PAPER TITLE:

FINANCIAL RATIOS AS A TOOL FOR INVESTMENT DECISION

Project Submitted to the Department of Commerce and Management,

St. Xavier’s University, Kolkata,

In partial fulfillment for the Degree of Bachelors of Management Studies in

Finance

By

ANJALI AGARWAL

(Registration No. XK01-2112-0191-17)

Under the supervision of Prof. RAJENDRA NATH DATTA

Department of Department of Commerce and Management,

St. Xavier’s University, Kolkata,

Action Area IIIB, P.S. – New Town, Kolkata – 700160,
Website: www.sxuk.edu.in
 ACKNOWLEDGEMENT

My respectful acknowledgement to:-

 PROF. RAJENDRA NATH DATTA, Department of Commerce and Management, St. Xavier’s
University, Kolkata
 PROF. MONALIKA DEY, Department of Commerce and Management, St. Xavier’s University,
Kolkata
 DR. SOMAK MAITRA, Dean, Faculty of Commerce and Management, St. Xavier’s University,
Kolkata for his valuable guidance and inspiration during the research work.

Student Name: Anjali Agarwal

Roll No: 0019
 CERTIFICATE

This is to certify that Ms. ANJALI AGARWAL, student of Bachelors of Management Studies, has carried out

this Project titled FINANCIAL RATIOS AS A TOOL FOR INVESTMENT DECISION under the

supervision and guidance of PROF. RANJENDRA NATH DATTA, in the Department of Commerce and

Management, St.Xavier’s University, Kolkata, India. The work submitted is original to the best of our

knowledge and has not been carried out elsewhere in any other University or Institute.

(Signature with Stamp) (Signature with Stamp)

Prof. Rajendra Nath Datta Dr. Somak Maitra

(Supervisor) (Dean of Commerce and Management)
Department of Commerce and Management St. Xavier’s University, Kolkata.
St. Xavier’s University, Kolkata. Kolkata – 700160, India.
Kolkata – 700160, India.

(Signature of Student)
Course: BMS
St. Xavier’s University, Kolkata.
Kolkata – 700160, India.
Paper Title : FINANCIAL RATIOS AS A TOOL FOR INVESTMENT DECISION

Department/Course : BMS

Semester : Sixth

Paper Code : BMHRCC641J

Name of Student : ANJALI AGARWAL

Roll No. : 0019

Date of submission :

Declaration by the Student

I affirm that, to the best of my knowledge, I have identified all my sources and that no part of my
Dissertation Paper contents any unacknowledged material.

Signature of Student (with date)

 TABLE OF CONTENTS

1. Abstract 1
2. Introduction 2-7
2.1. Background of the Study 2
2.2. Conceptual Framework of Titan Industries 3-6
2.3. Chapter Planning 7
3. Literature Review 8-9
4. Objectives of the Study 10
5. Research Methodology 11
6. Chapter 1: Introduction to Tata Industries Limited 12
7. Chapter 2: Introduction to 6 different companies of the same industry 13-18
7.1 Introduction to Titan Company Limited 13
7.2 Introduction to Rajesh Exports Limited 14
7.3 Introduction to PC Jeweller Limited 15
7.4 Introduction to Vaibhav Global Limited 16
7.5 Introduction to Asian Star Co. Limited 17
7.6 Introduction to Renaissance Jewellery Limited 18
8. Chapter 3: Indian Gems and Jewellery Industry 19-21
9. Chapter 4: Data, Analysis and Findings 22-32
9.1. Peer Comparison 22-31
9.2. Collective 3 years, 5 years, 10 years and current sales growth, 32
Profit growth and return on equity
10. Chapter 5: CSR Policy and Strategy of Titan Industries Limited 33-36
11. Conclusion and Recommendation 37
12. Limitations of the Study 38
13. Bibliography or References 39
 1. ABSTRACT

Warren Buffett, the king investor quoted that, “It’s far better to buy a wonderful company at a fair price,
than a fair company at a wonderful price.” The examination here mostly centers on indicating why Titan
Industries is a decent choice to where one can put resources, among the other companies of the same industry,
into the present time and gets an opportunity of acquiring great returns later on. Titan Company Limited is a
joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation There is an
enormous degree in the segment for the organization to gain extraordinary market capitalization and develop in
the area. Titan Company Limited works for the most part in the jewellery business where the market that is
caught till date is just 3% (roughly) and has the ability to become further, as it were, in future.

Today, Titan Company is Tata Group's largest consumer company. This exploration is led to display the
perspective of the specialist to convey why one can put resources into the organization with fitting information
and explanations behind the equivalent.

1
 2. INTRODUCTION:

2.1 BACKGROUND OF THE STUDY

The exploration is being directed so as to assist the general population with guiding and give a thought
regarding how and why an individual can put resources into the market. Numerous individuals over the world
like to get engaged with exchanging the securities exchange and furthermore gain more noteworthy returns later
on. Warren Buffett quoted, “If a business does well, the stock eventually follows.”This research is
directed to give a thought on a portion of the viewpoints which can assist an individual with understanding the
business better and contribute as one needs to.

2
 2.2 CONCEPTUAL FRAMEWORK OF TITAN INDUSTRIES

MISSION STATEMENT

To create wealth for all our stakeholders by building highly successful businesses based on a customer-centric
approach and to contribute to the community

VISION STATEMENT

To be a world-class, innovative, progressive organization and to build India’s most desirable brands

MANAGEMENT TEAM

Name Designation

N N Tata Vice Chairman

Ramesh Chand Meena Director

Hema Ravichandar Director

Harish Bhat Director

B Santhanam Director

N Muruganandam Chairman & Director

Bhaskar Bhat Managing Director

T K Balaji Director

Ireena Vittal Director

Ashwani Puri Director

Arun Roy Additional Director

Pradyumna Rameshchandra Vyas Independent Director

CREDIT RATING

Point by point Rationale

CRISIL has reaffirmed its appraisals on the bank credit offices and obligation program of Titan Company
Limited (Titan). The rating keeps on mirroring Titan's market initiative over its significant business fragments
sorted out jewellery and wrist watches solid working proficiency, and solid budgetary hazard profile. These
3
qualities are mostly counterbalanced by the organization's introduction to administrative dangers in the gems
division and presentation to rivalry from chaotic players, in the adornments fragment.

Qualities or Strengths:

* Leadership position in its significant business fragments: jewellery and watches:

Titan has around 65% piece of the overall industry in the household composed wristwatch fragment and around
40% piece of the overall industry in the sorted out adornments retailing section. The organization's market
administration in the adornments and watches division is driven by its solid brands, relationship of trust with the
Tata brand, and its container India conveyance arrange. CRISIL trusts that Titan will use its brands to grow and
keep up its authority position over the medium term.

* Healthy working productivity:

Titan additionally has solid working effectiveness reflected in its industry-driving working edges of 10.2% in
monetary 2018. The organization's solid working effectiveness originates from solid command over activities,
re-appropriating of gems making to karigar parks, in-house structure and skill in accuracy designing and
watches, proficient working capital administration, and reasonable supporting approaches. CRISIL trusts that
Titan's hearty working proficiency will empower it to keep up its solid working benefit over the medium term.

* Strong monetary hazard profile:

Titan's money related hazard profile is set apart by solid outfitting and sufficient liquidity. As on March 31,
2018, the organization had gold on advance liabilities of Rs 1612 crore. Additionally, Titan's developments are
wisely overseen through a blend of organization possessed, organization oversaw, and franchisee stores. Thus,
expansive scale retail space augmentations don't result in overwhelming capital consumption (capex). CRISIL
trusts that Titan's capex will stay between Rs.200 crores and Rs.400 crores per annum over the medium term;
this will be to a great extent supported through inner accumulations of over Rs.900 crores per annum. Aside
from this, Titan had plentiful liquidity in type of money and attractive securities of around Rs.620 crores as on
March 31, 2018. Organization has broadened intercorporate stores of Rs 230 crores. Given the interior
subsidizing of capex and adequate liquidity, CRISIL trusts that Titan will keep up its solid budgetary hazard
profile over the medium term.

Shortcoming or Weaknesses:

* Exposure to administrative dangers in the adornments division:

4
Titan stays presented to administrative dangers in the adornments division. This area had seen increased
administrative activity previously. For example, amid financial 2014, to control the import of gold, the
legislature presented 80:20 standard, ceased gold on rent conspire and changed the gold store plot. Hence, in
monetary 2015, the gold on advance plan was re-begun and 80:20 principle was rejected. Further, since January
2016, the legislature has commanded gem specialists to gather PAN card for all buys past Rs.2 lakhs. The
administration has additionally presented the sovereign gold bond plot, to move purchaser inclinations from
physical gold. These administrative changes had directed the organization's working execution previously.
Nonetheless, the working execution has skiped back over financial 2017 and monetary 2018 because of
expanding client move towards marked players like Titan post the declaration of demonetization in November
2016. CRISIL trusts that

Titan will stay defenseless to changing administrative standards.

* Exposure to rivalry from chaotic players in the gems division:

Titan is presented to extraordinary challenge in the adornments retailing section. Gems retailing in India is to a
great extent overwhelmed by sloppy players which have a fortress in their areas. Titan has a general piece of the
pie is 5 to 6% in the gems section. As the organization grows, it will confront extreme challenge from these
neighborhood players. Nonetheless, CRISIL trusts that expanding customer mindfulness about marked gems
and immaculateness of gold, and the trust related with the Titan brand will empower the organization to enter
new markets over the medium term.

Viewpoint: Stable

CRISIL trusts that Titan will keep on improving its solid market position in the wristwatches and gems portions
driven by more grounded than anticipated income development and extension in working edges, and will
support its solid money related hazard profile with low adapting and solid obligation insurance measurements,
over the medium term.

FUTURE PLANS

After watches, retail real Titan is currently intending to take its gems business to universal markets by end of
FY19. In any case, the Bengaluru-headquartered organization is taking a gander at foraying into Asian market
by setting up stores on franchisee premise, Bhaskar Bhat, Managing Director of Titan Company revealed to
Business Standard.

5
"The watches business has a little nearness in the worldwide markets. The huge change will come when our
adornments winds up worldwide. Before the finish of FY19, we are intending to open stores in Asian nations,"
said Bhat, including that the organization has not focused in on a particular country till now.

Given that adornments is a low edge business not at all like watches, the organization won't make expansive
speculations to enter these geologies; rather will decide on minimal effort franchisee show.

"These (stores) will be propelled on an association premise with a speculation scope of Rs 200-300 million for
each store, in the first place," Bhat included.

Gems represents around 75 percent of Titan, which likewise sells watches, eyewear, aroma and even sarees.

This will be the organization's second endeavor to enter the worldwide markets in gems portion. By
concentrating on Asia, the organization needs to test the model before taking this to different geologies.

In the mean time, the organization is likewise looking at all out income of Rs 400 billion from adornments
business in the following five years when contrasted with around Rs 125 billion today.

In FY19, Titan hopes to develop at a rate of 20-25 percent upheld by the wedding adornments portion to
accomplish that objective. "Wedding adornments are greater network situated. We have built up the 'Rivaah'
gathering in this section, which is developing at an a lot quicker rate than the plain gold fragment," said Bhat.

With more than 250 productive Tanishq stores situated crosswise over 157 urban areas, the organization is
likewise cheerful of improving its general piece of the overall industry to 10 percent in coming couple of years
when contrasted with 4.5 percent starting at now.

6
 2.3 CHAPTER PLANNING

Chapter 1 deals with the introduction of one of the leading companies in the world that is Tata Industries
founded by Jamsetji Tata. Tata Industries Limited is the parent company of Titan Industries Limited and hence
requires a brief introduction.

Chapter 2 introduces the 6 different companies of the same industry which serves the people and builds its
reputation to generate trust and loyalty in the public.

Chapter 3 comprises of the detailed information on the industry in which all the chosen companies intends to
operate.

Chapter 4 shows the competition and growth among its peers and within itself for the past 10 years respectively.

Lastly, Chapter 5 includes in CSR activities conducted by the winning company to develop the individuals in
the society.

7
 3. LITERATURE REVIEW

 M Kumbirai, R Webb (2010): A financial ratio analysis of commercial bank performance in South
Africa. This paper investigated the South Africa’s performance of commercial banking sector period
for 2005-2009.this financial ratio is used to measure the liquidity, profitability and credit quality
performance of large five commercial banks of South Africa.

 Robert O.Edmister (2009): An Empirical Test of Financial Ratio analysis for Small Business Failure.
This study developed and empirically tested a number of methods for analyzing financial ratios to
predict the failure of small business.

 Toshiyuki Sueyoshi (2005): Financial ratio analysis of the electric power industry. This approach
compares 147 nondefault firms with 24 default firms of US power/energy market in terms of the
financial performance and this is a type of non-parametric discriminant analysis which provides the
weights of linear discriminant function.

 G.E. Halkos (2004): Efficiency measurement of the Greek commercial banks with the use of financial
ratios: a data envelopment analysis approach. This paper studied about the application of the non-
parametric analytic technique in respect of the DEA (Data Envelopment Analysis) to measure the
performance of Greek banking sector.

 Thomas L Zeller et al (1997): A new perspective on hospital financial ratio analysis. The financial
factor analysis is used to define the concise set of measurements of critical financial describing the
characteristics of hospitals major financial instruments.

 Piatt and Piatt (1991) attempted to examine the effects of industry - relative financial and operating
ratios and the change in industry output on the likelihood of corporate failure. They calculate 25
financial and operating ratios of 57 failed companies for the period 1972 to 1986 belongs to 13
different industries and same number of non-failed firms in their study. They reduced the number of
ratios to 7 for logistic analysis. They convert the 7 ratios into industry relative ratio. The
classification accuracy of the model was 90 per cent in case of adjusted ratios whereas it was 78 per
cent for unadjusted ratios. They found that model built with industry-relations ratios is more effective
in classification of firms in failed and non-failed groups.

 Keith A Houghton, David R Woodliff (1987): Financial Ratios: The Prediction of corporate success
8
 and failure. This paper investigated about the financial ratios to predict the business failure. This has
done from both the Human Information Processing (HIP) and from the prediction from environmental
predictability.

 Ramser and Foster (1931) were the first pioneers of quantitative studies into the potentiality of
financial ratios to predict bankruptcy. They had analysed the trend of 11 different ratios of 173 firms
with securities registered in the state of Illinois. The study reveals that less successful firms have poor
financial ratios then successful firms. However two turnover ratios, viz, sale to net worth and sale to
total assets exhibited an opposite tendency.

9
 4. OBJECTIVES OF THE STUDY

There are certain essential objectives for which the study is conducted:

 To demonstrate why Titan Industries is a decent decision to put resources into the financial exchange
today to win returns later on in light of the fact that the organization is developing and has a decent
degree to catch the market in that industry.
 To build up the investigative, introduction, and inquiring about aptitudes of the analyst.
 To look upon the gems and jewellery sector’s details as well as growth prospective
 To give suggestion and recommendation based on the study.

10
 5. RESEARCH METHODOLOGY

All the information is taken from the secondary data because of its accessibility, value and cost viability. The
values in peer comparison and cumulative growth as on 4th April 2019.

The project starts with introducing the different companies including the present scenario as well as
management and credit rating along with future plans of Titan Industries decided by the CEO.

The examination at that point continues by indicating peer correlation with the assistance of distributing scores
and positions to each organization dependent on various proportions critical from a speculation perspective.

Additionally, the CSR model of the company with the highest scores is presented.

11
 6. CHAPTER 1:

INRODUCTION TO TATA INDUSTRIES LIMITED

Tata Industries Limited is a Non-govt organization, fused on 07 Apr, 1945, founded by Jamsetji Nusserwanji
Tata in 1868 and headquartered in India; the Tata Group is a Global business aggregate working in more than
100 nations worldwide over 5 mainlands. There are 29 freely recorded Tata ventures, which incorporate Tata
Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata
Teleservices, Titan, Tata Communications and Indian Hotels. The gathering has a consolidated market
capitalization of around $103.51bn (2016-17).

 Tata organizations have made critical interests in various topographies. With our consistently expanding
worldwide impression, they are presently connecting with clients in the most distant corners of the
world.
 They contact upon lives over the globe and they have worker quality of more than 660,800
representatives, speaking to the stone strong organization that they are.
 Several Tata Group organizations have accomplished initiative positions all inclusive in their territories
of activity.

The Tata Group’s esteem framework coordinates the development and business of all areas approximately 66%
of the value of Tata Sons, the Tata bunch holding organization, is held by altruistic Trusts that have made
national establishments for science and innovation, therapeutic research, social investigations and the
performing expressions.

 INDUSTRY: CONGLOMERATE
 FOUNDED: 1868; 151 YEARS AGO
 FOUNDER: JAMSETJI TATA
 HEADQUARTERS: BOMBAY HOUSE, MUMBAI, MAHARASHTRA, INDIA
 REVENUE: US$ 110.7 BILLION (2018)
 NO. OF EMPLOYEES: 702,454 (2018)

“If you cannot make it greater, at least preserve it. Do not let things slide. Go on doing my
work and increasing it, but if you cannot, do not lose what we have already done.”

- Jamsetji Tata
12
 7. CHAPTER 2:

INTRODUCTION OF 6 COMPANIES OF THE SAME INDUSTRY

7.1 INTRODUCTION TO TITAN COMPANY LIMITED

Titan organization propelled Tanishq Aneja trying to acquire its own outside trade, concentrated generally on
exports. In the mid 1990s, India's trade issue was fixed, and the Titan Company decided to concentrate the
brand on the Indian market. The primary creation plant propelled in August 1992, and Tanishq's first store
opened in 1996. Tanishq was the first jewellery retail brand in quite a while. Tanishq is a jewellery brand
of India. It is a division of Titan Company, a company promoted by the Tata Group in collaboration with
the Tamil Nadu Industrial Development Corporation (TIDCO). Tanishq's headquarters is
at Bengaluru (Bangalore) in Karnataka.

By June 2014, Tanishq had 167 retail stores nationwide, and announced the opening of 30 more by the end of
2015. In May 2015, Tanishq enrolled Deepika Padukone to be the brand's ambassador.

In 2017, Tanishq launched a sub-brand called Rivaah focusing on the wedding portion. In January 2017, the
Titan bunch consolidated its Gold Plus stores with the bigger Tanishq retail brand. In April 2017, Tanishq
launched the sub-brand Mirayah to take into account ladies under their 40s. In December 2017, Tanishq
launched the Aveer line, its first line of items for men.

 INDUSTRY: JEWELLERY (TANISHQ)

 FOUNDED: 1984; 35 YEARS AGO
 FOUNDER: XERXES DESAI
 HEADQUARTERS: HOSUR, TAMIL NADU, INDIA
 REVENUE: US$ 2.2 BILLION (2018)
 NO. OF EMPLOYEES: 6,856 (March 2018)

“We do not claim to be more unselfish, more generous or more philanthropic than other
people. But we think we started on sound and straightforward business principles,
considering the interests of the shareholders our own, and the health and welfare of the
employees, the sure foundation of our success.”

-Jamsetji Tata

13
 7.2 INTRODUCTION TO RAJESH EXPORTS LIMITED

Rajesh Exports Limited is a gold retailer in India which refines, structures, and sells gold and gems. The
organization positioned 495th on the Fortune Global 500 out of 2019, with incomes of more than $25,142
million, making it the eighth biggest organization in India by income. The present overseeing chief is Prashant
Mehta and the official director is Rajesh Mehta.

The organization was established in 1989 by the present official director, Rajesh Mehta and his sibling Prashant
Mehta, Rajesh Exports MD. The siblings began fabricating in a ten-man shop situated in their carport in
Bangalore.

In 2001, the organization constructed a huge assembling office in Bangalore. In 2015, the organization gained
the biggest gold purifier on the planet, Valcambi of Balerna, Switzerland, for $400 million. Presently they are
wanting to extend their Shubh Jewelers retail location.

 INDUSTRY: MINING, REFINING AND RETAIL

 FOUNDED: 01 FEBRUARY 1995
 HEADQUARTERS: BANGALORE, INDIA
 REVENUE: US$ 26 BILLION (2018)
 NO. OF EMPLOYEES: 383 (4 JANUARY 2019)

KEY STRENGTHS:

 Rajesh Exports Limited was consolidated in 1989. The organization is a worldwide pioneer in the Gold
business.
 REL is headquartered in Bangalore, India with activities spread over the world.
 The only company in the world with presence across the entire value chain of Gold from refining to
retailing.
 Largest processor of gold in the world, REL forms 35% of gold created on the planet.
 Largest exporter of gold items from India.
 Lowest cost gold jewellery maker of the world.
 World's best gold items assembling and R&D offices at different spots, principle office being at
Bangalore, India and the primary refining office being at Balerna, Switzerland.
 REL has one of the world's biggest dynamic gems structure database of 29000 plans.
 REL has built up a few inventive advancements and procedures in the production of Jewellery.
 REL is an expertly overseen organization focused on the best expectations of corporate administration.
14
 7.3 INTRODUCTION TO PC JEWELLER LIMITED

PC Jeweller Limited manufactures, retails, and trades in gold jewelry, diamond studded jewelry, and silver
items in India. The organization sells its gems through its showrooms and Website, wearyourshine.com. As of
March 31, 2019, it had 86 showrooms, including 72 organization claimed showrooms and 14 franchisee
showrooms. The organization likewise sends out its items. PC Jeweller Limited was established in 2005 and is
situated in Delhi, India.

PC Jeweller takes part in the assembling, fare, discount and retail of gold and precious stone gems in India. The
organization's plan of action comprises of opening enormous configuration, independent stores at high road
areas. The organization sells just lobby hall marked jewellery and certified diamond jewellery.

 INDUSTRY: CONGLOMERATE
 FOUNDED: 2005
 HEADQUARTERS: NEW DELHI, INDIA
 REVENUE: US$ 290 MILLION (2019)
 PRODUCTS: GOLD, DIMOND JEWELLERY AND SILVER ARTICLES

While small-cap stocks, such as PC Jeweller Limited (NSEI:PCJEWELLER) with its market cap of ₹75.89B,
are well known for their extensive development, financial specialists ought to likewise know about their asset
report to decide whether the organization can endure a downturn. Specialty Retail businesses operating in the
environment facing headwinds from current disruption, even ones that are profitable, tend to be high risk.

PCJEWELLER's obligation levels have tumbled from ₹9.70B to ₹8.03B in the course of the most recent a year ,
which is comprised of present and long haul obligation. With this obligation reimbursement, PCJEWELLER
right now has ₹12.04B staying in real money and transient ventures , prepared to convey into the business.
Additionally, PCJEWELLER has delivered ₹7.56B in working income during a similar timeframe, bringing
about a working money to add up to obligation proportion of 94.23%, demonstrating that PCJEWELLER's
obligation is suitably secured by working money or operating cash. This proportion can likewise be deciphered
as a proportion of proficiency as a choice to return on resources. For PCJEWELLER's situation, it can produce
0.94x money from its debt capital.

15
 7.4 INTRODUCTION TO VAIBHAV GLOBAL LIMITED

Vaibhav Global Limited (VGL) (formerly known as Vaibhav Gems) is a multi-national electronic
retailer, wholesaler and manufacturer of fashion jewelry and lifestyle accessories. The company is
headquartered in Jaipur, India.

VGL was positioned 234th in Fortune India's Next 500 rundown of India's biggest average sized organizations
by income in the year 2013-14 . It additionally positioned third among India's best 50 riches makers list by
Fortune India magazine. The organization was granted the Indian Gem and Jewelry Award 2015 for silver gems
and furthermore for Most Socially Responsible Company.

VGL revealed a gross benefit of about 60% in money related year 2014-15. Their arrival on utilized capital was
43% while the arrival on value was 40%. It had a zero net debt to equity ratio during the same period.

 INDUSTRY: FASHION JEWELRY & LIFESTYLE PRODUCTS MANUFACTURER,

ELECTRONIC RETAILER, WHOLESALER
 HEADQUARTERS: JAIPUR, RAJASTHAN, INDIA
 REVENUE: RS. 1,575 CRORE (2018)
 PRODUCTS: RINGS, BANGLES, BRACELETS, EARRINGS, WATCHES,
HANDBAGS,SCARVES, HOME DECOR

VGL was established as Vaibhav Enterprises in 1980. It was later joined as Vaibhav Gems Limited, in 1989 at
Jaipur, India. The organization became Vaibhav Global Limited in 1994 and opened up to the world in 1996-97.
VGL kept extending its assembling and retail abilities and in 2005-06 procured STS Group of organizations.

During the downturn of 2008-09, the buying intensity of US customers dropped altogether and VGL needed to
adjust its system. The organization brought the normal cost of its items down to $18 - $20 from $100 per piece
in 2010 in this manner, effectively changing from store-based jewellery business to limit retail business through
web and TV channels.

It has electronic retail units: Shop LC once in the past Liquidation Channel in the US and Canada and The
Jewelry Channel (TJC) in UK and Ireland. These are completely possessed TV channels just as web based
business stages. The consolidated reach of these two TV channels is around 123 million families.

16
 7.5 INTRODUCTION TO ASIAN STAR CO. LIMITED

Asian Star Company Limited is a Public incorporated on 02 March 1995. It is classified as Non-govt company
and is registered at Registrar of Companies, Mumbai. Its authorized share capital is Rs. 660,000,000 and its paid
up capital is Rs. 160,068,000. It is inolved in Manufacturing n.e.c.

Asian Star Company Limited's Annual General Meeting (AGM) was last held on 25 September 2018 and as per
records from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2018.

Asian Star Company Limited is a coordinated precious stone organization. The Company is occupied with
cutting and cleaning precious stones and studded gems. The Company's portions incorporate Diamonds,
Jewellery and Others, which involves wind vitality age. Its geographic sections incorporate Asia, USA, Europe
and Others. Its business portfolio incorporates Loose Polished, Diamond Jewellery, Diamond Jewellery
Retailing and Power. Precious stone Jewellery incorporates different classes, including Rings, Earrings,
Pendants, Bracelets, Bangles and Necklaces. Precious stone Jewellery Retailing incorporates adornments
occasion, Rendezvous Luxe, and couture gems boutique (ex-processing plant Mumbai). Force remembers
Windmills for Maharashtra, Kerala and Tamil Nadu. It has precious stone handling and gems fabricating
focuses at Surat, Mumbai and Hosur in India. The Company offers jewellery design consultation services to the
customers at the Company's boutique to cater to their specific requirements for special occasions.

 INDUSTRY: RETAIL
 FOUNDED: 1971
 HEADQUARTERS: INDIA
 PRODUCTS: DIMOND JEWELLERY

A'Star Jewellery, the gems division of Asian Star Co. Ltd., only takes into account the household advertise. The
assembling activity of A'Star Jewellery spreads across 40,000 sq. ft. territory at MIDC, Mumbai and Hosur,
Tamil Nadu, with a yearly creation limit of 450,000 pieces.

Our item portfolio incorporates dazzling precious stone gems created in 18K yellow, white and pink gold and in
platinum. Our inventive plans catch the embodiment of contemporary, conventional and combination styles,
therefore meeting the market needs of significant retailers and retail chains all over India through our
advertising workplaces.

17
 7.6 INTRODUCTION TO RENAISSANCE JEWELLERY LIMITED

Renaissance Global Limited, formerly Renaissance Jewellery Limited, is a holding company, which is engaged
in the business of design, manufacture and sale of various types of jewelry. The Company's geological portions
incorporate India and Outside India. The Company offers gold, silver, platinum adornments, studded with
jewels and different valuable and semi-valuable stones. It offers items, including rings, studs, pendants, wrist
trinkets, pieces of jewellery and bangles. It offers items in classifications, including Diamond Fashion, Diamond
Bridal and Gemstones. The Company's assembling offices are situated in Santacruz Electronics Export
Processing Zone (SEEPZ), Mumbai; Bhavnagar, Gujarat, and Bangladesh, with an absolute zone of roughly
190,000 square feet. The Company's items are traded to the United States, the United Kingdom, Hong Kong,
the United Arab Emirates, Australia and Canada, and sold in India.

The organization was initially consolidated on December 04,1989 as Mayur Gem and Jewelry Export Private
Limited and were occupied with the business and production of jewellery. Mr. Chandrakant Dhanak and Mrs.
Darshana Dhanak are the first advertisers or promoters of the Company.

In the year 1995, Mr. Niranjan A. Shah and family procured the whole shareholding of Mayur Gem and
Jewellery Export Private Limited. With impact from April 16, 1997 the Company's name was changed from
Mayur Gem and Jewellery Export Private Limited to Rinaissance Gem and Jewellery Export Private Limited.

 INDUSTRY: MANUFACTURING
 FOUNDED: 1989
 HEADQUARTERS: INDIA
 NO. OF EMPLOYEES: 2,900

With impact from April 1 1998, Sur Style Jewellery Private Limited ('Sur Style') occupied with manufacture
and export of studded jewellery was converged with organization. On December 20, 2005, the Company was
changed over to an open restricted organization from private constrained organization and the name was
changed to Renaissance Jewelry Limited.

And furthermore Studded gems items has promoted through retail locations worked by backup organization,
Renaissance Retail Venture Private Limited (RRVPL).

The organization has been worked through three assembling units of which two units are situated at SEEPZ-
SEZ at Mumbai and one 100% EOU unit at Bhavnagar in Gujarat.
18
 8. CHAPTER 3:
INDIAN GEMS AND JEWELLERY INDUSTRY
Introduction
The Gems and Jewellery area assumes a critical job in the Indian economy, contributing around 7 percent of the
nation's GDP and 15 percent to India's complete product sends out. It likewise utilizes over 4.64 million
laborers and is required to utilize 8.23 million by 2022. One of the quickest developing segments, it is very fare
arranged and work concentrated.

In view of its potential for development and worth expansion, the Government of India has proclaimed the
Gems and Jewellery part as a center territory for send out advancement. The Government has as of late
embraced different measures to elevate speculations and to redesign innovation and abilities to advance 'Brand
India' in the universal market.
India is regarded to be the center point of the worldwide adornments showcase on account of its low expenses
and accessibility of high-talented work. India is the world's biggest cutting and cleaning place for precious
stones, with the cutting and cleaning industry being all around upheld by government arrangements.
Additionally, India sends out 75 percent of the world's cleaned precious stones, according to insights from the
Gems and Jewellery Export advancement Council (GJEPC). India's Gems and Jewellery segment has been
contributing in a major manner to the nation's outside trade profit (FEEs). The Government of India has seen the
part as a push zone for send out advancement. The Indian government by and by permits 100 percent Foreign
Direct Investment (FDI) in the area through the programmed course.

Market size
India's pearls and adornments area is one of the biggest on the planet contributing 29 percent to the worldwide
gems utilization. The area is home to in excess of 300,000 pearls and gems players. Its market size will develop
by US$ 103.06 billion during 2019-2023.
India's interest for gold arrived at 760.4 tons in 2018 and 372 tons in first 50% of 2019.India's diamonds and
gems trades remained at US$ 18.49 billion in FY20P (till October'19, Provisional). During a similar period,
fares of cut and cleaned precious stones remained at US$ 12.24 billion, subsequently contributing about 73.42
percent of the all out diamonds and gems sends out in esteem terms. Fares of gold coins and emblems remained
at US$ 617 million and silver gems sends out remained at US$ 737.74 million between April-October 2019.
India is probably the biggest exporter of diamonds and adornments and the business is considered to assume an
imperative job in the Indian economy as it contributes a significant lump to the all out outside stores of the
nation. The Goods and Services Tax (GST) and rainstorm will guide India's gold interest going ahead.
19
Investments/Developments
The Gems and Jewellery area is seeing changes in purchaser inclinations because of appropriation of western
way of life. Purchasers are requesting new plans and assortments in gems, and marked gem dealers can satisfy
their changing requests superior to the nearby chaotic players. In addition, increment in per capita pay has
prompted an expansion in deals of gems, as gems is a grown-up toy in India.
Some of the key investments in this industry are listed below.

 Deals worth Rs 8,000 crore (US$ 1.19 billion) were made at the Indian International Jewellery Show
held in August 2018.
 Companies such as PC Jewellers, PNG Jewellers, Popley and Sons, are planning to introduce a virtual-
reality (VR) experience for their customers. The customer will have to wear a VR headset, through
which they can select any jewellery, see the jewellery from different angles and zoom on it to view
intricate designs.

Government Initiatives

 As per Union Budget 2019-20, the GST rate has been decreased from 18 percent to 5 percent (*5
percent without Input Tax Credit (ITC)) for administrations by method for work according to pearls and
adornments, cowhide products, materials and so forth.
 The Bureau of Indian Standards (BIS) has modified the standard on gold hallmarking in India from
January 2018. The gold adornments trademark will presently convey a BIS mark, immaculateness in
carat and wellness just as the unit's distinguishing proof and the diamond setter's recognizable proof
imprint. The move is planned for guaranteeing a quality keep an eye on gold gems.
 The Gems and Jewellery Export Promotion Council (GJEPC) marked a Memorandum of Understanding
(MoU) with Maharashtra Industrial Development Corporation (MIDC) to assemble India's biggest
adornments park in at Ghansoli in Navi-Mumbai on a 25 sections of land with about in excess of 5000
gems units of different sizes running from 500-10,000 square feet. The general venture of Rs 13,500
crore (US$ 2.09 billion).

Road Ahead
In the coming years, development in Gems and Jewellery segment would be to a great extent contributed by the
improvement of enormous retailers/brands. Set up brands are managing the sorted out market and are opening
chances to develop. Expanding infiltration of sorted out players gives assortment as far as items and structures.
Online deals are relied upon to represent 1-2 percent of the fine adornments section by 2021-22. Additionally,
20
the unwinding of limitations of gold import is probably going to give a fillip to the business. The improvement
in accessibility alongside the reintroduction of minimal effort gold metal credits and likely adjustment of gold
costs at lower levels is required to drive volume development for gem dealers over short to medium term. The
interest for gems is relied upon to be fundamentally bolstered by the ongoing positive improvements in the
business.
Note: Conversion rate used as on September 2019, Re 1 = US$ 0.014019

21
 9. CHAPTER 4: DATA ANALYSIS AND FINDINGS

9.1 PEER COMPARISON

S.NO NAME CMP ROE% ROCE% ROA INTEREST ALTMAN Z

RS. 12M% COVERAGE SCORE
RATIO
1. RAJESH 672.35 20.25 14.03 9.06 3.84 7.79
EXPORTS
2. TITAN 1106.10 24.53 24.84 17.38 34.56 16.82
COMPANY
3. PC JEWELLER 81.05 16.93 25.07 12.30 2.83 2.14
4. VAIBHAV 647.60 22.63 23.27 19.48 40.35 10.20
GLOBAL
5. ASIAN STAR 709.00 12.38 9.09 6.14 4.99 3.13
CO.
6. RENAISSANCE 306.60 11.67 10.04 7.09 5.19 3.35
JEW.
Table 1: Ratios of the 6 companies Source: screener.in, Year 2018-19

The table above shows 6 different companies along with Titan Industries which is being compared with the
peers of the same industry upon some of the aspects and ratios that enables us to provide scores and rank the
company accordingly, so that investment decisions can be taken provided the conclusions and results. Now the
aspects and the ratios will be clearly explained and points will be given according to the most desirable to the
least desirable one.

RETURN ON EQUITY %

Return on equity (ROE) is a measure of financial performance calculated by dividing net income by
shareholders' equity. Because shareholders' equity is equal to a company's assets minus its debt, ROE is
considered the return on net assets.

 Return on equity measures effectiveness of management, as how it is using a company’s assets to create
profits.
22
  Whether an ROE is considered satisfactory will depend on what is normal for the industry or company
peers.
 Investors can consider an ROE near the long-term average of the S&P 500 (14%) as an acceptable ratio
and anything less than 10% as poor.

This proportion shows how gainful an organization is by contrasting its net gain with its normal investors'
value. The arrival on value proportion (ROE) measures how much the investors earned for their interest in the
organization. The higher the proportion rate, the more productive administration is in using its value base and
the better return is to financial specialists.

Formula:

S.NO NAME ROE% SCORES

1. RAJESH EXPORTS 20.25 4
2. TITAN COMPANY 24.53 6
3. PC JEWELLER 16.93 3
4. VAIBHAV GLOBAL 22.63 5
5. ASIAN STAR CO. 12.38 2
6. RENAISSANCE JEW. 11.67 1
Table 2: Scoring for ROE

Source: Own Calculation

RETURN ON CAPITAL EMPLOYED %

The arrival on capital utilized (ROCE) proportion, communicated as a rate, supplements the arrival on value
(ROE) proportion by including an organization's obligation liabilities, or subsidized obligation, to value to
mirror an organization's complete "capital utilized". This measure limits the concentration to pick up a superior
comprehension of an organization's capacity to produce comes back from its accessible capital base.

By standing out by and large addition from the entire of an association's commitment and worth capital,
budgetary masters can get an unquestionable image of how the use of impact impacts an association's benefit.

23
Cash related specialists accept the ROCE estimation to be a continuously thorough advantage marker since it
quantifies the board's ability to make benefit from an association's hard and fast pool of capital.

Formula:

S.NO NAME ROCE% SCORE

1. RAJESH EXPORTS 14.03 3
2. TITAN COMPANY 24.84 5
3. PC JEWELLER 25.07 6
4. VAIBHAV GLOBAL 23.27 4
5. ASIAN STAR CO. 9.09 1
6. RENAISSANCE JEW. 10.04 2
Table 3: Scoring for ROCE

Source: Own Calculation

RETURN ON ASSETS % (12M)

Return on assets (ROA) is a financial ratio that shows the percentage of profit a company earns in relation to its
overall resources. It is commonly defined as net income divided by total assets. Net income is derived from the
income statement of the company and is the profit after taxes.

 Return on Assets (ROA) is an indicator of how well a company utilizes its assets, by determining how
profitable a company is relative to its total assets.
 ROA is best used when comparing similar companies or comparing a company to its previous
performance.
 ROA takes into account a company’s debt, unlike other metrics, such as Return on Equity (ROE).

This proportion shows how productive an organization is with respect to its all out resources. The arrival on
resources (ROA) proportion delineates how well administration is utilizing the organization's complete
24
advantages for make a benefit. The higher the arrival, the more productive administration is in using its benefit
base. The ROA proportion is determined by contrasting overall gain with normal all out resources, and is
communicated as a rate.

Formula:

As a rule of thumb, investment professionals like to see a company's ROA come in at no less than 5%. Of
course, there are exceptions to this rule. An important one would apply to banks, which strive to record an ROA
of 1.5% or above.

S.NO NAME ROA SCORE

12M%
1. RAJESH 9.06 3
EXPORTS
2. TITAN 17.38 5
COMPANY
3. PC JEWELLER 12.30 4
4. VAIBHAV 19.48 6
GLOBAL
5. ASIAN STAR 6.14 1
CO.
6. RENAISSANCE 7.09 2
JEW.
Table 4: Scoring for ROA

Source: Own Calculation

INTEREST COVERAGE RATIO

The interest coverage ratio is used to determine how easily a company can pay interest expenses on outstanding
debt. The ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) by the
25
company's interest expenses for the same period. The lower the proportion, the more the organization is loaded
by obligation cost. At the point when an organization's advantage inclusion proportion is just 1.5 or lower, its
capacity to meet interest expenses might be questionable.

The Interest coverage ratio is also called “times interest earned.” Lenders, investors, and creditors often use this
formula to determine a company's riskiness relative to its current debt or for future borrowing.

 The interest coverage ratio is used to see how well a firm can pay the interest on outstanding debt.
 Also called the times-interest-earned ratio, this ratio is used by creditors and prospective lenders to
assess the risk of lending capital to a firm.
 A higher coverage ratio is better, although the ideal ratio may vary by industry.

Formula:

S.NO NAME INTEREST SCORES

COVERAGE
RATIO
1. RAJESH 3.84 2
EXPORTS
2. TITAN 34.56 5
COMPANY
3. PC JEWELLER 2.83 1
4. VAIBHAV 40.35 6
GLOBAL
5. ASIAN STAR 4.99 3
CO.
6. RENAISSANCE 5.19 4
JEW.
Table 5: Scoring for Interest Coverage Ratio

Source: Own Calculation

26
ALTMAN Z -SCORE

The Altman Z-score is the output of a credit-strength test that gauges a publicly traded manufacturing
company's likelihood of bankruptcy. The Altman Z-score is based on five financial ratios that can
calculate from data found on a company's annual 10-K report. It uses profitability, leverage, liquidity, solvency
and activity to predict whether a company has high probability of being insolvent.

 The Altman Z-score is a formula for determining whether a company, notably in the manufacturing
space, is headed for bankruptcy.
 The formula takes into account profitability, leverage, liquidity, solvency, and activity ratios.
 An Altman Z-score close to 1.8 suggests a company might be headed for bankruptcy, while a score
closer to 3 suggests a company is in solid financial positioning.

A score below 1.8 means it's likely the company is headed for bankruptcy, while companies with scores above 3
are not likely to go bankrupt. Investors and speculators can utilize Altman Z-scores to decide if they should
purchase or sell a stock in the event that they're worried about the organization's basic money related quality.
Speculators may consider buying a stock if its Altman Z-Score esteem is more like 3 and selling or shorting a
stock if the worth is nearer to 1.8.

Formula:

Z-Score = (1.2×A) + (1.4×B) + (3.3×C) + (0.6×D) + (1.0×E)

where: A = Working Capital ÷ Total Assets

B = Retained Earnings ÷ Total Assets

C = Earnings before Interest & Tax ÷ Total Assets

D = Market Value of Equity ÷ Total Liabilities

E = Sales ÷ Total Assets

In general, the lower the score, the higher the chance of bankruptcy and the higher the score, the company is
said to be more financially stable. For example, a Z-Score above 3.0 indicates financial soundness; below 1.8
suggests a high likelihood of bankruptcy.

27
 S.NO NAME ALTMAN Z- SCORE
SCORE
1. RAJESH 7.79 4
EXPORTS
2. TITAN 16.82 6
COMPANY
3. PC JEWELLER 2.14 1
4. VAIBHAV 10.20 5
GLOBAL
5. ASIAN STAR 3.13 2
CO.
6. RENAISSANCE 3.35 3
JEW.
Table 6: Scoring for Altman Z-Score

Source: Own Calculation

TOTAL SCORES COLLECTED BY THE COMPANIES

S.NO NAME TOTAL RANK

SCORES
1. TITAN 27 1
COMPANY
2. VAIBHAV 26 2
GLOBAL
3. RAJESH 16 3
EXPORTS
4. PC JEWELLER 15 4
5. RENAISSANCE 12 5
JEW.
6. ASIAN STAR 9 6
CO.
Table 7: Ranking according to total scores

Source: Own Calculation

28
COMMENT:

Thus, it can be seen that Titan Company is the one leading the challenge by acquiring the greatest scores and
Rank 1 in the table appeared. This implies that collectively including all the different aspects and ratios Titan
Company can be given the highest preference followed by Vaibhav Global and so on.

COMPARING MEAN OF THE COMPANIES WITH THE AVERAGE

Here, we calculate the mean scores of the companies and compare it with the average in order to know which
company is performing above average and which company is performing below average. As, the maximum
score that is provided to a company in each ratio is 6, hence the average score is taken to be 3. Also, since there
are 5 ratios by which the total score is calculated, hence the mean is calculated as follows:

MEAN = TOTAL SCORES ÷ 5

S.NO NAME TOTAL MEAN

SCORES
1. TITAN 27 5.4
COMPANY
2. VAIBHAV 26 5.2
GLOBAL
3. RAJESH 16 3.2
EXPORTS
4. PC JEWELLER 15 3
5. RENAISSANCE 12 2.4
JEW.
6. ASIAN STAR 9 1.8
CO.
Table 8: Calculation of mean scores

Source: Own Calculation

29
COMMENT:

 The companies – Titan Company, Vaibhav Global and Rajesh Exports have the mean greater than 3 and
hence they are said to be performing above the average.
 The company – PC Jeweller is the only company which has a mean equal to 3 and is said to be
performing on average.
 The companies – Renaissance Jewellers and Asian Star Co. have the mean much less than 3 and hence
they are said to be performing below average.

DIVIDEND YIELD PER EARNINGS YIELD % (OR DIVIDEND PAYOUT RATIO)

This ratio identifies the percentage of earnings (net income) per common share allocated to paying cash
dividends to shareholders. The dividend payout ratio is an indicator of how well earnings support the dividend
payment.

 The dividend payout ratio is the proportion of earnings paid out as dividends to shareholders, typically
expressed as a percentage.
 Some organizations pay out the entirety of their income to investors, while some solitary compensation
out a bit of their profit. On the off chance that an organization pays out a portion of its income as profits,
the rest of the segment is held by the business. To quantify the degree of profit held, the maintenance
proportion is determined.
 Several contemplations go into deciphering the profit payout proportion, in particular the organization's
degree of development. Another, development arranged organization that intends to grow, grow new
items, and move into new markets would be relied upon to reinvest most or the entirety of its income
and could be excused for having a low or even zero payout proportion.

Dividend Payout Ratio = 1 − Retention Ratio

30
 S.NO NAME EARNINGS DIVIDEND DIVIDEND RANK
YIELD % YIELD% YIELD PER
EARNINGS
YIELD %
(ROUNDED
OFF UPTO 3
DECIMAL
PLACES)

1. RAJESH 14.13 0.15 0.011 4

EXPORTS
2. TITAN 1.98 0.34 0.172 1
COMPANY
3. PC JEWELLER 35.69 0.62 0.017 3
4. VAIBHAV 8.86 0.00 0 5.5
GLOBAL
5. ASIAN STAR 9.37 0.21 0.022 2
CO.
6. RENAISSANCE 13.29 0.00 0 5.5
JEW.
Table 9: Calculation of Dividend Yield per Earings Yield

Source: screener.in, Year 2018-19

and Own Calculation

COMMENT:

Here, Titan Company is given Rank 1 in light of the fact that on taking both Earnings Yield% and Dividend
Yield % in record, Titan Company is giving the more measure of profits to its investors which is gainful for a
financial specialist or the investor point of view.

31
 9.2 COLLECTIVE 3 YEARS, 5 YEARS, 10 YEARS AND CURRENT SALES GROWTH,
PROFIT GROWTH AND RETURN ON EQUITY

Compounded Sales Growth

10 Years: 18.12%
5 Years: 9.75%
3 Years: 10.60%
TTM: 21.48%

Compounded Profit Growth

10 Years: 22.11%
5 Years: 9.49%
3 Years: 11.75%
TTM: 37.49%

Return on Equity
10 Years: 29.06%
5 Years: 24.69%
3 Years: 22.07%
Last Year: 24.53%

COMMENT:

Here, we can see 3 components of the company itself. First it is the compounded sales growth, Compounded
profit growth and Return on Equity for 10 years, 5 years, 3 years and the last year. The growth of both sales and
profit are clearly evident from the figures mentioned above and the return on equity is quite stable which
indicates a favorable situation in the organization.

32
 10. CHAPTER 5:

CORPORATE SOCIAL RESPONSIBILITY POLICY AND STRATEGY OF

TITAN INDUSTRIES LIMITED

Corporate Sustainability

At Titan Company we expect to treat the Corporate Sustainability work (that covers CSR, Climate Change and
Affirmative Action) as a natural and fundamental piece of being good to go. The capacity will along these lines
draw motivation from the Company's vision:

“We create elevating experiences for the people we touch and significantly impact the world we work in”

Titan will use the abilities and skills, budgetary and individuals’ assets just as the framework and connections of
the Company so as to exceed expectations and expand societal effect. This will guarantee that Corporate Social
Responsibility (CSR) will profit by the business action of the Company even as it serves the networks that
interface with such business action.

In like manner, the CSR center at Titan will be driven by wide subjects, for example, upliftment of the
underprivileged young lady youngster, ability advancement and backing for Indian Arts, Crafts and Indian
Heritage.

In the entirety of its endeavors, Titan will look to effectively draw in and incorporate wherever fitting the
prerequisites of Affirmative activity and other State and Central Government activities every now and then.

Geographical focus

Aside from having a critical geological concentration in the conditions of Tamil Nadu, Uttarakhand and
Karnataka, Titan would likewise impartially investigate different geologies as and when such a need emerges
remembering its CSR approach system for reach and backing.

Adjusting to Companies Act

The CSR arrangement of the Company is adjusted to the accompanying rules:

33
•The prerequisites of Clause 135 of the organizations Act 2013 and the comparing Rules

• Schedule VII of the Companies Act

Spends

Titan Company will spend at any rate 2% of its normal net benefits of the past three monetary years for its CSR
exercises that will exclude interest in any tasks considered as the same old thing related exercises. Any surplus
emerging out of CSR tasks or projects or exercises will not frame a piece of the business benefits of the
organization.

Executing system

Titan will execute its CSR activities through its very own blend in-house groups/volunteering, joining forces
with Non-Governmental Organizations (NGOs) and establishments of notoriety and other accomplice
associations who have abilities in the field under thought. The Corporate Sustainability Group will drive CSR
activities through one or a large number of these instruments.

Observing instrument

Every one of the CSR ventures and projects will have obviously characterized yield, advancement of which will
be looked into and wrote about a quarterly premise or according to plans characterized under different tasks as
proper by the Corporate Sustainability group.

General

Due determination and IT backing of a high request is being set up to drive these activities. Every one of the
activities are relied upon to experience execution observing through well spread out procedures. The table
beneath gives a characteristic rundown of activities and projects that are gotten from the CSR approach and
procedure and would spread over a three to multi year time frame.
34
Indicative List of Programs*

CSR SL.NO CSR PROJECTS IMPLEMENTATION SCHEDULE** REMARKS

PROGRAMS MODE
Focus on the 1 Titan Kanya - NGO/Inhouse Team for Ongoing Scholarship
Girl Child Education to drop Scholarship for Boys and
through out Children/Govt Girls
Education and Schools, Titan continue
other Scholarship, School
interventions Adoption
2 Health and NGO/And Partners Q2/Q3
Hygiene, including
Toilet Construction
in Girls School
3 Employability Skill NGO/Partners Q3
Development –
Vocational Training
for Kanya Girls

4 Education Support NGO/Partners Ongoing Tribal

for Tribal / Teacher School Boys
Training and Girls,
Teacher
Education
Employability 1 Skill Development NGO/ Partners Ongoing
Skill – Retail Focus
Development 2 Skill Development NGOs/ Partners Q1-Q4 Pilot this
Pilot for Long term year
in Select Areas –
School of
excellence

35
Celebrating 1 Create an Through Partners Q4
Indian Excellence
Arts/Crafts Recognition
and Indian Program that Would
Heritage Support
Communities in the
space of arts and
crafts
2 Adoption of 2-3 NGOs/ Partners Q2-Q4
Communities in the
space of crafts as
Pilot for Holistic
development
3 Explore and pilot NGO/Partners Inhouse Q1,Q4 1 Project
with Two Where Practical And Ongoing
Culture/Heritage Feasible
Projects
Responsible 1 Happy eyes – Eye NGOs And Partners Ongoing
Citizenship* Care Uttarakhand
Rehabilitation other
local causes as and
when required
*Ongoing Programs Will Continue And Align With The Overall Policy And Strategy Over A Period Of
Time. Some Of Them Include Iti Adoption, Civic Awareness For Students Etc.
**The duration of some of the projects may be more than a year depending upon the strategic nature

36
 11. CONCLUSION AND RECOMMENDATIONS

Now, with respect to another quote of Warren Buffett, “Never invest in a business you cannot understand.”
when it comes to trading in the stock market, the report can be finished up as one can just demonstrate the
course or route concerning how you can begin or continue yet nobody in this world can take an individual to
their goal without the person's very own internal identity. This report is a proposal for individuals who like to
put resources into the securities exchange that:

 Titan Company Limited today is great decision for one to put resources into to gain.
 The organization procure more noteworthy market in future as it still has a large scope of market
capitalization which may be lacking in the companies belonging to different industry and sector.
 The management team of Titan Industries is one of the most trusted and powerful group which
intends to take the company at higher levels.
 The industry and sector in which Titan Industries operate has a huge growth potential in the future.

In any case, at the end of the day, it is alone observation, comprehension and thinking which prompts an official
choice for exchanging the securities exchange. Just the individuals who obviously comprehended and concur
with the examination must proceed and if differ or mistook for the outcomes must carry on with some different
discoveries, inspect and translate the outcomes.

37
 12. LIMITATIONS OF THE STUDY

There are in every case a few constraints that are being confronted while completing an examination:

 The most critical perspective is the restricted time given to lead the examination.
 Another confinement of optional information is the data could possibly be as indicated by the analyst's
needs and proper.

38
 13. BIBLIOGRAPHY OR REFERENCES

1. Adivelpandian, H., J.Srinivasan, & Kumar, T. (2015). FINANCIAL ANALYSIS OF RETAIL COMPANY:
REFERENCE TO TITAN COMPANY LTD. SIVAKASI: AYYANADARJANAKIAMMAL COLLEGE.

2. Article. (n.d.). Retrieved from economictimes:

https://economictimes.indiatimes.com/news/company/corporate-trends/titan-industries-is-now-titan-
company-limited/articleshow/22120847.cms?from=mdr

3. Asian Star Company. (n.d.). Retrieved from zaubacorp: 11.

https://www.zaubacorp.com/company/ASIAN-STAR-COMPANY-
LIMITED/L36910MH1995PLC086017

4. Credit Rating of Titan. (n.d.). Retrieved from crisil: 7.

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/Titan_Company_Limited_July_31
_2018_RR.html

5. Financial Data. (n.d.). Retrieved from screener: https://www.screener.in/company/TITAN/consolidated/

6. Management of Titan. (n.d.). Retrieved from moneycontrol: https://www.moneycontrol.com/company-

facts/titancompany/management/TI01

7. Rahman, D. A., & Begum, J. W. (2020). A STUDY ON FINANCIAL ANALYSIS OF TITAN

INDUSTRIES LIMITED. Tiruchirappalli-20: Bharathidasan University.

8. Renaissance jeweller. (n.d.). Retrieved from business standard: 13. https://www.business-

standard.com/company/renaiss-global-27346/information/company-history

9. Tata Industries. (n.d.). Retrieved from beaninspirer: . https://www.beaninspirer.com/jamsetji-

nusserwanji-tata-the-great-indian-industrialist-philanthropist-and-nationalist/

10. Titan. (n.d.). Retrieved from Business standard: 5. https://www.business-standard.com/company/titan-

company-1016/information/company-history

11. Venugopal, D., Nambi, S. T., & M. L. (2018). A Data Envelopment Analysis Approach to Performance
Efficiency of Intellectual Capital – Case of Titan Company Limited. Coimbatore: DJ Academy for
Managerial Excellence.

12. Screener.in : The values in peer comparison and cumulative growth as on 4 th April 2019
13. Moneycontrol.com: Management and liquidity information
14. 31st Annual Report (2014-15) of Titan Company: CSR Activities
15. ‘The Intelligent Investor’ by Benjamin Graham

39