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An Analytical study ofthree year’s published data of
SAINT-GOBAIN SEKURIT LTD.
Submitted To:
Prof. Anagha Dixit
Submitted By: Gandhi Mihir N.
Roll No :- 72
SYBBA-A
N.R. Institute of Business
Administration
Ahmadabad.
Date: 27th January, 2011
N.R. INSTITUTE OF BUSINESS ADMINISTRATION AHMEDABAD
2010-11
1
N.R INSTITUTE OF BUSINESS ADMINISTRATION Gls campus, Mardia plaza lane, off.C.G.Road, Ellisbridge, Ahmedabad-380006 Phone:6430373.
CERTIFICATE
This is to certify that the Financial Report based on the Annual Reports of SAINT-
GOBAIN SEKURIT INDIA LTD. is submitted by Mr. GANDHI MIHIR to N.R. Institute of
Business Administration, affiliated to Gujarat University, in the partial fulfillment of the
requirements for the completion of “Practical Studies” in the area of Financial Management
at the Second Year of the B.B.A. Program for the year 2010-2011.
______________ _______________ _________________ Director Prof. in-charge External Evaluator
Date: 27/01 /2011
2
ACKNOWLEDGEMENT
I take this opportunity to thank our In-Charge Director Prof. Avani Desai, Professor in-charge Prof. Anagha Dixit for their encouragement and the office staff for providing us all the facilities for making the financial report exercise more learning oriented.
Gandhi Mihir
Date: 27th January, 2010
3
PREFACE
Today’s age is an age of management. But the real essence of management lies in the
application of the knowledge. This report is prepared on the basis of a detailed analysis of the
financial aspects of SAINT-GOBAIN SEKURIT INDIA Ltd. The analysis was done with a
view to gain an insight to the financial aspects of the company.
SAINT-GOBAIN SEKURIT INDIA Ltd is the largest glass manufacturer in the
world, is one of the best organizations to get thorough knowledge about Financial
Management as it has a presence in the international market as well. This report contains all
the details relating to the Financial Management aspects carried out by the company as well
as their meanings in general.
It was earlier said, “Knowledge is Power”. But now this saying is replaced by a more
correct saying, “Applied Knowledge is Power”.
The detailed study and analysis of the financial conditions of a company is a
requirement of successful completion of S.Y.B.B.A. studies as mandated by the Gujarat
University. The analysis of the Annual Reports of SAINT-GOBAIN SEKURIT INDIA Ltd.
in this report is just a small but remarkable step in knowing the practical implications of the
principles and theories of Financial Management and Accounting.
4
INDEX
CHAPTER NO
TITLE PAGE NO
1. COMPANY PROFILE1.1 Name of the company 81.2 Address of the company 81.3 Brief introduction of the activities of
the business8
1.4 Status of the company 81.5 Special achievements 81.6 Financial highlights 91.7 Meaning of analysis and objectives
of studies9
2. RESULT OF OPEARTION2.1 Profit for three years 122.2 Importance of cash profit 122.3 Calculating cash profit from p&l a/c 132.4 Conclusion 14
3. RATIO ANALYSIS3.1 Meaning and importance of ratio and
classification16
3.2 Profitability Ratios 193.3 Activity Ratios 313.4 Liquidity Ratios 403.5 Leverage Ratios 433.6 Coverage Ratio 46
4. Accounting Policies and notes 48
5. Director’s Report 52
6. Auditor’s Report 557. Common sized statement 588. Conclusion & findings 619. Bibliography 64
5
6
Company Profile
7
1.1 Name of the company: Saint-Gobain Sekurit Ltd.
1.2 Regd. Address of the company: T – 94, M.I.D.C., Bhosari industrial area Pune - 411026
1.3 Brief introduction of the activities of the business:
Saint- Gobain Sekurit India ltd.(SGSIL) is a subsidiary of Saint-Gobain Securit S.A. France which is a part of the companies saint gobain. The business falls into five broad sector or categories. Construction products, flat, Glasses, packaging, building, distribution and high performance materials. Where in the company is primarily into glass sector. Saint- Gobain Sekurit India ltd.(SGSIL) is a basically into the production of laminated windshields and temporary glazing for the Indian Automatic market or the automatic sector. The company has it presence in several companies such as Tata motors, Hyundai motors, Honda SIEL, General motors etc. Saint- Gobain Sekurit India ltd.(SGSIL) has two plants, one at the Bhosari and the other at Chakan, near Pune. The laminated glasses are manufacture at Bhosari.
1.4 Status in the Market :
SAINT-GOBAIN SEKURIT INDIA LTD.(SGSIL) is one of the biggest and major players in the provision of glasses to cater the needs of the automatic sector. The company has one competitor in the segment which it caters, however SGSIL is statues to be the numero-uno in segment factor such as quality, cost to automatic manufacture. 1.5 Special Achievement:
Acquired a major stake in Grind wall Norton ltd. of 51% in 1996 and made its presence in the Indian market.
SAINT-GOBAIN SEKURIT INDIA LTD.(SGSIL) is present in 22 countries with 45% market share in the European market and about 23% worldwide.
1.6 Financial Highlights :
8
Year Profit Sales EPS
2009-10 50,377,623 834,537,042 0.55
2008-09 3,140,355 916,392,771 0.03
2007-08 Loss 670,091,561 Loss
Financial highlights :-(profit, sales, EPS)
(Rs. In lacs.)Particular Year ended 31-3-
201015 month ended
Sales 9051.59 10341.55Operating profit 646.82 264.02Interest and financial charges (143.04) (221.51)
Profit before tax (PBT) 503.78 42.51Provision for fringe benefit tax - 11.11Profit after tax (PAT) 503.78 31.40Balance brought forward from previous year
(5180.44) (5211,84)
Profit carried to balance sheet. (4676.66) (5180.44)
1.7 Meaning of analysis and objective of study :
9
The preparation of this project report is based on financial analysis of annual report of three year contusive year for financial tools.
The scope of the report is united to the study of the financial position at the company on the basis of the published data analyzable also knowledge about accounting of the company.
Objective of study :- It helps share holder in emulating the efficiency with which their capital is being utilized in business, whether the business has been profitable any whether the business is solvent. It is useful to management in basing their important policy decisions.
10
2.1 Profit of three years ( GP,NP,E.B.I.T,E.B.T,EAT)
Particulars 2007 - 08 2008 - 09 2009 – 10
G.P Loss 390,473,788 380,164,846
11
N.P Loss 3,140,355 50,377,623E.B.I.T Loss 26,402,612 64,681,256E.B.T Loss 50,377,623 4,251,330E.A.T Loss 3,140,355 50,377,623
2.2 Meaning and importance of cash flow statement
A Cash Flow Statement provides information that enables users to evaluate the changes in the assets of an enterprise, its financial structure and its ability to affect the amounts and timing of cash flows in order to adopt to changing circumstances. The Cash Flow Statement should report cash flows during the period classified by operating, investing and financial activities. Cash Flow Statement is concerned only with the change in cash and Fund Flow Statement is concerned with Changes in working capital.
5. Ease in obtaining fund
2.3 Cash flow statement
PARTICULARS AMOUNT FINAL AMOUNT
A. Cash Flow From Operating ActivitiesNet Profit Before Tax 50,377,623
12
Cash is the most liquid asset of a business. All Business transactions ultimately result in to cash inflow or cash outflow. It can be said, therefore that cash is both the beginning and the end of the business operations. The business should have sufficient cash on hand; so that the liability is can be paid as a when they fall due.
Definition : A statement showing inflows of cash and out flow of cash during the last year and as a result the balance of cash at the end of the year is known as cash flow statement.
Importance : Cash flow statement is useful to management in short term planning of liquidity. It is prepared by comparing figures of last two years.
1. Efficient cash management.2. Useful for internal financial management.3. Information about cash receipt and payments.4. Useful for control.
Depreciation 66,004,282
Loss/Gain on Assets Sold/ Written off 15,743
Interest and Finance Charges 13,713,407
Sundry Credit Balance Written Back (4,239,836)
Dividend Income (459,073)
75,034,523
Operating Profit Before Working Capital Changes
125,412,146
(Adjustments for)Loans and Advances 32,631,838
Receivables 17,454,594
Inventories 19,837,969
Current Liabilities and Provisions (6,394,269)
63,530,132
Cash generated from operations 188,942,278(Adjustments for)
Taxes Paid (293,218)
(293,218)
Net Cash from Operating Activities 188,649,060
B. Cash Flow from Investing ActivitiesSale of Fixed Assets 336,952
Purchase of Investments (42,859,073)
Dividend Received 459,073
Purchase of Fixed Assets (11,822,201)
Net cash used in investing activities (53,885,249)
C. Cash Flow from Financing ActivitiesInterest and Finance Charges (13,713,407)
Repayment and term loans (33,333,332)
Vehicle Loan repaid -
Short Term Loans (Net) (90,132,431)
13
Net Cash used in Financing Activities (137,179,170)NET CHANGES IN CASH AND IT’S EQUIVALENTS
(2,415,359)
OPENING BALANCE OF CASH AND IT’S EQUIVALENTS
7,144,236
CLOSING BALANCE OF CASH AND IT’S EQUIVALENTS
4,728,877
NET CHANGES IN CASH AND IT’S EQUIVALENTS
(2,415,359)
2.4 Conclusion:
The cash flow statement has been prepped under the indirect method as set out in accounting statements. Cash flow statement as satisfied in the companies (accounting standards) rules 2006.
In cash flow statement, we can see that cash flow operating activities was Rs. 188,649,060 cash flow from investing activities was Rs. -53,885,249 and cash flow from financing activities was Rs. -137,179,170.
The separate discloser of cash flows from financing activities was important because it is useful in predicting claims on future cash flows to the enterprise.
14
3.1 Meaning and important of ratio analysis
Meaning:
Ratio is a term, which established the relationship between two figures. Thus ratio is
one number expressed in terms of another.
15
Ratio Analysis is a process of comparison of one figure against another and the
interpretation of the ratios to know the strengths and weaknesses of the firm’s operations and
of its financial position.
A ratio is expressed in three different ways:
1. Simple Figure or Pure Ratio
2. Percentage
3. Proportion Numbers or fraction
Importance:
1. Ratio analysis helps various interested parties like prospective
investors, creditors, banks, employees etc. to draw useful conclusions to serve their
purpose.
2. Ratio Analysis & interpretation of the ratios to know the
strengths and weaknesses of the firm’s operation & financial position.
3. Ratio Analyses also helps to banks to judge the capacity of
borrowing firm to repay the loan and make regular interest payments.
4. Ratio analyses useful for measuring the financial strength and
earning capacity of business.
Classification of ratio:
Accounting Ratios can be classified in two ways.
1. Traditional Classification
2. Functional Classification
1. Traditional Classification : In this classification the ratios are grouped into the three categories on basis of
financial statement.
(a.) Operating Ratios:
In this type of ratios more accounting items are taken from the P&L A/c and Trading A/c.
This ratio includes G.P.Ratio, N.P.Ratio, Operating Ratio, and Stock Turnover Ratio.
16
(b.) Balance Sheet Ratios :
When two items appearing in Balance Sheet are compared, the ratio so obtained is Balance
Sheet Ratios. This Ratio includes Current Ratio, Liquid Ratio, and Debt Equity Ratio.
(c.) Composite Ratios:
A Ratio showing the relationship between one item taken from P&L A/c and another item
taken from balance sheet is called Composite Ratio. It includes Debtors ratio, Creditors
Ratio, Return on capital employed.
2. Functional Classification : In this classification is made with certain tests and keeping in mind the function of the
ratio. On the basis of function the following classification can be made.
(A.) Profitability Ratios :
In the business a number of ratios showing profitability are known as profitability ratios. It includes following ratios:
1. Gross Profit Ratio
2. Net Profit Ratio
3. Operating Ratio
4. Return on Total Assets
5. Return on Capital Employed
6. Return on Share Holders’ Equity
7. Return on Equity Share Capital
8. Earnings Per Share
9. Dividend Per Share
10. Dividend Pay-out Ratio
(B.) Liquidity Ratio :
This ratios showing ability of a firm to pay its current liabilities and when they
mature are known as liquidity ratios. This ratio is also useful to know working capital of the
business. It includes following ratios:
1. Current Ratio
17
2. Liquid Ratio
3. Acid Test Ratio
(C.) Activity Ratio:
This Ratio is useful to know business activity is going properly or not. It includes
following ratios:
1. Stock Turnover Ratio
2. Debtors Ratio
3. Creditors Ratio
4. Working Capital Turnover Ratio
5. Fixed Asset Turnover Ratio
(D.) Solvency Ratio:
This Ratio is gives us idea about the financial position of the business. It includes
following ratios:
1. Net Equity Ratio
2. Proprietary Ratio
3. Interest coverage ratio
4. Gearing Ratio
5. Total Asset to Debt Ratio
3.2 Profitability ratio
In relation to sales In relation to investments | |1. G P Ratio 1.Return on capital employed2. N P Ratio 2.Return on share holder fund
18
3. Expence Ratio 3.Return on Eq.share holder fund4.Oparating Ratio 4.Earning per share 5.Dividend per share 6.Price earning ratio 7.Dividend teild ratio
It is the basic measurement of profitability of the business. It shows relationship between gross profits earned to net sales. This ratio is useful in knowing whether selling price has been properly fixed or not. It is woeful indication of profitability of business.
Gross Profit Ratio= Gross Profit X 100 Sales
19
3.2.1 Gross Profit Ratio :
Table: (Rs. In crore)
Particular 2007 – 08 2008 – 09 2009 – 10
G.P. 390473788 380164846
Sales 916392771 834537042
G.P.ratio( in %) Loss 42.61% 45.61%
2007 2008 - 09 2009 - 1041
41.5
42
42.5
43
43.5
44
44.5
45
45.5
46
G.P Ratio
G.P Ratio
Interpretation Interpretation : : The Gross Profit ratio of 2008-09 is the 42.61%. In 2009-10 it was 45.55% while in 2007-08 company making loss. In a compare to 2008-09 & 2009-10 the ratio was increasing. So this condition saw the position of the company and it mention increase in sales but decrease in cost of production.
3.2.2 Net Profit Ratio
Meaning : This ratio measures the relationship between the net profit and sales of the firm. It gives us an idea of the profitability of the company.
Net Profit Ratio =Net profit (PAT) X 100
20
Sales
Table : (Rs. In crore)
Particulars 2007 2008-09 2009-10Net Profit 3140355 50377623
Sales 916392771 834537042N.P. Ratio( in % ) Loss 0.34% 6.04%
2007 2008-09 2009-100
1
2
3
4
5
6
7
N.P Ratio
N.P Ratio
Interpretation :Interpretation : This ratio is profitable from the firm because it is more than the This ratio is profitable from the firm because it is more than the previous year net profit ratio of the year is 6.04% against 0.34% of the previous year and it previous year net profit ratio of the year is 6.04% against 0.34% of the previous year and it shows better position of the company. shows better position of the company.
3.2.3 Expense Ratio
Meaning: This ratio is used to know the proportion of each type of expense to sales and
to ascertain the relationship between operating expenses and Net sales.
Formula:
Expense Ratio=Expense X 100
21
Sales
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
Expense 676503211 977071445 796827178
Sales 670091561 916392771 834537042
Ex. ratio ( in % ) 100.96% 106.62% 95.48%
2007 2008-09 2009-1088
90
92
94
96
98
100
102
104
106
108Ex. Ratio
Ex. Ratio
Interpretation: The ratio are 100.96%, 106.62% and 95.48% respectively. The expense ratio over a period of three year shows increasing-decreasing . In year 2008-09 it is highest but gradually decrease which is a good for company and it increase profitability of the company.
3.2.4 Operating Ratio
Meaning: This Ratio used to ascertain the efficiency of the management. It is ratio that
shows relationship between cost of goods sold and operating expense to sales i.e. the extent
of operating expenses.
Formula:
22
Operating Ratio =COGS + Operating exp. X 100 Net Sales
Table: (Rs. In crore)
Particulars 2007 2008-09 2009-10
Cogs + op. ex. 525469668 763924880 640224400
Sales 834537042 916392771 834537042
Op. ratio (in %) 76.72% 83.36% 76.72%
2007 2008-09 2009-1072
74
76
78
80
82
84Ope. Ratio
Ope. Ratio
Interpretation: This ratio which is increase in only one year so little change no major difference but in 2009-10 the ratio ratio is more less to compare the last year. The company is thus unable to control the cost of goods sold and operating expenses. The ratio was decrease is good for the company. This ratio was lower is good for the company
3.2.5 Return on investment/Capital employed :
Meaning: This ratio is helpful to know the profitability of the business. This ratio is also an integral part of the budgetary control system.
23
Formula:
Return on capital employed = EBIT X 100 Capital employed
Table: (Rs. In crore)
Particulars 2007 2008-09 2009-10
EBIT 26402612 64681258
Capital emp. 911057000 911057000
Re. on capital emp. Ratio(in%)
Loss 2.90% 7.10%
2007 2008-09 2009-100
1
2
3
4
5
6
7
8Re. on cap. Emp
Re. on cap. Emp
Interpretation: The sources of enterprise is judge the help of this ratio from the view point of management. The position seems to satisfaction at this ratio 2007 to 2010 there was given ratio is 2.90% to 7.10%. So its become a stronger from the management. This ratio higher its better because the higher ratio shown a more profit.
3.2.6 Return on share holder’s fund
Meaning: This ratio is useful to know profitability from the viewpoint of Share Holders
24
Formula:
Re. on share holders fund= Net profit X 100 Share holders fund
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
Net profit 3140355 50377623
Share ho.Fund 1024315720 1024315720
Re. on sh. Ho. Ratio ( in % )
Loss 0.31% 4.92%
2007-08 2008-09 2009-100
1
2
3
4
5
6Re. on Sh. Ho fund
Re. on Sh. Ho fund
Interpretation: At above the ratio it would conclude thought at the year wise ratio would increase at 0.31% to 4.92% this ratio shows what amount of dividend is likely to received on sales so it conclude that company is give more return to it share holders. AS compare to per tear.
3.2.7 Return on equity share capital
Meaning: This Ratio is useful to know the profitability from viewpoint of Equity Share
Holders.
25
Formula:
Re. on eq. sh. capital =PAT-Pref. dividend 100 Equity capital
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
PAT-Pref. div. 3140355 50377623
Eq.capital 911057000 911057000
Re. on eq. sh. Ratio ( in % )
Loss 0.34% 5.53%
2007 2008-09 2009-100
1
2
3
4
5
6 Re. on eq. Sh. Cap.
Re. on eq. Sh. Cap.
Interpretation: This ratio was higher is better but don’t included to preference share dividend thus ratio increase at 0.34% to 5.53%, there condition was good for compant or there is not included preference dividend.
3.2.8 Return on equity share holder’s fund :
Meaning: This ratio is useful to know the profitability from viewpoint of Equity Share Holders Fund
Formula:
Re. on Eq. Sh. Ho fund =PAT – Pref. dividend X 100
eq. capital
26
Table: (Rs.in crore)
Particulars 2007-08 2008-09 2009-10
PAT- Pref. div. 3140355 50377623
Eq. capital 1024315720 1024315720
Re. on eq. sh. Ratio ( in % )
Loss 0.31% 4.92%
2007 2008-09 2009-100
1
2
3
4
5
6 Re. on eq. Sh. fund
Re. on eq. Sh. fund
Interpretation: At above the ratio it would conclude that at the year wise ratio would increase at o.31% to 4.92% this ratio shows what amount of dividend is likely to received on shares so it conclude that company is give more returns to it share holders as compere to per year.
3.2.9 Earning per share (EPS)
Meaning: This Ratio Measure the profit available on Equity shareholders on per share basis. It shows the profitability of the firm from the viewpoint of ownership
The objective of computing this ratio is to measure the profitability of the firm on per share basis.
Formula:
EPS = PAT-pref. dividend
27
No. of Equity Shares
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
PAT 3140355 50377623
No. of eq. share 91105700 91105700
EPS ratio ( Rs ) Loss 0.03% 0.55%
2007 2008-09 2009-100
0.1
0.2
0.3
0.4
0.5
0.6 E.P.S
E.P.S
Interpretation: The earning per share ratio has increased during the year as compare to the last year which is satisfaction to the company. It’s is the year of 2008-09 is 0.03 and after 2009-10 it was increase at 0.55.
3.2.10 Dividend per share
Meaning: Dividend per share is the amount of actual dividend paid to Equity shhare holders dividend by the number of equity share is outstanding.
Formula:
Dividend per share = Total dividend declared No. of share
28
The company does not provided dividend to the share holder.
3.2.11 Price earnings ratio
Meaning: This ratio shows the relationship between the market price of the share and the earning per share. It signifies the prices that is currently ruling in the market for each rupees of earning being made by company per share.
Formula:
Price earnings ratio = Market value per share Earning per share
Table: (Rs.in crore)
Interpretation: It is the most important ratio reflecting the degree to which earning are capitalize by the stock market sentiments higher the ratio. The better it is it shows the extents to which the market value of the equity share has increased the further it help the management. In planning the limit of price earning ratio. Its shows constantly decrease in 2008-09 to 2009-10 at the 318.67 to 4o.05.
29
2007 2008-09 2009-100
50
100
150
200
250
300
350 Price. Earning Ratio.
pri. Earning Ra.
Particulars 2007 2008-09 2009-10
MV per share 9.56 22.03
EPS 0.03 0.55
Ratio(times) Loss 318.67 40.05
3.2.12 Dividend yield ratio
Meaning: Dividend yield is calculated on the basis of market value per share. Dividend yield is the percentage of dividend actually received to the market value per equity share.
Formula:
Dividend yield ratio = Dividend per shareX 100 Market value per share
The company does not provided dividend to the share holder. It’s not applicable.
3.3 Activity / turnover ratio:
3.3.1 Overall turnover ratio:
Meaning: The objective of computing this ratio is to determine the efficiency with which the capital employed is used.
30
Formula:
Overall turnover ratio = Net sales Capital employed
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
Net Sales 670091561 916392771 834537042
Capital emp. 911057000 911057000 911057000
Ratio ( times ) 0.74 1.01 0.92
2007 2008-09 2009-100
0.2
0.4
0.6
0.8
1
1.2 overall turn over Ratio.
overall turn ov.
Interpretation: The higher turnover is better the business. This ratio comparing the same result to increase and decreasing the different year. So the satisfaction of company is average. In 2007-08 ratio is 0.74 at will be increase in 2008-09 is 10.01 and after decrease in 2009-10 is show as 0.92.
3.3.2 Fixed asset turnover ratio
31
Meaning: This ratio is useful to ascertain the efficiency and profitability of business; the
total fixed assets are compared to sales. The more sales in relation to the amount invested in
fixed assets, the more efficient is the use of fixed assets.
Formula:
Fixed Asset Turnover Ratio = Sales Fixed Asset
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
Sales 670091561 916392771 834537042
Fixed assets 523877649 541147412 479877736
Ratio ( times ) 1.28 1.69 1.74
`
2007 2008-09 2009-100
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2 fix. ass. turn over Ratio.
fix. Ass. turn ov.
Interpretation: Higher the turnover and increasing turnover is better the business this ratio instantly Increasing for satisfaction for the company. In 2007-08 is 1.28 to increase in 2008-09 is 1.69 and 2009-10 is also increase to 1.74 there is good ratio but sales also increase in both the three year which is not affected the ratio to a great extent.
3.3.3 Debtors ratio
32
Meaning: This ratio shows the number of days taken to collect the dues of credit sales. It shows the efficiency of collection policy of an organization. It shows the number of days taken to collect the dues.
This ratio establishes a relationship between debtors and bills receivables with average daily credit sales. The objective of computing this ratio is to find out the efficiency with the trade debtors is managed.
Formula:
Debtors Ratio =Debtors + Bills Receivable X 365 Credit sales
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
Cre. + B/P 148558430 143325857 125871263
Cre.purchase 1835867.29 2014050.05 2286402.86
Ratio( days ) 81 days 71 days 55 days
2007 2008-09 2009-100
10
20
30
40
50
60
70
80
90 Debtors Ratio.
debtors ratio
Interpretation: The debtors ratio or collection period is loss for to the last year so, company has to give less time to their debtors for payment otherwise there operating activity affected.
.
3.3.4 Debtors turnover ratio
33
Meaning: This ratio indicates the numbers of times the amount of credit sales is collected during the year. Higher the ratio, better it is for the company. The objective of computing this ratio is determining the efficiency with which the trade debtors are managed.
Formula: Debtors turnover ratio = Credit sales
Avg. Debtors
Table: (Rs.in crore)
Particulars 2007 2008-09 2009-10
No of days 365 455 365
Debtors ratio 81 71 55
Ratio (times) 5 times 6 times 7 times
2007 2008-09 2009-100
1
2
3
4
5
6
7
8 Debtors turn over ratio
deb. Turn ov. Ratio
Interpretation: It indicated during the year how many times company has made collection of money. During the stepwise three year the company debtors turnover ratio was increase constantly. So it is shows that time of collection is increase.
3.3.5 Creditors ratio
34
Meaning: The number of days within which we make payment of our creditors for credit purchase is obtained from this ratio. This ratio shows the number of days within which we make payment to our creditors for credit purchases is obtained from creditors’ velocity.
Formula:
Creditors Ratio = Creditors + Bills Payable X 365Credit Purchases
Table:
Particulars 2007 2009 2010
Cre.+B/P 162548164 160260697 138372167
Cre.pur. 1088703.05 1047091.76 112634.36
Ratio( days ) 149 days 154 days 123 days
2007 2008-09 2009-100
20
40
60
80
100
120
140
160
180 Creditors ratio
cre. Ratio
Interpretation : The higher the ratio means company given advantage of long credit period the ratio was high to 2008-09 and after decreasing in 2009-10 then company has enough time for payment but less time in 2008-09 but its enough time.
3.3.6 Creditors turnover ratio
35
Meaning: This Ratio indicates the number of times the amount of credit purchase is paid during the year.
Formula:
Creditors Turnover Ratio =Credit Purchase Creditors + B/P
Table:
Particulars 2007 2008-09 2009-10
Days in year 365 455 365
Cre.ratio 149 154 123
Ratio (times) 2.45 times 2.95 times 2.97 times
2007 2008-09 2009-100
0.5
1
1.5
2
2.5
3
3.5 Cre. turn over Ratio
crer. Turn ov. Ratio
Interpretation : It indicate how many times the company make payment to the other. In a 2007-08 it is 2.45 times so it means company allow less credit period. It is not good but in the year 2009-10 it become 2.97 times which means company made 3 times nearly in a year.
3.3.7 Stock turnover ratio
36
Meaning: This ratio shows the efficiency of sales. It shows the numbers times the average
stock is turned over during the year.
Formula:
Stock turnover Ratio = cost of sales Average stock
Table:
Particulars 2007 2008-09 2009-10
COGS 391877148 525918983 454372196
Avg.stock 37316889 39272651 30852324
Ratio (times) 11 times 13 times 15 times
2007 2008-09 2009-100
2
4
6
8
10
12
14
16 Sto. turn over Ratio
stock turn over ratio
Interpretation: In the both year 2007-08, 2008-09 and 2009-10 the ratio was increasing. It is a good for the company because it suggest quick sale affords should be made to increase ratio by making turnover.
.
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3.3.8 Working Capital Turnover Ratio
Meaning: This ratio shows how much time turnover is made. This ratio is related to sales
and net working capital.
Formula:
Wor. Cap. Turnover Ratio =Net sales 100Net W.C
Table
Particulars 2007-2008 2008-09 2009-10
Net Sales 670091561 916392771 834537042
Net wor.Cap. 90605777 91116832 71610350
Ratio 7.40 10.05 11.65
2007 2008-09 2009-100
2
4
6
8
10
12
14 Wor. cap. turn over ratio
wor. Cp. Tu. ov. ratio
Interpretation: In the company there are working capital is constantly higher position to the year ended at 2009-10. The working capital is higher than good for the company and its shows company working condition.
3.3.9.Book value per share
Meaning: This relation which of the shares value book in that is show as this ratio related
to proprietor’s funds add no of shares.
This ratio establishes a relationship between share capitals and reserve & surplus with number of share.
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Formula:
Book value per share =Proprietors fund No. of shares
Table:
Particulars 2007 2008-09 2009-10
Proprietors fund 1024315720 1024315720 1024315720
No. of equity share 91105700 91105700 91105700
Ratio 11.24 11.24 11.24
2007 2008-09 2009-100
2
4
6
8
10
12 Book value per share ratio
book val. Per share
Interpretation: In this ratio the book value par share was constantly same to the both year in 2007-08 and 2009-10 it’s constant same at the 11.24. So, this ratio was a good position for the company marketing.
3.4Liquidity Ratios
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3.4.1 Current ratio
Meaning: This ratio shows the proportion of current assets to current liability. It is helpful
in knowing the working capital position of the company.
Formula:
Current Ratio = Current Assets Current Liabilities
Table:
Particulars 2007 2008-09 2009-10
Current assets 291858786 315928177 243611370
Currentlia. 178270117 175429776 157790505
Ratio 1.64:1 1.80:1 1.54:1
2007 2008-09 2009-101.4
1.45
1.5
1.55
1.6
1.65
1.7
1.75
1.8
1.85 Current Ratio
current ratio
Interpretation: The ratio indicates that the firm has current assts of 1.64 against its current liabilities of 1.80 in year 2008-09 that decrease at 1.54, that is ideal ratio on sufficient is 2:1 the company to pay its liabilities.
3.4.2 Liquid ratio:40
Meaning: A variant of current ratio is the liquid ratio, which is designed to shows the amount of cash available to meet payments immediately. It’s obtained by dividing the liquid assets by liquid liabilities.
Formula:
Liquid Ratio =Liquid Asset Liquid Liabilities
Table:
Particulars 2007 2008-09 2009-10
Liquid assets 255441897 274429499 223135135
Liquid liabilities 178270117 175159511 157790505
Ratio 1.48:1 5.57:1 1.41:1
2007 2008-09 2009-101.3
1.35
1.4
1.45
1.5
1.55
1.6 Liquid ratio
liquid ratio
Interpretation: If the liquid assts are equal to or more then liquid liabilities, the condition may be considered as satisfaction. This ratio of the company satisfied the ideal ratio is 1:1. In above three years ratio is higher then the ideal one so the liquidity position of the company is good.
3.4.3 Quick / Acid test Ratio
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Meaning:Meaning: This ratio is used to know whether the firm will be able to pay current liabilities
immediately or not.
Formula:
Acid test Ratio = Quick Assets Liquid Liabilities
Table:YEARS 2007 2008-09 2009-10
Quick Assets 184540959 207549550 155340977
Liquid liabilities 178270117 175429776 157790505
Ratio 1.04 1.18 0.98
2007 2008-09 2009-100
0.2
0.4
0.6
0.8
1
1.2
1.4 Quick ratio
asid test ratio
InterpretationInterpretation: : In the year 2007-08 and 2008-09 the ratio is better but in a 2009-10 theIn the year 2007-08 and 2008-09 the ratio is better but in a 2009-10 the
ratio was decreasing this condition shows that company cash and bank balance was decreaseratio was decreasing this condition shows that company cash and bank balance was decrease
in 2009-10 and the liabilities position is better than last two years. The ratio of company isin 2009-10 and the liabilities position is better than last two years. The ratio of company is
satisfied and the ideal ratio is 0.5:1 here we can say that the ratio is increase in 2008-09 andsatisfied and the ideal ratio is 0.5:1 here we can say that the ratio is increase in 2008-09 and
decrease in 2009-10. This shows the satisfactory condition of the company. decrease in 2009-10. This shows the satisfactory condition of the company.
3.5 Leverage Ratios
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3.5.1 Proprietary Ratio
MeaningMeaning:: The ratio is useful to know the proportion of proprietor’s fund to total assets employed in the business
Formula:
Proprietary Ratio = Proprietary FundsX 100 Net Assets
Table:
2007 2008-09 2009-1076
78
80
82
84
86
88
90
92 Proprietors ratio
Proprietors ratio
InterpretationInterpretation: : The higher the ratio, the stronger the financial position of business ratio ofThe higher the ratio, the stronger the financial position of business ratio of
the 2008 and 2009 as 81.58% to 90.48% as gown the same position and after it’s gown at the the 2008 and 2009 as 81.58% to 90.48% as gown the same position and after it’s gown at the
same position and after it’s gown at 90.48% so it is good. same position and after it’s gown at 90.48% so it is good.
3.5.2 Debt Equity Ratio
Meaning: This ratio expresses the proportion of long term liabilities in relation to
owners’ fund. This establishes a relationship between long term debts and share holders fund.
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YEARS 2007 2008-09 2009-10
Proprietary Funds 1024315720 1024315720 1024315720
Net Assets 1255522000 1255522000 1132056000
Ratio (%) 81.58 81.58 90.48
Formula:
Debt-Equity Ratio=Long term liabilities X 100 Share holders fund
Not applicable
3.5.3 Long Term Funds to Fixed Assets
Meaning: This ratio helps us in knowing whether all the fixed assets have been purchased
from the long term funds. This ratio should not be less than 100.
This ratio establishes the relationship between long term funds to fixed assets.
Formula:
Long term fund to fixed assets = Long term fund Fixed assets
Table:
Particulars 2007-08 2008-09 2009-10
Long term fund 911057000 911057000 911057000
Fixed assets 523877649 541147412 479877736
Ratio (in %) 173.91 168.35 189.85
2007-08 2008-09 2009-10155
160
165
170
175
180
185
190
195
173.91
168.350000000001
189.850000000001
long Turm Fu. To fix Ass. Ratio
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Interpretation: Long term fund to fixed assts in 2007-08 was good, in a 2008-09 was decrease to increase to this year 2009-10 was 189.85% and that is good position of the company.
3.6CoverageRatio
3.6.1 Interest Coverage Ratio
Meaning: It shows the interest coverage ratio. It’s defined through these formula, earnings before interest and tax divided by interest.
Formula:
Interest Converge = EBIT
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Interest
Particulars 2007-08 2008-09 2009-10EBIT - 108879326 877135095Interest - 22151282 14303635Ratio(in %) loss 4.92 61.32
Interpretation : For more number of time is a better for the business. In 2007-08 is loss but last two year ratio was suddenly increase and it’s good position of the company. The r atio is 4.92 to 61.32 it is good and higher ratio.
3.6.2 Debtors service coverage Ratio
Formula : EBDIT [Interest+principal+1-tax rate]
Not applicable
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4.Accounting policies and notes
1. Fixed Assets:
Cost include of duties, taxes, commissioning expenses and incidental expenses of bringing the asset to its working condition for intended use and is net of convert benefit, where applicable.
Computer software is recognized as an assets when control over the future economic benefits is achieved through legal right granted.
2. Depreciation on Fixed Assets:
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Depreciation is provided using the straight line method in the manner specified.
Fixed assets costing less than Rs.5000 are fully depreciated in the year of perches.
3. Inventory Valuation:
Inventories are valued at the lower of cost, computed on weighted average basis and net realizable value.
Finished and work in progress include cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
4. Investments:
Long term investments stated at cost. A provision for diminution is made to recognize a decline, other than temporary, in the value of long term investment.
Current investments are stated at lower of cost and fair value.
5. Foreign currency transaction:
Foreign currency transactions are recorded at the exchange rates prevailing at the date of the transaction. Gains and losses resulting from the settlement of such transaction and for the transaction of monetary assets and liabilities denominated in foreign currencies are recognized in the p&l account.
The premium or discount arising at the inception of the forward exchange contract is amortized as expanse or income over the life of the contract.
6. Research and development:
Revenue expenditure on research and development is charged under the respective heads of account. Capital expenditure on research and development is included as part of fixed assets and depreciated appropriately.
7. Employee benefit:
Post employment benefits
A) Defined contribution plans:
The company contributes on a defined contribution on a defined contribution basis to the employee’s provided fund and superannuation fund towards post employment benefits, all of which are administered by the respective government authorities, and has no further obligation beyond making its contribution. The contribution is expensed in the year to which its pertains.
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B) Defined Benefit plans:
Funded plan: The company has a defined benefits plan namely gratuity for all its employees. the liability for the defined benefit plan of gratuity is determined on the basis of an actuarial valuation by an independent actuary at the year end, which is calculated using projected unit credit method, which is administered through life insurance corporation.
Other long term employee benefits
The employee of the company is entitled to leave as per the leave policy of the company. The liability in respected of unutilized leave balances is provide red based on independents actuary as at the yearend charged to the profit and loss account.
8. Leases:
Leases incomes from operating leases are recognized as rent income on a straight line basis over the lease term.
9. Taxation:
Current taxation
Provision for current taxation is based on the taxable profit of the current accounting year. Adjustments for taxation relating to previous years, if any, are based on the return filed for the fiscal year ended march 31 and cognizance is taken of appeal orders received by the company.
Deferred taxation :
Deferred tax resulting from timing differences between book and tax profit is accented for under the liability method at the current rate of tax to the extent that the timing differences are expected to crystallize of reversal as a deferred tax credit in the profit and losses account and as deferred tax liability/asset in the balance sheet.
10. Provisions & contingencies:
The company recognizes a provision when there is a present obligation as a results of a past event that probably requires an outflow resources and a reliable estimate can be made of the amount of obligation. A disclosure for a contingencies liability is made when there is a possible obligation that may, but probably will not require an outflow of resources.
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11. Accounting estimates:
The preparation of financial statement requires estimates and assumptions to be made that affect the reported amounts of assets and liability on the date of financial statement and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and the estimates are recognized in the period in which the results are knows materialized.
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5. Director’s Report
Directors’ report includes the following Operations:
During the year under review, the company’s sales increased by 9.4% on an annualized basis. The year started with the Indian Automotive Market still under the impact of the global slowdown. But towards the later part of the year the market recovered significantly. All relevant segments, passenger vehicles, commercial vehicles and 3-wheelers, were positive.
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For the past few years, the efforts taken by the company in restructuring its operations, investments made towards modernization of plants at Chakan and Bhosari, sustained focus on operational efficiencies have yielded results and the company’s operating profit increased from Rs. 264 lacs in the previous 15-month period to Rs. 647 lacs in the current 12-month period. The company, in our view, is well positioned to serve the present and future demands of its target market.
The passenger vehicle market grew in the year 2009-10 at 28% over 2008-09. The commercial vehicles market also grew in the year 2009-10 at 36% over 2008-09 and the 3-wheeler market grew by 24.6% in the year 2009-10 over 2008-09.
The company made a loss of Rs. 4676.66 lacs in the 12-month period as against Rs. 5180.44 lacs in the previous 15-month period.
The total expenditure on Research and Development incurred by the company as on the current year was Rs. 1,301, 420 as compared to Rs. 5,893,035 for the 15-month period.
Environment, health & safety :
The company is committed to ensure a clean and green pollution-free environment as well as healthy and safe work place at all its plant locations. Environment, Health and Safety is accorded the highest priority within Saint-Gobain. The company’s plants at Bhosari and Chakan are certified under ISO 14001 and OHSAS 18001.
Employees relation :
The company continues to place on its human resources and enjoys cordial and peaceful relation at all levels. During the year initiatives for employee involvement and efficiency improvement were under taken. A memorandum of settlement singed between the management and workers union at chakan plant.
Fixed Deposits:
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The company has not accepted any Fixed Deposits from the public under Section 58A of the Companies Act, 1956.
Insurance:
The company’s assets and insurable interests continue to be adequately insured against the risk of fire, riot and earthquake among other perils.
Listening :
The Equity Shares of the Company are currently listed on the Bombay Stock Exchange Limited (BSE).
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6. Auditor’s Report:
Auditors name : Mehul Desai
They have audited the attached Balance Sheet of Saint-Gobain Sekurit India Limited as at March 31st, 2010 and the related Profit and Loss Account and Cash Flow Statement for the year ended on the date annexed thereto, which they have signed under reference to this report. These financial statements are the responsibility of the Company’s Management. The auditor’s responsibility is to express an opinion on the financial statements based on the audit.
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The audit is conducted in accordance with the auditing standards generally accepted in India. Those standards require that they plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. They believe that their audit provides a reasonable basis of their opinion.
As required by the Companies (Auditor’s Report) Order, 2003, as amended by the Companies (Auditor’s Report) (Amendment) Order, 2004 (together the “Order”), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of ‘The Companies Act, 1956 of India (the ‘Act’) and on the basis of such checks of the books and records of the company as they considered appropriate and according to the information and explanations given by them, the auditors give in the Annexure a statement on the matters specified in the following points of the Order.
Further to the comments in the Annexure referred to in, the auditor’s report that:
Auditors have obtained all the information and explanations which, to the best of their knowledge and belief, are necessary for the purpose of their audit.
In their opinion, proper books of account as required by law have been kept by the company so far as appears from their examination of these books.
The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.
In their opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the act.
On the basis of written representations received from the Company’s Directors, as on March 31, 2010 and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act.
In their opinion and to the best of their information and according to the explanation given by the Directors, the said financial statements together with the notes thereon and attached thereto give, in the prescribed manner, the information required by the Act, and give a true and fair view in conformity with to accounting principles generally accepted in India.
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In the case of the Balance Sheet, of the state of affairs of the company as at March 31, 2010
In the case of the Profit and Loss Account, of the profit for the year ended on that date And.
In the case of the Cash Flow Statement, of the cash flows for the year ended on that date;
Thus it is a non-qualified report.
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Common sized statement of P&L a/cFor the year ended on 31-12-07,31-3-09.31-3-10
Particulars 2007-08 (%) 2008-09 (%) 2009-10 (%)INCOME
Gross Sales 769192683 114.79 1034155425 112.85 905158674 108.46
Excise Duty 99101122 14.79 117762654 12.85 70621632 8.46NET SALES 670091561 100 916392771 100 834537042 100Job work income - - 56370195 6.15 6598095 0.79Other inome 13334946 1.99 8559809 0.93 6069664 0.72
683426507 101.00 981322775 107.08 847204801 101.51
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EXPENDITURECOGS 391877148 58.48 525918983 57.40 454372196 54.45Manufacture &
other ex.155163944 23.16 275840983 0.30 196235106 23.51
Emp. Emolument
50854562 7.59 70683483 7.71 65911959 7.90
Int. on loan 9559189 1.43 6938870 0.76 7787000 0.93 Other int. &fin.
Char.7081934 1.57 15212412 1.66 6516635 0.78
Depreciation 59856966 8.93 82476714 9 66004282 7.91684393743 101.16 977071445 76.83 796827178 95.48
PROFIT BEFORE TAX
(-967236) 4251330 30.25 50377627 6.04
PROVISION FOR TAXATION Current tax - - - - - Differed tax - - - - - Fringe benefit
tax910710 1110775 0.12 - -
PAT -1877946 3140555 30.13 50377623 6.04
Interpretation : In this common sized statement here COGS decrease, and this year by increase in Gross profit in last year continually. Operating expenses are also increase and this year are also decrease. There is good situation to the firm. In the year 2008-09 Net sales was increasing and after 2009-10 it was small decreasing. Profit after tax was constantly increasing because in a 2007-08 PAT is -1877946 and after it higher in 2008-09 was 3140555 and after 2009-10 it was increasing at 50377623, so it is very good position of the company.
COMMONSIZED STATEMENT OF BLANCE SHEET FOR THE YEAR ENDED ON 31-03-06, 31-03-07, 31-03-08
PARTICULARS 2010 (%) 2009 (%) 2007 (%)
Equity Share Capital 9110557000 80.48 911055700 72.56% 911055700 75.00.%Reserves & Surplus 113258720 10.00% 113258720 9.02% 113258720 9.33%SHARE HOLDER'S FUNDS 10234315720 90.48% 1024315720 81.58% 1024317520 84.34%secured Loans 107740808 9.52% 231206570 18.41% 190124309 15.66%LOAN FUND 1132056528 100% 1255522290 100.00% 1214440029 100.00%
Gross block 1024129420 90.47% 1018641704 81.13% 922142962 75.93%
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Less:Dep&Amorti 547045195 48.32% 481299582 38.33% 450468575 37.09%Net Block 477084225 42.14% 537342122 42.80% 471674387 38.84%Capital work in progess 2793511 0.24% 3805290 0.30% 52203262 4.30%Fixed assets 479877736 42.39% 541147412 43.10% 523877649 43.14%
Investment 43125959 3.81% 266886 0.02% 223765 0.02%
Deferred Tax Assets 55565866 4.91% 55565866 4.43% 55565866 4.58%
Inventories 88270393 7.80% 108108362 8.61% 107317827 8.84%Sundry Debtors 125871263 11.12% 143325857 11.42% 148558430 12.23%Cash &Bank Balance 4728877 0.42% 7144236 0.57% 4329583 0.36%Other Current Assets 313716 0.03% 312726 0.02% 236687 0.02%Loan&Advances 24427121 2.16% 56766731 4.52% 31416259 2.59%Current Asset,Loan&advances 243611370 21.52% 315657912 25.14% 291858786 24.03%
Liabilities 147573899 13.04% 167774349 13.36% 169836750 13.98%Provision 10216606 0.90% 7385162 0.59% 8433367 0.69%Current Liabilities &Provi 157790505 13.94% 17515951
113.95% 178270117 14.68%
Net Current Assets 85820865 7.58% 140498401
11.19% 113588669 9.35%
Profit &Loss A/C 467666102 41.31% 508143725
41.26% 521184080 42.92%
Interpretation: In this year investments was highly increasing to the compare of last two years. And also this year current liabilities and provision decreasing to the compare of last two years. In a net current assts it was in a 2007-08 is 113588669, it was highly increasing in 2008-09 it was 140498401, and after the current it was highly decreasing in 2009-10 it was 85820865, so it is not good for the company. In a profit and loss account there was a good position to the every year.
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List of Ratios:
Sr.no. Particulars 2007 2008-09 2009-10Profitability ratios
1 Gross profit ratio - 42.61% 45.55%2 Net profit ratio - 0.34% 6.04%3 Expense ratio 100.96% 106.62% 95.48%4 Operating ratio 78.28% 83.36% 76.72%5 Return on cap.Emp. - 2.90% 7.19%
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6 Return on sh. Hold.Fund - 0.31% 4.92%7 Return on eq. share cap. - 0.34% 5.53%8 Return on equity share
hold.Fund- 0.31% 4.92%
9 Earnings per share - 0.03 0.5510 Dividend per share - - -11 Price earnings ratio 318.67 40.0512 Dividend yield ratio - - -
Activity/Turnover13 Overall turnover ratio 0.74 1.01 0.9214 Fixed assets turnover ratio 1.28 1.69 1.7415 Debtors Ratio 81 71 5516 Debtors turnover ratio 5 6 717 Creditors ratio 149 154 12318 Creditors turnover ratio 2.45 2.95 2.9719 Stock turnover ratio 11 13 1520 Working cap. turn over 7.40 10.05 1221 Book value per share 11.24 11.24 11.24
Liquidity ratios22 Current ratio 1.64:1 1.80:1 1.54:123 Liquid ratio 1.48:1 1.57:1 1.41:124 Acid test Ratio 1.04:1 1.18:1 0.98:1
Leverage ratio - - -25 Proprietary ratio 81.58% 81.58% 90.48%26 Debt-equity ratio - - -27 Capital gearing ratio - - -28 Long term to fixed assets 173.91% 168.35% 189.85%
Conclusion:
Net profit ratio:-
Net profit is increasing trends in all the three years. Therefore, we can say that the highest net profit ratio was 6.04% in the year 2009-10.
Return on capital employed:-
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Return on capital employed ratio to the year 2007 to 2010. In a year 2007-08 are less, in a 2008-09 0.31% and in a 2009-10 is 4.92%, so it has been stronger for the management.
Current ratio :- Current ratio indicates there the firm has current assts 1.64 is current liabilities of Rs. 1 in 2007-08. It is sufficient but in next year also increase up to 1.80 is also sufficient and 2009-10 1.54 there is sufficient for the company pay to liabilities and strong position of the company.
Debtor equity ratio :-
Debtor equity ratio establish the relations between outsider claims and share holder claims in the business. A higher ratio meals the outside creditors have a larger claim then the owner of the business. The firm has higher ratio which is good for the company.
Liquid ratio :-
All of the three year liquid ratio was good. In a 2008-09 it was increasing at 1.57 to the compare of 2008 it was 1.48.
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BIBLIOGRAPHY
Guidance from: - Prof. Anagha Dixit
Information from: - 9th and 10th annual report of Saint GobainSekurit India limited.
Website: - www.SaintGobainSekuritIndiaLimited.com
References: - B.S. shah prakashan (Company accounts)
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I am vary much thank full to all the above for pursuing me financial information and for helping in preparation of financial report on Saint Gobain Sekurit India limited.
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