RATIO ANALYSIS AT MAHINDRA COMPOSITE LIMITED.

EXECUTIVE

SUMMARY

EXECUTIVE SUMMARY

The term ratio refers to the mathematical relationship between any two inter related variable relationship. The term accounting ratio is used to describe significant relationship which exist between figures shown in balance sheet & profit & loss a/c. In a accounting management. ( J.BATTY)Ratio analysis is a process of identifying financial strength & weaknesses of the firm by properly establishing relationship between the items of the in balance sheet & profit & loss a/c (G.FOSTER) Ratio analysis is an important techniques of financial statement analysis it is important for jading the companies efficiency in term of its operating ratio analysis also used in find out location weakness of the company ratio used to analysis the company post financial performance they can also be used to establish future trends of its financial performance it is essential for the company to known how well it is performing over the year as compared to the other firms ratio analysis is useful tool to financial position of the company easily analysis. Ratio analysis is an effectiveness tool used for measuring the operation result of the company it facilities overall company accounting information to be summarized & simplified in a required from the ratio analysis failitedable conducting tread analysis is which is important for decision making of the company .it also help in the assessment of the liquidity operation effectiveness it also provide .a basic for both inter-firm as well as inter firm comparison. Ratio is express by dividing one figure by the other related figure. Thus a ratio is an expression relating one number to another. It is simply the quotient of two numbers. It can be expressed as a fraction or as a decimal or as a pure ratio or in absolute figures as so many times. As accounting ratio is an expression relating two figures or accounts or two sets of account heads or group contain in the financial statements.

OBJECTIVES OF

THE

STUDY

OBJECTIVES OF THE STUDY

To understand liquidity position of the company. To evaluate return on investment of the company. To study the profitability position of the company. To study & analysis the financial position & performances of the company..

METHODOLOGY

OF THE STUDY

RESEARCH METHODOLOGY

The focus of this chapter is on the methodology used for the collection of data for research. Data constitutes the subject matter of the analyst. The primary sources of the collection of data are observations, interviews and the questionnaire technique. The secondary sources are collection of data is from the printed and annually published material.Primary data:-Data that is collected for the specific purpose at hand is called as primary data. Information relating to the project was collected during formal and informal discussions with the account officerSecondary Data:-Secondary data highlights the contextual familiarities for primary data collection. It provides rich insights into the research process. Secondary data is collected through following sources:1. Published Sources: Annual report of Mahindra composite Ltd from the year from 2013-08 to 20142. Profit and loss accounts statements.3. Balance sheet

LIMITATIONS OF

STUDY

LIMITATION OF STUDY OF STUDY

The ratio is calculated from past financial statement & is not indicator of future.

The study is mainly based on only the past records.

The short span of the time provided also one limitation.

The study was limited to only two year financial data.

COMPANY

PROFILE

COMPANY PROFILE :

Mahindra Composites Ltd.Main Activities: Automotive and Transportation Equipment Manufacturing\

COMPANY INFORMATION

Full nameMahindra Composites Ltd.

Legal Address145, Mumbai-Pune Road, Pimpri, ; Pune; Maharashtra; 411018Status: ListedLegal Form: Public Limited CompanyOperational Status: OperationalISIN CODE : INE219G01015Financial Auditors: Deloitte Haskins & Sells (2012)Incorporation Date: August 18, 1982

VISION & MISSION

To become the leading SMC component manufacturer and also be the most advanced compound manufacturer technologically.

To change the product mix from compound to component for a variety of sectors; preferably in niche segments.

To devote energy and attention on innovation & advancement of technology.

HISTORY :

In 1982 Mahindra and Mahindra Group decided to set up Siro Plast Ltd., a company slated to provide quality products in the area of engineered plastic composites. Since then, Mahindra Composites (Formerly Siro Plast) has come a long way. State-of-the-art technology and an in-built capacity for customization have helped position the company as a leader in this niche segment.A tie-up from 1983-1994 with Menzolit GmbH of Germany, the largest manufacturer of composites in Europe, brought in advanced technology addressing manufacturing formulations, manufacturing processes, application engineering and mould design cycles.

Today, Mahindra Composites prides itself on its capabilities in implementing flexible technology solutions to meet customer requirements through: The usage of specific types of reinforcements to service individual demands, such as chopped glass roving, chopped strand mats, continuous roving, woven roving, synthetic fibers and other such materials A judicious choice of matrix materials Customer-specific manufacturing cycles A continued search for new applications for the company's range of products Committed efforts to develop superior components Sustaining these efforts through constant interactions with user industries

COMPANY DESCRIPTION

Mahindra Composites (MAHINCOMP), incorporated on Aug. 18, 1982, is a leading polymer composite player in India. Established in technical collaboration with Menzolit, Germany, it was earlier known as Siro Plast and got its present name with effect from Jan. 17, 2007. The company is part of the Mahindra & Mahindra group, which has business interests in the automotive, farm equipment, financial services, trade, retail & logistics, infrastructure development, information technology, systech, after market.

COMPANY OVERVEIW

In 1982 Mahindra and Mahindra Group decided to set up Siro Plast Ltd., a company slated to provide quality products in the area of engineered plastic composites. Since then, Mahindra Composites (Formerly Siro Plast) has come a long way. State-of-the-art technology and an in-built capacity for customization have helped position the company as a leader in this niche segment.

A tie-up from 1983-1994 with Menzolit GmbH of Germany, the largest manufacturer of composites in Europe, brought in advanced technology addressing manufacturing formulations, manufacturing processes, application engineering and mould design cycles.Today, Mahindra Composites prides itself on its capabilities in implementing flexible technology solutions to meet customer requirements through: T The usage of specific types of reinforcements to service individual demands, such as chopped glass roving, chopped strand mats, continuous roving, woven roving, synthetic fibers and other such materials A judicious choice of matrix materials Customer-specific manufacturing cycles A continued search for new applications for the company's range of products Committed efforts to develop superior components Sustaining these efforts through constant interactions with user industries

Mahindra,composites,brand

Since 1945, weve built our company around the core idea that people will succeed if they are just given the opportunity.Employees across the Group constantly challenge conventional thinking to create solutions that make a significant difference in the lives of our customers. Thats why everything we buildbe it a tractor, financial service, solar-powered lamp, or softwareis designed to empower you to reach your potential. Internally, we follow three basic tenetsaccepting no limits, thinking alternatively, and driving positive change in everything we do. These brand pillars guide all our actions and business decisions from deciding whether or not to enter a new field or planning a portfolio of services.

MAHINDRA COMPOSITES PURPOSE AND VALUES

Our motivation to give our best every day comes from our core purpose:we willchallenge conventional thinking and innovatively use all our resources to drive positive change in the lives of our stakeholders and communities across the world, to enable them to Rise. Our products and services support our customers ambitions to improve their living standards; our responsible business practices positively engage the communities we join through employment, education, and outreach; and our commitment to sustainable business is bringing green technology and awareness into the mainstream through our products, services, and light-footprint manufacturing processes.

This commitment to sustainabilitysocial, economic, and environmentalrests upon a set of core values. They are an amalgamation of what we have been, what we are, and what we want to be. These values are the compass that guides our actions, both personal and corporate. They are:ProfessionalismWe have always sought the best people for the job and given them the freedom and the opportunity to grow. We will continue to do so. We will support innovation and well-reasoned risk taking, but will demand performance. Good corporate citizenshipAs in the past, we will continue to seek long-term success, which is in alignment with the needs of the countries we serve. We will do this without compromising ethical business standards. Customer first We exist and prosper only because of the customer. We will respond to the changing needs and expectations of our customers speedily, courteously and effectively. Quality focusQuality is the key to delivering value for money to our customers. We will make quality a driving value in our work, in our products and in our interactions with others. We will do it 'First Time Right.' Dignity of the individual We will value individual dignity, uphold the right to express disagreement and respect the time and efforts of others. Through our actions, we will nurture fairness, trust, and transparency.MAHINDRA COMPOSITES LEADERSHIP:

We have always believed that ethicsand good governance coupled with vision and grit are fundamental to being a successful business, and our leadership team embodies these beliefs.Youll find many interesting personalities here; people that have helped shape the evolution of our businesses and continue to guide our destiny. Youll come across achievements and awards that we believe are merely a by-product of the work that we do.

THEROTICAL BACKGROUND Introduction:-Meaning of ratio:A ratio is one figure express in terms of another figure. It is a mathematical yardstick that measures the relationship two figures, which are related to each other and mutually interdependent. Ratio is express by dividing one figure by the other related figure. Thus a ratio is an expression relating one number to another. It is simply the quotient of two numbers. It can be expressed as a fraction or as a decimal or as a pure ratio or in absolute figures as so many times. As accounting ratio is an expression relating two figures or accounts or two sets of account heads or group contain in the financial statements. Meaning of Ratio Analysis:Ratio analysis is a widely-used tool of financial analysis. It can be used to compare the risk and return relationship of firms of different sizes. It is defined as the systematic use ratio to interpret the financial statement so that the strengths and weaknesses of a firm as well as historical performance and current financial condition can be determined. The term ratio refers to the numerical or quantitative relationship between two items /variable. This relationship can be expressed as (i) percentages, say, net profits are 25percent of sales (assuming net profits of Rs 25,000 and sales of Rs. 1, 00,000), (ii) fraction (net profit is one fourth of sales) and (iii) proportion of numbers (the relationship between net profits and sales is 1:4).these alternative methods of expressing items which are related to each other are, for purposes of financial analysis, referred to as ratio analysis. It should be noted that computing the ratios does not add any information not already inherent in the above figures of profit and sales. What the ratio does is that they reveal the relationship in a more meaningful way so as to enable equity investors; management and lenders make better investment and credit decisions.The rationale of ratio analysis lies in the fact that it makes related information comparable. A single figure by itself has no meaning but when expressed in terms of a related figure, it yields significant inferences. For instance, the figure of net profits of a firm amount to, say, Rs10lakhs throws no light on its adequacy or otherwise. The figure of net profits has to be considered in relation to other variables. How does it stand in relation to sales? What does it represent by way of return on total assets used or total capital employed? If, therefore, net profits are shown in terms of their relationship with items such as sales, assets, capital employed, equity capital and so on, meaningful conclusions can be drawn regarding their adequacy. To carry the above example further assuming the capital employed to be Rs 50lakh and Rs 100lakh, the net profits are 20 percent and 10 percent respectively. Ratio analysis, thus, as a quantitative tool, enables analysts to draw quantitative answers to questions such as: are the net profits adequate? Are the assets being used efficiently? Is the firm solvent? Can the firm meet its current obligations and so on?Objectives of Ratio Analysis: To identify the financial strengths and weakness of the company.

Through the net profit ratio and other profitability ratio, understand the Profitability position of the company.

Evaluating company s performance relating to Financial Statement Analysis.

To know the liquidity position of the company, with the help of Current Ratio.

To find out the utility of financial ratio in credit analysis and determining The financial capability of the firm.

Forms of Ratio:Since a ratio is a mathematical relationship between to or more variables / accounting figures, such relationship can be expressed in different ways as follows A] As a pure ratio:For example the equity share capital of a company is Rs. 20,00,000 & the preference share capital is Rs. 5,00,000, the ratio of equity share capital to preference share capital is 20,00,000: 5,00,000 or simply 4:1.B] As a rate of times: In the above case the equity share capital may also be described as 4 times that of preference share capital. Similarly, the cash sales of a firm are Rs. 12, 00,000 & credit sales are Rs. 30,00,000. so the ratio of credit sales to cash sales can be described as 2.5 [30,00,000/12,00,000] or simply by saying that the credit sales are 2.5 times that of cash sales.C] As a percentage:In such a case, one item may be expressed as a percentage of some other items. For example, net sales of the firm are Rs.50,00,000 & the amount of the gross profit is Rs. 10,00,000, then the gross profit may be described as 20% of sales [ 10,00,000/50,00,000]Steps in Ratio Analysis:The ratio analysis requires two steps as follows:1] Calculation of ratio.2] Comparing the ratio with some predetermined standards.The standard ratio may be the past ratio of the same firm or industrys average ratio or a projected ratio or the ratio of the most successful firm in the industry. In interpreting the ratio of a particular firm, the analyst cannot reach any fruitful conclusion unless the calculated ratio is compared with some predetermined standard. The importance of a correct standard is oblivious as the conclusion is going to be based on the standard itself.Types of ComparisonThe ratio can be compared in three different ways 1] Cross section analysis: One of the way of comparing the ratio or ratios of the firm is to compare them with the ratio or ratios of some other selected firm in the same industry at the same point of time. So it involves the comparison of two or more firms financial ratio at the same point of time. The cross section analysis helps the analyst to find out as to how a particular firm has performed in relation to its competitors. The firms performance may be compared with the performance of the leader in the industry in order to uncover the major operational inefficiencies. The cross section analysis is easy to be undertaken as most of the data required for this may be available in financial statement of the firm.2] Time series analysis:The analysis is called Time series analysis when the performance of a firm is evaluated over a period of time. By comparing the present performance of a firm with the performance of the same firm over the last few years, an assessment can be made about the trend in progress of the firm, about the direction of progress of the firm. Time series analysis helps to the firm to assess whether the firm is approaching the long-term goals or not. The Time series analysis looks for (1) important trends in financial performance (2) shift in trend over the years (3) significant deviation if any from the other set of data\3] Combined analysis:If the cross section & time analysis, both are combined together to study the behavior & pattern of ratio, then meaningful & comprehensive evaluation of the performance of the firm can definitely be made. A trend of ratio of a firm compared with the trend of the ratio of the standard firm can give good results. For example, the ratio of operating expenses to net sales for firm may be higher than the industry average however, over the years it has been declining for the firm, whereas the industry average has not shown any significant changes.The combined analysis as depicted in the above diagram, which clearly shows that the ratio of the firm is above the industry average, but it is decreasing over the years & is approaching the industry average.Pre-requisites to Ratio AnalysisIn order to use the ratio analysis as device to make purposeful conclusions, there are certain pre-requisites, which must be taken care of. It may be noted that these prerequisites are not conditions for calculations for meaningful conclusions. The accounting figures are inactive in them & can be used for any ratio but meaningful & correct interpretation & conclusion can be arrived at only if the following points are well considered.1. The dates of different financial statements from where data is taken must be same.1. If possible, only audited financial statements should be considered, otherwise there must be sufficient evidence that the data is correct.1. Accounting policies followed by different firms must be same in case of cross section analysis otherwise the results of the ratio analysis would be distorted.1. One ratio may not throw light on any performance of the firm. Therefore, a group of ratios must be preferred. This will be conductive to counter checks.1. Last but not least, the analyst must find out that the two figures being used to calculate a ratio must be related to each other, otherwise there is no purpose of calculating a ratio.

Classification of ratio:-Classification of Ratio

Based on FinancialBased on FunctionBased on User Statement

1] BALANCE SHEET 1] LIQUIDITY RATIO 1] RATIOS FOR RATIO 2] LEVERAGE RATIOSHORT TERM2] REVENUE 3] ACTIVITY RATIOCREDITORS STATEMENT 4] PROFITABILITY 2] RATIO FOR RATIO RATIO SHAREHOLDER

3] COMPOSITE 5] COVERAGE 3] RATIOS FOR

RATIO RATIO MANAGEMENT

4] RATIO FOR LONG TERMCREDITORS

Based On Financial Statement:

Accounting ratios express the relationship between figures taken from financial statements. Figures may be taken from Balance Sheet, P& P A/C, or both. One-way of classification of ratios is based upon the sources from which are taken.1] Balance sheet ratio:If the ratios are based on the figures of balance sheet, they are called Balance Sheet Ratios. E.g. ratio of current assets to current liabilities or ratio of debt to equity. While calculating these ratios, there is no need to refer to the Revenue statement. These ratios study the relationship between the assets & the liabilities, of the concern. These ratio help to judge the liquidity, solvency & capital structure of the concern. Balance sheet ratios are Current ratio, Liquid ratio, and Proprietary ratio, Capital gearing ratio, Debt equity ratio, and Stock working capital ratio.

2] Revenue ratio:Ratio based on the figures from the revenue statement is called revenue statement ratios. These ratios study the relationship between the profitability & the sales of the concern. Revenue ratios are Gross profit ratio, Operating ratio, Expense ratio, Net profit ratio, Net operating profit ratio, Stock turnover ratio.

3] Composite ratio:These ratios indicate the relationship between two items, of which one is found in the balance sheet & other in revenue statement. There are two types of composite ratios-1. Some composite ratios study the relationship between the profits & the investments of the concern. E.g. return on capital employed, return on proprietors fund, return on equity capital etc.1. Other composite ratios e.g. debtors turnover ratios, creditors turnover ratios, dividend payout ratios, & debt service ratios

Based On Function:

Accounting ratios can also be classified according to their functions in to liquidity ratios, leverage ratios, activity ratios, profitability ratios & turnover ratios.

1] Liquidity ratios:It shows the relationship between the current assets & current liabilities of the concern e.g. liquid ratios & current ratios.2] Leverage ratios:It shows the relationship between proprietors funds & debts used in financing the assets of the concern e.g. capital gearing ratios, debt equity ratios, & Proprietory ratios.3] Activity ratios:It shows relationship between the sales & the assets. It is also known as Turnover ratios & productivity ratios e.g. stock turnover ratios, debtors turnover ratios. 4] Profitability ratios:1. It shows the relationship between profits & sales e.g. operating ratios, gross profit ratios, operating net profit ratios, expenses ratios1. It shows the relationship between profit & investment e.g. return on investment, return on equity capital.5] Coverage ratios:It shows the relationship between the profit on the one hand & the claims of the outsiders to be paid out of such profit e.g. dividend payout ratios & debt service ratios.

BASED ON USER:1] Ratios for short-term creditors:Current ratios, liquid ratios, stock working capital ratios2] Ratios for the shareholders:Return on proprietors fund, return on equity capital3] Ratios for management:Return on capital employed, turnover ratios, operating ratios, expenses ratios4] Ratios for long-term creditors:Debt equity ratios, return on capital employed, proprietor ratios.

Liquidity Ratio: -Liquidity refers to the ability of a firm to meet its short-term (usually up to 1 year) obligations. The ratios, which indicate the liquidity of a company, are Current ratio, Quick/Acid-Test ratio, and Cash ratio. These ratios are discussed belowCurrent Ratio:Meaning:This ratio compares the current assests with the current liabilities. It is also known as working capital ratio or solvency ratio. It is expressed in the form of pure ratio. E.g. 2:1Formula:Current assets Current ratio =Current liabilitiesThe current assets of a firm represents those assets which can be, in the ordinary course of business, converted into cash within a short period time, normally not exceeding one year. The current liabilities defined as liabilities which are short term maturing obligations to be met, as originally contemplated, within a year. Current ratio (CR) is the ratio of total current assets (CA) to total current liabilities (CL). Current assets include cash and bank balances; inventory of raw materials, semi-finished and finished goods; marketable securities; debtors (net of provision for bad and doubtful debts); bills receivable; and prepaid expenses. Current liabilities consist of trade creditors, bills payable, bank credit, and provision for taxation, dividends payable and outstanding expenses. This ratio measures the liquidity of the current assets and the ability of a company to meet its short-term debt obligation.CR measures the ability of the company to meet its CL, i.e., CA gets converted into cash in the operating cycle of the firm and provides the funds needed to pay for CL. Higher the current ratio, greater the short-term solvency. This compares assets, which will become liquid within approximately twelve months with liabilities, which will be due for payment in the same period and is intended to indicate whether there are sufficient short-term assets to meet the short- term liabilities. Recommended current ratio is 2: 1. Any ratio below indicates that the entity may face liquidity problem but also Ratio over 2: 1 as above indicates over trading, that is the entity is under utilizing its current assets.Quick Ratio:Meaning:Quick ratio is also known as acid test ratio or liquid ratio. Quick ratio compare the quick assets with the quick liabilities. It is expressed in the form of pure ratio. E.g. 1:1.The term quick assets refer to current assets, which can be converted into, cash immediately or at a short notice without diminution of value.Formula:Quick ratio = Current assets inventory Current liabilities

Quick Ratio (QR) is the ratio between quick current assets (QA) and CL. QA refers to those current assets that can be converted into cash immediately without any value strength. QA includes cash and bank balances, short-term marketable securities, and sundry debtors. Inventory and prepaid expenses are excluded since these cannot be turned into cash as and when required.QR indicates the extent to which a company can pay its current liabilities without relying on the sale of inventory. This is a fairly stringent measure of liquidity because it is based on those current assets, which are highly liquid. Inventories are excluded from the numerator of this ratio because they are deemed the least liquid component of current assets. Generally, a quick ratio of 1:1 is considered good. One drawback of the quick ratio is that it ignores the timing of receipts and payments. Earnings Per Share:-Meaning:Earnings per Share are calculated to find out overall profitability of the organization. Earnings per Share represent earning of the company whether or not dividends are declared. If there is only one class of shares, the earning per share are determined by dividing net profit by the number of equity shares. EPS measures the profits available to the equity shareholders on each share held. Formula:- NPATEarnings per share =Number of equity share

The higher EPS will attract more investors to acquire shares in the company as it indicates that the business is more profitable enough to pay the dividends in time. But remember not all profit earned is going to be distributed as dividends the company also retains some profits for the business

Dividend per Share:-Meaning:DPS shows how much is paid as dividend to the shareholders on each share held. Formula: Dividend Paid to Ordinary ShareholdersDividend per Share = Number of Ordinary Shares

Dividend Payout Ratio:-Meaning:Dividend Pay-out Ratio shows the relationship between the dividend paid to equity shareholders out of the profit available to the equity shareholders.Formula:Dividend payout ratio = Dividend per share X 100 Earning per shareD/P ratio shows the percentage share of net profits after taxes and after preference dividend has been paid to the preference equity holders.

GearingCapital Gearing Ratio:-Meaning:Gearing means the process of increasing the equity shareholders return through the use of debt. Equity shareholders earn more when the rate of the return on total capital is more than the rate of interest on debts. This is also known as leverage or trading on equity. The Capital-gearing ratio shows the relationship between two types of capital viz: - equity capital & preference capital & long term borrowings. It is expressed as a pure ratio.Formula: Preference capital+ secured loanCapital gearing ratio = Equity capital & reserve & surplusCapital gearing ratio indicates the proportion of debt & equity in the financing of assets of a concern.Profitability:These ratios help measure the profitability of a firm. A firm, which generates a substantial amount of profits per rupee of sales, can comfortably meet its operating expenses and provide more returns to its shareholders. The relationship between profit and sales is measured by profitability ratios. There are two types of profitability ratios: Gross Profit Margin and Net Profit Margin.Gross Profit Ratio:-Meaning:This ratio measures the relationship between gross profit and sales. It is defined as the excess of the net sales over cost of goods sold or excess of revenue over cost. This ratio shows the profit that remains after the manufacturing costs have been met. It measures the efficiency of production as well as pricing. This ratio helps to judge how efficient the concern is I managing its production, purchase, selling & inventory, how good its control is over the direct cost, how productive the concern , how much amount is left to meet other expenses & earn net profit.Formula: Gross profitGross profit ratio = x 100 Net sale

Profit Ratio:-Meaning: Net Profit ratio indicates the relationship between the net profit & the sales it is usually expressed in the form of a percentage.Formula: NPAT Net profit ratio = x 100 Net salesThis ratio shows the net earnings (to be distributed to both equity and preference shareholders) as a percentage of net sales. It measures the overall efficiency of production, administration, selling, financing, pricing and tax management. Jointly considered, the gross and net profit margin ratios provide an understanding of the cost and profit structure of a firm.Return On Capital Employed:-Meaning:The profitability of the firm can also be analyzed from the point of view of the total funds employed in the firm. The term fund employed or the capital employed refers to the total long-term source of funds. It means that the capital employed comprises of shareholder funds plus long-term debts. Alternatively it can also be defined as fixed assets plus net working capital.Capital employed refers to the long-term funds invested by the creditors and the owners of a firm. It is the sum of long-term liabilities and owner's equity. ROCE indicates the efficiency with which the long-term funds of a firm are utilized. Formula: NPATReturn on capital employed = x100 Capital employedFinancial:These ratios determine how quickly certain current assets can be converted into cash. They are also called efficiency ratios or asset utilization ratios as they measure the efficiency of a firm in managing assets. These ratios are based on the relationship between the level of activity represented by sales or cost of goods sold and levels of investment in various assets. The important turnover ratios are debtors turnover ratio, average collection period, inventory/stock turnover ratio, fixed assets turnover ratio, and total assets turnover ratio. These are described below:Debtors turnover ratio: (DTO) Meaning:DTO is calculated by dividing the net credit sales by average debtors outstanding during the year. It measures the liquidity of a firm's debts. Net credit sales are the gross credit sales minus returns, if any, from customers. Average debtors are the average of debtors at the beginning and at the end of the year. This ratio shows how rapidly debts are collected. The higher the DTO, the better it is for the organization. Formula: sale Debtors turnover ratio = Avg. debtors Stock Turnover RatioMeaning:ITR refers to the number of times the inventory is sold and replaced during the accounting period. Formula: COGS Stock Turnover Ratio = Average stock

ITR reflects the efficiency of inventory management. The higher the ratio, the more efficient is the management of inventories, and vice versa. However, a high inventory turnover may also result from a low level of inventory, which may lead to frequent stock outs and loss of sales and customer goodwill. For calculating ITR, the average of inventories at the beginning and the end of the year is taken. In general, averages may be used when a flow figure (in this case, cost of goods sold) is related to a stock figure (inventories).

Fixed Assets Turnover (Fat)The FAT ratio measures the net sales per rupee of investment in fixed assets. Formula: Net salesFixed assets turnover = Net fixed assetsThis ratio measures the efficiency with which fixed assets are employed. A high ratio indicates a high degree of efficiency in asset utilization while a low ratio reflects an inefficient use of assets. However, this ratio should be used with caution because when the fixed assets of a firm are old and substantially depreciated, the fixed assets turnover ratio tends to be high (because the denominator of the ratio is very low). Proprietors Ratio:Meaning:Proprietary ratio is a test of financial & credit strength of the business. It relates shareholders fund to total assets. This ratio determines the long term or ultimate solvency of the company.In other words, Proprietary ratio determines as to what extent the owners interest & expectations are fulfilled from the total investment made in the business operation.Proprietary ratio compares the proprietor fund with total liabilities. It is usually expressed in the form of percentage. Total assets also know it as net worth.

Formula: Proprietary fundProprietary ratio = OR Total fund

STOCK WORKING CAPITAL RATIO:Meaning:This ratio shows the relationship between the closing stock & the working capital. It helps to judge the quantum of inventories in relation to the working capital of the business. The purpose of this ratio is to show the extent to which working capital is blocked in inventories. The ratio highlights the predominance of stocks in the current financial position of the company. It is expressed as a percentage.Formula: Closing StockStock working capital ratio = Working Capital

Stock working capital ratio is a liquidity ratio. It indicates the composition & quality of the working capital. This ratio also helps to study the solvency of a concern. It is a qualitative test of solvency. It shows the extent of funds blocked in stock. If investment in stock is higher it means that the amount of liquid assets is lower.

Debt Equity Ratio:Meaning:This ratio compares the long-term debts with shareholders fund. The relationship between borrowed funds & owners capital is a popular measure of the long term financial solvency of a firm. This relationship is shown by debt equity ratio. Alternatively, this ratio indicates the relative proportion of debt & equity in financing the assets of the firm. It is usually expressed as a pure ratio. E.g. 2:1Formula: Total long-term debt Debt equity ratio = Total shareholders fund

Debt equity ratio is also called as leverage ratio. Leverage means the process of the increasing the equity shareholders return through the use of debt. Leverage is also known as gearing or trading on equity. Debt equity ratio shows the margin of safety for long-term creditors & the balance between debt & equity.

Return on Proprietor Fund:Meaning:Return on proprietors fund is also known as return on proprietors equity or return on shareholders investment or investment ratio. This ratio indicates the relationship between net profits earned & total proprietors funds. Return on proprietors fund is a profitability ratio, which the relationship between profit & investment by the proprietors in the concern. Its purpose is to measure the rate of return on the total fund made available by the owners. This ratio helps to judge how efficient the concern is in managing the owners fund at disposal. This ratio is of practical importance to prospective investors & shareholders.

Formula: NPATReturn on proprietors fund =x 100 Proprietors fund

Creditors Turnover Ratio:It is same as debtors turnover ratio. It shows the speed at which payments are made to the supplier for purchase made from them. It is a relation between net credit purchase and average creditors Net credit purchase Credit turnover ratio = Average creditors

365 days Average age of accounts payable = Credit turnover ratio

Both the ratios indicate promptness in payment of creditor purchases. Higher creditors turnover ratio or a lower credit period enjoyed signifies that the creditors are being paid promptly. It enhances credit worthiness of the company. A very low ratio indicates that the company is not taking full benefit of the credit period allowed by the creditors.

Importance of Ratio Analysis:As a tool of financial management, ratios are of crucial significance. The importance of ratio analysis lies in the fact that it presents facts on a comparative basis & enables the drawing of interference regarding the performance of a firm. Ratio analysis is relevant in assessing the performance of a firm in respect of the following aspects:1] Liquidity Position: -With the help of Ratio analysis conclusion can be drawn regarding the liquidity position of a firm. The liquidity position of a firm would be satisfactory if it is able to meet its current obligation when they become due. A firm can be said to have the ability to meet its short-term liabilities if it has sufficient liquid funds to pay the interest on its short maturing debt usually within a year as well as to repay the principal. This ability is reflected in the liquidity ratio of a firm. The liquidity ratios are particularly useful in credit analysis by bank & other suppliers of short term loans.2] Long Term Solvency: -Ratio analysis is equally useful for assessing the long-term financial viability of a firm. This respect of the financial position of a borrower is of concern to the long-term creditors, security analyst & the present & potential owners of a business. The long-term solvency is measured by the leverage/ capital structure & profitability ratio Ratio analysis s that focus on earning power & operating efficiency.Ratio analysis reveals the strength & weaknesses of a firm in this respect. The leverage ratios, for instance, will indicate whether a firm has a reasonable proportion of various sources of finance or if it is heavily loaded with debt in which case its solvency is exposed to serious strain. Similarly the various profitability ratios would reveal whether or not the firm is able to offer adequate return to its owners consistent with the risk involved.3] Operating Efficiency:Yet another dimension of the useful of the ratio analysis, relevant from the viewpoint of management, is that it throws light on the degree of efficiency in management & utilization of its assets. The various activity ratios measures this kind of operational efficiency. In fact, the solvency of a firm is, in the ultimate analysis, dependent upon the sales revenues generated by the use of its assets- total as well as its components.4] Overall Profitability:Unlike the outsides parties, which are interested in one aspect of the financial position of a firm, the management is constantly concerned about overall profitability of the enterprise. That is, they are concerned about the ability of the firm to meets its short term as well as long term obligations to its creditors, to ensure a reasonable return to its owners & secure optimum utilization of the assets of the firm. This is possible if an integrated view is taken & all the ratios are considered together.5] Inter Firm Comparison:Ratio analysis not only throws light on the financial position of firm but also serves as a stepping-stone to remedial measures. This is made possible due to inter firm comparison & comparison with the industry averages. A single figure of a particular ratio is meaningless unless it is related to some standard or norm. One of the popular techniques is to compare the ratios of a firm with the industry average. It should be reasonably expected that the performance of a firm should be in broad conformity with that of the industry to which it belongs. An inter firm comparison would demonstrate the firms position vice-versa its competitors. If the results are at variance either with the industry average or with the those of the competitors, the firm can seek to identify the probable reasons & in light, take remedial measures.6] Trend Analysis:Finally, ratio analysis enables a firm to take the time dimension into account. In other words, whether the financial position of a firm is improving or deteriorating over the years. This is made possible by the use of trend analysis. The significance of the trend analysis of ratio lies in the fact that the analysts can know the direction of movement, that is, whether the movement is favorable or unfavorable. For example, the ratio may be low as compared to the norm but the trend may be upward. On the other hand, though the present level may be satisfactory but the trend may be a declining one.Advantages of ratio analysis:Financial ratios are essentially concerned with the identification of significant accounting data relationships, which give the decision-maker insights into the financial performance of a company. The advantages of ratio analysis can be summarized as follows: Ratios facilitate conducting trend analysis, which is important for decision making and forecasting. Ratio analysis helps in the assessment of the liquidity, operating efficiency, profitability and solvency of a firm. Ratio analysis provides a basis for both intra-firm as well as inter-firm comparisons. The comparison of actual ratios with base year ratios or standard ratios helps the management analyze the financial performance of the firm.

Limitations of Ratio AnalysisRatio analysis has its limitations. These limitations are described below:1] Information problems Ratios require quantitative information for analysis but it is not decisive about analytical output. The figures in a set of accounts are likely to be at least several months out of date, and so might not give a proper indication of the companys current financial position. Where historical cost convention is used, asset valuations in the balance sheet could be misleading. Ratios based on this information will not be very useful for decision-making.

2] Comparison of performance over time When comparing performance over time, there is need to consider the changes in price. The movement in performance should be in line with the changes in price. When comparing performance over time, there is need to consider the changes in technology. The movement in performance should be in line with the changes in technology. Changes in accounting policy may affect the comparison of results between different accounting years as misleading.

3] Inter-firm comparison Companies may have different capital structures and to make comparison of performance when one is all equity financed and another is a geared company it may not be a good analysis. Selective application of government incentives to various companies may also distort intercompany comparison. comparing the performance of two enterprises may be misleading. Inter-firm comparison may not be useful unless the firms compared are of the same size and age, and employ similar production methods and accounting practices. Even within a company, comparisons can be distorted by changes in the price level. Ratios provide only quantitative information, not qualitative information. Ratios are calculated on the basis of past financial statements. They do not indicate future trends and they do not consider economic conditions.Role of Ratio Analysis: It is true that the technique of ratio analysis is not a creative technique in the sense that it uses the same figure & information, which is already appearing in the financial statement. At the same time, it is true that what can be achieved by the technique of ratio analysis cannot be achieved by the mere preparation of financial statement.Ratio analysis helps to appraise the firm in terms of their profitability & efficiency of performance, either individually or in relation to those of other firms in the same industry. The process of this appraisal is not complete until the ratio so computed can be compared with something, as the ratio all by them do not mean anything. This comparison may be in the form of intra firm comparison, inter firm comparison or comparison with standard ratios. Thus proper comparison of ratios may reveal where a firm is placed as compared with earlier period or in comparison with the other firms in the same industry.Ratio analysis is one of the best possible techniques available to the management to impart the basic functions like planning & control. As the future is closely related to the immediate past, ratio calculated on the basis of historical financial statements may be of good assistance to predict the future. Ratio analysis also helps to locate & point out the various areas, which need the management attention in order to improve the situation.As the ratio analysis is concerned with all the aspect of a firms financial analysis i.e. liquidity, solvency, activity, profitability & overall performance, it enables the interested persons to know the financial & operational characteristics of an organisation & take the suitable decision.Users of Ratio AnalysisFinancial statements are used and analyzed by a different group of parties, these groups consists of people both inside and outside a business. Generally, these users are:A. Internal Users: are owners, managers, employees and other parties who are directly connected with a company:1. Owners and managers require financial statements to make important business decisions that affect its continued operations. Financial analysis is then performed on these statements to provide management with more detailed information. These statements are also used as part of management's report to its stockholders, and it form part of the Annual Report of the company. 2. Employees also need these reports in making collective bargaining agreements with the management, in the case of labor unions or for individuals in discussing their compensation, promotion and rankings.

B. External Users: are potential investors, banks, government agencies and other parties who are outside the business but need financial information about the business for numbers of reasons.1. Prospective investors make use of financial statements to assess the viability of investing in a business. Financial analyses are often used by investors and is prepared by professionals (financial analysts), thus providing them with the basis in making investment decisions. 2. Financial institutions (banks and other lending companies) use them to decide whether to give a company with fresh loans or extend debt securities (such as a long-term bank loan ). 3. Government entities (tax authorities) need financial statements to ascertain the propriety and accuracy of taxes and duties paid by a company. 4. Media and the general public are also interested in financial statements of some companies for a variety of reasons. Which Ratio for whom:As before mentioned there are varieties of people interested to know and read these information and analyses, however different people for different needs. And it is because each of these groups has different type of questions that could be answered by a specific number and ratio. Therefore we can say there are different ratios for different groups, these groups with the ratio that suits them is listed below: 1. Investors: These are people who already have shares in the business or they are willing to be part of it. So they need to determine whether they should buy shares in the business, hold on to the shares they already have or sell the shares they already own. They also want to assess the ability of the business to pay dividends. As a result the Return on Capital Employed Ratio is the one for this group.2. Lenders: This group consists of people who have given loans to the company so they want to be sure that their loans and also the interests will be paid and on the due time. Gearing Ratios will suit this group. 3. Managers: Managers might need segmental and total information to see how they fit into the overall picture of the company which they are ruling. And Profitability Ratios can show them what they need to know.4. Employees: The employees are always concerned about the ability of the business to provide remuneration, retirement benefits and employment opportunities for them, therefore these information must be find out from the stability and profitability of their employers who are responsible to provide the employees their need. Return on Capital Employed Ratio is the measurement that can help them.5. Suppliers and other trade creditors: Businesses supplying goods and materials to other businesses will definitely read their accounts to see that they don't have problems, after all, any supplier wants to know if his customers are going to pay them back and they will study the Liquidity Ratio of the companies.6. Customers: Customers are interested to know the Profitability Ratio of the business with which they are going to have a long term involvement and are dependent on the continuance of presence of that.7. Governments and their agencies: They are concerned with the allocation of resources and, the activities of businesses. To regulate the activities of them, determine taxation policies and as the basis for national income and similar statistics, they calculate the Profitability Ratio of businesses.8. Local community: Financial statements may assist the public by providing information about the trends and recent developments in the prosperity of the business and the range of its activities as they affect their area so they are interested in lots of ratios.9. Financial analysts: They need to know various matters, for example, the accounting concepts employed for inventories, depreciation, bad debts and so on .therefore they are interested in possibly all the ratios.10. Researchers: Researchers' demands cover a very wide range of lines of enquiry ranging from detailed statistical analysis of the income statement and balance sheet data extending over many years to the qualitative analysis of the wording of the statements depending on their nature of research.

DATA ANALYSISANDINTERPRETATION

Calculation and Interpretation of RatiosNet profit ratio: - Net profit X 100 Net salesYear2013-142012-13

Net profit0.630.21

Net sales66.04 50.34

Net profit ratio0.95%0.41%

NET PROFIT RATIO INTERPRETATION: From the above table show that in 2014 the firm net profit improved from 0.41 to 0.95 which is indicate the firm efficiently managed manufacturing& trading operation as compared to previous year.

Current Ratio:-Current ratio: - Current assets Current liabilitiesYear2013-142012-13

Current assets27.9120.85

Current liabilities19.4412.31

Current ratio1.421.69

CURRENT RATIO INTERPRETATION: From the above table show that the standard norms for current ratio is 2:1. During the year2013 the ratio is 1.69 and it has decrease to 1.42 during the year 2014 the ratio is below the acceptable standard .so the ratio was not satisfactory

Quick Ratio:-Quick ratio: - Quick assets Quick liabilities

Year2013-142012-13

Quick assets22.2915.11

Quick liabilities17.989.93

Quick ratio1.241.52

QUICK RATIO INTERPRETATION:

From the above table show that the standard norms for current ratio is 1:1.quick ratio is decrease in the year 2014 to 1.52 to 1.24 however the ratio was above the standard norms so the ratio was satisfactory.

Stock Turnover Ratio:-Stock turnover ratio: - Cost of goods sold Average inventoryYear2013-142012-13

Cost of goods sold66.0450.34

Average stock5.625.74

Stock turnover ratio11.75Times8.77Times

INVENTORY TURNOVER RATIO INTERPRETATION:From the above table show that the Inventory turnover ratio is 8.77times in the year 2013 it is increased to 11.75 in the year 2014 , inventory turnover ratio increased for year by year that is company sale increased.

Debt Equity Ratio:-Debt equity ratio: - Long-term debt Shareholders equity

Year2013-142013-14

Long-term debt6.987.25

Shareholders equity15.4314.63

Debt equity ratio0.450.50

DEBT EQUITY RATIO INTERPRETATION: From the above table show that the bebt equity ratio for the year 2014 is 0.45 which is less as compared to debt equity ratio of the year 2013 is 0.50 its due to decrease in long term debt Proprietary Fund Ratio:-Proprietary fund ratio: - Proprietors Fund X 100 Total assets

Year2013-142012-13

Proprietors fund15.4314.63

Total asset31.9623.92

Proprietary fund ratio48%61%

PROPERITER FUND RATIO INTERPRETATION: The proprietary fund position is not satisfactory as required because standard proprietary fund ratio is within 65% to 75% but from last 2years the ratio is below 65% because the value of total fixed assets has increased very fast due to expansion and new projects.

Debtors Turnover Ratio:-Debtor turnover ratio: - Credit sales Avg. DebtorsYear2013-142012-13

Credit sales66.0450.34

Avg. debtor17.7514.73

Debtor turnover ratio3.72times3.48 times

DEBTORS TURNOVER RATIO INTERPRETATION: From the above table show that the debtors turnover ratio A debtor turnover ratio is increased year by year in 2013 is 3.48 times was increased in 3.72 times it indicate company t

Collection period: - No. of days in a year Debtors turnoverYear2013-142012-13

No. of days365days365days

Debtors turnover3.723.48

Debtor collection ratio98days104days

DEBTORS COLLECTION PERIOD INTERPRETATION: From the above table show that the debtors collection period is decrease year by year debtors collection period for the year 2013 is 104days was it is decrease in 2014 is 98 days

Return on investment: - NPBT X 100 Capital employedYear2012-142012-13

NPBT3.761.89

Capital employed15.4314.63

Return on investment24.37%12.92%

RETURN ON INVESTMENT RATIO INTERPRETATION: From the above table show that a return on investment 12.92& in 2013 was increased in 2014 is 24.37% it indicate earning capacity of the company is more as compare to previous year.

Return on Proprietor fund : - Net profit X 100 Capital employedYear2012-142012-13

NET PROFIT0.950.21

Capital employed15.4314.63

Return on proprietor fund6.16%1.44%

RETURN ON INVESTMENT RATIO INTERPRETATION:From the above table show that the return on proprietor fund is 1.44% in 2013 it is increased in 2014 is 6.16% it is indicate by the increased in the return on proprietor equity.

FINDINGS

The quick ratio indicates the liquid financial position of an company standard quick ratio 1:1 company quick ratio is more than acceptable standard is 1.24 which is indicate the company liquidity position is good so company easily meet its immediate obligation. The current ratio in 2013 is 1.96 these hardly decline 1.43sboth year current ratio is below the acceptable standard 2:1 hence company not have enough current assets to meet its short term obligation. The net profit ratio of the company is improved from 0.41% to 0.95% which is indicate the firm efficiently managed manufacturing & trading operation as compared to previous year. Debt equity ratio for the year 2014 is 0.45 which is less as compared to Debt equity ratio of year 2013 its due to decrease in long term debt The inventory ratio of the company ratio is 8.77 in 2013 was increase 11.75 in 2014 it indicate company archived higher sale. A debtor turnover ratio is increased year by year in 2013 is 3.48 times was increased in 3.72 times it indicate company take proper control on collection & satisfactory credit policy as compare to previous year. A company provide return on proprietor fund in2013 is a 1.44% was increased in 2014 is 6.16% company not provide much more return to their proprietor. A return on investment 12.92& in 2013 was increased in 2014 is 24.37% it indicate earning capacity of the company is more as compare to previous year. A company proprietor fund position is 48% in 2013 was increased in 2014 is 61% both year ratio is below the acceptable standard 65% to 75%. Debtors collection period is decreasing year by year it show that recovery from thre debtors is rapidly compare to previous year.

INTERPRETATION

According to MR. R. SUNEEL. Study made in amara raja limited the quick ratio in 2009 is 1.96 was increased in 2010 is 1.99 company maintain high value of quick ratio as standard ratio 1:1. Quick ratio meets all its quick liabilities without any difficulty. But According to present study is made in Mahindra composite limited the quick ratio indicates the liquid financial position of an company standard quick ratio 1:1 company quick ratio is more than acceptable standard is 1.24 which is indicate the company liquidity position is good so company easily meet its immediate obligation.

According to MR. R. SUNEEL. Study made in amara raja limited the current ratio in 2009 is 2.67 was increased in 2010 is 2.96 company maintain current ratio more than acceptable standard 2:1 which is indicate the company ability to meet its current obligation is more. It shows that company is strong in working fund. According to present study is made in Mahindra composite limited The current ratio in 2013 is 1.96 these hardly decline 1.43 both year current ratio is below the acceptable standard 2:1 hence company not have enough current assets to meet its short term obligation.

According to MR. R. SUNEEL. Study made in amara raja limited the net profit ratio in 2009 is 6.3 was increased in 2010 is 6.99 hence the company maintain good control over the operating expenses. . According to present study is made in Mahindra composite limited the net profit ratio of the company is improved from 0.41% to 0.95% which is indicate the firm efficiently managed manufacturing & trading operation as compared to previous year.

According to MR. R. SUNEEL. Study made in amara raja limited the debt equity ratio in 2009 is 0.58 was increased in 2010 is 0.95. It indicates company depend the debt fund increasing. According to present study is made in Mahindra composite limited The Debt equity ratio for the year 2014 is 0.45 which is less as compared to Debt equity ratio of year 2013 its due to decrease in long term debt.

According to MR. R. SUNEEL. Study made in amara raja limited the inventory turnover ratio in 2009 is 7.13 was increased in 2010 is 6.63 it indicate company production is also increased subsequently sale also increased. According to present study is made in Mahindra composite limited The inventory ratio of the company ratio is 8.77 in 2013 was increase 11.75 in 2014 it indicate company archived higher sale.

According to MR. R. SUNEEL. Study made in amara raja limited the debtors turnover ratio in 2009 is 6.43 times was increased in 2010 is 7.25 it indicate company maintain good collection polices as compared to previous year. A debtor turnover ratio is increased year by year in 2013 is 3.48 times was increased in 3.72 times it indicate company take proper control on collection & satisfactory credit policy as compare to previous year. According to MR. R. SUNEEL. Study made in amara raja limited the return on proprietor fund of the amara raja batteries litd. Is at satisfactory level it increased year by year in 2009 is 19.3& in 2010is 28.33. As per present study A company provide return on proprietor fund in2013 is a 1.44% was increased in 2014 is 6.16% company not provide much more return to their proprietor.

According to MR. R. SUNEEL. Study made in amara raja limited the return on investment is very low in 2009 but in the 2010 is reached to 0.24 due to less earning. but as per present study A return on investment 12.92& in 2013 was increased in 2014 is 24.37% it indicate earning capacity of the company is more as compare to previous year.

According to MR. R. SUNEEL. Study made in amara raja limited the proprietor fund in 2009 is 60% was increased in 2010is 76% proprietors fund position is satisfactory but . as per present study A company proprietor fund position is 48% in 2013 was increased in 2014 is 61% both year ratio is below the acceptable standard 65% to 75%.

SUGGESTION As per the R. SUNEEL study made in the Amara raja batteries limited. he suggest the company has to increase the profit maximization & has to decreases operating expenses similarly according to present study made at Mahindra composite limited. The net profit of the company is increased in during the study period it is not favorable so company need to take alternative action to maximize profit such as control on all resources.

As per the R. SUNEEL study made in the Amara raja batteries limited. Similarly according to present study made at Mahindra composite limited. Company face low current ratio so company should keep more current asset such as cash , cash at bank to meet its short term obligation.

According to the R. SUNEEL study the company most reduce its debtors collection period but as per present study company need to adopting proper credit policy by providing discount to the debtors for fatly collection.

According to the R. SUNEEL study the company return on investment of the company is but as per present study company has to take proper control on the operating expenses to the provide higher return on investment.

As per the present study company need to increase their own fund to maintain long term solvency.

CONCLUSION Here I finally conclude that the profitability position of the company is not very impressive the net profit ratio does not show good indication regarding profitability of the company the main reasons behind earning low profit is higher cost of operation expenses. Company able to pay quick demand of payment of supplier but in case of short terms obligation company not have enough source to meet short terms obligation .also proprietors fund is show average increase which means the shareholder have contribution more fund to the asset.

Mahindra composite balance sheet

Rs in cror.

Particular14-Mar13-Mar

sources of fund

Total share capital 4.424.41

Reserve 11.0110.22

Revaluation reserves00

Net worth 15.4314.63

secured loans 4.482.25

unsecured loans 2.55

Total debt6.987.25

Total liabilities 22.4121.88

Noncurrent assets

Application of fund

Gross block 23.0921.91

Less:Accum depreciation 14.1212.42

Net block 8.979.49

capital work in progress 0.920.79

investment 00

total noncurrent assets 9.8910.28

Current assets

inventories 5.625.74

sundary debtors 17.7514.73

cash & bank balance 2.540.38

Loans & advances6.053.07

Total current assets & loans & advance 31.9623.92

Current liabilities 10.875.26

Creditors 7.114.67

provision 1.462.38

total current liabilities 19.4412.31

working capital 12.5211.61

Net assets 22.4121.89

Mahindra composite profit loss a/c Rs in cror.

ParticularMar-14Mar-14

Income

Sales turnover66.0450.34

excise duty00

Net sale66.0450.34

Other income 1.330.06

strock adjusted 0.510.9

Total income66.8651.3

Expenditure

Raw material 47.4836.53

Powered & fuel cost 1.221.14

Employment cost 5.54.97

Other manufacturing expenses 00

Miscellaneous expenses 8.96.77

Total expenditure 63.149.41

PBDIT 3.761.89

Interest 1.081.12

PBDT2.730.77

Deprecation 2.030.53

Profit before tax 0.70.24

Tax0.070.03

Net profit 0.630.21

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45D.G.TATKARE MAHAVIDYALAY MANGAON-RAIGAD