BUSINESS RESEARCH METHOD

RESEARCH PROPOSAL

ASSESSMENT OF FINANCIAL PERFORMANCE

ANALYSIS

(A Case Study in Repi Soap and Detergent S.C)

Submitted to- Instructor: TEKABE S.(Assist.prof.)

ADDIS ABABA,ETHIOPIA

FEBRUARY 2024

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Research proposal done by

1. Hawi Asnake (GSR /0472/22)

2. Hawi Eticha (GSR /0444/22)
3. Meseret Andarge (GSR /0378/22)
4. Seblewongel Wondatir (GSR /0392/22)
5. Yidnekachew Getachew (GSR /0391/22)

TABLE OF CONTENTS
Title Page

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Table of Content................................................................................3

Abbreviation .....................................................................................5

Chapter One

Introduction

1.1 Background of the Study .........................................................6

1.2 Background of the Organization ..............................................7

1.3 Statement of the Problem.........................................................9

1.4 Objective of the Study ............................................................10

1.5 Significance of the Study ........................................................11

1.6 Scope of the Study ..................................................................11

1.7 Organization of the Paper ......................................................12

Chapter Two

Review of Related Literature

2.1 Introduction ............................................................................13

2.2 Users of Financial Analysis ......................................................15

2.3 Types of Analysis .....................................................................15

2.4 Types of Ratios ........................................................................17

Chapter Three

Research Methodology and Design

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 3.1 Area of the Study ...................................................................25

3.2 The research Design ..............................................................25

3.3 Data Source and Collection Methods ......................................25

3.4 Method of Data Analysis .........................................................25

3.5 Method of Data Presentation ...................................................26

Chapter Four

Cost and Time Plan

4.1 Time Schedule ...........................................................................27

4.2 Financial Budget ...................................................................... 28

Reference...................................................................................29

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ABBREVIATION

S.C = Shore Company

COGS=Cost of goods sold

NS=Net Sale

EBIT = Earnings before Interest and taxes

NFA=Net Fixed Asset

II

CHAPTER ONE

Introduction
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 1.1 Background of the Study

The word performance is derived from the word ‘parfourmen’ , which

means ‘to do’ to carry out ‘or’ to render. It refers the act of performing,
execution, accomplishment, fulfilment etc. In broader sense,
performance refers to the accomplishment of a given task measured
against preset standards of accuracy, completeness, cost and speed. In
other words, it refers to the degree to which an achievement is being or
has been accomplished performance is used to indicate firm’s success,
conditions and compliance. (Shodhganag inflibnet. ac).

Financial performance refers to the act of performing financial activity. In

broader sense, financial performance refers to the degree to which
financial objectives being or has been accomplished.

It is the process of measuring the results of a firm’s policies and

operations in monitory terms. It is used to measure firm’s overall
financial health over a given period of time can also be used to compare
similar firms across the same industry or to compare industries or
sectors in aggregation. (Shodhganga inflibnet ac).

The analysis of financial statements is a process of evaluating the

relationship between component parts of financial statements to obtain a
better understanding of the firm’s position and performance.
(Shodhganga inflibnet ac).

The financial performance analysis identifies the financial strengths and

weaknesses of the firm by properly establishing relationships between
the items of the balance sheet and the income statement. In short
financial performance analysis is the process of selection, relation and
evaluation. (Shodhganga –inflibnet. ac)

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Financial analysts often assess firms production and productivity
performance, profitability performance, liquidity performance working
capital performance and fixed assets performance.

Generally, financial statements capture and report on four key business

activities planning, financing, investing, and operating activities.
Knowing what information is to be found plus where to find it and how to
use it in financial statement is imperative to intelligently understanding,
analysing, and interpreting financial data. Financial statement analysis
is useful as a tool in selecting investment or merger candidates, as a
forecasting tool or future financial conditions, as an evaluation tool for
managerial and other business decisions (Pamela P).

To sum up analysis of financial statements provides the essential

concepts and tools needed by security analysts who make decisions on
the basis of information found in financial statements (Pamela P).

1.2 Background of the Organization

Repi Soap and Detergent S.C is a government owned public enterprise

which had been initially established in 1975 G.C with the name of Bianil
Ethiopia S.C with initial capital of 400,000 Birr later on as of February
23,2006 the enterprise asset and capital restructuring and established
as a share company to facilitate the privatization process as part of the
countries economics transformation package. Repi soap and Detergent
S.C found in the capital city of Ethiopia Addis Ababa Addis ketema
woreda 6 .The major input for the company are labours, factory and
office buildings and different foreign and local raw materials etc. By
using these input the company produce Rol detergent powder,
Detergent bar soap, liquid detergent of different formation for house hold
general clearing purposes and for industrial application as bottling
industries and water well drilling.
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The major customers of the products are Agents, Retails and End users
that constitute 70%, 10% and 20% of the total sale respectively.

The general business objective is to fulfil the expectations of owners,

governmental agencies, employees, customers and the country at large
have from the company.

Business Vision

To be one of the best regarded detergent manufacturing company in the

nation and worldwide by providing quality products and standard
services.

Business Mission

By using modern technologies, to produce standard powder, bar and

liquid detergent and hence guarantee maximum customer satisfaction,
generating income for the company and ascertain its vision.

Organizational Set up

Repi soap and detergent S.C under the supervision of Board of Director’s
organized with a general manager, vice general manager, three
departments and two services namely:-

1. Finance and admnistration department.

2. Production and technical department.
3. Commercial department.
4. Audit service.
5. Quality control service.

Business Goals

 To maximize profit through effective activities.

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 To maximize owners wealth and economic welfare .
 To ensure company’s survival and to maximize owners’ long term
interests.
 To maintain sufficient working capital investment in current assets.
 To invest sufficient funds in fixed assets needed for operations.

1.3 Statement of the Problem

Financial analysis (also referred to as financial statement analysis or

accounting analysis) refers to an assessment of the visibility, 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. Those
reports are usually presented to top management as one of their bases in
making business decisions such as 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, make
decisions regarding investing or lending capital and other decisions that
allow management to make an informed selection on various alternatives
in the conduct of its business. (en. wikipedia –org).

Generally, when we assess different researches worked in Repi Soap and

Detergent S.C there is no enough research that show the real financial
performance of the company. As a result we will try to assess the exact
financial performance of the company by using different accounting
techniques. In addition to assessing the financial performance of the
company we will try to find out any problem related to the financial
performance of the company such as insuffient profit, cash shortage,
loan repayment and shortage of inventory etc. Thus in order to know the
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exact performance of the company related to finance the following three
questions is carefully answered:-

1) The firm able to earn income and sustain growth in both short
term and long term? (Profitability).
2) Up to what extent the firm able to pay its obligation to creditors
and other third parties in the long term? (Insolvency).
3) The firm able to maintain in positive cash flow, while satisfying
immediate obligations? (Liquidity).
1.4 Objectives of the Study
1.4.1 General Objectives

The overall objective of this study is to assess the financial performance

and evaluate financial healthiness of Repi soap and Detergent S.C by
using different analytical tool

1.4.2 Specific Objectives

A careful review of the main objectives lead to the development of the

following specific objectives.

 To evaluate the company profitability.

 To measure the short term liquidity position of the company.
 To analyze the long term liquidity position of the company.
 To find out the attractiveness of the company as investment by
examining its ability to meet its current and expected financial
obligation.

1.5 Significance of the Study

The study under the title assessment of financial performance of Repi

soap and Detergent S.C try to show the current position of the company,
identify the company current strength and weakness, gives information
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for the creditors for their investment decision and help the management
to take corrective actions for the problem faced relating to the
profitability, the solvency, the liquidity and the stability. Integral i am
quietly sure that the manager of the company will find it useful in
overcoming the problem that face related to the financial performance of
the company. The last but not least, this studies also help for other
researchers who conduct their research on the same title.

1.6 Scope of the Study

The study mainly focuses on assessing the financial performance of Repi

soap and Detergent S.C. The report is proposed mainly based on
secondary data even though the primary data will be used in some
extent. The secondary data will be collected from the annual financial
statement of the company. Particularly income statement and balance
sheet not include statement of retained earning and statement of cash
flow for the period of (2007-2011 GC). In addition to this extra secondary
information also search from recent audit report.

1.7 Organization of the Paper

This paper is composed of five chapters. The first chapter present the
introduction part of the study which includes background of the study,
statement of the problem, objective of the study, significance of the study
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and scope of the study. The second chapter presents review of
literatures. Then the third chapter details with methodology such as
methods of data collection and tools for analysis. Finally the last chapter
contain summary of findings, conclusion and recommendations.

CHAPTER TWO

Literature Review

2.1 FINANCAIL PERFORMANCE

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In broader sense, financial performance refers to the degree to which
financial objectives being or has been accomplished. It is the process of
measuring the results of a firm's policies and operations in monetary
terms. It is used to measure firm's overall financial health over a given
period of time and can also be used to compare similar firms across the
same industry or to compare industries or sectors in aggregation.
(Www.Shodhganaginflibnet.ac)
2.2 FINANCIAL PERFORMANCE ANALYSIS
In short, the firm itself as well as various interested groups such as
managers, shareholders, creditors, tax authorities, and others seeks
answers to the following important questions:
1. What is the financial position of the firm at a given point of time?
2. How is the Financial Performance of the firm over a given period of
time?
These questions can be answered with the help of financial analysis of a
firm. Financial analysis involves the use of financial statements. A
financial statement is an organized collection of data according to logical
and consistent accounting procedures. Its purpose is to convey an
understanding of some financial aspects of a business firm. It may show
a position at a moment of time as in the case of a Balance Sheet, or may
reveal a series of activities over a given period of time, as in the case of
an Income Statement. Thus, the term ‘financial statements’ generally
refers to two basic statements: the Balance Sheet and the Income
Statement. (Www.Shodhganaginflibnet.ac)

The Balance Sheet shows the financial position (condition) of the firm at
a given point of time. It provides a snapshot and may be regarded as a
static picture. “Balance sheet is a summary of a firm’s financial position
on a given date that shows Total assets = Total liabilities + Owner’s
equity.”
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The income statement (referred as the profit and loss statement) reflects
the performance of the firm over a period of time. “Income statement is a
summary of a firm’s revenues and expenses over a specified period,
ending with net income or loss for the period.” However, financial
statements do not reveal all the information related to the financial
operations of a firm, but they furnish some extremely useful information,
which highlights two important factors profitability and financial
Soundness. Thus analysis of financial statements is an important aid to
financial performance analysis.
The analysis of financial statements is a process of evaluating the
performance analysis includes analysis and interpretation of financial
statements in such a way that it undertakes full diagnosis of the
profitability and financial soundness of the business. Relationship
between component parts of financial statements to obtain a better
understanding of the firm’s position and performance.

The financial performance analysis identifies the financial strengths and

weaknesses of the firm by properly establishing relationships between
the items of the balance sheet and profit and loss account. The first task
is to select the information relevant to the decision under to
consideration from the total information contained in the financial
statements. The second is arranging the information in a way to highlight
significant relationships. The final is interpretation and drawing of
inferences and conclusions. (Pamela P, 2010)
In short, financial performance analysis is the process of selection,
relation, and evaluation.

2.3 AREAS OF FINANCIAL PERFORMANCE ANALYSIS

Financial analysts often assess firm's production and productivity
performance, profitability performance, liquidity performance, working
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capital performance, fixed assets performance, fund flow performance
and social performance.
2.4 SIGNIFICANCE OF FINANCIAL PERFORMANCE ANALYSIS
Interest of various related groups is affected by the financial performance
of a firm. Therefore, these groups analyze the financial performance of
the firm. The type of analysis varies according to the specific interest of
the party involved.
Trade creditors: interested in the liquidity of the firm (appraisal of firm’s
liquidity)
Bond holders: interested in the cash-flow ability of the firm (appraisal of
firm’s capital structure, the major sources and uses of funds, profitability
over time, and projection of future profitability)
Investors: interested in present and expected future earnings as well as
stability of these earnings (appraisal of firm’s profitability and financial
condition)
Management: interested in internal control, better financial condition
and better performance (appraisal of firm’s present financial condition,
evaluation of opportunities in relation to this current position, return on
investment provided by various assets of the company, etc)(Pamela
P,2010)
2.5 TYPES OF FINANCIAL PERFORMANCE ANALYSIS:
Financial performance analysis can be classified into different
categories:-
1. External analysis
This analysis is undertaken by the outsiders of the business namely
investors, credit agencies, government agencies, and other creditors who
have no access to the internal records of the company. They mainly use
published financial statements for the analysis and as it serves limited
purposes.
2. Internal analysis
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This analysis is undertaken by the persons namely executives and
employees of the organization or by the officers appointed by government
or court who have access to the books of account and other information
related to the business.
3. Horizontal Analysis
In this type of analysis financial statements for a number of years are
reviewed and analyzed. The current year’s figures are compared with the
standard or base year and changes are shown usually in the form of
percentage. This analysis helps the management to have an insight into
levels and areas of strength and weaknesses. This analysis is also called
Dynamic Analysis as it based on data from various years.
4. Vertical Analysis
In this type of Analysis study is made of quantitative relationship of the
various items of financial statements on a particular date. This analysis
is useful in comparing the performance of several companies in the same
group, or divisions or departments in the same company. This analysis is
not much helpful in proper analysis of firm’s financial Analysis as it
based on position because it depends on the data for one period. This
analysis is also called Static data from one date or for one accounting
period. (Www.Shodhganag inflibnet.ac)
2.6 TECHNIQUES/TOOLS OF FINANCIAL PERFORMANCE ANALYSIS:
An analysis of financial performance can be possible through the use of
one or more tools / techniques of financial analysis. One of the most
common techniques is accounting techniques. It is also known as
financial techniques. Various accounting techniques such as
Comparative Financial Analysis, Common-size Financial Analysis, Trend
Analysis and Ratio Analysis may be used for the purpose of financial
Analysis.(Modern corporate finance, 1994)
2.6.1 Ratio Analysis

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In order to evaluate financial condition and performance of a firm, the
financial analyst needs certain tools to be applied on various financial
aspects. One of the widely used and powerful tools is ratio or index.
Ratios express the numerical relationship between two or more things.
This relationship can be expressed as percentages (25% of revenue),
fraction (one-forth of revenue), or proportion of numbers (1:4).
Accounting ratios are used to describe significant relationships, which
exist between figures shown on a balance sheet, in a profit and loss
account, in a budgetary control system or in any other part of the
accounting organization. Ratio analysis plays an important role in
determining the financial strengths and weaknesses of a company
relative to that of other companies in the same industry. The analysis
also reveals whether the company's financial position has been improving
or deteriorating over time. Ratios can be classified into four broad groups
on the basis of items used: (1) Liquidity Ratio, (ii) Capital
Structure/Leverage Ratios, (iii) Profitability Ratios, and (iv) Activity
Ratios. (Pamela P, 2010).
2.6.1.1 Liquidity Ratios

Liquidity ratios provide information about a firm’s ability to meet its

short-term financial obligations. These ratios are calculated to comment
up on the short-term paying capacity of a concern or the firm’s ability to
meet its current obligations. Two frequently used liquidity ratios are the
current ratio (or working capital ratio) and the quick ratio cash ratio is
the most conservative liquidity ratio.

A. Current Ratio

Current ratio may be defined as the relationship between current assets

and current liabilities. This ratio is also known as ‘working capital ratio’.
It is a measure of general liquidity and is most widely used to make the

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analysis for short term financial position or liquidity of a firm. It is
calculated by dividing the total of the current assets by total of the
current liabilities.

Formula: Current Ratio = Current Assets

Current Liabilities

B. Quick Ratio (Acid Test)

It is an instrument to measure the liquidity position of the company. This

ratio is the same as the current ratio except that not include inventory
account and prepaid expenses. The two components of quick ratio are
liquid assets and liquid liabilities. Liquid asset include all current asset
except inventory and prepaid expenses. Inventories can’t be termed as
liquid assets because it can’t be converted in to cash immediately
without a loss of value. In the same manner, prepaid expenses are also
excluded from the list of liquid assets because they are not expected to
be converted in to cash similarly, liquid liabilities means current
liabilities.

Formula: Quick Ratio = Liquid Assets

Current Liabilities

C. Cash Ratio

The cash ratio is the most conservative liquidity ratio. It excludes all
current assets except the most liquid cash and cash equivalents.

Formula: - Cash Ratio = Cash + Marketable securities

Current Liabilities

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2.6.1.2 Financial Leverage Ratio (insolvency)

Long term solvency or leverage ratios convey a firm’s ability to meet the
interest costs and payment schedules of its long term obligations.

A. Debt to Equity Ratio

It is a significant measure of solvency since a high degree of debt in the

capital structure may make it difficult for the company to meet interest
charges and principal payment of a maturity. This ratio reflects the
relative claims of creditors and share holders against the asset of the
company.

Formula: Debt to Equity = Total Debt

Total Equity

B. Debt Ratio

The debt ratio compares total liabilities from total asset. It shows the
percentage of total funds obtained from creditors. Creditors would rather
see low debt ratio because there is a great cushion for creditors losses if
the firm goes bankrupt. It tells the amount of other peoples money being
used in attempting to generate profits. A high ratio indicates more of
firms asset are provided by creditors relative to owner.

Formula: Debt Ratio = Total debt

Total Asset

C. Time Interest Earned

This ratio serves as one measure of firm’s ability to meet its interest
payment and thus avoid bankruptcy. In geranial the high the ratio, the
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great the probability that the company could cover its interest payment
without difficulty. It also shows light on the firm’s capacity to take on
new debt.

Formula: Time Interest earned = EBIT

Interest Expense

2.6.1.3 Profitability Ratio

Profitability ratios measure the results of business operations or overall

performance and effectiveness of the firm some of the most popular
profitability ratio are:-

A. Gross profit Ratio

Gross profit ratio is the ratio of gross profit to net sates expressed as a
percentage. It expresses the relationship between gross profit and sales.

Formula: - Gross profit ratio = Grass Profit x 100

Net sales

B. Net Profit Ratio

Net profit ratio is the ratio of net profit (after taxes) to net sales. It is
expressed as percentage.

Formula: – Net profit x 100

Net sales

C. Return on Equity Capital (ROEC)

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ROEC is the relationship between profits of accompany and its equity. It
is the bottom line measure for shareholders, measuring the profits
earned for each birr invested in the firm’s stock.

Formula: - Return on Equity = NI

Shareholder equity

D. Return on Asset (Investment)

It is the ratio of net income to share holder’s investment. It is the

relationship between net income and share holder’s. This ratio
establishes the profitability from the share hobblers point of view. The
ratio is generally calculated in percentage.

Formula:- Return on asset = Net profit after tax

Total assets

2.6.1.4 Asset Turnover Ratio (Activity Ratio)

Asset turnover ratios indicate of how efficiently the firm utilizes its
assets. They sometimes are referred to so efficiency ratios, asset
utilization rations, or asset management ratios. Two commonly used
asset turnover ratios are receivables turnover and inventory turnover.

A. Receivables Turnover

Receivables turnover is an indication of how quickly the firm collects its

account receivables. In simple words it indicates the number of times
average debtors (receivable) are turned over during a year.

Formula:- Receivable Turnover = Annual credit sales

Accounts receivable

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B. Inventory Turnover/Stock Turnover

Every firm has to maintain a certain level of inventory of finished goods

so as to be able to meet the requirements of the business. But the level of
inventory should neither be too high nor too low. A too high inventory
means higher carrying costs and higher risk of stocks becoming obsolete
whereas too low inventory may mean the loss of business opportunities.
It is very essential to keep sufficient stock in business inventory turnover
ratio indicates the number of time the stock has been turned over during
the period and evaluates the efficiency with which a firm is able to
manage its inventory. This ratio indicates whether investment in stock is
within proper limit or not.

Formula:- Inventory Turnover Ratio = CDGS or NS

Inventory Inventory

C. Fixed Assets Turnover Ratio

Fixed assets turnover ratio is also known as sales to fixed assets ratio.
This ratio measures the efficiency and profit earning capacity of the
concern. Higher the ratio, greater is the intensive utilization of fixed
assets. Lower ratio means under utilization of fixed assets.

Formula: - FAT = Sales

NFA

1. 2.6.2 Common-Size Financial Analysis

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Common-size statement is also known as component percentage
statement or vertical statement. In this technique net revenue, total
assets or total liabilities is taken as 100 per cent and the percentage of
individual items are calculated like wise. It highlights the relative change
in each group of expenses, assets and liabilities.

2.6.3 Trend Analysis

Trend analysis indicates changes in an item or a group of items over a
period of time and helps to drown the conclusion regarding the changes
in data. In this technique, a base year is chosen and the amount of item
for that year is taken as one hundred for that year. On the basis of that
the index numbers for other years are calculated. It shows the direction
in which concern is going.

2.7 Advantages of Financial Statement Analysis:

There are various advantages of financial statements analysis. The major

benefit is that the investors get enough idea to decide about the
investments of their funds in the specific company. Secondly, regulatory
authorities like International Accounting Standards Board can ensure
whether the company is following accounting standards or not. Thirdly,
financial statements analysis can help the government agencies to
analyze the taxation due to the company. Moreover, company can
analyze its own performance over the period of time through financial
statements analysis. (Www.accounting for management. Com)

2.8 Limitations of Financial Statement Analysis:

Although financial statement analysis is highly useful tool, it has two

limitations. These two limitations involve the comparability of financial
data between companies and the need to look beyond ratios.
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A) Comparison of Financial Data

Comparison of one company with another can provide valuable clues

about the financial health of an organization. Unfortunately, differences
in accounting methods between companies sometimes make it difficult to
compare the companies' financial data. For example if one firm values its
inventories by LIFO method and another firm by the average cost
method, then direct comparison of financial data such as inventory
valuations and cost of goods sold between the two firms may be
misleading. Sometimes enough data are presented in foot notes to the
financial statements to restate data to a comparable basis. Otherwise,
the analyst should keep in mind the lack of comparability of the data
before drawing any definite conclusion. Nevertheless, even with this
limitation in mind, comparisons of key ratios with other companies and
with industry average often suggest avenues for further investigation.

B) The Need to Look Beyond Ratios:

An inexperienced analyst may assume that ratios are sufficient in

themselves as a basis for judgment about the future. Nothing could be
further from the truth. Conclusions based on ratios analysis must be
regarded as tentative. Ratios should not be viewed as an end, but rather
they should be viewed as starting point, as indicators of what to pursue
in greater depth. They raise many questions, but they rarely answer any
question by themselves.

CHAPTER THREE

2 Research Methodology and Design

3.1 Area of the Study

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The study was conducted on the assessment of financial performance of
Repi soap and detergent S.C which is located in Addis Ababa addis
ketema worda 6

3.2 The Research Design

For this research project descriptive design type of the research will be
use because the research conducts in order to describe the existing
financial performance of Repi Soap and detergent S.C.

3.3 Data Source and Collection Methods

For this study, the researcher will be used both primary and secondary
source of data. From primary method of data collection unstructured
interview will be use rather than other method of data collection with
those individuals that are worked on the finance department of the
company inorder to overcome some draw backs of secondary data. On
the other hand the secondary data will be collected by reviewing the
company annual audited financial statement and audit report.

3.4 Method of Data Analysis

After the relevant data collected from the company financial statement,
in order to describe the real financial performance of the company the
researcher will be use different accounting tools such as ratio analysis
including liquidity ratio, debt ratio, profitability ratio and asset
managemtn ratio, Horizontal analysis and vertical analysis.

3.5 Methods of Data Presentation

Finally, the analysis will be present in the form of tables, percentages

and graphs in order to compare the financial performance of the
company in different year.

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 CHAPTER FOUR

4. Cost And Time Plan

4.1 Time Schedule

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No Activity FEB MAR APR MAY JUN

1 Topic Selection x
2 Preparation of proposal x
3 Collection of useful x
material
4 Data Collection x x
5 Data Analysis and x
writing of final research
6 Submission of research x
7 Presentation of final x
research

4.2 Financial Budget

Item Quantity Per unit (Birr) Total Cost (Birr)

Paper 1 700 700

E

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 Pens 5 15 75

ment
quip

and
Total Cost - - 775

Transportation 2 trips 150.00 300.00

Internet 200 hrs 1800

Personal cost

Total cost - - 2100

Contingency - - 450.00

Overall total cost - - 3325

References

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  Chambers and Lacely, Modern Corporate Finance, 1994.

 Weston J.F and Brigham E.F Managerial Finance 7th edition 1981.

 Brealy, R, and Mayerss, Principles of Corporate Finance 2nd edition,

1984.

 Pamela P. Financial Performance Analysis.

 En. Wikepidia .Org.

 Ross, Westerfield and Jordan, Fundamentals of Corporate Finance, 4th

edition, 1998.

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