Ratio analysis mf h

RATIO ANALYSIS
Mahfuzul Hoque PhD
PROFESSOR,
DEPARTMENT OF ACCOUNTING & INFORMATION SYSTEMS,
FACULTY OF BUSINESS STUDIES, UNIVERSITY OF DHAKA

Ratio-analysis is a concept or technique which is as
old as accounting concept. Financial analysis is a
scientific tool. It has assumed important role as a
tool for appraising the real worth of an enterprise, its
performance during a period of time and its pit falls.
Financial analysis is a vital apparatus for the
interpretation of financial statements. It also helps to
find out any cross-sectional and time series linkages
between various ratios.
RATIO ANALYSIS

Unlike in the past when security was considered to be
sufficient consideration for banks and financial institutions to
grant loans and advances, nowadays the entire lending is
need-based and the emphasis is on the financial viability of a
proposal and not only on security alone.
Further all business decision contains an element of risk. The
risk is more in the case of decisions relating to credits. Ratio
analysis and other quantitative techniques facilitate
assessment of this risk.
RATIO ANALYSIS

Ratio-analysis means the process of computing,
determining and presenting the relationship of related items
and groups of items of the financial statements.
They provide in a summarized and concise form of fairly
good idea about the financial position of a unit. They are
important tools for financial analysis.
RATIO ANALYSIS

WHY FINANCIAL ANALYSIS
Lenders’ need it for carrying out the following
 Technical Appraisal
 Commercial Appraisal
 Financial Appraisal
 Economic Appraisal
 Management Appraisal

Ratio Analysis
It’s a tool which enables the banker or lender to
arrive at the following factors :
Liquidity position
Profitability
Solvency
Financial Stability
Quality of the Management
Safety & Security of the loans & advances to be
or already been provided

Before looking at the ratios there are a number of cautionary
points concerning their use that need to be identified :
a) The dates and duration of the financial statements being
compared should be the same. If not, the effects of seasonality
may cause erroneous conclusions to be drawn.
b) The accounts to be compared should have been prepared on the
same bases. Different treatment of stocks or depreciations or
asset valuations will distort the results.
c) In order to judge the overall performance of the firm a group of
ratios, as opposed to just one or two should be used. In order to
identify trends at least three years of ratios are normally
required.
Ratio Analysis

The utility of ratio analysis will get further enhanced
if following comparison is possible.
1. Between the borrower and its competitor
2. Between the borrower and the best enterprise in
the industry
3. Between the borrower and the average
performance in the industry
4. Between the borrower and the global average
Ratio Analysis

How a Ratio is expressed?
 As Percentage - such as 25% or 50% . For example if
net profit is Rs.25,000/- and the sales is Rs.1,00,000/-
then the net profit can be said to be 25% of the sales.
 As Proportion - The above figures may be expressed
in terms of the relationship between net profit to sales
as 1 : 4.
 As Pure Number /Times - The same can also be
expressed in an alternatively way such as the sale is 4
times of the net profit or profit is 1/4th of the sales.

Classification of Ratios
Balance Sheet
Ratio
P&L Ratio or
Income/Revenue
Statement Ratio
Balance Sheet and
Profit & Loss
Ratio
Financial Ratio Operating Ratio Composite Ratio
Current Ratio
Quick Asset Ratio
Proprietary Ratio
Debt Equity Ratio
Gross Profit Ratio
Operating Ratio
Expense Ratio
Net profit Ratio
Stock Turnover Ratio
Fixed Asset
Turnover Ratio,
Return on Total
Resources Ratio,
Return on Own
Funds Ratio,
Earning per Share
Ratio, Debtors’
Turnover Ratio

Format of balance sheet for ratio analysis
LIABILITIES ASSETS
NET WORTH/EQUITY/OWNED FUNDS
Share Capital/Partner’s Capital/Paid up Capital/
Owners Funds
Reserves ( General, Capital, Revaluation & Other
Reserves)
Credit Balance in P&L A/c
FIXED ASSETS : LAND & BUILDING, PLANT
& MACHINERIES
Original Value Less Depreciation
Net Value or Book Value or Written down value
LONG TERM LIABILITIES/BORROWED
FUNDS : Term Loans (Banks & Institutions)
Debentures/Bonds, Unsecured Loans, Fixed
Deposits, Other Long Term Liabilities
NON CURRENT ASSETS
Investments in quoted shares & securities
Old stocks or old/disputed book debts
Long Term Security Deposits
Other Misc. assets which are not current or fixed in
nature
CURRENT LIABILTIES
Bank Working Capital Limits such as
CC/OD/Bills/Export Credit
Sundry /Trade Creditors/Creditors/Bills Payable,
Short duration loans or deposits
Expenses payable & provisions against various
items
CURRENT ASSETS : Cash & Bank Balance,
Marketable/quoted Govt. or other securities, Book
Debts/Sundry Debtors, Bills Receivables, Stocks &
inventory (RM,SIP,FG) Stores & Spares, Advance
Payment of Taxes, Prepaid expenses, Loans and
Advances recoverable within 12 months
INTANGIBLE ASSETS
Patent, Goodwill, Debit balance in P&L A/c,
Preliminary or Preoperative expenses

The Four Key Financial Statements:
The Income Statement
 The income statement provides a financial summary
of a company’s operating results during a specified
period.
 Although they are prepared quarterly for reporting
purposes, they are generally computed monthly by
management and quarterly for tax purposes.

The Balance Sheet
 The balance sheet presents a summary of a firm’s
financial position at a given point in time.
 The statement balances the firm’s assets (what it
owns) against its financing, which can be either debt
(what it owes) or equity (what was provided by
owners).

Statement of Retained Earnings
 The statement of retained earnings reconciles the
net income earned during a given year, and any cash
dividends paid, with the change in retained earnings
between the start and the end of that year.

Statement of Cash Flows
 The statement of cash flows provides a summary of
the firm’s operating, investment, and financing cash
flows and reconciles them with changes in its cash
and marketable securities during the period.
 This statement not only provides insight into a
company’s investment, financing and operating
activities, but also ties together the income statement
and previous and current balance sheets.

Some important notes
 Liabilities have Credit balance and Assets have
Debit balance
 Current Liabilities are those which have either
become due for payment or shall fall due for payment
within 12 months from the date of Balance Sheet
 Current Assets are those which undergo change in
their shape/form within 12 months. These are also
called Working Capital or Gross Working Capital
 Net Worth & Long Term Liabilities are also called
Long Term Sources of Funds

 Current Liabilities are known as Short Term
Sources of Funds
 Long Term Liabilities & Short Term Liabilities are
also called Outside Liabilities
 Current Assets are Short Term Use of Funds
 Assets other than Current Assets are Long Term Use
of Funds
 Installments of Term Loan Payable in 12 months are
to be taken as Current Liability only for Calculation
of Current Ratio & Quick Ratio.

 If there is profit it shall become part of Net Worth under
the head Reserves and if there is loss it will become part
of Intangible Assets
 Investments in Govt. Securities to be treated current only
if these are marketable and due. Investments in other
securities are to be treated Current if they are quoted.
Investments in allied/associate/sister units or firms to be
treated as Non-current.
 Bonus Shares as issued by capitalization of General
reserves and as such do not affect the Net Worth. With
Rights Issue, change takes place in Net Worth and Current
Ratio.

1. Current Ratio : It is the relationship between the current assets
and current liabilities of a concern.
Current Ratio = Current Assets/Current Liabilities
If the Current Assets and Current Liabilities of a concern are
Rs.4,00,000 and Rs.2,00,000 respectively, then the Current Ratio
will be : Rs.4,00,000/Rs.2,00,000 = 2 : 1
The ideal Current Ratio preferred by Banks is 1.33 : 1
2. Net Working Capital : This is worked out as surplus of Long
Term Sources over Long Tern Uses, alternatively it is the
difference of Current Assets and Current Liabilities.
NWC = Current Assets – Current Liabilities
Ratio Analysis

oCurrent Assets : Raw Material, Stores, Spares, Work-in
Progress. Finished Goods, Debtors, Bills Receivables, Cash.
oCurrent Liabilities : Sundry Creditors, Installments of Term
Loan, DPG etc. payable within one year and other liabilities
payable within one year.
This ratio must be at least 1.33 : 1 to ensure minimum margin
of 25% of current assets as margin from long term sources.
 Current Ratio measures short term liquidity of the concern
and its ability to meet its short term obligations within a time
span of a year.
 It shows the liquidity position of the enterprise and its ability
to meet current obligations in time.
Current Ratio

Current Ratio
 Higher ratio may be good from the point of view of
creditors. In the long run very high current ratio may
affect profitability ( e.g. high inventory carrying cost)
 Shows the liquidity at a particular point of time. The
position can change immediately after that date. So
trend of the current ratio over the years to be
analyzed.
 Current Ratio is to be studied with the changes of
NWC. It is also necessary to look at this ratio along
with the Debt-Equity ratio.

3. ACID TEST or QUICK RATIO : It is the ratio
between Quick Current Assets and Current
Liabilities. The should be at least equal to 1.
Quick Current Assets : Cash/Bank Balances +
Receivables upto 6 months + Quickly realizable
securities such as Govt. Securities or quickly
marketable/quoted shares and Bank Fixed Deposits
Acid Test or Quick Ratio
= Quick Current Assets/Current Liabilities
ACID TEST or QUICK RATIO

Acid Test or Quick Ratio
= Quick Current Assets/Current Liabilities
Example :
Total Current Assets 3,00,000[Cash 50,000, Debtors
1,00,000 and Inventories 1,50,000 ] and Current
Liabilities 1,00,000
Current Ratio = > 3,00,000/1,00,000 = 3 : 1
Quick Ratio = > 1,50,000/1,00,000 = 1.5 : 1
ACID TEST or QUICK RATIO

4. DEBT EQUITY RATIO : It is the relationship
between borrower’s fund (Debt) and Owner’s
Capital (Equity).
Long Term Outside Liabilities / Tangible Net Worth
Liabilities of Long Term Nature
Total of Capital and Reserves & Surplus Less
Intangible Assets
DEBT EQUITY RATIO

For instance, if the Firm is having the following :
Capital = Rs. 200 Lacs
Free Reserves & Surplus = Rs. 300 Lacs
Long Term Loans/Liabilities = Rs. 800 Lacs
Debt Equity Ratio will be => 800/500 i.e. 1.6 : 1
DEBT EQUITY RATIO

5. PROPRIETARY RATIO : This ratio indicates the
extent to which Tangible Assets are financed by
Owner’s Fund.
Proprietary Ratio = (Tangible Net Worth/Total
Tangible Assets) x 100
The ratio will be 100% when there is no Borrowing
for purchasing of Assets.
PROPRIETARY RATIO

6. GROSS PROFIT RATIO : By comparing Gross Profit
percentage to Net Sales we can arrive at the Gross Profit
Ratio which indicates the manufacturing efficiency as well
as the pricing policy of the concern.
Gross Profit Ratio = (Gross Profit / Net Sales ) x 100
Alternatively , since Gross Profit is equal to Sales minus Cost
of Goods Sold, it can also be interpreted as below :
Gross Profit Ratio = [ (Sales – Cost of goods sold)/ Net
Sales] x 100
A higher Gross Profit Ratio indicates efficiency in production
of the unit.
GROSS PROFIT RATIO

7. OPERATING PROFIT RATIO :
It is expressed as =>
(Operating Profit / Net Sales ) x 100
Higher the ratio indicates operational efficiency
8. NET PROFIT RATIO :
It is expressed as =>
( Net Profit / Net Sales ) x 100
It measures overall profitability.

9. STOCK/INVENTORY TURNOVER RATIO :
(Average Inventory/Sales) x 365 for days
(Average Inventory/Sales) x 52 for weeks
(Average Inventory/Sales) x 12 for months
Average Inventory or Stocks
= (Opening Stock + Closing Stock)
-----------------------------------------
2
. This ratio indicates the number of times the inventory is
rotated during the relevant accounting period

10. DEBTORS TURNOVER RATIO : This is also called
Debtors Velocity or Average Collection Period or Period of
Credit given .
(Average Debtors/Sales ) x 365 for days
(52 for weeks & 12 for months)
11. ASSET TRUNOVER RATIO :
Net Sales/Tangible Assets
12. FIXED ASSET TURNOVER RATIO :
Net Sales /Fixed Assets

13. CURRENT ASSET TURNOVER RATIO :
Net Sales / Current Assets
14. CREDITORS TURNOVER RATIO : This is also
called Creditors Velocity Ratio, which determines the
creditor payment period.
(Average Creditors/Purchases)x365 for days
(52 for weeks & 12 for months)

15. RETRUN ON ASSETS :
Net Profit after Taxes/Total Assets
16. RETRUN ON CAPITAL EMPLOYED :
( Net Profit before Interest & Tax / Average Capital Employed)
x 100
Average Capital Employed is the average of the equity share
capital and long term funds provided by the owners and the
creditors of the firm at the beginning and end of the
accounting period.

17. RETRUN ON EQUITY CAPITAL (ROE) :
Net Profit after Taxes / Tangible Net Worth
18. EARNING PER SHARE : EPS indicates the quantum of
net profit of the year that would be ranking for dividend for
each share of the company being held by the equity share
holders.
Net profit after Taxes and Preference Dividend/ No. of
Equity Shares
19. PRICE EARNING RATIO : PE Ratio indicates the
number of times the Earning Per Share is covered by its
market price.
Market Price Per Equity Share/Earning Per Share
Composite Ratio

20. DEBT SERVICE COVERAGE RATIO : This ratio is one
of the most important one which indicates the ability of an
enterprise to meet its liabilities by way of payment of
installments of Term Loans and Interest thereon from out of
the cash accruals and forms the basis for fixation of the
repayment schedule in respect of the Term Loans raised for a
project. (The Ideal DSCR Ratio is considered to be 2 )
PAT + Depr. + Annual Interest on Long Term Loans &
Liabilities
----------------------------------------------------------------------------
Annual interest on Long Term Loans & Liabilities + Annual
Installments payable on Long Term Loans & Liabilities
( Where PAT is Profit after Tax and Depr. is Depreciation)

LIABILITES ASSETS
Capital 180 Net Fixed Assets 400
Reserves 20 Inventories 150
Term Loan 300 Cash 50
Bank C/C 200 Receivables 150
Trade Creditors 50 Goodwill 50
Provisions 50
800 800
EXERCISE1
a. What is the Net Worth : Capital + Reserve = 200
b. Tangible Net Worth is : Net Worth - Goodwill = 150
c. Outside Liabilities : TL + CC + Creditors + Provisions = 600
d. Net Working Capital : C A - C L = 350 - 250 = 50
e. Current Ratio : C A / C L = 350 / 300 = 1.17 : 1
f. Quick Ratio : Quick Assets / C L = 200/300 = 0.66 : 1

EXERCISE 2
LIABILITIES 2005-06 2006-07 2005-06 2006-07
Capital 300 350 Net Fixed Assets 730 750
Reserves 140 160 Security
Electricity
30 30
Bank Term Loan 320 280 Investments 110 110
Bank CC (Hyp) 490 580 Raw Materials 150 170
Unsec. Long T L 150 170 S I P 20 30
Creditors (RM) 120 70 Finished Goods 140 170
Bills Payable 40 80 Cash 30 20
Expenses Payable 20 30 Receivables 310 240
Provisions 20 40 Loans/Advances 30 190
Goodwill 50 50
Total 1600 1760 1600 1760
1. Tangible Net Worth for 1st Year : ( 300 + 140) - 50 = 390
2. Current Ratio for 2nd Year : (170 + 30 +170+20+ 240 + 190 ) /
(580+70+80+70) 820 /800 = 1.02
3. Debt Equity Ratio for 1st Year : 320+150 / 390 = 1.21

Exercise3.
LIABIITIES ASSETS
Equity Capital 200 Net Fixed Assets 800
Preference Capital 100 Inventory 300
Term Loan 600 Receivables 150
Bank CC (Hyp) 400 Investment In Govt.
Secu.
50
Sundry Creditors 100 Preliminary
Expenses
100
Total 1400 1400
1. Debt Equity Ratio will be : 600 / (200+100) = 2 : 1
2. Tangible Net Worth : Only equity Capital i.e. = 200
3. Total Outside Liabilities / Total Tangible Net Worth : (600+400+100)
/ 200 = 11 : 2
4. Current Ratio will be : (300 + 150 + 50 ) / (400 + 100 ) = 1 : 1

LIABILITIES ASSETS
Capital + Reserves 355 Net Fixed Assets 265
P & L Credit Balance 7 Cash 1
Loan From S F C 100 Receivables 125
Bank Overdraft 38 Stocks 128
Creditors 26 Prepaid Expenses 1
Provision of Tax 9 Intangible Assets 30
Proposed Dividend 15
550 550
Q. What is the Current Ratio ? Ans : (1+125 +128+1) / (38+26+9+15) :
255/88 = 2.89 : 1
Q . What is the Quick Ratio ? Ans : (125+1)/ 88 = 1.43 : 11
Q. What is the Debt Equity Ratio ? Ans : LTL / Tangible NW
= 100 / ( 362 – 30)
= 100 / 332 = 0.30 : 1
Exercise4.

LIABILITIES ASSETS
550 550
Q . What is the Proprietary Ratio ? Ans : (T NW / Tangible Assets) x 100
[ (362 - 30 ) / (550 – 30)] x 100
(332 / 520) x 100 = 64%
Q . What is the Net Working Capital ?
Ans : C. A - C L. = 255 - 88 = 167
Q . If Net Sales is Rs.15 Lac, then What would be the Stock Turnover Ratio in
Times ? Ans : Net Sales / Average Inventories/Stock
1500 / 128 = 12 times approximately
Exercise4.contd…

LIABILITIES ASSETS
550 550
Q. What is the Debtors Velocity Ratio ? If the sales are Rs. 15 Lac.
Ans : ( Average Debtors / Net Sales) x 12 = (125 / 1500) x 12
= 1 month
Q. What is the Creditors Velocity Ratio if Purchases are Rs.10.5 Lac ?
Ans : (Average Creditors / Purchases ) x 12 = (26 / 1050) x 12 = 0.3 months
Exercise4.contd…

Exercise 5. : Profit to sales is 2% and amount of profit is say Rs.5 Lac.
Then What is the amount of Sales ?
Answer : Net Profit Ratio = (Net Profit / Sales ) x 100
2 = (5 x100) /Sales
Therefore Sales = 500/2 = Rs.250 Lac
Exercise 6. A Company has Net Worth of Rs.5 Lac, Term Liabilities of
Rs.10 Lac. Fixed Assets worth RS.16 Lac and Current Assets are Rs.25
Lac. There is no intangible Assets or other Non Current Assets.
Calculate its Net Working Capital.
Answer
Total Assets = 16 + 25 = Rs. 41 Lac
Total Liabilities = NW + LTL + CL = 5 + 10+ CL = 41 Lac
Current Liabilities = 41 – 15 = 26 Lac
Therefore Net Working Capital = C. A – C.L
= 25 – 26 = (- )1 Lac

Exercise 7 : Current Ratio of a concern is 1 : 1. What will be the Net Working
Capital ?
Answer : It suggest that the Current Assets is equal to Current Liabilities hence the
NWC would be NIL ( since NWC = C.A - C.L )
Exercise 8 : Suppose Current Ratio is 4 : 1. NWC is Rs.30,000/-. What is the
amount of Current Assets ?
Answer : 4a - 1a = 30,000
Therefore a = 10,000 i.e. Current Liabilities is Rs.10,000
Hence Current Assets would be 4a = 4 x 10,000 = Rs.40,000/-
Exercise 9. The amount of Term Loan installment is Rs.10000/ per month,
monthly average interest on TL is Rs.5000/-. If the amount of Depreciation is
Rs.30,000/- p.a. and PAT is Rs.2,70,000/-. What would be the DSCR ?
DSCR = (PAT + Depr + Annual Intt.) / Annual Intt + Annual Installment
= (270000 + 30000 + 60000 ) / 60000 + 120000
= 360000 / 180000 = 2

Exercise 10 : Total Liabilities of a firm is Rs.100 Lac and Current Ratio
is 1.5 : 1. If Fixed Assets and Other Non Current Assets are to the tune of
Rs. 70 Lac and Debt Equity Ratio being 3 : 1. What would be the Long
Term Liabilities?
Ans : We can easily arrive at the amount of Current Asset being Rs. 30 Lac
i.e. ( Rs. 100 L - Rs. 70 L ). If the Current Ratio is 1.5 : 1, then Current
Liabilities works out to be Rs. 20 Lac. That means the aggregate of Net
Worth and Long Term Liabilities would be Rs. 80 Lacs. If the Debt Equity
Ratio is 3 : 1 then Debt works out to be Rs. 60 Lacs and equity Rs. 20 Lacs.
Therefore the Long Term Liabilities would be Rs.60 Lac.
Exercise 11 : Current Ratio is say 1.2 : 1 . Total of balance sheet being
Rs.22 Lac. The amount of Fixed Assets + Non Current Assets is Rs. 10
Lac. What would be the Current Liabilities?
Ans : When Total Assets is Rs.22 Lac then Current Assets would be 22 – 10
i.e Rs. 12 Lac. Thus we can easily arrive at the Current Liabilities figure
which should be Rs. 10 Lac

EXERCISE 12. A firm sold its stocks in CASH, in order to meet its
liquidity needs. Which of the following Ratio would be affected by this?
1. Debt Equity Ratio
2. Current Ratio
3. Debt Service Coverage Ratio
4. Quick Ratio
EXERCISE 13. A company is found to be carrying a high DEBT
EQUITY Ratio. To improve this, a bank may suggest the company to :
1. Raise long term interest free loans from friends and relatives
2. Raise long term loans from Institutions
3. Increase the Equity by way of Bonus Issue
4. Issue Rights share to existing share holders.
EXERCISE 14. Which of the following is a fictitious Asset?
1. Goodwill
2. Preliminary Expenses
3. Pre-operative expenses
4. Book Debts which have become doubtful of recovery

EXERCISE 15. Under which of the following methods of depreciation on Fixed
Assets, the annual amount of depreciation decreases?
1. Written Down Value method
2. Straight Line method
3. Annuity method
4. Insurance policy method
EXERCISE 16 Debt Service Coverage Ratio (DSCR) shows :
1. Excess of current assets over current liabilities
2. Number of times the value of fixed assets covers the amount of loan
3. Number of times the company’s earnings cover the payment of interest
and repayment of principal of long term debt
4. Effective utilisation of assets
EXERCISE 17. Which of the following is not considered a Quick Asset?
1. Cash and Bank balances
2. Bank Fixed Deposits
3. Current Book Debts
4. Loans and Advances

Exercise 18. From the following financial statement calculate (i) Current
Ratio (ii) Acid test Ratio (iii) Inventory Turnover (iv) Average Debt
Collection Period (v) Average Creditors’ payment period.
Sales 1500
C.Assets
Inventories 125
Cost of sales 1000 Debtors 250
Gross profit 500 Cash 225
C. Liabilities Trade Creditors 200
(i) Current Ratio : 600/200 = 3 : 1
(ii) Acid Test Ratio : Debtors+Cash /Trade creditors = 475/200 = 2.4 : 1
(iii) Inventory Turnover Ratio : Cost of sales / Inventories = 1000/125 = 8
times
(iv) Average Debt collection period : (Debtors/sales) x 365 =
(250/1500)x365 = 61 days
(v) Average Creditors’ payment period : (Trade Creditors/Cost of sales) x
365 = (200/100) x 365 = 73 days

Questions on Fund Flow Statement
Q . Fund Flow Statement is prepared from the Balance sheet :
1. Of three balance sheets
2. Of a single year
3. Of two consecutive years
4. None of the above.
Q. Why this Fund Flow Statement is studied for ?
1. It indicates the quantum of finance required
2. It is the indicator of utilisation of Bank funds by the concern
3. It shows the money available for repayment of loan
4. It will indicate the provisions against various expenses
Q . In a Fund Flow Statement , the assets are represented by ?
1. Application of Funds
2. Sources of Funds
3. Surplus of sources over application
4. Deficit of sources over application

Q . In Fund Flow Statements the Liabilities are represented by ?
1. Sources of Funds
2. Use of Funds
3. Deficit of sources over application
4. All of the above.
Q . When the long term sources are more than long term uses, in the fund flow
statement, it would suggest ?
1. Increase in Current Liabilities
2. Decrease in Working Capital
3. Increase in NWC
4. Decrease in NWC
Q . When the long term uses in a fund flow statement are more than the long
term sources, then it would mean ?
1. Reduction in the NWC
2. Reduction in the Working Capital Gap
3. Reduction in Working Capital
4. All of the above

Q. How many broader categories are there for the Sources of funds, in
the Fund Flow Statement ?
1. Only One, Source of Funds
2. Two, Long Term and Short Term Sources
3. Three , Long, Medium and Short term sources
4. None of the above.
Mahfuzul Hoque PhD
PROFESSOR,
DEPARTMENT OF ACCOUNTING & INFORMATION SYSTEMS,
FACULTY OF BUSINESS STUDIES, UNIVERSITY OF DHAKA
email ID : mhoque71@gmail.com, mahoque@du.ac.bd

Ratio analysis mf h

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Ratio analysis mf h