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Calculation of Efficiency ratios -
2008
2009
2010
M
Net Sales
8506616
11993699
16064038
N
Inventory
1388168
2030972
2651760
O
Total Assets
3103645
4049092
5131809
P
Accounts Receivables
57662
90380
95928
Q
Current Assets
1784275
2353271
2905145
R
Current Liabilities
992683
1340291
1743763
S
Working Capital
791592
1012980
1161382
T
Cost of Goods Sold
6361271
9053219
12281744
Inventory Turnover (T / N)
4.58
4.46
4.63
Asset Turnover (M / O)
2.74
2.96
3.13
Receivables Turnover (M / P)
147.53
132.70
167.46
Net Working Capital Turnover (M / S)
10.75
11.84
13.83
The turnover ratios as above are showing a mixed trend. i.e. Working Capital and Asset turnover has shown continuous improvement over the last two years but Receivables and inventory have not been properly managed in 2009.
The firm needs to focus on management of receivables and inventory, though there has been an improvement in the receivables turnover and inventory turnover in 2010, they are not stable and sufficient steps should be taken so as to ensure continuous efficiency in assets utilization.
Example of Short-term Solvency Current Ratio = Current Assets / Current Liabilities = 5.38
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