“A STUDY ON FINANCIAL PERFORMANCE OF KSE

LTD IRINJALAKKUDA”

Project Report submitted to

CHRIST COLLEGE (AUTONOMOUS), IRINJALAKKUDA

In partial fulfillment of the requirement for the award of the degree of

BACHELOR OF COMMERCE

Submitted by

AMEESHA NAZAR
(CCATBCM089)

Under the supervision of

Ms. SMITHA ANTONY M

(Assistant Professor)

DEPARTMENT OF COMMERCE

CHRIST COLLEGE (AUTONOMOUS), IRINJALAKUDA

UNIVERSITY OF CALICUT

MARCH 2022
 CHRIST COLLEGE (AUTONOMOUS), IRINJALAKUDA

CALICUT UNIVERSITY

DEPARTMENT OF COMMERCE
CERTIFICATE

This is to certify that the project report entitled “A STUDY ON FINANCIAL

PERFORMANCE OF KSE LTD IRINJALAKKUDA” is a bonafide record of
project done by AMEESHA NAZAR, Reg. No. CCATBCM089, under my guidance and
supervision in partial fulfillment of the requirement for the award of the degree of
BACHELOR OF COMMERCE and it has not previously formed the basis for any Degree,
Diploma and Associateship or Fellowship.

Prof. K.J.JOSEPH Ms. SMITHA ANTONY M

Co-ordinator Project Guide
 DECLARATION

I, AMEESHA NAZAR, hereby declare that the project work entitled

“A STUDY ON FINANCIAL PERFORMANCE OF KSE LTD
IRINJALAKKUDA” is a record of independent and bonafide project work
carried out by me under the supervision and guidance of Ms. Smitha
Antony M, Assistant Professor, Department of Commerce, Christ College,
Irinjalakuda.

The information and data given in the report is authentic to the best of my
knowledge. The report has not been previously submitted for the award of any
Degree, Diploma, Associateship or other similar title of any other university or
institute.

Place: Irinjalakuda Ameesha Nazar

Date: CCATBCM089
 ACKNOWLEDGEMENT

I would like to take the opportunity to express my sincere gratitude to all

people who have helped me with sound advice and able guidance.

Above all, I express my eternal gratitude to the Lord Almighty under whose
divine guidance; I have been able to complete this work successfully.

I would like to express my sincere obligation to Rev.Dr. Jolly Andrews,

Principal-in-Charge, Christ college Irinjalakuda for providing various facilities.

I am thankful to Prof. K.J.Joseph, Co-ordinator of B.Com (Finance), for

providing proper help and encouragement in the preparation of this report.

I am thankful to Ms. Siji C.L, Class teacher for her cordial support, valuable
information and guidance, which helped me in completing this task through
various stages.

I express my sincere gratitude to Ms. Smitha Antony M, Assistant Professor,

whose guidance and support throughout the training period helped me to
complete this work successfully.

I would like to express my gratitude to all the faculties of the Department for
their interest and cooperation in this regard.

I extend my hearty gratitude to the librarian and other library staffs of my

college for their wholehearted cooperation.

I express my sincere thanks to my friends and family for their support in

completing this report successfully.
 TABLE OF CONTENTS

SL.NO CONTENTS PAGE

NO:
LIST OF TABLES

LIST OF FIGURES

CHAPTER 1 INTRODUCTION 1-4

CHAPTER 2 REVIEW OF LITERATURE 5-12

COMPANY AND INDUSTRY

CHAPTER 3 13-18
PROFILE

DATA ANALYSIS AND

CHAPTER 4 19-29
INTERPRETATION

FINDINGS, SUGGESTIONS &

CHAPTER 5 30-33
CONCLUSION

BIBLIOGRAPHY

ANNEXURE

1
 LIST OF TABLES

TABLE NO: TITLE PAGENO:

4.1 Table showing current ratio 20

4.2 Table showing liquid ratio 21

4.3 Table showing absolute liquid ratio 22

4.4 Table showing debt equity ratio 23

4.5 Table showing solvency ratio 24

4.6 Table showing proprietary ratio 25

4.7 Table showing fixed asset ratio 27

4.8 Table showing fixed asset turnover ratio 28

4.9 Table showing working capital turnover ratio 29

4.10 Table showing net profit ratio 30

4.11 Table showing debtors turnover ratio 31

2
 LIST OF FIGURES

TABLE NO: TITLE PAGE NO:

4.1 Figure showing current ratio 20

4.2 Figure showing liquid ratio 21

4.3 Figure showing absolute liquid ratio 22

4.4 Figure showing debt equity ratio 23

4.5 Figure showing solvency ratio 24

4.6 Figure showing proprietary ratio 25

4.7 Figure showing fixed assets ratio 26
4.8 Figure showing fixed asset turnover ratio 27

4.9 Figure showing working capital turnover ratio 28

4.10 Figure showing net profit ratio 29
4.11 Figure showing debtors turnover ratio 30

3
CHAPTER-1
INTRODUCTION

4
1.1Introduction

Finance is defined as the management of money and includes activities such as

investing, borrowing, lending, budgeting, saving and forecasting. Finance is

regarded as the life blood of a business enterprise. Finance is the master key that

provides access to all the sources for being employed in manufacturing and

merchandising activities. The success of an organization largely depends on

efficient management of its finance. Every enterprise whether big, medium or

small needs finance to carry on its operations. The managing of finance is an

important activity which involves both short term and long term planning. The

goal of any enterprise is either profit maximization.

The financial statement provides a summary of the accounts of a business

enterprise, balance sheet showing the assets and liabilities and income statement

showing the results of operation during certain period. Finance may be defined

as the provision of money at the time it is needed. Finance performance analysis

is the process of measuring the result of a firm’s policies and operations in

monetary terms. It is used to measure firms overall financial health over a period

of time and can also used to compare similar firms across the same industries or

sectors at most care has been taken at all levels of project work right from

beginning of analyzing accounting information provided by profit and loss

account and balance sheet. The study was done with the help of ratio analysis,

percentage analysis and trend analysis. These statement fit together to form a

comprehensive financial pictures of a business.

5
Kerala Solvent Extraction Limited now known as KSE Ltd entered the Solvent

extraction industry, setting up the very first solvent extraction on plant in Kerala.

It was established on 25th September 1963 by a handful of coconut millers in

and around Irinjalakuda with a vision to overcome the crisis of the coconut oil

industry. KSE Ltd is a public limited Company with around 4500 shareholders.

The shares are listed in Bombay stock exchange. KSE in initially started as a

solvent extraction plant, the company now produces 750-800 MTS of coconut

cake a day with 4 cattle feed production unit and two solvent extraction plants.

It is the largest manufacturer of compound cattle feed in private sector in the

country. Today KSE commands the resources, expertise and infrastructure to

manufacture a range of livestock feed in high volumes, coconut oil from coconut

oil cake and refined edible oil. It has also entered in the field of milk

procurement and processing KS Milk, KS Ghee, and vesta ice- cream have

become popular in many district in Kerala. It has obtained ISO recognition for

its commitment to quality and professionalism.

1.2 Statement of the problem

Analysis and interpretation of financial statement is regular exercise to review

the performance of the company. It was proposed to conduct review to study the

short term prospects as well as long term trends and to arrive at the conclusion

on the performance review resulting in taking corrective action, optimize the

performance in the subsequent period. Here a study is conducting on the

6
financial performance of KSE Ltd Irinjalakuda. It will show thefinancial

position, performance and future prospects of the company.

1.3 Scope of Study

The study intended to understand the financial and profitability position of KSE

Ltd it helps to examine sources and users of fund. It helps to understand about

the liquidity position of the firm and efficiency in its asset management and the

strength and weakness of liquidity, solvency and profitability. It also provides

various information’s regarded the functions of KSE Ltd.

1.4 Objective of the study

 To study about the financial performance ofKSE Ltd

 To analyse the liquidity position of KSE Ltd

 To study about the profitability of the firm

 To study about the working capital position of the firm

1.5 Research Design

1.5.1 Nature of Study:- The study is analytical in nature

1.5.2 Nature of data :- Secondary data

1.5.3 Sources of data :- The study is based on secondary data. The data is

collected from the balance sheet, profit and loss account and other documents of

KSE Ltd Irinjalakuda. Analytical research is used in this study. The data

collected from the source are analyzed and compared with the help of ratios,

tables, graphs, and charts which are specifically prepared. Data’s are collected

from the financial information published by the company in its website.

7
1.5.4 Period of study: From the year 2016 to 2020

1.6 Tools for Analysis

The analysis and interpretation of financial statement is used to determine the

financial position and results of operation as well. Following tools are used for

analyzing the financial position of the company.

 Ratio analysis

1.7 Limitation of the Study

 The study is mainly confined to secondary data so that the information

may be sometimes incorrect

 Time is the limiting factor of the study

 Unavailability of some documents which are kept confidential

1.8 Chapterization

Chapter 1: Introduction
Chapter 2: Review of Literature
Chapter 3: Industry and Company profile
Chapter 4: Data analysis and Interpretation
Chapter 5: Findings, Suggestions and conclusion

8
 CHAPTER-2
REVIEW OF LITERATURE

9
Review of Literature

Review of Literature focus on the earlier studies on financial performance

involves analysis. These studies are helpful in assessing the limitations, findings

and suggestions involved in such studies.

Finance always being disregarded in financial decision making since it involves

investment and financing in short term period. Further, also act as a restrain in

financial performance, since it does not contribute to return on equity.

Financial Management made decisions which ensure the profitability and growth

of a firms requires the preparation of the financial statement. A financial

statement is a collection of data organized according to logical and consistent

accounting procedure. Its purpose is to convey an understanding of some

financial aspects of a business firm.

2.1 Conceptual Review

Accounting is the language of business. According to the American Institute of

certified public Accountants, Accounting is an art of recording, classifying and

summarizing in a significant manner and in terms of money, , transactions and

events which are, in part at least, of financial character, and interpreting the

result thereof.

The end result of accounting work is to analyze the financial performance and

position of the organization.

10
2.1.1 Financial Performance

Ratio simply refers to one number expressed terms of another number. It shows

numerical relationship between two figures. An analysis of financial statements

with the help of ‘ratio’ may be termed as ratio analysis. Ratio analysis based on

different ratios which are calculated from accounting data contained in the

financial statement.

Advantages of Ratio Analysis

 Ratios are helpful in financial performance of an enterprise over a period.

 They study the trend of strategic ratio which may help the management in

the task of planning and forecasting.

 Ratios measure the efficiency of operation of an enterprise

 Ratios facilitate inter firm comparison.

 It is possible to test profitability, liquidity and solvency of an enterprise

through various techniques of ratio analysis.

 Sometimes investment decisions are guided by certain ratios.

 Ratio analysis simplifies the comprehension of financial statements.

 Ratio analysis communicates the financial strength or weakness of a firm

in a more easy and understandable manner.

Limitations of Ratio Analysis

 A particular ratio cannot be regarded as an indicator of a good or bad

performance of management.

11
  Ratio will not reveal all relevant information about the business

operations

 Ratios are not conclusions themselves.

 Ratios relates to past data.

 Ratios do not reveal non-monetary aspects of the organisational

environment.

 Price level changes make ratio analysis more difficult.

 Current Ratio

Current ratio is defined as the ratio of current assets to current liabilities. It

shows the relationship between total current assets and total current liabilities.

Current ratio is also called working capital ratio or banker’s ratio.

Current Ratio =Current Assets/ Current Liabilities

Current assets include cash in hand, cash at bank, short term securities, bills

receivables, sundry debtors, stock, work in progress, prepaid expenses. Current

liabilities include sundry creditors, bills payables, outstanding expenses, short

term advances, provision for tax, dividend payable and bank overdraft.

 Liquid Ratio

Liquid ratio is the ratio of liquid asset to current liabilities. It establishes the

relationship between quick assets and current liabilities. It is measure of the

12
instant debt paying ability of the business enterprise. It is also called acid test

ratio.

Liquid Ratio =Absolute Liquid Assets/ Current Liabilities

Liquid assets include all current assets except inventories (or stock) and prepaid

expenses.

 Absolute Liquid Ratio

Absolute liquid ratio is extends the logic further and eliminate accounts

receivables (sundry debtors and bills receivables) also. Through receivables are

more liquid as comparable to inventory but still there may be doubtconsidering

their time and amount of realization.

Absolute Liquid Ratio = Absolute Liquid Assets/ Current Liabilities

Absolute liquid ratio includes cash in hand, cash at bank, and marketable

securities.

 Debt Equity Ratios

Debt equity ratio is the most commonly used ratio to test solvency of a firm.

This ratio indicates the relative proportion of debt and equity in financing the

assets of a firm. Debt equity ratio is sometimes referred to as security ratio.

13
Debt Equity Ratio = Total Debt/ Equity

 Solvency Ratio

This ratio is a small variant of equity ratio and can be simply calculated as 100-

equity ratio. The ratio indicates the relationship between the total liabilities to

outsiders to total assets of a firm and can be calculated as follows:

Solvency Ratio = Total liabilities to outsiders/Total Assets

 Proprietary Ratio

The total shareholders fund is compared with total assets of the company. This

ratio indicates the general financial strength of concern. The ratio is of great

significance to creditors since it enables them to find out the proportion of

shareholders fund in the total investment of the business.

Proprietary Ratios = Shareholders fund/ Total assets

 Fixed Asset Turnover Ratio

It is an efficiency ratio that measure a company’s return on their investment in

property, plant, and equipment by comparing net sales with fixed assets.

Investors and creditors use this formula to understand how well the company is

utilizing their equipment to generate sales.

14
Fixed Asset Turnover Ratio = Net sales/net fixed assets.

 Fixed Asset Ratio

A fundamental principle of sound financial policy is that all fixed assets must be

financed out of long-term funds. Short term funds should not be used for

purchasing fixed assets. They shall be used only for working capital requirement.

To know whether this fundamental principle is followed or not, fixed asset ratio

is calculated. It is the ratio of fixed asset to long term funds.

Fixed Asset Ratio = Fixed asset/long term funds.

 Working Capital Turnover Ratio

The relation between sales and working capital is called working capital turnover

ratio. This ratio shows how many times the working capital is turned over to

generate sales. This ratio indicates whether working capital is effectively utilized

in making sales. It measures the efficiency in working capital management.

Working Capital Turnover Ratio = Net sales/ Working capital.

 Net Profit Ratio

It is the ratio of net profit earned by a business and its net sales. It

measures overall profitability. The ideal net profit ratio is 5% or 10%.

15
Netprofit ratio indicates efficiency as well as profitability of a business.

It determines the return to the owners. This ratio indicates how much

sales is left after meeting all expenses.

Net Profit Ratio = Net profit/net sales x 100

 Debtors Turnover Ratio

This ratio explains the relationship between net credit sales and average

debtors including bills receivable. This ratio shows how quickly debtors are

realized on converted into cash. It indicates how efficiently the firm collets

cash from debtors. Debtors Turnover Ratio is also known as receivables

turnover ratio.

Debtors Turnover Ratio = Net credit sales/debtors including bill receivable.

 2.2 Empirical Literature

 Beena P.L (2000), an analysis of merger in the private corporate sector

in India’s attempt to analyze the significance of merger and their

characteristics. The paper establishes that acceleration of the merge

movement in the early 1990’s was accompanied by the dominance of

merger between firm’s belongings to the same business group of

houses with similar product line.

16
 Arjun Madavan (2006), in this article ‘investment in IPO’s in the

Indian capital market’, published in Bimaquest conclude that in the

long run (5 years after listing), there is a drastic fall in the return on

IPO’s return; return are found to be negative from second to the fifth

year of listing.

 S.K. Srivastorva (2007), in this study role of organizational

management and managerial effectiveness in promoting performance

and production. Management is a universal phenomenon. It is present

in virtually all walks of life. Management is not confined merely of a

factory or an office skillful management is needed in clubs, families,

schools, sports, terms and social functions like marriages, picnics

parties and so on. Lack of proper management invariable results in

chaos, wastage of time, money and effort. Although management is

needed in various activities, it has special significance with respect of

business enterprises in the public as well asprivate sector. The

productive efficiency of the business firm depends a great deal on the

quality of management. Also effectiveness of management is a major

factor determining the growth and prosperity of a business on which

results the process of economic growth.

 Vanitha S and Selvam.M (2007), “financial performance of Indian

manufacturing companies during pre and post –merger” they analysed

the pre and post – merger performance of Indian manufacturing during

2000-2002 by using a sample of 17 companies out of 58 (third percent

17
 of such population)for financial performance analysis, they used ratio

analysis, mean, S.D and ‘t’ test. They found that the overall financial

performance of merged companies in respect of 13 variables were not

significantly different from the expectations.

 Jothi .K & Geethalakshmi .A (2008), this study to evaluate the

profitability and financial position of selected companies of KSE Ltd

using statistical tools like, ratio analysis, mean, standard deviation,

correlation. The study reveals the positive relationship between

profitability, short term and long term capital.

 Kumar Mohan M.S, Vasu.V and Narayana T (2008), the study has

been made through using different ratios, mean, standard deviation

and Altman’s z score approach to study the financial health of the

company. The study reveals there is a positive correlation between

liquidity and profitability ratios except return on total assets as well as

z score value indicate good health of the company.

 Anjali (2009), in the article “changing contours of capital flow of

India, published in economic and political weekly, pointed out that the

most striking features of change in the cross border capital flows to

emerging market economies during the 1990’s is the emergence of

portfolio equity inflows. It was further started that portfolio

investment in India started in 1993 by way of the equity and debt

investment by the Indian stock market and global offering of ADR’s

18
 and GDR’s by the Indian corporate. The stock has potential for large

volatility in the asset prices.

 Aswathy Krishna (2009), in their article “stock price decision of

Indian journal of commerce concluded that rational traders was using

both fundamental analysis and technical analysis as stock selection

tools, which does not support of review of finance theorist.

 Vishnu.P.K (2010),”New listing – pipers of primary market

”published in business today, point out that companied with unique

business model got listed in the year 2009-10 and made their investors

rich.

 Athul Menon (2010),”IPO Boom”, business today, point out those

promoters is in hurry to IPO because they do not want to be left out

19
 CHAPTER-3

INDUSTRY AND

COMPANY PROFILE

20
3.1 INDUSTRY PROFILE

India has one of the largest populations of cattle in the world and ranks number

one in milk production. The country produces about million tons of milk per

annum with an annual per capital consumption of 240 g per day. The dairy

industry spread across the whole country and it is growing at an annual growth

rate of 5% milk is from cows or buffaloes and buffalo breeds produce milk with

fat content of 7% to 8% compared to cow’s milk, which has a fat content of 4%.

Most of the feed comes from grazing although a small portion of concentrate

feed containing various feed addictive for enhancing milk production is being

given to cattle.

Most of the manufactures in India make both poultry as well as cattle feed. The

demand for usage of cattle feed will grow if the feed is economically viable. The

challenge is to make a nutritionally competent feed using low grade fibrous crop

residues, which are mainly by product from other industries along with feed

addictive. Cattle feeding practices are very traditional. Farmers choose their own

ingredients and prepare their own formulations. The productivity of cattle is very

low because of poor genetic makeup and so there is a limitation of using high

quality feed. About 10% of cattle herd is of the cross bred varieties but this is

slowly increased and more cross breed population of either jersey or wholsyein-

friesian are coming in to existence. In the company years pure breed varieties

also could increase. Oil cake, maze and cereal by products are important

21
ingredient of cattle feed coarse grains and cotton seed are usually added to make

balanced feed mixture. Other products like mango seed kernel, Mahwah,

Neemcake, soya pulp, wheat bran, pollard, broken rice, wheat germ and whey

powder may also be used for feeding livestock.

Intake of cattle supplements improves the general health condition of cattle and

leads to a high yield of good quality milk that is rich in fat, protein and

sweetness. Cattle feed routines are quite traditional. Farmers select their own

ingredients and make their own mixtures of feed. The productivity of cattle is

restricted because of their poor genetic makeup. This means that even if such

cattle were offered high quality compound feed (industry feed), productivity may

not see an increase. Today, India has an organized feed compounding industry.

In the past 30 years the annual production of compounded feed has gone up to

over 3 million tons from 40000 tons the bulk being accounted for by the western

and southern parts of India. Feeds that are formulated largely utilize agro-

industrial by products and other non-conventional materials. However, this

production meet only a small percentage of the total feed concentrate

requirements, even for the organized dairy farming sector in the country. This

gap is likely to widen by 2000 AD when requirement of cattle feed concentrate

would be around 5.4 million tonnes.

3.2 Company Profile

History of KSE Ltd

22
Kerala solvent extraction limited now known as KSE Ltd was established on

25th September 1963. Its first production was started in 1972 with a capacity of

40 tons per day in 1980. The capacity of plant was raised to 60 tons per day. In

1983, a fully automatic cattle feed plant was added with a capacity of 120 tons

per day. By 1987 the capacity of solvent extraction further increased to 180 tons

over day. The company’s second production unit with a capacity of 150 tons per

day, solvent extraction commenced operation at Swaminathapuram, Dindigal

district of Tamilnadu in 1988 and 1989 respectively. The cattle feed capacity

was subsequently increased to 180 tons per day. The third cattle feed plant of

thecompany started operation at Vedagiri in Kottayam district of Kerala in

1995.This plant is now working on three shifts, producing around 150 tons per

day. This plant has basic installed capacity to go up 240 tons per day. The plant

Irinjalakuda and Vedagiri are fully automatic and key manufacturing operations

are controlled by micro processors. Vedagiri project costing around Rs 6 cores

was fully financed out of internal source of the company. Company put up a

vegetable oil refining plant at Irinjalakuda at cost Rs.1 core in 1995.This project

was also financed from internal accruals. The company is reaming solvent

extracted coconut oil and expeller sunflower oil in the refinery plant. Oil millers

of Thrissur are the promoters of the company.

KSE LTD is a product oriented company. Cattle feed is the main product of the

company. The other product are oil cake, de oiled cake, milk ice cream etc. De

oiled cake is marketed under the brand name, “JERSY”. Their ice-creams is

23
marketed under the brand name “VESTA”, is well accepted in market. Now they

are trying to expand their milk products. In the early stages, the company faced

financial difficulties, but was assisted by K.S.I.D.C (Kerala State Industries

Development Corporation) by subscribing to its twenty five percent equity

capital and I.F.C.I (industrial financial corporation of India).

KSE has computerized its operations was back the year 1999, KSE went on to

upgrade its EDP set up further. Custom made ERP software was developed for

its unit and head office. The head office in Irinjalakuda has two servers and 40

nodes running the application .other units, in all, have about 8 severs and about

50 nodes.

The plant at Vedagiri and Kottayam has a computerized control room for

monitoring, homogenization, size reduction, pellet cooling and aspiring system.

3.3 Vision

The company shall end over to maintain leadership through quality products,

explore new avenues in product development and marketing, create a strongbond

between the management and workforce, dealers and customers, contribute to

social development and rural up liftment and constantly strive for excellence in

all spheres of its activities.

24
3.4 Mission

 To maintain the market leadership

 To maintain the product quality

 To be competitive at all market

 To maintain top position in the industry

 To utilise the technological changes for the benefit of the company

 To be complement to all global quality standard

3.5 Board of Directors

Name of Directors Position

1. Dr. Jose Paul Thaliyath Chairman

2. Sri. A P George Managing Director

3. Sri. M P Jackson Executive Director

4. Sri. P D Anto Director

5. Dr. V K Vijayaraghavan Director

6. Sri. K John Francis Director

7. Sri. T R Raghulal Director

8. Sri. Joseph Xaviour Independent Director

9. Mrs. Sathi A Menon Independent Director

10. Sri. Paul John Independent Director

11. Mrs. Marykutty Varghese Independent Director

25
3.6 Administrative Managers

1. Sri. Anand Menon Chief General Manager

2. Sri. R Sankaranarayanan Chief General Officer & Company

secretary

3.7 Production Units

Units in Kerala

Irinjalakuda Unit

The company registered in 1963 and started production in its solvent extraction

plant in 1972 in Kakkathuruthi Road, Irinjalakuda with a capacity of 40 MTS per

day. It was the first solvent extraction plant in Kerala spread over 15 acres. It

was here that KSE set up its first cattle feed plant in 1976 with a capacity of 50

MTS per day. The process of computerization implant and office was initiated

way back in 1987. In 1994 KSE listed its shares in stock exchanges of Cochin,

Chennai and Mumbai. An ISO 9001:2008 certification also got in 2009. Now the

total capacity of the plant is 725 MTS per day.

Vedagiri Unit

The third cattle feed plant of the company with a daily production capacity of

120 MTS started operation at Vedagiri near Ettumanoor in Kottayam district, in

march 1996. The total area is about 10 acres. This Rs.6 crores project, fully

26
financed from internal resources, was formally inaugurated on 17th august,

1996.

Palakkad Unit

This is the 4th cattle feed plant of the company with daily production capacity of

120 MTS. The products from this unit are marketed in the District of Palakkad,

Malappuram and part of Calicut.

Kochuveli Unit

It is in Trivandrum District having a capacity of 200 MTS per days.

Edayar Unit

It is situated in Ernakulam District. This is lease unit having a capacity of 200

MTS per day.

Koratty Unit

It is in Kinfra small industry park, Koratty, Thrissur district with 200 TPD

solvent extraction plant and 100 TPD physical refining plant with a capital

outlay of Rs.14 cores for refining vegetable oils. Solvent extracted coconut oil is

refined in the plant and made edible.

Units in Tamil Nadu

27
Swaminathapuram Unit

Sale of KS cattle feed in selected market in Tamil Nadu was started as early as

1984.To enable the company to extend its product and services to whole of

Tamil Nadu, a new production unit was set up at Swaminathapuram in Dindigul

district of Tamil Nadu in 1988. Asolvent extraction plant was also started in

1984.Spread out on 22 acres land on the bank of the river Amravati, this Rs.3.5

crores plant works round the clock. Keyes forte is also manufactured at this unit

for conducting feeding trails and other experiments. Now the total capacity of

the plant is 240 MTS per day.

Thalayuthu Unit

To meet the ice cream demands of Tamil Nadu area, a new ice cream plant was

started in the year 2000 in Thalayuthu, near palani, and started milk procurement

and processing of milk. In 2008 ice cream production also started.

Dairy Unit

Konnikkara Unit

KSE limited has entered in dairy field in 2000 and starting the work of milk

procurement, processing and marketing of liquid milk and milk products. The

products of K S PAAL, K S GHEE, CURD AND BUTTERMIK have

alreadybecome popular in Thrissur and Ernakulam, Malappuram and Alappey

28
district. Ice cream under the name of “VESTA” was launched in during 2002

and conquered the Kerala market.

Vedagiri Unit

To meet the ice cream demands of Kottayam district, a new ice cream plant was

started in 2010 near to cattle feed plant premises and started all dairy products.

Objectives of KSE Ltd

 To produce, manufacture, extract, purchase, import, export, sell generally

in oil seeds, oil cake and other oil bearing materials to carry on business

of the refining and hydrogenation of oil and the manufacturing of

byproducts there from and to trades connected there with.

 To acquire, erect, construct, establish, operate and maintain oil mills,

extraction plants, ghee plants and workshop and other works.

 To purchase for the purpose of business of the company, oil expellers, dis
integrators filter press, oil neutralizing, washing, dying, bleaching,

electric meters, pipes, shafting tin plate punch machines and other

machines.

 To produce, manufacture, purchase, sell or otherwise deal in oil cakes,

vegetable products, and cattle feed, poultry feed other animal feed

andallied products.

29
3.9 Products and Services

Dairy Products

1. KS Milk

2. KS Ghee

3. KS Curd

4. KS Buttermilk

5. Ice Creams ( VESTA )

Cattle Feed Products

1. Jersy copra cake : protein rich, tasty, de-oiled coconut cake.

2. KS super : It is a mash for medium yielding cows.

3. KS ordinary : One of the all-time favorites in cattle feed.

4. KS delux pellet : The choice of the caring farmers for better results

5. KS delux plus pellet : It is for medium yielding cows has a crude protein and

metabolisable energy.

6. KS supreme pellet : A bypass protein feed with ISI mark specially made for

Cattle with superior Germ plasam and high production potential

7. KS premium pellet : It is an economical pellet for low yielders.

8. KS forte : An invigorating feed supplement for cattle

contains

Vitamins A, D & E

9. Gorasam

30
3.10 Competitors of the Company

KSE is one of the largest producer of cattle feed in India. In the cattle sector

major or operations of the company is concentrated to south India particularly in

Kerala. In south India, the major competitors of the company are Kerala feeds,

Milam, Godrej, prima and Sunandini. In the oil and dairy sector company face

severe competition from many companies and hence hold a marginal share in

total market. Competitors from other manufacturers of organized and

unorganized sector, mostly of recent origin with lower overhead as regard as

labour, are creating competition for KSE. Since KSE has a brand image of

quality cattle feed manufacturer, the company maintains prompt after sales and

services and good customer relations to retain its customers. Financial health of

the company also helps to withstand the unhealthy market competition and

survive till the “fly by night” operators unit from industry.

Major Competitors

Cattle Feed Milk Products Ice Creams

Kerala Feeds Milam Lazza

Milam Malandhu Uncle John

31
 Godrej Royal Milma

Prima Sindu, Arma, Kevins Merriboy

Sunandini Sakthi, Milway, Cowma

3.11 Growth Chronicle

1963:Registered as a company named KERALA SOLVENT EXTRATION

LIMITED.

1972: The Company started a Solvent Extraction Plant with a capacity of 40

MTS per day.

1976: A new ready mixed cattle feed plant with a production capacity of 50

MTS started in Irinjalakuda.

1979: Production capacity of cattle feed plant in Irinjalakuda increased to 60

MTS Per day.

1980: Solvent Extraction Plant capacity in Irinjalakuda increased to 60 MTS per

day.

1983: A production capacity of 120 MTS per day fully automatic new cattle feed

plant started in Irinjalakuda

1984: Solvent Extraction Plant Capacity in Irinjalakuda increased to 80 MTS per

day.

1987: Production capacity of cattle feed plant in Irinjalakuda increased to 180

MTS per day.

32
1988: A new cattle feed plant with a production capacity of 100 MTS per day

started in Swaminathapuram, Tamilnadu.

1989: Production capacityof cattle feed plant in Swaminathapuram unit

increased to 120 MTS per day. A new Solvent Extraction plant commissioned at

Swaminathapuram, Tamilnadu.

1990: Production capacity of cattle feed plant in Swaminathapuram unit

increased to 150 MTS per day

1994: Production capacity of cattle feed plant in Swaminathapuram unit

increased to 180 MTS per day. A new feed supplement for cattle named as

Keyes Forte introduced Company listed its shares in Stocks Exchanges of

Cochin, Chennai, and Mumbai.

1995: A new Go down in Calicut opened.

1996: A new cattle feed plant with a production capacity of 240 MTS per day

started in vedagiru, Kottayam District. Company’s name of KERALA

SOLVENT EXTRACTION LTD., changed to “KSE LIMITED

1998: A new cattle feed plant with a production capacity of 240 MTS per day a

started in Palakkad District. As a Silver Jubilee the Company gift offered to the

public a Children’s park and Information Centre.

2000: Company started production and marketing of pasteurized milk and milk

products from Konnikkara and Thalayuthu. As per the offer to the public,

company opened the KS PARK & INFORMATION CENTRE.

33
2002: Production capacity of cattle feed plant in Irinjalakuda increased to 195

MTS per day. Company’s Dairy product of ice cream named “VESTA”

launched.

2003: Production capacityof cattle feed plant in Swaminathapuram unit

increased to 195 MTS per day. Started the production in a leased plant at Edayar,

Kalammaserry.

2004: Acquired land at Kinfra Park, Koratty for a new solvent extraction plant &

a physical oil refining plant. ISO 9001: 2008 certificates received.

2005: Production capacity of cattle feed plant in Irinjalakuda increased to 210

MTS per day. Purchased land at Mysore for a new plant .ISO 9001: 2008

certifications received for Swaminathapuram & vedagiri units.

2006: A new solvent extraction plant with a capacity of 200 TPD & a new

physical oil refining plant with a capacity of 100 TPD commissioned at Kinfra

Park, Koratty. Solvent plant at Irinjalakuda dismantled.

2008: Ice cream production unit commissioned at Thalayuthu, Tamilnadu.

2009: Production capacity of cattle feed plant in Swaminathapuram unit

increased to 200 MTS per day. Commissioned 500 TPD fully state of the Art

German Technology Animal Feed Plant at Irinjalakuda.

2010: Ice cream production unit commissioned at Vedagiri, Kottayam.

2012: Started production in a leased plant at Kochuveli, Trivandrum.

2013: Feed supplement named GORASAM introduced.

34
2014: Cattle feed production capacity of old plant at Irinjalakuda unit increased

to 225 MTS per day. Production capacity to cattle feed plant in Palakkad unit

increased to 120 MTS per day.

2015: Production capacity of cattle feed plant in Swaminathapuram unit

increased to 225 MTS per day.

35
 CHAPTER-4

DATA ANALYSIS AND

INTERPRETATION

36
Data Analysis

In order to get meaningful information from data collected, the data analysis is
carried out. The data collected be edited, coded and tabulated for the purpose of
analysis. Analysis of data means processing of the collected data and studying
tabulated material in order to determine in inherent facts or meanings. After the
data collection, data is coded and tabulated so as to express it in quantitative
form. Tabulation is the process of putting classified data in the form of tables.
Analysis work after tabulation is generally based on computation of percentage.
The term analysis refers to the computation of certain measures along with
searching for patterns of relationship or difference supporting or conflicting with
original or new hypothesis should be subjected to statistical tests of significance
to determining with what validity data can be said to indicate any conclusions.
The analysis is basically aimed at giving influence of association or difference
between the various variables present in the research. The data collected may be
analysed by using tables, graphs and so on.

37
 Table 4.1: Table showing Current Ratio

Year Current Asset Current Liability Current Ratio

2017 880219000 372538000 2.36
2018 1255367000 621584000 2.02
2019 2002979000 792530000 2.53
2020 1690307000 603401000 2.80
2021 1629130000 387006000 4.21
Source :(Secondary Data)
Figure 4.1: Figure showing Current Ratio

Current Ratio
4.5
4
3.5
3
2.5
2 Current Ratio
1.5
1
0.5
0
2017 2018 2019 2020 2021

From the above table it is clear that the current ratio of the company showed a
decreasing trend from 2017 to 2018. But in 2019 it increased to 2.53. In 2020 it
again increased to 2.80. In 2021 it reached a maximum of 4.21. Generally 2:1 is
treated as the ideal ratio .

38
 Table 4.2: Table showing Liquid Ratio

Year Current Inventory Liquid Asset Current Liquid

Asset (A) (B) (C=A-B) Liability Ratio
2017 880219000 729972000 150247000 372538000 0.40
2018 1255367000 743200000 512167000 621584000 0.82
2019 2002979000 905189000 109779000 792530000 1.38
2020 1690307000 876261000 814046000 603401000 1.35
2021 1629130000 823630000 805500000 387006000 2.08
Source :(Secondary Data)

Figure 4.2:Figure showing Liquid Ratio

Liquid Ratio
2.5

1.5

Liquid Ratio
1

0.5

0
2017 2018 2019 2020 2021

From the above table the liquid ratio of the company showed 0.40 in 2017. But
in the next year (2018) it increased to 0.82. In 2019 it again increased to 1.38.
But it showed a slight decrease in 2020 to 1.35. In 2021 it reached a maximum
of 2.08. Generally 1:1 is considered as the ideal ratio.

39
 Table 4.3: Table showing Absolute Liquid Ratio

Year Cash and Cash Current Absolute Liquid

Equivalents Liabilities Ratio
2017 104397000 372538000 0.28
2018 114011000 621584000 0.18
2019 187917000 792530000 0.24
2020 114404000 603401000 0.19
2021 6679000 387006000 0.02
Source :(Secondary Data)

Figure 4.3:Figure showing Absolute Liquid Ratio

Absolute Liquid Ratio

0.3

0.25

0.2

0.15
Absolute Liquid Ratio

0.1

0.05

0
2017 2018 2019 2020 2021

A ratio of 0.50:1 is recommended to ensure the liquidity position of the

company. It reaches maximum in the year 2017 to 0.28 but is decreased to 0.18
in 2018. It again increased to 0.24 in 2019 and decreased in the following year
2020 to 0.19. In the year 2021 it reduced to 0.02 which is the lowest compared to
previous years. It does not met the recommended standard in these years.

40
 Table 4.4: Table showing Debt Equity Ratio

Year Debt Equity Debt Equity Ratio

2017 61731000 716885000 0.09
2018 66983000 873048000 0.08
2019 56167000 1437914000 0.04
2020 69910000 1297715000 0.05
2021 34328000 1420341000 0.02
Source :(Secondary Data)

Figure 4.4:Figure showing Debt Equity Ratio

Debt Equity Ratio

0.1
0.09
0.08
0.07
0.06
0.05
Debt Equity Ratio
0.04
0.03
0.02
0.01
0
2017 2018 2019 2020 2021

The debt equity ratio of 1:1 is usually considered to be good and satisfactory. It
measures the relative proportion of debt equity in financing the assets of the
firm. The debt equity ratio of the company is below standard in 2017 but it
decreased to 0.08 in 2018. It further decreased to 0.04 in 2019 and showed a
slight increase to 0.05 in the following year 2020. It decreased further to 0.02 in
2021.

41
 Table 4.5:Table showing Ratio of Total Liability to Total
Asset/Solvency Ratio

Year Total Asset Total Debt TA to TD Ratio

2017 1155879000 438994000 2.63
2018 1567384000 694336000 2.26
2019 2296473000 858559000 2.67
2020 1972348000 674633000 2.92
2021 1898682000 478341000 3.97
Source :(Secondary Data)
Figure 4.5:Figure showing Total Liability to Total Asset Ratio

TA to TD Ratio
4.5
4
3.5
3
2.5
2 TA to TD Ratio

1.5
1
0.5
0
2017 2018 2019 2020 2021

The ratio measures the solvency of the firm. A ratio of 0.50:1 is considered as
good and satisfactory. The ratio was 2.63 in the year 2017 which decreased to
2.26 in 2018.the next year it again increased to 2.67 and continued to increase in
the following years to 2.92 in 2020 and 3.97 in 2021 which is the maximum.

42
 Table 4.6:Table Showing Proprietary Ratio

Year Shareholders Total Asset Proprietary

Fund Ratio
2017 716885000 1155879000 0.62

2018 873048000 1567384000 0.56

2019 143791000 2296473000 0.63

2020 1297715000 1972348000 0.66

2021 1420341000 1898682000 0.75

Source :(Secondary Data)

Figure 4.6:Figure showing Proprietary Ratio

Proprietary Ratio
0.8
0.7
0.6
0.5
0.4
Proprietary Ratio
0.3
0.2
0.1
0
2017 2018 2019 2020 2021

The ratio shows the general financial health of a firm. Generally a ratio of 0.5:1
is considered as ideal. The ratio continued to be increased in the following years.
In the year 2017 it increased to 0.62 and showed a slight decrease in the year
2018 to 0.56. In 2019 it again increased to 0.63 and again increased to 0.66 in
2020 and to 0.75 in 2021 which is the maximum.

43
 Table 4.7:Table showing Fixed Assets Ratio

Year Fixed Assets Capital Employed Fixed Assets Ratio

2017 252709000 783341000 0.32

2018 289711000 945800000 0.31

2019 274425000 1503943000 0.18

2020 262004000 1368947000 0.19

2021 254275000 1511676000 0.18

Source :(Secondary Data)

Figure4.7:Figure showing Fixed Assets Ratio

Fixed Assets Ratio

0.35
0.3
0.25
0.2
0.15 Fixed Assets Ratio

0.1
0.05
0
2017 2018 2019 2020 2021

A fixed Asset ratio of 0.67:1 is considered to be the ideal ratio. It measures how
much proportion of long term fund is invested in fixed asset. In 2017 the ratio
was 0.32 and it showed a slight decrease in 2018 to 0.31. In the following years
2019, 2020, 2021 the ratio continued to reduce to 0.18, 0.19 and 0.18 which are
not satisfactory.

44
 Table 4.8:Table showing Fixed Asset Turnover Ratio

Year Net Sales Net Fixed Fixed Asset

Assets Turnover Ratio
2017 9249346000 252709000 36.60

2018 10472453000 289711000 36.14

2019 13041733000 274425000 47.52

2020 12094070000 262004000 46.15

2021 14285182000 254275000 56.18

Source :(Secondary Data)

Figure4.8:Figure showing Fixed Assets Turnover Ratio

Fixed Assets Turnover Ratio

60
50
40
30 Fixed Assets Turnover
20 Ratio

10
0
2017 2018 2019 2020 2021

Fixed Asset Turnover Ratio measures the efficiency with which a firm is
utilising its fixed assets in general sales. The standard or ideal Fixed Assets
Turnover Ratio is 5 times. In 2017 the ratio was 36.60 and showed a slight
decrease to 36.14. In 2019 it increased to 47.52 and again decreased to 46.15 in
2020. In 2021 it further increased to 56.18 which is the maximum.

45
 Table 4.9:Table showing Working Capital Turnover Ratio

Year Net Sales Working Capital Working Capital

Turnover Ratio
2017 9249346000 507681000 18.22

2018 10472453000 633783000 16.52

2019 13041733000 1210449000 10.77

2020 12094070000 1086906000 11.13

2021 14285182000 1242124000 11.50

Source :(Secondary Data)

Figure 4.9:Figure showing Working Capital Turnover Ratio

Working Capital Turnover Ratio

20

15

10 Working Capital Turnover

Ratio
5

0
2017 2018 2019 2020 2021

The standard or ideal working capital Turnover ratio is 7 or 8 times. Higher the
ratio the better is the utilization of working capital. In 2017 the ratio was 18.22.
It decreased to 16.52 in 2018. It showed a further decrease in 2019 to 10.77 and
showed an increase to 11.13. In 2021 it again increased to 11.50.

46
 Table 4.10:Table showing Net Profit Ratio

Year Net Profit Net Sales Net Profit Ratio

2017 75807000 9249346000 0.82

2018 156163000 10472453000 1.49

2019 696271000 13041733000 5.34

2020 94261000 12094070000 7.79

2021 188990000 14285182000 0.78

Source :(Secondary Data)

Figure 4.10:Figure showing Net Profit Ratio

Net Profit Ratio

10

4 Net Profit Ratio

0
2017 2018 2019 2020 2021

Above figure shows that the net profit of the company in the year 2017 was 0.82.
In 2018 it increases to 1.49 and further increased to 5.34 in 2019. The ratio again
increased to 7.79 in 2020 but it decreased to 0.78 in 2021. The ideal net profit
ratio is 5% - 10%.

47
 Table 4.11:Table showing Debtors Turnover Ratio

Year Net credit sales Bills Receivable Debtors

Turnover Ratio
2017 924936000 892000 10369.22

2018 10472453000 1083000 9669.85

2019 13041733000 1720000 7582.40

2020 12094070000 1533000 7889.15

2021 14285182000 4086000 3496.13

Source :(Secondary Data)

Figure 4.11:Figure showing Debtors Turnover Ratio

Debtors Turnover Ratio

12000
10000
8000
6000
Debtors Turnover Ratio
4000
2000
0
2017 2018 2019 2020 2021

This ratio shows how quickly debtors are realized or converted into cash. It is
also known as Receivable Ratio. Generally a turnover ratio of 7 may be taken as
satisfactory. In the year 2017 the ratio was 10369.22. It decreased to 9669.85 in
the year 2018.It further decreased to 7582.40 in 2019 and increased to 7889.15
in 2020. It again reduced to 3496.13 in 2021.
48
 CHAPTER – 5
FINDINGS, SUGGESTIONS AND
CONCLUSION

49
5.1Findings

 The current ratio of the company showed an increase in the first year in
which the ratio was 2.36. There after it showed a decrease in the next
year to 2.02. From the next year onwards the company was having a
standard current ratio. In the last year (2021) the company had a current
ratio of 4.21. A ratio between 1.5 and 3 is generally considered healthy.
Though the ratio is above 3 which make the debt payments of the
company easy it also indicates a problem of the company that it is not
utilizing its assets correctly.
 The liquid ratio of the company is fluctuating during the years. And it
reaches standard ratio in 2019. During the previous year the ratio is less
than the standard. Generally 1:1 is considered as the ideal ratio. Though
the ratio is fluctuating the company has a ratio of 2.08 in the last year
2021 which means that the company can easily meet its short-term debts.
 The absolute liquid ratio of the company haven’t met its ideal ratio in any
of the years. And instead it keeps fluctuating and becomes very low in the
last year 2021. This relatively lower ratio represents the company’s day-
to-day cash management in a poor light.
 From the debt equity ratio it was found that the company is less
depending on the debt or outsiders fund. The company is maintaining low
debt contact in their capital structure by paying off their debt through
reserves. Hence the company is not maintaining an optimal capital
structure.
 The proprietary ratio shows general financial health of a firm. During the
year 2017-2021, the company has gained the ratio between 0.5:1 which
is good for the company and creditors as well.
 During 2017-2020 the fixed asset ratio of the company is not satisfactory.
After 2017 the ratio starts to decrease and reach 0.18 in2021. A lower
ratio indicates that a company is not using its assets efficiently and may
have internal problems.

50
 Fixed assets turnover ratio establishes the relationship between net sales
and fixed assets. It measures the efficiency with which a firm is utilizing
its fixed assets in generating sales. Fixed assets turnover ratio shows an
increasing trend during the year 2017-2021. It reaches maximum during
2021.
 The standard or ideal working capital ratio is 7 to 8 times. Higher the ratio
better is the utilization of working capital. The working capital of the
company shows a decreasing trend over the years. It is higher in 2017 and
lower in 2021.
 Net profit ratio is the ratio of net profit earned by a business. It measures
overall profitability. The ideal net profit ratio is 5%-10%. The ratio is
high in 2020 and too low in 2021.
 Debtor’s turnover ratio shows how quality debtors are converted into
cash. Debtor’s turnover ratio is maximum in 2017 and very low in 2021.
There are slight changes during the years.

51
5.2Suggestions

 The shareholders fund has to be raised so as to bring the debt equity

ratio to the standard level.

 The reserves and surplus shows a higher amount of growth. It is

suggested that the company should properly utilized the reserves and
surplus for further expansion and growth of the company.
 The creditors of the company increases. It must find ways for
increasing sales through proper advertisement and proper
promotional activities. By increasing sales it can improve
profitability of the company.
 The debt make an impact on the profitability of the organization.
The company should enlarge its capital base immediately by
adopting long term sources of finance.
 The company should borrow long term fund and its profit should
strengthen the financial position of the company, as the company’s
earnings is good.
 In order to improve its solvency as well as liquidity, the company has
an opportunity of trading on equity even to the legitimate extent, the
company may request bank to convert a part of the overdraft in to the
medium term loan, which would ultimately improve the financial
health of the company.

52
5.3Conclusion

Kerala Solvent Extraction LTD was established on 25th September 1963, by a

handful of coconut millers in and around Irinjalakuda with a version of outcome
this crisis of the coconut oil industry. KSE Irinjalakuda having a turnover of 500
cores is a largest manufacturing of cattle feed. It improves employment to
around 1700 people directly and 700 indirectly. Its shares are listed in the three
stock exchanges in Cochin, Chennai and Mumbai. The company commenced its
production in the year 1972. Now it become leader in the cattle feed industry in
south India.
The project entitle on “A STUDY ON FINANCIAL PERFORMANCE OF KSE
LTD, IRINJALAKUDA”. Financial performance is the process of measuring the
result of a firm’s overall financial health over a given period of time and can also
use to compare similar firm’s across the same industries or sectors, utmost care
has been taken at all levels of project work right from die beginning of analyzing
accounting information provided by profit and loss account and balance sheet.
The project is conducted to find out their financial performance. From the

analysis and interpretation it is clear that the firms have been increasing year by

year. The functions of finance department of KSE Ltd Irinjalakuda is better.

When we are comparing 2017 to 2021 it is clear that the company’s growth rate

is increased.

53
BIBLIOGRAPHY

54
Books

 Dr. K Venugopalan, “Business Reaches Methods”. Calicut University

Central Co-operative stories Ltd. No. 4347 Calicut University, 2016.
 A Vinod, “Accounting for Management”, Calicut University Central
Cooperative stores Ltd. No.4347 Calicut University, 2017.
 A Vinod, “Financial Management”, Calicut University Central
Cooperative stores Ltd. No. 4347 Calicut university, 2016.
 M. PANDEY (2005), “financial management”, ninth edition vikas
publishing house pvt ltd.
 S.N. MAHESWARI (2006),”financial and management accounting”,
fifth edition, sultan chant and sons, New Delhi.

Journals

 Beena P L (2000), “An analysis of mergers in the private corporate sector

in India”- A Comparative perspective, working paper 301, February,
Centre for Development Studies Thiruvananthapuram, pp 1-44.
 Arjun Madavan (2003), “Investment in IPOs in the Indian capital
market”, Bimaquest, vol.3, Issue 1, pp 24-34.
 S.K. Srivastorva (2007),”Role of organizational management and
managerial effectiveness in promoting performance and production”,
International management reviews. Vol. 9(1), pp 53-80.
 Vanitha S & Selvam M (2007), ‘Financial performance of Indian
Manufacturing Companies During Pre and Post Merger’, International
Research Journal of Finance And Economics- Issue 12(2007), pp 7-35.
 Jothi K & Geethalakshmi A (2008), “An insight into the Performance of
Indian companies”, Science Education Development Institute, ISSN:
2276- 6715, Vol. 2(5), pp 191- 197.

55
  Kumar Mohan M S, Vasu V and Narayana T (2008), “ A study on
financial health of a company Ltd”, Imperical journal of Interdisciplinary
research, vol. 2(2), pp 151- 161.
 Anjali (2009), “Changing contours of capital flow of India”, Economic
and political weekly. vol. 51, issue No.15.
 Aswathy Krishna (2009),”Stock price decision of investors”, Indian
journal of commerce. vol.7. Issue 5S
 Vishnu P K (2010), “ New listing- pipers of primary market”, Business
today. November 14,2010
 Athul Menon (2010),”IPO Boom”, Business today.
 Annual report of KSE Ltd.

Websites

 www.kselimited.com
 www.corporatefinanceinstitute.com
 www.managementstudies.com
 www.shodhganga.com

56
APPENDIX

57
58
59