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DR. KHALED FOUAD SHERIF SECTOR MANAGER EASTERN EUROPE & CENTRAL ASIA DEPARTMENT THE WORLD BANK WASHINGTON DC Web: http:\\www. !he"#$.%&'
WORLD BANK
WORLD BANK
Income Statements:
'$hibit * shows a sample income statement (see ne$t page! for a period covering +anuar * to )ecember ,*, *-.-. The compan in "uestion earned revenues from two sources:
N
/et sales: #ll sources earned b the compan from the sale of its products and services. 0ther income: 1enerall resources from sources as interest on ban( accounts, cash dividends from investments in other companies, and interest on bonds.
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2ost of goods sold: all the e$penses incurred in ma(ing the products sold during the period, including the cost of materials, labor, and factor overhead (rent, utilities and maintenance!.
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#dministrative and selling e$penses: The costs of running and promoting the business, including items li(e the presidents salar , the salaries of all management personnel, advertising costs and sales commissions. Interest e$penses: The interest that the compan paid during the ear on mone that it borrowed.
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0ther '$penses: This would include an other unusual e$penses incurred b the compan to run the business not otherwise accounted for above (e.g. research and development e$penses, and organizational costs!.
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WORLD BANK
2ash. <ar(etable securities: Temporar investments (generall -9 da s! of e$cess or idle cash= listed at cost, or mar(et value since the are converted into cash within one ear. #ccounts &eceivable: <one owned to the compan b debtors, generall for the purchase of goods and services. Inventories: The value of products that have been completed and are in storage waiting to be sold (finished goods!, products that have been partiall completed (wor( in process!, and raw materials. >repaid '$penses: The value of items that the compan has paid for in advance, such as insurance premiums.
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?i$ed assets are things of value that will provide benefits to the compan for one or more ears. ?i$ed assets are reported in three categories: land, buildings, machiner and e"uipment. ?i$ed assets are reported on the balance sheet at the cost to purchase or ac"uire the asset minus the depreciation accumulated on the assets since the time of purchase. )epreciation is the estimated decline in the useful value of an asset due to gradual wear and tear. Since this decline in value cannot be estimated with certainl , accountants use various standards methods to appro$imate it.
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Assets 2urrent #ssets: 2ash <ar(etable securities #ccounts receivable Inventor >repaid '$penses Total 2urrent #ssets ?i$ed #ssets: :and Buildings <achiner 8 '"uipment :ess allowances for depreciation Total ?i$ed #ssets 0otal Assets
6-,339 .3,577 66-,*55 7*.,*49 5-,-.7 *,,35,5.7 46,.93 3*7,937 *,9*9,339 .99,*9, -64,669 1,*12,4*9
Liabilities8 2urrent :iabilities /otes >a able Trade accounts pa able >a rolls 8 other accurables Income ta$es Total 2urrent :iabilities :ong@Term :iabilities 0otal Liabilties 6:are:ol'ers; Equity
1,*12,4*9
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/otes pa able: <one owned to ban(s or other lending institutions= generall short@ term loans (up to one ear! used to finance short@term needs.
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#ccounts pa able: <one owed to vendors for the purchase of goods and services. >a rolls and other accurables: <one owed to people for institutions that have performed services, including salaries owed to emplo ees, salaries owed to emplo ees on vacation, attorne fees, insurance premiums, and pension funds. Income ta$es: <one owed to the Ta$ )epartment= ma sometimes be deferred and paid later but must alwa s be paid.
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:i"uidit ratios, measure the firms abilit to meet its maturing short@term obligations.
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:everage ratios, measure the e$tent to which the firm has been financed b debt. #ctivit ratios, measure how effectivel the firm is using its resources. >rofitabilit ratios, measure managements overall effectiveness as shown b the returns generated on sales and investment.
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:i"uidit &atios 1enerall , the first concern of the financial anal st is li"uidit . the measures the short@run solvenc of a compan its abilit to meet current debts.
N 2urrent
&atio The current ratio indicates whether there are enough current assets to meet current liabilities. #urrent ratio = #urrent assets #urrent liabilities WORLD BANK
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#dd notes pa able, trade accounts pa able, pa rolls and other accurables and income ta$es to get current liabilities. )ivide the derived current assets figure b the calculated current liabilities figure.
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Eou have now derived the current ratio. /ow, compare the value derived to *.9. If the current ratio is *.9 or greater, the compan should have more current assets than current liabilities and is financiall viable or solvent. If the current ratio is less than *.9, the compan will have more current liabilities than current assets and is financiall unviable or insolvent.
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?or significance this ratio should be compared to previous ears (e.g. the current ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the current ratio is rising n an upward fashion, the compan is becoming more financiall viable. If the current ratio is falling and assuming a downward trend, the compan is becoming less financiall viable.
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0ne helpful activit is to also compare the current ratio of the compan in "uestion to the current ratio of similar competing companies. If the compan in "uestion has a higher current ratio on a regular basis over a number of ears than this compan is more financiall viable. 0n the other hand, if the compan in "uestion has a lower current ratio on a regular basis over a number of ears than this compan is less financiall viable.
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#dd notes pa able, trade accounts pa able, pa rolls and other accurables and income ta$es (items ,*, ,4, ,, 8 ,5 on the sample balance sheet on page 7! to get current liabilities. )ivide the derived "uic( assets figure b the calculated current liabilities figure.
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Eou have now derived the "uic( ratio. /ow, compare the value derived to *.9. If the "uic( ratio is *.9 or greater, the compan should have more "uic( assets than current liabilities and is financiall viable or solvent. If the "uic( ratio is less than *.9, the compan will have more current liabilities than "uic( assets and is financiall unviable or insolvent.
WORLD BANK
?or significance this ratio should be compared to previous ears (e.g. the "uic( ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the "uic( ratios is rising in an upward fashion, the compan is becoming more financiall viable. If the "uic( ratio is falling and assuming a downward trend, the compan is becoming less financiall viable.
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0ne helpful activit is to also compare the "uic( ratio of the compan in "uestion to the "uic( ratio of similar competing companies. If the compan in "uestion has a higher "uic( ratio on a regular basis over a number of ears then this compan is more financiall viable.
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:everage &atios :everage ratios measure the funds supplied b owners as compared with the financing provided b the firms creditors.
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)ebt funding enables the owners to maintain control of the firm with a limited investment. If the firm earns more on the borrowed funds than it pa s in interest, the return to the owners is magnified. If the firm earns more on the borrowed funds than it pa s in interest, the return to the owners is magnified.
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)ebt ratio: The debt ratio is the ratio of total debt to total assets and measures the percentage of total funds provided b creditors. The debt ratio is: 0otal 'ebts 0otal assets
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#dd cash, mar(etable securities, accounts receivable, inventories, prepaid e$penses, land, buildings, machiner and e"uipment and subtract depreciation to derive the total assets figure. )ivide the total debts figure b the calculated total assets figure.
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?or significance this ratio should be compared to previous ear (e.g. the debt ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the debt ratio is rising in an upward fashion, the compan is developing a leverage problem. If the debt ratio is falling and assuming a downward trend, the compan is investing more of its own resources to generate assets and is becoming less dependent on debts.
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0ne helpful activit is to also compare the debt ratio of the compan in "uestion to the debt ratio of similar competing companies. If the compan in "uestion has a higher debt ratio on a regular basis over a number of ears, then this compan is over leveraged in comparison to its competitors. 0n the other hand, if the compan in "uestion has a lower debt ratio on a regular basis over a number of ears, then this is less dependent on debt as a source of financing in comparison to its competitors.
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:oo( up the shareholders investment or e"uit line item in the blance sheet. )ivide the total debts figure b the calculated shareholders investment figure.
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?or significance this ratio should be compared to previous ears (e.g. the debt to e"uit ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the debt to e"uit ratio is rising in an upward fashion, the compan is developing a leverage problem. If the debt ito e"uit ratio is falling and assuming a doward trend, the compan is investing more of its owners resources to generate assets and is becoming less dependent on creditors.
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0ne other helpful activit is to also compare the debt to e"uit ratio of the compan in "uestion to the debt e"uit ratio of similar competing companies. If the compan in "uestion has a higher debt to e"uit ratio on a regular basis over a number of ears, then this compan is over leveraged in comparison to its competitors. 0n the other hand, if the compan in "uestion has lower debt to e"uit ratio on a regular basis over a number of ears, then this compan is less dependent on debt as a source of financing in comparison to its competitors.
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WORLD BANK
)erive the net earnings, or net profit figure from the income statement. /et earnings is simpl total revenues minus total e$penses.
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#dd cash, mar(etable securities, accounts receivable, inventories, prepaid e$penses, land, buildings, machiner and e"uipment and subtract depreciation to derive the total assets figure. )ivide the net earnings figure b the derived total assets figure to get return on assets.
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?or significance this ratio should be compared to previous ears (e.g. the return on assets ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the return on assets ratio is rising in an upward fashion, the compan is ma(ing a larger return on funds invested in assets. If the return on assets ratio is falling and assuming a downward trend, the compan is ma(ing a lower return on funds invested in assets.
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0ne other helpful activit is to also compare the return on assets ratio of the compan in "uestion to the return on assets of similar competing companies. If the compan in "uestion has a higher &0# on a regular basis over a number of ears, then this compan is financiall better off in comparison to its competitors. 0n the other hand, if the compan in "uestion has a lower &0# on a regular basis over a number of ears, then this compan is financiall worse off in comparison to its competitors.
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The profit margin is a ratio that shows the relationship between net earnings and net sales and indicates how much profit the compan is earning on each dollar in sales. Pro it ?ar(in = Net Earnin(s Net 6ales
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)erive the net earnings, or net profit figure from the income statement. /et earnings is simpl total revenues minus total e$penses.
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)erive the net sales line item from the income statement. )ivided the net earnings figure b the derived net sales figure to get the profit margin.
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?or significance this ratio should be compared to previous ears (e.g. the profit margin ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the profit margin ratio is rising in an upward fashion, the compan is ma(ing a larger return on sales. If the profit margin is falling and assuming a downward trend, the compan is ma(ing a lower return on sales.
WORLD BANK
0ne other helpful activit is to also compare the profit margin of the compan in "uestion to the profit margin of similar competing companies. If the compan in "uestion has a higher profit margin on a regular basis over a number of ears, then this compan is ma(ing a larger return on sales in comparison to its competitors. 0n the other hand, if the compan in "uestion has a lower profit margin on a regular basis over a number of ears, then this compan is ma(ing a lower return on sales in comparison to its competitors. WORLD BANK
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)erive the net earnings, or net profit figure from the income statement. /et earnings is simpl total revenues minus total e$penses.
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:oo(up the shareholders investment or e"uit line item in the balance sheet. )ivide the net earnings figure b the derived shareholders investment figure to get return on e"uit .
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?or significance this ratio should be compared to previous ears (e.g. the return on e"uit ratio for five previous ears should be derived!. This is necessar in order to derive a trend. If the return on e"uit ratio is rising in an upward fashion, the compan is ma(ing a larger return on funds invested b shareholders. If the return on e"uit is falling and assuming a downward trend, the compan is ma(ing a lower return on funds invested b shareholders.
WORLD BANK
0ne other helpful activit is to also compare the return on e"uit of the compan in "uestion to the return on e"uit of similar competing companies. If the compan in "uestion has a higher return on e"uit on a regular basis over a number of ears, then this compan is ma(ing a larger return on shareholders investment in comparison to its competitors. 0n the other hand, if the compan in "uestion has a lower return on e"uit on a regular basis over a number of ears, then this compan is ma(ing a lower return on shareholders investment in comparison to its competitors.
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#ctivit ratios measures how effectivel the firm emplo s its resources. These ratios involve comparisons between the level of sales and the investment in various asset accounts, li(e inventories and accounts receivable.
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Inventor turnover tells us how man times during the ear the entire stoc( of inventor was sold. Inventor turnover is calculated as follows: /nventory turnover = 6ales /nventory
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)erive the inventor valuation figure from the balance sheet. )ivide the sales figure b the derived inventor figure to get the inventor turnover.
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Sales are at mar(et prices. If inventories are carried at cost, as the generall are, it is more appropriate to use cost of goods sold in place of sales in the numerator of the formula. Sales occur over the entire ear, whereas the inventor figure is for one point in time. This ma(es it better to use an average inventor , computed b adding beginning and ending inventories and dividing b 4.
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#nnual sales (derived from the income statement! are divided b ,76 to get average dail sales. #ccounts receivable (derived from the balance sheet! are divided over dail sales to find the number of da s sales is tied up in receivables.
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The average collection period represents the average length of time the firm must wait to receive cash after ma(ing a sale and is mathematicall defined as follows: Avera(e )olle)tion perio' = A))ounts re)eivables 6ales@*93 'ays
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'valuation of this ratio is based upon the terms on which the firm sells its goods. ?or e$ample, if the collection period over the past few ears for a given compan is length while its credit polic did not change, this would be evidence that steps should be ta(en to e$pedite the collection of accounts receivable.
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FINANCIAL RATIOS
I. &atios Indicating 2urrent position or &elating to #nal sis of Short@Term Solvenc &atio #. Tests of overall solvenc *. 2urrent ratio or wor(ing capital ratio 2urrent #ssets (/et! 2urrent :iabilities >rimar tests of li"uidit indicating abilit to meet current obligations from current assets as a going concern. <easure of ade"uac of wor(ing capital. ?ormula Significance
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FINANCIAL RATIOS
4. #cid@Test ratio or "uic( ratio Fuic( #ssets (/et! 2urrent :iabilities # more severe test of immediate li"uidit than the current ratio. Test of abilit to meet sudden demands from current assets.
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FINANCIAL RATIOS
,. Cor(ing captial to 2urrents #ssets@2urrent :iabilites Indicates relative total assets Total #ssets (/et! li"uidit of total assets and wor(ing capital position= and distributes of resources emplo ed.
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FINANCIAL RATIOS
B. &atios indicating movement of current assets (turnover! 5. @ &eceivable turnover /et 2redit Sale #verage &eceivable (/et! Kelocit of collection of trade accounts and notes. Test of efficienc of collection
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FINANCIAL RATIOS
@ /umber of da s receivables ,76 (da s! &eceivable turnover (computed as above! Kelocit of collection of trade accounts and notes. Test of efficienc of collection.
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FINANCIAL RATIOS
6. Inventor turnover Indicates li"uidit of inventor and will e$hibit tendenc to over@stoc(. 2ost of 1oods Sold #verage <dse. Inventor /umber of times average stoc( moved during the ear.
a. merchancise turnover
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FINANCIAL RATIOS
&atio b. ?inished goods turnover (<anufcturing firm! ?ormula 2ost of 1oods Sold #ve. ?inished 1oods Invt . Significnce #s as (a!.
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FINANCIAL RATIOS
c. &aw <aterial turnover 2ost of &aw <aterials Lsed #ve. &aw <aterial Inventor /umber of times raw material inventor was MusedN on the average during the period.
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FINANCIAL RATIOS
d. )a s suppl in Inventor ,76 (7 da s! Inventor turnover (computed per (a!, (b! or (c!. #verage number of da s suppl in the ending invenor over or undestoc(ing as the case ma be.
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FINANCIAL RATIOS
7. #verage #ge of >a ables #verage #ccount >a able $ ,76 Indicates the aging of #nnual >urchase accounts pa able. this figures can be compared to the credit terms e$tended b the suppliers of the compan to see if an abusees of these terms are being made. Trends anal sis of the ratios ma also be significant.
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FINANCIAL RATIOS
3. Cor(ing capital turnover /et Sales Cor(ing 2apital Indicates ade"uac of wor(ing capital and cash c cle of firm.
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FINANCIAL RATIOS
II. &atios indicating asset relations and capital set@up or relating to anal sis of long@term solvenc #. '"uities related to profits and sales *. Sales to owners e"uit /et Sales 0wners '"uit /umberof times net worth is Mturned overN in sales Indicative of the utilization of owners capital ma reflect over@capitalization in relation to volume of business done.
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FINANCIAL RATIOS
,. 'arning rate of mar(et value per share /et Income per share <ar(et Kalue per share 'arnings rate based on cost of share of stoc( in the mar(et. Indicates profitabilit related to mar(et value of stoc(holders e"uit .
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FINANCIAL RATIOS
5. Times Bond Interest 'arned /et Income before Bond Interest Bond Service re"uirements Income Securit Bonds.
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FINANCIAL RATIOS
6. /et 0perating /et Income before income ta$es Summar of operation Income to and non@operating items position for ear. /et Sales
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FINANCIAL RATIOS
7. 0perating e$pense Total 0peraing '$penses /et Sales Indicates effectivel of mnagement in controlling operating e$penses.
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FINANCIAL RATIOS
IK. :everage and 2apital@Structure &atios These ratios tell us the relative proportions of capital contributed b creditors and b owners. *. )ebt@'"uit &atio 2urrent :iabilities O :ong@term )ebt Total amount of debt Total 2ommon '"uit leverage per peso of common e"uit
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FINANCIAL RATIOS
4. Total )ebt to Total #ssets 2urrent :iabilities O :.T.). >roportion of assets Total #ssets provided b creditors. '$tent of Mtrading on the e"uit N.
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FINANCIAL RATIOS
,. :ong@term )ebt to '"uit &atio :ong@term )ebt Total 2ommon '"uit :ong@term debt leverage per peso of common e"uit .
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FINANCIAL RATIOS
KI. *. #sset@relation &atios >lant and e"uipment to Total assets /et >lant O /et '"uipment >roportion of operating Total #ssets earning assets to total assets.
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FINANCIAL RATIOS
4. Inventor to Total #ssets #verage Inventor Total #ssets Size of inventor and tendenc to overstoc(.
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FINANCIAL RATIOS
,. ?i$ed #ssets to ?i$ed :iabilities ?i$ed assets (net! ?i$ed :iabilities &eflects e$tent of the utilization of resources from long@term debt. Indicative of source for additional funds. If the fi$ed assets are pledged @ degree of securit . It is fre"uentl more useful to use present value rather than boo( value.
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FINANCIAL RATIOS
5. ?i$ed #ssets to Total '"uit ?i$ed #ssets (net! Total 0wners '"uit >roportion of owners e"uit to fi$ed assets. Indicative of over or under@ investment b owners= also wea(ness in Mtrading on the e"uit N.
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FINANCIAL RATIOS
6. Sales to ?i$ed #ssets (>lant Turnover! /et Sales ?i$ed #ssets (net! turnover inde$ which tests roughtl the efficienc of management in(eeping plant properties emplo ed.
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FINANCIAL RATIOS
7. #ppro$imate #verage #sset :ife /et >lant and '"uipment /ormalized )epreciation #verage life of plant and e"uipment.
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FINANCIAL RATIOS
II. *. 2ommon@Stoc( Securit &atios Boo( value per share of common stoc( 2ommon Stoc( '"uit /umber of peso securit /o. of 0utstanding Shares (at boo( value! per share of common stoc(
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WORLD BANK
Operatin( in)o$e ?B o )o$$on < pre erre' % *A* + % 4A9 0otal assets 0otal liabilities + 6ales % 4A---
0otal assets NABA Operatin( in)o$e = Net sales - )ost o (oo's sol'
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6)ore Probability o illiqui'ity or ailure +A.4 or less Bery :i(: +A.+- 1A-Not sure *A4 or (reater Cnli>ely
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EXAMPLE
A )o$pany presents t:e olloDin( in or$ation Wor>in( )apital 1.4,444 0otal assets .23,444 0otal liabilities *14,444 Retaine' earnin(s 1+3,444 6ales -34,444 Operatin( in)o$e +*4,444 #o$$on sto)> Boo> Balue 114,444 ?ar>et Balue *+4,444 Pre erre' sto)> Boo> value ++3,444 ?ar>et value +24,444
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E-s)ore equals 1.4,444 .23,444 5.4,444 *14,444 % +A1 + 1+3,444 .23,444 -34,444 .23,444 % +A5 + +*4,444 .23,444 % *A* +
% 4A9 +
% 4A--- =
4A*.5 + 4A*55 + 4A5-4 + 4A- + +A4.59 = *A1419 0:e probability o ailure is not li>ely
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LoD )as: loD to total liabilitiesA 7i(: 'ebt-to-equity ratio an' :i(: 'ebt to total assetsA LoD return on invest$ent LoD pro it $ar(in LoD retaine' earnin(s to total assets LoD Dor>in( )apital to total assets an' loD Dor>in( )apital to sales LoD ixe' assets to non)urrent liabilities /na'equate interest-)overa(e ratio /nstability in earnin(s 6$all siFe )o$pany $easure' in sales an'@or total assets
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N N N N
6:arp 'e)line in pri)e o sto)>, bon' pri)e, an' earnin(s A si(ni i)ant in)rease in betaA !Beta is t:e variability in t:e pri)e o t:e )o$pany;s sto)> relative to a $ar>et in'ex" ?ar>et pri)e per s:are is si(ni i)antly less t:an boo> value per s:are A si(ni i)ant rise in t:e )o$pany;s Dei(:te'-avera(e )ost o )apital 7i(: ixe' )ost to total )ost stru)ture !:i(: operatin( levera(e" &ailure to $aintain )apital assetsA !eA(A 'e)line in t:e ratio o repairs to ixe' assets
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NeD )o$pany De)linin( in'ustry /nability to obtain a'equate inan)in(, an' D:en obtaine' t:ere are si(ni i)ant loan restri)tions A la)> in $ana(e$ent quality
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WORLD BANK
WORLD BANK
Bond @@@ # long term promissor note <ortgage @@@ # mortgage is a pledge of designated propert for a loan. # mortgage bond is a pledge b the corporation to certain real assets as securit for the bond. )ebenture @@@ Is a long term bond not secured to specific propert
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>referred Stoc( @@@@ avoids the provision of e"ual participation in earnings in comparison to common stoc( 2ommon Stoc( @@@@ does not entail fi$ed charges. There is no legal obligation to pa common stoc( dividends. #lso, common stoc( has no fi$ed maturit date
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N N
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Gigh :ow
-.9 3.9
#verage ..9
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*-.6.7
*--9 3.6
>J'
..-
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<ar(et to Boo( &atio H <ar(et valueJboo( <ar(et >rice >er Share @@ 2ommon *-.. *-.*--9 #verage ..9 5.6 5.6 Boo( Kalue 2ommon Stoc( ( ear end! 5.3 5.6.9 <B& H *.3 9.9.-
N N N N
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E$ "!(' C$(2!" - I
N
)!
N N N
Cor(ing capital is CITG0LT the negative sign Inventor is missing #ccounts receivables is missing Ch does total current assets appear when accounts receivables and inventor do notD Chere is retained earningsD
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WORLD BANK
Cor( Tel: 494 53, 557* Gome Tel: 494 ,,3 5943 ?a$: 494 644 9996 'mail: RSG'&I?SC0&:)B#/R.0&1 Ceb Site:http:TTwww.(sherif.com #ddress The Corld Ban(, *.*. G Street, /C Cashington )2 4995,
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