growth:
Growth Equity growth:
250
200
Aramit cement
IndIndustry average
50
0
2002 2003 2004 2005 2006
Average Equity growth:
54
30

Mills
‐61

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Common size income statement:

Operating cost:
Operating cost as a % of sales (trend):
140
120
100
Aramit cement
60
Meghna Cement Mills
20
0
2002 2003 2004 2005 2006
Operating cost as a % of sales (average):
106
94 94
92

Mills

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Other income:
Other income as a % of sales (trend):
8.0000
7.0000
6.0000
5.0000
Heidelberg Cement
4.0000 Aramit cement
IndIndustry average
2.0000
1.0000
0.0000
2002 2003 2004 2005 2006
Other income as a % of Sales (sales):
1.119119579
0.639297442
0.212190161
0.00716595

Mills

Farhan Fardaus
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Financing cost:
Financing cost as a % of sales (trend):
9.00
8.00
7.00
6.00
Heidelberg Cement
5.00
Aramit cement
4.00
Meghna Cement Mills
3.00
IndIndustry average
2.00
1.00
0.00
2002 2003 2004 2005 2006
Financing cost as a % of Sales (sales):
5.64
5.19
4.47
3.59

Mills

Farhan Fardaus
Call me: +8801715061774
Percentage Change analysis common size

income statement:
Sales growth:
Sales growth trends:
400
350
300
250
Heidelberg Cement
200 Aramit cement
IndIndustry average
100
50
0
2002 2003 2004 2005 2006
Sales growth average:
157
88
5 2

Mills

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Net income growth:
Net income growth trends:
1200
1000
800
Heidelberg Cement
600 Aramit cement
IndIndustry average
200
0
2002 2003 2004 2005 2006
‐200
Net income growth average:
302
202
77 76

Mills

Farhan Fardaus
Call me: +8801715061774
Risk:
RISK STV CV %
Heidelberg Cement 0.023 0.365 36.5%
Aramit cement 0.432 -0.314 31.4%
Meghna Cement Mills 0.010 0.101 10.1%

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Ranks:

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Heidelberg Cement: summary of ratios (Weighted Over all).

a) Current Ratio 0.78 0.85 Low
b) Quick Ratio 0.44 0.40 Good
a)Inv. Turnover 6.26 5.5 Good
b)DSO 43.09 38.1 Low
c)FATO 1.29 1.5 Low
d)TATO 0.87 0.9 OK
a) Debt Ratio 0.52 0.63 Very Good
b) TIE 2.56 2.12 Very Good
a)PM 0.031 0.017 Very Good
b)BEP 0.067 0.065 Good
c)ROA 0.035 0.024 Very Good
d)ROE 0.064 -0.013 Very Good
d)M/B 1.64 1.61 OK
Heidelberg Cement Category wise rating

1. Liquidity Analysis 3.20
2. Asset management ratio 2.65
3. Debt Management Ratio 5.00
4.Profitability Ratio 4.90
5. Market Value Ratios 3.00

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H
Heidelbe
erg Cement
3.00
5. Market V
Value Ratios
4.90
4.Profitaability Ratio
5.00
3.. Debt Manageement Ratio
2.65
2.. Asset manageement ratio
3.20

EXCEL you cann do most of them
m with it.
Mathematics is useful
u if you can interpret
i it.
Think mathem
matically feel grap
phically.
Farhan Fardaus
Call me: +8801715061774
Aramit Cement Limited summary of ratios (Weighted Over all ).

a) Current Ratio 0.44 0.85 Poor
b) Quick Ratio 0.27 0.40 Poor
a)Inv. Turnover 8.81 5.49 Very good
b)DSO 33.63 38.14 Good
c)FATO 1.20 1.52 Poor
d)TATO 0.86 0.93 Ok
a) Debt Ratio 0.86 0.63 Poor
b) TIE 1.97 2.12 Low
a)PM -0.14 0.017 Poor
b)BEP -0.05 0.065 Poor
c)ROA -0.09 0.024 Poor
d)ROE -1.38 -0.013 Poor
d)M/B 4.8 1.61 Very good
Aramit Cement Limited Category wise rating


Farhhan Fardauss
f
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A
Aramit Ce
ement LLimited
5.00
1.00
0
4.Pro
ofitability Ratio
o
1.35
3. Debt Man
nagement Ratio
o
2.60
2. Asset man
nagement ratio
o
1.00
0
1. Liq
quidity Analysis

m with it.
i it.
Think mathem
matically feel grap
phically.
Farhan Fardaus
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Meghna Cement Mills: summary of ratios (Weighted Over all ).
a) Current Ratio 1.00 0.85 Very good
b) Quick Ratio 0.36 0.40 Ok
a)Inv. Turnover 3.81 5.49 Poor
b)DSO 31.6 38.14 Very good
c)FATO 1.92 1.52 Very good
d)TATO 1.03 0.93 Very good
a) Debt Ratio 0.74 0.63 Low
b) TIE 1.5 2.12 Poor
a)PM 0.024 0.017 Good
b)BEP 0.081 0.065 Very good
c)ROA 0.026 0.024 Good
d)ROE 0.101 -0.013 Very good
d)M/B 1.03 1.61 Low
Meghna Cement Mills Category wise rating


Farhhan Fardauss
f
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M
Meghna Cementt Mills
2.00
5. Marrket Value Ratiios
4.50
4.P
Profitability Rattio
1.65
3. Debt Maanagement Rattio
4.40
2. Asset management rattio
3.80
1. LLiquidity Analysis

m with it.
i it.
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phically.
Farhhan Fardauss
f
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O
Over all Ran
nk (out of 5))
Heidelberg Cement 3.9
Aramit Cement
C Limited 1.7
Meghna Cement
C Mills 3.6
O
Over all R
Rank (ou
ut of 5)
Meghna Ceement Mills
Aramit Cement Limited
Heidelbeerg Cement
0.0 1.0 2.0

0 3.0 4.0
0 5.0
Over all Rank (out o
of 5)

m with it.
i it.
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phically.
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Qualitative Analysis:

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Heidelberg Cement
Matrix:
Item Description Rank

Country experience 9 years. 3
Business experience 50 Years+ 1
Country diversification 50 1
Industry diversification 3 3
Product diversification 2 2
Size Multinational. 1
Governance Dynamic. 1
Market Image Vary high. 1
Political influence Moderate. 2
Product image Very high. 1

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Aramit Cement
Matrix:

Business experience 45 Years+ 2
Size National. 3
Governance Moderate. 2
Market Image Very Low. 3
Political influence Low. 3
Product image Low. 3

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Meghna Cement
Matrix:

Business experience 25 years + 3
Size Local Multinational. 2
Governance Autocratic. 3
Market Image Moderate. 2
Political influence Very High. 1
Product image Moderately low. 2

Farhan Fardaus
Call me: +8801715061774
Recommendations (Very brief):
Heidelberg Cement:
This is the most potential firm in the industries though they have to manage well their liquidity
and their asset.
They are having a tremendous market growth in the industry in last few years. They are the
market leader now.
Sales should be increased a little bit to increase their asset turnover.
They should also increase Debt in their financing structure, so they can increase their ROE
…………………………………………………………………………………………
………………………….
Aramit Cement:
Very weak situation.

Should increase their efficiency.
Can issue new stocks to improve their capability to generate sales.
Should increase their sales to remain in the industry.
Should decrease their Debt from their financing structure.
Should to minimize their cost by cost cutting from every aspect.
…………………………………………………………………………………………
………………………….
Meghna Cement:
Meghna has good management efficiency,

Profitability is questionable. They
Should minimize their cost in every aspect, and should try to increase their sales.
They also should decrease their Debt a bit from their finance structure.
Have to increase their sales as well.
…………………………………………………………………………………………
………………………….


Ratio Analaysis.

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Ratio Analaysis.

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Financial Analysis (comparison) Report

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1. Weights used for Yearly industry average.

Heidelberg Cement 0.359 0.586 0.594 0.590 0.593

2. Weights used for Company over all average:

Heidelberg Cement 0.094 0.224 0.219 0.236 0.226

3. Weights used for industry over all average:

Yearly Weight among five years: 0.15 0.21 0.21 0.22 0.21

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5. Weight used for ranking:

1. Liquidity Analysis Weight within group Weight within overall

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Current ratios Trend:

Current ratios average:

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Quick ratios trend:

Quick ratios average:

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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2. Asset management ratio

Inv. Turnover Trend

Inv. Turnover average

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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3. Debt Management Ratio

Debt Ratio Trend

Debt Ratio average

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

Doing analysis is a fun.

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement ‐0.013

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5. Market Value Ratios

Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Heidelberg Cement Aramit cement Meghna Cement IndIndustry average

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Aramit cement limited: Du Pont analysis Weighted Over all).

Meghna cement: Du Pont analysis (Weighted Over all).

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