Business - Ratios

     For an explanation of the method of calculating ratios,
see the introductory pages of Annual Statement Studies
(Robert Morris), and Industry Norms and Key Business Ratios
cited below.

                           SIC CODE

REFERENCE    Standard Industrial Classification Manual
INFORMATION    The SIC system classifies business
DESK           establishments by type of activity.

               A four-digit code is assigned on the
               basis of the primary product, service, or
               activity reported by each establishment. The
               primary division is a two-digit code for the
               major industry group: these are sub-divided by
               a three-digit grouping of related enterprises,
               which are then broken down into a final four-
               digit code for specific industry groupings.

      Example:  37 = Transportation Equipment (Major Group)
               371 = Motor Vehicles and Motor Vehicle Equip.
              3711 = Motor Vehicles and Passenger Car Bodies

               Separate cross-indexes are arranged (1) in
               alphabetical order by the name of the industry
               group, with the appropriate number: and (2) by
               SIC number, with each providing the name of
               the industry group.


                 SOURCES FOR BUSINESS RATIOS

REF         Annual Statement Studies (Robert Morris
HF          Associates).  Last 15 years.
5681          This contains financial data on agriculture,
.B2           contractor, manufacturing, wholesaling,
R6            retailing, and service industries. Arrangement
LATEST        is by broad catagory, such as manufacturing,
EDITION       and then by industry group and line of
AT RESERVE    business. It is the most detailed for the
DESK          businesses it covers. Based on financial
              statements submitted by borrowers to banks.


                            - 1 -

              Data for each industry are provided in two
              columns on each page:  Column 1 - current data,
              and Column 2 - historical data.  Each industry
              entry within either column includes (1)  the
              common size balance sheet, income statement,
              and a series of ratios.  Ratios are given for
              the median (mid-point of all companies in the
              sample), upper quartile (mid-point of the
              sample's upper half) and low quartile (mid-
              point of the lower half).


REF         Almanac of Business Industrial Financial Ratios
HF          (Leo Troy), 1989 - date.
5681          Data grouped into 12 catagories money
.R25          amount/size of assets. Corporate performance is
A44           reported in 2 tables for each industry. Table 1
LATEST        covers covers corporations with & without net
EDITION AT    income. Table 2 covers the same information but
RESERVE       only for corporations with net income. Data are
DESK          expressed in dollar amounts, percentages &
              ratios. Data based on IRS returns.

REF         Industry Norms and Key Business Ratios (Dun and
HG          Bradstreet). Latest 15 years.
4050          Based on data collected by Dun & Bradstreet for
.I5           its credit reporting service. Entries include
LATEST ED.    balance sheet, income statement information &
KEPT AT       14 financial ratios. Assigns the same values to
RESERVE       to ratios as Annual Statement Studies but
DESK          doesn't catagorize by asset size & includes
              less information than the above two. it covers
              a much wider range of industries though.
              Included are (1)  typical balance sheets and
              income statements, and common size financial
              figures, and (2)  Key business ratios.