CITY PREMIER COLLEGE

INTRODUCTION TO FINANCIAL MANAGEMENT

Financial management refers to the efficient and effective management of money (funds)
in such a manner as to accomplish the objectives of the organization. It is the specialized
function directly associated with the top management. The significance of this function is
not seen in the 'Line' but also in the capacity of 'Staff' in overall of a company. It has been
defined differently by different experts in the field.

The term typically applies to an organization or company's financial strategy,

while personal finance or financial life management refers to an individual's management
strategy. It includes how to raise the capital and how to allocate capital, i.e. capital
budgeting. Not only for long term budgeting, but also how to allocate the short term
resources like current liabilities. It also deals with the dividend policies of the
shareholders.

INTRODUCTION TO RATIO ANALYSIS

Ratio analysis is indispensable part of interpretation of results revealed by the financial
statements. It provides users with crucial financial information and Points out the areas
which require investigation. Ratio analysis is a technique which involves regrouping of
data by application of arithmetical relationships, though its interpretation is a complex
matter. It requires a fine understanding of the way and the rules used for preparing
financial statements. Once done effectively, it provides a lot of information which helps
the analyst:
1. To know the areas of the business which need more attention;
2. To know about the potential areas which can be improved with the Effort in the desired
direction;
3. To provide a deeper analysis of the profitability, liquidity, solvency and efficiency
levels in the business;
4. To provide information for making cross-sectional analysis by Comparing the
performance with the best industry standards; and

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ADVANTAGES OF RATIO ANALYSIS

The ratio analysis is properly done improves the user’s understanding of the efficiency
with the business is being conducted. The numerical relationship throw light on many
latent aspects of the business. If properly analyzed, the ratios make us understand various
problem areas as well as the bright spots of the business. The knowledge of problem
areas help management take care of them in future. The knowledge of areas which are
working better helps you improve the situation further. It must be emphasized that ratio
are means to an end rather than the end in themselves. Their role is essentially indicative
and that of a whistle blower. There are many advantages derived from ratio analysis.
These are summarized as follows:
1. Helps to understand efficacy of decisions.
2. Simply complex figures establish relationships.
3. Helpful in comparative analysis.
4. Identification of problem areas.
5. Enables SWOT analysis.
6. Enables comparison in performance.
7. Time series analysis.
8. Cross sectional analysis.
Limitations of ratio analysis
Since the ratios are derived from the financial statements, any weakness in the original
financial statements will also creep in the derived analysis in the form of ratio analysis.
Hence to interpret the ratios, the user should be aware of the rules followed in the
preparation of financial statements and also their nature and limitations of ratio analysis
which arise primarily from the nature of financial statements are as under:
1. Limitation of accounting data.
2. Ignorance price level changes.
3. Ignore qualitative or non-monetary aspects.
4. Variations in accounting practices.
5. Lack of ability to resolve problem.
6. Lack of standardized definitions.
7. Lack of universally accepted standard levels.

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Company profile of B. D. Iron agencies

Name: B. D. Iron agencies

Address: 150, small factory area, bagadganj, Nagpur 440008

Started on: 1/4/2002

Type: sole proprietor

Deals in: angles, channels, I beams, square pipes, round pipes, TMTs, rounds, squares

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Company profile of Shree Jalaram steel traders

Name: Shree Jalaram steel traders

Address: 150, small factory area, bagadganj, Nagpur 440008

Started on: 1/4/2002

Type: sole proprietor

Deals in: angles, channels, I beams, square pipes, round pipes, TMTs, rounds, squares

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RESEARCH STUDY

CORE TOPIC

Financial statements aim at providing financial information about a business enterprise to

meet the information need of the decision makers. Financial statements prepared by a
business enterprise in the corporate sector are published and are available to the decision
makers. These statements provide financial data which require analysis, comparison and
interpretation for taking decision by external as well as internal users of accounting
information. This act is termed as financial statement analysis. It is regarding as an
integral and important part of accounting. As indicated in the previous chapter, the most
commonly used technique of financial statements analysis are comparative statements,
common size statements, trend analysis, accounting ratios and cash flow analysis.
As stated earlier, accounting ratios are an important tool of financial statements
analysis. A ratio is a mathematical number calculated as a reference to relationship of two
or more numbers and can be expressed as a fraction, proportion, percentage and a number
of times. When the number is calculated by referring to two accounting numbers derived
from the financial statements, it is termed as accounting ratio.
In need to be observed that accounting ratios exhibit relationship, if any, between
accounting numbers extracted from financial statements. Ratios are essentially derived
numbers and there efficacy depends a great deal upon the basic numbers from which they
are calculated. Hence, if financial statements contain some errors, the derived numbers in
terms of ratio analysis would also present an erroneous scenario. Further, a ratio must be
calculated by using numbers which are meaningfully correlated. A ratio calculated by
using two unrelated numbers would hardly serve any purpose.

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OBJECTIVES OF RATIO ANALYSIS

Ratio analysis is indispensable part of interpretation of result reveled by the financial

statements. It provides users with crucial financial information and points out the areas
which require investigation. Ratios analysis is a technique which involves regrouping of
data by application of arithmetical relationships, through its interpretation is a complex
matter. It requires a fine understanding of the rules used for preparing financial
statements. Once done effectively, it provides a lot of information which helps the
analysis:

1. To know the areas of the business which need more attention.

2. To know about the potential areas which can be improved with the effort in the desired
direction.
3. To provide a deeper analysis of the profitability, liquidity, solvency and efficiency
levels in the business.
4. To provide information for making cross sectional analysis by comparing the
performance with the best industry standards.
5. To provide information derived from financial statements useful for making
projections estimates for the future.

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PROBLEM DEFINITION OF RATIO ANALYSIS

• The main purpose of the study is to compare the financial statements of B.D.Iron
agencies and Shree Jalaram steel traders through ratio analysis for the period 2011-15.
• Financial management is one of the most important and integral part of any company.
Understanding the financial position of the company which is necessary for the stake
holders. The terms and financial jargons are least understood by common people.
• The project would study the problem of understanding the financial problem in easy and
presentable firm in better way to help the stake holders for the decision making process.

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OBJECTIVES OF THE STUDY

 To study the theoretical perspective of the study.

 To study the financial positions of B. D. Iron agencies and Shree Jalaram steel traders
on the basis of ratio analysis.
 To study the liquidity position of B. D. Iron agencies and Shree Jalaram steel traders.
 To understand the concept of ratio analysis.
 To know about how the different ratios are used to find out the true position of the
business.
 To study on profitability management.
 To study on the assessment of risk management in the financial statements.
 To analyses the ratios and future prospects of the company on the basis of ratio
analysis.

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HYPOTHESIS

The hypothesis taken under consideration for the study is:

• Both company have cash balance on the basis of their needs.

• Liquidity of long term and short term of Shree Jalaram steel traders is high.

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SCOPE OF STUDY

The study is compared between B. D. Iron agencies and Shree Jalaram steel traders
1. The study is entirely based on the balance sheet and other financial statements
provided by the company.
2. The complete study is based on primary data.
3. The study is limited to the stated tools of financial analysis only.
4. The time period of the said study is five years only.
5. The basic aim of the study is to acquire the insights in to the tools of the theoretical
data analysis and its application to practical data.
6. The study intends to use modern tools and techniques of ratio analysis.

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THEORETICAL PERSPECTIVES

Analysis of financial reports requires skill of mathematics, accountancy as well as

statistical tools. But there are some basic ratios which can be helpful for a layman also to
analyze the Balance Sheet, Profit & Loss A/C of a company or a bank.
Various financial data’s can be made available from Balance sheet, P/L A/C, Annual
Reports, Audit Report, Income Tax Return, Other Tax returns, Bank account statements,
Bank Loan statements etc.

Some important concepts to be understood are:

(1) Balance sheet: Balance sheet is a financial position of a particular date, which does
not reflect about the year on activity on daily basis but shows accumulated yearly results
of which comparison gives the trend and track of financial position of a company. While
Profit & Loss A/C is made for the year and all the revenue expenditure and income
related transactions are summarized as a head wise total. The difference of expenditure
and income is transferred to Balance sheet.
From Balance sheet we can get the idea about capital base, reserves and provisions,
secured and unsecured loans taken and current liabilities. The asset side shows the
deployment of funds in fixed assets, investment, loans given and current liabilities. If the
owned capital is more than outside liabilities the company can be said stronger. The
current assets should be created from current liabilities. The fixed assets should be
created from capital & reserves or long term loans. The working capital loans cannot be
used to purchase fixed assets.

(2) Working Fund: It is also important to calculate working fund (working capital or
working assets) rather than to use total assets i.e. sum of asset side is generally
understood as total assets, but it is including contra items which does not reflect real
picture. So, while considering total assets we should not consider revaluation reserves,
accumulated loss and contra items (shown at both sides of balance sheet).

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(3) Earning Assets: The earning assets also an important concept. In earning assets we
should take only those assets on which we can earn interest. i.e. on current account we
are not earning but fixed deposits, loan given, other investments on which we get earning
are earning assets.

(4) Average Balance: Another most important concept is to take average balance instead
of last day balance in ratio analysis. Because the profit or interest are the result of the
whole year transactions which should be compared with the whole period average and
not with last day position. Let us take an example to understand this: If interest earned on
investment is compared with last day balance of investment and if during near term past
some investment is made, the ratio will be lower and if some part of investment is
redempted, the ratio will be higher than the actual value. But if we take average of
investment than it gives the real picture. So, average of fortnightly or monthly balance is
to be considered in ratio analysis.

(5) Off Balance Sheet Items: Off balance sheet items are also important as it may create
adverse effect on profitability or soundness of the company. e.g. wage settlement
negotiations, Income Tax notices to pay Income Tax, Other Liabilities which are not
considered, Heavy bank guarantee issued by the bank etc.

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The concepts of various ratios which can be helpful to understand the financial
position of a company are as under:

[1] Current Ratio

Current ratio = Current assets / Current liabilities
The standard ratio is 2:1 which means current assets should be double than current
liabilities. Current assets includes all current type assets, cash, bank balances, sundry
debtors, receivables, stock etc., while current liabilities includes liabilities to be paid in
short term, sundry creditors, short term loans, taxes payable, dividend payable etc. This
ratio shows the working capital capability and capacity to pay the short term liabilities.

[2]Quick Ratio:
It is the ratio of quick (or liquid) asset to current liabilities. It is expressed as
Quick ratio = Quick Assets/Current Liabilities
The quick assets are defined as those assets which are quickly convertible into cash.
While calculating quick assets we exclude the inventories at the end and other current
assets such as prepaid expenses, advance tax, etc., from the current assets. Because of
exclusion of non-liquid current assets it is considered better than current ratio as a
measure of liquidity position of the business. It is calculated to serve as a supplementary
check on liquidity position of the business and is therefore, also known as ‘Acid-Test
Ratio’.

[3]Debt-Equity Ratio:
Debt-Equity Ratio measures the relationship between long-term debt and equity. If debt
component of the total long-term funds employed is small, outsiders feel more secure.
From security point of view, capital structure with less debt and more equity is
considered favorable as it reduces the chances of bankruptcy. Normally, it is considered
to be safe if debt equity ratio is 2:1. However, it may vary from industry to industry. It is
computed as follows:

Debt-Equity Ratio = Long − term Debts/capital + net capital

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[4]Gross profit ratio:

Gross profit ratio (GP ratio) is a profitability ratio that shows the relationship between
gross profit and total net sales revenue. It is a popular tool to evaluate the operational
performance of the business. The ratio is computed by dividing the gross profit figure by
net sales.

Gross profit ratio: gross profit/net sales

[5] Net profit ratio:

The net profit percentage is the ratio of after-tax profits to net sales. It reveals the
remaining profit after all costs of production, administration, and financing have been
deducted from sales, and income taxes recognized. As such, it is one of the best measures
of the overall results of a firm, especially when combined with an evaluation of how well
it is using its working capital. The measure is commonly reported on a trend line, to judge
performance over time. It is also used to compare the results of a business with its
competitors.

Net profit ratio: net profit/net sales

[6] Operating ratio:

The operating ratio is a financial term defined as a company's operating expenses as a
percentage of revenue. This financial ratio is most commonly used for industries which
require a large percentage of revenues to maintain operations, such as railroads. In
railroading, an operating ratio of 80 or lower is considered desirable. The operating ratio
can be used to determine the efficiency of a company's management by comparing
operating expenses to net sales. It is calculated by dividing the operating expenses by the
net sales. The smaller the ratio, the greater the organization's ability to generate profit.
The ratio does not factor in expansion or debt repayment. Alternatively, it may be
expressed as a ratio of sales to cost. In such case a higher ratio indicates a better ability to
generate revenue.
Operating ratio: C.O.G.S + operating expense / net sales

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[7] Inventory turnover ratio:

Inventory turnover is a ratio showing how many times a company's inventory is sold and
replaced over a period of time. The days in the period can then be divided by the
inventory turnover formula to calculate the days it takes to sell the inventory on hand. It
is calculated as sales divided by average inventory.

Inventory turnover ratio: C.O.G.S / average stock

[8] Net working capital ratio:

The net working capital to sales ratio of net working capital (current assets – current
liabilities) to net sales; indicates a company’s liquid assets (after meeting short term
obligations) relative to its need for liquidity (represented by sales)

Net working capital ratio: working capital / net sales

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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically. So, the research
methodology not only talks about research methods but also considers the logic behind
the method used in the context of research study.
In the Encyclopedia of Social Sciences, D. Slesinger and M.Stephension (1930) defined
research as “the manipulation of things, concepts or symbols for the purpose of
generalizing to extend, corrector verify knowledge, whether that knowledge aids in the
construction of theory or in the practice of an art”.

OBJECTIVES OF RESEARCH METHODOLOGY

The objective of research is to find answers to the questions by applying scientific
procedures. In other words, the main aim of research is to find out the truth which is
hidden and has not yet been discovered. Although every research study has its own
specific objectives, the research objectives may be broadly grouped as follows:
1) To gain familiarity with new insights into a phenomenon (i.e.,formulative
research studies);
2) To accurately portray the characteristics of a particular individual, group, or a
situation (i.e., descriptive research studies);
3) To analyze the frequency with which something occurs (i.e., diagnostic research
studies)
4) To examine the hypothesis of a causal relationship between two variables (i.e.,
hypothesis-testing research studies).
5) To Enable The Students To Know About The Information Needs Of Management
6) To Introduce The Concept Of Scientific Research And The Methods Of
Conducting Scientific Enquiry And
7) To Introduce The Statistical Tools Of Data Analysis

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There are two types of data in research methodology.

1) Primary data
Primary data is collected by using experiments, surveys, questioners, interviews, and
observation. After gathering the information we have to analyze and come up with
appropriate result based on your needs.
2) Secondary data
Secondary data comes from resources that have already been published. You may have a
running list of certain resources but there so many items in the world, that it can be
difficult to find the one thing that will make a difference in your project.
The data in the following is primary data as it is been directly taken from the
financial statements of the company.
Research Design:
The most important step after defining the research problem is preparing the design of the
research project, which is popularly known as the ‘research design’. A research design
helps to decide upon issues like what, when, where, how much, by what means etc. With
regard to an enquiry or a research study. A research design is the arrangement of
conditions for collection and analysis of data in a manner that aims to combine relevance
to the research purpose with economy in procedure. In fact, research design is the
conceptual structure within which research is conducted; it constitutes the blueprint for
the collection, measurement and analysis of data (Selltiz et al, 1962). Thus, research
design provides an outline of what the researcher is going to do in terms of framing the
hypothesis, its operational implications and the final data analysis.
Specifically, the research design highlights decisions which include:
 The nature of the study
 The purpose of the study
 The location where the study would be conducted
 The nature of data required
 From where the required data can be collected
 What time period the study would cover
 The type of sample design that would be used
 The techniques of data collection that would be used

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DATA COLLECTION

There are two types of data primary data and secondary data:

1) Primary data: Raw data or primary data is a term for data collection at source.
This type of information is obtained directly from first hand sources by means of
surveys, observations and experiments and not subjected to any processing or
manipulation and also called primary data.
Types of primary data collection are as follows:
1. Observation method
2. Interview method
3. Questionnaire
4. Schedules
2) Secondary data: it refers to the data collection by someone other than the user i.e.
the data is already available and analyzed by someone else. Common sources of
secondary data include various published or unpublished data, books, magazines,
newspaper, trade journals etc.
A researcher can obtain secondary data from various sources. Secondary data may
either be published data or unpublished data. Before using secondary data, it must be
checked for the following characteristics:
1. Reliability of data
2. Suitability of data
3. Adequacy

The data used in the following study is secondary data as it is collected from the
balance sheets and trading\profit and loss sheets of the companies.

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Data analysis and interpretation

1) current ratio

Ratio\year 2011 2012 2013 2014 2015

B. D. Iron agencies 4.3% 7% 5.3% 4.7% 3.7%
Shree jalaram steel traders 7.4% 8% 4.5% 24% 13.6%

Interpretation:
From the above graph we can understand that the current ratio of Shree Jalaram steel
traders is better than B. D. Iron agencies in the year 2011, 2012, 2014 & 2015.
In the year 2013 the current ratio of B. D. Iron agencies is better than Shree Jalaram steel
traders.

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2) Liquid ratio/Quick ratio:

Ratio\year 2011 2012 2013 2014 2015

B. D. Iron agencies 1 1 1 1.3 1.1
Shree jalaram steel traders 1.2 1.4 1.2 0.8 5

Interpretation:
From the above graph we can understand that the liquidity of Shree Jalaram steel traders
is better than B.D. Iron agencies in the year 2011, 2012, 2013 & 2015.
In the year 2014 the liquidity of B. D. Iron agencies is better than Shree Jalaram steel
traders.

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3) Debt/Equity ratio:

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 13% 12% 34% 37% 50%
Shree Jalaram Steel traders 7% 8% 24% 25% 42%

Interpretation:
From the above graph we can understand that the ratio of debt and capital of B. D. Iron
agencies is better than Shree Jalaram steel traders throughout the study.

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4) Gross profit ratio

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 7% 6% 3% 4% 4%
Shree Jalaram Steel traders 6% 6% 3% 7% 3%

Interpretation:
From the above graph we can understand that the gross profit ratio of Shree Jalaram steel
traders is better than B. D. Iron agencies in the year 2011 & 2015.
In the year 2012 & 2013 the gross profit ratio of B. D. Iron agencies & Shree Jalaram
steel traders is same.
In the year 2014 the gross profit ratio of B. D. Iron agencies is better than Shree Jalaram
steel traders.

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5) Net profit ratio:

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 1% 1% 1% 3% 2%
Shree Jalaram steel traders 1% 1% 5% 6% 2%

Interpretation:
From the above graph we can understand that the net profit ratio of B. D. Iron agencies
and Shree Jalaram steel traders in the years 2011, 2012 and 2015 is same.
In the year 2013 and 2014 the net profit ratio of Shree Jalaram steel traders is better than
B. D. Iron agencies.

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6) Operating ratio:

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 98% 98% 99% 97% 98%
Shree Jalaram steel traders 98% 98% 100% 93% 98%

Interpretation:
From the above graph we can understand that the operating ratio of B. D. Iron and Shree
Jalaram steel traders in the years 2011, 2012 & 2015 is same.
In the year 2014 the operating ratio of B. D. Iron agencies is better than Shree Jalaram
steel traders.
In the year 2013 the operating ratio of Shree Jalaram steel traders is better than B. D. Iron
agencies.

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7) Stock turnover ratio:

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 6 times 5.6 times 4.7 times 2.9 times 3.5 times
Shree Jalaram steel traders 5.4 times 4.2 times 4.4 times 4.1 times 5.8 times

Interpretation:
From the above graph we can understand that in the year 2011, 2012 & 2013 the stock
turnover ratio of B. D. Iron agencies is better than Shree Jalaram steel traders.
In the year 2014 & 2015 the stock turnover ratio of Shree Jalaram steel traders is better
than B. D. Iron agencies.

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8) Net working capital ratio:

Ratio/year 2011 2012 2013 2014 2015

B. D. Iron agencies 20% 23% 25% 31% 27%
Shree Jalaram steel traders 14% 20% 23% 33% 27%

Interpretation:
From the above graph we can understand that in the year 2011, 2012 & 2013 the net
working capital ratio of B. D. Iron agencies is better than Shree Jalaram steel traders.
In the year 2014 the net working capital ratio of Shree Jalaram steel traders is better than
B. D. Iron agencies.
In the year 2015 the net working capital ratio of both Shree Jalaram steel traders and
B. D. Iron agencies is same.

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CONCLUSION

From the above study we can conclude that:

1. The overall current ratio of Shree Jalaram steel traders is better than B. D. Iron
agencies.
2. The liquidity of Shree Jalaram steel traders is better than B. D. Iron agencies
which proves our hypothesis.
3. The overall debt\equity ratio of B. D. Iron agencies is better than Shree Jalaram
steel traders.
4. The gross profit ratio of B. D. Iron agencies is better than Shree Jalaram steel
traders whereas the net profit ratio of Shree Jalaram steel traders is better than B.
D. Iron agencies.
5. The overall operating ratio of B. D. Iron agencies is better than Shree Jalaram
steel traders.
6. The overall stock turnover ratio of B. D. Iron agencies is better than Shree
Jalaram steel traders.
7. The net working capital ratio of B. D. Iron agencies is better than Shree Jalaram
steel traders.

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FINDINGS AND SUGGESTIONS

Form the above study we found and we can suggest that:

1. Our hypothesis is proved and the liquidity of Shree Jalaram steel traders is better
than B. D. Iron agencies.
2. Both the companies have enough cash balance.
3. B. D. Iron agencies need to improve its current ratio & liquid ratio.
4. Shree Jalaram steel traders need to improve its debt/equity ratio.
5. Shree Jalaram steel traders need to improve its gross profit ratio whereas
B. D. Iron agencies need to improve its net profit ratio.
6. Shree Jalaram steel traders need to improve its operating ratio.
7. Shree Jalaram steel traders need to improve its stock turnover ratio.
8. Shree Jalaram steel traders need to improve its net working capital ratio.

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BIBLIOGRAPHY

The websites referred are as follows:

1. http://www.investopedia.com/terms/r/ratioanalysis.asp
2. http://www.myaccountingcourse.com/financial-ratios/
3. https://en.wikipedia.org/wiki/Financial_ratio
4. http:// www.slideshare.net/Dharan178/ratio-analysis-2970642

The books referred are as follows:

1. Financial Statement Analysis By: Martin S Fridson, Dr. Fernando Alvarez

2. Financial Analysis Tools By: Erich Helfert .
3. Ratio Analysis Fundamentals By: Axel Tracy

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ANNEXURES

FINANCIAL DATA

B. D. Iron agencies

Data\Year 2011 2012 2013 2014 2015

Current assets 125,20,714 156,86,402 236,68,442 253,84,078 249,74,568
Current liabilities 29,35,815 22,85,178 44,73,722 53,93,548 66,32,443
Stock 94,20,000 135,56,950 192,43,998 182,07,685 171,96,511
Capital 83,78,367 119,04,878 123,17,556 122,89,647 115,30,587
Long term debts 13,26,868 16,04,350 45,21,658 56,98,715 68,91,107
Net profit 11,72,497 10,01,908 9,05,355 15,98,224 18,87,448
Gross profit 45,69,772 48,95,298 31,90,839 23,56,353 32,73,623
Net sales 641,29,570 697,91,468 804,66,504 493,49,607 657,83,604
C.O.G.S 595,59,798 648,96,170 772,75,665 469,93,254 625,09,981
Operating expense 34,03,525 39,01,213 26,58,485 13,44,192 20,54,684
Average stock 99,46,003 114,88,475 164,00,474 158,18,206 177,02,098
Working capital 95,84,899 134,01,224 191,94,720 199,90,530 183,42,125
Fix assets 1,11,321 98,990 88,305 78,898 70,555

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Shree Jalaram steel traders

Data\Year 2011 2012 2013 2014 2015

Current assets 215,79,417 212,55,623 287,82,418 219,44,656 287,99,116
Current liabilities 50,77,500 26,51,375 63,84,589 8,94,720 21,39,244
Stock 180,69,842 175,03,176 211,72,332 146,32,660 174,14,840
Capital 152,53,279 14,89,092 176,31,512 138,83,508 144,28,191
Long term debts 13,01,696 13,43,334 45,32,075 65,19,835 122,81,978
Net profit 11,62,494 8,89,118 5,09,274 46,82,503 23,04,521
Gross profit 522,2,556 53,12,859 31,46,490 51,70,272 35,21,050
Net sales 840,22,776 801,92,785 891,54,777 669,45,716 974,40,804
C.O.G.S 788,00,220 748,79,926 860,08,287 617,75,444 939,19,754
Operating expense 40,30,936 44,33,766 31,25,140 13,65,954 20,80,444
Average stock 144,40,983 177,86,506 193,37,751 150,22,018 160,23,750
Working capital 165,01,917 186,04,248 223,97,829 210,49,936 266,59,872
Fix assets 24,717 21,239 18,508 16,240 14,300

31 | P a g e