Financial Statement Analysis OF Maruti Suzuki India LTD.: Submitted To: Submitted by

FINANCIAL STATEMENT ANALYSIS
OF
MARUTI SUZUKI INDIA LTD.
SUBMITTED TO: SUBMITTED BY:
MR. DHARMESH SHAH SANJAY BOGHRA
ROLL NO. - P1003
N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

DECLARATION
 I hereby declare that the work presented in this Project entitled “Analysis
of MARUTI SUZUKI LTD.” submitted to Prof. Dharmesh shah at N.R
Institute Of Management, Ahmadabad is an authentic record of my
original work.
Signature of Mentor Signature of Candidate
Date:

ACKNOWLEDGEMENT
 The satisfaction and joy that accompanies the successful completion of a task is
incomplete without mentioning the name of the person who extended his help and
support in making it a success.
 I am greatly indebted to Mr. Dharmesh shah, my Project Guide and Mentor for
devoting his valuable time and efforts towards my project. I thank him for being a
constant source of knowledge, inspiration and help during this period of making
project.

PREFACE
 Finance management in India has substantially in scope and complexity in

view of recent government policy. The modern approach to corporate finance
is much more than traditional approach to financial management or with more
procurement of funds.
 In present situational financial management is real with procurement of funds

and maximum utilization of it. “Finance Is A Blood Of Any Business Body”.
Less capital creates problems in the business and more capital is also creating
problems.
 In this report, I am trying to explain how we can find out financial result with
the help of ratio analysis and some more in portent graphs with the help of
Ratio Analysis. We can easily understand the profitability of the business,
efficiency of business, useful in inter comparison.
 It is also useful for budgeting control and decision-making. Ratio analysis

helps interested parties like share holders, investors, creditors, government
also and analysis to make an evaluation of a certain aspect of a firm’s
performances.

SR NO CONTAINT PAGE NO
1 Introduction of company 8
2 Economic Analyses 9
3 Industry Analyses 14
4 Company Analyses 20
4.1 Ratio Analyses 21
4.2 Du Pont 37
4.3 Common size statement 39
4.4 Trend Analyses 41
5 Finding 43
6 Recommendation / suggestion 44
7 Conclusion 45
8 Bibliography 46

SR NAME OF TABLE TABLE PAGE
NO. NO NO
1 GDP Data 1.1 9
2 Indian GDP Growth Rate 1.2 10
3 Production of Automobile Industry 1.3 16
4 Competitors Data 1.4 17
5 Net profit Ratio 1.5 21
6 Current Assets Ratio 1.6 22
7 Inventory Turnover Ratio 1.7 23
8 Gross profit Ratio 1.8 24
9 Debt to total assets Ratio 1.9 25
10 Net Worth Turnover Ratio 2.0 26
11 Interest Coverage ratio 2.1 27
12 Cost of Good Sold 2.2 28
13 Operating Expenses Ratio 2.3 29
14 Return On assets 2.4 30
15 Assets turnover ratio 2.5 31
16 Earning Per Share 2.6 32
17 Book Value Per share 2.7 33
18 Total Debt To Owners Fund 2.8 34
19 Adjusted Return On Net Worth 2.9 35
20 Liquid/Quick Ratio 3.0 36
21 Du Pont table of ROE 3.1 37
22 Common size table of Balance sheet 3.2 38
23 Common size table of profit & loss 3.3 40
24 Trend analyses of Balance sheet 3.4 41
25 Trend analyses of profit & loss 3.5 42
26 Year and Dividend 3.6 43
SR NAME OF CHART CHART PAGE

NO. NO NO

1 Contribution of various sector in GDP 4.1 9
2 India GDP growth rate 4.2 10
3 Segmentation Of automobile Industry 4.2 14
4 Product life Cycle 4.4 15
5 BSE auto index chart 4.5 18
6 Net profit Ratio 4.6 21
7 Current Assets Ratio 4.7 22
8 Inventory Turnover Ratio 4.8 23
9 Gross profit Ratio 4.9 24
10 Debt to total assets Ratio 4.10 25
11 Net Worth Turnover Ratio 4.11 26
12 Interest Coverage ratio 4.12 27
13 Cost of Good Sold 4.13 28
14 Operating Expenses Ratio 4.14 29
15 Return On assets 4.15 30
16 Assets turnover ratio 4.16 31
17 Earning Per Share 4.17 32
18 Book Value Per share 4.18 33
19 Total Debt To Owners Fund 4.19 34
20 Adjusted Return On Net Worth 4.20 35
21 Liquid/Quick Ratio 4.21 36
INTRODUCTION OF COMPANY

 Maruti Suzuki is one of India's leading automobile manufacturers and the market
leader in the car segment, both in terms of volume of vehicles sold and revenue
earned.
 Until recently, 18.28% of the company was owned by the Indian government, and
54.2% by Suzuki of Japan. As of May 10, 2007, Govt. of India sold its complete share
to Indian financial institutions. With this, Govt. of India no longer has stake in Maruti
Udyog.
 The turnover for the fiscal 2008-09 stood at Rs. 203,583 Million & Profit after Tax at
Rs. 12,187ml.Maruti Suzuki India Ltd. has sold a total of 84,808 vehicles in August
2009, an increase of 41.6%, compared to 59,908 vehicles in the same period of 2008.
 The company's domestic sales in August 2009 increased 29.3% to 69,961 vehicles,
compared to 54,113 vehicles in August 2008.
 Total passenger car sales in August 2009 increased 30.5% to 69,629 units, compared
to 53,351 units in August 2008 The Company’s exports increased 156.2% to 14,847
units, compared to 5,795 units in August 2008.
ECONOMIC ANALYSIS
 Economic analysis is the analysis of forces operating the overall economy a country.
Economic analysis is a process whereby strengths and weaknesses of an economy are

analyzed. Economic analysis is important in order to understand exact condition of an
economy.
GDP and Automobile Industry

 In absolute terms, India is 16th in the world in terms of nominal factory output. The
service sector is growing rapidly in the past few years. This is the pie- chart showing
contributions of different sectors in Indian economy.
 The per capita Income is near about Rs38,000 reflecting improvement in the living
standards of an average Indian.
Chart-4.1
 Today, automobile sector in India is one of the key sectors of the economy in terms of
the employment.
 Directly and indirectly it employs more than 10 million people and if we add the
number of people employed in the auto-component and auto ancillary industry then
the number goes even higher.
 As the world economy slips into recession hitting the demand hard and the banking
sector takes conservative approach towards lending to corporate sector, the GDP
growth has downgraded it to 7.1 percent for 2008-09 and predicted it to be 6.5 per
cent for FY 2009-10 Mr. Montek Singh (Planning Commission of India).
 Following is the graph showing a trend of Indian GDP trend in past 3 years.
Country Interest Rate Growth Rate Inflation Rate Jobless Rate Current Account Exchange Rate
India 5.25% 8.90% 9.70% 8.00% -14 45.8550

Table -1.1

Chart-4.2
Year Mar Jun Sep Dec

2010 8.60 8.90 8.90
2009 5.80 6.00 8.60 6.50
2008 8.50 7.80 7.50 6.10
Table-1.2
 The market value of Automobile Industry is more than US$8 bl. and Contribution in
Indian GDP is near about 5% and will be double by 2016.
 The automotive industry in India grew at a computed annual growth rate (CAGR) of
11.5 percent over the past five years, but growth rate in last FY2008-09 was only
0.7% with passenger car sales shows 1.31% growth while Commercial Vehicles
segment slumped 21.7%.
Recession
 All the major auto companies enjoyed the high growth ride till the mid 2008. But at
the end of the year, industry had to face the hard truth and witnessed the fall in sales
compared to last year. In December 2008, overall production fell by 22 % over the
same month last year. Global recession has hit the Indian auto industry, India is strong
and growing industry but the impact of recession is evident now on industry as sales
& growth of automobile companies have declined. Passenger Vehicles segment
registered negative growth.
 One of its supporting facts is that the sales in December 2008 for passenger vehicles
fell by 13.86% over December 2007 Two Wheelers registered minor growth of 1.85
% during April – December 2008.
 However, Two Wheelers sales recorded 15.43 percent fall in December 2008 over the
same month last year. Although the sector was hit by economic slowdown, overall
production (passenger vehicles, commercial vehicles, two wheelers and three
wheelers) increased from 10.85 million vehicles in 2007-08 to 11.17 million vehicles
in 2008-09. Passenger vehicles increased marginally from 1.77 million to 1.83 million
while two-wheelers increased from 8.02 million to 8.41 million.

 Total number of vehicles sold including passenger vehicles, commercial vehicles,
two-wheelers and three-wheelers in 2008-09 was 9.72 million as compared to 9.65
million in 2007-08.
Inflation
 Despite of negative inflation these days (-.21% on 22-Aug-09) we saw an increasing
trend of sales in auto sector. A moderate amount of inflation is important for the
proper growth of an economy like India because it attracts more private investment.
 The fall in wholesale prices from a year earlier is mainly due to a statistical base
effect and doesn’t suggest contraction in demand, the Reserve Bank of India said few
week back, while revising its inflation forecast for the FY through March to around
5% from 4%.
 In last FY despite of skyrocketing oil prices (crude oil price has already up to $130
compared to $20 per barrel five years back), Indian automobile Industry was not as
much affected and experts think that Indian automobile industry will continue to grow
this year despite all obstacles- oil price hike, higher interest rates.
 However, the effect of inflation has affected every sector which is related to car
manufacturing and production. The increase in the price of fuel and the steel due to
inflation has led to a slower growth rate of the car industry in India.
 The effect of inflation has taken the rise in the price rate of the cars by 3-4% which in
turn suffices the need to meet the rise in price of the raw materials to build a car. The
car market and the car industry witnessed a fall of 8-9%.
Major industries that contribute to India's GDP
 There are various sectors that contribute to India's GDP. Some of the major sectors
are Automobile Industry, Steel Industry, Real Estate Industry, Tourism Industry,
Energy Sector, Textile Industry, Airlines Industry, Medical Industry, Biotechnology
Industry, Electronics and Hardware and the power industry. Besides these industries,
there are several other sectors that are important contributors to the GDP of India.
GDP: $1.209 trillion (2008 Estimate)

GDP growth: 6.7% (2009)
GDP per capita: $1016
Inflation (CPI): 7.8% (CPI) (2008)
Unemployment: 6.8% (2008 Estimate)
Main Industries: Textiles, Chemicals, Food Processing, Steel, Transportation
Equipment, Cement, Mining, Petroleum, Machinery, Software
Trend of Growth Rate of India's GDP
1960-1980: 3.5%
1980-1990: 5.4%
1990-2000: 4.4%
2000-2009: 6.4%

 Contribution of Various Sectors in GDP
The contributions of various sectors in the Indian GDP for 1990-1991 are as follows:
Agriculture: - 32%
Industry: - 27%
Service Sector: - 41%
Agriculture: - 20%
Industry: - 26%
Agriculture: - 17%
Industry: - 29%
 The trend of growth rate of India's economy demonstrates an upward trend. During
the period of 1960 – 1980 the economy saw a growth rate of 3.5% due to the roles of
major industries in India GDP.
 In the years from 1980 to 1990 the growth rate showed a marked improvement of
5.4%, while it was slightly lower in the period from 1990 to 2000 which was at 4.4%.
The phase 2000 to 2009 saw a huge improvement and the growth rate of GDP were
marked at 6.4%.
 The Role of Automobile Industry in India GDP has been phenomenon. The
Automobile Industry is one of the fastest growing sectors in India.The increase in the
demand for cars, and other vehicles, powered by the increase in the income is the
primary growth driver of the automobile industry in India.
 The introduction of tailor made finance schemes, easy repayment schemes has also
helped the growth of the automobile sector.
Automobile Industry in India GDP-Facts
 India has become one of the international players in the automobile market
 In the year 2006-07, the Indian Automobile Industry produced 2.06 million four
wheelers and 9 million two and three wheelers
 The four wheelers include passenger cars, multi-utility vehicles, sports utility
vehicles, light, medium and heavy commercial vehicles, etc
 The three wheelers include mopeds, motor-cycles, scooters, and three wheelers
 India ranks 2nd in the global two-wheeler market
 India is the 4th biggest commercial vehicle market in the world
 India ranks 11th in the international passenger car market
 India ranks 5th pertaining to the number of bus and truck sold in the world
 It is expected that the Automobile Industry in India would be the 7th largest
automobile market within the year 2016

Role of Automobile Industry in India GDP-Sales Trends
 In the year 2006-07 the number of Passenger Car sold were 10,76,408
 In the year 2006-07 the number of Passenger Vehicles sold were 13,79,698
 In the year 2006-07 the number of Commercial Vehicles sold were 4,67,882
 In the year 2006-07 the number of Three Wheelers sold were 4,03,909
 In the year 2006-07 the number of Two Wheelers sold were 78,57,548
 In the year 2006-07 the number of automobile sold were 1,01,09,037
Role of Automobile Industry in India GDP-Growth
 The growth rate of the Passenger Cars in the year 2007 is 13.50%
 The growth rate of the Utility Vehicles in the year 2007 is 10.10%
 The growth rate of the Multi Purpose Vehicles in the year 2007 is 24.40%
 The growth rate of the Light Commercial Vehicles in the year 2007 is 16.05%
 The growth rate of the Commercial Vehicles in the year 2007 is 3.43%
 The Maruti Udyog Ltd is the largest car manufacturer in the country and the rate of
growth in the year 2007 was 20.7%
 The Mahindra & Mahindra Ltd's cumulative sales for the year 2007 was 1,06,094
units and the rate of growth was 35.8%
 The Honda Siel Cars India Ltd, the leaders in India pertaining to the manufacturing of
premium cars, registered a growth of 16.1 % during the year 2007 and sold 41,638
units
 The Daimler Chrysler sales for the year 2007 was 1,681 units in India and the growth
rate was more than 22%
 The General Motors India, registered a 114% increase in the national sales in the
August of 2007
 The Hero Honda sold more than 2 million units in the Jan-Aug period of the year
2007
 The export pertaining to the motorbikes was 3,21,321 units in the year 2007
 It is estimated that in the year 2007-08 the motorcycle sales would be 7 million, the
car sales would be 1.55 million, and the two-wheelers sales would be 8.3 million

INDUSTRY ANALYSIS
 The current trends of the global automobile industry reveal that in the developed
countries the automobile industries are stagnating as a result of drooping markets,
whereas the automobile industry in the developing nations, have been consistently
registering higher growth rates every passing year for their domestic flourishing
domestic automobile markets. Being one of the fastest growing sectors in the world its
dynamic growth phases are explained by the nature of competition, Product Life
Cycle and consumer demand.
 The industry is at the crossroads with global mergers and relocation of production
centers to emerging developing countries.
 In 2009, estimated rate of growth of India Auto industry is going to be 9% .The Indian
automobile sector is far from being saturated, leaving ample opportunity for volume
growth.
Segmentation of Automobile Industry
Chart-4.3
 The automobile industry comprises of Heavy vehicles (trucks, buses, tempos, tractors)
Passenger cars, two-wheelers, commercial Vehicles and Three-wheelers.
Following is the segmentation that how much each sector comprises of whole Indian
Automobile Industry.
Industrial Life Cycle
 The industrial life cycle is a term used for classifying industry vitality over time.
Industry life cycle classification generally groups industries into one of four stages:
pioneer, growth, maturity and decline.
 In the pioneer phase, the product has not been widely accepted or adopted. Business
strategies are developing, and there is high risk of failure. However, successful
companies can grow at extraordinary rates. The Indian automobile sector has passed
this stage quite successfully.

Table-4.4
 In the growth phase, the product market has been established and there is at least
some historical guide to ground demand estimates.
 The industry is growing rapidly, often at an accelerating rate of sales and earnings
growth. Indian Automotive Industry is booming with a growth rate of around 15 %
annually.
 The cumulative growth of the Passenger Vehicles segment during April 2007 – March
2008 was 12.17 percent.
 Passenger Cars grew by 11.79 percent, Utility Vehicles by 10.57 percent and Multi
Purpose Vehicles by 21.39 percent in this period. The Commercial Vehicles segment
grew marginally at 4.07 percent.
 While Medium & Heavy Commercial Vehicles declined by 1.66 percent, Light
Commercial Vehicles recorded a growth of 12.29 percent. Three Wheelers sales fell
by 9.71 percent with sales of Goods Carriers declining drastically by 20.49 percent
and Passenger Carriers declined by 2.13 percent during April- March 2008 compared
to the last year.
 Two Wheelers registered a negative growth rate of 7.92 % during this period, with
motorcycles and electric two wheelers segments declining by 11.90percent and
44.93% respect.
 However, Scooters and Mopeds segment grew by 11.64% and 16.63% respect. The
growth rate of the automobile industry in India is greater than the GDP growth rate of
the economy, so the automobile sector can be very well be said to be in the growth
phase. As the product matures, growth slows as penetration reaches practical limits.
 Companies began to focus on market share rather than growth. Industry demand tends
to follow the overall economy, but the scope of growth of the automobile sector is
very much possible in India due to the increasing income of the middle class and their
income as well as standard of living.
 The production of automobiles has greatly increased in the last decade. It passed the 1
million mark during 2003-2004 and has more than doubled since.

Year Car Production % Change Commercial Vehicles % Change
2009 2,166,238 17.34 466,456 -4.08
2008 1,846,051 7.74 486,277 -9.99
2007 1,713,479 16.33 540,250 -1.20
2006 1,473,000 16.53 546,808 50.74
2005 1,264,000 7.27 362, 755 9.00
2004 1,178,354 29.78 332,803 31.25
2003 907,968 28.98 253,555 32.86
2002 703,948 7.55 190,848 19.24
2001 654,557 26.37 160,054 -43.52
2000 517,957 -2.85 283,403 -0.58
1999 533,149 285,044
Table-1.3
SWOT Analysis
 A scan of the internal and external environment is an important part of the strategic
planning process. Environmental factors internal to the firm usually can be classified
as strengths (S) or weaknesses (W), and those external to the firm can be classified as
opportunities (O) or threats (T). Such an analysis of the strategic environment is
referred to as a SWOT analysis. SWOT analysis of the Indian automobile sector gives
the following points:
 Strengths
· Large domestic market
· Sustainable labor cost advantage
· Competitive auto component vendor base
· Government incentives for manufacturing plants
· Strong engineering skills in design etc
 Weaknesses
· Low labor productivity
· High interest costs and high overheads make the production uncompetitive
· Various forms of taxes push up the cost of production
· Low investment in Research and Development
· Infrastructure bottleneck
 Opportunities
· Commercial vehicles: SC ban on overloading
· Heavy thrust on mining and construction activity
· Increase in the income level
· Cut in excise duties
· Rising rural demand
 Threats

· Rising input costs
· Rising interest rates
· Cut throat competition
Industry Specific Index

 Industry specific index also called as sectoral index are those indices, which represent
a specific industry sector. All stocks in a sectoral index belong to that sector only.
Hence an index like the BSE auto index is made of auto stocks. Sectoral Indices are
very useful in tracking the movement and performance of particular sector.
 BSE Auto Index comprises all the major auto stocks in the BSE 500 Index.
Table-1.4

 BSE AUTO Index 5 Year Chart
Chart-4.5
Source:Googlefinance.com
 Above is the Indian Auto Industry Index(BSE) shows the up’s and down’s over the
period of 5 years. Initially in 2003 when major giants got listed on stock exchange
TATA Motors, Maruti Suzuki, etc. Indian auto industry start picking up growth
slowly in the first end of 1st quarter index reaches to its highest in his history.
 Than we saw a steady fall in the index and in the mid 2006 reaches to years lowest
point it again start booming and than year on year we saw a up and down movement
in the index as lots of new players came in Indian market with foreign collaboration
but when 2008 came with global slowdown it brings the demand of automobile so low
that index reaches to its lowest in past 5year.
 Most of the company even shut down their manufacturing units for more than a
week; production came down because of less demand in the economy. Also no further
launches were made in mid or late 2008 and postponed to next year.
 We have also saw a fall in FDI’s in automobile Industry. But in the beginning of
2009 right from 1st quarter auto industry again start regaining and we saw a
tremendous growth in auto industry which never seen before not in India but all over
the world.
 The demand of 2 and 4 Wheelers start increasing rapidly which also force auto
industry to employ more workers to meet demand and with in the 2nd quarter of
FY2009-10 Auto index reaches to its highest ever crossed mark of 6000. And this
growth of industry will be carry further as festive season still to come, so there is a lot
of scope to growth in this industry.

 Indian Automobile Industry at Global level:
· India ranks 1st in the global two-wheeler market

· India is the 4th biggest commercial vehicle market in the world
· India ranks 11th in the international passenger car market
· India ranks 5th pertaining to the number of bus and truck sold in the world
· India is the second largest tractor manufacturer in the world.
 Volkswagen, Toyota, Nissan & Ford plan new cars to cash in on fastest-growing
compact car section of car market in India.
Source: Economic Times
 Sales of different Auto Companies speed up even before festive season Maruti by
29%, TATA by 11%, Skoda Auto 33%, Hero Honda 33%, Mahindra 42%, Yamaha
63% etc.
Source: Economic Times (3/09/09)

 It is expected that the Automobile Industry in India would be the 7th largest
automobile market within the year 2016.
Projected Growth rate in Automobile Industry
 Passenger vehicle sales in the country will grow at a CAGR of 12 per cent to touch
3.75 million units by 2014.
 The domestic two-wheeler sales will grow at a CAGR of 8.8% by 2014 at 11.3
million units.
 To emerge as the destination of choice in the world for design and manufacture of
automobiles and auto components with output reaching a level of US$ 145 billion
accounting for more than 10% of the GDP and providing additional employment to 25
million people by 2016.

COMPANY ANALYSIS
 The company analysis shows the long term strength of the company that what is the
financial Position of the company in the market where it stand among its competitors
and who are the key drivers of the company, what is the future plans of the company,
what are the policies of government towards the company and how the stake of the
company divested among different groups of people.
Profile of Maruti Suzuki
 Maruti Suzuki is one of India's leading automobile manufacturers and the

market leader in the car segment, both in terms of volume of vehicles sold and
revenue earned.
 Until recently, 18.28% of the company was owned by the Indian government,
and 54.2% by Suzuki of Japan. As of May 10, 2007, Govt. of India sold its
complete share to Indian financial institutions. With this, Govt. of India no
longer has stake in Maruti Udyog.
 The turnover for the fiscal 2008-09 stood at Rs. 203,583 Million & Profit after
Tax at Rs. 12,187ml.Maruti Suzuki India Ltd. has sold a total of 84,808
vehicles in August 2009, an increase of 41.6%, compared to 59,908 vehicles in
the same period of 2008.
 The company's domestic sales in August 2009 increased 29.3% to 69,961
vehicles, compared to 54,113 vehicles in August 2008.
 Total passenger car sales in August 2009 increased 30.5% to 69,629 units,
compared to 53,351 units in August 2008 The Company’s exports increased
156.2% to 14,847 units, compared to 5,795 units in August 2008.
Board of Director
Mr. R. C. Bhargava Chairman

Mr. Shinzo Hakanishi MD and CEO
Mr. Manvinder Singh Banga Director
Mr. Amal Ganguli Director
Mr. D. S. Brar Director
Mr. Keiichi Asai Director
Mr. Osamu Suzuki Director
Mr. Shuji Oishi Director
Ms. Pallavi Shroff Director
Mr. Kenichi Ayukawa Director
Mr. Tsuneo Shashi Director & Managing Executive

Net profit ratio
Meaning: Net profit ratio is valuable for the purpose of ascertaining the over-all profitability
of business and shows the efficiency of operating the business.
Formula: N.P. = Net profit/ Sales
Table: ( In Crore Rs.)
Particulars 2007-08 2008-09 2009-10

Net profit 1739.73 1218.74 2497.62
Sales 17860.28 20852.52 29623.01
N.P. ratio (%) 9.74 5.84 8.43
TABLE 1.5
Chart:
Chart-4.6
Interpretation:
 The net profit of India’s no.1 car manufacturer Maruti Suzuki shows a negative trend
from 2007 onwards.
 But the future prospect for the company profit is higher.
 Profit margins come down as recession hits economy badly hence sales get reduced
and cost get increased very much.

Current ratio
Meaning: Is a measure of liquidity calculated dividing the current assets by Current
liabilities.
Formula: current ratio = current assets/current liabilities
Particulars 2007-08 2008-09 2009-10

current assets 2017.50 2060.20 2116.90
current liabilities 2718.90 3250.90 3160
Current ratio 0.74:1 0.63:1 0.67:1
TABLE 1.6
Chart:
Interpretation: Chart-4.7
 The current ratio is a convenient and reliable tool for measuring a company's level of
liquidity.
 The ratio Acts as an indication that the firm is able to generate funds to make all
needed payments in the future; thus, the ratio indicates whether the firm is likely to be
a going concern.
 so we see in graph that Maruti has more strong liquidity in 2007-08 and than after it
has been decrease.
Inventory turnover ratio

Meaning: It is calculated by dividing the cost of goods sold by the average inventory.
Formula: Inventory turnover ratio =COGs/Avg. inventory

Particulars 2007-08 2008-09 2009-10
COGs 812.13 806.03 879.99
Avg. inventory 875.6 970.15 1055.55
Inventory turnover ratio 0.78 0.89 0.73
Chart:
TABLE 1.7
Chart-4.8
Interpretation:
 The inventory turnover ratio is the important aspect to know the production and
distribution power of the company in this company.
 it is around 1:1 through three year but only in the year 2009-10.
 some fall because of raise in closing stock. Otherwise company is enough regular in
the turnover in the stock.
Gross profit ratio

Meaning: Measure the percentage of each sales rupee remaining the firm has for
its goods. It is a ratio expressing relationship between Gross Profit earned to sales. It is a
useful indication of the profitability of business.
Formula: G.P. = Gross profit/ Sales
Particulars 2007-08 2008-09 2009-10

Gross profit 3071.22 2382.42 4417.55
Sales 17860.28 20852.52 29623.01
G.P. ratio(%) 17.20 11.43 14.91
TABLE 1.8
Chart:
Chart-4.9
Interpretation:
 This ratio indicates relation between G/P and Sales. For the year 2007- 08 it was
17.20 % and 2008-09 was 11.43% and increase to 14.91% in 2009-10.
Debt to total assets ratio
Meaning: measure of a firm’s assets financed by debt and, therefore, a measure of it’s
financial risk.

Formula: D.E.ratio = Total debt/ total assets
Particulars 2007-08 2008-09 2009-10

Total debt 900.20 698.90 821.40
Total assets 9315.60 10043.80 12656.50
D.A.ratio 0.10 0.07 0.06
TABLE 1.9
Chart:
Chart-4.10
Interpretation:
 The debt to equity ratio of Maruti Suzuki limited is decrease in 2008-09.

 After that in 2009-10 there is some decrease also.
 In 2007-08 there was increase in debenture so that the debt ratio has increase
Net worth turnover ratio
Meaning: It is the ratio of net profit to share holder's investment. It is the relationship
between net profit (after interest and tax) and share holder's/proprietor's fund.
Formula: Net Worth Turnover Ratio: Net Sales / Net Worth

Particulars 2007-08 2008-09 2009-10

Net Sales 18066.80 20729.40 29317.70
Net Worth 8415.40 9344.90 11835.10
Net Worth Turnover Ratio 2.15:1 2.22:1 2.48:1
Chart:
TABLE 2.0
 In the year 2007 – 08 ratio is 2.15 and 2008 – 09 it is 2.22.

 Its increase on 2.48 in 2009-10 therefore it is not good for company.
Interest coverage ratio

Meaning: interest coverage ratio is a ratio between ‘net profit before interest and tax’ and
‘interest on long term loans’. This ratio is also termed as ‘debt service ratio’.
Formula: EBIT/interest
Particulars 2007-08 2008-09 2009-10

EBIT 3122.70 2468.30 4486.60

Interest 59.60 51 33.50
I.C. ratio(times) 52.39 48.40 133.93
TABLE 2.1
Chart:
Chart-4.12
Interpretation:
 This ratio indicates the EBDIT to interest. In the year 2007 – 08 ratio is 52.39 and
2008 – 09 it is 48.40.
 Its decrease on 133.93 in 2009-10.therefore it is not good for company as well as
shareholders in 2009-10.
Cost of Goods Sold

Meaning: The direct costs incurred in the production of the goods sold by a company; it
includes the cost of the materials and direct labor costs. Indirect expenses such as distribution
costs and sales force costs are not part of COGS. COGS appear on the income statement and
can be deducted from revenue to calculate a company's gross margin.
Formula: COGs/Net sales


Particulars 2007-08 2008-09 2009-10
COGs 14789.06 18470.1 25205.46
Net sales 18066.80 20729.40 29317.70
COGs Ratio(%) 81.86 89.10 85.97
TABLE 2.2
Chart:-
Chart-4.13
Interpretation:
 This ratio shows the relation of expenses and interest.

 Dividend. In the year 2008-09, company has unfavorable ratio and in 2007-08 it has
around 81.86% because of the balance between expenses and turnover.
Operating expenses Ratio
Meaning: Dividing expenses compute expenses ratio by sales. The term ‘expenses’ includes
(1) COGS (2) administrative expenses (3) selling expenses and (4) financial expenses but
excludes taxes, dividends and extraordinary losses due to theft of goods, good destroyed by
fire and so on.
Formula: admi. +selling exp. /Net sales

Particulars 2007-08 2008-09 2009-10
Admi. +selling exp. 521.48 817.66 1032.17
Net sales 18066.80 20729.40 29317.70
O.E. Ratio (%) 2.9 3.9 3.5
TABLE 2.3
Chart:-
 This ratio shows relationship between expanses to sales.

 Above table shows that for the year 2007 – 08 it was 2.9 % the increase in 2008 – 09
up to 3.9% that indicates there is increase in operating expenses for the year 2009 –
10 it is 3.5%
 It is lower than previous tear which shows decrease in operating expenses.
Return on assets
Meaning: Return on assets measures the profitability of the total funds/investments of a firm.
Formula: PAT/total assets
Particulars 2007-08 2008-09 2009-10

PAT 1730.80 1218.70 2497.60
Total assets 9315.60 10043.80 12656.50
ROA(%) 18.58 12.13 19.73
TABLE 2.4

Chart:
Chart-4.15
Interpretation:
 Company was getting return at 18.58 % from the assets in 2007-08.

 But because of decrease in the demand, there was more unsold inventory in the year
2008-09
 It faces the decrease in this ratio but now company is getting more return from the
assets as compare to 2008-09.
Asset turnover ratio

Meaning:
It is based on the relationship between the sales and assets of the firm. A reference to this was
made while working out the overall profitability of a form as reflected in its earning power.
Formula: total sales/total assets
Particulars 2007-08 2008-09 2009-10

Total sales 17860.28 20852.52 29623.01
Total assets 9315.60 10043.80 12656.50
Assets turnover ratio(times) 1.92 2.08 2.34

TABLE 2.5
Chart:
 The assets turnover ratio indicated the company’s efficiency.

 There is more efficient in the management and utilization of the assets in 2009-10.
 There is indicative of underutilization of available resource in 2007-08.
Earning per shares
Meaning: EPS measures the profit available to the equity shareholders per share, that is, the
amount that they can get on every share held.
Formula: Earning available to eq. shareholders/no. of shares

Particulars 2007-08 2008-09 2009-10

EAESH 1616.30 1236.70 2468
No. of shares 28.9 28.9 28.9
EPS r(s) 55.93 42.79 85.40
TABLE 2.6

Chart:-
 EPS measures the profit available to the equity shareholders per share, that is, the
amount that they can get on every share held.
 Till 2007-08 company had a rising EPS but in 2008-09 fall But as trend shows Maruti
Suzuki Ltd Have potential so an shareholder expect better in future.
Book value per shares
Meaning: Book value per share represents the equity / claim of the equity shareholder on a
per share basis.
Formula: Net worth/no. of shares
Particulars 2007-08 2008-09 2009-10

Net worth 8415.40 9344.90 11835.10
No. of shares 28.9 28.9 28.9
Book value(Rs) 291.19 323.35 409.52
TABLE 2.7

Chart:-
Chart-4.18
Interpretation:
 This is the most favorable element of Maruti Suzuki limited; because of they are able
to keep increasing their book value of market shares till now.
 It is increasing at 291.19 in 2007-08, 323.35 in 2008-09 and 409.52 in 2009-10.
Total Debt to Owners Fund
Meaning: A general term describing a financial ratio that compares some form of owner's

equity (or capital) to borrowed funds.
Formula: Total Debt / Owners Fund
Particulars 2007-08 2008-09 2009-10

Total Debt 900.20 698.90 821.40
Owners Fund 8415.4 9344.9 11835.1
Total Debt to owners fund 0.11 0.07 0.07
TABLE 2.8
Chart:
Chart-4.19
Interpretation:
 This is the most favorable element of Maruti Suzuki limited; because of they are able
to keep decreasing their total debt to owners fund after 2007-08 till now.
 It is decreasing at 0.07 in 2008-09, 0.07 in 2009-10 and 409.52.
Adjusted Return on Net Worth
Meaning: Value of a company that consists of capital and surplus and an estimated value for
business on the company's books.
Formula: Adjusted PAT / Net worth

Table:
( In Crore Rs.)
Particulars 2007-08 2008-09 2009-10

Adjusted PAT 1616.30 1236.70 2468
Net Worth 8415.40 9344.90 11835.10
Adjusted Return On Net Worth (%) 19.20 13.23 20.85

Chart:-
TABLE 2.9
Chart-4.20
Interpretation:
 In the year 2008-09, company has unfavorable ratio in compare of 2007-08 and in
2007-08 it has around 19.20%.
 In the year 2009-10, it increase to 20.85%. so, it is a good for any company
Quick Ratio
Meaning: The measure of absolute liquidity may be obtain by comparing only cash and bank
balance as well as readily marketable securities with liquid liabilities.
Formula: Currents assets – inventories/Currents assets
Particulars 2007-08 2008-09 2009-10

Current assets – inventories 2052.5 4667.7 2647.2
Current liabilities 3190.50 3631.60 3788.40
Quick Ratio 0.65 1.29 0.70
Chart:
TABLE 3.0
 The quick ratio is a very stringent measure of solvency.

 A general rule of thumb suggests that the quick ratio should be around 1.
 Maruti is always showing a positive trend as its ratio is always greater than 1 except
in 2007-08 and 2009-10.
DU PONT ANALYSIS
( In Crore Rs.)

Du Pont of ROE
Particular 2009-10 2008-09 2007-08
EAT 2497.60 1218.70 1730.80

Table:3.1
EBT 3679.20 1748.70 2571.50
EAT/EBT (Times) 0.68 0.70 0.67
EBT 3679.20 1748.70 2571.50
EBIT 4,486.60 2,468.30 3,122.70
EBT/EBIT (Times) 0.82 0.71 0.82
EBIT 4,486.60 2,468.30 3,122.70
Sales 29623.01 20852.52 17860.28
Profit Ratio 0.15 0.12 0.17
Sales 29623.01 20852.52 17860.28
10,043.8
Assets
12,656.50 0 9,315.60
Assets turnover (times) 2.34 2.08 1.92
10,043.8
Assets
12,656.50 0 9,315.60
Equity 144.50 144.50 144.50
Financial Leverage (times) 87.59 69.51 64.47
Return on Equity 17.14 8.62 11.56
Interpretation:
 Du Pont analysis of the company is an important factor for analysis of the return on
assets, capital and equity, which are the main indicators of company profitability, stability
and rewards to investor.
 It is necessary and helpful to analyze the company in which an investor is going to invest
his/her money.
 The usefulness of the integrated analysis lies in the fact that it presents the overall picture
of the performance of a firm as also enables the management to identify the factors which
have a bearing on profitability.

 EAT of the company is decrease in 2008-09 but it increase in 2009-10 due to volatile
price of crude oil.
 Assets turnover ratio has increase in 2009-10 because of increase in sales turnover of the
company.
 Finally, ROE of the firm was 11.56 Rs per share in 2007-08 and fall in 2008-09 at 8.62
Rs. per share. But it is 17.14 Rs. Per share in 2009-10 which is the sign of stability and it
is because of the increase in sales price.
COMMON SIZE STATMENT

( In Crore Rs.)
Table:3.2
Balance sheet
Amt.(Cr.) (%)
2007-
2009-10 2008-09 2007-08 2009-10 2008-09 08

Share Capital 144.50 144.50 144.50 1.14 1.44 1.55
Reserve & Surplus 11690.60 9200.40 8270.90 92.37 91.60 88.79

secured Loan 26.50 0.10 0.10 0.21 0.00099 0.0011
Unsecured Loan 794.90 698.80 900.10 6.28 6.96 9.66
Total 12656.50 10043.80 9315.60 100 100 100

Fixed assets:
Net block 5024.70 4070.80 3296.50 39.70 40.53 35.39
Investment 7176.60 3173.30 5180.70 56.70 31.59 55.61
Capital work in progress 387.60 861.30 736.30 3.06 8.58 7.90
CA 3856 5570 3190.50
CL 3788.40 3631.60 3088.40
CA-CL 67.60 1938.40 102.10 0.53 19.30 1.10
Total 12656.50 10043.80 9315.60 100 100 100
Interpretation:
 In 2009-10 the secured loan is more increase than previous year. The secured loan in
2007-08, 2008-09 and 2009-10 respectively 0.0011%, 0.00099% and 0.21%
proportion of total liabilities.
 The unsecured loan is increase in 2009-10 than previous year.
 The fixed asset is increase in 2009-10 than both previous year but the proportion part
is decrease than 2007-08.
 The investment is also increase than previous year. The company is able to increase
its investment in compare of previous year.
 The net current asset is decrease in 2009-010 than previous year.
( In Crore Rs.)
P & L A/c
Amt.(Cr.) %
2009-10 2008-09 2007-08 2009-10 2008-09 2007-08
Income
Sales 29317.70 20729.40 18066.80 97.14 99.35 95.61
Other
Income 662 491.70 494 2.19 2.36 2.61
Stock
adjusts. 200.90 -356.60 336.30 0.67 -1.71 1.78
TOTAL 30180.60 20864.50 18897.10 100 100 100

Expense
Purchase 22636.30 15983.20 13958.30 78.18 79.63 75.04
Adm. &
selling Exp. 1032.70 817.66 521.48 3.57 4.07 2.80
Power &
fu.cost 216.60 193.60 147.30 0.75 0.96 0.79
Emplo. Cost 545.60 471.10 356.20 1.88 2.35 1.92
Other exp. 1061.60 716.10 523.30 3.67 3.57 2.81
Miscell.exp. 201.73 236.84 287.62 0.70 1.18 1.55
Preop. Exp. 0 -22.30 -19.80 0 -0.11 -0.11
TOTAL 25694.53 18396.2 15774.4 88.74 91.65 8.48
PBT 3679.20 1748.70 2571.50 12.71 8.71 13.83
TAX 763.30 457.10 1094.90 2.64 2.28 5.89
PAT 2497.60 1218.70 1730.80 8.63 6.07 9.31
TOTAL 28955.43 20072 18600.1 100 100 100
Table:3.3
Interpretation:
 In 2009-10 the sales turnover of company is 2% decrease than previous year. And
other income is 0.17% decrease than previous year.
 The stock adjustment is negative in previous years and in current year there is
increase 2.38%.
 The purchase is decrease 1.45% than previous year but the other expense is increase
than previous year in 2009-10. The selling & adm. Expense is decrease in current
year than past years.
 The company paid more interest in 2008-09 than previous & current year. Because
of need of more working capital in operation.
 The company also paid more taxes in current year than previous year. In 2009-10 the
sales of the company is less than previous year but the profit is increase than previous
years.
TREND ANALYSIS
( In Crore Rs.)
Balance sheet
Amt.(Cr.) (%)
2007-
2009-10 2008-09 2007-08 2009-10 2008-09 08

Share Capital 144.50 144.50 144.50 100.00 100.00 100.00
Reserve & Surplus 11690.60 9200.40 8270.90 141.35 111.24 100
secured Loan 26.50 0.10 0.10 26500 100 100

Unsecured Loan 794.90 698.80 900.10 88.31 77.55 100
Total 12656.50 10043.80 9315.60 135.86 107.82 100

Fixed assets:
Net block 5024.70 4070.80 3296.50 152.43 123.49 100
Investment 7176.60 3173.30 5180.70 138.53 61.25 100
Capital work in progress 387.60 861.30 736.30 52.64 116.98 100
CA 3856 5570 3190.50
CL 3788.40 3631.60 3088.40
Net current Assets 67.60 1938.40 102.10 66.21 1898.53 100
Total 12656.50 10043.80 9315.60 135.86 107.82 100
Table:3.4
Interpretation:
 The company’s Share capital is same last three years. The company’s Reserve &
surplus is increase 11.24% in 2008-09 and 41.35% in 2009-10 in compare of 2007-08.
 The secured loan is increase 100 times in 2008-09 and there is 26500 times in 2009-
10 than 2007-08. There are more gaps between 2007-08 and 2009-10 due to decrease
in unsecured loan.
 The unsecured loan is decrease to 77.55% than base year. But in 2009-10 there is
increase 10.76% than 2008-09. Because of high price of commodities and increased
royalty to Suzuki Motors for its decline in profit the 2008-09.
 The Net block is 152.43 times in 2009-10, 123.49 times in 2008-09 than 2007-08.
 The investment is increase 61.25% in 2008-09, 138.53% in 2009-10. And it is
increase in 2009-10 in compare of previous year.
 The net current assets is decrease 66.21 times than base year But in 2008-09 there is
increase to 1898.53 times.
( In Crore Rs.)
P & L A/c
Amt.(Cr.) %
2009-10 2008-09 2007-08 2009-10 2008-09 2007-08
Income
Sales 29317.70 20729.40 18066.80 162.27 144.74 100
Other
Income 662 491.70 494 134 99.53 100
Stock
adjusts. 200.90 -356.60 336.30 59.74 -106.04 100
TOTAL 30180.60 20864.50 18897.10 159.71 110.41 100

Expense
Purchase 22636.30 15983.20 13958.30 162.17 114.51 100

Adm. &
selling Exp. 1032.70 817.66 521.48 198.03 156.80 100
Power &
fu.cost 216.60 193.60 147.30 147.05 131.43 100
Emplo. Cost 545.60 471.10 356.20 153.17 132.26 100
Other exp. 1061.60 716.10 523.30 202.87 136.84 100
Miscell.exp. 201.73 236.84 287.62 70.14 82.34 100
Preop. Exp. 0 -22.30 -19.80 0 112.63 100
TOTAL 25694.53 18396.2 15774.4 162.89 116.62 100
PBT 3679.20 1748.70 2571.50 143.08 68 100
TAX 763.30 457.10 1094.90 69.71 41.75 100
PAT 2497.60 1218.70 1730.80 144.30 70.41 100
TOTAL 28955.43 20072 18600.1 100 100 100
Table:3.5
Interpretation:
 The sales turnover is 162.27% in 2009-10 and 144.74% in 2008-09 in compare of 2007-
08. The sales turnover of the company is increase than previous year in 2009-10.
 The other income is continuously increased than past years because of there is more
return on long term investment in oil marketing companies GOI special bonds and
interest of bank deposits.
 The purchase is increase 114.51% in 2008-09 and 162.17% in 2009-10 than base year but
current year’s purchase is increase than previous year. The selling & administration
expenses are increase than base year and in 2009-10 they are also increase than previous
year.
 The selling expense is continuous increase than base year. The power & fu.cost is
increase in 2008-09 than 2007-08 and in 2009-10 there is also increase.
 The sales turnover of the company is increase in 2008-09 but the net profit of the
company is decrease due to high price of commodities and increased royalty to Suzuki
Motors for its decline in profit.
FINDING
 The sales turnover of the company is increase in 2008-09 but the profit of that year is
lower than previous and current year .the automaker blamed high price of
commodities and increased royalty to Suzuki Motors for its decline in profit. In a
statement issued by the company.
 it said, "The drop in net profit is due to higher commodity prices, increase in royalty
and lower ‘other income’ In addition; income from exports to Europe fell due to
weakening of the euro,"
 The company is provided more dividends to its shareholders than past years.
YEAR DIVIDEND
2007-08 5 Rs. Per share
2008-09 3.50 Rs. Per share
2009-10 6 Rs. Per share
Table:3.6
 The company has increase its secured loan so there is trading on equity.
 The company has increased its unsecured loan and increases its secured loan. So,
there is decrease interest of loan.
 The EPS of company is high but P/E of the company is low so, the company doing
profit but the investor isn’t reacting as per the profit.
RECOMMENDATION / SUGGESTION
 By analyzing the Company on various parameters with the help of implementing

Fundamental and Technical tools we came to know that this company has a lot of
potential to grow in future.
 Recommending investing in maruti Suzuki have no doubt is going to be a good and

smart option because this industry is booming like never before not only in India but
all around the world. The returns which came out of this company were very
impressive.
 Maruti Suzuki shows always a buy and hold position because there is possibility of
growth in future.

 Maruti it can be recommended that for now Maruti share price shows that it’s a time
to hold the position or buy more shares as there is scope in further rise in share prices
until and unless any negative reaction or sentiments comes in the Economy.
 Investing in Maruti Suzuki for long time could be a good option.
 The company gives more dividends to its share holders but the market price is
fluctuated in short term. So, the investor has benefited for long term.
CONCLUTION
 When summarizing the financial results of “MARUTI UDYOG LIMITED”. I have

observed that their working is quite reasonable financial. It is very good company.
 There are no any debts of long term liabilities of the company. To conclude, from of
the overall analysis of financial management of the company, I can say that it is
financial sound and well managed three consecutive year’s shows and applauding
position.
 I was also able to well understand my financial concepts. It was a tough task to make
this project but at last I able to complete the project report of analysis of annual report
of the company “MARUTI UDYOG LIMITED”.

BIBLIOGRAPHY
 For economic analysis of India, information is extracted from this links:
http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=INR
http://acmainfo.com/docmgr/Status_of_Auto_Industry/Status_Indian_Auto_Industry.pdf
http://www.ibef.org/economy/economyoverview.aspx
 For industry analysis of maruti Suzuki ltd., Information is extracted from this link:
http://www.scribd.com/doc/24333238/Indian-Automobile-Industry-Analysis
 For Analysis, the Chart of GDP extracted from this link:
http://business.mapsofindia.com/india-gdp/industries/

http://www.scribd.com/doc/19844572/A-Project-Report-on-Maruti-Suzuki-India-Limited
 For analysis, final annual report of maruti Suzuki ltd. Is ssextracted from this link:
http://www.moneycontrol.com/stocks/cptmarket/searchpage/search.php
www.radiff.com

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FINANCIAL STATEMENT ANALYSIS

MARUTI SUZUKI INDIA LTD.

SUBMITTED TO: SUBMITTED BY:

MR. DHARMESH SHAH SANJAY BOGHRA

ROLL NO. - P1003

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Signature of Mentor Signature of Candidate

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

 Finance management in India has substantially in scope and complexity in

 In present situational financial management is real with procurement of funds

 It is also useful for budgeting control and decision-making. Ratio analysis

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

SR NAME OF CHART CHART PAGE

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

GDP and Automobile Industry

India 5.25% 8.90% 9.70% 8.00% -14 45.8550

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Year Mar Jun Sep Dec

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Major industries that contribute to India's GDP

GDP: $1.209 trillion (2008 Estimate)

Trend of Growth Rate of India's GDP

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Role of Automobile Industry in India GDP-Growth

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Industry Specific Index

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

· India ranks 1st in the global two-wheeler market

Source: Economic Times (3/09/09)

Projected Growth rate in Automobile Industry

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Profile of Maruti Suzuki

 Maruti Suzuki is one of India's leading automobile manufacturers and the

Mr. R. C. Bhargava Chairman

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Particulars 2007-08 2008-09 2009-10

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Particulars 2007-08 2008-09 2009-10

Inventory turnover ratio

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Formula: Inventory turnover ratio =COGs/Avg. inventory

Table: ( In Crore Rs.)

Gross profit ratio

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Particulars 2007-08 2008-09 2009-10

Debt to total assets ratio

N.R INSTITUTE OF MANAGEMENT- PGDM (2010-12)

Particulars 2007-08 2008-09 2009-10