1. Calculate and analyse the following comparable ten ratios for the year ended 31 December 2022 and 2023:

RATIO	FORMULA	2022	2023
Gross Profit Margin*	[Gross Profit/ Revenue (Sales)] * 100	29.54	29.67
Operating Profit Margin*	[Operating Profit/ Revenue (Sales)] * 100	16.95	15.46
Trade Receivable days	[Trade Receivables / Credit Sales (Revenue)]*365	6.68	7.07
Trade Payable days*	[Trade Payables / Cost of Sales]*365	17.44	16.19
Inventory days*	Inventory/ Cost of sales	87.63	96.85
Interest Cover (Finance cost)	Profit before Interest/ Interest Payable	8.66	7.56
Gearing Ratio	Noncurrent Liabilities / (Noncurrent Liabilities+Equity)	1.04	1.05
Return on Equity	Net Profit/ Equity	15.02	12.52
Earnings per share (given)	Profit After Tax/ Number of Ordinary Shares	1.20	1.09
Price Earnings Ratio	Share Price / Earnings per share	1.83	2.02
*To use consolidated values
Assume market price of share is $2.20

2. Based on the interpretation and analysis of the ten ratios calculated in part (a) above, recommend to the potential venturers whether it is advisable to invest in Thai Bev Ltd.
4. Discuss the limitations and benefits of ratio analysis and relate it to the company
6. Advise on the non-financial aspects of the investment decision on Thai Bev Ltd.