kamlesh prajapati SIP Ratio analysis report

“FINACIAL RATIIO ANALYSIS”

A

SUMMER INTERNSHIP REPORT

ON

(FINANCIAL RATIO ANALYSIS)

Submitted to

INDU MANAGEMENT INSTITUTE

(BARODA)

In requirement of partial fulfillment of

Master’s of Business Administration (MBA)

2 year full time Program of Gujarat Technological University

Submitted on:

14th July 2010

Submitted by:

GADHER KAMLESH T.

ROLL NO. 11

MBA SEM-II

Batch 2009-11

Guided by:

Pro. Harshita Samrani

Mr. Hiren Nayar (H.R.Manager)

Summer Internship Report-IMI 1


DECLARATION

I undersigned, Mr.Kamlesh Gadher the student of M.B.A. SEM-II of Indu management institute

Baroda, hereby declare that this report is my own work and has been carried out under the

guidance and supervision of Prof. Harshita Samrani. This work has not been previously

submitted for any other university for any examination.

Date: / /2010

Place: Rajkot

Signature

(Kamlesh Gadher)



PREFACE

MBA is Professional course in field of management and industrial visit is part of our curriculum

due to we get a chance to visit some industrial units.

The MBA study is the bridge between the world of education of commerce and management and

the world practice. So, the student can more over to the professional life with facility. Learning is

born out of experience and observation. Learning is most effective when it is experienced.

In order to become a perfect professional one has to gain practical knowledge. One once of the

practical is worth of a thousand pounds of theory.

As a part of my MBA programs, I had an opportunity to visit ATUL AUTO LTD. In order to

prepare a project on it, the primary aim of this project was to get acquainted with the ins and

outs of functional departments of company and to get insight of their managerial perspective

thereof. Of course, the company was proven to be the best ground one can get for the purpose of

training.

However, the project has its own limitations but I have been made my part to make the relevant

interpretation.

Lastly, I would like to mention that this project report contains only that information which has

been provided by the company officers and that available on company’s website.



Acknowledgement

It is very prestigious for me to undertake my summer training at Atul Auto Limited

(Rajkot).Training holds very important position in the overall process of education because one

can fill the real word of business through training.

I am greatly thankful to MR.Bharatbhai J. Chandra (Director of Atul Auto Ltd.) for

giving permission to conduct my project. I would also like to say thanks for guiding me for

preparing questionnaire for my project. And I would like to say thank to all other staff members

of Atul Auto Ltd. for their support and help required during the project.

I would also like to highlight the contribution of our Honorable Shri J.J.Chandra

(DIRECTOR OF ATUL AUTO).

I would like to thank specially to Pro. Harshita Samrani a faculty of IMI who can give

me support and also give me important suggestions whenever I got confused.

I would also like to thank other faculty members like Puja Bhatt the director of IMI

institute for their invaluable assistance in major part of my project work. They had been

informative, supportive and completely devoted during the entire training period of my study.

I would also like to thanks my parents without their support it would be difficult to finish

my task. As well as I would also like to thanks all client to whom I meet during my training.



EXECUTIVE SUMMARY

“Experience is the best teacher”. This saying has played a said the industry visit as a part

of the curriculum of the MBA programme of IMI. This visit & consequent report on the student

took practically visit the industry & study real Business area.

This practical training in the MBA programme of the IMI develops the feeling of

awareness among the students of management studies. Along with theoretical knowledge this

training has imparted the complete education of practical world, which is the value addition in

our course.

To fulfill these objectives an industrial visit & project report have becomes an important

part of the MBA programme. This is to have a practical outlook of the managerial aspect &

witness the function of management in real business.

I have tried my best to meet the requirement by producing report that is highly illustrative

and clearly explaining concepts that I have learnt during the training period. I have also paid

enough attention to revising and refining the discussion of major concepts customer satisfaction

in Atul Auto Groups. This project really has enhanced my practical knowledge of the different

management areas, which will be very much fruitful for me in future.



INDEX

CH.

No.

PARTICULAR PAGE

No.

1 INTRODUCTION 7

2 COMPANY PROFILE 12

3 ORGANIZATION STRUCTURE 23

4 SWOT ANALYSIS 31

5 LITERATURE REVIEW 33

6 THEORITICAL FRAMEWORK 36

7 RESEARCH METHODOLOGY 44

8 FINANCIAL DEPARTMENT 46

9 RATIO ANALYSIS 51

10 FINDING 80

11 SUGGESTIONS 81

12 FUTURE PLAN 82

13 CONCLUSION 83

14 BIBLIOGRAPHY 84

15 ANNETURE 85



CHAPTER-1

INTRODUCTION

1.1 Meaning and Definition of Ratio Analysis

Ratio analysis is a widely used tool of financial analysis. It is defined as the systematic

use of ratio to interpret the financial statements so that the strength and weaknesses of a firm as

well as its historical performance and current financial condition can be determined. The term

ratio refers to the numerical or quantitative relationship between two variables.

1.2Need of Ratio Analysis

Financial ratio analysis is a fascinating topic to study because it can teach us so much

about accounts and businesses. When we use ratio analysis we can work out how profitable a

business is, we can tell if it has enough money to pay its bills and we can even tell whether its

shareholders should be happy!

Ratio analysis can also help us to check whether a business is doing better this year than

it was last year; and it can tell us if our business is doing better or worse than other businesses

doing and selling the same things.

In addition to ratio analysis being part of an accounting and business studies syllabus, it is

a very useful thing to know anyway!

The overall layout of this section is as follows: We will begin by asking the question,

What do we want ratio analysis to tell us? Then, what will we try to do with it? This is the most

important question, funnily enough! The answer to that question then means we need to make a

list of all of the ratios we might use: we will list them and give the formula for each of them.



Once we have discovered all of the ratios that we can use we need to know how to use

them, who might use them and what for and how will it help them to answer the question we

asked at the beginning?

At this stage we will have an overall picture of what ratio analysis is, who uses it and the

ratios they need to be able to use it. All that's left to do then is to use the ratios; and we will do

that step- by-step, one by one.

By the end of this section we will have used every ratio several times and we will be

experts at using and understanding what they tell us.

1.3 Significance or Importance of Ratio Analysis

It helps in evaluating the firms performance With the help of ratio analysis conclusion

can be drawn regarding several aspects such as financial health, profitability and operational

efficiency of the undertaking. Ratio points out the operating efficiency of the firm i.e. whether

the management has utilized the firm’s assets correctly, to increase the investor’s wealth. It

ensures a fair return to its owners and secures optimum utilization of firms assets

It helps in inter-firm comparison Ratio analysis helps in inter-firm comparison by

providing necessary data. An inter firm comparison indicates relative position. It provides the

relevant data for the comparison of the performance of different departments. If comparison

shows a variance, the possible reasons of variations may be identified and if results are negative,

the action may be initiated immediately to bring them in line.

The information given in the basic financial statements serves no useful Purpose unless its interrupted and analyzed in some comparable terms. The ratio analysis is one of the tools in the hands of those who want to know something more from the financial statements in the simplified manner.

It helps in determining the financial position of the concern Ratio analysis facilitates the management to know whether the firms financial position is improving or deteriorating or is



constant over the years by setting a trend with the help of ratios The analysis with the help of ratio analysis can know the direction of the trend of strategic ratio may help the management in the task of planning, forecasting and controlling.

It is helpful in budgeting and forecasting Accounting ratios provide a reliable data, which can be compared, studied and analyzed. These ratios provide sound footing for future prospectus. The ratios can also serve as a basis for preparing budgeting future line of action.

Liquidity position:

With help of ratio analysis conclusions can be drawn regarding the Liquidity position of a firm. The liquidity position of a firm would be satisfactory if it is able to meet its current obligation when they become due. The ability to met short term liabilities is reflected in the liquidity ratio of a firm.

Long term solvency:

Ratio analysis is equally for assessing the long term financial ability of the Firm. The long term solvency is measured by the leverage or capital structure and profitability ratio which shows the earning power and operating efficiency, Solvency ratio shows relationship between total liability and total assets.

Operating efficiency:

Yet another dimension of usefulness or ratio analysis, relevant from the View point of management is that it throws light on the degree efficiency in the various activity ratios measures this kind of operational efficiency.

NEED FOR THE STUDY



1. The study has great significance and provides benefits to various parties whom directly or

indirectly interact with the company.

2. It is beneficial to management of the company by providing crystal clear picture

regarding important aspects like liquidity, leverage, activity and profitability.

3. The study is also beneficial to employees and offers motivation by showing how actively

they are contributing for company’s growth.

4. The investors who are interested in investing in the company’s shares will also get

benefited by going through the study and can easily take a decision whether to invest or

not to invest in the company’s shares.



OBJECTIVES

The major objectives of the resent study are to know about financial strengths and weakness of

Atul Auto Ltd through FINANCIAL RATIO ANALYSIS.

The main objectives of resent study aimed as :

To evaluate the performance of the company by using ratios as a yardstick to

measure the efficiency of the company. To understand the liquidity, profitability and efficiency

positions of the company during the study period. To evaluate and analyze various facts of the

financial performance of the company. To make comparisons between the ratios during different

periods.

OBJECTIVES

1. To study the present financial system at Gentling Atul Auto Ltd.

2. To determine the Profitability, Liquidity Ratios.

3. To analyze the capital structure of the company with the help of Leverage ratio.

4. To offer appropriate suggestions for the better performance of the organization



CHAPTER-2Company Profile

2.1 Introduction

Industries play an important role in the economic growth and development of any nation.

ATUL AUTO LTD.Is unit producing automobile vehicles and is part of automotive industry. In

today’s era, unlike the earlier stage of Indian automotive sector has been transformed from

sellers market to buyer’s market. This means there is very tough competition in the Indian

automobile industry. But within this competition too. ATUL AUTO LTD. Has achieved name,

fame and money and stands as one of the major and well-known manufacturers of three-wheeler

in western region of our country.

2.2 History and Development of the unit

Atul Auto, an Atul group company was originally incorporate as a Atul Auto (Jamnagar)

Pvt.Ltd on June 18,1986 under the Company Act 1956, iin the State of Maharashtra. Late Mr.

Jagjivanbhai Karsanbhai Chandra was the founder of the company, having started the company

with a small capital of only Two thousand Rupees in 1986, today it has achieved a turnover of

Rs.168 cror. The Name of the Company was changed from Atul Auto (Jamnagar) Pvt Ltd. to

Atul Auto Ltd. August 12, 1994. The Company was subsequently converted into Public Limited

Company and fresh certificate of incorporation was obtained on August 12, 1994 from the

Registrar of the Companies, Gujarat.

The Company is the leading manufacturers of 3- Wheeled Commercial Vehicles in the

state of Gujarat, presently engaged in the manufacture of Three Wheelers like 6-seater Auto

Rickshaws, Pick-Up Van and Chassis of Passenger Vehicles. These vehicles are marketed under

the brand name of KHUSHBU, which is well established and very popular.

Atul Auto pioneered motorized rural transport in Gujarat, with multi purpose vehicle

called the Khushbu. The Khushbu has been instrumental in transforming the economy of Gujarat

by bridging the rural-urban divide. Over 1,50,000 Khushbu bran vehicles are ply on the roads of

Gujarat.



For more than two decades, Atul Group is renowned as leading manufacturer of three-

wheeled commercial vehicles in the state of Gujarat. From common people’s favorite vehicle

CHHAKADA to today’s SHAKTI Atul Group had come a long way.

Back in the 1970’s when transportation was a crucial problem especially in rural areas,

Jagjivanbhai Karsanbhai Chandra decided to blaze a new trail. He was thinking of an affordable

mode of transportation which can benefit rural folks of Saurashtra. The road conditions research

and planning , he came up with a vehicle which was skillfully engineered from a motorcycle.

And this is how the fist “chhakada” was developed which later became a way oflife for the

people of Saurashtra. The improvements in technologies were done from time to time to make it

a sturdy and comfortable vehicle. The company will set up second plant in the next two years.

Currently Atul Auto dishes out 16 models of its vehicles from its only factory in Rajkot which

produces 24000 units per year. The company has upcoming launches of CNG and LPG variants

by 2010 end targets to double the Rajkot plant capacity by 2012. It projects a six to seven percent

market share by end-this fiscal.

SO far, the company has sold around 2 lakh vehicles, both passenger and goods variants.

The company also plans to scale-up its dealership network to 120 from the present 85 by this

year end.

The company had already obtained CMVR and Roadworthiness Certificates for the

existing range of products viz. Chassis for goods carriage/ 6-passebger Atul Rickshaw with

steering wheel and pick Up.

2.3 Location



The location of a industry plays an important role in success of failure of the

organization. The plant of Atul Auto Ltd. is located on the outskirt of the village Shapar

(Veraval) in the taluka Kotada Sangani about 18 km away from the city Rajkot. This unit is also

registered office in the company. The corporate office of Atul Auto Ltd. is situated in the Jimmy

Tower, which are nearly 2 km away from the S.T. Bus station of Rajkot (on Gondal Road).

Atul Auto Ltd. is a working very successfully which directly implies that the location of

company is an ideal one. This means raw material required by the company is really available. It

is also has all best infrastructural facilities such as communication, transportations, water supply,

and electricity supply etc.

2.4 Contribution of the unit to Industry

Atul Auto, the Rajkot-based three-wheeler maker is increasing capacity to 48,000 units

annually, with an eye on exports.

The company sells 12,000 vehicles a year in the domestic market, of which two-thirds are

sold in Gujarat alone. It has six products in the passenger and goods carrier segments and will be

investing Rs 30 crore in new capacity.

Atul is expanding its presence in Andhra Pradesh, Rajasthan and Maharashtra while

entering new markets such as Kerala, Karnataka, Bihar and Assam. “We have targeted 50 per

cent growth in the local market this fiscal and plan to export our three-wheelers to parts of Asia

and Africa,” said Mr. Vijay Kedia, Director.

Atul's share in the three-wheeler market is just three per cent of the 4.4 lakh units sold

annually. Bajaj Auto leads the pack with 3.41 lakh units and is also a dominant player in the

export market with 1.65 lakh units last year. In a span of six years, three-wheeler exports for the

industry would have gone up to 1.73 lakh from 68,000 units.

All major players are trying to tap demand for India-made three-wheelers in Egypt,

Sudan, Nigeria, Bangladesh, Sri Lanka, Ethiopia and Kenya. “Our medium term target is to sell



an equal number of three-wheelers in the domestic and export market,” said Mr Kedia. In 2009,

the company had a one-time export order of 4,500 units to Nigeria.

Atul reported a net profit of Rs 4.2 crore profit on a Rs 120-crore turnover last fiscal. Its

scrip has been trading in the Rs 110-116 range on the BSE.

Goals

Each and every activity of human life is having a goal. Business is also a human activity

and so it has some goals. A business is essentially an organic entity which has its own infancy,

childhood, adulthood and maturity. A man like and enterprise fires works towards the objectives

of survival, if this objective is achieved, in a reasonable measure, he looks forward to growth

through and with goodwill, prestige and recognition.

The common objectives that generally a business firm is having which Atul Auto Ltd. also

accepts are as under:

Profit maximization

Optimum use of resources

Creation of customers

Innovation

Supply of the desired quality of goods

Providing employment

Fair deal to employees

Create healthy society

Development of regional area

Export development

Moreover, Atul Auto Ltd. accepts the goal of continues improvement and effective

utilization of available resources. A very important thing about it is that it is versatile to adapt

change.



These various goals show that the company is improving day by day and can achieve

higher and higher place in its field.

Vision :

o To empower, enable and enrich partners, business and associates.

o To be the chosen vehicle of growth for the Stakeholders and a source of

inspiration for the society.

Mission

1. To be a leader in all areas key to the development of a nation and progress of the world.

2. To be a leader in the field of Infrastructure, Manufacturing and Information Technology.

3. To become learning organization and enable people to think like geniuses.

o Where every associate achieves outstanding results.

o Where capabilities are nurtured and stretched beyond boundaries for new

understandings, high performance, quality relations and attainment of peace and

happiness.

o Where an employee makes transaction from an old world to a new world, from an

old understanding to a desired understanding and from a subordinate to an

associate.

4. To constantly evolve and seek synergies between the interests of employers and those of

employees and to work intelligently towards empowerment of associates.



5. In view of global competition and knowledge explosion infusion in the market place with

complex, cognitive work, we seek to build efficiencies in such an uncertain environment

through empowerment of employees.

o Where decision-making is at frontline levels

o Where decision-making responsibility vests with self-directing teams close to

internal and external customers and associates take charge of their own jobs.

o Where the organization is built, sleek, for speed, flexibility, quality and service

that are essential for global competition.

6. To make association with us an enriching experience to our partners, businesses and

associates.

7. To work with honest purpose, strategic planning and enduring perseverance to achieve

customer satisfaction, stakeholder benefits and measurable economic growth for the

organization.

Philosophy

1. Assemble best people, delegate authority and don’t interfere “people make the difference

2. Business heads are entrepreneurs

3. Mistakes are facts of life. Its is response to the error that counts.

Success

1. Create your luck by hard work

2. Trust + delegation = growth.



Work culture

1. Commitment, creativity, efficiency, team spirit.

2.5 ENVIRONMENT POLICY

We are committed to achieve satisfaction of interested parties and protect

environment by

1. Generation of power by implementation of prudent Eco friendly methods.

2. Conservation of natural resources like natural gas and water.

3. Complying to all the legal requirements.

4. Continual improvement in the environmental performance by minimizing the emission and

discharges & prevention of pollution.

5. Enhancing environmental awareness among employee’s contractors and surrounding society.

2.6 QUALITY POLICY

We are committed to continually improve the quality of our performance through

the application of our Quality policy.

1. Utilizing Commercial, Engineering and Human Resources, to Minimize Risks to

Personnel, Plant & Equipment and Maximize plant Availability for Generation of Power.

2. Providing the best policies level of commercial performance for the benefit of all Stake

Holders.

3. Implementing prudent utility practices and providing Healthy and Excellent Working

Environment in all Disciplines of Engineering and Business as documented in the Quality

System.



4. Treating all staff & families fairly and with respect while encouraging personnel growth.

2.7 OCCUPATIONAL HEALTH & SAFETY (OH&S) POLICY

The Management is committed to maintain high standards of health and safety in

the workplace and shall consider OH&S in all its business activities.

1. Provide a safe working place to all of our direct and indirect employees by minimizing

Occupational Health & Safety Risks and practicing National Standards.

2. Monitor and maintain health, safety and welfare of all employees and comply with all

applicable statutes.

ATUL GROUP OF COMPANIES

ATUL AUTO LTD.

Flagship company of the group



Manufacturing and marketing diesel 3-wheelers

ATUL AUTO INDUSTRIES

Manufactures diesel 3-wheelers

ATUL INTERNATIONAL

Export Import House

ATUL MOTORS

Marketing of MARUTI range of cars and 4-wheelers

ATUL BUILDING PVT. LTD.

Real Estate developer and Builders

ATUL AUTO AGENCY PVT. LTD.

Marketing of HONDA range of 2-wheelers

KHUSHBU AUTO FINANCE LTD.

Atul finance company

KHUSHBU AUTO PVT. LTD.

Centralized marketing organization

Offices Address

Registered Office & factory Survey No.86 Plot No. 1 to 4 N H 8-B, Kotdasangani Shapar



(Verval)

Rajkot Dist. - 360002

Gujarat - India

Phone : 253299, 254499, 252996, 252998, 252999

Fax : 252254

Email : [email protected]

Internet : N.A.

Corporate Office Jimmy Tower, Gondal Road, Opp. Swaminarayan Gurukul

Rajkot - 360002

Gujarat - India

Phone : 2374991, 2374992, 2374993, 6546999

Fax : 2374994

Email : N.A.

Internet : N.A.

Factory/plant Three Wheel Manufacturing Unit Sector 2 Plot No 5, IIE

SIDCUL Ranipur

Haridwar -

Uttaranchal - India

Phone :

Fax :

Email : N.A.

Internet : N.A.

Factory/plant Wind Turbine Generator Village Soda-Mada

Jaisalmer -

Rajasthan - India

Phone :

Fax :

Email : N.A.


mailto:[email protected]


Internet : N.A.

Factory/plant Wind Turbine Generator Village Gandhvi Lamba,

Kaiyanpur,

Jamnagar -

Gujarat - India

Phone :

Fax :

Email : N.A.

Internet : N.A.

CHAPTER-3

ORGANIZATION STRUCTURE



Organization is a group of people working together co-operative under authority towards

achieving goals and objectives that mutually benefits the participants and the organization. The

formal organization structure attempts to give order and unity to the action and efforts of those

who work together.

There are six types of organization which are follows:

i. Line organization

ii. Line and Staff organization

iii. Committee organization

iv. Staff organization

v. Functional organization

vi. Formal and Informal organization

Atul Auto Ltd. Has adopted line organization. Line organization means the structure in a

direct line and authority flow vertically downward from management to bottom.



3.1 SIZE & FORM OF THE ORGANIZATION

SIZE OF THE ORGANIZATION

ATUL AUTO LIMITED is a Medium scale industry as the investment in fixed assets is

more than 3 crore.

FORM OF THE ORGANIZATION

ATUL AUTO LIMITED is a public limited company because it has all the element of

the public limited company. It is an incorporate associated which an artificial person is created

by the laws, having a common seal, common capital, different name, limited liabilities,

transferable shares, wide distribution of risk and large membership.

BOARD OF DIRECTORS

NAME OF BORD OF DIRECTORS

Shri Jayantilal J. Chandra

- Chairman and managing Director

Shri Mahendrabhai J. Patel

- Joint Managing director

Shri Bharatbhai J. Chandra

- Whole time Director

Shri Rajendrabhai S. Kukreja

- Director

Shri Rajesh H. Dhruva

- Director

Shri Shriharsh S. Jogalekar

- Director



CHAIRMAN

Shri Jayantilal J. Chandra

BANKERS

- State Bank of India

- State Bank of saurashtra

- The Laxmivilas Bank Ltd.

- Citizen’s Co-operative Bank Ltd.

AUDITORS- Mohohshi & CO.

3.2 TIME KEEPING SYSTEM

The time keeping system in Atul Auto Ltd. is as follows.

The working hours for both workers and administrative and staff are 8 hours.

General Shift: 9:00 am to 5:30 pm

The employs have a lunch break in between these 8 hours.

Lunch Break: 12:30 to 1:30

Generally there is only one shift for the employees. But if there is overload of

work then there is extra shift (This is in very rare case).

Extra shift: 6:00 pm to 9 pm

ORGANIZATION CHART


CEO

DIRECTOR

SALES HEAD

BUSINESS DEVELOPMENT MANAGER

CLUSTER HEAD

BRANCH MANAGER

DEALER

REGIONAL SALES MANAGER

TERRITORY MANAGER

DIRECT SALES EXCUTIVE

ASST. MGR.

CUSTOMER CARE

TELECALLER

TRAINEE




PRODUCTION price

4-Passenger 1 driver 1,21,000+Tax

Delivery Van 1,91,000+Tax

Passenger Deluxe 1,15,000+Tax

Pick up Van angel body 1,14,000+Tax

Atul Shakti Super Deluxe 1,10,000+Tax

Pick up soft Drink Carrier 1,18,000+Tax

Driver Away Chassis 99,000+Tax

Pick up Standard 1,12,000+Tax

3 Passenger + 1 Driver 1,10,000+Tax

3.3Material Used & Resources Of Material



Materials used by the Atul Auto Ltd. the production of vehicles are steel handles, bars, pipes,

lights, electrical circuits, spare parts, tires, steering gearbox, bearings, etc. these materials are

purchase from different places in India.

ITEM PLACE

Engine Greaves (India) Ltd.-

Aurangabad

Head Light, Electric Circuits Poona

Steel Handles, Bars Pipes Ahmadabad

Spare Parts Attica, Rajkot

Tires MRF

Colors Rajkot

Bearings NBR Co. Poona

Steering XLO (India) Ltd.

Gear Box Kalsi

Auto, Ambala

3.4 Machines Used



The machineries used by Atul Auto Ltd. are:

(1) VMC Machine:

The machine is used in CMC shop. The function of this machine is to prepare gear box. It is a

computerized machine and is purchased from kirlosker co.

(2) Lathe Machine:

This is machinery used in machine shop. It is used cutting of irons pipes, sheets etc. for making

the appropriate to the vehicle size.

(3) Drilling Machine:

This machine is also a machinery of machine shop. It is used for making holes. It is material for

bottling procedure.

(4) Gear Shaper:

A machinery of machine shop. This is used for the teeth cutting of gears and giving them a

proper shape.

(5) Gridding Machine:

This machine is used in machine shop. The grinding machine is of 3-types.

ID Grinding machine

OD Grinding machine

Surface Grinding machine

(6) This machine is used in fabrication shop. This machine is used for the joining procedures of

different parts of the vehicles which are joined permane

3.5Competition



If this opens market, there are various companies producing products of same kind. The lists of

companies which are in the competition with Atul Auto Ltd. are:

Bajaj

Mahindra and Mahindra

Piaggio

New Shriji

Chapter:-4



SWOT ANALYSIS:

Strength:

Atul Auto Ltd. is having Sound financial position.

The Management of Atul Auto Ltd. is very professional.

Atul Auto Ltd. has larger proportion of reserves and surplus and further it has no debt

capital.

Atul Auto Ltd. has long standing reputation in the Indian Automobile Market.

Staff of Atul Auto Ltd. is very co-operative and hard working.

Atul Auto Ltd. is having skilled employees staff.

Good cooperation between employees.

Atul Auto Ltd. is having own Training Center for training of employees as well as

apprentice students of different discipline.

It is having a full support of the Government of India.

Atul Auto Ltd. having strong and wide marketing network towards country.

High Production capacity of Atul Auto Ltd. leads to low production cost.

Capacity Utilization more than 100%.

Atul Auto Ltd. has extra land and fully developed infrastructure facilities so it can be

further developed.

Thus, we can say that the position of Atul Auto Ltd. in the Market is

Satisfactory.

Weaknesses:



Government interference in the management is more comparatively private units.

Due to Government’s interference it takes longer time in decision-making. So the

decisions delayed and thus sometimes bias decisions are also taken.

Atul Auto Ltd. is having overstaffing.

Atul Auto Ltd. is having demotivated employees because of job security and safety.

Atul Auto Ltd. is having no debt capital so the advantage leverage cannot be taken.

Thus, we can say that the Atul Auto Ltd. will must be careful regarding its

staff and to government also.

Opportunities:

Company has opportunities in produce a new products in the market.

Look for newer Market with diversified product.

Diversifying the business.

Threat:

Company should be alert about the competitors in the market.

Company should keep every information of movement of competitors in the market.

This company should face to some competitors such as Bajaj, New Shriji etc.

The price of the Row material is increasing continuously.

There is a chance of sharp reduction in Government subsidy in near future.

Atul Auto Ltd. is having very little market share.

CHAPTER-5LITERATURE REVIEW



If you happen to be on the roads of Saurashtra in Gujarat, it is very likely that you will come

across a three-wheeler called 'Khusbu Chakkdo'.

There are more than 100,000 of these quaint vehicles serving as a means of livelihood for

numerous families, and thus contributing to the economic development of the region.

By manufacturing this multi-utility vehicle – in fact, by identifying the necessity for such a

vehicle and fulfilling it – the manufacturer of this vehicle has played an important role in the

region’sprogress.

This Rajkot-based manufacturer – Atul Auto Limited – is today an established name in the

motorised transportation in Gujarat. Presently, it manufactures many variants of the three-

wheeler vehicle. Though today Atul Auto is a listed company (worth Rs 168 crore), it started

small - with an initial capital of Rs 2000 only.

There's no doubt that the SME sector forms an important component of any emerging economy

and companies like Atul Auto exemplify this fact in the Indian context. "...It is impossible to

downplay the role of SMEs in India's economic development," says Hiren Doshi, Dy GM

(Finance), Atul Auto Limited. One look at the statistics and you know that he is absolutely right.

"SMEs generally account for a bulk of the nation's commercial activities and they act as catalysts

in upholding and encouraging the creation of the innovative spirit and entrepreneurship in the

economy, thereby helping in laying the foundation for rapid industrial development," says Mr

Doshi elaborating on the role of SMEs in the overall economic scenario. Importantly, SMEs are

also one of the biggest generators of employment in a country like India.

It’s true that the SME sector is being encouraged by the government as well as by many banks.

In fact – in the context of companies like Atul Auto – the government is also currently

encouraging the auto industry through a policy framework. The aim is to project India as an



attractive destination for small cars and auto components manufacturing.

This has been proving quite beneficial for the SMEs in the auto sector, particularly the ones into

auto components manufacturing. But, despite an atmosphere conducive to growth, the SMEs in

the country also have to face certain challenges.

Mr Doshi enumerates some of the key challenges. According to him, these include non-

availability of adequate capital for investment, difficulty in accessing the capital market,

inadequate institutional framework for assistance, terms dictated by the large corporates on

whom the SMEs depend and so on.

Since many SMEs in the country are family run, reluctance in changing the methods of

functioning is also a major issue in many cases says Mr Doshi. Though quite a few SMEs have

adopted technological advancements, technology adoption still remains a chief concern for many

others.

And how can the SMEs overcome the challenges? "Incentivise the SMEs on technical

upgradation or assist them in to various technical tie-ups/collaboration," says Mr Doshi.

According to him, SMEs should also get financial assistance at concessional or reduced rate of

interest as compared to others. Also, he feels, it is important to help SMEs for exports and in

easy availability of raw material in domestic as well as in case of imports.

With a little help, the SMEs could really bring about an economic transformation. It is essential

to note that – as Mr Doshi also says – SMEs are the fastest to adopt changes and innovations.

They assist in creation of new industries and also facilitate competition in the market.

Innovation – keeping in mind the market demands – is very necessary to maintain a competitive

edge in any market. For example, Atul Auto has a full-fledged R&D department run by qualified

personnel. It upgrades its products as per the market requirement, subject to the performance of

the vehicle.



"We are consistently in the process of giving better products to the end-user. Market studies

confirm that our products perform better than those of our peers in terms of mileage, price,

maintenance and so on. The company has successfully launched the petrol/CNG/LPG vehicles in

the market," informs Mr Doshi.

Having established itself in Gujarat, Atul Auto is now ready to venture into other territories. It is

a commendable achievement having started on a very small scale. It also encapsulates the spirit

and craving for growth among Indian SMEs

CHAPTER-6



THEORETICAL FRAMEWORK

6.1 Classification of Ratios

Different ratios are used for different purposes; these ratios can be grouped into various

classes according to the financial activity. Ratios are classified into four broad categories.

6.1.1ProfitabilityRatio

6.1.2EfficiancyRatio

6.1.3LiquidityRatio

6.1.4Stability Ratio

6.1.5Investor Ratio

6.1.1 Profitability Ratio

A class of financial metrics that are used to assess a business's ability to generate earnings

as compared to its expenses and other relevant costs incurred during a specific period of time.

For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio

from a previous period is indicative that the company is doing well.

Some examples of profitability ratios are profit margin, return on assets and return on

equity. It is important to note that a little bit of background knowledge is necessary in order to

make relevant comparisons when analyzing these ratios.

These ratios tell us whether a business is making profits-and if so whether at an

acceptable rate. The key ratios are:



(1)Gross Profit Margin

[Gross Profit / Revenue] x 100

(expressed as a percentage)

This ratio tells us something about the business's ability consistently to control its

production costs or to manage the margins its makes on products its buys and sells. Whilst sales

value and volumes may move up and down significantly, the gross profit margin is usually quite

stable (in percentage terms). However, a small increase (or decrease) in profit margin, however

caused can produce a substantial change in overall profits.

(2)Operating Profit Margin

[Operating Profit / Revenue] x 100

(expressed as a percentage)

Assuming a constant gross profit margin, the operating profit margin tells us something

about a company's ability to control its other operating costs or overheads.

(3)Return on capital employed (“ROCE”)

Net profit before tax, interest and dividends ("EBIT") / total assets (or total assets

less current liabilities

ROCE is sometimes referred to as the "primary ratio"; it tells us what returns

management has made on the resources made available to them before making any distribution

of those returns.

6.1.2 Efficiency Ratios



Ratios that are typically used to analyze how well a company uses its assets and liabilities

internally. Efficiency Ratios can calculate the turnover of receivables, the repayment of

liabilities, the quantity and usage of equity and the general use of inventory and machinery.

Some common ratios are accounts receivable turnover, fixed asset turnover, sales to

inventory, sales to net working capital, accounts payable to sales and stock turnover ratio. These

ratios are meaningful when compared to peers in the same industry and can identify business that

are better managed relative to the others. Also, efficiency ratios are important because an

improvement in the ratios usually translate to improved profitability.

These ratios give us an insight into how efficiently the business is employing those

resources invested in fixed assets and working capital.

(1)Sales/Capital Employed

Sales / Capital employed

A measure of total asset utilization. Helps to answer the question - what sales are being

generated by each pound's worth of assets invested in the business. Note, when combined with

the return on sales (see above) it generates the primary ratio - ROCE.

(2)Stock turnover

Cost of Sales / Average Stock Value

Stock turnover helps answer questions such as "have we got too much money tied up in

inventory"?. An increasing stock turnover figure or one which is much larger than the "average"

for an industry, may indicate poor stock management.



(3)Credit given/ Debtor Days

(Trade debtors (average, if possible) / (Sales)) x 365

The "debtor days" ratio indicates whether debtors are being allowed excessive credit. A

high figure (more than the industry average) may suggest general problems with debt collection

or the financial position of major customers.

(4)Credit taken/ Creditor Days

((Trade creditors + accruals) / (cost of sales + other purchases)) x 365

A similar calculation to that for debtors, giving an insight into whether a business it

taking full advantage of trade credit available to it.

6.1.3 Liquidity Ratios



A class of financial metrics that is used to determine a company's ability to pay off its short-

terms debts obligations. Generally, the higher the value of the ratio, the larger the margin of

safety that the company possesses to cover short-term debts.

Common liquidity ratios include the current ratio, the quick ratio and the operating cash flow

ratio. Different analysts consider different assets to be relevant in calculating liquidity. Some

analysts will calculate only the sum of cash and equivalents divided by current liabilities

because they feel that they are the most liquid assets, and would be the most likely to be used to

cover short-term debts in an emergency.

A company's ability to turn short-term assets into cash to cover debts is of the utmost importance

when creditors are seeking payment. Bankruptcy analysts and mortgage originators frequently

use the liquidity ratios to determine whether a company will be able to continue as a going

concern.

(1)Current Ratio

Current Assets / Current Liabilities

A simple measure that estimates whether the business can pay debts due within one year

from assets that it expects to turn into cash within that year. A ratio of less than one is often a

cause for concern, particularly if it persists for any length of time.

(2)Quick Ratio



Cash and near cash (short-term investments + trade debtors)

Not all assets can be turned into cash quickly or easily. Some - notably raw materials and

other stocks - must first be turned into final product, then sold and the cash collected from

debtors. The Quick Ratio therefore adjusts the Current Ratio to eliminate all assets that are not

already in cash (or "near-cash") form. Once again, a ratio of less than one would start to send out

danger signals.

6.1.4Stability Ratio

These ratios concentrate on the long0term health of a business – particularly the effect of

the capital/finance structure on the business:

(1)Gearing

Borrowing (all long-term debts + normal overdraft) / Net Assets (or Shareholders'

Funds)

Gearing (otherwise known as "leverage") measures the proportion of assets invested in a

business that are financed by borrowing. In theory, the higher the level of borrowing (gearing)

the higher are the risks to a business, since the payment of interest and repayment of debts are

not "optional" in the same way as dividends. However, gearing can be a financially sound part of

a business's capital structure particularly if the business has strong, predictable cash flows.

(2)Interest Cover



Operating profit before interest / Interest

This measures the ability of the business to "service" its debt. Are profits sufficient to be

able to pay interest and other finance costs?

6.1.5Investor Ratio

There are several ratios commonly used by investors to assess the performance of a

business as an investment:

(1)Earnings per Share

Earnings (profits) attributable to ordinary shareholders / Weighted average ordinary

shares in issue during the year

A requirement of the London Stock Exchange - an important ratio. EPS measures the

overall profit generated for each share in existence over a particular period.

(2)Price Earnings Ratio

Market price of share / Earnings per Share

At any time, the P/E ratio is an indication of how highly the market "rates" or "values" a

business. A P/E ratio is best viewed in the context of a sector or market average to get a feel for

relative value and stock market pricing.

(3)Dividend Yield



(Latest dividend per ordinary share / current market price of share) x 100

This is known as the "payout ratio". It provides a guide as to the ability of a business to

maintain a dividend payment. It also measures the proportion of earnings that are being retained

by the business rather than distributed as dividends.

CHAPTER-7RESEARCHMETHODOLOGY



7.1 Aims and Objective of the study

Gain an in-depth knowledge about various corporate valuation techniques.

Standardize financial information for comparisons

Evaluate current operations

Study the efficiency of operations

To know the future prospect of business.

To determine if there has been an improvement or deterioration or no change over time.

To get an overview on Company producing a products.

To know how ratio analysis helps an analyst to make an informed business or investment

decision.

Study the risk of operations

METHODOLOGY

The information is collected through secondary sources during the project. That

information was utilized for calculating performance evaluation and based on that,

interpretations were made.

Sources of secondary data:

1. Most of the calculations are made on the financial statements of the company provided

statements.

2. Referring standard texts and referred books collected some of the information regarding

theoretical aspects.

3. Method- to assess the performance of the company method of observation of the work in

finance department in followed.



LIMITATIONS

1. The study provides an insight into the financial, personnel, marketing and other aspects

of Atul Auto Ltd. Every study will be bound with certain limitations.

2. The below mentioned are the constraints under which the study is carried out.

3. One of the factors of the study was lack of availability of ample information. Most of the

information has been kept confidential and as such as not assed as art of policy of

company.

Time is an important limitation. The whole study was conducted in a period of 45

days, which is not sufficient to carry out proper interpretation and analysis.



CHAPTER-8FINANCE DEPARTMENT

8.1 Introduction

The Finance Department provides a comprehensive financial accounting and reporting

system that meets the information requirements of all of its users, and that complies with all

applicable laws and regulations. It is managed in accordance with Generally Accepted

Accounting Principals (GAAP).

The department safeguards all city assets and promotes their efficient use, while adhering to

prescribed City Council and management policies. The information provided by the Finance

Department not only allows the public to monitor the city finances, but also provides the city

management with a valuable financial planning tool. The Finance Department performs the

following major functions for the city:

Financial accounting and reporting

Budget preparation and analysis

Purchasing

Accounts payable

Fixed asset management

Treasury and investment management

Accounts receivable

Receipt of cash payments

Business and other licensing

Utility billing, collections and accounting

Payroll



8.2 FINANCIAL PLANNING

Planning means to assess the future and make provision for it. Financial planning is

necessary for the control of inflow and outflow of cash so that necessary funds may be made

available as and when required. Sound financial planning is necessary to achieve the long term

and short term objectives of the firm and to protect the interest of all parties’ concerned i.e. firm,

creditors, shareholders and public.

Atul Auto Ltd. has implemented expansion plan. This expansion includes setting up an

additional capacity to manufacture diesel three wheeler auto rickshaws, pick up van and

passenger vehicles and setting up a project to manufacture CNG and LPG gas driven vehicles.

This project has been appraised by Gujarat venture and Gujarat Industrial Corporation limited.

8.3SOURCES OF FINANCE

Finance is the life blood of business. Funds have to be procedure from different sources

such as rising of capital through new issues, bank borrowings, term loans from finance

institutions, sales of debentures and so on. Business house have sell on credit and on the other

hand it has to pay expenses of business in cash. There are many different ways to procure shot

term and long term loans.

Atul Auto Ltd. has adopted very simple way to procure both short and long term funds.

LONG TERM FUNDS:

For long term funds, Atul Auto Ltd. depends on the retained profits, long term loan from

bank and mainly on the equity capital.



SHORT TERM FUNDS:

The objective behind procurement of short term fund is to meet day-to-day business

needs as working capital. Short term fund is more important as far as day-to-day business in

concern.

Atul Auto Ltd. satisfies its needs of short term funds through short term loans from bank

and other financial instruction.

8.4CAPITAL BUDGETING

Capital budgeting is a process of making decision regarding loan term investment in

fixed asset, such as land building, machinery or furniture, which is not meant for sales. A capital

expenditure involves a huge investment in fixed assets.

Capital budgeting decisions are to paramount importance in financial decision making.

The system of capital budgeting is likely to produce benefits over a period of time longer than

one year. These benefits may be either in the form of increased revenues or reduces costs. There

are various techniques or proposals, Atul Auto Ltd. has chosen pay back method for capital

budgeting purpose implementing expansion loan. This expansion loan includes setting up

additional capacity to manufacture diesel three wheelers Auto rickshaw; pick up van and CNG

auto rickshaw.

8.5 MANAGEMENT OF WORKING CAPITAL

Working capital is defined as the excess of current assets over current liabilities. Working

capital is that part of capital which is required to meet the day-to-day needs in running the

business. It is also known as revolving or circulating capital.



Working capital management is significant in financial management due to the fact that it

plays a pivotal role in keeping the wheels of business enterprise running. Shortage of funds for

working capital has caused many businesses to fail or has retarded their growth. Lack of efficient

and effective utilization of working capital leads to earn low rate of return on capital employed

or even compels to sustain losses.

Working capita= current assets – current liabilities

8.6 MANAGEMENT OF CASH

Cash management is one of the key areas of working capital management. Cash is the

common denominator to which all current assets can be reduced because the other major liquid

assets, that is, receivables and inventory get eventually converted into cash. This underlines the

significance of cash management.

The term cash with reference to cash management is used in two senses. In a narrow

sense it is used broadly to cover and generally accepted equivalents of cash, such as cheques,

drafts and demand deposits in banks. The broad view of cash also includes near cash assets, such

as marketable securities and time deposits in banks.

8.7 FINANCIAL DEPARTMENT AT GLANCE

LONG TERM FUNDS

- State Bank Of India

- HDFC Bank

- The Laxmivilas Bank Ltd.

- Citizen’s Co-Operative Bank Ltd.

AUDITORS:

- M/S Maharishi and Co. (C.A.Jamnagar)



ACCOUNTING SYSTEM:

- Double Entry System

ACCOUNTING PERIOD:

- 1ST April to 31st March (Financial year)



CHAPTER-9

RATIO ANALYSIS

FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strengths and

weaknesses of the firm and establishing relationship between the items of the balance sheet and

profit & loss account.

Financial ratio analysis is the calculation and comparison of ratios, which are

derived from the information in a company’s financial statements. The level and historical trends

of these ratios can be used to make inferences about a company’s financial condition, its

operations and attractiveness as an investment. The information in the statements is used by

• Trade creditors, to identify the firm’s ability to meet their claims i.e.liquidity position of the

company.

• Investors, to know about the present and future profitability of the company and its financial

structure.

• Management, in every aspect of the financial analysis. It is the responsibility of the

management to maintain sound financial condition in the company.

RATIO ANALYSIS

The term “Ratio” refers to the numerical and quantitative relationship between two

items or variables. This relationship can be exposed as

• Percentages

• Fractions

• Proportion of numbers

“Ratio analysis is defined as the systematic use of the ratio to interpret the

financial statements. So that the strengths and weaknesses of a firm, as well as its historical

performance and current financial condition can be determined. Ratio reflects a

quantitative relationship helps to form a quantitative judgment. “



STEPS IN RATIO ANALYSIS

• The first task of the financial analysis is to select the information relevant to the decision

under consideration from the statements and calculates appropriate ratios.

• To compare the calculated ratios with the ratios of the same firm relating to the pas6t or

with the industry ratios. It facilitates in assessing success or failure of the firm.

• Third step is to interpretation, drawing of inferences and report writing conclusions are

drawn after comparison in the shape of report or recommended courses of action.

BASIS OR STANDARDS OF COMPARISON

Ratios are relative figures reflecting the relation between variables. They enable

analyst to draw conclusions regarding financial operations. They use of ratios as a tool of

financial analysis involves the comparison with related facts. This is the basis of ratio analysis.

The basis of ratio analysis is of four types.

• Past ratios, calculated from past financial statements of the firm.

• Competitor’s ratio, of the some most progressive and successful competitor firm at the

same point of time.

• Industry ratio, the industry ratios to which the firm belongs to

• Projected ratios, ratios of the future developed from the projected or pro forma financial

statements



NATURE OF RATIO ANALYSIS

Ratio analysis is a technique of analysis and interpretation of financial statements.

It is the process of establishing and interpreting various ratios for helping in making certain

decisions. It is only a means of understanding of financial strengths and weaknesses of a firm.

There are a number of ratios which can be calculated from the information given in the financial

statements, but the analyst has to select the appropriate data and calculate only a few appropriate

ratios. The following are the four steps involved in the ratio analysis.

• Selection of relevant data from the financial statements depending upon the objective of the

analysis.

• Calculation of appropriate ratios from the above data.

• Comparison of the calculated ratios with the ratios of the same firm in the past, or the ratios

developed from projected financial statements or the ratios of some other firms or the

comparison with ratios of the industry to which the firm belongs.

INTERPRETATION OF THE RATIOS

The interpretation of ratios is an important factor. The inherent limitations of ratio

analysis should be kept in mind while interpreting them. The impact of factors such as price level

changes, change in accounting policies, window dressing etc., should also be kept in mind when

attempting to interpret ratios. The interpretation of ratios can be made in the following ways.

Single absolute ratio

Group of ratios

Historical comparison

Projected ratios

Inter-firm comparison



GUIDELINES OR PRECAUTIONS FOR USE OF RATIOS

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

IMPORTANCE OF RATIO ANALYSIS

Aid to measure general efficiency

Aid to measure financial solvency

Aid in forecasting and planning

Facilitate decision making

Aid in corrective action

Aid in intra-firm comparison

Act as a good communication

Evaluation of efficiency

Effective tool

LIMITATIONS OF RATIO ANALYSIS

Differences in definitions

Limitations of accounting records

Lack of proper standards



No allowances for price level changes

Changes in accounting procedures

Quantitative factors are ignored

Limited use of single ratio

Background is over looked

Limited use

Personal bias

CLASSIFICATIONS OF RATIOS

The use of ratio analysis is not confined to financial manager only. There are

different parties interested in the ratio analysis for knowing the financial position of a firm for

different purposes. Various accounting ratios can be classified as follows:

1. Traditional Classification

2. Functional Classification

3. Significance ratios

1. Traditional Classification

It includes the following.

Balance sheet (or) position statement ratio: They deal with the relationship between two

balance sheet items, e.g. the ratio of current assets to current liabilities etc., both the items

must, however, pertain to the same balance sheet.

Profit & loss account (or) revenue statement ratios: These ratios deal with the relationship

between two profit & loss account items, e.g. the ratio of gross profit to sales etc.,

Composite (or) inter statement ratios: These ratios exhibit the relation between a profit &

loss account or income statement item and a balance sheet items, e.g. stock turnover ratio,

or the ratio of total assets to sales.



2. Functional Classification

These include liquidity ratios, long term solvency and leverage ratios, activity

ratios and profitability ratios.

3. Significance ratios

Some ratios are important than others and the firm may classify them as primary

and secondary ratios. The primary ratio is one, which is of the prime importance to a concern.

The other ratios that support the primary ratio are called secondary ratios.

Long term solvency ratiosThese ratios measure long term solvency of the firm (A)1. Debt-equity Ratio2. Capital gearing Ratio.3. Interest Coverage Ratio.4. Proprietary Ratio5. Debt service coverage Ratio.

Following parties are interested in the above ratio:

Long term lenders including debenture holders

Share holders existing and prospective

Potential takeover bidders.

Management

Efficiency or turnover ratiosThese ratios indicate the degree of efficiency in utilization of various assets deployed in the firm. Various efficiency ratios are:

1. Stock turnover Ratio.2. Debtors turnover Ratio.3. Creditors turnover Ratio.4. Total assets turnover Ratio.5. Fixed assets turnover Ratio.6. Capital turnover Ratio.

Following parties are interested in the above ratio :

Shareholders Bankers and other

lendersManagement

Profitability ratiosThese ratios measure profit earning capacity of the firm. Various profitability ratios are:1. Gross profit Ratio.2. Operating ratio.3. Net profit Ratio.4. Operating profit Ratio5.Expenses Ratio6. Return on Capital employed 7. Return on Share holders’ equity.8.EPS

Following parties are interested in the above ratio :

Shareholders Investors Prospective

shareholders Lenders Competitors

Management



In this project on the basis of the following Ratios I have tried my level best analysis the

current financial position of ATUL AUTO LTD. with its competitors:

1) Current Ratio

2) Quick Ratio

3) Inventory Turnover Ratio

4) Inventory Turnover Period

5) Debtors Turnover Ratio

6) Average Collection Period

7) Total Assets Turnover Ratio

8) Fixed Assets Turnover Ratio

9) Gross Profit Ratio

10) Net Profit Ratio

11) Operating Profit Ratio

1. LIQUIDITY RATIOS



Liquidity refers to the ability of a concern to meet its current obligations as &

when there becomes due. The short term obligations of a firm can be met only when there are

sufficient liquid assets. The short term obligations are met by realizing amounts from current,

floating (or) circulating assets The current assets should either be calculated liquid (or) near

liquidity. They should be convertible into cash for paying obligations of short term nature. The

sufficiency (or) insufficiency of current assets should be assessed by comparing them with short-

term current liabilities. If current assets can pay off current liabilities, then liquidity position will

be satisfactory.

To measure the liquidity of a firm the following ratios can be calculated

Current ratio

Quick (or) Acid-test (or) Liquid ratio



(A) CURRENT RATIO:

Current ratio may be defined as the relationship between current assets

and current liabilities. This ratio also known as Working capital ratio is a measure of general

liquidity and is most widely used to make the analysis of a short-term financial position (or)

liquidity of a firm.

Current assets

Current ratio =

Current liabilities

Components of current ratio

CURRENT ASSETS CURRENT LIABILITIES

Cash in hand Out standing or accrued expenses

Cash at bank Bank over draft

Bills receivable Bills payable

Inventories Short-term advances

Work-in-progress Sundry creditors

Marketable securities Dividend payable

Short-term investments Income-tax payable

Sundry debtors

Prepaid expenses

Year Current Assets Current Liabilities Ratio



2005 14.55 7.59 1.92

2006 20.28 17.52 1.16

2007 29.05 13.64 2.13

2008 23.45 11.55 2.03

2009 22.57 14.63 1.54

2005-06 2006-07 2007-08 2008-09 2009-100.00%

0.50%

1.00%

1.50%

2.00%

2.50%

1.92%

1.16%

2.13% 2.03%

1.54%

CURRENT RATIO



Interpretation

As a rule, the current ratio with 2:1 (or) more is considered as satisfactory

position of the firm.

When compared with 2008, there is an decrease in the provision for tax, because

the debtors are raised and for that the provision is created. The current liabilities majorly

included Atul Auto company for consultancy additional services.

The sundry debtors have decreased due to the decrease to corporate taxes.

In the year 2009, the cash and bank balance is increaced because that is not

payment of dividends. In the year 2007, the loans and advances include majorly the advances to

employees and deposits to government. The loans and advances reduced because the employees

set off their claims. The other current assets include the interest attained from the deposits. The

deposits reduced due to the declaration of dividends. So the other current assets decreased.

The huge increase in sundry debtors resulted an increase in the ratio, which is

above the benchmark level of 2:1 which shows the comfortable position of the firm.

(B) QUICK RATIO

Quick ratio is a test of liquidity than the current ratio. The term liquidity refers to

the ability of a firm to pay its short-term obligations as & when they become due. Quick ratio

may be defined as the relationship between quick or liquid assets and current liabilities. An asset

is said to be liquid if it is converted into cash with in a short period without loss of value.

Quick or liquid assets

Quick ratio =

Current liabilities



Components of quick or liquid ratio

QUICK ASSETS CURRENT LIABILITIES

Cash in hand Out standing or accrued expenses

Cash at bank Bank over draft

Bills receivable Bills payable

Sundry debtors Short-term advances

Marketable securities Sundry creditors

Temporary investments Dividend payable

Income tax payable

(Amount in Cr.)

Quick Ratio

Year Quick Assets Current Liabilities Ratio

2005 13.08 7.76 1.69%

2006 19.79 19.09 1.04%

2007 14.71 15.18 0.97%

2008 11.96 12.93 0.92%

2009 13.23 15.77 0.84%



2005-06 2006-07 2007-08 2008-09 2009-100.00%

0.20%

0.40%

0.60%

0.80%

1.00%

1.20%

1.40%

1.60%

1.80%

1.69%

1.04% 0.97% 0.92%0.84%

QUICK ACID D RATIO

Interpretation

Quick assets are those assets which can be converted into cash with in a short

period of time, say to six months. So, here the sundry debtors which are with the long period

does not include in the quick assets.

Compare with 2008, the Quick ratio is decreased because the sundry debtors are

decreased due to the decrease in the corporate tax and for that the provision created is also

decreased. So, the ratio is also decreased with the 2009.

The quick ratio for the year 2005-06 was 1.69 and it was increased by 0.65 it was 1.04 in

the year 2006-07 than the quick ratio was increased by 0.068 i.e. 0.97 in 2007-08. The quick

ratio was 0.92 and 0.84 in the year 2008-09 and 2009-10 respective and it was increased by

2008-09 0.04 and decreased 2009-10 0.086 respectively.

We can see the ratio was maximum in the year 2005-06 and minimum in the year 2009-10.

2. ACTIVITY RATIOS



Funds are invested in various assets in business to make sales and earn profits.

The efficiency with which assets are managed directly effect the volume of sales. Activity ratios

measure the efficiency (or) effectiveness with which a firm manages its resources (or) assets.

These ratios are also called “Turn over ratios” because they indicate the speed with which assets

are converted or turned over into sales.

Inventory Turnover Ratio

Inventory Turnover Period

Debtors Turnover Ration

Average Collection Period

Total Assets Turnover Ratio

Fixed Assets Turnover Ratio

(A) Inventory Turnover Ratio

Inventory turnover ratios indicate the no. of times the stock has been turned over the period and

evaluate the efficiency with which a firm is able to manage its inventory. It indicates whether the

inventory is efficiently used or not. It is also known as stock turn over ratio. This can be

calculated by dividing the sales by average inventory.

A ratio showing how many times a company's inventory is sold and replaced over a period. the

Net Sales

ITR =

Total Inventory



Year Net sales Total Inventory Ratio

2005 114.98 7.23 15.90%

2006 151.02 10.04 15.04%

2007 141.95 20.76 6.84%

2008 92.12 19.36 4.76%

2009 125.64 17.68 7.11%

2005-06 2006-07 2007-08 2008-09 2009-100.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

15.90%

15.04%

6.84%

4.76%

7.11%

INVENTORU TURNOVER RATIO

Interpretation

The inventory turnover ratio for the year 2005-06 was 15.90 and in the year of 2006-07

was 15.04 and which is highest in this five year. In the year 2008-09 was 4.76 which is very less

than the year 2007-08 as well as2009-10.



(B) Inventory Turnover Period

This inventory turnover period can be calculated by dividing month or days in a year by stock

turnover ratio. It indicates the time period to turnover the stock.

Days

ITP =

Inventory Turnover Ratio

Year Days Inventory Turnover Ratio Ratio(Days

)

2005 360 15.90 22.64

2006 360 15.04 23.94

2007 360 6.84 52.63

2008 360 4.76 75.63

2009 360 7.11 50.63



2005-06 2006-07 2007-08 2008-09 2009-100

10

20

30

40

50

60

70

80

22.64 23.94

52.63

75.63

50.63

INVENTORY TURNOVER PERIOD

Interpretation

The inventory turnover ratio increasing in the year 2008-09 with compare to the year 2009-

10.The maximum increasing periods is 2008-09 and minimum periods is 2005-06.

(C) Debtors Turnover Ratio

Debtors turnover ratio or accounts receivable turnover ratio indicates the velocity of debt

collection of a firm. In simple words it indicates the number of times average debtors

(receivable) are turned over during a year.

Net Credit Sales

Debtors Turnover Ratio =

Average Trade Debtors



Year Net Credit Sales Average Trade Debtors Ratio

2005 99.05 6.29 15.75%

2006 130.00 8.74 14.87%

2007 123.02 8.17 15.06%

2008 81.25 3.96 20.52%

2009 117.53 3.52 33.39%

2005-06 2006-07 2007-08 2008-09 2009-100.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

15.75%14.87% 15.06%

20.52%

33.39%

DEBTORS TURNOVER RATIO

Interpretation

The debtors’ turnover ratio for the year 2005-06 was 15.75 and the year 2006-07 was

14.87. Here no more fluctuation in this ratio. But in the year 2009-10 this ratio was highest 33.39

and in the year 2008-09 this ratio increased by 12.87.



(D) Average Collection Period

It represents the average no. of days during which debtors are recovered. This Average

collection period can be calculated by dividing months or days in a year by debtors

turnover ratio.

Days

Average Collection Period =

Debtors Turnover Ratio

Year Days Debtors Turnover Ratio Ratio(Days)

2005 360 15.75 22.86

2006 360 14.87 24.21

2007 360 15.06 23.90

2008 360 20.52 17.54

2009 360 33.39 10.78

2005-06 2006-07 2007-08 2008-09 2009-100

5

10

15

20

25

30

22.86 24.21 23.9

17.54

10.78

AVERAGE COLLECTION PERIOD



Here we can see in the year 2009-10 ratio was 10.78 and in the year2008-09 ratio was 17.54

which is better than the 2008-09.years2005-06 it was22.86, 2006-07 it was 24.21 and 2007-08 it

was 23.90 so the best comparative ratio is 2006-07.

(E)Total Assets Turnover Ratio

A financial ratio of net sales to fixed assets. The fixed-asset turnover ratio measures a company's

ability to generate net sales from fixed-asset investments - specifically property, plant and

equipment (PP&E) - net of depreciation. A higher fixed-asset turnover ratio shows that the

company has been more effective in using the investment in fixed assets to generate revenues.

Net Sales

Total Assets Turnover Ratio =

Net Property

Year Net Sales Net Property Ratio

2005 99.05 31.28 3.17%

2006 130.0 39.32 3.31%

2007 123.02 53.90 2.28%

2008 81.25 60.49 1.34%

2009 117.53 62.22 1.89%



2005-06 2006-07 2007-08 2008-09 2009-100.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

3.17% 3.31%

2.28%

1.34%

1.89%

Total Assets Turnover Ratio

Interpretation

In the year 2005-06, 2006-07 and 2007-08, ratio seeing in a good position, ratio was 3.17, 3.31,

and 2.28. But more fluctuation found in the year 2008-09 and 2009-10,in this year ratio was 1.34

and 1.89 respectively.

(F) Fixed Assets Turnover Ratio

It is also known as sales to fixed assets ratio. This ratio measures the efficiency

and profit earning capacity of the firm. Higher the ratio, greater is the intensive utilization of

fixed assets. Lower ratio means under-utilization of fixed assets.

Cost of Sales

Fixed assets turnover ratio =

Net fixed assets



(Amount in Cr.)

Fixed Assets Turnover Ratio

Year Cost of Sales Net Fixed Assets Ratio

2005 99.05 20.34 4.87%

2006 130.0 30.34 4.28%

2007 123.02 39.11 3.15%

2008 81.25 39.94 2.03%

2009 117.53 42.64 2.76%

2005-06 2006-07 2007-08 2008-09 2009-100.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

4.87%

4.28%

3.15%

2.03%

2.76%

FIXED ASSESTS TURNOVER RATIO



Interpretation

Fixed assets are used in the business for producing the goods to be sold. This ratio

shows the firm’s ability in generating sales from all financial resources committed to total assets.

The ratio indicates the account of one rupee investment in fixed assets.

The income from services is greaterly increased in the current year due to the

increase in the Operations & Maintenance fee due to the increase in extra invoice and the net

fixed assets are reduced because of the increased charge of depreciation. Finally, that effected a

huge increase in the ratio compared with the previous year’s ratio.

In the year 2005-06, 2006-07 and 2007-08, ratio seeing not a good position, ratio

was 4.87, 4.28, and 3.15. But more fluctuation found in the year 2008-09 and 2009-10, these

time ratio was 2.03 and 2.76 respectively.



3. PROFITABILITY RATIOS

The primary objectives of business undertaking are to earn profits. Because profit

is the engine, that drives the business enterprise.

Net profit ratio

Gross Profit Ratio

Operating profit ratio

(A) NET PROFIT RATIO

Net profit ratio establishes a relationship between net profit (after tax) and sales

and indicates the efficiency of the management in manufacturing, selling administrative and

other activities of the firm.

It also indicates the firm’s capacity to face adverse economic conditions such as

price competitors, low demand etc. Obviously higher the ratio, the better is the profitability.

Net profit after tax

Net profit ratio=

Net sales

(Amount in

Cr.)

Net Profit Ratio

Year Net Profit After Tax Net Sales Ratio

2005 3.02 99.05 3.05%

2006 4.20 130.0 3.23%

2007 3.14 123.02 2.55%

2008 1.27 81.25 1.56%

2009 0.46 117.53 0.39%



2005-06 2006-07 2007-08 2008-09 2009-100.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

3.05%3.23%

2.55%

1.56%

0.39%

NET PROFIT RATIO

Interpretation

The net profit ratio is the overall measure of the firm’s ability to turn each rupee of income from

services in net profit. If the net margin is inadequate the firm will fail to achieve return on

shareholder’s funds. High net profit ratio will help the firm service in the fall of income from

services, rise in cost of production or declining demand.

The profit of the year 2009-106 is 0.39 is lower from the year 2008-09 and 2007-08 by 1.16 and

2.17 respectively. The net profit is decreased because the income from services is decreased.



(B) Gross Profit Ratio

The basic components for the calculation of gross profit ratio are gross profit and net sales. Net

sales mean that sale minus sales returns. Gross profit would be the difference between net sales

and cost of goods sold. C ost of goods sold in the case of a trading concern would be equal to

opening stock plus purchases, minus closing stock plus all direct expenses relating to purchases.

In the case of manufacturing concern, it would be equal to the sum of the cost of raw materials,

wages, direct expenses and all manufacturing expenses. In other words, generally the expenses

charged to profit and loss account or operating expenses are excluded from the calculation of

cost of goods sold.

Gross profit after tax

Gross profit ratio=

Net sales

(Amountin Cr.)

Net Profit Ratio

Year Gross Profit Net Sales Ratio

2005 5.74 99.05 5.79

2006 9.19 130.0 7.06

2007 8.74 123.02 7.10

2008 7.00 81.25 8.62

2009 5.93 117.53 5.05


http://www.accountingformanagement.com/cost_of_goods_sold_definition.htm

http://www.accountingformanagement.com/raw_materials_definition.htm





2005-06 2006-07 2007-08 2008-09 2009-100

1

2

3

4

5

6

7

8

9

10

5.79

7.06 7.1

8.62

5.05

GROSS PROFIT RATIO

Interpretation

The Gross profit ratio is the overall measure of the firm’s ability to turn each rupee of income

from services in net profit. If the net margin is inadequate the firm will fail to achieve return on

shareholder’s funds. High Gross profit ratio will help the firm service in the fall of income from

services, rise in cost of production or declining demand.

In 2009-10 the Gross profits decreasing in compare to the year 2008-09 by 3.57 and compare to

2005-06, 2006-07.and 2007-08 are decreasing by0.74, 2.01 and, 2.05 respectively.



(C) OPERATING PROFIT RATIO

Operating ratio establishes the relationship between cost of goods sold and other operating

expenses on the one hand and the sales on the other.

Operating cost

Operation ratio =

Net sales

However 75 to 85% may be considered to be a good ratio in case of a

manufacturing under taking.

Operating profit ratio is calculated by dividing operating profit by sales.

Operating profit

Operating profit ratio =

Sales

(Amount in Cr.)

Operating Profit

Year Operating Profit Income From Services Ratio

2005 5.14 99.05 5.19%

2006 8.02 130.0 6.17%

2007 7.25 123.02 5.89%

2008 6.32 81.25 7.78%

2009 2.61 117.53 2.22%



2005-06 2006-07 2007-08 2008-09 2009-100.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%

9.00%

5.19%

6.17% 5.89%

7.78%

2.22%

Operating Profit Ratio

Interpretation

The operating profit ratio is used to measure the relationship between net profits and sales of a

firm. Depending on the concept, it will decide.

The operating profit ratio is increased compared with the last year. The earnings are increased

due to the increase in the income from services because of Operations & Maintenance fee. So,

the ratio is increased slightly compared with the previous year.

In 2009-10 the Operating profits decreasing in compare to the year 2008-09 by 5.56 and

compare to 2005-06, 2006-07.and 2007-08 are decreasing by2.97, 3.95 and, 3.67respectively.

The operating profit ratio is used to measure the relationship between net profits and sales of a

firm. Depending on the concept, it will decide.

The operating profit ratio is decreased compared with the last 4 year. The earnings are decreased

due to the decrease in the income from services because of Operations & Maintenance fee. So,

the ratio is decreased slightly compared with the previous year.



CHAPTER-10

FINDING:-

In all five year the current ratio is higher with compare to the standard ratio but if we will

compare the component with Inventory turnover ratio than we can come to know that

money is blocked in stock and finished goods which is not converted into sale. So we are

loosing the opportunity cost.

If we will take the reference of quick ratio than we can come to know that the much more

money is blocked in Inventory rather than the cash, bank or marketable security.

Debtors turnover ratio increasing it has given negative impact on stoke turnover ratio.

The debtors turnover ratio is increasing it means the company has adopted financial

stringency policy.

The fixed turnover ratio and total turnover ratio both are decreasing which indicate that

the assets are not used optimally to increase the sell.

Net profit ratio is continuous decreasing to the all year, so that is not good mater of

company.

Here we find gross profit because it is doing manufacture from the purchase, raw material

from other industry but it is doing exploration development and drilling the well.

Here the company has not issued preference share and debenture so the leverage benefit

has not been receivable by the company.

All over the company has good financial position.



CHAPTER-11

SUGGESTIONS

Atul Auto Ltd with the help of other Atul Group of companies has established strong business

house. The functioning and management of Atul Auto Ltd. is very good.

Being a student just standing on the threshold of studies of management as discipline. But

considering this as an initiative give out my view mention some of the suggestion as per my

knowledge.

Some of the suggestions are under:

The capital investment of Atul Auto Ltd. is less compared to its competitive industries

Atul Auto Ltd. can explore more my investing more and getting high returns.

Atul Auto Ltd. must also increase its activities in research and development activities.

It must try to active and expand its activities in foreign market

Also as it covers the loan market and is a more popular brand in local market keeps aside

very less funds for advertisement purpose. Thus it must try to increase advertisement

activities so that it can also cover the markets in other states of the country.

Here company applied liberalized credit policy. So company requires more working

capital for day to day expenditure so company should applied conservative credit policy.

The optimum investment is to be made in the inventories to make liquidity position of the

company more sophisticated.



CHAPTER-12

FUTURE PLANS

Planning is in integral part of every organization. Planning means what to do, when to do, how to

do, and who to do it. It is the estimation and forecasting of the risk factors along with better

development prospects in future. Thus each and every company plans for its expansion and

development in future.

Atul Auto Ltd. has also designed some plans for future. The future plans of Atul Auto Ltd are as

follows.

Atul Auto Ltd have developed 240 cc petrol engine 1+3 passengers vehicles with

LPG & CNG kits.

Atul Auto Ltd. is expanding its assembly line.

Also an advance paint shop is been erected at the company site. In order to

facilitate its raise I production capacity.

To develop rear engine 1 turner vehicle.

To improve the research and development centre.



CHAPTER-13

CONCLUSION:

Following paragraph is an attempt is an attempt to highlight the result of this study:

It appears from the study of financial organization structure and working of Atul Auto Ltd. that

product is local famous brand having brighter future in local market. Atul Auto Ltd. has close

customer links for better marketing practices. The production of Atul Auto Ltd. has low cost as

compare to their competitors.

Moreover Atul Auto Ltd. has entered the export market and has vast possibility to hunt overseas

market in near future.



CHAPTER-14

BIBLIOGRAPHY

REFERENCE BOOK:-

I.M. Pandey, Financial Management, Ninth Edition, Ambrish Gupta Third Edition.

REFERENCE REPORT:-

Annual Report, Atul Auto Limited. National High way 8-B,Near Microwave Tower,

Shaper(veraval) , Rajkot- 360002

REFERENCE WEBSITE:-

www.atulautolimited.com


http://www.atulautolimited.com/


CHAPTER-15

ANNETURE

PROFIT & LOSS ACCOUNT

(In Rs. Cr.)

Particulars March

2005

March

2006

March

2007

March

2008

March

2009

Income

Sales Turnover 114.98 151.02 141.95 92.12 125.64

Excise Duty 15.93 21.02 18.93 10.87 8.11

Net Sales 99.05 130.00 123.02 81.25 117.53

Other Income 0.60 1.17 1.49 0.68 3.32

Stock Adjustments 2.34 0.58 4.88 -0.02 -5.12

Total Income 101.99 131.75 129.39 81.91 115.73

Expenditure

Raw Materials 84.01 107.69 104.21 62.14 95.30

Power & Fuel Cost 0.59 0.64 0.93 0.28 0.36

Employee Cost 2.89 3.93 5.90 6.02 5.89

Other Manufacturing Expenses 3.54 4.18 2.65 1.36 2.19

Selling and Admin Expenses 2.37 2.04 2.38 3.81 4.12

Miscellaneous Expenses 2.85 4.08 4.58 1.30 1.94

Preoperative Exp Capitalized 0.00 0.00 0.00 0.00 0.00

Total Expenses 96.25 122.56 120.65 74.91 109.80



Particulars March

2005

March

2006

March

2007

March

2008

March

2009

Operating Profit 5.14 8.02 7.25 6.32 2.61

PBDIT 5.74 9.19 8.74 7.00 5.93

Interest 0.50 1.34 1.95 2.81 2.81

PBDT 5.24 7.85 6.79 4.19 3.12

Depreciation 0.79 1.40 1.95 2.29 2.46

Other Written Off 0.00 0.00 0.00 0.00 0.07

Profit Before Tax 4.45 6.45 4.84 1.90 0.59

Extra-ordinary items 0.02 0.03 0.09 0.00 0.34

PBT (Post Extra-ord Items) 4.47 6.48 4.93 1.90 0.93

Tax 1.45 2.29 1.80 0.64 0.13

Reported Net Profit 3.02 4.20 3.14 1.27 0.46

Total Value Addition 12.24 14.88 16.43 12.78 14.51

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 0.00 0.54 0.54 0.59 0.29

Corporate Dividend Tax 0.00 0.08 0.09 0.10 0.05

Per share data (annualized)

Shares in issue (lakhs) 53.52 53.52 53.52 53.52 58.52

Earnings Per Share (Rs) 5.63 7.84 5.87 2.37 0.79

Equity Dividend (%) 0.00 10.00 10.00 10.00 5.00

Book Value (Rs) 37.37 44.08 48.78 49.83 52.08



BALANCE SHEET OF ATUL AUTO LIMITED

(In Rs. Cr.)

Particulars March

2005

March

2006

March

2007

March

2008

March

2009

Sources Of Funds

Total Share Capital 5.58 5.58 5.58 5.58 6.08

Equity Share Capital 5.58 5.58 5.58 5.58 6.08

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 14.41 18.00 20.52 21.08 24.39

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Networth 19.99 23.58 26.10 26.66 30.47

Secured Loans 11.28 15.74 27.80 33.83 31.73

Unsecured Loans 0.01 0.00 0.00 0.00 0.00

Total Debt 11.29 15.74 27.80 33.83 31.73

Total Liabilities 31.28 39.32 53.90 60.49 62.20



Application Of Funds

Gross Block (fixed assets) 20.34 30.34 39.11 39.94 42.64

Less: Accum. Depreciation 4.88 6.28 8.19 10.42 12.56

Net Block 15.46 24.06 30.92 29.52 30.08

Capital Work in Progress 0.97 2.22 0.39 10.28 14.70

Investments 2.30 2.30 2.30 2.30 2.30

Inventories 7.23 10.04 20.76 19.36 17.68

Sundry Debtors 6.29 8.74 8.17 3.96 3.52

Cash and Bank Balance 1.03 1.50 0.12 0.13 1.67

Total Current Assets 14.55 20.28 29.05 23.45 22.87

Loans and Advances 5.65 9.44 6.30 7.63 7.84

Fixed Deposits 0.11 0.11 0.12 0.24 0.20

Total CA, Loans & Advances 20.31 29.83 35.47 31.32 30.91

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 7.59 17.52 13.64 11.55 14.63

Provisions 0.17 1.57 1.54 1.38 1.14

Total CL & Provisions 7.76 19.09 15.18 12.93 15.77

Net Current Assets 12.55 10.74 20.29 18.39 15.14

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 31.28 39.32 53.90 60.49 62.22

Contingent Liabilities 10.36 35.22 66.09 82.22 70.06

Book Value (Rs) 37.37 44.08 48.78 49.83 52.08


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