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Problem:
A2Z Maritime is a ship-owning company that had some long term contracts that include land transport delivery, but these seem to be declining. However, there are several time charters that appear to be secure for long term. You have been asked to do some work for this company and feel that its financial position could be an issue. The outlook seems to be growth in trade and a modest increase in chartering rates. You have taken the comparative figures over the last three years of the company's profit and loss and balance sheets and penciled in some percentages (see table below).
A2z maritime summary of trading results For Year Ended 31 March
2003
2004
2005
$m
%
Total Chartering Revenue
Other Revenue
TOTAL REVENUE
127
91
130.1
95
141.1
97
12
9
7
5
4.7
3
139
100
Ship Operating Costs
Shore Operating Costs
TOTAL OPERATING COSTS
82.2
59
80.9
90.1
61
37.8
27
38
28
39.6
120
86
87
88
Gross Profit
Selling &Administration
Net operating Profit
19
14
18.2
13
16.1
8
6
9.4
11
Bank Loan
Sundry Creditors/payables
Accrued Expenses
Current Liabilities
10.7
16
9.6
14.1
14.2
22
17.7
24
22.3
25
1.4
2
1.5
1.7
40
39
43
Mortgage on Ships
Five-year loan at 5% per annum
Long term Liabilities
10
15
2.5
Proprietorship /Owner's Equity
29.9
45
35.2
47
Total Funds Employed
66.2
74
88.4
Sundry Debtors(net)Receivables
Inventories/stock
Current Assets
23.6
14.6
20
17.1
50
44
46
Office Equipment
Land Transport
Ships
Fixed Assets
3.4
4
7.6
5.5
11.9
9.9
19.6
30
19.4
26
19.2
42
Intangible Assets/Long term Contracts
4.9
Summary of Problem:
This question is basically belongs to the Finance as well as it explains about computing working capital ratio, liquidity ratio and other ratios from given information.
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