A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION

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PROJECT REPORT
ON
A FINANCIAL STATEMENT ANALYSIS AND
INTERPRETATION
OF
AYUSH ENTERPRISES
UNDER THE SUPERVISION OF
AMOL CHOUDHARY
Finance Manager at (AYUSH ENTERPRISES)
SUBMITTED BY
BIJENDRA MAHATO
POST GRADUATE DIPLOMA IN BUSINESS ADMINISTRATION( FINANCE )
Registration No-201816808
SYMBIOSIS CENTRE FOR DISTANCE LEARNING (SCDL)
2018

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ACKNOWLEDGEMENT
“ I find myself obliged to express my profound sense of gratitude towards the organization
whose inspiring quidance and feedback helped me at every stage towards coverting this project
into reality. “
I also willfully acknowledge the help rendered to me by Mr.Amol Choudhary whose timely help
and resourceful co-operation saw me through every difficulty.
I owe to SCDL for introducing such comprehensive project so that to enable students get in
depth and through practical knowledge of the subject concerned.
Last but not the least the thanks are to my parents and fellow partners for without their generous
response this project would not have been completed.
Thank you.

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ABSTRACT
Financial accounting is a well-defined sequential activity which begins with Journal
(Journalising), Ledger (Posting), and preparation of Trial Balance (Balancing and Summarisation
at the first stage). In the present chapter, we will take up the next step, namely, preparation of
financial statements, and discuss the types of information requirements of various stakeholders,
the distinction between capital and revenue items and its importance and the nature of financial
statements and the preparation thereof.
OBJACTIVE:
companies.
ratios and their significance..
This project mainly focuses in detail the basic types of financial statements of companies and
calculation of financial ratios. Ratio analysis of AYUSH.ENTERPRISES was done.
From ratio analysis of Balance Sheet and P & L Statement of AYUSH.ENTERPRISES of 2019
2020 it was concluded that liquidity position of the company is good. Current ratio, debt-equity
ratio,quick ratio, net profit margin, operating profit margin, gross profit margin, return on
assets,return on investments and return on capital employed were found to be unacceptable.In
this project, comparison of different ratios viz. current ratio, debt-equity ratio, net profitmargin
and return on investment of all the above e companies has been done for the period 2019-2020

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CONTENTS
SL.NO TITLE PAGE
NO
Chapter-01 INTRODUCTION 09
Chapter-02 FINANCIAL STATEMENTS 13
2.1 Balance Sheet 14
2.1.1 Contents of Balance Sheet 15
2.1.2 Format of Balance Sheet 22
2.2 Profit & Loss statements
2.2.1 Contents of Profit and Loss Statement 24
2.2.2 Format of Profit and Loss Statement 25
2.3 Financial Ratios 26
2.3.1 Objectives 26
2.3.2 Financial Ratios And Their Interpretation 27
Chapter-03 FINANCIAL RATIO ANALYSIS: CASE STUDY 38
3.1 Ratio Analysis of AYUSH ENTERPRISES
Chapter-04
3.1.1 Balance sheet of AYUSH ENTERPRISES for 2018-2019 38
3.1.2 Balance sheet of AYUSH ENTERPRISES for 2019-2020 39
3.1.3 Profit & Loss Statement for 2018-2019 40
3.1.4 Profit & Loss Statement for 2019-2020 41
3.1.5 Summary of Balance sheet 48
3.1.6 Summary of profit & loss statement 49
Analysis of Financial Ratios For FY 2019-2020 50
Analysis of Financial Ratios For FY 2018-2019 52
Chapter-05 5. Financial ratios 54
5.1.Liquidity ratios 55
5.2. Leverage ratios 56
5.3. Efficiency ratios 57
5.4. Profitability ratios 58

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FINDINGS 60
CONCLUSION 61
LIMITATION 62
BIBLIOGRAPHY 63
LIST OF TABULATION
Sl. No. Title Page No.
Table 2.1 Profit & Loss Statement 22
Table 2.2 Different Financial Ratio 27
Table 2.3 Balance Sheet of AYUSH ENTERPRISES,2018-2019 38
Table 3.1 Balance Sheet of AYUSH ENTERPRISES,2019-2020 39
Table 3.2 Profit & Loss Statement of AYUSH ENTERPRISES -2018-
2019
40
Table 3.3 Profit & Loss Statement of AYUSH ENTERPRISES –2019-
2020
41
Table 3.4 Summary of Balance Sheet 48
Table 3.5 Summary of Profit & Loss Statement 49
Table 3.6 Analysis of Financial Ratio for 2019 50
Table 3.7 Analysis of Financial Ratio for 2020 52
LIST OF FIGURES
Sl. No. Title Page No.
Fig.3.1 Current ratio , Acid- test ratio , Cash ratio 56
Fig.3.2 Debt ratio , Debt to equity ratio 57
Fig.3.3 Asset turnover ration 58
Fig.3.4 Gross margin ratio , Return on asset ration , Return on equity
ratio
59

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CHAPTER- 01
INTRODUCTION
A FINANCIAL STAMENT ANALYSIS & INTERPRETATION:
Financial statements are prepared primarily for decision making. The statements are not an end
in themselves, but are useful in decision making. Financial analysis is the process of determining
the significant operating and financial characteristics of a firm from accounting data.
The profit and Loss Account and Balance Sheet are indicators of two significant factors-
Profitability and Financial Soundness. Analysis of statement means such a treatment of the
information contained in the two statements as to afford a full diagnosis of the profitability and
financial position of the firm concerned.
Financial statement analysis is largely a study of relationship among the various financial factors
in a business as disclosed by a single set of statements and a study of the trends of these factors
as shown in a series of statements.
The main function of financial analysis is the pinpointing of the strength and weakness of a
business undertaking by regrouping and analysis of figures contained in the financial statements,
by making comparisons of various components and by examining their content.
The financial statements are the best media of documenting the results of managerial efforts to
the owners of the business, its employees, its customers and the public at large, and thus become
excellent tools of the public relations.

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Analysis includes:
(a) Breaking financial statements into simpler ones,
(b) Regrouping,
c) Rearranging the figures given in financial statements and
(d) Finding out ratios and percentages.
Thus all processes which help in drawing certain results from the financial statements are
included in analysis. The data provided in the financial statements should be methodically
classified and compared with figures of previous period or other similar firms.
Thereafter, the significance of the figures is established. The work of an accountant in making
analysis of financial statements is the same as that of a pathologist, who takes a drop of blood
and analyses it to point out its various components and gives a report on the basis of his analysis.
Similarly, an accountant makes analysis of each item appearing in financial statements and then
gives a report on the basis of his analysis. Analysis only establishes a relationship between
various amounts mentioned in Balance Sheet and Profit and Loss Account. After making
analysis of the financial statements, the next step is to use mind for forming an opinion about the
enterprise. This is the interpretation stage.
The technique is called “Analysis and Interpretation” of financial statements. Analysis
consists in breaking down a complex set of facts or figures into simple elements. Interpretation,
on the other hand, consists in explaining the real significance of these simplified statements.
Interpretation includes both analysis and criticism.
To interpret means to put the meaning of statement into simple terms for the benefit of a person.
Interpretation is to explain in such a simple language the financial positionand earning capacity
of the company which may be understood even by a layman, who does not know accounting.
The analysis and interpretation of financial statements requires a comprehensive and intelligent
understanding of their nature and limitations as well as the determination of the monetary
valuation of the items. The analyst must grasp what represent sound and unsound relationship
reflected by the financial statements. Interpretation is impossible without
analysis. “Interpretation is not possible without analysis and without interpretation analysis
has no value”.

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Analysis and interpretation act as a bridge between the art of recording and reporting financial
information and the act of using this information. Analysis refers to the process of fact finding
and breaking down complex set of figures into simple components while interpretation stands for
explaining the real significance of these simplified components. Interpretation is a mental
process based on analysis and criticism.
Following uses of financial statements:
1. As a report of stewardship;
2. As a basis for fiscal policy;
3. To determine the legality of dividends;
4. As a guide to advise dividend action;
5. As a basis for granting of credit;
6. As informative for prospective investors in an enterprise;
7. As a guide to the value of investment already made;
8. As an aid to Government supervision;
9. As a basis for price or rate regulation;
10. As a basis for taxation.
A financial analyst can adopt the following tools for analysis of the financial statements:-
1. Comparative Financial Statements
2. Common Size Statements
3. Trend Ratios or Trend Analysis.
4. Statement of Changes in Working Capital
5. Fund Flow and Cash Flow Analysis
6. Ratio Analysis
Procedure for Interpretation:
1. Ascertain the purpose and the extent of analysis and interpretation.
2. Study the available data contained in financial statements.
3. Get additional information, if needed.
4. Arrange the data in useful manner.
5. Prepare comparative statements, ratios etc.

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6. Interpret the facts revealed by the analysis.
7. The interpretation drawn from the analysis are presented.
Objectives of Analysis and Interpretation:
The following are the main objectives of analysis and interpretation of financial statements:
1. To estimate the earning capacity of the firm.
2. To assess the financial position of the firm.
3. To decide about the future prospects of the firm.
4. To know the progress of the firm.
5. To judge the solvency of the firm.
6. To measure the efficiency of operations.
7. To determine debt capacity of the firm.
8. To assess the financial performance of the firm.
9. To have comparative study.
10. To help in making future plans.
This project mainly focuses in detail the basic types of financial statements of AYUSH
ENTERPRISES and calculation of financial ratios. Ratio analysis of AYUSH ENTRPRISES
was done.

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CHAPTER -02
FINANCIAL STATEMENTS
Financial statements are written records that convey the business activities and the financial
performance of a company. Financial statements are often audited by government agencies,
accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.
Financial statements include:
Balance sheet
Income statement
Cash flow statement.
KEY TAKEAWAYS
Financial statements are written records that convey the business activities and the
financial performance of a company.
The balance sheet provides an overview of assets, liabilities, and stockholders' equity as a
snapshot in time.
The income statement primarily focuses on a company’s revenues and expenses during a
particular period. Once expenses are subtracted from revenues, the statement produces a
company's profit figure called net income.
The cash flow statement (CFS) measures how well a company generates cash to pay
its debt obligations, fund its operating expenses, and fund investments.
1. Balance sheet: It is also referred to as statement of financial position or condition, reports
on a company's assets, liabilities, and ownership equity as of a given point in time. The
Balance Sheet shows the health of a business from day one to the date on the balance sheet.
2. Income statement: It is also referred to as Profit and Loss statement (or "P&L"),reports on
a company's income, expenses, and profits over a period of time. Profit &Loss account
provide information on the operation of the enterprise. These include sale and
the various expenses incurred during the processing state. The income statement shows a
presentation of the sales, the main expenses and theresulting net income over the period. Net

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income is based on accounting principles whichgives guidance/rules on when to recognize
revenues and expenses, whereas cash fromoperating activities, obviously is cash based
3. Cash Flow Statement: It reports on a company's cash flow activities, particularly
itsoperating, investing and financing activities. The statement of cash flows the ins and
outsof cash during the reporting period. The statement of cash flows takes aspects of the
income statement and balance sheet and kind of crams them together to show cash sources
and uses for the period.
BALANCE SHEET
In financial accounting, a balance sheet or statement of financial position is a summary of
aperson's or organization's balances. A balance sheet is often described as a snapshot of
acompany's financial condition. It summarizes a company's assets, liabilities and
shareholders'equity at a specific point in time. These three balance sheet segments give investors
an idea as towhat the company owns and owes, as well as the amount invested by the
shareholders. Of thefour basic financial statements, the balance sheet is the only statement which
applies to a singlepoint in time.
A company balance sheet has three parts: assets, liabilities and ownership equity. The
maincategories of assets are usually listed first and are followed by the liabilities. The
differencebetween the assets and the liabilities is known as equity or the net assets or the net
worth orcapital of the company. It's called a balance sheet because the two sides balance out.
Assets = Liabilities + Shareholders' Equity

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Understanding Balance Sheets
CONTENTS OF BALANCE SHEET
(A) Assets
An asset is anything of value or a resource of value that can be converted into cash. Individuals,
companies, and governments own assets. For a company, an asset might generate revenue, or a
company might benefit in some way from owning or using the asset.
KEY TAKEAWAYS
An asset is something containing economic value and/or future benefit.
An asset can often generate cash flows in the future, such as a piece of machinery, a
financial security, or a patent.
Personal assets may include a house, car, investments, artwork, or home goods.
For corporations, assets are listed on the balance sheet and netted against liabilities and
equity.
Types of Assets
There is two major type of assets:
· Tangible assets

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· Intangible assets
Tangible Assets
Tangible assets are typically physical assets or property owned by a company, such as
equipment, buildings, and inventory. Tangible assets are the main type of assets that companies
use to produce their product and service.
Intangible Assets
An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and
intellectual property, such as patents, trademarks, and copyrights, are
all intangibleassets. Intangible assets exist in opposition to tangible assets, which include land,
vehicles, equipment, and inventory.
Types of Tangible Assets
1. Fixed Assets.
2. Current Assets
1.Fixed Assets
A fixed asset is a long-term tangible piece of property or equipment that a firm owns and uses in
its operations to generate income. Fixed assets are not expected to be consumed or converted into
cash within a year. Fixed assets most commonly appear on the balance sheet as property, plant,
and equipment (PP&E). They are also referred to as capital assets.
2. Current Assets
Current assets are all the assets of a company that are expected to be sold or used as a result of
standard business operations over the next year. Current assets include cash, cash equivalents,
accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other
liquid assets

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Cash and Cash Equivalents
Cash and cash equivalents refers to the line item on the balance sheet that reports the value of a
company's assets that are cash or can be converted into cashimmediately. Cash
equivalents include bank accounts and marketable securities, which are debt securities with
maturities of less than 90 days
Short-term Investments
It includes securities bought and held for sale in the near future to generate income onshort term
price differences (trading securities).
Receivables
Accounts receivable are legally enforceable claims for payment held by a business for goods
supplied and/or services rendered that customers/clients have ordered but not paid for. These are
generally in the form of invoices raised by a business and delivered to the customer for payment
within an agreed time frame
Inventory
The raw materials, work- in-process goods and completely finished goods that areconsidered to
be the portion of a business's assets that is ready or will be ready for sale.
Prepaid Expenses
A prepaid expense is a type of asset on the balance sheet that results from a business making
advanced payments for goods or services to be received in the future. Prepaid expenses are
initially recorded as assets, but their value is expensed over time onto the income statement.
I. Gross Block
Gross block is the sum total of all assets of the company valued at their cost of acquisition. This
is inclusive of the depreciation that is to be charged on each asset. Net block is the gross block
less accumulated depreciation on assets. Net block is actually what the asset are worth to the
company.

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II. Capital Work in Progress
Capital work in progress represents costs incurred to date on a fixed asset which is still under
construction at the balance sheet date. The costs being incurred on such assets cannot be
recognized as an operating asset until they qualify as a ready to use asset.
III. Investments
An investment is an asset or item acquired with the goal of generating income or appreciation.
KEY TAKEAWAYS
An investment is an asset or item that is purchased with the hope that it will generate
income or appreciate in value at some point in the future.
An investment always concerns the outlay of some asset today (time, money, effort, etc.)
in hopes of a greater payoff in the future than what was originally put in.
An investment can refer to any mechanism used for generating future income, including
bonds, stocks, real estate property, or a business, among other examples.
Remark: While fixed deposits with banks are considered as fixed assets, the investments
inassociate concerns are treated as non-current assets.
IV. Loans and Advances include
When a fund is provided by the bank to a business corporation or an entity for a specific purpose
to be repayable after a short duration is known as advances. A loan by nature is
a debt.Advances are by nature a credit facility. Loansare generally for a long term.
House building advance
Car, scooter, computer etc. advance
Multipurpose advance
Transfer travelling allowance advance
Tour travelling allowance advance
DRS payment.

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V. Reserves
Subsidy Received From The Govt.
Development Rebate reserve
Issue of Shares at Premium
General Reserves
(B) Liability
A liability is something a person or company owes, usually a sum of money. Liabilities are
settled over time through the transfer of economic benefits including money, goods, or services.
Recorded on the right side of the balance sheet, liabilities include loans, accounts payable,
mortgages, deferred revenues, bonds, warranties, and accrued expenses.
Types of Liabilities
Current Liabilities
Current liabilities are a company's short-term financial obligations that are due within one year
or within a normal operating cycle. An operating cycle, also referred to as the cash conversion
cycle, is the time it takes a company to purchase inventory and convert it to cash from sales. An
example of a current liability is money owed to suppliers in the form of accounts payable.
KEY TAKEAWAYS
Current liabilities are a company's short-term financial obligations that are due within one
year or within a normal operating cycle.
Current liabilities are typically settled using current assets, which are assets that are used
up within one year.
Examples of current liabilities include accounts payable, short-term debt, dividends, and
notes payable as well as income taxes owed.

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Examples of Current Liabilities
Below is a list of the most common current liabilities that are found on the balance sheet:
Accounts payable
Short-term debt such as bank loans or commercial paper issued to fund operations
Dividends payable
Notes payable—the principal portion of outstanding debt
Current portion of deferred revenue, such as prepayments by customers for work not
completed or earned yet
Current maturities of long-term debt
Interest payable on outstanding debts, including long-term obligations
Income taxes owed within the next year
Long-Term Liabilities
Long-term liabilities are financial obligations of a company that are due more than one year in
the future. The current portion of long-term debt is listed separately to provide a more accurate
view of a company's current liquidity and the company’s ability to pay current liabilities as they
become due. Long-term liabilities are also called long-term debt or noncurrent liabilities.
Examples of Long-Term Liabilities
Notes payable- debt issued to a single investor.
Bonds payable – debt issued to general public or group of investors.
Mortgages payable.
Capital lease obligations – contract to pay rent for the use of plant, property or
equipments.
deferred income taxes payable, and
Pensions and other post-retirement benefits.

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Contingent Liabilities
A contingent liability is a liability that may occur depending on the outcome of an uncertain
future event. A contingent liability is recorded if the contingency is likely and the amount of
the liability can be reasonably estimated.
Fixed Liability
A fixed liabilities are a debts. bonds, mortgages or loans that are payable over a term exceeding
one year. These debts are better known as non-current liabilities or long-term liabilities. Debts
or liabilities due within one year are known as currentliabilities.
Secured Loans
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property)
ascollateral for the loan, which then becomes a secured debt owed to the creditor who gives
theloan.
Unsecured Loans
An unsecured loan is a loan that is not backed by collateral. It is also known as signature loan
and personal loan. Unsecured loans are based solely upon the borrower's credit rating. An
unsecured loan is considered much cheaper and carries less risk to the borrower. However, when
an unsecured loan is granted, it does not necessarily have to be based on a credit score.
PROFIT & LOSS STATEMENT
The profit and loss (P&L) statement is a financial statement that summarizes the revenues, costs,
and expenses incurred during a specified period, usually a fiscal quarter or year. The P&L
statement is synonymous with the income statement. These records provide information about a
company's ability or inability to generate profit by increasing revenue, reducing costs, or both.
Some refer to the P&L statement as a statement of profit and loss, income statement, statement
of operations, statement of financial results or income, earnings statement or expense statement.

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KEY TAKEAWAYS
The P&L statement is a financial statement that summarizes the revenues, costs, and
expenses incurred during a specified period.
The P&L statement is one of three financial statements every public company issues
quarterly and annually, along with the balance sheet and the cash flow statement.
It is important to compare P&L statements from different accounting periods, as the
changes in revenues, operating costs, R&D spending, and net earnings over time are more
meaningful than the numbers themselves.
Together with the balance sheet and cash flow statement, the P&L statement provides an
in-depth look at a company's financial performance.
FORMAT OF PROFIT & LOSS STATEMENT
PARTICULARS Amount PARTICULARS Amount
Gross Profit(Transferred) Gross Profit(Transferred)
Office and Administration Exp: Interest received
Salaries Rent received
Rent Discount received
Postage & telegrams Dividend received
Office electric charges Bad debts recovered
Telephone charges Provision for discount on creditors
Printing and stationary
Selling and Distribution
Expenses:
Carriage outward
Advertisement
Salesmen's salaries
Commission
Insurance
Traveling expense

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Bad debts
Packing expense
Financial and Other Expenses:
Depreciation
Repair
Audit fee
Interest paid
Commission paid
Bank charges
Legal charges
Profit before Interest Net loss
Less- Net Interest
Profit before Tax
Less- Tax Payable
Profit after Tax
Less- Dividend
Retained Profit

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CONTENTS OF PROFIT & LOSS STATEMENT
a. Revenue
revenue is the income or increase in net assets that an entity has from its normal activities.
Commercial revenue may also be referred to as sales or as turnover. Some companies receive
revenue from interest, royalties, or other fees.
b. Expenses
Expenditure is an outflow of money, or any form of fortune in general, to another person or
group to pay for an item or service, or for a category of costs. For a tenant, rent is an expense.
For students or parents, tuition is an expense.
c. Turnover
Turnover can mean the rate at which inventory or assets of a business “turn over” a.k.a sell or
exceed their useful life. It can also refer to the rate at which employees leave a business.
Butturnover in accounting is how much a business makes in sales during a period.
d. Sales
Sales are normally accounted for when goods or services are delivered and invoiced, and
accepted by the customer, even if payment is not received until some time later, even in a
subsequent trading period.
e. Cost of Sales (COS)
Cost of sales (COS) indicates how much a retail or wholesale business spends on the products it
purchases from suppliers for resale. Cost of sales appears as a direct cost on the income
statement. It is used only by companies that do not manufacture their own products for sale.
These costs include:
Costs of raw materials stocks
Costs of inward-bound freight paid by the company
Packaging costs
Direct production salaries and wages

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Production expenses, including depreciation of trading-related fixed assets.
(f) Other Operating Expenses
Other operating expenses, also known as overhead expenses, is the amount which generally does
not depend on sales or production quantities. These include, for example, marketing expenses,
rent and utilities, office expenses, operating leases, IT (software services) and other fixed costs.
(g) Other Operating Income
Other operating income includes all other revenues that have not been included in other parts of
the profit and loss account. It does not include sales of goods or services, reported turnover, or
any sort of interest receivable, reported within the net interest category.
(h) Gross Margin (or Gross Profit)
The difference between turnover, or sales, and COS is gross profit or gross margin. It needs to be
positive and large enough to at least cover all other expenses.
(i) Operating Profit (OP)
An operating profit is the total income earned from the operations of a company before taxes,
interest charges or other expenses are calculated. This number is typically calculated as a
percentage to show the amount of revenue brought in fromoperations versus the money spent to
keep the operations running.
Operating Profit = Turnover - COS - other Operating Expenses + Other Operating Income
(j) Profit before Tax (PBT)
Profit before tax is a measure that looks at a company's profits before the company has to pay
corporate income tax. It essentially is all of a company's profits without the consideration of
any taxes.

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(k) Profit after Tax (PAT)
Net profit also called as Profit after Tax (PAT) is the amount of money that is
left aftersubtracting total business expenses from the company's total revenue. In other words, it
is a calculation that includes almost all financial transactions in your business.
PAT = PBT - Corporation Tax
(l) Retained Profit
On the profit an loss account, the retained profit is the profit that is left in a company after paying
out dividends: post tax profit less dividends paid. The amount of retained profit clearly depends
on the the dividend policy.
FINANCIAL RATIOS
Financial ratios are relationships determined from a company's financial information and used
for comparison purposes. Examples include such often referred to measures as return on
investment (ROI), return on assets (ROA), and debt-to-equity, to name just three.
OBJECTIVES OF CALCULATION OF RATIO ANALYSIS
The importance of ratio analysis lies in the fact that it presents data on a comparative basis and
enables the drawing of inferences regarding the performance of the firm. Ratio analysis helps in
concluding the following aspects:
To know about Liquidity Position:
Ratio analysis helps in determining the liquidity position of the firm. A firm can be said to have
the ability to meet its current obligations when they become due. It is measured with the help of
liquidity ratios.
To Know about Long- Term Solvency:
Ratio analysis helps in assessing the long term financial viability of a firm. Long- term solvency
measured by leverage/capital structure and profitability ratios.

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To Know about Operating Efficiency:
Ratio analysis determines the degree of efficiency of management and utilization of assets. It is
measured by the activity ratios.
To know about Over-All Profitability:
The management of the firm is concerned about the overall profitability of the firm whichensures
a reasonable return to its owners and optimum utilization of its assets. This is possible if
an integrated view is taken and all the ratios are considered together.
FINANCIAL RATIOS AND THEIR INTERPRETATION
Different Financial Ratios
SL.NO. CATEGORY TYPE OF RATIO ITNERPRETATION
1. Liquidity Ratio Net Working Capital =
Current assets-current liabilities liquidity of a firm
Current ratio =
Current Assets
Current Liabilities
term liquidity of a firm.
A firm with a higher
ratio has better
liquidity.
considered safe.
Acid test or Quick ratio =
liquidity position of a
firm.

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Quick assets
Current Liabilities
considered safe.
2. Turnover Ratio
Inventory Turnover ratio =
Costs of goods sold
Average inventory
Debtor Turnover ratio =
Net credit sales
Average debtors
fast inventory is sold.
ratio has better
liquidity.
how fast debts are
collected.
shorter time lag between
credit sales and cash
collection.
Creditor’s Turnover ratio =
Net credit purchases
Average Creditors that accounts are to
be settled rapidly
3. Capital
Structure Ratios
Debt-Equity ratio =
Long term debt
Shareholder’s Equity
relative proportions of
debt and equity in
financing the assets of
a firm.

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considered safe.
Debt to Total capital
ratio =
Long term debt
Permanent Capital
Or
Total debt
Permanent capital + Current
liabilities
Or
Total Shareholder’s Equity
Total Assets
proportion of the
permanent capital of a
firm consists of longterm
debt.
considered safe.
the total assets financed
by outside funds.
for creditors.
of the total assets is financed
by the owners’
capital.
have a high ratio nor a
low ratio.

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4. Coverage ratios
Interest Coverage =
Earnings before interest and tax
Interest
determine how easily a
company can pay on
outstanding debt.
atio of more than 1.5
I satisfactory
Dividend Coverage =
Earnings after tax
Preference Dividend
of firm to pay dividend
on preference shares.
for creditors.
Total Coverage ratio =
Earning before interests and tax
Total Fixed charges
ability of the firm to
fulfill the liabilities.
better ability.
5. Profitability
ratios
Gross Profit margin =
Gross profit * 100
Sales
es the profit in
relation to sales.
have a high ratio nor a
low ratio.
of a firm with respect to sale.
Net Profit margin =
Net Profit after tax before
interest have a high ratio nor a

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Sales
Or
Net Profit after Tax and Interest
Sales
Or
Net profit after Tax and Interest
Sales
low ratio.
6. Expenses ratios Operating ratio =
Cost of Goods sold +
other expenses
sales
the operational
efficiency of the
business.
shows higher operating
profit and vice versa .
Cost of Goods sold ratio =
Cost of Goods sold
Sales
goods sold per sale
Specific Expenses ratio =
Specific Expenses
Sales
expenses per sale.

32 | P a g e
7. Return on
Investments
Return on Assets (ROA) =
Net Profit after Taxes *100
Total Assets
Or
(NetProfitafterTaxes+interest)*100
______________________
Total Assets
Or
(Net profit after Taxes +
Interest) * 100
___________________
Tangible Assets
Or
(Net Profit after Taxes + Interest)
* 100
_________________
Total Assets
Or
(Net Profit after Taxes + Interest)*
100
____________________
Fixed Asset
profitability of the total
funds per investment of a
firm.

33 | P a g e
Return on
CapitalEmployed(ROCE) =
(Net Profit after Taxes) * 100
____________________
total capital employed
Or
(Net Profit after Taxes +
Interest)*100
Total Capital Employed
of the firm with respect
to the total capital
employed.
more efficient use of
capital employed.
Or
(Net Profit after Taxes + Interest)*
100
Total Capital Employed -
intangible assets
Return on Total Share holders’
Equity =
Net Profit after Taxes * 100
Total shareholders’ equity
profitably the owner’s
fund has been utilized
by the firm.
Return on Ordinary
shareholders equity =
Net profit after taxes and Pref.
dividend *100
Ordinary Shareholders’ Equity
the firm has earned
satisfactory return for
its equity holders or
not.

34 | P a g e
8. Shareholder’s
Ratios
Earnings per Share (EPS) =
Net Profit of Equity holders
Number of Ordinary Shares
profitavailable to the
equityholders on a
per sharebasis.
Dividend per Share (DPS) =
Net profits after interest and preference
dividend paid to ordinary shareholders
Number of ordinary shares outstanding
distributed
profit belonging to
the
shareholders divided
by the number of
ordinary shares
Dividend Payout ratio (D/P) =
Total Dividend To Equity holders
Total net profit of equity holders
Or
Dividend per Ordinary
Share Earnings per Share
percentage share of
the net profit after
taxes and preference
dividend is paid to
the equity holders.
is
preferred from
investor’s point of
view.
Earnings per Yield =
Earnings per Share
Market Value per Share
percentage of each
rupee invested in the
stock that was

35 | P a g e
earned by the
company.
Dividend Yield =
Dividend per share
Market Value per share
much a
company pays out in
dividends each year
relative to its share
price.
Price- Earnings ratio (P/E) =
Market value per Share
Earnings per Share
currently paid by the
market for each rupee
of EPS.
it is for owners
Earning Power =
Net Profit after taxes
Total Assets
profitability and
operational efficiency of a
firm
quickly inventory is
sold.
9. Activity Ratios Inventory turnover =
Sales
neitherhave a high ratio
nor a low ratio.

36 | P a g e
Closing Inventory
Raw Material turnover =
Cost of Raw Material used
__________________________
Average Raw Material Inventory
Work in Progress turnover =
Cost of Goods manufactured
Average Work in process inventory
Debtors turnover =
Cost of Goods manufactured
Average Work in Process Inventory
quickly current assets
that are receivables or
debtors are converted
to cash.
neither have a high
ratio nor a low ratio.
10. Assets
Turnover Ratios
Total Assets turnover =
Cost of Goods Sold
efficiency of a firm in
managing and
utilizing its assets.

37 | P a g e
Total Assets
more efficient is the
firm in utilizing its
assets.
Fixed Assets turnover =
Cost of Goods Sold
Fixed Assets
Capital turnover =
Cost of Goods Sold
Capital Employed
Current Assets turnover =
Cost of Goods Sold
Current Assets

38 | P a g e
CHAPTER- 03
FINANCIAL RATIO ANALYSIS
AYUSH ENTERPRISES
BALANCE SHEET AS AT 31ST MARCH 2020
(Amount in `)
PARTICULARS NOTES March'2020 March'2019
I EQUITY AND LIABILITIES
(1) Shareholders’ Funds :-
(a) Share Capital 2 2,250,000 2,250,000
(b) Reserves and Surplus 3 25,772,832 25,175,422
(2) Non-Current Liabilities :-
(a) Deferred Tax Liabilities (Net) 4 4,146,903 3,981,081
(b) Other Long Term Liabilities 5 4,150,000 4,150,000
(3) Current Liabilities :-
(a) Trade Payables 6 3,653 18,675
(a) Other Current Liabilities 7 319,466 312,900
TOTAL 36,642,854 35,888,079
(II) ASSETS
(1) Non-Current Assets :-
(a) Property, Plant &Equipments :-
(i) Tangible Assets 8 28,677,782 29,468,057
(b) Non-Current Investments 9 2,420,000 2,420,000
(2) Current Assets :-
(a) Trade Receivables 10 643,079 649,292
(b) Cash and Bank Balance 11 3,629,937 1,926,023
(c) Short Term Loans and Advances 12 1,272,056 1,424,706

39 | P a g e
TOTAL 36,642,854 35,888,079
Summary of Significant Accounting
Policies 1
AYUSH ENTERPRISES
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2020
(Amount in `)
PARTICULARS NOTES March'2020 March'2019
Revenue :-
I Revenue From Operations 13 8,870,884 8,449,432
II Other Income 14 54,382 -
III Total Revenue (I + II) 8,925,266 8,449,432
IV Expenses :-
Employee Benefits Expense 15 3,029,297 3,047,165
Depreciation and Amortization Expense 8 846,969 813,489
Other Expenses 16 4,285,767 4,187,756
Total Expenses (IV) 8,162,033 8,048,410
V
Profit before exceptional Items & Tax (III
IV) 763,233 401,022
VI Exceptional Items
(Profit)/Loss on Sale of Asset - -
VII Profit Before Tax (V-VI) 763,233 401,022
VIII Tax Expense:
(1) Current Tax 119,064 77,157
(2) Deferred Tax 165,823 215,798
IX Profit After Tax (VII-VIII) 478,346 108,068
X
Earnings Per Equity Share (Nominal Value
perShare ` 10) (31st March 2019 ` 10) 17(b)

40 | P a g e
Basic 2.13 0.48
Summary of Significant Accounting Policies 1
AYUSH ENTERPRISES
NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2020
(Amount in `)
NOTE 2 March'2020 March'2019
SHARE CAPITAL
AUTHORISED SHARE CAPITAL
2,50,000 Equity Share of ` 10/- each 2,500,000 2,500,000
ISSUED SUBSCRIBED AND PAID UP SHARE CAPITAL
2,25,000 Nos. of Equity Share of ` 10/- each
Fully paid up in cash 2,250,000 2,250,000
2,250,000 2,250,000
Terms/rights attached to equity shares
The company has only one class of equity shares having a par value of ` 10 per share. Each holder
of equity shares is entitled to one vote per share . In the event of liquidation of the company ,the
holders of equity shares will be entitled to receive remaining assets of the company , after
distribution of all preferential liabilities The distribution will be in proportion to the number of
equity shares held by the shareholders.
Details of Shareholders holding more than 5% shares in the company
Name of Equity
Shareholder's No.of Shares % No.of Shares %
March'2020 March ‘2019
Mr. A 92,050 40.91% 92,050 40.91%
Mr. B 112,500 50.00% 112,500 50.00%
Mr. C 20,450 9.09% 20,450 9.09%

41 | P a g e
NOTE 3
RESERVES AND SURPLUS
Surplus in the statement of Profit & Loss
Surplus (Opening Balance) 25,175,422 24,990,198
Add :-
-----MAT Credit Entitlement 119,064 77,157
-----Transfer from Profit & Loss Account 478,346 108,068
25,772,833 25,175,422
Less :-
-----Income Tax for Earlier periods - -
Surplus (Closing Balance) 25,772,833 25,175,422
NOTE 4
DEFERRED TAX LIABILITIES
Deferred Tax Liability (Opening) 3,981,081 3,765,283
Deferred Tax Liability…….A
a) Difference in Depreciation as per Income
Tax
and as per Books
165,823 215,798
Total Deferred Tax Liability 165,823 215,798
Deferred Tax Asset…….B
a) Rate Difference - -
Total Deferred Tax Asset - -

42 | P a g e
(Amount in `)
Net Deferred Tax Liability/ (Asset) (A-B) 165,823 215,798
Deferred Tax Liability/(Asset):- Closing 4,146,903 3,981,081
NOTE 5
OTHER LONG TERM LIABILITIES
Others
Security Deposit 4,150,000 4,150,000
(Unsecured , considered good)
4,150,000 4,150,000
NOTE 6
TRADE PAYABLES
----Creditors For Expenses 3,653 18,675
3,653 18,675
NOTE 7
OTHER CURRENT LIABILITIES
Other Payables :-
----Creditor for Capital Goods 121,504 99,383
-----Liabilities for Expenses 18,900 19,843
-----Statutory Liabilities 179,062 193,674
319,466 312,900
NOTE 9
NON CURRENT INVESTMENT
Investment in Equity Instruments :- No.of Shares
Other Investments
Unquoted Share:-
` 242000 2,420,000 2,420,000
2,420,000 2,420,000

43 | P a g e
AYUSH ENTERPRISES
TRADE RECEIVABLES
Debt outstanding for a period exceeding Six
months
(Unsecured Considered Good) 131,921 118,848
Others Debt
(Unsecured Considered Good) 511,158 530,444
643,079 649,292
*Includes `/-4,60,036 ( 31st March,2019 `4,32,546/-) due from company under the same
management.
NOTE 11
CASH AND BANK BALANCE
Cash and Cash Equivalent
Balance with Banks
-----Current Account 3,544,038 1,840,063
Cash on hand (as certified by the
management) 85,899 85,960
1,926,023

44 | P a g e
3,629,937
NOTE 12
SHORT TERM LOANS AND
ADVANCES
Others ( Unsecured , considered good)
-----Advances for Expenses 29,372 26,625
-----Staff Advance - 30,000
-----MAT Credit Entitlement 222,641 103,577
Tax Deducted/Collected at source 887,561 846,245
Less: Provision for Taxation 119,064 77,157
768,497 769,088
Income Tax Refundable 251,546 495,416
1,272,056 1,424,706
AYUSH ENTERPRISES
(Amount in `)
REVENUE FROM OPERATIONS
Sale of Services
Contract Rental Income

45 | P a g e
8,870,884 8,449,432
8,870,884 8,449,432
NOTE 14
OTHER INCOME
Interest on IT Refund 54,382 -
54,382 -
NOTE 15
EMPLOYEE'S BENEFIT EXPENSES
Salaries, Wages & other Benefits*
3,023,797 2,981,502
Staff Welfare Expenses
5,500 65,663
3,029,297 3,047,165
*Includes 16,20,000/- ( 31st march,2019 ` 16,20,000/-) towards remuneration paid to Key
Management personnel and relatives
NOTE 16
OTHER EXPENSES
A) SELLING & ADMINISTRATIVE
COST
Power & Fuel 96,915 94,774
Audit Fees 21,000 21,000
Repair &Maintainence 310,911 534,907

46 | P a g e
Telephone Charges 23,510 77,258
Travelling Expenses 719,614 514,873
Vehicle Running &Maintainence 142,510 118,904
Consultancy Charges 18,000 21,500
Bank Charges 1,770 1,062
Rent 2,772,000 2,640,000
Rates & Taxes 4,190 1,545
Office General Expenses 175,347 161,933
4,285,767 4,187,756
AYUSH ENTERPRISES
NOTE 17 (Amount in `)
Accompanying Notes to Financial
Statement
March'2020 March'2019
a) Payment to Auditors
Particulars
Audit Fees 21,000 21,000
21,000 21,000
b) Earning Per Share

47 | P a g e
Particulars
Profit After Tax 478,346 108,068
Add: I.T of Earlier Years - -
Profit attributable to Equity Shareholders 478,346 108,068
Number of Equity Shares at the start of the
year 225,000 225,000
Number of Equity Shares at the end of the
year 225,000 225,000
Weighted Average No. of Equity Shares 225,000 225,000
Nominal Value of Equity Shares 10 10
Basic & Diluted Earning Per Share 2.13 0.48

48 | P a g e
Summary of Balance Sheet
PARTICULARS March'2020 March'2019 Remarks
Shareholders’ Funds 28022832.00 27425422.00 Increased
Non-Current Liabilities 8296903.00 8131081.00 Increased
Current Liabilities 323119.00 331575.00 Decreased
Non-Current Assets 31097782.00 31888057.00 Decreased
Current Assets 5545072.00 4000022.00 Increased

49 | P a g e
Summary of PROFIT AND LOSS
PARTICULARS March'2020 March'2019 Remarks
Revenue (I) 8,925,266.00 8,449,432.00
Increased
Expenses (II)
8,162,033.00 8,048,410.00
Increased
Profit Before Tax(I-
II)
763,233.00 401,022.00
Increased
Tax Expense (III) 284887.00 292955.00
Decreased
Profit After Tax
={(I-II)-III}
478,346.00 108,068.00
Increased

50 | P a g e
Analysis of Financial RatiosFor FY 2019-2020
1. Current Ratio(CR) =Current Assets
Current Liabilities
= 5,545,072 = 17.16
323,119
2. Acid Test=Cash+Marketable Securities+A/R
Current Liabilities
= 4,273,016 = 13.22
323119
3. Cash Ratio = Cash + Cash Equivalents
Total Current Liabilities
= 3,629,937 = 19.60
323,119
4. Net Profit margin = Profit after Tx
Total sales
= 478,346 = 0.05
8,870,884

51 | P a g e
5. Asset Turnover Ratio = Net Sales
Average Total Assets
= 8,925,266 = 0.24
36265466.5
6. Return on Assets = Profit after tax
Total assets
= 478,346 = 0.01
36,642,854
7. Return on Equity Ratio = Profit after tax
Total share capital & reserve
= 478,346 = 0.01
28,022,832
8. Total Assets Turnover = Sales
Total Assets
= 8,870,884 = 0.24
36,642,854
9. Working Capital = Current assets-Current liabilities
= 5,545,072 -323,119
= 5221953

52 | P a g e
10. Net Profit Ratio = Net Profit * 100
Sales
= 478,346 * 100 = 5.40
8,870,884
11. Debt to equity ratio = Total liabilities
Shareholder’s equity
8,620,022 = 3.8
= 2,250,000
12. Debt ratio = Total liabilities
Total assets
= 8,620,022 = 0.2
36,642,854
Analysis of Financial RatiosFor FY 2018-2019
1. Current Ratio(CR) = Current Assets
Current Liabilities
= 4,000,022 = 12
331,575

53 | P a g e
2. Acid Test=Cash+Marketable Securities+A/R
Current Liabilities
= 2,575,316 = 7.76
331,575
3. Cash Ratio = Cash + Cash Equivalents
Total Current Liabilities
= 1,926,023 = 5.80
331,575
4. Net Profit margin = Profit after Tx
Total sales
= 108,068 = 0.01
8,449,432
5. Asset Turnover Ratio = Net Sales
Average Total Assets
= 8,449,432 = 0.23
36265466.5

54 | P a g e
6. Return on Assets = Profit after tax
Total assets
= 108068 0.003
35,888,079
7. Return on Equity Ratio = Profit after tax
Total share capital & reserve
= 108068 0.003
27,425,422
8. Total Assets Turnover = Sales
Total Assets
= 8,449,432 0.23
35,888,079
9. Working Capital = Current assets-Current liabilities
= 4,000,022- 331,575
= 3668447
10. Net Profit Ratio = Net Profit * 100
Sales
108,068 * 100 = 1.27
= 8,449,432

55 | P a g e
11. Debt to equity ratio = Total liabilities
Shareholder’s equity
8,462,656
= 2,250,000 = 3.7
12. Debt ratio = Total liabilities
Total assets
= 8,462,656 = 0.2
35,888,079
Financial ratios are grouped into the following categories:
1) Liquidity ratios
A) Current Ratio: Current ratio = Current assets / Current liabilities
2019-20 2018-19
5,545,072 = 17.16:1
323,119
4,000,022 = 12:1
331,575
B) Acid Test Ratio:Acid-test ratio = Current assets – Inventories / Current liabilities
2019-20 2018-19
= 4,273,016 = 13.22
323119
= 2,575,316 = 7.76
331,575

56 | P a g e
C) Cash Ratio: Cash ratio = Cash and Cash equivalents / Current Liabilities
2019-20 2018-19
3,629,937 = 19.60
323,119
= 1,926,023 = 5.80
331,575
2) Leverage ratios
A) DEBT RATIO: Debt ratio = Total liabilities / Total assets
2019-20 2018-19
= 8620022 = 0.2
36,642,853
= 8,462,656 = 0.2
35,888,079
B) DEBT TO EQUITY RATIO: Debt to equity ratio = Total liabilities / Shareholder’s equity
2019-20 2018-19
8,620,022
2,250,000 = 3.8
8,462,656
2,250,000 = 3.7
0
2
4
6
8
10
12
14
16
18
20
Current ratio Acid-test ratio Cash ratio
FY 2019-20
FY 2018-19

57 | P a g e
3) Efficiency ratios
A) asset turnover ratio: Asset turnover ratio = Net sales / Average total assets
2019-20 2018-19
= 8,870,884 = 0.24
36,642,854
=8,449,432 = 0.23
36265466.5
0
0.5
1
1.5
2
2.5
3
3.5
4
Debt ratio Debt to equity
ratio
FY 2019-20
FY 2018-19

58 | P a g e
4) Profitability ratios
A) gross margin ratio: Gross margin ratio = Gross profit / Net sales
2019-20 2018-19
= 763,233 = 0.08
8,870,884
401,022 = 0.048,
449,432
B) return on assets ratio Return on assets ratio = Net income / Total assets
2019-20 2018-19
= 478,346 = 0.01
36,642,854
108068
= 0.03
35,888,079
C) return on equity ratioReturn on equity ratio = Net income / Shareholder’s equity
2019-20 2018-19
= 478,346 = 0.01
28,022,832 = 108068 = 0.03
27,425,422
0.224
0.226
0.228
0.23
0.232
0.234
0.236
0.238
0.24
Asset
turnoverratio
FY 2019-20
FY 2018-19

59 | P a g e
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
Grossmargin
ratio
Return on
assetsratio
Return on
equity ratio
FY 2019-20
FY 2018-19

60 | P a g e
FINDINGS
This report work has identified how companies use financial statement analysis and
interpretation in making effective management decisions. Overall organizational profitability and
achievement of organizational objectives were discussed. Again the difference between the
returns of a financial statement analysis and interpretation based on management decisions were
also discussed
Gross profit and net profits has Increased during the period of 2019-2020, which
indicatesfirm’s efficient management in manufacturing and trading operations .
During the current period over all Cash flow from operating activity has increased and
Current ratio has also been improved.
Net Cash Flow from the operating activity Net of Depreciation has increased as
compared to previous year.
The company has not made any investment nor has the company not done any capital
addition. During the year.

61 | P a g e
CONCLUSION
Analysis and interpretation of financial statements is an important tool in assessing company’s
performance. It reveals the strengths and weaknesses of a firm. It helps the clients to decide in which
firm the risk is less or in which one they should invest so that maximum benefit can be earned. It is
known that investing in any company involves a lot of risk. So before putting up money in any company
one must have thorough knowledge about its past records and performances. Based on the data
available the trend of the company can be predicted in near future.
This project of financial analysis & interpretation in the production concern is not merely a work of the
project but a brief knowledge and experience of that how to analyze the financial performance of the
firm. The study undertaken has brought in to the light of the following conclusions. According to this
project I came to know that from the analysis of financial statements it is clear that AYUSH ENTERPRISES
have been incurring profit during the period of study. So the firm should focus on getting of more profits
in the coming years by taking care internal as well as external factors. And with regard to resources, the
firm is take utilization of the assets properly. And also the firm has a maintained low inventory.
This project mainly focuses on the basics of different types of financial statements. Balance Sheet and
Profit & Loss statements of AYUSH ENTERPRISES have been studied. From ratio analysis of Balance
Sheet and P & L Statement of it AYUSH ENTERPRISES was concluded that liquidity position of the
company is good. Current ratio, debt-equity ratio, quick ratio, net profit margin, operating profit margin,
gross profit margin, return on assets, return on investments and return on capital employed were found
to be unacceptable. The ratios that are found to be desirable are Current Ratio, Return On investment
and Return on working capital and Debt – Equity Ratio. Tally 9.0 is used for analyzing the balance sheet
and profit & loss statements of a company and calculating the financial ratios. In this project Tally 9.0 is
used to prepare the balance sheet and calculate the financial ratios of different companies. Profit & Loss
Statements of companies were not calculated as Tally 9.0 has limitations in processing the data that was
available. However,only three ratios viz. current ratio, quick ratio and debt-equity ratio were calculated.
An advanced version can be developed for calculation of profit & loss statements and other financial
ratios.

62 | P a g e
LIMITATION
LIMITATIONS OF FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION
1. It is suffering from the limitations of financial statements.
2. There is Absence of standard universally accepted terminology in financial analysis
3. Price level changes is ignored in financial analysis
4. Quantity aspect is ignored in financial analysis
5. Financial analysis provides misleading result in absence of absolute data
6. The qualitative elements like quality management, quality of labor, public relations are ignored while
carrying out the analysis of financial statement only.
7. In many situations, the account has to make choice out of various alternatives available, e.g. choice in
the method of depreciation, choice in the method of inventory valuation etc. s incethe subjectivity is =
inherent in personal judgment, the financial statement are therefore not free from bias.
8. Financial Statements are essential interim reports.
9. Lack of Exactness in financial Statement analysis and interpret.
10. Lack of comparability in financial statement analysis and interpret.

63 | P a g e
BIBLIOGRAPHY
BOOKS:
1. M.Y. KHAN, P.K.JAIN (1981), Financial Management, and Cost Accounting (third
edition) New Delhi: McGraw – Hill publishing company limited.
2. I.M.PANDEY.Financial Management New Delhi Vikas publishing house private Ltd –
ninth addition 2004
3. M Hanif A Mukherjee Financial Statement
4. Financial Management
COMPANY DATA:
Vouchers of Sale & Purchase
Bank Statement
Other Data of AYUSH ENTERPRISES
WEBSITES
www.google.com

A FINANCIAL STATEMENT ANALYSIS AND INTERPRETATION

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