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EXECUTIE SUMMARY
businesss operations. They involve the comparison of element from a balance sheet
or income statement, and are crafted with the particular points of focus in mind.
Financial ratios con provide managers with a valuable tool to measure their progress
addition, tracking various ratios over time is a powerful way to identify trends as they
develop. Ratios are also used by bankers, investors, and business analysts to assess
seemingly unrelated items and thus gain useful information for decision making.
They are simple to calculate, easy to use, and provide a wealth of information that
cannot be gotten anywhere else, James O. Gill noted in his book Financial Basics Of
Small Business Success. But, he added, Ratio are aids to judgment and cannot take
the place of experience. They will not replace good management, but they will make a
good manager better. They help to pinpoint areas that need investigation and assist in
however, managers need to be concerned only with a small set of ratios in order to
identify where improvement are needed. As you run your business you juggle
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dozens of different of different variable, David H. Bangs Jr. wrote in his book
Managing by the Numbers. Ratio analysis is designed to help you identify those
It is important to keep in mind that financial ratios are time sensitive; they can
only present a picture of the business at the time that the underlying figures were
prepared. For example, a retailer calculating ratios before and after the Christmas
season would get very different results. In addition, ratios can be misleading when
taken singly, though they can be quite valuable when a business tracks them over time
or uses them as a basis for comparison against company goals of industry standards.
discern a pattern, rather than relying on the information provided by only one or two
ratios. Gill also noted that business managers should be certain to view ratios
objectively, rather than using them to confirm a particular strategy or point of view.
Perhaps the best way for managers to use financial ratios is to conduct a
formal ratio analysis on regular basis. The raw data used to compute the ratios should
be recorded on a special from monthly. Then the relevant ratios should be computed,
reviewed, and saved for future comparisons. Determining which ratios to compute
depends on the type of business, the age of the business, the points in the business
cycle, and any specific information sought. For example, if a business depends on a
large number of fixed assets, ratios that measure how efficiently these assets are being
used may be the most significant. In general, financial ratios can be broken down into
2
The main objectives of the Ratio analysis are
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Chapter 2
THEORETICAL BACKGROUND
MEANING
mathematical calculations.
The Ratio Analysis is the important techniques of financial analysis. The ratio
To simplify that the comprehension of financial statement and tell the whole
associated with the successful and unsuccessful firms also reveal strong and
weak firms.
It helps in Planning and forecasting these can assist management in the basic
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The Ratio analysis can be representing in the following three methods.
If the current assets of the business are Rs- 2,00,000 and its Current Liabilities are Rs-
another figure. For example : If a firm Credit sale during the year are 2,00,000 and its
debtors at the end of the year are Rs- 40,000, Its Debtors turnover Ratio is
2,00,000/40,000= 5 Times It should that the credit sale are in the comparison of the
Debtors.
3) Percentage:
In this type the relationship between the two figure is expressed in hundredth.
For example : If a firm capital is Rs-10,00,000 and its profit is Rs-2,00,000 the ratio
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SIGNIFICANCE/ IMPORTANTS OF RATIO ANALYSIS.
With the help of ratio analysis conclusion can be drown regarding the several
undertaking. The ratio point out the operating efficiency of the firms i:e weather the
management has utilized the firms aspects correctly, to increase the investor wealth. It
ensure a fair returns to its owner and secure optimum utilization of firm aspects.
identified and if returns to negative. The action may be indicated immediately to bring
them in line.
interrupted and analyzed some comparables items. The Ratio analysis is one of the
tools in the hands of theses who want to know something more from the financial
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4) Long terms Solvency:
The Ratio analysis is equally useful for accessing the long term financial
5) Operating Efficiency:
Yet another dimension of the usefulness of the ratio analysis, relevant from the
viewpoint of the management, it that it throws light on the degree of efficiency in the
management and utilization of its assets/The various activity ratio are measures this
kind of operational efficiency. In fact, the solvency of the firms is, in the ultimate
analysis, dependent upon the sales revenue generated by the use of its assets-total as
6) Overall profitability:
Unlike the outsides parties which are interested in one aspect of the financial
profitability of the enterprise. This is, they are concern about the ability of the firms to
meets its short term as well as long terms obligation to its creditors, to ensure a
reasonable returns to its owner and secure optimum utilization of the assets of the
firms. This is possible if an integrated view is taken and all the ratios are considered
together.
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7) Inter- firm Comparison:
Ratio analysis not only throws light on the financial position of a firm but also
serves as a stepping stone to remedial measures. This is made possible due to inter
techniques is to compare the ratio of a firm with the industry average. It should be
9) Liquidity Position:
With the help of ratio analysis conclusions can be drown regarding the
liquidity position of the firm. The liquidity position of the firms would be satisfactory
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ADVANTAGES OF RATIO ANALYSIS
The ratio analysis is a tools or a techniques through which one can do the
analysis of the financial statement of the company. There are many advantages of
Liquidity ratio can be helpful to the measuring the liquidity position of the
company that is weather the company will able to meet the obligation as and
easily understood by a person who does not have the accounting knowledge.
The various profitability ratio are help in judging the operation efficiency of
the company and also whether or not company using resources judiciously.
With the help of the ratio, it is easy to make the comparison of a company with
other companies in the same industry and determine the position of the
With the help of ratio analysis one can do trend analysis that is weather the
financial position of the company is improving or getting worse over the years.
to the ratio to those who are interested in the financial performance of the
company.
The Ratio study the past and relate the finding to the present. Thus useful
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The Ratio are yard stick increasingly used by bankers and financial institution
Through the Ratio Analysis is an important tools for analyzing the financial
statement of the company and has many advantages, however it has certain limitations
1) While Ratio analysis can be great for comparison between companies however
Profit and Loss Accounts and Balance Sheet .In case of any mistake in those
dressing reflect to presenting of better picture of the company then what it is.
4) Ratio analysis does not take into account in qualitative factors; it only presents
the figures as they are over. So for example it may possible that company may
have higher current ratio indicating that liquidity position of the company is
good, However if the large portion of those current assets includes inventory
perception regarding the ratio. So as current assets ratio is2:1 may be good for
The Ratio analysis are does Two things, immediately. The first thing it is
allows the company to compare itself with other like companies. If management feels
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things arent going well, they can help to pinpoint the problems through comparing
their ratios with other companies, they may be several ratio that are comparable, but a
couple which they are way off. That might be where the problem is.
Also, ratio analysis may help by comparing your company with prior period. If
the particular ratio is declining when it would be better if it were staying the same or
increasing then again looking at the ratios are important to find out where the problem
lies.
Once we go ahead with detailed discussion on different ration which fall under
each group. It will be realized that liquidity, solvency and activity ratios measures
risks where as profitability ratios measures return. Further some of these ration focus
shorts. Run while other focus long runs. The solvency ration have long run
perspective while other category ratio are primarily focused to the short run.
endowed with lot of creativity and imaginations. The choice of a set of ratio through
condition by the objectives and purpose of the analyses yet the interpretation depends
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on ingenuity of the Annual analyst. Through we have certain set of given ratio yet
there is enough fertile ground for designing unique ratio to suit the need of financial
analysis keeping in view the ever changing complexities and dimension of business.
Liquidity ratio:
The liquidity means ability to meet short term obligation as they become due.
We honors of obligation through liquid assets. A liquid assets is one that can be easily
converted into cash. If our liquid assets are of poor quality, meaning thereby that we
find it difficult to convert them into cash when needed or if the investment in liquid
assets is less as compared to our short-terms obligations then our ability to honors our
Short term lender is primarily interested in this type of analysis. They want to
evaluate the liquating of the enterprise with an integration to ascertain weather their
short term credit will be safe. Also the management is interested to know whether it
The term solvency implies the ability of the enterprise to meet its obligation
on the due date. Some payments have short term maturity and some have long term
maturity. The firm has to plan for both short term and long term obligation. We have
analyzed short term liquidity of a business enterprise in the previous section. Now we
extend an analysis to long term liquidity. Long term liquidity means ability to meet
long term commitments or obligation. Long terms lenders are primarily interested in
of principles which is to be given by way of a loan and regular servicing of the loan in
For e.g. A loan extend for Rs. 2 crore to 5 crore for 5 year period with 10% interest
paid in annually once would like to be sure that the principle amount of Rs. 1 crore is
safe for the duration of loan and the lender will regularly get Rs. 10 lacs as interest
every year.
To capture these two aspects of long term liquidity two ratios are calculated
debts to equity ratio and interest ratios. Interest coverage ratio deals with the ability of
the enterprise to honors its interest payment out of the cash generated by it. It is
expressed as number of times the operating cash inflow are to the interest payment in
other word interest coverage ratio= Net cash inflow from operation, interest charge.
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Assets Turnover Ratio
fixed assets, which may be caused by excess capacity or interruption in the supply of
Raw Material.
Fixed Assets
The Return on Assets Ratio provides a standard for evaluating how efficiently
financial management employs the average invested in the firms assets weather the
A how return on assets ratio indicates that the earning are low for the amount
of assets.
The return on assets ratio measures how efficiently profit are being generated
of business assets.
Total Assets
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Debts Equity Ratio
Debt equity ratio refers to the relationship of the long terms debts and the
these ratios. A long term lender wants to know about the status of outsiders Long
establishing this relationship one will come to know that at point of time how much is
the stake of owners as compared to those who have given long items loans.
Debts are long terms liabilities having maturity after one year. It includes
debenture, long term loans from bank and financial institution and public deposits.
Equity (also called shareholders fund) includes equity share capital, preference share
capital general reserve, capital reserves, securities premium account balance and all
other reserve and surplus available for equity share holder. For the computation of
equity, miscellaneous expenses and debit balance of profit and loss account, if any are
to be deducted.
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Proprietary Ratio:
between equity and total assets. It attempts to indicate the part of the total assets
Total Assets
Activity/turnover Ratio
These ratio helps in commenting on the efficiency of the firm in the managing
its assets. The speed with which asset are converted into sales is captured by activity
ratio. The activity of any business enterprise is reflected by the volume of sale it is
able to generate. All assets are used by the business in the guest of generation sales.
So one can comment on the efficiency of different assets in relation to sale generated
These ratio is calculated on the basis of cost of sale or sales. Therefore these
ratios are called as turnover ratio. The turnover indicates the sped or number of times
the capital employed have been related in the process or doing business. Higher
turnover ratio indicates the better use of capital or resources and in turn leads to
higher profitability.
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Inventory Turnover Ratio:
of production and sales. Inventory is of three types. i.e. raw material, work-in-
progress and finished goods. Raw materials and work in progress inventory is
maintained for the uninterrupted flow of production. Finish goods inventory is kept
also the likelihood of creeping the logistics bottleneck for unforeseen reason. We
usually maintain finished goods inventory. Inventory turnover ratio measure the
efficiency with which inventory has been converted into sales. The ratio could be put
like this.
Average Inventory
with the denominator. The numerator should also be a cost variable. Sales includes an
Average Inventory
The figure of cost of goods sold is not separately available in the published
account of Indian companies. The external analysts do not have an access to cost of
goods sold dat. So they use sales in the numerator. However management should use
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Debtors Turnover Ratio
Debtors turnover ratio measures the efficiency with which the debtors are
converted into cash the ratio indicates both of the quality of debtors and the collection
Average Debtors
The numerator of this ratio should be credit sale. These is so because the
denominator is logically related to the credit sale as it arises from credit sales only.
Cash sales do not generate debtors. However as the information related to credit sale
is not separately available in corporate accounts. So total sales could be taken in the
numerator. Average debtors are calculated by dividing the some of the beginning-of-
takes to get cash collected from the debtors in the following manner.
This ratio reflects the Efficiency in making payment to the creditors. Prudence
demands that one should not make payment to the creditors at a pace which is faster
than the pace of receiving the payments from debtors. So, normally we compare this
ratio will debtors turnover ratio is observe our pace of discharging payable apart from
observing this ratio over a period of time and in relation to over compactions.
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This ratio is indicates the relationship between credit purchase and average
Average Creditors
The creditor turnover ratio could be converted into the number of days by
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Chapter 3
ORGANIZATION PROFILE
efficiently managed, financially sound, and self sufficient and self made
has a turn over of Rest 5000/- Cores; BILT is one of the leading companies
The Thapar Group has a wide range of activities like paper, engineering,
etc.
There are 54 companies and 84 plants under this group. Some of the main
companies under this group are Crompton Greaves, K.C.T & Bros. Limited, JCT
Limited, BILT.
varieties of writing, printing and specialty papers etc. The company is also
Mills, has changed its name in March 1946 to Ballarpur Paper and Straw
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Board Mills and again it was changed to the present name in Oct. 1975. Since
acquisitions. In 1969 the company has merged Shree Gopal Paper Mills with
itself and the company which has acquired the Sinar Mass Pulp and Paper
The company which was one of the most diversified companies in the
(Phosphoric Acid, STPP, Chlor Alkalies), Vanaspati & Edible oils and Glass
has decided to focus on its core competence that is in paper and exit from its
non-core businesses. First major steps on these lines were initiated in the year
1994-95 with hiving off the glass business. Thereafter the company sold its
vanaspati and edible oils business in 1996-97. And in 1998, the chemical division
of the company with its plant at Karwar, Karnataka and which has interests in
Phosphates, Chlor Alkali and Bromine and Bromine Chemicals was spun of
Shree gopal, Ballarpur and Sewa by 105000 TPA. The Project will be
In the first phase, the capacity expansion of 35000 TPA and 28000 TPA
is planned over a two-year period from 2000-01 to 2002-03 for Units Sewa
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and Shree Gopal. In the second phase 42000 TPA of capacity is expected to
come on stream at Unit Ballarpur by 2003-04. During the year 2001-02, the
company has completed the up gradation of pulp mill at unit Sewa resulting in
increase in capacity by 37 tones from the earlier 125 tones of unbleached pulp
per day. The company has also completed the installation of a 2.4 meter wide
blade coater at Unit Shree Gopal in FY2001-02. BILT entered into strategic
alliance with Hansol of South Korea to provide world class blade coated paper
exploit the fractionation of bamboo and has applied for the world patent for
this process. It has also entered into direct retail distribution with the launch of
with BILT since 1986 when joined the company as Shop floor Management
Apprentice-Paper Mills and was instrumental in turning around BILT in the late
1990s.
3. Ashti, Maharastra.
4. Bhigwan, Maharashtra
5. Sewa, Orissa
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BILT - VISION
BILT MISSION
To Consistently out perform the expectation & deliver superior value to both
To achieve this we will energise our people with a positive culture that
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BILT CORE VALUES
Dealings.
Respect for Knowledge We will acquire & apply leading edge expertise
us.
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TOP ORGANISATION STRUCTURE
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DEPARTMENTS C.G.M
Administrative Department
2. Accounts Department
Head P.R. Secretary
3. Material Department
4. Sales Department
Head R &D Head Paper Head Pro. Head Engg.
5. Raw Material Department
Product Chem.
6. Traffic Department
3. Coating Plant
5. CSCP
Engineering Department
1. Electrical Engineering.
2. Mechanical Engineering
3. Civil Engine
4. Instrumentation Engineering
5. Power House
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AWARDS AND EXCELLENCE:
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Chapter 4
RESEARCH METHODOLOGY
PRIMARY RESEARCH
Primary data are those which are collected afresh and for the fresh time and
thus happen be original in characters. It collected from oral discussion with finance
SECONDARY RESEARCH
Secondary data means that the data are already available i:e they refer to the
data which have already been collected by someone else. Secondary data is collected
Methodology
The whole project is carried out under the supervision of Finance manager of
My project is based on the secondary data. And I have collected this data from
companys website and different reference books. All the quantitative work of
secondary data collected by me had been carried out on MS Excel. Because of the
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OBJECTIVES OF THE STUDY
1) To study and express the relationship between two values of the comparative
statement.
2) To study the various ratios to determine the relationship of different factor which
Scope
5) The study will be helpful to the financial advisors to determine financial position.
Limitation
contents.
5) The study is limited only for the academic purpose.
HYPOTHESIS
1) The study of ratio analysis play very important role to obtained financial data easily.
2) There is considerable increase in net sales compared to previous years sales.
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3) Company has strict control over total expenditure when compared with increase in
production.
4) There is considerable increase in earning per share.
5) The investment turnover ratio of the company is decreased in recent years.
STATISTICAL PROCESSING
1) Ratio Analysis
2) Tabulation of data
3) Line and pie graphs.
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Chapter 5
32
Net Current Assets 306.15 315.38 302.30
Miscellaneous Expenses 0.00 0.00 0.00
Total Assets 2,187.82 2,601.51 2,513.39
Contingent Liabilities 107.79 109.66 82.66
Book Value (Rs) 24.21 24.69 25.19
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Key Financial Ratios of Ballarpur Industries
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Financial Charges Coverage Ratio Post
4.65 3.46 4.36
Tax
Management Efficiency Ratios
Inventory Turnover Ratio 4.58 6.33 9.09
Debtors Turnover Ratio 4.57 4.71 4.97
Investments Turnover Ratio 4.58 6.33 9.09
Fixed Assets Turnover Ratio 0.69 0.70 0.70
Total Assets Turnover Ratio 0.51 0.43 0.43
Asset Turnover Ratio 0.46 0.43 0.45
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LIQUIDITY RATIO
Current Ratio
Current Liabilities
Year
Year 2013 Year 2011
2012
Current Ratio 1.55 1.50 1.47
1.56 1.55
1.54
1.52
1.5
1.5
1.48 1.47
1.46
1.44
1.42
Year 2013 Year 2012 Year 2011
Interpretation
Current ratio of the BGPPL in year 2013 is 1.55, in year 2012 it decreases to
The ratio indicates the coverage of current assets to the current liabilities. In
other words it indicates the proportion of current assets available for meeting the
current liabilities. Normally it should be 2:1. From above ratio we can determine that
Current Liabilities
1.18 1.17
1.16
1.14
1.12
1.1
1.1
1.08
1.06 1.05
1.04
1.02
1
0.98
Year 2013 Year 2012 Year 2011
Interpretation
The quick ratio of the company is 1.1 in year 2013 which is higher as
compared to that with year 2012 which is 1.05. But in year 2011 it was 1.17 highest
This ratio shows the liquidity position of the company. The graph shows that
the ratio changing year after year and shows high pick in year 2011. It means that the
company having a good liquid position, because the previous year liquidity ratio was
low.
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Capital Structure/ Solvency Ratio
0.7
0.61
0.6
0.52
0.5
0.4 0.38
0.3
0.2
0.1
0
Year 2013 Year 2012 Year 2011
Interpretation
Debt equity ratio of the company was 0.52 in year 2011, 0.61 in year 2012 and
The debts equity ratio is the important tools of financial analysis to appear the
financial structure of the firms. It has important implication from the view point of the
creditors, owners and the firms itself. The high ratio shows the large share of financial
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PROFITABILITY RATIOS
Operating Profit
11.26 15.14 17.91
Margin(%)
20
17.91
18
16 15.14
14
12 11.26
10
8
6
4
2
0
Year 2013 Year 2012 Year 2011
Interpretation:
Operating profit margin ratio of the company is decreasing every year i.e.
from year 2011 to 2013 because of the increase in expenditure of the company in
these years.
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Gross profit margin
Year
Year 2012 Year 2011
2013
Gross Profit Margin(%) 3.06 7.48 10.05
12
10.05
10
8 7.48
4 3.06
0
Year 2013 Year 2012 Year 2011
Interpretation:
Gross profit margin of the company is 10.05 in 2011, 7.48 in 2012 and 3.06 in
year 2013.
Along with the operating profit margin of the company gross profit margin is
also found to be decreasing in recent three years. i.e. from year 2011 to 2013.
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Cash profit margin
Year
Year 2012 Year 2011
2013
Cash Profit Margin(%) 8.76 9.99 12.89
14
12.89
12
9.99
10
8.76
8
0
Year 2013 Year 2012 Year 2011
Interpretation:
Cash profit margin ratio of the company is 12.89 in year 2011, 9.99 in year
Cash profit margin ratio is highest in year 2011 i.e. 12.89 and then it is goes on
decreasing every year and achieves lowest position in year 2012 i.e. 9.99 and 8.76 in
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Net profit margin
6
5.37
3 2.72
1 0.59
0
Year 2013 Year 2012 Year 2011
Interpretation:
Net profit margin of the company is goes on decreasing in every year i.e. it
was 5.37 in 2011 which was highest in recent three years and in year 2013 it is 0.59.
Company is loosing its net profit margin which is not sign for the company.
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MANAGEMENT EFFICIENCY RATIOS
Year
Year 2012 Year 2011
2013
Inventory Turnover
4.58 6.33 9.09
Ratio
9.09
10
9
8 6.33
7
6 4.58
5
4
3
2
1
0
Year 2013 Year 2012 Year 2011
Interpretation:
Inventory turnover ratio of the company was 9.09 in year 2011, 6.59 in year
Inventory turn over ratio is decreased in last three years. It is very 4.58 in year
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Debtors Turnover ratio
Year
Year 2012 Year 2011
2013
Debtors Turnover Ratio 4.57 4.71 4.97
4.97
4.9
4.71
4.8
4.7 4.57
4.6
4.5
4.4
4.3
Year 2013 Year 2012 Year 2011
Interpretation:
BGPPL is successful in maintaining its debtors turn over ratio this ratio was
4.97 in year 2011 which is highest and lowest in 2013 (4.57). But in last three years
i.e. 2011, 2012 and 2013 this ratio is some what constant. Which indicates sound
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Investment Turnover ratio
9.09
10
9
8 6.33
7
6 4.58
5
4
3
2
1
0
Year 2013 Year 2012 Year 2011
Interpretation:
The ratio was 9.09 in year 2011, 6.33 in year 2012 and 4.58 in year 2013.
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Asset Turnover ratio
0.46
0.46
0.45
0.46
0.45
0.45
0.44
0.43
0.44
0.43
0.43
0.42
0.42
Year 2013 Year 2012 Year 2011
Interpretation:
Asset turnover ration was 0.45 in year 2011, 0.43 in year 2012 and 0.46 in
year 2013.
Asset turnover ratio was very high in 2013 i.e. 0.46 which was good sign for
BGPPL but company maintained its good financial performance and achieves good
asset turnover in other three years which is very good sign for company.
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Earning per share ratio
0.89
0.9
0.8
0.7
0.6 0.46
0.5
0.4
0.3
0.1
0.2
0.1
0
Year 2013 Year 2012 Year 2011
Interpretation:
Earning per share of the company was 0.89 in year 2011m 0.46 in year 2012
Earning per share of the company gradually decreased every year which
shows poor share market position. Company have to improve its share market
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Chapter 6
Normally current ratio should be 2:1 but here current ratio is less than 2:1.
The liquid ratio shows that liquidity position of the company is changing year
We found that the overall performance of the company is not bad and
satisfactory.
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CONCLUSION
Ratios make the related information comparable. A single figure by itself has
interferences. Thus, ratios are relative figures reflecting the relationship between
related variables. Their use as tools of financial analysis involves their comparison as
single ratios, like absolute figures, are not of much use. Ratio analysis has a major
time. Decisions affecting product prices, per unit costs, volume or efficiency have an
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Financial ratios are essentially concerned with the identification of
significant accounting data relationships, which give the decision-maker insights into
The first task of financial analyst is to select the information relevant to the
decision under consideration from the total information contained in the financial
significant relationships. The final step is interpretation and drawing of inferences and
evaluation.
tool for analysis rather than as an end in itself. The reliability and significance
attached to ratios will largely hinge upon the quality of data on which they are based.
They are as good or as bad as the data itself. Nevertheless, they are an important tool
of financial analysis.
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SUGGESTIONS
performance.
Company should look after the current ratio of the company by increasing
Company should its working capital for the increase in further production of
the company.
Company should maintain the gross profit and return on assets because
fluctuating gross profit and return on assets may convey the bad impact on the
Company should increase the liquidity position to avoid the crisis which
comes suddenly.
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REFERENCES
BOOKS REFERED:
2) M.Y KHAN & P.K. JAIN; FINANCE MANAGEMENT;, Vikas Publishing House
New Delhi.
Publisher
5) Jain, S.P, & Narang, K.L, Advance cost & Management Accounting, Kalyani
Publisher, Ludhiana,
6) Ravi M. Kishore; Financial Management 7th edition; Taxmans
7) C.R. Kothari, Research Methodology, Methods & Techniques; 2nd revised
MAGAZINES:
1) Money Mantra Vol. 207; Kesar Singh, Kesar Singh Pearls News Network Pvt. Ltd.
Websites
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2) http://www.onlineijra.com/catogery/english%20research
%20paper/WORKING_CAPITAL_FINANCING_BY_BANKS.pdf
3) http://sbioak.org/BANKING%20EBOOKS/Management%20of%20working
%20capital%20loan.pdf)
4) http://.bilt.com/aboutus.htm
5) http://bilt.com/awards.htm
6) http://moneycontrol.com/bilt/balancesheet.htm
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8) http://gbr.sagepub.com/content/8/2/335.abstract?patientinform-
links=yes&legid=spgbr;8/2/335
9) http://www.iif.edu/data/fi/journal/Fi103/FI103Art6.PDF
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