project report (1).docx

7/30/2019 project report (1).docx

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A

Project Report

On

FINANCIAL STATEMENT ANALYSIS OF

GATIYOG ENTERPRISES LTD USING RATIO ANALYSIS AS A TOOL

GUIDED BY

Prof. Rajesh Raut

BY

Vaibhav V. Wasgi

IN PARTIAL FULFILLMENT OF THE

BACHLEOR OF BUSINESS ADMINISTRATION

PUNE UNIVERSITY

THROUGH

MODERN COLLEGE OF

ARTS, SCIENCE AND COMMERCE

SHIVAJINAGAR PUNE -411005

FOR YEAR 2012-13


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A C K N O W L E D G E M E N T

My Sincere gratitude is to GATIYOG ENTERPRISES LTD.

For having enabled to study at their company. This study reveals the reason for the success of the

business.

I am Thankful to my research guide Prof.Rajesh Raut for guidance and support me. I take this

opportunity to thanks for name for their able guidance whole hearted.

Co-opertaion in successful completion of my study otherwise it would be difficult to complete

and compile the project.

Vaibhav Vijaykumar Wasgi


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D E C L A R A T I O N

I declare that this project report entitled FINANCIAL ANALYSIS OF GATIYOG

ENTERPRISES LTD. USING RATION ANALYSIS AS A TOOL. is a bonafied work

specialization from MODERN COLLEGE OF COMPUTER AND BUSINESS STUDIES under

the guidance of

I Further declare that it is my original work as part of my academic course and it has not been

submitted elsewhere fir the award of my degree or diploma of any other university or institution.

Place :- Pune

Vaibhav Vijaykumar Wasgi


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I N D E X

Chapter No. TITLE Page No.

1. Company Profile 5

2. Subject Introduction 9

3. Objective of Study 14

4. Research Methodology 16

5. Financial Analysis 18

6. Finding And Observation 25

7. Problem Solving 52

8. Summary 62

9. Conclusion 64

10. Bibliography 66

11. Annexture 68


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Chapter 1

Company Profile


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COMPANY PROFILE

The GATIYOG ENTERPRISES LTD is Established on 22 September 1993 By the

Registration of Government of the India at SHOP NO.3 MHASKEVASTI, ALANDI ROAD,

PUNE411015.

GATIYOG ENTERPRISES LTD were established by Mr. Rajan R Varma.

He is Sole Proprietor of this Transport Service.

Mr. Rajan R Varma Educates B.COM from Kanpur University.

Firstly Mr.Rajan R Varma leaves is small village in the Kanpur. And he decides to start a

business so he comes to the pune that time he dont have any model support from the family.

And he dont have an sufficient money to start a business so when he comes in pune he start his

work to do an driving on the People. That time he dont have Idea about doing the big business.

After Four Year He things that why cant he do his own Enterprise Business.

Then He purchased one Truck Which is Bought By Those money which is saved when he

works four years. After that he went to the CONDAMOTORS PVT in Sus.


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After Some Year He Expand his Business And Bought More 2-3 Trucks.

Firstly The Trucks Only Runs Around the Maharashtra State After Expansion of Business theTrucks are went All over The India.

Today GATIYOG ENTERPRISE LTD is successful and he has Four Cargo Trucks which is

running in the market.

And Those Cargo Trucks are dealing with the KINETIC HONDA CO PVT Nagar. and he also

Things To Purchase More Two Cargo Trucks.

He not only does business for his own profit but he also provide the Employement to the illetrate

people.


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In Present Situation The GATIYOG ENTERPRISE LTD is very successful business inmiddle scale sole proprietor business.


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Chapter 2

Subject Introduction


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RATIO ANALYSIS

Meaning of Ratio:

A ratio is simple arithmetical expression of the relationship of one number to

another. It may be defined as the indicated quotient of two mathematical expressions.

According to Accountants Handbook by Wixon, Kell and Bedford, a ratio is an expression of

the quantitative relationship between two numbers.

Ratio Analysis

Ratio analysis is the process of determining and presenting the relationship of

items and group of items in the statements. According to Batty J. Management Accounting

Ratio can assist management in its basic functions of forecasting, planning coordination, control

and communication.

It is helpful to know about the liquidity, solvency, capital structure and profitability of an

organization. It is helpful tool to aid in applying judgement, otherwise complex situations.

Ratio analysis can represent following three methods.

Ratio may be expressed in the following three ways :

1. Pure Ratio or Simple Ratio :- It is expressed by the simple division of one number by

another. For example , if the current assets of a business are Rs. 200000 and its current liabilities

are Rs. 100000, the ratio of Current assets to current liabilities will be 2:1.

2. Rate or So Many Times :- In this type , it is calculated how many times a figure is, in

comparison to another figure. For example , if a firms credit sales during the year are Rs.


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200000 and its debtors at the end of the year are Rs. 40000 , its Debtors Turnover Ratio is

200000/40000 = 5 times. It shows that the credit sales are 5 times in comparison to debtors.

3.Percentage :- In this type, the relation between two figures is expressed in hundredth. Forexample, if a firms capital is Rs.1000000 and its profit is Rs.200000 the ratio of profit capital, in

term of percentage, is 200000/1000000*100 = 20%


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ADVANTAGE OF RATIO ANALYSIS

1. Helpful in analysis of Financial Statements.

2. Helpful in comparative Study.

3. Helpful in locating the weak spots of the business.

4. Helpful in Forecasting.

5. Estimate about the trend of the business.

6. Fixation of ideal Standards.

7. Effective Control.

8. Study of Financial Soundness.


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LIMITATIONS OF RATIO ANALYSIS

1. Comparison not possible if different firms adopt different accounting policies.

2. Ratio analysis becomes less effective due to price level changes.

3. Ratio may be misleading in the absence of absolute data.

4. Limited use of a single data.

5. Lack of proper standards.

6. False accounting data gives false ratio.

7. Ratios alone are not adequate for proper conclusions.

8. Effect of personal ability and bias of the analyst.


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Chapter 3

Objective of Study


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OBJECTIVE OF THE STUDY

To Analyze the Balance sheet ( of last three years ) of GATIYOG ENTERPRISE LTDto know the financial position of the company .

To judge the gap between the current year profit and the previous year profit of thecompany.

To take overviews of all departments working in the unit in the practical way.

To take the knowledge of practical works so, it can be beneficial to meet in the future.

To know the financial position of the analysis company.

To study various ratio to determine the relationship of different factors which haveimpact on the financial position of the company.


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Chapter 4

ResearchMethodology


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RESEARCH METHODOLOGY

Method of Data Collection :The Data collected was secondary data the company audited final

accounts for the three financial year ( 2009-2010, 2010-2011, 2011-2012 ) were

collected. This information was available with the company.

Research Methodology :The Research was purely analytical in nature, because it was based on

quantitative data. Since, the focus of the research was on ratio analysis, it was imperative to

first calculate the amount of working capital for the respective financial year. This analysiswas done by calculating balance sheet amount. This information about the companies

financial position for the particular three years was submitted to one of the directors of the

company.

Tools used in data analysis : Horizontal or Trend Analysis

Comparison of two or more year financial data is known as trend

analysis. This analysis help to understand the changes that have taken place between two

years or more years and resason behind any problem can be estimated the trend analysis is

especially useful to person who are not of financial background, since this mthod of analysis

helps them to get a direct understanding of the changes which have taken place in financial

account of a company.


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Chapter 5

Financial Analysis


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ANALYSIS OF FINANCIAL STATEMENT

Financial statements are eagerly awaited by investors, bankers and some other concerns.

For them, it is the only source of information on a compay they are interested in. Bystudying these statements, they can find out how good or bad the company has performanced in

the past year. Besides, these statements help them uncover the problems faced by the company

and identify actions to be taken to safeguard their own interest.

But it is very difficult to understand the picture painted by the accounts just by looking at them.Some companies publish annual reports running into 100 or more pages. The accounts are,

therefore, summarized and analyzed. Trends are spotted and future forecasted. How it is done is

the subject matter of this hub.

Meaning of analysisIn simple words, analysis means "breakup.", just like dismantling. An analyst would deconstructthe statements, or carry out reverse-engineering process, in order to make deeper sense of

business performance.

For example, in one year the sales were Rs.150 million. In order to analyse, we can break the

sales to month-wise sales or territory-wise sales or variety-wise or a combination thereof. It

would now be easy to spot the highest and lowest level in each segmentation. Adding one or

more years with the same breakdown, one can get a clue of the peak month, most lucrativeterritory or a top- selling variety.

THE FOUR FINANCIAL STATEMENTS


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BALANCE SHEETIt shows assets, liabilities and ownership of a company at a given time or date. It is also known

as Statement of Financial Position or Statement of Financial Conditions. This statement isprimarily of interest to the Commercial Banks who are security oriented. A good financial

position safeguards their existing and/or under consideration loans and advances.

Under the accounting equation, assets are always equal to (and thus in balance with) liabilities

and owner's equity; hence, the term 'balance sheet.'

INCOME STATEMENT :This covers income, costs, expenses and the residual profit. Also referred to P&L or Profit &Loss Account, this is mainly studied by shareholders who expect dividends out of profit or

possibility of Stock Dividend.

As against Balance Sheet which is at a specified time or date, Income Statement is prepared for a

particular period usually one year.

STATEMENT OF RETAINED EARNINGS :It explains the changes in equity resulting from earnings or losses and dividend declared. This is

often combined with the income statement or shown as part of Equity. Its main purpose is to

reconcile the beginning and ending retained earnings for the period, using information such asnet income from the other financial statements. It also known as Equity Statement or a statement

of owner's equity, or statement of shareholders' equity.

STATEMENT OF CASH FLOWS :Shows cash flow activities, particularly operating, investing and financing activities of the

company. It complements balance sheet and income statement and is a mandatory part of acompanys financial report. It enables the users to find out how operating are running, where the

money is coming from and how it is being spent.

These statements are supported by detailed notes and statements which are considered as

their integral part.


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FINANCIAL STATEMENTS :

Analysis of Financial StatementsAnalysis of financial statement is a technique used to examine past performance of a company. It

is carried out by professionals who study the accounts, calculate relevant ratios, make commentsand present them to the management for decision making.

At its most basic, financial analysis involves looking at annual reports and accounts to determineif a company is healthy. But the analysis should be conducted keeping in view the industry and

time frame. The information must be supported from other sources like Industrial standards,

stock exchange quotations and government policies.

Financial analysis reduces reliance on pure hunches, guesses, and intuition, and this narrows theinevitable areas of uncertainty that attend all decision-making processes. It does not lessen theneed for judgment but rather establishes a sound and systematic basis for its rational application.

Sources of information

Data and information come from many sources - both internal (inside the business) and external.This revision note summarises the main sources:

Business data and information comes from multiple sources. The challenge for a business is tocapture and use information that is relevant and reliable. The main sources are:

Internal Information


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Accounting records are a prime source of internal information. They detail the transactions of the

business in the past - which may be used as the basis for planning for the future (e.g. preparing a

financial budget or forecast).

The accounting records are primarily used to record what happens to the financial resources of a

business. For example, how cash is obtained and spent; what assets are acquired; what profits orlosses are made on the activities of the business.

However, accounting records can provide much more than financial information. For example,details of the products manufactured and delivered from a factory can provide useful information

about whether quality standards are being met. Data analysed from customer sales invoices

provides a profile of what and to whom products are being sold.

A lot of internal information is connected to accounting systems - but is not directly part of them.

for example:

Records of the people employed by the business (personal details; what they get paid; skills and

experience; training records)

Data on the costs associated with business processes (e.g. costings for contracts entered into by

the business)

Data from the production department (e.g. number of machines; capacity; repair record)

Data from activities in direct contact with the customer (e.g. analysis of calls received andmissed in a call centre)

A lot of internal information is also provided informally. For example, regular meetings of staff

and management will result in the communication of relevant information.

External Information

As the term implies, this is information that is obtained from outside the business.

There are several categories of external information:

- Information relating to way a business should undertake its activities


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E.g. businesses need to keep records so that they can collect taxes on behalf of the government.

So a business needs to obtain regular information about the taxation system (e.g. PAYE, VAT,

Corporation Tax) and what actions it needs to take. Increasingly this kind of information (and thereturn forms a business needs to send) is provided in digital format.

Similarly, a business needs to be aware of key legal areas (e.g. environmental legislation; health& safety regulation; employment law). There is a whole publishing industry devoted to selling

this kind of information to businesses.

- Information about the markets in which a business operates

This kind of external information is critically important to a business. It is often referred to as

"market" or "competitive intelligence".

Most of the external information that a business needs can be obtained from marketing research.

Marketing research can help a business do one or more of the following:

1.Gain a more detailed understanding of consumers needs marketing research can help

firms to discover consumers opinions on a huge range of issues, e.g., views on products prices,packaging, recent advertising campaigns

2.Reduce the risk of product/business failurethere is no guarantee that any new idea will be

a commercial success, but accurate and up-to-date information on the market can help a businessmake informed decisions, hopefully leading to products that consumers want in sufficient

numbers to achieve commercial success.

3. Forecast future trendsmarketing research can not only provide information regarding thecurrent state of the market but it can also be used to anticipate customer needs future customer

needs. Firms can then make the necessary adjustments to their product portfolios and levels of

output in order to remain successful.

The information for marketing research tends to come from three main sources:

Internal Company Informatione.g. sales, orders, customer profiles, stocks, customer service

reports

Marketing intelligence this is a catch-all term to include all the everyday information about

developments in the market that helps a business prepare and adjust its marketing plans. It can be

obtained from many sources, including suppliers, customers and distributors. It is also possible to


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buy intelligence information from outside suppliers (e.g. Mintel, Dun and Bradstreet) who will

produce commercial intelligence reports that can be sold profitably to any interested

organisation.

Market Research existing data from internal sources may not provide sufficient detail.

Similarly, published reports from market intelligence organisations cannot always be relied uponto provide the up-to-date, relevant information required. In these circumstances, a business may

need to commission specific studies in order to acquire the data required to support their

marketing strategy.

Methods Or Techniques Of Financial Statement Analysis

Financial statement analysis can be performed by employing a number of methods or techniques.

The following are the important methods or techniques of financial statement analysis.

1.Ratio Analysis

Ratio analysis is the analysis of the interrelationship between two financial figures.

2.Cash Flow Analysis

Cash flow analysis is the analysis of the change in the cash position during a period.

3.Comparative Financial Statements

Comparative financial statement is a analysis of financial statements of the company for two

years or of the two companies of similar types.

4.Trend Analysis

Trend analysis is the analysis of the trend of the financial ratios of the company over the years.

The methods to be selected for the analysis depend upon the circumstances and the users'

need. The user or the analyst should use appropriate methods to derive required information tofulfil their needs
http://accountlearning.blogspot.in/2010/02/methods-or-techniques-of-financial.htmlhttp://accountlearning.blogspot.in/2010/02/methods-or-techniques-of-financial.html


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Chapter 6

Finding and

Observation


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CLASSIFICATION OF RATIORatio may be classified into the four categories as follows:

A. Liquidity Ratio :

a. Current Ratio

b. Quick Ratio or Acid Test Ratio

B. Leverage or Capital Structure Ratio :

a. Debt Equity Ratio

b. Debt to Total Fund Ratio

c. Proprietary Ratio

d. Fixed Assets to Proprietors Fund Ratio

e. Capital Gearing Ratio

f. Interest Coverage Ratio

C. Activity Ratio or Turnover Ratio :


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a. Stock Turnover Ratio

b. Debtors or Receivables Turnover Ratio

c. Average Collection Period

d. Creditors or Payables Turnover Ratio

e. Average Payment Period

f. Fixed Assets Turnover Ratio

g. Working Capital Turnover Ratio

D. Profitability Ratio or Income Ratio :


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(A) Profitability Ratio based on Sales :

a. Gross Profit Ratio

b. Net Profit Ratio

c. Operating Ratio

d. Expenses Ratio

(B) Profitability Ratio Based on Investment :

I .Return on Capital Employed :

II. Return on Shareholders Funds :

a. Return on Total Shareholders Funds

b. Return on Equity Shareholders Funds

c. Earning Per Share

d. Dividend Per Share


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e. Dividend Payout Ratio

f. Earning and Dividend Yield

g. Price Earning Ratio


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LIQUIDITY RATIO

(A) Liquidity Ratio:- It refers to the ability of the firm to meet its current liabilities. The

liquidity ratio, therefore, are also called Short-term Solvency Ratio. These ratio are used toassess the short-term financial position of the concern. They indicate the firms ability to meet its

current obligation out of current resources.

In the words of Saloman J. Flink, Liquidity is the ability of the firms to meet its current

obligations as they fall due.

Liquidity ratio include two ratio :-

Current Ratio

Quick Ratio or Acid Test Ratio

Current Ratio:- This ratio explains the relationship between current assets and currentliabilities of a business.

Current Assets:-Current assets includes those assets which can be converted into cashwith in a years time.

Current Assets = Cash in Hand + Cash at Bank + B/R + Short Term Investment +Debtors(DebtorsProvision) + Stock(Stock of Finished Goods + Stock of Raw Material+ Work in Progress) + Prepaid Expenses.

Current Liabilities :-Current liabilities include those liabilities which are repayable ina years time.


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Current Liabilities = Bank Overdraft + B/P + Creditors + Provision for Taxation + Proposed

Dividend + Unclaimed Dividends + Outstanding Expenses + Loans Payable with in a Year.

Current Ratio =

Current Assets / Current Liabilities

Significance :- According to accounting principles, a current ratio of 2:1 is supposedto be an ideal ratio.

It means that current assets of a business should, at least , be twice of its current liabilities. The

higher ratio indicates the better liquidity position, the firm will be able to pay its current

liabilities more easily. If the ratio is less than 2:1, it indicate lack of liquidity and shortage of

working capital.

The biggest drawback of the current ratio is that it is susceptible to window dressing. This ratio

can be improved by an equal decrease in both current assets and current liabilities.

Quick Ratio:- Quick ratio indicates whether the firm is in a position to pay its currentliabilities with in a month or immediately.

Liquid Assets means those assets, which will yield cash very shortly.

Liquid Assets = Current AssetsStockPrepaid Expenses

Significance :- An ideal quick ratio is said to be 1:1. If it is more, it is considered tobe better. This ratio is a better test of short-term financial position of the company.


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LEVERAGE OR CAPITAL STRUCTURE RATIO

(B) Leverage or Capital Structure Ratio :-This ratio disclose the firms ability to meet the

interest costs regularly and Long term indebtedness at maturity.

These ratio include the following ratios :

Debt Equity Ratio:- This ratio can be expressed in two ways:

First Approach : According to this approach, this ratio expresses the relationshipbetween long term debts and shareholders fund.

Formula:

Debt Equity Ratio=Long term Loans / Shareholders Funds or Net Worth

Long Term Loans:- These refer to long term liabilities which mature after one year.These include Debentures, Mortgage Loan, Bank Loan, Loan from Financial institutions

and Public Deposits etc.

Shareholders Funds :- These include Equity Share Capital, Preference Share Capital,Share Premium, General Reserve, Capital Reserve, Other Reserve and Credit Balance of

Profit & Loss Account.

Second Approach : According to this approach the ratio is calculated as follows:-


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Formula:

Debt Equity Ratio=External Equities / Internal Equities

Debt equity ratio is calculated for using second approach.

Significance :- This Ratio is calculated to assess the ability of the firm to meet its longterm liabilities. Generally, debt equity ratio of is considered safe.

If the debt equity ratio is more than that, it shows a rather risky financial position from the long-

term point of view, as it indicates that more and more funds invested in the business are provided

by long-term lenders.

The lower this ratio, the better it is for long-term lenders because they are more secure in that

case. Lower than 2:1 debt equity ratio provides sufficient protection to long-term lenders.

Debt to Total Funds Ratio : This Ratio is a variation of the debt equity ratio and givesthe same indication as the debt equity ratio. In the ratio, debt is expressed in relation to

total funds, i.e., both equity and debt.

Formula:

Debt to Total Funds Ratio = Long-term Loans/Shareholders funds + Long-term Loans

Significance :- Generally, debt to total funds ratio of 0.67:1 (or


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67%) is considered satisfactory. In other words, the proportion of long term loans should not be

more than 67% of total funds.

A higher ratio indicates a burden of payment of large amount of interest charges periodically and

the repayment of large amount of loans at maturity. Payment of interest may become difficult if

profit is reduced. Hence, good concerns keep the debt to total funds ratio below 67%. The lower

ratio is better from the long-term solvency point of view.

Proprietary Ratio:- This ratio indicates the proportion of total funds provide by ownersor shareholders.

Formula:

Proprietary Ratio = Shareholders Funds/Shareholders Funds + Long term loans

Significance :- This ratio should be 33% or more than that. In other words, theproportion of shareholders funds to total funds should be 33% or more.

A higher proprietary ratio is generally treated an indicator of sound financial position from long-

term point of view, because it means that the firm is less dependent on external sources of

finance.

If the ratio is low it indicates that long-term loans are less secured and they face the risk of losing

their money.


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Fixed Assets to Proprietors Fund Ratio :- This ratio is also know as fixed assets to networth ratio.

Formula:

Fixed Asset to Proprietors Fund Ratio = Fixed Assets/Proprietors Funds (i.e., Net Worth)

Significance :-The ratio indicates the extent to which proprietors (Shareholders) fundsare sunk into fixed assets. Normally , the purchase of fixed assets should be financed by

proprietors funds. If this ratio is less than 100%, it would mean that proprietors fund are

more than fixed assets and a part of working capital is provided by the proprietors. Thiswill indicate the long-term financial soundness of business.

Capital Gearing Ratio:- This ratio establishes a relationship between equity capital(including all reserves and undistributed profits) and fixed cost bearing capital.

Formula:

Capital Gearing Ratio = Equity Share Capital+ Reserves + P&L Balance/ Fixed cost Bearing

Capital

Whereas, Fixed Cost Bearing Capital = Preference Share Capital + Debentures + Long Term

Loan

Significance:- If the amount of fixed cost bearing capital is more than the equity sharecapital including reserves an undistributed profits), it will be called high capital gearing

and if it is less, it will be called low capital gearing.


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The high gearing will be beneficial to equity shareholders when the rate of interest/dividend

payable on fixed cost bearing capital is lower than the rate of return on investment in business.

Thus, the main objective of using fixed cost bearing capital is to maximize the profits availableto equity shareholders.

Interest Coverage Ratio:-This ratio is also termed as Debt Service Ratio. This ratio iscalculated as follows:

Formula:

Interest Coverage Ratio = Net Profit before charging interest and tax / Fixed Interest Charges

Significance :- This ratio indicates how many times the interest charges are covered bythe profits available to pay interest charges.

This ratio measures the margin of safety for long-term lenders.

This higher the ratio, more secure the lenders is in respect of payment of interest regularly. If

profit just equals interest, it is an unsafe position for the lender as well as for the company also ,

as nothing will be left for shareholders.

An interest coverage ratio of 6 or 7 times is considered appropriate.


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ACTIVITY RATIO OR TURNOVER RATIO

(C) Activity Ratio or Turnover Ratio :-These ratio are calculated on the bases of cost of

sales or sales, therefore, these ratio are also called as Turnover Ratio. Turnover indicates thespeed or number of times the capital employed has been rotated in the process of doing business.

Higher turnover ratio indicates the better use of capital or resources and in turn lead to higher

profitability.

It includes the following :

Stock Turnover Ratio:- This ratio indicates the relationship between the cost of goodsduring the year and average stock kept during that year.

Formula:

Stock Turnover Ratio =Cost of Goods Sold / Average Stock

Here, Cost of goods sold = Net SalesGross Profit

Average Stock = Opening Stock + Closing Stock/2

Significance:- This ratio indicates whether stock has been used or not. It shows the speedwith which the stock is rotated into sales or the number of times the stock is turned into

sales during the year.


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The higher the ratio, the better it is, since it indicates that stock is selling quickly. In a business

where stock turnover ratio is high, goods can be sold at a low margin of profit and even than the

profitability may be quit high.

Debtors Turnover Ratio :- This ratio indicates the relationship between credit sales andaverage debtors during the year :

Formula :-

Debtor Turnover Ratio =Net Credit Sales / Average Debtors + Average B/R

While calculating this ratio, provision for bad and doubtful debts is not deducted from the

debtors, so that it may not give a false impression that debtors are collected quickly.

Significance :- This ratio indicates the speed with which the amount is collected fromdebtors. The higher the ratio, the better it is, since it indicates that amount from debtors is

being collected more quickly. The more quickly the debtors pay, the less the risk from

bad- debts, and so the lower the expenses of collection and increase in the liquidity of the

firm.

By comparing the debtors turnover ratio of the current year with the previous year, it may be

assessed whether the sales policy of the management is efficient or not.

Average Collection Period :- This ratio indicates the time with in which the amount iscollected from debtors and bills receivables.


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Formula:

Average Collection Period = Debtors + Bills Receivable / Credit Sales per day

Here, Credit Sales per day = Net Credit Sales of the year / 365

Second Formula :-

Average Collection Period = Average Debtors *365 / Net Credit Sales

Average collection period can also be calculated on the bases of Debtors Turnover Ratio. The

formula will be:

Average Collection Period = 12 months or 365 days / Debtors Turnover Ratio

Significance :- This ratio shows the time in which the customers are paying for creditsales. A higher debt collection period is thus, an indicates of the inefficiency and

negligency on the part of management. On the other hand, if there is decrease in debt

collection period, it indicates prompt payment by debtors which reduces the chance of

bad debts.

Creditors Turnover Ratio :- This ratio indicates the relationship between creditpurchases and average creditors during the year .

Formula:-

Creditors Turnover Ratio =


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Net credit Purchases / Average Creditors + Average B/P

Note :- If the amount of credit purchase is not given in the question, the ratio may becalculated on the bases of total purchase.

Significance :- This ratio indicates the speed with which the amount is being paid tocreditors. The higher the ratio, the better it is, since it will indicate that the creditors are

being paid more quickly which increases the credit worthiness of the firm.

Average Payment Period :- This ratio indicates the period which is normally taken bythe firm to make payment to its creditors.

Formula:-

Average Payment Period = Creditors + B/P/ Credit Purchase per day

This ratio may also be calculated as follows :

Average Payment Period = 12 months or 365 days / Creditors Turnover Ratio

Significance :- The lower the ratio, the better it is, because a shorter payment periodimplies that the creditors are being paid rapidly.

Fixed Assets Turnover Ratio :- This ratio reveals how efficiently the fixed assets arebeing utilized.

Formula:-


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Fixed Assets Turnover Ratio = Cost of Goods Sold/ Net Fixed Assets

Here, Net Fixed Assets = Fixed AssetsDepreciation

Significance:- This ratio is particular importance in manufacturing concerns where theinvestment in fixed asset is quit high. Compared with the previous year, if there is

increase in this ratio, it will indicate that there is better utilization of fixed assets. If there

is a fall in this ratio, it will show that fixed assets have not been used as efficiently, as

they had been used in the previous year.

Working Capital Turnover Ratio :- This ratio reveals how efficiently working capitalhas been utilized in making sales.

Formula :-

Working Capital Turnover Ratio = Cost of Goods Sold / Working Capital

Here, Cost of Goods Sold = Opening Stock + Purchases + Carriage + Wages + Other Direct

Expenses - Closing Stock

Working Capital = Current AssetsCurrent Liabilities

Significance :- This ratio is of particular importance in non-manufacturing concernswhere current assets play a major role in generating sales. It shows the number of times

working capital has been rotated in producing sales.


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A high working capital turnover ratio shows efficient use of working capital and quick turnover

of current assets like stock and debtors.

A low working capital turnover ratio indicates under-utilisation of working capital.

Profitability Ratios or Income Ratios

PROFITABILITY RATIO OR INCOME RATIO :

The main object of every business concern is to earn profits. A business must be able toearn adequate profits in relation to the risk and capital invested in it. The efficiency and the

success of a business can be measured with the help of profitability ratio.

Profitability ratios are calculated to provide answers to the following questions:

Is the firm earning adequate profits?

What is the rate of gross profit and net profit on sales?

What is the rate of return on capital employed in the firm?

What is the rate of return on proprietors (shareholders) funds?

What is the earning per share?

Profitability ratio can be determined on the basis of either sales or investment into business.


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(A) Profitability Ratio Based on Sales :

Gross Profit Ratio : This ratio shows the relationship between gross profit and sales.

Formula :

Gross Profit Ratio =

Gross Profit / Net Sales *100

Here, Net Sales = SalesSales Return

Significance:- This ratio measures the margin of profit available on sales. The higher thegross profit ratio, the better it is. No ideal standard is fixed for this ratio, but the gross

profit ratio should be adequate enough not only to cover the operating expenses but also

to provide for deprecation, interest on loans, dividends and creation of reserves.

Net Profit Ratio:- This ratio shows the relationship between net profit and sales. It maybe calculated by two methods:

Formula:

Net Profit Ratio =Net Profit / Net sales *100

Operating Net Profit =


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Operating Net Profit / Net Sales *100

Here, Operating Net Profit = Gross Profit Operating Expenses such as Office and

Administrative Expenses, Selling and Distribution Expenses, Discount, Bad Debts, Interest onshort-term debts etc.

Significance :- This ratio measures the rate of net profit earned on sales. It helps indetermining the overall efficiency of the business operations. An increase in the ratio

over the previous year shows improvement in the overall efficiency and profitability of

the business.

Operating Ratio:- This ratio measures the proportion of an enterprise cost of sales andoperating expenses in comparison to its sales.

Formula:

Operating Ratio = Cost of Goods Sold + Operating Expenses/ Net Sales *100

Where, Cost of Goods Sold = Opening Stock + Purchases + Carriage + Wages + Other Direct

Expenses - Closing Stock

Operating Expenses = Office and Administration Exp. + Selling and Distribution Exp. +

Discount + Bad Debts + Interest on Short- term loans.

Operating Ratio and Operating Net Profit Ratio are inter-related. Total of both these ratios

will be 100.

Significance:- Operating Ratio is a measurement of the efficiency and profitability of thebusiness enterprise. The ratio indicates the extent of sales that is absorbed by the cost of


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goods sold and operating expenses. Lower the operating ratio is better, because it will

leave higher margin of profit on sales.

Expenses Ratio:- These ratio indicate the relationship between expenses and sales.Although the operating ratio reveals the ratio of total operating expenses in relation to

sales but some of the expenses include in operating ratio may be increasing while some

may be decreasing. Hence, specific expenses ratio are computed by dividing each type of

expense with the net sales to analyse the causes of variation in each type of expense.

The ratio may be calculated as :

(a) Material Consumed Ratio = Material Consumed/Net Sales*100

(b) Direct Labour cost Ratio = Direct labour cost / Net sales*100

(c) Factory Expenses Ratio = Factory Expenses / Net Sales *100

(a), (b) and (c) mentioned above will be jointly called cost of goods sold ratio.

It may be calculated as:

Cost of Goods Sold Ratio = Cost of Goods Sold / Net Sales*100

(d) Office and Administrative Expenses Ratio = Office and Administrative Exp./ Net Sales*100

(e) Selling Expenses Ratio = Selling Expenses / Net Sales *100


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(f) Non- Operating Expenses Ratio = Non-Operating Exp./Net sales*100

Significance:- Various expenses ratio when compared with the same ratios of the previousyear give a very important indication whether these expenses in relation to sales are

increasing, decreasing or remain stationary. If the expenses ratio is lower, the profitability

will be greater and if the expenses ratio is higher, the profitability will be lower.

(B) Profitability Ratio Based on Investment in the Business:-

These ratio reflect the true capacity of the resources employed in the enterprise. Sometimes the

profitability ratio based on sales are high whereas profitability ratio based on investment are low.

Since the capital is employed to earn profit, these ratios are the real measure of the success of the

business and managerial efficiency.

These ratio may be calculated into two categories:

I. Return on Capital Employed

II. Return on Shareholders funds

Return on Capital Employed :- This ratio reflects the overall profitability of thebusiness. It is calculated by comparing the profit earned and the capital employed to earn

it. This ratio is usually in percentage and is also known as Rate of Return or Yield on

Capital.


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Formula:Return on Capital Employed = Profit before interest, tax and dividends/

Capital Employed *100

Where, Capital Employed = Equity Share Capital + Preference Share Capital + All Reserves +

P&L Balance +Long-Term Loans- Fictitious Assets (Such as Preliminary Expenses OR etc.)

Non-Operating Assets like Investment made outside the business.

Capital Employed = Fixed Assets + Working Capital

Advantages of Return on Capital Employed:-

Since profit is the overall objective of a business enterprise, this ratio is a barometer ofthe overall performance of the enterprise. It measures how efficiently the capital

employed in the business is being used.

Even the performance of two dissimilar firms may be compared with the help of thisratio.

The ratio can be used to judge the borrowing policy of the enterprise.

This ratio helps in taking decisions regarding capital investment in new projects. Thenew projects will be commenced only if the rate of return on capital employed in such

projects is expected to be more than the rate of borrowing.

This ratio helps in affecting the necessary changes in the financial policies of the firm.


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Lenders like bankers and financial institution will be determine whether the enterprise isviable for giving credit or extending loans or not.

With the help of this ratio, shareholders can also find out whether they will receiveregular and higher dividend or not.

Return on Shareholders Funds :- Return on Capital Employed Shows the overall profitability of the funds supplied by long

term lenders and shareholders taken together. Whereas, Return on shareholders funds

measures only the profitability of the funds invested by shareholders.

These are several measures to calculate the return on shareholders funds:

(a) Return on total Shareholders Funds :-

For calculating this ratio Net Profit after Interest and Tax is divided by total shareholders

funds.

Formula:

Return on Total Shareholders Funds = Net Profit after Interest and Tax / Total

Shareholders Funds

Where, Total Shareholders Funds = Equity Share Capital + Preference Share Capital + AllReserves + P&L A/c BalanceFictitious Assets

Significance:-This ratio reveals how profitably the proprietors funds have been utilizedby the firm. A comparison of this ratio with that of similar firms will throw light on the

relative profitability and strength of the firm.


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(b) Return on Equity Shareholders Funds:-

Equity Shareholders of a company are more interested in knowing the earning capacity of their

funds in the business. As such, this ratio measures the profitability of the funds belonging to theequity shareholders.

Formula:

Return on Equity Shareholders Funds = Net Profit (after int., tax & preference dividend) /

Equity Shareholders Funds *100.

Where, Equity Shareholders Funds = Equity Share Capital + All Reserves + P&L A/c

BalanceFictitious Assets

Significance:- This ratio measures how efficiently the equity shareholders funds are being used

in the business. It is a true measure of the efficiency of the management since it shows what theearning capacity of the equity shareholders funds. If the ratio is high, it is better, because in such

a case equity shareholders may be given a higher dividend.

(c) Earning Per Share (E.P.S.) :- This ratio measure the profit available to the equity

shareholders on a per share basis. All profit left after payment of tax and preference dividend are

available to equity shareholders.

Formula:

Earning Per Share = Net ProfitDividend on Preference Shares / No. of Equity Shares


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Significance:- This ratio helpful in the determining of the market price of the equityshare of the company. The ratio is also helpful in estimating the capacity of the company

to declare dividends on equity shares.

(d) Dividend Per Share (D.P.S.):- Profits remaining after payment of tax and preference

dividend are available to equity shareholders.

But of these are not distributed among them as dividend . Out of these profits is retained in the

business and the remaining is distributed among equity shareholders as dividend. D.P.S. is the

dividend distributed to equity shareholders divided by the number of equity shares.

Formula:

D.P.S. = Dividend paid to Equity Shareholders / No. of Equity Shares *100

(e) Dividend Payout Ratio or D.P. :- It measures the relationship between the earning available to

equity shareholders and the dividend distributed among them.

Formula:

D.P. = Dividend paid to Equity Shareholders/ Total

Net Profit belonging to Equity Shareholders*100

OR

D.P. = D.P.S. / E.P.S. *100


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(f) Earning and Dividend Yield :- This ratio is closely related to E.P.S. and D.P.S. While the

E.P.S. and D.P.S. are calculated on the basis of the book value of shares, this ratio is calculated

on the basis of the market value of share

(g) Price Earning (P.E.) Ratio:- Price earning ratio is the ratio between market price per equity

share & earnings per share. The ratio is calculated to make an estimate of appreciation in the

value of a share of a company & is widely used by investors to decide whether or not to buy

shares in a particular company.

Significance :- This ratio shows how much is to be invested in the market in thiscompanys shares to get each rupee of earning on its shares. This ratio is used to measurewhether the market price of a share is high or low.


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Chapter 7

Problem Solving


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PROBLEM SOLVING

LIQUID RATIO : Current Ratio =

Current Assets / Current Liabilities

Years Current Assets Current Liabilities Current Ratio

2009-2010 2600000 2242500 1.15 : 1

2010-2011 5600000 5100000 1.09 : 1

2011-2012 3050000 1555000 1.96 : 1

INTERPRETATION :The Current Ratio indicates the solvency of the business i.e ability to meet

the liabilities of the business as and when they fall due. This ratio also indicates how much

current assets are there as against rupee of current liabilities.

The Current Ratio of the year 2011-2012 is better than the year 2009-2010,

2010-2011.

0

0.5

1

1.5

2

2.5

2009-2010 2010-2011 2011-2012

Current Ratio

Current Ratio


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Absolute Liquid Ratio =Cash + Short term Invt + Cash at Bank / Current Liabilities

Year Cash+Cash at

Bank+Shor Term

Invt

Current Liabilites Absolute Liquid

Ratio

2009-2010 2300000 2242500 1.02 : 1

2010-2011 5400000 5100000 1.05 : 1

2011-2012 2900000 1555000 1.86 : 1

INTERPRETATION :

As regards the ability to honour day to day commitment, liquid ratio is a better

tool. it is the ratio between liquid assets and liquid liabilities. An Ideal Liquid Ratio is considered

as 1 : 1.

The Absolute Liquid Ratio is good in the year 2011-2012 as compare to the year

2009-2010, 2010-2011.

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2009-2010 2010-2011 2011-2012

Absolute Liquid Ratio

Absolute Liquid Ratio


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Current Assets To Fixed Assets =Current Assets / Fixed Assets

Year Current Assets Fixed Assets Current Assets To

Fixed Asset Ratio

2009-2010 2600000 3200000 0.81 : 1

2010-2011 5600000 1600000 3.5 : 1

2011-2012 3050000 5500000 0.55 : 1

INTERPRETATION :

The current assets to fixed assets ratio measures how many current assets

are bought or utilized through fixed assets. There's no specific agreed ratio on this.it measures

the proportion between the current assets and fixed assets the company acquires.

Current assets are increased due to the increase in the sundrydebtors

and the net fixed assets of the firm are decreased due to the chargeof depreciation and there is no

major increment in the Fixed Assets.

In The Year 2010-2011 The Current Assets To Fixed Assets Ratio is More Than the

Ratio of The Year 2009-2010, 2011-2012.

0

0.5

1

1.5

2

2.5

3

3.5

4

2009-2010 2010-2011 2011-2012

Current Assets To Fixed Assets Ratio

Current Assets To Fixed Assets

Ratio


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PROFITABILITY RATIO :

Gross Profit Ratio =Gross Profit / Sale *100

Years Gross Profit Sales Gross Profit Ratio

2009-2010 930000 4500000 20.66 %

2010-2011 2830000 6500000 43.53 %

2011-2012 295000 2000000 14.75 %

INTERPRETATION :

Gross profit margin measures company's manufacturing and distribution

efficiency during the production process. It is a measurement of how much from each dollar of acompany's revenue is available to cover overhead, other expenses and profits.The ideal level of

gross profit margin depends on the industries, how long the business has been established and

other factors.

The Gross Profit is More in The Year 2010-2011 As Compare to the Year2009-2010, 2011-2012.

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

2009-2010 2010-2011 2011-2012

Gross Profit Ratio

Gross Profit Ratio


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Net Profit Ratio :Net Profit / Sales *100

Years Net Profit Sales Net Profit Ratio

2009-2010 575500 4500000 12.78 %

2010-2011 1338000 6500000 20.58 %

2011-2012 615000 2000000 30.75 %

INTERPRETATION :

Net profit margin measures how much of each dollar earned by the

company is translated into profits. A low profit margin indicates a low margin of safety: higher

risk that a decline in sales will erase profits and result in a net loss.

Net Profit Ratio Is Higher in the Year 2011-2012 As Compare To The

Year 2009-2010, 2010-2011.

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

2009-2010 2010-2011 2011-2012

Net Profit Ratio

Net Profit Ratio


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Return On Total Assets Ratio :Net Profit / Total Assets * 100

Years Net Profit Total Assets Return On Total

Assets Ratio

2009-2010 575500 3800000 15.14 %

2010-2011 1338000 7200000 18.58 %

2011-2012 615000 8550000 7.19 %

INTERPRETATION :

Return on Assets shows how many dollars of earnings result from each

dollar of assets the company controls. Return on Assets ratio gives an idea of how efficient

management is at using its assets to generate profit.

Return on Assets can vary substantially across different industries. This is the

reason why it is recommended to compare it against company's previous values or the return of a

similar company.

Return of Total Assets Ratio is More in The Year 2010-2011 As Compare to

the Year 2009-2010, 2011-2012.

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

20.00%

2009-2010 2010-2011 2011-2012

Return on Total Assets Ratio

Return on Total Assets Ratio


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TURNOVER / EFFICIENCY RATIO : Stock Turnover Ratio =

Cost Of Good Sold / Average of Stock

( Cost Of Good Sold = Sales - Gross Profit )

( Average Of Stock = Opening Stock + Closing Stock / 2 )

Years Cost of Goods Sold Average Stock Stock Turnover Ratio

2009-2010 3570000 62500 57.12 Times

2010-2011 3670000 130000 28.23 Times

2011-2012 1705000 105000 16.23 Times

INTERPRETATION :

Stock turnover ratio measures company's efficiency in collecting its sales

on credit and collection policies. This ratio takes in consideration ONLY the credit sales. If the

cash sales are included, the ratio will be affected and may lose its significance.

Stock Turnover ratio is increased in the year 2009-2010 As Compare To

2010-2011, 2011-2012.

0

10

20

30

40

50

60

2009-2010 2010-2011 2011-2012

Stock Turnover Ratio

Stock Turnover Ratio


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Turnover of Total Assets Ratio :Sales / Total Assets

Years Sales Total Assets Turnover of Total

Assets Ratio

2009-2010 4500000 3800000 1.18 Times

2010-2011 6500000 7200000 1 Times

2011-2012 2000000 8550000 0.23 Times

INTERPRETATION :

The lower the total asset turnover ratio (the lower the # Times), as

compared to historical data for the firm and industry data, the more sluggish the firm's sales. This

may indicate a problem with one or more of the asset categories composing total assets -

inventory, receivables, or fixed assets.

Turnover of Tatal Assets Ratio is Increased in The Year 2009-2010 As

Compare to Year 2010-2011, 2011-2012.

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2009-2010 2010-2011 2011-2012

Turnover Of Total Assets Ratio

Turnover Of Total Assets Ratio


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Sales To Fixed Assets Ratio :Sales / Fixed Assets

Years Sales Fixed Assets Sales To Fixed Assets

Ratio

2009-2010 4500000 3200000 1.40 Times

2010-2011 6500000 1600000 4.06 Times

2011-2012 2000000 5500000 0.36 Times

INTERPRETATION :

If a company can generate more sales with fewer assets it has a higher

turnover ratio which tells it is a good company because it is using its assets efficiently. A lower

turnover ratio tells that the company is not using its assets optimally. Total asset turnover ratio isa key driver of return on equity as discussed in the DuPont analysis.

Sales To Fixed Assets Turnover Ratio is High in the Year 2010-2011 As

Calculated in The Year 2009-2010, 2011-2012

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

2009-2010 2010-2011 2011-2012

Sales To Fixed Assets Ratio

Sales To Fixed Assets Ratio


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Chapter 8

Summary


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SUMMARY

Years 2009-

2010

2010-

2011

2011-

2012

Liquidity Ratio :

CurrentRatio

1.15 : 1 1.09 : 1 1.96 : 1

AbsoluteLiquid Ratio

1.02 : 1 1.05 : 1 1.86 : 1

CurrentAssets To

Fixed Asset

Ratio

0.81 : 1 3.5 : 1 0.55 : 1

Profitability Ratio :

Net ProfitRatio

12.78 % 20.58 % 30.75 %

Gross ProfitRatio

20.66 % 43.53 % 14.75 %

Return onTotal Asset

Ratio

15.14 % 18.58 % 7.19 %

Turnover Ratio :

StockTurnover

Ratio

57.12

Times

28.23

Times

16.23

Times

Turnover ofTotal Assets

Ratio

1.18Times

1 Times 0.23Times

Sales ToFixed Assets

Ratio

1.40Times

4.06Times

0.36Times


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Chapter 9

Conclusion


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C O N C L U S I O N

Finance is the life blood of the business. It is needed at various stages and for undertaking

Various activities of business.

The company based on trading of fully dependent on business. Hence the large scale industry

like GATIYOG ENTERPRISES LTD venture has problem related to the cost of production.

In order to overcome this leading policy can be used. Hence GATIYOG ENTERPRISES LTDventure will have to undergo change in view of fast to achieve a much larger volume of business.


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Chapter 10

Bibliography


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B I B L I O G R A P H Y

The relevant financial data of Gatiyog Enterprises Ltd. for the financial year :-

2009-2010, 2010-2011 and 2011-2012 was acquired by referring to the following Annual

Reports / Websites:-

Gatiyog Enterprises Ltd Annual Report : 2009-2010, 2010-2011 , 2011-2012 www.google.com


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Chapter 11

Annexure


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A N N E X U R E

M/S GATIYOG ENTERPRISES LTD

NATURE OF BUSINESS :- MANIFACTURING GOODS AND TRANSPORT

TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 2009-2010,

2010-2011, 2011-2012

Particular Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amount

( 2011-

2012 )

Particular Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amou

( 2011

2012

To Opening Stock 50000 75000 55000 By Sales 4500000 6500000 200000

To Purchase 3500000 3500000 1500000 By Closing Stock 75000 55000 5000

To Expenses 95000 150000 200000

To Gross Profitc/d

930000 2830000 295000

Total 4575000 6555000 2050000 Total 4575000 6555000 205000


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Particular Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amount

( 2011-

2012 )

Particular Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amou

( 2011

2012

To Salary 80000 80000 75000 To Gross Profit

b/d

930000 2830000 29500

To Electricity 20000 15000 25000 To Receipts 1000000 270000 150000

To RTO &

Insurance

45000 20000 25000 To Discount 35000 200000 500

To Printing &

Stationery

- 4000 10000

To Office Exp 4500 3000 15000

To ProfessionFees

- - 35000

To Petrol &Diesel

1200000 1800000 1000000

To Mob & Tel

Bills

15000 15000 -

To Net Profit 575500 1338000 615000

To Advocate Fees 25000 25000 -

Total 1965000 3300000 1800000 Total 1965000 3300000 180000


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BALANCE SHEET AS ON 2009-2010, 2010-2011, 2011-2012.

Liabilities Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amount

( 2011-

2012 )

Assets Amount

( 2009-

2010 )

Amount

( 2010-

2011 )

Amou

( 2011

2012

Equity Capital - 600000 2500000 Cash 100000 200000 20000

Reserve &

Surplus

557500 1500000 995000 Bank 2000000 5000000 250000

Bills Payable 500000 100000 55000 Plant &

Machinery

1000000 500000 20000

Sun Creditors 1000000 3000000 1500000 Building - 1000000 30000

Short Term Bank

Loan

742500 2000000 - Sun Debtors 250000 130000 10000

Long Term Debt 1000000 - 3500000 Short term Invt 200000 200000 20000

Furniture 200000 100000 -

BillsReceivable

50000 70000 5000

Total 3800000 7200000 8550000 Total 3800000 7200000 855000


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