volume 119 no. 12 2018, 1471-1489

“A STUDY ON FINANCIAL ANALYSIS OF BSNL”

J.Pavithra1, Dilip Gurukrishnan

2

Assistant Professor1, Student

2, Department of Management Studies

1,2

BIST, BIHER, Bharath University, Chennai

[email protected]

1.Financial statements

Financial statements are prepared primarily for decision making. They play a dominant role in

setting the framework of managerial decisions. But the information provided in the financial

statement is not an end in itself as no managerial can be drawn from these statement alone.

However, the information provided in the financial statement is of immense use in making

decision through analysis and interpretation of financial statements. Financial analysis is „the

process of identifying the financial strengths and weaknesses of the firm by properly establishing

relationship between the item of the balance sheet and the profit and loss account‟. There are

various methods used in analyzing financial statements, such as comparative statements, trend

analysis, common-size statement, schedule of change in working capital, funds flow and cash

flow analysis, cost-volume-profit analysis and ratio analysis.

The term financial analysis‟, also known as analysis and interpretation of financial statement,

refers to the process of determining financial strengths and weaknesses of the firm of the firm by

establishing strategic relationship between the item the balance sheet, profit and loss account and

other operative data[1-4].

“Financial analysis is a process of evaluating the relationship between component parts of a

financial statement to obtain a better understanding of a firm‟s position and performances”

According to Matclf and Titard

“Financial statement analysis is largely a study of relationship among the various financial

factors in a business as disclosed by single set-of statements and a study of the trend of these

factors as shown in a series of statement”.

According to Myers

The term „financial statement analysis‟ include both „analysis‟ and „interpretation‟. The analysis

and interpretation of financial analysis statements is essential to bring out the mystery behind the

figure in financial statements. Financial statement is an attempt to determine the significance and

International Journal of Pure and Applied MathematicsVolume 119 No. 12 2018, 1471-1489ISSN: 1314-3395 (on-line version)url: http://www.ijpam.euSpecial Issue ijpam.eu

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meaning of the financial statement data so the forecast may be made of the future earning, ability

to pay interest and maturities and profitability of a sound dividend policy.

By financial statements we mean two statements:

(i) Profit and loss Account or Income Statement

(ii) Balance Sheet or Position Statement

These are prepared at the end of a given period of time. They are the indicators of profitability

and financial soundness of the business concern.

Through this project, I will provide a comparative analysis of the balance sheet of BSNL and

provide my findings and suggestions regarding the same.

1.1.Significance of the Study

Analysis of financial statements is an attempt to assess the efficiency and performance of an

enterprise. Thus, the analysis and interpretation of financial statements is very essential to

measure the efficiency, profitability, financial soundness and future prospects of the business

units. Financial analysis serves the following purposes:

Measuring the profitability

The main objective of a business is to earn a satisfactory return on the funds invested in it.

Financial analysis helps in ascertaining whether adequate profits are being earned on the capital

invested in the business or not[5-11]. It also helps in knowing the capacity to pay the interest and

dividend.

Indicating the trend of Achievements

Financial statements of the previous years can be compared and the trend regarding various

expenses, purchases, sales, gross profits and net profit etc. can be ascertained. Value of assets

and liabilities can be compared and the future prospects of the business can be envisaged.

Assessing the growth potential of the business

The trend and other analysis of the business provides sufficient information indicating the

growth potential of the business.

Comparative position in relation to other firms

International Journal of Pure and Applied Mathematics Special Issue

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The purpose of financial statements analysis is to help the management to make a comparative

study of the profitability of various firms engaged in similar businesses. Such comparison also

helps the management to study the position of their firm in respect of sales, expenses,

profitability and utilizing capital, etc.

Assess overall financial strength

The purpose of financial analysis is to assess the financial strength of the business. Analysis also

helps in taking decisions, whether funds required for the purchase of new machines and

equipments are provided from internal sources of the business or not if yes, how much?

Assessment may also be made to determine how much funds have been received from external

sources

Assess solvency of the firm

The different tools of an analysis tell us whether the firm has sufficient funds to meet its short

term and long term liabilities or not

Analysis of financial statements has become very significant due to widespread interest of

various parties in the financial results of a business unit. The various parties interested in the

analysis of financial statements are:[12-15]

Investors

Shareholders or proprietors of the business are interested in the well being of the business. They

like to know the earning capacity of the business and its prospects of future growth.

Management

The management is interested in the financial position and performance of the enterprise as a

whole and of its various divisions. It helps them in preparing budgets and assessing the

performance of various departmental heads.

Trade unions

They are interested in financial statements for negotiating the wages or salaries or bonus

agreement with the management.

Lenders

Lenders to the business like debenture holders, suppliers of loans and lease are interested to

know short term as well as long term solvency position of the entity.

Suppliers and trade creditors


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The suppliers and other creditors are interested to know about the solvency of the business i.e.

the ability of the company to meet the debts as and when they fall due.

Tax authorities

Tax authorities are interested in financial statements for determining the tax liability.

Researchers

They are interested in financial statements in undertaking research work in business affairs and

practices.

Employees

They are interested to know the growth of profit. As a result of which they can demand better

remuneration and congenial working environment.

Government and their agencies

Government and their agencies need financial information to regulate the activities of the

enterprises/ industries and determine taxation policy. They suggest measures to formulate

policies and regulations.

Stock exchange

The stock exchange members take interest in financial statements for the purpose of analysis

because they provide useful financial information about companies.

Thus, we find that different parties have interest in financial statements for different reasons.

1.2.Statement of the Problem

The study intends to provide a financial analysis of BSNL based on the company‟s published

balance sheets and annual reports. Specifically the study will address

1. Comparative analysis of the balance sheets of 2009 and 2010

2. Comparative study of the usage statistics for some of the major BSNL products and

services

3. Ratio Analysis of the balance and PL sheets

4. Each department presences a section supervisor this SS will provide various data of

relative department and give opportunity to handling the working process and resolve our

doubts.

1.3.Objective of the Project


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The main objective of this study is to carry on brief study on “Comparative Analysis of the

balance sheet of BSNL[16-22]”

Other objectives of this project are as follows:

To identify the various assets of BSNL with respect to Annual Reports of the BSNL.

To study the functioning of the finance department

Comparative study of Two year Annual reports.

1.4.Scope of the project

The main scope of this project is

There are one circle office and one training center in the Trivandrum sector

The circle office is situated in P.M.G in Trivandrum

Training center is situated in kaimanam in Trivandrum H.Q

The accounts related matters are carry on in the circle office

The project duration is three months from January to march

1.5.Limitations of Study

Financial analysis is a powerful mechanism of determining financial strengths and weaknesses of

a firm but, the analysis is based on the information available in the financial statements. We has

also careful about the impact of price level chances, windows-dressing of financial statements,

changes in accounting policies of BSNL, accounting concepts and conventions, and personal

judgments etc[23-30].

Due to the following unavoidable and uncontrollable factors the factors, the result might not

be accurate. Some of the problems faced while conducting the survey are as follows:-

Time and cost constraints were also there.

Chances of some biasness could not be eliminated.

A majority of respondents show lack of cooperation and are biased towards their own

opinions.

Some of the important Limitations of financial analysis are however, summed up as below:

It is only a study of interim reports.

Financial analysis is based upon only monetary information and non-monetary factors are

ignored.

It does not consider changes in price level.


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As the financial statements are prepared on the basis of a going concern, it does not give

exact position. Thus accounting concepts and conventions cause a serious limitation to

financials analysis.

Changes in accounting procedure by a firm may often make financial analysis

misleading.

Analysis is only a means and not an end in itself. We has to make interpretation and

draw own conclusion.Different people may interpret the same analysis in different ways.

3.Research Methodology

3.1.Research Design:

The research design of this project is exploratory. Though each research study has its own

specific purpose but the research design of this project on BSNL is exploratory in nature as the

objective is the development of the hypothesis rather than their testing[31-34].

3.2.Methodology

Every project work is based on certain methodology, which is a way to systematically solve the

problem or attain its objectives. It is a very important guideline and lead to completion of any

project work through observation, data collection and data analysis.

System of broad principles or rules from which specific methods or procedures may be derived

to understand different situations (or solve different problems) within the scope of a particular

discipline. Unlike an algorithm, a methodology is not a formula but a set of practices.

3.3.According to Clifford Woody,

“Research Methodology comprises of defining & redefining problems, collecting,

organizing & evaluating data, making deductions & researching to conclusions.”

3.4Sources of Data Collection:

Research will be based on two sources:

1. Primary data

2. Secondary data

3.5Primary Data:

Survey: Primary data was collected by departmental survey for BSNL.

Personal Observation


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Data from the POCs of BSNL

3.6.Secondary Data:

Secondary data will consist of different literatures like books which are published, articles,

internet, the company manuals and websites of company- www.bsnl.com.

In order to reach relevant conclusion, research work needed to be designed in a proper

way.

This research methodology also includes:-

Familiarization with the concept of finance and its various merits, demerits.

Thorough study of the information collected.

Conclusions based on findings.

Internet through internet the details will be collected. the relevant details are based on the

report up loaded in the BSNL web site

Annual Report of BSNL

Other documents obtained from BSNL.

Books related to financial analysis

3.7.Statistical Tools Used

Bar Charts

Line Graphs

Pie Charts

Particulars

Balance

Sheet as at

31st March

2010

(Rs. in

Lakh)

Balance

Sheet as at

31st March

2009

(Rs. in

Lakh)

Increase/

Decrease

(Rs. in

Lakh)

Increase/

Decrease

(%)

SOURCES OF FUNDS

Shareholder’s Funds

Capital 1,250,000 1,250,000 0 0.00

Reserves and Surplus 7,397,566 7,613,358 -215,792 -2.83


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Loan Funds

Unsecured Loans 153,370 341,384 -188,014 -55.07

Deferred Tax Liability-Net 12,384 64,484 -52,100 -80.80

8,813,320 9,269,226 -455,906 -4.92

APPLICATIONS OF FUNDS

Fixed Assets

Gross Block 16,046,962 13,224,291 2,822,671 21.34

Less: Depreciation 8,658,930 7,792,203 866,727 11.12

Net Block 7,388,032 5,432,088 1,955,944 36.01

Capital Work-in-Progress 596,523 492,864 103,659 21.03

Decommissioned Assets 7,897 4,644 3,253 70.05

7,992,452 5,929,596 2,062,856 34.79

Investments 20,000 20,000 0 0.00

Current Assets, Loans and

Advances

Inventories 505,833 457,258 48,575 10.62

Sundry Debtors 474,457 472,054 2,403 0.51

Cash and Bank Balances 3,034,340 3,813,430 -779,090 -20.43

Other Current Asset - Accrued

interest 85,521 87,239 -1,718 -1.97

Loans and Advances 1,397,028 944,880 452,148 47.85

5,497,179 5,774,861 -277,682 -4.81

Less : Current Liabilities and

Provisions

Current Liabilities 4,277,642 2,072,702 2,204,940 106.38

Provisions 557,602 493,878 63,724 12.90

4,835,244 2,566,580 2,268,664 88.39

Net Current Assets 661,935 3,208,281 -2,546,346 -79.37

Inter/Intra Circle Remittance 138,933 111,349 27,584 24.77

Total 8,813,320 9,269,226 -455,906 -4.92


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THIS CHART SHOWING THE COMPARATIVE BALANCE SHEET OF BSNL FOR

THE YEARS 2009 AND 2010

THIS CHART SHOWING THE COMPARATIVE BALANCE SHEET IN

PERCENTAGE OF BSNL FOR THE YEARS 2009 AND 2010


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Trend Analysis (Profit of BSNL)

Year Amount

(Rs. In Lakh) Percentages

2006 844,698.00 100.00

2007 815,381.00 96.53

2008 445,155.00 52.70

2009 127,163.00 15.05

2010 -219,748.00 -26.01


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Interpretation based on Trend Analysis

The trend analysis of BSNL annual statements clearly show that the Profit before Tax is on a

steep decline[35-41]. This shows that BSNL is incurring heavy losses throughout its operation.

The current state shows that drastic measures need to be introduced to cut the losses

Common Size Balance Sheet of BSNL for the Years 2009 and 2010

Particulars

Balance Sheet

as at 31st

March 2010

%

Balance Sheet

as at 31st

March 2009

%

(Rs. in Lakh) (Rs. in Lakh)

SOURCES OF FUNDS

Shareholder’s Funds

Capital 1,250,000 14.18 1,250,000 13.49

Reserves and Surplus 7,397,566 83.93 7,613,358 82.14

Loan Funds

Unsecured Loans 153,370 1.74 341,384 3.68

Deferred Tax Liability-Net 12,384 0.14 64,484 0.70


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8,813,320 100.00 9,269,226 100.00

APPLICATIONS OF FUNDS

Fixed Assets

Gross Block 16,046,962 182.08 13,224,291 142.67

Less: Depreciation 8,658,930 98.25 7,792,203 84.07

Net Block 7,388,032 83.83 5,432,088 58.60

Capital Work-in-Progress 596,523 6.77 492,864 5.32

Decommissioned Assets 7,897 0.09 4,644 0.05

7,992,452 90.69 5,929,596 63.97

Investments 20,000 0.23 20,000 0.22

Current Assets, Loans and

Advances

Inventories 505,833 5.74 457,258 4.93

Sundry Debtors 474,457 5.38 472,054 5.09

Cash and Bank Balances 3,034,340 34.43 3,813,430 41.14

Other Current Asset - Accrued

interest 85,521 0.97 87,239 0.94

Loans and Advances 1,397,028 15.85 944,880 10.19

5,497,179 62.37 5,774,861 62.30

Less : Current Liabilities and

Provisions

Current Liabilities 4,277,642 48.54 2,072,702 22.36

Provisions 557,602 6.33 493,878 5.33

4,835,244 54.86 2,566,580 27.69

Net Current Assets 661,935 7.51 3,208,281 34.61

Inter/Intra Circle Remittance 138,933 1.58 111,349 1.20

Total 8,813,320 100.00 9,269,226 100.00

Findings:

According to my survey and calculation the noteworthy points are:

Mostly year BSNL suffers in losses.

BSNL build fixed assets; these assets will give effect in profit of BSNL.


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Highly dues of intra/inter circle transfer of funds which is leave our effect in liabilities

side in balance sheet.

Coordination‟s of departments are not satisfactory.

Qualification of employees is not match his posts.

Revenues policies of BSNL are not properly implied.

Departmental process so long.

Proper computerizing of department are not satisfactory.

Suggestion :

The study has provided with the useful data from the respondents. There has a lot to be

recommended[42-45]. Following are the recommendations:

There should be increase in investment of BSNL. So that could be earned more profit.

Because, if investment will be high than profit will be earned high.

There should be improved the working process of BSNL. Because working Process of

BSNL is take more time.

Departments of BSNL do not have good coordination. So there should be Good

coordination in departments of BSNL. If coordination will have good in Departments,

than there will not has to face any problem in proper work.

Time to time, there should be provided training of employee. So that they could take

information about the new technology of them proper working Process.

There should be good communication between each departments of BSNL.

There should be computerized work in BSNL. But also at this time, paper Work are

continue to see in many department.

Use better & high tech methods of advertising, so that more & more subscriber attract

towards BSNL.

Should try to decrease expenditure especially in the employee‟s remuneration & benefit

area.

Should increase the service quality as well as better customer care service.

Should work towards 3 G phones, means high speed streaming video, gaming, video

messaging, and even mobile TV.


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The study has provided with the useful data from the respondents. There has a lot to be

recommended. Following are the recommendations:

There should be increase in investment of BSNL. So that could be earned more profit.

Because, if investment will be high than profit will be earned high.

There should be improved the working process of BSNL. Because working Process of

BSNL is take more time.

Departments of BSNL do not have good coordination. So there should be Good

coordination in departments of BSNL. If coordination will have good in Departments,

than there will not has to face any problem in proper work.

Time to time, there should be provided training of employee. So that they could take

information about the new technology of them proper working Process.

There should be good communication between each departments of BSNL.

There should be computerized work in BSNL. But also at this time, paper Work are

continue to see in many department.

Use better & high tech methods of advertising, so that more & more subscriber attract

towards BSNL.

Should try to decrease expenditure especially in the employee‟s remuneration & benefit

area.

Should increase the service quality as well as better customer care service.

CONCLUSION

From 1986 of its establishment to 2010, in these 24 years the company has shown many faces,

throughout its journey. At one time BSNL had a monopoly in the market. But now the company

is facing a very tough competition from the giants like Bharti-Airtel, Reliance Idea, Vodafone,

Tata etc.

Here are the conclusions which I derived after analyzing the financial statements of BSNL:-

Out the past four years, in 3 years BSNL recorded a decrease in profit and in 2 years a

decrease in income, but the expenditure has continuously increased.


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These are the years where telecom sector emerge as a fastest growing sector of economy.

And in the same years BSNL fail to gain more income.

Although the income figure is continuously falling but there is no impact shown on

expenditure side, it is continuously increasing over the years. This is the main cause of

reduction in profits.

In the year 2009-10 BSNL current assets fell with a huge margin due to this year poor

performance. After this year company has shown a growth in current assets but not

sufficient to fulfill the short-term requirements.

In the year 2009-10 fixed assets found significant growth with 12.56% which is a good

sign for long term prospect. But increase in fixed assets during last two years is not

sufficient. I would like to provide the following suggestions for improving the services

and thereby revenue of BSNL:

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