Summer Training Report

On
“A study on Financial Performance Analysis with reference
To
Surya Roshni Limited”

Submitted in Partial Fulfillment for the Award of the

BBA 2021-2024

Under the Guidance of: Submitted By:

Ms. Getaksha Marwaha Arun Bansal
Assistant Professor 01212301721

Delhi Institute Of Advanced Studies

Plot No. 6, Sector-25, Rohini, Delhi-110085
(Approved by AICTE & Affiliated with GGSIP University for B. Com(H), BBA, MBA & MBA(FM) Programmers
(An ISO 9001:2015 Certified Institution)
 CERTIFICATE

This is to certify that the summer training report entitled “A study on Financial
Performance Analysis with reference to Surya Roshni Limited.” submitted by Mr.
Arun Bansal Roll No. 01212301721 has been done under my guidance and supervision in partial
fulfillment of the requirement for the award of Bachelor of Business Administration degree. To
the best of my knowledge the work and analysis mentioned in this Project Dissertation havebeen
undertaken by the candidate himself and necessary references have been recognized and
acknowledged in the text of the report.

Project Guide: Ms Getaksha Marwaha

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3
 ACKNOWLEDGEMENT

I would like to express my gratitude to all those who gave me the possibility to complete this
Summer Training Report. I am deeply indebted to my guide Ms. Anurupa Ganguly from Delhi
Institute of Advanced Studies whose help, stimulating suggestions and encouragement
helpedme in all the time of research and writing of this project. The learning was immense
andvaluable.

Candidate’s Name: Lakshya Joshi

Enrollment No.: 02312301721

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 DECLARATION

I hereby declare that the project work entitled “A study on Financial Performance
Analysis with reference to Surya Roshni Limited” submitted to the Delhi Institute of
Advanced Studies, is a record of an original work done by me under the guidance of Ms.
Getaksha Marwaha, Assistant Professor and this project work is submitted in the partial
fulfillment of the requirements for the award of the degree of BBA. I hereby certify that all the
endeavor put in the fulfillment of the task are genuine andoriginal to the best of my knowledge
and I have not submitted it earlier elsewhere.

Candidate’s Name: Arun Bansal

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 Table of Content

S No. Topics Page No.

01 Title Page 1
02 Certificate 2
02 Certificate of Internship from the Company 3
04 Acknowledgement 4
05 Declaration 5
06 Table of Contents 6
07 Chapter 1 Introduction to the Industry & Company 7-18
08 Chapter 2 Introduction to the topic 19-27
09 Chapter 3 Research Methodology 28-31
• Meaning of Research
• Objectives of the study
• Scope of the study
• Research Design & Types of Research Design
(Exploratory or Descriptive)
• Sample size, Sampling technique
• Data Collection/Data Sources
o Primary Source.
o Secondary Source.
10 Chapter 4 Data Analysis & Interpretation 32-51
11 Chapter 5 Findings 52-53
12 Chapter 6 Limitations 54-56
13 References & Bibliograpy 57
14 Appendix 58-68

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 Chapter-1
(Introduction to the Industry & Company)

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❖ Introduction to Industry
The lighting and steel pipe manufacturing industry is a diverse sector that encompasses the
production of lighting products and steel pipes. These two components may seem unrelated,
but they cater to distinct but essential needs in various sectors. Let's explore each aspect:

 Lighting Industry:
➔ The lighting industry involves the design, manufacturing, and distribution of various
lighting products used for illumination in residential, commercial, industrial, and outdoor
settings.
➔ Types of lighting products include incandescent bulbs, fluorescent lamps, light -emitting
diodes (LEDs), luminaires (light fixtures), and other related accessories.
➔ Advancements in technology, particularly the widespread adoption of energy-efficient
LED lighting, have transformed the industry in recent years.
➔ The sector is influenced by trends in energy efficiency, sustainability, and smart lighting
solutions.

 Steel Pipe Manufacturing Industry:

➔ The steel pipe manufacturing industry is a crucial part of the broader steel industry,
providing pipes for various applications in construction, infrastructure, energy, and other
sectors.
➔ Steel pipes are used for conveying fluids, such as water and oil, as well as in structural
applications like piling, fencing, and scaffolding.
➔ The industry involves processes such as pipe manufacturing, coating, and threading, with
a focus on meeting quality standards and specifications.
➔ Steel pipes come in various types, including seamless and welded pipes, and they are
made from different grades of steel depending on their intended use.

 Surya Roshni Ltd:

➔ Surya Roshni Ltd is a company that operates in both the lighting and steel pipe

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 manufacturing segments.
➔ In the lighting segment, the company is involved in the production of a wide range of
lighting solutions, catering to both domestic and international markets.
➔ In the steel pipe manufacturing segment, Surya Roshni Ltd manufactures a variety of
pipes, including ERW (Electric Resistance Welded) pipes, used in applications like water
supply, oil and gas transportation, and infrastructure development.
➔ Both lighting and steel pipe manufacturing are integral to modern infrastructure and
construction projects. As these industries evolve, companies like Surya Roshni play a key
role in providing essential products for various applications, contributing to the growth
and development of economies.

❖ Company Profile

Surya Roshni Limited is proudly serving its customers with ERW pipe products and lighting
products and fan products by combining quality, experience, technical know-how, dependability
and application of highest standards and technology. It was incorporated in 1973 with a steel
pipe plant located at Bahadurgarh in Haryana & has emerged today as a vast conglomerate.
Presently, this plant has emerged as one of the largest plant in Asia, with a production capacity
of 180000 MT of steel pipes annually. Today company’s product portfolio comprise of
fluorescent tube lights, GLS lamps, CFL lamps, HPSV Lamps, HPMV Lamps Metal Halide
Lamps and ERW pipe. With a turnover of over Rs.3000crores in the financial year 2015 - 16, the
company’s quest for growth is never ending. There are regular expansions of capacity and

9
installation of balancing facilities for augmenting the production to meet growing demand in
both lighting and steel segments. Surya Roshni Limited is amongst the world leading ERW steel
pipe manufacturer of the oil and gas industry and a major supplier for the construction sector.
The company has wide marketing network with its branches, dealers and retailers outlets spread
across the length and breadth of the company. Presently, it has marketing network of 30
branches, over 1500 authorized dealers and over 1, 00,000 retailers in India itself. In India, Surya
Roshni is the second largest seller of GLS and FTL. Currently company has presence in over 48
countries namely Australia, Indonesia, Oman, Bahrain, Iran, Paraguay, Bangladesh, Jordan,
Saudi Arabia, Botswana, Korea, Singapore, Columbia, Kenya, Sri Lanka, Egypt and many more.

❖ VISION
To become an “integrated global energy corporation” and offer competitive, best in class,
premium quality product to satisfy day to day needs of consumers in India and across the world.

❖ MISSION
➢ Energizing Lives and Beyond
To become global leader by consistently exceeding the consumer demand, upgrading technology
and making quality products. We strive to stay on the top of today’s and tomorrow’s technology
so that we can help to create a better future for ourselves, our partners, dear employees and
future. We aim to do justice to our vision to prove as better visionaries of the world.

❖ CORE VALUES
Integrity: Adhering to moral values we share an undivided spirit. Thus integrity is a virtue that
reflects in our personal lives, financial transactions and business deals.
Customer Satisfaction: our pivotal reason of success our dear customers are our guiding stars
who directed us towards our future endeavor and provide us with room for improvement.
Social responsibility: we try hard to help our mother nature. We strive to create eco-friendly
products and optimize our resources to conserve the environment.
Surya Parivar Philosophy: a principle centric close knit family which stands high on the pillars
of trust, mutual respect for one another and team spirit.

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❖ CORPORATE HISTORY
1973- Setting up of steel plant at Bahadurgarh
1980- New automatic galvanizing plant
1984- Setting up of lighting plant at Kashipur
1989- HPSVL and energy efficient 26mm FTL production began
1991- Production of CR pipes. 1992- Setting up of second lighting plant at Malanpur, production
of fluorescent powder, filament for GLS and FTL commenced.
1994- New modern lead glass shell.
1998- Asia’s largest ribbon glass plant started with annual capacity of 400n million GLS and 25
million FTL shell.
2006- Additional capacity of CFL of 1 Mm units‟ p.m.
2009- New world class pipe unit in Bhuj, Gujarat.
2009- PVC plant.
2010- setting up of high mast plant at Malanpur.
2012- Technology and innovation centre at Noida.
2014- Launch of Fans 2015-Launch of Surya Home Appliances
2017- Commissioning of New Steel Pipe Plant at Hindupur (A.P.)

❖ DIVISION OF ORGANISATION
➢ STEEL DIVISION
Surya is a leading producer of steel pipes with an extensive product range consisting of 15 mm
NB to 400 mm NB in both Galvanized and Black pipes conforming to international quality
standards at Bahadurgarh plant in Haryana. The company is maximizing their trust to produce
high quality products, which are used in API cross country pipe lines for oil and gas
transportation, exports and domestic supply. Surya is committed to touch new heights in quality
and productivity. As the company is growing and achieving new high volumes, new facilities
have been added to meet the market requirements.

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➢ LIGHT DIVISON
Lighting is always a prime necessity in the modern world. With the increase in residential
houses, the demand for lighting and consequently the lighting industries are growing at
tremendous pace. With growing demand for lighting products, the Lighting industry is on a
strong wicket. Surya Roshni brings brightness to many homes every evening in over 48 countries
across the globe as it has an exhaustive range of luminaries and accessories to meet the
requirement of every segment of the society. Through whole hearted efforts and better
commitment at all levels, the revenue from operations and profitability of your company will be
provide a more healthy growth and profitability in the years to come. The lighting division has
witnessed a growth in revenue from operations. During the year under review, the revenue from
operation of the division increased to Rs. 769.84crores as compared to Rs. 722.13crores last
year, an increase of 6.61% over the previous year.

➢ FAN DIVISION
Surya Roshni launched Fans in Indian market in January 2014 under its brand name Surya and
achieved great acceptance with more than 20,000 distributors of their lighting products. 2014 -
2015 was the first complete year for fans sales and Company achieved great success and sold
800000 units of fans in the year. The acceptance of the brand Surya fans was good amongst
distributors, retailers as well as customers. Company started with standard and economy segment
in Ceiling fans and complete range of table, wall, pedestal and exhaust fans, but encouraged by
the success and demand in the market, added Value added fans, like decorative ceiling fans, high
speed wall and pedestal fans, tower and cabin fans, which will give edge to the brand image and
place the Surya brand amongst the best in the fan industry. Surya has taken a target of selling
15,00,000 fans in the year 2015-2016 and plan to add many more value added niche products in
the range.

❖ PRODUCTS
➢ Steel Pipes & Tubes
Incepted in 1973, Surya Steel Pipe Ltd. has been producing exceptional range of quality

12
materials to the worldwide market. It grew at a very rapid pace and has a total group turnover of
Rs.20000 Million (US $600 Million).Capacity: 3, 00,000 M.T. p.a.

➢ Lighting Product
Guided by its sheer commitment to become the prominent suppliers of high quality lighting in
India and abroad, Surya is single largest manufacturing company of Lamps in the country with
its high brand visibility in over 45 countries. Capacity: Fluorescent Lamps - GLS Lamps -
Halogen Lamps - Special Purpose Lamps: 25 Million Nos.65 Million Nos. 8 Million Any 2
Million Any

➢ Herbal
Surya Herbal is a social institution that is committed to serve the mankind with its wide range of
herbal products. The company owes its success to the ancient sciences and constant research
done in this field.

➢ Cold Rolled Steel

C.R. Strips/Sheets serve as critical inputs for a wide range of applications in a wide spectrum of
industries. Considering the sophisticated applications, the CR Steel Strips are required to meet
high standards of surface finish, heat treatment and close tolerance on dimensions.

➢ Software Solutions
Surya Soft-tech Ltd. specializes in providing effective software solutions to the prominent
companies in India and abroad. The company's emphasis is on quality and innovation at every
stage.

❖ KEY PERSON IN ORGANISATION

Chairman J.P. Agarwal
Managing Director Raju Bista
Company Secretory BB Singal
Whole Time Director Utkarsh Dwivedi

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Additional Director Salila Tiwari
Chief Executive Officer Tarun Baldua
Non-Executive Director Dev Datt Das
Nominee Director-IDBI Rajiv Kumar Sinha
Non-Executive Independent Director Ravinder Kumar Narang
Sudhanshu Kumar Awasthi
KK Narula
Mukesh Tripathi

❖ MILESTONE
Surya Roshni, the largest G.I. Pipes manufacturer in India, has crossed several milestones. Surya
Roshni got the prestigious European “CE” marking certification for its steel products, which is
mandatory for supplying materials in Europe in the year 2012 It has set up new API pipe mill at
Bhuj, Gujarat to cater to western India and global markets. Top consultants of repute have
recommended Surya products to architects across the entire country.
It has recently been approved amongst others by Spectral consultant, Potential consultant,
DGMAP (All India), CPWD Rajasthan Surya Group is the only company that is manufacturing
“½ to 100” inches dia pipes in India along with Section Pipes.

❖ EXPORTS
Wide global presence Surya Roshni with its wide range of pipes for different applications has
steadily built a place for itself in the international market. It is presently exporting pipes to
various countries like Bangladesh, Belgium, Ethiopia, Germany, Ghana, Italy, Kuwait, Malta,
Mozambique, Myanmar, Nepal, Oman, Qatar, Sri lanka, UAE, UK, USA and a few others. Its
markets is continuing and with this view in end the company is participating in industrial
exhibitions being held abroad. Efforts on to make a foray in countries like Australia, Canada,
Eritrea, Kenya, Malaysia, Nigeria, Singapore, Tanzania, Uganda and Yemen. Due to ISO 9001
accreditation and the license from American Petroleum Institute for using API monogram, Surya
products find ready acceptance for its quality.

❖ INSPECTION AGENCIES
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Third party inspection agencies that inspect/ assess products/ work on behalf of clients are like
Indian Oil Corporation Ltd. (IOCL), Gas Authority of India Ltd. (GAIL), Oil& Natural Gas
Commission (ONGC) Oil India, and Hindustan Petroleum Corporation Ltd.(HPCL), Bharat
Petroleum Corporation Ltd.(BPCL), GSPL, GSPC, IGL, MGL, GLIS, National Thermal Power
Corporation(NTPC), Reliance and TATA Projects.

❖ VALUED CUSTOMERS
Surya valued customers in Govt. Sector are CPWD, PWD, DMRC, PHEDs, Railways, State
Irrigation Departments, BSNL, SAIL, State Electricity Boards, Development Authority, Housing
Board, Defense, CGWB, GWSSB, I&PH, Shimla etc. Oil, Gas and Power Sector include IOCL,
HPCL, BPCL, OIL, GAIL, CRL, MRPL, CPCL, BRPL, and NRL, all Refineries in India, IBP,
Bharat Shell, Gujarat Gas Co., Haldia Petrochemicals, IPCL, Reliance Petroleum, Essar, NTPC,
BHEL, and Power Grid etc. Surya is enlisted with various premier organizations as approved
Vendor for supplying MS/GI ERW Pipes conforming to various BIS, API 5Land API 5CT
specifications. It is also registered with DGS &D.

❖ SWOT ANALYSIS
➢ STRENGTH
Brand „Surya‟ is well accepted internationally and holds a prominent position in the Indian Steel
Pipes and Lighting industry. With such strong brand equity, the Company is well poised to
capitalize on the opportunities unfolding in the global market. The Company has accredited
quality certifications from leading agencies and has years of successful track record on schedule
delivery. Its commitment to deliver world-class solutions to its clients in the shortest time lag has
enabled it to build robust customer relationships. The Company‟s management has more than
four decades of experience in the Steel Pipe industry and nearly three decades of experience in
the Lighting industry. Also, it has a strong and extensive Pan India dealers and retailers network,
with more than 2,00,000 retailers. The Company is over its rivals and has become a prominent
brand in the consumer market due to the following factors –
• One of the largest GI & Hollow Section Pipes Manufacturer
• High Mast and ERW pipe Manufacturing unit at Malanpur, Madhya Pradesh
• Enhanced product offering with the introduction of Square & Section and Rectangular

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 pipes in steel
• Asia‟s largest ribbon glass plant from Dema Glass UK at Gwalior, Madhya Pradesh
• The Company is the only lighting company with 100% backward integration,
manufacturing all its components inhouse
• It is the second largest seller of GLS and FTL in India
• Surya Lamps saves up to 85% electricity and have a much longer life
• Surya Technology & Innovation Centre (STIC) – the stateof- the-art lighting laboratory
in Noida is one of the best lighting laboratories in Asia. STIC has been recognized as an
R & D centre by DSIR, Ministry of Science and Technology. Listed as one of the best
testing laboratories in India by BEE (Bureau of Energy Efficiency) LED lighting system
• To complement its foray in the luminaire segment, the Company has set up a state-of-the-
art manufacturing facility for High Mast Lighting Systems and Octagonal Poles
• Surya provides wide categories of designer and colourful range of ceiling, table, pedestal
and wall mounting fans, along with a wide range of domestic exhaust fans.

➢ WEAKNESS
In the Lighting business segment, the margins are low due to competition from the established
market players and also from the unorganized sector. The Company‟s businesses are also
vulnerable to macro environment changes.

➢ OPPORTUNITIES
▪ Steel Tubes & Pipes
City Gas Distribution: The government has significantly increased its focus on reducing
pollution in the cities and the best alternative of fuel for vehicles is Compressed Natural Gas.
Hence, the government has placed City Gas Distribution (CGD) companies on top priority for
domestic low cost natural gas. PNGRB is currently carrying out the sixth round of bidding and
allotting licence for newer cities for CGD. This would lead to a higher demand for pipes used for
Compressed as well as Piped natural gas.
Housing for All: The central government has launched a „Housing for all‟ scheme, to provide
houses to the economically weaker sections and provide assistance in building close to 2 crore
homes. This will boost the construction industry and also create huge demand for water and

16
sewage pipes.
Smart Cities: Under this initiative, the government wants to develop 100 smart cities, with
better urban infrastructure. This will bring in investments for new infrastructure and also to
upgrade existing infrastructure, leading to a greater demand for pipes and structures. The
government has also emphasized the need to have CGD in all Smart Cities, which will further
augment the demand for pipes. Better Monsoon: For the year 2016, the IMD has projected a
normal monsoon, which would boost the Agriculture sector in India, leading to a higher demand
for pipes for irrigation.

▪ LED
Government Initiatives: To enhance the energy efficiency of the nation, the government has
launched Unnat Jyoti by Affordable LEDs for All (Ujala) Scheme. Under this scheme, the
government has planned to make LED lamps available at subsidized rates and to distribute close
to 770 million LED lamps. This has significantly increased the demand for LEDs in India.
Growing Awareness: LED lamps have a much lower energy consumption and a longer life. With
the growing awareness amongst customers, the demand for LED would further grow.
Compulsory Registration: A Compulsory Registration Scheme (CRS) of Deity/BIS for LED
products has been introduced in the industry, to keep a check on the safety standards of LED
products. This will significantly curb the unorganized sector, leading to better demand prospects
for the organized sector.

▪ Fans and Home Appliances

Growing Housing Segment: There is a steady growth in the real estate sector in India, leading
to a growing demand for fans. Also the government‟s initiative of 'Housing for All', will further
increase the demand for fans and home appliances. Demographics: India is steadily witnessing
an increase in young working class as well as middle class population. This would lead to a
steady demand for fans and home appliances. Energy Efficiency: With rising power per unit cost,
more and more consumers are opting for efficient products. This would curb the unorganized
sector and lead to better demand for the organized sector.

➢ THREATS

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Competition: Competition from spurious manufacturers, unorganized sector without quality
constraints and multinational companies is always a challenge. The Company believes in
confronting such challenges and transforming them into opportunities. It will mitigate these
threats with better products, informed and better customer relationships and more aggressive
marketing activities.
Cost of Raw material: Metal being a major raw material in the steel tubes and pipe segment, the
fluctuation in its cost may affect the Company‟s operating margins. However, the Company has
adopted various measures to minimize the adverse effect of volatile prices of raw materials.

❖ CORPORATE SOCIAL RESPONSIBILITY

“Surya Roshni Limited CSR Policy” describes and contains the Company's philosophy for
delivering its responsibility as a corporate citizen and lays down the guidelines, process and
mechanisms for undertaking socially useful programs for welfare and sustainable development
of the community at large. The key objective is to eradicating hunger, poverty and malnutrition,
Promoting health care, making available safe drinking water & Sanitation, Promoting education,
enhancing vocational skills & livelihood enhancement projects, Women empowerment,
Promoting of home and hostels for women and orphans, Reducing inequality faced by socially
and economically backward groups, Animal welfare /animal care, Promoting Art & Culture,
Contribution to Prime Minister Relief Fund, Rural development projects, and addressing
environmental issues. To attain Company's Corporate Social Responsibility objective in a
professional and integrated manner, the Company discharged its responsibilities through Surya
Foundation. In pursuance of this objective, the foundation is working on the following areas:
• Adarsh Gram Yojana
• Development of Preventive and Cost Effect and Health Systems of Naturopathy and Yoga
• Ideal Village Projects with emphasis on Literacy and Personality Development of Youth
During the year under review, Company spends Rs. 1.30 crores on corporate social activities
being two percent of the average net profits of the company made during the three immediately
preceding financial years. At the business level this is reflected through energy efficient products
made to conserve the scarce energy resources level.

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❖ SHAREHOLDING PATTERN
PROMOTERS AND THEIR SHARES
Category NO of Shares Held % of Shareholding
Individuals 6590389 15.035
Bodies Corporate 9041484 20.628
Institutional Investors 47675 0.109
NRI/OCB 193615 0.442
Promoters 27754726 63.322
Clearing House 203161 0.464
TOTAL 43831250 100

❖ PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be
stated:

COMPANY PRODUCT AND RESPECTIVE CONTRIBUTION

S No. Name and Description of NIC Code of the % to total
main product/services Product/Services turnover of the
company
1 Pipes & Tubes 24106 43.20%
2 CR Strips 24105 15.63%
3 Lighting Products 38.60%
4 Others - 2.57%

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 Chapter-2
(Introduction to the Topic)

20
❖ Introduction to the study
Cash related execution assessment is the most perceptible method for administering seeing the
financial properties and nonappearances of tie firm by fittingly setting up the relati onship
between the of resource report and advantage and burden account. It other than helps in present
second and colossal length examining, and progress can be related to the assistance ofmonetary
execution examination. The investigation of budget summary is a course of assessing the
connection between the suitable parts of fiscal report to acquire a superior comprehension of the
uncompromising stance's and functioning. This investigation can be embraced by board of the
firm or by parties outside the specifically, land loards, loan bosses, financial backers.

The analysis of financial declaration represents three main steps:

1. The initial step includes tie re-association of the whole monetary information contained the
fiscal summaries. Consequently budget reports are destitute down into individual convonents
and once again assembled into not many guideline elenents as indicated by their similarities
and affinities. Hence the equilibrium slush and benefit and misfortuneaccounts are totally re-
projected and introduced in the consolidated structure altogether not quite the same as their
uniqueshape.

2. The subsequent advance is the foundation of critical connections between the respective
mechanism of balance slush and benefit and misfortune account. This is done through the
application instruments of monetary examination like Ratio investigation, Trend
investigation, Common size asset report and proportional Balance slush.

3. Finally, the result found by way of application of financial tools is evaluated.

❖ SIGNIFICANCE OF FINANCIAL PERFORMANCE ANALYSIS

The investigation of financial performance is utilized by rack of the business groups. They
incorporate the accompanying.

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• Track Creditors
The leasers give products/administrations on layaway to the firm. They generally face worry
about recuperation of their cash. TIE lenders are sharp100% of the time to be familiar with the
liquidity position of the firm. That, tie monetary functioning limits for them advance around
momentary liquidity association of firm.

• Suppliers of long term debt

The suppliers of long term debt provide finance for the on-going /expansion projects of the firm.
The long term debt providers will always focus upon the solvency condition and survival of the
business. Their confidence in the firm is of utmost importance as they are providing finance for a
longer period of time. Thus, for them the financial performance parameters evolve around the
following:
i) Firm’s profitability over a period of time.
ii) Firm’s ability to generate cash - to be able to pay interest and
iii) Firm’s ability to generate cash – to be able to repay the principal
iv) The relationship between various sources of funds.

The long term creditors do consider the historical financial statements for the financial
performance. However, the financial institutions bank also depends a lot on the projected
financial statements indicating performance of the firm. Normally, the projections are prepared
on the basis of expected capacity expansion, projected level of production / service and market
trends for the price movements of the raw material as well as finished goods.

• Investors
Investors are the persons who have invested their money in the equity share capital of the firm.
They are the most concerned community as they have also taken risk of investments – expecting
a better financial performance of the firm. The investors‟ community always put more
confidence in firm’s steady growth in earnings. They judge the performance of the company by
analyzing firm’s present and future profitability, revenue stream and risk position.

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• Management
Management for a firm is always keen on financial analysis. It is ultimately the responsibility of
the management to look at the most effective utilization of the resources. Management always
tries to match effective balance between the asset liability management, effective risk
management and short-term and long-term solvency condition.

❖ TECHNIQUES FOR FINANCIAL PERFORMANCE ANALYSIS

a) COMMON SIZE STATEMENT
Common size statements are those in which individual figures are converted into percentage to
some common base. Percentage of each individual item has shown its relation to its respective
total type of analysis is called vertical analysis since each accounting variable is analyzed
vertically. It may be prepared for
➢ Balance sheet
➢ Income statement

Purpose
➢ To present the changes in various items in relation to net sales, total assets and total liability.
➢ To establish a relationship between various items of income statement to total revenue and
various items of balance sheet to assets or liability.
➢ To provide a common base for the various comparison.

Utility of Common Size Statement

These statements are very useful or comparing the profitability and financial position of two or
more businesses. This is because the financial statements of different firms can be converted into
uniform common-size format irrespective of the size of individual items. However, the
comparison will be valid only when the accounting policies used by various firms are similar.

23
Limitations of Common Size Statement
➢ These statements show the % of each item to the total sum but do not disclose change in
individual item from period to period.
➢ There are no standardized norms for the proportion of each item to total.

B) FINANCIAL RATIO ANALYSIS

The Financial Ratio Analysis is considered to be the most powerful tool of financial analysis. In
simple language ratio means relationship between two or more things. It is also said that a ratio is
the indicated quotient of two mathematical expressions. The ratio analysis also helps to
summarize the large quantities of financial data and to make qualitative judgment about the
firm’s financial performance. There are various liquidity ratios which are quantitative in nature
but are helpful to make qualitative judgment about the firm. The financial ratios involve useful
information about the analysis of the firm. However, standalone ratio of one firm alone may not
be useful to evaluate the firm’s performance. Therefore, ratio should ideally be compared with
some standard which may consist of the following
i) Past Ratios
Past ratios are the ratios which are calculated from the financial statements of previous years.
ii) Competitors’ Ratios
The ratios of some same size and industry representative firm, which can be considered as the
progressive and successful competitor can be useful for comparison. However, they should be
compared within a similar timeframe.
iii) Industry Ratio
There are some ratios which are common at industry level. However, they may be compared at
the firm level – in reference to which the industry belongs. Ratios are calculated based on the
financial and related statement like. Profit & Loss account, Balance Sheet etc. The ratios are
classified as under:
a) Liquidity Ratios
b) Leverage Ratios
c) Activity Ratios and

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d) Profitability Ratios
C) COMPARATIVE STATEMENT ANALYSIS
Comparative Statement Analysis is one of the methods to trace periodic change in the financial
performance of a firm. The changes over the period are described by way of Increase or
Decrease in income statement and balance sheet. The changes are normally of two types:
i) Aggregate Changes
ii) Proportional Changes
An assessment of comparative financial statement helps to highlight the significant facts and
points out the items requiring further analysis. All annual report of the selected companies
provides data related to last two financial years. Various types of financial statements are
prepared in comparative form for the purpose of analysis. Out of these the most important
financial statements are:
1. COMPARATIVE BALANCE SHEET
2. COMPARATIVE PROFIT & LOSS ACCOUNT

❖ IMPORTANCE OF COMPARATIVE STATEMENT

➢ To make the data simpler and more understandable.
➢ To indicate the strong points and weak points of the firm.
➢ To indicate the trend.
➢ To compare the firm‟s performance with the average performance of the industry.
➢ To help the management in forecasting the profitability and financial soundness of the
business.

❖ LIMITATIONS OF COMPARATIVE STATEMENT

➢ These statements do not present the change in various items in relation to various assets, total
liabilities or net sales.
➢ These statements are not useful in comparing the financial statements of two or more
business because there is no common base for comparison

25
D) TIME SERIES ANALYSIS OR TREND ANALYSIS
The Time Series Analysis or Trend Analysis indicates of ratio indicates the direction of changes.
The trend analysis is advocated to be studied in light of the following two factors.
i) The rate of fixed expansion or secular trend in the growth of the business and
ii) The general price level.
Any increase sales statement may be because of two reasons, one may be the increase in volume
of business and another is the variation in prices of the goods / services. For trend analysis, the
use of index number is generally advocated. The procedure followed is to assign the number 100
to the items of each base year and to calculate percentage changes in each item of the other years
in relation to the base year. This is known as „Trend-Percentage Method”.

E) INTER FIRM ANALYSIS

A firm would like to know its financial standing vis-à-vis its major competitors and the industry
group. Analysis of financial performance of all firms in an industry and their comparison at a
given point of time is referred to the Cross Section Analysis or Inter-firm analysis.

F) CASH FLOW STATEMENT

It is a statement showing inflows and outflows of cash during a particular period. It is a summary
of sources and application of cash during a particular span of time. It analyses the reason for
changes in balance of cash between the two balance sheet dates. A cash flow statement includes
only those items which effect cash. It is also known as “statement of changes in financial
position-cash basis.

❖ USES OF CASH FLOW STATEMENT

➢ Useful for short term financial analysis.
➢ Useful in preparing the cash budget.
➢ Comparison with cash budget
➢ Study of trend of cash receipt and payments.
➢ It explains the deviation of cash from earnings.

26
➢ Helpful in ascertaining cash flow from various activities separately.

❖ LIMITATIONS OF CASH FLOW STATEMENTS

➢ Not suitable for judging the liquidity.
➢ Possibility of window dressing.
➢ It ignores the non-cash transactions.
➢ It ignores the accrual concept of accounting.
➢ No substitutes for income tax.
➢ Historical in nature.

❖ CLASSIFICATION OF CASH FLOW STATEMENT

Cash flow activities have been classified into three parts:

(A) CASH FLOW FROM OPERATING ACTIVITIES

Operating activities are main revenue generating activities of an enterprise. It includes cash flow
from those transactions and events which enter into ascertainment of net profit or loss of the
enterprise.

(B) CASH FLOW FROM INVESTING ACTIVITIES

It includes the purchase and sales of long term assets such as land, building, plant, and
machinery etc. not held for resale. These activities also include the purchase and sale of such
investment which is not included in cash equivalents. Cash flow from investing activities
discloses the expenditure incurred for resources intended to generate future income and cash
flows.

(C) CASH FLOW FROM FINANCING ACTIVITIES

Financing activities are the activities that results in change in capital and borrowing of the
enterprise. It includes cash receipt from issuing shares or other similar instruments etc.

27
❖ LIMITATION OF FINANCIAL PRFORMANCE ANALYSIS
Each project gives rise to its own unique risks and hence possesses its own unique challenges.

1. Only Interim Reports:

Only interim statements don’t give a final picture of the concern. The data given in these
statements are only approximate. The actual position can only be determined when the business
is sold or liquidated.
2. Don’t Give Extra Position:
The Financial Statements are expressed in monetary values, so they appear to give final and
accurate position. The values of fixed assets in the Balance Sheet neither Represent the Value for
Which Fixed Assets Can Be Sold or the Amount Which Will Be Required to Replace These
Assets.
3. Historical Costs:
The Financial Statements Are Prepared On The Basis Of Historical Costs Or Original Costs. The
Value of Assets Decreases with the Passage of Time Current Price Changes Are Not Taken Into
Account. The Statements Are Not Prepared Keeping In View The Present Economic Conditions.
The Balance Sheet Loses The Significance Of Being An Index Of Current Economic Realities.
4. Act of non-monitory factors Ignored:
There are certain factors which have a bearing on the financial position and operating results of
the business but they don’t become a part of these statements because they can’t be measured in
monetary terms. Such factors may include in the reputation of the management.
5. No Precision:
The precision of financial statement data is not possible because the statements deal with matters
which can’t be precisely stated. The data are recorded by conventional procedures followed over
the years. Various conventions, postulates, personal judgments etc.

28
 Chapter-3
(Research Methodology)

29
What is Research?
Research is "creative and systematic work undertaken to increase the stock of knowledge. "It
involves the collection, organization and analysis of information to increase understanding of a
topic or issue. A research project may be an expansion on past work in the field. To test the
validity of instruments, procedures, or experiments, research may replicate elements of prior
projects or the project as a whole.

What is Research Methodology?

Research methodology is a way of explaining how a researcher intends to carry out their
research. It's a logical, systematic plan to resolve a research problem. A methodology details a
researcher's approach to the research to ensure reliable, valid results that address their aims and
objectives. It encompasses what data they're going to collect and where from, as well as how it's
being collected and analyzed.
Research system is a legitimate and exact technique for handling the investigation issue It is
applied plan inside which assessment iscoordinated. In preparing of this errand, the information
assembled from the going with sources.

❖ OBJECTIVES OF STUDY
The main objective of present work is to make a study on the overall financial performance of
organization. More specifically it focuses:
• To assess the short term and long term solvency.
• To assess the liquidity and profitability position and trends.
• To know the efficiency of financial operations.
• To analyze the financial changes over of period of 4 years.

❖ SCOPE OF THE STUDY

The study report being made here brings out the financial structure & the position of the SURYA
ROSHNI LTD. during the different years. The financial study helps us to analysis the financial
background & the utilization of the income earned.

30
❖ RESEARCH DESIGN
The research design refers to the overall strategy and analytical approach that you have chosen in
order to integrate, in a coherent and logical way, the different components of the study, thus
ensuring that research problem will be thoroughly investigated.

1. EXPLORATARY RESEARCH
Exploratory research is an approach used to investigate a problem or a research question when
there is limited prior knowledge or understanding about the subject. It aims to explore new ideas,
generate hypotheses, and gain initial insights into a particular phenomenon. Exploratory research
is often conducted at the initial stage of a study or when the topic is relatively unexplored.

❖ Key Characteristics of Exploratory Research:

o Flexible and Open-ended: Exploratory research allows the researcher to be flexible and
adaptable in their approach. It involves open-ended questions, interviews, focus groups, and
observations to gather qualitative data.
o Qualitative in Nature: This type of research focuses on qualitative data rather than
numerical or statistical data. It aims to uncover underlying motivations, perceptions, and
experiences of individuals or groups.
o Small Sample Size: Exploratory research usually involves a small sample size. The goal is
not to generalize findings to a larger population but to gain initial insights and understand the
phenomenon under investigation.

2. DESCRIPTIVE RESEARCH
Descriptive research, as the name suggests, aims to describe and document the characteristics,
behaviors, and relationships of a particular population or phenomenon. It involves collecting data
to provide a comprehensive and accurate representation of the subject being studied.
Descriptive research is often used to answer questions like "What is happening?" or "What is the
current state of affairs?"

31
❖ Key Characteristics of Descriptive Research:

o Structured and Quantitative: Descriptive research relies on structured data collection

methods such as surveys, questionnaires, or secondary data analysis. It emphasizes numerical
data and statistical analysis to summarize and describe the variables of interest.
o Large Sample Size: Unlike exploratory research, descriptive research typically involves a
larger sample size to ensure more accurate representation of the target population.

o Objective and Replicable: Descriptive research aims to be objective and replicable. It

focuses on providing factual information and avoids biases or subjective interpretations.

❖ DATA COLLECTION

➢ PRIMARY DATA
The primary data has been collected by personal interaction with Finance Manager Mr. Atul
Gupta and other staff members.

➢ SECONDARY DATA
The major sources for secondary data are as follows:
1. Annual financial Statements of the Surya.
2. News, announcements and bulletins already available on company online portal
3. Newspaper publications in Economics Times.

❖ SAMPLING DESIGN
➢ Sampling Unit: Financial statements from annual report
➢ Sampling Size: Last four years financial statements

❖ TOOLS USED
1. Ratio analysis
2. Comparative statement analysis
3. Common size statement
4. Cash flow statement

32
 Chapter-4
(Data Analysis & Interpretation)

33
 ❖ COMMON SIZE STATEMENT ANALYSIS
❖ Common Size income statement for year Mar-19 to Mar-22

Particulars Mar-19 % Mar-20 % Mar-21 % Mar-22 %

Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)

Gross Sales 3124.57 109.36 3319.36 109.51 3276.02 110.71

Less: 53.73 1.88 69.20 2.28 92.21 3.12
Interdivisional
Transfer
Less: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sales Return
Less: Excise 232.74 7.58 213.74 7.48 219.19 7.23 215.78 7.29
Net Sales 3068.87 100 2857.10 100 3030.97 100 2959.03 100
Expenditure
Inc/Dec in stock (21.56) 4.49 0.15 -62.45 -2.06 31.01 1.04
Raw Material 2194.84 2016.36 70.57 2287.07 75.45 2185.86 73.87
Consumed
Power & Fuel 65.38 68.86 2.41 66.35 2.19 58.23 1.96
Employee Cost 187.78 156.37 5.47 151.06 4.98 134.69 4.55
Other 61.65 102.84 3.599 98.80 3.26 83.59 2.82
Manufacturing
Exp
General & 28.06 25.07 0.877 20.30 0.67 18.48 0.62
Administration
Exp
Selling & 295.00 243,43 8.52 218.39 7.21 193.58 6.54
Distribution Exp
Miscellaneous 17.45 16.59 0.58 17.82 0.59 16.96 0.57
Exp
Total Exp 2828.60 2634.01 92.19 2797.32 92.29 2722.39 92.00
PBIDT 240.27 223.09 7.8 233.65 7.81 236.63 7.99
Other Income 1.84 3.73 0.13 3.58 0.12 1.63 0.05
Operating Profit 242.11 226.82 7.94 237.24 7.83 238.26 8.05
Interest 96.43 109.00 3.81 114.47 3.78 109.67 3.70
PBDT 145.68 117.82 4.12 122.77 4.05 128.59 4.34

34
Depreciation 60.67 56.04 1.96 55.64 1.84 56.51 0.22
PBT & 85.01 61.78 2.16 67.13 2.22 72.08 2.43
Exceptional Item
Exceptional Item 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PBT 85.01 61.78 2.16 67.13 2.22 72.08 2.43
Tax Provision 22.96 7.69 0.27 13.77 0.45 2.83 0.09
PAT 62.05 54.09 1.89 53.36 1.76 69.25 2.34
Extraordinary 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Items
Profits Balance 377.40 334.56 11.7 292.35 9.64 251.52 8.50
Appropriations 439.45 388.67 345.71 320.76
Equity Dividends 10.00 10.00 10.00 40.00
EPS 14.16 12.34 12.17 15.80
Book Value 144.11 135.63 12463

❖ INTERPRETATION

➔ Increase in total expenditure from 91.82% to 92.19% resulting into fall in profits from
8.18(Mar 17) to 7.8(Mar 21).
➔ As a base to net sales, other income rises by 0.11% in the year March-21 as compare to
March-17, along with rising interest expenses to approx. by 1.00%.
➔ Rise in interest income, result into tall in RBT by 1.00%.
➔ Tax provision has been rising as contrast to fall in profit, due to increase in non-operating
income.
➔ There is great disparity between equity dividend as compare declares a dividend of 15%
(Mar 17), whereas company declares dividend of 0% (Mar 17), and 40% (Mar 19) which
becomes stable at 10% in Mar 20 and Mar 21.

35
❖ COMMON SIZE BALANCE SHEET FOR YEAR MAR19 TO MAR22

Particulars 31.03.2022 31.03,2021 31.03.20220 31.03.2019

Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
EQUITY &
LIABILITY
Shareholder
Funds
Share Capital 43.83 2.04 43.83 2.11 43.83 2.11 43.83 2.42

Reserve & 823.96 38.47 767.18 37.09 730.07 35.26 688.43 37.92
Surplus
Non-
Current
Liabilities
Long Term 332.77 15.54 364.27 17.6 400.97 19.36 368.31 20.29
Borrowing
Deferred Tax 52.35 2.4 51.30 2.4 48.34 2.33 42.44 2.34
Liability
Other LTL 7.81 0.36 7.02 0.34 5.80 0.28 5.27 0.29

Long Term 23.39 1.09 19.20 0.92 17.10 0.84 17.51 0.97
Provision
Current
Liability
Short Term 513.18 23.97 515.52 24.9 550.14 26.57 401.11 22.1
Borrowing
Trade 213.22 9.95 172.12 8.32 115.83 5.6 74.52 4.11
Payable
Other CL 121.39 5.67 120.68 5.8 137.73 6.65 133.04 7.33

36
Short Term 9.52 0.44 7.19 0.35 20.87 1.0 40.84 2.25
Provisions
Total 2141.42 100 2068.32 100.00 2070.72 100.00 1815.30 100.00

ASSETS

Non Current
Assets
Fixed Assets
Tangible 935.41 43.68 936.47 45.26 911.86 44.0 853.23 47.0
Assets
Capital 18.37 0.85 26.37 1.26 53.70 2.36 26.00 1.43
Work-in-
progress
Non Current 50.00 2.3 50.00 2.41 50.00 2.41 50.06 2.76
Investment
Other Non 7.87 0.36 7.28 0.35 - - - -
Current
Investment
Current
Assets
Inventories 469.87 21.94 389.52 18.78 433.12 20.92 380.31 20.95

Trade 518.07 24.19 524.22 25.34 496.57 24.99 410.34 22.61

Receivable
Cash& Cash 27.26 1.27 26.35 1.27 24.68 1.19 18.65 1.03
Equivalents
Short Term 114.01 5.32 117.68 5.68 94.02 4.55 70.28 3.87
Loans
Other CA 0.56 .026 8.24 .39 6.73 0.33 6.43 0.35

37
TOTAL 2141.42 100 2068.32 100 2070.72 100 1815.30 100

❖ INTERPRETATION
➔ Reserve & surplus has maximum contribution in total liabilities(Approx. 37%) followed
by Short Term Borrowings which varies from 20% to 24%
➔ Also contribution of long term borrowings in total liabilities has been decreasing from
21.48% to 17.6% along with fall rise in trade payable contribution from 2.92% to 8.28%.
➔ Tangible assets (Approx. 45%) have maximum proportion in total assets followed by
trade receivable which varies from 17% to 25%.
➔ Total proportion of inventories in total assets has been decreasing from 22.76% to
18.74% as compare to the year Mar 17.
➔ Also cash proportion is decreasing in total assets from 1.6% to 1.26%.
➔ Short term loans and other current assets both has declining from 5.66(Mar 2016) to 3.62
(Mar 2021) and 0.39 (Mar 2016) to 0.35 (Mar 2021) respectively.

❖ RATIO ANALYSIS

1. Liquidity Ratio: These ratios are measured to assess the short term financial position
of the concern. They indicate the firm ability to meet its current obligations out of current
resources.

➢ Current Ratio = Current Asset/Current Liability

▪ Values for Current Ratio

Years 2018-19 2019-2 2020-21 2021-22

Ratio 1.36 1.28 1.29 1.31

38
➔ Ideal current ratio is determines as 2:[Link] the present analysis the current ratio of the Surya is
satisfactory but fall in ratio from 1.36(2018-19) to 1.31(2020-21) indicates lack of liquidity
and shortage of working capital.

➢ Liquid Ratio = Liquid Assets/Current Liability

▪ Values for Liquid Ratio

Year 2018-19 2019-20 2020-21 2021-22
Ratio 0.70 0.75 0.82 0.77

➔ Usually a high Quick ratio is an indication that the company is liquid and has the ability to
meet its current or liquid liabilities in time on the other hand a low Quick Ratio represents
that the company’s liquidity position is not good. The above table showing the quick ratios of
Surya can be considered satisfactory.

2. LEVERAGE RATIO: These ratios are calculated to assess the ability to firm to
meet its long term liabilities as and when they become due. It also discloses the firm’s
ability to meet the interest cost regularly and long term indebtedness at maturity.

➢ DEBT TO EQUITY RATIO = LONG TERM LOANS / SHARE

HOLDER’S FUNDS

▪ Values for Debt to Equity

Years 2018-19 2019-20 2020-21 2021-22
Ratio 0.52 0.51 0.45 0.48

➔ Ratio accepted standard is 0.5. This ratio reflects the relative contribution of creditors and
owners of business in its financing. From the above it is clear that the equity is more than that
of external debts representing long term financial position of company is sound.

39
 ➢ DEBT TO TOTAL FUND RATIO = LONG TERM
LOAN/(SHAREHOLDER FUNDSC+LONG TERM LOANS)

▪ Values of Debt to total fund ratio

Years 2018-19 2019-20 2020-21 2021-22
Ratio 0.34 0.34 0.31 0.28

➔ Long term loan of company is less than 0.67 indicates that long term solvency position as
firm has not to depend upon outside loans for its existence. “The lower the ratio, the better it
is for the company”.

➢ PROPRIETARY RATIO = SHAREHOLDERS FUNDS FIXED/

(ASSETS+CURRENT ASSETS.)

▪ Values of Proprietary Ratio

Years 2018-19 2019-20 2020-21 2021-22
Ratio 0.67 0.69 0.66 0.42

➔ The higher proprietary ratio is indicator of sound financial position and as this ratio is rising
from 0.64(2016-17) to 0.66(2020-21) in a consistent manner provides safety to the long term
lenders of firm.

3. PROFITABILITY RATIO: This ratio indicates that the financial position of the
company is sound. The main objective of every business is to earn profits. A business
must be able to earn adequate profits in relation you the risk and capital invested in it.
The efficiency and the success of the business can be measured by the profitability ratios.

➢ GROSS PROFIT RATIO = (GROSS PROFIT *100)/NET SALES

40
 ▪ Values of Profitability Ratio
Year 2018-19 2019-20 2020-21 2021-22
Ratio 20.56 25.32 27.87 32.07

➔ It represent margin of profit on sales. And this margin is constantly rising from 20% to 31%
indicates that there is rise in sale of more profitable varieties of goods or price of raw
material is declining as compare to past years.

➢ NET PROFIT RATIO = (NET PROFIT X 100)/NET SALES

▪ Values of Net Profit Ratio

Year 2018-19 2019-20 2020-21 2021-22
Ratio 1.97 1.76 1.89 1.97

➔ It establishes a relationship between net profits after tax and net sales, and indicates the
efficiency of the management in manufacturing, selling, administrative and other activities of
the company. The net profit Ratio of Surya has decreased from 1.97(2018-19) to 1.89(2020-
21) and rises to 1.97(2021-22) overall improvements in efficiency and profitability.

➢ RET. ON CAPITAL EMPOLYED = (PROFIT BEFORE INT, TAX

DIVIDEND x 100)/CAPITAL EMPLOYED

▪ Values of Ret on Capital Employed

Year 2018-19 2019-20 2020-21 2021-22
Ratio 13.30 12.70 12.87 12.5

41
➔ This ratio represents overall performance of company. Rise in ROCE from 10.63(2016-17) to
12.87 (2020-21) represents regular and higher earnings for the shareholders.

➢ EARNING PER SHARE = NET PROFIT FOR EQUITY SHARE

HOLDERS NO. OF EQUITY SHARES OUTSTANDING
▪ Values of Earning per share
Year 2018-19 2019-20 2020-21 2021-22
Ratio 15.80 12.17 12.34 14.40

➔ It represents market price of the shares. There is substantial decrease in price in the year
2019-20 as compared to other year but company managed the situation and market of share
prices shows an upward trend in the year 2020-21 and 2021-22.

4. ACTIVITY RATIO: These ratios measure the efficiency and rapidity of the
resources of the company, like stock, debtors, fixed assets etc. These ratios are generally
calculated on the basis of sales or cost of sales.

➢ DEBTORS TURNOVER RATIO (DTR) = CREDIT

SALES/AVERAGE DEBTORS
AVERAGE COLLECTION PERIOD (ACP) = DAYS (365)

▪ Values of DTR
Year 2018-19 2019-20 2020-21 2021-22
DTR 9.52 8.93 9.42 9.19

ACP 38 41 39 40

42
➔ Decline in DTR indicates efficient collection of amounts from creditors and average
collection period varies from 35 to 40 days that means credit sales locked up maximum for
40 days.

➢ FIXED ASSETS TURNOVER RATIO = NET SALES NET FIXED

ASSETS

▪ VALUES OF FATR
Year 2018-19 2019-20 2020-21 2021-22
Ratio 3.31 3.33 3.05 3.28

➔ This ratio indicates that due to decrease in the amount of net sales & increase in the amount
of net fixed assets as compared to 2019 – 2020 ratio declines in year 2020-21 from 3.33 to
3.05. Hence, it states that fixed assets have not been fully utilized in the current year.

➢ Working Capital Turnover Ratio = Net Sales/Working Capital

▪ Values of WCTR
Year 2018-19 2019-20 2020-21 2021-22
Ratio 13.48 13.16 11.92 11.51

➔ Fall in working capital turnover in years from represents non- efficient use of working
capital and late turnover of current assets.

❖ COMPARATIVE STATEMENT ANALYSIS

Comparative Balance sheet of Mar-22 & Mar-21
Particular 31.03.22 31.03.21 Absolute Percentage
Change Change
I. Equity & Liability

43
 Share Capital 43.83 43.83 - -
Reserve & Surplus 823.96 767.18 56.78 7.40
Non-Current Liability
Long Term Borrowings 332.77 364.27 -40.5 -11.11
Deferred Tax Liabilities 52.35 51.30 1.05 2.04
Other Long Term Liabilities 7.81 7.02 0.79 11.25
Long Term Provisions 23.39 19.20 4.19 21.82
Current Liabilities
Short Term Borrowing 513.18 515.52 -2.34 -0.45
Trade Payable 213.39 172.12 41.1 23.87
Other Current Liabilities 121.39 120.68 .71 .58
Short Term Provision 9.52 7.19 2.33 32.40
Total 2141.42 2068.32 73.1 3.53
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 935.41 936.47 -1.06 -0.11
Capital work in progress 18.37 26.37 -8 -30.33
Non Current Investment 50.00 50.00 - -
Other non-current asset 7.87 7.28 .59 8.10
Current Asset
Inventories 469.87 389.52 80.35 20.62
Trade Receivables 518.07 524.22 -6.15 -1.17
Cash & Cash Eq. 27.26 26.35 0.99 3.45
Short term loans & advance 114.01 107.16 6.85 6.39
Other Current Asset 0.56 0.95 -0.39 -41.05
Total 2141.42 2068.32 73.1 3.53

❖ INTERPRETATION
➔ Reserves & surplus increased by 6.05% 30.76 % i.e., in Rupee 41.64 crores.

44
➔ Long term borrowings and short term borrowings increased by 8.87 % and 37.15%
respectively.
➔ Long term Provisions and short term provisions decreased by 2.34% and 48.89%
respectively.
➔ Tangible assets increased by 6.87 % i.e., in Rupee 58.36 crores.
➔ Inventory and Trade receivable increased by 13.89 % and 21.01% as compare to the
preceding year.
Comparative Balance sheet of Mar-21 & Mar-20

Particular 31.03.21 31.03.20 Absolute Percentage

Change Change
I. Equity & Liability
Share Capital 43.83 43.83 0.00 0.00
Reserve & Surplus 767.18 730.07 +37.11 +5.08
Non-Current Liability
Long Term Borrowings 364.27 400.97 -36.7 -9.15
Deferred Tax Liabilities 51.30 48.34 +2.96 +6.12
Other Long Term Liabilities 7.02 5.80 +1.22 +21.03
Long Term Provisions 19.20 17.10 +2.10 +12.28
Current Liabilities
Short Term Borrowing 515.52 550.14 -34.62 -6.29
Trade Payable 172.12 115.83 +56.29 +48.59
Other Current Liabilities 120.68 137.73 -17.05 -12.38
Short Term Provision 0.71 20.87 -3.16 -15.14
Total 2068.32 2070.72 +8.16 +0.39
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 936.47 911.86 +24.61 +2.7
Capital work in progress 26.37 53.70 -27.33 -50.89
Non Current Investment 50.00 50.00 - -

45
 Other non-current asset 7.28 - - -
Current Asset
Inventories 389.52 433.12 -43.6 -10.07
Trade Receivables 524.22 496.57 +27.65 +5.57
Cash & Cash Eq. 26.35 24.68 +1.67 +6.78
Short term loans & advance 107.16 94.02 +23.66 +25.16
Other Current Asset 0.95 6.73 +1.51 +22.44
Total 2068.32 2070.72 +8.16 +0.39

❖ INTERPRETATION
➔ Reserve and surplus increased by 5.08% 30.76 % i.e., in Rupee 31.11 crores
➔ Long term borrowings decreased by 9.15 % i.e., in Rupees 36.7 crores.
➔ Short term borrowings decreased by 6.29% i.e., in Rupees 34.62 crores.
➔ Long term Provisions increased by 12.28 % whereas short term provisions decreased by
15.14%.
➔ Inventory decreased by 10.07 % i.e., in Rupee 43.6 crores.
➔ Trade receivable and cash increased by 5.57 % and 6.78%.

Comparative Balance sheet of year Mar-20 & Mar-19

Particular 31.03.20 31.03.19 Absolute Percentage
Change Change
I. Equity & Liability
Share Capital 43.83 43.83 - -
Reserve & Surplus 730.07 688.43 +41.64 +6.05
Non-Current Liability
Long Term Borrowings 400.97 368.31 +32.66 +8.87
Deferred Tax Liabilities 48.34 42.44 +5.90 +13.908
Other Long Term Liabilities 5.80 5.27 +0.53 +10.05
Long Term Provisions 17.10 17.51 -0.41 -2.34
Current Liabilities

46
 Short Term Borrowing 550.14 401.11 +149.03 +37.15
Trade Payable 115.83 74.52 +41.31 +55.43
Other Current Liabilities 137.73 133.04 +4.69 +3.53
Short Term Provision 20.87 40.84 -19.97 -48.89
Total 2070.72 1815.30 +255.42 +14.07
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 911.86 853.23 +58.63 +6.87
Capital work in progress 53.70 26.00 +27.7 +106.53
Non Current Investment 50.00 50.06 -0.06 -0.11
Current Asset
Inventories 433.12 380.31 +52.81 +13.89
Trade Receivables 496.57 410.34 +86.23 +21.01
Cash & Cash Eq. 24.68 18.65 +6.03 +32.33
Short term loans & advance 94.02 70.28 +23.74 +33.78
Other Current Asset 6.73 6.43 +0.3 +4.66
Total 2070.72 1815.30 +255.42 +14.07

❖ INTERPRETATION
➔ Reserves & surplus increased by 6.05% 30.76 % i.e., in Rupee 41.64 crores
➔ Long term borrowings and short term borrowings increased by 8.87 % and 37.15%
respectively.
➔ Long term Provisions and short term provisions decreased by 2.34% and 48.89%
respectively.
➔ Tangible assets increased by 6.87 % i.e., in Rupee 58.36 crores.
➔ Inventory and Trade receivable increased by 13.89 % and 21.01% as compare to the
preceding year.

47
❖ INTER FIRM ANALYSIS
Company’s Market Capitalization & Sales
Company Market Capitalization Sales
APL Apollo 1193.03 613.34
Jindal Saw 1977.93 1908.20
Welspun corp 2655.97 731.23
Surya Roshni 585.15 1295.28
Parkash Steelag 175.88 208.50

❖ INTERPRETATION:
➔ Surya Roshni is far behind APL Apollo, Jindal Saw and Welspun Corp in the terms of
market capitalization. But it is doing far better than Parkash Steelag,Welspun Corp and Apl
Apollo in the terms of sales. Overall Jindal Saw has best position in the market.

EPS, ROE, ROCE of Company

Company EPS ROE ROCE
APL Apollo 1.61 13.50 13.83
Jindal Saw 3.26 0.70 5.82
Surya Roshni 2.69 9.96 10.65
Welspun corp -0.13 0.46 6.83

48
 Parkash Steelag 0.74 7.44 13.33

❖ INTERPRETATION:
➔ Overall performance of Surya Roshni is at par to the peer average in terms of EPS, ROE
AND ROCE. As Surya Roshni has second best position in the context of EPS ROE & ROCE
followed by Jindal Saw, Welspun Corp, and Parkash Steelag. APL Apollo is immediate
competitive rival of company.

❖ Cash Flow Statement Analysis

Cash flow statement for Mar-22 & Mar-21

Particular As at 31.03.22 As at 31.03.21
Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
A. Cash flow from
Operating Activities
Net Profit Before Tax 85.01 61.77
Adjustment for:
Depreciation 60.66 56.04
Interest Income -1.17 -0.94
Finance Cost 96.43 109.00
Profit/Loss on fixed asset sale -0.48 -2.35
CSR Express 1.34 1.30

49
Other non operating income -0.0257 156.523 -0.0077 163.05
Operating profit before 241.53 224.82
working capital changes
Adjustment for:
Trade & other receivable -5.17 -36.50
Inventories -80.35 43.60
Trade Payable 67.13 46.59 53.69
Cash generated from operation 223.38 278.51
Income tax paid -17.63 -10.52
CSR Expenses -1.34 -1.30 -11.82
Net cash from operating 204.39 266.69
activity
B. Cash flow from
Investing Activities
Sale/Purchase of investment - -
Interest received 1.17 0.94
Purchase of fixed assets -53.37 -66.74
Capital work in progress - -
Sale/adjustment of fixed assets 2.26 4.07
Other non operating income 0.025 0.008
Net cash used in investing -49.91 -61.73
activity
C. Cash flow from
Financing Activities
Increase/decrease long term -49.52 -54.40
borrowing
Increase/decrease short term -2.34 -34.62
borrowing
Issue/redemption of capital - -
Finance cost -96.43 -109.0
Dividend paid -5.27 -5.27
Net cash inflow/outflow from -153.57 -203.29
financing activity
Net increase/decrease in cash 0.91 1.67
and cash equivalent
Open cash and cash equivalent 26.35 24.68
Closing cash and cash 27.26 26.35
equivalent

❖ INTERPRETATION:
➔ Operating before working capital changes has been increased from 224.82 crore to 241.53
crore in year 2021-2022 as compare to the 2020-2021.

50
➔ There is reduction in cash used in investing activity from 49.91 crore to 61.73 crore due to
rise in interest income and decrease in non - operating in sales of fixed assets.
➔ There is fall in cash outflow from financing activity from 203.29 crore to 153.57 crore.

Cash flow statement for Mar-20 & Mar-19

Particular As at 31.03.20 As at 31.03.19
Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
A. Cash flow from
Operating Activities
Net Profit Before Tax 67.12 72.08
Adjustment for:
Depreciation 55.64 56.51
Interest Income -1.12 -0.70
Finance Cost 114.47 109.67
Profit/Loss on fixed asset sale -1.38 0.50
CSR Express
Other non operating income -0.18 167.43 -0.95 165.88
Operating profit before 234.55 237.96
working capital changes
Adjustment for:
Trade & other receivable -104.08 -95.11
Inventories -52.81 -2.82
Trade Payable 25.64 -131.25 50.23 47.70
Cash generated from operation 103.3 190.26
Income tax paid -14.07 -15.36
CSR Expenses -15.36
Net cash from operating 89.23 174.90
activity
B. Cash flow from
Investing Activities
Sale/Purchase of investment 0.6 0.12
Interest received 1.12 0.70
Purchase of fixed assets -129.83 -91.34
Capital work in progress -27.72 -11.88
Sale/adjustment of fixed assets 10.35 1.86
Other non operating income 0.17 0.95
Net cash used in investing -145.84 -76.68
activity
C. Cash flow from
Financing Activities
Increase/decrease long term 33.2 13.55
borrowing
Increase/decrease short term 149.03 11.05

51
borrowing
Issue/redemption of capital
Finance cost -114.47 -109.6
Dividend paid -5.12 -15.28
Net cash inflow/outflow from 62.64 -100.36
financing activity
Net increase/decrease in cash 6.03 -2.13
and cash equivalent
Open cash and cash equivalent 18.65 20.79
Closing cash and cash 24.68 18.66
equivalent

❖ INTERPRETATION:
➔ Operating profit before working capital changes has been decreased from 237.96 to 234.55 in
year 2019-2020 as compare to the 2018-2019.
➔ There is rise in cash used in investing activity from 76.68 to 145.84 due to rise in interest
income and decrease in non-operating in sales of fixed assets.
➔ There is fall in cash outflow from financing activity from 100.36 to 62.64.

52
Chapter-5
(Findings)

53
❖ Findings of the project are summed up as follows:
1) There is no change in the share capital of the firm. It remains the same for the year indicating
that company does not want to decentralize the authority among the new shareholders.

2) Profit after tax of company is undergoing through constant changes. As it decreased

approximately by the 15 crore in Mar2018 as compare to Mar17 which rises again in the year
Rs.18 crore and becomes stable at approximately at Rs. 55 crore in the year Mar20 and Mar
21.

3) Company has comparatively strong and stable liquidity position indicating that the company
can meet for its short term obligations at time, helps in establishment of good market image.

4) Also company practice of Trade on equity is not benefiting the company as company EPS
and equity dividend of the company is falling simultaneously.

5) Overall cash balance maintained by the company on and average basis lies between Rs.18
Crore to Rs. 23 crore.

6) Rise in net worth of the company from years indicating satisfactory profitability of the
company.

7) And company’s facing direct competition from APL Apollo, and Welspun Corporation as
well.

➢ It is suggested that company must adopt a for a stable dividend policy as fall in dividend rate
is directly impacting earning per share and market value of shares.

54
Chapter-6
(Limitation)

55
❖ LIMITATIONS OF STUDY
Due to constraints of time and resources, the study is likely to suffer from following limitations.
Some of these are mentioned here under so that findings of study may be understood in a proper
perspective:

• The study is based on secondary data and limitations of using the secondary data may affect the
result.

• The secondary data was taken from annual report of Surya. It may be possible that the data
shown in annual report may be window dressed which may not present the actual position of
company.

• Also study is restricted for a period of 4 years which may not reflect the true and current
scenario of firm.

56
 Bibliography
1. Annual Report of SURYA ROSHINI for financial year 2021-2022.

2. Websites:
2.1 [Link]
2.2 [Link]
2.3 [Link]

3. Books:
3.1 Financial Accounting and Financial Management – D.K Goel
3.2 Analysis of Financial Statements - D.K Goel
3.3 Analysis of Financial Statements – T.S Grewal
3.4 Financial Management – MY Khan, Jain
3.5 Investment Analysis & Portfolio Management – Chandra, Parsanna.

57
Appendix

58
 ❖ Common Size income statement for year Mar-19 to Mar-22

Particulars Mar-19 % Mar-20 % Mar-21 % Mar-22 %

Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)

Gross Sales 3124.57 109.36 3319.36 109.51 3276.02 110.71

Less: 53.73 1.88 69.20 2.28 92.21 3.12
Interdivisional
Transfer
Less: 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Sales Return
Less: Excise 232.74 7.58 213.74 7.48 219.19 7.23 215.78 7.29
Net Sales 3068.87 100 2857.10 100 3030.97 100 2959.03 100
Expenditure
Inc/Dec in stock (21.56) 4.49 0.15 -62.45 -2.06 31.01 1.04
Raw Material 2194.84 2016.36 70.57 2287.07 75.45 2185.86 73.87
Consumed
Power & Fuel 65.38 68.86 2.41 66.35 2.19 58.23 1.96
Employee Cost 187.78 156.37 5.47 151.06 4.98 134.69 4.55
Other 61.65 102.84 3.599 98.80 3.26 83.59 2.82
Manufacturing
Exp
General & 28.06 25.07 0.877 20.30 0.67 18.48 0.62
Administration
Exp
Selling & 295.00 243,43 8.52 218.39 7.21 193.58 6.54
Distribution Exp
Miscellaneous 17.45 16.59 0.58 17.82 0.59 16.96 0.57
Exp
Total Exp 2828.60 2634.01 92.19 2797.32 92.29 2722.39 92.00
PBIDT 240.27 223.09 7.8 233.65 7.81 236.63 7.99
Other Income 1.84 3.73 0.13 3.58 0.12 1.63 0.05
Operating Profit 242.11 226.82 7.94 237.24 7.83 238.26 8.05
Interest 96.43 109.00 3.81 114.47 3.78 109.67 3.70
PBDT 145.68 117.82 4.12 122.77 4.05 128.59 4.34
Depreciation 60.67 56.04 1.96 55.64 1.84 56.51 0.22

59
PBT & 85.01 61.78 2.16 67.13 2.22 72.08 2.43
Exceptional Item
Exceptional Item 0.00 0.00 0.00 0.00 0.00 0.00 0.00
PBT 85.01 61.78 2.16 67.13 2.22 72.08 2.43
Tax Provision 22.96 7.69 0.27 13.77 0.45 2.83 0.09
PAT 62.05 54.09 1.89 53.36 1.76 69.25 2.34
Extraordinary 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Items
Profits Balance 377.40 334.56 11.7 292.35 9.64 251.52 8.50
Appropriations 439.45 388.67 345.71 320.76
Equity Dividends 10.00 10.00 10.00 40.00
EPS 14.16 12.34 12.17 15.80
Book Value 144.11 135.63 12463

❖ COMMON SIZE BALANCE SHEET FOR YEAR MAR19 TO MAR22

Particulars 31.03.2022 31.03,2021 31.03.20220 31.03.2019

Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
EQUITY &
LIABILITY
Shareholder
Funds
Share Capital 43.83 2.04 43.83 2.11 43.83 2.11 43.83 2.42

Reserve & 823.96 38.47 767.18 37.09 730.07 35.26 688.43 37.92
Surplus
Non-
Current
Liabilities
Long Term 332.77 15.54 364.27 17.6 400.97 19.36 368.31 20.29
Borrowing

60
Deferred Tax 52.35 2.4 51.30 2.4 48.34 2.33 42.44 2.34
Liability
Other LTL 7.81 0.36 7.02 0.34 5.80 0.28 5.27 0.29

Long Term 23.39 1.09 19.20 0.92 17.10 0.84 17.51 0.97
Provision
Current
Liability
Short Term 513.18 23.97 515.52 24.9 550.14 26.57 401.11 22.1
Borrowing
Trade 213.22 9.95 172.12 8.32 115.83 5.6 74.52 4.11
Payable
Other CL 121.39 5.67 120.68 5.8 137.73 6.65 133.04 7.33

Short Term 9.52 0.44 7.19 0.35 20.87 1.0 40.84 2.25
Provisions
Total 2141.42 100 2068.32 100.00 2070.72 100.00 1815.30 100.00

ASSETS

Non Current
Assets
Fixed Assets
Tangible 935.41 43.68 936.47 45.26 911.86 44.0 853.23 47.0
Assets
Capital 18.37 0.85 26.37 1.26 53.70 2.36 26.00 1.43
Work-in-
progress
Non Current 50.00 2.3 50.00 2.41 50.00 2.41 50.06 2.76
Investment
Other Non 7.87 0.36 7.28 0.35 - - - -

61
Current
Investment
Current
Assets
Inventories 469.87 21.94 389.52 18.78 433.12 20.92 380.31 20.95

Trade 518.07 24.19 524.22 25.34 496.57 24.99 410.34 22.61

Receivable
Cash& Cash 27.26 1.27 26.35 1.27 24.68 1.19 18.65 1.03
Equivalents
Short Term 114.01 5.32 117.68 5.68 94.02 4.55 70.28 3.87
Loans
Other CA 0.56 .026 8.24 .39 6.73 0.33 6.43 0.35

TOTAL 2141.42 100 2068.32 100 2070.72 100 1815.30 100

Comparative Balance sheet of Mar-22 & Mar-21

Particular 31.03.22 31.03.21 Absolute Percentage
Change Change
I. Equity & Liability
Share Capital 43.83 43.83 - -
Reserve & Surplus 823.96 767.18 56.78 7.40
Non-Current Liability
Long Term Borrowings 332.77 364.27 -40.5 -11.11
Deferred Tax Liabilities 52.35 51.30 1.05 2.04
Other Long Term Liabilities 7.81 7.02 0.79 11.25
Long Term Provisions 23.39 19.20 4.19 21.82
Current Liabilities
Short Term Borrowing 513.18 515.52 -2.34 -0.45

62
Trade Payable 213.39 172.12 41.1 23.87
Other Current Liabilities 121.39 120.68 .71 .58
Short Term Provision 9.52 7.19 2.33 32.40
Total 2141.42 2068.32 73.1 3.53
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 935.41 936.47 -1.06 -0.11
Capital work in progress 18.37 26.37 -8 -30.33
Non Current Investment 50.00 50.00 - -
Other non-current asset 7.87 7.28 .59 8.10
Current Asset
Inventories 469.87 389.52 80.35 20.62
Trade Receivables 518.07 524.22 -6.15 -1.17
Cash & Cash Eq. 27.26 26.35 0.99 3.45
Short term loans & advance 114.01 107.16 6.85 6.39
Other Current Asset 0.56 0.95 -0.39 -41.05
Total 2141.42 2068.32 73.1 3.53

Comparative Balance sheet of Mar-21 & Mar-20

Particular 31.03.21 31.03.20 Absolute Percentage

Change Change
I. Equity & Liability
Share Capital 43.83 43.83 0.00 0.00
Reserve & Surplus 767.18 730.07 +37.11 +5.08
Non-Current Liability
Long Term Borrowings 364.27 400.97 -36.7 -9.15
Deferred Tax Liabilities 51.30 48.34 +2.96 +6.12
Other Long Term Liabilities 7.02 5.80 +1.22 +21.03

63
Long Term Provisions 19.20 17.10 +2.10 +12.28
Current Liabilities
Short Term Borrowing 515.52 550.14 -34.62 -6.29
Trade Payable 172.12 115.83 +56.29 +48.59
Other Current Liabilities 120.68 137.73 -17.05 -12.38
Short Term Provision 0.71 20.87 -3.16 -15.14
Total 2068.32 2070.72 +8.16 +0.39
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 936.47 911.86 +24.61 +2.7
Capital work in progress 26.37 53.70 -27.33 -50.89
Non Current Investment 50.00 50.00 - -
Other non-current asset 7.28 - - -
Current Asset
Inventories 389.52 433.12 -43.6 -10.07
Trade Receivables 524.22 496.57 +27.65 +5.57
Cash & Cash Eq. 26.35 24.68 +1.67 +6.78
Short term loans & advance 107.16 94.02 +23.66 +25.16
Other Current Asset 0.95 6.73 +1.51 +22.44
Total 2068.32 2070.72 +8.16 +0.39

Comparative Balance sheet of year Mar-20 & Mar-19

Particular 31.03.20 31.03.19 Absolute Percentage
Change Change
I. Equity & Liability
Share Capital 43.83 43.83 - -
Reserve & Surplus 730.07 688.43 +41.64 +6.05
Non-Current Liability
Long Term Borrowings 400.97 368.31 +32.66 +8.87

64
 Deferred Tax Liabilities 48.34 42.44 +5.90 +13.908
Other Long Term Liabilities 5.80 5.27 +0.53 +10.05
Long Term Provisions 17.10 17.51 -0.41 -2.34
Current Liabilities
Short Term Borrowing 550.14 401.11 +149.03 +37.15
Trade Payable 115.83 74.52 +41.31 +55.43
Other Current Liabilities 137.73 133.04 +4.69 +3.53
Short Term Provision 20.87 40.84 -19.97 -48.89
Total 2070.72 1815.30 +255.42 +14.07
II. ASSET
Non Current Asset
Fixed Asset
Tangible Assets 911.86 853.23 +58.63 +6.87
Capital work in progress 53.70 26.00 +27.7 +106.53
Non Current Investment 50.00 50.06 -0.06 -0.11
Current Asset
Inventories 433.12 380.31 +52.81 +13.89
Trade Receivables 496.57 410.34 +86.23 +21.01
Cash & Cash Eq. 24.68 18.65 +6.03 +32.33
Short term loans & advance 94.02 70.28 +23.74 +33.78
Other Current Asset 6.73 6.43 +0.3 +4.66
Total 2070.72 1815.30 +255.42 +14.07

Cash flow statement for Mar-22 & Mar-21

Particular As at 31.03.22 As at 31.03.21
Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
A. Cash flow from
Operating Activities
Net Profit Before Tax 85.01 61.77
Adjustment for:
Depreciation 60.66 56.04
Interest Income -1.17 -0.94
Finance Cost 96.43 109.00

65
Profit/Loss on fixed asset sale -0.48 -2.35
CSR Express 1.34 1.30
Other non operating income -0.0257 156.523 -0.0077 163.05
Operating profit before 241.53 224.82
working capital changes
Adjustment for:
Trade & other receivable -5.17 -36.50
Inventories -80.35 43.60
Trade Payable 67.13 46.59 53.69
Cash generated from operation 223.38 278.51
Income tax paid -17.63 -10.52
CSR Expenses -1.34 -1.30 -11.82
Net cash from operating 204.39 266.69
activity
B. Cash flow from
Investing Activities
Sale/Purchase of investment - -
Interest received 1.17 0.94
Purchase of fixed assets -53.37 -66.74
Capital work in progress - -
Sale/adjustment of fixed assets 2.26 4.07
Other non operating income 0.025 0.008
Net cash used in investing -49.91 -61.73
activity
C. Cash flow from
Financing Activities
Increase/decrease long term -49.52 -54.40
borrowing
Increase/decrease short term -2.34 -34.62
borrowing
Issue/redemption of capital - -
Finance cost -96.43 -109.0
Dividend paid -5.27 -5.27
Net cash inflow/outflow from -153.57 -203.29
financing activity
Net increase/decrease in cash 0.91 1.67
and cash equivalent
Open cash and cash equivalent 26.35 24.68
Closing cash and cash 27.26 26.35
equivalent

66
 Cash flow statement for Mar-20 & Mar-19
Particular As at 31.03.20 As at 31.03.19
Rs (Cr) Rs (Cr) Rs (Cr) Rs (Cr)
A. Cash flow from
Operating Activities
Net Profit Before Tax 67.12 72.08
Adjustment for:
Depreciation 55.64 56.51
Interest Income -1.12 -0.70
Finance Cost 114.47 109.67
Profit/Loss on fixed asset sale -1.38 0.50
CSR Express
Other non operating income -0.18 167.43 -0.95 165.88
Operating profit before 234.55 237.96
working capital changes
Adjustment for:
Trade & other receivable -104.08 -95.11
Inventories -52.81 -2.82
Trade Payable 25.64 -131.25 50.23 47.70
Cash generated from operation 103.3 190.26
Income tax paid -14.07 -15.36
CSR Expenses -15.36
Net cash from operating 89.23 174.90
activity
B. Cash flow from
Investing Activities
Sale/Purchase of investment 0.6 0.12
Interest received 1.12 0.70
Purchase of fixed assets -129.83 -91.34
Capital work in progress -27.72 -11.88
Sale/adjustment of fixed assets 10.35 1.86
Other non operating income 0.17 0.95
Net cash used in investing -145.84 -76.68
activity
C. Cash flow from
Financing Activities
Increase/decrease long term 33.2 13.55
borrowing
Increase/decrease short term 149.03 11.05
borrowing
Issue/redemption of capital
Finance cost -114.47 -109.6
Dividend paid -5.12 -15.28
Net cash inflow/outflow from 62.64 -100.36

67
financing activity
Net increase/decrease in cash 6.03 -2.13
and cash equivalent
Open cash and cash equivalent 18.65 20.79
Closing cash and cash 24.68 18.66
equivalent

68
 DELHI INSTITUTE OF ADVANCED STUDIES
Plot No. 6, Sector-25, Rohini, Delhi-110085
Re-Accredited with ‘A’ Grade by NAAC
(Approved by AICTE and Affiliated with GGSIP University for [Link] (H), BBA, MBA & MBA
(FM)Programmes)
(An ISO 9001:2015 Certified Institution)

ATTENDENCE SHEET
NAME OF THE STUDENT : Arun Bansal
CLASS : BBA-V
ROLL NO. 01212301721
NAME OF THE SUPERVISOR : Ms. Getaksha Marwaha
DATE : 23/12/2023

PROGRESS
SIGNATURE SIGNATURE
OF
[Link]. DATE TIME OF OF
REPORT
STUDENT SUPERVISOR
(REMARKS)
1:00- Title,
1 20/09/23
2:00 pm Guidelines
Intro to
1:00-
2 25/09/23 industry &
2:00 pm
company
1:00-
3 27/0923 Intro to topic
2:00 pm
1:00- Research
4 09/10/23
2:00 pm Methodology
Data
1:00-
5 16/10/23 Interpretation
2:00 pm
& Analysis
Data
1:00-
6 18/10/23 Interpretation
2:00 pm
& Analysis
1:00-
7 01/11/23 Findings
2:00 pm
1:00-
8 20/11/23 Limitation
2:00 pm
1:00- Bibliography
9 04/12/23
2:00 pm & Appendix
1:00-
10 11/12/23 Final Check
2:00 pm
*Minimum (8 out of 10) 80% attendance required
Coordinator

69
 DELHI INSTITUTE OF ADVANCED STUDIES
Plot No. 6, Sector-25, Rohini, Delhi-110085
Re-Accredited with ‘A’ Grade by NAAC
(Approved by AICTE and Affiliated with GGSIP University for [Link] (H), BBA, MBA & MBA
(FM)Programmes)
(An ISO 9001:2015 Certified Institution)

EVALUATION SHEET
STUDENT’S NAME :
ROLL NO. :
EVALUATOR, S FEEDBACK :

DID THE STUDENT CONTACT YOU :

REGULARLY FOR DISCUSSION : YES / NO (Please tick)

REPORT IS APPROVED / DISAPPROVED:

(To be ticked by Evaluator)

MARKS AWARDED :
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SIGNATURE OF EVALUATOR
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70