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ashok leyland

ashok leyland

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I take immense pleasure in thanking Mr. T. Chandrasekar, DGM Finance, Ashok Leyland Limited, Chennai for giving me an opportunity to do this project. I also extend my sincere gratitude to Dr. E. Illamathiyan, Director of Amity Global Business School, Chennai and my faculty guide Mrs.Kavitha Menon, who helped me throughout the study and was a source of motivation to make our project successful. I thank each and every employee at Ashok Leyland Limited, Chennai who directly or indirectly had helped me in completing the project successfully. Finally I express my gratitude and heartiest thanks to my faculty members, parents and all my friends who gave full support throughout the tenure of my project. SUSHANT BETALA


The objective of the study is to familiarize with the business organisation and to get practical experience regarding the organizational function, to observe and understand the culture in the organization and to get industrial exposure and experience. It is also to understand the functions of the Finance Department in Ashok Leyland Limited, Chennai. My main focus was to study the effectiveness of Financial Analysis and the impact of the same and to analyse the performance of the company and a comparative study for the years 2005-2010.Analysis was done using Ratio Analysis. The various ratios were calculated to analyse the current performance of the company.


CHAPTER NO I TITLE INTRODUCTION - Industry Profile - Consumption Trends - Automobile Industry History - Indian Automobile Industry - Company Profile NEED & OBJECTIVE OF THE STUDY RATIO ANALYSIS - Meaning - Types Of Ratios DATA ANALYSIS RESULT OF THE STUDY - Findings - Suggestions CONCLUSION REFERENCES - Bibliography - Annexure PAGE NO





5 .INTRODUCTION Finance is regarded as the life blood of a business enterprise. In the modern oriented economy. finance is one of the basic foundations of all kinds of economics activities.

5 million in 2009. The project entitled “Financial performance Analysis of Ashok Leyland Industry Ltd” throw light on over all financial performance of the company. As said earlier finance is said to be life blood of any business.5 million vehicles (including 2 wheeled and 4 wheeled) and exports about 2. the information provided in the financial statement is of immense use in decision-making through analysis and interpretation of financial statements.Finance statements are prepared primarily for decision-making. India manufactures over 17.33 million every year. Every business under taking needs finance for its smooth working. It has to raise funds from the cheapest and risky source to utilize this in most effective manner. They play a dominant role in setting the frame work and managerial conclusion and can be drawn from these statements. It is the world's second largest manufacturer of motorcycles. However. INDUSTRY PROFILE The Automotive industry in India is one of the largest in the world and one of the fastest growing globally. So every company will be interested in knowing its financial performance. with annual sales exceeding 8. India's passenger car and 6 .

behind Japan. In 2009. and delivering a declining level of service despite increasing investments. India is set to overtake Brazil to become the sixth largest passenger vehicle producer in the world. CONSUMPTION TRENDS About 250 million vehicles are in use in the United States. was a self-powered. in fact. a French engineer by the name of Nicolas J. and Thailand. consuming over 260 billion gallons of gasoline and diesel fuel yearly.commercial vehicle manufacturing industry is the seventh largest in the world. Other potentially powerful automotive markets are Iran and Indonesia AUTOMOBILE INDUSTRY HISTORY In the year 1769. however. military tractor that made use of steam engine. The Detroit branch of Boston Consulting Group predicts that. Around the world. it could only run at a stretch for fifteen minutes. three wheeler. these automobiles 7 . In addition. Cugnot invented the first automobile to run on roads. urban transport systems based around the car have proved unsustainable. India emerged as Asia's fourth largest exporter of passenger cars. Many of these negative impacts fall disproportionately on those social groups who are also least likely to own and drive cars. affecting the health of populations. Russia. was very brief and at the most. growing 16-18 per cent to sell around three million units in the course of 2011-12. by 2014. This automobile. According to recent reports.7 million units in 2010. India and China). there were about 806 million cars and light trucks on the road in 2007. South Korea. The sustainable transport movement focuses on solutions to these problems. In the opinion of some. consuming excessive energy. The range of the automobile. one-third of world demand will be in the four BRIC markets (Brazil. with an annual production of more than 3.

According to the history of automobile industry U. the automobile industry saw rapid growth and many automotive manufacturers started production. whereas the automobile industry in the developing nations. popular amongst the rich as well as masses. beginning in the early 1980s.were not fit for the roads as the steam engines made them very heavy and large. especially those of Japan and Germany. the U. after the end of Second World Warin 1945. The current trends of the Global automobile industry reveal that in the developed countries the automobile industry are stagnating as a result of the drooping car markets..S. The automobile industry finally came of age with Henry Ford in 1914 for the bulk production in cars.S. However. and required ample starting time. This lead to the development of the industry and it first begun in the assembly lines of his car factory. INDIAN AUTOMOBILE INDUSTRY India is one of the fastest growing automobile industries in the world. dominated the automobile markets around the globe with no notable competitors. car. Oliver Evans was the first to design a steam engine driven automobile in the U. After 1960. made the new invention ie. The several methods adopted by Ford. have been consistently registering higher growth rates every passing year for their flourishing automobile markets. 8 .S automobile industry was flooded with foreign automobile companies. such as India and Brazil. the automobile industry of other technologically advanced nations such as Japan and certain European nations gained momentum and within a very short period.

As India’s transport network is developing at a fast pace.. Ltd.. Bajaj.. buses. the country is expected to top the world in car volumes with approximately 611 million vehicles on the nation’s roads. Skoda India Pvt. Mahindra and Mahindra etc.. Ltd. Hero Honda. auto rickshaws and other multi utility vehicles are manufactured by Tata-Telco. Ltd. defence vehicles.. In 2009. By 2050. Ashok Leyland. Ford India Ltd. Honda Siel Cars India Ltd. twowheeler manufacturing and heavy vehicle manufacturing units.The automobile industry in India is the seventh largest in the world with and annual production of over 2. behind Japan. Ltd. India emerged as Asia’s fourth largest exporter of automobiles. The major car manufacturers are Hindustan Motors. defence vehicles... KEY STATISTICS 9 . the automobile industry has strong backward and forward linkages and hence provides employment to a large section of the population. The two wheeler manufacturing is dominated by companies like TVS.. Honda Motorcycle & Scooter India Pvt. Yamaha. General Motors Pvt.. to name a few. Also. The heavy motors like buses.. Hyundai Motors India Ltd. passenger cars. Toyota Kirloskar Motor Ltd. South Korea and Thailand. Bajaj etc. two wheelers etc. trucks. For rapid development a well-developed and well-knit transportation system is essential. Thus the role of automobile industry cannot be overlooked in the Indian economy. Indian automobile industry is growing too. Maruti Udyog....6 million units in 2009. The industry can be broadly divided into the car manufacturing. Indian automobile industry includes manufacture of trucks. Fiat India Pvt. A well developed transport network indicates a well developed economy. Eicher Motors.

277 540.000 1.552 32.808 362.The production of automobiles has greatly increased in the last decade.507 1.846.008 Automobile Production Type of Vehicle 20052006-2007 2007-2008 2008-2009 2009-2010 10 .383 1.86 -4.27 29.354 907.96 1.24 -43.25 32.78 28.25 3.10 2004-2005 2005-2006 2006-2007 2007-2008 Motor Vehicle 8.853.555 190.36 7.53 7.342 1.467.853 9.755 1.328 2.660 3.149 29.473.98 7.20 50.848 160.718 % Change 33. 755 332.89 13.86 19.783 2.238.13 22.264.999 2. 3.332.054 283.019.58 Total Vehicles Prodn.178.39 17.231 30.948 654.511.479 33.161.544 1.536.000 1.529 2.83 7.930 Production Industry Revenue Exports (Units) Exports (Revenue) 24.175. Car % % Year Commercial Production Change Change 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 Year 2.557 517. It passed the 1 million mark during 2003-2004 and has more than doubled since.22 23.968 703.523 894796 814611 801360 818193 2008-2009 11.10 -9.96 8.333 3.530.743.250 546.175.330 486.969 806.35 10.011.157 1.503 11.37 -2.713.087.814.808 1.74 9.62 -2.997 10.803 253.051 1.85 722.584 2.479 1.222 2.641.74 16.39 19.628.044 54.33 16.379 629.220 1.253.00 31.403 285.52 -0.199 466.99 -1.957 533.55 26.915 26.550 2.

052.988 9.853 9.2006 Passenger Vehicles Commercial Vehicles Three Wheelers Total 1.881 513.882 490.222 198.897.026.572 7.703 374.629 8.765 403.006 500.402 29.906.278 1.503 11.407 629.309.225 819.872.713 1.074 1.880 384.423 519.087.249.719 7.300 1.697 549.545.437.723.979 318.660 Vehicle Registration 11 .529 218.083 434.982 556.011.391 1.930 11.479 Automobile Sales Type of Vehicle Passenger Vehicles Commercial Vehicles 20042005 2005-2006 2006-2007 2007-2008 2008-2009 1.379.697 8.853.209.920 467.452 49.910 Three Wheelers 307.781 7.681 8.644 1.777.572 40.551.418.223 353.544 2005-2006 2006-2007 2007-2008 2008-2009 175.743.041 359.143.122 349.896 619.061.994 141.600 76.466.209.608.997 10.862 Total Two Wheelers 6.334 7.654.739 42.401 58.174 1.076 1.530.537 143.626 8.838.428 10.175.549.169 806.126 501.876 1.529.430 351.666 8.494 364.660 417.030 Two Wheelers 6.126 1.583 1.435 Automobile Exports Type of Vehicle Passenger Vehicles Commercial Vehicles Three Wheelers Two Wheelers Total 20042005 166.940 66.670 9.391 7.123.333 335.673 148.795 366.445 391.765 7.

222 634 635 721 768 822 879 936 1. about 14% and over 14 million are cars.This is a growth of about 100% in the past 9 years.676 6.974 3.018 5.991 58.948 2.068 96.065 AT PRESENT INDIA IS THE WORLD’S • • • • Largest tractor and three-wheel vehicle producer. Buses Goods Other Jeeps and (in Vehicles (in Vehicles (in Taxis (in '000) '000) '000) '000) 7.808 106.464 9.718 80.571 12. Over 77% and about 77 million of these vehicles are two wheelers. Total Number of Vehicle Registrations in India from 2001. Tata Motors with the launch of Tata Nano is trying to attract some of these two wheeler buyers to buy a small. Over 5 million and over 1 million vehicles registered are goods vehicles and buses respectively.451 10.045 88.487 70.003 2.613 8.India had over 100 million vehicles registered on its roads in the year 2008.345 4.058 7.795 6.337 7.556 41.591 Two Wheelers (in '000) 38.810 14.053 4.924 67.121 6. 11th largest passenger car producer. 12 .749 4.922 57.599 9.519 51. 4th largest commercial vehicle producer.581 47. 2nd largest two-wheeled vehicle producer. jeeps and taxis.588 Cars.2008 All Year Vehicles (in '000) 2001 2002 2003 2004 2005 2006 2007 2008 54.828 7.460 11. cheap and affordable passenger car.492 3.141 77. Two wheelers account a significant market share.417 63.891 8.007 72.652 5.

and product innovation. ASHOK LELAND . Demand Determinants Determinants of demand for this industry include vehicle prices (which are determined largely by wage. The projected size in 2016 of the Indian automotive industry varies between $ 122 billion and $ 159 billion including USD 35 billion in exports. which is more than double the current contribution. MAHINDRA & MAHINDRA – Market Share of 10.94% 2. income. This translates into a contribution of 10% to 11% towards India’s GDP by 2016.KEY COMPETITORS IN THE COMMERCIAL VEHICLE SEGMENT 1. material and equipment costs) and exchange rates. 13 .000 crores) and an investment of USD 10. India’s current GDP is about $ 1. The industry has provided direct and indirect employment to 13. preferences.9 billion. (INR 165.8 billion. The industry has attained a turnover of USD 35. interest rates. Automobile industry is currently contributing about 5% of the total GDP of India.75 trillion by 2020.01% Market Characteristics Market Size The Indian Automotive Industry after de-licensing in July 1991 has grown at a spectacular rate on an average of 17% for last few years.1 million people.Market Share of 22% 3.4 trillion and is expected to grow to $ 3. the running cost of a vehicle (mainly determined by the price of petrol). scrapping rates. TATA MOTORS – Market Share of 63.

Exchange Rate: Movement in the value of Rupee determines the attractiveness of Indian products overseas and the price of import for domestic consumption. roads. and telecom industries. Allowing unrestricted Foreign Direct Investment (FDI) led to increase in competition in the domestic market hence. Demographics: It is evident that high population of India has been one of the major reasons for large size of automobile industry in India. These investments are been made with an aim to generate long-term cash flow from automobile. India’s banking giant State Bank of India and Australia’s Macquarie Group has launched an infrastructure fund to rise up to USD 3 billion for infrastructure improvements. demand for large 14 . (Source: Silicon India) Price of Petrol: Movement in oil prices also have an impact on demand for large cars in India. During periods of high fuel cost as experienced in 2007 and first –half of 2008. India needs about $500 billion to repair its infrastructure such as ports. Also. Infrastructure: Longer-term determinants of demand include development in Indian’s infrastructure. and power units. power. making better vehicles available at affordable prices. Product Innovation is an important determinant as it allows better models to be available each year and also encourages manufacturing of environmental friendly cars. Affordability: Movement in income and interest rates determine the affordability of new motor vehicles. increase in people with lesser dependency on traditional single family income structure is likely to add value to vehicle demand. Factors that may be augment demand include rising population and an increasing proportion of young persons in the population that will be more inclined to use and replace cars.

15 .cars declined in favour of smaller. more fuel efficient vehicles. The changing patterns in customer preferences for smaller more fuel efficient vehicles led to the launch of Tata Motor’s Nano – one of world’s smallest and cheapest cars.

In 1948. achieved through tie-ups with international technology leaders and through vigorous in-house R&D. an industrialist. felt by independent India. India's first Prime Minister persuaded Mr. for the assembly of Austin Cars.COMPANY PROFILE HISTORY The origin of Ashok Leyland can be traced to the urge for self-reliance. Raghunandan Saran. to enter automotive manufacture. The Company's destiny and name changed soon with equity participation by British Leyland and Ashok Leyland commenced manufacture of commercial vehicles in 1955. Ashok Motors was set up in what was then Madras. Pandit Jawaharlal Nehru. 16 . Since then Ashok Leyland has been a major presence in India's commercial vehicle industry with atradition of technological leadership.

Ashok Leyland vehicles have built a reputation for reliability and ruggedness. Ashok Leyland embarked on a major product and process up gradation to match world-class standards of technology. The more comprehensive ISO 9001 certification came in 1994. The products of Ashok Leyland are at par with the best in the world. Ashok Leyland is the leading manufacturer of trucks. tailor-made for high-density routes. the NonResident Indian transnational group and IVECO. four out of the five State Transport Undertaking (STU) buses come from Ashok Leyland. Some of them like the double-decker and vestibule buses are unique models from Ashok Leyland. Be it full air brakes. The blueprint prepared for the future reflected the global ambitions of the company. captured in four words: Global Standards. This was at a time when liberalisation and globalisation were not yet in the air. Ashok Leyland pioneered all these concepts. Responding to the operating conditions and practices in the country. buses. power steering or rear engine busses. became the design philosophy of the Company. Ashok Leyland reached a major milestone in 1993 when it became the first in India's automobile history to win the ISO 9002 certification. (Since July 2006. using appropriate technology". which in turn has moulded consumer attitudes and the brand personality.Access to international technology enabled the Company to set a tradition to be first with technology.000 vehicles we have put on the roads have considerably eased the additional pressure placed on road transportation in independent India. "Designing durable products that make economic sense to the consumer. the overseas holding by Land Rover Leyland International Holdings Limited (LRLIH) was taken over by a joint venture between the Hinduja Group. the Company made its vehicles strong. over-engineering them with extra metallic muscles. The 5. the Hinduja Group is 100% holder of LRLIH). offering unique models 17 .In 1987. special application vehicles and engines in India.00. Ashok Leyland is the leaders in the Indian bus market. Global Markets. In the populous Indian metros. In the journey towards global standards of quality. It has also become the first Indian auto company to receive the latest ISO/TS 16949 Corporate Certification (in July 2006) which is specific to the auto industry. QS 9000 in 1998 and ISO 14001 certification for all vehicle manufacturing units in 2002.

Since then Ashok Leyland has maintained its technological leadership in the India's commercial vehicle industry. Since July 2006. an industrialist. These include Fifth Wheel 18 . PLHT manufactures a wide variety of after-chassis products. Ashok Motors was set up in Madras (Chennai) for the assembly of Austin Cars. Genset and Marine applications. ASSOCIATE COMPANIES OF ASHOK LEYLAND Automotive Coaches & Components Ltd (ACCL): ACCL was promoted by Ashok Leyland and the Tamil Nadu Industrial Development Corporation (TIDCO) in the 1980s. Ashok Leyland is the largest provider of logistic vehicles to the Indian army. Double Decker and Vestibule bus. Soon. In 1955. OB vans. British Leyland acquired an equity stake in the company and the name of the company was changed from Ashok Motors to Ashok Leyland. Ashok Leyland was the first to introduce full air brakes. ACCL is the largest Tipper Body manufacturer in the organised sector in India. the Hinduja Group is 100% holder of LRLIH. tankers. It also manufactures diesel engines for Industrial. energy vans and the like. in collaboration with technology leaders. Apart from the tippers. The company has two Divisions: ACCL Division and PL Haulwel Trailers (PLHT). Pandit Jawaharlal Nehru persuaded Mr. it also manufactures bus bodies. Raghunandan Saran. power steering and rear engine busses in India. aluminium containers. The birth of Ashok Leyland can be attributed to the quest for self-reliance in the aftermath of independence. Ashok Leyland commenced of commercial vehicles. In 1948. In 1987. More than 80% of the State Transport Undertaking (STU) buses come from Ashok Leyland.such as CNG. frontend structures (FES). The company is a pioneer in multi axle trucks and tractor-trailers. Tie-ups with international technology leaders and through vigorous in-house R&D enabled Ashok Leyland to introduce latest technological breakthroughs in the Indian market. to enter automotive manufacture. the overseas holding by Land Rover Leyland International Holdings Limited (LRLIH) was taken over by a joint venture between the Hinduja Group and IVECO.

It is India's largest automotive jobbing foundry and caters to different segment like automobiles. Running gears for LPG tankers. Ennore Foundries: Ennore Foundries was established in 1959. which in turn assembles the chassis and builds bodies. TVS & Sons Ltd and IRIZAR. industrial engines and power generators. The company was started in 2001 and it manufactures luxury coaches. Bottom dumpers. Semi Trailers. It is a joint venture between Ashok Leyland and the Government of Sri Lanka. IRIZAR-TVS: IRIZAR-TVS is a joint venture between Ashok Leyland. Ashok Leyland supplies chassis in both completely built-up and knocked down conditions to Lanka Ashok Leyland. NISSAN ASHOK LEYLAND: 19 .Couplers and Hoists. Car / Truck / Tractor Carriers. the internationally reputed bus body builder from Spain. Ashok Leyland Project Services Limited: Ashok Leyland Project Services Limited (ALPS) looks after the project development activities of the Hinduja Group in India. Container trailers. and all types of user-specific custom-designed trailers for niche applications. It assists the investment entities of the Group and provides professional services to help international companies interested in projects in India. Ladle Carriers. for foundries (Steel / Aluminium). tractors. Lanka Ashok Leyland: The Company was established in 1982.

the flagship company of Hinduja group. Ashok Leyland Defence Systems Ashok Leyland Defence Systems (ALDS) is a newly floated company by the Hinduja Group. Executive Vice Chairman of Hinduja Automotive Limited and a Director on the Board of Ashok Leyland is the Chairman of the Powertrain Company and he is on the Boards of the other two JV companies.. Uttarakhand 20 . the company announced a joint venture with Japanese auto giant Nissan (Renault Nissan Group) which will share a common manufacturing facility in Chennai. CPPS) Alwar. Sumantran. holds 26 percent in the newly-formed Ashok Leyland Defence Systems (ALDS). Ltd. Maharastra Pantnagar. the technology development company will be owned 50:50 by the two partners. The shareholding structures of the three joint venture companies are: • Ashok Leyland Nissan Vehicles Pvt. It has supplied over 60.000 of its Stallion vehicles which form the Army's logistics backbone. Dr. Facilities • The company has seven manufacturing locations in India: o o o o Ennore and Hosur. Ashok Leyland.2. India. Hosur . V.In 2007. the power train manufacturing company will be owned 51% by Nissan and 49% by Ashok Leyland • Nissan Ashok Leyland Technologies Pvt. The newly floated company has a mandate to design and develop defence logistics and tactical vehicles. Rajasthan Bhandara. Ltd.1. Tamilnadu (Hosur . Ltd. the vehicle manufacturing company will be owned 51% by Ashok Leyland and 49% by Nissan • Nissan Ashok Leyland Powertrain Pvt. Ashok Leyland is the largest supplier of logistics vehicles to the Indian Army... defence communication and other systems.

QS 9000 in 1998. Received ISO 9001 certification in 1994. that apart from modern test tracks and component test labs. power steering and rear engine busses certification for all vehicle manufacturing units in 2002.city bus Viking BS-II . became first Indian Auto Company to receive ISO 9002 certification. is a state-of-the-art product development facility. • in India. Products • • • • • • Luxura Viking BS-I .city bus Viking BS-III -city bus Cheetah BS-I Cheetah BS-II 21 . also houses India's one and only Six Poster testing equipment • • The company has an Engine Research and Development facility in Hosur The company has signed an agreement with Ras Al Khaimah Investment Authority (RAKIA) in UAE for setting up a bus body building unit in the Middle East. Major Achievements of Hinduja Group • • In 1993.• Ashok Leyland's Technical Centre. at Vellivoyalchavadi in the outskirts of Chennai. • Corporate Certification (in July 2006). and ISO 14001 Became the first Indian auto company to receive the latest ISO/TS 16949 First company to introduce full air brakes.

6 X 2 4018 Tractor 22 .• • • • • • • • • • Panther 12M bus Stag Mini Stag CNG 222 CNG Lynx Double Decker Vestibule bus Airport Tarmac Coach Gensets Goods Segment • • • • • • • • • • • • • • • Comet 1611 1612 H 1613 H 1613 H/2 (12m Goods) 4/51 GS 1613 Taurus 2516/2 (6x4) Tipper CT 1613 H/1 & H/2 Bison Tipper 1613 ST (4x2) Taurus HD 2516MT/1 (6x4) Taurus 2516 .6X4 2516 H (6X2) Taurus 2516 .

• • • • • • • Artik 30.  Analysing the financial statements is a process of evaluating the competent part of financial statement to obtain a better understanding of firm’s position and performance. 23 .  The annual report of the company constitutes the most important source of data for judging the liquidity position. daily basis. OBJECTIVE OF THE STUDY  Honouring all cash outflow commitments on an ongoing.14 Tractor Tusker Turbo Tractor 3516 ecomet 912 ecomet 111i 4921 U-Truck Tippers U-3123 U-2523 U-2518 U-1616 U-1618 U-Truck Tractors U-4923 U-4023 U-3518 NEED FOR THE STUDY  Liquidity management refers to the administration of all aspects of current assets and current liabilities.

 Avoiding raising funds at market premium or through the forced sale of assets.

 Satisfying statutory liquidity and statutory reserve requirements.

 The study covers the Financial performance of the Ashok Leyland.  The study is made by making comparison of five year of it operation.  The study aims to reveal where the stands in respect to liquidity and an effective use of asset.

The study covered a period of five years from 2005-06 to 2009-10 accounting year ends 31st march every year.

The study is based on secondary data. Data pertaining behavior of liquidity solvency and profitability position were collection from the Balance Sheet and Profit & Loss account of ashokLeyland. The necessary data were obtained from published annual report.

• • • Liquid ratio Solvency ratio Profitability ratio


 The study is based on secondary data  The time span was limited only a period of five years.  The study suffers all the limitation of ratio analysis, such as lack of adequate change, income, price level change etc.



It refers to the systematic use of ratios to interpret the financial statements in terms of the operating performance and financial position of a firm. It involves comparison for a meaningful interpretation of the financial statements. In view of the needs of various uses of ratios the ratios, which can be calculated from the accounting data are classified into the following broad categories CLASSIFICATION:

 Short term solvency ratio:
I. Liquidity ratio 3.1 Current ratio. 3.2 Liquid ratio.

3.3 Absolute liquidity ratio. II. Activity ratio 3.4 Inventory turnover ratio 3.5 Inventory conversion period 3.6 Debtor turnover ratio 3.7Average collection period 3.8 Working capital turnover ratio.

 Long term solvency ratio:
3.9 Debt Equity ratio 3.10 Proprietary ratio 3.11 Fixed asset to net worth ratio 3.12 fixed asset ratio. 3.13 Current asset to proprietary fund 3.14 Fixed asset turnover ratio.

 Profitability ratio 3.15 Gross profit ratio
3.16 Net profit ratio 3.17 Operating profit ratio 3.18 Selling & administration expenses

Current ratio may be defined as the relationship between current asset and current liabilities. The current ratio is the index of the concern financial stability since it shows extent of the working capital, which is the amount by which the current asset exceeds the current liabilities. The rule of the thumb is 2:1


90 0.91 2849.11 0.19 1865.30 2374.75 1644. Current liabilities= Bills payable + Bank O/D.40 2207. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Current Asset* 1492. TABLE: I CURRENT RATIO * Rs .88 1681.in .29 3002.68 Ratio 1.Current ratio= Current Asset ______________ Current Liability Current asset= Inventories + Sundry debtors+ Cash & Bank balance.07 0.22 Current liabilities* 1344.97 2196.94 28 .74 1.

74 in 2006-2007 and 2007-2008.90 to 0.07 and 2009-2010 the ratio was again decreased to 0. There was high decrease in the stock and cash balances of the company result of which the ratio was low. So it was not satisfactory.11 and it was decreased from 0. CHART : 1 29 . In the year 2005-2006 the ratio was 1.INTERPRETATION: The rule of thumb of current ratio is 2:1 the ratio and here it shows a fluctuating trend.94.Initially there is a high increase in the liailities when compared to the increase in assets and that’s the reason the current ratio is low. In 2008-2009 the ratio was decreased to 1.

6 1.8 0.200808 09 years 200910 30 .94 0 200506 200607 2007.11 Ratio 0.74 1.07 0.9 0.Current ratio 1.

It is the test of liquidity to the ability of the current ratio .the term “liquidity” refers to the ability of a firm to pay its short term obligation.2. Liquid Asset _______________ Current Liability Liquid ratio = Liquid Asset = Current Asset – Inventories.3. 31 . LIQUID RATIO: This ratio also termed as acid test or quick ratio. This is ascertaining by comparing the liquid asset and current liability. The rule of thumb is 1:1.

40 INTERPRETATION: The rule of thumb of liquid ratio is 1:1. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Liquid asset* 590.32 0.49 2207.29 3002.47 0.19 0.32 611.47 in 2008-2009 and 2009-2010.19 in 2006-2007 and 20072008.TABLE: I LIQUID RATIO *Rs .44 0.In 2007-2008 the liquid asset had a major fall while the current liabilities of the company was incresing as a result of which the liqud ratio is not satisfactory. 32 . There was decrease in the stocks of the company.91 1210.The reason being current ratio is very low. The ratio was again increased to 0..in.68 Ratio 0.43 420.32 to 0.40 in the year 2005-2006 to 20092010.98 Current liabilities* 1334.19 1865. The liquid ratio in the year 2005-2006 and it was decreased from 0.97 2196. The ratio was again decreased to 0.39 1044.

32 0.200808 09 years 200910 33 .19 0 200506 200607 2007.32 0.4 Ratio 0.CHART :2 Liquid ratio 0.44 0.47 0.64 0.

Absolute Liquid Asset Absolute ratio= ___________________ Current Liability Absolute liquid asset = Cash & Bank balance 34 .5:1.3. The rule of thumb is 0. ABSOLUTE LIQUID RATIO OR CASH RATIO: The ratio measures the relationship between cash and near cash item on the hand and immediately maturing obligation on the other.3. The inventory and debtor are excluded from current asset to calculate this ratio.

the ratio was decreased from 0. 35 .TABLE: 3 ABSOLUTE LIQUID RATIO * Rs.04 0..55 86.06.5:1.04 to 0.02.5 44. This Ratio of the company is poor from the beginning from the year when the analysis is made. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Absolute liquid asset* 165. In the year 2006-2007 to 2008-2009.02 0.06 INTERPRETATION: The rule of thumb of absoluter liquid ratio is 0.93 188.7.97 2196. The Absoloute Liquid Asset of the company had been decresing and there is a huge difference between the Absolute liquid asset and the current liabilities.49 22.10 and next year onwards it was decreasing trend.92 Current liabilities* 1334.12 0.03 0.19 1865. In 2009-2010 the ratio was decreased to 0.68 Ratio 0.29 3002. In the year 20052006 the ratio was 0. There has been poor cash and bank balances of the company. In.98 88.

12 Ratio 0.CHART :3 Absolute liquid ratio 0.04 0.12 0.02 0.08 0.200808 09 years 200910 36 .04 0.06 0.16 0.03 0 200506 200607 2007.

ACTIVITY RATIO 3.II. inventory turnover indicates the number of times stock has been turned during the period and evaluate the efficiency with which a firm is able to manage. It was able to meet the requirements of the business. Inventory turnover ratio= Net Sales ____________ Inventory Net sales = Sales – Excise duty.4. 37 . INVENTORY TURNOVER RATIO: Every firm has to maintain a certain level of inventory to finished goods.

63 4.87 6. in . This stock turnover ratio implies over investment in stock.93 6.TABLE: 4 INVENTORY TURNOVER RATIO * Rs.01 1638.The company has invested a lot in stock where as this is not matched with the sales for the company.51 4.94 7358. In 2007-2008 to 2009-2010 the ratio was decreased from 6.53 INTERPRETATION: The inventory turnover ratio in the year 2005-2006 was 5.53.18 Inventory* 902.99 7436.87 in 2006-2007.95 but it was increased to 6.88 7972. 38 .91 1330. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Net sales* 5359.52 6168.56 1070.24 Ratio 5.32 1223.51 to 4.

CHART :4 inventory turnover ratio 8 6.51 4.200808 09 years 200910 39 .53 0 200506 200607 2007.87 5.93 4.63 Ratio 4 6.

This period is calculated by dividing the number of days by inventory turnover ratio. Inventory conversion period= No.5. This can be possible by calculating inventory conversion period. INVENTORY CONVERSION PERIOD: It may be of interest to see average time taken for clearing the stock.3. of days in a year ________________________ Inventory turnover ratio 40 .

63 Ratio 61 53 56 78 80 41 . Days in a year* 365 365 365 365 365 Stock turn over ratio* 5. It indicates more days to clear stock compared to previous year.51 4. In 2007-2008 the days slightly increased to 56 days.93 6. and that’s the reason this ratio is very low.TABLE: 5 INVENTORY CONVERSION PERIOD Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: In the year 2005-2006 the conversion period was 61 days and it was decreased to 56 days in 2006-2007. The number of days taken for selling the stock was more. In 2008-09 and 2009-10 the days was increased from 78 to 80 days.63 4.87 6.

200808 09 years 200910 56 42 .CHART :5 Inventory conversion period 90 80 78 80 Ratio 70 61 60 53 50 200506 200607 2007.

The higher the ratio is better result with ratio is better result with efficient management.6. 43 . Net credit sales Debtor turnover ratio= ______________ Average debtor Average debtor= Opening debtor + Closing debtor+ Opening bills receivable + Closing bills receivable. DEBTOR TURNOVER RATIO: It established the relationship between the net credit sales and average debtor.3. It indicates the number of times the collection debtor has turnover during the year.

07 in 2006-2007. In 2007-2008 the ratio again increased to 21.88 375.88 7972. It implies in efficient management of the company in reducing its debt and incresing the sale of the company.43 7.07 21.27 44 .60 14.97 1022.84 957.43 in 2008-2009.18 Average debtor* 424.99 7436.TABLE: 6 DEBTOR TURNOVER RATIO *Rs.27.21 6.94 7358. Net credit sales* 5359.60 times and it decreased to 14.06 times 12. In 2009-2010 it was slightly increased to 7.52 6168. In.34 522.21 and it was decreased to 6. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: In this year 2005-2006 the ratio was 12.

07 12.27 0 200506 200607 2007.6 Ratio 12 6.21 18 14.CHART :6 Debtor turnover ratio 24 21.200808 09 years 200910 45 .43 6 7.

21 17 6. Average collection period = No. of days in a year _____________________ Debtor turnover ratio TABLE: 7 AVERAGE COLLECTION PERIOD Year 2005-06 2006-07 2007-08 2008-09 2009-10 Days in a year 365 365 365 365 365 Rs .60 28 14. AVERAGE COLLECTION PERIOD: The number of days taken by a firm for collecting of its receivable or debtors during the year.07 25 21.3. In 2008-2009 it was increased to 56 days and it was decreased to 50 days in 2009-2010.43 56 7.27 50 INTERPRETATION: The collection period in the year 2005-2006 the days was 28. 46 . In 200607 and 2007-2008 it was reduced from 25 days to 17 days. It indicates the relationship between average debtor and net credit sales. In the earlier years the debt was collected more quickly by the company but from 2008-2009 the debt collection period is incresed since the debtor turnover ratio has gone down.in cores Debtor turnover Days ratio 12.7.

200808 09 years 200910 47 .CHART :7 Average collection period 60 56 50 45 Ratio 30 28 25 17 15 200506 200607 2007.

The higher may be the result of high turnover of inventories of receivable Net sales ____________________ Net working capital Working capital turnover ratio= Net working capital = Current Assets – Current Liabilities. 48 . .3. The higher ratio indicates efficient utilization of working capital. WORKING CAPITAL TURNOVER RATIO: This ratio indicates the number of time the working capital is turned over in the course of a year.8.

56 in 2008-09and in the year 20092010 it was again slightly increased to 10.72 217.80 36. Cr Ratio 9.99 7436.18 Working capital* 587.62 in 2007-2008.10 49 .10.66 720.12 in 2005-2006 and it was increased from 12.80 to 36.56 10.62 8.17 *Rs.TABLE-8 WORKING CAPITAL TURNOVER RATIO Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: The ratio shows fluctuating trend from 2005-2006 to 2009-2010. Net sales* 5359.32 736.32 574.94 7358. in.12 12. But it was decreased to 8. The ratio was 9.88 7972.52 6168.

56 10.CHART :8 working capital turnover ratio 38 36.200808 09 years 200910 50 .1 0 200506 200607 2007.12 8.8 9.62 Ratio 19 12.

DEBT EQUITY RATIO This ratio is also known as internal and external equality ratio .it is mainly calculated to assess the soundness of long term financial policies and to determine the relative’s stakes of outsiders and owners. Debt equity ratio= Long term fund _________________________ Shareholders fund Long term debt = Secure loan + Un secured loan. 51 . Shareholder fund= Share capital.LONG TERM SOLVENCY RATIO 3. It indicates the relationship between debt and equity.9. Reserve & Surplus.

98 3478. 52 .33 and next three year it was slightly increased from 0.48 but and 2006-2007 it was decreased to 0.TABLE: 9 DEBT EQUITY RATIO * Rs.93 640.89 3656. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: Long term debt* 691.30 Ratio 0.48 0. The debt equity in the year 2005-06 was 0. and it was satisfactory.41 to 0.58 2148.62 in the year 2007-2008 to 2009-2010.98 2280.56 0.40 887. In.62 The rule of thumb is 2:1.50 1961.45 Shareholders fund* 1412.33 0.46 1894. The ratio shows that the long term debt is very low. so the company can make use of the law cost of fund.41 0.

41 Ratio 0.5 0.6 0.1 0 200506 200607 2007.CHART : 9 Debt equity ratio 0.200808 09 years 200910 0.7 0.56 0.48 0.33 0.4 0.3 0.62 53 .2 0.

Proprietary ratio= Shareholders fund _________________ Total asset.3. This ratio points out relationship between the shareholders fund and total asset of the company. PROPRIETARY RATIO: This ratio is also called as equity ratio or owner’s fund ratio. It indicates the proportion of total asset financed by shareholders.10. 54 . Total asset= Current asset +Fixed asset.

67 0.87 5936.76 Ratio 0.61 INTERPRETATION: The rule of thumb is above 50% of the ratio is satisfactory.89 3656.58 2148. In 2008-2009 the ratio was decreased to 0.46 1894.TABLE: 10 PROPRIETARY RATIO *Rs. in.74 in 20062007 and 2007-2008.74 0.48 5435.97 3036.74 0. The ratio shows in the year 2005-2006 was 0.63 0.67 and it was increased to 0.40 2534. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Shareholders fund total asset* 1412.30 Total asset* 2104.98 3473.63 and again decreased to 0.61 in 2009-2010. 55 . It shows the shareholders are financed to total asset so it was satisfactory.

8 0.63 0.6 0.74 Ratio 0.61 0.CHART :10 proprietory ratio 0.4 0.2 0 200506 200607 2007.74 0.67 0.200808 09 years 200910 56 .

11. If the ratio is high. But too high indicates what the high amount is tied up in fixed capital. FIXED ASSET TO NET WORTH RATIO: This ratio indicates as to what extends the shareholders fund have been invested in fixed assets. it implied that much of shareholders are invested in fixed asset. Fixed asset Fixed asset to net worth ratio= _______________ Shareholders fund 57 .3.

04 1525. Fixed asset* 943.97 and 2009-2010 again the ratio was increased to 1.63 0. In.66 0.56 Shareholders fund* 1412.11 4249. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: There is no rule of thumb but 60 plus 0.46 1894.68 0.58 2148. The shareholders fund is properly utilized. The ratio was 0.89 3656.68 but in 2007-2008 it was increased to 0.55 3399.63 in 2008-2009 the ratio was increased to 0.65 is said to be satisfactory.97 1. In 2006-2007 it was increased to 0.66 in the year 2005-2006.TABLE: 11 FIXED ASSET TO NETWORTH RATIO * Rs.16 58 .16.30 Ratio 0.27 1307.98 3473.

63 59 .66 0.8 0.16 Ratio 0.68 0.2 0 200506 200607 2007.4 0.2 1 0.4 1.6 0.CHART :11 fixed asset to networth ratio 1.200808 09 years 200910 0.97 1.

Fixed asset ratio= Fixed asset before depreciation ______________________________ Total long term Fixed assets = Long term investment. it implies that firm has financial asset. which not good the financial policy.12. Reserve & Surplus 60 . But if fixed assets exceeds.3. Fixed term funds = Share capital. FIXED ASSET RATIO: The ratio indicates the extend to which the total of fixed asset are financed by long term fund of the firm. Generally the total fixed asset should be equal to the total long term fund.

64 in 2008-2009 and 20092010.44 4953. In. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: In the year 2005-2006 the fixed asset ratio was 1.64 61 .38 to 1.36 in 2006-2007 and 2007-2008.89 3656. Fixed asset* 2138. In 2008-2009 the ratio was slightly increased from 1.42 to 1.42 1.30 Ratio 1.98 3473.27 6018.20 2942.51 and it was decreased from 1.63 Long term funds* 1412.51 1.46 1894.TABLE: 12 FIXED ASSET RATIO *Rs.58 2148.36 1.38 1.50 2620. It implies the company has financed a part of fixed out of current asset.

CHART :12 fixed asset ratio 1.38 1.51 1.8 0 200506 200607 2007.42 1.6 1.36 1.64 Ratio 0.200808 09 years 200910 62 .

The ratio indicates the extent to which proprietors fund are invested in current assets. CURRENT ASSET TO PROPRIETOR’S FUND: The ratio is calculated by dividing the total of current asset by the amount of shareholder’s fund.13.3. current asset Current asset to proprietor’s fund= __________________ Shares holders fund 63 .

75 1644.98 3478.46 1894. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: The ratio shows fluctuating trend.68 0. In the year 2005-2006 the ratio was 1.89 3656.91 2849. Current asset* 1492.58 2148.77.76 0. This shows more than 50% of share holders are invested in current asset.05 and it was reduced from 0.30 Ratio 1.05 0.30 2374.TABLE: 13 CURRENT ASSET TO PROPRIETORY FUND *Rs.68 in 2006-2007 to 2008-2009.77 64 .88 0.88 1681.88 to 0. But it was slightly increased to 0.22 Share holders fund* 1412. in.

2 1.72 Ratio 0.48 0.CHART :13 Current asset to proprietory fund 1.24 0 200506 200607 2007.96 0.88 0.79 0.68 0.200808 09 years 200910 65 .77 0.05 0.

FIXED ASSET TURNOVER RATIO: This ratio measures the efficiency in utilization of fixed asset.14. 66 . Fixed asset turnover ratio= Net sales ________________ Net fixed asset. A high ratio reflects overtrading on the other hand a lower ratio indicates idle capacity and excessive investment in fixed asset.3.

81 to 1. And it easy slightly reduced from 5.99 7436.63 to 5.18 Net fixed asset* 943. In.5 3399. 67 .2007 and 2007-2008.94 7358.63 5.04 1525.52 6168.11 4249. In 2008-2009 and 2009-2010 the ratio was again decreased from 1.TABLE: 14 FIXED ASSET TURNOVER RATIO *Rs.56 Ratio 5.81 1.68 5.68 in the year 2005-2006.75 INTERPRETATION: The fixed asset turnover ratio.22 in 2006. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Net sales* 5359.27 1307.22 1.75. The ratio was decreasing trend was 5.88 7972. The ratio implies the company utilizes the fixed asset to achieve the highest sales.

200808 09 years 200910 68 .75 0 200506 200607 2007.68 5.63 5.CHART : 14 fixed asset turnover ratio 6 5.81 1.22 4 Ratio 2 1.

Cost of goods sold 69 . The high gross profit ratio is sign of good management.15. It measures the relationship of gross profit to net sales and it is represented in percentage. The relatively low profit ratio is not good for the company. Gross profit ratio= Gross profit ________________ Net profit X 100 Gross profit = Sales.PROFITABILITY RATIO 3. There are no standard norms. GROSS PROFIT RATIO: It indicates the margin of profit on sale.

16 Net sales* 5359. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Gross profit* 556.88 7972.52 6168.59 768.16 828. The Gross profit ratio was increasing trend.35 752.25 400. In.18 Ratio 10 10 10 6 10 INTERPRETATION: This ratio represent in percentage.94 7358. 2006-2007and 2007-2008 was 10 % and the ratio was decreased to 6% in the year 2008-2009.TABLE: 15 GROSS PROFIT RATIO *Rs.99 7436. The ratio shows in the year 20052006. 70 . In 2009-2010 the ratio again increased to 10%. so overall ratio was satisfactory.

CHART :15 gross profit ratio 12 10 10 10 10 8 Ratio 6 4 0 200506 200607 2007.200808 09 years 200910 71 .

NET PROFIT RATIO: Net profit ratio indicate the relationship between net profit and sales the efficiency of the manufacturing. welling and other activities of the firm Net profit (after tax) Net profit ratio= _______________________ X 100 Net sales 72 .3.16.

18 Ratio in % 6 5 5 3 5 73 .99 7436.29 469. Because the company has been increased the net sales and overall net profit was increased trend.00 423.67 Net sales* 5359.94 7358.88 7972.32 441.31 190.TABLE: 16 NET PROFIT RATIO *Rs. Net profit (after tax)* 327. In.52 6168. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 INTERPRETATION: The ratio shows in the year 2005-2006 was 6% and the ratio was decreased to 5% in 2006-2007 and 2007-2008. Again the ratio was decreased to 3% in 2008-2009 and it was increased again 5% in 2009-2010.

200808 09 years 200910 74 .CHART :16 Net profit ratio 9 6 Ratio 6 5 5 5 3 3 0 200506 200607 2007.

3. OPERATING PROFIT RATIO: Operating profit ratio is calculated for analyzing profitability of a concern. Operating profit Operating profit ratio = _______________ Net sales X 100 75 .17. Increase in operate profit indicates improvement of firm working by cost reduction or increase sales.

In 2007-2008 again reached 10% and it was decreased to 7% in 2008-2009.18 Ratio 10 9 10 7 10 INTERPRETATION: The ratio was 10% in the year 2005-2006 and slightly decreased to 9% in 2006-2007. 76 . In 2009-2010 the ratio was increased to 10%.36 686.TABLE: 17 OPERATING PROFIT RATIO *Rs.40 Net sales* 5359. The overall operating profit and sales are increased and reduce the expenses.09 761. Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Operating profit* 540.49 473.52 6168.16 804.99 7436.94 7358. in.88 7972.

200808 09 years 200910 77 .CHART :17 Operating profit ratio 15 10 Ratio 10 9 10 10 7 5 0 200506 200607 2007.

SELLING AND ADMINISTRATION EXPENSES: Selling and administrative ratio indicates the relationship between the expenses and sales .18. Selling & Administration expenses Selling and administration expenses= ___________________________ X100 Net sales 78 .3.the changes in the selling and administrative expenses will be impact on sales.

Cr Year 2005-06 2006-07 2007-08 2008-09 2009-10 Selling &Administration expenses* 199.94 7358. It decreased to 5%. 2006-2007 and 2007-2008.TABLE: 18 SELLING AND ADMINISTRATION EXPENSES *Rs. 79 . In the year 2008-2009 it was increased to 8% but in the year 2009-2010.88 7972.99 7436.52 6168.68 445.36 259.18 Ratio 3 3 3 8 5 INTERPRETATION: The expenses ratio was 3% in three year that is 2005-2006.5 495.89 Net sales* 5359.50 263. Because the expenses are slightly decreased compared to previous year. in.

200808 09 years 200910 80 .CHART : 18 Selling and administration expences 10 8 Ratio 5 5 3 3 3 0 200506 200607 2007.

FINDINGS:  The current ratio was a fluctuating trend from 2005-2006 to 2009-2010.CHAPTER-V . So it was satisfactory.  The debtor’s turnover ratio indicates the last two year decreased. Because increase the value of asset in future. because to make the high sales.  The liquid ratio was declining trend in 2009-2010. Because the company marked inefficient management of debtor or sales and debts was collected in 50 days in last years.  The fixed asset ratio are measure the utilization of fixed asset.  The proprietary ratio was fluctuating trend. It indicates the shareholders are more than 50% are investment in total asset. Because this is due to increased in debtor and cash & bank balances. the company has making the sales in proportionally. So the company was making high sales.  The gross profit ratio was 10% in four year. Because increase the debtor and cash & bank balances in last year. This two year the working capital implies less utilization.  The exp4ences ratio of the company was decreasing. The fixed asset is increasing trend.94. Because the cost of goods sold is slightly variation.  The working capital was increased trend 2008-2009 and 2009-2010.  Inventor’s turnover ratio implies the company has made low sales because more days are taken to clear the stock. In last year the ratio was decreased 0. The ratio is very low expected last year. the company can make use low cost fund in future.  The absolute liquid ratio implies in last year was slightly increased because the company should keep cash to meet day to day expenses. Because the company was make low amount of cost of goods sold.  The net profit ratio implies the profitability position of the company has increased in 2009-2010 and sales are growing up.  Operating profit ratio also implies the profit has been increased compared to previous year. 81 . and high investment in stocks.  Debt equity ratio helps to measure the extend to which debt financing to the business.

 Otherwise. 82 .  To reduce the investor cost of the company must follow average inventory system. the company cab take step to increase the cash position to meet its expenses.SUGGESTIONS  The current ratio and absolute ratio was maintained lower cash than ideal ratio.  The company is allowed credit period for 50 days. the company was making investment in current asset and reducing cost of sales at the same time increasing sales and profit was good in earlier days. So.  The company should increase the long term debt. The debt collection period can be reduced with in 30days.

It is hoped that these interpretations. to ensure that cash inflows have an appropriate relationship to approaching cash outflows. Hence it is concluded that Ashok Leyland is found to be efficiently managing its cash inflows and outflows. Financial Analysis helps to understand how the company is managing its finance function is to manage assets and liabilities . 83 . The study at Ashok Leyland provided me an insight into the workings of the company and how a firm manages its cash inflow and outflow. On the review of the performance of company ratio and other financial statements for the past five years reveals that the company maintained a good solvency position. findings would support the organisation in efficient way.CONCLUSION: The project entitled “A STUDY OF FINANCIAL PERFORMANCE ANALYSIS OF ASHOK LEYAND LIMITED” was undertaken with the objective of financial performance and to examine profitability performance of the company. both as to cash flow and concentration.

com 84 .BIBLIOGRAPHY Book References Financial Management – I.M.ashokleyland.com www.Srivastava Ashish & Mishra Amit Websites www.com www.wikipedia. Pandey Financial Management .investopedia.





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