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“An Analytical Study of Financial Analysis “
At
INDIAN FARM FORESTRY DEVELOPMENT CO-OPERATIVE LTD.
Academic Session
2013-2014
SUBMITTED BY:
KANCHAN KAHNANI
(121127)
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ACKNOWLEDGEMENT
Ltd., many played an important role in my life. I take this opportunity to thank them
for their constant support, inspiration and encouragement during the completion of my
course.
supervisor, for his suggestions and opinions and for promptly answering all my
queries regarding the project. Without his guidance, support and inspiration, this
Mr.Prashant Dev Yadav , my Faculty Mentor who has spared his precious
moments whenever I needed..He has been very kind and helped me to prepare my
project.
Last but not the least I pay reverence to the supreme the Almighty God
Kanchan Kahnani
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DECLARATION
I declare that the project report entitled “An Analytical Study of Financial
Analysis “At INDIAN FARM FORESTRY DEVELOPMENT
CO-OPERATIVE LTD has been prepared under the guidance of Mr.S.K.De,
Consultant (F&A), IFFDC. I further declare that this is my original work as part of
our academic course.
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EXECUTIVE SUMMARY
The audited attached Balance Sheet of Indian Farm Forestry Development Co-
operative Ltd. as at 31st march 2013 and also the Profit and Loss Account and
Cash Flow Statement of the year ended on 31ST March 2013.The company
responsibility is to express an opinion on the fianancial statements based on the
company audit.
The audit report in accordance with the auditing standards
generally accepted in India.The Financial Statement are the responsibility of the
social management.The Financial statement signify the company turnover,asset
and liability.The comparative statement,ratio,cash flow statement,fund flow
statement based on regular studies.
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TABLE OF CONTENT
Comparative Statement
Objective of Study
Company Profile
Product Profile
Research Methodology
Limitation of Study
Bibliography
Annexure
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INTRODUCTION
Financial statements refer to such statements which contains financial information about an
enterprise. They report profitability and the financial position of the business at the end of
accounting period. The team financial statement includes at least two statements which the
accountant prepares at the end of an accounting period. The two statements are: -
They provide some extremely useful information to the extent that balance sheet mirrors the
financial position on a particular date in terms of the structure of assets, liabilities and owners
equity, and so on and the Profit and Loss account shows the results of operations during a certain
period of time in terms of the revenues obtained and the cost incurred during the year. Thus the
financial statement provides a summarized view of financial position and operations of a firm.
The first task of financial analysis is to select the information relevant to the decision under
consideration to the total information contained in the financial statement. The second step is to
arrange the information in a way to highlight significant relationship. The final step is
interpretation and drawing of inference and conclusions. Financial statement is the process of
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Features of Financial Analysis
understandable form.
To classify the items contained in the financial statement inconvenient and rational
groups.
conclusions.
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Procedure of Financial Statement Analysis
The following procedure is adopted for the analysis and interpretation of financial
statements:-
The analyst should acquaint himself with principles and postulated of accounting. He
should know the plans and policies of the managements that he may be able to find out
The extent of analysis should be determined so that the sphere of work may be decided.
If the aim is find out. Earning capacity of the enterprise then analysis of income statement
will be undertaken. On the other hand, if financial position is to be studied then balance
The financial data be given in statement should be recognized and rearranged. It will
involve the grouping similar data under same heads. Breaking down of individual
relationship is established among financial statements with the help of tools & techniques
The information is interpreted in a simple and understandable way. The significance and
The conclusions drawn from interpretation are presented to the management in the form
of reports.
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Analyzing financial statements involves evaluating three characteristics of a company: its
liquidity, its profitability, and its insolvency. A short-term creditor, such as a bank, is
primarily interested in the ability of the borrower to pay obligations when they come due. The
liquidity of the borrower is extremely important in evaluating the safety of a loan. A long-term
creditor, such as a bondholder, however, looks to profitability and solvency measures that
Long-term creditors consider such measures as the amount of debt in the company’s capital
structure and its ability to meet interest payments. Similarly, stockholders are interested in the
profitability and solvency of the company. They want to assess the likelihood of dividends and
1. Intra-company basis:-
This basis compares an item or financial relationship within a company in the current year with
the same item or relationship in one or more prior years. For example, Sears, Roebuck and Co.
can compare its cash balance at the end of the current year with last year’s balance to find the
amount of the increase or decrease. Likewise, Sears can compare the percentage of cash to
current assets at the end of the current year with the percentage in one or more prior years. Intra-
company comparisons are useful in detecting changes in financial relationships and significant
trends.
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2. Industry averages:-
This basis compares an item or financial relationship of a company with industry averages (or
norms) published by financial ratings organizations such as Dun & Bradstreet, Moody’s and
Standard & Poor’s. For example, Sears’s net income can be compared with the average net
income of all companies in the retail chain-store industry. Comparisons with industry averages
3. Intercompany basis:-
This basis compares an item or financial relationship of one company with the same item or
relationship in one or more competing companies. The comparisons are made on the basis of the
published financial statements of the individual companies. For example, Sears’s total sales for
the year can be compared with the total sales of its major competitors such as Kmart and Wal-
The analysis and interpretation of financial statement is used to determine the financial position
and results of operations as well. A number of methods or devices are used to study the
relationship between different statements. A financial analyst may use following methods:-
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Ratio Analysis
Comparative Statement
Ratio Analysis:
Fundamental Analysis has a very broad scope. One aspect looks at the general (qualitative)
factors of a company. The other side considers tangible and measurable factors (quantitative).
This means crunching and analyzing numbers from the financial statements. If used in
conjunction with other methods, quantitative analysis can produce excellent results.
Ratio analysis isn't just comparing different numbers from the balance sheet, income statement,
and cash flow statement. It's comparing the number against previous years, other companies, the
Ratios look at the relationships between individual values and relate them to how a company has
Meaning of Ratio:
A ratio is one figure express in terms of another figure. It is a mathematical yardstick that
measures the relationship two figures, which are related to each other and mutually
interdependent. Ratio is express by dividing one figure by the other related figure. Thus a ratio is
an expression relating one number to another. It is simply the quotient of two numbers. It can be
times”. As accounting ratio is an expression relating two figures or accounts or two sets of
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Meaning of Ratio Analysis:-
Ratio analysis is the method or process by which the relationship of items or group of items in
Ratio analysis is an attempt to derive quantitative measure or guides concerning the financial
health and profitability of business enterprises. Ratio analysis can be used both in trend and static
analysis. There are several ratios at the disposal of an analyst but their group of ratio he would
While a detailed explanation of ratio analysis is beyond the scope of this section, we will focus
on a technique, which is easy to use. It can provide you with a valuable investment analysis tool.
ratios of several companies from the same industry. Ratio analysis can provide valuable
performance in a specific area. For example, you could use a ratio of a company's debt to its
equity to measure a company's leverage. By comparing the leverage ratios of two companies,
you can determine which company uses greater debt in the conduct of its business. A company
whose leverage ratio is higher than a competitor's has more debt per equity. You can use this
However, you must be careful not to place too much importance on one ratio. You obtain a better
indication of the direction in which a company is moving when several ratios are taken as a
group.
Objective of Ratios:-
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Ratios are worked out to analyze the following aspects of business organization-
A) Solvency-
1) Long term
2) Short term
3) Immediate
B) Stability
C) Profitability
D) Operational efficiency
E) Credit standing
F) Structural analysis
1] Calculation of ratio
2] Comparing the ratio with some predetermined standards. The standard ratio may be the past
ratio of the same firm or industry’s average ratio or a projected ratio or the ratio of the most
successful firm in the industry. In interpreting the ratio of a particular firm, the analyst cannot
reach any fruitful conclusion unless the calculated ratio is compared with some predetermined
standard. The importance of a correct standard is oblivious as the conclusion is going to be based
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;lClassification of Ratio:-
CLASSIFICATION OF RATIO
STATEMENT
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Based on Financial Statement:-
Accounting ratios express the relationship between figures taken from financial statements.
Figures may be taken from Balance Sheet, P& L A/C, or both. One-way of classification of
If the ratios are based on the figures of balance sheet, they are called Balance SheetRatios. E.g.
Ratio of current assets to current liabilities or debt to equity ratio. While calculating these ratios,
there is no need to refer to the Revenue statement. These ratios study the relationship between
the assets & the liabilities, of the concern. These ratios help to judge the liquidity, solvency &
capital structure of the concern. Balance sheet ratios are Current ratio, Liquid ratio, and
Proprietary ratio, Capital gearing ratio, Debt equity ratio, and Stock working capital ratio.
2] Revenue ratio:
Ratio based on the figures from the revenue statement is called revenue statement ratios. These
ratios study the relationship between the profitability & the sales of the concern. Revenue ratios
are Gross profit ratio, Operating ratio, Expense ratio, Net profit ratio, Net operating profit ratio,
3] Composite ratio:
These ratios indicate the relationship between two items, of which one is found in the balance
a) Some composite ratios study the relationship between the profits & the investments of the
concern. E.g. return on capital employed, return on proprietors fund, return on equity capital etc.
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b) Other composite ratios e.g. debtors turnover ratios, creditors turnover ratios, dividend payout
Based on Function:-
Accounting ratios can also be classified according to their functions in to liquidity ratios,
1] Liquidity ratios:
It shows the relationship between the current assets & current liabilities of the concern e.g. liquid
2] Leverage ratios:
It shows the relationship between proprietors funds & debts used in financing the assets of the
concern e.g. capital gearing ratios, debt equity ratios, & Proprietary ratios.
3] Activity ratios:
It shows relationship between the sales & the assets. It is also known as Turnover ratios &
4] Profitability ratios:
1. It shows the relationship between profits & sales e.g. operating ratios, gross profit ratios,
2. It shows the relationship between profit & investment e.g. return on investment, return on
equity capital.
5] Coverage ratios:
It shows the relationship between the profit on the one hand & the claims of the outsiders to be
paid out of such profit e.g. dividend payout ratios & debt service ratios.
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Based on User:-
Liquidity Ratio: -
Liquidity refers to the ability of a firm to meet its short-term (usually up to 1 year) obligations.
The ratios, which indicate the liquidity of a company, are Current ratio, Quick/Acid-Test ratio,
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Current Ratio:-
This ratio compares the current assets with the current liabilities. It is also known as ‘working
E.g. 2:1
Formula:
Current Assets
Current ratio =
Current Libilities
The current assets of a firm represents those assets which can be, in the ordinary course of
business, converted into cash within a short period time, normally not exceeding one year. The
current liabilities defined as liabilities which are short term maturing obligations to be met, as
Current ratio (CR) is the ratio of total current assets (CA) to total current liabilities (CL). Current
assets include cash and bank balances; inventory of raw materials, semi-finished and finished
goods; marketable securities; debtors (net of provision for bad and doubtful debts); bills
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Liquid Ratio:-
Liquid ratio is also known as acid test ratio or quick ratio. Liquid ratio compares the quick assets
with the quick liabilities. It is expressed in the form of pure ratio. E.g. 1:1.
The term quick assets refer to current assets, which can be converted into, cash immediately or at
Formula:
Quick Assets
Liquid ratio =
Quick Liabilitie s
Quick Ratio (QR) is the ratio between quick current assets (QA) and CL. Quick assets refers to
those current assets that can be converted into cash immediately without any value
strength.Quick assets include cash and bank balances, short-term marketable securities, and
sundry debtors. Inventory and prepaid expenses are excluded since these cannot be turned into
Quick Ratio indicates the extent to which a company can pay its current liabilities without
relying on the sale of inventory. This is a fairly stringent measure of liquidity because it is based
on those current assets, which are highly liquid. Inventories are excluded from the numerator of
this ratio because they are deemed the least liquid component of current assets. Generally, a
quick ratio of 1:1 is considered good. One drawback of the quick ratio is that it ignores the
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Cash Ratio:-
This is also called as super quick ratio. This ratio considers only the absolute liquidity available
Formula:
Since cash and bank balances and short term marketable securities are the most liquid assets of a
firm, financial analysts look at the cash ratio. If the super liquid assets are too much in relation to
the current liabilities then it may affect the profitability of the firm.
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Investment/ Shareholder
Earnings per Share are calculated to find out overall profitability of the organization. Earnings
per share represent earning of the company whether or not dividends are declared. If there is only
one class of shares, the earning per share are determined by dividing net profit by the number of
equity shares. Earnings per Share measures the profits available to the equity shareholders on
Formula:
Net Profit
Earnings per share =
No.of Equity Share
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The higher Earnings per sharewill attract more investors to acquire shares in the company as it
indicates that the business is more profitable enough to pay the dividends in time. But remember
not all profit earned is going to be distributed as dividends the company also retains some profits
Dividend Per Share shows how much is paid as dividend to the shareholders on each share held.
Formula:
Dividend Pay-out Ratio shows the relationship between the dividends paid to equity shareholders
Formula:
Dividend Payout ratio shows the percentage share of net profits after taxes and after preference
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Gearing:-
Gearing means the process of increasing the equity shareholders return through the use of debt.
Equity shareholders earn more when the rate of the return on total capital is more than the rate of
interest on debts. This is also known as leverage or trading on equity. The Capital-gearing ratio
shows the relationship between two types of capital viz: - equity capital & preference capital &
Formula:
Capital gearing ratio indicates the proportion of debt & equity in the financing of assets of a
concern.
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Profitability:-
These ratios help measure the profitability of a firm. A firm, which generates a substantial
amount of profits per rupee of sales, can comfortably meet its operating expenses and provide
more returns to its shareholders. The relationship between profit and sales is measured by
This ratio measures the relationship between gross profit and sales. It is defined as the excess of
the net sales over cost of goods sold or excess of revenue over cost. This ratio shows the profit
that remains after the manufacturing costs have been met. It measures the efficiency of
production as well as pricing. This ratio helps to judge how efficient the concern is I managing
its production, purchase, selling & inventory, how good its control is over the direct cost, how
productive the concern , how much amount is left to meet other expenses & earn net profit.
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Gross Profit
Gross profit ratio= *100
Net Sales
Net Profit ratio indicates the relationship between the net profit & the sales it is usually
Formula:
NPAT
Net profit ratio = *100
Net Sales
This ratio shows the net earnings (to be distributed to both equity and preference shareholders) as
a percentage of net sales. It measures the overall efficiency of production, administration, selling,
financing, pricing and tax management. Jointly considered, the gross and net profit margin ratios
The profitability of the firm can also be analyzed from the point of view of the total funds
employed in the firm. The term fund employed or the capital employed refers to the total long-
term source of funds. It means that the capital employed comprises of shareholder funds plus
long-term debts. Alternatively it can also be defined as fixed assets plus net working capital.
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Capital employed refers to the long-term funds invested by the creditors and the owners of a
firm. It is the sum of long-term liabilities and owner's equity. Return on Capital Employed
indicates the efficiency with which the long-term funds of a firm are utilized.
Formula:
NPAT
Return on capital employed = *100
Net Sales
Financial:-
These ratios determine how quickly certain current assets can be converted into cash. They are
also called efficiency ratios or asset utilization ratios as they measure the efficiency of a firm in
managing assets. These ratios are based on the relationship between the level of activity
represented by sales or cost of goods sold and levels of investment in various assets. The
important turnover ratios are debtors turnover ratio, average collection period, inventory/stock
turnover ratio, fixed assets turnover ratio, and total assets turnover ratio. These are described
below:
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Debtors Turnover Ratio (DTO):-
Debtors Turnover Ratio is calculated by dividing the net credit sales by average debtors
outstanding during the year. It measures the liquidity of a firm's debts. Net credit sales are the
gross credit sales minus returns, if any, from customers. Average debtors are the average of
debtors at the beginning and at the end of the year. This ratio shows how rapidly debts are
collected. The higher the Debtors Turnover Ratio, the better it is for the organization.
Formula:
Credit Sales
Debtors turnover ratio =
Average Debtors
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Inventory or Stock Turnover Ratio (ITR):-
Inventory Turnover Ratiorefers to the number of times the inventory is sold and replaced during
Formula:
Inventory Turnover Ratio reflects the efficiency of inventory management. The higher the ratio,
the more efficient is the management of inventories, and vice versa. However, a high inventory
turnover may also result from a low level of inventory, which may lead to frequent stock outs
and loss of sales and customer goodwill. For calculating Inventory Turnover Ratio, the average
of inventories at the beginning and the end of the year is taken. In general, averages may be used
when a flow figure (in this case, cost of goods sold) is related to a stock figure (inventories).
The Fixed Assets Turnover ratio measures the net sales per rupee of investment in fixed assets.
Formula:
Net Sales
Fixed assets turnover =
Net fixed assets
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This ratio measures the efficiency with which fixed assets are employed. A high ratio indicates a
high degree of efficiency in asset utilization while a low ratio reflects an inefficient use of assets.
However, this ratio should be used with caution because when the fixed assets of a firm are old
and substantially depreciated, the fixed assets turnover ratio tends to be high (because the
Proprietors Ratio:-
Proprietary ratio is a test of financial & credit strength of the business. It relates shareholders
fund to total assets. This ratio determines the long term or ultimate solvency of the company.
In other words, Proprietary ratio determines as to what extent the owner’s interest & expectations
are fulfilled from the total investment made in the business operation.
Proprietary ratio compares the proprietor fund with total liabilities. It is usually expressed in the
Formula:
Proprietar y fund
Proprietary ratio=
Total fund
OR
Shareholde rs fund
Proprietary ratio
Fixed assets current liabilitie s
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Stock Working Capital Ratio:-
This ratio shows the relationship between the closing stock & the working capital. It helps to
judge the quantum of inventories in relation to the working capital of the business. The purpose
of this ratio is to show the extent to which working capital is blocked in inventories. The ratio
highlights the predominance of stocks in the current financial position of the company. It is
expressed as a percentage.
Formula:
Srock
Stock working capital ratio=
Working capital
Stock working capital ratio is a liquidity ratio. It indicates the composition & quality of the
working capital. This ratio also helps to study the solvency of a concern. It is a qualitative test of
solvency. It shows the extent of funds blocked in stock. If investment in stock is higher it means
This ratio compares the long-term debts with shareholders fund. The relationship between
borrowed funds & owners capital is a popular measure of the long term financial solvency of a
firm. This relationship is shown by debt equity ratio. Alternatively, this ratio indicates the
relative proportion of debt & equity in financing the assets of the firm. It is usually expressed as
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Formula:
Debt equity ratio is also called as leverage ratio. Leverage means the process of the increasing
the equity shareholders return through the use of debt. Leverage is also known as ‘gearing’ or
‘trading on equity’. Debt equity ratio shows the margin of safety for long-term creditors & the
shareholders’ investment’ or ‘investment ratio’. This ratio indicates the relationship between net
profits earned & total proprietor’s funds. Return on proprietors fund is a profitability ratio, which
the relationship between profit & investment by the proprietors in the concern. Its purpose is to
measure the rate of return on the total fund made available by the owners. This ratio helps to
judge how efficient the concern is in managing the owner’s fund at disposal. This ratio is of
Formula:
NPAT
Return on proprietors fund = *100
Propriter' s fund
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Creditors Turnover Ratio:-
It is same as debtors turnover ratio. It shows the speed at which payments are made to the
supplier for purchase made from them. It is a relation between net credit purchase and average
creditors.
Months in a year
Average age of accounts payable =
Credit tur nover ratio
Both the ratios indicate promptness in payment of creditor purchases. Higher creditors turnover
ratio or a lower credit period enjoyed signifies that the creditors are being paid promptly. It
enhances credit worthiness of the company. A very low ratio indicates that the company is not
As a tool of financial management, ratios are of crucial significance. The importance of ratio
analysis lies in the fact that it presents facts on a comparative basis & enables the drawing of
interference regarding the performance of a firm. Ratio analysis is relevant in assessing the
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1] Liquidity position
2] Long-term solvency
3] Operating efficiency
4] Overall profitability
6] Trend analysis.
1] Liquidity position: -
With the help of Ratio analysis conclusion can be drawn regarding the liquidity position of a
firm. The liquidity position of a firm would be satisfactory if it is able to meet its current
obligation when they become due. A firm can be said to have the ability to meet its short-term
liabilities if it has sufficient liquid funds to pay the interest on its short maturing debt usually
within a year as well as to repay the principal. This ability is reflected in the liquidity ratio of a
firm. The liquidity ratio is particularly useful in credit analysis by bank & other suppliers of short
term loans.
2] Long-term solvency: -
Ratio analysis is equally useful for assessing the long-term financial viability of a firm. This
respect of the financial position of a borrower is of concern to the long-term creditors, security
analyst & the present & potential owners of a business. The long-term solvency is measured by
the leverage/ capital structure & profitability ratio Ratio analysis s that focus on earning power &
operating efficiency.
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Ratio analysis reveals the strength & weaknesses of a firm in this respect. The leverage ratios, for
instance, will indicate whether a firm has a reasonable proportion of various sources of finance
or if it is heavily loaded with debt in which case its solvency is exposed to serious strain.
Similarly the various profitability ratios would reveal whether or not the firm is able to offer
3] Operating efficiency:
Yet another dimension of the useful of the ratio analysis, relevant from the viewpoint of
management, is that it throws light on the degree of efficiency in management & utilization of its
assets. The various activity ratios measure this kind of operational efficiency. In fact, the
solvency of a firm is, in the ultimate analysis, dependent upon the sales revenues generated by
4] Overall profitability:
Unlike the outsides parties, which are interested in one aspect of the financial position of a firm,
the management is constantly concerned about overall profitability of the enterprise. That is, they
are concerned about the ability of the firm to meets its short term as well as long term obligations
to its creditors, to ensure a reasonable return to its owners & secure optimum utilization of the
assets of the firm. This is possible if an integrated view is taken & all the ratios are considered
together.
Ratio analysis not only throws light on the financial position of firm but also serves as a
stepping-stone to remedial measures. This is made possible due to inter firm comparison
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&comparison with the industry averages. A single figure of a particular ratio is meaningless
unless it is related to some standard or norm. One of the popular techniques is to compare the
ratios of a firm with the industry average. It should be reasonably expected that the performance
of a firm should be in broad conformity with that of the industry to which it belongs. An inter
firm comparison would demonstrate the firms position vice-versa its competitors. If the results
are at variance either with the industry average or with those of the competitors, the firm can
seek to identify the probable reasons & in light, take remedial measures.
6] Trend analysis:
Finally, ratio analysis enables a firm to take the time dimension into account. In other words,
whether the financial position of a firm is improving or deteriorating over the years. This is
made possible by the use of trend analysis. The significance of the trend analysis of ratio lies in
the fact that the analysts can know the direction of movement, that is, whether the movement is
favorable or unfavorable. For example, the ratio may be low as compared to the norm but the
trend may be upward. On the other hand, though the present level may be satisfactory but the
Financial ratios are essentially concerned with the identification of significant accounting data
relationships, which give the decision-maker insights into the financial performance of a
Ratios facilitate conducting trend analysis, which is important for decision making and
forecasting.
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Ratio analysis helps in the assessment of the liquidity, operating efficiency, profitability
Ratio analysis provides a basis for both intra-firm as well as inter-firm comparisons.
The comparison of actual ratios with base year ratios or standard ratios helps the
Ratio analysis has its limitations. These limitations are described below:
1] Information problems
Ratios require quantitative information for analysis but it is not decisive about analytical
output.
The figures in a set of accounts are likely to be at least several months out of date, and so
might not give a proper indication of the company’s current financial position.
Where historical cost convention is used, asset valuations in the balance sheet could be
misleading. Ratios based on this information will not be very useful for decision-making.
When comparing performance over time, there is need to consider the changes in price. The
When comparing performance over time, there is need to consider the changes in technology.
Changes in accounting policy may affect the comparison of results between different
Companies may have different capital structures and to make comparison of performance when one is
all equity financed and another is a geared company it may not be a good analysis.
Inter-firm comparison may not be useful unless the firms compared are of the same size and
Even within a company, comparisons can be distorted by changes in the price level.
Ratios are calculated on the basis of past financial statements. They do not indicate future
picture.
3] 5 main areas-
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Investment/shareholders – information to enable decisions to be made on the extent of the
Gearing – information on the relationship between the exposure of the business to loans as
Profitability – how effective the firm is at generating profits given sales and or its capital
assets
Financial – the rate at which the company sells its stock and the efficiency with which it
It is true that the technique of ratio analysis is not a creative technique in the sense that it uses the
same figure & information, which is already appearing in the financial statement. At the same
time, it is true that what can be achieved by the technique of ratio analysis cannot be achieved by
Ratio analysis helps to appraise the firm in terms of their profitability & efficiency of
performance, either individually or in relation to those of other firms in the same industry. The
process of this appraisal is not complete until the ratio so computed can be compared with
something, as the ratio all by them do not mean anything. This comparison may be in the form of
intra firm comparison, inter firm comparison or comparison with standard ratios. Thus proper
comparison of ratios may reveal where a firm is placed as compared with earlier period or in
Ratio analysis is one of the best possible techniques available to the management to impart the
basic functions like planning & control. As the future is closely related to the immediate past,
ratio calculated on the basis of historical financial statements may be of good assistance to
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predict the future. Ratio analysis also helps to locate & point out the various areas, which need
As the ratio analysis is concerned with all the aspect of a firms financial analysis i.e. liquidity,
solvency, activity, profitability & overall performance, it enables the interested persons to know
the financial & operational characteristics of an organisation & take the suitable decision.
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Fund Flow Analysis
Fund may be interpreted in various ways as
(a) Cash,
For the purpose of fund flow statement the term means net working capital. The flow of fund
will occur in a business, when a transaction results in a change i.e., increase or decrease in the
amount of fund.
According to Robert Anthony the funds flow statement describes the sources from which
additional funds were derived and the uses to which these funds were put.
In short, it is a technical device designed to highlight the changes in the financial condition of a
A Funds Statement
To help to understand the changes in assets and asset sources which are not readily evident in
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To inform as to how the loans to the business have been used.
Sources Applications
Term)
2. Preparation of adjusted profit and loss account (to know fund from or fund lost in operations).
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Cash Flow Analysis
Cash is a life blood of business. It is an important tool of cash planning and control. A firm
receives cash from various sources like sales, debtors, sale of assets investments etc. Likewise,
the firm needs cash to make payment to salaries, rent dividend, interest etc.
Cash flow statement reveals that inflow and outflow of cash during a particular period. It is
prepared on the basis of historical data showing the inflow and outflow of cash.
1. To show the causes of changes in cash balance between the balance sheet dates.
2. To show the actors contributing to the reduction of cash balance inspire of increasing of profit or
decreasing profit.
4. From the past year statements projections can be made for the future.
5. It helps the management in planning the repayment of loans, credit arrangements etc.
1. Opening of accounts for non-current items (to find out the hidden information).
2. Preparation of adjusted P&L account (to find out cash from operation or profit, and cash lot in
operation or loss).
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3. Comparison of current items (to find out inflow or outflow of cash).
To preparing Account for all non-current items is easier for preparing Cash Flow Statement.
OR OR
The information in a statement of cash flows should help investors, creditors, and others assess
By examining relationships between items in the statement of cash flows, investors and
others can make predictions of the amounts, timing, and uncertainty of future cash flows
If a company does not have adequate cash, employees cannot be paid, debts settled, or
reader can better understand why assets and liabilities changed during the period.
1. The reasons for the difference between net income and net cash
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Net income provides information on the success or failure of a business enterprise. However,
some are critical of accrual basis net income because it requires many estimates. As a result, the
reliability of the number is often challenged. Such is not the case with cash. Many readers of the
statement of cash flows want to know the reasons for the difference between net income and net
cash provided by operating activities. Then they can assess for themselves the reliability of the
income number.
In summary, the information in the statement of cash flows is useful in answering the following
questions.
How did cash increase when there was a net loss for the period?
shares
44
Issue of debentures *** Payment of dividends ***
45
Comparative Statement
The comparative financial statements are statements of the financial position at different period;
of time. The elements of financial position are shown in a comparative form so as to give an idea
of financial position at two or more periods. From practical point of view, generally, two
financial statements (balance sheet and income statement) are prepared in comparative form for
financial analysis purpose. Not only the comparison of the figure of two periods but also be
relationship between balance sheet and income statement may show:
46
Objective of Study
To understand the information contained in financial statements with a view to know the strength
or weaknesses of the firm and to make forecast about the future prospects of the firm and thereby
enabling the financial analyst to take different decisions regarding the operations of the firm.
OBJECTIVES:-
4. To study and analyze the changes in working capital and fund flow position.
5. To relate the various items of profit and loss account with sales.
6. To compare the assets and liabilities of the current year and previous year.
8. To determine the efficiency with which the current assets are managed.
47
COMPANY PROFILE
Indian Farm Forestry Development Co-operative Ltd. (IFFDC) is committed for integrated
with community participation by promoting village level Primary Farm Forestry Co-operative
Societies (PFFCS) and Primary Livelihood Development Cooperative Societies (PLDCS) for
livelihood enhancement of the landless, marginal and small farmers, tribal and women in
particular.
Indian Farmers Fertilizer Cooperative Limited (IFFCO), the promoter organization of IFFDC
started its farm forestry activities for wasteland development since 1986-87 in the states of U.P.,
M.P. and Rajasthan which has been handed over to IFFDC in 1995. More than, 26,900 ha. of
wastelands comprising sodic, rocky, graveled, waterlogged, ravine, nutrient poor soils etc. have
been converted into sustainable multipurpose green forests through 145 village level Primary
Farm Forestry Cooperative Society (PFFCS) with a total membership of 28,500 (38% landless,
51% marginal and small farmers). Special emphasis has been laid on women participation which
During last 16 years, IFFDC has successfully implemented various rural development
projects with the financial support from India-Canada Environment Facility (ICEF) of CIDA
(Canada), DFID, UK Govt., World Bank through Rajasthan Government, USAID through
Government , International Labour Organization (ILO), State Governments, , National Bank for
48
Membership
Corporation (NCDC), Primary Farm Forestry Co-operative Societies (PFFCS), and Primary
Livelihood Development Cooperative Societies (PLDCS) are its members. As on March 31,
Share Capital
The subscribed and paid-up capital as on 31.03.2013 is Rs. 13.23 crores against the authorized
share capital of Rs.100 crores. Out of this, Rs. 12.54 crores have been contributed by IFFCO,
0.10 crores by NCDC, 0.59 crores by PFFCS, PLDCS and State Co-operatives.
Mission
“To enhance the socio-economic status of the people through collective action by
49
Objectives
approach.
To provide Financial, Technical & Extension services to the members of PFFCS and
PLDCS.
50
BOARD OF DIRECTORS OF IFFDC
PARTNERS OF IFFDC
51
5. Indian Council of Agricultural Research (ICAR)
6. State Govts.
14. United States Agency for International Development (USAID) – State Innovations in
52
RESEARCH INSTITUTES / UNIVERSITIES
International Crops Research Institute for the Semi-Arid Tropics (ICRISAT), Hyderabad
IFFDC Ltd as an organization has been honored with following prestigious awards:
Environment and Forest, Govt. of India for excellence in afforestation and wasteland
development. Five of its promoted PFFCS (Sangwa & Rakhyawal in Rajasthan, Katari &
Madwa in U.P. & Karaiya in M.P.) have also been honored with this award for their
2. IMC Diamond Jubilee Endowment Trust Award, titled “Environment, Agriculture and
Rural Development Award 2002” conferred by Indian Merchants’ Chamber, Mumbai for
53
outstanding contribution to the cause of promoting the growth of rural economy in the
country.
2004-05, 2007 and 2008 conferred by “The Energy and Resource Institute” (TERI), New
Delhi for efforts made by IFFDC towards initiatives for Corporate Citizenship and
sustainability.
4. “Earth Matter” award conferred on Chairman IFFDC by “Earth Matters Foundation, New
Business School (Amity University), Noida on the occasion of 5th Global HR summit for its
consistent and inexorable efforts to create a conducive environment yielding success and growth.
54
PRODUCT PROFILE
Last sixty years have witnessed an unprecedented rapid growth of population registering
almost three fold increased. These numbers coupled with rapid industrialization, consumerism
and major shift in living style resulted in tremendous pressure on land and water resources to
meet food, fiber, wood, fuel, fodder, medicines, shelter and several other demands of varied
products. Consequently, there has been over exploitation of natural vegetation and other
resources. There has been particularly, utter neglect of land care resulting in its degradation, due
to water erosion (90 m ha), salinity and alkalinity (7m ha) and flooding (20m ha), wind erosion
(50m ha). Another 20m ha canal irrigation areas are under risk of becoming degraded.
The National Wasteland Development Board (NWDB) has reported 158 million ha of
different categories of land under different types of wastelands. It is well recognized that a large
area in the country is degraded due to soil erosion. On the other hand, continued deforestation
and over exploitation has resulted in decline of forest density, and growing stock, unable to cope
with the increasing demand of people and industry for wood, fuel, fodder and other products.
Total 26,910 ha. Wasteland (11389 ha. in U.P., 9100 ha. in Raj., 6429 ha. in MP and 26 ha in
Uttrakhand.) has been afforestated and converted in the lush green forests. At present 145 PFFCS
are managing inventory of 98.17 lakhs plants (35.98 lakhs in UP, 21.86 lakhs in Rajasthan, 40.22
lakhs in MP and 0.10 lakh in Uttrakhand) of such diverse species as Shisham, Subabool,
55
Nursery Raising:
To ensure good quality seedling as per choice of the community and suitability of the land,
nurseries were raised either at PFFCS level (centralized nurseries) or individual / group level.
The project office provided necessary inputs & trainings for nursery raising and the nurseries
were maintained under technical supervision of IFFDC. Some other species like grafted Mango,
Aonla, Ber etc have also been procured from the various scientific nurseries which are being
raised under the technical supervision of research station. During the year, these PFFCS have
raised 11.93 lakhs saplings of multipurpose species for sale to forest dept., Land Reclamation
in atmosphere. This reduction of CO2 can be used for off-setting the emission of CO2 mainly
through industries in developed countries as per the approved guidelines of United Nations
Frame Work Convention for Climate Change (UNFCCC). It is estimated that by planting 1.00
lakh hectares of new forest, a removal of 10 lakhMT CO2 from atmosphere is possible. Such
reduction in CO2 from atmosphere can betraded as Voluntary Emission Reduction (VER) and is
Poor people in rural area tend to be the most dependent on the direct utilization of natural
resources for their livelihoods and are therefore the first to suffer when the resource base is
degraded or destroyed. Some estimates suggest that harvesting of wild plant and animal species
account for up to 50% of the cash income of poor households and that this heavy reliance results
from a lack of alternative livelihood options. Biodiversity, in particular, often offers the greatest
potential for the development of new products which may in turn offer the most opportunity for
alternative and higher levels of income. For Livelihood Development, IFFDC started several
programmes through need based participatory methodologies and improved technologies, which
are as follows -
In April 1999, IFFDC took up a project entitled “Western India Rain fed Farming Project
(WIRFP)” in District Pratapgarh of Rajasthan, supported by the Department for the International
Development (DFID) UK Govt. in 25 core villages for first two years. The project was expanded
to Ratlam district of M.P. in additional 50 core villages w.e.f. January 2002. The project with the
aim to enhance the livelihood of 1,50,000 poor tribal people dominated by Scheduled Tribes
57
(ST) mainly Bhils and Meenas in 400 villages (75 core, 100 dissemination villages and 225
proximal villages) has been successfully completed on 31st March,2006. However, the follow up
of project interventions after withdrawal are continuing for long term sustainability under the
facilitation of IFFDC.
939 Self Help Groups formed during the project period have saved Rs 65.15 lakhs and are
functioning well through providing micro-finance services to the members. 925 Jankars (para-
professional) identified from project villages itself (33% women) and trained are supporting the
village community in their respective fields for planning, implementation and monitoring of the
by IFFDC are functioning well and providing marketing, credit, guidance and service facilities to
SHGS & PLDCS members, Office bearers and Jankars are being imparted need based
trainings to upgrade their knowledge and skills, to make the Community Based Organizations
(CBOs) able to cope up with the “build-on” needs of the tribal community. During the year, 40
58
trainings on Income Generating Activities (IGA) for SHGs and 20 trainings on Farming System
Development, Soil & Water Conservation technologies for Jankars have been imparted.
IFFDC is implementing this project since December 2005 in 77 villages covering 11 clusters
Rayagada, Nuapada and Boudh districts of Orissa. The project is based on its participatory
development) viz. Jal (water), Jangle (forest), Jameen (land), Janwar (live stock) & Jan (human)
Main objectives of the project are to build capacity and confidence of individuals through
institutional development like self help groups to ensure the up gradation of their skills for
undertaking IGAs; to optimize the efforts with involvement of the concerned state
departments/agencies working in the area of rural development; to federate the Self employed
endeavor into cooperative institution for sustainability; build up the trust and confidence in
cooperative system and strengthen IFFCO's field programmes to benefit the farming community.
(LICD) PROJECT
IFFDC has started its activities since April 2007 to implement this Project in 50 villages
covering 5 districts of Jharkhand viz: Chaibasa, Gumla, Plamu, Hazaribag and Dumka based on
59
the participatory approaches and tested methodologies and technologies to develop livelihood
options for the poor rural community by promoting and strengthening villages level Cooperatives
To institutionalize the project intervention and its sustainability, 50 village level Primary
with total membership of 1195 (Male – 829, Female – 366) have been formed by mobilizing and
organizing the poor rural community. These PLDACS are being nurtured and strengthened
through holding regular meetings of the executive committees to create awareness and sharing
the concept of PLDACS amongst the members. IFFDC is facilitating these PLDACS for
preparation of their annual plans for undertaking livelihood development activities in the coming
years.
60
2.4 LIVELIHOOD IMPROVEMENT THROUGH CULTIVATION OF MEDICINAL
Raghunathpur and Kathmunda, Dist Sarguja for 4 years (April 07 to March 11) with financial
The displaced and freckled families were organized into 52 SHGs with membership base of
563 in the project villages to provide them an effective platform to identify for need based
sustainable livelihood options. These SHGs have saved Rs 2.18 lakhs out of which 1.21 lakhs
revolved as inter-loaning benefited to 285 members. It helped in organized the women of the
displaced villages, inculcated the saving habits in the poor tribal community, increased access of
the illiterate women to the banks and increased awareness regarding benefits of the power plant
to be established in this area. 46 SHG members have been covered under Janta Bima Yojna by
61
6. Integrated Rural Development Project, Chhindwara (M.P.).
(Andhra Pradesh).
6. Pilot Project for Integrated Development (PPID), Sagar & Damoh (M.P.).
(ICPL).
3. Rural Non Farm Development Agency (RUDA), Udaipur supported by Govt of Rajasthan.
62
4. Clinic Based Reproductive Health Service Project” in Allahabad funded by USAID through
7. Indus Child Labour Project supported by International Labour Organization (ILO) in M.P.
10. Formation, management and Capacity Building of SHGs under Swarnjayanti Gram
63
64
RESEARCH METHDOLOGY
RESEARCH
Research comprises defining and redefining the problems, formulating hypothesis or suggested
solutions, collecting, organizing and evaluating data, making deductions and reaching
conclusions. In other words this may be said that the systematic approach concerning
RESESARCH METHODOLOGY
various steps that are generally adopted by a researcher in studying his research along with the
Thus when we talk about research methodology we not only talk of the research methods but
also consider the logic behind the methods we use in the context of our research study and
explain why we are using particular method or technique and why we are not using others so that
research results are capable of being evaluated either by the researcher himself or by others.
There are various types of researches exist that are conducted as par the requirement of the
Some important and popular types of researches are being defined here that are very frequently
used for the purpose of conducting the research study for any given problem.
65
DESCRIPTIVE RESEARCH
Descriptive research includes surveys and facts finding enquiries of different kinds. The major
purpose of the descriptive research is description of the state of affairs as it exists at present. In
social science and business research we quite often use the word Ex post facto research for
descriptive research studies. Ex post facto research studies include attempts by researchers to
discover causes even when they can not control the variables.
ANALYTICAL RESEARCH
In the case of the analytical research, the researcher has to facts and information already
available, and analyze these to make a critical evaluation of the material. So in the case of the
analytical research the researcher does not primarily consider on the collection of the data by
Research refers to a search for knowledge. It can be defined as a scientific and systematic search
through search for new facts in any branch of knowledge. It is a systematized effort to gain new
knowledge.
Thus, research refers to the systematic method consisting of enunciating the problem,
formulating a hypothesis, collecting the facts or data, analyzing the facts and reaching certain
66
The training is basically an in house training which intimated me with various aspects of the
project.
Here, while conducting the study I have relied on two types of data, viz. primary data and
secondary data. Based on the outcome of primary and secondary data, various statistics were
prepared.
DATA SOURCES:Data collection is a very important work in the research process. There are
1 PRIMARY DATA- Primary data are those which are collected afresh and for the first time
and thus happen to be original in character. There are numbers of methods of collecting primary
data. The data collected through meetings with various managers & employees of Finance and
accounts department. I worked under guidance of Mr. Praveen Agarwal, who gave me his
valuable time and information. He sent me to various sections of Finance & Accounts Dept. and
Observation Method
Interview Method
Through Schedules
2. SECONDARY DATA- Secondary data means data that are already available i.e. they refer
to the data which have already been collected and analyzed by someone else. Secondary data
may either be published data or unpublished data. One must be very careful in using secondary
67
data. One must make a minute scrutiny because it is just possible that the secondary data may be
unsuitable or may be inadequate in the context of the problem which one want to study.
Balance Sheet
Annual Reports
Budget
Accounting Reports
Research Design
Descriptive research is a kind of research where the description of the topic is given.
Conclusive research is the kind of research in which the conclusion is given at the end of the
report.
68
FINDING AND ANALYSIS
1] Current Ratio:
Formula:
Current Assets
Current Ratio=
Current Libilities
250000000
219493435
200000000
166433899
150000000 139552971
Current Assests
Current Libilities
100000000 87508941
Current Ratio
64251375
48969933
50000000
69
Comments:-In IFFDC the current ratio is 5.39 in 2010-11, 3.11 in 2011-12 and 2.46:1 in 2012-
13.Current ratio is decreasing in each year its proof that current ratio should be 2.1 which shows
2] Liquid Ratio:
Formula:
Quick Assets
Liquid ratio =
Quick Liabilitie s
250000000
219493435
200000000
166433899
139552971
150000000 Quick Assests
Quick Libilites
Comments:
70
The liquid or quick ratio indicates the liquid financial position of an enterprise. In all 3 years the
liquid ratio is different, which is not better for the company. The liquid ratio of the IFFDC has
Liquid ratio of Company is favorable because the quick assets of the company are higher than
the quick liabilities. The liquid ratio shows the company’s ability to meet its immediate
obligations promptly.
3] Proprietary Ratio:
Formula:
Proprietry fund
Proprietary Ratio =
Total fund
71
140000000 132244271.9 132327000 132354000
120000000
100000000
Proprietary fund
80000000
Total fund
60000000 Proprietary ratio
40008770.91
40000000
20160857.7
20000000 11283053.69
6.56 3.31 11.73
0
2010-2011 20011-2012 2009-2010
Comments:
Proprietary ration shows relationship between proprietary fund and total fund .The percentage
reduce in 2012 and gradually increase in 2013.Its shows a sound position of Company in terms
of proprietary ratio.
Gross Profit
Gross Profit Ratio= *100
Net Sales
Year 2010-2011 2011-2012 2012-2013
72
2E+09 1876646131 1961740396
1.8E+09
1681742954
1.6E+09
1.4E+09
1.2E+09
1E+09 Gross Profit
800000000 Net Sales
600000000 Gross Profit Ratio
400000000
200000000
-0.12 7511837.06
0 0.38 5422760.88
-2314404.7 0.32
-2E+08 2010-2011
2011-2012
2012-2013
Comments:The gross profit is the profit made on sale of goods. It is the profit on turnover. In
the year 2010-2011 the gross Loss ratio is (.12)%. It has decreased to .38% in the year 2011-
2012 due to increase in sales with corresponding more increase in cost of goods sold.
It is declined in 2012-2013 due to high cost of purchases & overheads. Although the gross profit
ratio is declined during the years2012-13. The net sales increased in 2010-11 and 2011-12 but
declined in 2012-13. and gross profit is increased in 2011-12 but decline in 2012-13.
73
5] Operating Ratio:
Formula:
COGS
Operating ratio = *100
Net Sales
2E+09
1.8E+09
1.6E+09
1.4E+09
1.2E+09
1E+09 COGS
800000000 NET SALES
600000000 OPERATING RATIO
400000000
200000000
0
2010-11 2011-12 2012-13
Comments: The operating ratio shows the relationship between costs of goods sold & net
sales. Operating ratio over a period of 3 years when compared that indicate the change in the
is due to increase in the cost of goods sold, which in 2010-2011 was 99.49%, in 2011-2012 was
99.42% & in 2012-2013 it is 99.43%. Though the cost has increased in 2011-2012 as compared
NAPT
Net profit ratio = * 100
Net Sales
75
2E+09
1961740396
1876646131 1.8E+09
1681742954 1.6E+09
1.4E+09
1.2E+09
1E+09
NPAT
800000000 Net Sales
Net Profit Ratio
600000000
400000000
200000000
Comments:
The net profit ratio shows the relationship between NPAT & net sales. Net profit ratio over a
period of 3 years when compared that indicate the change in the profit efficiency of the
company.
The net profit ratio of the company has decreased in 2 year and increase a little in last year. This
is due to decrease in NPAT which in 2010-2011 was 0.14%, in 2011-2012 was 0.347% & in
2012-2013 it is 0.267%. Though the profit has increased in 2011-2012 as compared to 2010-
76
7] Cost of Goods Sold Ratio:
Formula:
COGS
Cost of goods sold Ratio = *100
Net Sales
ratio
2E+09
1950500363
1867127295 1.8E+09
1961740396
1672248356 1.6E+09
1876646131
1681742954
1.4E+09
1.2E+09
1E+09 COGS
800000000 Net sales
600000000 Cost of goods sold ratio
400000000
200000000
0
99.49% 99.43% 99.44%
77
Comments:
The Cost of goods sold ratio shows the relationship between costs of goods sold & net sales.
Operating ratio over a period of 3 years when compared that indicate the change in the
The operating ratio of the company has decreased in 2 year and increase a little in last year. This
is due to increase in the cost of goods sold, which in 2010-2011 was 99.49%, in 2011-2012 was
99.42% & in 2012-2013 it is 99.43%. Though the cost has increased in 2011-2012 as compared
8] Cash Ratio:
Formula:
Cash Bank
Cash Ratio =
Total Current Liabilitie s
78
67539746.61 65916903.84
70000000
60000000
48938157.01 48508941.8
50000000
20000000 14969933.25
10000000
3.27 1.97 1.36
0
2010-2011 2011 -2012 2012-2013
Comments:
Cash ratio is the relation between cash and bank and total liabilities.The company
cash ration percentage decrease every year.In 2011 it was 3.27%,in 2012 it was 1.97%
and in 2013 it is 1.36%.It shows the reduce in cash ratio.It shows a negative impact on
company ration inreltion with cash,bank.
79
Calculations and Interpretation of Comparative Statement
Assets
Fixed Assets 5757395.91 6432161.89 674765.98 11.72
Current Assets
Inventories 59081.40 2520239.41 2461158.01 4165.71
Liabilities
Liabilities 33726375.00 47713941.80 13987566.80 41.47
80
INDIAN FARM FORESTRY DEVELOPMENT COOPERATIVE LTD.
Project exp.
29104268.46 42822481.51 13718213.05 47.13
-
Admin. Exp.
12073412.11 10482801.48 -1590610.63 13.17
Depreciation
890057.61 934243.8 44186.19 4.96
Net profit Before Tax -
7511837.06 5422760.88 -2089076.18 27.81
Less : Tax provision for
wealth tax, taxation, fringe
benefit tax & deferred tax
525000.00 928025.66 403025.66 76.77
Net profit After tax
6986837.06 4494735.22 2492101.84 35.67
81
Calculations and Interpretation of Cash Flow Statement
Cash flow Statement (in Rs.).
Particulars 2012 2013 Increase/ Decrease %age
Profit Before Tax 7511837.06 5422760.88 -2089076.18 -27.810457
Net Cash Flow Operating
9699274.53 3771208.34 -5928066.19 -61.118656
Activity
Net Cash used in Investing
13676261.49 3192757.23 -10483504.26 -76.654752
Activity
Net Cash used in Financing 82728.11 27000 -55728.11 -67.362968
Net Inc/Dec in Cash &
13758989.6 3219757.23 -10539232.37 -76.598883
Equivalent
Cash and Equivalent at the
Begin of the Year 48938157.01 62697146.61 13758989.6 28.1150547
Cash and Equivalent at the
End of the Year 62697146.61 65916903.84 3219757.23 5.1354127
82
CONCLUSION
1. Comparative Balance Sheet reveals that total Assets of IFFDC increased during a year by
13.55%.
2. Total Liabilities increased during a year by 41.63 %.
83
LIMITATION ON STUDY
The data used in this study has been taken from the Balance sheet & their related
schedules of IFFDC Ltd. New Delhi as per the requirement and necessarily, some data
Since this study is being done for academic purpose the time available does not allow the
student to go in depth.
Information or the secondary data required for the study is also limited.
Some of the information that was essential for this study cannot however be given in this
The scope and area of the study was limited to corporate office of IFFDC (Finance
84
BIBLIOGRAPHY
Books:
P.TULYSYAN
S.SIDDHIQUI
Websites:
www.google.com
iffdcho@iffdc.org.in
www.iffdc.org.in
85
THANK YOU
86