finance(mba) 95

8/12/2019 Finance(MBA) 95

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A STUDY AN Analysis of Karnataka Silk Marketing Board

in Karnataka Silk

LIST OF TABLES

TABLE Page no

Table: 1

CURRENT RATIO 44

Table: 2

LIUI! RATIO 4"

Table: #

ABSOLUTE LIUI! RATIO 4$

Table: 4

!EBT EUIT% RATIO 4&

Table: '

PROPRIETAR% or EUIT% RATIO '(

Table: "

FI)E! ASSETS to NET *ORT+ RATIO '2

Table $

FI)E! ASSETS RATIO '#

Table: &

!EBT SER,ICE OR INTEREST CO,ERA-E RATIO '4


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Table: .

TOTAL ASSETS TURNO,ER RATIOS '"

Table: 1(

FI)E! ASSETS TURNO,ER RATIO '$

Table: 11

CURRENT ASSETS TURNO,ER RATIO '&

Table: 12

-ROSS PROFIT RATIO "(

Table: 1#

OPERATIN- RATIO OR OPERATIN- COST RATIO "1

Table: 14

OPERATIN- PROFIT RATIO "2

Table: 1'

NET PROFIT RATIO "#

Table: 1"

-ROSS PROFIT RATIO "'

Table: 1$

OPERATIN- PROFIT RATIO "$

Table: 1&

NET PROFIT RATIO "&Table: 1.

RETURN ON S+ARE+OL!ERS IN,EST/ENTS ".


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LIST OF C+ARTS

C+ART Page no

C0art: 1

CURRENT RATIO 4'

C0art: 2

LIUI! RATIO 4"

C0art: #

ABSOLUTE LIUI! RATIO 4$

C0art: 4

!EBT EUIT% RATIO 4.

C0art: '

PROPRIETAR% or EUIT% RATIO '1

C0art: "

FI)E! ASSETS to NET *ORT+ RATIO '2

C0art: $

FI)E! ASSETS RATIO '#

C0art: &

!EBT SER,ICE OR INTEREST CO,ERA-E RATIO ''


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C0art: .

TOTAL ASSETS TURNO,ER RATIOS '"

C0art: 1(

FI)E! ASSETS TURNO,ER RATIO '$

C0art: 11

CURRENT ASSETS TURNO,ER RATIO '&

C0art: 12

-ROSS PROFIT RATIO "(

C0art: 1#

OPERATIN- RATIO OR OPERATIN- COST RATIO "1

C0art: 14

OPERATIN- PROFIT RATIO "2

C0art: 1'

NET PROFIT RATIO "4

C0art: 1"

-ROSS PROFIT RATIO ""

C0art: 1$

OPERATIN- PROFIT RATIO "$

C0art: 1&

NET PROFIT RATIO "&

C0art: 1.

RETURN ON S+ARE+OL!ERS IN,EST/ENTS $(


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Chapter 1.

INTRO!UCTION

The dimensions of business finance have undergone a phenomenal

transformation during the last few decades. Until the recent past business

finance was considered as an economic activity, primarily concerned with the

enterprises. Procurement of funds for business purposes and the finance

manager was considered as keeper of books of accounts and provider of

capital needed by the enterprise.

owever, today the finance manager has become an integral part of the

enterprise and is involved in the problems and decisions pertaining to the

management of the assets of the enterprises. !n fact finance is considered so

indispensable today that it is rightly said that "it is the lifeblood of anenterprise. #ithout ade$uate financial management, no enterprise can

possibly accomplish its ob%ectives.

&inance is a body of facts, principles and theories concerned with rising and

use of money by individuals, firms and companies. !t also deals with how

individuals and companies divide their income between consumption, savings

and investments.


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'ne of the most widely $uoted definitions of business finance is by (uthmann

and )ougall who consider as "an activity concerned with planning, raising,

administering and controlling of funds used in the business.

!n other words, business finance or the finance function of management is the

process of rising, providing and managing of the funds or money used in the

business. Thus it deals with the ac$uisition of funds and their effective

utili*ation.

OVERVIEW OF FINANCE FUNCTION

MODERN FINANCE FUNCTION

+odern finance functions can be categori*ed into two broad groups

namely recurring finance functions and nonrecurring or episodic finance

functions.

A Re3rring inane 3ntion:

-ecurring finance function encompasses all such financial

activities as are carried out regularly for the efficient cont of a

firm.

1. Planning o inane: The initial task of finance manager is to formulatethe financial plan of the company. The finance plan is the act of deciding

in advance the $uantity of funds re$uired and their duration and the make

up of such investment to achieve the primary goals of the enterprises. The

main aim of t his eercise is to synchroni*e the cash inflows with cash


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outflows so that the firm does not have any idle funds nor suffers from

want of funds.

/. Rai5ing o 3n65: The procurement of the desired amount of funds is

another important responsibilities of the finance manager. The re$uired

amount can be raised by issue of securities like shares or debentures or by

borrowing frofinancial institutions like !)0, !C!C, 2tate financial

corporations etc. !t is the responsibility of the finance manager to fulfill the

formalities re$uired for this purpose on behalf of the company.

3. Alloation o 3n654 5nother ma%or responsibility of the finance manager

is to allocate the fund among the different assets. !n allocation of funds

consideration should be given to such factors like competing use,

immediate re$uirement, profit prospects, overall management plans and

ability to accomplish the enterprise ob%ectives, in managing cash the

finance manager must strike a goal between two conflicting goals of

profitability and li$uidity of the company. !n managing receivables he

must try to minimi*e the level of receivables without affecting the sales. !n

addition, the finance manager is also responsible for determining the

amount of investment in inventories.

6. Alloation o ann3al ino7e4 5llocating the annual income of the

business is the responsibility of the finance manager. !ncome may be

retained for epansion purpose or it may be distributed in the form of

dividends. This decision should be taken in the light of the financial

position of the company, dividend policy, present and future re$uirements

and market standing of the firm.


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7. Control o 3n65: The finance manager also has to eercise control over

the use of the funds ac$uired by the firm so that the cash flow is as per plan

and there are no deviations between the actual and the estimates. ffective

budgetary control, breakeven analysis, ration analysis are some off the

tools that can be used for this purpose.

B Non8re3rring 3ntion:

8onrecurring finance function refers to those financial activities that a

financial eecutive has to perform very infre$uently. Preparation of financial

plan at the time of promotion of the enterprise, financial read%ustment in times

of li$uidity crisis, valuation of he firm at the time of merger or reorgani*ation of

the firm and similar other activities are of episodic character. 2uccessful

handling of such problems re$uires financial skills and understanding of

principles and techni$ues of finance peculiar to nonrecurring situations.

RELATION OF FINANCE WITH OTHER AREAS OF BUSINESS

&inance is omnipresent and it is associated with the plans and results of

every functional department. This is because every proposal and every decision

entails financial problems or has an influence on financial results. !t is

practically impossible to separate finance from any activity or department of an

organi*ation. &urthermore, decisions taken by the financial manager influence

the activities of other functional departments particularly production and

marketing.


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&inance is intimately related with marketing. The financial manager,

while formulating credit and collection policies for the firm, must consult the

marketing manager because these policies affect magnitude of sales of the firm.

#hether to sell for credit, to what etend and on what terms are parts of the

sales strategy of an enterprise. 0ut they have financial implications too because

the funds which will be tied up in receivable must be made available and any

shift in policies tied up a larger or smaller amount in receivables.

Thus, thus aspect of business decisions involves both sales and finance

alongside this, the financial manager will have to draw upon the fundamentals

of marketing while deciding whether to invest funds in a given business

enterprise and in discovering how o market stocks and bonds.

&inance is also closely related with purchase and production functions.

The decisions to determine the level of fied assets and the different types of

such assets for an enterprise is more a task for production engineer than a

financial manager. !n the same way the types of goods to be held in inventory

and the amounts of each are a basic part of the purchase and sales function,

which in turn are related with production function. owever, investment in

fied asset as well as in inventory is of significance because of greater risk

eposure of these assets affecting the financial position of the enterprise for a

long period of time. 2ince the financial manager is primarily responsible for

supplying funds to finance


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!nventory and fied assets, which must earn sufficient return to cover the

cost involved in procuring funds, he has to participate directly in the decisions

pertaining to ac$uisition of assets.

&inance is also connected with accounting. 5ccounting is a staff function,

which supplies data to top management, financial management, sales

management, production management and personnel management. The

financial manager re$uired accurate and scientifically arranged financial records

of the enterprise to guide him in managing the inflow and outflow of funds.

5s a matter of fact, sound financial management is a matter of good

accounting. Particular attention must, therefore, be given to procedures which

the accountant uses in determining the financial condition and income of the

business and to the restrictions which sound accounting imposes upon those in

charge of financial policies.

COMPANY PROFILE


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KARNATAKA SILK /ARKETIN- BOAR! 9KS/B

9arnataka silk marketing board was formed in 1:;:

different types of $uality also. !n terms of market, the same in its sales outlet.

The company has no competitors. The board provides credit to their customers

depending to their securities of fied deposits etc.,

The board provides credit to the customers > foremen?s for := days?.

The main important ob%ective of the board is to help the local dealers, weavers,

and twisters.

Company has been recogni*ed by the 9hadi and @illage !ndustries

Commission A9@!CB as their certified institution for the period from august /==1

to march /==/ for the purchase of mulberry silk yarn and sale to the khadi

institutions.

The $uantity information furnished above includes purchase of 3/1=

kgs amounting to -s.3.17 lakhs Aprevious year nilB and sales of


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The company has no inhouse manufacturing activity and hence

furnishing of particulars relating to licensed capacity, installed capacity and

production does not arise. The company has not purchasedGconsumed any

imported materials or spare during the year.

521; 2egment -eporting, 521< related party disclosures, 52//

accounting for taes on income4 since the company?s e$uity shares are not listed

in any recogni*ed stock echange in !ndia and the annual turnover is not more

than -s.7= crores during the year, the above said accounting standards are not

applicable to the company for the year.

arnings per share computed in accordance with accounting standard

/= issued by institute of chartered accountants of !ndia.

PARTICULARS 2001-02 2000-01

RS RS

ProfitGloss before ta /,


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)ilutative potential e$uity shares 8!I 8!I

)iluted earning per share : 7

Bran0e5 o Karnataka Silk Boar6

*it0in Karnataka:

P3r0a5e 3nit5

9annakapura 0angalore )istrict.

-amanagaram 0angalore )istrict.

+agadi 0angalore )istrict.

5nekal 0angalore )istrict.

2iddlaghatta 0angalore )istrict.

9olar )istrict.

Chickballapura 9olar )istrict.

Chamragnagar.

@i%ayapura 0angalore -ural )istrict.

Sale5 Unit5

0angalore.

)ooddaballapura.

0etageri.


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9ollegal +ysore )istrict.

Ot0er State5

Tamil 8adu

5ndra Pradesh

Uttar Pradesh

1.1 BACK-ROUN! TO T+E RESEARC+

TITLE OF T+E PRO;ECT

&inancial 2tatement 5nalysis of "Karnataka Silk Marketing Board.


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FINANCIAL STATE/ENTS ANAL%SIS

&inancial statements are prepared primarily for decisionmaking. They

play a dominant role in setting the framework of managerial decision. owever,

the information provided in the financial statements is not any end in itself as no

meaningful conclusions can be drawn from these statements alone. ence these

statements need to be analy*ed and interpreted so that suitable decisions can then

be taken on the basis of the information contained in them. The term Jfinancial

analysisK also known as Janalysis and interpretation of financial statementsK refers

to the process of determining the financial strengths and weaknesses of a concern

by establishing strategic relationships between the items of the balance sheet,

profit and loss account and other operative data.

!n the words of +yers, "financial statement analysis is largely a study of

relationship among the various financial factors in a business as disclosed by a

single set of statements, and a study of the trend of these factors as shown in a

series of statements.

!n the words of +etcalf and Titard, "analy*ing financial statements is a

process of evaluating the relationship between component parts of financial

statement to obtain a better understanding of a firmKs position and performance.

The purpose of financial analysis is to diagnose the information contained

in the financial statements so as to %udge the profitability and financial soundness

of the concern. !t is thus an attempt to determine the significance and meaning of

the data contained in the financial statements so that a forecast may be made of


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future earnings, debt servicing ability, repayment of debt upon maturity and

profitability of a sound dividend policy.

12 STATE/ENT OF T+E PROBLE/

The topic is selected to analy*e changes in the financial position of the

company for the past four years, which have increased its capital, turnover and

profits. The study is conducted to know the changes in the various items in the

balance sheet and income statement and to analy*e their impact on the

profitability, li$uidity and the other overall financial position of the company.

1# NEE! AN! I/PORTANCE OF T+E STU!%


in the financial statements so as to %udge the profitability and financial

soundness of 9arnataka 2ilk +arketing 0oard.

The analysis attempts to determine the significance and meaning of the

data contained in the financial statements so that a forecast may be made of

future earnings, debt servicing ability, repayment of debt upon maturity

and profitability of a sound dividend policy of 9arnataka 2ilk +arketing

0oard.

The analysis will help determine the financial strengths and weaknesses of

9arnataka 2ilk +arketing 0oard by establishing strategic relationships


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between the items of the balance sheet, profit and loss account and other

operative data.

The analysis will help the process of evaluating the relationship between

component parts of financial statement to obtain a better understanding of

a firmKs position and performance.

14 OB;ECTI,ES OF T+E RESEARC+

To study all the financial statements for the past four years and to

identify the changes in the various items present in them.

To eamine the impact of the changes in the financial statements on the

financial position and profitability of the board.

Preparation of comparative statements to know the changes in the

absolute figures as well as the percentages.

Preparation of trend analysis statement to know the trend for the past

four years.

Preparation of common si*e statements to understand the Composition

of the various assets and liabilities in the balance 2heet, the composition

of the various epenses and the proportion of the profits Agross,

operating and netB to sales in the income statements.


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Calculation of li$uidity ratios, solvency ratios, general profitability

ratios, turnover ratios and overall profitability ratios in order to

ascertain financial significance of the figures contained in the financial

statements by establishing relationships between them.

To analyses the financial risk the company is eposed to and eamine

the shortterm li$uidity and longterm solvency position of the

company.

To eamine the increase in the various cost items in relation to

the sales and the past years figures and analyses whether the

increase is giving %ustifiable returns or not.

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1POSITION STATE/ENT OR BALANCE S+EET:

The 5merican institute of certified public accountants defines balance

sheet as "a tabular statement of summary of balances Ndebits and creditsO carried

forward after an actual and constructive closing of books of accounts kept

according to principles of accounting. The purpose of the balance sheet is to

show the resources that the company has i.e. its assets and from where those

resources come from i.e. its liabilities and the investment made by the owners

and outsiders.

The balance sheet is one of the important statements depicting the

financial strength of the concern. !t shows on one hand the resources that it

utili*es and on the other hand the sources of all those resources. The balance

sheet is always prepared as on a particular date.

5ll concerns registered under the companies act, 1:7 have to adopt a

prescribed format for showing the assets and liabilities in the balance sheet and

are also re$uired to give the figures of the previous year along with the current

year figures.

2INCO/E STATE/ENT OR PROFIT = LOSS ACCOUNT:

!ncome statement is prepared to determine the operational position of the

concern. !t is a statement of revenues. !f there is an ecess of revenues over

ependiture the income statement will show a profit and if the ependitures are

more than the income then there will be a loss. The income statement is

prepared for a particular period, generally a year. !t includes all revenues and

ependitures falling due in that year, irrespective of their receipt or payment.


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#STATE/ENT OF RETAINE! EARNIN-S OR PROFIT = LOSS

APPROPRIATION ACCOUNT:

5 profit and loss appropriation account is a connecting link between

profit and loss account and balance sheet. 'nly %oint stock companies prepare it.

5 profit and loss appropriation account is a statement prepared to show

how the profits earned by a company during a year have been appropriated Ni.e.,

distributed or utili*edO as dividends on shares, transfer to general reserve,

sinking fund or any other reserve, and how much of the earnings or profits are

retained as surplus profits.

22 FINANCIAL STATE/ENTS ANAL%SIS

&inancial statements are prepared primarily for decisionmaking. They

play a dominant role in setting the framework of managerial decision. owever,

the information provided in the financial statements is not any end in itself as no

meaningful conclusions can be drawn from these statements alone. ence these

statements need to be analy*ed and interpreted so that suitable decisions can then

be taken on the basis of the information contained in them.

The term Jfinancial analysisK also known as Janalysis and interpretation of

financial statementsK refers to the process of determining the financial strengths

and weaknesses of a concern by establishing strategic relationships between the

items of the balance sheet, profit and loss account and other operative data.

!n the words of +yers, "financial statement analysis is largely a study of

relationship among the various financial factors in a business as disclosed by a

single set of statements, and a study of the trend of these factors as shown in a

series of statements.


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!n the words of +etcalf and Titard, " analy*ing financial statements is a

process of evaluating the relationship between component parts of financial

statement to obtain a better understanding of a firmKs position and performance.


in the financial statements so as to %udge the profitability and financial soundness

of the concern. !t is thus an attempt to determine the significance and meaning of

the data contained in the financial statements so that a forecast may be made of



TYPES OF FINANCIAL ANALYSIS

&inancial analysis may be classified into different categories depending

upon

5. The materials used for the analysis or the persons interested in

the analysis and

0. The modus operandi or method of operation followed in the analysis.

A Cla55iiation on t0e ba5i5 o t0e 7aterial 35e6 or t0e anal>5i5 or t0e

5i5

1 E?ternal anal>5i5:

ternal analysis is done by outsiders who do not have access to the

detailed internal accounting records of the business firm. These outsiders include

investors and creditors, both eisting and potential as well as government


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agencies, credit agencies and the general public. These eternal parties depend

almost entirely on the published financial statements. ternal analysis thus

serves only limited purposes.

2 Internal anal>5i5:

The analysis conducted by persons who have access to the internal

accounting records of a business firm is known as internal analysis. 2uch an

analysis can therefore by performed by the eecutives and employees of the

organi*ation as well as government agencies which have statutory powers vested

in them. 0ut, generally, the personnel of the finance and accounting departments

and the eecutives for management purposes do internal analysis.

5s the persons who have access to the books of accounts and the infernal

records of the concern do the internal analysis, internal analysis is more detailed

than eternal analysis and thus serves a broader purpose.

BCla55iiation on t0e ba5i5 o t0e 7o635 o5i5 or 5tr3t3ral anal>5i5:

#hen a single set of financial statements relating to %ust one accounting

year are analy*ed, the analysis is known as vertical analysis. !n the vertical

analysis, the figures of the financial statements are analy*ed columnwise i.e. a

figure from one years financial statement is compared with a base figure selected

from the same years financial statement. &or instance, the different items of costs

of a particular year may be compared with the sales for that year.


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@ertical analysis is also known as static analysis, as it depends upon the

data as on one date or for one accounting ear and measures the state of affair as

on a particular date or for a particular year. @ertical analysis is useful to compare

the performance of several companies in the same group or the various divisions

or departments in the same company.

owever vertical analysis is not very helpful for a proper analysis of the

state of affairs of a concern as it depends on the data relating to %ust one date or

one accounting year. Commonsi*e statements and financial ratios are the two

main tools employed in vertical analysis.

2 +ori@ontal Anal>5i5 or Tren6 Anal>5i5:

#hen the financial statements of a number of years are analy*ed, the

analysis is called hori*ontal analysis. !n other words, hori*ontal analysis is a type

of analysis in which there is comparison of the trend of each item. !n the financial

statements over a number of years.

The figures of the current year are compared with the figures of the

standard or the base year, and the changes in each of the element or items from

the base year are shown, usually, in the form of percentage. ori*ontal analysis

is also known as dynamic analysis, as it is based on the data from year to year

and measures the changes of position or trend of the business over a period of

time.


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ori*ontal analysis is more useful than vertical analysis as it provides

considerable inside into the areas of strength and weakness of an enterprise. !t

also focuses attention on those items that had changed significantly during the

period under review.

Comparative statements and trend percentages are two tools employed in

hori*ontal analysis.

STEPS IN,OL,E! IN ANAL%SIS OF FINANCIAL STATE/ENT

&rom a study of the meaning of analysis of the financial statements, it clear

that the work of analysis of financial statements involves three steps or processes.

They are4

1.5nalysis

/.Comparison

3.!nterpretation.

1.Anal>5i5: 5nalysis of financial statements means splitting up or regrouping of

the figures found in the financial statements into the desired homogeneous and

comparable component parts. !n other words, it means methodical classification

of the data given in the financial statements into homogeneous and comparable

parts. !n short, it is the reclassification and rearrangement of the data found in

the financial statements into groups of a few principal elements according to their

resemblances and affinities and presenting them in the form most convenient fro

interpretation.

Thus, an analysis of the financial statements is the process of regrouping or

reclassifying the figures found in the financial statements into the desired

homogeneous and comparable component parts.


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2Co7


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6.To ascertain the future prospects of the concern.

2# TEC+NIUES OR /ET+O!S OF FINANCIAL ANAL%SIS

The techni$ues or methods of financial statements analysis adopted for the

purposes of this study are as follows

I CO/PARITI,E FINANCIAL STATE/ENT ANAL%SIS

II CO//ON SIE FINANCIAL STATE/ENTS ANAL%SIS

III TREN! PERCENTA-ES OR TREN! RATIOS

I, RATIO ANAL%SIS

I CO/PARITI,E FINANCIAL STATE/ENT ANAL%SIS

The comparative financial statements are statements of the financial

position at different periods of time. The elements of financial position are shown

in a comparative form so as to give an idea of financial position at two or more

periods. These financial statements summari*e and present relative accounting

data for a number of years, incorporating there in the changes in individual items.

Thus they provide time perspective to the various elements contained in the

financial statements.

Comparative financial statements facilitate comparison between two or

more accounting years by presenting the relevant figures for those years side by

side. The trends in a number of accounting items relating to the performance,

efficiency and financial position of a business can be understood through the use

of comparative financial statements.


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!mportant comparative financial statements are the comparative balance

sheet and the comparative income statement.

1Co7


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mere reading of the comparative income statement helps one to device

meaningful conclusion about the performance of the business from year to year.

II CO//ON SIE FINANCIAL STATE/ENTS ANAL%SIS

Commonsi*e financial statements are those statements in which the data

or figures reported in the financial statements are converted into percentages,

taking some common base. They are the tools for vertical analysis of financial

statements.

Commonsi*e financial statements are also known as component

percentage statements or 1== percent statements because each statement is

reduced to the total of 1==F and each individual item is epressed as a

percentage of the total of 1==. Commonsi*e financial statements mainly include

N1O commonsi*e income statement and N/O commonsi*e balance sheet.

1Co77on85i@e ino7e 5tate7ent:

5 commonsi*e income statement is statement in which the net sales is

taken a 1==F and all the other items of the income statement are epressed as a

percentage of net sales.

5 significant relationship can be established between items of the income

statement and the volume of sales. This is because certain epenses are largely

fied in nature where as certain epenses tend to vary in proportion to sales. &ro

instance, the increase in sales will be certainly increase selling epenses and not

administrative or financial epenses by the same etant however, in case the

volume of sales increases by a considerable etent, the administrative and

epenses may go up. Conversely, if the sales are declining the selling epenses


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should be reduced at once. 2o a relationship is established which is helpful in

evaluating the operational activities of the enterprise.

2Co77on85i@e Balane S0eet

5 statement in which each asset is epressed as a ratio to the total assets

and each liability is epressed as a ratio of total of liabilities is called common

si*e balance sheet. Thus the total assets or the total liabilities and capital is taken

as 1==F and all the items of the balance sheet Ai.e. each of the assets and each of

the liabilitiesB are epressed as a percentage of the total assets or the total

liabilities and capital.

The commonsi*e balance sheet throws light on the structure of the balance

sheet and can be used to observe the trend of the ratio of each of the items of the

balance sheet to the total of all assets or liabilities. They can also be used to

compare companies of differing si*es.

III TREN! PERCENTA-ES OR TREN! RATIOS

Comparison of past data over a period of time with base year is known as

trend analysis. !t is a hori*ontal analysis of financial statements. ere financial

statements. ere financial statements of more than one year are analy*ed. !t is a

dynamic analysis depicting the changes over a period of years.

!t is a method of analysis under which the percentage relationship that each

financial statement item of each year bears to the same item in the base year is

calculated. ach item of the base year is taken as 1==F and on the basis of that

the trend analysis for the corresponding items in the other years are calculated.

Trend percentages are immensely helpful to the management in knowing the

present position and the direction in which the enterprise is moving. Through a


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/. As a rate that is so any ties o!er a period of tiee. The fied assets

turnover ratio is 3 times a year.

3.As a percentage. . The profitability ratios such as the net profit ratio are

usually epressed as a percentage like say 67F. ach modes of epression as

illustrated above has its own advantages. !t is the responsibility of the analyst

to select that method of epression that best serves the purpose of each

particular ratio. . The purpose of the debte$uity ratio is to show the

$uantum of the borrowed funds to the ownerKs funds. !t is hence epressed as

a pure ratio like 34/.

PROCE!URE FOR RATIO ANAL%SIS:

The following four steps are involved in the ratio analysis, vi*.

1. 2election of the relevant data from the financial statement depending

upon the ob%ective of the analysis.

/. Calculation of appropriate ratios from the selected data.

3. Comparison of the ratios so calculated with past ratios from the same

firm or similar firms or with pro%ected ratio or with the standards ratio.

6. !nterpretation of the ratios.

INTERPRETATION OF RATIOS

5 single ratio in itself does not serve much purpose. !n order to utili*e the

ratio so calculated as an input for decisionmaking, it has to be further

interpreted. This step of interpretation is the most crucial in the entire process of


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/ET+O!S OF !ATA COLLECTION

The data for this research has been collected from primary sources. The

primary sources being the 5ccountant > Chairman of 9arnataka 2ilk +arketing

0oard. The data regarding the financial aspect has been collected from the

5ccountant of the board who has prepared the balance sheet and profit and loss

account since its inception.

The data regarding the managerial aspects and the operations of the

company has been collected from the Chairman.

The theoretical aspects have been adapted fromL

&inancial +anagement by 2harma and (upta

0usiness &inance by -eddy, 5ppannaihh and 2rivastava

&inancial +anagement by 9han and Main

+anagement 5ccounting by 0.2. -aman and

&inancial 5ccounting by -. 8arayanaswamy.

#4 RESEARC+ INSTRU/ENT

1. Common si*e balance sheet.

/. Commonsi*e income statement.

3. Trend analysis.

6. -atio analysis.

a. Ii$uidity ratio.


37/80

b. 2olvency ratio.

c. (eneral profitability ratio

d. Turn over ratio.

e. 'ver all profitability ratio.

C0aear5

Parti3lar5 A5 on #15t

7ar0 ('

A5 on #15t

7ar0 (4

A5 on #15t

7ar0 (#

A5 on #15t

7ar0 (2

.Share Capital

5uthori*ed

6.==.=== $uity shares of

rs.1=== each

!ssued, subscribed and paid

up

3.16.7== e$uity shares of

-s.1=== each.

2 Re5ere an6 53r


38/80

PROFIT AN! LOSS ACCOUNT OF T+E CO/PAN%


39/80

ParticularsA5 on #15t

7ar0 ('

A5 on #15t7ar0

(4

A5 on #15t7ar0

(#

A5 on #15t7ar0

(2

INCOME

Sales

'ther income

TOTAL

EXPENDITURE

Cst ! sales

A"#i$istrati%ee&'e$ses

2elling, )istKn > 'ther

epenses

&inance charges

)epreciation

Provision for bad debts

)onation

TOTAL

Profit before ta

TOTAL

Profit before ta

98 Provision for ta

Pr!it a!ter ta&

I$c#e ta& ! earl((ear

TOTAL

Profit as per balance sheet

3=,;=,;3,;/

1,:1,3:,


40/80

S0e63le5 or7ing ear5

S0

No

PARTICULARS AS AT #18(#8

2((2

RS

AS AT #18(#8

2((#

RS

AS AT #18(#8

2((4

RS

AS AT #18#8

2(('

RS

1.=1 S+ARE CAPITAL

5uthori*ed4

!ssued, subscribed > paid up

4((((((((

#14'(((((

4((((((((

#14'(((((

4((((((((

#14'(((((

4((((((((

#14'(((((

1.=/ RESER,ES = SURPLUS5s per profit > loss 5GC

&$('"41 1('1&'"# 12##.#$( .&'4&14

1.=3La$ !u$"s

Unsecured loans!nterest accrued and due To

govtGP2&5

4(.'((( 4(.'((( 4(.'((( 4#(1$#&

1.=6FIXED ASSETS

I58)&U-8!TU- > &!TU-2

P5-T!T!'8 > &!TT!8(2

PI58) > +5C!8-Q

@C!CI

'&&!C RU!P+8T2

TOTAL

16,==,=6=

,;=,=


41/80

)ebts outstanding for a

period eceeding si months

'ther debts

Ttal

Iess4 provision for doubtful

debts

Ttal

'ut of the above

aB )ebts considered

good and in respect

of which thecompany is fully

secured

1. 0y deposit of title

deedsG&)-/. 0y bank guarantee

bB )ebts considered

good for which the

company holds no

security other than

debtorsK personal

security

cB )ebts considered

doubtful and

provided for

TOTAL

3,7=,3


42/80

advancesvechicle

accured but not due

dB 5dvance recoverable

in cash or in kind or for

value to be received.

AUn secured considered

goodB1.other advances > prepaid

epenses

/. 5dvance income ta >

T.).2

TOTAL

:,=//

6,1,677

;3,73,1

provisions

Current liabilities

aB 2undry creditors

bB Trade advancescB 2ecurity deposits

dB 'ther liabilities

TOTAL

1,=;,3=/

6,1=,7


43/80

Co7


44/80


45/80

42 ANAL%SIS AN! INTERPRETATION OF CO/PARATI,E

TREN! BALANCE S+EET

1. The percentage of share capital is stagnant for all the four years as it is

(overnment concern firm and it is stagnant to 1==F for all the four years.

/. The -eserves and 2urplus has improved in /==3 i.e. 161.;3 when comparing

it to the years /==/ > /==6 i.e. 1/=.< > 11=.:. This increase in the year

/==3 is due to entirely on account of undistributed profit transferred to it.

3. The loan funds are decreased sharply to 1=7F in /==3/==6 after having

stagnant from past years. These funds have been used to finance and

purchase of silk and fied assets and thus will result in better trading on

e$uity.

6. The percentage of fied assets is 16=.3 in /==3/==6 in comparison to :


46/80

1. The sales have increased in the year /==3/==6 i.e. ;;./ when it is

compared to year /==//==3 i.e. .:/ and in the year /==6/==7 i.e.

;6./.

/. The administrative epenses have increased in the year /==6/==7

A11.11B when it is compared to the years /==//==3 A136.


47/80

4# RATIO ANAL%SIS: !ATA ANAL%SIS AN!

INTERPRETATION

The data which is seen in the below tables has been collected from the

annual reports of 9arnataka 2ilk +arketing 0oard and with the help of +r. (upta

who is the C.5., who is the auditor of the company and has prepared the balance

sheet and profit and loss account since its inception.

LIUI!IT% RATIO

1 CURRENT RATIO

The current ratio or working capital ratio gives the relationship between the

current assets and the current liabilities. !t is a measure of general li$uidity

and most widely used to make the analysis of the shortterm financial position

or li$uidity of the firm.

&'-+UI54 CU--8T 522T2

CU--8T I!50!I!T!2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' 1;.6 1


48/80

!8T-P-T5T!'84

The standard current ratio re$uired is /41 however an observation of the

above graph reveals a very high current ratio. The deeper look at the

composition reveals that it is due to ecessive stocking and maintaining

huge Vcash and bank balances.

5n interaction with the officials revealed that purchase of silk is done at

when prices are attractive and materials in stocked, resulting in high amount

of inventory.

2 UICK or ACI! TEST or LIUI! RATIO

The $uick or acid test ratio is a measure of li$uidity taking into consideration the

composition of current assets. !t is referred to as $uick ratio as it is a measure of

the companyKs ability to convert its current assets into cash $uickly in order to

meet its current liabilities without any diminution in value. Ruick assets are all

current assets ecluding stock and prepaid epenses.

&'-+UI54 RU!C9 or I!RU!) 522T2

CU--8T I5!0!I!T!2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' 17.1 13.1 11 .3


49/80


50/80

!8T-P-T5T!'8

The standard or ideal ratio is =4741. owever the company has a higher ratio.

This, again is due to high cash balance it can also be observed that the company

is trying to reduce the balance.

LON- TER/ SOL,ENC% or LE,ERA-E RATIO

Ieverage ratio can be defined as financial ratios, which throw light on the long

term solvency of the company as reflected in its ability to assure longterm

creditors with regards to4 aB Periodic payments on the interest during the currency

of the loans

bB -epayment of principle on maturity or in predetermined installments at their

due dates.

1 !EBT EUIT% RATIO

The debt e$uity ratio gives the relation between the borrowed funds and the

ownerKs fund and is the most popular measure if the long term solvency of the

10)1!7)%

0)%

%)1#

0

2

#

!

10

12

rati

2001-02 2002-0% 200%-0 200-0"

(ears


51/80

firm. This ratio reflects the relative claims of the creditors and the shareholders

against the assets of the firm.

&'-+UI54 I'8( T-+ )0T225- 'I)-2 RU!TQ

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' =.=13 =.=13 =.=13 =.=13

,.,1*,.,1* ,.,1* ,.,1*

0

0)002

0)00

0)00#

0)00!

0)01

0)012

0)01

rati

2001-02 2002-0% 200%-0 200-0"

(ears


52/80

!8T-P-T5T!'84 The lender prefers debt e$uity of /41. owever it seems

that the company has a very low debt proportion in the capital structure. This is

because the government holds a ma%or stake in companiesK shareholding. This

indicates that the company has ample debt capacity.

2 PROPRIETAR% or EUIT% RATIO:

This is the variant of the debt e$uity ratio and is also known as 8et #orth to

Total 5ssets -atio as is establishes the relationship between the shareholders

fund and the total assets of the company. This ratio indicates the etent to

which the assets of the company can be lost without affecting the interest of

the creditors. ence the higher the ratio, the better is the longterm solvency

position of the company.

&'-+UI54 25-'I)-2 &U8)2 1==

T'T5I 522T2

The two main components of this ratio are shareholders funds and total assets.

2hareholders funds are $uity 2hare Capital, Preference 2hare Capital,


53/80

undistributed profits reserves and surpluses less any accumulated losses. Total

assets denote the total resources of the company.

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' :=F :=F


54/80

!8T-P-T5T!'8

The proportion ratio, which is a high as :=F, indicates that shareholders

money has been utili*e to finance the companiesK assets.

The ideal ratio is 7=F. 5s the actual ratio eceeds the ideal ratio, it indicates

the strong financial position of the company. &urther, the ratios for threeyear

period show a constant in the proportion of the total assets financed by the

shareholders funds with each successive year. cept for the year /==/=3 the

ratio is decreased, but again for the year /==3=6 the companies financial

position attained its old proportion i.e. :=F. The total assets financed by the

shareholders funds have increased compared to last year /==/=3.

# FI)E! ASSETS to NET *ORT+ RATIO:

The ratio establishes the relationship between the fied assets and the

shareholders funds i.e. share capital plus retained earning and reserves. !t

indicates the etend to which the shareholders funds are invested in the fied

assets. !f the ratio is less than 1==F, it implies that the ownerKs funds are more

than the fied assets and shareholders provide the part of the working capital.

&'-+UI54 &!) 522T2 1==

25-'I)-2 &U8)2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' 1.3F 1.3F /.=F 1.:F


55/80

!8T-P-T5T!'84

The satisfactory ratio is ;F. The company is not a manufacturing concern

and is basically into trading of silk and cocoons. This attributes to such a low

fied assets G net worth ratio.

4 FI)E! ASSETS RATIO

This ratio is a variant to the fied assets to net worth ratio and gives the

relationship between the fied assets and the total longterm funds of the

company. The ratio indicates the etent to which the total fied assets are

financed by the longterm funds. The fied assets are taken net block i.e. after

depreciation.

&'-+UI54 &!) 522T2

I'8( T-+ &U8)2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' 1./;F 1./7F 1.


56/80

!8T-P-T5T!'84

(enerally, a concern should finance its fied assets entirely from longterm

funds and hence this ratio should be maimum 1==F. 5s this ratio is less than

1==F for all the four years, it indicates that the longterm funds have been

used to finance the current assets in addition to the fied assets of the

company. This reflects a conservative working capital financing policy on the

part of the company, as it is desirable that some part of the current assets,

which constitute the core working capital, should be financed from longterm

funds.

' !EBT SER,ICE OR INTEREST CO,ERA-E RATIO

The debt service ratio is a measure if the debt servicing capacity of a

company. !t indicates the number of times interest is covered by the profits

1)27 1)2"

1)!$ 1)7!

0

0)"

1

1)"

2

rati

2001-02 2002-0% 200%-0 200-0"

(ears


57/80

available to pay the interest charges. (enerally, higher the ratio, the more safe are

the long term creditors because ever if the earnings of the company will still be in

a position to meet its commitments of fied interest charges.

&'-+UI54 8T P-'&!T2 0&'- !8T-2T 58) T52

&!) !8T-2T C5-(2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' /.


58/80

make some contribution towards its sales. ence the etent of the contribution

made by the various activities and the resources used needs to be known in order

to determine their significance to the organi*ation. !t is for this purpose that the

activity or performance ratios are calculated as they indicate the etent of

effective utili*ation of the various assets of the concern. 5s these ratios are

calculated on the basis of turnover i.e.net sales, they are also called turnover

ratios.

1 TOTAL ASSETS TURNO,ER RATIOS

Total assets turnover ratio is the ratio between the total assets and turnover or

sales. This ratio indicates efficiency or inefficiency in the use of the total assets or

resources of the concern. !t is thus a measure of the overall performance of the

business.

&'-+UI54 8T 25I2

T'T5I 522T2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' AtimesB 1.1< =.< =.: =.:

1)1!0)!

0)$ 0)$

0

0)2

0)

0)#

0)!

1

1)2

rati

2001-02 2002-0% 200%-0 200-0"

(ears


59/80

!8T-P-T5T!'84 The ideal total assets turnover ratio is that the sales

should be at least twotime the value of the total assets. 5s the actual

ratio is less than the standard ratio for all the four years Under study, itindicates that the assets of the company has been under utili*e and that

the proportion of productive assets and the total assets of the company is

low.

2 FI)E! ASSETS TURNO,ER RATIO

&ied assets turnover ratio gives the relationship between the fied assets

and the turnover. &ied assets here mean the net fied assets i.e. the fied

assets less depreciation. Turnover refers to the total sales less any returns. This

ratio indicates as to what etent the fied assets of a concern have contributed

to sales. Thus it indicates the etent of effective utili*ation of the fied assets

of a concern.

&'-+UI54 8et 2ales

&ied assets

Q5- /==1=/ /==/=3 /==3=6 /==6=7-atio AtimesB :;.;; .6= 7=.3 71.:/

$7)77##)

"0)#% "1)$2

0

20

0

#0

!0

100

rati

2001-02 2002-0% 200%-0 200-0"

(ears


60/80

! 8T-P-T5T!'84

The standard fied assets turnover ratio is 7 and according to the Jrule of

the thumbK the fied of the concern can be considered as over utili*e this islargely because the company has higher current assets, which is a characteristics

of a nonmanufacturing company.

3.CURRENT ASSETS TURNO,ER RATIO

Current asset turnover ratio is the proportion of the current assets to the net

sales of a concern. 5s this ratio gives the contribution of the current assets to the

turnover, a high current asserts turnover ratio is an indication of better utili*ation

of the current assets and a low ratio is indicative of inefficient utili*ation of the

current assets.

&'-+UI54 8T 25I2

CU--8T 522T2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!'2 1./= =.


61/80

!8T-P-T5T!'84

There is no standard current assets turnover ratio. This ratio has remained

largely stable over past three years ecept to a constant changes in /===/==1

which is $uite high. owever as the ratio is not very high it indicates that the

current assets have not been utili*e effectively. This is largely because bank

balances constitute a substantial portion of the total current assets and do not givemany yields.

-ENERAL PROFITABILIT% RATIOS

The primary ob%ective of any business enterprise is to earn profits. !n the

words of Iord 9eynes Dprofit is the engine that drives the business enterpriseD. 5

business enterprise can discharge its obligation to the ratios are hence calculated

to measure the overall efficiency of the business. They are calculated either in

relation to sales or in relation to investment.

1)20)!

0)$20)!$

0

0)2

0)

0)#

0)!

1

1)2

rati

2001-02 2002-0% 200%-0 200-0"

(ears


62/80

1.-ROSS PROFIT RATIO

(ross profit ratio measures the relationship of gross profit to net sales and is

usually represented as a percentage. There s no standard norm for the gross profit

ratio and it may vary from business to business. owever the ratio should be

ade$uate to cover the pertaining epenses like office, administration selling etc.

also to provide or fied charges, dividends and accumulation of reserves.

The two basis components of this ratio are sales and cost of goods sold since

gross profit is simply the ecess of net sales over cost of goods sold. 8et sales

refer to the total sales less any returns.

&'-+UI54 25I2C'2T '& ('')2 2'I)

8T 25I2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' AFB 7./7F 7.63F ./;F 7.3:F

")2"

")% #)27

")%$

)#

)!"

")2

")

")#

")!

#

#)2

#)

rati

2001-02 2002-0% 200%-0 200-0"

(ears


63/80

!8T-P-T5T!'84

This ratio has been mostly stable for all the four years under study thereby

impaling that the portion of stock to sales as remained mostly unchanged for the

period. &urther, this ratio is very high as the company is in the trading industry

where in the cost of manufacturing epenses are nil in proportion to the total cost.

ence the operating profit ratio will give a better picture of the profitability

position os a company.

/.OPERATIN- RATIO OR OPERATIN- COST RATIO

'perating ratio establishes the relationship between operating cost and the

net sales. The ratio is calculated by dividing the operating costs with the net sales

and is usually represented as a percentage. 'perating cost refers to all the

epenses incurred in operating or running of the business. They comprise thecost of goods sold plus operating epenses such as office, administration, selling

and distribution. Thus this ratio measures the cost of operations per rupee of

sales.

&'-+UI54 'P-5T!8( C'2T

8T 25I2

Q5- /==1=/ /==/=3 /==3=6 /==6=7

-5T!' AFB =.:7 =.:7 =.:6 =.:7


64/80


65/80


66/80

&'-+UI54 8T P-'&!T Aafter taB

8T 25I2

Qear /==1=/ /==/=3 /==3=6 /==6=7

-atioAFB 1.7 =.6 =.6 =. taesB

2hareholders funds

Qear /==1=/ /==/=3 /==3=6 /==6=7

-atioAFB 1.;; =.3/ =.66 =.63

1)77

0)%2 0) 0)%

0

0)2

0)

0)#

0)!

1

1)2

1)

1)#

1)!

Rati

2001-02 2002-0% 200%-0 200-0"

0ears


72/80

!8T-P-T5T!'84

The company earnings are very low as compared to the total assets that it

holds. cept for the /==1/==/ the return on investment is less than 1F but

for the year /==3/==6 it is stable, which needs to be worked on.

44 CONCLUSIONS FRO/ T+E ANAL%SIS

FINANCIAL STATE/ENTS ANAL%SIS OF KARNATAKA SILK

/ARKETIN- BOAR!

The data collected was analy*ed using financial ratios and has been

presented in the form of graphs and tables and interpreted accordingly.

The standard current ratio re$uired is /41 however an observation of the

above graph reveals a very high current ratio. The deeper look at the

composition reveals that it is due to ecessive stocking and maintaining

huge Vcash and bank balances.

The $uick ratio as compared to the current ratio is still high this can be

attributed to large cash and bank balances, however it can be seen that it is


73/80


74/80

C0a


75/80

The $uick ratio as compared to the current ratio is still high this can be

attributed to large cash and bank balances, however it can be seen that it is

on a decreasing trend however compared to the standard li$uid ratio of 141,

the company li$uidity provision is ecessive.

The standard or ideal ratio is =4741. owever the company has a higher

ratio. This, again is due to high cash balance it can also be observed that

the company is trying to reduce the balance.

The lender prefers debt e$uity of /41. owever itKs seemed that thecompany has a very low debt proportion in the capital structure. This is

because the government holds a ma%or stake in companiesK shareholding.

This indicates that the company has ample debt capacity.

The proportion ratio, which is a high as :=F, indicates that shareholders

money has been utili*e to finance the companiesK assets.

(enerally, a concern should finance its fied assets entirely from longterm

funds and hence this ratio should be maimum 1==F. 5s this ratio is less

than 1==F for all the four years, it indicates that the longterm funds have

been used to finance the current assets in addition to the fied assets of the

company. This reflects a conservative working capital financing policy on

the part of the company, as it is desirable that some part of the current

assets, which constitute the core working capital, should be financed from

longterm funds.


76/80

The ideal total assets turnover ratio is that the sales should be at least two

time the value of the total assets. 5s the actual ratio is less than the

standard ratio for all the four years Under study, it indicates that the assets

of the company has been under utili*e and that the proportion of productive

assets and the total assets of the company is low.

There is no standard current assets turnover ratio. This ratio has remained

largely stable over past three years ecept to a constant changes in /==1

/==/ which is $uite high. owever as the ratio is not very high it indicates

that the current assets have not been utili*e effectively. This is largelybecause bank balances constitute a substantial portion of the total current

assets and do not give many yields.


impaling that the portion of stock to sales as remained mostly unchanged

for the period. &urther, this ratio is very high as the company is in the

trading industry where in the cost of manufacturing epenses are nil in

proportion to the total cost. ence the operating profit ratio will give a

better picture of the profitability position of a company.

'perating ratio is very high as the company is not a manufacturing

industry and as such operating cost constitute a greater proportion of its

total cost.

The operating profit ratio is on a decreasing trend, having declined

considerably in /==6/==7. This reflects a need for an improvement in the


77/80

operating efficiency of the concern. !t also shows that the management has

been unable to control the operating inefficiencies. &urther, the decrease in

this ratio implies that the company has not sufficient funds available to

meet nonoperating epenses.

The net profit ratio has increased in /==//==3 and has eceeded the drop

incurred in further two years, this is caused due to the increase in the

operating epenses this shows the current and the future profitability

position of the concern is average.


impaling that the portion of stock to sales as remained mostly unchanged

for the period. &urther, this ratio is very high as the company is in the

trading industry where in the cost of manufacturing epenses is nil in

proportion to the totals cost. ence the operating profit ratio will give a

better picture of the profitability position of a company.

The operating profit ratio is on a decreasing trend, having declined

considerably in /==6/==7. This reflects a need for an improvement in the

operating efficiency of the concern. !t also shows that the management has

been unable to control the operating inefficiencies. &urther, the decrease in

this ratio implies that the company has not sufficient funds available to

meet nonoperating epenses.

The net profit ratio has increased in /==//==3 and has eceeded the drop

incurred in further two years, this is caused due to the increase in the


78/80

operating epenses this shows the current and the future profitability

position of the concern is average.

The company earnings are very low as compared to the total assets that it

holds. cept for the /==//==3 the return on investment is less than 1F

but for the year /==//==3 it is stable, which needs to be worked on.

'2 RECO//EN!ATIONS

'ver stocking to drive benefits of purchasing at lower prices should be

more carefully evaluated keeping into consideration the cost of holding

inventory and locked up capital.

@endorKs relations need to be strengthened to avoid overstocking.

The reducing cash ratio indicates that the company has reali*ed thatecessive cash balances are not actually recovered this should be

encouraged further.

The return for the government stake in the company can be increased if

the debt capital is introduce to a larger etent to derive the benefit of

leverage.

The return on total assets as well as total capital employed in eternally

!2 low which the company has to look into.


79/80

The company can encourage arrival of silk at silk echange.

The company can try to arrival of silk from foreign countries.

The company can start its own manufacturing unit, which will result in

good profit and employment opportunities.

The company can try to enter international market, which results good

rate of revenue.

The ecessive li$uidity can be reduced.

The turnover ratio indicates a very low turnover of the current assets. The

company being a trading concern should more so have a higher turnover.fficient inventory management combined with better purchasing and

marketing policies would unable achieving a higher activity level.


80/80

BIBLIO-RAP+%

Book Title: 0usiness -esearch +ethods

A3t0or: )onald.2.Cooper > Pamela.2.

Book Title: &inancial +anagement

A3t0or: 2harma and (upta.

Book Title: 0usiness &inance

A3t0or: -eddy, 5ppannaihh and 2rivastava

Book Title: &inancial +anagement

A3t0or: 9han and Main

Book Title: &inancial 5ccounting

A3t0or: -. 8arayanaswamy.

finance(mba) 95

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