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For the Partial Fulfillment of degree of B.Com.III (Prof.) of the deptt of commerce & Bussian Management of Guru Nanak Dev University Amritsar 2007-2008.

**Guided By : Dr. K. K. Chawla Kuram Duggal
**

HOD

Submitted By : Sunil B.Com.(Prof.) Final College Univ.

( Deptt. Of Commerce & Roll No.:-1803 Bussiness Management ) Roll No. :-

Submitted To : Guru Nanak College , Sukhchainana Sahib,Phagwara

ACKNOWLEDGEMENT

I wish to acknowledge a deep sense of gratitude to all those who have made a major contribution and helped me a lot in the preparation of this project. First, of all I acknowledge with a deep sense of gratitude towards my guide Dr. K. K. Chawla who has guided me a lot right from the beginning towards the end of the project report. I sincerely, thanks HDFC BANK whole staff, who have helped a lot in providing relevant information for this report with their co-operative behaviour.

Sunil Kumar Duggal

B. COM (PROF.) Final

CONTENTS

A.

Introduction Analysis

to

Ratio

B.

Objective of study, Research Methodology &data source Ratio Analysis & Interpretation Findings & Conclusion

C.

D.

E. Bibliography

Suggestion

&

Introduction to Analysis

Ratio

CHAPTER - 1

Objective of study, Research Methodology & data source

CHAPTER - 2

**OBJECTIVE OF STUDY, RESEARCH METHODOLOGY AND DATA SOURCE
**

OBJECTIVE OF STUDY The main objective of Ratio Analysis is to get knowledge about financial position of HDFC BANK Phagwara. Specially, objectives of study are as follows : To know about ratios prevailing at the end of different financial years. To form opinion about financial position of HDFC BANK Phagwara, we have to find the trend of ratios.

DATA SOURCE In order to complete this project report the data is collected through primary as well as secondary sources of the bank. The primary source includes the discussion with clerk-cum-cashier of

J&K Bank, Phagwara.

The secondary source include reports of Balance Sheet & Profit & Loss a/c of the bank.

Ratio Analysis & Interpretation

CHAPTER – 3

**INTRODUCTION TO RATIO ANALYSIS
**

Ratio is numerical relationship between two variables which are connected with each other in some way or the other. Ratios may be expressed in any one of the following manners:

As a number between 500 and 100 may be expressed as 5(500 divided by 100) As a fraction may be expressed as former being 5 times of the later. As a percentage the relationship between 100 and 500 may be expressed as 20% of the later. As a proportion relationship between 100 and 500 may be expressed as 1:5. Ratio analysis facilitate the presentation of information of financial statements in simplified and concise and summarized form.

In the words of Hund, William,” Ratios are simply a means of highlighting in arithmetical terms the relationship between figures drawn from financial statements.”

**NATURE OF RATIO ANALYSIS Ratio analysis is basically a technique of:
**

1.

2.

Establishing meaningful relationship between significant variables of financial statement. Interpreting the relationship to form judgement regarding the financial affairs of the unit.

**Usefulness of ratio analysis depends upon identifying
**

objective of analysis; selection of relevant data; deciding appropriate ratios to be calculated; comparing the calculated ratios with norms of standards or forecasts; Interpretation of ratios.

**INTERPRETATION OF RATIOS Ratios are interpreted in following different ways:
**

individual ratio may be studied with reference to certain rule of thumb.

group ratio may be interpreted by considering group of several related ratios. comparison with past. comparison with projections. inter-firm or inter-industry comparison.

Findings & Conclusion

CHAPTER – 4

RATIO ANALTSIS

FINANCIAL RATIOS

Solvency ratio

turnover ratio

Profitabi lity ratio

»current ratio »liquid ratio ratio

»debt-equity ratio »reserve to capital ratio gearing ratio »solvency Ratio »total Indebtedness ratio »proprietary Ratio »interest coverage ratio

» Debtor turnover »net working capital ratio »fixed assets turnover ratio »inventory turnover ratio ratio

» Net profit »operating profit ratio »earning per share »dividend payment ratio »fixed assets to net worth »return on shareholders’ investment

»absolute »capital

LIQUID RATIO

Liquid ratio measures the ability of the unit to meet its short term obligations and reveals the short – term financial strength or weakness. This ratio is used to determine whether the unit is: » capable to meet short-term obligations » the working capital being properly utilized » the current financial position improving

Current ratio » this ratio is also known as working capital or 2:1 ratio. This ratio reveals the adequacy of current assets to pay off all current liabilities. Formula to calculate this ratio is:

Current Ratio:-

as a t as at

31-3-04 Rs.’000’ omitted C.A. C.L. C.R. (current ratio) 20652791 8 31269359 4.1 31-3-05

as at

31-3-06

as at

31-3-07 Rs.000 omt.

Rs. 000 Rs.000 omitted omt. 23784642 0 39098622 5.1:1

257643531 280858957 41762693 6.2:1 49226764 5.7:1

7 6 5 4 3 2 1 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

current ratio

INTERPRETATION The current ratio is very popular and good indicator of liquidity position of the enterprise. Very high current ratio is not desirable as it shall mean less efficient use of funds. The current ratio of HDFC BANK is high as standard specify, but as the ratio analysis revealed this ratio has been improved as compared to earlier years.

SOLVENCY RATIO

The long-term financial soundness of any business can be judge by its long-term creditors with the help of solvency ratio. This ratio helps to interpreting the capacity of business to:

make periodic payment of interest , repay long-term debt as per installments stipulated in the contract.

Debt-equity ratio» Debt-equity ratio measures the relationship between borrowed funds and internal owners’ funds. Higher equity shall mean a higher stake of owners and may be a healthy sign.

Method to calculate this ratio is :

Debt

Equity

As at 31-3-04 Rs. omt. Debt

as at 31-3-05

As at 31-3-06

as at 31-3-07 000

000 Rs. omt.

000 Rs. omt.

000 Rs. omt.

16782094 2

19224378 3 16654021 12.54:1

20737176 1 17994715 12.52:1

223353073 20087338 12.11:1

Equity 15937365 Ratio 11.53:1

12.6 12.4 12.2 12 11.8 11.6 11.4 11.2 11 2004 yr. 2005 yr. 2006 yr. 2007 yr.

debt-equity ratio

INTERPRETATION In the year 2004 debt-equity ratio of HDFC BANK is low as compared to subsequent years. As, in subsequent years this ratio is decreasing after the year 2005 which indicate higher owners’ stake and indicate healthy sign of bank’s position.

Reserve to capital ratio» This ratio establishes between reserves and capital. Higher proportion of reserves shows financial soundness because

I.

II.

Unit shall be able to meet future losses as and when suffered. Unit can expand, grow, diversify as it may desire.

Reserve Capital

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs 000’ Rs 000’ Rs 000’ Rs 000’ omt omt omt omt Reserv e Capital Ratio 1545491 0 482455 33:1 1616910 0 484921 34.3:1 1750979 4 484921 35.1:1 19602417 484921 41.4:1

45 40 35 30 25 20 15 10 5 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

reserve to capital ratio

INTERPRETATION The upward trend of ratio reveals higher proportion of reserves. It shows that HDFC BANK has sufficient safety margin to meet its future losses in contingency and may also utilize its funds/reserves for expansion and diversification.

Capital gearing ratio» it is the ratio between capital plus reserves and fixed cost bearing securities. This ratio measures the extent of capitalization by the funds raised by the issue of fixed cost bearing securities. This ratio is interpreted by the use of two terms. Highly geared means lower proportion of equity, low geared means high proportion of equity. Higher capital gearing ratio reveals equity shareholders gain on the strength of their equity. This ratio is calculated as under:

Equityfixed cost bearing securities

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Equity 1593736 5 1665402 1 3194819 1799471 5 2639347 20087338 6201895

F.C.B.S 2970103 .

(fixed cost bearing securities) Ratio 5.46:1 5.31:1 6.91:1 4.23:1

7 6 5 4 3 2 1 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

capital gearing ratio

INTERPRETATION As the chat reveals that in earlier years till 2006 capital gearing ratio was increasing & indicate equity shareholders’ strength to gain on their investment, but, in the year 2007 ratio comes down fastly because of much more increase in fixed cost bearing securities as compare to earlier & indicate less return to shareholders.

Solvency ratio» solvency is the term which is used to describe the financial position of any business which is capable to meet outside obligations in full out of its own assets. Solvency ratio is computed as under:

Debt total assets

as at 31-3-04 Rs. ‘000’omt. Debt 16782094 2

as at 31-3-05

as at 31-3-06

as at 31-3-07 Rs. ‘000’ omt. 223353073 286465280 87%

Rs. ‘000’ Rs. omt. ‘000’omt. 19224378 3 24480160 7 88.5% 20737176 1 26448982 2 88.4%

Total 21205756 assets 3 Ratio 89.1%

89.50% 89.00% 88.50% 88.00% 87.50% 87.00% 86.50% 86.00% 85.50% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

solvency ratio

INTERPRETATION Lower solvency ratio is always desirable because lower ratio means more the bank is able to meet its debt obligations out of its own funds and the bank has no need to depend on outsiders and to pay fixed interest on borrowings.

Total indebtedness ratio» this ratio differs slightly from debt-equity ratio as instead of term liabilities only, we take total outside liabilities i.e. term and current both. This may reflect the solvency position in a better way. As it indicates the adequacy of firm’s equity in making payment of outside liabilities. This ratio is computed as:

Total outsider’s liability Tangible net worth

as at 31-3-04

as at 31-4-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. T.O.L. 19612019 8 22814758 6 24649510 7 266377942

(Total outsider’s liability) T.N.W. 15937365 (Tangible worth) Ratio 13.3:1 net 14.7:1 14.6:1 14.2:1 16654021 17994715 20087338

15 14.5 14 13.5 13 12.5

2004 yr.

2005 yr.

2006 yr.

2007 yr.

total indebtedness ratio

INTERPRETATION The capability of bank to pay outsiders’ liability was decreasing in the year 2005 as the chat’s upward trend indicate, but afterwards it starts slopping downward and indicate improvement in bank’s position, to pay its obligations.

Proprietary ratio» This ratio establishes relationship between proprietor’s funds to total resources of the unit. This ratio highlights that what is the proportion of proprietors and outsiders in financing the total business. Formula to calculate ratio is:

Proprietors’ funds Total assets

as at 31-3-04 Rs. omt. P.F.

as at 31-3-05

as at 31-3-06

as at 31-3-07

‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. 16654021 17994715 20087338

15937365

(proprietors’ funds) Total 20848866 assets 6 Ratio 8.64% 23987040 6 7.94% 25959069 9 7.93% 282693408 8.11%

8.80% 8.60% 8.40% 8.20% 8.00% 7.80% 7.60% 7.40% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

proprietary ratio

INTERPRETATION More proprietary ratio is always desirable as it represents the funds financed by proprietors’ and outsiders. HDFC BANK proprietary ratio is very low & indicates only 7.11% of funds are financed by owners in the year 2007 remaining by outsiders.

Interest coverage ratio» this ratio measures debt servicing capacity of a business so far as interest on longterm loans is concerned. This ratio shows how many times the interest charges are covered by the earnings. This ratio is calculated with the formula:

Earning before int & tax Fixed interest charges

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. E.B.I.T. 4838403 (earning before interest & tax) F.I.C. (fixed charges) Ratio 712963 interest 2.73:1 6.78:1 2.42:1 5.82:1 692812 127897 4 588522 189418 4 310180 0 3428131

8 7 6 5 4 3 2 1 0

2004 yr.

2005 yr.

2006 yr.

2007 yr.

interest coverage ratio

INTERPRETATION The chart shows fluctuations in interest coverage ratio HDFC BANK As more interest coverage ratio is desirable in the year 2006 this ratio falls at increasing rate which was not good sign but in the year 2007 its rate/trend again gone upward & indicate improvement in coverage capacity.

**EFFICIENCY/TURNOVER RATIO
**

Efficiency ratios are concerned with measuring the efficiency in asset management. Efficiency implies effective utilization of available resources in the process of business activity, in relation to sales or cost of goods sold. Net working capital ratio» This ratio states as how efficiently or actively working capital is being used. This ratio is useful when inter-firm or inter-period comparison is being done. Formula to calculate this ratio is:

**Net salesNet working capital
**

as at 31-3-04 as at 31-3-05 as at 31-3-06 as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Net 18229464 sales Net 17525855 9 16312577 19874779 8 18171054 21588083 8 20595369 231632193

working capital Ratio 0.104:1 0.082:1 0.084:1 0.088:1

0.12 0.1 0.08 0.06 0.04 0.02 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

net working capital ratio

INTERPRETATION Increasing ratio indicates that working capital is more active, it is supporting, comparatively, higher level of production and sales, it is being more intensively. Chart shows HDFC BANK working capital ratio decreased in 2005 but afterwards, it starts increasing, which is good indication.

Fixed assets turnover ratio» this ratio establishes relationship between sales and fixed assets. The purpose is to judge whether firm is generating adequate sales for the investment in fixed assets of the firm. The formula of this ratio is as under:

Annual sales Fixed assets

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Annual 1822946 sales 4 Fixed assets Ratio 1960748 7.2 times 1631257 7 2023986 7.1 times 1817105 4 1947168 8.3 times 20595369 1834451 10.2 times

12 10 8 6 4 2 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets turnover ratio

INTERPRETATION Fixed assets turnover ratio of HDFC BANK falls during the year 2005 as indicated by chart. But after 2005 chart shows upward trend of this ratio, indicate firm is generating adequate sales for investment in fixed assets and the ratio is satisfactory.

PROFITABILITY RATIO

In general terms efficiency, in business is measured by profitability. Low profitability may arise due to lack of control over expenses. Bankers and other financial institutions looks at the profitability ratio as an indicator whether or not firm earns substantially more than it pays interest for use of borrowed funds and whether ultimate repayment of their debt appears reasonably certain. This ratio also indicates return which owners get on their investment. Net profit ratio» this ratio expresses relationship between net profit and sales. This ratio indicates what proportion of net sales is left for owners after all expenses have been met. It is calculated as follows:

Net profit * 100 Sales

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Net 4063300 profit Sales 1822946 4 1150690 1631257 7 1768434 1817105 4 2744863 20595369

Ratio 22%

7.1%

9.7%

13.3%

25% 20% 15% 10% 5% 0% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

net profit ratio

INTERPRETATION Net profit ratio of HDFC BANK falls at increasing rate in the year 2005, but after year 2005 upward trend shows increasing profitability of bank.

Operating net profit ratio» This ratio establishes relationship between operating net profits and sales. This ratio helps in determining the ability of the management in running the business. It is calculated as:

Operating net profit *

100 Sales

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07 ‘000’

Rs. ‘000’ Rs. omt. omt.

‘000’ Rs. omt.

‘000’ Rs. omt.

Operating 85289(P) 2407655(L) 2344014(L) 2122286(L) net profit/ loss Sales Ratio 8122946 4 0.47% 16312577 14.7% 18171054 13% 20595369 10.3%

16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00%

2004 yr.

2005 yr.

2006 yr.

2007 yr.

operating profit

operating loss

INTERPRETATION The ratio analysis and graph indicates that HDFC BANK management is not efficient to operate its business as after year 2004 it’s operating ratio falls and bear huge losses in the year 2005, but after this its position starts improving & recovering from losses, which is good indication for its financial health/position.

Earning per share» This ratio indicates earning power of business and gives view of comparative earning of firm, inter-firm. In case of intra-firm comparison it gives view of increase or decrease in earning power of firm over the period of time. Ratio is calculated with following formula:

**Net profit after tax & preference dividend Number of shares
**

as at as at as at as at

31-3-04

31-3-05

31-3-06

31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. N.P.A.T &D 4063300 1150690 1768434 2744863

(N.P. after tax & pref. dividend) Number of shares Ratio 482455/10 484921/10 484921/10 484921/10 86:1 25.7:1 38.48:1 58.62:1

100 80 60 40 20 0 2004 yr. 2005 yr. 2006 yr. 2007 yr.

earning per share

INTERPRETATION The chart indicates that in the year 2005 HDFC BANK. earning power decreases/goes down but afterwards upward trend of ratio reveals progress in the earning ratio/power of the bank.

**Dividend pay-out ratio» dividend pay-out ratio
**

is calculated to find the extent to which earning per share have been retained in the business. It is an important ratio because ploughing back of profits enable a unit to grow & pay more dividends in future. This ratio is calculated as:

Dividend per share Earning per share

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Dividend 5.02 per share Earning 84 per share Ratio 5% 7.99 23.7 33% 7.99 36.48 21% 11.49 56.62 20%

35% 30% 25% 20% 15% 10% 5% 0% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

dividend pay-out ratio

INTERPRETATION The ratio indicates that dividend payment per share increasing continuously & earning per share also starts increasing after the year 2005. HDFC BANK dividend pay-out ratio declines after year 2005, as the rate of payment is higher than the rate of earnings.

Fixed assets to long-term funds» this ratio indicates the extent to which the total fixed assets are financed by long-term funds of firm. If fixed assets exceed from long-term funds, it means fixed assets’ part has financed out of current funds, which is not a good financial policy. If fixed assets are less, it means that a part of working capital required is met out of long-term funds of firm. This ratio is calculated as:

Fixed assets Long-term funds

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Fixed assets Long term funds Ratio 1960748 1890746 8 10.37% 2023986 1984884 0 10.19% 1947168 2063406 2 9.43% 1834451 26289233

6.97%

12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets to long-term funds ratio

INTERPRETATION

The ratio indicates that fixed assets proportion is less and coming down gradually as compared to long-term funds, it means that a part of working capital of HDFC BANK is financed by or met out of its long-term funds.

Fixed assets to net worth ratio» the ratio indicates the extent to which shareholders’ funds are sunk into fixed assets. Generally, purchase of fixed assets should be financed by shareholders’ equity. If ratio is less than 100% it means working capital is provided by shareholders’ funds. If ratio is more than 100% it means that owner’s funds are not sufficient to finance fixed assets & firm has to depend on outsiders. Ratio’s formula is:

Fixedassets Shareholders’ fund

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ omt. omt. omt. omt. Fixed assets 1960748 2023986 1665402 1 1947168 1799471 5 1834451 20087338

sh.h.F. 1593736 5 (shareholders’ funds) Ratio 12.3%

12.1%

10.8%

9.1%

14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

fixed assets to net worth ratio

INTERPRETATION The downward trend of ratio indicates that fixed assets proportion is coming down as compared to net worth, & the working capital is provided by shareholders’ funds.

Return on shareholders’ investment» the profitability from the view point of shareholders is judge through this ratio. This ratio is useful in making investment decisions. This ratio is also used in finding out whether the shareholders are getting adequate return on their money or not. Ratio is computed as under:

Net profit after tax Shareholders’ funds

as at 31-3-04

as at 31-3-05

as at 31-3-06

as at 31-3-07 ‘000’

Rs. ‘000’ Rs. ‘000’ Rs. ‘000’ Rs. omt. omt. omt. omt. Net 4063300 1150690 1665402 1 1768434 1799471 5

2744863 profit 20087338

Sh.h.F. 1593736 5 (shareholders’ funds) Ratio 25.4%

6.9%

9.82%

13.66%

30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2004 yr. 2005 yr. 2006 yr. 2007 yr.

return on shareholders' investment

INTERPRETATION The higher the ratio most profitably shareholders’ funds are invested in business. J & K bank’s ratio fall in 2005, but afterwards upward trend shows increase in ratio & indicates improvement in funds effective utilization.

FINDINGS

**Findings » The liquidity ratio, capital gearing ratio,
**

solvency ratio, profitability ratios, Return on shareholders’ funds ratio, all these fall in the year 2005, which express bad impression of financial position/health of HDFC BANK ltd., because these ratios are always desirable to rise in subsequent years, as these are the main indications of progress of any unit. On the other hand, debt-equity ratio, reserve to capital ratio, interest coverage ratio, dividend pay-out ratio, all these ratios arise in the year 2005 which too is undesirable, increasing Reserve ratio shows increasing need to maintain separate funds to meet prevailing unfavourable conditions, & which may interpret smooth day-to-day functioning of bank. Increasing Dividend pay-out ratio shows undesirable burden to pay even under unfavourable conditions which too/further leads to misery position of business.

CONCLUSION

Conclusion » The overall analysis of financial

position of HDFC BANK Ltd. States that bank’s efficiency decreased in the year 2005 due to the posting of inefficient transactions & bank had to bear losses, especially, the loss of operating profits, but without being too late bank performs carefully & improved its financial position. Now, bank’s position is at recovering stage.

SUGGESTIONS

Suggestions » An analysis of above conditions

direct to form serious planning to recover but as year 200607 shows progress in bank’s condition, it is at recovering stage. In nutshell, it can be said that Bank shall review the strategies followed in the years 2006 & 2007.

BIBLIOGRAPHY

1.

Chawla

Saksena

R.

K.

K.,

Juneja

C.

Mohan,

Accounting”

2.

K.

“Finanical

Kalyani Publication. Swaroop Gopal, Varshnay P. N. , “Banking Law & Practice” Sultan Publication.

3.

4. Decisions”

Gupta Shashi. K. , Sharma R. K. “Accounting For Managerial

Kalyani Publication.

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