Updated Ratio Analysis

8/17/2019 Updated Ratio Analysis

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CHAPTER-1

INTRODUCTION

In the financial Management the analysis of financial activity of the firm is one of the major

objectives of financial management. The financial analysis is the evaluation and interpretation of

a firm’s financial position and operations. And it involves a comparison and interpretation

accounting data. The financial manager has to interpret different statement and use a large

number of ratios to analyze the financial status of an activity of the firm. The management

measures its liquidity determining its profitability and assets overall performance in financial

terms.

Ratio is among the best no!n and most !idely used tools of financial analysis. Ratio is a simple

arithmetical e"pression of the relationship of one number to another number. #A Ratio is an

e"pression of quantitative relationship bet!een t!o numbers$. The relationship bet!een various

items of financial statements e"pressed as ratios% reveals the profitability% liquidity and solvency

as !ell as the over all financial position of the enterprise.

Ratio analysis revel the profitability% liquidity% solvency of the enterprise. It helps analyze and

understand the financial health and trend of a business. Its past performance and maes it

possible to have core cost about future state of affaires of the business. Inter firm and comparison

becomes easier though the analysis. &ast performance future projection could revie! though

ratio analysis. Management users the ratio analysis an e"ercising control in various areas%

'udgeting control% Inventory control% financial control etc.

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Need for the study

The ratios are mirrors% !hich reflect the financial position and operating strength or !eaness of

the concern. )o! a day the o!ner ship of capital of many companies has become a truly broad

based due to dispersal of share holding% hence the share holders and potential investors in

generals evidence interest in the ratios besides the creditors. *ebenture holders 'aners

+mployers% government and public at large. Analysis and interpretation of ratio , are attempt to

determine the significance and meaning of data. -o that the fore casting can be made of the

prospectus for future earnings ability of the company to dividends to pay interest and principle

and also to its contribution to the economic development of the country.

Objectives Of The Study

The objectives of the present study is as follo!s.

(. To analyze the liquidity position of /ltra Tech 0ements from 1223 to(4.

1. To analyze the &rofitability &osition of the /ltra Tech 0ements from 1223 to(4

5. To Revie! the 6ong7term &osition of the /ltra Tech 0ements from 1223 to(4.

4. To revie! the -olvency &osition from 1223 to(4.

SCOPE O! THE STUD"

The study covers all the information that is provided by the firm. It covers the

accounting information% the study help full for taing financial decisions.

The study touches different types of financial performance ratios !ithin its scope !hich

are helpful for decision maing.

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#ethodo$o%y of the study

*ata source8 to analyze to financial statement of /ltra Tech 0ements !e are required t!o types

of data. They are primary data and -econdary data.

Pri&'ry D't'8 the primary data required for our analysis is collected from discussions made

!ith the officials of the firm and some information is gathered through the guidance of project.

Seco(d'ry D't' The secondary data provided by the firm the financial statements provided by

/ltra Tech 0ements.

Too$s of the study

The data provided by the firm !as analyzing by using po!erful financial tool #Ratio Analysis$.

Period of study8

The financial statement of the firm obtained from the firm for the period from 1223712(4.

)I#ITATIONS O! THE STUD"

(. The study based on only on interim reports.

1. The first and foremost limitation is the study based on the secondary data.

5. The period of the study is confined to 9 years only.

4. The study has o!n limitation for calculating debtors turnover ratio.

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CHAPTER-*

THEORETICA) STUD"

Ratios simply means one number e"pressed in terms of another. A ratio is a statistical yardstic

by means of !hich relationship bet!een t!o or various figures can be compared or measured.

Defi(itio( of Accou(ti(% R'tios

The term :'ccou(ti(% r'tios: is used to describe significant relationship bet!een figures sho!n

on a balance sheet% in a profit and loss account% in a budgetary control system or in any other part

of accounting organization. Accounting ratios thus sho!s the relationship bet!een accounting

data.

Ratios can be found out by dividing one number by another number. Ratios sho! ho! one

number is related to another. It may be e"pressed in the form of co7efficient% percentage%

proportion% or rate. ;or e"ample the current assets and current liabilities of a business on a

particular date are


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C$'ssific'tio( of Accou(ti(% R'tios

+A,Tr'ditio('$ C$'ssific'tio( or

St'te&e(t R'tios

+,

!u(ctio('$ C$'ssific'tio( or

C$'ssific'tio( Accordi(% to

Tests

+C,Si%(ific'(ce R'tios or R'tios

Accordi(% to I&.ort'(ce

• &rofit and loss account

ratios or

revenue>income

statement ratios

•

'alance sheet ratios or position statement ratios

• 0omposite>mi"ed ratios

or inter statement ratios

• &rofitability ratios

• 6iquidity ratios

• Activity ratios

• 6everage ratios or long

term solvency ratios

• &rimary ratios

• -econdary ratios

Profit'bi$ity r'tios

&rofitability ratios measure the results of business operations or overall performance and

effectiveness of the firm. -ome of the most popular profitability ratios are as

follo!ing formula is used to calculate gross profit ratios8

/0ross Profit R'tio +0ross .rofit 2 Net s'$es, 3 1445

Net Profit R'tio

The t!o basic components of the net profit ratio are the net profit and sales. The net

profits are obtained after deducting income7ta" and% generally% non7operating e"penses and

incomes are e"cluded from the net profits for calculating this ratio. Thus% incomes such as

interest on investments outside the business% profit on sales of fi"ed assets and losses on sales of

fi"ed assets% etc are e"cluded.

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/Net Profit R'tio +Net .rofit 2 Net s'$es, 3 1445

O.er'ti(% r'tio

The t!o basic components for the calculation of operating ratio are operating cost =cost

of goods sold plus o.er'ti(% e6.e(ses? and net sales. @perating e"penses normally include =a?

administrative and office e"penses and =b? selling and distribution e"penses. ;inancial charges

such as interest% provision for ta"ation etc. are generally e"cluded from operating e"penses

O.er'ti(% R'tio /+Cost of %oods so$d 7 O.er'ti(% e6.e(ses, 2 Net s'$es5 3 144

Retur( o( sh'reho$der8s i(vest&e(t or (et 9orth R'tio

The t!o basic components of this ratio are net profits and shareholders funds.

-hareholders funds include equity share capital% =preference share capital? and all reserves and

surplus belonging to shareholders. )et profit means net income after payment of interest and

income ta" because those !ill be the only profits available for share holders.

/Retur( o( sh're ho$der8s i(vest&e(t :Net .rofit +'fter i(terest '(d t'6, 2 Sh're ho$der8s

fu(d; 3 1445

Retur( o( e


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Retur( o( E Prefere(ce divide(d, 2 E


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Or

/Curre(t Assets Curre(t )i'bi$ities5

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/Abso$ute )i


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+b, /I(ve(tory Tur(over R'tio Net S'$es 2 Aver'%e I(ve(tory 't Cost5

+c, /I(ve(tory Tur(over R'tio Net S'$es 2 Aver'%e i(ve(tory 't Se$$i(% Price5

+d, /I(ve(tory Tur(over R'tio Net S'$es 2 I(ve(tory5

Stoc= tur( over r'tio and i(ve(tory tur( over r'tio are the same. This ratio is a relationship

bet!een the cost of goods sold during a particular period of time and the cost of average

inventory during a particular period. It is e"pressed in number of times. Stock turn over ratio /

Inventory turn over ratio indicates the number of time the stoc has been turned over during the

period and evaluates the efficiency !ith !hich a firm is able to manage its inventory. This ratio

indicates !hether investment in stoc is !ithin proper limit or not.

The ratio is calculated by dividing the cost of goods sold by the amount of average stoc at

cost.

+', /I(ve(tory Tur(over R'tio Cost of %oods so$d 2 Aver'%e i(ve(tory 't cost5

Denerally% the cost of goods sold may not be no!n from the published financial statements. In

such circumstances% the inventory turnover ratio may be calculated by dividing net sales by

average inventory at cost. If average inventory at cost is not no!n then inventory at selling

price may be taen as the denominator and !here the opening inventory is also not no!n the

closing inventory figure may be taen as the average inventory.

+b, /I(ve(tory Tur(over R'tio Net S'$es 2 Aver'%e I(ve(tory 't Cost5

+c, /I(ve(tory Tur(over R'tio Net S'$es 2 Aver'%e i(ve(tory 't Se$$i(% Price5

+d, /I(ve(tory Tur(over R'tio Net S'$es 2 I(ve(tory5

*ebtors Turnover Ratio E Accounts Receivable Turnover Ratio8

A concern may sell goods on cash as !ell as on credit. 0redit is one of the important elements of

sales promotion. The volume of sales can be increased by follo!ing a liberal credit policy.

The effect of a liberal credit policy may result in tying up substantial funds of a firm in the form

of trade debtors =or receivables?. Trade debtors are e"pected to be converted into cash !ithin a

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short period of time and are included in current assets. Fence% the liquidity position of concern

to pay its short term obligations in time depends upon the quality of its trade debtors.

/Debtors Tur(over R'tio Net Credit S'$es 2 Aver'%e Tr'de Debtors5

The t!o basic components of accounts receivable turnover ratio are net credit annual sales andaverage trade debtors. The trade debtors for the purpose of this ratio include the amount of Trade

*ebtors , 'ills Receivables. The average receivables are found by adding the opening

receivables and closing balance of receivables and dividing the total by t!o. It should be noted

that provision for bad and doubtful debts should not be deducted since this may give an

impression that some amount of receivables has been collected. 'ut !hen the information about

opening and closing balances of trade debtors and credit sales is not available% then the debtors

turnover ratio can be calculated by dividing the total sales by the balance of debtors =inclusive of

bills receivables? given. And formula can be !ritten as follo!s.

/Debtors Tur(over R'tio Tot'$ S'$es 2 Debtors5

or=i(% C'.it'$ Tur(over R'tio

or=i(% c'.it'$ tur(over r'tio indicates the velocity of the utilization of net !oring capital.

This ratio represents the number of times the !oring capital is turned over in the course of year

and is calculated as follo!s8

;ollo!ing formula is used to calculate !oring capital turnover ratio

/or=i(% C'.it'$ Tur(over R'tio Cost of S'$es 2 Net or=i(% C'.it'$5

The t!o components of the ratio are cost of sales and the net !oring capital. If the information

about cost of sales is not available the figure of sales may be taen as the numerator. )et

!oring capital is found by deduction from the total of the current assets the total of the current

liabilities.

Creditors 2 Accou(ts P'y'b$e Tur(over R'tio

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This ratio is similar to the debtors turnover ratio. It compares creditors !ith the total credit

purchases.

It signifies the credit period enjoyed by the firm in paying creditors. Accounts payable include

both sundry creditors and bills payable. -ame as debtors turnover ratio% creditors tur(over r'tio

can be calculated in t!o forms% creditors turnover ratio and average payment period.

;ollo!ing formula is used to calculate creditors turnover ratio8

/Creditors Tur(over R'tio Credit Purch'se 2 Aver'%e Tr'de Creditors5

Aver'%e P'y&e(t Period

Aver'%e .'y&e(t .eriod r'tio gives the average credit period enjoyed from the creditors. It can

be calculated using the follo!ing formula8

/Aver'%e P'y&e(t Period Tr'de Creditors 2 Aver'%e D'i$y Credit Purch'se5

/Aver'%e D'i$y Credit Purch'se Credit Purch'se 2 No? of 9or=i(% d'ys i( ' ye'r5

Or

/Aver'%e P'y&e(t Period +Tr'de Creditors 3 No? of or=i(% D'ys, 2 Net Credit

Purch'se5

=In case information about credit purchase is not available total purchases may be assumed to be

credit purchase.?

)o(% Ter& So$ve(cy or )ever'%e R'tios

6ong term solvency or leverage ratios convey a firms ability to meet the interest costs and

payment schedules of its long term obligations. ;ollo!ing are some of the most important long

term solvency or leverage ratios.

Pro.riet'ry R'tio or E


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This is a variant of the debt to equity ratio. It is also no!n as e


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urrent Assets to !roprietors" #und $atio establishes the relationship bet!een current assets

and shareholders funds.

The purpose of this ratio is to calculate the percentage of shareholders funds invested in current

assets.

/Curre(t Assets to Pro.rietors !u(ds Curre(t Assets 2 Pro.rietor8s !u(ds5

CHAPTER-B

INDUSTR" PRO!I)E

HISTOR" O! INDIAN CE#ENT INDUSTR"

'y stating productions in (3(4 the story of Indian 0ement is a stage of continuous

gro!th. 0ement is derived from the 6atin !ord #0ementam$.

+gyptians and Romans found the process of manufacturing cement. In +ngland during

the first century the hydraulic cement has become more versatile building material. 6ater on%

&ortland cement !as invented and the invention !as usually attributed to Goseph Aspdin of

+nland.

India is the !orld’s 4th largest cement produced after 0hina% Gapan and /.-.A. The -outh

Industries have produced cement for the first time in (324. The company !as setup in 0hennai

!ith the installed capacity of 52 tonnes per day. -ince then the cement industry has progressing

leaps and bounds and evolved into the most basic and progressive industry. Till (392 H (39(% the

capacity of production !as only 5.5 million tones. -o far annual production and demand have

been gro!ing a pace at roughly BC million tones !ith an installed capacity of CB million tones.

In the remaining t!o years of C th plan an additional capacity of 15 million tones !ill

actually come up.India is !ell endo!ed !ith cement grade limestone =32 billion tones ? and coal =(32

billion tones?. *uring the nineties it had a particularly impressive e"pansion !ith gro!th rate of

(2 percent.

The strength and vitality of Indian 0ement Industry can be gauged by the interest sho!n

and support give by orld 'an% considering the e"cellent performance of the industry in

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utilizing the loans and achieving the objectives and target. The orld 'an is e"amining the

feasibility of providing a third line of credit for further upgrading the industry in varying areas%

!hich !ill mae it global. ith liberalization policies of Indian Dovernment. The industry is

posed for a high gro!th rates in nineties and the installed capacity is e"pected to cross (22

million tones and production 32 million tones by 1225 A.*.

The industry has fabulous scope for e"porting its product to countries lie the /.-.A.%

/.J.% 'angladesh% )epal and other several countries. 'ut there are not enough !agons to

transport cement for shipment.

Ce&e(t The Product

The natural cement is obtained by burning and crushing the stones containing clayey%

carbonate of lime and some amount of carbonate of magnesia. The natural cement is bro!n in

color and its best variety is no!n as #R@MA) 0+M+)T$. It sets very quicly after addition of

!ater.

It !as in the eighteenth century that the most important advances in the development of

cement !ere !hich finally led to the invention of &ortland cement.

In (B9% Gohn -ematon sho!ed that hydraulic lime !hich can resist the action of !ater

can be obtained not only from hard lime stone but from a limestone !hich contain substantial

proportion of clayey.

In (B3% Goseph &arer found that modules of argillaceous limestone made e"cellent

hydraulic cement !hen burned in the usual manner. After burning the product !as reduced to a

po!der. This started the natural cement industry.

The artificial cement is obtained by burning at a very high temperature a mi"ture of

calcareous and argillaceous material. The mi"ture of ingredients should be intimate and they

should be in correct proportion. The calcined product is no!n as cliner. A small quantity of

gypsum is added to cliner and it is then pulverized into very fine po!der% !hich is no!n as

cement.

The common variety of artificial cement is no!n as normal setting cement or ordinary

cement. A mason Goseph Aspdn of 6eeds of +ngland invented this cement in (C14. Fe too out a

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patent for this cement called it #&@RT6A)* 0+M+)T$ because it had resemblance in its color

after setting to a variety of sandstone% !hich is found a abundance in &ortland+ngland.

The manufacture of &ortland cement !as started in +ngland around (C19. 'elgium and

Dermany started the same (C99. America started the same in (CB1 and India started in (324. The

first cement factory installed in Tamilnadu in (324 by -outh India limited and then on!ards a

number of factories manufacturing cement !ere started. At present there are more than (92

factories producing different types of cements.

Co&.ositio( of Ce&e(t

The ordinary cement contains t!o basic ingredients% namely% argillaceous and calcareous.

In argillaceous materials the clayey predominates and in calcareous materials the calcium

carbonate predominates.

A good chemical analysis of ordinary cement along !ith desired range of ingredients.

Ingredients &ercent Range

6ime =0a@? 1 1 H B

-ilica =-i@1? 11 (B H 19

Alumina =Al1@5? 9 5 H C

0alcium -ulphate =0a-@4? 4 5 H 4

Iron @"ide =;e1@5? 5 5 H 4

Magnesia =Mg@? 1 ( H 5

-ulphur =-? ( ( H 5

Alalies ( 2.1 H (

I(dustry Structure '(d Deve$o.&e(t

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ith a capacity of ((9 million tones of large cement plants% Indian cement industry is the

fourth largest in the !orld. Fo!ever per capita consumption in our country is still at only (22

Jgs against 522 Jgs of developed countries and offers significant potential for gro!th of cement

consumption as !ell as addition to cement capacity. The recent economic announcement by the

government in respect of housing% roads% po!er etc.% !ill increase cement consumption.

@pportunities and Threats

In vie! of lo! per capita consumption in India% there is a considerable scope for gro!th

in cement consumption and creation of ne! capacities in coming years.

The cement industry does not appear to have adequately e"ploited cement consumption

in rural segment !here damaged !here damaged gro!th is possible.

6anded cost of cement =!ith import duty? continues to be higher than home maret prices

but !ith reduced import duty% increasing imports% may pose a serious threat to the domestic

cement industry.

@utloo

The recent change in the budget 122( H 1221 relating to fiscal incentives for individual

housing and reduction in borro!ing cost for this purpose and !ith the government reaffirmation

to accelerate the reform process% infrastructure development should logically get priority leading

to increase in demand of cement in coming years. The addition capacity of cement in the pipeline

is limited and therefore the demand and supply situations is e"pected to be more favorable and

cement prices are liely to firm up.

Ris=s '(d co(cer(s

-lo! do!n of Indian economy or drop in gro!th rate of agriculture may adversely affect

the consumption. The recent increase in rail!ay freight coupled !ith diesel > petrol price lie

!ill increase the cost of production and distribution% as being duly% cement is freight intensive

increase in 6imestone royalty also adds to the cost of production% !hich is considerably higher

than corresponding costs of many other developing countries.

In our country there is a need to under tae a massive programme of house construction

activity into the rural and urban areas. It is impossible to construct a house !ithout cement and

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steel% in other !ords% cement is one of the basic construction materials and therefore it is one of

the vital elements for the economic development of the nation.

Indiainspite of being the 4th biggest produces of cement in the !orld has still a very lo!

per capital consumption of cement.

0ement 0ompanies 9( )os

0ement &lants 33 )os

Installed 0apacity 4.C mt

Total Investment =appro"? Rs. (2%222 0rores

Total Manpo!er @ver (.19 6ahs

Management A!ard of the Dovernment of Andhra &radesh. /ltra Tech is also conscious

of its social responsibilities. Its rural and community development programmes include adoption

of t!o nearby villages% running an Agricultural *emonstration ;arm% a Model *airy ;arm etc.%

Impressed by these activities% ;A&00I chose /ltra Tech to confer the A!ard for #'est efforts of

an Industrial /nit in the -tate to *evelop Rural +conomy$ t!ice% in the year (334 as !ell as in

(33C. /ltra Tech also has to its credit the )ational A!ard =-hri. -.R. Rangta A!ard for -ocial

A!areness? for the year (339 H (33% for the 'est Rural *evelopment +fforts made by the

0ompany. In the same year /ltra Tech got the ;irst &rize for Mine +nvironment and &ollution

0ontrol for year (333 too% for the 5rd year in succession in Guly% 122( /ltra Tech anne"ed the

#KanaMithra$ A!ard from the Dovernment of Andhra &radesh.

Luality conscious and progressive in its outloo% /ltra Tech 0ement is an @F-A- 2C22(

0ompany and also joined the select brand of I-@322(71222 0ompanies.

History

The first unit !as installed at TA*I&ATFRI AT A)ATFA&/R *I-T !ith a capacity of

1.9 lac T&A =tones per annum? incorporating humble supervision% preheated system% during the

year (33.

The second unit follo!ed suit !ith added a capacity of 1 lac T&A in (3B(.

The plant !as further e"panded to 3 lac by adding 1.9 lac tones in August% (3BC% (.(5

lac tones in Ganuary% (3C( and 2.CB lac tones in -eptember% (3C(.

Po9er

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-ingareni 0olleries maes the supply of coal for this industry and the po!er !as obtained

from A& TRA)-0@. The po!er demand for the factory is about 1(M. /ltra Tech has got 1

diesel generator sets of 4M each installed in the year (3CB.

/ltra Tech cement no! has a (9 J captive po!er plant to facilitate for uninterrupted

po!er supply for manufactured of cement.

CO#PAN" PRO!I)E

U)TRATECH CE#ENT

/ltraTech 0ement 6imited has an annual capacity of (C.1 million tonnes. It manufactures and

marets @rdinary &ortland 0ement% &ortland 'last ;urnace -lag 0ement and &ortland &ozzalana

0ement. It also manufactures ready mi" concrete =RM0?.

/ltraTech 0ement 6imited has five integrated plants% si" grinding units and three terminals

t!o in India and one in -ri 6ana.

/ltraTech 0ement is the country’s largest e"porter of cement cliner. The e"port marets span

countries around the Indian @cean% Africa% +urope and the Middle +ast.

/ltraTech’s subsidiaries are *ashin 0ement 6imited and /ltraTech 0eylinco =&? 6imited.

The roots of the Aditya 'irla Droup date bac to the (3th century in the picturesque to!n of

&ilani% set amidst the Rajasthan desert. It !as here that -eth -hiv )arayan 'irla started trading in

cotton% laying the foundation for the Fouse of 'irlas.

Through Indias arduous times of the (C92s% the 'irla business e"panded rapidly. In the early part

of the 12th century% our Droups founding father% Dhanshyamdas 'irla% set up industries in

critical sectors such as te"tiles and fibre% aluminium% cement and chemicals. As a close

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confidante of Mahatma Dandhi% he played an active role in the Indian freedom struggle. Fe

represented India at the first and second round7table conference in 6ondon% along !ith Dandhiji.

It !as at :'irla Fouse: in *elhi that the luminaries of the Indian freedom struggle often met to

plot the do!nfall of the 'ritish Raj.

Dhanshyamdas 'irla found no contradiction in pursuing business goals !ith the dedication of a

saint% emerging as one of the foremost industrialists of pre7independence India. The principles by

!hich he lived !ere soaed up by his grandson% Aditya Kiram 'irla% our Droups legendary

leader.

Adity' i=r'& ir$' .utti(% I(di' o( the 9or$d &'.

A formidable force in Indian industry% Mr. Aditya 'irla dared to dream of setting up a global

business empire at the age of 14. Fe !as the first to put Indian business on the !orld map% as far

bac as (33% long before globalisation became a buzz!ord in India.

In the then vibrant and free maret -outh +ast Asian countries% he ventured to set up !orld7class

production bases. Fe had foreseen the !inds of change and staed the future of his business on a

competitive% free maret driven economy order. Fe put Indian business on the globe% 11 years

before economic liberalisation !as formally introduced by the former &rime Minister% Mr.

)arasimha Rao and the former /nion ;inance Minister% *r. Manmohan -ingh. Fe set up (3

companies outside India% in Thailand% Malaysia% Indonesia% the &hilippines and +gypt.

Interestingly% for Mr. Aditya 'irla% globalisation meant more than just geographic reach. Fe

believed that a business could be global even !hilst being based in India. Therefore% bac in his

home7territory% he drove single7mindedly to put together the building blocs to mae our Indian

business a global force.

/nder his ste!ardship% his companies rose to be the !orlds largest producer of viscose staple

fibre% the largest refiner of palm oil% the third largest producer of insulators and the si"th largest

producer of carbon blac. In India% they attained the status of the largest single producer of

viscose filament yarn% apart from being a producer of cement% grey cement and rayon grade pulp.

12


21/55

The Droup is also the largest producer of aluminium in the private sector% the lo!est first cost

producers in the !orld and the only producer of linen in the te"tile industry in India.

At the time of his untimely demise% the Droups revenues crossed Rs.C%222 crore globally% !ith

assets of over Rs.3%222 crore% comprising of 99 benchmar quality plants% an employee strength

of B9%222 and a shareholder community of 22%222.

Most importantly% his companies earned respect and admiration of the people% as one of Indias

finest business houses% and the first Indian International Droup globally. Through this

outstanding record of enterprise% he helped create enormous !ealth for the nation% and respect for

Indian entrepreneurship in -outh +ast Asia. In his time% his success !as unmatched by any other

industrialist in India.

That India attains respectable ran among the developed nations% !as a dream he forever

cherished. Fe !as proud of India and too equal pride in being an Indian.

/nder the leadership of our 0hairman% Mr. Jumar Mangalam 'irla% the Droup has sustained and

established a leadership position in its ey businesses through continuous value7creation.

-pearheaded by Drasim% Findalco% Aditya 'irla )uvo% Indo Dulf ;ertilisers and companies in

Thailand% Malaysia% Indonesia% the &hilippines and +gypt% the Aditya 'irla Droup is a leader in a

s!athe of products viscose staple fibre% aluminium% cement% copper% carbon blac% palm oil%

insulators% garments. And !ith successful forays into financial services% telecom% soft!are and

'&@% the Droup is today one of Asias most diversified business groups.

A9'rds 9o(

"e'r A9'rd

*41*-*41BAsociated !ith Dovrmnent projects , 'usiness orld ;I00I7-+*; 0-R

A!ard

12((712(1

A--@0FAM 0-R +"cellence A!ard for its :truly outstanding: 0-R

activities

12(2712(( -ubh Jaran -ara!agi +nvironment A!ard

12(2712(( 'usiness orld ;I00I7-+*; 0-R A!ard

12(2 Dreentech +nvironment +"cellence Dold A!ard

12(2 IM0 Ramrishna 'ajaj )ational Luality A!ard

12(2 Asian 0-R A!ard

1(


22/55

1223712(2 )ational A!ard for &revention of &ollution

1223712(2 Rajiv Dandhi +nvironment A!ard for 0lean Technology

1223712(2 -tate 6evel +nvironment A!ard =&lant?

0rou. co&.'(ies

Drasim Industries 6td.

Findalco Industries 6td.

Aditya 'irla )uvo 6td.

/ltraTech 0ement 6td.

I(di'( co&.'(ies

Aditya 'irla Minacs IT -ervices 6td.

Aditya 'irla Minacs orld!ide 6imited

+ssel Mining , Industries 6td

Idea 0ellular 6td.

Aditya 'irla Insulators

Aditya 'irla Retail 6imited

Aditya 'irla 0hemicals =India? 6imited

U$tr'Tech is Indias largest e"porter of cement cliner. The companys production facilities are

spread across eleven integrated plants% one !hite cement plant% one clinerisation plant in /A+%

fifteen grinding units% and five terminals four in India and one in -ri 6ana. Most of the plants

have I-@ 322(% I-@ (422( and @F-A- (C22( certification. In addition% t!o plants have

received I-@ 1B22( certification and four have received -A C222 certification. The process is

currently under!ay for the remaining plants. The company e"ports over 1.9 million tonnes per

annum% !hich is about 52 per cent of the countrys total e"ports. The e"port maret comprises of

countries around the Indian @cean% Africa% +urope and the Middle +ast. +"port is a thrust area in

the companys strategy for gro!th.

/ltraTechs products include @rdinary &ortland cement% &ortland &ozzolana cement and &ortland

blast furnace slag cement.

11

http://www.grasim.com/index.htmhttp://www.hindalco.com/http://www.adityabirlanuvo.com/http://www.ultratechcement.com/http://www.adityabirla.com/our_companies/indian_companies/adityabirla_minacs_it_services.htmhttp://www.adityabirla.com/our_companies/indian_companies/aditya_birla_minacs.htmhttp://www.adityabirla.com/our_companies/indian_companies/essel_mining.htmhttp://www.adityabirla.com/our_companies/indian_companies/idea.htmhttp://htpp//www.adityabirlainsulators.comhttp://www.adityabirla.com/our_companies/indian_companies/retail.htmhttp://www.adityabirla.com/our_companies/indian_companies/bihar_caustic.htmhttp://www.grasim.com/index.htmhttp://www.hindalco.com/http://www.adityabirlanuvo.com/http://www.ultratechcement.com/http://www.adityabirla.com/our_companies/indian_companies/adityabirla_minacs_it_services.htmhttp://www.adityabirla.com/our_companies/indian_companies/aditya_birla_minacs.htmhttp://www.adityabirla.com/our_companies/indian_companies/essel_mining.htmhttp://www.adityabirla.com/our_companies/indian_companies/idea.htmhttp://htpp//www.adityabirlainsulators.comhttp://www.adityabirla.com/our_companies/indian_companies/retail.htmhttp://www.adityabirla.com/our_companies/indian_companies/bihar_caustic.htm


23/55

Ordi('ry Port$'(d ce&e(t

@rdinary portland cement is the most commonly used cement for a !ide range of applications.

These applications cover dry7lean mi"es% general7purpose ready7mi"es% and even high strength

pre7cast and pre7stressed concrete.

Port$'(d b$'st fur('ce s$'% ce&e(t

&ortland blast7furnace slag cement contains up to B2 per cent of finely ground% granulated blast7

furnace slag% a nonmetallic product consisting essentially of silicates and alumino7silicates of

calcium. -lag brings !ith it the advantage of the energy invested in the slag maing. Drinding

slag for cement replacement taes only 19 per cent of the energy needed to manufacture portland

cement. /sing slag cement to replace a portion of portland cement in a concrete mi"ture is a

useful method to mae concrete better and more consistent. &ortland blast7furnace slag cement

has a lighter colour% better concrete !orability% easier finishability% higher compressive and

fle"ural strength% lo!er permeability% improved resistance to aggressive chemicals and more

consistent plastic and hardened consistency.

Port$'(d Poo$'(' ce&e(t

&ortland pozzolana cement is ordinary portland cement blended !ith pozzolanic materials

=po!er7station fly ash% burnt clays% ash from burnt plant material or silicious earths?% either

together or separately. &ortland cliner is ground !ith gypsum and pozzolanic materials !hich%

though they do not have cementing properties in themselves% combine chemically !ith portland

cement in the presence of !ater to form e"tra strong cementing material !hich resists !et

cracing% thermal cracing and has a high degree of cohesion and !orability in concrete and

mortar.

The cement industry relies heavily on natural resources to fuel its operations. As these d!indle%

the imperative is clear alternative sources of energy have to be sought out and the use of

e"isting resources has to be reduced% or eliminated altogether. @nly then can sustainable business

15


24/55

be carried out% and a corporate can truly say it is contributing to the preservation of the

environment. /ltraTech taes its responsibility to conserve the environment very seriously% and

its eco7friendly approach is evident across all spheres of its operations. Its major thrust has been

to identify alternatives to achieve set objectives and thereby reduce its carbon footprint. These

are done through8

aste management

+nergy management

ater conservation

'iodiversity management

Afforestation

Reduction in emissions

Importantly% /ltraTech has set a target of 1.3 per cent reduction in 0@1 emission intensity% at a

rate of 2.9 per cent annually% up to *41F-1G !ith 12237(2 as the baseline year. This !ill also

include 0@1 emissions from the recently acquired +TA -tar 0ement and upcoming projects.

PRODUCT PRO!I)E

/6TRA T+0F 0+M+)T- manufactures and distributes its o!n main product lines of

cement .e aim to optimize production across all of our marets% providing a complete solution

for customers needs at the lo!est possible cost% an approach !e call strategic integration of

activities.

0ement is made from a mi"ture of C2 percent limestone and 12 percent clay. These are

crushed and ground to provide the :ra! meal$% a pale% flour7lie po!der. Feated to around (492N

0 =141N ;? in rotating ilns% the #meal$ undergoes comple" chemical changes and is

transformed into cliner. ;ine7grinding the cliner together !ith a small quantity of gypsum

produces cement. Adding other constituents at this stage produces cements for specialized uses.

@UA)IT"

Si6 stro(% be(efits that mae B FB 0r'de Su.er fi(e Pre&iu& '(d Sh'=ti the ide'$

ce&e(t

• Figher compressive strength.

14


25/55

• 6esser consumption of cement for M712 0oncrete Drade and above.

• ;aster de shuttering of form!or.

• Reduced construction time !ith a superior and !ide range of cement catering to every

conceivable building need% /6TRA T+0F 0+M+)T- is a formidable player in the

cement maret.

Fere just a fe! reasons !hy /6TRA T+0F 0+M+)T- chosen by millions of India.

• Ideal ra! material

• 6o! lime and magnesia content and high proportion of silicates.

Dreater finenes

19


26/55

CHAPTER-

0ross .rofit r'tio

This ratio gives the relation ship bet!een the gross profit and sales

0ross Profit 0ross .rofit

---------------- J 144

S'$es

TA)E ?1

"e'r 0ross .rofit Net s'$es R'tio

12(27((

45C.5 (5543.9C 55.C9B

12((7(1

9511.35 (114.45 55.C2C(

12(17(5

442.1C (3522.24 55.531

12(57(4

B52(.29 1(599.24 54.(CB4

12(47(9

C(BB.B3 15(45.95 59.5592

1


27/55

CHART ?1

I(ter.ret'tio(

The above table sho!s that the gross profit ratio !as constant from 12(27((.i.e 55O .

;rom 12(47(9 the ratio !as increased i.e. 59O respectively. due to increase in sales.

1B


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Net .rofit r'tio

It gives the relationship bet!een net &rofit and sales.

)et &rofit P )et &rofit

7777777777777 Q(22

sales

TA'6+ 4.1

"e'r Net .rofit r'tio Net s'$es r'tio

12(27((

1(3(.42 (5543.9C (.41

12((7(1

1159.59 (114.45 (5.BC

12(17(5

1133.3B (3522.24 (5.33

12(57(4

5(12.(2 1(599.34 (4.(

12(47(9

515.93 15(45.95 (4.(2

1C


29/55

0FART 4.1

I(ter.ret'tio(

The above table sho!s that the net profit ratio !as decreased in the year 12(27(( !hen

compared to 12((7(1% in the year 12(17(5 it !as increased to (4.( in the year 12(57(4 net

profit ratio.

Retur( o( 'sset

13


30/55

Retur( o( 'ssets Profit 'fter t'6

-------------------- J 144

Tot'$ Assets

TA)E ?B

"e'r Net .rofit Av% tot'$ 'sset R'tio

12(27((

1(3(.42 C(42 1.31

12((7(1

1159.59 3(C( 14.59

12(17(5

1133.3B (25B 19.5C

12(57(4

5(12.(2 (11B1 19.41

12(47(9

515.93 (53(1 55.4

0FART 4.5

52


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I(ter.ret'tio(

The above table sho!s that the return on the asset ratio !as decreased to 14.59 in the year

12(27(( !hen comparing to 12((7(1. 6ast three years !as increasing position !hen compared to

the 12(47(9.

Retur( o( e


32/55

Profit 'fter t'6

Retur( o( tot'$ 'ssets -------------------- J144

Sh're ho$ders E


33/55

I(ter.ret'tio(

The above table sho!s that the return on equity !as increased trend in the year 12((7(1

and the decreasing the year 12(27((. ;rom 12(17(5 constant and the year 12(57(4 decreasing

trend in the return on equity. -hare holders fund !as increase.

Curre(t 'sset r'tio

55


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Curre(t R'tio Curre(t Assets

-------------------- J 144

Curre(t $i'bi$ities

TA'6+ 4.9

"e'r Curre(t 'sset Curre(t $i'bi$ities R'tio

12(27((

5B4.9 5(B.(C (.24

12((7(1

953.(1 4(5B.29 (.52

12(17(599.9 493B.1B (.45

12(57(4

B5(3.21 91BB.(1 (.53

12(47(9

C41.CB 9CB5.3 (.44

54


35/55

0FART 4.9

I(ter.ret'tio(

The above table sho!s that the current asset ratio !as constant during the year 12237

(4.It is less than the standard ratio. i.e. 18(

I(ve(tory r'tio

I(ve(tory r'tio Cost of %oods so$d

-----------------------

Aver'%e I(ve(tory

59


36/55

TA'6+ 4.

"e'r Cost of %oods so$d Av%? i(ve(tory R'tio

12(27((

C35.11 1221.33 4.4B

12((7(1

(232(.92 15.13 4.4(

12(17(5

(1C93.B 5594.25 5.C5

12(57(4

(4294.C3 4292.91 5.C5

12(47(9

(439.B4 4933.B1 5.19

0FART 4.

5


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I(ter.ret'tio(

The above table sho!s that the inventory ratio !as increased during the period 12(27((%

and 12(47(9 years !as in decreasing position of inventory ratio.

or=i(% c'.it'$ tur(over r'tio

or=i(% c'.it'$ tur(over r'tio S'$es

------------

or=i(% c'.it'$

TA)E ?K

"e'r Cost of %oods so$d or=i(% c'.it'$ r'tio

12(27((

C35.11 (13.52 3.51

12((7(1

(232(.92 (193.2B C.B

12(17(5

(1C93.B (393.1C .9

12(57(4

(4294.C3 124(.32 .CC

12(47(9

(439.B4 19CC.3( 9.BC

5B


38/55

0FART4.B

I(ter.ret'tio(

The above table sho!s that the !oring capital turnover ratio decreasing position during

the period from 12(27(( to 12(47(9 .cost of goods sold !as increased more than the increase in

!oring capital position.

5C


39/55

Creditors tur(over r'tio

Creditors tur(over r'tio Purch'ses

-------------- J 144

Av%? creditors

TA'6+ 4.C

ears 0redit purchases 'ills payable ratio

12(27((

C934 ((2C.(C B.B

12((7(1

(291 (5C3.24 B.2

12(17(5

(193 (4B1.C4 C.9

12(57(4

(549B (49.55 C.(B

12(47(9

(4C51 (B42.43 C.91

53


40/55

0FART 4.C

I(ter.ret'tio(

The above table sho!s that the creditors turnover ratio !as decreased to B.2 in the year

12(27(( % then it !as increased position during the period of 12((7(1 to 12(57(4 credit

purchases !as increased.

42


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!i6ed 'ssets to .ro.rietor fu(ds

!i6ed 'ssets

--------------

Pro.riet'ry fu(d

TA'6+ 4.3

"e'r !i6ed 'ssets Pro.rietor fu(ds R'tio

12(27((

9B4.1B BC39 2.B1BC

12((7(1

11B.(B 32( 2.CB1

12(17(5

B(54.5( (245B 2.C5

12(57(4

C393.B2 (129B 2.B45(

12(47(9

(299C.9 (5B59 2.BCB

4(


42/55

0FART 4.3

I(ter.ret'tio(

The above table sho!s that the fi"ed assets to proprietor funds ratio !as in increased

position during the period from 12(27(9 due to increase in proprietary funds.

41


43/55

Curre(t 'sst to .ro.riet'ry fu(ds

Curre(t 'ssets

--------------

Pro.riet'ry fu(d

TA)E ?14

"e'r Curre(t 'ssets Pro.riet'ry fu(d R'tio

12(27((

C(42 BC39 (.25

12((7(1

3(C( 32( 2.2(

12(17(5

(25B (245B (.21

12(57(4

(11B1 (129B (.21

12(47(9

(53(1 (5B59 (.2(

45


44/55

0FART 4.(2

I(ter.ret'tio(

The above table sho!s that the current asset to proprietary fund ratio !as fluctuating

trend during the period from 12(27(( to 12(47(9 i.e. from 2.2( to (.21.

44


45/55

)i


46/55

0FART 4.((

I(ter.ret'tio(

The above table sho!s that the liquid ratio position !as fluctuating trend during the

period from 12(27(( to 12(47(9 i.e. from 2.9 to 2.B. This is less than the standard ratio i.e. (8(.

4


47/55

O.er'ti(% R'tio

@perating e"penses

777777777777777777777777 Q(22

sales

TA'6+ 4.(1

"e'rCost Of 0oods So$d 7

O.er'ti(% E6.Net S'$es R'tio

12(27(( 553(.2B (5543.9C 19.42

12((7(1 59BB.( (114.45 11.29

12(17(5 4529. (3522.24 11.5(

12(57(4 924C.21 1(599.34 15.4

12(47(9 9411.C 15(45.95 15.45

4B


48/55

0FART 4.(1

I(ter.ret'tio(

The above table sho!s that the operating ratio !as ;luctuating trend during the period

from 12(27(( to 12(47(9 i.e. from 11.5( to 19.42

4C


49/55

0FAT+R79

!INDIN0S

A comparison of the operating ratio !ill indicate !eather the cost component is increased

in the figure of sales.

Inventory position of the company !as decreased% it is good sign of the company.

because the cost of the goods sold !as decreased to converting finished goods.

The fi"ed asset proportion in equity funds !as increased during the period .it indicates

that the company is to be purchased fi"ed assets by taing long term liabilities.

The short term financial position of the company !as i.e 2.B2. it !as less than the

standard ratio that 18(.

The profitability position of the company !as increased year by year from (5.41 to

(4.(..

43


50/55

SU00ESTIONS

(. @perational efficiency !ith !hich the business is being carried. The operating ratio should

be lo! enough to leave a portion of sales to give a fair return to the investors.

1. The fi"ed assets turnover for ne"t t!o or three years must also be seen before

commenting on judiciousness or other !ise of increase in investments in the fi"ed assets.

9. 0urrent ratio e"cessive dependence on long term sources of raising funds. 6ong term

liabilities are costlier than current liabilities.

. The turnover ratio signifies the liquidityS cost of goods sold and inventory measures to

discover the possible in form of overvaluation. The stoc position as the graveyard of the

balance sheet.

B. The creditors turnover ratio and debt payment period enjoyed ratio indicate about

promptness or other!ise in maing payment of credit purchase. The creditors are being

paid promptly% thus enhancing the credit !orthiness of the company.

92


51/55

CONC)USION

It may% therefore% be concluded that ratio analysis% if done mechanically% is not only

misleading but also dangerous. It is indeed a double edged s!ord !hich requires a great deal of

understanding and sensitivity of the management process rather than mechanical financial sill.

It has rightly been observed% #The ratio analysis is an aid to management in taing correct

decisions% but as a mechanical substitute for thining and judgment% it is !orse than useless.

The ratios discriminately calculated and !isely interpreted can be a useful tool of financial

analysis$.

9(


52/55

ib$io%r'.hy

-.&. Gain , J.6. )ARA)D S ;I)A)0IA6 A00@/)TI)D

IM &A)*+ 8 ;I)A0IA6 MA)AD+M+)T

-.). MAF+-ARI 8 &RI)0I&6+- @; MA)AD+M+)T A00@/)TI)D

91


53/55

/ltra Tech 0+M+)T-

P'rticu$'rs Mar 12(4 Mar 12(5 Mar 12(1Mar

12((

Mar

12(2

SOURCES O! !UNDS

-hare 0apital 5BB.44 5B.C 5B.11 5B9.91 143.45

Reserves , -urplus (559B.4 ((C2.C( (222.C CC9.3 B4.(C

Total -hareholders ;unds (5B59.2C (129B.B (245B.2C 32(.4C BC39.(

-ecured 6oans ((.5 9.9B 2.BC 19.3( CC.3

/nsecured 6oans (9.31 12C.C (42.(2 35.C1 (9.B

Total *ebt (BB.99 1(4.45 122.CC ((3.B5 149.5

Total 6iabilities (53(1.5 (11B1.(2 (25B.3 3(C(.1( C(42.3B

APP)ICATION O! !UNDS

Dross 'loc (299C.9 C393.B2 B(54.5( 11B.(B 9B4.1B

6ess8 Accum. *epreciation 51C.B4 1B32.CB 15C3.94 129.44 (B39.9(

)et 'loc B1B(.3( (C.C5 4B44.BB 4((.B5 5392.B

0apital or in &rogress (1(4.2 ((1.C1 C.(4 145.42 (C.(9Investments 1C5B.B9 1354.99 52B.BB 59(B.2( 5CB4.C

Curre(t Assets )o'(s L Adv'(ces

Inventories 4933.B1 4292.91 5594.25 15.13 1221.33

-undry *ebtors C2.99 B4C.3 4C.(( 993.21 95B.

0ash and 'an 'alance (251.53 9B2.19 322.( C99.C1 99.

6oans and Advances 1(92.1( (343.13 (94.19 (544.33 ((92.19

Total 0urrent Assets C41.CB B5(3.21 99.99 953.(1 5B4.9

0urrent 6iabilities 4(55.4B 55(.B3 5(14.45 1B4C.2( 1923.22

&rovisions (B42.43 (49.55 (4B1.C4 (5C3.24 ((2C.(C

Total 0urrent 6iabilities 9CB5.3 91BB.(1 493B.1B 4(5B.29 5(B.(C

)et 0urrent Assets 19CC.3( 124(.32 (393.1C (193.2B (13.5C

Miscellaneous +"penses not !>o 2.22 2.22 2.22 2.22 2.22

95


54/55

Total Assets (53(1.5 (11B1.(2 (25B.3 3(C(.1( C(42.3B

0ontingent 6iabilities 131.22 5(4.95 (32.59 (5.(4 (43.B

/ltra Tech 0+M+)T-

P'rticu$'rs Mar 12(4 Mar 12(5 Mar 12(1 Mar 12(( Mar 12(2

-ales Turnover 15(45.95 1(599.34 (3522.24 (114.45 (5543.9C

@ther Income 99B.4C 59.14 543.3 139.21 933.(3

-toc Adjustments 52.52 51.4 1.52 (49.C ((9.25

Total Income 1455(.5( 11215.4 (33(.52 (9.5( (425.C2

Ra! Materials 9B2.4B 211.53 9532.B 4(14.32 1C42.2B

+"cise *uty C11.25 B459.(C B12.( 45C.23 9B94.4

&o!er , ;uel 0ost 534.(1 523.32 195.22 149.(B 1(C.94

@ther Manufacturing +"penses 53.41 512.11 1B.15 159.51 19.22

+mployee 0ost CC.9B B1C.9( 1C.22 953.42 44.33

-elling and Administration +"penses (C(.4 (B29.(B (42C.C( (((2.CC CC.31

Miscellaneous +"penses 5.33 9B.22 432.13 423.B1 1CB.24

6ess8 &reoperative +"penditure0apitalized

B1.99 ((1.B9 41.91 (9.BC 1.4B

&rofit before Interest% *epreciation ,

Ta"9411.C2 924C.21 4529. 59BB.( 553(.2B

Interest , ;inancial 0harges 4B.9 5B.B3 (.24 1(.(2 92.C2

&rofit before *epreciation , Ta" 95B9.(9 92(2.15 41C3.1 599.9( 5542.1B

*epreciation 943.4( 45C.4 51.31 551.54 5(1.CB

&rofit 'efore Ta" 4C19.B4 49B(.BB 531.B2 5114.(B 521B.42

Ta" (91.(9 (49(.B (11.B5 3CC.C1 C5.22

&rofit After Ta" 515.93 5(12.(2 133.3B 1159.59 1(3(.42

Adjustment belo! )et &rofit 5.3B 2.22 2.22 72.21 7(.1B

& , 6 'alance brought for!ard B14.49 4B.95 91.2 ((.4( 5CB.C4

Appropriations 5(55.CB 5245.(C 1(4.92 11C4.C (3.9

94


55/55

& , 6 'al. carried do!n C9C.(4 B14.49 4B.95 91.2 ((.4(

+quity *ividend (53.95 (5(3.2( ((.13 339.(1 BB5.19

&reference *ividend 2.22 2.22 2.22 2.22 2.22

0orporate *ividend Ta" 15B.54 114.(B (3C.1( (53.9 (2C.49

+quity *ividend =O? 5B2.22 592.22 5(2.22 19.22 5(2.22

+arning &er -hare =Rs.? C.21 B.C .9 9.9C C5.31

'oo Kalue 5.14 5(.C9 1B.93 15.3B 5(9.5

+"traordinary Items 1B.(C (2.5 4. 742.44 595.CC

Documents

Updated Ratio Analysis