Professional Documents
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Financial statements are formal record of the financial activities of a business, person or
other entity and provide an overview of a business or person's financial condition in both
short and long term They give an accurate picture of a company's condition and operating
results in a condensed form. Financial statements are used as a management tool primarily
by company executive and investor's in assessing the overall position and operating results
of the company.
Industries are capital intensive; hence a lot of money is invested in it. So before investing
in companies one must carefully study its financial condition and worthiness. An attempt
has been carried out in this project to analyze and interpret the financial statements of a
company.
CHAPTER I
1.1 INTRODUCTION
FINANCE
In the modern money-oriented economy, finance is one of the basic foundations of all
kinds of economic activities. It is the master key which provides access to all the sources
being employed in manufacturing, and merchandising activities. It has rightly been said that
business needs money to make more money.
Finance is a specialized function, and it draws heavily on other related functions. Finance
has undergone a significant change and is concerned with the flow of funds and decisions
relating to business operations affecting the valuation of the firm.
Finance function covers decisions relating to investment, financing, and dividends, the
administrative area or set of administrative functions in an organization, which have to do
with management of the flow of cash so that the organization will have to carry out its
objectives as satisfactorily as possible and at the same time meet its obligation as they
become due.
Financial management is broadly concerned with the acquisition and use of funds by a
business firm. Financial management emerged as a distinct field of study at the turn of this
century. Its evolution may be divided in to three broad phases:
Instituting appropriate system of control to ensure that the actions of managers are
congruent with the goals of the firm.
II.MANAGEMENT OF THE FIRM’S ASSETS STRUCTURE
BALANCE SHEET
It is a statement of financial position of a business at a specified moment of time. It
represents all assets owned by the firm at a particular moment of time and the equities of the
owners and outsiders against those assets at that time.
Ratio analysis
Trend analysis
Correlation analysis
In conjunction with global trend, of reuse and recycle. They repelltize waste into usable
plastic resin. Their products could meet (ROHS) Restriction on Hazardous Substances – test
required by plastic manufacturers in India. They offer complete in-house plastic recycling
service to all.
Their service starts from the collection of plastic scraps from industries & customers.
The recycled plastic undergoes the process as follows.
Selection of plastics
Sorting
Shredding
Cleaning
Melting
Pellet making
1.3 OBJECTIVES OF THE STUDY
To Study the financial position of SENDRAYAR PLAST over the period of five
years
To Study the Fixed Asset position over the period of Five years.
“Financial statement analysis is largely a study of the relationship among the various
financial factors in a business as disclosed by a single set statement and a study of the trend
of these factors as shows in series of statement”.
“Financial analysis is the process of identifying the financial strengths and weakness
of the firm by properly establishing relationship between the items of the balance sheet and
the profit and loss accounts”.
“Financial analysis can be undertaken by management of firm, or by parties of
outside the firm, viz, own as creditors, investors and others. The nature of analysis will differ
depending on the purpose of analysis”.
1.4 LIMITATION OF THE STUDY
Every research has its own technical and managerial limitations. Time was one of the
main limitations of this study. Because of the lack of time the analysis is based on the
secondary data collected from the balance sheet, profit and loss accounts and other records of
the organizations from years 2015-2020.
1. Lack of proper standards.
2. Comparison not possible if different firms adopt different accounting policies.
3. Ratio analysis becomes less effective due to price level changes.
4. Ratio may be misleading in the absence of absolute data.
5. Limited use of a single data.
6. False accounting data gives false ratio.
7. Ratios alone are not adequate for proper conclusions.
8. Effect of personal ability and bias of the analyst.
CHAPTERIZATION OF THE STUDY
Chapter I: These deals with introduction, need for the study, objectives of the
study and scope of the study.
Chapter II: This chapter deals with concepts of the study Company profile and
product profile.
Chapter III: These deals with Research Design, Data collection details and tools for
the study.
Chapter IV: These deals with Data Analysis, Findings, Benefits of the study
Recommendations and Suggestions.
Balance sheet
Assets
Assets representing economic resources are the valuable possessions owned by the
firm. These possessions should be capable of being measured in monitory term. Assets are
the future benefits. Assets may be classified into current asset and fixed asset. Whether an
asset is fixed or current however depends on the nature of business itself
Current Assets
Assets that are in the form of cash or that can be converted into cash within a short
period of time (usually twelve months) are known as current assets. Cash in hand, cash at
bank, debtors and short term investment are examples as floating or circulating assets.
Fixed Assets
Fixed assets are assets of a relatively permanent nature which are used in the operation
of the business and are not intended for sale. Fixed Assets are carried at the cost of
acquisitions of construction or book value less accumulated depreciation.
Liability
Liabilities are debts payable in the future by the firm to its creditors. They represent
economic obligation to pay cash or to provide goods on services in some future period.
Expenditure of liability, Bills payable, interest payable, taxes payable, debentures, bonds
borrowings from banks and financial institution, public deposits. Liabilities are two types’
current liability and long term liability
Current Liability
These are the liability repayable within a short period, not exceeding one year. The
current asset are converted into cash to pay the current liability, bills payable, bank overdraft
are example for the current liability.
CHAPTER III
RESEARCH METHODOLOGY
Research design is the arrangement of conditions for collection and analysis of data in a
manner that aims to combine relevance to the research purpose with economy in procedure. It
constitutes the blueprint for the collection measurement and analysis of data. The design
adopted in the study is both descriptive and analytical done at branch level.
For a research, researcher may depend either on primary data on secondary data.
Primary data is usually collected with the help of questionnaires. Secondary data is collected
from published journals or magazines or reports.
In the present study, most of the information is collected from balance sheets, profit
and loss accounts and other books of accounts of the company. Besides, some information’s
are collected through discussions with finance and other executives of the finance
department.
3.3 TOOLS OF THE STUDY
Since the project work is done in the area of finance, most of the applied are tools of
financial and statistical analysis. Statistical tools such as correlation analysis, trend line
graphs or charts are also used for analysis.
Ratio analysis
Correlation analysis
Trend analysis
Ratio analysis
Ratio analysis is one of the most powerful tools of financial analysis. According to
accountant’s handbook by Wixom, Kill and Bedford a ratio “is an expression of the
quantitative relationship between two numbers”. Ratio analysis is the process of establishing
and interpreting various ratios for helping in making certain decisions. The ratio analysis is
helping to analyses and interprets the financial health of an enterprise.
Comparative Financial Statement
The comparative financial statement is used to trace the period changes in the financial
performance of the company. The comparative statement will contain the financial statement
of at least two years. The comparative financial statement may show,
The comparative income statements disclose the period changes in net profit or net loss
in operations. The comparative income statements may show absolute change from one
period to another period to another and if desired the changes in percentages. Since the
figures for two or more period are shown side by side. The reader can quickly ascertain
whether the sales have increased or decreased, whether the cost of sales have increased or
decreased etc. thus reading comparative income statements will give meaningful conclusion.
The comparative balance sheet as on two or more dates can be used for comparing assets
and liabilities and to find out increase or decrease if any. Thus comparative balance sheet
gives emphasis on changes of items of balance sheet. Such a balance sheet is very helpful in
understanding trends in a company.
Correlation
“Correlation analysis deals with the association or co-variation between two or more
variables and helps to determine the degree of relationship with them. The correlation
measures the closures of the relationship between the variables. Thus the association of any
two variables is known as correlation”. Thus correlation analysis refers to the technique used
in measuring the closeness of the relationship between the variables. When deviations are
taken from an assumed mean the formula is applicable.
CHAPTER IV
The analysis and interpretation are essential to bring out the mystery behind the figures
in different periods, different figures in the same period etc. the analysis and interpretation of
financial statements is used to determine the financial position and results of operation as
well.
Ratio Analysis
Ratio analysis is one of the techniques of financial analysis where ratios are used as a
yardstick for evaluating the financial condition and performance of a firm. Analysis and
interpretation of various accounting ratios gives a skilled and experienced analyst, a better
understanding of the financial condition and performance of the firm than what he could have
obtained only through a perusal of financial statements.
Ratios are relationships expressed in mathematical terms between figures which are
connected with each other in some manner.
Classification of Ratios
Ratios can be classified into different categories depending upon the basis of
classification.
The traditional classification has been on the basis of the financial statement to which
the determinants of a ratio belong. On this basis the ratios could be classified as:
Profit and Loss Account Ratios, i.e., ratios calculated on the basis of the item of the
Profit and Loss account only, gross profit ratio, stock turnover ratio, etc.
Balance Sheet ratios, i.e., ratios calculated on the basis of the figures of Balance Sheet
only, e.g., current ratio, debt-equity ratio, etc.
Composite Ratios or inter-statement ratios, i.e., ratios based on figures of profit and
loss account as well as the balance sheet, e.g., fixed assets turnover ratio, overall
profitability ratio, etc.
Several ratios, calculated from the accounting data can be grouped into various classes
according to financial activity or function to be evaluated. Management is interested in
evaluating every aspect of the firm’s performance. They have to protect the interests of all
parties and see that the firm grows profitably. In, view of the requirement of the various users
of ratios; ratios are classified into following four important categories:
A. LIQUIDITYRATIO:
a. Current Ratio
b. Quick Ratio or Acid Test Ratio
A. LIQUIDITYRATIO:
It is extremely essential for a firm to be able to meet the obligations as they become
due. Liquidity ratios measure the ability of the firm to meet its current obligations
(liabilities). The liquidity ratios reflect the short-term financial strength and solvency
of a firm. In fact, analysis of liquidity needs the preparation of cash budgets and cash
and funds flow statements; but liquidity ratios, by establishing a relationship between
cash and other current assets to current obligations, provide a quick measure of
liquidity. A firm should ensure that it does not suffer from lack of liquidity, and also
that it does not have excess liquidity. The failure of a company to meet its obligations
due to lack of sufficient liquidity, will result in a poor credit worthiness, loss of credit
worthiness, loss of creditors‟ confidence, or even in legal tangles resulting in the
closure of the company. A very high degree of liquidity is also bad; idle assets earn
nothing. The firm’s funds will be unnecessarily tied up in current assets. Therefore, it
is necessary to strike a proper balance between high liquidity and lack of liquidity.
B. LEVERAGE OR CAPITAL STRUCTURE RATIO:
The short-term creditors, like bankers and suppliers of raw materials, are more
concerned with the firm’s current debt-paying ability. On other hand, ling-term
creditors like debenture holders, financial institutions etc. are more concerned with
the firm’s long-term financial strength. In fact, a firm should have a strong short as
well as long-term financial strength. In fact, a firm should have a strong short-as well
as long-term financial position. To judge the long-term financial position of the firm,
financial leverage, or capital structure ratios are calculated. These ratios indicate mix
of funds provided by owners and lenders. As a general rule there should be an
appropriate mix of debt and owners‟ equity in financing the firm’s assets.
MEANING OF RATIO:
A ratio is simple arithmetical expression of the relationship of one number to another. It
may be defined as the indicated quotient of two mathematical expressions. According to
Accountant’s Handbook by Wixom, Kill and Bedford, “a ratio is an expression of the
quantitative relationship between two numbers”.
MEANING OF RATIO ANALYSIS:
Ratio analysis is a very important tool of financial analysis. It is the process of
establishing the significant relationship between the items of financial statement to provide a
meaningful understanding of the performance and financial position of a firm. Ratio when
calculated on the basis of accounting information are called „Accounting Ratio‟.
Selection of relevant data from the financial statements depending upon the
objective of the analysis.
Calculation of appropriate from the above data.
Comparison of the calculated ratios with the ratios of the same firm in the past, or
the ratios developed from the projected financial statements.
Interpretation of the ratios.
GUIDELINES OR PRECAUTIONS FORRATIOANALYSIS:
The calculation of ratios may not be a difficult task but their use is not easy. Following
guidelines or factors may be kept in mind while interpreting various ratios are-
Accuracy of financial statements
Objective or purpose of analysis
Selection of ratios
Use of standards
Caliber of the analysis
THEORETICAL BACKGROUND:
The ratio is one of the most powerful tools of financial analysis. It is used as a device to
analyze and interpret the financial health of enterprise. Ratio analysis stands for the process
of determining and presenting the relationship of items and groups of items in the financial
statements. It is an important technique of the financial analysis. It is the way by which
financial stability and health of the concern can be judged. Thus, ratios have wide
applications and are of immense use today. The following are the main points of importance
of ratio analysis:
A. MANAGERIAL USES OF RATIO ANALYSIS:
1. Helps in decision making: Financial statements are prepared primarily for decision-
making. Ratio analysis helps in making decision from the information provided in
these financial Statements.
2. Helps in financial forecasting and planning: Ratio analysis is of much help in
financial forecasting and planning. Planning is looking ahead and the ratios
calculated for a number of years a work as a guide for the future. Thus, ratio analysis
helps in forecasting and planning.
3. Helps in communicating: The financial strength and weakness of a firm are
communicated in a more easy and understandable manner by the use of ratios. Thus,
ratios help in communication and enhance the value of the financial statements.
4. Helps in co-ordination: Ratios even help in co-ordination, which is of at most
importance in effective business management. Better communication of efficiency
and weakness of an enterprise result in better co-ordination in the enterprise.
5. Helps in control: Ratio analysis even helps in making effective control of business.
The weaknesses are otherwise, if any, come to the knowledge of the managerial,
which helps, in effective control of the business.
The above classification of ratios can be depicted by means of the following
charts.
ACCOUNTING
RATIOS
Traditional Functional
Liquidity Stability
Ratios Ratios
The ratio analysis of Sendrayar Plast Ltd, from the year 2015-2016 to 2019-2020
is given below
1. Current Ratio
This ratio is an indicator of the firm’s commitment to meet its short-term liabilities. It is
expressed as follows:
Current Asset
Current Liabilities
Current assets mean assets that will either be used up or converted into cash within a year’s
time or during the normal operating cycle of the business, whichever is longer. Current
liabilities mean liabilities payable within a year or by creation of current liabilities.
All obligations maturing within a year are included in the current liabilities. Current liabilities
include creditors, bills payable, accrued expenses, short-term bank loan, income tax, liability
and long-term debt maturing in the current year.
The current ratio is a measure of firm’s short-term solvency. It indicates the availability of
current assets in rupees for every one rupee of current liability. A ratio of greater than one
means that the firm has more current assets than current claims against them Current
liabilities.
(2015-16 to 2019-20)
Significance
The current ratio is an index of the concern’s financial stability since it shows the
extent of the working capital which is the amount by which the current assets not exceed the
current liabilities.
CHART OF CURRENT RATIO 3.2.2
Current Ratio
1.00
0.90
0.80
0.70
0.60
Current Ratio
0.50
0.40
0.30
0.20
0.10
0.00
2015-16 2016-17 2017-18 2018-19 2019-20
2. Quick Ratio
This ratio is also termed as ‘acid test ratio’ or ‘liquidity ratio’. This ratio is
ascertained by comparing the liquid assets (i.e., assets which are immediately convertible into
cash without much loss) to current liabilities. Prepaid expenses and stock are not taken as
liquid assets.
Quick ratio also called Acid-test ratio, establishes a relationship between quick, or
liquid, assets and current liabilities. An asset is a liquid if it can be converted into cash
immediately or reasonably soon without a loss of value. Cash is the most liquid asset. Other
assets that are considered to be relatively liquid and included in quick assets are debtors and
bills receivables and marketable securities (temporary quoted investments). Inventories are
considered to be less liquid. Inventories normally require some time for realizing into cash;
their value also has a tendency to fluctuate. The quick ratio is found out by dividing quick
assets by current liabilities.
Liquid Assets
Current Liabilities
(2015-16 to 2019-20)
Current
Year Liquidity Asset Liability Quick Ratio
Significance
A comparison of the current ratio with quick ratio shall indicate the inventory hold-ups.
CHART OF QUICK RATIO 3.2.4
3. Working Capital Turnover Ratio
This is also known as Working Capital Leverage Ratio. This ratio indicates whether or
not working capital has been effectively utilized in making sales. In case a company can
achieve higher volume of sales with relatively small amount of working capital, it is an
indication of the operating efficiency of the company. The ratio is calculated as follows:
(2015-16 to 2019-20)
Working
Capital
This ratio indicates the extent to which the investments in fixed assets contribute
towards sales. Is compared with a previous period, it indicated whether the investment in
fixed assets has been judicious or not. The ratio is calculated as follows:
Net sales
(2015-16 to 2019-20)
Fixed Asset
Year Net Sales Fixed Asset Turnover Ratio
25.00
20.00
15.00
10.00
5.00
0.00
2015-16 2016-17 2017-18 2018-19 2019-20
This ratio is a complementary of net profit ratio. In case the net profit ratio is 20%, it
means that the operating ratio is 80%. It is calculated as follows:
Net Sales
Operating costs include the cost of direct materials, direct labor and other overheads, viz.,
factory, office or selling. Financial charges such as interest, provision for taxation, etc., are
generally excluded from operating costs.
(2015-16 to 2019-20)
Operating
Year Operating Cost Net Sales*100 Ratio
Significance
This ratio is the test of the operational efficiency with which the business is being
carried. The operating ratio should be low enough to leave a portion of sales to give a fair
return to the investors.
96
95
94
93
92
91 OPERATING RATIO
90
89
88
87
86
2015-16 2016-17 2017-18 2018-19 2019-20
6. Proprietary Ratio
This ratio should be 33% or more than that. In other words, the proportion of
shareholders‟ funds to total funds should be 33% or more. If the ratio is low, it indicates that
long-term loans are less secured and they face the risk of losing their money.
Shareholder’s funds
(2015-16 to 2019-20)
Shareholder’s Proprietary
Year Fund Total Assets Ratio
Significance
This ratio focuses the attention on the general financial strength of the business
enterprise. The ratio is of particular importance to the creditors who can find out the
proportion of shareholders’ funds in the total assets employed in the business.
The debt-equity ratio is determined to ascertain the soundness of the long-term financial
policies of the company. It is also known as “External-Internal” equity ratio. It may be
calculated as follows:
External Equities
--------------------------
Internal Equities
The term external equities refer to total outside liabilities and the term internal equities
refers to shareholders’ funds or the tangible net worth. In case the ratio is 1 it is considered to
be quite satisfactory.
(2015-16 to 2019-20)
Debt-Equity
Year External Equity Internal Equity Ratio
Significance
The ratio indicates the proportion of owners’ stake in the business. Excess liabilities tend
to cause insolvency. The ratio indicates the extent to which the firm depends upon outsiders
for its existence. The ratio provides a margin of safety to the creditors. It tells the owners the
extent to which they can gain the benefits or maintain control with a limited investment.
2.5
1.5
0.5
0
15-16 16-17 17-18 18-19 19-20
The comparative balance sheet as on two dates can be used for comparing assets and
liabilities and finding out any increase or decrease in assets and liabilities. The comparative
balance sheet of SENDRAYAR PLAST from year 2015-16 to 2019-20 given in the Table
Secured Loans
The loan for which the company has to offer some securities are called secured loan. The
secured loan of Sendrayar Plast Ltd, shown in the table increases continuously since 18-19.
The company can avoid this financial risk by depending more on own funds.
The comparative balance sheet Table of Sendrayar Plast, show the variation of current
liabilities. The various in the current liabilities should be studied in relation in current assets.
So it can be concluded that the working capital position in all the year is to be improved.
Fixed Assets
The comparative balance sheet Table of Sendrayar Plast from the year 15-16 to 19-20
shows that the fixed assets had increased only in 17-18. This is because of the company’s
decision to expand its activities.
The comparative balance sheet table of Sendrayar Plast Ltd from the year 15-16 to 19-20
shows that the current assets has increased in all years. But due to total industrial lack ness
the sundry debtors is increasing continuously from the year 15-16. This is the reason for
increase in the current assets and a drop in 19-20 due to the pandemic.
4.2 FINDINGS
1. It is observed that the company does not follow any method of financing of
working capital. So, to maintain a trade – off between profitability and liquidity,
the company should follow a well-planned financing performance of working
capital.
2. As the average debt collection period is 30 days the debt collection process should
be accelerated to maximize credit sales and to minimize cost associated with debt
collection and investment in debtors.
3. The profitability ratios based on sales are an important indicator of the operational
efficiency of manufacturing enterprise. However, they suffer from a serious
limitation in that they are not useful from the viewpoint of the owners of the firm
4. The operating ratio will indicate whether the cost component is high or low in the
figure of sales. In case of the comparison shows that there is increase in this ratio,
the reason for such increase should be found out and management be advised to
check the increase.
5. The proprietary ratio focused the attention on the general financial strength of
business enterprise. The ratio is of particular importance to the creditors who can
find out the proportion of shareholders’ funds in the total assets employed in the
business.
6. The current ratio and quick ratio were at a satisfactory level for all financial years.
It shows that the company was able to meet its current obligations.
7. A test applied to check the solvency of the company in terms of cash (absolute
liquid ratio) seems to be unsatisfactory to meet the emergencies. So, it is
recommended to take quick and effective measures to rectify the absolute liquid
ratio as early as possible.
The scope of the study is to find out financial performance of the Sendrayar Plast for
the past five years. A sincere attempt has been made to include all the aspect relating to the
study. For this purpose, analysis of financial performance of the company has done from the
last five years financial statement and all aspects the researcher should be included in the
report.
CHAPTER V
CONCLUSION
The project done for evaluating the financial performances of Sendrayar Plast gives a
clear idea about the company’s financial position. The study is expected to help
understanding the overall financial performance of the company. Further, it is hoped that the
suggestion made into project shall bring the attention of management.
The project of Ratio analysis in the service industry is not merely a work of the project. But a
brief knowledge and experience that how to analyze the financial performance of the firm.
The study undertaken has brought into the light of the following conclusions. According to
this project I came to know that from the analysis of financial statements Sendrayar Plast
Limited the company have been incurring profit during the period of study. So, the firm
should focus on getting of huge profits in the coming year by taking care internal as well as
external factors. Gross profit and net profit of the Sendrayar Plast Limited is fluctuating over
the past five years. On an average the Sendrayar Plast Limited overall performance is quite
satisfactory.
APPENDIX
TABLE 3.2.15
CURRENT ASSETS
CASH 11597 128862 57973 18406 30288
ACCOUNTS RECEIVABLES 630814 686920 1383800 3276520 908100
INVENTORY 766900 832400 722800 5676400 3658720
TOTAL CURRENT ASSETS 1409311 1648182 2164573 8971326 4597108
CURRENT LIABILITIES
ACCOUNTS PAYABLE 37161 22921 17161 4960131 77761
LONG TERB DEBT 0 0 552981 2472049 2683857
TOTAL LIABILITIES 37161 22921 570142 7432180 2761618
OWNERS EQUITY 2034390 2287401 2556571 2501286 2797630
TOTAL LIABILITIES & EQUITY 2071551 2310322 3126713 9933466 5559248
TABLE 3.2.16
LIABILITIES
ACCOUNTS PAYABLE -38.32 -25.13 28803.51 -98.43
LONG TERB DEBT 0.00 0.00 347.04 8.57
OWNERS EQUITY 12.44 11.77 -2.16 11.85
TOTAL LIABILITIES & EQUITY 11.53 35.34 217.70 -44.04
TO STUDY THE RELATIONSHIP BETWEEN CURRENT ASSETS AND FIXED
ASSETS
TABLE 3.2.17
9000000
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
15-16 16-17 17-18 18-19 19-20
X (F.Asset) Y(C.Asset)
YEAR (Rs. In (Rs. In X - X̅ Y - Y̅ (X - X̅ ) * (Y - Y̅ ) (X - X̅ )² (Y - Y̅ )²
thousands) thousands)
15-16 662.14 1409.311 -180 -18497.1762 3329491.716 32400 342145527.4
R 0.429685
TABLE 3.2.20
15-16 3,20,440
16-17 4,03,011
17-18 4,19,170
18-19 9,60,955
19-20 5,46,344
Source: Secondary data
PERCENTAGE OF PROFITABILITY FOR THE FUTURE PERIOD 3.2.21
NET PROFIT
1000000
900000
800000
700000
600000 NET PROFIT
500000
400000
300000
200000
100000
0
15-16 16-17 17-18 18-19 19-20
Actual Trend
TABLE 3.2.22
Trend
Year x x2 Y Xy Value
A = ∑y/n=2649920/5=529984
B = ∑xy/∑x2=4831102/10=483110
TABLE 3.2.23
2021 1979315
2022 2462425
2023 2945535
2024 3428645
2025 3911755
PERCENTAGE OF TREND VALUE 3.2.24
3750000
3250000
2750000
TREND VALUE
2250000
1750000
1250000
750000
250000
1 2 3 4 5
Profit after 1979315 2462425 2945535 3428645 3911755
Tax
TABLE 3.2.25
Year Sales
2016 4005498
2017 4123630
2018 4342615
2019 19421735
2020 6829296
Sales
25000000
20000000
SALES VALUE
15000000
10000000
5000000
0
1 2 3 4 5
YEAR
BIBLOGRAPHY
Textbooks:
M. Muniraju, K. Ramachandra, Management Accounting, Himalaya Publishing
House, First Edition: 2007.
Jawaharlal, Cost and Financial Analysis, Himalaya Publishing House, First Edition:
2007.
Appannaiah Reddy, Mukund Sharma, Management Accounting, Himalaya
Publishing House, First Edition: 2011.
J.K. Sachdeva, Research Methodology, Himalaya Publishing House, First Edition:
2008.
Reports:
• www.googlescholar.com
• www.shodhganga.inflibnet.com
• www.jgate.com
• www.proquste.com
• www.academia.edu.com
• www.ratioanalysis.com