Final report

Ratio analysis
Kohinoor textile mill Pvt

2018
Financial accounting
Presented to
Sir sharyar Anis

Presented by:
Aman
Junaid
Syed Saad Ahsan Ali
Pervaiz
Haris
Hasin1
 Contents of Report

TABLE OF CONTENTS ................................... 2

DEDICATION ............................................. 3
LETTER OF APPROVAL .............................. 4
ACKNOWLEDGEMENTS .............................. 5
1 INTRODUCTION OF ORGANIZATION ........... 6
1.1 VISION OF ORGANIZATION ......................... 6
1.1.1 MISSION OF ORGANIZATION .................... 7-12
1.1.2 LIQUIDITY RATIO ................................... 13
1.1.3 ASSET MANAGEMENT RATIO…………………………………18
1.1.4 DEBT RATIO ......................................... 20
2PROFITABILITY RATIO .................................. 20

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 DEDICATION

I DEDICATE THIS PROJECT TO GOD ALMIGHTY MY CREATOR, MY STRONG PILLAR, MY SOURCE OF INSPIRATION,

WISDOM, KNOWLEDGE AND UNDERSTANDING. HE HAS BEEN THE SOURCE OF MY STRENGTH THROUGHOUT THIS

PROGRAM AND ON HIS WINGS ONLY HAVE I SOARED. I ALSO DEDICATE THIS WORK TO MY PARENTS THEY HAVE

ENCOURAGED ME ALL THE WAY AND THEIR ENCOURAGEMENT HAS MADE SURE THAT I GIVE IT ALL IT TAKES TO

FINISH THAT WHICH I HAVE STARTED. TO MY TEACHER WHO HAVE BEEN AFFECTED IN EVERY WAY POSSIBLE

BY THIS QUEST. THANK YOU

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 ACKNOWLEDGMENT

I would like to express my gratitude and appreciation to all those who gave me the possibility to complete this report.
A special thanks to our final project teacher Shaharyar Anis, , whose help, stimulating suggestions and
encouragement, helped me to coordinate my project especially in writing this report.

I would also like to acknowledge with much appreciation the crucial role of the staff of marketing department, who
gave the permission to use all required resources and the necessary material to complete the project

A special thanks goes to my team mate, Syed Saad Ahsan Ali , Junaid ,Pervaiz ,Haris , Hasin Rao who help me to
assemble the parts and gave suggestion about the project

Last but not least, many thanks go to the head of the project, our great teacher Shaharyar Anis whose have given his
full effort in guiding the us in achieving the goal as well as his encouragement to maintain our progress in track. I
would to appreciate the guidance given by others members as well as the panels especially in our project
presentation that has improved our presentation skills by their comment and tips.

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Data of Textile mills for the year
2009, 2010

Balance Sheet:
KTM DTM ADM Nishat
2010 2009 2010 2009 2010 2009 2010 2009
Equity and Liabilities:

Authorized Share 19500 17500

Capital 00 00
Ordinary shares 37000 17000 50000 50000
00 00 0 0
Preference shares 30000 30000
0 0
40000 20000
00 00
Issued, subscribed, paid 14552 14552 18530 18530 8400 8400 16544 12408
up share capital 62 62 3.2 3.2 00 00 18 13.8
reserves 19060 16040 12772 91736 2007 1841 27780 18616
06 79 46 6.8 793 257 92 57.1
total equity 33612 30593 14625 11026 2847 2681 44325 31024
68 41 49 70 793 257 11 70.9
surplus on revaluation of 36738 12635
property 25 92

Non Current liabilities

Long term financing 16280 19185 14339 64245 3482 4714 27299 31819
67 71 3.8 .68 93 30 39 05.3
Liabilities against assets 67005 10091 50000
subject to finance lease 9 0
lease finance advance 35922 16307 19496
.42 .46
Gratuity 49728 52008
.71 .16
deffered tax 15799 13466 53967 48397 2474 1970 1552.2
6 7 .52 .23 7 6 52
18530 21900 26339 68414 3730 4911 27299 31834
68 79 7.4 7.5 40 36 39 57.6

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Current Liabilities
Trade and other payables 10402 84975 24363 18203 2305 2571 66232 45452
57 5 2.2 2.8 49 18 1.8 3.24
accrued mark up 28998 18525 44455 27681 4066 2370 21644 17152
7 9 .71 .24 6 7 3.3 3.91
short term borrowings 60704 48104 10507 10525 1463 1027 46677 35005
35 71 25 66 296 269 98 78
current portion of non 76845 91704 35272 11779 1760 1712 15428 16042
current liabilities 9 2 2.6 7.2 07 95 67 55.9
81691 67625 16915 13800 1910 1479 70894 57308
38 27 36 77 518 389 29 81.1
Working Capital 43216 43248
.26 .35

Total Liabilities 10022 89526 19549 20642 2283 1970 98193 89143
206 06 33 25 558 525 68 38.6
Contigencies and
Commitments
Total Equity and 17057 13275 14625 11026 5504 5142 14251 15200
Liabilty 299 539 49 70 391 918 879 267

Assets
Non-Current Assets
Property, plant and 64962 41402 16701 17364 3420 3425 59702 59273
equipment 99 33 62 68 290 599 53 47.7
investment properties 17208 17208 18734 14378
35 35 69 91.9
long term investments 22491 22489 373.7
671.3 4467 4997
70 70 44
long term deposits and 34887 33617
12194 6429. 777 979 39120 4620.9
Loans .68 363 7.2 17
10501 81436 16827 17435 3425 3431 82349 73698
191 55 31 69 534 575 30 60.5

Current Assets
Stores, spare parts and 34579 30394 14065 10535 9451 5822 41072 33391
loose tools 8 7 1.4 4.5 8 0 2.9 9.1

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Stock in trade 23931 17798 86482 51526 9013 6545 31665 21831
13 26 9.7 4.3 34 57 86 03.7
trade debts 13290 10501 54789 56098 5797 4167 15187 15167
65 01 9.6 2.8 28 40 25 29
advances 59679 30336 90106 19350 1411 2085 23406 37221
5 2 .44 7.1 8 4 5.4 8.02
Security deposits and 15578 28383 2462. 2077. 843 7482 194.7 487.72
short term payments 807 356 04 4
interest accrued 141 122 5571.
439
other recievables 40192 30173 163.8 282.1 5404 3850 34180 21104
8 2 24 75 5 8 9.8 5.66
short term investments 64211 60761 1462 1220
1 0 3 0
taxation recoverable 99805 74842 63972 31454 1164 4165
.48 .16 3
cash and bank balances 78851 80297 24665 14403 3496 7481 90774 29445.
.6 .05 5 .52 865
59031 45302 17347 14233 1705 1220 57684 46469
85 22 52 25 817 207 49 49.1

Non-current assets 65292 60166 24850

classified as held for sale 3 2 0
65561 51318 60169 46469
08 84 49 49.1

Total Assets 17057 13275 17347 14233 5131 4651 14003 12016
299 539 52 25 351 782 379 810

*All amount in thousands

Profit and Loss Account

Sales 10693 84588 46918 37123 3671 3125 13343 99645

338 99 84 92 610 384 540 45.5

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Cost of Sales 86925 71989 37679 33248 2904 2427 10731 84733
29 93 00 78 895 400 692 62.2

Gross Profit 20008 12599 92398 38751 7667 6979 26118 14911
09 06 4.3 4.4 15 84 48 83.2

Distribution Cost 39781 46484

19520 11509 1291 9493 43836 29179
8 8 0.5 2 98 3 0.7 9.02
Administrative Expense 19510 17596
80810 43720 5230 4481 11171 10565
3 5 .94 .55 4 9 3.8 6.51
Other Operating Expense 37323 22090
31954 11082 8394 3685 81833 16467.
.17 .79 9 4 .5 327
Finance Cost 21346 14246
3.1 1
63024 66290 30796 16989 2654 1766 63190 41392
4 3 5.6 5.3 51 06 8 2.85
13705 59700 61601 21761 5012 5213 19799 10772
65 3 8.6 9 64 78 40 60.4

Other Operating Income 78651 12655 11486 9735. 2922 7523 18637 17261
1 .91 26 4 8 1.2 9.7

Profit from operations 14492 72355 62750 22735 5304 5966 21663 12498
16 4 5.5 4.3 88 16 11 80.1
Finance Cost 10727 12602 21346 14246 1595 1862 11010 10815
68 30 3.1 1 63 78 54 36.4
Profit/(Loss) before 37644 - 41404 84893 3709 4103 10652 16834
taxation 8 53667 2.4 .27 25 38 57 3.64
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Provision For Taxation 98587 96865 54163 52346 3638 3391 13378 65000
.21 .39 9 7 2.9

Profit/(Loss) after taxation 27786 - 35987 32546 3345 3764 93147 10334
1 43981 9.2 .88 36 21 3.9 3.64
1
Earning/(Loss) per share- 1.91 3.02 19.42 1.76 3.98 4.48 7.89 1.19
Basic and Diluted

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Kohinoor Textile Mill
The Company commenced operation in 1953 as a private limited company and became a public limited company in 1968.
The initial capacity of its Rawalpindi unit comprised 25,000
spindles and 600 looms. Later, fabric processing facilities were
added and spinning capacity was augmented. Additional
production facilities were acquired on the Raiwind- Manga Road near
Lahore in District Kasur and on the Gulyana Road near Gujar Khan,
by way of merger.

The Company's production facilities now comprise 151,902 ring

spindles capable of spinning a wide rang of counts using cotton and
Man-made fibers. The weaving facilities at Raiwind comprise 204 looms capable of weaving wide range of greige fabrics.

Units are capable of dyeing and printing fabrics for the home textile market. The stitching facilities produce a diversified
range of home textiles for the export market. Both the dyeing and stitching facilities are being augmented to take advantage
of greater market access.

Fully equipped laboratory facilities for quality control and process optimization have been up at all three sites. The Company
has been investing heavily in Information Technology, training of its human resources and preparing its management to
meet the challenges of market integration.

Kohinoor Textile Mills Limited continues to ensure that its current competitive position is maintained as well as supporting
the ongoing improvement process in our endeavor to maintain world best practice manufacturing.

Vision Statement

The Kohinoor Textile Mills Limited Stated Vision Is To Achieve And Then Remain As The Most Progressive And
Profitable Company In Pakistan In Terms Of Industry Standards And Stakeholders Interest.

Mission Statement

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The Company Shall Achieve Its Mission Through A Continuous Process Of Having Sourced, Developed, Implemented And
Managed The Best Leading Edge Technology, Industry Best Practice, Human Resource And Innovative Products And
Services And Sold These To Its Customers, Suppliers And Stakeholders.

Liquidity Ratio
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.

The current ratio can give a sense of the efficiency of a company's operating cycle or its ability to turn its product into cash.
Companies that have trouble getting paid on their receivables or have long inventory turnover can run into liquidity problems
because they are unable to alleviate their obligations. Because business operations differ in each industry, it is always more
useful to compare companies within the same industry.

Year 2009 2010

Kohinoor Textile Mills 0.59 0.51
Industry Average 0.70 0.58

To pay RS 1 liability the Kohinoor Textile Mill has RS 0.51 assets in the year 2010 and the industry average was 0.58 and
if we see in the year 2009 then we come to know that if Kohinoor Textile Mills has to pay RS 1 liability then it has 0.59 and
if we compared it from the industry then we have 0.70. Though company average is greater then the company but we know
that if the ratio is less then 1 then it is not good for the company as well as for the industry too. The main thing we have to
do is Kohinoor Textile Mills should decrease liabilities and increase assets to be in better position. It is necessary for
company and as well as the creditors point of view.

Quick Ratio

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This ratio is an indicator of a company's short-term liquidity. The quick ratio measures a company's ability to meet its short-
term obligations with its most liquid assets. We know that the higher the quick ratio, the better the position of the company.

The quick ratio is more conservative than the current ratio, a more well-known liquidity measure, because it excludes
inventory from current assets. Inventory is excluded because some companies have difficulty turning their inventory into
cash. In the event that short-term obligations need to be paid off immediately, there are situations in which the current ratio
would overestimate a company's short-term financial strength.

Year 2009 2010

Kohinoor Textile Mills 0.43 0.43
Industry Average 0.41 0.47

The quick ratio of Kohinoor Textile Mill for the year of 2010 is 0.43 which is less than that of industry i.e. 0.47 and if we
talk about for the year of 2009 them we came to know that quick ratio of Kohinoor Textile Mill was 0.43 and the industry
has 0.41. So the conclusion is that the Kohinoor Textile mill has lesscash and more inventories, so company and industry
both are in a bad position. The industry average i.e. 0.41 is less than Kohinoor Textile Mill in 2009 but is more in 2010 that
is 0.47. So Kohinoor Textile Mill must reduce inventory to compete with industry.

Asset Management
Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period. This ratio should be compared
against industry averages. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either
strong sales or ineffective buying.

High inventory levels are unhealthy because they represent an investment with a rate of return of zero. It also opens the
company up to trouble should price begin to fall or we can say the company must take a look on its marketing strategies.

Year 2009 2010

Kohinoor Textile Mill 3.63 4.04
Industry 3.65 4.42

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The inventory turnover of Kohinoor Textile Mill is 3.63 that is less than industry average that is 3.65 in 2009 and we talk
about the year 2010 then we come to know that the company has 4.04 and this is less as compared to industry turnover ratio
that is 4.42. TheKohinoor Textile Mill takes less days to sale the inventory and replace new inventory.

Days sales outstanding

This is a measure of the average number of days that a company takes to collect revenue after a sale has been made. A low
DSO number means that it takes a company fewer days to collect its accounts receivable. A high DSO number shows that
a company is selling its product to customers on credit and taking longer to collect money.

Due to the high importance of cash in running a business, it is in a company's best interest to collect outstanding receivables
as quickly as possible. By quickly turning sales into cash, a company has the chance to put the cash to use again - ideally,
to reinvest and make more sales. The DSO can be used to determine whether a company is trying to disguise weak sales, or
is generally being ineffective at bringing money in. For most businesses, DSO is looked at either quarterly or annually.

Year 2009 2010

Kohinoor Textile Mill 44.74 44.69
Industry 46.15 50.47

Number of days sale outstanding of Kohinoor Textile Mill in 2009 is 44.74 days is less than that of industry that is 46.15
days. And if we talk about the year 2010 then the company has 44.69 and industry has 50.47. Which means that the company
is getting its receivables inless days as compared to industry which is good for the company.

Fixed asset turnover

Fixed asset turnover is 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.

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This ratio is often used as a measure in manufacturing industries, where major purchases are made for PP&E to help increase
output. When companies make these large purchases, prudent investors watch this ratio in following years to see how
effective the investment in the fixed assets was.

Year 2009 2010

Kohinoor Textile Mill 1.64 2.04
Industry Average 1.94 1.69

Fixed Asset turnover ratio of company in 2009 is 1.64 and the industry ratio is 1.94 that is greater than the Kohinoor textile
mill while in 2010 company has 2.04 and industry has 1.69 this ratio shows the better performance in 2010. It means that
the company is using its fixed assets much effectively. The ratio is very good for the company as compared to industry.

Total Asset Turnover

The amount of sales generated for every rupee’s worth of assets. Asset turnover measures a firm's efficiency at using its
assets in generating sales or revenue - the higher the number the better. It also indicates pricing strategy: companies with
low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover.

Year 2009 2010

Kohinoor Textile Mill 0.62 0.63
Industry 1.25 1.19

The Kohinoor’s total asset turnover ratio is 0.62in 2009 and industry average ratio is 1.25. If we talk about the year 2010,
then we came to know that Kohinoor has 0.63 and industry average is 1.19.So as a conclusion, we can say that the total
asset turnover is bad for Kohinoorand they should formulate such strategies that can be effect on their assets or use their
assets much effectively to make revenue.Debt Management

Debt Ratio

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This is a ratio that indicates what proportion of debt a company has relative to its assets. The measure gives an idea to the
leverage of the company along with the potential risks the company faces in terms of its debt-load.

A debt ratio of greater than 100% indicates that a company has more debt than assets; meanwhile, a debt ratio of less than
100% indicates that a company has more assets than debt. Used in conjunction with other measures of financial health, the
debt ratio can help investors determine a company's level of risk.

Year 2009 2010

Kohinoor Textile Mill 58.76% 67.44%
Industry Average 71.52% 82.25%

The Kohinoor Textile Mill was using 58.76% debt and 42.24% equity for financing in the year 2009 and in the year 2010
the company is using 67.44% debt and 33.56%. This is less than industry average but if we take a company alone then this
is not good for the company. They should increase their equity and reduce financing from debt.

Times Interest Ratio

A metric used to measure a company's ability to meet its debt obligations. It is calculated by taking a company's earnings
before interest and taxes (EBIT) and dividing it by the total interest payable on bonds and other contractual debt. It is usually
quoted as a ratio and indicates how many times a company can cover its interest charges on a pretax basis. Failing to meet
these obligations could force a company into bankruptcy.

Ensuring interest payments to debt holders and preventing bankruptcy depends mainly on a company's ability to sustain
earnings. However, a high ratio can indicate that a company has an undesirable lack of debt or is paying down too much
debt with earnings that could be used for other projects. The rationale is that a company would yield greater returns by
investing its earnings into other projects and borrowing at a lower cost of capital than what it is currently paying for its
current debt to meet its debt obligations.

The lower the ratio, the more the company is burdened by debt expense. When a company's interest coverage ratio is 1.5 or
lower, its ability to meet interest expenses may be questionable. An interest coverage ratio below 1 indicates the company
is not generating sufficient revenues to satisfy interest expenses.

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 Year 2009 2010
Kohinoor Textile Mill 0.07 0.10
Industry Average 0.12 0.18

By seeing above ratio in the table, we find out that Kohinoor Textile Mill and as well as the industry has a very bad situation.
Currently they didn’t meet their interest expense.

Fixed Charge Coverage Ratio

This is a ratio that indicates a firm's ability to satisfy fixed financing expenses, such as interest and leases.

Year 2009 2010

Kohinoor Textile Mill 0.63 0.64
Industry Average 0.64 0.65

Fixed charge ratio of company and industry is almost the same. So currently both have faced a very bad situation. Both of
them are not getting much from fixed assets.

Profitability
Net Profit Margin

It measures how much out of every rupee of sales a company actually keeps in earnings.Profit margin is very useful when
comparing companies in similar industries. A higher profit margin indicates a more profitable company that has better
control over its costs compared to its competitors. Profit margin is displayed as a percentage; a 20% profit margin, for
example, means the company has a net income of RS 0.20 for each rupee of sales.

Year 2009 2010

Kohinoor Textile Mill 2.6% -5.2%
Industry Average 6.59% 2.19%

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The net profit margin ratio shows how much of sales is net profit? In this case we get to know that in 2009 the company’s
ratio is 2.6%, this is very low as compared to industry that is 6.59% and in 2010 the company’s net profit margin is -5.2%
and the industry have 2.19%. This is also very low as compare to industry. The company should increase net profit and
decrease its expenses.

Return on Asset

ROA tells you what earnings were generated from invested capital (assets). ROA for public companies can vary substantially
and will be highly dependent on the industry. This is why when using ROA as a comparative measure, it is best to compare
it against a company's previous ROA numbers or the ROA of a similar company.

The assets of the company are comprised of both debt and equity. Both of these types of financing are used to fund the
operations of the company. The ROA figure gives investors an idea of how effectively the company is converting the money
it has to invest into net income. The higher the ROA number, the better, because the company is earning more money on
less investment.

An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management
is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets, ROA is
displayed as a percentage. Sometimes this is referred to as "return on investment".

Year 2009 2010

Kohinoor Textile Mill 1.63% -3.31%
Industry Average 8.89% 1.98%

Return on asset shows how much return company is getting on his assets. The ROA of Kohinoor is less than industry.

Return on Equity

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The amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's
profitability by revealing how much profit a company generates with the money shareholders have invested. The ROE is
useful for comparing the profitability of a company to that of other firms in the same industry.

Year 2009 2010

Kohinoor Textile Mill 19.09% -30.22%
Industry Average 77.36% 10.12%

Return on equity shows that the owners and management is getting on their investment. This ratio for Kohinoor is much
lower than industry average.

Market Value
Price Earning

A valuation ratio of a company's current share price compared to its per-share earnings. In general, a high P/E
suggests that investors are expecting higher earnings growth in the future compared to companies with a lower
P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually more useful to compare the P/E
ratios of one company to other companies in the same industry, to the market in general or against the company's
own historical P/E. It would not be useful for investors using the P/E ratio as a basis for their investment to
compare the P/E of a technology company (high P/E) to a utility company (low P/E) as each industry has much
different growth prospects. It is important that investors note an important problem that arises with the P/E
measure, and to avoid basing a decision on this measure alone. The denominator (earnings) is based on an
accounting measure of earnings that is susceptible to forms of manipulation, making the quality of the P/E only
as good as the quality of the underlying earnings number.

Year 2010
Kohinoor Textile Mill 2.98%
Industry Average 1.84%

Price Earning shows how much investors are willing to pay per rupee of reported profits. The ratio of Kohinoor
is more than industry.

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Market/ Book

Year 2010
Kohinoor Textile Mill 0.57%
Industry Average 1.36%

Market/ Book ratio shows how much investoris willing to pay for company. This ratio is low for company as
compare to industry.

Interpretation of Trend analysis

Balance Sheet

Currents assets are increasing by 23.26%. Main decreasing trends can be seen in cash -1.83% while stock in
trade increases by 25.63%. Both seem valuable to the company. On the other hand net fixed asset is increased
by 5.46%. Increased in fixed asset is due to decrease in vehicles and office equipment as shown in the note 14
of the annual report.

All these changes in the assets have caused a net increase of 2.16% in the total asset which shows a positive
trend in the assets. This is good for the company.

Current liabilities are increasing by 17.22% while total liabilities are increasing by above 20.16%. The trend of
Liabilities and equity portion is also positive and it is increasing by 31.09% which is obviously same as that of
increase in Net assets where net equity is increasing by 8.98%.

Income Statement:

Net sales in 2010 have increased by 20.90% as compared to that in 2009. So, sales have a positive trend. Cost
of Goods has decreased this time than the sales and their decrease in trend is 17.18%. It is much good and the
gross profit has increased to 37.03%. It is good as well as we have a positive trends of Net sales & COGS. The
main increasing trend can be observed in operating expense that in above 40.81% and it don’t seem beneficial
for the company at all, and on the other one is other operating income that has a very negative trend. Other
operating income has decreased to -60.90%. It is apparently very bad for the company.

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But the drastic decreasing trend in the finance cost and the increasing trend in taxation that is17.47% and 1.75%
respectively, increasing in taxation has caused a handsome decrease in the profit of the company. The profit for
the year of Kohinoor Textile Mill is facing a decreasing trend and has decreased to about 3.91%.

A decreasing trend of operating income has resulted in the decrease of EPS in 2010 to 58.12% as compared to
that of 2009.

NetIncome Sales NetIncome

ROI =  =
Sales TotalAssets TotalAssets

NetIncome
ROI= = 1.628986%
TotalAssets

Net Pr ofit EBT EBIT Sales Assets Net Pr ofit

ROE=     =
EBT EBIT Sales Assets Equity Equity

Net Pr ofit
ROE= = 8.266553%
Equity

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References

 http://www.ehow.com/about_5055213_textile-industry-pakistan.html
 http://pakistan-stocks.blogspot.com/2010/12/nishat-chunian-share-price-01-03_04.html
 http://pakistan-stocks.blogspot.com/2010/12/number-of-textile-companies-listed-at.html
 http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=KTML:PA
 http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=DINT:PA
 www.investopedia.com/

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