ANALYZING FINANCIAL POSITION AND PERFORMANCE

					Measuring & Analyzing
Financial Performance
ANALYZING FINANCIAL
POSITION AND PERFORMANCE
   Analyze Financial Statement
          information

 Learn two basic types of analysis

   Use five key financial criteria

Learn how to calculate key financial
            measures
   TWO TYPES OF ANALYSIS
1. Comparative statement analysis

2. Financial ratio analysis

The purpose of both types of analysis is to:

     FIND, LOCATE AND ISOLATE
Comparative Balance Sheet
 Ahmed and Zainab Farmer
 Years ending December 31, 2003 and 2004
                                             1,000 Iraqi Dinars
                             2003            2004         Increase      Percent
                                                          Dinars        Change
Current Assets
  Cash                       ID 8880          ID 14,297   ID 5,417       61.0%
  Livestock:                                               0
    Goats                       29,600        ID 32,560    2,960        10.0%
  Grain inventory:                                         0
    Wheat                        88,800       88,800       0              0.0%
    Barley                       29,600       22,200      (7,400)       -25.0%
  Supplies                       7,400        4,943       (2,457)       -33.2%
  Other                          0            0            0
Total current assets          ID 164,280     ID 162,800   (ID 1,480)    -0.9%

Non-current Assets
  Machinery                  ID 150,960      ID 139,120   (ID 11,840)   -7.8%
  Breeding livestock:                                          0
    Purchased                   2,960           2,960         0           0.0%
    Raised                      11,840          10,360      (1,480)     -12.5%
  Land and buildings:           187,960         202,760      14,800       7.9%
  Other                          0              0             0
Total non-current assets        353,720         355,200      1,480        0.4%
Total assets                 ID 518,000      ID 518,000      ID 0         0.0%


Current Liabilities
  Accounts payable             ID 17,760     ID 23,680    ID 5,920      33.3%
  Operating loan                  103,600       103,600      0          0.0%
  Portions of term debt                                      0
  due in 12 months:                                          0
    Machinery loan                  8,880       8,880        0           0.0%
    Real estate loan                4,400       4,400        0           0.0%
  Accrued interest:                                          0
    Accounts payable                1,924       2,457        533         27.7%
    Operating loan                  6,216       6,216        0            0.0%
    Machinery loan                  2,664       2,131       (533)       -20.0%
    Real estate loan                0           0            0
  Accrued taxes:                                             0
    Real estate                   740           740          0            0.0%
    Income & Soc. Sec.            1776          1,776        0            0.0%
  Other                           0             0            0
Total Current Liabilities      ID 148,000    ID 153,920   ID 5,920        4.0%

Non-current Liabilities
  Machinery loan                                          ID 0
  (amt. due beyond 12 mos)          35,520      26,640       (8,880)    -25.0%
  Real estate loan                                             0
  (amt. due beyond 12 mos)        79,920        75,480       (4,440)     -5.6%
  Other                           0             0              0
Total non-current liab.           115,440       102,120      (13,320)   -11.5%
Total liabilities                 263,440       256,040      (7,400)     -2.8%
Owner equity                      254,560       261,960       7,400       2.9%
Total liabilities and          ID 518,000    ID 518,000    ID 0           0.0%
   owner equity
                                 Income Statement
Ahmed and Zainab Farmer                       Years ending December 31, 2003 and 2004
                                                     1,000 Iraqi Dinars
                               2003          2004                          Increase or
                                         Percent of           Percent of   (Decrease)
                              Dinars      Gross Rev Dinars     Net Farm In   Dinars
Revenue
Cash farm revenue
  Wheat                   ID 112,554       42.9%    ID 120,250   197.9%    ID 7,696
  Barley                     66,008        25.1%       64,084    105.5%      (1,924)
  Goats                      79,565        30.3%       96,200    158.3%       16,635
  Breeding livestock         4,529          1.7%       5,920       9.7%       1,391
  Other                      0              0.0%       0           0.0%       0
Gross cash farm revenue      262,656      100.0%       286,454   471.5%       23,798

Inventory adjustments
  Wheat                     0               0.0%       6,660      11.0%      6,660
  Barley                   (7,400)         -2.8%      (4,440)     -7.3%      2,960
  Goats                     2,960           1.1%       7,400      12.2%      4,440
  Breeding livestock       (1,480)         -0.6%      (740)       -1.2%      740
  Other                     0               0.0%       0           0.0%       0
Total Inventory adjustment (5,920)         -2.3%       8,880      14.6%      14,800
Gross farm revenue          256,736        97.7%       295,334   486.1%      38,598

Expenses
Cash farm expenses
  Purchased feed               26,640      10.1%       25,900     42.6%     (740)
  Other cash farm operating    156,791     59.7%       150,960   248.5%     (5,831)
  Interest                     27,928      10.6%       29,600     48.7%      1,672
Total cash farm expenses       211,359     80.5%       206,460   339.8%     (4,899)
Net cash farm income           45,377                  88,874
Depreciation                   25,160       9.6%       24,420     40.2%     (740)

Non-Cash expense adjustments
Assets
  Unused supplies           (2,457)        -0.9%       740         1.2%      3,197
  Other                      0              0.0%        0          0.0%       0
Liabilities
  Accounts payable          (5,920)        -2.3%       (4,440)    -7.3%      1,480
  Accrued interest           0              0.0%        0          0.0%       0
  Accrued taxes              0              0.0%        0          0.0%       0
  Other                      0              0.0%        0          0.0%       0
Total non-cash expense adj (8,377)         -3.2%       (3,700)    -6.1%      4,677
Net farm income from opera. 11,840          4.5%        60,754   100.0%      48,914
Gain/loss on sale of farm    1,480          0.6%        0          0.0%     (1,480)
Net farm income           ID 13,320         5.1%    ID 60,754    100.0%   ID 47,434
RATIOS
            Monitoring Tools
Used in conjunction with other information

    Rules of thumb are only guidelines

          Unlimited number of
           - physical ratios
          - financial ratios
          Take time to develop
               - a “feel”
            - understand
             - internalize
RATIO ANALYSIS

       Trends over time
 Compare to industry standards
  Comparison to similar firms

  Comparison to performance
         objectives
  FINANCIAL RATIO ANALYSIS
         Types of ratios to look at:

Liquidity:
Measures ability to meet obligations when due
  without disrupting normal operations
Solvency:
Measures borrowed capital in relation to
  owner’s equity capital invested in the
  business
  FINANCIAL RATIO ANALYSIS
  (cont’d)
Profitability:
Measures amount of profit from use of labor,
  management and capital
Repayment Capacity:
Measures ability to repay debts from both
  farm and non-farm income
Financial Efficiency:
Measures degree of efficiency in use of labor,
  management and capital
              TESTS OF LIQUIDITY
    A. Working Capital =                                Total current farm assets minus
                                                          total current farm liabilities

    B. Current ratio                =                    Current assets
                                                        Current liabilities

    C. Acid test ratio               =                    Liquid assets
                                                        Current liabilities

    D.   Cash flow                                      Cash available1
         coverage ratio               =                 Cash required2
1 Beginningcash + cash received from operating activities+ cash received from investing activities +
proceeds from term loans + cash received from equity contributions

2
 Cash paid for operating activities + cash paid for investing activities + principal paid on term loans and
capital leases + cash equity distributions
      TESTS OF SOLVENCY

A. Debt-to-assets        =    total liabilities
                              total assets


B. Equity-to-assets ratio =   total farm equity
                              total farm assets


C. Debt-to-equity ratio =     total farm liabilities
                              total farm equity
      TESTS OF PROFITABILITY
A. Return on equity = net income from farm
    operations - value of unpaid labor/management
                                average owners equity

B. Return on assets = net income from farm operations
    interest expense
     - value of unpaid labor/management
            total farm assets

C. Operating profit margin ratio = net farm income from
    operations + farm interest
    expense - value of unpaid labor/mgmt
              gross farm revenues
    REPAYMENT OF CAPACITY
    RATIOS
    Term debt and capital lease coverage ratio =

 net farm income from operations + total non-farm
     income + depreciation/amortization expenses +
  interest on term debt + interest on capital leases -
   total income tax expense- withdrawals for family
   living annual scheduled principal and interest on
 term debt + annual scheduled principal and interest
                    on capital leases

Debt-to-income ratio = average total farm liabilities
                    net farm income from operations
           FINANCIAL EFFICIENCY
           RATIOS
A. Asset turnover ratio = gross farm revenue
                          average total assets

B. Operating expense ratio = total expenses (excl. int. & depr. expense)
                                    gross farm revenues

C. Depreciation expense ratio = depreciation expense
                                  gross farm revenue

D. Interest expense = total farm interest expense
                          gross farm revenue

E. Net farm income       =     net farm income from operations
   from operations ratio               gross farm revenues
    OTHER EFFICIENCY RATIOS
Labor productivity ratio =
          gross farm revenues
labor and salary expense + value of unpaid
          labor and management

Machinery and equipment productivity ratio =
            gross farm revenues
avg. investment in farm machinery and equip.
OTHER COMPARISONS
    Carrying charge on owned land
                  vs.
 Cash rental rate on comparable loan

   Family withdrawal as a percent of
     - value of farm production
     - total expenses

     Machinery investment per acre
Nonproductive assets as a percent of total
                assets
       COMPARING RATIOS
1. Net income, is it
    ✧ before or after taxes
    ✧ cash or accrual
    ✧ farm or farm plus non-farm
    ✧ before or after family living withdrawls
2. Balance sheet and resulting net worth
   ✧ cost, market or something in between
   ✧ have accrued items been included or omitted
   ✧ are deferred tax liabilities included or omitted
3. Is the information based on the individual, the business or a
   combination of the two
4. Is the ratio based an average, beginning of the year or end of
   the year figures
        COMPARING RATIOS (cont’d)
5. The legal structure of the entity
     - corporation vs. proprietorship
     - treatment of salaries vs. withdrawals
6.   Same fiscal year or point in time
7.   What are you comparing to
     - industry, state average, or loan portfolio average...
     - a specific farm category, size
8.   Type of business
     - dairy vs. grain vs. cattle
9.   Are the firms from the same geographic area:
     - production methods (seasonality, irrigated vs. dry land,
        confinement vs. pasture, double vs. single crop)
  CASE STUDY
Ahmed and Zainab own and farm 130 dunum.
On 100 tilled dunum, they grow 65 dunum of
wheat and 35 dunum of barley. They also cash
rent 500 dunum (320 dunum of wheat and 165
dunum of barley) and rent 400 dunum (200
dunum of wheat and 200 dunum of barley) on a
50-50 share lease. So, in year 2004 they farmed
585 dunum of wheat and 400 dunum of barley.
They also sold 550 goats. Ahmed and Zainab
work full time on the farm and have one hired
man who works for them full time.
                                       Beginning Balance Sheet
Name: Ahmed and Zainab Farmer                   1,000 Iraqi Dinars                      Date: December 31, 2003

                          ASSETS                                     LIABILITIES AND OWNER EQUITY

                            Cost       Market value                                    Cost         Market Value

 Current assets                                           Current liabilities

Cash                        ID 8,880        ID 8,880      Accounts payable             ID 17,760          ID 17,760
Livestock:                                                Operating loan                 103,600            103,600
  Goats                      29,600           29,600      Portions of term debt
Grain inventory:                                          due in 12 months:
  Wheat                      88,800           88,800       Machinery loan
  Barley                     29,600           29,600       Real estate loan                8,880              8,880
Supplies                      7,400            7,400      Accrued interest:                4,440              4,440
                                                           Accounts payable
                                                           Operating loan                  1,924              1,924
                                                           Machinery loan                  6,216              6,216
                                                           Real estate loan                2,664              2,664
                                                          Accrued taxes:                       0                  0
                                                           Real estate
                                                           Income & S.S.                     740                740
                                                          Other                            1,776              1,776
 Other                             0                  0                                        0                  0

         Total current                                             Total current
                 assets   ID 164,280      ID 164,280                   liabilities    ID 148,000         ID 148,000

 Non-current assets                                       Non-current liabilities

 Machinery:                                               Machinery loan
  Cost ID 187,960          ID             ID 150,960      (Amt. due beyond 12
  Acc. Dep. 44,400           143,560                      months)                      ID 35,520          ID 35,520
 Breeding livestock:
  Purchased                    2,960           2,960
  Raised                      11,840          11,840
 Land and buildings                                       Real estate loan
  Cost       183,520                        $187,960      (Amt. due beyond 12
  Acc. Dep. 17,760          165,760                       months)                         79,920            79,920
 Other                            0                   0                                        0                 0

   Total non-current                                          Total non-current
               assets     ID 324,120      ID 353,720                  liabilities     ID 115,440         ID 115,440

                                                                  Total liabilities   ID 236,440         ID 236,440

                                                                   Owner equity       ID 224,960         ID 224,960

                                                             Total liabilities and
          Total assets    ID 488,400      ID 518,000                owner equity      ID 488,400         ID 518,000
                                                                 Ending Balance Sheet
          Name: Ahmed & Zainab Farmer                                 1,000 Iraqi Dinars                                                Date: December 31, 2004

                                 AS S ETS                                                              LIABILITIES AND OWNER EQUITY
                               Cost             Market Value                                                                     Cost             Market Value
Current assets                                                              Current liabilities
Cash                              ID 14,297                    ID 14,297    Accounts payable                                       ID 23,680                 DI 23,680
Livestock:                                                                  Operating loan                                           103,600                  103,600
 Goats                                 32,560                     32,560    Portions of term debt due in 12 mo:
Grain inventory:                                                             M achinery loan                                              8,880                   8,880
 Wheat                                 88,800                     88,800     Real estate loan                                             4,440                   4,440
 Barley                                22,200                     22,200    Accrued interest:
Supplies                                4,943                      4,943     Accounts payable                                             2,457                   2,457
                                                                             Operating loan                                               6,216                   6,216
                                                                             M achinery loan                                              2,131                   2,131
                                                                             Real estate loan                                                 0                       0
                                                                            Accrued taxes:
                                                                             Real estate                                                    740                     740
                                                                             Income & SS                                                  1,776                   1,776
Other                                       0                          0    Other                                                             0                       0

        Total current assets      ID 162,800                   ID 162,800   Total current liabilities                             ID 153,920                ID 153,920

Non-current assets                                                          Non-current liabilities

M achinery:
 Cost                             ID 177,600                   ID 139,120
 Acc. Dep.                            57,720                      119,880
Breeding livestock:
 Purchased                              2,960                      2,960
 Raised                                10,360                     10,360
Land & Buildings
 Cost                                 183,520                    202,760
 Acc. Dep.                             20,720
Other                                       0

 Total non-current assets         ID 296,000                   ID 355,200                       Total non-current liabilities     ID 102,120               ID 102,120

                                                                                                             Total liabilities    ID 256,040               ID 256,040

                                                                                                              Owner equity        ID 202,760               ID 202,760

                Total assets      ID 458,800                   ID 518,000                  Total liabilities and owner equity     ID 458,800                ID 518,000
Income statement: gross revenue approach                                               1,000 Iraqi Dinars
Name: Ahmed and Zainab Farmer                                                      12 month period ending 12/31/2003
Revenue                                                                              Cash              Accrual
Cash farm revenue

 Wheat                                                           ID 112,554
 Barley                                                              66,008
 Goats                                                               79,565
 Breeding livestock                                                   4,529
 Other                                                                    0

                                                  Gross cash farm revenues       ID262,656      ID 262,656

Inventory                         Inventories                  Difference
Adjustments                Beg.          End.                 (End.-Beg.)

 Wheat                    ID 88,800            ID 88,800          ID         0
 Barley                      29,600               22,200               (7,400)
 Goats                       29,600               32,560                 2,960
 Breeding livestock          14,800               13,320               (1,480)
 Other                            0                    0                     0

                                                Total inventory adjustment                      ± ID (5,920)

                                                       Gross farm revenues       =ID 262,656    =ID 256,736

Expenses - Cash Farm

Purchased feed                                                    ID 26,640
Other cash farm operating expenses                                  156,791
Interest                                                             27,928

                                                  Total cash farm expenses       - ID 211,359   - ID 211,359

                                                      Net cash farm income       = ID 51,297

Depreciation                                                                     - ID 25,160    - ID 25,160

Non-cash expense adjustments

Assets                           Inventories                 Difference
                          Beg.          End.                  (End.-Beg.)

 Unused supplies           ID 7,400             ID 4,943          ID (2,457)
 Other                            0                    0                   0

Liabilities                                                    (Beg.-End)

 Accounts payable         ID 17,760            ID 23,680          ID (5,920)
 Accrued interest            10,804               10,804                   0
 Accrued taxes                  740                  740                   0
 Other                            0                    0                   0

                                       Total non-cash expense adjustments                       ±ID (8,377)

                                          Net farm income from operations        =ID 26,137     = ID 11,840

                                     Gain/loss on sale of farm capital assets    ± ID 1,480     ±ID 1,480

                                                           Net farm income       = ID 27,528    = ID 13,320
                               Statement of Cash Flows
Name: Ahmed and Zainab Farmer              1,000 Iraqi Dinars       For the period: 1/1/2003 through 12/31/2004
 Cash flows from operation activities

 Cash received from operations                                                                   +ID 262,656
 Cash received from non-farm income                                                              +         0
 Cash paid for feeder livestock, purchased feed & other items purchase for resale                -    26,640
 Cash paid for operating expenses                                                                - 156,791
 Cash paid for interest                                                                          -    27,928
 Net cash paid for income and Social Security taxes                                              -     1,776
 Net Cash paid for other operating activities                                                    -         0
 Cash withdrawals for family living                                                              -    33,744

                                                     Net cash provided by operating activities   ± $ 15,777

 Cash flows from investing activities

 Cash received from sale of breeding stock (other than normal culling)                           + ID     0
 Cash received from sale of machinery and equipment                                              +    4,440
 Cash received from sale of farm real estate                                                     +        0
 Cash received from sale of marketable securities                                                +        0
 Cash received from sale of non-farm investments & retirement acct. withdrawals                  +        0
 Cash paid to purchase breeding stock                                                            -    1,480
 Cash paid to purchase machinery and equipment                                                   -        0
 Cash paid to purchase real estate and buildings                                                 -        0
 Cash paid to purchase marketable securities                                                     -        0
 Cash paid to purchase non-farm investments & retirement acct. deposits                          -        0

                                                     Net cash provided by investing activities   ± ID 2,960

 Cash flows from financing activities

 Proceeds from operating loans                                                                   +ID 148,000
 Proceeds from term loans                                                                        +         0
 Cash received from capital contributions, gifts and inheritances                                +         0
 Principal payments on operating loans                                                           - 148,000
 Principal payment on capital leases                                                             -         0
 Principal payment on term loans                                                                 -    13,320
 Cash dividends and capital distributions                                                        -         0

                                                     Net cash provided by financing activities   ±ID (13,320)

   Net increase (decrease) in cash and cash equivalents                                          ±ID 5,417

   Cash and cash equivalents at beginning of year                                                ±ID 8,880

   Cash and cash equivalents at end of year                                                      ± ID 9,660
                                          Cash Flow Statement

Name: Ahmed and Zainab Farmer              1,000 Iraqi Dinars          For the period: 1/1/2003 through 12/31/2004
                          Quarter 1       Quarter 2             Quarter 3           Quarter 4
                          Jan-Mar         Apr-Jun                Jul-Sep            Oct-Dec            Total

 Beginning cash balance      ID 8,880           ID 9,886              ID 8,628          ID 7,903          ID 8,880

 Operating receipts:
  Crops: Wheat              ID 56,314          ID 28,120             ID        0       ID 28,120        ID 112,554
          Barley               24,753                  0                   9,953          16,502            66,008
  Market livestock             19,891             19,891                  19,891          19,891            79,565
 Capital receipts:
  Breeding livestock                0                 2,309                    0           2,220               4,529
  Machinery                     4,440                     0                    0               0               4,440

 Total cash available      ID 114,278          ID 60,206             ID 53,273         ID 74,636        ID 275,976

 Operating expenses         ID 36,963          ID 51,164             ID 26,573         ID 42,091        ID 156,791
 Feed purchases                 6,660              6,660                 6,660             6,660            26,640
 Capital expenditures:
  Breeding livestock                  0                740                     0                500            1,480
 Other expenditures:
  Family living                 7,696                 9,472                 7,696         10,656            35,520
 Te rm loan payments:
  Principal                           0               8,880                    0           4,440            13,320
  Interest                            0               4,262                    0           7,992            12,254

 Total cash required        ID 51,319          ID 81,178             ID 40,929         ID 72,579        ID 246,006

 Cash position before
 savings and borrowing      ID 62,959         ID (20,972)            ID 12,343          ID 2,057         ID 29970

 Money borrowed:
   Operating                ID 59,200          ID 59,200             ID 14,800         ID 14,800        ID 148,000
   Term                             0                  0                     0                 0                 0
 Payments on operating
 loans:                       103,600             29,600                  14,800               0          100,000
   Principal                    8,673                  0                   4,440           2,560           15,673
   Interest

 Ending cash balance         ID 9,886           ID 8,628              ID 7,903         ID 14,297         ID 14,297
             Analyzing financial performance for
                Ahmed and Zainab Farmer

 1. Using information from Ahmed and Zainab’s 2003 and
    2004 market-value balance sheets, 2003 income statement,
    2003 statement of cash flows, 2003 cash flow statement and
    reconciliation of owner equity, calculate the following
    measures of financial performance.


1Beginning cash +  cash received from operating activities + cash received
from investing activities + proceeds from term loans + cash received from
equity contributions

2Cash paid for operating activities + cash paid for investing activities +
principal paid on term loans and capital leases + cash equity distributions
                                                 2003           2004
A. Working capital=   total current farm assets ID 16,280,000
                      less                                    ____________
                      total current farm                      _
                      liabilities

                      current assets                         ____________
B. Current ratio=                                  1.11
                      current liabilities                    _


C. Cash flow          cash available¹              N/A
coverage ratio=       cash required²                         ____________
                                                             _
D. Debt-to-asset      total liabilities            0.51
ratio=                total assets
                                                             ____________
                                                             _
E. Equity-to-asset    total farm equity            0.49
ratio (percent        total farm assets
ownership) =
                                                             ____________
                                                             _
F. Debt-to-equity ratio   total farm liabilities        1.03
          (leverage)=     total farm equity

G. Rate of return on                                           ______________
                          net income from farm
assets=                   operations + int. expense     NA
                          -value of unpaid
                          labor/management
                          total farm assets                    ______________

H. Rate of return on      net income from farm          NA
         equity=          operations -value of unpaid
                          labor/management                     ______________
                          average owners equity

                          net farm income from
                                                        NA
I. Operating profit       operations+farm interest
margin ratio=             expense                              ______________
                          -value of unpaid labor/mgmt
                          gross farm revenues
J. Term debt and     net farm income from
capital lease        operations+farm interest
          coverage   expense
ratio=               -value of unpaid labor/mgmt           ______________
                                                      NA
                     gross farm revenues

                     net farm income from
K. Debt-to-income    operations+ total non-farm
ratio=               income
                     +depreciation/amortization
                     expenses+interest on term        NA   ______________
                     debt+interest on capital
                     leases-total income tax
                     expense
                     - withdrawals for family
                     living
                     annual scheduled principal
                     and interest on term debt
                     +annual scheduled principal
                     and interest on capital leases
L. Asset turnover      total farm equity
ratio=                 total farm assets           0.49

                                                          ______________

M. Operating expense   total farm liabilities
ratio=
                       total farm equity           1.03

                                                          ______________
                       net income from farm
N. Depreciation        operations + int. expense
expense ratio=
                       -value of unpaid            NA
                       labor/management
                                                          ______________
                       total farm assets
O. Interest expense
ratio=

                       net income from farm
                       operations                  NA     ______________
P. Net farm income     -value of unpaid
from      operations
                       labor/management
ratio=
                       average owners equity
     Exercise (cont’d)
2.   Compare Ahmed and Zainab’s working capital and
     current ratio on December 31, 2003, with those
     measures on December 31, 2004. Are Ahmed and
     Zainab Farmer more or less liquid in 2004 than in
     2003?



3.   Compare Ahmed & Zainab’s 1.2% rate of return on
     assets to your calculated rate of return on equity.
     What does the relationship imply about the Farmers’
     use of borrowed capital?
      Exercise (cont’d)
4.   What are the Farmers’ debt-to-asset ratios on
     December 31, 2003, and December 31, 2004, using the
     cost method of valuing assets? Are the ratios higher or
     lower than the ratios calculated for 2003 and 2004 using
     the market-value method?



5.   The total of Ahmed and Zainab’s operating,
     depreciation and interest expenses as a percentage of
     gross farm revenues in 2004 equals _____%. If that
     amount is added to net farm income from
     operations/gross farm revenues, the total equals
     _____%.
 Summary
     TESTS OF LIQUIDITY
     TESTS OF SOLVENCY
   TESTS OF PROFITABILITY
TESTS OF REPAYMENT CAPACITY
    TESTS OF EFFICIENCY
OTHER MEASURES PECULIAR TO
   THE TYPE OF OPERATION

				
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