INTRODUCTION:

GENERAL INTRODUCTION TO FINANCE: In our present day economy, finance is defined as the provision of money at the time when it is required. Every enterprise, whether big, medium or small needs finance to carry on its operation and to achieve its targets. In fact, finance is so indispensable today that it is rightly said to be the life blood of an enterprise. Without adequate finance, no enterprise can possibly accomplish its objectives. Finance holds the key to all activities and observes that the word finance comes directly from the Latin word finis. finance guides and regulates investment decision and expenditure. MEANING OF FINANCIAL MANAGEMENT: Financial management refers to that part of the management activity which is concerned with the planning and controlling of firms financial resources. It deals with finding out various sources for raising fouds for the firm. The sources must be suitable and economical for raising funds for the firms. The sources must be suitable and economical for the needs of the business. The most appropriate use of such funds also forms a part of financial management. DEFINITION OF FINANCIAL MANAGEMENT: Financial management can be broadly defined as the activity concerneed with planning, raising , controlling and administering of the funds used in the business

-Guthmann and Dougall.

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Traditional Phase of financial management

In the first phase the finance function was mainly concerned with the task of providing funds required by the organization on favorable terms suited to its goals. The emphasis was on the control of day to day operations of the firm as a going enterprise. This was mainly due to the industrial boom, which prevailed after the First World War. This thinking is supported by the definition of F.W. Paish, who says that in a Modern money using economy, finance may be defined as the provision of money at the time it is wanted. Thus the study was confined only to the securing finance. Institution dealing in the finance and instruments facilitated the flow of finance into the organization.

IMPORTANCE OF FINANCIAL MANAGEMENT

It evaluates how funds are used and produced by the financial management. It involves a sound judgment combined with a logical approach decision making. The core of the financial policy is to maximize earnings in the long run and optimize them in the short run. It is concerned with efficient use of an improved resource mainly capital fund. The operative objective of financial management is to maximize wealth or net present value.The reason for placing the finance function into the hands of the top management may be attributed to any of the following reasons. Financial decisions are crucial for the survival of the firm. The growth and development of the firm is directly influenced by the financial policy. The financial action determines the solvency of the firm. At no cost can a firm afford to threaten its solvency, because solvency is affected by the flow of funds which is result of the various financial activities. Top management being in a position to co-ordinates these activities, retain financial functions in its control, centralization of finance function can result in a number of economics to the firm.

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FUNCTIONS OF FINANCIAL MANAGEMENT:

1. Estimation of financial requirements of a firm.
2. Selection of right and appropriate source of funds for raising capital.

3. Selecting the right source of funds required by the firm. 4. After accumulating, proper allocation of funds to different profitable avenues becomes essential. 5. After the investment of fundss., proper analysis and interpretation is required to ensure profitable investment in order to increase the yield. 6. Effective working capital management to ensure smooth running of buisness. 7. The financial management also ensures fulfilling social obligation of business. 8. Praper financial management protects the interest of creditors, share holders and employees.
9. The operative objective of financial management is to maximize wealth or net present value 10. It involves a sound judgment combined with a logical approach decision making.

OBJECTIVES OF FINANCIAL MANAGEMENT:

Profit maximization Wealth maximization Balanced asset structure Liquidity and proper planning of funds Efficiency in Financial discipline.

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INTRODUCTION TO FINANCIAL ANALYSIS:

Financial analysis is helpful in assessing the financial position profitability of a concern. Accounting ratios calculated for a number of years shows the trend in the change of position, i.e., whether the trend is upward or downward or static. Generally, in most of the organizations, the reason for analyzing the financial statement are, to know the present and future earning capacity or profitability of the concern and the operational efficiency of the concern as a whole and of its various parts or departments. The financial statements are also analyzed to get short-term and long term solvency of the concern for the benefit of the debenture holders and trade creditors and the comparative study in regard to one firm with another firm or one department with another department. The other reasons for which the financial statements are being analyzed are possibility of developments in the future by making forecasts and preparing budgets and the financial stability of a business concern and to know the real meaning and significance of financial data and the long-term liquidity of its funds.

Need of Financial statements:

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Financial analysis is the process of identifying the financial strengths and weaknesses of the firm by properly establishing relationships between the items of the balance sheet and the profit and loss account. The information given in the financial statements is very useful to a number of parties.

1. Owners:
The owners provide funds for the operations of a business and they want to know whether their funds are being properly utilized or not. The financial statements prepared from time satisfy their curiosity.

2. Creditors:
Creditors (i.e. suppliers of goods and services on credit, bankers and other lenders of money) want the financial position of a concern before giving loans or granting credit. The financial statements help them in judging such position.

3. Investors:
Prospective investors, who want to invest money in a firm, would like to make an analysis of the financial statements of that firm to know how safe proposed investment will be.

4. Employees:
Employees are interested in the financial position of a concern they serve, particularly when payment of bonus depends upon the size of the profits earned. They would like to know that the bonus being paid to them is correct; so they become interested in the preparation of correct profit and loss accounts.

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5. Government:
Central and state governments are interested in the financial statements because they reflect the earnings for a particular period for purposes of taxation. Moreover, these financial statements are used for compiling statistics concerning business which, in turn, help in compiling national accounts.

6. Research scholars:
The financial statements, being a mirror of the financial position of a firm, are of immense value to the research scholar who wants to make a study into financial operations of a particular firm.

7. Consumers:
Consumers are interested in the establishment of good accounting control so that cost of production may be reduced with the resultant reduction of the prices of good they buy.

8. Mangers: Management is the art of getting things done through others. This requires that the subordinates are doing work properly. Financial statements are an aid in this respect because they serve the manager in appraising the performance of the subordinates. Actual results achieved by the employees can be measured against budgeted performance they were expected to achieve and remedial action can be taken if the performance is not to the mark.

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Primary

OBJECTIVES:

To analyze the overall financial performance of the company.

Secondary
To study the profitability position of the company. To analyze the liquidity position of the company To analyze the financial leverage of the company To analyze the companys efficiency in utilizing its assets To suggest factors to improve their financial position.

Period of study April 2008 to March 2010

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RESEARCH METHODOLOGY
Method of data collection
Secondary -information from the organization in the form of financial statement.

Type of Study:

The data has been collected from the annual reports and hence it is an analytical study.

Tools for analysis:

Ratio analysis is the tool used in this study for financial analysis. It is an important technique analysis. It is a way by which financial stability and health of an organization can be judged.

Limitations:

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As the time period for this project is restricted to 45 days, the researcher is able to compare only 3 years financial statements.

We have restricted ourselves to ratio analysis, as we have considered that as an effective tool, in analyzing financial statement.

COMPANY PROFILE ZENER SYSTEMS PRIVATE LIMITED

We are one of the leading providers of reliable power conditioning and protection systems as well as the latest in the range of business communication solutions. In pursuit of this goal, we are associated with some of the worlds most technologically advanced organizations including SOCOMEC, Avaya Global Connect Ltd, Nortel, Polycom, Life-size, etc. Our ability to deploy exceptional technological expertise is rivaled only by our deep commitment to service and reliability. This commitment is not just something we talk about; it is part of who we are, and it shows in everything we do. To safeguard this commitment to the customer, ZENER has certified sales and service systems for ISO 9001:2008 through M/s DNV, The Netherlands. Over the 20 years of our existence we have built a reputation for offering unparalleled technology expertise to our customers, and being committed to upholding the highest standards with our precise skills, methodology, and superior service. Our greatest strength is our highly experienced team that ensures reliable and efficient pre and post sales support.

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Our introduction of SOCOMECs mid- and high- range UPS Systems in India nearly two decades back has resulted in an impressive and highly satisfied client base for SOCOMECs direct venture in India -- Cisco, Mphasis, Symphony, Texas, Target, Tata Elixi, Sasken, IISc, Philips Medical, Logica, JNC, etc. The ZENER range of power conditioning equipment is widely used across all sections of the industry. Our telecom product range covers low budget IP PBX voice solutions for a few users to comprehensive convergence solutions combining voice, data and visual communication that is reliable, efficient and designed to support future advancements in the communication space. Whether you're a small business operation or a Fortune 500 company, we at ZENER are there to help your organization gain the efficiency that is imperative in modern business dynamics.

At ZENER the focus is on performance, reliability and ease of use. Our association is with innovators who share our commitment to provide superior value to our customers by focusing on delivering state-of-the-art products and solutions which help enterprises improve business efficiency. This multi vendor policy aids in providing customized cost-effective solutions based on customers exact needs. All products sold by us are also available on short term / long term rentals. Lease and hire purchase schemes can also be made available through some of the leading Indian banks.

Power

Telecom

ZENER power solutions provides innovative

ZENER offers many unique solutions for

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products that help increase energy independence and meets the growing demand for reliable, high-quality, clean, uninterrupted electrical power. The focus is on: a) Increased reliability and power quality b) Reduced equipment ownership cost c) Reduced equipment operating costs

meeting the requirements in the field of telecommunications IP PBX systems to media servers for voice solutions, boardroom solutions, comprehensive conferencing media gateways to reduce communication costs.

The key to our business success has been our commitment towards ultimate customer satisfaction at every stage- pre-sales, after sales support, installation and commissioning. Customer Services :

Technical : Consulting services during the design phase for applications and technical solutions Training : Theoretical and practical training to users After Sales : Provision of preventive and corrective maintenance services Customer Care : Advisory services, support and personalized care for customers

The ZENER Service Advantage :

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Highly experienced and dedicated service team ensures prompt and satisfactory service and maintenance of all products sold by us. Regular training and upgrading of service skills on an ongoing basis at the manufacturers facilities, service team equipped with necessary communication equipment and a computerized stock and service management system enables ZENER to provide customers with effective service support. Comprehensive Product Support :

Installation, commissioning, testing and maintenance of all products sold by us Technical guidance Customer product training Stocking of critical spares Ongoing product training and knowledge upgradation Proven response and resolution time of 2 3 hrs within city limits Centrally located storage, testing and dispatch facility Fully automated service function

Life-time service support through AMC A proven product uptime has resulted in an extremely satisfied customer base. Proof of this is in the large percentage of our repeat business. ZENER has certified their service systems for ISO 9001:2000 through M/s DNV, The Netherlands to guarantee this commitment to the customer.

CUSTOMERS:

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RANGE OF PRODUCTS POWER CONDITIONING

PRODUCT
UPS SYSTEM RECTIFIERS & POWER SYSTEMS FOR TELECOM ONLINE UPS STSTEMS OFFLINE UPS SYSTEMS DIGITAL INVERTERS SERVO CONTROLLED VOLTAGE STABILIZERS C.V.T (CONSTANT VOLTAGE TRANSFORMER) ELENT (ELECTRONIC ENTERPRISE, DELHI) 50VA-5KVA

MANUFACTURER
SOCOMEC SICON, FRANCE/ITALY SOCOMEC SILON, FRANCE/ITALY U ZEN U ZEN I ZEN V ZEN

RANGE
500VA-4800KVA 48VDC, 7.5A2400A 500VA-40KVA 250VA-3KVA 250VA-10KVA 1KVA-1000KVA

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ANALYSIS AND INTERPRETATION Ratio analysis:

Ratio analysis is a powerful tool of financial analysis. A ratio is defined as the indicated quotient of two mathematical expressions and as the relationship between two or more things. In financial analysis, a ratio is used as a benchmark for evaluation the financial position and performance of a firm. It is done to develop meaningful relationship between individual items or group of items usually shown in the periodical financial statements published by the concern. Ratios should not be calculated between the two unrelated figures as sales and discount on issue of shares, operating cost and equity capital etc. as it will not serve any useful purpose. Accounting ratios show inter-relationships which exist among various accounting data. When relationships among various accounting data supplied by financial statements are worked out, they are known as accounting ratios. Ratio analysis stands for the process of determining and presenting the relationship of items and groups of items in the financial statements.

CLASSIFICATION OF RATIOS:
Profitability ratios Liquidity Ratios Leverage ratios Activity ratios

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1. PROFITABILITY RATIOS: Profitability is an important measure of a companys operating success. Generally, we are concerned with two areas when judging profitabilitya. Relationships on the income statement that indicate a companys ability to recover costs and b. Relationships of income to various balance sheet measures that indicate the companys relative ability to earn income on assets employed.

Profitability ratios include the following types. They are 1. Gross profit ratio 2. Net profit ratio 3. Profit Margin 4. Cost of goods sold ratio 5. Return on investment 6. Return on investment in total assets

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Gross profit ratio: The First Profitability ratio in relation to sales is the gross margin. The gross profit margin reflects the efficiency with which management produces each unit of product. Gross Profit Gross profit ratio= --------------------------Sales

Table 1.1.1 GROSS PROFIT RATIO IN RUPEES Particulars 2008 2009 2010 Gross Profit 99,47,418 1,09,02,398 1,08,87,084 Average Sales 6,82,41,594 7,50,76,973 9,22,19,687 Gross profit ratio 14.58% 14.52% 11.81% 13.64%

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GROSS PROFIT RATIO

Interpretation Gross profit ratio is the amount of gross profit proportionate to the total amount of sales. Though the sales volume has increased, there is no appropriate increase in the gross profit ratio. This ratio has come from 14.58 to 14.52 and then to 11.81, when the sales has increased from Rs.6,82,41,594 to Rs. 7,50,76,973 and then to Rs.9,22,19,687.

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Net profit margin: It is measured by dividing profit after tax by sales. Net profit margin ratio

establishes a relationship between net profit and sales and indicates management efficiency in manufacturing, administrating and selling the products.

Profit after tax Net profit margin=--------------------Sales Table 1.2.1 NET POROFIT MARGIN IN RUPEES Particulars 2008 2009 2010 Profit after tax 39,454 3,45,472 79,280 Average Sales 6,82,41,594 7,50,76,973 9,22,19,687 Net profit Margin 0.35% 0.46% 0.086% 0.30%

1.2.2 NET PROFIT MARGIN

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Interpretation Net profit margin plays a vital role in anybodys analysis of financial statement, as it directly indicates the profit after tax in proportionate to sales. In this, the net profit margin has come down from 0.35% to 0.46% and then it has decreased to 0.086%. From this, we are able to understand that, as the business started to decrease in the field of their debt, there is a small reduction in the net profit.

Profit Margin:

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Taxes are not controllable by a firm, and also, one may not know the corporate tax rate while analyzing the published data therefore the margin may be calculated on tax basis.

EBIT Profit margin= ----------------Sales

Table 1.3.1 PROFIT MARGIN

IN RUPEES Particulars 2008 2009 2010 EBIT 21,05,624 20,26,946 16,21,062 Average Sales 6,82,41,594 7,50,76,973 9,22,19,687 Profit Margin 3.08% 2.70% 1.76% 2.51%

1.3.2 PROFIT MARGIN

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Interpretation Profit margin shows the level of profit that the organization is able to make out of sales. This ratio has been reduced from 3.08 to 1.76. This shows that the company must have a constant look over their maintenance and operating expenses.

Operating expense ratio:

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It indicates that the proportion that the cost of sales bears top sales.

Operating expenses Operating expense ratio=- -------------------------Sales

Table 1.4.1 OPERATING EXPENSE RATIO

IN RUPEES Particulars Operating 2008 2009 2010 expenses 6,66,41,701 7,31,98,025 8,98,40,182 Average Sales 6,82,41,594 7,50,76,973 9,22,19,687 Operating expense ratio 97.6% 97.4% 97.4% 97.4%

1.4.2 OPERATING EXPENSE RATIO

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97.6 97.55 97.5 97.45 97.4 97.35 97.3 2008 2009 2010 Operating expense ratio

Interpretation The level of operating expenses in proportion to the level of sales denotes the operating expense ratio. The level of this ratio in this organization is very high, so that the level of profit decreases. But the improvement to a little show that the organization is trying to reduce its operating expense.

Cost of goods sold ratio:

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Cost of goods sold ratio means that the level of cost of goods sold in proportion to sales.

Cost of goods sold Cost of goods sold ratio=--------------------------Sales Table 1.5.1COST OF GOODS SOLD RATIO Particulars 2008 2009 2010 Cost of goods sold 5,82,94,176 6,41,74,575 8,13,32,603 Average Sales 6,82,41,594 7,50,76,973 9,22,19,687 Cost of goods sold ratio 85.42% 85.48% 88.19% 86.36%

1.5.2 COST OF GOODS SOLD RATIO

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88.5 88 87.5 87 86.5 86 85.5 85 84.5 84 2008 2009 2010 Cost of goods sold ratio

Interpretation This has been increased from 85.42 to 88.19, which in turn clearly shows that the organization has to check over their cost of goods in order to increase their level of profit.

\ Return on investment:

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The conventional approach of calculating return on investment is to divide profit after tax by investment. shareholders. Investment represents pool of funds supplied by the shareholders and lenders, while PAT represents income of Therefore, it is conceptually unsound to use OAT in the calculation of ROI.

Profit after tax Return on investment=---------------------Net worth

RETURN ON INVETMENT Particulars 2008 2009 2010 Profit after tax 2,39,454 3,45,472 79,280 Average Net Worth 1,35,84,393 1,56,79,830 1,69,64,182 ROI 1.76% 2.20% 0.46% 1.47%

Table 1.6.2 RETURN ON INVESTMENT

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2.5 2 1.5 1 0.5 0 2008 2009 2010 ROI

Interpretation From all the above return ratios, we could have judged that the general or overall return on investment is getting reduced. It has come down from 1.76 to 0.46. The organization must have a look over it.

Return on investment total assets:

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EBIT Return on investment total assets=-------------------------Total Sales Table 1.7.1 RETURN ON INVESTMENT TOTAL ASSETS Particulars 2008 2009 2010 EBIT 21,05,624 20,26,946 16,21,062 Average Total Sales 3,68,26,287 3,87,19,376 4,08,37,100 ROITA 5.72% 5.23% 3.97% 4.97%

1.7.2

RETURN ON INVESTMENT TOTAL ASSETS

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6 5 4 3 2 1 0 2008 Interpretation This ratio shows the level of return on investment (the level of EBIT) in proportion to the total assets. The decrease in this ratio from 5.72 to 3.97 again shows that the organization must have a constant look over their maintenance and operating expenses. 2009 2010 ROITA

LIQUIDITY RATIOS:

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These ratios are used to indicate a companys short-time debt-paying ability. Thus these are designed to show interested parties the companys capacity to meet maturing current liabilities. Liquidity ratios measure the ability of the firm to meet its current obligations (Liabilities). From this ratio, much insight can be obtained into the present cash solvency of the firm and the firms ability to remain solvent in the event of adversity. In fact, analysis of liquidity needs the preparation of cash budgets and cash and fund statements; but liquidity ratios, by establishing a relationship between cash and other current assets to current obligations, provide a quick measure of liquidity. A firm should ensure that it does not suffer from lack of liquidity, and also that it does not have excess liquidity. Some of the liquidity ratios are as follows. These are 1. Current ratio 2. Quick ratio 3. Cash ratio 4. Interval measure

Current ratio:

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With It is the ratio of current assets to current liabilities. It shows a firms ability to cover its current liabilities its current assets. Generally 2:1 is considered ideal for a concern i.e., current assets should be twice of the current liabilities. Current assets Current ratio=----------------------Current liabilities Table 2.1.1 CURRENT RATIO Particulars 2008 2009 2010 Current Assets 3,89,35,638 3,65,13,691 3,44,06,464 Average Current Liabilities 84,81,143 86,54,108 87,11,582 Current ratio 4.59 4.22 3.94 4.25

2.1.2 CURRENT RATIO

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4.6 4.5 4.4 4.3 4.2 4.1 4 3.9 3.8 3.7 3.6 2008 Interpretation Even on the base year (2006), current ratio is good, i.e. when the idle current ratio is 2:1, the co maintains 3.94:1. So, it is far good and it is not necessary to maintain such high ratio. This shows that, the company is in safe condition to settle off their current liabilities with the help of their current assets. 2009 2010 Current ratio

Quick ratio

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This is the ratio of liquid assets to liquid liabilities. It shows a firms ability to meet current liabilities with its most liquid assets. 1:1 ratio is considered ideal ratio for a concern because it is wise to keep the liquid assets at least equal to the liquid liabilities at all times.

Current assets-inventories Quick Ratio=----------------------------------------Current liabilities

Table 2.2.1 QUICK RATIO

Particulars 2008 2009 2010

Current AssetsInventories 47,01,617 48,47,479 66,07,895 Average

Current liabilities 87,11,582 86,54,108 84,81,143

Quick ratio 0.54 0.56 0.78 0.63

2.2.2 QUICK RATIO

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0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 2008 2009 2010 Quick ratio

Interpretation The Company is trying to maintain a stable quick ratio, i.e. 1:1 It is improving its quick ratio from 0.54:1 to 0.56:1 and then to 0.78:1. As the idle ratio for quick ratio is 1:1, still the company is not in a fully secured mode.

Cash ratio:

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Through receivables are generally more liquid than inventories. There may be debts having doubt regarding their real stability in time. So, get idea about the absolute liquidity of a concern both receivables and inventories are excluded from current assets and only absolute liquid assets, such as cash in hand, cash at bank readily realizable securities are taken into consideration. The desirable norm for this ratio is 1:2. Cash + Marketable securities Cash ratio=--------------------------------------Current liabilities Table 2.3.1 CASH RATIO Particulars 2008 2009 2010 Cash 1,40,057 2,37,675 13,64,929 Average Current Liabilities 87,11,582 86,54,108 84,81,143 Cash ratio 0.016 0.027 0.16 0.068

2.3.1 CASH RATIO

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0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02 0 2008 Interpretation Cash ratio of the company has improved from 0.016 to 0.027 and then to 0.16, in order to settle current liabilities with the help of cash and marketable securities. This indicates that, still there is no sufficient cash to pay off current liabilities. 2009 2010 Cash ratio

Interval Measure:

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It examines the firms liquidity position in terms of its ability to meet projected daily expenditure from operations. Current assets - inventory Interval Measure=-----------------------------------------Average daily operating expenses

Table 2.4.1 INTERVAL MEASURE Particulars Quick assets Average daily operating 2008 2009 2010 47,01,617 48,47,479 66,07,895 Average expenses 1,85,116 2,03,328 2,49,556 Interval measure 25 24 26 25

2.4.2 INTERVAL MEASURE

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26 25.5 25 24.5 24 23.5 23 2008 Interpretation Interval measure of the company has decreased from 25 to 24 and then increased to 24 to 26. It is indicates that is sufficient liquid assets to finance it is operations for 26 days, even if it does not receive any cash. 2009 2010 Interval measure

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Leverage ratios Leverage refers to an increased means of accomplishing some purpose. In financial management, it refers to employment of funds to accelerate rate if return to owners. It may be favorable or unfavorable. Firm earnings are more than the fixed cost of the funds, it is called savable. A firm should have a strong short as well as long term financial position. To judge the long term financial position of the firm, financial leverage, or capital structure ratios are calculated. These ratios indicate mix of funds provided by owners and lenders. Leverage ratios may be calculated from the balance sheet items to determine the proportion of debt in total financing. Leverage ratios are also computed from the profit and loss items by determining the extent to which operating profits are sufficient to cover the fixed charges. Leverage ratios include the following types. They are 1. Debt ratio 2. Debt equity ratio 3. Capital employed to net worth ratio 4. Other debt ratio 5. Long term debt ratio 6. Coverage ratio

Debt ratio:

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Debt ratio means that the proportion of the total debts to that the total debts along with net worth. Several debt ratios may be used to analyze the long-term solvency of a firm. The firm may be interested in knowing the proportion of the interest-bearing debt in the capital structure. Total debts Debt ratio=--------------------------------------Total debt + Net worth Table 3.1.1 DEBT RATIO Particulars 2008 2009 2010 Total debts 2,32,39,893 2,30,39,547 2,38,72,917 Average Total debts + net worth 3,68,26,286 3,87,19,376 4,08,37,099 Debt ratio 0.63 0.60 0.58 0.60

3.1.2 DEBT RATIO

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0.63 0.62 0.61 0.6 0.59 0.58 0.57 0.56 0.55 2008 Interpretation From the above table, it is clear that, they have a constant look over their level of debts. It has a gradual decrease from 0.63 to 0.60 and then to 0.58. When the volume of the transactions and net worth increases, they are reducing their debts. This shows that the company is trying not to rely on others or third partys fund. 2009 2010 Debt ratio

Debt equity ratio:

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This ratio is calculated to measure the relative proportions of outsiders funds and shareholders funds invested in the company. This ratio is determined to ascertain the soundness of long-term financial policies of that company and is also known as external internal equity ratio Total Debts Debt Equity Ratio=----------------------Net worth Table 3.2.1 DEBT EQUITY RATIO Particulars 2008 2009 2010 Total debts 2,32,39,893 2,30,39,547 2,38,72,917 Average Net worth 1,35,84,393 1,56,79,830 1,69,64,182 Debt equity ratio 1.71 1.47 1.41 1.53

3.2.2 DEBT EQUITY RATIO

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1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2008 Interpretation Debt Equity Ratio means that the proportion of the total debts to the net worth. In this, the company has a gradual decrease in the level of debt to their net worth, i.e. from 1.71 to 1.47 and then to 1.41. This denotes that the company has reduced its debts when compared to its net worth. 2009 2010 Debt equity ratio

Capital employed to net worth ratio:

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There is yet another alternative way of expressing the basic relationship between debt and equity. How much funds are being contributed together by lenders and owners for each rupee on the owners contribution. Total debts + Net worth Capital employed to Net worth ratio=---------------------------------Net worth Table 3.3.1 CAPITAL EMPLOYED TO NET WORTH RATIO Particulars 2008 2009 2010 Total debts + net worth 3,68,26,286 3,87,19,376 4,08,37,099 Average Net worth 1,35,84,393 1,56,79,830 1,69,64,182 Capital employed to net worth ratio 2.71 2.47 2.41 2.53

3.3.2 CAPITAL EMPLOYED TO NET WORTH RATIO

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2.75 2.7 2.65 2.6 2.55 2.5 2.45 2.4 2.35 2.3 2.25 2008 Interpretation Capital employed to net worth ratio has come down from 2.71 to 2.47 and then to 2.41. this clearly shows that the usage of capital when compared to net worth has come down, which in turn shows that, they have taken steps to reduce their debts. 2009 2010 Capital employed to net worth ratio

Other debt ratio:

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Current liabilities are generally excluded from the computation of the leverage ratios. One may like to include them on the ground that they are important determinants of the firms financial risk since they represent obligations and exert pressure on the firm and restrict its activities. Total liabilities Other debt ratio=-------------------Total assets Table 3.4.1 OTHER DEBT RATIO Particulars 2008 2009 2010 Total liabilities 2,32,41,893 2,30,39,546 2,38,72,918 Average Total assets 3,68,26,286 3,87,19,376 4,08,37,099 Other debt ratio 0.63 0.60 0.58 0.60

3.4.2 OTHER DEBT RATIO

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0.63 0.62 0.61 0.6 0.59 0.58 0.57 0.56 0.55 2008 Interpretation Other debt ratio means that the total debt amount that the company has borrowed apart from their own funds. This has been reduced from 0.63 to 0.60 and then to 0.58. This is a direct indication that the company has taken steps to reduce their amount of debt level, in spite of increasing their business. 2009 2010 Other debt ratio

Long term debt ratio:

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Long term debt ratio means the total debt amount used for long term in proportion to total long term fund used, i.e. long term debt with net worth. Long term debt Long term debt ratio=-------------------------------------Long term debt + net worth Table 3.5.1 LONG TERM DEBT RATIO Particulars 2008 2009 2010 Long term debt 1,45,28,311 1,43,85,439 1,53,91,773 Average Long term debt + Bet worth 2,81,12,704 3,00,65,269 3,23,55,955 Long Term debt ratio 0.52 0.48 0.47 0.49

3.5.2 LONG TERM DEBT RATIO

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0.52 0.51 0.5 0.49 0.48 0.47 0.46 0.45 0.44 2008 Interpretation In this aspect, the concern has reduced its long term debt from 0.52 to 0.48 and from 0.48 to 0.47. 2009 2010 Long term debt ratio

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Coverage ratio: This ratio is very important from lenders point of view and indicates whether the business would earn sufficient profits to pay periodically the interest charges. Table 3.6.1 COVERAGE RATIO Particulars 2008 2009 2010 EBIT 21,05,624 20,26,946 16,21,062 Average Interest 18,66,170 16,75,959 15,41,671 Coverage ratio 1.13 1.21 1.05 1.13

3.6.2 COVERAGE RATIO

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1.25 1.2 1.15 1.1 1.05 1 0.95 2008 Interpretation Coverage ratio means the amount of EBIT proportionate to the amount of interest. The above table clearly depicts that there is a increase in the level of EBIT from 1.13 to 1.21 and due to some reason, it has come down to 1.05. but, as the level of business has increased and as the level of debt has decreased, hope the level of EBIT will increase in the future period. 2009 2010 Coverage ratio

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ACTIVITY RATIOS: Funds of creditors and owners are invested in various assets to generate sales and profits. The better the management of assets, the larger the amount of sales. Activity ratios are employed to evaluate the efficiency with which the firm managers and utilizes its assets. These ratios are also called turnover ratios because they indicate the speed with which assets are being converted or turned because they indicate the speed with which assets are being converted or turned over into sales. Activity ratios, thus involve a relationship between sales and assets. A proper balance between sales and assets generally reflects that assets are managed well. Some of the activity ratios are as follows. These are 1. Inventory turnover ratio 2. Days of inventory holdings 3. Debtors turnover ratio 4. Average collection period 5. Net assets turnover ratio 6. Total assets turnover ratio 7. Fixed assets turnover ratio 8. Current assets turnover ratio

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Inventory turnover: Establishes the relationship between cost of goods sold during a given period and the average amount of inventory held during the period . Cost of goods sold Inventory turnover=------------------------Average Inventory Table 4.1.1 INVENTORY TURNOVER Particulars 2008 2009 2010 Cost of goods sold 5,82,94,176 6,41,74,575 8,13,32,603 Average Average inventory 2,97,04,848 3,06,80,529 3,19,91,979 Inventory turnover ratio 1.96 2.09 2.50 2.18

INVENTORY TURNOVER

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2.5 2 1.5 1 0.5 0 2008 Interpretation Inventory turnover ratio means that the number of times, the finished goods in turned out. This ratio being higher is more beneficial, as the finished goods are turned out and there is no chance of goods going obsolete. This inventory turnover ratio has increased from 1.96 to 2.09 and from 2.09 to 2.5. This shows that their product has a good demand in the market, when compared to their previous performance. 2009 2010 Inventory Turnover

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Days of inventory holdings:

Average inventory Days of inventory holdings=---------------------------- X 360 Cost of goods sold

Table 4.2.1 DAYS OF INVENTORY HOLDINGS Particulars Average Inventory 2008 2009 2010 2,97,04,848 3,06,80,529 3,19,91,979 Average Cost of goods sold 5,82,94,176 6,41,74,575 8,13,32,603 Days of inventory holdings 183 days 172 days 141 days 165 days

4.2.2 Days of Inventory Holdings

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200 180 160 140 120 100 80 60 40 20 0 2008 Interpretation The days of inventory holding shows the level of inventory maintenance and how well they are able to manage their customers without saying NO. Their level of inventory holding days shows that they are able to make new stocks now and then, and also manage their customers with available stocks. This also shows the relationship with their suppliers, which indicates a regular periodic supply of inventory. Still they can reduce their days of inventory holdings in order to reduce their current assets. 2009 2010 Days of inventory holdings

Debtor turnover:

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It indicates the number of times debtors each year generally higher the value of debtors turnover each the more efficient is the management of credit. Sales Debtor turnover=-----------------Debtors

Table 4.3.1 DEBTORS TURNOVER Particulars 2008 2009 2010 Sales 6,82,41,594 7,50,76,973 9,22,19,687 Average Debtors 30,45,815 35,72,597 43,28,581 Debtors turnover 22.40 times 21.01 times 21.30 times 21.24 times

4.3.2 DEBTORS TURNOVER

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22.5 22 21.5 21 20.5 20 2008 Interpretation It is inferred from the table that the company has debtor turn over ratio of 21.30 times which is comparability higher than the previous accounting year 2006-07. 2009 2010 Debtors turnover

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Average Collection period: Average collection period, allowed to debtors to make their every payment. i.e. the regular interval given for them between their two consecutive payments.

360 Average collection period=---------------------Debtors turnover

Table 4.4.1 AVERAGE COLLECTION PERIOD Particulars 2008 2009 2010 Debtors turnover 22.40 21.01 21.30 Average Average collection period 16days 17days 17days 17 days

4.4.2 AVERAGE COLLECTION PERIOD

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17 16.8 16.6 16.4 16.2 16 15.8 15.6 15.4 2008 Interpretation The time gap given for the debtors has been increased from 16 to 17 days. Though this is a small period extended, it attracts the customers a lot. This also shows that the company is able to withstand in its working capital. 2009 2010 CurrenAverage collection period

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Net assets turnover:

A firms ability to produce a large volume of sales for a given amount of net assets is the most important aspect of its operating performance. Sales Net assets turnover=------------------Net assets

Table 4.5.1 NET ASSETS TURNOVER Particulars 2008 2009 2010 Sales 6,82,41,594 7,50,76,973 9,22,19,687 Average Net assets 2,81,12,704 3,00,65,269 3,23,55,955 Net assets turnover 2.43 times 2.50 times 2.85 times 2.59 times

4.5.2 NET ASSETS TURNOVER

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2.9 2.8 2.7 2.6 2.5 2.4 2.3 2.2 2008 Interpretation The increase in net assets turnover from 2.43 to 2.85 shows that the organization trying to make use of its assets to be turned out with an optimum usage. 2009 2010 Net assets turnover

Total assets turnover:

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This ratio shows the firms ability in generating sales from all financial resources committed to total assets. Sales Total assets turnover=-----------------------Total assets Table 4.6.1 TOTAL ASSETS TURNOVER Particulars 2008 2009 2010 Sales 6,82,41,594 7,50,76,973 9,22,19,687 Average Total assets 3,68,26,287 3,87,19,376 4,08,37,100 Total assets turnover 1.85 times 1.94 times 2.26 times 2.02 times

4.6.2 TOTAL ASSETS TUROVER

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2.5 2 1.5 1 0.5 0 2008 2009 2010 Total assets turnover

Interpretation When the general idle total assets turnover ratio is 2, the company maintains 2.26. The company has improved its position from 1.85 to 1.94 and then to 2.26. This clearly shows that they have a proper usage on their total assets. This more than idle ratio indicates the overtrading of their total assets.

Fixed assets turnover ratio:

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This ratio expresses the number of times fixed assets are being turned over in a stated period. This ratio shows how well the fixed assets are being used in the business. Sales Fixed assets turnover ratio=------------------------Net fixed assets Table 4.7.1 FIXED ASSETS TURNOVER RATIO

Particulars 2008 2009 2010

Sales 6,82,41,594 7,50,76,973 9,22,19,687 Average

Net fixed assets 24,19,821 22,05,684 19,01,459

Fixed assets turnover ratio 28.20 times 34.04 times 48.49 times 36.91 times

4.7.2 FIXED ASSETS TURNOVER RATIO

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50 45 40 35 30 25 20 15 10 5 0 2008 Interpretation Fixed assets turnover ratio means that the usage of fixed assets or the number of times the fixed assets are being turned over during the stated period. This ratio shows how well the business assets are being used in the business. The increase in fixed assets turnover ratio is from 28.20 to 34.04 and then to 48.49. This shows that there is a good level of usage of fixed assets. 2009 2010 Fixed assets turnover ratio

Current assets turnover ratio:

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The firm may wish to know its efficiency of utilizing current assets separately.

Sales Current assets turnover ratio=-----------------Current assets Table 4.8.1 CURRENT ASSETS TURNOVER RATIO Particulars 2008 2009 2010 Sales 6,82,41,594 7,50,76,973 9,22,19,687 Average Current assets 3,44,06,466 3,65,13,692 3,89,35,641 Current assets turnover Ratio 1.98 times 2.06 times 2.37 times 2.14 times

4.8.2 CURRENT ASSETS TURNOVER RATIO

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2.4 2.3 2.2 2.1 2 1.9 1.8 1.7 2008 Interpretation Current assets turnover ratio is also as like as fixed assets turnover ratio. Here, it is the level of current assets that are turned out during the stated period. This ration also helps to know how well the business assets during the business. This current assets turnover ratio has increased from 1.98 to 2.06 and then to 2.37. So, it shows that not only the fixed assets, but also the current assets are also used in an appropriate manner. 2009 2010 Current assets turnover ratio

FINDINGS
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 Gross profit ratio shows an average of 13.64, for the past three accounting year out them during the accounting year the gross profit ratio on declining trend. The gross profit of the 2009-2010 {11.81%} which is lesser than the previous accounting year 2008-2009 {14.52 %} Net profit ratio shows an average of 0.30, for the past three accounting year out them during the accounting year the net profit ratio on also declining trend. The net profit of the 2009-2010{0.86%} which is lesser than the previous accounting year 2008-2009 {0.46%} The cost of goods sold has increased so the level of profit decreases. The current ratio is more than the idle ratio so it shows that the position of current assets are good to settle their current liabilities to an extent. Cash ratio is less than the idle ratio(1:2) so it indicates that there is no sufficient cash to pay off all the current liabilities. The interval measure shows an average of 25 days on operating expenses as it indicates that there is sufficient liquid assets to finance its operation for 26 days even if it doesnt receive any cash. The value of debt ratio is showing a declining trend which means when the volume of transactions and net worth increases, they are reducing their debts. This shows that the co. is trying not to rely on others fund. The inventory turnover has increased so it shows that their product has a good demand in the market.

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SUGGESTIONS:

It is suggested to reconsider the system of inventory maintenance, so that the excess investment in current assets can be reduced. It is recommended to look over their level of cost of goods sold, so that they can take steps to increase their gross profit. It is suggested to have a constant check over their operating expenses, so that the reduction in the level of net profit can be reduced. As there is reduction in the level of EBIT, it is recommended to look for optimum usage of their total assets. Profit margin shows that the co. must have a constant look over the maintenance and operating expenses. The company is suggested to have a continuous check of all cash

and bank balance and to have adequate cash `balance to 'meet' its expenses.

The company has to gather or thoroughly investigate the

financial statement or accounts of its customers before extending the credit period.

To have a check of debtors and strict collection practices have to be

followed as bad debts are increasing with the increase in debtors.

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CONCLUTION
In the light of findings of the study the following are the important conclusions that are drawn from the available data of the company. The liquidity ratio of the company has made a considerable increase over the years; this increase in current ratio indicates efficiency in the operation of the business as well as adequate liquidity position. The sales and profitability of the company is increasing over the years, which is a good sign for the growth of the company. The debtors turnover is increasing which means that there is an efficient management of debtors The adoption of just in time method of inventory shows that the current assets are not blocked up in inventory and also while analyzing the inventory it is seen that the inventory is converted in to sales very quickly which shows that the inventory is managed more efficiently. The cash balance to the total current assets is less therefore -a continuous check of cash and bank balance is required. Therefore the overall profitability and liquidity position of the company is satisfactory and the company's current assets are managed more efficiently.

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BIBLIOGRAPHY
Financial Management I.M. Pandey Financial Accounting and Analysis S.P Jain & K.L Narang Management Accounting Shashi K Gupta & R.K Sharma Corporate Accounting S.P Jain Cost and financial Analysis S P Jain WWW.nseindia.com

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ZENER SYSTEMS PVT LTD

TRADING, PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31.3.2008

Particulars Sales Other Income 2010

Schedule No. 1 2 (A)

Amount {RS.} 6,82,41,593.55 8,34,613.68 6,90,76,207.23 ---------------------

Cost of goods sold Interest Depreciation Administrative Expenses TDS Advance Tax Loss on sale of fixed assets

3 4

5,82,94,175.77 18,66,170.00 2,69,869.00 82,76,266.67 71,259.00 50,000.00 09,012.00

(B) 6,88,36,752.44 Net Profit (A-B) ----------------------2,39,454.79

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ZENER SYSTEMS PVT LTD BALANCE SHEET AS ON 31.3.2008 PARTICULARS Deity Partners Capital A/C Partners Capital A/C Amount due to Relatives Sundry Creditors Bank Loan Partners Individual Expenses Payable ASSETS Fixed assets CURRENT ASSETS & ADVANCES Deposits & Advances Amount due from Relatives Closing Stock Sundry Debtors Prepaid Expenses Rent Advances Partners Individual Staff Advance Cash & Bank Balance SCHEDULE NO. 1 1 2 3 4 5 6 AMOUNT {RS.} 744.00 60,00,000.00 75,84,392.67 4,78,341.34 69,73,863.00 1,45,28,311.00 5,93,912.00 6,66,722.00 3,68,26,286.82 24,19,821.44

7 8 9

1,66,544.00 66,237.49 2,97,04,847.52 30,45,814.97 41,588.00 48,000.00 10,86,661.89 1,06,714.95 1,40,056.56 ------------------3,68,26,286.82 -------------------

10

ZENER SYSTEMS PVT LTD TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.3.2009 PREVIOUS YEAR PARTICULARS AMOUNT {RS.}

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9,947,418 By Gross Profit NIL By Incentives 695,175 By Interest Received NIL By Miscellaneous Income 455 By Round Off 72,000 By Rent received NIL By Miscellaneous Income 66,984 By Income Tax Refund 10,782,032 2,555,518 To Salary & bonus 657,600 To Rent 67,716 To Packing Materials 55,996 To Printing & Stationery 995,052 To Sales Commission 500,318 To Traveling Expenses 14,070 To Audit fees 221,467 To Bank charges 60,333 To Computer Maintenance 838,983 To Electricity charges 1,866,170 To interest paid 2,000 To donation paid 4,084 To UPS Maintenance 9,012 To Loss on sale of fixed Asset 71,259 To TDS NIL To Repairs and maintenance 300 To Sales tax paid 3,240 To Sales promotion expenses 1,700 To Fax Maintenance 100,053 To Postages 48,381 To Sales incentive 291,330 To Telephone expenses 137,893 To Computer Stationery

10,902,398.30 NIL 65,503.00 108.00 113.95 72,000.00 12,240.00 NIL 11,052,363.25 2,879,816.00 657,600.00 71,550.20 35,501.40 778,364.30 646,194.99 6,360.00 255,215.92 49,200.00 785,827.00 1,675,959.00 NIL NIL NIL NIL 30,924.00 NIL NIL NIL 108,937.59 62,462.59 38,685.08 134,033.75

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173,312 To Office Maintenance

129,210.30

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146,336 To Insurance 24,113 To Pooja expenses 362,044 To Vehicle maintenance NIL To Professional fees 269,869 To Depreciation 54,140 To Advertisement & publicity expenses 5,500 To Deepavali expenses 50,000 To Income tax 1,540 To Rates and taxes 71,524 To Staff uni9form 23,336 To Discount allowed 102,347 To Lorry freight and cartage 86,400 To Security charges 74,578 To ESI a/c 234,589 To PF a/c 280,272 To Coffee expenses 1,800 To maintenance 70,102 To Staff welfare 8,250 To Subscription 239,455 To Net profit ----------------10,782,032 -----------------

145,582.00 2,958.50 305,929.95 7,033.00 285,807.00 40,500.00 5,000.00 5,515.00 2,339.00 63,755.00 101,632.55 124,718.00 171,248.00 91,637.00 272,877.00 284,707.00 7,370.00 48,017.00 77,422.00 345,472.07 ------------------11,052363.25 -------------------

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ZENER SYSTEMS PVT LTD

BALANCE SHEET AS ON 31.03.2009 PREVIOUS YEAR LIABILITIES 6,000,000 Partners capital a/c (Sch No.I) 7,584,312 Partners current a/c (Sch No.II) 14,528,312 Canara Bank OCC 169 a/c NIL Loans and Advances (Sch No.III) AMOUNT 6,000,000.00 9,679,829.85 12,585,316.33 1,800,122.77

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CURRENT LIABILITIES 6,983,863 Sundry Creditors (Sch No.IV) 593,912 Partners individual a/c (Sch No.V) 478,341 Deposits from friends and relatives 666,722 (Sch No.VI) 744 Creditors for expenses (Sch No.VII) -------------------- Auspicious credit (Sch No.VIII) 36,826,287 -------------------2,419,821 ASSETS Fixed Assets (Sch No.IX) 214,544 CURRENT ASSETS 3,045,815 Deposits and advances (Sch No.X) 66,237 Sundry Debtors (Sch No.XI) 41,588 Loans and Dvances (Sch No.XII) 1,086,662 Prepaid Expenses 106,715 Partners individual a/c (Sch No.XIII) 29,704,848 Staff Advances (Sch No.XIV) 61,362 Closing Stock 78,694 Cash at bank (Sch No.XV) Cash on hand NIL PARTNERS CURRENT A/C M.Vasantha Kumari Current A/C -------------------36,826,286 ------------------------------------38,719,376.40 -----------------262,809.79 310,855.00 3,572,596.65 81,368.90 40,747.30 201,961.89 149,465.95 31,656,211.65 146,234.34 91,441.00 6,679,623.61 1,149,194.22 443,479.62 381,222.00 588.00 ---------------38,719,376.40 ---------------2,205,683.94

TRADING PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.3.2010

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PREVIOUS YEAR

PARTICULARS By Sales:

AMOUNT 53.23 4,172.85 NIL 7,908.17 77,223,493.68 14,984,015.12 NIL -----------------92,219,687.05 129,802.84 20,961,366.46 6,500.00 11,230,077.02 -------------------124,547,433.37 -------------------

812 Coir mat Sales 3,629 Govt. Sales 9,295 M.S.Oil Sales 42,541 M.S.Biscuits & confectioneries Sales 60,456,049 M.S.Parts Sales 14,564,648 O.P.Parts Sales NIL TNGST 10% Sales ---------------75,046,974 31,656,211 By Closing Stock NIL Coir mat M.S.Parts NIL Scrap Stock O.P.Parts ----------------106,733,185 ----------------29,704,848 To Opening Stock Coir mat M.S.Parts O.P.Parts To Purchases: 47,414 M.S.Biscuits & Confectioneries a/c 54,485,941 M.S.Parts Purchases 11,592,584 O.P.Parts Purchases 10,902,398 To Gross Profit ----------------106,733,185 -----------------

129,849.15 17,992,399.80 13,533,962.69 NIL 71,268,261.27 10,735,876.14 10,887,084.32 ---------------------124,547,433.37 ---------------------

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10,902,398 By Gross Profit 65,503 By Interest Received 12,348 By Miscellaneous Income 114 By Round Off 72,000 By Rent received -----------------

10,887,084.32 NIL NIL 502.14 72,000.00 --------------------

NEW HORIZEN COLLEGE

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INVERTORS
11,052,363 ---------------2,876,816 To Salary & Bonus 657,600 To Rent 71,550 To Packing Materials 35,501 To Printing & Stationery 778,364 To Sales Commission 646,195 To Traveling Expenses 6,360 To Audit fees 255,216 To Bank charges 49,200 To Computer Maintenance 785,827 To Electricity charges 1,675,959 To Interest paid 30,924 To Repairs and maintenance 108,938 To Postages 62,462 To Sales incentive 398,685 To Telephone expenses 134,034 To Computer Stationery 129,210 To Office Maintenance 10,959,586.46 -----------------3,056,136.00 670,600.00 95,076.60 43,700.75 634,049.94 168,087.00 12,348.00 195,792.52 49,676.30 721,226.00 1,541,671.09 NIL 119,245.35 74,650.00 431,350.81 161,049.25 166,119.30

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145,582 To Insurance 2,959 To Pooja expenses 305,930 To Vehicle maintenance 7,033 To Professional fees NIL To Loss on sale of fixed Asset 245,807 To Depreciation NIL To Bad debts written off 40,500 To Advertisement & publicity expenses 5,000 To Deepavali expenses 5,575 To Income tax 2,339 To Rates and taxes 63,755 To Staff uniform 101,632 To Discount allowed 124,718 To lorry freight and cartage 171,248 To Security charges 91,638 To ESI a/c 272,877 To PF a/c 284,708 To Coffee expenses 7,370 To Maintenance 48,017 To Staff welfare 77,422 To Subscription 345,472 To Net profit -----------------11,052,363 ------------------

152,584.00 37,962.50 304,992.96 NIL 276,987.64 239,254.00 280,158.34 76,914.00 71,190.00 111.00 12,890.00 70,913.43 113,937.25 190,795.25 116,152.00 96,532.00 286,291.00 333,004.75 7,880.00 26,608.24 44,369.10 79,280.08 ------------------10,959,586.46 -------------------

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