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The income statement and balance sheet of Sheng Siong Group Ltd ("Sheng Siong"), one of Singapore's largest retailers with 67 stores located across the island. over the last three years are provided below. \begin{tabular}{|c|c|c|c|} \hline \multirow{2}{*}{BalanceSheet(S$000)} & \multirow[b]{3}{*}{2020} & \multirow[b]{3}{*}{2021} & \multirow[b]{3}{*}{2022} \\ \hline & & & \\ \hline As of 31 Dec & & & \\ \hline \multicolumn{4}{|l|}{ Current Assets } \\ \hline Cash and Cash Equivalents & 253,901 & 246,642 & 275,499 \\ \hline Trade and Other Receivables & 19,949 & 11,604 & 19,540 \\ \hline Inventories & 77,911 & 98,383 & 101,182 \\ \hline Total Current Assets & 351,761 & 356,629 & 396,221 \\ \hline \multicolumn{4}{|l|}{ Non Current Assets } \\ \hline Right of Use Assets & 48,711 & 79,505 & 97,286 \\ \hline Property, Plant and Equipment & 291,588 & 302,883 & 291,608 \\ \hline Total Assets & 692,060 & 739,017 & 785,115 \\ \hline \multicolumn{4}{|l|}{ Current Liabilities } \\ \hline Trade and Other Payables & 208,089 & 212,391 & 197,455 \\ \hline Term Loan & 15,000 & 5,000 & - \\ \hline Lease Liabilities & 22,374 & 27,749 & 33,052 \\ \hline Current Tax Payable & 29,754 & 25,381 & 35,297 \\ \hline Total Current Liabilities & 275,217 & 270,521 & 265,804 \\ \hline \multicolumn{4}{|l|}{ Non Current Liabilities } \\ \hline Term Loan & 15,000 & - & - \\ \hline Lease Liabilities & 23,129 & 48,945 & 62,598 \\ \hline Deferred Tax Liabilities & 3,615 & 3,229 & 1,540 \\ \hline \multicolumn{4}{|l|}{ Shareholders' Equity } \\ \hline Common Stock - Par Value & 235,373 & 235,373 & 235,373 \\ \hline Accumulated Profit & 205,248 & 246,365 & 285,541 \\ \hline Statutory Reserves & - & - & 156 \\ \hline Foreign Currency Translation Reserve & 3 & (98) & (590) \\ \hline Merger Reserves & (68,234) & (68,234) & (68,234) \\ \hline Total Shareholders Equity & 372,390 & 413,406 & 452,246 \\ \hline Minority Interest & 2,709 & 2,916 & 2,927 \\ \hline Total Liabilities \& Shareholde & 692,060 & 739,017 & 785,115 \\ \hline \end{tabular} (a) Calculate Sheng Siong's cash flow from assets for 2021 and 2022 and discuss your observations. Your answer should not exceed 200 words. (15 marks) (b) Appraise Sheng Siong's profitability and long-term solvency ratios over the last three years. Display the ratios you computed in the following table (i.e., input the related ratios, formula, and the values for each year). The presentation of your answer should be well-organized, impactful and should not exceed 200 words (excluding table content). (20 marks)

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