The document provides an analysis of Cipla Ltd's financial statements and ratios from 2007-2009.
[1] It includes a balance sheet overview showing that the company's total assets and equity increased over the period while investments declined. Current assets grew at an average rate of 24% while total liabilities increased at 24.5%.
[2] The profit and loss account overview found that total income and expenditure both increased at an average rate of over 20% each year. Operating profit rose 9.5% annually and net profit increased 7.32% on average.
[3] Financial analysis through horizontal and ratio analyses examined trends in key line items and ratios to evaluate the company's liquidity,
We have picked up HUL balance sheets of years from ACE-Equity and applied some ratio analysis to analyze the trend and predict next year results of the company.
We have picked up HUL balance sheets of years from ACE-Equity and applied some ratio analysis to analyze the trend and predict next year results of the company.
A Presentation on Bajaj Finance, consisting of Company Overview, Leadership, Share-holding pattern, Swot Analysis, Competition Analysis, Conclusion & A way forward.
This is one complete analysis of Financial Statements of Tata Motors. It includes Ratio analysis, Trend analysis, common size statement as well as comparative income statement and cash flow statement.
In this report you will be came to know about Tata Steel - when it was formed its future plans , its financial position based on the ratio analysis being done on the basis of their 3 years balance sheet and conclusion of the analysis
A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders (owners) of a firm, and by a firm's creditors. Financial analysts use financial ratios to compare the strengths and weaknesses in various companies.[1] If shares in a company are traded in a financial market, the market price of the shares is used in certain financial ratios.
Ratios can be expressed as a decimal value, such as 0.10, or given as an equivalent percent value, such as 10%. Some ratios are usually quoted as percentages, especially ratios that are usually or always less than 1, such as earnings yield, while others are usually quoted as decimal numbers, especially ratios that are usually more than 1, such as P/E ratio; these latter are also called multiples. Given any ratio, one can take its reciprocal; if the ratio was above 1, the reciprocal will be below 1, and conversely. The reciprocal expresses the same information, but may be more understandable: for instance, the earnings yield can be compared with bond yields, while the P/E ratio cannot be: for example, a P/E ratio of 20 corresponds to an earnings yield of 5%.
Values used in calculating financial ratios are taken from the balance sheet, income statement, statement of cash flows or (sometimes) the statement of retained earnings. These comprise the firm's "accounting statements" or financial statements. The statements' data is based on the accounting method and accounting standards used by the organization.
Ratios
Profitability ratios
Liquidity ratios
Activity ratios (Efficiency Ratios)
Debt ratios (leveraging ratios)
Market ratios
Capital budgeting ratios
Financial ratios quantify many aspects of a business and are an integral part of the financial statement analysis. Financial ratios are categorized according to the financial aspect of the business which the ratio measures. Liquidity ratios measure the availability of cash to pay debt.[2] Activity ratios measure how quickly a firm converts non-cash assets to cash assets.[3] Debt ratios measure the firm's ability to repay long-term debt.[4] Profitability ratios measure the firm's use of its assets and control of its expenses to generate an acceptable rate of return.[5] Market ratios measure investor response to owning a company's stock and also the cost of issuing stock.[6] These are concerned with the return on investment for shareholders, and with the relationship between return and the value of an investment in company’s shares.
Financial ratios allow for comparisons
between companies
between industries
between different time periods for one company
between a single company and its industry average
A Presentation on Bajaj Finance, consisting of Company Overview, Leadership, Share-holding pattern, Swot Analysis, Competition Analysis, Conclusion & A way forward.
This is one complete analysis of Financial Statements of Tata Motors. It includes Ratio analysis, Trend analysis, common size statement as well as comparative income statement and cash flow statement.
In this report you will be came to know about Tata Steel - when it was formed its future plans , its financial position based on the ratio analysis being done on the basis of their 3 years balance sheet and conclusion of the analysis
A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders (owners) of a firm, and by a firm's creditors. Financial analysts use financial ratios to compare the strengths and weaknesses in various companies.[1] If shares in a company are traded in a financial market, the market price of the shares is used in certain financial ratios.
Ratios can be expressed as a decimal value, such as 0.10, or given as an equivalent percent value, such as 10%. Some ratios are usually quoted as percentages, especially ratios that are usually or always less than 1, such as earnings yield, while others are usually quoted as decimal numbers, especially ratios that are usually more than 1, such as P/E ratio; these latter are also called multiples. Given any ratio, one can take its reciprocal; if the ratio was above 1, the reciprocal will be below 1, and conversely. The reciprocal expresses the same information, but may be more understandable: for instance, the earnings yield can be compared with bond yields, while the P/E ratio cannot be: for example, a P/E ratio of 20 corresponds to an earnings yield of 5%.
Values used in calculating financial ratios are taken from the balance sheet, income statement, statement of cash flows or (sometimes) the statement of retained earnings. These comprise the firm's "accounting statements" or financial statements. The statements' data is based on the accounting method and accounting standards used by the organization.
Ratios
Profitability ratios
Liquidity ratios
Activity ratios (Efficiency Ratios)
Debt ratios (leveraging ratios)
Market ratios
Capital budgeting ratios
Financial ratios quantify many aspects of a business and are an integral part of the financial statement analysis. Financial ratios are categorized according to the financial aspect of the business which the ratio measures. Liquidity ratios measure the availability of cash to pay debt.[2] Activity ratios measure how quickly a firm converts non-cash assets to cash assets.[3] Debt ratios measure the firm's ability to repay long-term debt.[4] Profitability ratios measure the firm's use of its assets and control of its expenses to generate an acceptable rate of return.[5] Market ratios measure investor response to owning a company's stock and also the cost of issuing stock.[6] These are concerned with the return on investment for shareholders, and with the relationship between return and the value of an investment in company’s shares.
Financial ratios allow for comparisons
between companies
between industries
between different time periods for one company
between a single company and its industry average
Accountancy Comprehensive Project For Class - 12th on Partnership FirmPriyanka Sahu
This slide is about the comprehensive project given to the students of class 12 for their practical examination. this project is strictly based on the CBSE guidelines. This is a format for making the project. Students can choose any of question in partnership firm and can solve it ,
Accountancy 12th class Project Work (both comprehensive and specific)Himanshu Mishra
I have uploaded a ppt of accountancy 12th class project work which have about 55 pages but i have uploaded only 32 pages some ledgers and introductory has been depleted rest there is full project if in case of any query you can consult me Himanshu Mishra- hmishra678
This project work contains all the necessary information for class 12 accountancy project
This Project Contains three part. They are as follows.
1. Comprehensive Project
2. Specific - 01(Ratio Analysis)
3. Specific - 02(Cash Flow Statement)
Accountancy 12th class project work(Both Comprehensive and specific)Himanshu Mishra
I have uploaded Accountancy 12th class project work(Which Includes Both Comprehensive and specific) as per latest CBSE guidelines 2015 . This project consist of 52pages where i have uploaded 32 pages (Ledger accounts and introduction have been depleted which you can write on your own)
If any query please persist hmishra678@gmail.com (Himanshu Mishra)
THE ANNUAL REPORTSPECIMEN FINANCIAL STATEMENTSPepsiCo.docxmattinsonjanel
THE ANNUAL REPORT
SPECIMEN FINANCIAL STATEMENTS:
PepsiCo, Inc.
Appendix A
The financial information herein is reprinted with permission from the PepsiCo, Inc. 2005 Annual
Report. The complete financial statements are available through a link at the book’s companion
website.
Once each year a corporation communicates to its stockholders and other interested
parties by issuing a complete set of audited financial statements. The annual report, as
this communication is called, summarizes the financial results of the company’s oper-
ations for the year and its plans for the future. Many annual reports are attractive, mul-
ticolored, glossy public relations pieces, containing pictures of corporate officers and
directors as well as photos and descriptions of new products and new buildings. Yet
the basic function of every annual report is to report financial information, almost all
of which is a product of the corporation’s accounting system.
The content and organization of corporate annual reports have become fairly
standardized. Excluding the public relations part of the report (pictures, products,
etc.), the following are the traditional financial portions of the annual report:
FINANCIAL HIGHLIGHTS
Companies usually present the financial highlights section inside the front cover of
the annual report or on its first two pages. This section generally reports the total
or per share amounts for five to ten financial items for the current year and one or
more previous years. Financial items from the income statement and the balance
sheet that typically are presented are sales, income from continuing operations, net
income, net income per share, net cash provided by operating activities, dividends
per common share, and the amount of capital expenditures. The financial highlights
section from PepsiCo’s Annual Report is shown on page A-2.
A1
• Financial Highlights
• Letter to the Stockholders
• Management’s Discussion and
Analysis
• Financial Statements
• Notes to the Financial Statements
• Management’s Report on Internal
Control
• Management Certification of
Financial Statements
• Auditor’s Report
• Supplementary Financial Information
In this appendix we illustrate current financial reporting with a comprehensive
set of corporate financial statements that are prepared in accordance with gener-
ally accepted accounting principles and audited by an international independent
certified public accounting firm. We are grateful for permission to use the actual fi-
nancial statements and other accompanying financial information from the annual
report of a large, publicly held company, PepsiCo, Inc.
LETTER TO THE STOCKHOLDERS
A2 Appendix A Specimen Financial Statements: PepsiCo, Inc.
Nearly every annual report contains a letter to the stockholders from the chairman
of the board or the president, or both. This letter typically discusses the company’s
accomplishments during the past year and highlights significant events such as
mergers and acquis ...
Wireless Appliances and Business Opportunities for Independent Dev.docxambersalomon88660
Wireless Appliances and Business Opportunities for Independent Developers
Read the material at the following link (This is very detailed so focus on the
main issues) Introduction to Mobility Java Technology, retrieved from http://www.oracle.com/technetwork/systems/getstart-155582.html
Write a 3-page paper that addresses the following issues:
· Possible wireless applications for home applications and consumer electronic devices. (Feel free to be creative. If you think that you have a good idea for a possible application, you can outline your idea.)
· The developers' role in the development process.
· The markets and potential for mobile computing.
· The basic approach to developing applications using Java for mobile devices.
Introduction
Financial Statement
Evaluation of the Performance
Evaluation of the Liquidity
Non-Financial Information
Outline
Introduction
Johnson & Johnson, through its operation companies, is the world’s most comprehensive and broadly based manufacturer of health care products, as well as a provider of related services, for the consumer, pharmaceutical, and medical devices and diagnostics market. The more than 200 Johnson & Johnson operating companies employ approximately 115,000 men and women in 57 countries and sell products throughout the world.
Consumer
Major franchises-skin and hair care, sanitary protection, wound care, oral care, baby care and nonprescription drugs
ex) JOHNSON’S BABY, BAND-AID, NEUTROGENA,
CLEAN & CLEAR, TYLENOL, etc
Business segments
2. Medical devices and Diagnostics
Johnson & Johnson’s operating companies’ product lines include surgical implants, instruments, needles and sutures: blood glucose monitoring system, wound closure device: endoscopic instruments: orthopaedic products for joint repair and replacement and for correcting spinal deformities: contact lenses:
clinical chemistry systems: medical devices, including cardiovascular monitoring: shunts: coronary and biliary stents: diagnostics used in physicians’ offices and laboratories for identification of diseases such as hepatitis C.
ex)ACUVUE, PROLENE, CYPHER, etc
3. Pharmaceutical
Johnson & Johnson’s operating companies develop products for family planning: psychiatry, mental illness and diseases of the nervous system: gastroenterology: oncology: immunotherapy: cardiovascular disease: dermatology: pain management: allergy: antifungals: anti-infectives: anti-histamines and antiparasitic drugs: and biotechnology-derived products.
ex)NIZORAL, SPORANOX, RISPERDAL(Janssen)
Introduction
Financial Statement
Evaluation of the Performance
Evaluation of the Liquidity
Non-Financial Information
Outline
<Income Statement>
Financial Statement
<Balance Sheet>
Financial Statement
<Cash Flow>
Financial Statement
Introduction
Financial Statement
Evaluation of the Performance
Evaluation of the Liquidity
Non-Financial Information
Outline
Common Size
2004
2003
25,997
27,320
25,268
22,995
$53,317
$48,.
Sunam Pal,Kiran Varghese Jacob, (2011), " A case Study on E-procurement System of Honeywell & Vedanta",Journal of Contemporary Research in Management",PSG Institute of Management, Coimbatore, India,Oct-Dec 2011, Vol 6,No:4, Pg.77-92
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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3. 1. INTRODUCTION
Cipla, originally founded by Khwaja Abdul Hamied as The Chemical, Industrial &
Pharmaceutical Laboratories is a prominent Indian pharmaceutical company, best-known
outside its home country for manufacturing low-cost anti-AIDS drugs for HIV-positive patients
in developing countries. Cipla makes drugs to treat cardiovascular disease, arthritis, diabetes,
weight control, depression and many other health conditions, and its products are distributed in
more than 180 countries worldwide. Among the hundreds of generic medications it produces
for international distribution are atorvastatin, amlodipine, fluoxetine, venlafaxine
hydrochloride and metformin.
Cipla offers services like consulting, commissioning, engineering, project appraisal, quality
control, know-how transfer, support, and plant supply.
Apart from its presence in the Indian market, Cipla also has an export market and regularly
exports to more than 150 countries in regions such as North America, South American, Asia,
Europe, Middle East, Australia, and Africa. For the year ended 31 March, 2007 Cipla’s
exports were worth approximately Rs. 17,500 million. Cipla is also considerably well-known
for its technological innovation and processes for which the company received know-how
loyalties to the tune of Rs. 750 million during 2006-07. Cipla has been approved by regulatory
bodies such as:
World Health Organization
Food and Drug Administration (FDA), USA
Therapeutic Goods Administration (TGA), Australia
Pharmaceutical Inspection Convention (PIC), Germany
National Institute of Pharmacy (NIP), Hungary
The Medicines and Healthcare products Regulatory Agency (MHRA) is the UK
government agency
Cipla has recently launched I-Pill which is a single dose emergency contraceptive and has
acquired a great deal of popularity in a short span of time. Other latest launches of Cipla include
products such as Nova, Moxicip, Flomex, Fullform, Montair LC, and Imicrit.
Founded : 1935
Headquarters : Mumbai, India
Key people : Y. K. Hamied (CMD) Chairman
Industry : Pharmaceuticals
Revenue : ▲ Rs.37.6 billion (~939M USD) (2006)
Net income : ▲ Rs. 9.1 billion (2006)
Employees over : 7,000
Website : www.cipla.com
3
4. 2. FINANCIAL STATEMENT
To get a better idea about the current financial status of Cipla, we went through following
financial statements
BALANCE SHEET of 2007,2008,2009
PROFIT & LOSS Statements of 2007,2008,2009
2.1 BALANCHE SHEET OVERVIEW from 2007-2009
A standard company balance sheet has three parts
Assets ( Fixed Assets, Current Assets,Investments,Profit & Loss)
Liabilities ( Debts, provisions)
Ownership equity (Share Capital,Reserves,Surplus)
The main categories of assets are usually listed first and typically in order of liquidity. Assets
are followed by the liabilities. The difference between the assets and the liabilities is known as
equity or the net assets or the net worth or capital of the company and according to the
accounting equation net worth must equal assets minus liabilities.[
2.1.1 TOTAL ASSETS of CIPLA ( 2007,2008,2009)
Figure 2.1.
Total Asset = Total Current Asset + Total Fixed Assets
The current assets as well as fixed assets & work in progress have tremendously increased
over 3 years but the investments have decreased with an average rate of ( -16.86 %).
Figure 2.1.
4
5. 2.1.2 DEBT & NET WORTH of CIPLA ( 2007,2008,2009)
Figure 2.3
The equity has increased showing a good hold on share holders. The Equity/net worth includes
Capital shares, reserves & surplus which have increased significantly over years with an
average rate of (+15.9 %)
Total debts have increased over years. Debts are the loans payable to the creditors. This are
basically of two types
Secured loan
Unsecured loan.
We know that more is the unsecured loan, more is the credit risk. From the below graphs (Figure
2.4) it is quite clear that the credit risk have increased significantly over past three years and the
secured loan have become almost negligible at 2009.
The company is having more credit risk.
2007 2008 2009
Figure 2.4
5
6. 2.1.3 TOTAL LIABILILTIES
Total Liabilities includes share capital, reserves, surplus, equity share warrants,
Shareholders fund, secured & unsecured loans. The liability has increased over 3 year but
the distribution of each element per year for liabilities is shown below.
2009
2008
2007
6
7. 2.2 PROFIT & LOSS ACCOUNT OVERVIEW from 2007-2009
Income statement, also referred as profit and loss statement (P&L), earnings statement,
operating statement or statement of operations is a company's financial statement that
indicates how the revenue (money received from the sale of products and services before
expenses are taken out, also known as the "top line") is transformed into the net income (the
result after all revenues and expenses have been accounted for, also known as the "bottom
line"). It displays the revenues recognized for a specific period, and the cost and expenses
charged against these revenues, including write-offs (e.g., depreciation and amortization of
various assets) and taxes The purpose of the income statement is to show managers and
investors whether the company made or lost money during the period being reported.
Basically we will discuss upon
Total Income
Total Expenditure
Profits
o Operating Profit
o Net Profit ( Profit after tax)
2.2.1 TOTAL INCOME
Figure 2.5
Total Income has increased at an average rate of (22.3 %)
With time both income and expenditure have increased. Rise was also found in tax as well as
depreciation charges and interest charged upon various items.
7
8. 2.2.2 TOTAL EXPENDITURE
Figure 2.6
Total expenditure has increased at an average rate of ( 26.7 %)
2.2.3 OPERATING PROFIT
Figure 2.7
Total operating profit has increased at an average by ( 9.5 %)
2.2.4 PROFIT AFTER TAX
Figure 2.8
Total Income has increased at an average by ( 7.32 %)
8
9. 3. FINANCIAL ANALYSIS
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, sub-business
or project.
It is performed by professionals who prepare reports using ratios that make use of information
taken from financial statements and other reports. These reports are usually presented to top
management as one of their bases in making business decisions. Based on these reports,
management may:
Continue or discontinue its main operation or part of its business;
Make or purchase certain materials in the manufacture of its product;
Acquire or rent/lease certain machineries and equipment in the production of its goods;
Issue stocks or negotiate for a bank loan to increase its working capital;
Make decisions regarding investing or lending capital;
Other decisions that allow management to make an informed selection on various
alternatives in the conduct of its business.
There are basically two type of financial Analysis
Horizontal Analysis
Ratio Analysis
3.1 HORIZONTAL ANALYSIS
Financial analysts can also use percentage analysis which involves reducing a series of figures
as a percentage of some base amount. When proportionate changes in the same figure over give
time period expressed as a percentage is know as horizontal analysis[
It can be done on the basis of
Past Performance - Across historical time periods for the same firm (the last 3 years for
example),
Future Performance - Using historical figures and certain mathematical and statistical
techniques, including present and future values, This extrapolation method is the main
source of errors in financial analysis as past statistics can be poor predictors of future
prospects.
Comparative Performance - Comparison between similar firms.
We will undergo
HORIZOMTAL ANALYSIS FOR BALANCE SHEET
% ANALYSIS of FIXED ASSETS
% ANALYSIS of CURRENT ASSETS
% ANALYSIS of TOTAL LIABILITY
% ANALYSIS of EQUITY
9
10. HORIZOMTAL ANALYSIS FOR P&L ACCOUNT
% ANALYSIS of INCOME
% ANALYSIS of EXPENDITURE
% ANALYSIS of TAX,INTEREST,DEPRECIATION
HORIZONTAL ANALYSIS FOR BALANCE SHEET
3.1.1 HORIZONTAL ANALYSIS of FIXED ASSETS & INVESTMENT
From the graph it is clear that the Investments have decreased over 2007-2008 and
2008-2009 by an average rate of ( -16.8 %).
However capital work in progress have given a major contribution to the assets with
an average increase in 19 %
3.1.2 HORIZONTAL ANALYSIS of CURRENT ASSETS
10
11. From the graph its clear that the current assets have increased at an average rate of 24%
Inventories have increased at an average rate of 17%
Sundry Debtors have increased at an average rate of 34%
Cash and bank balance have decreased at an average rate of 32%
Loans & advances initially had increased significantly by 65 % and than went
down by 1.6%
3.1.3 HORIZONTAL ANALYSIS of TOTAL LIABILITIES
Total Liabilities have increased at an average rate of 24.5%
Secured loan first increased by 94% and than decreased -84 %by in next year
Unsecured loan increased first year by 352% and 78% than by next year
Total Debt increased first year by 337 % and than 73 %by next year
3.1.4 HORIZONTAL ANALYSIS of EQUITY
The Equity Share increased in 2008 by 16 %
11
12. HORIZONTAL ANALYSIS of P&L ACCOUNT
3.1.5 HORIZONTAL ANALYSIS of INCOME
Sales turnover have increased at an average rate 17%
Excise duty have decreased at an average rate 18%
Net sales have increased at an average rate 20%
Other income increased at an average rate 27 %
Stock Adjustment firstly decreased by -234 % and than increased by 174 % next
year
Total Income increased at an average rate 22%
3.1.6 HORIZONTAL ANALYSIS of EXPENDITURE
Raw Material Increased by 20%
Power and fuel cost decreased by 13 % and than increased by 22 %
Employee cost increased by 23 %
Miscellaneous expense firstly decreased 30% by and than increased 542 %by
12
13. 3.1.7 HORIZONTAL ANALYSIS of TAX,Depreciation,Interest
Deferred Tax increased by increased by 148% and than decreased by -58%
Interest increased at an average rate of 127 %
Operating profit increased at an average rate of 9 %
Depreciation increased at an average rate of 21 %
Tax first decreased by 22 % and than increased by 7%
3.2 RATIO ANALAYSIS
We will take following factors into considerations while doing financial analysis through ratio
analysis
LIQUIDITY
SOLVENCY
STABILITY
PROFITIBILITY
3.2.1 LIQUIDITY RATIO ANALYSIS
In business, economics or investment, market liquidity is an asset's ability to be sold without
causing a significant movement in the price and with minimum loss of value. Money, or cash on
hand, is the most liquid asset. An act of exchange of a less liquid asset with a more liquid asset
is called liquidation. Liquidity also refers both to a business's ability to meet its payment
obligations, in terms of possessing sufficient liquid assets, and to such assets themselves.
Liquidity is measured using following ratios
Current Ratio
Quick Ratio
Working Capital
Cash Ratio
Interval Measures
13
14. Current ratio = current Asset / Current Liability
Liquidity (current ratio) had suddenly fallen down to 2.9 in 2008 compared to 3.01 of 2007.
However current ratio increased significantly in 2009 to around 3.14 showing a good sign of
liquidity and the ability to meet current obligations easily. Current ratio also satisfies the
minimum required ratio that is 2:1 for better safety precautions. The current assets is almost 3
times over current liabilities which is sufficient to meet the current liabilities in case of any risk
arises to repay the amount.
Company is having good Liquidity compared to previous year.
Quick Ratio = [ Current Asset – ( Inventory + pre loans or advances) ]/ Current Liability
Absolute Liquidity (Quick ratio) have significantly increased in 2009.It is a good sign of
liquidity and the ability to meet current obligations easily. Quick ratio also satisfies the
minimum required ratio that is 1:1 for better safety precautions.
It shows that company has sufficient amount of immediate funds to deal with its total
liabilities in case of any emergency.
Company is having good Liquidity compared to previous year.
14
15. Working Capital = Current Asset – Current Liability
Working capital has increased with time showing that company has more current assets
(liquid) over current liability and the substantial amount have shown improvement with
company’s progress.
Company is having good Liquidity compared to previous year.
Cash Ratio = Cash / Current liabilities
The cash in the company has gone down indicating that company is not in the proper state to
hold and make any hard core transactions immediately. More has to be done on credit basis.
Company is not susceptible to any immediate hard core cash transactions.
15
16. Interval Measures = [ Current Asset – ( Inventory + pre loans or advances) ]/ Average daily
operating expenses
Interval measures is the number of days the company can withstand without any profit on
the basis of absolute liquid present in the company.
Interval measures had suddenly increased significantly over years from 2007 to 2009. The
ability to sustain in case a company receives no cash is only of maximum 5 days.
Company is not susceptible to sustain for a long time in case company doesn’t receives any
cash for continuously 5 days.
3.2.2 SOLVENCY RATIO ANALYSIS
In finance or business, solvency is the ability of an entity or individual to pay debts. Solvency
can also be described as the ability of a corporation to meet its long-term fixed expenses and to
accomplish long-term expansion and growth. The better a company's solvency, the better it is
financially. When a company is insolvent, it means that it can no longer operate and is
undergoing bankruptcy.
Solvency is measured using following ratios
Debt Equity Ratio
Long Term Debt Equity Ratio
Interest Coverage Ratio
16
17. Debt Equity Ratio = Debt/ Net Worth
Long Term Debt Equity Ratio = Long Term Debt/ Net Worth
The increase in debt Ratio shows that the amount invested by the creditors in the business is
more than the owners. The company is more dependent on the creditors than its own net worth.
Graph says clearly that where 96.2 % of business were financed by the owners in 2007,which
reduced to 86% in 2008 and finally to 79% in 2009.
Company is liable to pay more debts to creditors than before.
Hence Company’s solvency has decreased than previous years.
17
18. Interest Coverage = EBIDTA/ Interest
The decrease in interest coverage ratio shows that the earning before tax, interest and
depreciation is sufficient to what extent to meet the interest demand. Company’s extent to pay
interest over earnings have decreased with time.
Hence Company’s solvency has decreased than previous years..
3.2.3 TURN OVER RATIOS
Turnover is sometimes a synonym for revenue (or in certain contexts, sales), especially
in European and South African usage. Services sold by a company during a particular
period of time.
Turnover is sometimes the name for a measure of how quickly inventory is sold. A high
turnover means that goods are sold quickly, while a low turnover means that goods are
sold more slowly.
Turnover is measured using following ratios
Debtor Turnover Ratio
Collective Ratio
Stock Turnover Ratio
Days of Inventory Holding
18
19. DEBT TURNOVER & COLLECTIVE DAYS
Debtors Turnover = Net Sales/ Average debtors
Higher the debtor turnover ratio means better is the management of credit.The graphs shows that
management of credit has depraved indicating more credit risk.
Collective days = 365/ Debtors Turnover Ratio
However collective ratio shows the average number of days for which debtors remain outstanding
.Lesser is the number of outstanding days more less is the credit risk. But graph shows that outstanding
have increased , means more risk in credit management.
The company is having more credit risk and hence is less stable.
Stock Turnover Ratio & Days of Inventory Holding
19
20. Stock Turnover = Net Sales/ Average Inventory
Average inventory = ( Opening Stock +Closing Stock) /
Higher the Stock turnover ratio means better is the management sales and cost management.
More is the ratio more is the efficiency in production and selling. The graphs shows that
management of sales has fallen down in 2009 leading to less sales over the average inventory
Days of Inventory Holding = 365/ Stock Turnover
However Inventory Holding ratio shows the average number of days for which inventory
remains outstanding in the company .
More is the number of outstanding days more is the delay of conversion to liquid and more less
is the efficiency. But inventory outstanding have increased in 2009 compared to 2008.
The company is having less efficiency in productions and sales.
3.2.4 PROFITIBALITY RATIO
Profit generally is the making of gain in business activity for the benefit of the owners of the
business. The word comes from Latin meaning "to make progress", and is defined in two
different ways, one for economics and one for accounting.
Solvency is measured using following ratios
Gross Profit Ratio
Net Profit ratio
Operating Profit ratio
Return on Asset
Return on Equity
Earning Per Share
20
21. Operating Profit = ( Sales – COGS – Operating Expenses)/ sales
Gross profit increases consistently from 2007 to 2009 showing that company is having more
operating income over the same sales value.
Gross Profit = ( sales – COGS )/ sales
Gross profit increases consistently fro 2007 to 2009 showing that company is having more
trading income over the same sales value.
21
22. Net Profit = Profit After Tax/Sales
Net profit decreases consistently from 2007 to 2009 showing that company is having less
income over the same sales value. Since the tax and differed tax have increased in 2009
leading to less net profit to previous year.
Hence profitability of the company has degraded compared to previous year.
Return On Asset = Profit after Tax/ Total Asset
Return on Asset has consistently degraded from 2007 to 2009 showing that company is
having less income over the same sales value of assets.
Hence profitability of the company has degraded compared to previous year.
22
23. Return On Equity = Profit after Tax/ Total Equity
Return on Equity has consistently degraded from 2007 to 2009 showing that company is
having less income over the same value of equity.
Hence profitability of the company has degraded compared to previous year.
ERANING PER SHARE
EPS = Profit After Tax/Number of share Outstanding
PER( Price Earning Ratio) = Market Value per share/ EPS
EPS per share is more indicating that Price Earning ratio is reduced thus indicating decrease in
the profitability of the company.
23
24. 4. CONCLUSION
Though overall liquidity condition of company have improved but solvency
ratio has gone down in 2009.The credit risk has become a major issue. The
company’s efficiency upon sale and production have depraved and company
seems to be less stable in replaying the debts and having more productivity over
cost.
The profitability of company has also degraded.
So as a whole we come to the conclusion that company’s financial status is not
that good in 2009 as it was suppose to be in 2007.
24
25. APPENIDIX-1
CIPLA: BALANCE SHEET
Year Mar 09(12) Mar 08(12) Mar 07(12)
(Rs in Crs)
SOURCES OF FUNDS :
Share Capital 155.46 155.46 155.46
Reserves Total 4,195.29 3,600.36 3,080.81
Equity Share Warrants 0 0 0
Equity Application Money 0 0 0
Total Shareholders Funds 4,350.75 3,755.82 3,236.27
Secured Loans 2.79 14.09 7.25
Unsecured Loans 937.45 526.36 116.31
Total Debt 940.24 540.45 123.56
Total Liabilities 5,290.99 4,296.27 3,359.83
APPLICATION OF FUNDS :
Gross Block 2,693.29 2,201.79 1,799.71
Less : Accumulated Depreciation 700.8 540.43 411.64
Less: Impairment of Assets 0 0 0
Net Block 1,992.49 1,661.36 1,388.07
Lease Adjustment 0 0 0
Capital Work in Progress 366.32 233.12 73.19
Investments 81.32 94.75 117.8
Current Assets, Loans & Advances
Inventories 1,398.32 1,120.49 978.6
Sundry Debtors 1,837.15 1,393.91 1,028.78
Cash and Bank 53 79.28 131.49
Loans and Advances 1,131.10 1,150.30 695.81
Total Current Assets 4,419.57 3,743.98 2,834.68
Less : Current Liabilities and Provisions
Current Liabilities 1,012.85 870.98 528.13
Provisions 391.71 416.81 413.13
Total Current Liabilities 1,404.56 1,287.79 941.26
Net Current Assets 3,015.01 2,456.19 1,893.42
Deferred Tax Assets 0 0 0
Deferred Tax Liability 164.15 149.15 112.65
Net Deferred Tax -164.15 -149.15 -112.65
Total Assets 5,290.99 4,296.27 3,359.83
25
26. APPENDIX-2
CIPLA: P&L ACCOUNT
Year Mar 09(12) Mar 08(12) Mar 07(12)
INCOME :
Sales Turnover 5,021.64 4,088.56 3,533.17
Excise Duty 61.04 90.66 94.93
Net Sales 4,960.60 3,997.90 3,438.24
Other Income 366.17 340.31 230.55
Stock Adjustments 113.55 41.37 -30.73
Total Income 5,440.32 4,379.58 3,638.06
EXPENDITURE :
Raw Materials 2,460.95 2,084.08 1,694.85
Power & Fuel Cost 91.71 74.69 86.71
Employee Cost 242.86 186.47 162.05
Other Manufacturing Expenses 364.34 304.85 299.87
Selling and Administration Expenses 856.45 707.78 401.08
Miscellaneous Expenses 318.68 49.58 70.99
Less: Pre-operative Expenses Capitalized 0 0 0
Total Expenditure 4,334.99 3,407.45 2,715.55
Operating Profit 1,105.33 972.13 922.51
Interest 52.23 17.51 11.16
Gross Profit 1,053.10 954.62 911.35
Depreciation 151.79 116.26 103.37
Profit Before Tax 901.31 838.36 807.98
Tax 101 94 121.75
Fringe Benefit tax 8.5 6.43 3.5
Deferred Tax 15 36.5 14.7
Reported Net Profit 776.81 701.43 668.03
Extraordinary Items -3.09 0.94 0.66
Adjusted Net Profit 779.9 700.49 667.37
Adjst. below Net Profit 0 0 0
P & L Balance brought forward 509.9 390.35 304.2
Statutory Appropriations 0 0 0
Appropriations 331.88 581.88 581.88
P & L Balance carried down 954.83 509.9 390.35
Dividend 155.46 155.46 155.46
Preference Dividend 0 0 0
Equity Dividend % 100 100 100
Earnings Per Share-Unit Curr 9.65 8.68 8.25
Earnings Per Share(Adj)-Unit Curr 9.65 8.68 8.25
Book Value-Unit Curr 55.86 48.2 41.52
26
27. APPENDIX – 3
CIPLA: HORIZONTAL % ANALYSIS BALANCE SHEET
% change in % change in
Year 2008-2009 2007-2008
(Rs in Crs)
SOURCES OF FUNDS :
Share Capital 0 0
Reserves Total 16.52418092 16.86407146
Equity Share Warrants 0 0
Equity Application Money 0 0
Total Shareholders Funds 15.84021598 16.05397572
Secured Loans -80.1987225 94.34482759
Unsecured Loans 78.10053955 352.5492219
Total Debt 73.97354057 337.3988346
Total Liabilities 23.15310723 27.87164827
APPLICATION OF FUNDS :
Gross Block 22.32274649 22.34137722
Less : Accumulated Depreciation 29.67451844 31.28704693
Less:Impairment of Assets 0
Net Block 19.93126114 19.68848833
Lease Adjustment 0 0
Capital Work in Progress 57.1379547 218.5134581
Investments -14.17414248 -19.56706282
Current Assets, Loans & Advances
Inventories 24.79540201 14.49928469
Sundry Debtors 31.7983227 35.4915531
Cash and Bank -33.14833502 -39.70644155
Loans and Advances -1.669129792 65.31811845
Total Current Assets 18.04470109 32.07769484
Less : Current Liabilities and
Provisions
Current Liabilities 16.28854853 64.91772859
Provisions -6.021928457 0.890760777
Total Current Liabilities 9.067472181 36.81554512
Net Current Assets 22.75149724 29.72240707
Miscellaneous Expenses not written 0 0
Deferred Tax Assets 0 0
27
28. APPENDIX – 4
CIPLA: HORIZONTAL % ANALYSIS of P&L ACCOUNT
% change in % change in
Year
2008-2009 2007-2008
INCOME :
Sales Turnover 22.82172696 15.71931155
Excise Duty -32.67151996 -4.498051196
Net Sales 24.08014207 16.27751408
Other Income 7.598953895 47.60789417
Stock Adjustments 174.4742567 -234.6241458
Total Income 24.2201307 20.38229166
EXPENDITURE :
Raw Materials 18.08327895 22.96545417
Power & Fuel Cost 22.78752176 -13.86229962
Employee Cost 30.2407894 15.06942302
Other Manufacturing Expenses 19.51451534 1.660719645
Selling and Administration Expenses 21.00511458 76.46853496
Miscellaneous Expenses 542.7591771 -30.15917735
Less: Pre-operative Expenses
Capitalised 0 0
Total Expenditure 27.22094235 25.4791847
Operating Profit 13.70187115 5.378803482
Interest 198.2866933 56.89964158
Gross Profit 10.31614674 4.747901465
Depreciation 30.56081197 12.46976879
Profit Before Tax 7.508707477 3.759994059
Tax 7.446808511 -22.7926078
Fringe Benefit tax 32.19284603 83.71428571
Deferred Tax -58.90410959 148.2993197
Reported Net Profit 10.74661762 4.999775459
Extraordinary Items -428.7234043 42.42424242
Adjusted Net Profit 11.33635027 4.962764284
P & L Balance brought forward 30.62636096 28.32018409
Appropriations -42.96418506 0
P & L Balance carried down 87.25828594 30.62636096
Earnings Per Share-Unit Curr 11.17511521 5.212121212
Earnings Per Share(Adj)-Unit Curr 11.17511521 5.212121212
Book Value-Unit Curr 15.89211618 16.08863198
28
29. APPENDIX -5
RATIO ANALYSIS
Mar Mar Mar
09(12) 08(12) 07(12)
Equity Paid Up 155.46 155.46 155.46
Networth 4341.78 3746.85 3227.3
Capital Employed 5282.02 4287.3 3350.86
Gross Block 2684.32 2192.82 1790.74
Net Working Capital ( Incl. Def. Tax) 2850.86 2307.04 1780.77
Current Assets ( Incl. Def. Tax) 4419.57 3743.98 2834.68
Current Liabilities and Provisions ( Incl. Def.
1568.71 1436.94 1053.91
Tax)
Total Assets/Liabilities (excl Reval & W.off) 6850.73 5724.24 4404.77
Gross Sales 5021.64 4088.56 3533.17
Net Sales 4960.6 3997.9 3438.24
Other Income 366.17 340.31 230.55
Cost of Production 3340.28 2792.33 2371.29
PBIDT 1105.33 972.13 922.51
PBDT 1053.1 954.62 911.35
PBIT 953.54 855.87 819.14
PBT 901.31 838.36 807.98
PAT 776.81 701.43 668.03
Book Value (Unit Curr) 55.86 48.2 41.52
CEPS (annualised) (Unit Curr) 11.61 10.18 9.58
EPS (annualised) (Unit Curr) 9.65 8.68 8.25
Dividend (annualised%) 100 100 100
Payout (%) 20.72 23.03 24.23
Appendix-5 Contd………………………………..
29
30. Key Ratios
Liquidirty ratio
Current Ratio 3.14 2.9 3.01
Quick Ratio 1.34 1.14 1.23
Cash Ratio 0.037 0.61 0.139
Interval Measure 5.17 4.49 3.17
Solvency Ratio
Debt Equity Ratio 0.216 0.143 0.038
Long term Debt Equity ratio 0.215 0.14 0.035
Interest Coverage 21.25 57.17 83.8
Turnover ratio
Debt Turnover ratio 5.27 7.4 27.9
Stock Turnover ratio 3.54 3.56 3.51
Collective days ratio 69 49 13
Profitability Ratio
Gross Profit ratio 4.71 4.18 3.77
Operation Profit ratio 4.48 4.11 3.72
Net Profit ratio 0.156 0.175 0.194
Return on Asset ratio 0.146 0.163 0.198
Return on Equity ratio 0.178 0.186 0.206
30
31. Accounting Glossary
ACCOUNT - A fiscal and accounting entity with a self-balancing set of general ledger
codes in which cash and other financial resources, together with all related liabilities
and residual equities or balances, and changes therein, are recorded and segregated for
the purpose of carrying on specific activities or attaining certain objectives in
accordance with special regulations, restrictions, or limitations. For reporting purposes,
the state identifies certain accounts as major funds, and administratively combines all
remaining accounts into roll-up funds. Refer to MAJOR FUND, and ROLL-UP FUND.
ACCOUNTS PAYABLE - Amounts owed to private persons or organizations for goods
and/or services received by the state. Accounts Payable does not include amounts due to
other agencies, funds, or other governments. Refer to DUE TO.
ACCOUNTS RECEIVABLE - Amounts due from private persons or organizations for
goods, and/or services furnished by the state. Accounts Receivable does not include
amounts due from other agencies, funds, or other governments. Refer to DUE FROM.
APPROPRIATION - A legislative authorization for an agency to make expenditures for
specific purposes from designated resources available or estimated to be available
during a specified time period.
ASSETS - A probable future economic benefit obtained or controlled by a particular
entity as a result of past transactions or events. These economic resources can be
tangible or intangible.
BALANCE SHEET - A financial statement that discloses the assets, liabilities, and
equities of an entity at a specified date in conformity with generally accepted accounting
principles (GAAP).
CREDIT CARD - A card entitling the holder to buy services or goods on credit.
CURRENT ASSETS - Resources that are available, or can readily be made available,
to meet the cost of operations or to pay current liabilities.
CURRENT LIABILITIES - Those obligations which are payable within one year from
current assets or current resources.
DEBIT CARD - A card that draws funds directly from a deposit account.
DEBT - An obligation resulting from the borrowing of money or from the purchase of
goods and services. Debts of the state include bonds, accounts payable, and other
liabilities. Refer to BONDS PAYABLE, ACCOUNTS PAYABLE, LIABILITIES, LONG-
TERM OBLIGATIONS and GENERAL LONG-TERM OBLIGATIONS.
DEFICIT - (1) The excess of the liabilities and reserves of a fund over its assets. (2) The
excess of expenditures over revenues during an accounting period or, in the case of
proprietary funds, the excess of expenses over revenues during an accounting period.
DEPRECIATION - The portion of the cost of a capital asset representing the expiration
in the useful life of the capital asset attributable to wear and tear, deterioration, action
of the physical elements, inadequacy, and obsolescence which is charged off during a
particular period. In accounting for depreciation, the cost of a capital asset, less any
salvage value, is prorated over the estimated useful life of such an asset. Refer to
COMPOSITE METHOD and STRAIGHT-LINE METHOD.
DIRECT COSTS - Costs that include direct materials and labor. Refer to DIRECT
EXPENSES.
DIRECT EXPENSES - Expenses which are charged directly as a part of the cost of a
product or service, or of a department or operating unit, as distinguished from overhead
and other indirect costs which must be prorated among several products or services,
departments, or operating units.
FIXED ASSETS - Refer to CAPITAL ASSETS.
FUND - For state purposes, a fund is referred to as an account. Refer to ACCOUNT.
31
32. FUND BALANCE - In governmental funds, this is the difference between fund assets
and fund liabilities. Governmental fund balances should be segregated into reserved and
unreserved amounts. Refer to RESERVED FUND BALANCE and UNRESERVED FUND
BALANCE.
FUND CAPITAL ASSET - Capital assets recorded in proprietary and trust funds and
used in the production of the goods or services provided or sold. Depreciation on fund
capital assets is charged as an expense of the fund.
FUND EQUITY - The difference between a fund's assets and liabilities. In
governmental funds, it is referred to as fund balance. In proprietary funds, it is referred
to as net assets. Refer to FUND BALANCE and NET ASSETS.
LIABILITIES – Probable future sacrifices of economic benefits, arising from present
obligations of a particular entity to transfer assets or provide services to other entities in
the future as a result of past transactions or events. The term does not include
encumbrances.
LIQUIDATION - Payment of debt, cancellation of encumbrance, or conversion into
cash.
NET ASSETS - The difference between assets and liabilities. Refer to FUND EQUITY.
NET BOOK VALUE - Refer to BOOK VALUE.
NET INCOME - A term used in accounting for proprietary funds to designate the excess
of total revenues and operating transfers in over total expenses and operating transfers
out for an accounting period.
RECEIVABLES - Amounts due from private persons, businesses, agencies, funds, or
governmental units that are expected to be collected in the form of moneys, goods,
and/or services.
SHORT-TERM LIABILITIES - Short-term liabilities are legal obligations of the state
that arise upon the receipt of goods or services. In governmental fund type accounts,
they are payable from current financial resources. In proprietary fund type accounts,
short-term liabilities are payable within one year.
TAXES - Compulsory charges levied by a government for the purpose of financing
services performed for the common benefit.
TAXES RECEIVABLE - An asset account reflecting the uncollected portion of taxes
that have been levied.
32
33. BIBLIOGRAPHY:
Ratio Analysis PPT (by Prof Ruchi Mehrotra, Alliance Business
School)
Financial Accounting for Management ( N Ramachandran,Ram
Kumar Kakani), 2nd Edition,McGraw Hill
Financial Management( I M PANDEY), 9th Edition,Vikas Publishing
House PVT LTD
www.cipla.com
www.wikipedia.org
www.capitaline.com
33