Course: MMS 1 (SEM II)Specialization: FinanceSubject: Analysis of Financial Statement

INDEXSR.NOPARTICULARSPG.NO

1Overview of Jain studio3

2Management and discussion analysis4 - 5

3Auditors report6 - 7

4Cash flow analysis8 - 9

5Common size statement & Analysis : Profit & Loss Balance sheet10 - 13

6Trend analysis Profit & Loss Balance sheet14 - 16

7Ratio analysis17 - 23

8Peer analysis24 - 26

Overview of Jain studio

The Company was incorporated on 3rd January, with the main objects of Production and Telecast of TV. Programmes. It obtained the Certificate of Commencement of Business on 5th February 1991, and to begin with, started with video production facilities. In October 1993, the Company entered into a Memorandum of Understanding with two U.S. - based Companies of NRl's viz. Joint American Indian Network, Inc., an Illinois Corp., and Development Finance and Communications Ltd., a New York Corp., for the purpose of operating a 24 hour TV broadcasting business directed primarily at the Indian market. Subsequently, a Joint Venture Agreement was signed between Joint American Indian Network Inc. And the company. In the year 1994-95 JAIN TV provided an opportunity and facility to all political parties to avail the time slots and put their political propaganda on TV.A cartoon film made by the Company titled Wisdom of the Mouse was selected for screening at International Conference on Population & Development, which was organised by the United Nations at Cairo (EGYPT) from 5th to 13th September. ThisFilm earned a Certificate of Recognition from John Hopkins University, Baltimore (U.S.A.). In the year 1998 The Company had reimported 300 video programmes from Hong Kong earlier exported to Expotech Ltd., Hong Kong in the financial, year 1995-96 for a total value of Rs. 260.38 lacs. During the year, the company had revalued its immovable properties situated at Udyog Vihar Gurgaon, Mumbai, Chennai and Bangalore at Rs.350 lacs, 82 lacs, 40 lacs and Rs. 50 lacs respectively, creating Revaluation Reserve of Rs. 397.79 lacs. In the year 2000 Jain Studios Ltd (JSL), the broad-casting company for Jain TV is making a foray into the information and technology sector with the focus on internet related projects. Jain Studios has joined hands with Transaction Systems Architects to launch secure Internet payment gateway to carry out credit card transactions on the Internet. Jain TV begins free Net facility.

Management Discussion and AnalysisThe Company's primary business is broadcasting.The Company currently operates a 24-hour News and Current Affairs Channel under the brand name JAIN Television.Company is having other revenue and investments segment, i.e. Teleport, Mobile Healthcare, Education Infrastructure & Technology, Others including production and Distribution of Cinema photographic films.Discussions on financial performance in respect to operational performance :During F.Y 2013-14 it shows growth of 35.5% as operational income increases from 1786.10 lakh to 2420.41 lakh but this increase is due to sale of equipment.It has not made any provisions for doubtful debts it is because of it may follows stringent measures to assure quick collection.Jain Studio Ltd get maximum sales revenue from Television 1,77,851.39 (000) followed by Educational infrastructure & Technology 64,189.96.So we can say that co. is following evolved strategies as it has business segments.Television segment of Jain studio is suffering loss 2,688.30 (000) while the other segment Educational infrastructure & Technology I enjoying profit of 19,797.05 (000) in F.Y 2013-14.Human Resources:During 2013-14 the strength of employees increased from 73 to 85. Skilled Employees from 60 to 64 and Non-Skilled Employees 13 to 21.As a result there is slight increase in employees benefit expenses from 41,998.86 to 43,525.15 (000).Internal Control System and AdequacyCo. is safeguarding its equipment by providing depreciation and by replacing time to time.

Some internal control system are as follows- Financial Systems and Reporting Management Reporting H R Systems and Reporting Sales Systems and Reporting The Co. has appointed Auditor Bansal & Giri (CA) for Internal Control System and to audit day to day transactions.Risk and Concerns:As the business depends on innovation, creativity to cope up with competition it should equipped with equally talented and skilled personnel.It does not face operational risk as JAIN TV is Free to Air.The co. has opportunities as well as risks due to evolution of technology and distribution channels such as IPTV, DHS, and HITS.

Auditors reporta) The company has generally maintained records showing full particulars including quantitative details and situation of fixed assets.

b) The company has not disposed off a substantial part of its fixed assets during the year to affect the status of the company as a going concern.

c) The company is maintaining proper records of its inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material.

d) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Act.

e) There are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of inventories, fixed assets and the sale of goods. During the course of our audit, we did not observe any major weaknesses in internal controls.

f) Contracts or arrangements referred to in section 301 of the Act which need to be entered into register required to be maintained under that section have been entered accordingly.

g) The company has not accepted deposits from the public during the year and there are no outstanding deposits.

h) Auditors have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956.

i) Undisputed statutory dues were outstanding at the year end, for a period of more than six months from the date they became payable.

j) There are no dues in respect of sales Tax, income tax, custom duty, wealth tax, service tax, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

k) The company has not given any guarantee for loans taken by others from banks or financial institutions.

l) According auditors overall examination of the Balance Sheet of the company, we report that funds raised during the year on short-term basis have not been used for long term investments.

m) The company has not issued any debentures during the current financial year.

n) The company has not made any public issue during the current financial year.

o) No fraud on or by the company has been noticed or reported during the course of audit.

CASH FLOW ANALYSIS OF JAIN STUDIOS LIMITED FOR THE YEAR ENDING 2014NET PROFITNet profit of Jain studios for the year 2014 is 10,645.73 which is positive amount.CASH FLOW FROM OPERATING ACTIVITIESNON CASH EXPENSESIn 2014 non-cash expenses of the company was 9811.37 which consist of depreciation, Interest expenses, interest income, profit/ (loss) before exceptional items etcIt means that company is working effectively by providing depreciation on time & at the same time they also invest in purchasing assets.Conclusion: - The Company is working effectively.Company is not complying with income tax rules & regulations as they are not paying timely taxes.Working capital is also managed effectively in this company since they are able to raise surplus of Rs.17706.Net cash generated from operating activities was 28,648.64.is positive amount which shows the growth of company.CASH FLOW FROM INVESTING ACTIVITIESNet cash flow from investing activities was (734.36) which consist of interest received and Purchase of fixed assets.By purchasing fixed assets properly & providing timely depreciation as well they are managing investing activities effectively.CASH FLOW FROM FINANCING ACTIVITIESNet cash flow from financing activities was (30.675.00) which is negative amount, which Consist of interest paid, Repayment of long term loan, short term loan repaid, and equity share money received, Warranty money received.After analysing financing activity we conclude that the main reason for negative amount is no issue of equity shares in the year 2014NET DECREASE IN CASH AND CASH EQUIVALENTNet decrease in cash and cash equivalents was (2,760.71) it is also negative amount which consist of opening stock of cash and cash equivalent and closing stock of cash equivalent which means operating activities are not sufficient to pay off their financing & investing activity. The company is in growth stage as company is earning profit as well as they are investing in purchasing of fixed assets.

Common size statement (Profit & Loss)Standalone Profit & Loss account in Rs. '000

Mar '14Mar '13Mar '12

ParticularsAmountPercentAmount PercentAmount Percent

Revenue From Operations242041.496%178609.8697.14%124547.04100%

Other Income9742.224%5264.542.86%323.640%

Total Revenue251783.6100%183874.4100.00%124870.68100%

EXPENSES

Production Expenses154575.861.39%102584.3656%96987.4978%

Decrease/(Increase) in Stock00.00%00%00%

Employee Benefit Expense43525.1517.29%41998.8623%31370.625%

Finance Cost240.50.10%6191.253%11458.499%

Depreciation/Amortization9665.473.84%9645.595%9691.848%

Other expenses33130.9213.16%32655.918%23125.1819%

Total Expenses241137.895.77%193075.96105%172633.6138%

Profit/(Loss) before exceptional Items10645.734.23%-9201.56-5%-42762.92-34%

Exceptional Items (Incomes)

Exceptional Items (expenses)0000%1074.21%

Profit/(Loss) before tax10645.736.89%-9201.56-5%48837.1239%

Tax expenses

a)Current Tax0000%00%

Deferred tax Liabilities/(assets)5566.382.21%4303.52%-16286.91-13%

Profit/(Loss) after tax5079.352.02%-13505.06-7%-48837.12-39%

Analysis of common size profit & lossOut of total revenue of the company which is assumed to be 100% revenue from operations form a major part in all three years i.e. 100%, 97% & 96% in 2012, 2013 & 2014 respectively.Total expenses for the year 2014 has decreased by 9.23% which shows that the company is making profits with reduced expenses.Assuming sales 100% for the year in which production expenses has increased to 61.93% since last year i.e. 56% 2013. Employee Benefit expenses have also reduced comparing current years 17.29% which is less than the previous year i.e. 23% 2013. Other expenses, Depreciation, finance cost also have reduced which shows signs of profit with increased sales for the year 2014 compared to 2013 and 2012.Deferred tax liability is a liability which may or may not be realized during any given year, which makes the deferred status appropriate. So looking after the Profit and loss for the year the company is making profit even after deducting the deferred tax liability for the year which had a negative balance in the previous year.

Common size statement (Balance sheet)Balance Sheet of Jain StudioRupees In '000

Mar '14Mar '13Mar '12

ParticularsAmountPercentAmountPercentAmountPercent

Sources Of Funds

shareholders fund

Share capital285946.8248.78%254359.8244.79%143859.8227.65%

Reserves & Surplus117929.1720.12%98824.2617.40%97298.3218.70%

Money received against share warrant00.00%39622.47%17543.43%

Share application money pending allotment00.00%00.00%7562514.54%

Non-Current Liabilities

Long term Borrowings00.00%36518.666%103551.720%

other Long term liabilities2657.950.45%4287.670.76%8941.821.72%

Long term Provision3631.130.62%4427.21%3544.030.68%

Current Liabilities

Short term borrowings12.240.00%12.240.00%154.920.03%

Trade payables115668.1819.73%88869.0815.65%38680.087.43%

Other Current liabilities60349.3410.30%40957.027%31095.276%

Short term provisions00.00%00.00%00.00%

TOTAL586194.84100.00%567878.35100.00%520294.36100.00%

Application of Funds

Non-Current Assets

Fixed Assets

a)Tangible Assets142420.324.30%151342.7126.65%159725.2430.70%

b)Intangible Assets00.00%00.00%00.00%

Noncurrent Investments6360010.85%6360011.20%6360012.22%

Deferred Tax Assets ( Net)73698.6512.57%79265.0313.96%83568.5316.06%

Long term loans and advances47859.38%47374.558%47059.259%

Other non-current assets2645.30.45%2645.30.47%2645.30.51%

Current Assets

Trade receivables233685.6839.86%189562.533.38%15126929.07%

Cash and cash equivalents1287.760.22%4048.470.71%4159.30.80%

short term loan and advances15203.633%25604.424.51%4707.480.90%

other current assets5794.211%4435.371%3559.931%

TOTAL586194.84100%567878.35100%520294.36100%

Analysis of Common Size Statement (Balance Sheet)From the given Common Size statement it is observed that in all the three years i.e. 2012, 2013, 2014 share capital has major contribution in sources of funds.Reserves and surplus are also approximately 20% of the Sources of funds in all three years.Which indicates that co. has issued new shares over a period. Also Co. is less dependent on borrowed fund in 2014 as compared to previous years i.e. 2012 & 2013. Trade payables and other current liabilities has increased.Company has made deferred Tax asset which means that Co. has paid excess tax in advance and this amount can be used by the company when it carries over loss but only when there is chance that the company's accounting income will be positive in the next reporting period.Out of application of funds co. invested in purchase of tangible asset. And it is observed that amount of tangible asset is reduced from 159725.24 (000) to 142420.3(000) which indicates that company is providing depreciation on timely basis.In current assets trade receivable forms a major part in all three years of application of funds and it indicates that company is not handling its debtors properly as money is blocked which results in reduction of liquidity of the asset.This also affects the cash and cash equivalents as it is observed that it is only form approximately 1% of total sources of funds.

Trend Analysis (Profit & Loss)Standalone Profit & Loss accountin Rs. '000

Mar '14Mar '13Mar '12

ParticularsAmountIncr/decrPercentAmountIncr/decrPercentAmountPercent

Revenue From Operations242041.463431.4935.51399178609.954062.843.4076124547100

Other Income9742.224477.6885.053585264.544940.91526.67323.64100

Total Revenue251783.667909.1736.93237183874.459003.747.2519124870.7100

EXPENSES

Production Expenses154575.851991.4550.68165102584.45596.875.7707196987.49100

Decrease/(Increase) in Stock0000000100

Employee Benefit Expense43525.151526.293.63412241998.8610628.333.879731370.6100

Finance Cost240.5-5950.75-96.11556191.25-5267.24-45.96811458.49100

Depreciation/Amortization9665.4719.880.2061059645.59-46.25-0.477219691.84100

Other expenses33130.92475.021.45462232655.99530.7241.213623125.18100

Total Expenses241137.848061.8824.8927319307620442.411.8415172633.6100

Profit/(Loss) before exceptional Items10645.7319847.29-215.695-9201.5633561.4-78.4824-42762.9100

Exceptional Items (Incomes)

Exceptional Items (expenses)0000-1074.2-1001074.2

Profit/(Loss) before tax10645.7319847.29-215.695-9201.5633561.4-78.4824-42762.9100

Tax expenses

a)Current Tax0000000100

Deferred tax Liabilities/(assets)5566.381262.8829.345424303.53229.3300.6241074.2100

Profit/(Loss) after tax5079.3518584.41-137.611-13505.135332.1-72.3467-48837.1100

Trend Analysis (Balance sheet)Balance Sheet of Jain Studio Rupees In '000

Mar '14Mar '13Mar '12

ParticularsAmtInc/Dec%AmtInc/Dec%Amt%

Sources Of Funds

shareholders fund

Share capital285946.823158712.42%254359.811050076.81%143859.8100%

Reserves & Surplus117929.1719104.9119.33%98824.261525.941.57%97298.32100%

Money received against share warrant0-39622.4-100.00%39622.422079125.85%17543.4100%

Share application money pending allotment000-75625-75625100%

Non-Current Liabilities

Long term Borrowings0-36518.66-100.00%36518.66-67033.04-64.73%103551.7100%

other Long term liabilities2657.95-1629.72-38.01%4287.67-4654.15-52.05%8941.82100%

Long term Provision3631.13-796.07-17.98%4427.2883.1724.92%3544.03100%

Current Liabilities100%

Short term borrowings12.2400.00%12.24-142.68-92.10%154.92100%

Trade payables115668.1826799.130.16%88869.0850189129.75%38680.08100%

Other Current liabilities60349.3419392.3247.35%40957.029861.7531.71%31095.27100%

Short term provisions000.00%000100%

TOTAL586194.8418316.493.23%567878.447583.999.15%520294.4100%

Application of Funds

Non-Current Assets

Fixed Assets

a)Tangible Assets142420.3-8922.41-5.90%151342.7-8382.53-5.25%159725.2100%

b)Intangible Assets000.00%000.00%0100%

Noncurrent Investments6360000.00%6360000.00%63600100%

Deferred Tax Assets ( Net)73698.65-5566.38-7.02%79265.03-4303.5-5.15%83568.53100%

Long term loans and advances47859.3484.751.02%47374.55315.30.67%47059.25100%

Other noncurrent assets2645.300.00%2645.300.00%2645.3100%

Current Assets

Trade receivables233685.6844123.1823.28%189562.538293.525.31%151269100%

Cash and cash equivalents1287.762760.71-68.19%4048.47-110.83-2.66%4159.3100%

short term loan and advances15203.6310400.7-40.62%25604.4220896.94443.91%4707.48100%

other current assets5794.211358.8430.64%4435.37875.4424.59%3559.93100%

TOTAL586194.8418316.43.23%567878.447583.999.15%520294.4100%

Ratio Analysis of Jain Studio

Liquidity & Solvency Ratios (in 2:1) Current Ratio

Current ratio of Jain Studio for financial year 2014 is 2.09 for financial year 2013 is 2.55 and for financial year 2012 is 3.61. Hence we can say, Jain studio has a better financial position and in a position to pay off its Current liabilities.Quick ratio:

Quick ratio of Jain Studio for financial year 2014 is 1.68, for financial year 2013 is 1.98, and for financial year 2012 is 2.59. This ratio indicates solvency position. From given trend it is seen that quick ratio is reducing but still it is greater than the standard ratio so we can say that the Company is in good solvency position.

Debt Equity Ratio:

Debt Equity ratio of Jain Studio for financial year 2014 is zero, for financial year 2013 is 0.1, and for financial year 2012 is 0.43. It shows the in business how much borrowed and owned fund is there. The lower the percentage, the less leverage a company is using and the stronger its equity position. From this we can say that Jain studio Ltd is not dependent on out siders fund.

Profitability ratiosOperating Profit Margin:

The operating profit margin gives the business owner a lot of important information about the firm's profitability, particularly with regard to cost control. It shows how much cash is thrown off after most of the expenses are met. A high operating profit margin means that the company has good cost control and/or that sales are increasing faster than costs, which is the optimal situation for the company. As it can be seen with Jain studios the operating profit margin has gone up from 0.76 in March 13 to 4.46 in March 14. This shows that the company has good cost control which has improved a great deal from the previous year.Profit Before Interest and Tax Margin (%):

Profit before interest and tax(PBIT) or Earnings before interest and tax(EBIT) Margin is the ratio of Earnings before Interest and Taxes to net revenue - earned. It is a measure of a company's profitability on sales over a specific time period. This indicator gives information on a company's earnings ability. The EBIT of Jain studios has increased tremendously from -29.33% in March 12 to 0.45% in March14.This increase in EBIT is due to growth of net revenue, good cost control and strong productivity.Gross Profit Margin (%):

Gross profit margin is a key measure of profitability by which investors and analysiscompare similar companies and companies to their overall industry. The metric is an indication of the financial success and viability of a particular product or service. The higher the percentage, the more the company retains on each rupee ofsalesto service its other costs and obligations. The gross profit has increased from -29.40% in March12 to 0.47% in March14 thus giving investors more assurance about the profitability of the company.

Cash Profit Margin (%):

The Cash Flow Margin is a measure of how efficiently a company converts its sales dollars to cash. Since expenses and purchases of assets are paid from cash, this is an extremely useful and importantprofitability ratio. The cash profit margin has grown from -17.44% in March12 to -2.09% in March13 to a positive 5.85%.The higher the percentage, the more cash available from sales.

Net Profit Margin (%):

Net profit marginis the percentage ofrevenueremaining after alloperating expenses, interest,taxes and preferredstock dividends(but not common stock dividends) have been deducted from a company's total revenueNet profit marginis one of the most closely followed numbers in finance. Shareholders look at net profit margin closely because it shows how good a company is at convertingrevenueinto profits available for shareholders. The net profit margin has increased from -26.06% in March12 to 2.01% in March14.Adjusted Net Profit Margin (%)Adjusted net profit margin is a financial ratio used by stockholders to determine the true profitability of the stocks they own. Although the metric is not directly used by small-business owners in their day-to-day operations, it can be very useful to understand the considerations that your shareholders make when determining whether to buy or sell stock in your company. To calculate the adjusted net profit margin of a stock, you must first determine the price paid for the stock, the profit margin of the underlying company and the price-to-sales ratio of the stock. The trend of change in adjusted net profit margin has remained the same as the net profit margin.

Return on Capital Employed (%):

ROCE is a useful metric forcomparing profitability across companiesbased on the amount of capital they use. The ROCE has improved drastically from -8.28% in March12 to 2.69% in March14

Return on Net worth (%):

The ROE is useful for comparing the profitability of a company to that of other firms in the same industry. . It has improved from -13.49% in March12 to 1.25% in March14.Return on Long Term Funds (%):

The return is calculated as the annual percentage return based on the yields of all the underlying securities in the portfolio, but is weighted to account for each security's market value and maturity. The return is presented net of estimated fees and the maximum offering price, but does not account for delays in income distributions from the fund. This has increased from -10.52% in March12 to 2.69% in March14.

Debtors turnover ratio:

Debtor turnover ratio is the relationship between net sales and average debtors. Higher debtor turnover ratio is good because it shows that the company is collecting money quickly from our debtors, which is the case with Jain Studios as it is seen that the ratio has improved from 0.81 in March12 to 1.14 in March14.Interest coverage ratio:

Interest coverage ratio is a ratio used to determine how easily a company can pay interest on outstanding debt. The lower the ratio, the more the company is burdened by debt expense. When a company's interest coverage ratio is 1.5 or lower, its ability to meet interestexpenses may be questionable. An interest coverage ratio below 1 indicates thecompany is not generating sufficient revenues to satisfy interest expenses. In case of Jain studio, they have a very healthy Interest coverage ratio of 45.26 in March14 which shows that they are generating sufficient funds to pay the interest expenses. The ratio has improved drastically from -3.17 in March12, -0.49 in March13 to 45.26 in March14.Peer Analysis (Jain Studio, Mukta Arts, Pritesh Nandy)RatiosJain StudioMukta ArtsPritesh Nandy

Liquidity & Solvency Ratio

Current Ratio2.090.964.78

Quick ratio1.681.472.89

Debt Equity Ratio00.390

Profitability ratios

Operating Profit Margin4.461.469.26

Profit Before Interest And Tax Margin0.45-0.488.33

Gross Profit Margin0.47-0.498.77

Cash Profit Margin5.851.711.57

Net Profit Margin2.01-0.5111.11

Adjusted Net Profit Margin 2.01-0.5111.11

Return On Capital Employed2.692.616.33

Return On Net Worth1.25-1.275.3

Return on Long Term Funds2.693.216.33

Debtors turnover ratio1.147.2547.7

Interest coverage ratio45.260.714

Current RatioCurrent ratios of Jain Studio, Mukta Arts and Pritesh Nandy for financial year 2014 are 2.09, 0.96 & 4.78 respectively. Hence we can say, Jain studio has a better financial position and in a position to pay off its Current liabilities as compared to Mukta arts whereas Pritesh Nandy has better current ratio which is 4.78% i.e. 2.78% more than ideal Current ratio.Quick ratioQuick ratio indicates solvency position of the company. Quick ratios of Jain Studio, Mukta Arts and Pritesh Nandy for financial year 2014 are 1.68, 1.47 & 2.89 respectively. Hence we can say, Jain studio is in good solvency position as compared to Mukta arts but Pritesh Nandy is in better condition. This indicates Pritesh Nandy has better short term liquidity position than other two competitors.Debt Equity RatioDebt Equity ratios of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 0, 0.39 & o respectively. Hence we can conclude that Jain studio & Pritesh Nandy are not dependent on out siders fund whereas Mukta Arts is still borrowing from outsiders.

Profitability ratiosOperating Profit MarginOperating profit margin of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 4.46, 1.46 & 9.26 respectively. Hence we can say, Jain studio has good cost control and their sales are increasing faster than costs as compared to Mukta Arts but Pritesh Nandy has better cost control than other two competitors with 9.26%.Profit before Interest and Tax MarginWe can conclude that profitability on sales over a specific time period of Jain studio (0.45) is better than Mukta Arts (-0.48) but Pritesh Nandy has highest profitability (8.33). As we can say that Pritesh Nandy has better earnings ability as compared to Jain Studio and Mukta Arts.Gross Profit MarginGross profit margins of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 0.47, -0.49 & 8.77 respectively. Hence we can say that as Pritesh Nandy has highest gross profit margin among three competitors so they are financially successful & highly profitable company than Jain Studio and Pritesh Nandy.Net Profit MarginNet profit margins of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 2.01, -0.51 & 11.11 respectively. Hence we can say Pritesh Nandy has highest revenue after deducting alloperating expenses, interest,taxes and preferredstock dividends. Jain studio has positive margin whereas Mukta Arts has negative margin which indicates their expenses are more than their revenue.Return on Capital EmployedROCE of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 2.69, 2.61 & 6.33 respectively which indicates that Pritesh Nandy is the most profitable company based on the amount of capital they use among the 3 competitors. Return on Net WorthPritesh Nandy generates highest profit with the money that the equity shareholders have invested as it has higher return on net worth (5.3) as compared to Jain studio (1.25) & Mukta Arts (-1.27).Return on Long Term FundsPritesh Nandy has highest return on long term funds (6.33) among the 3 competitors. Mukta Arts (3.21) has better returns on long term funds than Jain studio (2.69).Debtors turnover ratioDebtors turnover ratios of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 1.14, 7.25 & 47.7 respectively. Hence we can say that, Pritesh Nandy is collecting money quickly from the debtors whereas Jain Studio fails to collect money quickly from the debtors.Interest coverage ratioInterest coverage ratios of Jain Studio, Mukta Arts & Pritesh Nandy for financial year 2014 are 45.26, 0.7 & 14 respectively. Hence we can say that Mukta Arts is burdened by debt expenses whereas Jain studio with highest Interest coverage ratio is generating sufficient revenues to satisfy interest expenses.

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