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» Financial performance project
Financial performance project
This is a research report on
Financial performance project
section of our research repository.
1923 views, 0 comments, Last Update: Apr 17, 2012.
CHAPTER – 1 INTRODUCTION
The financial statement provides the basic data for financial performance analysis. The financial statements provide a summarized view of the financial position and operations of a firm. Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business. The analyst first identifies the information relevant to the decision under consideration from the total information contained in the financial statements. Therefore, much can be learnt about a firm from a careful examination of its financial statements as invaluable documents and performance reports. The analysis of financial statements is an important aid to financial analysis. They provide information on how the firm has performed in the past and what is its current financial position. Financial analysis is the process of identifying the financial strengths and weakness of the firm from the available accounting data and financial statements. The analysis is done by establishing relationship between the different items of financial statements. The focus of financial analysis is on key figures in the financial statements and the significant relationship that exists between them. The analysis of financial statements is a process of evaluating relationship between component parts of financial statements to obtain a better understanding of the firm?s position and performance. The first task of financial analyst is to select the information relevant to the decision under consideration from the total information contained in the financial statement. The second step involved in financial analysis is to arrange the information in a way to highlight significant relationships. The final step is interpretation and drawing of inferences and conclusions. In brief, financial analysis is the process of selection, relation, and evaluation.
1.1.1 NON-BANKING FINANCIAL COMPANIES (NBFCS) Non-bank financial companies (NBFCs) are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold a banking license. Operations are, regardless of this, still exercised under bank regulation. According to Reserve Bank Amendment of Act 1997, A Non-Banding Financial Company (NBFCs) means, ? ? A financial institution which is a company A non-banking institution which is a company which has its principal business receiving of deposits under any scheme of arrangement or in any other manner or lending in any manner The non-banking financial sector in India has tremendous growth in recent years. NBFCs? attracted a large number of small investors since the rate of return on deposits with them was relatively high. NBFCs are quite flexible sectors like equipment leasing, hire-purchase, housing finance, consumer finance and so on, where gaps between the demand and supply of funds have been high. The growth in number of NBFCs was facilitated by the case of entry, limited fixed assets and absence of any need to hold inventories.
1.1.2 CURRENT SCENARIO OF NBFCS The base of today?s feebleness of Non-Banking Finance Companies can perhaps be traced back to early nineties. The buoyant capital market, in the first flush liberalization welcomed every issue with huge premiums and massive over subscription. This was the signal for several unscrupulous promoters to set up high profile finance companies and raise money from both the capital markets and through public deposits. The Reserve Bank of India for its past, progressively relaxed its regulatory hold over the industry and made it possible for the companies with little financial strength and even fewer scrupulous to raise large amounts of money from an unsuspecting public. Hardly anyone knew
or questioned how these moneys were deployed. Soon afterward, the stock market scam broke claiming its first victim from the non-banking finance companies sector. With the capital market in disarray, it was no longer possible for continue of fund flow, from investors who had burnt their fingers in the stock markets. It was thus convenient fresh deposits. In July1996, the RBI, perhaps the most sweeping changes in the non-banking finance companies regulation, virtually pulled out all the stock, enabling companies to raise deposits with minimum number and more significantly, removed the ceiling on interest rate. At the point, when the government was faced with grim situation and responding to the plea of the industry, the government set up a special task force headed by Mr. C.M. Vasudev to recommend the steps for the orderly growth of finance companies while keeping investor protection as its key priority. The committee in its final report recognized the important role played by these companies and warned against the tendencies to tar all the companies with the same brush. The silent recommendations of the Vasudev committee were ? ? ? ? ? Review of minimum capital requirement of Rs. 25lakhs for registration purposes Higher capital adequacy ratio for non-banking finance companies seeking public deposits without credit rating Preview of prudential norms with ceiling for exposure to real estate and capital markets Differential ceiling on public deposit acceptance for companies with and without credit ratings A separate instrument to regulate and supervise non-banking finance companies.
1.1.3 ADVANTAGE OF NBFCs 1. Lower transaction costs 2. Higher rate of interest on deposits compared to banks 3. Quick financial decision caking 4. Customer orientation 5. Prompt provision of services
1.1.4 RBI GUIDELINES FOR NBFCs The nineties witnessed a dramatic increase in the number of NBFCs and it was thought necessary to have a regulatory framework for NBFCs. RBI came out with set of guidelines for NBFCs specifically aimed at protecting the depositors. To encourage the NBFCs that is running on sound business principals, on July 24th 1996, NBFCs were divided into two classes, i. ii. Equipment leasing and hire purchase (finance company) Loan and investment companies
1.1.5 CATEGORIES OF NBFCs i. ii. iii. iv. v. vi. Loan Companies Investment Companies Hire Purchase Companies Equipment Leasing Companies Mutual Benefits Finance Companies Housing Finance Companies
Equipment leasing company – Any company, which is a financial institution, carrying on its principal business. The activities of leasing of equipment of the financing of such activity. 1. Hire purchase finance company – A company, which is a financial institution, carrying on its principal business, hire purchase transaction. 2. Investment Company – A company, which deals with acquisition of securities. 3. Loan Company – A company, which is a financial institution and carries on its principal business of providing finance by any activities other than its own. 4. Mutual benefit finance company – A company, which is a financial institution. This is notified by the central government under section 620 (a) of The Companies Act 1956.
COMPANY PROFILE Sundaram Finance Limited was incorporated in 1954 and has grown into one of the
most trusted financial services group in India and a part of TV Sundaram Iyengar and Sons group of companies, one of India?s largest industrial conglomerates and diversified industrial conglomerate with principal base in Chennai and Madurai. Almost all the companies in the group are privately held. The company was started with a paid-up capital of Rs.2Lakhs and later went public in 1972. 1.2.1 FOUNDER OF THE COMPANY The Company was founded by Sri. T. S. Santhanam. He has a rich experience in the automobile and road transport sector for nearly six decades. He was the founder, Director and First managing director of Sundaram Finance Limited and has served on various committees constituted by the Central Government and Reserve Bank of India on various aspects relating to growth and development of the Road Transport and Non-Banking Financial Companies. The company has been rated as „MAA? by the ICRA signifying the highest number of deposits. The Company mobilizes its funds from driver sources at competitive rates thus
achieving a reduction in overall cost of funds. The company gets its funds from the main sources namely, ? ? ? ? Deposits Bank/Industrial Finance Debentures Commercial Papers
1.2.2 THE MAIN ACTIVITIES OF SUNDARAM FINANCE LIMITED ? Deposits ? Hire Purchasing ? Leasing
1.2.3 FIVE PILLARS OF SUNDARAM FINANCE LIMITED 1. Faith 2. Depositor?s confidence 3. Institutional trust 4. Investor safety 5. Employee loyalty
1.2.4 CORPORATE PHILOSOPHY OF THE COMPANY ? ? ? ? ? ? Truth and fairness guide the management of finance Customer satisfaction through excellent service and reliability Prudence and conservation in finance operations Truth, honesty and efficiency in all dealings Professional management with high standards of integrity Full compliance with law and regulations.
1.2.5 OBJECTIVES OF THE COMPANY Sundaram Finance was initiated with the sole objective of financing commercial vehicles and passenger cars. Within a span of 55 years they have spread their wings to every exposable area in the Non-banking finance sector. Sundaram Finance – Where Truth, Fairness and Transparency guide the management of finance. 1.2.6 VALUES A set of values have governed their growth over the years. Among them are transparent in their business practices, dedicated customer service fair, efficient and safe financial policies. 1.2.7 STRENGTH
? ? ? ?
Support of the group companies. Involvement of the directors on major policy matters. High employee morale. Good initial system for operation and control.
? ? ? ? ? ? ? ?
Efficiency and sophisticated software system for decision support system. Investor?s trust and faith in the company. Easy financing schemes for all cars – new and second hand cars. Simple documentation, quick processing and speedy approval. Customized schemes, personalized service. Direct dealing between customer and company. No hidden costs. Tailor – made products to suit individual requirements.
1.2.8 SUBSIDARIES / GROUPS
? ? ? ? ? ? ? ?
Sundaram Finance Sundaram BNP Paribas Asset Management Sundaram BNP Paribas Home Finance Limited Royal Sundaram Alliance Insurance Sundaram InfoTech Solutions Sundaram Business Services Sundaram Finance Distribution Limited Infrieght Logistics Solutions Limited
1.2.9 AWARDS RECEIVED
„Certificate of Commendation? award by the Government of India under the scheme of “Good Tax Payers”. “Second Best Tax Payer” in the category of Private Sector Company for Assessment Year 1994-95 in Tamil Nadu Region, from the Income Tax Department, Tamil Nadu. „Rolling Trophy? by Rotary Club of Madras South West for Best Employer-Employee Relationship for the year 1995-96. “Best Tax Payer” in the category of Private Sector Company for Assessment Year 199596 in Tamil Nadu Region, from the Income Tax Department, Tamil Nadu.
“Automan Award” to Shri T S Santhanam, Chairman, from Motor India in 1998. “Pioneering Service Award” to Shri T S Santhanam Chairman, from Chennai Good Transport Association. “Sarige Ratna Award” to Shri T S Santhanam, Chairman, from the Bangalore City Lorry Transporting Agents? Association (Regd). “Most Valued Customer Award” to Shri T S Santhanam Chairman, from the State Bank of India. “The Best Financier of the New Millennium 2000” to Shri. G K Raman, Managing Director, from the All India Motor Transport Congress.
NEED, OBJECTIVES AND SCOPE OF THE STUDY
NEED FOR THE STUDY
The Financial Statements are mirror which reflects the financial position and strengths or weakness of the concern. The Non- Banking Financial Company has been witnessed intense competition from domestic banks and international banks. Every business needs to view the financial performance analysis.
The study on effectiveness of operational and financial performance of Sundaram finance limited is conducted to measure the overall performance of company. The financial analysis strengths the firms to make their best use, and to be able to spot out financial weakness of the firm to state suitable corrective actions.
This study aims at analyzing the overall financial performance of the company by using various financial tools like Comparative Analysis, common size statement analysis, Ratio Analysis, and Cash Flow Analysis.
OBJECTIVES OF THE STUDY
2.2.1 PRIMARY OBJECTIVE: o To study the financial performance analysis of Sundaram Finance Limited, Chennai.
2.2.2 SECONDARY OBJECTIVES: o To compare and analyze the financial statements for the past three financial years (2008,2009 and 2010) o To know the profitability, liquidity and solvency position of Sundaram finance limited. o To compare and interpret financial statements of the Sundaram Finance Limited with comparative and common-size statement analysis. o To forecast the annual growth rate of income of the company with the help of regression analysis. o To provide suggestions for improving the overall finance performance of the company.
SCOPE OF THE STUDY The study is based on the accounting information of the SUNDARAM FINANCE
LIMITED, CHENNAI. The study covers the period of 2008-2010 for analyzing the financial statement such as income statements and balance sheet.
The scope of the study involves the various factors that affect the financial efficiency of the company. To increase the profit and sales growth of the company. This study finds out the operational efficiency of the organization and allocation of resources to improve the efficiency of the organization.
The data of the past three years are taken into account for the study. The performance is compared within those periods. This study finds out the areas where Sundaram Finance Ltd can improve to increase the efficiency of its assets and funds employed.
CHAPTER – 3 LITERATURE REVIEW
3.1 REVIEW OF LITERATURE Literature Review was done by referring previous studies, articles and books to know the areas of study and analyze the gap or study not done so far. There are various studies were conducted relating to operational performance of the company from which most relevant literatures were reviewed. Kennedy and Muller (1999), has explained that “The analysis and interpretation of financial statements are an attempt to determine the significance and meaning of financial statements data so that the forecast may be made of the prospects for future earnings, ability to pay interest and debt maturines (both current and long term) and profitability and sound dividend policy.” T.S.Reddy and Y. Hari Prasad Reddy (2009), have stated that “The statement disclosing status of investments is known as balance sheet and the statement showing the result is known as profit and loss account” Peeler J. Patsula (2006), he define that a sound business analysis tells others a lot about good sense and understanding of the difficulties that a company will face. We have to make sure that people know exactly how we arrived to the final financial positions. We have to show the calculation but we have to avoid anything that is too mathematical. A business performance analysis indicates the further growth and the expansion. It gives a physiological advantage to the employees and also a planning advantage. I.M.Pandey (2007), had stated that the financial statements contain information about the financial consequences and sources and uses of financial resources, one should be able to say whether the financial condition of a firm is good or bad; whether it is improving or deteriorating. One can relate the financial variables given in financial statements in a meaningful way which will suggest the actions which one may have to initiate to improve the firm?s financial condition.
Chidambaram Rameshkumar & Dr. N. Anbumani (2006), he argue that Ratio Analysis enables the business owner/manager to spot trends in a business and to compare its performance
and condition with the average performance of similar businesses in the same industry. To do this compare your ratios with the average of businesses similar to yours and compare your own ratios for several successive years, watching especially for any unfavorable trends that may be starting. Ratio analysis may provide the all-important early warning indications that allow you to solve your business problems before your business is destroyed by them. Jae K.Shim & Joel G.Siegel (1999), had explained that the financial statement of an enterprise present the raw data of its assets, liabilities and equities in the balance sheet and its revenue and expenses in the income statement. Without subjecting these to data analysis, many fallacious conclusions might be drawn concerning the financial condition of the enterprise. Financial statement analysis is undertaken by creditors, investors and other financial statement users in order to determine the credit worthiness and earning potential of an entity. Susan Ward (2008), emphasis that financial analysis using ratios between key values help investors cope with the massive amount of numbers in company financial statements. For example, they can compute the percentage of net profit a company is generating on the funds it has deployed. All other things remaining the same, a company that earns a higher percentage of profit compared to other companies is a better investment option. M Y Khan & P K Jain (2011), have explained that the Financial statements provide a summarized view of the financial position and operations of a firm. Therefore, much can be learnt about a firm from a careful examination of its financial statements as invaluable documents / performance reports. The analysis of financial statements is, thus, an important aid to financial analysis. Elizabeth Duncan and Elliott (2004), had stated that the paper in the title of efficiency, customer service and financing performance among Australian financial institutions showed that all financial performance measures as interest margin, return on assets, and capital adequacy are positively correlated with customer service quality scores. Jonas Elmerraji (2005), tries to say that ratios can be an invaluable tool for making an investment decision. Even so, many new investors would rather leave their decisions to fate than
try to deal with the intimidation of financial ratios. The truth is that ratios aren't that intimidating, even if you don't have a degree in business or finance. Using ratios to make informed decisions about an investment makes a lot of sense, once you know how use them. Carlos Correia (2007), had explained that any analysis of the firm, whether by management, investors, or other interested parties, must include an examination of the company?s financial data. The most obvious and readily available source of this information is the firm?s annual report. The financial statements shall, in conformity with generally accepted accounting practice, fairly present the state of the affairs of the company and the results of operations for the financial year. Greninger et al.(1996), identified and refined financial ratios using a Delphi study in the areas of liquidity, savings, asset allocation, inflation protection, tax burden, housing expenses and, insolvency. Based on the Delphi findings, they proposed a profile of financial well-being for the typical family and individual. Rachchh Minaxi A (2011), have suggested that the financial statement analysis involves analyzing the financial statements to extract information that can facilitate decision making. It is the process of evaluating the relationship between component parts of the financial statements to obtain a better understanding of an entity?s position and performance. Salmi, T. and T. Martikainen (1994), in his "A review of the theoretical and empirical basis of financial ratio analysis", has suggested that A systematic framework of financial statement analysis along with the observed separate research trends might be useful for furthering the development of research. If the research results in financial ratio analysis are to be useful for the decision makers, the results must be theoretically consistent and empirically generalizable. John J.Wild, K.R.Subramanyam & Robert F.Halsey (2006), have said that the financial statement analysis is the application of analytical tools and techniques to general-purpose financial statements and related data to derive estimates and inferences useful in business analysis. Financial statement analysis reduces reliance on hunches, guesses, and intuition for business decisions. It decreases the uncertainty of business analysis.
CHAPTER – 4 RESEARCH METHODOLOGY
RESEARCH METHODOLOGY Research can be defined as “A Scientific and Systemic Search for pertinent
information on a specific topic”. Therefore, research could be understood as an organized activity with specific objectives on a problem or issues supported by compilation of related data and facts, involving application of relevant tools of analysis and deriving logically on originality.
RESEARCH DESIGN Research Design is the arrangement of condition for collection and analysis of data in
manner that aims to combine relevance to the research purpose with the economy in procedure. Research Design is important primarily because of the increased complexity in the market as well as marketing approaches available to the researchers. A research design specifies the methods and procedures for conducting a particular study.
4.2 TYPE OF RESEARCH ANALYTICAL RESEARCH In this type of research has to use facts or information already available, and analyze these to make a critical evaluation of the material. The researcher depends on existing data for his research work. The analysis revolves round the material collected or available.
4.3 SOURCE OF DATA
? SECONDARY DATA
Secondary Data refers to the information or facts already collected such data are collected with the objectives of understanding the past status of any variable or the data collected and reported by some source is accessed and used for the objective of a study. Normally in research, the scholars collect published data, journals, annual reports and websites.
4.4 TOOLS USED FOR ANALYSIS (1) Ratio Analysis (2) Comparative Statement Analysis (3) Common-size Statement Analysis (4) Cash Flow Statement Analysis (5) Regression Analysis
4.4.1 RATIO ANALYSIS A ratio is the process of determining and presenting the relationship of items and groups of items in the financial statements. The ratios can be classified into the following types: 18.104.22.168 PROFITABILITY RATIO
Profitability Ratio measured as a ability to make maximum profit from optimum utilization of resources by a business concern is termed as profitability. o GROSS PROFIT RATIO This ratio is also known as Gross Margin or Trading Margin Ratio. Gross Profit Ratio includes the difference between sales and direct costs. Gross Profit Ratio = ( Gross Profit / Net Sales ) * 100
o NET PROFIT RATIO It measures of management efficiency in operating the business successfully from the owner?s point of view. Higher the ratio better is the operational efficiency of business concern. Net Profit Ratio = ( Net Profit After Tax / Net Sales ) * 100
o RETURN ON EQUITY OR RETURN ON NET WORTH This ratio signifies the return on equity shareholders funds. The profit considered for computing the ratio is taken after payment of preference dividend. Return on Equity = ( Net Profit After Interest And Tax / Shareholder’s funds ) * 100
22.214.171.124 ACTIVITY RATIO OR TURNOVER RATIOS: Activity ratios highlight the operational efficiency of the business concern. The term operational efficiency refers to effective, profitable and rational use of resources available to the concern. o WORKING CAPITAL TURNOVER RATIO Working capital ratio measures the effective utilization of working capital. It also measures the smooth running of business. The ratio establishes relationship between cost of sales and working capital. Working Capital Turnover Ratio = ( Sales / Net Working Capital )
o CAPITAL TURNOVER RATIO Managerial efficiency is also calculated by establishing the relationship between cost of sales or sales with the amount of capital invested in the business. Capital Turnover Ratio = (Sales / Capital Employed)
o FIXED ASSET TURNOVER RATIO This ratio determines efficiency of utilization of fixed assets and profitability of a business concern. Fixed Asset Turnover Ratio = (Sales / Net Fixed asset)
126.96.36.199 SOLVENCY OR FINANCIAL RATIOS Solvency or Financial Ratios include all ratios which express financial position of the concern. The term financial position generally refers to short-tem and long-term solvency of the business concern, including safety of different interested parties. o CURRENT RATIO In order to measure the short-term liquidity or solvency of a concern, comparison of current assets and current liabilities is inevitable. Current ratio indicates the ability of a concern to meet its current obligations as and when they are due for payment. Current Ratio = ( Current asset / Current liabilities )
o DEBT EQUITY RATIO The debt equity ratio is determined to ascertain the soundness of the long term financial policies of the company and also to measures the relatives? proposition of outsider?s funds and shareholders funds investments in the company. Debt-Equity Ratio = ( Total Long-term Debt / Shareholder’s Funds )
o DEBT TO TOTAL FUNDS RATIO This ratio gives same indication as the debt equity ratio as this is a variation of debt equity ratio. This ratio is the relationship between long term debts and total long term funds. Debt to Total Funds Ratio = ( Long-term Debt / Total Funds)
o EQUITY TO TOTAL FUNDS Equity to total funds explains the relationship between equity and total funds. Equity to Total Funds = ( Equity / Total Funds)
4.4.2 COMPARATIVE STATEMENT ANALYSIS Comparative balance sheet as on two or more different dates can be used for comparing assets and liabilities and findings out any increase or decrease in the items. Thus while in single balance sheet the emphasis is on present position, it is on change in the comparative balance sheet. 4.4.3 COMMON SIZE STATEMENT ANALYSIS Common size statements indicate the relationship of various items with some common items. In the income statements, the sales figure is taken as basis and all other figures are expressed as percentage of sales. Similarly, in the balance sheet the total assets and liabilities is taken as base and all other figures are expressed as percentage of this total. 4.4.4 CASH FLOW STATEMENT Cash flow includes cash inflows and out flows - cash receipts and cash payments during a period. A cash flow statement is a statement which portrays the changes in the position between two accounting period. Cash flow analysis can reveal the causes for even highly profitable firms experiencing acute cash shortages. 4.4.5 REGRESSION ANALYSIS A fundamental and versatile research technique that seeks to explain an outcome variable in terms of multiple predictor variables. This analysis reveals the nature and strength of the relationship between each predictor variable and the outcome, independent of the influence from all other predictors. Regression Equation Y on X is given as: Y = a + bX Equations to find constants „a? and „b? are given as: ?Y = Na + b?X ?XY = a?X + b
CHAPTER - 5 DATA ANALYSIS AND INTERPRETATION
5 5.1 5.1.1
DATA ANALYSIS AND INTERPRETATION RATIO ANALYSIS PROFITABILITY RATIOS
188.8.131.52 Gross Profit Ratio: This ratio is also known as Gross Margin or Trading Margin Ratio. Gross Profit Ratio includes the difference between sales and direct costs. Gross Profit Gross Profit Ratio = Net Sales Table No 5.1.1 GROSS PROFIT RATIO Years 2007-2008 2008-2009 2009-2010 Gross Profit (Rs.) 30289.71 21971.03 32347.63 Net sales (Rs.) 90176.44 108277.62 118189.37 Ratio (In %) 33.58 20.29 27.37 X100
Chart No 5.1.1 GROSS PROFIT RATIO RATIO (IN PERCENTAGE) 40 30 20 10 0 2007-2008 2008-2009 YEARS INFERENCES: The Gross Profit for the financial year 2007-2008 was recorded as per the ratio is 33.58%, where as the years between 2008-2009 went through a change in the ratio of 20.29% and the companies profit went upward in 2009-2010 with the ratio of 27.37%. Thus, it is showing the steady growth in the company profile.
184.108.40.206 NET PROFIT RATIO It measures of management efficiency in operating the business successfully from the owner?s point of view. It indicates the return on shareholder?s investment. Higher the ratio better is the operational efficiency of business concern. Net Profit after Tax Net Profit Ratio = Net Sales Table No 5.1.2 NET PROFIT RATIO Years 2007-2008 2008-2009 2009-2010 Net Profit (Rs.) 21254.24 15073.14 22674.86 Net sales (Rs.) 90176.44 108277.62 118189.37 Ratio (In %) 23.56 13.92 19.18 X 100
Chart No 5.1.2 NET PROFIT RATIO 25 RATIO (IN PERCENTAGE) 20 15 10 5
2007-2008 2008-2009 YEARS 2009-2010
INFERENCES: The Net Profit Ratio depicts that the company had a good profit in 2007-2008 where it had a good yield profit. Comparing to the year 2008-2009 is 13.92%, the sales of the company have a steady attitude and increase upwards to 19.18%. This indicates that there is an improvement in the operational efficient of the business and it leads to the increase in the profitability of the firm.
220.127.116.11 RETURN ON EQUITY OR RETURN ON NET WORTH This ratio signifies the return on equity shareholders funds. The profit considered for computing the ratio is taken after payment of preference dividend. Net profit after interest and tax Return on Equity = Shareholder fund X 100
Table No 5.1.3 RETURN ON EQUITY Years Net profit after interest and tax (Rs.) 21254.24 15073.14 22674.86 Shareholder Fund (Rs.) 231280.81 268538.97 333318.07 Ratio (In %) 9.18 5.61 6.80
2007-2008 2008-2009 2009-2010
Chart No 5.1.3 RETURN ON EQUITY
RATIO (IN PERCENTAGE)
8 6 4 2 0 2007-2008 2008-2009
INFERENCES: Return on shareholder fund determines the profitability from the shareholders point of view. From the above, it shows that in the year 2008-2009, the company shows 5.61% of ratio and it has risen to 6.80%. This is a clear indication of overall operation is efficient.
18.104.22.168 WORKING CAPITAL TURNOVER RATIO Working capital ratio measures the effective utilization of working capital. It also measures the smooth running of business. The ratio establishes relationship between cost of sales and working capital. Sales Working Capital Turnover Ratio = Net Working Capital
Table No 5.1.4 WORKING CAPITAL TURNOVER RATIO Years 2007-2008 2008-2009 2009-2010 Sales (Rs.) 90176.44 108277.62 118189.37 Net Working Capital (Rs.) 645733.44 666319.18 898497.54 Ratio (In Times) 0.13 0.16 0.13
Chart No 5.1.4 WORKING CAPITAL TURNOVER RATIO
RATIO (IN TIMES)
0.2 0.15 0.1 0.05 0 2007-2008 2008-2009
INFERENCES: A higher ratio is the indication of lower investment of working capital and more profit. In 2007-2008, the sales of the company are low at 0.13 times but in the year 2008-2009, it gone upward of sales to 0.16 times.
22.214.171.124 CAPITAL TURNOVER RATIO Managerial efficiency is also calculated by establishing the relationship between cost of sales or sales with the amount of capital invested in the business. Sales Capital Turnover Ratio = Capital Employed
Table No 5.1.5 CAPITAL TURNOVER RATIO Years 2007-2008 2008-2009 2009-2010 Net Sales (Rs.) 90176.44 108277.62 118189.37 Capital Employed (Rs.) 536009.27 533288.26 720052.92 Ratio (In Times) 0.16 0.20 0.17
Chart No 5.1.5 CAPITAL TURNOVER RATIO
RATIO (IN TIMES)
0.15 0.1 0.05 0
2007-2008 2008-2009 2009-2010
YEARS INFERENCES: In the year 2007-2008, the sales? comparing to 2008-2009 it is increased to 0.20 times and it shows that efficient methods are adopted to use the capital employed. In 2009-2010, which compares to the year 2007-2008 it indicates higher ratio of 0.17 times. The capital of the company has utilized efficiently comparing to 2007-2008.
126.96.36.199 FIXED ASSET TURNOVER RATIO This ratio determines efficiency of utilization of fixed assets and profitability of a business concern. Sales Fixed Asset Turnover Ratio = Net Fixed asset
Table No 5.1.6 FIXED ASSET TURNOVER RATIO Years Sales (Rs.) 90176.44 108277.62 118189.37 Fixed Asset (Rs.) 17264.30 20241.05 23237.80 Ratio (In Times) 5.22 5.35 5.09
2007-2008 2008-2009 2009-2010
Chart No 5.1.6 FIXED ASSET TURNOVER RATIO
5.4 5.35 5.3 5.25 5.2 5.15 5.1 5.05 5 4.95 2007-2008 2008-2009 YEARS 2009-2010
INFERENCES: Higher the ratio is more than the efficiency in utilization of Fixed Assets. Lower ratio indicates the under utilization of fixed assets. From the above table it indicates in the year 20082009, the sales have been increased comparing to the next year 2009-2010. And it?s gradually declining over the next year 2009-2010 for 5.09 times.
RATIO (IN TIMES)
5.1.3 SOLVENCY OR FINANCIAL RATIOS: 188.8.131.52 CURRENT RATIO In order to measure the short-term liquidity or solvency of a concern, comparison of current assets and current liabilities is inevitable. Current ratio indicates the ability of a concern to meet its current obligations as and when they are due for payment. Current asset Current Ratio = Current liabilities
Table No 5.1.7 CURRENT RATIO Years 2007-2008 2008-2009 2009-2010 Current Asset (Rs.) 56187.53 68876.04 166489.36 Current Liabilities (Rs.) 53034.57 50360.94 55084.13 Ratio (In Times) 1.06 1.36 3.02
Chart No 5.1.7 CURRENT RATIO 3.5 3 2.5 2 1.5 1 0.5 0 2007-2008 2008-2009
RATIO (IN TIMES)
INFERENCES: A high current ratio is an assurance that the firm will have adequate funds to pays current liabilities and other payment. During the year 2009-2010, the current ratio is 3.02 times and it is more when compared with previous year 2008-2009 is 1.36 times.
184.108.40.206 DEBT EQUITY RATIO The debt equity ratio is determined to ascertain the soundness of the long term financial policies of the company and also to measures the relatives? proposition of outsider?s funds and shareholders funds investments in the company. Total Long-term debt Debt Equity Ratio = Shareholders Funds
Table No 5.1.8 DEBT EQUITY RATIO Years 2007-2008 2008-2009 2009-2010 Long term debts (Rs.) 431716.93 418021.26 588417.27 Shareholders funds (Rs.) 104292.34 115267 131635.65 Ratio (In Times) 4.13 3.62 4.47
Chart No 5.1.8 DEBT EQUITY RATIO 5
RATIO (IN TIMES)
3 2 1 0 2007-2008 2008-2009
INFERENCES: From the above table, during the year 2007-2008 the debt equity ratio is 4.13 times and it is decreased to 3.62 times then it shows the uptrend from the year 2009-2010 as 4.47 times. Suggest that the debt from the company has increased over the years with increase in shareholder funds as well.
220.127.116.11 DEBT TO TOTAL FUNDS RATIO This ratio gives same indication as the debt equity ratio as this is a variation of debt equity ratio. This ratio is also known as solvency ratio. This ratio is the relationship between long term debts and total long term funds. Long Term Debts Debt to Total Funds Ratio = Total Funds
Table No 5.1.9 DEBT TO TOTAL FUNDS RATIO Years 2007-2008 2008-2009 2009-2010 Long Term Debts (Rs.) 431716.93 418021.26 588417.27 Total Funds (Rs.) 712389.16 742843.84 981013.79 Ratio (In Times) 0.60 0.56 0.59
Chart No 5.1.9 DEBT TO TOTAL FUNDS RATIO
RATIO (IN TIMES)
0.61 0.6 0.59 0.58 0.57 0.56 0.55 0.54 2007-2008 2008-2009
INFERENCES: During the year 2007-2008, the debt to total funds ratio is 0.60 times and it was decreased. And in 2009-2010 again it had an increase in the company?s sales comparing to previous year 2008-2009 is 0.56 times to 0.59 times in 2009-2010.
18.104.22.168 EQUITY TO TOTAL FUNDS Equity to total funds explains the relationship between equity and total funds.
Equity Equity to Total Funds = Total Funds Table No 5.1.10 EQUITY TO TOTAL FUNDS Years 2007-2008 2008-2009 2009-2010 Equity (In Rs.) 104292.34 115267.00 131635.65 Total Funds (In Rs.) 712389.16 742843.84 981013.79 Ratio (In Times) 0.14 0.15 0.13
Chart No 5.1.10 EQUITY TO TOTAL FUNDS
RATIO (IN TIMES)
0.155 0.15 0.145 0.14 0.135 0.13 0.125 0.12 2007-2008 2008-2009 YEARS 2009-2010
INFERENCES: In the year 2007-2008, the total funds was Rs.712389.16 (in lakhs) and it shows upward trend of Rs.981013.79 (in lakhs) and during the year 2009-2010 comparing to the year 2008-2009 is Rs.742843.84 (in lakhs).
5.2.1 COMPARATIVE INCOME STATEMENT OF SUNDARAM FINANCE LIMITED FOR THE YEAR ENDED 31.03.2010 Particulars 2009 (Rs.) 2010 (Rs.) Amount Increase / Decrease during 2009-2010 (Rs.)
+9911.75 (1164.54) +11076.29
Percentage Increase / Decrease during 2009-2010 (In %)
+9.15 (1.80) +25.33
Income from Operation Less: Financial Expense Gross Profit (A) Other Income: Profit on Sale of Shares Other Income Total (B) Total Income (A+B) = C Expense: Operating Expense: Administration Expense Establishment Expense Provision Depreciation Total Operating Expense (D) Operating Profit (C-D) Non-Operating Expense: Taxation Total Non-Operating Expense (F) Net Profit (E-F)
108277.62 64544.09 43733.53
118189.37 63379.55 54809.82
3199.28 3199.28 46932.81
2538.90 4142.57 6681.47 61491.29
+943.29 +3482.19 14558.48
+29.48 +108.84 +134.17
7160.91 9407.97 4616.80 3776.10 24961.78 21971.03
6042.27 10011.23 8608.59 4481.57 29143.66 32347.63
(1118.64) +603.26 +3991.79 +705.47 +4181.88 +10376.6
(15.62) +6.41 +86.46 +18.68 +16.75 +47.23
The comparative income statement shows income from operation amount increase during the year 2009-2010 was Rs.9911.75 and increase in percentage of 9.15.
For the year 2009-2010, the total income indicates Rs.14558.48 and percentage increase during the year 2009-2010 was 134.17.
The operating profit has been increased is Rs.32347.63 in the year 2010 which is comparing to the previous year was Rs.21971.03 and the percentage shows increase by 47.23. The Net profit amount increases during 2009-2010 is Rs. 7601.72 and shows percentage increase by 50.43.
5.2.2 COMPARATIVE BALANCE SHEET OF SUNDARAM FINANCE LIMITED FOR THE YEAR ENDED 31.03.2010 Amount Increase / Decrease during 2009-2010 (Rs.) Percentage Increase / Decrease during 2009-2010 (In %)
Particulars Assets: Current Assets Loans & Advance Deferred Tax Asset Investment Fixed Asset Total Asset
68876.04 653955.77 5691.36 51188.87 20241.05 799953.09
166489.36 799363.96 6124.40 53744.80 23237.80 1048960.32
+97613.32 +145408.19 +433.04 +2555.93 +2996.75 +249007.23
+141.72 +21.98 +7.61 +4.99 +14.80 +31.13
Liabilities and Capital: Current Liability Unsecured Loan Secured Loan Total Liabilities (A) Capital and Reserve: Share Capital Reserve & Stock Options Total Shareholders Funds (B) 5555.19 109711.81 5555.19 126080.46 +16368.65 +14.92 58478.77 208479.20 417728.12 684686.09 67946.53 260960.87 588417.27 917324.67 +9467.76 +52481.67 +170689.15 +232638.58 +16.19 +25.17 +40.86 +33.98
Total Liabilities and Capital (A+B)
In the year 2009-2010, the investment it shows the uptrend for the year 2010 as Rs.53744.80 and it has increased by 4.99%. Fixed assets has been increased was Rs.23237.80 in the year 2010 which is comparing to the previous year and the percentage shows increase by 14.80.
During the year 2009, the shareholders fund amount to Rs.115267.00 it has been increased to the amount of Rs. 131635.65 and percentage increased was 14.20.
Secured loans shows uptrend by Rs.588417.27 over the previous year of Rs.417728.12 and increase in percentage of 33.98.
5.3.1 COMMON SIZE INCOME STATEMENT OF SUNDARAM FINANCE LIMITED FOR THE YEAR ENDED 31.03.2009 2008 2009 Particulars Amount Percentage Amount Percentage (Rs.) (%) (Rs.) (%)
Income from Operation Less: Financial Expense Gross Profit (A) 90176.44 49699.52 40476.92 100 55.1 44.88 108277.62 64544.09 43733.53 100 59.6 40.39
Other Income: Profit on Sale of Shares Other Income Total (B) 3199.28 3199.28 3.54 3.54 3199.28 3199.28 2.95 2.95
Total Income (A+B) = C Expense: Operating Expense: Administration Expense Establishment Expense Provision Depreciation
7198.81 8821.90 3308.02 3012.19
7.98 9.78 3.66 3.34
7160.91 9407.97 4616.80 3776.10
6.61 8.68 4.26 3.48
Total Operating Expense (D)
Operating Profit (C-D) = E Non-Operating Expense: Taxation
Total Non-Operating Expense (F) Net Profit (E-F)
The operating profit of the Sundaram Finance Limited has been increased during the year 2008-2009, the operating profit shows Rs.21335.28 in 2008 and Rs.21971.03 in the financial year 2009.
For the year 2008, the establishment expense shows Rs.8821.90 and it has been increased to Rs.9408.97 during the year 2009.
In 2008, provision is 3.66% and it indicates increase during the year 2009 was 4.26%. The operating expenses incurred to the Sundaram Finance Limited during the financial year 2008 which shows Rs.22340.92 and it has risen to Rs.24961.78 during the financial year 2009. The net profit percentage recorded as 13.63 in 2008 where as in the year 2009 the companies profit went upward with the percentage of 13.92.
5.3.2 COMMON SIZE BALANCE SHEET OF SUNDARAM FINANCE LIMITED FOR THE YEAR ENDED 31.03.2009 2008 Particulars Assets: Current Assets Loans & Advance Deferred Tax Asset Investment Fixed Asset Total Asset 56187.53 652655.00 4263.67 45645.50 17264.30 776016.00 7.24 84.10 0.54 5.88 2.22 100 =========== 68876.04 653955.77 5691.36 51188.87 20241.05 799953.09 8.61 81.74 0.71 6.39 2.53 100 ============= Amount (Rs.) Percentage (%) Amount (Rs.) 2009 Percentage (%)
Liabilities and Capital: Current Liability Unsecured Loan Secured Loan Total Liability (A) 63626.84 176379.89 431716.93 671723.66 8.19 22.72 55.63 86.56 58478.77 208479.20 417728.12 684686.09 7.31 26.06 52.21 85.59
Capital and Reserve: Share Capital Reserve & Stock Options 2777.60 101514.74 0.35 13.08 5555.19 109711.81 0.69 13.71
Total Shareholders Funds (B)
Total Liabilities and Capital (A+B)
100 799953.09 ============ =============
The current assets have increased during the financial year 2009 is 8.61% which is comparing to 2008 was 7.24% of the Sundaram Finance Limited.
There was an increase in fixed assets of Rs.20241.05 comparing to the year 2009. Higher the ratio is more than the efficiency in utilization of fixed assets.
The current liabilities have been decreased to 7.31% of the total liabilities of the Sundaram finance Limited during the year 2009. The current liability was 8.91% of the total liabilities during the year 2008.
Reserves and stock options has been increased was in the year 2009 which is Rs.109711.81 comparing to the previous year and the percentage shows increase by 13.71%.
During the year 2008-2009, the shareholders fund amount to Rs.104292.34, it has been increased to the amount of Rs.115267 and the percentage increased was 14.40% in 2009.
5.4 CASH FLOW STATEMENT OF SUNDARAM FINANCE LIMITED FOR THE YEAR ENDED 31.3.2010 Particulars (A)CASH FLOW FROM OPERATING ACTIVITIES Net Profit Add: Lease Equalization Account Provision for Taxation (Including Wealth Tax) Add: Financial Expenses Depreciation Provision against Investments Provision against Non - Performing assets General Provisions on Standard Assets Employee Stock Option Compensation Expenses (Profit) loss on sale of assets (Profit) loss on sale of Investments Interest / Dividend Income Effect of Foreign Exchange rates on Cash and Cash Equivalents, net OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES Increase in Net Stock on hire Decrease in Leased assets - net of sales Increase in Trade Bills purchased Decrease in Net Investment in Lease Decrease in Loans and Advances Increase in Other Receivables Decrease in Bank Deposits (net) Decrease in SLR Investments - net of sales Increase in Current Liabilities Cash generated from Operations Financial Expenses Direct Taxes Paid NET CASH FROM OPERATING ACTIVITIES B) CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets Sale of Fixed Assets Purchase of Investments Purchase of Investments in Subsidiaries/Joint Venture Sale of Investments Interest Received Dividend Received NET CASH FROM INVESTING ACTIVITIES
2009-2010 (In Rs.)
226,74.86 (91.85) 96,72.77 322,55.78 633,79.55
956,35.33 45,80.23 1,44.64 4,79.98 31,61.69 23.28 34.21 (53,36.95) (22,00.38) 0.18 965,22.21
67,08.38 (60,87.57) 15,44.60 (32.25) (1465,04.17) 13.29 (1079,89.81) (22,40.77) 32,87.01 (619,43.37) (90,05.16) (709,48.53) (2257,27.61) (15,38.40) 96.09 (12677,85.28) (18,33.50) 12746,00.34 2.75 21,97.65 57,39.65
C) CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Issue of Debentures Debentures Redeemed Increase (Decrease) in Long Term Borrowings Increase (Decrease) in Fixed Deposits Increase (Decrease) in Short Term Loans and Advances Dividend paid (including Corporate Dividend Tax) NET CASH FROM FINANCING ACTIVITIES D) Effect of Foreign Exchange rates on Cash and Cash Equivalents, net NET INCREASE IN CASH AND CASH EQUIVALENTS (A)+(B)+(C)+(D)
3475,75.18 (2686,00.00) 869,13.98 154,84.84 417,96.83 (53,51.34) 2178,19.49 (0.18)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR COMPONENTS OF CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR Current Account with Banks Cash, Stamps and Stamp Papers on Hand
13,50.13 13,20.57 26,70.70
In the year 2009-2010, the operating profit before working capital changes show the profit amount of Rs.96522.
The employee stock option compensation expenses of the Sundaram finance Limited has shown 31,61.69 (Rs. in lakhs) during the year 2009-2010.
While the Net Cash from investing activities depicts Rs.5739.65 in the year 2009-2010.
There was a increase in net stock on hire during the financial year 2009-2010 of 67,08.38 (Rs. in lakhs). The financial year 2009-2010 depicts the Net cash from financing activities amount of Rs.217819.49 shows upward profit in the company.
Cash and cash equivalents at the end of the year were Rs.4839.35 it shows that the company position in the year 2009-2010.
REGRESSION ANALYSIS FOR SALES Sales Rs ( in Lakhs ) Y 90176.44 108277.62 118189.37 ?y= 316643.43
X ?1 0 1 ?x = 0
XY ? 90176.44 0 118189.37 ?x y= 28012.93
2008 2009 2010 Total
1 0 1 ? X2 =2
?Y=Na+b?X ? XY = a ? X + b ? X2 Y=a+bX 3 a + 0 b = 316643.43 0 a + 2 b = 28012.93 Solving ( 1 ) and ( 2 ) We get, a = 105547.81 b = 14006.46 When X = 2, Y2011 = 105547.81 + 14006.46( 2 ) Y2011 = Rs. 133560.73 ( in Lakhs ) When X = 3, Y2012 = 105547.81 + 14006.46( 3 ) Y2012 = Rs. 147567.19 ( in Lakhs ) --------------- ( 1 ) --------------- ( 2 )
The net sales during the year 2008 were 90176.44 (Rs. in Lakhs) which has been increased to 108277.62 (Rs. in Lakhs) during 2009 which also raised to 118189.37 (Rs. in Lakhs) during 2010.
The projection is made for the fore coming years 2011 and 2012 where the net sales would be 133560.73 (Rs. in Lakhs) during the year 2011 and the net sales during the financial year 2012 will be 147567.19 (Rs. in Lakhs).
CHAPTER - 6 CONCLUSION AND SUGGESTIONS
SUMMARY AND CONCLUSION FINIDNGS
The Gross Profit Ratio shows that increasing in sales has maintained the companies profit level. In the year 2008-2009, the percentage shows 20.29 it has been increased during the year 2009-2010 to 27.37.
The net profit ratio has been increased to 19.18 during the financial year 2009 – 2010 to 13.92 during 2008 – 2009 which indicates that there is an improvement in the operational efficient of the business and it leads to the increase in the profitability of the firm.
It has found that the return on equity during the year 2008-2009, the company shows 5.61% of ratio and it has risen to 6.80%. This is a clear indication of overall operation is efficient.
The Working capital in the year 2008-2009, the sales of the company is low at Rs.666319.18 and it is increased to Rs.898497.54 in 2009-2010. It measures the effective utilization of working capital.
The capital turnover of capital employed in the financial year 2008-2009 it shows Rs.533288.26 and during the year 2009-2010 it is increased to Rs.720052.92. It has effective utilization of capital employed under the current year.
Fixed asset turnover shows increase in sales of Rs.118189.37 comparing to the previous year of Rs. 108277.62 and the firm should maintain this increasing trend in future also.
During the year 2009-2010, the current ratio is 3.02% and it is more when compared with previous year 2008-2009 is 1.36 %. So the short term liquidity of a concern, comparison of current assets and current liabilities is inevitable.
The debt equity ratio has shows 3.62% in 2008-2009 and it has been raised to 4.47% during 2009-2010 which indicates that the company has increased over the years with increase in shareholder funds as well.
It is found that the shareholders funds had increased by Rs.16368.65 over the percentage of 14.20 in comparative income statement analysis. It determines the profitability from the shareholders point of view.
The financial year 2009-2010 depicts the Net Cash from financing activities amount of Rs.217819.49 shows upward profit in the company.
The current ratio is improving rapidly so the company wants to keep an eye on the current assets flow. The company has been suggested to reduce the expenditure as it increases every year. Decrease in expenses will increase the profitability.
By over viewing the working capital turnover ratio it is clear that the company wants to utilize its working capital efficiently that is the excess current assets should be adjusted according to current scenario. Though the net profit shows it is increased but we found that the net profit ratio has been decreased. So the company should consider increasing the sales in turn to increase the actual profit.
The debt equity ratio of the company is also increasing. The company should focus on the debt and long term funds which are utilized in the company. The excess cash flow should or can be utilized in any new ventures if the company wishes to do.
In the study of Financial Performance of Sundaram Finance Limited Chennai, it is clear that the company?s financial performance is satisfactory. The company has stable growth and it shows a greater efficiency in all the areas it works.
If the company utilizes its working capital then the company can go heights which it wanted to achieve. The comparative income statement shows increase in the current year of net profit and it depict the companies current profit position. To improve the efficiency the company will strive for better performance and increase the market share the company.
The suggestions provided through the study will help the company to improve the operational performance efficiently. The suggestions provided through the study will help the company to improve the operational performance efficiently.
REFERENCES ? Carlos Correia, David Flynn, Enrico Uliana & Michael Wormald, “Financial Management”, 6th Edition, 5.1 -5.34. ? Chidambaram Rameshkumar, Anbumani N, “An overview on financial statements and ratio analysis”,2006, Vol.1, p. 30 ? George Foster, “Financial Statement Analysis”, 2nd Edition, 57 – 94. ? Greninger et al.(1996), Fundamentals of Financial Management, 5th Edition, 4.1-4.18. ? Jae K.Shim, Joel G.Siegel, Schaum?s Outline of Theory and Problems of Financial Accounting, 1999, 279-298.
? John J.Wild, K.R.Subramanyam & Robert F.Halsey (2006), Financial Statement
Analysis, 9th Edition, 2-90.
? Jonas Elmerraji, “Analyze Investments Quickly with ratios”, 2005, 33-36 ? Kennedy and Muller, “Analysis of Financial Statements”,1999, 1.3 – 1.34 ? Khan M Y & Jain P K, “Financial Management”, 4th Edition , 2006, 6.1 - 6.81 ? Pandey I M, “A Management Guide for Managing Company?s Funds and Profits”, 6th Edition, 1 – 58 ? Peeler J. Patsula, “Successful Business Analysis”,2006, 18-19
? Rachchh Minaxi A (2011), Introduction to Management Accounting, 3-88. 54
? Reddy T S & Hari Prasad Reddy Y, “Management Accounting”, 3rd Edition, 2008, 3.9 3.25 ? Salmi, T. and T. Martikainen (1994), "A review of the theoretical and empirical basis of financial ratio analysis", The Finnish Journal of Business Economics 43:4, 426-448. ? Susan ward, “Financial Ratio Analysis For Performance Check”, p.132
Websites: ? www.google.com ? www.sundaramfinance.in ? http://scholar.google.com ? www.managementparadise.com
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