Ratio Analysis

Current Ratio:

Current Ratio 2022 2021 2020 2019

Khulna Printing & Packaging 0.693 1.434 5.018 4.886

Hakkani Pulp of Paper 1.309 1.370 1.260 0.981

Description

The current ratio gauges a company's capacity to settle its short-term loans or current liabilities.
Current ratio is also known as the liquidity ratio of a company. The higher the ratio, the more
advantageous it is for the company. It reflects the capability of a company to pay off its short-
term liabilities using its short time assets. It is calculated by dividing a company's current assets
by its current liabilities. A current ratio of greater than 1 indicates that a company has more
current assets than its short-term liabilities.

Current ratio = Current Assets/ Current Liabilities

Interpretation

The current ratio of the Khulna Printing & Packaging in the year 2022 was 0.693 times, which
means that the company had $0.693 worth of assets against every $1 short term liability.

The current ratio of the Hakkani Pulp of Paper in the year 2022 was 1.309 times, which means
that the company had $1.309 worth of assets against every $1 short term liability.

Graph
Analysis
a. Time series Analysis:

The current ratio of the company, Khulna Printing & Packaging, in the year 2019 was 4.886,
which increased to 5.018 in 2020. This means that the company’s ability to pay off its current
debts with its current assets increased during that time. However, an evident decline was noticed
in the year 2021, which indicates potential liquidity challenges within the company. The current
ratio of the company further reduces to 0.693 in 2022, which is concerningly low compared to its
own performance. The liquidity position of the company has changed over the course of these
years. The high current ratio in the previous years could also be an indication of the company
over-investing in the inventory or not being able to efficiently use its current assets. Khulna
Printing & Packaging can improve its current ratio by improving accounts receivable collection
period or extending supplier payment periods.

Hakkani Pulp of Paper had a current ratio of 0.981 in the year 2019, which increased to 1.260 in
2020. This reflects an improved capacity to pay off its current liabilities. In the next year 2021,
the current ratio stood at 1.370, which was an improvement from the previous year. Despite the
slight decline in 2022 at 1.309, the current ratio has consistently grown gradually over the time
span. It can be concluded that the company is in a healthy position and should focus on
managing its current assets efficiently.

b. Cross-sectional Analysis:

In the year 2022, the current ratio of Khulna Printing & Packaging's (0.693) is significantly
lower than the current ratio of Hakkani Pulp of Paper's (1.309). This indicates that the short-term
liquidity position of Hakkani Pulp of Paper was better than Khulna Printing & Packaging in that
year. This was a positive change of events for Hakkani Pulp of Paper as its current ratio was
slightly lower than the other company in the previous year, 2021. However, the same cannot be
said about Khulna Printing & Packaging as despite having a higher current ratio than Hakkani
pulp of paper in the years 2020 & 2019, it was declining at a concerning rate.

From observing the ratios, we can conclude that the liquidity position of Hakkani Pulp of Paper
is more stable as its current ratio was observed to be steadily growing. On the other hand, Khulna
Printing & Packaging had a more unstable liquidity standing as its current ratio was significantly
declining over the years.
Quick Ratio:

Quick Ratio 2022 2021 2020 2019

Khulna Printing & Packaging 0.693 1.414 2.095 1.982

Hakkani Pulp of Paper 0.685 0.794 0.795 0.658

Description

The quick ratio is a liquidity ratio that's used to determine if a business can pay its short-term
debts without having to liquidate any inventory or get any other assistance. The quick ratio, also
called the acid-test ratio, is a metric used to assess a company's short-term liquidity position or
amount of liquid assets. Inventory is deducted from current assets and divided by current
liabilities to determine a company's ratio. In case of a low quick ratio, the company should
increase its liquid asset.

Quick ratio = (Current Assets - Inventory)/ Current Liabilities

Interpretation
The quick ratio of the company Khulna Printing & Packaging in the year 2022 was 0.693 times,
which means that the company had $0.693 worth of liquid assets excluding inventory against
every $1 short term liability.

The current ratio of the Hakkani Pulp of Paper in the year 2022 was 0.685 times, which means
that the company had $0.685 worth of assets against every $1 short term liability.

Graph

Analysis
a. Time series Analysis:

Khulna Printing & Packaging maintained a quick ratio of 1.982 in the year 2019. The ratio then
increased to 2.095 in 2020, which is a positive sign as it indicates an improvement in the
liquidity ratio of the company. However, the ratio again drops to 1.414 in the year 2021, this
signals the company’s inefficiency in managing its liquidity position. Then, in 2022, the ratio
unfortunately again declines to 0.693. This is an indication of the company facing difficulties
maintaining its short term liabilities over time as it decreased below 1.0. The declining ratio
could be an indication of the company reducing its inventory, which is decreasing over the years
as well. The company should improve its accounts receivable collection management by offering
discount for early payment, having stricter credit policies or hiring a third party for payment
collection. The company can also negotiate an extended payment period from suppliers or
improving their working capital management.

The quick ratio of Hakkani Pulp of Paper in 2019 was 0.658 which increased to 0.795 in the next
year 2020. An improvement can be seen in the ratio during this time period indicating better cash
availability. The company consistently maintained its liquidity ratio at a steady pace at 0.794 in
the year 2021. This shows the consistency of the company in managing its working capital.
Despite of it all, the quick ratio of Hakkani Pulp of Paper again decreased to 0.685 in 2022. This
suggests a reduction in the company’s liquidity position and cash availability to pay against its
short term liabilities. Hakkani Pulp of Paper should reduce its inventory to avail more liquid
asset, shorten accounts receivables payment period etc to improve its liquidity position.

b. Cross-sectional Analysis:

The quick ratio of Khulna Printing & Packaging was higher than Hakkani Pulp of Paper in the
year 2019. Khulna Printing & Packaging could maintain the higher ratio consistently throughout
the years 2020 and 2021. Despite maintaining a higher quick ratio than Hakkani Pulp of Paper in
the year 2022 as well, this liquidity ratio of Khulna Printing & Packaging become intensely close
to Hakkani Pulp of Paper. In 2022, the liquidity ratio of both the companies is low, which could
be the indicator of any external factors such as lowering demand for their products or scarce raw
material which might explain their inventory. The companies should both work on its accounts
receivable collection period and sell off inventory to liquidate some asset for better current
liabilities management.

Cash Ratio:

Cash Ratio 2022 2021 2020 2019

Khulna Printing & Packaging 0.221 0.398 0.581 0.693

Hakkani Pulp of Paper 0.127 0.146 0.048 0.114

Description
The cash ratio is a financial ratio that is used to compare a company's cash to its current
liabilities or to determine whether it can use its cash and cash equivalents to pay off its short-
term obligations. An organization's capacity to satisfy its short-term obligations is indicated by a
larger cash ratio.

Cash ratio = Cash/ Current Liabilities

Interpretation
The cash ratio of the company Khulna Printing & Packaging in the year 2022 was 0.221 times,
which means that the company had $0.221 in cash for every $1 short term liability.

The cash ratio of the company Hakkani Pulp of Paper in the year 2022 was 0.127 times, which
means that the company had $0.127 in cash for every $1 short term liability.

Graph

Analysis
a. Time series Analysis:

In 2019, Khulna Printing & Packaging had a cash ratio of 0.693. It decreased to 0.581 times in
2020. Unfortunately, it decreased even further to 0.398 in the next year 2021. Even though the
company had a declining cash ratio in the previous years, they were unable to maintain it in the
next year. This is evident because in the year 2022, the liquidity of the company reduces even
more and becomes 0.221. The amount of cash available in the company to pay for its liabilities
has lessened.

On the other hand, Hakkani Pulp of Paper had a cash ratio of 0.114 in 2019. In spite of having a
low ratio, the company still was unable to maintain it. The ratio plummeted to 0.048 in the year
2020. Nonetheless, an improvement can be seen in the ratio during 2021 indicating better cash
availability when it rose to 0.146. This was the highest value of cash ratio as it reduces to 0.127
in the year 2022. This suggests a reduction in the company’s liquidity position and cash
availability to pay against its short term liabilities.

b. Cross-sectional Analysis:

From the mentioned values we can see that the cash ratio of Khulna Printing & Packaging has
consistently been better than Hakkani Pulp of Paper over the four year period. However, it is also
notable that the cash ratio of Khulna Printing & Packaging is also decreasing over the years
which reduced the gap between the two companies. Both the companies are struggling with their
liquidity position in terms of cash and need to increase it. They can increase their cash reserves
through retention, accelerating the account receivables collection period, reduce short term debt
and improve cash flows from operations.

NWC to Total Assets Ratio:

NWC to Total Assets Ratio 2022 2021 2020 2019

Khulna Printing & Packaging -0.164 0.182 0.630 0.621

Hakkani Pulp of Paper 0.097 0.118 0.078 -0.006

Description
The ratio of net working capital to total assets, or the percentage of total assets funded by net
working capital, quantifies the total working capital of a business relative to its total assets. A
smaller ratio may suggest a business is operating with extra cash or is not making effective use
of its working capital, while a higher ratio would suggest that a greater percentage of its assets
are financed through short-term financing.

NWC to Total Assets ratio = Net Working Capital/ Total Assets

Interpretation
The NWC to Total Assets ratio of the company Khulna Printing & Packaging in 2022 was -
0.164, which means that for each $1 of investment, -$0.164 of the total assets was invested in
NWC and the rest in fixed assets.
The NWC to Total Assets ratio of the company Hakkani Pulp of Paper in 2022 was 0.097, which
means that for each $1 of investment, $0.097 of the total assets was invested in NWC and the
rest in fixed assets.

Graph

Analysis
a. Time series Analysis:

The NWC to Total Assets ratio of Khulna Printing & Packaging in 2019 was 0.621, which
increased to 0.630 in the year 2020. Even though there is a increase in the percentage, it is still
quite insignificant. Moreover, the ratio took a dive in the next year and steadied at 0.182. This is
quite a low ratio for the company. To make things difficult, the NWC to Total Assets ratio in the
year 2022 decreased to a surprising -0.164. The negative value suggests that the business is
struggling to stay afloat. This increases the risk of bankruptcy for the company. The company
needs to concentrate on updating their NWC management process, increase equity financing

Contrarily, Hakkani Pulp of Paper had a seemingly improving NWC to Total Assets ratio
starting from the year 2019 at -0.006, which improved to 0.078 in the year 2020. Then the same
success followed them into the 2021 when the NWC to Total assets ratio rose to 0.118. However,
the streak got broken in the year 2022 when the ratio decreased to 0.097. The low NWC to Total
Assets Ratio is a sign of the increasing financial distress of the company. This also signifies
poor working capital management of the company.

b. Cross-sectional Analysis:

From the aforementioned table, we can observe that the NWC to Total Assets Ratio of Khulna
Printing & Packaging was in the decline throughout the four-year period. The ratio got
concerningly low for over the years. Even though the company was able to maintain a higher
NWC to Total Assets ratio compared to Hakkani Pulp of Paper from 2019 to 2021, in 2022, the
streak ended. In 2022, the performance of Khulna Printing & Packaging was incredible
underwhelming as it dropped below 0. The ratio of Hakkani Pulp of Paper was increasing
gradually till 2021, until it decreased in 2022. Despite this, the company still performed better in
comparison to Khulna printing & packaging.

Both the companies are at an increased risk of financial distress if they do not start managing
their net working capital more efficiently. They can improve the cash flow management, reduce
short term debt, opt for more equity financing to improve their NWC to Total Assets Ratio.

Interval Measures:

Interval Measures 2022 2021 2020 2019

Khulna Printing & Packaging 311.540 172.416 393.621 1008.958

Hakkani Pulp of Paper 424.095 652.514 459.952 349.274

Description
The interval ratio or interval measure is a liquidity ratio that measures the amount of capital
required for a company to run its operations. This ratio helps new companies understand how
long they can run their operations without requiring another round of financing. Having this
knowledge helps a company to optimize its expenses so that the operational can be extended
during times of financial distress.

Interval Measure = CA/((COGS – Expense)/ 365)

Graph

Analysis
a. Time series Analysis:

Khulna Printing & Packaging had an interval measure of 1008.958 days in 2019 which was
strikingly high. In a turn of events, the interval measure plummeted down to 393.621 days in
2020, which is substantially less than the previous year. The company showed praiseworthy
improvement in managing its operational expenses during this year and continued to do so in the
next year as well. In 2021, the interval ratio decreased even more and became 172.416 days. This
is the most efficient year for the company in terms of its interval ratio. However, the company
could not maintain the same efficiency in 2022 as the interval ratio increased to 311.540 days.
The company should streamline its operations to reduce manufacturing time and increase overall
productivity.

Hakkani Pulp of Paper had an interval measure of 349.274 days in 2019 and 459.952 days in
2020. The increase in interval measure during this period could be because of a myriad of
reasons like inefficient operations management, inaccurate data forecasting, heavy investment in
inventory etc. The same problems affected the performance of the company in the next year as
well. The interval measure of the company in 2021 rose to 652.514 days, which was the highest
value for the company. In 2022, the interval measure again reduced to 424.095 days.

b. Cross-sectional Analysis:

Except for 2019, the interval measure of Khulna Printing & Packaging has been historically
better than Hakkani Pulp of Paper from 2020 to 2022. Khulna Printing & Packaging maintained
a lower interval measure in these years, which reflects efficient operation management and
efficiency from the company. To improve its interval measure, Hakkani Pulp of Paper can sell
off its inventory more frequently, negotiate longer payment periods with suppliers.
Total Debt Ratio:

Total Debt Ratio 2022 2021 2020 2019

Khulna Printing & Packaging 1.298 0.876 0.385 0.369

Hakkani Pulp of Paper 0.697 0.677 0.647 0.624

Description
The total debt ratio is a financial ratio that calculates the percentage of an organization's total
debt to its total assets. It shows the amount of debt a business has against each $100. A higher
total debt ratio indicates that a company has more debt relative to its assets, which may be a
cause for concern, as it increases the risk of default. A low total debt ratio suggests that the
business is less indebted, thus providing it with greater financial flexibility and a decreased
chance of defaulting on its debt. Additionally, a reduced total debt ratio could increase the
company's appeal to creditors and investors. An essential financial indicator that can assist
stakeholders and investors in assessing a company's financial standing is the total debt ratio.

Total Debt ratio = (Total Asset - Total Equity)/ Total Asset

Graph

Analysis
a. Time series Analysis:

Khulna Printing & Packaging had a total debt ratio of 0.369 in 2019. This is an acceptable debt
ratio as the company is not too dependent on debt. Then the debt ratio increases to 0.385 in 2020.
The company takes on more debt in the next year and causes the total debt ratio to rise to 0.876
in 2021. It can be noticed that the debt dependency of the company has increased over the years
as the debt ratio of 2022 stood at 1.298. The company should work on increasing its equity
financing to avoid risks of bankruptcy.
The total debt ratio of Khulna Printing & Packaging has been quite stable through the 4 years as
there was minimal fluctuation. Hakkani Pulp of Paper had a total debt ratio of 0.624 in 2019 and
0.647 in 2020. Despite a slight increase in the debt ratio, the debt dependency is increasing very
slowly. In 2021, the debt ratio increased a bit more to 0.677 and finally in 2022, it increased to
0.697. This is an indication of continued dependencyof Hakkani Pulp of Paper on debts to
finance its assets.

b. Cross-sectional Analysis:

When comparing the total debt ratio of Khulna Printing & Packaging and Hakkani Pulp of Paper,
it was observed that the fluctuation in the Khulna Printing & Packaging is high over the four year
time-period. Hakkani Pulp of Paper had a higher debt ratio in the first two years, 2019 and 2020,
however, it maintained a somewhat steady debt ratio for all four years. Khulna Printing &
packaging should closely monitor its total debt ratio so that it does not increase and put the
company under financial risk. The company should look into other debt management strategies
like equity financing, refinancing options, lowering interest costs etc in order to reduce its
dependency on debt.

Debt-to-Equity Ratio:

Debt-to-Equity Ratio 2022 2021 2020 2019

Khulna Printing & Packaging -4.360 7.067 0.626 0.585

Hakkani Pulp of Paper 2.299 2.099 1.831 1.663

Description
A financial indicator called the debt-to-equity ratio calculates the percentage of a company's total
liabilities in comparison to its shareholders' equity. It serves as a helpful gauge of a business's
leverage and financial standing. The ratio is a crucial financial indicator that can assist
stakeholders and investors in assessing a company. Debt-to-equity ratio is a financial metric that
compares a company's total debt to its total equity.

Debt/Equity = Total Debt/ Total Equity

Graph

Analysis
a. Time series Analysis:

The debt-to-equity ratio of Khulna Printing & Packaging was unstable and fluctuating during
the mentioned four -year time period. In 2019, the ratio stood at 0.585 and in 2020, it was 0.626.
The debt-to-equity ratio of Khulna Printing & Packaging was somewhat conservative during this
time. Nonetheless, the ratio jumped to 7.067 in 2021, which is a noteworthy increase in the ratio.
Then in 2022, the debt-to-equity ratio deceased to -4.360. This means that the liabilities of the
company exceed its assets. This is a high risk situation and most possible bankruptcy.

Hakkani pulp of Paper had a more stable debt-to-equity ratio compared to Khulna Printing &
Packaging. In 2019, the debt-to-equity ratio was 1.663. it increased to 1.831 in 2020. The
company kept on increasing its dependency on debt eventually but gradually. In 2021, the ratio
again increased to 2.099. finally in 2022, the ratio increased even more and became 2.299. The
decision to increase debt was consistent and gradual. Business organizations often take on more
debt to decrease their tax.

b. Cross-sectional Analysis:

The fluctuations of hakkani pulp of Paper are relatively minor compared to Khulna printing &
packaging. Even though the debt-to-equity ratio of Khulna Printing & Packaging was lower than
Hakkani Pulp of Paper in 2019 and 2020, the ratio was significantly distant in value during the
years 2021 and 2022. The fluctuations of Khulna Printing & Packaging in the later years can be
attributed to accounting anomalies or financial restructuring.

Khulna Printing & Packaging needs to carefully reevaluate its capital structure, debt obligations,
debt dependency, equity position to mitigate the impacts of this fluctuations. Hakkani Pulp of
Paper should strictly maintain its balance of debt and equity to avoid too much debt dependency.
They can also diversify their funding sources to decrease reliance on any specific funding source.

Equity Multiplier Ratio:

Equity Multiplier Ratio 2022 2021 2020 2019

Khulna Printing & Packaging -3.360 8.067 1.626 1.585
 Hakkani Pulp of Paper 3.299 3.099 2.831 2.663

Description
The equity multiplier indicates the proportion of a company's assets that are financed by equity
as opposed to debt. It serves as a risk indicator. A high equity multiplier indicates that a company
is primarily funding its assets with debt. On the other hand, A low equity multiplier indicates that
the corporation uses debt less frequently.

Equity Multiplier = 1 + Debt/Equity

Graph

Analysis
a. Time series Analysis:

Khulna Printing & Packaging exhibits remarkable fluctuations in its equity multiplier ratio over
the given time period. In the year 2019, the total equity multiplier ratio was 1.585 which
increases a little bit to 1.626 in 2020. The ratio increases to 8.067 in the year 2021. This rise in
2021 represents highly increased dependency on debts. Moreover, the equity multiplier ratio
decreases to -3.360 in 2022, which indicates that the company is predominantly financed by
equity, instead of debt.

Hakkani Pulp of Paper displays a positive equity multiplier ratio in all the years. This indicates
that the company is being financed by a mixture of debt and equity. In 2019, the equity
multiplier ratio was 2.663, which increased to 2.831 in 2020. The ratio gradually increased to
3.099 in 2022. The company maintains a stable equity multiplier ratio in 2022 as well when the
equity multiplier ratio becomes 3.299. the company seems to be increasing its funding from debt.

b. Cross-sectional Analysis:

Khulna Printing & Packaging showcased the biggest fluctuations in its equity multiplier ratio in
the years 2021 and 2022. The change in 2022 suggest an uncommon capital structure which is
focused more on equity compared to debt, in terms of source of its funding. It also represents
irregularities in the capital structure of the company. On the contrast, Hakkani Pulp of Paper
maintained a positive equity multiplier ratio which reflects a traditional capital structure with a
tailored mix of debt and equity.
Khulna printing & Packaging can optimize its capital structure by exploring a more balanced
mixture between debt and equity to avoid dependency on either just debt or equity. Hakkani Pulp
of Paper, on the other hand, could reevaluate the company’s debt capacity and calculate the
potential benefits of increasing debt financing.

Long Term Debt Ratio:

Long Term Debt Ratio 2022 2021 2020 2019

Khulna Printing & Packaging 1.756 0.768 0.247 0.225

Hakkani Pulp of Paper 0.507 0.473 0.433 0.371

Description
The long term debt ratio measures the percentage of a company’s assets which are financed by
long term debt. Long term debt includes loans and other financial liabilities with durations longer
than one year. This ratio gives a broad indication of a company's long-term financial position,
including its capacity to pay off outstanding loans. This ratio is used to calculate the capital
structure and financial leverage of an organization.

Long Term Debt ratio = Long Term Debt/(Long Term Debt + Total Equity)

Interpretation

The Long term Debt ratio of Khulna printing & Packaging in 2022 was 1.756, which means that
for every $1 of total assets, the company has $1.756 of long term debt.

The Long term Debt ratio of Hakkani Pulp of Paper in 2022 was 0.507, which means that for
every $1 of total assets, the company has $0.507 of long term debt.

Graph

Analysis
a. Time series Analysis:

The long term debt ratio of Khulna printing & Packaging has been consistently increasing over
the years. In 2019, the ratio was 0.225 and in 2020, it increased to 0.247. This indicates increased
debt reliance of the company. That’s not all, the long term debt ratio further increases to 0.768 in
2021. The dependency of the company on long term debt financing is even more evident in 2022
when the long term debt ratio becomes 1.756.

The long term debt ratio of Hakkani Pulp of Paper in 2019 was 0.371 which increased to 0.433 in
2020. The long term debt ratio of the company is gradually increasing, which is an indicator of
the business taking more risk. In the year 2021, the ratio increased to 0.473, which is a
comparatively stable increase in the ratio. Then in 2022, Hakkani Pulp of Paper had a long term
debt ratio of 0.507. the increasing ratio also showcases the strategy of the company to avail more
debt financing.

b. Cross-sectional Analysis:

Hakkani Pulp of Paper has an increasing rate of long term debt ratio but the increase rate is still
much more stable and lower then Khulna Printing & Packaging. The ratio of Khulna Printing &
Packaging is higher than Hakkani Pulp of Paper in the recent two years 2021, 2022. Khulna
Printing & Packaging is taking on too much debt which may be difficult for the company to pay
back. The company should diversify its financing by creating a healthy mix of debt and equity
financing, restructure the long term debt obligations to extend payment periods or lower interest
rate. Hakkani Pulp of Paper should maintain its current standing on long term debt ratio and an
optimal capital structure.

Times Interest Earned Ratio:

Times Interest Earned Ratio 2022 2021 2020 2019

Khulna Printing & Packaging -7.214 -8.375 0.701 -1.127

Hakkani Pulp of Paper 0.351 0.533 1.038 0.860

Description
The interest coverage ratio, or times interest earned ratio (TIE), is a financial ratio that assesses a
company's capacity to pay off its financial obligations. A higher TIE ratio indicates that a
company has more operating income available to pay interest on its debt.

TIE = EBIT / Interest expense

Graph

Analysis
a. Time series Analysis:

Khulna Printing & Packaging has showcased negative interest coverage ratio through the four
year time period, except 2020 when the ratio was 0.701. Apart from this, the times interest
earned ratio in 2019, 2021 and 2022 were -1.127, -8.375 and -7.214 respectively. The negative
values are a reflection of the company’s inability to pay its interest expenses with its earnings.
The fluctuations seen during the time period is unstable.

Hakkani Pulp of Paper has successfully maintained a positive interest coverage ratio with minor
fluctuations over the aforementioned time period. In 2019, the ratio was 0.860 and in 2020, it
increased to 1.038. Nevertheless, the ratio dived down to 0.533 which is the only significant
fluctuation in the company. Finally, in 2022, the times interest earned ratio decreased to 0.351.
This decrease signifies the reduction in the firm’s ability to pay its interest with its earning.

b. Cross-sectional Analysis:

Hakkani pulp of Paper has shown more stability and capacity in pay its interest obligations.
Whereas, Khulna Printing & Packaging is struggling to make its interest payment due to negative
earning. We can conclude that Hakkani pulp of Paper is performing much better than Khulna
Printing & Packaging in terms of paying back its obligations.

Thus, Khulna Printing & Packaging should increase operational efficiency, reduce cost, and
increase revenue to improve its profitability. It should also try to alleviate the burden of interest
payments by extending payment period, negotiating payment terms, restructuring the capital
structure etc. to reduce risk rate. Hakkani pulp of Paper should focus on maintaining its current
performance and consider diversification of funding sources in order to reduce risk rate.