35917354 Annual Report Analysis Maruti Suzuki Ltd 2 1

8/8/2019 35917354 Annual Report Analysis Maruti Suzuki Ltd 2 1

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ICFAI BUSINESS SCHOOL, GURGAON

Annual Report AnalysisMaruti Suzuki Ltd

Meetali SinghNaman Popli

NishantRitika Suri

Sakshi Kalra9/7/2009


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T able of ContentsIntroduction ................................ ................................ ................................ ................................ .. 3

B rief History ................................ ................................ ................................ ................................ . 4

P roducts and Services ................................ ................................ ................................ ................ 5

Management Team ................................ ................................ ................................ ..................... 5Sha re h olding P a ttern ................................ ................................ ................................ .................. 6

Ac h ievements ................................ ................................ ................................ .............................. 7

Perform a nce Overview (2008 2009) ................................ ................................ ...................... 8

Industry Overview ................................ ................................ ................................ .................... 8

Company Overview ................................ ................................ ................................ ............... 11

Companys Financial P erformance ................................ ................................ ...................... 12

Analysis Key P oints ................................ ................................ ................................ ................... 13

Auditors Report ................................ ................................ ................................ ......................... 15Director s report for the year ended 2008-09 ................................ ................................ ................ 16

R a tio An a lysis ................................ ................................ ................................ ............................ 19

Comp a r a tive Ba l a nce Sh eet a nd Profit a nd loss a ccount ................................ ..................... 33

Common size Ba l a nce s h eet a nd Profit a nd loss ................................ ................................ ... 45

INTER P RETATION ................................ ................................ ................................ ................... 50

Annexure..57

Individual contribution..62


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Introduction

Maruti Suzuki Limited

We expect t ha t A-st a r will en ab le our comp a ny to re a c h a different level in our exports. L a st

ye a r, M a ruti S uzuki exported 53,000 c a rs to over 40 countries. T h is w a s t h e h ig h est ever

a nnu a l export in our h istory. However, wit h t h e A-st a r, we a re t a rgeting to m a ke a qu a ntum

jump, a nd sc a le up our exports to a round 200,000 c a rs in 2010-11.

Shinzo Nakanishi,

Managing Director and CEO, Maruti

On 19th Nov 2008, Indias largest car maker, Maruti Suzuki launched its strategic model A -

star a Euro V compliant model in A -segment to explore new markets in domestic as well as

overseas and primarily to boost its exports in the coming years. A -star is the fifth worldstrategic model of its parent company Suzuki, as a part of its global market strategy for small

cars segment and to leverage the low cost manufacturing capabilities of the company. This

car has been designed to keeping in mind aspirations o f the urban environment conscious

customers. Company has used latest technologies to make it as most fuel efficient petrol

car. In addition it represents a green car, capable of being 85% of it being recycled. This

would help to make the car more acceptabl e.

With this launch company has the opportunity to re -launch itself in the European markets,

which it had left two years back because lack of suitable model. Now it is targeting a yearly

volume of 100,000 in Europe and other parts of the world. Company ha d already entered

into an export contract for this new model, with Nissan a European auto giant. Company

sources believe that this would take its exports to around 200,000 cars by FY 11. In

domestic front also, company expect this model to be well accepted of its sporty and

compact look, matching with the earlier success full launched models Swift, Dzire, and SX4.

The company had already built a new technology world class manufacturing facilities at

Manesar to manufacture one million units per year. In part nership with Adani Group

Company build new export cargo infrastructure facilities to support its ambitious export

plans. Maruti Suzuki wants to celebrate their silver jubilee by exploring new growth

opportunities with this launch and plans to maintain its leadership position which it has for

the last 25 years in the domestic market of Indian Automobile Industry.


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B rief History

Maruti Suzuki India limited (MSIL) is the largest passenger car manufacturer in India with a

market share of over 50%. MSIL formerl y Maruti Udyog Limited (MUL) was established in

Feb 1981 through an act of parliament, as a government company with Suzuki Motor

Corporation of Japan holding 26 per cent stake. Its actual production commenced in 1983

with the Maruti 800 car based on the Su zuki Alto keicer, which was the only modern car

available in India at that time; its only competitors were Hindustan Ambassador and P remier

P admini. Till 2004, it remained Indias largest selling compact car ever since its launch while

MSIL remained the Indian car market leader for over two decades. In 2002, Government of

India (GOI) ceded majority control to Suzuki through rights issue. The GOI subsequently

sold 25.6% of its stake to investors in an I P O. Now, Suzuki owns 54.21% of Maruti.

Suzuki chose Maruti to be its small car -manufacturing hub for the European market and alsoas an R&D center. Currently, Maruti offers a gamut of cars from entry level Maruti 800 &

Alto to stylish hatchback A-Star, Swift, Wagon R, Estilo and sedans DZire, SX4 and Sports

Utility Vehicle Grand Vitara. MSIL has two state -of-the-art manufacturing facilities in India.

T he Gurgaon Facility (300 acres)

Gurgaon facility houses three fully integrated plants. The three plants have a total installed

capacity of 350,000 cars per year. Several productivity improvements or shop floor kaizens

over the year have enabled the company to manufacture nearly 700,000 cars per year at the

Gurgaon facility.

T he Manesar Facility (600 acres)

Manesar facility is designed to suit Suzuki Motor Corp oration (SMC) and Maruti Suzuki India

Limiteds (MSIL) global ambitions. The plant was inaugurated in February 2007. The World

Car derived from concept A -Star would be manufactured here. At present the plant rolls out

World Strategic Models Swift, SX4, and DZire. The plant has several in -built systems and

mechanisms. The plant at Manesar is the companys fourth car assembly plant. It started

with an initial capacity of 100,000 cars per year and presently increased to 170,000 cars per

year.

Diesel Engine Facility at Manesar

The factory is situated about 20 kilometers away from the Gurgaon car plant. The diesel

engine factory currently manufactures one -lakh engines, which is slated to scale to 3 lakh by

2010 with an investment of Rs.2500 crore.


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Products and ServicesMaruti offers a gamut of products, ranging from Maruti 800, Maruti Omni, Gypsy, Wagon -R,

Maruti Versa, Maruti Zen Estilo, Maruti Suzuki Swift, Maruti Suzuki SX4, Suzuki Grand

Vitara, and Maruti DZiRE. Currently, Maruti Alto is the largest sel ling car in India. Maruti A-

star was launched in December 2008. The upcoming model of MSIL is Maruti Splash, whichwill be ready to run on the roads next year. Maruti has an unparalleled service network in

India. To ensure the vehicles they sold are servic ed properly, Maruti has 2628 listed

Authorized Service Stations and 30 Express Service Stations on 30 highways across India.

Maruti provides vehicle insurance (launched in 2002) to its customers in association with the

National Insurance Company, Bajaj All ianz, New India Assurance, and Royal Sundaram. As

part of its corporate social responsibility, Maruti Udyog launched the Maruti Driving School in

Delhi. Later these services were extended to other cities of India as well.

Management T eam

Designation NameChairman R C Bhargava Managing Director & Chief Executive Officer

Shinzo Nakanishi

Director Amal GanguliTsuneo OhashiKeiichi AsaiShuji OishiOsamu SuzukiKenichi AyukawaDavinder Singh Brar P allavi Shroff Manvinder Singh Banga


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Sha re h olding P a ttern

54.21%

2.75%

15.83%

20.73%

6.48%

Shareholding Pattern

Promoter & Promoter Group

Mutual Funds / UTI

Financial Institutions / Banks

Foreign Institutional Investors

Non-Instituions


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A c h ievementsThe Company is featured at 49th rank among the world's most reputed companies in the

annual World's Most Reputed Company Survey - 2009. In the passenger car sector, the

Company is ranked 3rd.

Some of the other awards/recognition won by the Company during the year are:

y The Company stands 5th in all India ratings in the TNS Corporate Reputation Index

and tops the ratings in the auto sector, at first position.

y JD P ower Customer Satisfaction Award for the 9th time in a row.

y Zigwheels Car of the year award for A-star.

y A-star rated as the best small car of the year by Autocar - UTVi

y CNBC TV18 Overdrive awards for : -

Automotive technology of the year for newly launched K10 B Engine)

Manufacturer of the year)

Special commendation to the Company for its contribution to the Indian auto

industry, a tribute to the Company's silver jubilee.

y CNBC AWAAZ Con summer Award 2008 i n the automobiles category for the most

preferred brand of cars.

y National award for best value engineering organization in India at the INVEST (Indian

Value Engineering Society).


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Perform a nce Overview (2008 2009)

Industry Overview The financial year 2008 -09 witnessed unprecedented fluctuation in the macroeconomic

environment both globally and in India. The Indian economy was less affected and managedto grow well above 6%. Within the year, there was a huge swing in business and

consumption sentiment with the growth rates steeply declining in the second and third

quarters and then showing some recovery in the fourth quarter.

Car loans, which are a critical growth driver for the industry, saw a major curtailment by

banks and finance companies, owing to a liquidity crunch and court directives against forced

repossession of finance d assets during default. Most commodity prices went up and this hurt

the profits of manufacturing businesses and disposable incomes of households alike. The

news of gloom and doom in the global economy also depressed consumer sentiment andcustomers adopted a 'wait and watch' approach before making discretionary purchases. All

these factors hit the passenger vehicle industry severely and it could barely manage to

remain flat after six years of robust growth.


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T able1: Industry Growth - T he flatness in growth was actually an aggregate of hugequarterly swings

T able 2: Industry Growth - How did car sales move across India over time


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Tab l A I I i an A m b il m i S a l ate %

Tab le 4 m est i arket S are r 8

15 96

3 95

3 60

76 49

Ca t o y-Wis M arke t h are in 2008 -2009

sse e Veh c es

C e c Veh c es

h ee Whee e s

w Whee e s


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Company Overview


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Companys Financial Performance

The year 2008-09 witnessed a multiplicity of challenges, coming together at the same time.

In most economic cycles, commodity prices generally move in tandem with the demand

growth scenario. This year, inflation control measures by the government and lack of retail

financing impacted the revenues of vehicle manufacturers, even when the commodity priceswere at their lifetime high. Adverse foreign exchang e movements also had a substantial

impact on the company as the yen appreciated by almost 30% against the rupee in a years

time and this raised the cost of the companys imports.

The measures taken by the Government of India for providing the liquidity an d improving the

customer sentiments through the policy cuts, cenvat rate reduction in the later part of the

year helped in mitigating the adverse impact of these factors . With the focused efforts in the

market and cost and operational efficiencies, the com pany managed to generate net sales of

Rs 203,583 million in FY 0809 as compared with Rs 178,603 million in FY 0708 showinggrowth of 14.0%

Sales of vehicles in the domestic market increased to 722,144 as compared to 711,818 in

the previous year showing a growth of 1.5%. Exports of vehicles grew at an impressive rate

of 32% from 53,024 to 70,023 in the current year. The overall growth was 3.6% which was

achieved in spite of the difficult economic and market conditions prevailing particularly in the

latter half of the year due to the global financial and economic crisis which did not spare the

Indian economy. The Company made all out efforts to mitigate this impact undertaking

measures to curtail cost in various areas of its business operations. Earnings b eforedepreciation, interest, tax and amortization (EBDITA) stood at Rs. 24,333 million against Rs.

31,308 million in the previous year. Market share went up from 45.9% to 46.5% in passenger

vehicles overall.

Highlights FY 09

Parameters FY 09 FY 0 Change

Net Sales 203,583 178,603 13.99%

Other Income 9,985 8,371 19.28%

EBID TA 24,334 31,30 (22.03)%

PB T 16,759 25,030 (33)%

P AT 12,187 17,308 (29.6)%

(Rs in Mn)


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Annual P erformance Ratios ( A s a Percentage of Net Sales )

Parameters FY 09 FY 0 Change

Material cost 79.78% 76.41% 3.37%

Manufacturing & AdminExpense

P ower & Fuel

Royalty

7.70%

0.95%

3.3%

6.0%

0.82%

2.8%

1.37%

0.13%

0.50%

Selling and DistributionExpenses

Transportationcosts

3.63%

1.44%

3.14%

0.91%

0.49%

0.53%

Employee cost 2.31% 1.99% 0.32%

EBID TA 11.95% 17.53% (5.5 )%

Depreciation 3.47% 3.18% 0.29%

P BT 8.23% 14% (5.77)%

P AT 5.99% 9.69% (3.70)%

Other Income 4.90% 4.69% 0.21%

A nalysis Key Points

1. Net Sales : up by 13.99 %: increase in volumes

2. Average Realization: up by 9.4 %: Higher product mix, higher market share in A3.

3. Income from Services: up by 27.8%: Increase in sales of extended warranty

packages and pre-owned cars.

4. Other Income: up by 19.3%: Higher returns on liquid surplus, sale of scr ap due to

increase in steel prices.

5. Material Cost up 337 bps

a. Forex Impact on direct & indirect importsb. Commodity price increase

6. Mfg Admin & other expenses up by 170bps

a. Running Royalty: Higher by Rs 1900 Mn( product mix), forex

b. P ower & Fuel: Higher by Rs 460 Mn, product mix shift towards Manesar

facility: runs on High Speed Diesel

c. Exchange Variation: Rs 1338 Mn loss on forward contract


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7. Selling & Distribution Costs up by 49 bps

a. Transportation cost up by Rs.1300 Mn

8. Employee Costs up by 32 bps

a. Increase in R&D manpower

9. Depreciation Costs up by 30 bps

a. K Series engine plant

b. One million vehicle production capacity


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A uditors Report

As per the auditors ( P rice Waterhouse), the financial statements together with the notes,give a true and fair view in conformity with the accounting principles generally accepted in

India:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March2009;

(ii) In the case of the P rofit and Loss Account, of the profit for the year ended on that date;and

(iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on thatdate.

The auditors neither came across any instance of fraud on or by the Company, noticed nor reported during the year, nor have they been informed of such case by the management.


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Director s report for the year ended 2008-09

1. DIVIDENDS

The board recommends a dividend of Rs. 3.50 per equity share of Rs. 5 each for the year ended 31 March 2009 amounting to Rs.1011 million.

2. SHIF T ING OF REGIS T ERED OFFICEThe registered office of the Company was shifted from 11 th Floor, Jeevan P rakash, 25,Kasturba Gandhi Marg, New Delhi -110 001 to Company's owned premi ses at 1, NelsonMandela h Road, Vasant Kunj, New Delhi - 110 070 with effect from 15December 2008.

3. QUALITY The Company has again been awarded ISO: 27001 certification by STQC Directorate(Standardization,Testing & Quality Certificate), Ministry of Communi cations andInformation Technology, Government of India after re -assessment. The Company is thuscertified to meet international standards for maintaining information security. TheCompany also has an ISO 14001:2004 certification which has been similarly a wardedonce again on re-assessment by AIB-VincotteInternational Ltd., Brussels, Belgium.TheCompany's plants at Gurgaon and Manesar are ISO: 9001certified. The Company issubject to re-assessment at regular intervals for re -certification.The Company's pres sshop has TS 16949 certification whichis subject to re-assessment at regular intervals.

. HUM A N RESOURCE DEVELOPMEN T

The Company has always focused on employees' development. A total of 38000 man -days of training were conducted for employees across all levels with an average trainingof 5 days per employee during the year. The Company has spent about Rs. 95 million ontraining of its employees during 2008 -09. The training programs vary for employees atdifferent levels. With the aim of encouraging a com petitive spirit and a winning attitude totake on future challenges among the employees in the technical and supervisory band,programs such as Winning Strategy, Chunauti and Ahead Forever are held. Similarly,for employees at executive and senior executive levels, program based on six sigma, leanmanufacturing, negotiation skills, MSproject, finance management and vehicle financing,value stream mapping, project management, quality control tools, neuro linguistic skills,innovation and creativity, corporate business etiquette, communication and presentationskills, etc. are held. For employees at top management level, programs based onleadership, business strategy, etc. are held. The Company also has higher educationschemes for its employees.

5. DIREC T ORS RESPOSIBILI T Y S TAT EMEN T

As required under section 217(2AA) of the Companies Act,1956, your directors confirm:

a . that there were no material departures in the applicable accounting standards followedwhile preparing the annual accounts;


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b . having selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the pr ofitof the Company for that period;

c . having taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956, for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;and

d . having prepared the annual accounts on a going concern basis.

6 .PERSONNEL

As required by the provisions of section 217(2A) of the Companies Act, 1956, read with theCompanies ( P articulars of Employees) Rules, 1975, as amended, the names and other particulars of the employees are set out in A nnexure B to the Directors' Report. However,as per the provisions of section 219(1)(b)(iv) of the Companies Act, 1956, the annual

report is being sent to all the sh areholders of the Company excluding the aforesaidinformation. Any shareholder interested in obtaining such particulars may write to theCompany Secretary at the registered office of the Company .

7. CONSOLID AT ED FIN A NCIA L S TAT EMEN T S

In accordance with the Accounting Standard AS-21 on consolidated financial statementsread with Accounting Standards AS -23 on accounting for investments in associates and

AS - 27 on financial reporting for interest in joint ventures, the audited consolidatedfinancial statements are provided in the annual report.

.SUBSIDI A RY COMP A NIES A ND T HEIR A CCOUN T S

The Company's six subsidiaries i.e. Maruti Insurance Business Agency Limited, MarutiInsurance Distribution Services Limited, Maruti Insurance Agency Solutions Limited,Maruti Insurance Agency Network Limited, Maruti Insurance Agency Services Limited andMaruti Insurance Agency Logistics Limited are engaged in the business to sell motor insurance P olicies to owners of Maruti Suzuki vehicles.In 2008-09, the insurance busi ness generated a total income of Rs. 1152.82 million whichincludes dividend income of Rs. 37.35 million earned from investments in mutual funds.P rofit before tax ( P BT) for 2008-09 was Rs. 498.80 million. The total new policies issuedduring the year were 662,606 while 1,459,328 policies were renewed.

T he seventh subsidiary namely True Value Solutions Limited has contributed towards

smooth operations of business processes and supported the dealerships in enhancing thesale of certified pre-owned cars under the brand 'Maruti True Value'. It has contributedsignificantly to the efforts of customer retention by facilitating re -purchase of new cars andhas made significant contribution towards enhancing dealers' profitability. In terms of approval granted by the Central Government under Section 212(8) of the Companies Act,1956, copy of the balance sheets, profit & loss accounts, reports of the board of directorsand auditors of the subsidiary companies have not been attached with the balance sheetof the Company. These documents will be made available upon request byany investor of the Company or subsidiary companies and shall be kept for inspection by any investor atthe registered office of the Company.


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However, as directed by the Central Government, the financial data of the subsidiarieshave been furnished under Financial Statement of Subsidiary Companies forming part of the annual report. Further, pursuant to Accounting Standard AS -21 issued by the Instituteof Chartered Accountants of India, consolidate d financial statements presented by theCompany include the financial information of its subsidiaries.

9. CORPOR AT E GOVERN A NCEThe Company has complied with the corporate governance requirements, as stipulatedunder clause 49 of the listing agreement and the stipulated certificate of compliance iscontained in this annual report.


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R a tio

A n a lysis


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LIQUIDI T Y A ND SOLVENCY R AT IOS

Ratio 31.03.09 31.03.0 31.03.07

Current Ratio Current Assets/CurrentLiabilities

54911/339761.61

30979/282571.09

38341/250151.53

Quick Ratio Current Assets inventory/Current

Liabilities

45888/339761.35

20599/282570.72

31327/250151.25

Debt Equity Ratio

Debt /Equity6989/934490.07 9002/841540.11 6308/685390.092

Fixed A sset Ratio Fixed Asset/Long

term funds

40708/1004380. 0

32965/931560.35

26597/748470.355

Shareholders

Equity Ratio Shareholdersequity/ Total Assets

93449/1019890.91 84154/948570. 68539/765220. 9

Interest CoverageRatio

EBIT/Interest

17268/5103

25626/5962.9

23174/37661.6


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INT ERPRE TAT ION OF R AT IOS

LIQUIDI T Y R AT IOS

1. CURREN T R AT IO

This ratio measures the solvency of the company in the short term. Current assetsare those assets which can be converted into cash within a year. Current liabilitiesare those liabilities which can be paid off within a year. This ratio m easures the shortterm solvency of the firm. It states the number of times a company's CL are coveredby its CA. The satisfactory Current Ratio is 2:1.

2009: 1.61

200 : 1.09

In the current year the firm has better ability to meet its current obligation than itsprevious year 2008.

2. QUICK R AT IO

It is the ratio that Is used to Measure Companys ability to meet its currentobligations. A quick ratio of 1:1 indicates highly solvent position. This ratio serves asa supplement to current ratio in analysing liquidity.

2009: 1.35

200 : 0.72

The liquid ratio is not so good in the year 2008. but it becomes more than 1 in t heyear 2009 which shows that they will pay their short term debts easily. This impliesthat bank is acquiring more assets which make it solvent for a particular year.

0 1 2

2006-07

2007-08

2008-09

Cu rrent ratio

urrent ratio


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3. DEB T -EQUI T Y R AT IO

This indicates the relationship between net worth of the company and loan funds. Adebt equity ratio of 2:1 is accepted by financial institutions for financing projects.

2009: 0.07

200 : 0.11

From 2008 to 2009 the companys debt equity ratio is decreasing . This shows thatthe company is becoming low geared.

. FIXED A SSE T R AT IO

This ratio indicates the amount of long term funds deployed in fixed assets. Fixedassets represent the net assets. Long term funds include share capital, reserves andsurplus and long term loans.

2009: 0. 0

200 : 0.35

In 2009 the ratio is higher so it shows that funds will be safer at the time of liquidation.

0 0.5 1 1.5

2006-07

2007-08

2008-09

Qu ick ati

Quick Ratio

0 0.05 0.1 0.15

2006-072007-082008-09

Debt Eq u it rati

Debt Equityratio


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5. SH A REHOLDERS EQUI T Y R AT IO

This ratio shows the relationship between shareholders funds and total assets. Thisratio indicates the degree to which unsecured creditors are protected against loss inthe event of liquidation.

2009: 0.91

200 : 0.

In 2009 as the ratio is more it shows that as there is larger proportion of equity,financial position of firm is stronger.

6. IN T ERES T COVER A GE R AT IO

The interest coverage ratio shows how many times interest charged is covered byfunds that are available for payment of interest. It shows how many times companycan cover its current interest payments out of current profits.

2009: 3

200 : 2.9

Since the ratio has fallen in 2009 from 2008 it shows there has been excessive useof debt.

0.3 0.35 0.4 0.45

2006-07

2007-08

2008-09

F ixe

Asset ati !

Fixed AssetRatio

0.86 0.88 0.9 0.92

2006-07

2007-08

2008-09

Shareh ! l

ers Eq u it " ati !

S # are # oldersEquity Ratio

0 50 100

2006-07

2007-08

2008-09

Interest Cov erage ati o

Interest$ overage Ratio


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T URNOVER R AT IOS

Ratio 31.03.09 31.03.0 31.03.07

203583/407085.01

178603/329655. 1

Fixed A ssetT urnover

Ratios

Sales/Net block 145922/26597

5.WorkingCapital

T urnover Ratios

Netsales/Working

capital203583/20935

9.72 178603/2722

65.6

145922/13326

10.95

DebtorsT urnover ratio

Net creditsales/Average

AccountsReceivable

203583/787225.

178603/7014.5

25. 6

145922/7474*19.52

DebtCollection

Period 365/DTR365/25.8

1 .1 365/25.46

1 .33

365/19.52

1 .69

InventoryT urnover Ratio

**COGS/Average stock 30. 6 22.93 2 .76

T otal A ssetsT urnover Ratio

Sales/Total Assets

203583/1019891.99

178603/948571.

145922/76522

1.90

*Since we have not been given values for the year ending 31 -03-06 we have takenaverage debtors from the balance sheet as debtors as on 31 -03-07.

Cogs calculated as peer schedule 18.


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T URNOVER R AT IOS

1. FIXED A SSE T T URNOVER R AT IO

The fixed asset turnover ratio is calculated to analyse whether the investment infixed asset is justified in relation to the sales achieved .

2009: 5.01

200 : 5. 1

The companys fixed asset turnover ratio has fallen from the previous year whichshows that in the previous year the utilization of fixed asset was better.

2. WORKING C A PI TA L T URNOVER R AT IO

The Working capital turnover ratio is used to indicate the number of times a unitinvested in working capital produces sales. Higher the ratio, the better it is This ratioindicates the extent of working capital turned over in achieving sales of the firm.

2009: 9.72

200 :65.6

It has decreased majorly from 65.6 in 2008 to 9.72 in 2009. This shows that working

capital has been efficiently used in making sales.

4.5 5 5.5 6

2006-07

2007-08

2008-09

F ixed Asset Tu rno v er ratio

Fixe % &

ssetT' r ( ) ver rati )


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3. DEB T ORS T URNOVER R AT IO

Debtors turnover measures whether the amount of resources tied up debtors isreasonable and whether the company has been reasonable in converting debtorsinto cash.

2009: 25.

200 : 25. 6

The ratio has increased in 2009 from 25.67 of 2008 to 26.33. this shows that higher the ratio better the position.

. DEB T COLLEC T ION PERIOD

This calculates how long it takes to collect amount from debtors. This actualcollection period can be compared with the stated credit terms of the company. If it islonger than those terms, it indicates inefficiency in collecting debts.

2009: 1 .1

200 :1 .33

The debt collection period has fallen a bit since the previous year. This indicates thatin 2008 there was more efficiency in collecting debts than in 2009.

0 50 100

2006-07

2007-08

2008-09

W o rki g CapitalTu r ov er rati o

0

orking1 apitalTurnoverratio

0 10 20 30

2006-07

2007-08

2008-09

Debt o rs Tu r ov er rati o

2 e 3 torsTurnover ratio


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5. INVEN T ORY T URNOVER R AT IO

The level of inventory in a firm may be assessed by the use of this ratio whichmeasures how much has been tied up in this ratio. This shows whether investment instock has been fruitful or not.

2009: 30. 6

200 : 22.93

The companys ratio has increased since the previous year which enables the firm toearn a reasonable margin of profit.

6. T OTA L A SSE T S T URNOVER R AT IO

This indicates the number of times total assets are being turned over in a year.

2009: 1.99

200 : 1.

If the ratio is higher it indicates overtrading of total assets, while a low ratio indicatesidle capacity.

1.8 1.85 1.9 1.95 2

2006-07

2007-08

2008-09

Total assets t u rno v er ratio

T4 tal assetst 5 r 6 4 ver rati 4


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PROFI TA BILIT Y R AT IOS

Ratio 31.03.09 31.03.0 31.03.07

Gross Margin(%) Sales-COGS / Sales

203583-161768/

203583

20.53

178603-141056/

178603

21.02

16.66

Net ProfitMargin(%) P AT/Sales

12187/2035835.9

17308/1786039.6

15620/145922

10.7

Operating ProfitMargin(%)

OperatingP rofit(P BT+DE P +INT)/Sales

24333/20358311.9

31308/17860317.5

25888/145922

17.7

Return On capitalemployed P rofit after tax/Net worth

12187/10324111.

17308/956661 .09

15620/7484720. 6


PROFI TA BILIT Y R AT IOS

1. GROSS PROFI T MA RGIN

This ratio measures the gross profit margin on the total net sales made by thecompany. It represents the excess of sales proceeds during the year under observation over their cost, before taking into account administration, selling anddistribution cost. It measures the efficiency of the firms operations.

2009: 20.53

200 : 21.02

There has been a variation in gross profit ratio. It indicates the efficiency with whichproducts are produced.


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2. NE T PROFI T MA RGIN

This ratio is designed to focus attention on the net profit margin arising frombusiness operations before interest and tax is deducted. This ratio measures theefficiency of operations of the company.

2009: 5.9

200 : 9.6

Since it has decreased in 2009 from the previous year it Indicates managements fallin efficiency in manufacturing, administrating and selling a product .

3. OPER AT ING PROFI T MA RGIN

A high ratio indicates efficiency of company to generate operating profits out of sales.

2009: 9.1200 : 11.9

Operating profit has decreased since last year which is not good for the firm.

0 10 20 30

2006-07

2007-08

2008-09GRO SS ROF IT R ATIO

GROSSPROFIT RATIO

0 5 10 15

2006-07

2007-08

2008-09

N et pr of it margi (%)

Net profitmargin( 7 )


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4 . RE T URN ON C A PI TA L EMPLOYED

It is also called as return on investment. Strategic aim of business is to earn a returnon capital. If return is not satisfactory, the deficiency should be corrected or theactivity be abandoned.

2009: 11.

200 : 1 .09

It helps in assessment of profitability of each proposal. It indicates how effectivelyoperating assets are used in earning returns.

0 10 20

2006-07

2007-08

2008-09

OP ER ATING PROF IT R ATIO

8 9 E@ A

TIB C 9 @ 8 FIT @

A

TI8

0 10 20 30

2006-07

2007-08

2008-09

R ET RN ON CAP ITAL E POY E

@ ETD @ B 8 B E

A

9 ITA

LEF 9 8 YEG


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MA RKE T B A SED R AT IOS

*EP S and D P S is taken as per the annual reports of the company.


1. E A RNING PER SH A RE

The Earning per Share measures the overall profitability in terms of per equity shareof capital contributed.

2009: 4 2.1

200 : 59. 9

The earning per share has fallen since last year from 59.89 to 42.18. This shows thatthe investment in shares in future might be lesser.

0 50 100

2006-07

2007-08

2008-09

Earning Per Share

Earning PerS H are

Ratio Formula 31 03-09 31 03-0 31-03-07

Earning Per

Share(EPS)*

Earnings available /No

of shares 4 2.1 59. 9 54 . 07

DividendPerShare(DPS) Dividend P aid/No of

Shares 3.5 5 4 .5

Pay out Ratio DP S/E P S 0.12 0.0 3 .09


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C omp

ar

ativeBa l a nce Sh eet

a nd Profit a nd loss a ccount


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CO PARATIV E BALANCE SHEET f or ear ending 2007 and 2008

SOURCES OF F UNDS

SCHEDULE As on31. 0 3. 08

As on31. 0 3. 07

Absol u teDiff erence

PercentageDiff erence

SHAREHOLDERSF UNDS

T apital 1 1445 1445 0 0

Reserves andsurplus

2 82709 67094 15615 23.27 U

Total 84154 68539 15615 22.78 U

LOAN FUNDS

Secured Loans 3 1 635 -634 99.84 U

Unsecured Loans 4 9001 5673 3328 58.66 U

Total 9002 6308 2694 42.70 U

DEF ERREDTAX

Deferred taxliabilities

2697 2776 -79 -2.84 U

Deferred tax assets (996) (1101) -105 -9.53 U

Total 1701 1675 26 1.55 U

TOTAL 94857 76522 18335 23.96 U

APPLICATI ON OF F UNDS

FIXED ASSETS 5

Gross V lock 72853 61468 11385 18.52 U

Less: Depreciation (39888) (34871) 5017 143.87 U

Total 32965 26597 6368 23.94U

T apital W ork inProgress

6 7363 2507 4856 193.69 U

TOTAL 40328 29104 11224 38.56 U

INVESTM ENT 7 51807 34092 17715 51.96 U


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CURRENT ASSETS,LOANS &ADVA NCES

Inventory 8 10380 7014 3366 47.99 X

Sundry Debtors 9 6555 7474 -919 12.29 X

Y as ` & a anka alance

10 3305 14228 -10923 76.77 X

Ot ` er currentAssets

11 331 384 -53 -13.80 X

Loans & Advances 12 10408 9241 1167 12.62 X

Total 30979 38341 -7362 19.20 X

LESS CURRENT LIABILITIES &PROVISION

Y urrent liabilities 13 24562 20110

Provisions 14 3695 4905 -400 8.15 X

Total 28257 25015 3242 12.96 X

Net Y urrent Assets 2722 13326 -10604 79.57 X

TOTAL 94875 76522 18353 23.98 X


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COM PARATIV E BALANCE SHEET FOR YEAR ENDING 2008 AND 2009


As on31. 0 3. 08



SOURCES OF F UNDS

SHAREHOLDERSFUNDS

b apital 1 1445 1445 0 0

Reserves andsurplus

2 92004 82709 9295 11.24 c

Total 93449 84154 9295 11.045 c

LOAN FUNDS

Secured Loans 3 1 1 0 0

Unsecured Loans 4 6988 9001 -2013 -22.36 c

Total 6989 9002 -2013 -22.36 c

DEF ERREDTAX


2340 2697 -357 -13.23 c

Deferred tax assets (789) (996) 207 -20.78 c

Total 1551 1701 -150 -8.81 c

TOTAL 101989 94857 7132 7.51 c


FIXED ASSETS 5

Grossd

lock 87206 72853 14353 19.70c

Less: Depreciation (46498) (39888) -6610 16.57 c

Total 40708 32965 7743 23.48 c

b apital e ork inProgress

6 8613 7363 1250 16.97 c


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TOTAL 49321 40328 8993 22.29 f

INVESTM ENT 7 31733 51807 -20074 38.74 f

CURRENT ASSETS,LOANS &

ADVA NCES

Inventory 8 9023 10380 -1357 -13.07 f

Sundry Debtors 9 9189 6555 2634 40.18 f

g as h & i anki alance

10 19390 3305 16085 486.68 f

Ot h er currentAssets

11 981 331 650 196.37 f

Loans & Advances 12 16328 10408 5920 56.87 f

Total 54911 30979 23932 77.2 f


g urrent liabilities 13 30169 24562 5607 22.8 f

Provisions 14 3807 3695 112 3.03 f

Total 33976 28257 5719 20.23f

Net g urrent Assets 20935 2722 18213 669.10 f

TOTAL 1 0 1 989 9 487 5 7 11 4 7 .5 p

INTERPRETATI ON

COMP A R AT IVE B A LA NCE SHEE T A NA LYSIS

1. Shareholders funds have increased by 11.045% as reserves and surplus haveincreased by 11.24% but no change occurs in share capital.

2. Secured loans have not changed and unsecured loans have decreased by22.36% but deferred tax liability has decreased by 13.23% .


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3. Fixed assets have increased by 22.29% which shows that productivity has

declined.

4. Investments have decreased by 38.74% .

5. Sundry debtors have increased by 40.18% , inventories have decreased by13.07% ,cash and bank balance have increased by 486.68% and loans andadvances have increased by 56.87% but current liabilities have increased by22.8% and provisions have increased by 3.03% ,as a result, net current assetshave increased by 669.10% .


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COM PARATIV E PROF IT & LOSS ACC OUNT f or ear ending 2007 and 2008


As on31. 0 3. 07



INCOM E

Gross Sales 15 209493 171442 38051 22.19 q

Less Excise Duty 30890 25520 5370 21.04 q

Net Sales 178603 145922 32681 22.40 q

Income from Services 759 617 142 23.01 q

Ot r er Income 16 8371 5984 2387 39.89 q

Total 187733 152523 35210 23.09 q

EXPENDITURE

s onsumption of ra t materials andcomponents

130342 101374 28968 28.58 q

Purc r ases or tradedgoods

7771 6159 1612 26.17 q

s onsumption or stores 1470 1097 373 34.00 q

Employee Remuneration 17 3562 2884 678 23.51 q


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Selling and Distributionexpenses

19 5602 4999 603 12.06 u

Total 159540 124771 34769 27.87 u

less ve v icles for o w n use

add Increase/decrease inw ork in progress

198 143 55 38.46 u

Finis v ed goods and spareparts

21 -2917 2007 -4924 -245.34

Total 156425 126635 126635 23.52 u

Earnings be f ore Interest,Tax, De x reciation andAm ortization

31308 25888 5420 20.94 u

Interest 20 593 376 217 57.71 u

Depreciation 5 5682 2714 2968 109.36 u

Pro f it Be f ore Tax 25030 22798 2232 9.79 u

less cas v expenses-current tax

7509 6089 1420 23.32 u

Deferred tax 26 67 -41 -61.19 u

Fringe benefit tax 98 125 -27 -21.60 u

Previous Years 89 125 -36 -28.80 u

Pro f it Af ter Tax 25030 22798 2232 9.79 u


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Add braug y t for ardfrom previous yearaccount

56373 43939 12434 28.30

Profit available forappropriation

73681 59471 14210 23.89

General reserve 1731 1562 169 10.82

Proposed Dividend 1445 1300 145 11.15

orporate dividend tax 248 219 29 13.24

alances carried for ardto balance s y eet

70257 56373 13884 24.63

asic Diluted Earning pers y are in Rs

59.91 54.06 5.85 10.82

COM PARATIV E PROF IT & LOSS ACC OUNT f or ear ending 2008 and2009


As on31. 0 3. 08



INCOM E

Gross Sales 15 230852 209493 21359 10.20

Less Excise Duty 27260 209493 -3621 -11.72

Net Sales 203583 178603 24980 13.99

EXPENDITURE

onsumption of ra 150598 130342 20256 15.54


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materials and components

Purc ases or traded goods 7256 7771 -515 -6.63

onsumption or stores 1978 1470 508 34.56

Employee Remuneration 17 4711 3562 1149 32.26

Manufacturing,Administrative and ot er expenses

18 15685 10793 4892 45.33


19 7382 5602 1780 31.77

Total 187610 159540 28070 17.59

Finis ed goods and spare

parts

21 2818 2917 5735 -196.61

Earnings be f ore Interest,Tax, De reciation andAm ortization

24333 31308 -6975 -22.28

Interest 20 510 593 -83 -14.00

Depreciation 5 7065 5682 1383 24.34

Pro f it Be f ore Tax 16758 25030 -8272 -33.05


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less cas expenses-currenttax

4592 7509 -2917 -38.85

Deferred tax -118 26 -144 -553.85

Fringe benefit tax 97 98 -1 -1.02

Previous Years 0 89 -89 -100.00

Pro f it Af ter Tax 12187 17308 -5121 -29.59

Add braug t for ard fromprevious year account

70257 56373 13884 24.63

Profit available for

appropriation

82444 73681 8763 11.89

Proposed Dividend 1011 1445 -434 -30.03

orporate dividend tax 172 248 -76 -30.65

alances carried for ardto balance s eet

80042 70257 9785 12.29

asic Diluted Earning per

s

are in Rs

10 42.18 59.91 -17.73 -29.59

INT ERPRE TAT ION

A comparative income statement shows the operating results for a number of

accounting periods so that changes in data in terms of money and percentage from

one period to another may be known.

Comparative income statement is prepared with the objective to analyse the incomeand expenditure for two or more years. And to review the business operations of the

last year and its likely effect on the current years operations.

Now having a look at the comparative income statement of the company for the year

2008 -2009 we note that the gross sales of the company increased by Rs 21359

which accounted for a rise by 10.20%. A decrease in the value of excise duty was


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observed for 2008 to 2009 which accounted for 11.72%. this caused net sales to

increase to Rs 203583 ie 13.99% increase. The income from services recorded an

increase of Rs 211 in absolute terms whereas it was 27.80% in percentage terms.

Other incomes also rose by 19.28%.

Thus the overall change in incomes was found to be 14.28%.

Coming up to the expenditure side it was seen that the consumption of raw materials

and components rose by Rs 20256 which was a 15.54% increase. Whereas the

purchases fell by 6.63% from year 2008 to 2009.

Employee remuneration saw an increase by Rs 1149 which might have been

because of promotions or employment of more no of people at work. Manufacturing,

administrative and other expenses also rose by 45.33% which certainly shows that

the scale of operations might have increased. Other expenses like selling and

distribution also saw a rise of Rs 1780.

After taking into consideration the vehicles for own use, work in progress, finished

goods and spare parts the earnings before interests, taxes and depreciation came

out to be24333 for the year 2009 which was a 22.28% decrease from Rs 31308 in

2008.

Finally the profit after tax for the company was also seen to fall to Rs 12187 maybebecause of high tax rates imposed. The profit available for appropria tion was found

to be Rs 82444. Both the general reserve and proposed dividend experienced a fall

29.58% and 30.03% respectively. And the basic diluted earnings per share was

recorded as Rs 42.18 which was a 29.59% decrease from the year 2008.


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C ommon sizeBa l a nce s h eet a nd Profit a nd

loss


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COMM ON SIZE BALANCE SHEET FOR YEAR ENDING 2007 AND 2008


As on31. 0 3. 07

Percentage O F

Total

Percentage O F

Total

SOURCES OF FUNDS

As on 31. 0 3. 08 As on 31. 0 3. 07

SHAREHOLDERSFUNDS

apital 1 1445 1445 1.52 1.89

Reserves andsurplus

2 82709 67094 87.19 87.68

Total 84154 68539 88.71 89.56

LOAN FUNDS

Secured Loans 3 1 635 0.00 0.83

Unsecured Loans 4 9001 5673 9.49 7.41

Total 9002 6308 9.49 8.24

DEFERREDTAX

Deferred tax

liabilities

2697 2776 2.84 3.64

Deferred tax assets (996) (1101) (1.05) (1.44)

Total 1701 1675 1.79 2.2

TOTAL 9 48 57 7 65 22 1 00% 1 00%

APPLICATI ON OF FUNDS

FIXED ASSETS 5

Gross lock 72853 61468 76.80 80.33

Less: Depreciation (39888) (34871) (42.05) (45.57 )

Total 32965 26597 34.75 34.76


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Capital ork inProgress

6 7363 2507 7.76 3.28

TOTAL 40328 29104 42.51 38.03

INVESTM ENT 7 51807 34092 54.62 44.55

CURRENT ASSETS,LOANS &ADVA NCES

Inventory 8 10380 7014 10.94 9.17

Sundry Debtors 9 6555 7474 6.91 9.77

Cas & ank alance

10 3305 14228 3.48 18.59

Ot er currentAssets

11 331 384 0.35 0.50

Loans & Advances 12 10408 9241 10.97 12.08

Total 30979 38341 32.65 50.10


Current liabilities 13 24562 20110 25.89 26.28

Provisions 14 3695 4905 3.90 6.41

Total 28257 25015

Net Current Assets 2722 13326 2.87 17.41

TOTAL 9 487 5 7 65 22 1 00 . 00% 1 00 .00%


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COMM ON SIZE BALANCE SHEET AS ON 2008 AND 2009


As on31. 0 3. 08

Percentage o f Total

Percentage o f Total

SOU

RC

ES OF

F UNDS

As on31. 0 3. 09

As on31. 0 3. 08

SHAREHOLDERSFUNDS

Capital 1 1445 1445 1.42 1.52

Reserves andsurplus

2 92004 82709 90.21 87.19

Total 93449 84154 91.62 88.71

LOAN FUNDS

Secured Loans 3 1 1 0.00 0.00

Unsecured Loans 4 6988 9001 6.85 9.49

Total 6989 9002 6.85 9.49

DEF ERREDTAX


2340 2697 2.29 2.84

Deferred tax assets (789) (996) (0.77) (1.05)

Total 1551 1701 1.52 1.79

TOTAL 101989 94857 100 100


FIXED ASSETS 5

Gross lock 87206 72853 85.51 76.80

Less: Depreciation (46498) (39888) (45.59) (42.05)

Total 40708 32965 39.92 34.75

Capital ork inProgress

6 8613 7363 8.45 7.76


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INT ERPRE TAT ION

COMMON SIZE B A LA NCE SHEE T A NA LYSIS

Current assets as a percentage of total assets have increased to 53.84% in 2009 as

compared to 32.65% in 2008.Net current assets in 2009 were only 20.53% ,which were

2.87% in 2008.This increase was shared by cash and debtors while inventories showed a

decrease implying the sales were high, even though the current liabilities rose. The value of

net assets has risen substantially indicating a high liquidity. The total long term debt has

fallen by 2.64% which shows the repayment. Reserves have shown an increas e in the

current year.


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COMM ON SIZE PROF IT & LOSS ACC OUNT f or ear ending 2007 and2008


As on31. 0 3. 08

Comm on Sizeon 31. 0 3. 08


INCOM E

Gross Sales 15 230852 209493 117.30 j 117.49 j

Less Excise Duty 27260 209493 17.30 j 17.49 j

Net Sales 203583 178603 100.00 j 100.00 j

Income from Services 970 759 0.42 j 0.42 j

Ot k er Income 16 9985 8371 4.69 j 4.10 j

Total 214538 187733 105.11 j 104.52 j

EXPENDITURE

Consumption of ra l materials and components

150598 130342 72.98 j 69.47 j

Purc k ases or traded goods 7256 7771 4.35 j 4.22 j

Consumption or stores 1978 1470 0.82 j 0.75 j

Employee Remuneration 17 4711 3562 1.99 j 1.98 j


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Fringe benefit tax 97 98 0.05 0.09

Previous Years 0 89 0.05

0.09

Pro f it Af ter Tax 12187 17308 9.69 10.70

Add braug t for ard fromprevious year account

70257 56373 31.56 30.11

Profit available forappropriation

82444 73681 41.25 40.76

General Reserve 1219 1731 0.97 1.07

Proposed Dividend 1011 1445 0.81 0.89

Corporate dividend tax 172 248 0.14 0.15

alances carried for ard tobalance s eet

80042 70257 39.34 38.63

asic Diluted Earning pers are in Rs

10 42.18 59.91 0.03 0.04


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COMM ON SIZE PROF IT & LOSS ACC OUNT f or ear ending 2008 and 2009


As on31. 0 3. 08



INCOM E

Gross Sales 15 230852 209493 113.39 117.30

Less Excise Duty 27260 209493 13.39 17.30

Net Sales 203583 178603 100.00 100.00

Income from Services 970 759 0.48 0.42

Ot er Income 16 9985 8371 4.90 4.69

Total 214538 187733 105.38 105.11

EXPENDITURE

Consumption of ra materials and components

150598 130342 73.97 72.98

Purc ases or traded goods 7256 7771 3.56 4.35

Consumption or stores 1978 1470 0.97 0.82

Employee Remuneration 17 4711 3562 2.31 1.99

Manufacturing,Administrative and ot er expenses

18 15685 10793 7.70 6.04


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19 7382 5602 3.63 3.14

Total 187610 159540 92.15 89.33

less ve icles for o z n use

add Increase/decrease inz ork in progress

223 198 0.11 0.11

Finis ed goods and spareparts

21 2818 2917 1.38 -1.63

Total 190205 156425 99.43 87.58

Earnings be f ore Interest,Tax, De { reciation andAm ortization

24333 31308 11.95 17.53

Interest 20 510 593 0.25 0.33

Depreciation 5 7065 5682 3.47 3.18

Prof it Be

f ore

Tax 16758 25030 8.23

14.01

less cas expenses-currenttax

4592 7509 2.26 4.20

Deferred tax -118 26 -0.06 0.01


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Fringe benefit tax 97 98 0.05 | 0.05 |

Previous Years 0 89 0.00|

0.05|

Pro f it Af ter Tax 12187 17308 5.99 | 9.69 |

Add braug } t for ~ ard fromprevious year account

70257 56373 34.51 | 31.56 |

Profit available for

appropriation

82444 73681 40.50 | 41.25 |

General Reserve 1219 1731 0.60 | 0.97 |

Proposed Dividend 1011 1445 0.50 | 0.81 |

Corporate dividend tax 172 248 0.08 | 0.14 |

alances carried for ~ ard tobalance s } eet

80042 70257 39.32 | 39.34 |

asic Diluted Earning pers } are in Rs

10 42.18 59.91 0.02 | 0.03 |

INTERPRETATI ON

An income statement in which each account is expressed as a percentageof the value of sales. This type of financial statement can be used to allow for easy

analysis between companies or between time periods of a company.

Common size income statement analysis allows an analyst to determine how the

various components of the income statement affect a company's profit.


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Now the income statement of the company shows that the gross sales have

increased by 113.39% from year 2008 to 2009. As far as the excise dut y is

concerned it was Rs 27260 in 2009 which was comparatively less than Rs 30890 in

2008. Thus the observed figure for net sales in 2009 was Rs 203583. The income

from services saw a gradual increase from 0.42%to 0.48% over the whole financial year. Oth er incomes also rose by around 4.90%

which in absolute terms was close to Rs 9985.

Coming up to expenditures column it is seen that the consumption of raw materials

and components increased by 73.97%. Overall expenses increased b y 92.15%.at

this point after taking into consideration vehicles for own use, change in work in

progress, finished goods and spare parts etc the net expenditure changed from

16425 to 190205. The reason can be somewhat increase in the scale of operations

of the business firm.

Earnings before interests, taxes and depreciation was 24333 for year 2009 which

was comparatively lower than the increase from 2007 to 2008. Similarly the profit

after tax was a bit lower ie around Rs12187.

Finally by taking into account also the previous years profits, general reserve,

proposed dividend etc the overall figure for profits was lower than that of 2008 but

still was a favorable amount depicting a clear picture of the affairs of the company.


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LIMITAT IONS OF T HE PROJEC T

1. Time constraint- Due to shortage of time we were not able to put in moreefforts in the analysis.

2. Not comparable: When results of two enterprises are being compared itshould be kept in mind that same accounting policies are followed.

3. Effect of price level changes: No consideration is given to price level changesin the accounting variables which affects the comparability.

4. P ersonal bias: Different people calculate and interpret the financial statementsdifferently. So it is not free from personal bias.


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ANNEXURE S


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INDIVIDU AL C ONTRI B UTION

FOR COM P LETING THE WHOLE ACCOUNTS P ROJECT ALL GROU P MEMBERS HAVE CONTRIBUTED EQUALLY IN TERMS OF TIME AND

EFFORT. BUT TO MAKE IT SIM P LER AND CONVENIENT THEWHOLE WORK WAS BEING DIVIDED.

The details of company and the important points related to directorsstatement were covered by MEETALI BANSAL.

Ratio analysis and compilation was done by RITIKA SURI

Comparative and common size balance sheet and their analysis werebeing prepared by NISHANT MENDIRATTA AND MEETALI BANSAL.

Comparative and common size income statements were prepared by

SAKSHI KALRA AND NAMAN P OP LI.

. .

35917354 Annual Report Analysis Maruti Suzuki Ltd 2 1

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Transcript of 35917354 Annual Report Analysis Maruti Suzuki Ltd 2 1