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J.J.C.E.T. Sanchalit N.R.Vekariya
MBA collegeBilkha Road, Junagadh 362 001.
This is to certify that Mr. Uddip J. Thumbar, the student of
J.J.C.E.T. Sanchalit N.R.Vekariya MBA College Junagadh, SIP
(Summer
Internship Programme), has undergone his training in Topsun
Energy
Ltd. Gandhinagar. Undergone my guidance, in subject of Ratio
Analysis for the duration of 45 days. He is contributed his own
efforts.
Date:-
Place:- Junagadh
Project Guide Director
Prof. Kinjal D. Vaghasiya Mr. Rajesh Patel
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DeclarationHere, I under signed Uddip J. Thumbar studying in MBA
Semester
3rd
, at J.J.C.E.T. Sanchalit N.R.Vekariya MBA college Junagadh. I
havetaken the training at Topsun Energy Ltd. Gandhinagar under
the
subject ofRatio Analysis. I have taken this training with
dedication and
hard work and all the possible efforts are taken by me.
Before today myself, neither the student have prepared the
report
with containing all the information as far as the finance is
concern.
Date:-
Place:- Junagadh.
Uddip J. Thumbar,
Enrollment No.:- 097360592015
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PrefaceAs a part of our academic study, we the student of MBA
are required
to under gone training for 45 days in industry, in order to
obtain thepractical knowledge and broader overviews regarding
various factors of
finance.
This study programme plays a vital role in the development
of
management student. The theoretical knowledge is not enough
for
management student to know various angles of business units.
Industrial
understanding plays the vital role to develop the practical view
of studentand also making them aware about the problems,
opportunities and
situation of industrial units.
The industrial training of Topsun Energy Ltd. Gandhinagar
produce to be a golden opportunities for me to enrich the
knowledge by
comparing theoretical with managerial skill and application.
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AcknowledgementIt is a great pleasure for me to introduce the
report before you, which
I have prepared with lots of interest and enthusiasm, after
being undergonea training at Topsun Energy Ltd. Gandhinagar.
I am very much thankful to all managerial authorities of the
unit who
gave me good response and co-operation along with a friendly
environment
to work in. I am especially thankful to my guide and H.R.
manager of
company. I am also very thankful to the director of the company
who give
me the permission to take my industrial training in his precious
unit. And Ialso very thankful to my guide Prof. Kinjal D. Vaghasiya
and our honorable
director Mr. Rajesh Patel.
And at last how can I forget my friends and family members
who
always stood beside me in any circumstances.
s
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Index
Sr. No. Particulars Page No.
1. Executive Summary 2
2. Introduction of Company 5
3. Literature Review 29
4. Research Methodology 31
5. Ratio Analysis 36
6. Findings 74
7. Conclusion 76
8. Contribution & Learning from the study 78
9. Bibliography 80
10. Annexure 82
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Executive Summary
As per rules of Gujarat Technological University, a student of
MBA isto do a final project in any organization for the practical
completion of the
MBA program. I got golden chance to work with the Topsun Energy
Ltd.
Situated at Gandhinagar.
During my summer internship programme I have gone through
the
financial matters ofTopsun Energy Ltd. And I have prepared the
report
on financial analysis with help of Ratio Analysis
Techniques.
During the summer internship programme I have gone through
financial data and after scrutinizing them a have given my
recommendations. I have found that profitability of the company
is
increasing at very good rate. The company has to watch out for
its operating
expenses to improve its profitability.
The company is enjoying great liquid position in both the
years.
Earning per share has also increased for the company. So,
company is
maintaining the liquidity with profitability.
The company has reduced the collection period from 74 days to
64
days. But still it needs more reduction, as the average
collection period is
preferred to be 45 days. By reducing the collection period
company can
reduce its working capital requirement.
The company has got great potentials in the financial growth.
The
company needs to effectively utilize the funds available to it.
In particular
company needs to concentrate on managing current asset and
reducing the
collection period and operating expense of the company.
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General Information
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Contents
Sr. No. Particulars Page No.
1. Introduction of Company 5
2. Vision of Company 8
3. Mission of Company 9
4. Establishment of Company 10
5. Raw material used by company 126. Manufacturing Facilities
14
7. Contribution of Company 16
8. Strength of Company 22
9. Product Detail 25
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1. Introduction of CompanyHistory & Overview:-
Topsun Energy Ltd. is a part of fast growing profit making
Vimal
Group. Group had started first unit manufacturing Electronic
products in
year 1972 with major business area in Power & Distribution
products,
transformers, Boosters, Digital Panel Meters, Inverters,
submersible Pumps
and Capacitors. The group has achieved the turnover of more than
1000Cr
INR in 2007. In the year 1995, they took the opportunity and
have
expanded their business with graceful entry in the field of
solar photovoltaic
products. They have maintained their consistent growth till date
by valuing
customers and running ahead of the latest technologies through
their
strong innovative efforts.
Topsun Energy Ltd. provides the complete Performance
Spectrum
in regard to generate power from sunlight, From the initial
planning phases
through to delivering fully functional turnkey solar solutions.
Their
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solutions will meet any kind of unique needs. Their
determination remains
to ensure that their customers, partners and end users are
entirely satisfied
with the range of solutions that they will deliver. The Company
is trying to
complement the PV industries by their efficient photovoltaic
(PV) solutions.From both an economic and environmental viewpoint.
The reality is that
solar power technology is a convincing form of power technology
and the
company is trying to go together with their latest technology
solution.
Board of Directors:-
There for entire management of company managed by Board of
Directors. All important decision is taken by the Board of
Director.
Topsun Energy Ltd. has following members in his Board of
Director:-
Ravi Patel Chairman
Bipin Majumdar Managing Director
K. Raja Whole Time Director
Nagpal Munjee Director
N.S.Raghavan Director
D.E.Udwadia Director
A.K.Gupta Director
B.Y. Mehta Director
Paresh Patel Director
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Organization Structure:-
Authority and responsibility are the essentials elements on
which type of
organization depends but there are other elements also like
function,
communication etc.
- Line Organization.- Line and Staff Organization.- Matrix
Organization.- Functional Organization.- Committee
Organization.
From above given all type of organization Topsun Energy Ltd.
Has
adopted Line Organization.
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2. Vision of Company
"To Manufacture Solar Photovoltaic Modules of the
International Quality to compete and explore the growing
needs of Solar Market worldwide.They will enjoy command of the
market with a predominant sales
presence and a complex portfolio of the products and brands of
renowned
quality. They wish to promote the generation and diffusion of
knowledge in
commercial, technologies and administrative areas. They will
select and
train their personals and associates in order to attend the
required goal.
They will offer them very best opportunities for
development.
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3. Mission of Company
Topsun Energy Ltd. intends to develop and market Solar
Photovoltaic Modules in various standard and non-standard
dimensions,
based on mono/multi crystalline solar cells. These panels will
be used in
standard applications, solar based solutions, Off-Grid, and
Hybrid & Grid
Tie SPV power plants and in energy-efficient buildings (aiming
at zero
emission buildings).
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4. Establishment of Company
Topsun Energy Ltd. is meeting the emerging and fast
growing demands of Solar Photovoltaic in India as well as rest
of the world.
They are manufacturing the Solar Photovoltaic Modules with the
basic plant
capacity of 40 MWp per year to be expandable up to 70 MWp by
2010 year.
The plant is being established with latest technology, semi
automatic ultra
modern and highly sophisticated equipments and quality control
facilitiesto ensure the Solar Modules of International
Standards.
They have our own Research and Development facilities for
future
developments in Solar Solution efficiency as well as high
efficient solar
photovoltaic panel technology with the balance of systems. A
spirit of
innovation, speed and extreme reliability of their team forms
the very
satisfactory product for the customer.
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Topsun Energy Ltd. is located at Gandhinagar Electronics
Zone,
the capital city of Gujarat. Gandhinagar Industrial Estate is
near to the
Electronics SEZ and the complete area is now the hub for
electronics
industry. Their manufacturing plant is also located in
Gandhinagar,Gujarat, India.
They have their highly competent and focused technical team
and
their state-of-the-art research and development center at their
plant office
in Gandhinagar, Gujarat, India. Their team never stays behind in
taking
new challenges and helped to increase their market share by
adding their
expertise and latest technology.
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5. Raw material used by Company
Following are the list of raw material which would used by
thecompany.
Adhesive TapeTape yellow LohmaanTransparent TapeAluminum
ChannelCharge ControllerFanLug BatteryPlug PinGlassInter
ConnectJunction BoxCarete PlasticsClipStretch FilmThermocol
SheetWireSolar AccessoriesSolar CellPacking Material
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Supplier of Raw material:-
Solar Cells - Moserbaer Photo Voltaic Ltd.Glass - Allied Glasses
Pvt. Ltd.Junction Box - Ningbo Shujia International Trading Co.
Ltd.Other material - Local market.
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6. Manufacturing Facility
They have fully integrated Solar Module Manufacturing
facilities and Solar Electronics. Manufacturing facility is
based upon the
lamination technology for terrestrial use using glass as super
state and
includes complete steps for production from full solar cells as
well as cut
solar cells for power. They have latest technological production
facilities for
solar module manufacturing from the highest module range up to
225 MWp
with basic annual production capacity of 40 MWp. Topsun Energy
Ltd.
have the installed production capacity of 40MWp per annum and
producing
solar modules ranging from 10W to 225W with up to 300 units per
day per
shift. The facilities will enhance the capacity up to 70 MWp by
2010 with
minimum expansion.
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They have the facilities for streamlined production with
prime aim of achieving production to full install and balanced
capacity with
rejections at international levels with final product yield @
98.5%. They
have standard quality control facilities and introduced
procedures and
documentations with aim to produce modules qualified for Indian
and
international standards.
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7. Contribution of CompanyIn the forest, tribal community, hilly
scattered community, salty
sea shores, deserts, village, town, cities during
earthquakes,
storms, floods through government projects, co-operatives,
institutes,
ngos high volume, time bound. Topsun Energy Ltd. has established
its
product, project, installation and service capability in all
possible areas.
1. MW Power Plant:
Topsun Energy Ltd. has experience and capability, deployed
SolarPower plant in major sectors. Topsun Energy Ltd. came up
with
Innovative solution on power plant for Stand alone, Hybrid &
Grid
connected. The Power Plant ranges from 3kw to 60kw & 1MW to
20MW.
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2. Communications:
Topsun Energy Ltd. has wide experience in providing reliable
and
economical solar electric systems for remote power
solutions.
These systems can be utilized during daytime directly on the
power from the solar panels or with battery backup for the use
24 X 7
throughout the year. Typical applications powered by solar
electricity
include microwave repeater towers, base stations, VSATs, and
WLL
telecommunication systems.
3. Rural Development:
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Topsun Energy Ltd. has developed, supplied and installed
thousands of these systems to serve remote locations and improve
quality of
life. Individuals & professional organizations are
increasingly turning to
solar electricity for lighting homes, pumping clean drinking
water,refrigerating vaccines, schools, hospitals. Also has new
application as solar
fencing in villages and farms to protect valued crops from
animals.
4. Solar Power Plants in Milk Co-Operatives:
During the 90s, India has White Revolution in the field of
milk unions through NBDB under the great leadership of Dr.
Curion. This has not only brought together the people at village
level and
start activities on co-operative basis. Milk co-operative
societies have been
established at each village. These societies are using
computerized milk
collection system. Co-operatives were helpless to utilize the
advance
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computerized milk collection systems during poor power quality
and power
failures.
Topsun Energy Ltd. has played a key role in providing solar
based
power pack solution for these co-operatives and provided
continuous
power facilities for their requirement. System had average
payback
calculations of 6 to 7 years and also helped them a lot in
cutting down the
maintenance cost of computer systems which was high enough due
to
power fluctuations through conventional grid supply. These
systems are
still active and working even after 8 years.
5. Government/Defense:
Topsun Energy Ltd. has penetrated its various solar solutions
into
the community through various governments demonstration
andawareness programs. They have worked with government
departments
to provide solar power solutions for special power needs.
Their
special feature solutions have application in defense
establishment to provide remote power solutions to gunnery
ranges, naval tracking stations and small telecom repeater
systems.
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6. Oil & Gas:
Stand alone solar power is a logical solution for the remote
energy needs of the oil and gas industry. Topsun Energy Ltd. has
almost
all range of solutions for delivering reliable,
cost-effective
electricity for pipeline monitoring, telemetry, offshore
drilling rigs, and
catholic protection.
7. Lighting products / Remote Home Systems:
Solar Lighting solutions are ideal for those who choose to
live beyond the reach of conventional electric power. Solar
Lanterns, Solar Home Lights and Solar Street lights are the
basic solutions
for this segment. These products are available in Compact
fluorescent
lamps and LED lamps as well. Easy to install, virtually
maintenance free,
long life and individual use has made these range of products
most suitable
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for most of the government programs of rural electrifications
worldwide.
These systems can be delivered fully integrated for ground
mounting or installed on a rooftop or stand-alone structure.
These are widely used in remote tribal and forest helmets
andcommunities.
8. Solar Lanterns Through World Bank Eco-Development
Project :
Gir Forest India the only home for Asiatic Lions. There are
many scattered community inside the Gir Forest living in
dark
since many years. Government of India has declared this as a
national park
and was unable to provide basic living amenities through
conventional
sources merely for the genuine cause of saving the only home of
Asiatic
lions and forest.
These people were living in dark due to Government of India
and World Bank has jointly worked out the project under eco
development work and TopSun Energy Ltd. has joined hands to
transform the lives of thousands living in the Gir forest by
providing Solar
lanterns to households and changed the living standards of the
isolated
communities and their children.
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8. Strength of Company
Manufacturing:-
Topsun Energy Ltd. has the facilities for streamlined
production
with prime aim of achieving production to full install and
balanced capacity
with rejections at international levels with final product yield
@ 98%.
They have standard quality control facilities and
introduced procedures and documentations with aim to
produce Solar modules to qualify for Indian and international
standards. At
Topsun Energy Ltd. their production and technical department is
highly
concerned for the quality and adopted QA procedures right from
solar cell
selection to the final product. INCREASE MANUFACTURING
CAPACITY
Our manufacturing, research & development, delivery and
technical support team of solar modules are based at their
Indian facilities in Ahmedabad, Gujarat, where they have a plant
area of
approximately 1500 square meters. This plant contains the
capacity of
40MW solar panel manufacturing. They have ongoing development
plan so
they expect 70MW total plant capacity by March 2010.
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Quality Control:-
Their quality control was set up according to the qualitysystem
requirements of ISO 9001:2000. Their quality control consists
of
three components: incoming inspections, through which they
ensure the
quality of the raw materials that they source from third
parties,
in-process quality control of their manufacturing processes, and
output
quality control of finished products through inspection and by
conducting
reliability and other tests. They have received international
certifications for
their quality assurance programs, including ISO 9001:2000,
which they believe demonstrates their technological capabilities
as well as
instill customer confidence.
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Research & Development:-
Their Research & Development Team efforts are towards
the
improving our solar panel manufacturing capability and new
DEVELOPMENT TO DRIVE TECHNOLOGY. They have their own
Research & Development facilities to develop new solutions
and
applications for the utmost requirement and satisfactions of
customers.
Their skilled and hardworking Research and Development team ever
staysbehind in taking new challenges and help to increase their
market share by
adding new features and looks to their products.
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9. Product DetailsProduct Overview:-
Topsun Energy Ltd. Solar panels with their high power
density,
refined appearance, best efficiency and premium quality
materials are used in both grid-connected and off-grid solution
of various
applications. Their Shine Series high power, state-of-the-art
solar panels
ranging from 10W to 225W designed specifically for residential
or
commercial applications. Their solar panel is been assemble
either by
monocrystalline or multicrystalline cells, depending on the
customer need.
Their solar panels offer the end-user superior performance
and complete peace of mind while providing the utmost in
installation flexibility. They are currently working on a range
of significant
International and national projects from Nodal agencies, OEMs
industry,
energy providers & auditors, Indian Government, engineering
and planning
companies, NGO s, architectures and co-operatives.
The variation in power output is based on the conversion
efficiency
of the cells used in their solar modules, as well as the types
of cells. They
also design and produce solar modules based on their
customer's
specifications. Their solar modules are sealed, weatherproof and
able to
withstand high levels of ultraviolet radiation and moisture.
They sell our
modules under our own brand.
Following are the various products of Company:-Solar Shelter
Light:-
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Solar Home System:-
Solar Street Light:-
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Solar Telecom:-
Solar Village Electrification :-
1. Solar CFL Lantern:-
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2. Solar Water Pumps:-
3. Solar Air Cooler:-
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LiteratureReview
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Literature Review
The Renewable Energy World Network provides
industry-leadingmagazines to keep pace with rapid, ever-increasing
thirst for in-depth,
targeted renewable energy information.
With 25,000 subscribers, Renewable Energy World North
America
serves the renewable energy industry, including power generating
utilities,
local or central governments, energy advisory or planning
agencies,
manufacturers of complete renewable energy systems, research or
training
establishments, aid agencies, large energy users, companies
involved
directly in renewable, owners/managers of renewable energy
sites,
consultants in renewable energy and other industries allied to
the field.
Photovoltaic World is the premier source for solar
photovoltaic
manufacturing. Each issue provides a timely first look at the
latest
technologies of the photovoltaic/solar cell industry with topics
such as solar
packaging technologies, solar materials, solar equipment,
solar
manufacturing. Process, solar product applications, and other
issues
important to professionals in the business of solar
manufacturing.
Hydro Review's goal is to provide readers with reliable,
relevant
information on the issues and challenges encountered in the
hydroindustry. Hydro Review offers practical, useful information,
helpful
examples, and constructive guidance from experts. The
information readers
receive helps promote and sustain the important role of
hydroelectric power
in North America.
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ResearchMethodology
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Research Methodology Introduction:-
Research is an intensive and purposeful search for knowing
andunderstanding of social and physical phenomena. Research is a
scientific
activity undertaken to establish something, a fact, a theory, a
principal, or
an application. It is an activity. Research in common parlance
refers to a
search for knowledge. Research is defined by many experts. Some
of the
definitions are as follows:-
(1) According to Clifford Woody:- ,Research comprises
definingand redefining of the problems, formulating the hypothesis
or suggested,
solution, collection, organizing and evaluating the data, making
deductions
and reaching conclusions, and at last carefully listing the
conclusion to
determine whether they fit the formulating hypothesis.
(2) According to Redman and Mary: - , Research is a
systematizedeffort to gain new knowledge.
Research is thus an original contribution to the existing stock
of
knowledge making for its advancement. Following are the main
characteristics of research:-
(1) Research is a systematic inquiry.(2) Research is an
investigation into a subject or a special field of
knowledge.
(3) Research is undertaken to establish facts or principles.(4)
Research is an original contribution to the existing stock of
knowledge making for its investment.
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Research is done for various purposes. But the main purpose
of
research is to discover the answers to the questions through
the
applications of the scientific procedures. The purpose of
research is to find
out truth which is hidden and which has not been discovered so
far.Following are the some of the purpose of doing the research
work.
(1) To gain familiarity with a phenomenon or to achieve
newinsights into it.
(2) To portray accurately the characteristics of the
particularindividual situation or a group.
(3) To determine the frequency with which something occurs
orwhich it is associated with something else.
(4) To test a hypothesis of a causal relationship between
variables.Research Methodology is a way to systematically solve the
research
problem. It is necessary for the researcher to know not only the
research
techniques but also the methodology. It is necessary for the
researchers to
design his methodology for his problem as the some may differ
from
problem to problem. It may be understood as a science of
studying how
research is done scientifically. It has many dimensions. The
scope of
research methodology is wider than that of research methods.
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Objective of ResearchThe objective of the research should be
stated. There refers to the
question to which the researcher proposes to seek answers
through theresearch. The objectives stated should be very clear.
The objective for
instance, may be stated as under.
To identify the factors that influence. To study the nature of
relation between. To identify the causes.
The primary objectives:-
To study out the main source from where company recruit
andselection skilled employees.
To select eligible employees with great skill through
successfulrecruitment process.
Secondary objectives:-
Reducing the time gap between recruitment and selection process
toget maximum output from the employees.
To find out right people at right time to convert the expenses
done onrecruitment and selection process into revenue.
Recruit and select candidate who have sense of belongingness
andready to work in critical conditions with hard work.
To create strong relation during the recruitment and selection
processso that candidate can feel comfortable to work with the
organization.
Try to find out maximum skilled candidates through recruitment
andselection process.
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Sources of DataThere are two types of sources by which I collect
all the information
and data for preparation of this Project Report.
PRIMARY SOURCES:-
The data, which is collected at the present situation by keeping
in
mind the objectives of the study. Primary data is collected
through:
Personal visit to the company and discussion withcompany
personnel.
SECONDARY SOURCES:
The data, which is already made available in the company and
is
collected in the past for some other purpose but now, can be
used.
Referring Books Referring Annual Report of the Company.
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Ratio Analysis
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Contents
Sr. No. Particulars Page No.
1. Theory of Financial Analysis 38
2. Meaning of Ratio Analysis 45
3. Objectives of Ratio Analysis 46
4. Uses of Ratio Analysis 46
5. Classification of Ratio 47
6. Importance/Uses of Ratio Analysis 48
7. Limitation/Problem of Ratio Analysis 49
8. Calculation of Ratio 51
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1. Theory of Financial AnalysisMeaning of Financial
Statement:-
A financial statement is an organized collection of data
according to
logical and consistent accounting procedures. Its purpose is to
convey an
understanding of some financial aspects of a business firm. It
may show a
position at a moment of time as in the case of a balance sheet,
or may reveal
a series of activities over a given period of time, as in the
case of an income
statement.
Thus, the term FINANCIAL STATEMENT generally refers to two
basic statements:
1)The Income Statement2) The Balance Sheet
Of course, a business may also prepare
3) A Statement of Retained Earnings
4) A Statement of changes in Financial Position in Addition
to the above two Statement
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The meaning and significance of each of these statements is
being
explained below:
Financial Statement
Income Balance Statement Statement of
Statement Sheet of Retained Changes inEarning Financial
Statement
The above we show the various types of the financial
statements
which are generally used in every business. In the above
statements thewhole are followed by any firm for knowing the real
situation of the
financial position of the firm.
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Analysis & Interpretation of Financial Statement:-
Financial Statements are indication of two significant
factors:-
1)Profitability2)Financial Soundness
Analysis and interpretation of financial statements, therefore,
refers
to such a treatment of the information contained in the income
statement
and the balance sheet so as to afford full diagnosis of the
profitability and
financial soundness of the business.
A distinction here can be made between the two terms
1)Analysis2)Interpretation
The term Analysis means methodical classification of the data
given
in the financial statements. The figures given in the financial
statements
will not help one unless they are put in a simplified form.
However, both Analysis and Interpretation are complementary
to
each other. Interpretation requires Analysis, while Analysis is
useless
without Interpretation.
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Techniques of Financial Analysis:-
A financial analysis can adopt one or more of the following
techniques/tools of financial analysis.
Financial Analysis Techniques
Comparative Common size CashFinancial Financial Trend Fund flow
flow CVP Ratio
Statement Statement Percentage Analysis Analysis Analysis
Analysis
Comparative Financial Statement:-Comparative financial
statements are those statements, which have
been designed in a way so as to provide time perspective to
the
consideration of various elements of financial position,
embodies in such
statements. In these statements figures for two or more periods
are placed
side by side to facilitate comparison.
Both, the income statement and balance sheet can be prepared in
the
form comparative financial statement.
1) Comparative Income Statement:-The income statement disclosed
Net Profit or Net Loss on account of
operations. A comparative income statement will show the
absolute figures
for two or more periods, the absolute change from one period to
another
and, if desired, the change in terms of percentages. Since the
figures for two
or more periods are shown side by side, the reader can quickly
ascertain
whether sales have increased or decreased, whether cost of sales
has
increased or decreased etc. thus, only a reading of data
included in
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Comparative Income Statements will be helpful in deriving
meaningful
conclusion.
2) Comparative Balance Sheet:-Comparative Balance Sheet as on
two or more different dates can be
used for comparing assets and liabilities and findings out any
increase or
decrease in those items. Thus, while in a single Balance Sheet
the emphasis
is on present position, it is on change in the comparative
balance sheet.
Such a balance sheet is very useful in studying the trends in an
enterprise.
Common Size Financial Statement:-Common size Financial
Statements are those in which figures
reported are converted into percentages to some common base. In
the
Income Statement the sale figure is assumed to be 100 and all
figures are
expressed as a percentage of this total.
Trend Percentage:-Trend percentages are immediately helpful in
making a comparative
study of the financial statements for several years. The method
of
calculating trend percentages involves the calculation of
percentage
relationship that each item bears to the same items in the base
year. Any
year may be taken as the base year. It is usually the earliest
year. Any year
may be taken as the base year. It is usually the earliest year.
Any intervening
year may be taken as the base year. Each item of base year is
taken as 100
and on that basis the percentages also be taken as index number
showing
relative changes in the financial data resulting with the
passage of time.
The method of trend percentages is a usual analytical device for
the
management since by substituting percentages for large amounts,
the
brevity and readability. However, trend percentages are not
calculated for
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all of the items in the financial statements they are usually
calculated only
for the major items since the purpose is to highlight important
changes.
Fund Flow Analysis:-Find flow analysis has become an important
tool in the analytical kit
of financial analysis, credit granting institutions and
financial managers.
This is because the balance sheet of business reveals its
financial status at a
particular point of time. It does not sharply focus those major
financial
transactions, which have been behind the balance sheet
changes.
Fund flow analysis reveals the changes in working capital
position. It
tells about the source from which the working capital was used.
It brings
out in open the changes, which have taken place behind the
balance sheet.
Working capital being the life-blood of the business, such an
analysis is
extremely useful. The technique and the procedure involved in
funds flow
analysis have been discussed in detail later in the book.
Cost Volume Profit Analysis:-Cost volume profit analysis is an
important tool of profit planning. It
studies the relationship between cost, volume of production,
sales and
profit. Of course, it is not strictly a technique used for
analysis of financial
statements. However, it is an important tool for the management
for
decision making since the data is provided by both cost and
financial
records. It tells the volume of sales at which the firms will
break-even, the
effect on profit on account of variation in output, selling
price and cost, and
finally, the quantity to be produced and sold to reach the
target profit level.
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Ratio Analysis:-This is the most important tool available to
finance analysis for their
work. An accounting ratio shows the relationship in mathematical
terms
between two interrelated accounting figures. The figures have to
beinterrelated because no useful purpose will be served if ratios
are calculated
between two figures, which are not at all related to each other,
e.g. sales and
discount on issue of debentures.
A financial analyst may calculate different accounting ratios
for
different purposes.
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2. Meaning of RatioAccounting ratio gives a skilled and
experience analyst, a better
understanding of the financial condition and performance of the
firm thanwhat he could have obtained only through a perusal of
financial statement.
Ratios are relationship between expressed in mathematical
terms
between figures, which are connected with each other in some
manner.
Obviously, no purpose will be served by comparing two sets of
figures,
which are not at all connected with each other. Moreover,
absolute figures
are also unfit for comparison.
Ratios can be Expressed in Two Ways:-
1) Times: -When one value is divided by another, the unit used
to express
the quotient is termed as Times.
2) Percentage: - If the quotient obtained is multiplied by 100,
the unit of
expression is termed as Percentage.
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3. Objectives of Ratio AnalysisFollowing are the main objectives
of the ratio analysis. Because of
these objectives the ratio analysis is made by any
organization.
Standardize financial information for comparisons.Evaluate
current operations.Compare performance with past
performance.Compare performance against other firms or industry
standards.Study the efficiency of operations.Study the risk of
operations.
4. Uses of Ratio AnalysisThe following are the main uses of the
ratio analysis.
Evaluate Bank Loan Applications.Evaluate Customers
Creditworthiness.Assess Potential Merger Candidates.Analyze
Internal Management Control.Analyze and Compare Investment
opportunities.
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5. Classification of RatioRatios can be classified into
different categories depending upon the
basis of classification.
The traditional classification has been on the basis of the
financial
statement to which the determinants of a ratio belong. On this
basis the
ratio could be classified as:
Accounting Ratio
Traditional Ratio Functional Ratio
P&L A/C B/S Composite Profitability Coverage Turnover
Financial
Ratio Ratio Ratio Ratio Ratio Ratio Ratio
Liquidity Stability
Ratio Ratio
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6. Importance/Uses of Ratio AnalysisThe following is the uses of
the Ratio Analysis:-
Profitability:-Useful information about the trend of
profitability is available from
profitability ratios. The Gross Profit Ratio, Net Profit Ratio
and Ratio of
Return on Investment get an idea about overall efficiency of
manager and
bank as well as other creditors draw useful conclusion about
repaying
capacity of borrowers.
Liquidity:-In fact the uses of ratio are excellent guide to
measure the efficiency of
managers. The Current Ratio, Acid test Ratio and Liquid Ratio
will tell
whether the business will be able to meet its current
liabilities and when
they mature.
Inter Firm Comparison:-The absolute ratio of a firm is not much
useful unless they are
compared with similar ratios of other firm belonging to the same
industry.
Indicate Trend:-The ratio of last three to five years will
indicate the trend in the
respective field. It helps to compare the position of the
company at different
years.
Useful for Budgetary Control:-Regular budgetary controls are
prepared in a business where the
system of budgetary control is in use.
Efficiency:-The turnover ratio is excellent guide to measure the
efficiency of
managers. All such ratio related to sales present the good
picture of the
success or otherwise of business.
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7. Limitation of Accounting Ratios Comparative Study
Required:-Ratios are useful in judging the efficiency of the
business only when
they compared with the past results of the business or with the
results of a
similar business. However, such a comparison only provided a
glimpse of
the past performance and forecasts for future may not be correct
since
several other factors like market conditions, management
policies etc. affect
the future operations.
Limitations of Financial Business:-Ratios are based only on the
information, which has been recorded
in the financial statement. And financial statement suffer from
a number of
limitations, the ratios derived there from, therefore are also
subject to those
limitations.
Ratio alone are not Adequate:-Ratios are only indicators; they
cannot be taken as final regarding
good or bad financial position of the business. Other things
have also to be
seen.
Window Dressing:-The term window dressing means manipulation of
accounts in a way
so as to conceal vital facts and present the financial
statements in a way toshow a better position than what it actually
is. On account of such a
situation, presence of a particulars ratio may be definite
indicators of a good
or bad management.
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Problem of price level change:-Financial analysis based on
accounting ratios will give misleading
results if the effects of changes in the price level are not
taken into account.
No fixed standards:-
No fixed standards can be laid down for ideal ratios.
Ratios are a composite of many figures:-Ratios are a composite
of many different figures. Some cover a time
period, others are at an instant of time while still others are
only average.
Many of the figures used in to ratio analysis are no more
meaningful. A
balance sheet figures shows the balance of the account at one
moment
particular moment only. It certainly not representative of
typical balance
during the year.
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CalculationofRatios
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8. Calculation of RatiosProfitability Ratio:
(1). Gross Profit Ratio:-
It is an expressing relationship between Gross profits earned to
net
sales. It is useful indication of the profitability of the
business. If this ratio is
low, it indicates that the cost of sales is high or purchasing
is insufficient. In
such case the management must investing the causes and try to
bring up
this ratio.
Gross ProfitGross Profit Ratio = X 100
Net Sales
2403.972010 = X 100
8815.40
= 27.27%
1460.332009 = X 100
7670.69
= 19.04%
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Interpretation of Gross Profit Ratio:-Gross Profit ratio or the
company is increased by 8% in the
comparision of the last year. Gross Profit Ratio shows better
profitability of
the company. A ratio of the 27.27% & 19.04% shows that for a
sale of every
Rs.100 a margin of Rs. 19.04 & 27.27 respectively.
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2009 2010
Gross Profit Ratio
Gross Profit Ratio
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(2). Net Profit Ratio:-
This ratio is unlikeble for the purpose of ascertaining the
overall
profitability of business and shows the efficiency or otherwise
of operating
the business. It is the reverse of the operating ratio.
Generally this ratio iscomputed on the basis of net profit earned
from operation of business and
non-operating expenses and income are excluded.
Net Profit after sales
Net Profit Ratio = X 100Net Sales
2266.282010 = X 100
8467.42
= 26.76%
1395.922009 = X 100
7294.79
= 19.14%
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Interpretation of Net Profit Ratio:-
Out of sales of Rs. 100 for 2009 & 2010 the net profit is
Rs. 19.14 &Rs. 26.76 respectively. Net Profit Ratio shows that
the net profit of the
company is increased in the comparison of the last year. Net
Profit ratio
shows the profit after deducting the expenses of the
company.
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
2009 2010
Net Profit Ratio
Net Profit Ratio
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(3). Operating Ratio:-
It is a ratio showing relationship between costs of goods sold
plus
operating expenses to net sales. It shows the efficiency of the
management.
The higher the ratio, the less will be the margin available to
proprietors.
Cost of goods sold + Operating ExpensesOperating Ratio = X
100
Net Sales
3480.85 + 3689.092010 = X 100
8815.40
= 70%
3262.23 + 2452.452009 = X 100
7670.69
= 74%
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Interpretation of Operating Ratio:-
Out of sales Rs. 100 for 2009, & 2010 the net profit is Rs.
19.14 & Rs.
26.76 respectively. Operating Ratio shows that the net profit of
the
company is increased in the comparison of the last year.
Operating Ratio
shows the profit after deducting the expenses of the
company.
67%
68%
69%
70%
71%
72%
73%
74%
75%
2009 2010
Operating Ratio
Operating Ratio
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Balance Sheet Ratio:
(1). Current Ratio:-
This most widely used ratio shows the proportion of current
assets to
current liabilities. It is also known as WORKING CAPITAL RATIO
as it is a
measure of working capital available at a particular time. It is
a measure of
short term finance strength of business and shows whether the
business will
be able to meet its current liabilities as and when they mature,
means that a
liability that will mature within a period of 12 months is
current liabilities.
Current AssetsCurrent Ratio = X 100
Current Liabilities
10888.892010 = X 100
2371.66
= 4.59 Times
4858.8132009 = X 100
1814.71
= 2.68 Times
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Interpretation of Current Ratio:-
The standard for current ratio is 2:1, whereas the same for
this
company for 2009 & 2010 respectively is 2.68:1, &
4.59:1. This figure shows
that, for every 1 Rs of current liabilities of the company, the
company has
the assets of Rs. 4.59 & Rs. 2.68 in the year 2010 &
2009 respectively.
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2009 2010
Current Ratio
Current Ratio
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(2). Liquid Ratio:-
A variant of current ratio is the liquid or quick ratio, which
is designed
to show the amount of cash reality liquid able available to meet
immediate
payment. It is obtained by dividing the liquidated assets by
liquid liabilities.Liquid assets are obtained by deducting stock
from current assets. And
liquid liabilities are obtained by deducting bank overdraft from
current
liabilities.
Liquid AssetsLiquid Ratio =
Liquid Liabilities
10888.89 893.842010 =
2371.66
= 4.21 Times
4858.13 903.672009 =
1814.71
= 2.18 Times
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Interpretation of Liquid Ratio:-
Liquid Ratio presents a very comfortable liquid position. The
liquidratio of 2009 & 2010 is 2.1 times & 4.21 times
respectively. Liquid Ratio
shows that company has Rs. 2.18 & Rs. 4.21 liquid assets for
the year 2009
& 2010 respectively to meet the liquid liabilities of Rs. 1.
The working
capitals are much then present requirement. This should be used
to prompt
payment to creditors and benefits of lower price and cash
discount should
be obtained.
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2009 2010
Liquid Ratio
Liquid Ratio
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(3). Debt Equity Ratio:-
This ratio is only another form of proprietary ratio and
established
relationship between the outside long term liabilities and
owners funds its
shows the proportion of long term external equity and internal
equities. i.eproportional of fund provided by long term creditors
and that provided by
share holders or proprietors.
Secured Loan + Unsecured Loan
Debt Equity Ratio = Equity Share Capital
3331.68 + 4832.232010 =
544.98
= 14.98 Times
2961.78 + 48.152009 =
362.96
= 8.29 Times
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Interpretation of Debt Equity Ratio:-
The above calculated ratio suggests that for every Rs. 100
shareholders fund for 2009 & 2010, the long term debt
respectively 829 &
1498. The higher ratio means that outsider have a large claim
than the
owners of the business. The pressure from outsider would
increase and a
difference will also increase.
0
2
4
6
8
10
12
14
16
2009 2010
Debt Equity Ratio
Debt Equity Ratio
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Composite Ratio
(1). Return on Capital Employed:-
It is an index of profitability of business and is obtained by
comparing
net profit with capital employed. The ratio is normally
expressed in the
percentage. The term capital employed includes general reserve
and long
terms debts such as debtors. It must be remember that in this
ratio net
profit is before deducting interest and tax.
Net profit before Interest & TaxReturn on Capital Employed
Ratio = X 100
Capital Employed
2403.972010 = X 100
8163.91
= 29.45%
1460.332009 = X 100
3009.93
= 48.52%
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Interpretation of Return on Capital Employed Ratio:-
Return on Capital Employed Ratio obtained by comparing
earning
before interest and tax with capital employed. It means if we
employ Rs.
100 of capital then on it how much we get back. Return on
Capital
Employed Ratio shows the profitability of the business. In 2009
company
has earned Rs. 48.52, whereas in 2010 it earns Rs. 29.45. it
indicates in the
earning.
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
2009 2010
Return on Capital Employed
Return on Capital Employed
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(2). Return on Share Holders Fund:-
In order to judge the efficiency with which the proprietors
funds are
employed in business, this ratio is ascertained proprietors
equity or
proprietors funds includes share capital and reserves. It is of
great practical
importance to the prospective investors, as it enables the
profitability of a
company to be compared with that of another company. It also
indicates
whether the return on proprietors fund is enough in relation to
the risk that
they undertake.
Net ProfitReturn on Share Holders Fund Ratio = X 100
Share Holders Fund
2077.772010 = X 100
6206.2
= 33.48%
1333.592009 = X 100
4733.19
= 28.18%
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Interpretation of Return on Shareholders Fund Ratio:-
Interpretation of Return on Shareholders Fund Ratio increased
by
5% in the comparison of the last year this shows the increase in
the profit ofthe company.
25.00%
26.00%
27.00%
28.00%
29.00%
30.00%
31.00%
32.00%
33.00%
34.00%
2009 2010
Return on Shareholder's Fund
Return on Shareholder's Fund
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(3). Earning Per Share:-
Earning per share measure the profit available to the equity
holders
per share. That is to say that how much they can get per
share.
Earning Before Interest & TaxEarning Per Share Ratio =
No. Of Equity Share
2077.77
2010 = 109
= Rs. 19.06
1333.572009=
73
= Rs. 37.04
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Interpretation of Earning Per Share Ratio:-
Earning per Share Ratio shows that the income for each equity
shares.
That means we employed one equity share of the company than we
got Rs.19.06 approximately on one share. Here earning per share is
Rs. 19.06,
which is low, than the comparison of the last year that was Rs.
37.04, so we
can say that the trend is decreasing but the ratio is
satisfactory because the
equity share of the company is Rs. 10 only.
0
5
10
15
20
25
30
35
40
2009 2010
Earning per Share
Earning per Share
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(4). Debtors Turn Over Ratio:-
The ratio shows the number of days taken to collect the days of
credit
sales. It shows the efficiency or otherwise of the collection
policy of the
enterprise. The ratio is compute by dividing the amount of
debtors and bills
receivable by the average credit sales
.
Debtors + Bills ReceivableDebtors Turn Over Ratio = X 365
Credit Sales
1443.792010= X 365
8467.42
= 62 Days
1468.372009 = X 365
7294.79
= 74 Days
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Interpretation of Debtors Turn Over Ratio:-
The amount of credit sale is collected in the year 2009 in 74
days,
while in 2010; this is collected in 64 days. While the average
collection
period of the company is 45 days. This indicates slow collection
department
which required corrective measure.
56
58
60
62
64
66
68
70
72
74
76
2009 2010
Debtors Turn over Ratio
Debtors Turn over Ratio
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(5). Fixed Assets Turn Over Ratio:-
To ascertain the efficiency and profitability of business, the
total fixed
assets are compared to sales. The more the sale in relation to
the amount
invested in fixed assets, the more efficient is the use of fixed
assets it
indicates higher efficiency. If the sales are less as compared
to investment
in fixed assets, it means that fixed assets are not advantage
utilized in
business.
Net Sales
Fixed Assets Turn Over Ratio =Fixes Assets
7671.212010 =
2023.76
= 3.79 Time
7432.942009 =
1857.56
= 4 Time
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Interpretation of Fixed Assets Turn Over Ratio:-
In the year 2009 the ratio is 4 times that means the turnover of
fixed
assets is low. In the year 2010 the turnover of fixed assets is
3.79 times i.e.
increasing compared to 2009.
3.65
3.7
3.75
3.8
3.85
3.9
3.95
4
4.05
2009 2010
Fixed Assete turn over Ratio
Fixed Assete turn over Ratio
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Findings
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FindingsIn the Topsun Energy Ltd. I deal with the financial
analysis of the
company. From the calculation of the ratios I find out the below
mentionthings.
The ratio shows that the profit of the company is increased
inthe comparison of the last year. The net profit of the company
is
increased by 7%. It shows the good profitability of the
company.
Each and every ratio presents the growth of the company.Through
the earning per share is decreased in the comparison of the
last year but its because of the issue of the bonus shares. But
then
also the earning per share is satisfactory. Its Rs. 19 Per share
while the
nominal value is only Rs. 10 per share.
Current assets available to the company are more than
therequirement. This mentioned that the working capital of the
company
is much more than the requirement.
But the debtors collection period is not according to
therequirements. The preferable time is 45 days while company gives
62
days to the debtors.
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Conclusion
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ConclusionFrom the analysis of the financial statement through
the ratio
analysis, I can conclude that the profitability of the company
is very good.
All the calculate ratios shows the good profitability and good
management
of working capital, assets as well liabilities also.
Through the debtors turnover ratio is low but its not adversely
affect
the companys profit. And has needed to concentrate more on the
domestic
marketing more.
Company has the specialty division also and planning for the
multinational business also. So from these points we can say
that the future
of the multinational business also. So from these points we can
say that
future of the company is very bright.
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Contribution&LearningFromThe Study
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Contribution & Learning of the Study
Organization gave me the precious opportunity for preparation
of
project. Benefit to organization is the topic which includes how
my study is
beneficial to the organization.
My research study is a ratio analysis which shows that the
financial position of the company and also helpful to the
company for
taking various financial decisions. My research work is also
helpful to mefor my understanding the real practical knowledge. My
research work
shows various ratios that shows the various analysis of
financial statement
and shows the various condition of finance.
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Bibliography
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Bibliography
www.topsunenergy.comwww.google.co.inBooks of Advance
AccountancyFinancial AccountingAnnual Report of Topsun
EnergyLtd.
http://www.topsunenergy.com/http://www.google.co.in/http://www.google.co.in/http://www.topsunenergy.com/
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Annexure
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AnnexureStatement of Profit & Loss A/C
Profit & Loss A/C of Topsun Energy Ltd. For the year ended
on 31-03-2010.
Particulars
As on
31-03-2010
As on
31-03-2009
Income:
Sales & services
Less: Excise duty
Other income
Expenditure:
Materials consumed & purchased of goodsIncrease/decrease in
inventory
Operating & other expenses
Depreciation
Financing Cost
Profit Before Tax:
Provision for Tax:
Current
Deferred
8815.40
(347.98)
8467.42
167.05
8634.47
3399.0781.78
2689.09
184.06
(123.50)
6230.50
2403.97
(187.35)
(138.85)
7670.69
(375.90)
7294.79
13.27
7308.06
3223.8838.35
2452.45
160.76
(27.71)
5847.73
1460.33
(103.00)
(23.74)
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Net Profit After Tax:
Profit & Loss A/C (Opening Balance)
Profit available for Appropriation:
Appropriation:
Proposed dividend on equity shares
Tax on Dividend
Transfer to general Dividend
Profit & Loss A/C (Closing Balance)
2077.77
188.51
2266.28
545.75
71.32
1400.00
249.21
2268.28
1333.59
62.33
1395.92
272.50
34.91
900.00
188.51
1395.92
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Balance SheetBalance sheet of Topsun Energy Ltd. As on
31-03-2010.
Particulars As on
31-03-2010
As on
31-03-2009
Source of Fund:
Share Holders fund:
Share capital
Equity share capital
Reserved & Surplus
Loan Fund:
Secured loan
Unsecured loan
Differed Tax Liability
Application of Fund:
Fixed Assets
Gross block
Accumulated Depreciation
Net Block
Capital work-in-progress & Advances
Investment
544.98
5661.22
6206.20
3331.68
4832.23
8163.91
505.9514876.06
4083.49
(981.02)
3102.47
1504.74
4607.21
1751.62
362.96
4370.23
4733.19
2961.78
48.15
3009.93
367.108110.22
2828.85
(805.09)
2023.76
1495.24
3519.00
1547.82
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Current Assets, Loans & Advances:
InventoriesSundry Debtors
Cash & Bank balance
Loan & Advance to Subsidiaries
Loans & Advances to Others
Current Liabilities & Provisions
Net Current Assets
893.841443.79
6690.89
1195.30
665.07
10888.89
(2371.66)
8517.23
14876.06
903.671468.37
1474.26
681.40
330.43
4858.13
(1814.71)
3043.42
8110.22
