Financial Statement Analysis Of The Blackmore Company Finance Essay - Free Essay Example

Sample details Pages: 7 Words: 2226 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Did you like this example? A firms earning capability and financial position can be predicted, compared and evaluated with the help of analysis of information available in the major financial statements i.e., balance sheet and income sheet. Balance sheet indicates the firms financial condition or the state of affairs of the business where as Income sheet reflects earning capacity and financial strength of a firm. To practically implement the knowledge gained so far about these financial statements, and to perform the analysis on a realistic data; the following study has been conducted on the firm Blackmore. Don’t waste time! Our writers will create an original "Financial Statement Analysis Of The Blackmore Company Finance Essay" essay for you Create order Blackmore, being a leading supplier of different products which includes equipment, plastic trays to the horticulture industry; had faced great loses despite of increasing plant capacity and undergoing new market campaigns. This study tries to analyze the financial statements of Blackmore and comment on the changes that could be taken for surviving and establishing itself as a profitable business. Contents Introduction Companys financial information is foundation of financial planning analysis which is needed to predict, compare and evaluate a firms earning ability. This financial information is provided in the companys financial statements or accounting reports i.e., balance sheet, income sheet and cash flow statement. Balance sheet and Income sheet are amongst the most significant financial statements, used to determine the financial condition and financial strength of a firm. Balance sheet provides information about assets, liabilities and owners equity for a business firm as on a specific date. It reflects the financial position of the firm at the close of the firms accounting period. Income sheet presents summary of revenues, expenses and net income of a firm. It acts a measure of firms profitability. Financial health of the firm can be judged by proper financial analysis. Financial analysis needs careful relation establishment between different financial statements like balance sheet and the income statements. Relative analysis of items of cash flow statement, income statement balance sheet gives clear view of financial health of organization. Blackmore is a leading supplier company of different items like equipments. It had recently increased plant capacity and had undertaken a new market campaign to go national. Despite of these efforts, it had faced great losses in the year 2008 and is concerned about its survival. Faisal, Blackmores chairman, who is planning to bring back the firm into sound financial position, has appointed Hazza as his assistant. Examining the monthly data and comparing it with the annual data, Hazza found that the lags between spending money and deriving benefits were longer than that of Blackmores managers had anticipated. Thus, they could see a hope for the company if it could survive in the short run. This study proceeds further, to help Hazza by analyzing the balance and income sheets of the firm and commenting on further proceedings. Project Discussion As mentioned above, financial health can be predicted accurately by good financial analysis. There are various tools for performing financial analysis. These include: Ratio Analysis, Time Series Analysis, Cross sectional Analysis, Industry Analysis and Performa Analysis. Now, with the help of relevant tools; let us proceed further towards our study about financial health of Blackmore Company. (Blackman, 1995) From the balance sheet of the Blackmore Company, the following details can be summarized: Blackmores sources of funds include equity as well as debts. The capital employed in the years 2007, 2008 and estimated 2009 values are as follows: CE 2007: $1,952,352 + 400,000 = $2,352,352 CE 2008: $492,592 + 723,432 = $1,216,024 CE 2009 estimated: $663,768 + 323,432 = $987,200 It is clear from the above that in the year 2008, the firm has gone for larger debt source compared to 2007, and unable to generate the profits, has faced great loses. Estimating a lesser amount in the debt source seems to be a good sign for stabilizing the financial position of the firm. It is very much necessary for any organization to meet its obligation at earliest. An organization should have enough resources to meet its short term obligation because this plays an important role in success of any organization. Firms ability to meet its short term obligation can be measured by Liquidity ratios. The most common measures of liquidity are Current Ratio and Quick Ratio. All these ratio measures liquidity of a company but quick ratio use more strict liquidity measure. Current Ratio: CR= Current Assets/ Current Liabilities. It is a measure of the firms short term solvency. Quick Ratio: QR= Current Assets- Inventories/ Current Liabilities. Inventories are considered to be less liquid and require some time for realizing into cash. The following table 1 displays the liquidity ratios of Blackmore firm in the years 2007, 2008 and the estimated values for 2009. 2009E 2008 2007 Current Ratio 2.34 1.17 2.33 Quick Ratio 0.84 0.39 0.85 Table 1: Blackmore Company Liquidity Ratios Ratios in the above table indicates that the year 2008 has shown quite low figures compared to 2007, and the estimation by the experts for 2009 shows a hope for the good performance of the firm. In the year 2008, current and quick ratio being low, and as seen above debt source being larger; they faced great loses. Hazza can proceed with the estimated source, and try achieving the anticipated figures as per the estimated values regarding liquidity. A firm should have strong both short and long term financial position. Short term financial position is identified by liquidity ratio while financial leverage ratios are used to identify and calculate long term financial position of any organization. Financial Leverage Ratios are calculated as shown in the table 2. The Financial Leverage Ratios include Long term Debt Ratio, Debt Equity Ratio and Equity ratios. These ratios are calculated based on the below mentioned formulae: Long term Debt Ratio= Total Long term Debt/ Capital employed Where Capital employed is the total capital kept in the business from various sources which include debt as well as equity sources of funds. Debt- Equity Ratio= Total debt/ Net worth Where Net worth is equivalent total equity and from the given information, total debt is considered as the total long term debt since no other sources were mentioned in the balance sheet of the firm. Equity ratio = Total Equity or Net Worth/ Capital Employed. Interest Coverage= EBITDA/ Interest Where EBITDA is the operating income or the earnings obtained after deducting operating, selling and administrative expenses only. 2009E 2008 2007 Long term Debt Ratio 0.17 0.59 0.33 Debt- Equity Ratio 0.21 1.47 0.49 Equity Ratio 0.83 0.41 0.67 Interest coverage 4.78 -0.11 8.71 Table 2: Blackmore Company Leverage Ratios Observing the debt equity ratio, the estimated figure is quite satisfactory to maintain a good financial health. In the year 2008, the value of 1.47 of debt- equity ratio indicates that creditors have got a greater claim than owners, which implies a certain amount would be at a risk to be paid to the creditors and company in case of not reaching the estimated profits would have to face great loses as in this case. Interest Coverage ratio which helps in testing the firms debt servicing capacity; obviously because of loss in earnings would be less and negative for the year 2008 where as the firm is sound in the year 2007 with the ratio equals to 4.71 and well performing for the estimated value for the year 2009. The above discussed ratios are static in nature, and might not indicate the firms ability to meet interest obligations. Interest Coverage ratio, which is computed by dividing earnings before interest and tax by interest charges, determines the firms debt servicing capacity. Blackmore Companys interest coverage ratio is as follows: 4.35, -0.96 and 7.03 for the years 2007, 2008 and 2009E. From the income sheet it can be seen that EBIT is negative for the year 2008 due to which the ratio also turned to be negative implying that minimum interest expense could also be not earned by the firm in that year. The 2007 figure is quite appreciable that it has earned 4.35 times the required expense and the estimated figure for 2009 also is sufficient to maintain sound financial position. So, Hezza should take care to reach the estimated EBIT for the year 2009. Since most of the above ratios and their analysis says that the firm has to run efficiently to reach out the estimated figures for the year 2009 to have a profitable business; we now try to calculate firms ability to use its assets efficiently which will tell about firms managements ability of best resource utilization. These can be calculated with the help of Activity or turn over ratios. The following table 3 displays the firms activity ratios which are calculated as explained below: Current Assets turnover Ratio= Sales/ Current assets. (Financial Ratios ) The other turnover ratios can be similarly calculated replacing the denominator with the corresponding value. These ratios as explained above would help in evaluating the efficiency of the firm in the application of funds. 2009E 2008 2007 Current Assets turnover 2.63 3.13 3.05 Net Current Assets turnover 4.58 21.84 5.34 Fixed Assets turnover 8.61 6.42 9.95 Total assets turnover 2.01 2.10 2.34 Net Assets turnover 2.99 4.96 3.48 Table 3: Blackmore Companys Turnover Ratios The above values in the table imply that a sale of Rs. 2. 63 can be generated from the capital employed of Rs. 1 on current assets in the year 2009E. In other words to generate a sale of Rs. 1 in the year 2009, the firm needs to invest Rs. 0.38 investment in current assets and Rs. 0.12 in fixed assets. But these ratios alone cannot reflect the efficiency of the firm, since it depends on the liabilities as well. For example, in the year 2008, though it is seen that the turn over ratios of all the assets except for fixed assets are high; still it is said that the firm faced great loses. This is because the firm has invested remaining percentage through debts and hence has faced great loss irrespective of the high turnover ratios. Having a optimal ratio of debt to equity in the year 2009, the efficiency of the firm is satisfactory and should be maintained as per the estimation. Further the firms earning power can be determined with the help of profitability ratios. DuPont Analysis helps in evaluating this. These profitability ratios can be determined with respect to sales or investment. The following table 4 shows the Blackmore Companys analysis of earning power. Gross Margin = Gross Profit/ Sales Where gross profit equals to sales reduced by the selling and administrative expenses. ROE/ Return on Equity = Profit after Tax/ Net Worth Where profit after tax is EBIT reduced by the interest expense and tax deduction. 2009E 2008 2007 Net Assets turnover 2.99 4.96 3.48 Gross Margin 0.16 0.08 0.17 Operating Leverage 0.42 -0.26 0.34 Return on Net Assets 0.21 -0.11 0.19 Return on Equity 0.13 -0.33 0.13 Table 4: Blackmore Companys Analysis of Earning Power Looking at the Gross Profit margin, we can see that cost of goods and sold has increased in the year 2008 which has given a significant impact in reducing the gross profit. Further the operating and administrative expenses have also increased and thus landed up with negative EBIT. The operating and administrative expenses occurred in the year 2008, could not generate profits to maintain financial position. But looking at the estimated figures, the profits are seen in the next year and were sufficient and satisfactory as discussed above with the help of various ratios. Thus as well found by Hazza, it is that the lags between spending money and deriving benefits were longer than Blackmores managers had anticipated, could be the major problem as discussed above. So the management has to concentrate more on the current asset turnover and concentrate its investment accordingly to see the benefits and bring sound financial position back in the firm. Since the estimated values generate good profit and as found above, those figures would be leading to an efficient firm. Thus, they have to concentrate on achieving these figures. As well estimated, debt source can be reduced and large amount can be invested on current assets, to derive benefits and run the firm successfully. (Helfert, 2002) Conclusion: Thus, from the above study and analysis of various ratios it is clear that the firm is growing compared to year 2008. The reasons behind the loses faced in the year 2008 could be that it has financed high amount through debt, decreased the amount of retained earnings and utilized these amount into increasing the plant capacity and in marketing campaigns. These dont give an immediate impact, thus added up to the expenses without having any immediate positive profits. This could not be anticipated by the firm, which led to great loses in the year 2008. The benefits could have started affecting the market which led to good estimation of sales without any extra expenses leading to profits. Thus, in future the firm should take care while investing in such expenses keeping in mind the estimation of earnings that would be made in that particular year and anticipating the lags between the investments made benefits that would be obtained. Since as discussed above, overall the firms financial position would be sound and healthy if it achieves the estimated targets for the year 2009, it should be trying to achieve the same while taking care of above mentioned points. Hazza should concentrate more on achieving the estimated values for the future and should be more careful while investing in such marketing campaigns looking into the impact period. Overall, by the end of the year 2009, Blackmore would be able to sound and healthy financially. Recommendations: This study would have been more effective, if the cash flow statement and the cost of goods sheet were provided. Also since the company is broad in its products, it would have been more effective if the nature of marketing campaign undertaken is also mentioned to assess its impact on the customers. Overall, the given data is sufficient to analyze the firms financial position and to comment on the issues required.

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Ddffdf Free Essays

string(101) " to be an original perpetrator of the crime because the system was based on tribes, not individuals\." The death penalty SOURCE: WIKIPEDIA Capital punishment or the death penalty is a legal process whereby a person is put to death by the state as a punishment for a crime. The judicial decree that someone be punished in this manner is a death sentence, while the actual process of killing the person is an execution. Crimes that can result in a death penalty are known as capital crimes or capital offences. We will write a custom essay sample on Ddffdf or any similar topic only for you Order Now The term capital originates from the Latin capitalis, literally â€Å"regarding the head† (referring to execution by beheading). 1] Capital punishment has, in the past, been practised by most societies (one notable exception being Kievan Rus);[2] currently 58 nations actively practise it, and 97 countries have abolished it (the remainder have not used it for 10 years or allow it only in exceptional circumstances such as wartime). [3] It is a matter of active controversy in various countries and states, and positions can vary within a single political ideology or cultural region. In the European Union member states, Article 2 of the Charter of Fundamental Rights of the European Union prohibits the use of capital punishment. 4] Currently, Amnesty International considers most countries abolitionist. [5] The UN General Assembly has adopted, in 2007, 2008 and 2010, non-binding resolutions calling for a global moratorium on executions, with a view to eventual abolition. [6] Althoug h many nations have abolished capital punishment, over 60% of the world’s population live in countries where executions take place, such as the People’s Republic of China, India, the United States of America and Indonesia, the four most-populous countries in the world, which continue to apply the death penalty (although in India, Indonesia and in many US states it is rarely employed). Each of these four nations voted against the General Assembly resolutions. [7][8][9][10][11][12][13][14][15] Contents [hide] 1 History 1. 1 Ancient history 1. 2 Ancient Tang China 1. 3 Middle Ages 1. 4 Modern era 1. 5 Contemporary era 2 Movements towards humane execution 3 Abolitionism 4 Contemporary use 4. 1 Global distribution 4. 2 Execution for drug-related offences 4. 3 Juvenile offenders 4. 3. 1 Iran 4. 3. 2 Somalia 4. 4 Methods 5 Controversy and debate 5. 1 Human rights 5. 2 Wrongful execution 5. 3 Retribution 5. 4 International views 6 Religious views 6. 1 Buddhism 6. 2 Christianity 6. 2. 1 Roman Catholic Church 6. 2. 2 Protestants 6. . 3 Mormonism 6. 3 Hinduism 6. 4 Islam 6. 5 Judaism 7 See also 8 References 9 Further reading 10 External links 10. 1 Opposing 10. 2 In favour 10. 3 Religious views History Execution of criminals and political opponents has been used by nearly all societies—both to punish crime and to suppress political dissent. In most places that practis e capital punishment it is reserved for murder, espionage, treason, or as part of military justice. In some countries sexual crimes, such as rape, adultery, incest and sodomy, carry the death penalty, as do religious crimes such as apostasy in Islamic nations (the formal renunciation of the state religion). In many countries that use the death penalty, drug trafficking is also a capital offence. In China, human trafficking and serious cases of corruption are punished by the death penalty. In militaries around the world courts-martial have imposed death sentences for offences such as cowardice, desertion, insubordination, and mutiny. [16] Anarchist Auguste Vaillant guillotined in France in 1894 The use of formal execution extends to the beginning of recorded history. Most historical records and various primitive tribal practices indicate that the death penalty was a part of their justice system. Communal punishment for wrongdoing generally included compensation by the wrongdoer, corporal punishment, shunning, banishment and execution. Usually, compensation and shunning were enough as a form of justice. [17] The response to crime committed by neighbouring tribes or communities included formal apology, compensation or blood feuds. A blood feud or vendetta occurs when arbitration between families or tribes fails or an arbitration system is non-existent. This form of justice was common before the emergence of an arbitration system based on state or organised religion. It may result from crime, land disputes or a code of honour. Acts of retaliation underscore the ability of the social collective to defend itself and demonstrate to enemies (as well as potential allies) that injury to property, rights, or the person will not go unpunished. â€Å"[18] However, in practice, it is often difficult to distinguish between a war of vendetta and one of conquest. Severe historical penaltie s include breaking wheel, boiling to death, flaying, slow slicing, disembowelment, crucifixion, impalement, crushing (including crushing by elephant), stoning, execution by burning, dismemberment, sawing, decapitation, scaphism, necklacing or blowing from a gun. The Christian Martyrs’ Last Prayer, by Jean-Leon Gerome (1883). Roman Colosseum. Islam on the whole accepts capital punishment,[19] and the Abbasid Caliphs in Baghdad, such as Al-Mu’tadid, were often cruel in their punishments. [20] Nevertheless, mercy is considered preferable in Islam,[citation needed], and in Sharia law the victim’s family can choose to spare the life of the killer, which is not uncommon. citation needed] In the One Thousand and One Nights, also known as the Arabian Nights, the fictional storyteller Sheherazade is portrayed as being the â€Å"voice of sanity and mercy†, with her philosophical position being generally opposed to punishment by death. She expresses this through several of her tales, including â€Å"The Merchant and the Jinni†, â€Å"The Fisherman and the Jinni†, â€Å"The Three Apples†, and â€Å"The Hunchback†. [21] The breaking wheel was used during the Middle Ages and was still in use into the 19th century. Ancient history Elaborations of tribal arbitration of feuds included peace settlements often done in a religious context and compensation system. Compensation was based on the principle of substitution which might include material (for example, cattle, slave) compensation, exchange of brides or grooms, or payment of the blood debt. Settlement rules could allow for animal blood to replace human blood, or transfers of property or blood money or in some case an offer of a person for execution. The person offered for execution did not have to be an original perpetrator of the crime because the system was based on tribes, not individuals. You read "Ddffdf" in category "Essay examples" Blood feuds could be regulated at meetings, such as the Viking things. [22] Systems deriving from blood feuds may survive alongside more advanced legal systems or be given recognition by courts (for example, trial by combat). One of the more modern refinements of the blood feud is the duel. Giovanni Battista Bugatti, executioner of the Papal States between 1796 and 1865, carried out 516 executions (Bugatti pictured offering snuff to a condemned prisoner). Vatican City abolished its capital punishment statute in 1969. In certain parts of the world, nations in the form of ancient republics, monarchies or tribal oligarchies emerged. These nations were often united by common linguistic, religious or family ties. Moreover, expansion of these nations often occurred by conquest of neighbouring tribes or nations. Consequently, various classes of royalty, nobility, various commoners and slave emerged. Accordingly, the systems of tribal arbitration were submerged into a more unified system of justice which formalised the relation between the different â€Å"classes† rather than â€Å"tribes†. The earliest and most famous example is Code of Hammurabi which set the different punishment and compensation according to the different class/group of victims and perpetrators. The Torah (Jewish Law), also known as the Pentateuch (the first five books of the Christian Old Testament), lays down the death penalty for murder, kidnapping, magic, violation of the Sabbath, blasphemy, and a wide range of sexual crimes, although evidence suggests that actual executions were rare. [23] A further example comes from Ancient Greece, where the Athenian legal system was first written down by Draco in about 621 BC: the death penalty was applied for a particularly wide range of crimes, though Solon later repealed Draco’s code and published new laws, retaining only Draco’s homicide statutes. 24] The word draconian derives from Draco’s laws. The Romans also used death penalty for a wide range of offenses. [25][26] Ancient Tang China Although many are executed in China each year in the present day, there was a time in Tang Dynasty China when the death penalty was abolished. [27] This was in the year 747, enacted by Emperor Xuanzong of Tang (r. 712– 756). When abolishing the death penalty Xuanzong ordered his officials to refer to the nearest regulation by analogy when sentencing those found guilty of crimes for which the prescribed punishment was execution. Thus depending on the severity of the crime a punishment of severe scourging with the thick rod or of exile to the remote Lingnan region might take the place of capital punishment. However the death penalty was restored only 12 years later in 759 in response to the An Lushan Rebellion. [28] At this time in China only the emperor had the authority to sentence criminals to execution. Under Xuanzong capital punishment was relatively infrequent, with only 24 executions in the year 730 and 58 executions in the year 736. [27] Ling Chi – execution by slow slicing – in Beijing around 1910. The two most common forms of execution in China in the Tang period were strangulation and decapitation, which were the prescribed methods of execution for 144 and 89 offences respectively. Strangulation was the prescribed sentence for lodging an accusation against one’s parents or grandparents with a magistrate, scheming to kidnap a person and sell them into slavery and opening a coffin while desecrating a tomb. Decapitation was the method of execution prescribed for more serious crimes such as treason and sedition. Interestingly, and despite the great discomfort involved, most Chinese during the Tang preferred strangulation to decapitation, as a result of the traditional Chinese belief that the body is a gift from the parents and that it is therefore disrespectful to one’s ancestors to die without returning one’s body to the grave intact. Some further forms of capital punishment were practised in Tang China, of which the first two that follow at least were extralegal. The first of these was scourging to death with the thick rod which was common throughout the Tang especially in cases of gross corruption. The second was truncation, in which the convicted person was cut in two at the waist with a fodder knife and then left to bleed to death. [29] A further form of execution called Ling Chi (slow slicing), or death by/of a thousand cuts, was used in China from the close of the Tang dynasty (around 900) to its abolition in 1905. When a minister of the fifth grade or above received a death sentence the emperor might grant him a special dispensation allowing him to commit suicide in lieu of execution. Even when this privilege was not granted, the law required that the condemned minister be provided with food and ale by his keepers and transported to the execution ground in a cart rather than having to walk there. Nearly all executions under the Tang took place in public as a warning to the population. The heads of the executed were displayed on poles or spears. When local authorities decapitated a convicted criminal, the head was boxed and sent to the capital as proof of identity and that the execution had taken place. In Tang China, when a person was sentenced to decapitation for rebellion or sedition, punishment was also imposed on their relatives, whether or not the relatives were guilty of participation in the crime. In such cases fathers of the convicted under 79 years of age and sons aged over 15 were strangled. Sons under 15, daughters, mothers, wives, concubines, grandfathers, grandsons, brothers and sisters were enslaved and uncles and nephews were banished to the remotest reaches of the empire. Sometimes the tombs of the family’s ancestors were levelled, the ancestors’ coffins were destroyed and their bones scattered. 29] Middle Ages In medieval and early modern Europe, before the development of modern prison systems, the death penalty was also used as a generalised form of punishment. During the reign of Henry VIII, as many as 72,000 people are estimated to have been executed. [30] Despite its wide use, calls for reform were not unknown. The 12th century Sephardic legal sch olar, Moses Maimonides, wrote, â€Å"It is better and more satisfactory to acquit a thousand guilty persons than to put a single innocent man to death. He argued that executing an accused criminal on anything less than absolute certainty would lead to a slippery slope of decreasing burdens of proof, until we would be convicting merely â€Å"according to the judge’s caprice. † Caprice of various sorts are more visible now with DNA testing, and digital computer searches and discovery requirements opening DA’s files. Maimonides’ concern was maintaining popular respect for law, and he saw errors of commission as much more threatening than errors of omission. [31] How to cite Ddffdf, Essay examples

Sister Hazel - Somewhere More Familiar free essay sample

The first time I heard Sister Hazel, I was reading a Charles Dickens novel, and after the first three words of the song I set the book aside and ran my stereo to turn up the volume. Soon I found myself dancing around my room, tossing the book in the air. I had just finished the part where Davy had been dropped off at a London school, and he didnt seem too happy about it. I wasnt too into David Copperfield anyway and when this unbelievable sound filled my room, I immediately forgot all about Davys troubles. I was flying!! The words just sank in me like a heavy rain. Sister Hazels songs are so strong they must be protected by a citadel, and the words move me in a way I cant describe. They hover over me everywhere I go, constantly re-playing in my head. We will write a custom essay sample on Sister Hazel Somewhere More Familiar or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I soon evolved the habit of trying to sing like Sister Hazel, but I cant kid myself: the sounds come out discordant. And besides, their voices are impossible to mimic, which makes them unique. No one, but no one, can imitate them. Ive amassed all their tunes in my mind and just say to myself WOW how could they create such a sound? And the lyrics are incredible, too. Rain comes pouring down, falling from blue skies/words without a sound coming from your eyes. Is that awesome, or what? I mean, where have you heard such adages from a band? It doesnt get better than this! This is the supreme, the Boys II Men, Soundgarden, all-in-one can you believe it? If you havent heard Sister Hazel already check it out. Youve got some listening to do!.