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The shift is so subtle and unassuming, you may never notice it happens. But 42 minutes into Lambchop's fourteenth studio album—the disarming but intimate confessional called This (is what I wanted to tell you)— Kurt Wagner steps forward, his voice newly unadorned. With the AutoTune gild of recent Lambchop records momentarily leached away, his voice is as open and honest as the acoustic guitar and lonesome harmonica that traipse beneath it. The feelings practically pour between the cracks of his stunning baritone, raw for the first time in years. "If I gave you a hundred dollars to record just three words/I could make the perfect song," he sings, the vulnerability of both voice and verse becoming an emotional revelation as he curls aspirationally around that final phrase. The finale of This, "Flower" is a moment of hope wrought from a static state of quiet hell, a little request for a vow of love before we all cry or drink ourselves to death. This is what he wanted to tell you, plain and simple and pure.
Video & Press
Pickathon's Initial 2019 Lineup Features Nathaniel Rateliff, Lambchop, Lucius and Sam Evian
[Paste Magazine] By Ellen Johnson Pickathon, Portland's annual festival celebrating the best of guitar music, bluegrass, folk, acoustic, rock and everything in-between, have announced their 2019 lineup. Some of the big names include Nathaniel Rateliff & The Night Sweats, Mandolin Orange, Lucius, Mountain Man and Tyler Childers, but the roster isn't just home to country, […]


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Delaney loves her American Girl Dolls. She doesn't play with them a lot, but she likes to dress them & set them up in her room. Some days she will dress them when she gets up & put their nightgowns on them before bed. Delaney is also a shopper & loves to pick out clothes for herself & her doll and that gets expensive. This past month she has been learning to sew by making her dolls some new clothes using Rosie's Doll Clothes Patterns.
We received 12 months access to Learn How to Make Doll Clothes Video Course with 8 Free Doll Clothes Patterns from Rosie's Doll Clothes Patterns. Rosie lives in Australia so the price of the course can very every day according to the exchange rate, but today the price is $47.46. If you order before December 24, 2013 you will receive another free doll clothes pattern of your choice. You can receive the course three different ways. You can have instant access to the complete program all at once, the online course can be delivered over the course of 6 weeks & has a money back guarantee, or you may purchase them on DVD for $66.14. We received the entire online course at one time.
Delaney's first pair of Sport Shorts & Crop Top.
All the videos are live streamed on the website, so once you receive your password and login you have instant access to all the instructional videos. The first 6 weeks are learning to sew and then the Course Bonus Materials are the patterns for the 18" dolls. The doll patterns include a Sport Shorts, Crop Top, Long or Short Sarong, Halter Top, Summer Nightie, Hat, Underpants, and Pumpkin Costume.
I actually borrowed a sewing machine intending to use the sewing course with all three of my girls or at least Amber & Delaney. The machine we borrowed was having some issues and the lady we borrowed it from doesn't use it. That left us with just one sewing machine and since Delaney (age 11) likes her dolls & fashion more than the other two she decided she was going to use the program.
Delaney loves her Mad Hatter costume and she wears it often, she decided it is the most appropriate thing she has to wear while she is sewing.
Delaney could not wait to get to the actual sewing for her dolls. We have watched the course material videos and she has completed the first 3 doll patterns. She could have gotten farther, but she actually made 2 sport shorts, 2 crop tops, and 1 sarong. She already has a couple more sarongs & a halter top cut out and ready to sew. The instructional videos are truly step-by-step. The videos are recorded from an angle that makes viewing the process very nice, its probably better than having someone teach because there is not wasted time going back and forth from instructor to sewing machine. The sound quality and volume is very consistent for ease of listening. We are shown exactly what to do for each step in the sewing. Delaney was able to watch and complete all of the instructions. The only thing I helped her with was the ironing. She knows how to use the iron, but it was faster if I did it because she went pretty slow with the small pieces.
Delaney didn't like how short the crop top was, so she decided to make a second one to go with her Sarong and she added a ruffle to the bottom of the shirt.
Learn How to Make Doll Clothes Video Course with 8 Free Doll Clothes Patterns is so much more than just sewing doll clothes. The course material that is taught is very detailed and can be used while sewing anything. Even if you have never used a sewing machine you can sew & make doll clothes while using this program.

subset: commoncrawl


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Vol. 6 No. 1 (2022)
- Resuscitative Thoracotomy and Aortic Cross-Clamp and Resuscitative Endovascular Balloon Occlusion of the Aorta
- Proper REBOA management after catheter placement: a current suggestion from Japanese Society of DIRECT
- Partial Resuscitative Endovascular Balloon Occlusion of the Aorta and Intermittent Resuscitative Endovascular Balloon Occlusion of the Aorta
- The Proactive Use of Whole Body Computed Tomography and Resuscitative Endovascular Balloon Occlusion of the Aorta in Hemodynamically Unstable Trauma Patients
and more…
Vol. 5 No. 3 (2021)
- EndoVascular instead of open surgery for Axillosubclavian Artery Injuries
- Hybrid Management of Blunt and Penetrating Zone III Carotid Artery Injuries
- REBOA for Inter-Hospital Transfer
- Hybrid Management of Acute Portal Vein Thrombosis
and more…
Vol. 5 No. 2 (2021)
- Open versus endovascular repair of axillo-subclavian artery injuries
- Hybrid treatment of blunt and penetrating carotid artery injuries
- REBOA pushed forward to the scene
- Complications of endovascular treatment
and more…
Vol. 5 No. 1 (2021)
- Damage control surgery & interventions
- REBOA or retroperitoneal packing in pelvic injuries
- CT guided placement of neuromonitoring in swine model
- Clinical images of Endovascular resuscitation and Trauma Management
- And more...
Vol. 4 No. 2 (2020)
- Hybrid techniques for a transhepatic gunshot injury
- Novel endovascular solutions for retrohepatic
- IVC injury REBOA vs ED thoracotomy for torso hemorrhage
- ECMO for total pulmonectomy after trauma
- REBOA in non-traumatic cardiac arrest
- And more…
Vol. 4 No. 1 (2020)
- EVTM and COVID-19: today and tomorrow
- Traumatic thoracic aortic injuries
- Training for REBOA
- Embolization for post-partum bleeding
- Glue and Onyx: a practical guide
- REBOA for safe veno-arterial ECMO decannulation
- ECMO for penetrating thoracic injuries
- And more...
Vol. 3 No. 3 (2019)
- Embolization and its limits
- REBOA in pediatric trauma
- Simulation models for REBOA training
- REBOA for massive vaginal bleeding
- Operative room procedure length for Damage Control Surgery
- And more
Vol. 3 No. 2 (2019)
- Damage Control Interventional Radiology for Critically Unstable Patients
- Partial REBOA in Elderly Patients and in rAAA
- Thrombolysis for Trauma-associated Inferior Vena Caval Thrombosis
- Zone III REBOA for Temporary Control of Pelvic Bleeders
- Selected abstracts from the EVTM symposium St. Petersburg 2019
- And more
Vol. 3 No. 1 (2019)
- Automated Aortic Control Device to Expand Function of Standard REBOA Catheters
- Prompt Procedures to Hemodynamically Unstable Patients with Pelvic Fractures
- Comparison of 7 and 11–12 French Access for REBOA
- Emergency Embolization of a Ruptured Renal Artery Aneurysm
- Endovascular Management following Unintentional Subclavian Artery Injury
- And more
Vol. 2 No. 3 (2018)
- Novel interventions for non-compressible trauma hemorrhage
- REBOA to facilitate V-V hemodiafiltration in an intoxicated patient
- A role of endovascular surgery in severe venous injury
- A novel automated endovascular variable aortic control device
- Implementing a REBOA program outside of the ivory tower
- And more...
Vol. 2 No. 2 (2018)
- Liquid embolization agent to control peripheral bleeders
- REBOA in austere combat casualty environment
- Fascia Suture Technique for vascular closure after successful REBOA
- Acute kidney injury following aortic occlusion
- Hybrid approach to blunt abdominal aortic injury
Vol. 2 No. 1 (2018)
- Effect of severe traumatic hemorrhage on large arterial diameter
- Bare metal stents in traumatic arterial occlusion
- The pitfalls in REBOA placement
- The japanese educational program for endo and hybrid management
Vol. 1 No. 1 (2017)
Issue Highlights
- Endovascular solutions for iliac and lower extremity junctional injuries
- Consensus nomenclature in the endovascular management
- Contemporary management of blunt thoracic aortic injury
- REBOA use in penetrating abdomanal aortic injury
- Endovascular resuscitation in non-trauma cases


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Fort Financial's mortgage department can assist you with your first mortgage, whether it is to purchase a home, construct a new home or refinance your home.
Purchasing or refinancing a home is typically one of the largest financial decisions you will make in your life. Making sure you are properly prepared and understand your options is the first step in this process. Our team has a wide range of experience and knowledge to tailor the right mortgage to fit your needs.
We work hard to make sure you completely understand the mortgage process and help you choose a loan type that matches your lifestyle. We strive to help our members know all the facts, so they can purchase their home with confidence.
Get pre-qualified!
Pre-qualification is extremely useful when searching for a new home. Realtors often require a pre-qualification letter before showing you homes. This step simply determines the mortgage amount for which you qualify, estimated monthly payments, down payment requirements and estimated closing costs.
Mortgage services we offer:
- Purchase
- Refinance
- Construction Loans (one-time closing) – Indiana only
- ARM and Fixed Rates
- USDA Programs
- Debt Consolidation
How do I get started?
View Mortgage Rates
Apply for a Mortgage


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Gerald Finley has a baritone which casts a bass shadow. A voice dark and ripe and opulent that doesn't lighten gladly, but the ear won't mind two hours of it because Gerald Finley the dramatic interpreter and wizard of inflection comes with it.
Finley and one of the most in-demand accompanists today, Julius Drake, presented a German and Russian program at Koerner Hall this past Sunday, April 22. The first part assembled poems by Goethe set to music by Beethoven and Schubert, two almost exact contemporaries (the older man died 1827, the young one the year after) whose songs however belong to two different eras. Beethoven is not known for his vocal music and next to Schubert's songs his come across as plainer, simpler melodies, playful or curious rather than stirring. In Finley's hands the songs grew to become little scenes, delivered smoothly in his precise enunciation.
Schubert's Goethe was a different Goethe. The set was capped with arguably the best known Schubert song, the infanticidal Erl King, but began with the long Prometheus lied, D 674. The Prometheus of this poem is defiant, not yet punished by Zeus, proudly creating humans after his own image. At the time of its creation the song could have signified political rebellion against the powers of the state, or personal rebellion of young creative men against their fathers, but the text has lost much of its resonance for audiences of our time and is potentially overlong and self-important. Not here: again, Finley worked his magic with the text and the song became a meaningful cri de coeur.
An den Mond (To the Moon) stood out from the set by its languid pace and silvery lyrics, while An Schwager Kronos (To Coachman Chronos) swept though in a gallop.
The secondhalf, all-Russian, was shared between Tchaikovsky and Rachmaninoff. Tchaikovsky's four songs came out as positively moderate next to the Rachmaninoff set. Rachmaninoff gives the pianist a lot to do, and is no stranger to a sweeping cinematic statement. An orchestra might have been present in the downers-with-high-dramatic-peaks O nyet, molyu, ne ukhodi! (Oh No, I Pray, Don't Leave), O, dolgo budu ya (In the Silence of the Night), and Na smert chizhika (On the Death of a Linnet) but it was indeed just these two men onstage. A lot of chiaroscuro is required there, which Finley created through sensitivity to the text rather than vocal timbre (which stayed consistently as dark as plush velvet). Julius Drake from the keyboard supplied Romantic excess where Rachmaninoff calls for it.
One number in the Rachmaninoff set was actually fun: Sudba (Fate) – a song in which the singer voices more than one persona, in the vein of Schubert's Erlkönig – had Finley (and us with him) delighting in the onomatopoeic sound of fate knocking on various people's doors. The final song in the official program was the astonishing and astonishingly exaggerated Vesennye vody (Spring Streams), which starts by cranking up to 10 and stays there for its remaining two minutes. But Finley and Drake made it sound almost natural.
The encore was reserved for songs in the English language – Barber, Copland, Healey Willan, and a Britten arrangement of The Crocodile, a folk song recounting how a man ended up eaten up by the gigantic reptile and spent ten years inside it, "very well contented."
As was the audience on this night.
Gerald Finley and Julius Drake presented a recital program on April 22, at Koerner Hall, Toronto. They continue to tour this program to Washington DC, Georgia and NYC. Finley will have an extra stop in Montreal, with pianist Michael McMahon (Info).
Lydia Perović is an arts journalist in Toronto. Send her your art-of-song news at email@example.com.


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Must Indiana Affidavits Be Signed Under The Penalties Of Perjury?
March 31, 2017
A client recently asked me whether its summary judgment affidavit needed to be signed under the penalties of perjury. Given the business records nature of the affidavit (under Evidence Rule 803(6)), the affiant had some heartburn about the nature of his execution.
Trial rule. The affidavit was for an Indiana state court case, so Indiana state law applied. The applicable Trial Rule is 11(B). The rule doesn't directly answer the question, however. Here is the entire section of the rule:
Verified pleadings, motions, and affidavits as evidence. Pleadings, motions and affidavits accompanying or in support of such pleadings or motions when required to be verified or under oath shall be accepted as a representation that the signer had personal knowledge thereof or reasonable cause to believe the existence of the facts or matters stated or alleged therein; and, if otherwise competent or acceptable as evidence, may be admitted as evidence of the facts or matters stated or alleged therein when it is so provided in these rules, by statute or other law, or to the extent the writing or signature expressly purports to be made upon the signer's personal knowledge. When such pleadings, motions and affidavits are verified or under oath they shall not require other or greater proof on the part of the adverse party than if not verified or not under oath unless expressly provided otherwise by these rules, statute or other law. Affidavits upon motions for summary judgment under Rule 56 and in denial of execution under Rule 9.2 shall be made upon personal knowledge.
The rule begs the question of what "verified or under oath" means.
Case law. Indiana case law appears to have the answer. Although using the exact language of TR 11(B) is not required, the "chief test of the sufficiency of an affidavit is its ability to serve as a predicate for a perjury prosecution." Jordan v. Deery, 609 N.E.2d 1104, 1110 (Ind. 1993). In Gaddie v. Manlief (In re H.R.M.), 864 N.E.2d 442 (Ind. Ct. App. 2007), the Indiana Court of Appeals provides a thorough discussion of what is required for a business records affidavit and affidavits generally. The Court determined that a business records affidavit whose affiant stated, "I, Anita Martin, being duly sworn, state as follows" was insufficient to constitute a valid verification as it was inadequate to subject Martin to prosecution for making a false affidavit, and therefore, insufficient to support the accompanying business records. A statement such as "duly sworn upon his oath, alleges and says" with a notarized signature provides a stronger intention to be bound by the penalty for perjury than "being duly sworn," Id. (citing State ex rel. Ind. State Bd. Of Dental Examiners v. Judd, 554 N.E.2d 829 (Ind. Ct. App. 1990)). The Court did note, however, that Bentz v. Judd, 714 N.E.2d 203 (Ind. Ct. App. 1999), and an older Indiana Supreme Court case, Gossard v. Vawter, 21 N.E.2d 416 (Ind. 1939), found such a verification to still be insufficient. On the other hand, the statement "I affirm the truth of the above statements" met the requirements for verification in a summary judgment affidavit in Hoskins v. Sharp, 629 N.E.2d 1271 (Ind. Ct. App. 1994).
The answer is yes. Although the rule and the case law may not crystal clear on the exact verbiage needed, the bottom line is that, to ensure affidavits will stand up in court, it is prudent to state, either at the beginning or immediately before the signature, that the affidavit is being given under oath and subject to the penalties of perjury. For what it's worth, I usually start my affidavits with "Affiant, _____, having first been duly sworn upon his oath, hereby affirms as follows", and I end my affidavits with "I affirm under the penalties of perjury that the foregoing is true and correct to the best of my knowledge, information and belief."
Here are a couple prior posts related to affidavits:
- Conclusory Statements About Payment Default Doom Lender's Motion For Summary Judgment
- With Affidavits Of Debt, Remain Mindful Of The Evidentiary Requirements
I'd like to thank our associate Erica Drew for researching this issue. Her work helped me to get this post up before being out on spring break next week.


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Over the last few days there has been increasing earthquake activity in Katla volcano. The increase is slow, but this is a increase in activity. This holds in line with increased glacier melt during the Icelandic summer. What appears to be different now is the phase the increase is happening. At the moment the earthquake activity has not yet reached last year activity levels.
Earthquake activity in Katla volcano for the last 48 hours. Copyright of this image belongs to Icelandic Met Office.
Largest earthquake in last 48 hours had the magnitude of 2,4 and took place in a minor earthquake swarm inside Katla volcano caldera. Since then there has been minor earthquake activity inside Katla volcano caldera, but compared to last year current activity is low. Other earthquakes that have happened have been smaller in magnitude.
Please remember to support my work or I'll soon go into involuntary diet period in June. I am really that broke at this moment due to many factors taking place like the perfect Icelandic winter storm. Thanks for the support. 🙂


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Casual theme IS NOT officially supported since 2020, January 22. If you're interested in this modification, please contact sales or your manager.
Casual theme is perfect for CS-Cart stores. It is primarily intended for selling clothes, accessories, bags and shoes. Its minimalistic look, subtle elements and pleasant colors will suit small ecommerce stores as well as big marketplaces.
The main colors of the theme are Brass and Olive Haze
and fonts are Open Sans and Open Sans Extrabold.
The Casual theme makes customers focus on the products while they browse your store.
The theme is responsive and looks great on all devices. It consists of one file, which makes the process of installation and setup hassle free. Besides, it can be easily modified up to your needs.
Home page
Product page
While you hover over the product the image is framed and the "Quick view" button changes the color. Also, the "Add to cart" and "Add to wishlist" buttons appear in the top right corner.
The add-on is compatible with CS-Cart and Multi-Vendor 4.3.1 and above.
Don't know what archive to download to install the add-on? Read here.
This theme is created and published by Simtech Development Ltd., a CS-Cart developer. You are guaranteed a quality theme supported by the future versions. If you need help, please contact us via our help desk system.
Demo store¶
Check out the Casual theme in our demo store.
Every half an hour the demo store is reset to the default state.
Installing and setting up the theme¶
You can learn how to install and set up the theme in this User guide .


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After many years competing at the highest level of international athletics, Namibian sprint icon Frankie Fredericks was elected to the International Olympic Committee, where he has continued to make a major contribution to global sport.
During a long and illustrious sporting career, in which he competed at the pinnacle of international athletics for 12 years, Frankie Fredericks established himself as the most successful sprinter Africa has ever produced. Born on 2 October 1967 in one of the townships of Namibia's capital, Windhoek, Fredericks is a four-time Olympic silver medallist (finishing second in the 100m and 200m at Barcelona 1992 and again at Atlanta 1996). He also claimed the 200m gold at the 1993 World Championships in Stuttgart (GER), to go with three silvers over the same distance in 1991, 1995 and 1997. Moreover, he claimed the Commonwealth Games 200m gold on two occasions (1994 and 2002), a 100m and 200m double at the African Games in Cairo (EGY) in 1991, and was crowned African champion three times (200m in 1998, 100m and 200m in 2002).
Fredericks' African 200m record of 19.68 seconds, set as he finished second behind Michael Johnson at Atlanta 1996, remains intact to this day, as does his indoor world record of 19.92, which he recorded in February the same year in Liévin (FRA). Over the course of his career, he ran sub-10 seconds in the 100m on no less than 27 occasions, and recorded 24 sub-20 second finishes in the 200m. He competed for the last time in October 2003, at the age of 36, during the All-Africa Games in Abuja (NIG), adding yet another silver medal to his collection, and immediately switched his gaze to a future dedicated to helping others achieve their sporting ambitions: "I'm now going to travel around Africa sharing my experience with young athletes," he revealed.
With a degree in computer science and an MBA under his belt, Fredericks initially took up a role with the IAAF. He became a member of the IOC in 2004, joining the Athletes' Commission, which he chaired from 2008 to 2012, before going on to serve on the IOC's Executive Committee. He was also a member of the Coordination Committee for the 2012 Olympic Games in London and the 2010 Youth Olympic Games in Singapore.
The Namibian was nominated by the international organisation Peace and Sport to become one of their 54 Champions for Peace - high-profile current and former athletes who promote human and social development through sport projects around the world. He also runs his own charity, the Frank Fredericks Foundation, which aims to provide young Namibian athletes with the opportunity to realise their academic and sporting potential. "I am convinced," he says, "that every athlete in the world can contribute to improving society in the future, giving the best of him or herself, both within the sporting arena and beyond it". His own inspirational journey serves as a glowing example of how much one individual can achieve.
Athlete Olympic Results Content
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All entries for Friday 05 October 2007
October 05, 2007
First Impression of BritainI still remember that the first day I arrived at Birmingham. I was so exciting and I found every thing
was fresh. That was a windy day. For me, I like this windy day very much, although I feel little cold.
Because I believed that wind always bring fortune to me. I felt that I would love this country, for
there are many modern buildings, friendly people and green plants. My memory is foggy about
some subtle things, but the first thing which the vehicle is driven on the right side made me feel novel
because China is counter this way. When I came to Warwick campus, I was surprising. I ever did not
see this beautiful campus. It looks like a big garden, and there are many trees and wild animals such
as rabbit, squirrel, goose and some other birds. I like this kind of place. It is very peaceful and makes
me feel that I'm close to the nature, especially in this modern industrial city. That surprised me most.
Anyway I think Britain is a beautiful country which has blue sky and green grass. And there is no
much crowd like China. I think it will be a good place to study....


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Learn more about the Choice
Neighborhoods Initiative Planning Grant efforts by visiting www.sharswoodblumberg.com
The Norman Blumberg Apartments in North Philadelphia date back
to the 1960s. The dense, 8-acre site contains 499 units in two
18-story towers, a 13-story senior citizen high-rise, and 15
low-rise buildings.
While PHA has invested heavily to maintain the property in a
decent, safe and sanitary condition, Blumberg (and most high-rise
low-income family developments nationally) has been widely viewed
as a failure of planning and an obstacle to neighborhood
In contrast to the vibrancy and strength of nearby
neighborhoods, the blocks immediately surrounding Blumberg includes
a large concentration of vacant and blighted buildings and lots,
and suffers from a violent crime rate that is 1.5 times greater
than the Citywide crime rate.
Choice Neighborhoods Planning
In November 2013, PHA, working with 23 partners, received a
Choice Neighborhood Initiative (CNI) Planning Grant. The planning
grant of $500,000 supports the development of a successful
transformation plan for both the Blumberg site as well as the
surrounding Blumberg/Sharswood neighborhood.
CNI has three core goals: housing, people, and neighborhoods.
The plan was developed withextensive community engagement and
complements the Lower North District plan from the City Planning
The renewal effort received a major financial boost when the
Pennsylvania Housing and Finance Agency (PHFA) awarded the first
phase of the Blumberg redevelopment a 9 percent Low Income Housing
Tax Credit in February 2014. It marked the first 9 percent credit
for the agency in nearly four years. The award will allow PHA to
raise $12.6 million through private investment and cover 60 percent
of the total cost of the first phase of redevelopment, which will
take place both on and off-site.
In May 2014,
the PHA Board awarded a construction contract for the first phase
of redevelopment.
the Transformation Plan


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Alchorisma alludes to the relationships between algorithms, charisma, rhythm, alchemy and karma. Alchorisma is a Constant worksession which looks at integrating cosmogenetic views with the charisma surrounding technology. We look at ways to infect existing algorithmic models with positions that acknowledge the importance of co-existence with non-human entities.
The Alchorisma worksession takes place from 2nd - 8 December 2018 at Z33, House for Contemporary Art in Hasselt, Belgium. Working language is English.
Constant's worksessions are intensive transdisciplinary sessions organised twice a year. We create a temporary working environment where participants from different backgrounds come together to develop projects and research ideas. We prefer to use Free, Libre and Open Source software and data available under open licenses.
In collaboration with: Z33 (Studio Time), FoAM, rybn.
With the support of: Domein Bokrijk & Agentschap voor Natuur & Bos.
With the participation of: Adva Zakai, An Mertens, Anne Adé, Anne-Laure Buisson, Annie Abrahams, Arthur Gouillart, Artyom Kolganov, Axel Meunier, Donatella Portoghese, Erik De Wilde, Femke Snelting, Gaspard Bébié-Valérian, Ils Huyghens, Ingrid Baisier, Isabella Aurora, Jack Boyer, Karin Ulmer, Karin Van Ginneken, Kevin Bartoli, Linda Verplancke, Maeva Borg, Maja Kuzmanovic, Malgorzata Zurada, Marika Dermineur, Marleen Verschueren, Martina Gylsen, Mauro Ricchiuti, Nele De Man, Nik Gaffney, Peter Westenberg, Roberto Simone, Sumugan Sivanesan, Tiina Prittinen, Vesna Manojlovic, Wendy Van Wynsberghe.
Thanks to: Toon Van Daele, Jef Van Meulder, Hans Nickmans, Kathy Melcher, Frank Coppieters, MIchèle Meesen.
Zuivelmarkt 33, 3500 Hasselt


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Experience a precious
bond with your child
bond with your child
At Femiint Health, we believe there is no happiness like the happiness of being a mother. It starts from the moment when you first learn you are pregnant and stays with you forever. Femiint Health team works hard to protect your happiness and cares for you not only till your baby is born but beyond that.
Femiint Health sets a whole new paradigm and sets itself apart in maternity services by providing you an advanced state –of-the-art facility, world- class team of doctors, well-trained nurses and support staff. This is complemented with advanced imaging and diagnostic labs and superbly designed suite rooms.
Polycystic ovary syndrome or disease (PCOS/PCOD) is a hormonal disorder that affects women in their reproductive age. PCOS is a common health condition that affects teen and young girls, it's seen in one out of 10 women in their childbearing age. women with PCOS may have irregular or prolonged menstrual periods or excess male hormone (androgen) levels. The ovaries may build up various tiny collections of fluid (follicles) and fail to often unleash eggs.
Signs & Symptoms:
Signs & Symptoms:
Laparoscopic ovarian drilling is a surgical treatment that can trigger ovulation in women who have polycystic ovary disorder (PCOS). Electrocautery or a laser is utilized to annihilate portions of the ovaries. Destroying part of the ovaries may restore regular ovulation cycles.
This medical procedure isn't commonly utilized. However, it may be a possibility for those who are still not ovulating after using fertility medicines and attempting weight loss.
"I chose Femiint for my entire care from pregnancy till delivery. Dr Anitha is a rock star at handling things with patience and knowledge. The care team from maintenance to front office were very helpful. Special thanks to the nursing team who helped me throughout my stay. Glad today with my little one handled by safe hands."
Asha N
"One of my friends referred Dr Anitha and we are very happy to have such a doctor. Dr Anitha is good, friendly, understands well, takes care of every concern or request which made by us. We are blessed with a baby with no complications. A big thanks to her."
"We have been to this hospital immediately after we came to India from abroad. Our concern was to find a good doctor and a hospital nearby location. My wife was in the first trimester. The hospital ambience was good and the doctor Anitha was helpful. She was easy to approach and respond to our email queries and phone calls. Everything went well and we are happy to get back home with our newborn baby."
Surendran S


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Monthly Archives: March 2013
Down "Write" Funny – My Cheaterpants Link of the Week
I'm going to cheat this week, because I am a lazy, lazy cheaterpants who needs to be working on taxes and judging contest entries and edit/polishing my manuscript, and I just don't have the damn time already to come up … Continue reading


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"We, the members of the group known as "The Circle of Justice" hereby give you notice that you are to cease any statements, implications or representations that you represent our group in any capacity or have any association with our group. We also hereby give you notice to cease the use of the name of The Circle of Justice or the name of any individual of the group in any association with you in any book, newspaper, on the internet, television or through any medium or in any conversations or representations with anyone.
"We also give notice to you Kevin Annett to cease any and all fundraising in the name of the Circle of Justice and to turn over and account for any monies collected in the name of The Circle of Justice or when the name of The Circle of Justice was associated with your name in any way. We also demand that you turn over any and all materials in whatever form taken specifically through your interviews and other work with Survivors of the Canadian Residential Schools."[3] –NewsInsideOut.com
Posted 22 Dec 2014
VANCOUVER, BC – In an exclusive interview with NewsInsideOut.com's Alfred Lambremont Webre, ITCCS Juror Alex Hunter, accompanied by residential school survivor Wa7tsek of the Burrard First Nations Band, stated that Kevin Annett did not convene a Tribunal for a 2012 trial of Pope Ratzinger, UK Queen Elizabeth Windsor, Canadian Prime Minister Harper and others for child genocide and child trafficking of First Nations children in Canada.
Kevin Annett never served any Jury Notices, Evidence, Instructions, or held a 2012 trial in which he (Alex Hunter) or his fellow Jurors participated, says ITCCS and International Common Law Court of Justice (ICLCJ) former 'juror' Alex Hunter.
"I found out about the so-called 2012 trial of the "Dirty Thirty" (UK Queen, Pope Ratzinger, Prime Minister Harper and others) from the verdicts that Kevin Annett was issuing via email and on the ITCCS website. Kevin Annett is a screen writer and we are characters in his fictional court, trials and verdicts."
Annett fabricated 2012 Trial of UK Queen, Pope Ratzinger, and Prime Minister Harper
ITCCS/ICLCJ Juror Alex Hunter states in his interview that Kevin Annett never sent any information pertaining to this Case No. 1, this Notice, or further instructions to him or other citizen Jurors he knows, as stated on the ITCCS website.
READ FULL REPORT: NewsInsideOut.com
[1] Historic Commencement of The International Common Law Court of Justice: The Case of Genocide in Canada
[2] The International Common Law Court of Justice: Case No. 1 – Genocide in Canada
Addendum: Last Updated 24 Dec 2014 to include Alfred Webre's video below.


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Study Completion Reporting
University of Minnesota Study Closeout Resources
UMN Ortho Publication and Presentation Tracking
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University of Minnesota IRB Final Closeout
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FINANCIAL PERFORMANCE ANALYSIS OF CHENNAI PETROLEUM CORPORATION LIMITED, CHENNAI A summer internship report submitted in partial fulfillment of the Degree of Master of Business Administration of Thiagarajar School of Management, Madurai By K. SRIRAM Reg No – 1011082 Under the guidance of Prof. ARUNACHALAM . M Faculty TSM, Madurai [pic] Thiagarajar School of Management (Affiliated to Madurai Kamaraj University) Madurai – 625 005 May – July 2011 BONAFIDE CERTIFICATEThis is to certify that the project work titled, "FINANCIAL PERFORMANCE ANALYSIS CHENNAI PETROLEUM CORPORATION LIMITED, CHENNAI" was undertaken at CHENNAI PETROLEUM CORPORATION LIMITED, CHENNAI, submitted to Thiagarajar School of Management, Madurai in partial fulfillment of Master of Business Administration Degree is a record of original work done by me and no part of this internship report has been submitted for the award of any other Degree, Diploma, Fellowship or other similar studies.SIGNATURE SIGNATURE (INTERNAL GUIDE) (EXTERNAL GUIDE) DATE : ACKNOWLEDGEMENT I put forth my heart and soul to thank The Almighty for being with me all through my achievements, success and failures.
I express my sincere and whole hearted gratitude to the management of CHENNAI PETROLEUM CORPORATION LIMITED, MANALI for giving me a golden opportunity to pursue a valuable project. I deem it a privilege to thank Mr. JAGADEESAN .B, SENIOR OFFICER (FINANCE-CORPORATE ACCOUNT & TAXATION) CPCL, MANALI, CHENNAI-68 for his valuable ideas and guidance throughout the project. I extend my deep sense of gratitude to Prof.
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M. ARUNACHALAM, Faculty, Thiagarajar School of Management for providing support guidance and valuable ideas which helped me to complete this project successfully. I deem it a privilege to thank Mr.
Venkiteswaran. N, Director, Thiagarajar School of Management for facilitating my value addition at the institution. I sincerely thank Dr. M. Nagaraju, Principal, Thiagarajar School of Management, for his encouragement.Finally, I extend my thanks to my friends and family members who have been a source of inspiration and support throughout the project. CONTENTS Page no. List of tables8 List of charts 9 Executive summary10 Chapter 1 Introduction11 1.
Objectives 13 2. About the project33 Chapter 2 About the company and industry35 Chapter 3 Review of literature35 Chapter 3 Research Methodology40 . 1 Statement of the problem41 3.
2 Scope of study41 3. 3 Objectives41 3. 4 Research design41 3. 5 Data collection42 3. 6 Questionnaire construction43 3. 7 Sampling Method44 3. 8 Tools for analysis44 3. 9 Limitations45 Chapter 4 Analysis and Interpretation46 Chapter 5 Findings63Chapter 6 Conclusions65 Chapter 7 Suggestions67 Chapter 8 Bibliography69 Chapter 9 Annexure71 EXECUTIVE SUMMARY The project is intended to analyze the financial performance of CHENNAI PETROLEUM CORPORATION LIMITED, MANALI, CHENNAI.
A comprehensive study has been carried out on the financial status of the company for the past six years and analysis has been done using various financial analysis tools such as ratio analysis, z-score analysis, commom size analysis, comparative balance sheet analysis, etc. he sales figures, working capital and the profitability of the company has been predicted using regression analysis and trend analysis and they are tabulated and these values are interpreted to analyze the company's performance in the next four years to come CHAPTER : 1 INTRODUCTION OBJECTIVES PRIMARY • To study about the oil industries. • To analyze the overall performance and position of the company CPCL in the deregulated scenario. SECONDARY • To study the present financial position of CPCL. • To study the financial performance of CPCL by analyzing the profitability, solvency and liquidity position of the company. To evaluate the operating efficiency of CPCL using funds flow statement analysis and to suggest measures for improving the operating efficiency of the company. • To study the efficiency of working capital in operations.
• To study the sources and application of funds and cash flow for the past 5 years. • To project the future Sales, Profit & working Capital of CPCL and to ascertain the strengths and weaknesses of the company. ABOUT THE PROJECT What is Financial Analysis? The computation of analytical ratios from financial statements and interpretation of these ratios to determine their trends as a basis for management decisions.Finance is the backbone of any enterprise.
It may be manufacturing, trading or servicing. Efficient management of every enterprise is the outcome of efficient management of its finance. Finance is one of the basic foundations of all kinds of economic activities. Corporate financial analysis is largely a study of the relationship among the various finance factors in a business, as disclosed by a single set of statements and a study on the trends of these factors shown in the series of statements of the company with future projections.It is a process of identifying the financial strength and weakness of the firm by properly establishing relationships between the items of the balance sheet and the profit and loss account. My primary aim is to provide a comprehensive analysis on the company's performance on the financial front with the data provided by the company. Staying in the esteemed and disciplined organization has given immense knowledge on the working of the industry and how CPCL has set up its organization structure. It has a well organized corporate office in Teynampet and inbuilt offices in the premises of Manali refinery.
The main objective is to present a detailed financial performance analysis comparing the past six years of the company's annual report. This report will contain following tools which are commonly used for analyzing any industry. • Ratio Analysis • Comparative Balance Sheet Analysis • Common size Balance Sheet Analysis • Statement of changes in the working capital • Z-Score Analysis • Y-score analysis • Trend Analysis • Regression Analysis CHAPTER : 2 INDUSTRY AND THE COMPANY PROFILE INDUSTRY PROFILE OIL AND NATURAL GASOil industry primarily comprises the following activities: crude oil exploration, crude oil refining, distribution and marketing of petroleum products. The various products obtained from the distillation of crude oil include petrol, diesel, kerosene, natural gas, naphtha, fuel oil, aviation turbine fuel, bitumen and paraffin. A host of other less valuable hydrocarbon products are also obtained in the crude oil distillation process as by-products. The Indian oil and gas sector is one of the six core industries in India and has very significant forward linkages with the entire economy.India has been growing at a decent rate annually and is committed to accelerate the growth momentum in the years to come.
This would translate into India's energy needs growing many times in the years to come. Hence, there is an emphasized need for wider and more intensive exploration for new finds, more efficient and effective recovery, a more rational and optimally balanced global price regime – as against the rather wide upward fluctuations of recent times, and a spirit of equitable common benefit in global energy cooperation.The Indian oil and gas sector is of strategic importance and plays a predominantly pivotal role in influencing decisions in all other spheres of the economy.
The annual growth has been commendable and will accelerate in future consequently encouraging all round growth and development. This has necessitated the need for a wider intensified search for new fields, evolving better methods of extraction, refining and distribution, the constitution of a national price mechanism – keeping in mind the alarming price fluctuation in the recent past and evolving a spirit of equitable global corporation.Exploration and Production (E) The growing demand for crude oil and gas in the country and policy initiative of Government of India towards increased E activity, have given a great impetus to the Indian E industry raising hopes of increased exploration. Oil and Natural Gas Corporation Limited (ONGC) and Oil India Ltd. (OIL), the two National Oil Companies (NOCs) and private and joint-venture companies are engaged in the exploration and production (E) of oil and natural gas in the country.
During the year 2008-09, crude oil production has been 33. 51 million metric tonnes (MMT) with natural gas at 32. 5 billion cubic metre (BCM). Natural gas production in 2009-10 is targeted to be about 52. 116 BCM. HIGHLIGHTS IN THE PETROLEUM & NATURAL GAS SECTOR DURING 2009-10 India has total reserves (proved & indicated) of 1201 million metric tonnes of crude oil and1437 billion cubic metres of natural gas as on 1. 4.
2010. The total number of exploratory and development wells and metreage drilled in onshore and offshore areas during 2009-10 was 428 and 1019 thousand metres respectively. Crude oil production during 2009-10 at 33. 69 million metric tonnes is 0. 55% higher than 33.
1 million metric tonnes produced during 2008-09. Gross Production of Natural Gas in the country at 47. 51 billion cubic metres during 2009-10 is 44.
63% higher than the production of 32. 85 billion cubic metres during 2008-09. The production of Natural Gas at 44. 94% and 0. 08% of the total were highest and lowest in JVC/Private and West Bengal respectively during 2009-10.
The flaring of Natural Gas in 2009-10 at 2. 09% of gross production is lower than at 3. 29% in 2008-09. The refining capacity in the country increased to 184. 386 million tonnes per annum (MTPA) as on 1. . 2010 from 177.
968 MTPA as on 1. 4. 2009. The total refinery crude throughput during 2009-10 at 160.
03 million metric tonnes is 0. 46% lower than 160. 77 million metric tonnes crude processed in 2008-09 and the prorate capacity utilisation in 2009-10 was 89. 92% as compared to 107.
43% in 2008- 09. The production of petroleum products during 2009-10 was 151. 898 million metric tones (including 2. 244 million metric tonnes of LPG production from natural gas) registering a decrease of 0.
51% over last year's production at 152. 678 million metric tonnes (including 2. 62 million metric tonnes of LPG production from natural gas). The country exported 50. 974 million metric tonnes of petroleum products against the imports of 23.
49 million metric tonnes (including 8. 828 million metric tonnes of LNG) during 2009-10. The consumption of petroleum products during 2009-10 were 138. 196 million metric tonnes (including sales through private imports) which is 3. 60% higher than the sales of 133. 400 million metric tonnes during 2008-09.
The total number of retail outlets of Public Sector Oil Marketing Companies as on 1. 4. 2010 has gone upto 36462 from 34948 on 1. . 2009. The total number of LPG consumers of Public Sector Oil Marketing Companies as on 1. 4.
2010 were 114. 952 million against 105. 632 million as on 1. 4. 2009.
The number of persons employed (including contract employees) in petroleum industry as on 1. 04. 2010 and 1. 04. 2009 are 129988 & 138973 respectively. Imports and Exports of crude oil and petroleum products During the financial year 2008-09, imports of crude oil has been 128. 16 MMT valued at US$ 73. 97 billion.
Imports of crude oil during 2007-08 was 121. 67 MMT valued at US$ 58. 98 billion. This marked an increase of 5. 3 per cent during 2008-09 in quantity terms and increased by 25. 37 per cent in value terms.
During the financial year 2008-09, exports of petroleum products in quantity terms is 36. 93 MMT valued at US$ 25. 41 billion marking an increase of 6.
02 per cent in value terms compared to 2007-08. Natural Gas Natural Gas has emerged as one of the most preferred fuel due to its environmentally benign nature, greater efficiency and cost effectiveness. At present, the main producers of natural gas are Oil and Natural Gas Corporation Limited (ONGC), Oil India Limited (OIL) and the Joint Ventures of Panna Mukta & Tapti, and Ravva.Out of the total production of around 96 MMSCMD, after internal consumption, LPG extraction and unavoidable flaring, around 73 MMSCMD is available for sale to various consumers. In addition, around 7 MMTPA of re-gasified LNG (about 23 MMSCMD) is also being supplied to domestic consumers. Gas produced by ONGC and OIL from the existing nominated blocks is sold at administered prices fixed by the Government. As against a total allocation of 150 MMSCMD of gas, actual supply under APM is presently around 53 MMSCMD. REFINERIES IN INDIATo meet the growing demand of petroleum products, the refining capacity in the country has gradually increased over the years by setting up of new refineries in the country as well as by expanding the refining capacity of the existing refineries.
As of April, 2009 there are a total of 20 refineries in the country comprising 17 (seventeen) in the Public Sector and 3 (three) in the Private Sector. The country is not only self sufficient in refining capacity for its domestic consumption but also exports petroleum products substantially. Public Setor UndertakingsOil & Natural Gas Corporation Limited (ONGC) ONGC Videsh Limited (OVL) Oil India Liimted (OIL) GAIL (India) Limited Chennai Petroleum Corporation Limited (CPCL) Bongaigaon Refinery & Petrochemicals Limited (BRPL) Numaligarh Refinery Limited (NRL) Mangaore Refinery & Petrochemicals Limited (MRPL) Other Undertakings/organisations Directorate General of Hydrocarbons (DGH) Engineers India Limited (EIL) Balmer Lawrie & Co. Ltd. (BL) Biecco Lawrie Limited (BLL) Oil Industry Development Board (OIDB) Oil Industry Safety Directorate (OISD) Centre for High Technlogy (CHT) Petroleum India International (PII)Petroleum Planning & Analysis Cell (PPAC) KEY PLAYERS • Indian oil corporation.
• ONGC. • Bharat Petroleum. • Reliance Petroleum Limied. • Essar Oil Limited. • Gas Authority of India. • Hindustan Petroleum Corporation.
• Aban. • Oil India Limited. • Tata Petrodrive. COMPANY PROFILE |[pic]Chennai Petroleum Corporation Limited (CPCL) is a world class Refining Company with dominant presence in South India. CPCL, formerly | |known as Madras Refineries Limited (MRL), was formed in 1965 as a joint venture between the Government of India (GOI), AMOCO and National | |Iranian Oil Company (NIOC).Subsequent to AMOCO's and GOI's disinvestment in 1985 and 2001 respectively, CPCL became a group company of | |Indian Oil corporation limited (IOCL). | |In 1969, CPCL set up its first Refinery in Manali, Chennai with an installed capacity of 2. 5 MMTPA in a record time of 27 months.
CPCL | |now has two refineries with a combined refining capacity of 10. 5 MMTPA. The Manali Refinery has progressively increased its refining | |capacity to the current level of 9. 5 MMTPA and is one of the most complex refineries in India and produces Fuels, Lubes, Wax and | |Petrochemical feed stocks.CPCL's second Refinery is located at Cauvery Basin in Nagapattinam. This unit was initially set up with a | |capacity of 0. 5 MMTPA in 1993 and later enhanced to 1. 0 MMTPA with its own captive Jetty.
The turnover of CPCL for the year 2008-09 was Rs. | |36,490 crore. CPCL plays the role of a Mother Industry supplying feed stocks to the neighbouring industries in Manali. CPCL's products are | |marketed through IOCL.
CPCL's products are mostly consumed domestically except Naphtha, fuel oil and lubes which are partly exported. |CPCL has also made pioneering efforts in the field of Energy and Water Conservation by setting up a Wind Farm and Sewage Reclamation and | |Sea Water Desalination Plants. | | | |Chennai Petroleum Corporation Limited (CPCL), formerly known as Madras Refineries Limited (MRL) was formed as a joint venture in 1965 | |between the Government of India (GOI), AMOCO and National Iranian Oil Company (NIOC) having a share holding in the ratio 74%: 13%: 13% | |respectively.Originally ,CPCL Refinery was set up with an installed capacity of 2.
5 Million Tonnes Per Annum (MMTPA) in a record time of | |27 months at a cost of Rs. 43 crore without any time or cost over run. | |In 1985, AMOCO disinvested in favour of GOI and the shareholding percentage of GOI and NIOC stood revised at 84. 62% and 15. 38% | |respectively. Later GOI disinvested 16.
92% of the paid up capital in favor of Unit Trust of India, Mutual Funds, Insurance Companies and | |Banks on 19 th May 1992, thereby reducing its holding to 67. 7 %. The public issue of CPCL shares at a premium of Rs.
0 (Rs. 90 to FIIs) in| |1994 was over subscribed to an extent of 38 times and added a large shareholder base. | |As a part of the restructuring steps taken up by the Government of India, IndianOil acquired equity from GOI in 2000-01. In July 2003, NIOC| |transferred their entire shareholding to Naftiran Intertrade Company Limited, an affiliate, in line with the Formation Agreement, as part | |of their organizational restructuring. Currently IOC holds 51.
89% while NICO holds 15. 40%. | |CPCL has two refineries with a combined refining capacity of 10. 5 Million Tonnes Per Annum (MMTPA).The Manali Refinery has a capacity of | |9. 5 MMTPA and is one of the most complex refineries in India with Fuel, Lube, Wax and Petrochemical feedstocks production facilities. | |CPCL's second refinery is located at Cauvery Basin at Nagapattinam. This unit was set up in Nagapattinam with a capacity of 0.
5 MMTPA in | |1993 and later enhanced to 1. 0 MMTPA. | |The main products of the company are LPG, Motor Spirit, Superior Kerosene, Aviation Turbine Fuel, High Speed Diesel, Naphtha, Bitumen, Lube| |Base Stocks, Paraffin Wax, Fuel Oil, Hexane and Petrochemical feed stocks.The Wax Plant at CPCL has an installed capacity of 30,000 tonnes| |per annum, which is designed to produce paraffin wax for manufacture of candle wax, waterproof formulations and match wax. A Propylene | |Plant with a capacity of 17,000 tonnes per annum was commissioned in 1988 to supply petrochemical feedstock to neighbouring downstream | |industries. The unit was revamped to enhance the propylene production capacity to 30,000 tonnes per annum in 2004.
CPCL also supplies LABFS| |to a downstream unit for manufacture of Liner Alkyl Benzene. | | | | | | | | | | CPCL – VISION STATEMENT Chennai Petroleum Corporation Limited will be a world class energy company, well respected and consistently profitable with a dominant presence in South India CPCL – MISSION STATEMENT To maximize profits through: The manufacturing and supply of petroleum products and • Other related business in a reliable, ethical and socially responsible manner MAJOR PROJECTS COMPLETED Refinery-III capacity Expansion by 1. 0 MMTPA • In order to produce additional value added products like LPG, Naphtha, SK, HSD, etc.
meeting latest fuel norms, existing Refinery-III capacity at Manali Refinery was expanded from 3. 0 MMTPA to 4. 0 MMTPA. M/s. Engineers India Ltd. carried out detailed engineering, procurement and construction management of this project. This project has been completed by April 2010 nd the plant is in operation.
The total cost of the project was 200. 41 Crores. Revamp of existing Naphtha Hydro-treating / Catalytic Reforming Unit • To produce high quality Motor Spirit (with higher Octane number) meeting Euro-IV specifications, the existing Naphtha Hydro-treating / Catalytic Reforming unit with semi regenerative cycle was revamped to higher capacity with continuous regenerative cycle at an estimated cost of Rs. 272. 77 crore. The plant was commissioned in May 2010. MAJOR PROJECTS UNDER IMPLEMENTATION 1) Euro-IV Preparedness on Auto FuelsAs per the Auto Fuel Policy of the Government of India, Auto Fuel Quality Upgradation Project (to produce MS/HSD meeting Euro-IV specifications for Chennai and Bangalore and Euro-III equivalent specifications for the rest of the locations from April 2010 onwards) has been undertaken at an estimated cost of Rs. 2615.
69 crore in Manali Refinery. M/s Engineers India Ltd. (EIL) were engaged for Design, Engineering, Procurement and Execution of this project on 'Open Book Estimate Contract' Methodology. The details of the Auto Fuel Projects are as given below: The Naphtha Hydro-treater / Isomerisation (NHDT/ISOM) unit for MS production has been mechanically completed and commissioning jobs are in progress. • The Diesel Hydro-treater (DHDT) unit for Diesel quality Upgradation has been mechanically completed and pre-commissioning jobs are in progress.
• Other Utilities and Offsite packages are in various stages of progress and expected to be completed by May 2011 • A new Hydrogen Generation Unit to augment the existing Hydrogen Generation capacity is under construction and expected to be completed by Dec. 2011. ) Revamp of existing CDU/VDU-II from 3. 7 to 4. 3 MMTPA: As per Euro-IV Diesel specification under the Diesel Quality Improvement projects (the production of Diesel confirming to ASTM D 86 to have 95% (vol) recovery at a temperature of 360 oC (max)) and also to enhancement unit capacity from existing 3.
7 MMTPA to 4. 3 MMTPA is being implemented. EIL has been awarded as PMC for Design, Engineering, Procurement and Execution of this project. The cost of this project 333. 99 Crores is approved.
The project is expected to be completed by March 2012. FUTURE Projects 1) Resid up-gradation Project To improve the distillate yield of Manali refinery, Resid Upgradation Project has been conceived. The project has been awarded to M/s Jacobs for Design, Engineering, Procurement and Execution of this project. The Process Packages for all the Process units have been completed. • The scope of work has been divided into 2 phases: o Phase-I: Covers preparation of Utilities& offsite package, Finalizing orders on Long lead items, Preparation of DFR and Tender for enabling jobs o Phase-II: Covers execution of the project including OHCU Revamp and additional packages for Utilities & Offsite. Final DFR expected by Feb 2011 after which Investment approval would be made. Anticipated completion of the project would be 33 months from the date of investment approval. 2) New Crude Oil Pipeline To overcome the risk associated with transportation of Crude Oil through the aging existing 30" Crude Oil Pipeline, laying of a new 42" Crude Oil Pipeline as replacement, from Chennai Port to Manali Refinery along the route of the proposed Port Connectivity Road was conceived.
The entire implementation of 42" Crude Oil Pipeline awarded to M/s.IOCL at a cost of Rs. 120 Crore (under Reimbursable cost plus basis), for Design, Detailed Engineering, Procurement, Tendering, Project Management, Construction Management and supervision during installation, testing and pre-commissioning, commissioning and handing over the project to CPCL. The entire work is planned for completion in all respects within 18 months reckoned from the date of signing of the Agreement or 12 months from the date of handing over of clear RoW by CPCL whichever is later. Ongoing Projects Plan Projects • 5. 8 MGD Desalination ProjectWith a mission to achieve self-sufficiency in the water front, a project for installation of a 5. 8 MGD Desalination unit at an estimated cost of Rs. 231.
34 crore is under implementation. This project is expected to go on stream by March 08. With the commissioning of this unit, CPCL would be able to meet its total water requirements through in-house sources/facilities. • Crude Oil Pipeline Project: A new 42" Crude Oil Pipeline as a replacement of the existing 30"ageing Crude Oil Pipeline is proposed to be laid from Chennai Port to Manali Refinery along the route of the proposed Port Connectivity Road.The estimated project cost is about Rs. 65 crore. This new line will also facilitate faster unloading of crude oil from tankers.
The project is expected to be completed in 12months time from the completion of Road works and Rehabilitation activities. • Revamp of CDU-VDU of Refinery-III The Crude and Vacuum Distillation unit (CDU/VDU) of Refinery III with a design capacity of 3. 0 MMTPA was commissioned in February 2004. This unit was designed by M/s Engineers India Limited (EIL).CPCL explored the possibility of increasing the capacity of CDU/VDU in Refinery III and proposed to carry out low cost revamp of CDU/VDU III. Accordingly, approval was obtained from CPCL's management in July 2005 for awarding the job to M/s EIL for preparation of Process Package.
EIL has completed the preparation of Process Package and cost estimate for the revamp. As part of the design basis of the project, the major equipments in the unit viz. the Atmospheric Heater, Atmospheric Column, Vacuum Heater and Vacuum Column are to be retained.Based on the above criteria, the maximum capacity after revamp has been fixed at 4. 0 MMTPA as limited by the diameter of the vacuum column.
Hence, based on the diameter limitation of the vacuum column, the maximum achievable capacity of the unit after revamp is fixed at 4. 0 MMTPA. Major modifications/changes in the equipment that would take place are addition of pre-flash drum, a second stage desalter, replacement of high capacity trays in Atmospheric column, use of high capacity packing (s), replacement of burners besides installation of new Pumps and Exchangers.The present Refinery III has a merox unit (licensed by M/s UOP, U. S. A. ) with capacity of 5250 kg/hr for removal of mercaptans from LPG. The required capacity after revamp is about 12000 kg/hr for the controlling crude case (Upper Zakkum).
Alternate technology developed by EIL and IOC-R&D viz. CFC for removal of mercaptans, has been adopted for the additional LPG from the revamp. There will be incremental production of fuel products on account of revamp.LPG: 24000 TPA, Naphtha: 115000 TPA, SK/ATF: 285,000 TPA, Diesel 170,000 TPA and Fuel Oil: 330,000 TPA The total capital cost of the proposed project revamp was worked out as Rs. 134. 34 crore, including the financing charges of Rs.
3. 12 crore. The financing charges were estimated based on debt: equity of 1:1.
The above capital cost includes a foreign exchange component of Rs. 8. 63 crore. CPCL board issued the investment approval in August, 2006.
M/s EIL has been lined up as Engineering, Procurement and Construction (EPC) consultant. The project is scheduled to be commissioned by May'2009. Revamp of existing Naphtha Hydrotreating/ Catalytic Reforming Unit (Semi Regenerative type) to Continuous Catalytic Reformer (CCR) The existing Naphtha Hydro treating and Catalytic Reforming unit(NHT/CRU) located in Refinery III with an installed capacity of 225,000TPA ( reforming section) was designed by M/s. Axens, France.
The unit was commissioned in February 2004, and since then the unit has been operating smoothly. With the commissioning of 3 MMTPA expansion cum modernization project and FCC revamp project, CPCL presently produces EURO III equivalent / BS II quality MS as per auto fuel policy.In pursuant to strategy of meeting EURO IV equivalent specification for the rest of the regions CPCL explored the possibility of converting the existing Semi-Regenerative Catalytic Reformer (SCR) to a Continuous Catalytic Reformer (CCR) to increase the octane number from 98 to 102, besides maximizing its capacity. Hence the conversion of Semi Regenerative Reformer to CCR with reformate of RON 102 will be become necessary to enable CPCL to meet the higher –octane requirement. Also this revamp in combination of proposed Isomerisation unit of about 140,000 MT per nnum will also facilitate CPCL to maximize the MS production to the level of about 1. 0 MMTPA to meet the increased demand.
M/s Axens, France (Process Technology licensor) confirmed the Technical feasibility of conversion from SCR to CCR and also the capacity increase by about 35% i. e. from 225,000 TPA to 303,000 TPA. M/s Axens completed the process package in May 2006 and cost estimation was done by M/s Engineers India Limited. As part of the revamp, the following major modifications /Additions in the different sections of the unit are expected to be under taken.
No major modifications are foreseen in the Naphtha splitter, the following modifications to the Reforming unit have been envisaged: It is proposed to add a small new reactor (first position) and a new furnace. Operating pressure will be slightly increased to avoid bottleneck on recycle compressor (for compensation of increased pressure drop in the loop by higher capacity and new reactor and furnace). As part of the conversion of existing SEMI regeneration type to CCR type, a catalyst regeneration section is also to be added as new facility within in the unit limits.The additional utilities required is quite low for the proposed project, it will be met from the existing facilities. The additional products from the expansion are confirmed to be evacuated by Oil Marketing/ Pipe line divisions of Indian Oil Corporation Limited The cost of the project was estimated to be Rs. 234. 09 crore including a foreign exchange component of Rs.
58. 55 crore and financing charges of Rs. 6. 43 crore.
The project is scheduled to be completed by October' 2009. • Euro-IV Project for quality up-gradation of Auto Fuels (MS and Diesel) As per the Auto Fuel policy of Government of India, fuels viz.MS and HSD are to be produced to meet Euro IV equivalent specifications for 11 cities and Euro III Equivalent specification for the rest of the country from April 2010 onwards. As part of CPCL's endeavor to meet the future auto fuel specifications, CPCL carried out a Preliminary Feasibility Study through M/s Engineers India Limited and identified the facilities needed for this requirement. The following units are proposed to be added for Euro-IV project besides creation of required utilities and offsite facilities: • Diesel Hydrotreating Unit – 1. 8 MMTPA capacity • Naphtha Hydrotreating Unit – 0.
MMTPA capacity • Isomerisation Unit – 0. 14 MMTPA capacity • Hydrogen Generation Unit of 21000 TPA • Revamps of Sour Water Stripper Unit and Sulphur Recovery Units • Frame VI GT – 30 MW The major utilities and offsite facilities envisaged for the project include one Cooling Tower Cell (3800 m3/hr), one DM water Chain (150 m3/hr), one Compressed Air System, an Air Separation unit (360 Nm3/hr of gaseous N 2 and 36 Nm3/hr of liquid N 2) and a Flare System in addition to the required feed and product tanks. The cost of the project as per the PFR was estimated to be Rs. 665 crore including a foreign exchange component of about Rs. 325 crore and financing charges of about Rs. 61 crore. After the execution of the Euro IV project CPCL will be able to produce MS and HSD of Euro III / Euro IV specifications and also 100% Euro IV specifications. CPCL's Board in its meeting held on 25 th August 2006 accorded its approval to carry out pre-project activities for Euro-IV Project at an estimated cost of Rs.
48 crore. The commissioning of NHT/ISOM segment is slated to be completed by January 2010 and DHDT by July 2010. Non-Plan Projects • Installation of 20 MW Gas Turbine:This project would further strengthen the Company's infrastructure at the cost of Rs. 157. 88 crores. This project will enhance the reliability and quality of captive power generation of Manali Refinery. The project is expected to be completed by February 2008.
. • Additional Crude Tanks: Two more Crude tanks are being added to the present strength to augment the crude storage capacity at Manali, at an estimated cost of Rs. 80. 57 crore. These additional tanks are expected to be in place by June 2009. • Installation of Higher capacity MS tank: Construction of Single deck floating roof tank for MS services is underway at the cost of Rs.
. 40 crores AWARDS AND RECOGNITIONS IN THE PAST FIVE YEARS |YEAR |AGENCY |DETAILS OF THE AWARD | | | |CPCL CBR was awarded "Award for TPM Excellence, category A" indicating | |2010 |JAPAN Institute of Plant Maintenance(JIPM) |that TPM is implemented for all the 8 pillars excellently in entire CBR | | | |by JAPAN Institute of Plant Maintenance(JIPM) during January 28, 2010. | | |Rural Development and Panchayat Raj Department, Government of Tamil Nadu| | | |has selected Chennai Petroleum Corporation Limited (CPCL) as one of the | |2009 |Government of TamilNadu |recipients of the prestigious Corporate Social Responsibility (CSR) | | | |Award for the year 2008-09 for having undertaken various social and | | | |economic upliftment programs within the State of Tamil Nadu. | | | |CPCL has been selected for the Presentation of the prestigious 10th | |2009 |Greentech Foundation, New Delhi |Annual "Greentech Environment Excellence Award-2009". | | |CPCL received Golden Peacock Award for its Pioneering efforts in the | |2009 |Institute of Directors, New Delhi |field of occupational Health in the Oil sector and for the Most | | | |significant improvements & innovative activities practiced in the field | | | |of Occupational Health & Safety. | | | |CPCL CBR was awarded 3rd level Safety Award namely (Suraksha Puraskar- | |2008 |National Safety Council of India, Mumbai |Bronze Trophy and Certificate) for the Year 2007 by NSCI,Mumbai. This | | | |award was presented on 10. 01.
2009. | | |CPCL CBR won the Star Award from National Safety Council of India, Tamil| |2008 |National Safety Council of India |Nadu Chapter, Chennai for the Year-2007 under the NSCI Safety Awards | | | |Scheme of NSC, TN Chapter, Chennai. | | | |CPCL received Exim Achievements Award from Tamil Chamber of Commerce at | |2008 |Tamil Chamber of Commerce |a Function Presided by His Excellency the Governor of Tamil Nadu. | | |CPCL received the prestigious Mother Teresa Award for Corporate Citizen | |2008 |Loyola Institute of Business |2008, instituted by Loyola Institute of Business | | |Administration(LIBA) |Administration(LIBA),Chennai. | | | |CPCL was one of the Top 25 companies adopting good Corporate Governance | |2008 |Institute of Company Secretaries of |practices in the year 2008. CPCL achieved this excellence for the third | | |India(ICSI) |time in a row.
| | |CBR won the Star award from National Safety Council of India, Tamil Nadu| |2007 |National Safety Council of India |Chapter, Chennai for the year 2007 under the NSCI Safety awards Scheme | | | |of NSC, TN Chapter, chennai. | | | | | |2007 |Institute of Company Secretaries of India |Adoption of good Corporate Governance Practices | |2007 |Government of TamilNadu |State Safety Award for 2005 | |2007 |Prime Minister's Office |Shram Bhushan Awards |2006 |Ministry of Petroleum and Natural Gas-GOI |Jawaharlal Nehru Centenary Award for Energy Performance | CHAPTER : 3 REVIEW OF LITERATURE FINANCIAL ANALYSIS Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business, sub-business or project. It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports.
These reports are usually presented to top management as one of their bases in making business decisions. Continue or discontinue its main operation or part of its business; • Make or purchase certain materials in the manufacture of its product; • Acquire or rent/lease certain machineries and equipment in the production of its goods; • Issue stocks or negotiate for a bank loan to increase its working capital; • Make decisions regarding investing or lending capital; • Other decisions that allow management to make an informed selection on various alternatives in the conduct of its business. GOALS Financial analysts often assess the firm's: 1. Profitability -its ability to earn income and sustain growth in both short-term and long-term.
A company's degree of profitability is usually based on theincome statement, which reports on the company's results of operations; 2.Solvency – its ability to pay its obligation to creditors and other third parties in the long-term; 3. Liquidity – its ability to maintain positive cash flow, while satisfying immediate obligations; Both 2 and 3 are based on the company's balance sheet, which indicates the financial condition of a business as of a given point in time. 4. Stability- the firm's ability to remain in business in the long run, without having to sustain significant losses in the conduct of its business. Assessing a company's stability requires the use of both the income statement and the balance sheet, as well as other financial and non-financial indicators. METHODS OF ANALYSISFinancial analysts often compare financial ratios (of solvency, profitability, growth, etc. ): • Past Performance – Across historical time periods for the same firm (the last 5 years for example), • Future Performance – Using historical figures and certain mathematical and statistical techniques, including present and future values, This extrapolation method is the main source of errors in financial analysis as past statistics can be poor predictors of future prospects.
• Comparative Performance – Comparison between similar firms. FINANCIAL ANALYSIS REQUIREMENT • How to manage the finances to achieve the strategic goals of the institution • How to increase profitability • How to reach self-sufficiency/breakeven point How to increase efficiency especially reducing the cost per client • What is the optimum level of each different operational expense including the cost of funds • How to manage the costs of human resources as part of overall human resource management • How to deal with the effect of inflation • What is the loan loss reserve policy • What is the write-off and rescheduling policy • What interest rate should the MFI charge on products? • How to manage liquidity—i. e. , how to keep solvent at the same time as disbursing the maximum number of loans, setting a target level of liquidity • What is the best financing structure, i. e. , how much debt including from commercial sources and how much capital do you need? • What should the asset structure be? • How to manage the fixed assets, i. e.
, the depreciation policy, how to finance them, are they insured, are they safe? • What are currency risks and can they be minimized? How to undertake trend analysis and to compare actual performance against planned performance FINANCIAL ANALYSIS TOOLS In business usage the term financial statement analysis and interpretation are applied to almost any kind of detailed inquiry into financial data. It is a technical tool in the hands of financial executives to measures the financial progress. It is an attempt to determine the significance and meaning of the financial statement data so that a forecast can be made on the prospects of future earning ability to pay interest and debt maturity both current as well as long term and to study the probability of a sound dividend policy.
The techniques are used to ascertain or measure the performance of the company as a whole. Review of literature consists of theoretical study of the following sub topics :- • Ratio Analysis • Comparative Balance Sheet Analysis • Common size Balance Sheet Analysis • Statement of Working Capital Changes • Trend Analysis • Regression Analysis • Z-Score Analysis RATIO ANALYSIS Financial statement analysis is a judgmental process. One of the primary objectives is identification of major changes in trends, and relationships and the investigation of the reasons underlying those changes. The judgment process can be improved by experience and the use of analytical tools.
Probably the most widely used financial analysis technique is ratio analysis, the analysis of relationships between two or more line items on the financial statement. Financial ratios are usually expressed in percentage or times. Generally, financial ratios are calculated for the purpose of evaluating aspects of a company's operations and fall into the following categories: • liquidity ratios measure a firm's ability to meet its current obligations. • profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business. • leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time. activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business. A ratio can be computed from any pair of numbers.
Given the large quantity of variables included in financial statements, a very long list of meaningful ratios can be derived. A standard list of ratios or standard computation of them does not exist. The following ratio presentation includes ratios that are most often used when evaluating the credit worthiness of a customer. Ratio analysis becomes a very personal or company driven procedure. Analysts are drawn to and use the ones they are comfortable with and understand. Ratio analysis is a financial management tool that enables managers to assess their progress in achieving sustainability.They can help answer two primary questions that every institution involved in microfinance needs to ask: • Is this institution either achieving or progressing towards profitability? • How efficient is it in achieving its given objectives? Taken together, the ratios in the framework provide a perspective on the financial health of the lending/savings, and other operations of the institution. No one ratio tells it all.
There are no values for any specific ratio that is necessarily correct. It is the trend in these ratios which is critically important. Ratios must be analyzed together, and ratios tell you more when consistently tracked over a period of time.Frequent measurement can help identify problems which need to be solved before they fundamentally threaten the MFI, thus enabling correction. Trend analysis also helps moderate the influence of seasonality or exceptional factors. Different levels of users will require a set of different indicators and analysis. They might be summarized as follows: • Operations staff need portfolio quality, efficiency ratios, outreach, and branch level profitability.
• Senior management needs institution-level portfolio quality, efficiency profitability, liquidity, and leverage. • Regulators need capital adequacy and liquidity. • Donors/investors need institution-level portfolio quality, leverage and profitability.
In addition to analyzing past trends, ratios, in conjunction with policy decisions, are helpful when preparing financial projections. PROFITABILITY RATIOS The purpose of study and analysis of profitability ratios are to help assessing the adequacy of profits earned by the company and also to discover whether profitability is increasing or declining. NET PROFIT MARGIN The ratio measures the net profit margin on the total net sales made by the company.
The gross profit represents the excess of sales proceeds during the period under observation over their cost, before taking into account administration selling and distribution and financing charges.The ratio measures the efficiency of the company's operations and this can also be compared with the previous years results to ascertain the efficiency partners with respect to the previous years. Net sales Gross Profit Margin = X 100 Sales RETURN ON ASSETS The profitability of the firm is measured by establishing relation of net profit with the total assets of the organization. This ratio indicates the efficiency of utilization of assets in generating revenue PAT Return on assets = X 100 (beginning + ending total assets)/2 OPERATING PROFIT MARGIN A measure of the operating income generated by each rupee of sales and is given by the formula Operating profit Return on assets = X 100 Net sales RETURN ON INVESTMENTThis ratio shows the relationship between the return after interest and taxes expressed as a percentage of the Capital employed, where Capital employed is the summation of Net fixed Assets after depreciation and amortization and the working capital. PAT Return on investment = X 100 (long term liabilities + equities) RETURN ON EQUITY Measures the income earned on the shareholder's investment in the business. It is given by the formula PAT Return on equity = X 100 equity RETURN ON CAPITAL EMPLOYED This ratio expresses the net profit in terms of the equity shareholders funds. This ratio is useful in measuring the rate of return as a percentage of the book value of shareholders equity.
EBIT Return on capital employed = X 100 Capital employedBASIC EARNINGS POWER RATIO The basic earning power ratio (or BEP ratio) compares earnings apart from the influence of taxes or financial leverage, to the assets of the company. EBIT Basic earnings power ratio = X 100 Total assets EFFICIENCY RATIO Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios can calculate the turnover of receivables, the repayment of liabilities, the quantity and usage of equity and the general use of inventory and machinery. Non-interest expense Basic earnings power ratio = X 100 Revenue LIQUIDITY RATIOSThe short-term solvency ratios, which measure the liquidity of the firm and its ability to meet its maturing short-term obligations. Liquidity is defined as the ability to realize value in money, the most liquid of assets. It refers to the ability to pay in cash, the obligations that are due.
CURRENT RATIO The ratio is mainly used to give an idea of the company's ability to pay back its short-term liabilities (debt and payables) with its short-term assets (cash, inventory, receivables). The higher the current ratio, the more capable the company is of paying its obligations. A ratio under 1 suggests that the company would be unable to pay off its obligations if they came due at that point.While this shows the company is not in good financial health, it does not necessarily mean that it will go bankrupt – as there are many ways to access financing – but it is definitely not a good sign for the company or the industry.
Current assets Current ratio = X 100 Current liabilities QUICK RATIO In finance, the Acid-test or quick ratio or liquid ratio measures the ability of a company to use its near cash or quick assets to extinguish or retire its current liabilities immediately. Quick assets include those current assets that presumably can be quickly converted to cash at close to their book values. A company with a Quick Ratio of less than 1 can not currently pay back its current liabilities. Quick Current assetsQuick ratio = X 100 Current liabilities ABSOLUTE LIQUIDITY RATIO A subsequent innovation in ratio analysis, the Absolute Liquidity Ratio eliminates any unknowns surrounding receivables. The Absolute Liquidity Ratio only tests short-term liquidity in terms of cash and marketable securities. It is the ratio of absolute liquid assets to quick liabilities. However, for calculation purposes, it is taken as ratio of absolute liquid assets to current liabilities.
Absolute liquid assets include cash in hand, cash at bank and short term or temporary investments. Liquid assets Absolute liquidity ratio = X 100 Current assets CAPITAL STRUCTURE RATIOS DEBT EQUITY RATIOIndicates how well creditors are protected in case of the company's insolvency and the formula is given by Debt Debt equity ratio = X 100 Equity PROPRIETARY RATIO A high proprietary ratio is indicative of strong financial position of the business. Proprietors funds Propreitary ratio = X 100 Total asets INTEREST COVERAGE RATIOS The interest coverage ratio shows how many times interest charges are covered by funds that are available for payment of interest. An interest cover of 2:1 is considered reasonable by financial institutions.
A very high ratio indicates that the firm is conservative in using debt and a very low ratio indicates excessive use of debt. Net PBITInterest coverage ratioratio = X 100 Interest DEBT SERVICE COVERAGE RATIO The debt service coverage ratio is a ratio of PAT to its interest and is given by PAT + interest + depreciation Debt service coverage ratio = X 100 Interest CAPITAL GEARING RATIO Capital gearing ratio indicates the degree of vulnerability of earnings available for equity shareholders. This ratio signals the firm, which is operating on trading on equity. Net sales Capital gearing ratio = X 100 Debtors ACTIVITY RATIOS CAPITAL TURNOVER RATIO A company's annual sales divided by its average stockholders' equity.Capital turnover is used to calculate the rate of return on common equity, and is a measure of how well a company uses its stockholders' equity to generate revenue.
The higher the ratio is, the more efficiently a company is using its capital. It is also called as equity turnover. Net sales Capital turnover ratio = X 100 Capital employed FIXED ASSETS TURNOVER RATIO A financial ratio of net sales to fixed assets. The fixed-asset turnover ratio measures a company's ability to generate net sales from fixed-asset investments – specifically property, plant and equipment (PP&E) – net of depreciation. A higher fixed-asset turnover ratio shows that the company has been more effective in using the investment in fixed assets to generate revenues Net salesFixed asset turnover ratio = X 100 Fixed assets WORKING CAPITAL TURNOVER RATIO A company uses working capital (current assets – current liabilities) to fund operations and purchase inventory.
These operations and inventory are then converted into sales revenue for the company. The working capital turnover ratio is used to analyze the relationship between the money used to fund operations and the sales generated from these operations. In a general sense, the higher the working capital turnover, the better because it means that the company is generating a lot of sales compared to the money it uses to fund the sales.
Net salesWorking capital turnover ratio = X 100 Net working capital INVETORY TURNOVER RATIO A ratio showing how many times a company's inventory is sold and replaced over a period. A low turnover is usually a bad sign because products tend to deteriorate as they sit in a warehouse. Companies selling perishable items have very high turnover. Average inventory Inventory turnover ratio = X 100 COGS CURRENT ASSETS TURNOVER RATIO Ratio that indicates how efficiently a firm is using its current assets to generate revenue. The formula is given by, Net sales current assets turnover ratio = X 100 Current assets STOCK TURNOVER RATIOThis ratio establishes relationship between the cost of goods sold during a given period and the average amount of inventory carried during that period.
It indicates whether the stock has been efficiently used or not,the purpose being to check up whether only the required minimum has been locked up in stocks. COGS Stock turnover ratio = X 100 Average inventory CREDITOR TURNOVER RATIO This ratio is similar to the debtors turnover ratio. It compares creditors with the total credit purchases. It signifies the credit period enjoyed by the firm in paying creditors. Accounts payable include both sundry creditors and bills payable.
Same as debtors turnover ratio, creditors turnover ratio can be calculated in two forms, creditors turnover ratio and average payment period. Net purchases Creditor turnover ratio = X 100 Creditor DEBTOR TURNOVER RATIO A concern may sell goods on cash as well as on credit. Credit is one of the important elements of sales promotion. The volume of sales can be increased by following a liberal credit policy.
The effect of a liberal credit policy may result in tying up substantial funds of a firm in the form of trade debtors (or receivables). Trade debtors are expected to be converted into cash within a short period of time and are included in current assets.Hence, the liquidity position of concern to pay its short term obligations in time depends upon the quality of its trade debtors. Debtors turnover ratio or accounts receivable turnover ratio indicates the velocity ofdebt collection of a firm. In simple words it indicates the number of times average debtors (receivable) are turned over during a year. Net sales Debtor turnover ratio = X 100 Debtors COMPARATIVE BALANCE SHEET ANALYSIS The comparative balance sheet analysis is the study of the trend of the same items, group of items and computed items in two or more balance sheets of the same business enterprise on different dates. The changes in periodic balance sheet items reflect the conduct of a business.
The changes can be observed by comparison of the balance sheet at the beginning and at the end of a period and these changes can help in forming an opinion about the progress of an enterprise. Balance sheets as on two or more different dates are used for comparing the assets, liabilities and the net worth of the company. Comparative balance sheet analysis is useful for studying the trends of an undertaking. Advantages • Comparative statements help the analyst to evaluate the performance of the company. • Comparative statements can also be used to compare the performance of the firm with the average performance of the industry between different years. • It helps in identification of the weaknesses of the firm and remedial measures can be • taken accordingly.COMMON SIZE BALANCE SHEET ANALYSIS A statement in which balance sheet items are expressed as the ratio of each asset to total assets and the ratio of each liability is expressed as a ratio of total liabilities is called common size balance sheet.
The figures are shown as percentages of total assets, total assets and total liabilities. The total assets are taken as 100 and different assets are expressed as a percentage of the total. Similarly, various liabilities are taken as a percentage of total liabilities. These statements are useful in analysis of the performance of the company by analyzing each individual element to the total figure of the statement.These statements will also assist in analyzing the performance over years and also with the figures of the competitive firm in the industry for making analysis of relative efficiency. STATEMENT OF CHANGES IN WORKING CAPITAL This statement follows the Statement of Sources and Application of Funds. The primary purpose of the statement is to explain the net change in Working Capital, as arrived in the Funds Flow Statement. In this statement, all Current Assets and Current Liabilities are individually listed.
Against each account, the figure pertaining to that account at the beginning and at the end of the accounting period is shown. The net change in its position is also shows.The changes taking place with respect to each account should add up to equal the net change in working capital, as shown by the Funds Flow Statement. Z SCORE ANALYSIS The dozens of financial ratios seem to provide different answers to the same simple question of "How will a company do". So, everyone is on the lookout for financial models that summaries one general aspect of overall company performance. An example is the Z score, which reveals the efficiency of working capital management. The original Z score was created by Edward I Altman at New York University in the mid 1960's and it has stood as the test of time. Out of a selection of 22 financial ratios.
Altmann found 5 that could be combined to discriminate between the bankrupt and non-bankrupt companies in this study. The interesting thing about the Z score is that is good analytical tool no matter what shape the company is in. Even if the company is very healthy, if the Z score to fall sharply, warning bells should ring. The Z score model, relevant for manufacturing entities can be expressed as follows Z = 0. 012X1 + 0. 014 X2 + 0.
033 X3+ 0. 006 X4 + 0. 010 X5 Z = Financial Health score X1 = Working capital /Total assets*100 X2 = Retained earnings/Total assets*100 X3 = Earning before interest and tax/Total assets*100 X4 = Net worth /Total liability*100 X5 = Sales/Total assets*100In the above formulae, X1 is a measured of liquidity which compares net liquid assets to total assets.
Generally, when the company experiences financial difficulties, working capital will fall more quickly than total assets, causing this ratio to fall. Score less than 1. 8=Bankruptcy Score 1. 8 to 3=Indication of approaching trouble Above 3 points=Strong (safe zone) MULTI DISCRIMINANT WORKING CAPITAL ANALYSIS To check the overall efficiency of working capital management, the technique of Multi discriminant analysis has been developed, which may also be termed as Y Score analysis. Y Score = 14.
5166 V2 + 0. 0015 V25 + 0. 8715 V31 + 0. 7914 V35 Where, V2 = Cash flow/ Total tangible assets V25 = Current asset / Current LiabilitiesV31 = Net Sales / Total tangible assets V35 = Defensive assets / Total operating expenses If Y score is above or equal to 1. 7069 it is said that management of working capital is effective, otherwise it is ineffective. TREND ANALYSIS Trend analysis is a form of comparative analysis that is often employed to identify current and future movements of an investment or group of investments. The process may involve comparing past and current financial ratios as they related to various institutions in order to project how long the current trend will continue. This type of information is extremely helpful to investors who wish to make the most from their investments.
The process of a trend analysis begins with identifying the category of the investments that are under consideration. For example, if the investor wishes to get an idea on the potential for making a profit with pork bellies, the focus will be on the performance of pork bellies in a commodities market. The trend analysis will include more than one supplier for the commodity, in order to get a more accurate picture of the current status of pork bellies on the market.
Once the focus is established, the investor takes a long at the general performance for the category over the last couple of years. This helps to identify key factors that led to the current trend of performance for the investment under consideration.By understanding how a given investment reached the current level of performance, it is then possible to determine if all or most of those factors are still exerting an influence. CHAPTER 4 ANALYSIS AND INTERPRETATION PROFITABILITY RATIOS NET PROFIT MARGIN FORMULA = PAT / NET SALES |YEAR |NET SALES |PAT |NET PROFIT MARGIN | |2006 |2112742. 57 |48096.
43 |2. 28 | |2007 |2469481. 77 |56527. 33 |2. 29 | |2008 |2801860. 17 |112295. 4 |4. 01 | |2009 |3196390. 63 |39728. 3 |1. 24 | |2010 |2497262. 84 |60321. 95 |2. 42 | |2011 |3310781. 82 |51152. 22 |1. 55 | TABLE 1. 1 [pic] FIG 1. 1 INTERPRETATION With the successful commission of CDU-III from 3 MMTPA to 4 MMTPA, the installed capacity increased from 10. 5 to 11. 5 MMTPA and thereby increasing more opportunities for sales which is evident from the drastic increase in sales for a percentage of 32. 49 yielding a higher profit margin in the past two years.It is clear and evident that with expansion in the business owing to the requirement to the exceeding refining capacity in the country, has lead to a higher profit margin. RETURN ON ASSETS FORMULA = PAT / (BEGINNING + ENDING TOTAL ASSETS)/2 |YEAR |PAT |TOTAL ASSETS |ROA | |2006 |48096. 43 |787912. 51 |0. 12 | |2007 |56527. 33 |758736. 99 |0. 15 | |2008 |112295. 4 |927752. 18 |0. 4 | |2


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