Merit and the demerits of investing in the cse, (fem, slim)

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1. Executive Summery

This report provides an analysis Merit and the demerits of investing in the Colombo

Stock Market (CSE), including the process to follow for share trading and monitoring.

And evaluation of the current and prospective Profitability, liquidity and financial

stability of business sectors.

Financial statements are the source to measuring the performance of the business

sectors. Investors are conducting analysing and interpret financial statements with the

help of decision makers to choose the best business sectors. Methods of analysis include

trend, horizontal and vertical analyses as well as Ratios such as Debt, Current and Quick

ratios. Other calculations include rates of Return on Shareholders‘ Equity and Total

Assets and earnings per share to name A few. All calculations can be found in the

appendices. Results of data analyzed show that all ratios are below industry averages. In

Particular, which sector is good for investing shares and increasing profit.

The report finds the best sector for investing shares and earning more money. With

proper justification. And select two sectors and analyze the financial performance and

which sector is good for investing shares

The report also investigates the fact that the analysis conducted has limitations. For

example, as current information was not available, the results are based on Past

performance, data, and forecasting figures are not provided.

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2. Introduction



help of decision makers to choose the best stock market sectors.

Investors are always looking for best performing sectors to get higher return from their

investments. So every business sectors should perform well to attract the valuable

investors to their business. Investors are analysing financial statements to choose the best

business sectors among other sectors. After analysis of financial statements, interpretation

of analysed information is done by decision maker to forecast future profitability,

financial strength and liquidity position of the sector.

The first section of this report will deal with the general Merit and the demerits of

investing in the Colombo Stock Market (CSE), including the process to follow for share

trading and monitoring. And rest of the report will deal with analyze the financial

statements of the selected organizations over the last three years using ratio analysis. .

And This report provides information obtained through ratio analysis, regarding the

profitability, liquidity and financial stability of Galadari hotel and Piramal Glass Ceylon

plcfor the years 2010-2012.

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3. Colombo Stock Exchange

The Colombo Stock Exchange (CSE) operates the only share market in Sri Lanka and

is responsible for providing a transparent and regulated environment where companies

and investors can come together. The CSE is a company that is limited by guarantee

established under the Laws of Sri Lanka. The CSE is licensed by the Securities and

Exchange Commission of Sri Lanka (SEC) and is a mutual exchange consisting of 15

Members and 14 Trading Members. All Members and Trading Members are licensed by

the SEC to operate as stockbrokers.

3.1 What are Shares?

A share is simply a part ownership of a company. It represents a unit in the capital of

the company. When you own one or more shares in a company, you are called a

shareholder. In return for investing in the company, shareholders can receive dividends

and other benefits such as the right to vote at general meetings of shareholders.

3.2 Types of Shares

A company can issue different types of shares such as ordinary shares, non-voting

shares and preference shares to name a few, in addition to any type of share which the

laws of the country it is incorporated in may allow the company to issue.

3.2.1 Ordinary Shares

Ordinary shares are by far the most common form of equity security. Ordinary shares

offer the investor both the right to vote at the company‘s General Meetings and the

entitlement to a share of dividends declared. The combination of entitlement to a share of

the profits and a share of control of a company means that, ordinary shareholders are the

owners of a company.

3.2.2 Non-Voting Ordinary Shares

These shares have the same characteristics of ordinary shares except the right to vote at

the company‘s General Meetings.

3.2.3 Preference Shares

These are shares which guarantee priority in the payment of dividends at a

predetermined rate. This means that the preference shareholder has a claim on the

company‘s earnings before an ordinary shareholder. Preference shares do not entitle the

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holder to any voting rights. In the event of liquidation, preference shareholders will have

priority settlement over ordinary shareholders.

4. Process, Share Trading and Monitoring In CSE

4.1 Why do companies issue shares?

Companies issue shares to raise money from investors in order to finance and grow

business. Such finances can be borrowed or raised by issuing shares. The company can

raise funds by borrowing from a bank or by issuing bonds. These are classed as debt

capital. The money that a company raises by issuing shares to investors is called equity

capital. Unlike debt capital which is borrowed money which needs to be paid back to the

party from which it is borrowed, equity capital represents continuous ownership of the

company and therefore does not need to be repaid. By becoming an owner or shareholder

of a company you assume the risk of the company not being successful. Of course it is

equally important to recognise that shareholders earn a lot if a company is successful.

4.2 Why You Need A Stockbroker?

In order to provide you with a secure and well regulated trading environment only a

licensed stockbroker can execute purchase and sale transactions on behalf of investors in

return for a service fee (brokerage) on the CSE. The CSE has 29 trading members or

stockbrokers which have been licensed. Please refer pages 20 onwards for the complete

list.

4.3 Availability of Shares

Shares become available for purchase by investors as detailed below:

• In the primary market from a new issue of shares/Initial Public Offering (IPO)

You can buy new shares that are issued by companies which are raising equity capital

through a new issue of shares (an initial public offering, commonly referred to simply as

an IPO). In an IPO, the company first submits details of its business and the proposed

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share issue or what is called and initial listing application to the CSE. Subsequently a

prospectus which has been approved by the CSE is lodged with the Registrar of

Companies in Sri Lanka by the issuing company.

Once the prospectus is lodged and registered it can then be provided to potential

investors for their consideration.Colombo Stock Exchange - Investing in Shares – A

Basic Guide 15Companies typically use a combination of broking firms, licensed

commercial banks and the investment bank which advises the company on the IPO, to

promote the sale of new shares and distribute the prospectus to potential investors. The

CSE website also makes available details on upcoming IPO‘s and provides links to

respective prospectus and application forms.

To buy shares: If you wish to buy shares in an IPO, you should first review the

prospectus carefully. It gives you many details on the company and its operations, the

industry trends, the manner in which the IPO is structured and salient details of the

shares, risks attached, financial statements of the company and other disclosures which

are required by law.

You will need to open a CDS account through a stockbroker / custodian bank prior to

applying for the IPO.

Once you are comfortable about investing, fill out the application form specifying all

requisite details including the number of shares you wish to buy and send it to the

collection points specified in the Prospectus (usually stockbrokers, the company‘s main

office or branches and/or branches of specified banks), before the application deadline.

To sell shares: once new shares are issued and listed on the CSE, they may trade at a

market price substantially different from the issue price (either higher or lower). This is

due to supply and demand for the shares of the company. You will need to instruct your

stockbroker to sell your shares in the secondary market. See also the sections below titled

‗To trade on the secondary market‘ and ‗Buying and selling shares-basic steps‘.

• On the secondary market through a stockbroker

Shares can be bought on the secondary market on any trading day by placing a

purchase order with a broker. A secondary market is one in which an investor could either

buy or sell shares or other securities from or to another investor, subsequent to the

original issuance in the primary market.

As we discussed before, an advantage of investing in existing shares are their liquidity.

On any trading day, prices at which investors are willing to buy and sell shares (bids and

offers) are available for the majority of the listed companies.

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However you must note that different shares have different liquidity levels. Some

companies may have very few buyers and/or sellers on any given trading day. Liquidity is

an important consideration as it affects the price you might have to pay and the ease in

which you can sell your investment.

To trade on the secondary market

You must first contact a stockbroker /custodian bank and open a CDS account through

them.

Once a CDS account number has been obtained, to buy or sell shares traded on the

CSE, your order must be placed with a stock broker, typically over the telephone, fax, by

visiting or online.

Internet trading

Internet trading facilities are available through select stockbrokers. Online trading

provides individual investors with

around the clock access to the trading system along with market data, company

information and education material.

It simplifies the trading process by empowering investors to secure the decision-making

power and trade independently. 16 Colombo Stock Exchange - Investing in Shares – A

Basic Guide

4.4 Buying And Selling Shares - Basic Steps

Please familiarize yourself with the basic steps you need to follow to buy and sell

shares:

• Before placing the order to buy or sell shares, ensure that you are able to procure the

following information:

• Your CDS account number

• If you are buying shares, you should make payments befor the 3rd market day.

• If you are selling shares, you need to be aware that sales proceeds are issued by the

stockbroker as ‗account payee‘ cheques.

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However you may also request for a cheque without crossings.

• Number of shares: specify the number or, if you are buying, the maximum rupee amount

you are willing to allocate towards the purchase. Share price: at market order or limit

order?

Market orders are buy or sell orders placed at the prevailing market price and are more

likely to result in a trade. For limit orders (where you set a maximum purchase price or a

minimum sale price), write down the price for reference. The price and market depth over

the time period that the order is left in the market will affect the likelihood of a trade.

• Duration of the order: is your order just for this trading day or, if no trade takes place,

do you want your order to remain in the order book when the market opens the next day

or for a further number of days? Brokerage rate and the total transaction cost for the

order.

• Buying

If you want to invest in shares of ―X‖ Company, you need to:

1. Inform your stockbroker of the name of the company, price and amount of shares you

want to purchase.

2. The broker will try and match your order.

3. Once the order is processed, he will inform you of the shares you were able to purchase

at the price you had requested.

Once the buying process is complete, you will:

4. Receive a Bought Note by post.

• Selling

If you want to divest shares of ―X‖ Company, you need to:

1. Inform your stockbroker about your divestment - the name of the company, the price

and the amount of shares to be sold.

2. The broker will try to match your order

3. If your order is not matched, he will inform you and negotiate a suitable price. Once

the order is matched, it will be processed. If the broker sells your shares, you will:

4. Receive a Sold Note for your transaction

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4.5 Monitoring

The CSE operates 3 main systems. These are the systems mainly operates the Colombo

stock exchange. These systems are help to monitor the Colombo stock exchange.

‡ The Central Depository System

‡ Automatic Trading System

‡ Debt Securities Trading System

5. Merits and Demerits of Investing CSE

5.1 Merits of Investing in CSE

Capital Gains -

This is when a share's selling price exceed its initial purchase price. If the selling

price falls beyond the purchase price, you would make a capital loss. Capital

Gains are free of tax.

Dividends -

A company may decide to payout a portion of its earnings to shareholders. But

companies are not required to pay dividends.

Rights Issues -

The company may extend this privilege to existing shareholders to buy shares at a

specified and usually a discounted price, usually in proportion to the number of

shares already owned.

Distribution by the company -

Shares shall be offered to the holders of existing shares in a manner which would,

if the offer was accepted, maintain the relative voting and distribution rights of

those shareholders.

Liquidity -

Shares quoted on a stock market are generally liquid. Therefore, they can be sold

easily and you can get your money back in a few days.

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Higher Returns -

In the longer term, shares have ensured a higher return to investors.

Hedge against inflation -

Shares are a good investment in an inflationary environment, since share prices

increase to protect investors from the effects of inflation.

Collateral

you may also use your shares as collateral against loan facilities to banks.

5.2 Demerits of Investing CSE

High risk.

In general, dividend-paying companies see less price appreciation than growth

stocks.

Share prices can drop whether the stock pays dividends or not.

Companies can slash or eliminate their dividend payments at any time for any reason.

As a shareholder, you‘re at the end of the line when checks are cut.

Tax rates on dividends can rise, making dividend stocks a less attractive option — for

the company to pay and for you to receive.

Not investing also carries risk. If you stuff your money in a mattress or bury it in a coffee

can in the backyard, someone can steal it or mice, bugs, or inflation can eat away at it.

http://www.dummies.com/how-to/content/the-disadvantages-of-dividend-stocks.html#glossary-option

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6. Investing shares depend factors

When we investing the share market we have to consider below factors. These factors

are helps to determine the proper invest. Which company get good level in these factors

that one is the best company to investing shares.

Considering factors:-

6.1 Price-Earnings Ratio

(MPS) - Market Price per Share

(EPS) - Earnings per Share

Factors determine the Price-Earnings Ratio

Earnings per share growth

Earnings volatility

Leverage

Price-Earnings Ratio of the market

Price-Earnings Ratio of stocks or industries

Diversification and Market dominance

Speculation

6.2 Economic factors

Interest rate

Inflation

Exchange rate

Taxation policy

Monetary Policy

Price-Earnings Ratio = (MPS) / (EPS)

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6.3 Political factors

Trade regulations

Governmental stability

Unemployment Policy

Copyright, patents / Intellectual property law

6.4 Attractiveness of the industry

Demand for goods and service

Demand for future growth

Competitiveness of the market

6.5 Company‘s position in the industry

Company‘s Market contribution

Company‘s strength and weaknesses

Product technology and cost of production

Investment opportunity and plan

6.6 Financial information.

According to analysis of above factors I am going to select the best business sectors

In stock market. I think these are the sectors good for investing shares. Because these

sectors are well range and perform above factors. So I decide to select below three sectors

are good to investing shares.

Selected sectors:-

Bank finance and insurance (BFI)

Manufacturing (MFG)

Hotels and travels (H&T)

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Above sector‘s Earning per share is high it shows sectors profitability likewise above

sectors well perform at every ratio analysis and financial level and also retain the high

position in the industry.

7. Financial Statement Analysis

For investor considering the purchase of shares in the company the return they will

earn is the key financial factor but an overall evaluation of a company performance and

position is also important to get a better picture of how well the company actually doing.

The gross profit margin is a measurement of a company's manufacturing and

distribution efficiency during the production process. The gross profit tells an investor the

percentage of revenue / sales left after subtracting the cost of goods sold. A company that

boasts a higher gross profit margin than its competitors and industry is more efficient.

Investors tend to pay more for businesses that have higher efficiency ratings than their

competitors, as these businesses should be able to make a decent profit as long as

overhead costs are controlled

Net profit margin is a key financial indicator used to assess the profitability of a

company. Net profit margin measures how much of each dollar earned by the company is

translated into profits. A low profit margin indicates a low margin of safety: higher risk

that a decline in sales will erase profits and result in a net loss.

Net profit margin provides clues to the company's pricing policies, cost structure and

production efficiency. Different strategies and product mix cause the net profit margin to

vary among different companies. Net profit margin is an indicator of how efficient a

company is and how well it controls its costs. The higher the margin is, the more effective

the company is in converting revenue into actual profit.

Net profit margin is mostly used to compare company's results over time. To compare

net profit margin, even between companies in the same industry, might have little

meaning. For example, if a company recently took a long-term loan to increase its

production capacity, the net profit margin will significantly be reduced. That does not

mean, necessarily, that the company is less efficient than other competitors.

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Return on equity reveals how much profit a company earned in comparison to the total

amount of shareholder equity. Likewise all the ratio analysis help to identify

Organization‘s financial performance.

A business that has a high return on equity is more likely to be one that is capable of

generating cash internally. For the most part, the higher a company's return on equity

compared to its industry, the better.

The return on assets formula, sometimes abbreviated as ROA, is a company's net

income divided by its average of total assets. The return on assets formula looks at the

ability of a company to utilize its assets to gain a net profit. Net income is the amount

earned by a company after subtracting out the expenses incurred, including depreciation

and taxes.

8. Companies in the Deferent Sectors

I select two companies from Manufacturing industries and Hotel and travel sectors

Piramal Glass Ceylon PLC

Galadari Hotels (Lanka) PLC

I select Piramal Glass Ceylon PLC under manufacturing industry, Galadari Hotels

(Lanka) PLC under Hotel and travel sector..

8.1 Piramal Glass Ceylon PLC

Piramal Glass Ceylon PLC (formally Ceylon Glass Company PLC) is a company with

a rich history of over 60 years which was initiated by a group of Ceylonese entrepreneurs

after the country gained political independence. The company began modestly but grew

with the technical guidance received from Nippon Glass in Japan and subsequently with

BGI, Thailand, initially manufacturing Amber quart bottles.

The company with its steady progress was recognized by the Colombo Stock Exchange

in 1994 and thus became a listed company. The opportunity of coming under the umbrella

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of Piramal Group (A large Indian conglomerate and leaders in the manufacture of

pharmaceuticals and glass containers – apart from real estate and more) in 1999, spurred

the company to reach greater heights. This strategic alliance paved the way for the

company to have a global footprint in the Industry.

As the Island‘s sole manufacturer, Piramal Glass offers the entire moulded range of

glass bottles for the Food and Beverages, Pharmaceuticals and Cosmetics and Perfume

industries. The infrastructure and overall competence endows the company with unique

flexibility and a wider range with the capability to offer glass containers in different

shapes and colours for the wine and liquor industry – irrespective of volumes.

RATIO ANALYSIS

I. Investor ratios

‡ Earnings per Share – going to slightly reduce from 2011 to 2013 such as 1.47,

0.72, 0.67 so profitability going low.

‡ Price / Earnings Ratio – going to increase from 2011 to 2013 such as 15, 37, 42

so efficiency also very high. So investors take decision easily.

II. Profitability Ratios

‡ Gross profit margin indicates regarding 2011 to 2013 ratios are slightly

decreasing respectively. So efficiency going to low of each product.

Ratios 2013-March 2012-March 2011-March

Gross profit margin 28.15% 29.18% 30.34%

Net profit margin 13.16% 13.40% 13.89%

ROCE 18.05% 15.61% 12.85%

NPAT 10.18% 10.09% 8.70%

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‡ Net profit margin indicates regarding 2011 to 2013 ratios are slightly decreasing

respectively. So efficiency going to low of each product.

‡ ROCE indicates regarding 2011 to 2013 ratios are slightly increasing

respectively. So earning profit is going to increase.

III. Efficiency Ratios

‡ Stock turnover ratio indicates regarding 2011 to 2013 ratios are slightly

decreasing respectively. So efficiency going to reduce step by step of each

product.

‡ Debtors Days is decreasing from 2011 to 2012, so efficiency is going to increase.

But debtors days increasing from 2012 to 2013 so efficiency is going to reduce.

IV. Liquidity Ratios (Solvency Ratios)


Current Ratio 1:09 095:1 0.88:1

Quick ratio ( Acid test ratio ) 0.65: 0.46:1 0.49:1


Asset Turnover ratio 1:0.77 1:087 1.021

Stock turnover ratio 2 times 4 times 4 times

Debtors Days 66Days 62 Days 79 Days

Creditors Days 85 Days 74 Days 99 Days

Inventory turnover

days

197 Days 119 Days 97 Days

Working capital

cycle


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V. Capital Structure Ratios

Ratios 31st March- 2013 31st March - 2012 31st March - 2011

Net worth : Total Assets 0.51:1 0.46:1 0.19:1

Fixed Assets : Net Worth 1:0.88 1:069 1:0.26

Debt ratio 1:0.48 1:0.53 1:057

Capital gearing 85.07% 71.66% 41.11%

According to analyse the financial statement using ratio analysis. Piramal Glass Ceylon

PLC is well perform in the industry.

8.2 Galadari Hotels (Lanka) PLC

Galadari Hotels (Lanka) PLC engages in the hotelier business in Sri Lanka. It owns and

operates the Galadari Hotel. The company was incorporated in 1980 and is based in

Colombo, Sri Lanka. Galadari Hotels (Lanka) PLC is a subsidiary of Galadari Brothers

Company LLC. Financial year is December 31, 2012.

Galadari hotel is the ideal location for that perfect relaxing gateway. Their food and

beverages offering are exceptional and fit to suit royalty.

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RATIO ANALYSIS

a) Investor ratios

‡ Earnings per Share – going to slightly reduce from 2011 to 2012 such as

-0.27, -1.46, so profitability going low. But 2013 EPS is 0.13 so increasing

profitability.

‡ Price / Earnings Ratio – going to decrease from 2011 to 2012 such as -7.2,

-22.19, so efficiency also very low. But 2013 PER is +64.37 so going to

increase. So investors take decision easily.

b) Profitability Ratios

Ratios As at December

2012

As at December

2011

As at December

2010

Gross profit margin 63.70% 81.32% 80.66%

Net profit margin -28.53% -20.50% 2.30%

ROCE -8.21% -2.62% 0.36%

NPAT -4.61% -2.89% 0.85%

The financial year under review is a milestone year on many levels which included the

highest ever revenue since the inception of the hotel. This included a record turnover of

Rs.1, 724,264,303/- with an increase of 33% over last year. Company Gross Profit

crossed the Rs. 1 billion mark, an increase of 43% comparatively to that of last year.

‡ Gross profit margin indicates regarding 2011 to 2012 ratios are slightly

increasing respectively. So efficiency could increase but in 2013 decreasing GPM

is 63.70 So efficiency going to low of each product.

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‡ Net profit margin indicates regarding 2011 to 2013 ratios are decreasing

respectively. So efficiency going to low of each product.

‡ ROCE indicates regarding 2011 to 2013 ratios also decreasing drastically. So

earning profit is going to increase.

c) Liquidity Ratios

Ratio As at December

2012

As at December

2011

As at December

2010

Current Ratio 1:073 0.92:1 0.71:1

Quick ratio ( Acid test ratio ) 1:076 0.88:1 0.66:1

Galadari hotel‘s total current asset grown to Rs 1187.00 Million from Rs 707.27

Million in the previous year, the current liability hasgrown from Rs 761.407 Million to Rs

868.06 Million and inventries has grown from Rs 34.36 Million to Rs 38.63 Million

d) Efficiency Ratios

Ratio As at December

2012

As at December

2011

As at December

2010

Asset Turnover ratio 0.18:1 0.15:1 0.13:1

Stock Turn over ratio 17 times 8 times 6 Times

Debtors Days 42 Days 45 Days 41 Days

Creditors Days 167 Days 380 Days 415 Days

Inventory turnover

days


Working capital cycle -104Days -383 Days -311 Days

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The Average debtors of the Company grown to Rs 205.56 Million from Rs 187.36

Million, Average creditors of the Company grown to Rs 297.11 Million from Rs 275.35

Million, Average stock of the Company grown to Rs 38.63 Million from Rs 34.36

Million and cost of sales of the Company increase to Rs 625.80 Million from Rs 242.34

‡ Stock turnover ratio indicates regarding 2011 to 2013 ratios are slightly

increasing respectively. So efficiency going to increase step by step of each

product.

‡ Debtors Days is increasing from 2011 to 2012, so efficiency is going to decrease.

But debtors days decreasing from 2012 to 2013 so efficiency is going to increase.

e) Capital Structure Ratios

The total equity the Company downs to Rs 1149.49 Million from Rs 1193.73 Million.

According our all financial statement analysis compare then the Galadari Hotels

(Lanka) PLC, Piramal Glass Ceylon PLC is better to investing share market. Because all

the ratio analysis and evaluation is better performance compare then the Galadari Hotels

(Lanka) PLC. So as an investment advisor of a stock brokering firm. I recommend the

client the best organization for his investments. Is Piramal Glass Ceylon PLC

Ratios As at

December

2012

As at December

2011

As at December

2010

Net worth : Total Assets 0.11:1 0.13:1 0.18:1

Fixed Assets : Net Worth 1:0.13 1:0.59 1:0.19

Debt ratio 0.88:1 0.87:1 0.81:1

Capital gearing 87.56% 14.15% 19.99%

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9. Findings and Conclusion

In srilankan stock market called as Colombo stock exchange. There are deferent

industries are available for investment with deferent performance. Such as hotels and

travels (H&T), information technology (IT), investment trusts (INV), land and property

(L&P), manufacturing (MFG), bank finance and insurance (BFI)… etc

In the colombo stock exchange investing shares depends on several kind of factors

such as price-earnings ratio, economical, political, financial information, company‘s

position in the industry, attractiveness of the industry.



help of decision makers to choose the best business sectors. Methods of analysis include

trend, horizontal and vertical analyses as well as ratios such as debt, current and quick

ratios. Other calculations include rates of return on shareholders‘ equity and total assets

and earnings per share to name a few. All calculations can be found in the appendices.

Results of data analyzed show that all ratios are below industry averages. In particular,

which sector is good for investing shares and increasing profit.

Investors are always looking for best performing sectors to get higher return from their

investments. So every business sectors should perform well to attract the valuable

investors to their business. Investors are analysing financial statements to choose the best

business sectors among other sectors. After analysis of financial statements, interpretation

of analysed information is done by decision maker to forecast future profitability,

financial strength and liquidity position of the sector.

According our all financial statement analysis compare then the Galadari Hotels

(Lanka) PLC, Piramal Glass Ceylon PLC is better to investing share market. Because all

the ratio analysis and evaluation is better performance compare then the Galadari Hotels

(Lanka) PLC. So as an investment advisor of a stock brokering firm. I recommend the

client the best organization for his investments. Is Piramal Glass Ceylon PLC

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10. Recommendation

‡ To get higher profit from investments investor should analyze and interpret the

financial statement well and want to understand the current business performance.

‡ Investors must well understand overview of the investment industry to take maximum

and satisfactory benefits belong concerned industry. It might help to long term

establishment in particular Investment Company without doubtful mental habit

regarding industry. Because it may sometime result with low profit earn per one

share. Should know some business companies earn high profit with a selective

season. If not it will lead to withdrawal form company with short period of time.

‡ When an investment advisor analyzes the stock brokering firm in Colombo stock

exchange, he has to more care about the current financial statement of those

companies.

‡ When an investment advisor choose the sectors from stock market. He has to get a

full knowledge about that sectors.

11. Annexure

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12. References

Riley,p. (2011) Managing Finance. First edition. india

http://forum.freeeducation365.info/Thread-what-is-colombo-stock-exchange-and-

how-it-will-help-you-to-earn-money

http://www.piramalglassceylon.com/

http://www.agoda.com/galadari-hotel/hotel/colombo-lk.html

http://studentlanka.com/2012/10/12/earn-money-by-investing-cse/

http://www.asiantribune.com/node/15772

http://www.cse.lk/270808/pdf/Interested-In-Investing-Booklet.pdf

http://www.cse.lk/pdf/CSE_Annual_Report_2012.pdf

http://cel.candor-

holdings.com//pdf/an_introduction_to_investing_in_the_capital_market_of_sri_la

nka_10_sep_2010.pdf

http://forum.freeeducation365.info/Thread-what-is-colombo-stock-exchange-and-how-it-will-help-you-to-earn-money

http://forum.freeeducation365.info/Thread-what-is-colombo-stock-exchange-and-how-it-will-help-you-to-earn-money

http://www.piramalglassceylon.com/

http://www.agoda.com/galadari-hotel/hotel/colombo-lk.html

http://studentlanka.com/2012/10/12/earn-money-by-investing-cse/

http://www.asiantribune.com/node/15772

http://www.cse.lk/270808/pdf/Interested-In-Investing-Booklet.pdf

http://www.cse.lk/pdf/CSE_Annual_Report_2012.pdf

http://cel.candor-holdings.com/pdf/an_introduction_to_investing_in_the_capital_market_of_sri_lanka_10_sep_2010.pdf



Merit and the demerits of investing in the cse, (fem, slim)

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