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"Financial Analysis of Kajaria Ceramics LTD": Master of Business Administration (MBA)
"Financial Analysis of Kajaria Ceramics LTD": Master of Business Administration (MBA)
ON
Of
Submitted To:
Submitted By:
Lecturer-
D.A.M.S. College
CERTIFICATE
This is certify that Mr. Syed Mohd Ziya worked during the period w.e.f.
15.07.2010 to 14.08.2010 on the development of the project Financial analysis of
Kajaria Ceramics Limited, in the partial fulfillment of the requirement for the
degree of MBA (Master of Business Administration) under my guidance &
supervision. To the best of my knowledge, the matter represented in this project is
a bonafide & genuine piece of work.
During her association with the project I found him to be sincere &
motivated individual. He has shown keen interest in this project & him conduct
was excellent.
I wish him all success in his career.
Place:
Date: 25-8-2010
Rajesh Sharma
ASST. GEN. MANAGER
(P & A)
Kajaria Ceramics Ltd. Sikandrabad
Guided by:
Mr. Rajesh Sharma
ASST. GEN. MANAGER
(P & A)
Kajaria Ceramics Ltd. Sikandrabad
DECLARATION
I, SYED MOHD ZIYA, S/O Mr. SYED SHAKEEL AHAMED is a bonafied
student of M.B.A. at DAYANAND ACADEMY OF MANAGEMENT STUDIES.
My enrollment number is 0904870089. I hereby declare that present summer
internship report titled Account of assets is my original work. I conducted this
study at KAJARIA CERAMICS LTD. SIKANDRABAD during 15july, 2010 to
14 Aug, 2010. This report has not been submitted earlier either with DAYANAND
ACADEMY OF MANAGEMENT STUDIES and any other educational
organization as an essential requirement for the award of any Diploma/ Degree.
Date- 17/Aug/2010
PREFACE
Someone has rightly said that practical knowledge is far better than
classroom teaching. During this project I fully realized this and I came to
know about how a retailer chooses among a varied range of products
available to him.
ACKNOWLEDGEMENT
I acknowledge my deep sense of gratitude for giving me this opportunity to
undergo my project with Kajaria Ceramics Ltd. At this moment of successful
completion of the project, I would like to express my sincere thankfulness and
indebtedness to all those who extended their kind help by spending their precious
time in explaining the various intricacies of the subject and suggesting the correct
approach to me.
To start with I would like to thank not once but twice Mr.Ashok Kajaria
(Chairman) and Mr. Rishi kajaria (M.D.) whose contribution to the project is
beyond my capacity of expression.
I would like to thank Mr. ARUN LATH (GM), Mr. ANIL PRABHAKAR
(AGM A/C), & Mr. Deepak Gupta (Dpt. MGR), who had been my project guide
for their understanding, gracious and constructive advice which played a major in
completion of this project.
At
last
but
not
least
would
also
like
to
thanks
performing our work. This Project has been a great learning outcome for me and
without his help it would not have possible for me to this project.
CONTENTS
INTRODUCTION OF K.C.L
1.
KCL - AN OVERVIEW
Company profile
Marketing pattern
Companys business mission & objectives
Board of directors
KCL contribution in India
Bankers
Major competitors
Technician collaborations
Internal control system
2.
AWARDS WON
3.
4.
POLICIES ADOPTED
Quality policy (ISO 9001:2000)
Environmental policy (ISO 14001)
Health & safety policy (OHSAS) ISO 18001
Social accountability policy
5.
6.
MANUFACTURING PROCESS
7.
8.
9.
10.
11.
FINANCIAL ANALYSIS
Introduction
Objective of Study
Types of Financial Analysis
Utility of Financial Analysis
Financial Ratios & Utility
12.
13.
CLASSIFICATION OF RATIOS
Traditional Classification
Functional Classification
Classification According To Nature
Classification According To Importance
14.
CONCLUSTION
15.
RECOMMENDATIONS
LIST OF CHARTS
Chart.1
Chart.2
Chart.3
Chart.4
Turnover (Sales)
Net Profit
Capacity
Production
EXECUTIVE SUMMARY
Kajaria Ceramics Limited, FMCG with a turnover of Rs.766.75 crore
manufacturing and selling ceramic Floor & Wall Tiles under the brand name
"Kajaria". It is the first tile company in India accredited with ISO 9002
Certification and recipient of one of the Global Growth company award from the
"World Economics Forum". The company has its corporate office at New Delhi
and Regional offices at Ahmedabad, Bangalore, Calcutta, Mumbai and Chennai.
Today kajaria is a well established name in the corporate world. From a modest
beginning of 3,000 sq.mts per day, the company today produces over 33,000
sq.mts of tiles every day, clearly demonstrating Kajarias growing strength over the
years and also indicating rising customer preference for the brand. Manufacturing,
standards, technology user trends, competitiveness, customer preference all have
played a vital role in shaping Kajaria success story. Besides this, the company
enjoys a reputation of rendering products that's at par with international standards.
Within 11 years of operation, Kajaria has moved very close to its vision of
becoming a leader worldwide. Kajaria Ceramics has grown at a breathtaking pace
during the last decade in turnover, profits and foreign earnings. With the new plant
at Bhiwadi, Rajasthan becoming fully operational, it has almost doubled its
capacity from 80,000 TPA 1, 50,000 TPA. The first plant in Sikandrabad U.P.
already has the distinction of always producing over 100% of its capacity.
7
Kajaria has always been alert to changing market trends and preferences, by
producing tiles in myriad designs and colours. Infect Malaria is the only tile
company in the country to have an impressive range of over 400 designs with a
many as 50 different variation in Group 5 category, demonstrating out commitment
towards
customer
satisfaction.
Kajaria
also
continued
to
improve
its
A huge force of sub dealers cover and breadth of the country. The
tremendous advantage from this marketing strength has been the easy access to and
availability of Kajaria's entire of the customers. In addition, the vast range and
choice enables customers to select their own designs and create their own
individual combinations in exclusive preferences and tastes.
10
expanded its capacity at its existing location for floor tiles twice during 1990-91
and 91-92 by 14,000 MT each taking its floor tile capacity 40,000 TPA. In 199394, the company added Wall Tile capacity of 20,000 TPA with Monoporosa
technology which was expanded to 40,000 TPA in 1995-96. The company set up a
green field Plant at Village Gailpur (Rajasthan) of 70,000 MT capacity for the
manufacture of Monocuttra Wall tiles in March, 1998. The company carried out
the modernization of its existing Plant at Sikandrabad in January, 99, which has
resulted increase in capacity from 80,000 MT to 90,000 MT and enhancing the life
of the Plant. The total present capacity of the company is 170,000 MT.
is the first ceramic tile company in India and may be 5th in the world accredited
with ISO 9002 certification for its quality system. During the year the company
has also been accredited with the ISO 14001 certification for the Environmental
Management System for manufacturing Ceramic Tiles. The company is the No. 1
preferred company for ceramic tiles in India. The company has also been given
OHSAS 18001 certificate by M/s. TUV Suddeutschland, Germany. The Certificate
has been given for the commitment of the company for fulfilling international
standards in Occupational Health and Safety Management System - Specification.
Kajaria Ceramics is the first ceramic tile company in the world to get this
certification.
Kajaria has an all India network of 600 dealers. Kajaria is selling 80% of its
products to the retail consumer and 20% to the projects.
has franchised exclusive tile Shoppe & tile galleria on all India bases. It displays the
mock bathroom & kitchen with various combinations of tiles. It helps in selection of
the product/ design for the floor & walls. These also have customer support staff,
which advises on sizes, combinations & laying techniques.
The company has opened 11 retail European styled showrooms located in
various parts of the country. Kajaria Ceramics has also opened a showroom in
Melbourne, Australia.
The company is the largest exporter of ceramic tiles from India and accounts
for 40% of total exports of ceramic tiles from India. The Companys exports are
mainly to Australia, Sri Lanka, Bahrain, UAE, Saudi Arabia and Oman. The
12
company has won 7 exports award including the National Export award given in
May 2000.
The company has closed the Financial Year 2009-10 with a turnover of Rs
7667.54 million as against the turnover of Rs 6911.99 million in the corresponding
financial year. The turnover is high mainly because of increase in demand in
domestic market, effective cost control measures, better cash management and
reduction in the interest rate. The company has closed the turnover of the 1st
quarter of 2009-10 is 1598.8 million which ends on 30th of June.
13
MARKETING PATTERN
14
company utilizes its capabilities and resources to expand the business into
allied areas and other priority sectors of the economy like housing projects etc
BUSINESS OBJECTIVES
*****************************
GROWTH
Expectations to ensure a steady growth by enhancing the competitive edge
of Kajaria Ceramics Ltd.
PROFITABILITY
To provide a reasonable and adequate return on capital employed, primarily
through improvements in operational efficiency, capacity utilization, productivity
and generate adequate internal resources to finance the companys growth.
15
CUSTOMER FOCUS
To build a high degree of customer confidence by providing increased value
for his money through international standards of product quality, performance and
superior services through dealer network.
PEOPLE ORIENTATION
To enable each employee to achieve his potential, improve his capabilities,
perceive his role and responsibilities and participate and contribute positively to
the growth and success of the company. To invest in human resources continuously
and be alive to their needs.
TECHNOLOGY
Achieve technological excellence in operations by development of
indigenous technologies and efficient absorption and adaptations of imported
technologies to suit business need and priorities and provide the competitive
advantage to the company.
IMAGE
To fulfill and the comply the relevant legislation regulations and the
expectations which employees, customers and the country at large have from
Kajaria Ceramics Ltd.
16
BOARD OF DIRECTOR
(As on 15.07.2010)
Mr. A. K. Kajaria
Mr. D. D. Rishi
Mr. R. P. Goyal
Mr. D. P. Bagchi
Mr. R. K. Bhargava
Mr. R. R. Bagri
Mr. Chetan Kajaria
Mr. Rishi Kajaria
Mr. R. C. Rawat
17
: Chairman
: Chairman
Mr. A. K. Kajaria
Mr. D. D. Rishi
Remuneration Committee
Mr. A. K. Kajaria
: Chairman
: Chairman
18
CORPORATION OFFICE
J-1/B-1 (Extn.), Mohan Co-operative Industrial Estate,
(Opp. Badarpur Thermal Power Station), Mathura Road,
New Delhi 110 044, India.
Phone: 26946409, Fax: 91-11-26946407, 26949544
Email: newdelhi@kajariaceramics.com
Website: http://www.kajariaceramics.com
REGIONAL OFFICE
MUMBAI : No.201-208, Bonanza, 2nd Floor, Shri Mathura das Vasanji
Road, (Andheri Kurla Road), J.B. Nagar, Andheri (East), Mumbai-400 059
Phone: 28203506, 28203507, Fax: 28203509,
Email: mum@kajariaceramics.com
19
AHMEDABAD:
202, Anand Mangal-II, behind Femina Town, C.G.Road, Navrangpura,
Ahmedabad.
Phone: 26465515, 26465516 Fax: 26566669
Email: ahm@kajariaceramics.com
CHENNAI:
28, North Usman Road, T.Nagar, Chennai-600 017
Phone: 28144323, 28144324 Fax: 28144323
Email: chn@kajariaceramics.com
COCHIN:
No.52, 2nd Floor, North Square, Paramara Temple road, Ernakulum, Kerala.
Phone: 2396433, 2393364 Fax: 2396433
Email: coc@kajariaceramics.com
REGISTERED OFFICE
A-27 & 28, Industrial Area, Sikandrabad, (Distt) Bulandshahr [UP]
Phone: (05735) 222819,222393, 223353 Fax: (05735) 222140
Email: skdgmw@kajariaceramics.com, skdaccts@kajariaceramics.com
skd@kajariaceramics.com
20
MANUFACTURING UNITS
Fax ;( 05735)-222140
21
BANKERS: -
22
Name of organization
State
NITCO
MAHARASHTRA
H & R JOHNSON
MAHARASHTRA MP, KA
SOMANY PILKINGTONS
HR, GJ
SPARTEK CERAMICS
ANDHRA PRADESH
BELL CERAMICS
GJ, KA
REGENCY CERAMICS
ANDHRA PRADESH
REGMA CERAMICS
TAMIL NADU
SAINTINY CERAMICS
ANDHRA PRADESH
SUNEARTH CERAMICS
MAHARASHTRA
ORIENT CERAMICS
UTTER PRADESH
ANANTRAJ INDUSTRIES
HARYANA
SAVANA TILES
GUJARAT
MURUDESHWER CERAMICS
KARNATAKA
EURO CERAMICS
GUJARAT
GUJARAT
23
TECHNICAL COLLABORATIONS
PRODUCT
COLLABORATIONS
CERAMIC GLAZED
WALL & FLOOR
24
The Company has well defined its internal controls in all areas of its
operations.
25
AWARDS WON
the
status
of
consumers
"Super
Brand.
and
consistently
winning
the
Export
Awards.
26
STRENGTHS
Low cost Producer of quality tiles. Flexible manufacturing set-up for longer
uniformity of product and comprising to international standards fully adaptation,
absorption of technology.
27
OPPORTUNITIES
Strong distribution network across the country and overseas market. With focus on
retail marketing to build and establish exclusive showrooms across the country and
overseas markets.
Using innovative display and communicating to customers through
exhibitions and trade shows for consistent brand building efforts.
Nurturing and cultivating highly skilled human work force by motivating
and rewarding them.
THREATS
The Company is continuously on the path to over come any threats arising
from imports / competition amongst the tile manufacturers by making the product
more competitive in terms of price and quality, which has been possible by
reducing the input costs and providing more value added items with dynamic range
of designs and colours.
28
QUALITY POLICY
(ISO 9001:2000)
29
30
Promoting Safety & Health awareness among all employees, suppliers and
contractors.
31
Committed to:
32
PRODUCT
SIZE
INSTALLED CAPACITY
FLOOR TILES
300 x 300 MM
395 x 395 MM
9700000 M2
400 x 400 MM
WALL TILES
200 X 200 MM
200 X 300 MM
8300000 M2
250 X400 MM
33
PRODUCT DEVELOPMENT
34
MANUFACTURING PROCESS
Ceramic Floor Tile is mainly consists of two parts i.e. Body and Glaze.
Body is a mixture of triaxial body i.e. made of three different and distinguishable
Raw materials viz:
through belt conveyor for Glaze application. Glazing is done in two coatings either
spraying by Disc or by campana depending upon the required surface followed by
screen printing and dry powder application as per design requirement.
The Glazed Tiles are automatically loaded in the box car and then transferred to
the track for roller hearth kiln feeding. At the kiln entry tiles are unloaded and fed
into the kiln in pre-determined firing cycle and temperature. The firing temperature
is in the range between 1130 to 1160 Deg.Cent. Depending upon the firing cycle.
At the kiln exit, the fired tiles are loaded in the box car and transferred to the
sorting section for selection. In Sorting Section, tiles are sorted as First, Second
and Utility depending upon the visible faults and packed in corrugated boxes and
sent to B.S.R. for dispatches.
Glaze material such as Quartz, Alumina, China Clay & Ball Clay
Frit
Zirconium
36
37
(2)
The Company is able to reduce the cost of raw material, fuel & spare cost.
Several new orders have been received by the Company due to this R&D in
the area of special purpose of laying wall & floor tiles.
The product has become more effective and preferable to all type of
consumers due to its products availability in wide range of floor & wall tiles.
(3)
The Company has always been a leader in producing special effect Wall &
Floor Tiles that shares the advantage of existing market scenario.
Introduction of special effect of Wall & Floor tiles in larger sizes and
offering new look completely different from other manufacturers.
Up-gradation and obtain the technique for producing the extra ordinary tiles
which would be staining resistance and excellent quality.
38
(4)
39
Expenditure on (R&D)
(Rs.in Million)
2009-2010
Capital
2008-2009
--
--
Recurring
0.82
0.20
Total
0.82
0.20
0.011
0.003
40
The performance of the Company for the past years (since beginning) has
been shown graphically.
41
TURNOVER CHART
(Rs. In Million)
'09-10
7667.54
'08-09
6911.99
'07-08
5289.07
'06-07
4368.03
'05-06
3517.92
'04-05
3003.96
'03-04
2491.8
'02-03
2102.4
'01-02
2278.4
YEAR
00-01
2359.3
99-00
2450.8
98-99
1939.4
97-98
1362.2
96-97
1302.1
95-96
1184.8
94-95
730.9
93-94
487.3
92-93
457
91-92
358.6
90-91
251.6
89-90
152.1
88-89
68.3
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
88- 89- 90- 91- 92- 93- 94- 95- 96- 97- 98- 99- 00- '01- '02- '03- '04- '05- '06- '07- '08- '0989 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10
(Rs. In Million) 68.3 152 252 359 457 487 731 1185 1302 13621939 2451 23592278 2102 24923004 3518 43685289 6912 7668
TURNOVER Rs. IN Million
42
NET PROFIT
(Rs. In Million)
'09-10
358.52
89.01
'08-09
'07-08
150.23
'06-07
76.73
'05-06
281.71
254.88
'04-05
'03-04
135.4
'02-03
99.3
'01-02
26.3
YEAR
00-01
68.3
99-00
110.6
98-99
67.5
97-98
148.3
96-97
201.9
95-96
210.2
94-95
129.5
93-94
86
92-93
53
91-92
40.4
90-91
25.6
89-90
7.4
88-89
0.1
0
50
88-89
(Rs. In M illion)
0. 1
100
150
200
250
300
350
400
89-90 90-91 91-92 92-93 93-94 94-95 95-96 96-97 97-98 98-99 99-00 00-01 '01-02 '02-03 '03-04 '04-05 '05-06 '06-07 '07-08 '08-09 '0 9-10
7.4
25. 6
40.4
53
86
129. 5 210.2
201. 9 148.3
67.5
110.6
68.3
26. 3
99. 3
43
CAPACITY CHART
2010
238000
2009
170000
2008
2007
2006
2005
2004
150000
2003
2002
2001
YEAR
2000
1999
1998
1997
90000
1996
1995
80000
1994
60000
1993
1992
40000
1991
1990
26000
1989
1988
12000.000
50000
100000
150000
200000
250000
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
M Tonne
1200
2600
4000
6000 8000
9000
2E+0
2E+0 2E+0
44
PRODUCTION CHART
GLPR
SKBD
2003
54642
63208
2002
76198
2001
76417
72409
1999
YEAR
90682
74599
2000
92817
81696
2063
1998
91028
1997
84793
1996
80713
1995
56667
1994
40675
1993
40038
1992
32420
1991
25167
1990
15156
1989
8809
0
20000
1991
1992
40000
1993
1994
1995
60000
1996
1997
80000
2000
2001
100000
1989
1990
8809
15156 25167 32420 40038 40675 56667 80713 84793 91028 81696 92817 90682 97910 54642
GLPR
SKBD
97910
1998
1999
2002
2063
120000
2003
45
AGM (A/C)
MR. ANIL PARABHAKAR
46
47
BALANCE SHEET
BALANCE SHEET
AS ON 31 MARCH 2010
PARTICULARS
SCHEDULES
(Rs in Millions)
2009-10 2008-09
SOURCES OF FUNDS :
Shareholder Funds:
Share Capital
Reserves & Surplus
1
2
147.17
1746.23
1893.40
147.17
1473.51
1620.68
Loan Funds
Secured Loans
Unsecured Loans
3
4
2588.28
40.00
2628.28
548.52
5070.20
2926.67
325.00
3251.67
534.55
5406.90
5435.46
1987.57
3447.89
25.43
3473.32
5014.92
1738.39
3276.53
--------3276.53
33.94
33.94
8
9
10
11
1402.55
773.21
44.91
755.76
2976.43
1384.57
678.04
78.87
826.82
2968.30
12
13
1197.69
215.80
1413.49
1562.94
5070.20
829.85
42.02
871.87
2096.43
5406.90
Investments
Current Assets, Loans & Advances
Inventory
Sundry Debtors
Cash and Bank Balance
Loans & Advances
(A)
Less : Current Liabilities & Provisions
Current Liabilities
Provisions
(B)
Net Current Assets
(A-B)
Total Assets..
48
SCHEDULES
INCOME :
Sales (Gross)
Less: Excise Duty On sales
(Rs in Millions)
2009-10 2008-09
7667.54
312.18
7355.36
8.24
2.75
7366.35
6911.99
263.16
6648.83
9.96
-109.47
6549.32
4811.17
612.84
51.63
298.78
435.21
375.24
267.06
6851.93
4,485.61
504.87
46.67
240.94
311.97
582.42
249.37
6421.85
514.42
127.47
Provisions for:
Income Tax
Fringe Benefit Tax
Deferred Tax
Income Tax/Wealth Tax Adjustment
130.00
--13.97
11.93
16.80
8.00
12.55
1.13
358.52
819.03
1,177.55
88.99
728.51
817.50
73.58
12.22
100.00
-2.40
14.72
2.50
----18.75
994.15
1,177.55
4.87
819.52
817.50
1.21
Other Income
Increase / decrease in stocks
14
15
EXPENDITURE :
Material Manufacturing & Other Expenses
Salaries, Wages and Amenities
Repairs and Maintenance
Administrative & Other Expenses
Selling & Distribution Expenses
Financial Charges
Depreciation
Appropriation
Proposed Dividend on Equity Shares
Corporate Dividend Tax
Transfer to General Reserve
Transfer from Debenture Redemption Reserve
Surplus carried Over
Basic/Diluted Earnings per share (Rs.)
16
17
18
19
20
21
49
22
50
Introduction
51
52
53
Graphical representation
Financial Analysis
Internal
External
Horizontal
Vertical
Analysis
Analysis
Analysis
Analysis
54
55
56
(2) To Compare Different Industries: Every industry has its own unique
set of operating and financial characteristics. These can be identified with the help
of ratios.
57
With the help of ratios we can determine the ability of the firms to meet its
current-obligation.
Overall operating efficiency and performance of the firm.
Efficiency with which firms is utilizing its various assets in generating
sales Revenue.
Ratios help in inter-firm and intra-firm comparison.
They help in determining the financial strength by highlighting the
liquidity.
They are useful in comparison of performance.
They are also useful in forecasting purpose.
58
59
INTRODUCTION
The ever changing, external & internal environment in which the organization
operates to achieve its goal has often leaded to change in the financial structure of
the firm. This change may be in the assets structure, capital structure or any other
such type of the change have often been found out of bring changes in the liquidity
position, level of activity & profitability of organization.
60
Wall, one of the foremost proponents of ratio analysis, pointed out that, in
order to get a complete picture, it is necessary to consider relationship in financial
statement other than that of current assets to current liabilities relationship that
might be measured quantitatively and used as checks on current ratio. Since then,
comprehensive analysis by means of calculation of a series rapidly became all the
range.
Based upon their wide range of requirement the general trend is of going for
the financial ratio analysis, which is also considered to be the most effective one
capable of giving detailed & accurate information, more detailed & accurate than
any other type of financial analysis.
Financial ratio analysis is an arithmetic relationship between two figures.
Financial ratio analysis is a study of ratio between various items of groups of
items in financial statement. It also based upon various financial ratios, which are
calculated from the data provided in companys balance sheet & profit and loss
account.
As per I.M. Pandey Financial ratio in the relationship between two
accounting figures, expressed mathematically .
In addition to the analysis based on current year financial ratio comparison
with previous year help us in establishing various methods. Which are further
helpful in predicting the future of the concern as well as present financial situation?
61
Detailed analysis is also a part of this report, which is based upon various
ratios calculated & various trends seen. Each & every ratio has been analyzed
briefly & adequately followed by various inferences & suffusions based on this
analysis, which is beneficial for the Top-level Management in the better financial
control & planning for future.
This report is just a part of feedback to the Top-level Management for the
various plans they made regarding allocation of financial resources etc, which were
implemented, in the current financial year.
This report can give a deep insight into various matters if any implementation
of the plans for achieving the objective of the firms.
Various other factors are there which limit the accuracy & correctness of the
report. Even then a great effort has been kind of analysis & interpretation on
personal level.
62
NATURE
For evaluating the financial position & performance of the firm. The relationship
between two accounting figures, expressed mathematically, is known as a financial
ratio.
liquidity & vice-versa. The point to be note is that a ratio reflecting a quantitative
relationship helps to form qualitative judgments. Such is the nature of all financial
ratios.
63
To the financial executives : The first party interested in the financial statements
analysis is the finance department of the business concern itself to the financial
managers such analysis provides a deep insight into the financial condition of the
enterprises and the view of the past performance which helps in future decision
making. The financial statements give vital information concerning the position of
the enterprise as well the result of the operations.
To the top management: The top management of the concern is also increase in
the analysis of these statements because it helps them reaching conclusions
regarding:
Performance appraisal of overall business activities.
Enquire about current financial position and long-term strategic planning.
Queries concerning the relationship of earning to trends in sales etc.
Queries concerning the relationship of earning to investment.
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To the creditors:
To the investors and others: Investors presents as well as prospects are also
interested in the measurement of earning capacity of the securities. Investors have
been increasingly concerned with the cash generation capability of an enterprise,
primarily in term of the flexibility available to such enterprise to acquire other
business and new assets on an advantage basis for Thai purpose.
65
ADVANTAGES OF RATIOS
The ratio analysis is one of the most powerful tools of financial analysis. It is use
as a device to analysis and interprets the financial health of enterprise. Just like a
doctor examines his conclusion regarding the illness and before giving his
treatment, a financial analyst analyses the financial statement with various tools of
analysis before commenting upon the financial bearlth or weakness of an
enterprise. A ratio is known as a symptom like blood pressure, the pulse rate or
the temperature of the individual. It is with help of ratios that the financial
statements can be analyzed and decision made from such analysis.
The weakness or
67
forecasting. Ratio relating to the past sales, profits & financial position from the
basis for setting future trends.
Aid in comparison: With the help of ratio analysis ideal ratio can be composed &
they can be used for comparing a firm progress & performance.
Inter firm
Other uses: Financial ratios are very helpful in the diagnosis & financial health of
a firm. They highlight the liquidity, solvency, profitability & capital gearing etc.
of the firm. They are useful tools of analysis of financial performances.
68
And the fund flow arises when the net effect of the transaction is to increase or
decrease the amount of working capital.
transactions that will change net working capital & some that will cause no change
in net working capital include most of items of profit & loss account and those
business events, which simultaneously effect both current & non-current balance
sheet items.
CLASSIFICATION OF RATIOS
(1) Balance Sheet Ratios: these ratios are also called financial ratios. They
deal with the relationship between two items, or group of item, which are
together in the balance sheet, example current ratio, liquid ratio, proprietary
ratio, fixed assets ratio, capital gearing ratio, and debt equity ratio.
(2) Profit & Loss Account Ratios: these ratios are also called operating ratios.
The items used for the calculation of these ratios are usually taken out from the
profit and loss statement. Example operating ratio, expensive ratio, net profit
ratio, gross profit ratio, stock turnover ratio.
Robert N. Anthony suggested that ratios may be grouped the basis of certain tests
which satisfy needs of the parties having financial interest inventory the business
concern. These tests are:
Test of liquidity
Test of profitability
Market tests
(c)
Liquidity refers to the ability of the firm to meet its obligations inventory the shortrun, usually one year. Liquidity ratios are generally based on the relationship
between current assets and current liabilities (the sources for meeting short-term
obligations). Example: Current ratio, Acid test ratio.
71
Financial leverage refers to the use of debt finance. While debt capital is analysis
cheaper source of finance, it is analysis riskier source of finance. Leverage ratios
helps inventory assessing the risk arising from the use of debt capital. They are
also known as capital structure ratios. Example: Debt-to-equity ratio, fixed assets
to net work, interest coverage ratio.
They are also called turnover ratios or asset management ratios. They measures
how efficiently the assets are employed by the firm. These ratios are based on the
relationship between the level of activity and the level of various assets. Example:
Fixed assets turnover, Stock turnover, Debtors turnover, Creditors turnover, Total
assets turnover ratio.
These ratios would also indicate the profitability position of the business.
72
Profitability reflects the final result of business operations. There are two
types of profitability ratio.
A profit margin ratio shows the relationships between profit and sales. Rates of
return reflect the relationship between profit and investment.
Some ratios when related to the main objective of the business purpose of analysis
may be more important than others.
These ratios are mainly used to explain the primary ratios. They are also
known as subsidiary or supporting ratios. Taking the ratio of return on capital
employed as the primary ratio, the following ratios may be grouped as secondary
ratios:
(a) Profit and Earning ratios
(b) Cost or expenses ratios
(c) Turnover ratios
(d) Capital and related ratios
74
Liquidity ratios play analysis key role in the analysis of the short-term financial
position of analysis business. Commercial banks and other short-term creditors are
generally interested in such an analysis. However, managements can employ these
ratios to ascertain how efficiently they utilize the working capital in the business.
Shareholders and debenture-holder and long-term creditors can use these ratios to
assets the prospects of dividend and interest payments.
normally indicates the ability of the business to meet the maturing or current debts,
the efficiency of the management inventory utilizing the working capital and the
progress attained inventory the current financial position.
1. Current Ratio
Current ratio may be defined as the ratio of current assets to current liabilities. It is
also known as working capital ratio or 2 to 1 ratio. Current ratio shows the
relationship between total current assets and total current liabilities.
75
Components
Current assets normally include cash in hand or at bank, marketable securities
other short-term high quality investment bills receivable, prepaid expenses, workin-progress, sundry debtors and inventories. While current liabilities are composed
of sundry creditors, bills payable, outstanding and accrued expenses, income tax
payable.
Expressed as a formula, the current ratio is as follows:
Current Assets
Current Ratio =
----------------------Current Liabilities
2009-10
2976.43
Current Ratio =
------------
= 2.11:1
1413.49
2008-09
2968.30
Current Ratio =
---------------
= 3.40:1
871.87
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Explanation:
Coming to KCL the current ratio is 2009 has decreasing in comparison year 2008.
The ratio of 2009 shows that the assets are 2.11 times of current liabilities. Current
Assets should be one and half of current liabilities. According to KCL report is
improving. A low current ratio indicates that the enterprise is short of funds for
honoring its commitment and this was lead to insolvency. On the other hand a
very high current ratio indicates that the firm has a very large amount of current
assets Many times higher than that of current liabilities.
This is a situation of high liquidity and is indicative the existence of excessive
current assets.
Acid test Ratio or Liquid ratio, as it is sometimes called is concerned with the
relationship between liquid assets and liquid liabilities to supplement the
information given by the current ratio. In many lines of business a concern whose
current assets consist largely of inventory can very early become technically, if not
actually; insolvent within analysis very short period of time and this is the rationale
of the term Acid-Test Ratio
77
Components:
Liquid Assets = Current Assets Inventory.
Generally, this ratio is considered to be good if it is 1:1. It shows the relationship
of quick cash-yielding assets to current liabilities.
Quick Assets
Liquid Ratio =
----------------------Current Liabilities
2009-10
1573.88
Liquid Ratio =
--------------- = 1.11:1
1413.49
The quick ratio is increasing over the period 2008 to 2009. With the help of quick
ratio we analysis the inventory level. The quick ratio analysis gives better picture
than the current ratio towards the payment of current liabilities. It is used to test
the short-term liquidity of the firm in its correct form and represent good position.
78
Bankers and other short-term creditors are most interested in the current debtpaying ability of business, so the share holders and debenture holders are mainly
concerned with the long-term financial prospects. However, neither group may
logically ignore the financial aspects of primary interest to the other so that both
these groups concern themselves with current and prospective earnings. Some
selected solvency ratios are discussed below:
(a) Debt-Equity-Ratio
Components: The term external equities refers to total outside liabilities and
internal equities includes all claims of preference share holders and equity share
holders such as share capital and reserves and surplus. Outside liabilities include
all debts, whether long-term or short-term or in the form of mortgages, bills or
debentures. But when used as analysis long-term financial ratio, only term debts
like debentures etc are to be considered.
79
2628.28
1.39:1
1893.40
The ratio indicates the degree of protection provided to the lenders. The lower the
ratio the higher will be the degree of protection. As a general rule, this should not
exceed 2:1. If the debt equity ratio is more than that is shows a rather risky
financial position from the long-term point of view. This ratio shows favorable
condition of KCL.
This is a variant of the debt-equity ratio. This ratio relates the share holders funds
to total assets. It is calculated by dividing the share holders funds by the total
tangible assets. This ratio indicates the long-term or future solvency position of
the business. It is also known as Equity to total assets ratio or Net Worth to total
Assets ratio.
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This ratio throws light on the general financial strength of the company.
Higher the ratio, the better it is for all concerned.
2009-10
Proprietary or Shareholder Funds
Proprietary Ratio = -----------------------------------------------Total Assets or Total Equities
1893.40
Proprietary ratio =
------------------------- =
0.37
5070.20
This ratio indicates the long term or future solvency position of the business.
Analysis high ratio shows that there is safety for creditors of all types. A ratio
below 50% may be alarming for the creditors since they may have to lose heavily
in the event of companys liquidation on account of heavy losses.
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3447.89
Fixed Assets to proprietors fund
---------------------Proprietors Funds
2009-10
2976.43
Current Assets to Proprietors funds Ratio
82
Solvency Ratio
The difference between proprietary ratio as % and 100 percents the ratio is
solvency ratio. This ratio indicates the relationship between total liabilities & total
assets of the business. So it is also known as Ratio of total liabilities to total
assets.
2009-10
Total Liabilities
Solvency Ratio
----------------------Total Assets
4041.77
Solvency Ratio
(f) Fixed Assets Ratio or Ratio of Capital and Long-Term Funds to Fixed
Assets: The ratio of long-term loans to fixed assets is important and another
aspect of long-term financial policy.
83
Components: Fixed assets will mean cost less depreciation or net fixed assets. It
will also include trade investments.
capital, preference share capital, reserves, debentures and long term loans.
2009-10
5070.20
Fixed Assets Ratio = --------------- = 1.45
3507.26
2009-10
Net Fixed Assets
Fixed Assets Ratio =
----------------------Capital Employed
3447.89
------------------ = 0.76
4521.68
84
This ratio gives an idea as to what part of the capital employed has been used in
purchasing the fixed assets for the concern. If the ratio is less than 1 it is good for
the concern.
G. Debt Service Ratio
This ratio relates the fixed interest charges to the income earned by the business. It
is also known as Interest Coverage Ratio. It indicates whether the business has
earned sufficient profits to pay periodically the interest charges.
2009-10
Net Profit before Interest and Tax
Debt Service Ratio =
-------------------------- = 2.37
375.24
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B. TEST OF PROFITABILITY
The main object of analysis business concern is to earn profit. In general terms,
efficiency in business is measured by profitability. Profit as compared to the
capital employed indicates profitability of the concern. If analysis concern goes on
losing, its financial condition will definitely be bad sooner or later. Profits enable
analysis firm to improve its financial strength; there, ratios based on profitability
are termed casual ratios, indicating the causes of the present or expected
financial position. These ratios are designed to highlight overall efficiency of
analysis business concern. Thus, analysis measures of profitability are the overall
measure of efficiency.
(1) Gross Profit Ratio
This ratio shows the relationship of sales with the direct costs such as purchases,
manufacturing cost etc and thus is important.
2009-10
Gross Profit
Gross Profit Ratio =
------------------- * 100
Net Sales
2555.18
Any fluctuation in this gross profit is the result of a change either in sales or the
cost of goods sold or both. Thus, this ratio shows the average margin on goods
sold.
The gross profit is what is revealed by the trading account. It results from the
difference between not sales and cost of goods sold without taking into account
expenses generally charged to the profit and loss account.
Operating Ratio: - This ratio establishes the relationship between operating profit
and sales and is calculated as follows:
2009-10
Operating Profit
Operating Profit Ratio =
----------------------- * 100
Net Sales
1156.72
Where
Operating Profit = Net Profit + Non-Operating Expenses Non Operating Income
OR
Gross Profit Operating expenses
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(3) Expenses Ratio: Expenses ratios are calculated to ascertain the relationship
that exists between operating expenses and volume of sales. These ratios are
calculated by dividing the sales into each individual operating expense. It indicates
the portion of sales which is consumed by the various operating expenses. Thus,
such an analysis will throw good light on the levels of efficiency prevailing in
different aspects of the work. It is useful to work out the following ratios which
will total up to the operating ratios:
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Cost of Goods Sold Ratio = Cost of Goods Sold / Net Sales x 100
Generally all these ratios are expressed in terms of percentage
2009-10
Operating Exp.
Operating Expenses Ratio
----------------------- * 100
Net Sales
1665.52
= ----------------
* 100 = 22.64%
7355.36
2009-2010
Net Profit after tax
Net Profit Ratio
-------------------------
* 100
Net Sales
358.52
Net Profit Ratio
= ----------------
* 100 = 4.68%
7667.54
Net profit ratio is the profit after all expenses and income tax and is available to the
owners. So this ratio indicates that forever hundred rupees of sales, Rs. 4.68 are
earned for the owners. This ratio is profitable for the company because it is
increasing time to time.
It indicates the
percentage of return on the capital employed in the business and it can be used to
show the efficiency of the business as a whole.
90
2009-2010
Operating Profit
Return on Capital Employed =
----------------------- x 100
Capital Employed
878.67
Return on Capital Employed =
This ratio is increasing in comparison of last year which the favorable position of
the Company and this ratio is helpful for making capital budgeting decisions.
This is due to improved efficiencies, high level of order for the purchase of
companys product and rise in prices of companys product and order from abroad
with good margin of profit.
91
* 100
Shareholders Funds
358.52
Return on Share holders Fund
This ratio is almost half in comparison of last year. The ratio of net profit to share
holders fund shows the decrease to which profitability objective is being loose.
Higher the ratio, the better it is.
92
This ratio relates the net profits finally available to equity share holders to the
amount of capital invested by them.
2009-10
Net Profit after tax, interest
& Preference Dividend
Return on Equity Capital =
------------------------------------- * 100
358.52
Return on equity capital = ----------------------- * 100 = 18.93%
1893.40
This ratio indicates what percentage of profits earned are enjoyed by equity
shareholders.
determine the market price of equity shares of the Company while comparing with
the ratios of other companies. It will indicate whether the capital is effectively
used or not.
93
This ratio is calculated to measure the profit after tax against the amount invested
in total assets to ascertain whether assets are being utilized properly or not.
2009-10
Net Profit after tax
Return on Total Assets =
-----------------------
100
Total Assets
358.52
Return on Total Assets =
This ratio is increasing in 2009 which shows that assets are being utilized properly
in comparison of 2008.
Explanations:
THE Return on assets shows as to how much is the profit earned by the firm
Per rupees of assets used so 5.58 Rs are realized of 100Rs invested in assets.
94
Profit depends on the rate of turnover and the net margin. The importance of good
turnover cannot be over-emphasized. Turnover ratios judge how well the facilities
at the disposal of the concern are being used. In other words, these ratios measure
the effectiveness with which analysis concern uses resources at its disposal. The
result is expressed in integers rather than as a percentage. These ratios are usually
calculated on the basis of sales or cost of sales. Turnover ratios for each type of
assets should be calculated separately. Higher the turnover ratio, better the use of
capital or resources; of course, higher the turnover, the better the profitability ratio.
The following are the import activity (turnover or performance) ratios.
This ratio establishes relationship between the cost of goods sold during a given
period and the average amount of inventory carried during that period. It indicates
whether stock has been efficiently used or not, the purpose being to checkup
whether only the required minimum has been lock up in stocks. It is usually
considered better to work out the turnover against cost of sales since sales include
an element of profit, where as stock is usually at cost.
95
----------------------------
* 100
Where,
Cost of Goods Sold = Opening Stock + Purchases + Manufacturing Exp.
- Closing Stock
OR
Cost of Goods Sold = Sales Gross Profit
Average Stock
Higher the ratio, the better it is since it indicates that more sales are being produced
by a unit of investment in stocks. Industries, in which stock turnover ratio is high
usually work on a comparatively low margin of profit. The ratio shows better
performance if it increases, since it means that the investment in stocks is leading
96
to higher sales. The reverse is also true. It should be noted that some people
calculate this ratio on the basis of sales.
Notes:
Coming to KCL the data on purchase, sale and stock etc. and are not available
from the Balance Sheet and the other material provided to the investigators by
company. Hence, it is not possible to calculate the turnover ratio of the Company.
It indicates the number of times on the average the receivable is turnover in each
year. The higher the value of the ratio, the more is the efficient management of
debtors. It measures the accounts receivable (trade debtors and bills receivables) in
terms of number of days of credit sales during a particular period. Average debtors
are calculated by dividing the sum of debtors in the beginning and at the end by 2.
The ratio is measure of the collectability of accounts receivables and tells about
low the credit policy of the company is being enforce
97
Notes:
The data is not available for the calculation of debtors turnover ratio. It shows
more the chances of bad debts efforts should be made to make the collection
machinery efficient so that the amount due from debtors may be realized in time.
This ratio is calculated roughly as the debtors turnover ratio. It indicates the
velocity with which the payments for credit purchase are made to creditors. The
term account payable includes Creditors and Bills payable. This ratio may be
calculated as follows:
Credit Purchases
Creditors Turnover Ratio =
A high ratio indicates that creditors are not paid in time while a low ratio gives an
idea that the business is not taking full advantages of credit period allowed by the
creditors.
98
Sometimes it is also required to calculate the average payment period (or average
age of payable or debt period enjoyed) to indicate the speed with payments for
credit purchase are made to creditors.
Notes:
Coming to KCL the data on purchase sale and stock etc and are not available
from the Balance Sheet and the other material provided to the investigators by
Company. Hence, it is not possible to calculate the turnover ratio of the Company.
This ratio shows how well the fixed assets are being utilized. If compared with a
previous period, it indicates whether the investment in fixed assets has been
judicious or not. This ratio expresses the number of times fixed assets are being
turned-over in a stated period.
The ratio is important in case of manufacturing concerns because sales are
produced not only by use of current assets but also by amount invested in fixed
assets. The higher is the ratio, the better is the performance. On the other hand, a
low ratio indicates that fixed assets are not being efficiently utilized.
99
2009-10
Cost of Sales (or Net Sales)
Fixed Assets Turnover Ratio = -------------------------------------Fixed Assets (less Depreciation)
7355.36
Fixed Assets Turnover Ratio = ---------------- =
2.1
3447.89
Higher is the ratio the better is the performance it indicates that fixed assets are
being efficiently utilized.
This ratio shows the efficiency of Capital Employed in the business by computing
how many times capital employed is turn-over in a stated period.
The higher the ratio, the greater are the profits. A low capital turnover ratio should
be taken to mean that sufficient sales are not being made and profits are lower.
100
Sales
Capital Turnover Ratio =
---------------------------------------------------Capital Employed
7355.36
Capital Turnover Ratio establishes the relationship between sales and capital
employed. The objective of working out this ratio is to determine how efficiently
the capital employed is being used and this in turn shows the promise of
profitability and efficiently of management
101
----------------- =
4.70
1562.94
Low working capital turnover ratio indicates that working capital is not efficiently
utilized it may put the concern into financial difficulties. This ratio shows the
efficiency or inefficiency in the use of the whole of the working capital and not
merely a part of it. That invested in stock-it is the whole of the working capital
that leads to sales.
102
1.1
6449.75
A high ratio is an indicator of over trading of total assets while a low ratio reveals
ideal capacity.
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LEVERAGE RATIOS:
The leverage ratios explain the extent to which the debt is employed in the capital
structure of the concerns. Always Concerns use debt funds along with equity
funds, in order to maximize the after tax profits, thereby optimizing earning
available to equity shareholders. The basic facility of debt finds is that after tax
cost of tem will be significantly lower and which can be paid back depending upon
their terms of issue. Further debt funds will not dilute the equity holders control
position.
In
Operating Leverage
(ii)
Financial Leverage
(iii)
Combined Leverage.
104
---------------------------------------------------------EBIT
It signifies the change that will result in EBIT for any change in sales. If OL is 3,
it will mean that for every 1% change in sales, the change in EBIT will be 3%. I.e.
three times.
A high ratio would indicate a high business risk and low ratio
business risk.
Financial Leverage: It is the relationship between (EBIT) and (EBT) when a firm
process debt capital to finance its needs, it is said to have Financial Leverage. It
tells the extent of the change in earning before fax (EBT) due to change in
operating income (EBIT). It is calculated with the help of the following formula:
2009-10
Earnings before interest and Tax
Financial Leverage
105
7227.17
Finance Leverage
= ---------------- = 14.04
514.42
Combined Leverage:
CL
OL x FL
Closely related to solvency ratios is the Capital Gearing Ratio which is mainly
used analysis the capital structure of the company. The term Capital Gearing is
used to describe the ratio between the equity share capital and fixed interest
bearing securities of a company. Where the holders of fixed income bearing
106
OR
Equity Share Holders Funds
Capital Gearing Ratio =
Components:
Equity-share holding for the purpose of capital gearing ratio, includes all
revenue as well as all appropriations of Profits.
Fixed interest bearing funds include debentures, preference share capital and
other long term loans.
Significance:
107
This ratio compares share capital to loan capital. Generally a high proportion of
long-term liabilities are risky to any company, which this ratio enables one to find
out.
Long Term Funds
Ratio of Total Investment
to Long-Term Liabilities
108
Long term liabilities are decreasing while long term funds are increasing in
comparison of last year. It shows better position of company.
----------------------Proprietors Funds
1413.49
= -------------------------- = 0.74
1893.94
109
If a
Ratio of Reserves to
Equity Capital
Reserves
=
1746.23
147.17
Coming to KCL we find that the ratio is increasing over a period of time, it was
9.52: 1 in 2008 and increased 11.86: 1 in 2009.
and good management because of liberal dividend policy has been followed by the
company.
110
(1)
Book Value per Share means the value which is payable of liquidation of a
company
2009-10
Shareholders Funds
Book Value Per Share =
------------------------------Number of Shares
189,34,00,000
(2)
Earning Ratio ;
111
This helps in determining the market price of equity shares of the company and in
estimating the companys capacity to pay dividend to its equity Shareholder.
The Performance and prospects of the company are affected by earning Per Share.
If earning per share increases, there is possibility that the company may pay more
dividend or issue bonus shares. In short the market price of the share of a company
will be affected by all these factors. A comparison of earning per share of the
company with another company will also help in deciding whether the equity
capital is being effectively used or not.
2009-10
Net Profit after Tax & Preference Dividend
Earnings Per Share =
35,85,20,000
Earning Per Share
Coming to KCL we find a greater degree of fluctuation in earning per share it was
1.21 Rs in 2008 and now it increased to 4.87 Rs, 302.47 % increment in Eps 2009.
112
---------------
= 11.39
4.87
It is a very important ratio in order to know whether the Shares of the company are
undervalued or in predicting the further market price. Helps the shareholders to be
purchased then it indicates the possibility of Capital appreciation.
113
(iv)
Capitalization Ratio:
2009-10
Earning Per Share
Capitalization Ratios
Capitalization Ratio
---------------------- = 0.08
55.50
114
735, 80,000
735, 83,580
------------------------------
* 100
1.00
Dividend Yield Ratio
This ratio is important for these investors who are interested in the dividend
income. As the Shareholders purchases the Shares in the open market, so his yield
(rate of return) is not equal to the dividend declared by the company.
115
2009-10
Dividend Per Equity Share
Dividend Payout Ratio =
--------------------------------------
X 100
This ratio indicates as to what proportion of earning per share has been used for
paying dividend and what has been retained for plugging back. This ratio is very
important from Shareholders point of view as it tells him that if a company has
used whole or substantially the whole of its earning for paying dividend and
retained nothing for future growth and expansion purposes, then there will be very
dim chances of capital appreciation in the price of shares of such company. In the
other words, an investor who is more interested in capital appreciation must look
for a company having low pay-out ratio.
116
CONCLUSIONS
The study in the preceding pages reveals some important and interesting
conclusions.
importance and when the Financial Data of Kajaria Ceramics Ltd has been
analyzed, the financial position of the company is brought to surface. The overall
financial position of the company is quite healthy and over the last years which
covered the period of study, the financial position has improved. The current
Ratio, Acid Test Ratio, Debt equity Ratio and Proprietary Ratio all have improved
over the period 2008 to 2009. The credit for this improvement goes to efficient
management, Long term vision of the management, team spirit among the employs
of the company higher level of orders in the hands of the company, better
realization and better overall economic condition of the economy with increased
emphasis of government on expansion and strengthening of economic
infrastructure, it is expected that KAJARIA will gain a lot, its financial Ratio will
improve further and so the financial strength of the company.
117
RECOMMENDATIONS
The Tiles industry is huge and has huge potential for growth. The company
should try and revamp its operations, they should lower the price.
It can be done by increase production, achieve economies of scale and then
increase market penetration.
The product is doing reasonably well in most of the market. So they should
promote the product accordingly e.g. free sampling, discounts, prominent
hoardings etc.
Home Solution:
Taff under this Brand name they have got a group of labor who are properly
trend and capable of laying down good tiles. Give training to the Massion,
Technical training in sanitary ware. Only company Employee will go and fit.
(Which are properly trend by company in Jakogi ware.)
Whenever we get any tile approved we should take proper supply schedule
from the client. Proper SAMPLE should be provided to the ARCHITECH &
BUILDER office because they choose the product from sample.
More boards and hoarding should be placed in side of roads and public places.
They should use mass media like TV, newspapers, etc to promote company
product. This will help in increasing the sales volume.
118
BIBLIOGRAPHY
The help have been taken from the following secondary data to analysis the
financial report.
INTERNET SITES:www.kajariaceramics.com
Annual Report 2009-10 of Kajaria Ceramics Ltd.
BOOKS PREFERRED
CORPORATE FINANCE
Author.Mr. M.Y. Khan & Jain TMH,5TH Ed.
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120