A Study on Financial Performance Based on Ratio Analysis

8/13/2019 A Study on Financial Performance Based on Ratio Analysis

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A study on financial Performance based on Ratio Analysis At Patel Shanti Steel PrivateLtd, RAICHUR

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CONTENTS

l. No.TitlesI

Chapter 1

Executive summary

Introduction to the company

Introduction

Profile of the company

Organization structureII

Chapter 2

Introduction to the topic

Statement of the Problem

Purpose of the Study

Scope of the study


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Objectives of the Study

MethodologyIII

Chapter 3

Analysis and interpretation

Findings

Suggestions

ConclusionIV

Chapter 4

Appendix

Bibliography


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EXECUTIVE SUMMARY

The project report on

A study on financial Performance based on RatioAnalysis

is studied in the

Patel Shanti Steel Pvt Co, LTD GoushalaRoad Raichur

for a period of two months as summer in plant training.

Patel Shanti Steel Pvt Co, Ltd(PSSPL),was established in the year of 1998. Company located atYarmars,

Raichur 584 101.. Raichurs 1

st

steel productionIt was a great experience to undergo summer in plant training on

A study on financialPerformance based on Ratio Analysis at Patel Shanti Steel Company

.During the study Ifound that the company is carrying its activity in producing steel.

The company managershave co-operated me a lot in completing my summer-in-plant training.

Theyhave given me all the information that I need for my study.

In this report the effort is made to know the financial position of the PSSPL Company . process to

identify the financial performance of a firm by properly establishing the relationship between the items

of balance sheet and profit or loss account. Thus, we can say that, FinancialAnalysis is a starting point for

making plans before using any sophisticated forecasting and planning.


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Purpose of the study :

A companys balance sheet and profit & loss accounts are valuable information sourcesfor identifying

risk taking and assessing risk management effectiveness. Although amountsfound on these statements

does not provide valuable insights of performance so ratio analysis isrequired for determining good or

bad performance of company and also for determining itscauses. The study includes the calculation of

different financial ratios. It compares four yearsfinancial statements of the company to know its

performance in these different years.

Scope of the study

The scope of the study is limited to financial aspects of PSSPL Company.

Objectives

o

To know the financial performance of the organization.

o

To study financial position of PSSPL based on different ratios.

o

To determine the profitability and liquidity of the company through ratiosanalysis.

o

To compare the present and previous years performance of PSSPL Company.

MethodologyData Collection method

Primary Data : The information Collected from Personnel Interaction with manager andother

staff Secondary:- Annual reports of PSSPL Company

Measurement technique/ Statistical tool

Accounting ratio

Financial statement of the company



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FINDINGS

1)

The current ratio of the company has been increased from 0.58 to 2.97,to 5.17 from the2005,2006 and

2007 respectively. & it decreased to 3.93 in year 2008. Current ratio is on par with the standard ratio, so

it is favorable to the company.2) Debt equity ratio of the company has been decreased to 3.06, 1.54,

1.26, and 1.11respectively from 2005 to 2008 . it is favorable to the company.3) The proprietary ratio of

the company has been increased by 0.14, 0.34, 0.40 & 0.40respectively from 2005 to 2008 . The ratio is

very low; it is unfavorable to the company.4) The interest coverage ratio has been continuously

decreased by year to year i .e .3.56, 2.76,3.23, 2.86, respectively from 2005 to 2008. It shows that lower

the ratio less safe to the long-term creditors.5) The inventory turnover ratio of the company has been

decreased continuously i .e .2.12,1.50,1.17 &1.78 respectively from 2005 to 2008.So, it is not favorableto the company.6) Working capital turnover ratio of the company is negative i .e. -7.09 in the year 2005

& in2006 it can recovered the negative & also excessive in times & it decreased to 5.76, 4.69, and3.31

from 2006 to 2008. The decrease of working capital ratio is unfavorable to the company because it

shows the inefficient utilization of working capital7) The return on capital employed has been decreased

by 248.78,126.64,127.40 & 131.52 from2005 to 2008 . The company is not utilizing the capital in

efficient manner.


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SUGGESTIONS

1.The company needs to increases interest turnover ratio by utilizing the recurring fund andthe profit

retentions; it is more safe to the long-term creditors.2.The company needs to maintain good inventory

turnover ratio by increasing the sales.3.The company needs to increase the working capital turnover

ratio for efficient utilizationof the working capital.4.The company needs to increase the return 0n capital

employed ratio for efficientutilization of capital.


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CONCLUSION


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Financing is the back bone of the progress of any company. Therefore a financial ratiohas its impact on

the management. Ratios give the clear picture of financial condition of thecompany.The areas which

were assigned to me were all key areas of the finance divisions whichalso include different departments

& functions. The profitability position of the company is verygood because, the cost of production is low

& selling price is high .The company has minimumdebt in the capital structure, it doesnt have financial

risk.By the ratio analysis I conclude that, overall financial performance of the company issatisfactory &operating performance in the terms utilization of various assets is good.


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INTRODUCTION

PROFILE OF THE COMPANY

ORGANISATION STRUCTURE


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INTRODUCTION:-

Backed by 10 years of experience in steel re-rolling, PATEL SHANTI STEELS PVT.LTD is the Raichurs 1

st

steel production unit with an existing annual production of more than4000 tons per annum.Production

started in March-1998, initially, because of unavailability of power. The production was stated by using

Generator sets, using Diesel as fuel and continued for initial twoyears, after that power was available,


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later generator set were disposed off and regular production continued.Initial years of company raw

material were concerned because of recession period 1998-2001. The company would get raw materials

(M.S Billets) from only USP Plant and JindalVijaynagar Steel Ltd. But from 2002 onwards the above said

materials got comparatively costlyand company could not afford to buy from them profitably. Hence it

stated buying small T Bars.The company production steel bars has been upgraded by Thermo

Mechanical Treatment (TMT) processes to the Bureau of Indian Standards (BIS). The necessary Researchand Developmentfacility has been setup and clearance are being obtained.With the BIS up gradation,

the company hopes to increase it production to 50% morethan the existing level of production.

Overview of Company Business:-

M/s.Patel Shanti Steel Pvt Limited (the

Company

) is an private company. TheCompany is presently involved in the business of manufacturing Steel Bars,

which is used in theConstruction of Multistoried Buildings, Dams, bridges, flyovers, and power plants asa basicreinforcement material. The Company is manufacturer of TMT Bars. The Company is using the

Tempcore Process

, which is the most advanced technology worldwide for manufacturingTMT Steel Bars. The Companys

products meet IS 1786-2008 specifications.The main manufacturing facility of the Company is situated at

Bhiwadi (Karnataka). The PlantCapacity is 4500 Metric Tonnes per annum.All these plants are using US

Technology which makes Steels Bars.


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The company has a network of more than 150 distributors and dealers spread across the State

of Karnataka.

PROFILE OF THE COMPANYName of the company: - PATEL SHANTI STEEL PVT LTDReg. Office Address :

- 12-7-77, Goushala Road Raichur-584102Factory Location : - Survey No. 259/28, 8

th

km,Yegnoor Village, Hyderabad Road,Raichur Growth Center,Raichur - 584102.PAN No. : -

AADCP6628HStatus : - Private Limited CompanyTin No. : - 29880042693


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PRODUCT PROFILE:-

TMT SteelBars

TMT Bars used in diversified construction requirements. Our manufactured Thermo Mechanically

Treated Steel Bars exhibit high bend ability and re-bend ability features due to due to lower

carboncontent and higher elongation. Excellent yield and ductilitycharacteristics of our Building TMT

Steel Bars make them perfectto use at earthquake zones.TMT Bars are made at our state-of-the-artplant and under the close supervision of frontlineengineers and metallurgists.The Construction TMT Bars

are passed through a highly controlled in-line process of hardeningand tempering during hot rolling.

Prior to passing through the finishing stand, Ribbed Barsundergo specially designed water-based cooling

systems. The cooling system transforms theouter surface to marten site, while the core remains

comparatively hot and austenitic. Thecomposite structure has so formed high yield strength and

excellent ductility characteristics.

Chemical Composition:-

Chemicals Unit IS:1786 (Fe 415)Carbon % 0.30 max.Sulphur % 0.060 max.Phosphorus % 0.60 max.S&P %

0.110 max.Mechanical CompositionMech Properties Unit IS: 1786 (Fe 415)Yield Stress N/mm2 415

minTensile Strength N/mm2 10% over YSElongation %min 14.5min.

TMT Bars Features:-


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TMT BARS


Excellent Bond Strength : -

The rib pattern of TMT Bars has been specially designed to ensure excellent bounding betweenthe bar

and the surrounding concrete. These ribs are uniform and concrete due to cutting byautomated

machines. Thus the bond strength is 100-200% higher than the M.S Plain Bars andconvectional CTD Bars.
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Excellent Weld Ability :-

TMT Bar has far more superior weld ability than convectional CTD Bars. Due to its low carboncontent, it

can be butt- welded or lap-welded using ordinary retile coated electrodes of matchingstrength.

Super Bend Ability : -

The tough outer surface and the ductile core of I TMT Bars make it extra high ductile and bendable than

reinforcement Steel Bars.

Highly Resistant Against Corrosion : -

Our premium product TMT is manufactured by thermo mechanical treatment processes with

notensional residual stresses on the Bars. This results in superior corrosion resistancecharacteristics

than conventional Bars.

Dimensional Tolerances : -

Agree Bar confirms to the IS: 1786 standard laid for dimensional tolerances and has sectionweight

generally lower than found on other bars.

More Economical : -

Agree manufactured TMT Bars are new generation high strength bars with usable yield strengthsin

excess than required to meet Fe-415 grade and ARE - 1786 standard. It helps our Agree Barstake higher

stress levels, resulting in less consumption of our Steel Bars than other conventionalBars. Thus, it helps

in saving the valuable money of our clients and avoiding unnecessary loadson the structure.


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Standard sizes TMT Fe415 bars as per BIS:-

Section (mm) Nominal Weight (kg/meter)8 0.39510 0.61712 0.88816 1.58020 2.470

PATEL SHANTI STEEL PVT LTD

manufactures following quality of steel bars:

CTD BARS

:-


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Cold Twisted Deformed Bars having high strength and proof stress produced by High SpeedRolling and

precision cold twisting.

TMT BARS

:-

Our TMT bars are Thermo-Mechanically treated for high yield strength. The process involvesthe rapid

quenching of hot bars through a series of water jets after they come out of the lastrolling mill stand. The

bars are cooled allowing the core and surface temperatures to equalize.The bar core cools down slowly

to turn into a ferritepearlite aggregate.

TMT Bars :-

TMT bars are Thermo-Mechanically treated for high yield strength. The process involves therapid

quenching of hot bars through a series of water jets after they come out of the last rollingmill stand. The

bars are cooled allowing the core and surface temperatures to equalize. The bar core cools down slowly

to turn into a ferrlitepearlite aggregate.The company is using the Temporal Process, the most advanced

technology worldwide for manufacturing TMT bars in private sector after Tata Iron and Steel

Corporation Limited. For determining better quality monitoring of the different layers of the TMT bars at

the micro level,the company uses Micro Structure Analysis.


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The salient features of these product are: High strength High ductility Bending and re-bending Weld

ability Corrosion Resistant Characteristics High Temperature Resistant Dimensional Tolerance

Seismic Resistance PropertiesProduct SpecificationsTrademark Tempcore TMTGrades : TMT Grade Fe

415, Fe500Diameter :8,10,12,16,20,25 mmStandard Length 5.5 meters to 13 meters.

Mechanical Properties of the product and Comparison with IndianStandard

PROPERTIES/COMPOSITION BIS INDIA (IS : 1786) COMPANYsTMTFor

Grade Fe-415MECHANICAL PROPERTIES

Proof Stress 415 N/mm2 450 N/mm2Tensile Strength 485 N/mm2 530 N/mm2Elongation 14.50%

20%Bend Test Up to 22 mm-3D


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A study on financial Performance based on Ratio Analysis At Patel Shanti Steel PrivateLtd,

RAICHUR CHEMICAL COMPOSTION (%)

Carbon 0.30 Max. 0.30 Max.Sulphur 0.06 Max. 0.06 Max.Phosphorous 0.06 Max. 0.06 Max.S+P

0.11Degree Max. 0.11Degree Max.

For Grade Fe- 500MECHANICAL PROPERTIES

Proof Stress 500N/mm2 530N/mm2Tensile Strength 545N/mm2 600N/mm2Elongation 12% 15%Bend

Test Upto 22mm-4D Upto 22mm-3D

CHEMICAL COMPOSTION (%)

Carbon 0.30 Max 0.14-0.22 MaxSulphur 0.060 Max 0.05 MaxPhosphorous 0.060 Max 0.05 MaxS+P 0.110

Max 0.09 MaxMn ----- 0.4 MinSi ----- 0.4 Max


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Organization Structure

Organization Chart

Asst. ManagerAsst. ManagerAsst. Manager ForemanSales Executives Financial Executives

Fitter Helper The companys organizational chart is formed in a hierarchical way, where the

hierarchystarts with the Managing Director. Then in the next level of hierarchy two Directors

arethere. After Director, Factory Manager leads to the next level which is further divided intofour

department namely Marketing Manager, Financial Manager, Production Manager,Human

Resource Manager. Where each department is further divided into assistant managersand helpers

which helps the upper level of the organization to work effectively and efficiently.Hence the

organizational chart shows the structure of the company and the flow of authority between different

levels.


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Managing Director 1

st

Director2

nd


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Director MarketingManager FinancialManager ProductionManager Human ResourceManager Factory

Manager


Boards of Directors:-

Managing Director Mr. Shivji Patel1

st

. Director Mr. Mohanlal Patel2

nd

. Director Mr. Lalji PatelFactory Manager Mr. ShamlalMarketing Manager Mr. Bhim RaoAssistant

Marketing Manager Mr. MallikarjunFinance Manager Mr. Vinay PatelAssistant Finance Manager Mr.

Mukesh VyasProduction Manager Mr. Ravji PatelAssistant Production Manager Mr. PuneshSolankiHuman Resource Manager Mr. Shamlal


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FUNCTIONS OF VARIOUS DEPARTMENTS

The company consists of four departments namely

Production, Finance,Administration

&

Marketing and Human Resource Management.

The company of 48 permanent staff and there are some 5-10 more who work on a daily wage basis.

Every employeewho joins the company for the first time has to under go a probation period for one

year. Theemployee will be under observation during this period. If the director board is satisfied with

the performance, he will be made permanent. The permanent staff members are entitled for provident

fund, gratuity, employee state insurance, house rent allowance. The daily wage basisemployees areentitled for shift allowance. During the peek seasons the company works roundthe clock with two shifts.

The normal office working hours are from 9.00 to 14.00 hrs and 15.00hrs to 19.00 hrs. The working shifts

is of 6(six) hrs of two shifts.


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MARKETING DEPARTMENT:-

MARKETING DEPARTMENT:-

Marketing occupies an important position in the organization of any business unit.Marketing functionsare not limited to the functions of buying and selling but they include allfunction necessary to satisfy the

customer such as financing, storage, risk bearing and after salesservices etc. Marketing is a vital

connecting link between the producer and the customer.

Functions:-Target Customer:-

Target customer are small dealers vending in Taluks and small villages and houseconstructing

customers.

Market Research:-

Market Research are determined by the feedback by their dealers and walk-in customers.

Present Market Situation:-

The demand situation is slack due to general slowdown on the export front and there bydue to a

slowdown general Indian economy. However due to agricultural production the ruraldemand is intact

and therefore demand situation is not totally hopeless and the production issome-how seems to be

picking up due to the seasonal demand.

Major Competitor:-

Major Competitor are from outside the state steel producers because there is very less production as

the local electricity power rate is very high, so there is minimum productionallover the state(being

electricity is the major cost in the production of steel), naturally the goodscomes from out of the state

for local demand within the state.

Market Segmentation:-

About 50% from city and other 50% from near by rural markets.

Market Target:-


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Target Market is our own district(Raichur), because delivery to other places involveshigher

transportation charges and hence less profitable.


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Positioning:-

The main strategy is to produce only economically viable production that is produce onlysuch extant

which is viably saleable.

Sales Promotion:-

For sales promotion, suitable incentives in kind are being offered to the dealer and aswell as direct

customer, so that the sales volume is maintained at the optimum level.Just like: 1. Quantity discount.2.

Price discount.3. Better credit facility to credit worthy dealer and customers.4. FOR delivery.

General economic and business conditions:-

The demand for company products is dependent on general economic conditions in Indiaand may affect

if there are changes in business conditions in our country.

Demand:-

The demand for company products viz. Steel, Cement, SS Pipes and POP is a deriveddemand, meaning

that it is dependent upon the state and condition of the infrastructure,construction and housing

industry. company have a very well diversified customer base whichobviates dependence on any major

Customer. company have further sought to expand companycustomer base. The prospects and earnings

growth of the customers company serve will have animpact on company ability to generate sales.

Competition:-


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Selling prices of company products may be affected if competition intensifies, includingas a result of

increased capacity of Competitors or company competitors adopt aggressive pricingstrategies in order

to gain market share or new competitors enter the markets we serve.

Raw Material Prices:-

Raw materials i.e Steel Ingots, Sponge Iron and M.S. Scrap constitute a major portion of company total

expenses. Fluctuations in the cost of these raw materials may alter company coststructure and affect

profitability. Historically, we have been able to pass on increases in rawmaterial costs to company

customers but company cannot assure you that in future also companywill be able to do so.

Other Factors:-


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Company results of operations are dependent upon company success in managingcompany inventories.

Company have to schedule out production process and procurementsaccording to delivery schedule of

customers. Any change in schedule may affect companyoperation in short run.

Demand Forecasting:-

The company expects the demand revival in the third quarter of this year following thegovernment

realized finance through various schemes for enhancing construction activities.We have appointed

special representative to study the demand from various segment of the industry and various customers

putting up houses.


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Marketing Department Chart

Human Resource Department:-

Human Resource Department:-

Human Resource department is a department for the effective management of personnelat work.

Human Resources management is the sense of planning organizing and controlling thevarious operating

functions of processing, developing, maintaining and utilizing the labor process for the purpose of

contributing a lot towards the accomplishment of major goals of theorganization.


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Director Marketing Manager Asst. Marketing Manager Sales Executives


RAICHUR FUNCTIONS:-

1.Recruitment & Selection.2.Performance Appraisal.3.Compensation.4.Human Resource

Planning.5.Manpower Planning.6. Maintaining Communication with Employees.

HUMAN RESOURCE POLICY:

-

1.

Patel Shanti Steel recognizes that its people are the primary source of itscompetitiveness.


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2.

It will pursue management practices designed to enrich the quality of life of itsemployees, develop their

potential and maximize their productivity.

3.

Patel Shanti Steel will strive continuously to foster a climate of openness, mutualtrust and teamwork.

MANPOWER PLANNING:-

The present strength of the Company is 60 employees.

S.No. Name of Department Number of Employees

1. Technical & Administration Staff at 102. Administration ,Marketing and Finance at Registered Office

08

Total

78.The Company also employs contract labour for its manufacturing facility at Raichur, 25Karnataka


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RECRUITMENT AND SELECTION:-

There is no recruitment from last few years in Patel Shanti Steels Pvt Ltd Due to heavycomputerization,

mechanisms, and modern technologies. Preference is given to son(s) of workman.They require much

lesser manpower as there is centralized management.

PERFORMANCE APPRAISAL

:-

Performance appraisal assesses an individual's performance against previously agreed work objectives.

Performance appraisal is normally carried out once a year. They assess key resultareas of their

employees, workers and supervisors. Since it is a joint responsibility of theindividual and the supervisor;

every individual in PSSPL are co prime to each other.It also enables management to compare

performance and potential between employees andsubordinates of the same rank. Rating of employees


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is done by their performances. It is given as per ranks very good, average, and average to medium and

below average.

TRAINING AND DEVELOPMENT:-

Safety is a high priority area. Several movements to inculcate a culture of safety have beenpracticed,

but the Company needs to do more to prevent accidents and improve its safety record. They are

trained to know the changes in environment, market, and in steel prices. They also get training of

problem solving techniques, conflict management, etc.


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COMPENSATION PLANNING:-

It depends on financial capabilities. Yearly increments are given. Compensation for inflation is

common for all employees. (flat rates) It is decided by union and management where various demands

are negotiated. It is paid as per other industries. Individual performance bonus is also given.

MAINTAINING COMMUNICATION WITH EMPLOYEES:-

Communication is maintained through various communication channels such as: Notices Circulars

Calling forums Correspondents Functional departmental meetings, ETC.


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FINANCIAL DEPARTMENT

FINANCIAL DEPARTMENT:-

It is finance, which brings together various segments of an organization and transformsthem into an

integrated whole so that it may function smoothly and move in the direction of achieving the

organizational goal. Finance Manger is the top authority in Finance Department.He has equal rights and

responsibilities as compared to the Managing Director of the Companyin general matters.Director

himself handles finance department covering both purchase and sales as priceof steel very volatile,

changing almost every day. Therefore they have make bulk purchase at thetime of lower price and make

sales as and when appropriate.

Capital Structure of the Company


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Capital structure or composition of capital or pattern of securities or the security mix is amajor aspect of

financial planning. Once the finance manager has determined the firms financialrequirements and his

next task is to see that there are fund in hand. The capital comes in manyforms long term and short

term Loans, secured and unsecured debtors, share contribution etc.The decision upon the ratio of these

securities into total capitalization is to decide the capitalstructure.

Working Capital:-

Short Term Funds:- Working Capital generally taken care of by cash credit facilityextended by SBI to the

extend of 1.5 crores.Long Term Funds:- Now, there been a long term slow down due to international

financialcrisis, there is no proposal to invest further as of now. If economic revival takes place in

future,fund can be raise through Equity, Bank funds, Private Equity.

Financial Plan:-

General financial plan is not done on a regular basis due to volatility of prices, alldecisions regarding

purchases and sales is done by market on daily basis.


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Financial Position:-

Current financial position of the organization is quite stable.

Report to Government Agencies:-

1.The usual financial reports are always required for excise department, VATdepartment and lending

Banks.2.Report to PCB Boards(Pollution Control Boards).3.Report to Auditors.

Tax Policies and procedures:-

Tax policies and procedures are observed with the consultant CAs.

Insurance Cover:-

Regular insurance is covered for the value average stock held at the factory.

Cost of Unit of Product:-

Cost of product is approximately Rs. 3600 per ton inclusive of all taxes and expenses.1.CoalRs.

700.2.PowerRs. 750.3.Burning LossRs. 700.4.LabourRs. 600.5.Administrative ExpensesRs.

200.6.Tax and InterestRs. 650.

Financials:-


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As of 31

st

March 2008 total turnover including other income was Rs. 12.51 Crores andnet profit after tax was

Rs.9.7 Lackhs.


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Accounting Policies

1.

Basis of Accounting:

Financial statement is prepared under the historical costconvention and on annual basis.2.

Fixed Assets:

Fixed Assets are stated at their historical and less accumulateddepreciation there own. The cost of fixed

assets comprises their acquisition cost and anyattributable of bringing the asset to its working

conditions. The cost of self - constructedfixed assets comprise those costs that are related directly to the

specific assets andoverheads consistently allocated at predetermined percentage of direct salaries

andwages.

3.Valuation of Inventories:-

a.Raw Material, stores &Spares, Packing Material, Fuel, Stock in process are valuedat cost b.Finished

goods are valued at cost or realizable value whichever is less.c. Waste & scrap and Runner & Riser are

valued at realizable value.

4.Sales:-

Sales are stated net of sales returns.

5.CENVAT:-

Cenvat claimed on Plant & Machinery is reduced from the cost of Plant&Machinery. Cenvat claimed on

purchases of raw materials and other materialsreduced from the cost of such materials.

6.PROVISION FOR CURRENT AND DEFFERED TAX:-

Provision for current tax is made after taking into consideration benefitsadmissible under the provision

of income tax Act, 1961. Deferred tax resulting fromtiming difference between book profit and taxable


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profit is accounted for using the taxrates and laws that have been enacted or substantively enacted as

on the dare of balancesheet. The deferred tax liability is recognized and carried forward only to the

extent thatthere is a reasonable certainty that the same will be realized in future.


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Companys Future Business strategy:-

Company has taken a conscious decision to develop and enlarge its business operations by adopting

Franchise route. The Franchisee markets the Products at its own using Marketingnetwork of PSSPL and

paying the Company Royalty on sales per tonne basis/per bag/percentage.Company have plans to

establish our own Stock Yards at various strategic locations andmaterials required for these yards will be

sourced from the nearby Franchisees, who aremanufacturers of PSSPL Steel TMT/ CTD Bars.The

Company will derive following benefits of this strategy: Company would be able to increase its

profitability by increased turn-around cycle of availableresources. Company would be able to derive

benefits of handling large volumes. Company would get Royalty payments from the Franchisees for use

of PSSPL brand.

.

PSSPL proposes to establish the stockyards in leased properties. It is proposed to acquire landat a

suitable location.Each stockyard would be managed by a team of 5-6 people.


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Financial Department Chart


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Director Finance Manager Asst. Finance Manager Financial Executives


PRODUCTION DEPARTMENT

Production Process Chart:-

Raw Materials (M S Ingots)


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Charged in Re-heating FurnaceRoughing Mil(Ingot 4 reduced to 2)Finishing Mill(2 to reduced to

required finishing size)TMT Treatment PlantCooling BedCutting and sizing Bending and StakingFinished

Goods(8mm,10mm,12mm,16mm,20mm TMT Bars)


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PROCESS FLOW CHART FOR PRODUCTION OF STEEL BARS:-M.S. Ingot:-

Sponge iron and Mild Steel Scrap is fed into induction furnace for melting at the temp of 1550degree

Celsius. Suitable quantity of Ferro Alloys i.e. Ferro Silicon, Ferro manganese aluminumsorts etc are

added as per required chemical composition. The melted scrap is tapped frominduction furnace to C.I.

Moulds for manufacturing M.S. Ingot by bottom

TMT Tempcore Bars:-

The Tempcore process is the best process for the production of high quality rebars because itreplaces

costly alloy elements like Vanadium and Niobium with low cost raw material. It resultsin high

mechanical properties, excellent weld ability, excellent ductility& bend ability. It impartshigh strength to

the bar using the latest technique of Thermo Mechanical Treatment (TMT).Steel billets are heated in a

Reheating Furnace and rolled through a sequence of rolling stands,which progressively reduce the billet

to the final size and shape of the reinforcing bar. Accordingto Tempcore process, the bar leaving the

final stand is submitted to a special heat treatmentinvolving three stages.

Quenching Stage:-

The first stage consists of a drastic water cooling applied to the bar as it leaves the last finishingstand.

The efficiency of the water cooling equipment used at this stage has to be as high as to produce a very

hard cooling, on the bar surface, faster than the critical rate to form the martensiteso as to obtain a

surface layer of crude martensite while core remains austenite.


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Tempering Stage:-

In the second stage the bar leaves the water quenching line and is exposed to air. The heat fluxfrom the

still hot core reheats the quenched by conduction and the martensite formed in the firststage is thus


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subjected to self tempering giving a structure called Tempered Martensite whichis strong and tough.

The core is still austenitic at this stage.

Final Cooling stage:-

The third stage of Atmospheric Cooling occurs on the cooling bed, where the austenitic core

istransformed to a ductile ferrite pearlier core. Thus, the final structure consists of a combinationof

strong outer layer of tempered martensite and a ductile core of ferrite-partite.


36


Structure of Production and Operation:-


37

ProductionManager ElectricityDepartmentFitter OperationMgr.Asst. Production/supervisor Store

Manager Roller Finisher Turner Helper ElectricitySupervisor Asst. ElectritionHelper Production

WorkerHelpersOperation Manager ForemanWork shopDepartmentRoughing MillFinishing Mill6

Workers8 WorkersMaterialsHandlingRaw Materials4 Workers24 WorkersFinish Goods


Production Department Chart


38

Director Production Manager Asst. Production Manager ForemanFitter Helper


Sources of Raw-Materials:-

Ingot are procured from various private manufacturers(furnaces) from different states,like Goa,

Maharastra, Andra Pradesh and within Karnataka itself.

Water:-

Water consumption for TMT & Mill Cooling and for domestic purpose consumption is metfrom a bore

well tube well within the factory premises. Water is recirculated and re-used.

Power:-


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The Company sources Power from GESCOMM,through dedicated high voltage feeder lines anddo not

have alternate source of electricity for manufacturing facilities.

Evaluate of Suppliers:

-

Demanding upon the quality supplied by various private manufacturers and best pricesoffered by them.

Suppliers Evaluation and Rating Mechanism:-

Usually evaluation is done in-house by quality material received from him and best prized offered by

him, these are only criteria for evaluation and rating mechanism.

Usual Ordering Practice:-

During these time of economic slowdown of lower demand, ordering is done only whenthe inventory is

of minimum requirement (i.e., 10 tons.)

Purchase:-

Around 4200 tons per annum.

Production Capacity:-

Production capacity is about 6000 ton per annum, usually single shift is operated becauseof lower

demand.


39



40


Schedule of Working Hours:-

Schedule is from 7am to 7pm with intermittent interval of one hour after each hour of work for all

workers, that mean effectively each worker works for only 6 hours during 7am to7pm.

Typical Mechanism/ Technology Used:-


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1.

Roughing Stands:-

Where in 7 passes are taken up for rolling down the materials from 100mm sq to35mm sq.2.

Finishing Stands:-

Where in 7 to 9 passes are under taken up for rolling down to finishing size of materials from 35mm sq

to finishing size (i.e., 8mm, 10mm, 12mm, 14mm,16mm, 20mm.)3.

Technology Used:-

Jet therm technology is used for TMT Bars.


41


SWOT Analysis(Strength, Weakness, Opportunity, Threat)

Strength:-

1.

Company is usingTempcore Process which is the most advanced technologyworldwide for the

manufacturing of the Thermo Mechanical Treatment bars. As the plants are based on the upgraded

Automatic US Technology, the speed of the plant is 32seconds for manufacturing of Thermo MechanicalTreatment Bars.

2.

The company has a network of more than 175 dealers and distributors spread across thestate.3.The

Thermo Mechanical Treatment bars manufactured in the factory according tostandard of Indian

Standard(IS) 1786:2008. In making Thermo Mechanical Treatment bars US technology is used. The

companys name is Jet Therm.

4.

The company has talented, skilled and qualified man power to look after differentactivities at various

levels in the organization.5.The company provides adequate training to staff to keep them updated on

all issuesrelated to our Industry.6.Raw material is locally available within the boundary of 200 kms.

7.

The company has a Skilled Manpower.


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8.

The company has its own trading shop and has experience of 3 decades.

9.

Company produces quality product at reasonable prices which has competitive of thecompany.


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10.Direct Marketing helps company to deal directly with the customers to know their needsand

satisfaction.

WEAKNESS:-

1.

Fluctuation in raw material prices results in fluctuation in daily prices of the product.2.Labour shortage

and communication problem with labour.

3.

High cost of production compared to giant producers like Tata, SAIL (Steel Authority of India Limited).

4.

Irregularity of power supply stops the production process and leads to the idle machinetime, idle

workforce as there is no power backup.

OPPORTUNITIES:-

1.The major raw material is available within the boundary of 200 kms, so that company cancompete

easily with the bigger player as the cost of production is very less.2.Beside the factory about 2000 acres

has been allotted towards development of growthcantre, because of this all development activity needs

heavy quantity of steel. Obviouslythey will buy from nearby manufacturing only.

3.

Company can make use of full capacity of production by providing good maintenance of machines and

proper power supply.

4.

Company should create good dealers distribution network to make a good hold and alarge market share

for its product.


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5.

Company can reduce its cost of production due to high productivity.

THREATS:-

1.Emerging big player & hence there is competition in the market.

2.

Steel prices are depends globally, so sometimes it affects the availability of raw materialand it is not

possible to make a large stock of raw material due to daily fluctuation in price.

The Company Vision

To be the first choice of customers through leadership in quality and services and achievesustainable

growth through backward integration.

The Company Mission


43


To constantly strive to meet or exceed customers' needs and expectations by stayingahead of

competition with innovative ideas and add super-value to all customers.

Introduction to topic:

When we observed the financial statement comprising the balance sheet and profit or lossaccount is

that they do not give all the information related to financial operations of firm, theycan provide some

extremely useful information to the extent that the balance sheet shows thefinancial position on a

particular date in terms of structure of assets, liabilities and ownersequity and profit or loss account

shows the results of operation during the year. Thus thefinancial statements will provide a summarized

view of the firm. Therefore in order to learnabout the firm the careful examination of an valuablereports and statements through financialanalysis or ratio is required.

Meaning and Definition

Ratio analysis is one of the powerful techniques which are widely used for interpreting financial

statements. This technique serves as a tool for assessing the financialsoundness of the business. it can

be used to compare the risk and return relationship of firms of different sizes. The term ratio refers to


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the numerical or quantitative relationship between twoitems/ variables.The idea of ratio analysis was

introduced by Alexander Wall for the first time in1919. Ratios are quantitative relationship between two

or more variables taken from financialstatements.Ratio analysis is defined as, the systemic use of ratio

to interpret the financialstatement so that the strength and weakness of the firm a well as its historical

performance andcurrent financial condition can be determined.In the financial statement we can find

many items are co-related with each other for example current assets and current liabilities, capital andlong term debt, gross profit and net profit purchase and sales etc

Importance of the ratio analysis

As a tool of financial management, ratios are of crucial significance. The importance of the ratioanalysis

lies in the fact that it presents facts on a comparative basis and enables the drawing of


44


inference regarding the performance of a firm. Ratio analysis is relevant in assessing the performance of

a firm in respect of the following aspects


45


1. Liquidity Position

With the help of ratio analysis conclusion can be drawn regarding the liquidity position of the firm. The

liquidity position of the firm would be satisfactory if it is able to meet its currentobligation when they

become due. a firm can be said to have the ability to meet its short termliabilities if it has sufficient

liquidity funds to pay the interest on its short maturing debts usuallywithin a year as well as to repay the

principal.

2. Long term solvency

Ratio analysis is equally useful for assessing the long term viability of a firm. This aspectof the financial

position of a borrower is of concern to long term creditor, security analysts andthe present andpotential owners of a business. The long term solvency is measured by theleverage/ capital structure

profitability ratio which focus on earning power and operatingefficiency. Ratio analysis reveals the

strength and weakness of the firm in this respect.

3. Operating efficiency


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Yet another dimension of the usefulness of the ratio analysis, relevant from the view point of the

management, is that it throws light on the degree of the efficiency in themanagement and utilization of

its assets. The various activity ratios measure this kind of operational efficiency. In fact, the solvency of a

firm is, in the ultimate analysis, dependent uponthe sales generated by the use of its assets-total as well

as its components.

4. Overall profitability

Unlike the outside parties which are interested in one aspect of the financial position of a firm,the

management is constantly concerned about the overall profitability of the enterprise. That is,they are

concerned about the ability of the firm to meet its short term as well as long termobligations to its

creditors, to ensure a reasonable return to its owners and secure optimumutilization of the assets of the

firm. This is possible if an integrated view is taken and all theratios are considered together.


46


5. Inter-firm comparison

Ratio analysis not only throws the light on the financial position of a firm but also servesas a stepping

stone to remedial measures. This is made possible due to inter-firm comparison andcomparison with the

averages. A single figure of a particular ratio is meaningless unless it isrelated to some standard or norm.

One of the popular techniques to compare the ratio of the firmwith the industry average. It should be

reasonably expected that the performance of a firm should be in broad conformity with that of the

industry to which it belongs. An inter-firm comparisonwould demonstrate the firms position vis--vis itscompetitors.

6. Trend analysis

Finally, ratio analysis enables a firm to take the time dimension into account. In other words, whether

the financial position of a firm is improving or deteriorating over the years. Thisis made possible by the

use of the trend analysis. The significance of a trend analysis of the ratiolies in the fact that the analyst

can know the direction of movement, that is, whether themovement is favorable or unfavorable.


47


ADVANTAGES AND DISADVANTAGES OF RATIOANALYSISAdvantages


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Simplifies financial statements

: Ratio Analysis simplifies the comprehension of financialstatements. Ratios tell the story of changes in

financial condition of the business.

Makes intra firm comparison possible:

Ratio analysis also makes possible comparison of the performance of different division of the company.

The ratio helpful in deciding abouttheir efficiency.

Helps in planning:

Ratio Analysis helps in planning and forecasting over period of time acompany develops certain norms

that may indicates future success/ failure. If relationshipchanges in firms data over different timeperiods. The ratio may provide clues on trends andfuture problems.

Liquidity position:

With the help of ratio analysis conclusions can be drawn regardingliquidity position of the company. The

liquidity position of a companycould be satisfactory if it is able to meet its current obligations when they

become due.

Long term solvency:

Ratio analysis equally useful for assessing the long-term financialviability of a firm. The long-term

solvency is measured by the leverage / capital structure and profitability ratios, which focus on earning

power and operating efficiency.

Facilitates inter firm comparison:

Ratio analysis provides data for inter companycomparison. Ratio highlights the association withsuccessful and unsuccessful firms. Theyalso reveal strong and weak companies, overvalued and

undervalued companys.


48


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The second major limitation of the ratio analysis as a tool of financial analysis isassociated with price

level changes. This, in fact is a weakness of the traditional financialstatement which are based on

historical cost. An implication of this feature of the financialstatement as regards ratio analysis is that

assets acquired at different periods are, in effect, shownat different prices in the balance sheet, as they

are not adjusted for changes in the price level. Asa result, ratio analysis will not yield strictly comparable

and therefore, dependable results.


49


RAICHUR 3. Conceptual Diversity

Yet another factor which affects the usefulness of ratios is that there is difference of opinion regarding

the various concepts used to compute the ratios. there is scope for diversity of opinion as to what

constitutes shareholders equity, debt, asset, profit and so on. Different firmsmay use these terms in

different senses or the same firm may use them to mean different thingsat different times.Reliance on a

single ratio for a particular purpose may not be a conclusive indicator.for instance, the current ratio

alone is not a adequate measure of short-term financial strength; itshould be supplemented by the acid

test ratio, debtors turnover ratio and inventory and inventoryturnover ratio to have a real insight into

the liquidity aspect.

3. Types of Ratios:

The ratios can classified in the following broad main groups1. Liquidity ratios.2. Capital structure orleverage ratio3. Turnover ratios.4. Profitability ratios.5. Expenses ratios.

1. Liquidity Ratios:

Liquidity of the company means its ability to meet its current and short term obligationswhen they

become due for payment. It reflects the short financial strengths and solvency of acompany. The short

term creditors of the company are interested in the short solvency or liquidity of the company. But,

from the point of utilization of funds liquidity or excess of it mayend with the funds lying idle. Hence, a

proper balance between the two contradictoryrequirements i.e. liquidity and profitability is required for

the efficient financial management.The following are the some ratios, which give indication about the

liquidity of thecompany. These ratios are as follows.


50



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* Current Ratio:

The current ratio is the ratio of current assets to the current liabilities. It is calculated bydividing current

assets by current liabilities.Current Ratio = Current Assets/Current LiabilitiesThe current assets of the

company represent such assets, which can by converted intocash within sort time or period which is

normally not exceeding one year and includes cash and bank balances, marketable securities, inventoryof raw material, work in process and finishedgoods, net debtors, bills receivable. Similarly total of

current liabilities includes sort termliabilities namely trade debtors, bills payable, outstanding expenses

etc.The current ratio is measure of sort term solvency of the company. It indicates the rupeeof current

asset available for each rupee of current liability. The higher the current ratio the larger the amount of

rupees available per rupee of current liability and the greater the safety of the sortterm creditors.A high

ratio indicates better liquidity position. But, it should be noted that very highcurrent ratio is the

indicative of ineffective utilization of current assets due to high amount of fund locked in high level of

current, assets (i.e. generally a high amount of inventory). The normfor this ratio is 2:1 which means

even if 50% of the current assets are available for theliquidation; it can meet the current liabilities. The

high ratio is also possible when the long termsources of funds are available for financing the part of thecurrent assets. This avoids theembarrassing situations where the sort obligations can be met due to

temporary liquiditycrunch.This is due low reliance on sort-funds, a standard norm of the current ratio

depends onthe type of the industry as this govern the level of current assets requirements (e.g. public

utilitycompanies have low requirement of the current assets while the whole-sellers require high levelof

current assets.

* Acid Test Ratio:

This ratio tries to over come the defect of the current ratio. This ratio considers thequalitative aspects of

the current assets. It projects relatively clear picture than the current ratio.This distinguishes the relative

liquidity of different current assets. This is called quick ratio, as it


51


is a measurement of a companys ability to pay off its current liabilities. The acid test ratio isratio of

quick current assets and quick current liabilities.Acid Test Ratio = Quick Assets/Quick LiabilitiesThe quick

assets refer to current assets, which can be converted in to cash immediately. Itexcludes the inventory

from the current assets, which are the most liquid assets. To get convertedinto cash the inventoryshould be converted in to the debtors first and ten in to cash, unless it soldon cash basis the norm for

this ratio is 1:1. This ratio provides check on the liquidity position of the company. It is more rigorous

and penetrating test for the liquidity position of a company.Similarly to the current ratio, changes from

industry to industry.

2. Leverage or Capital Structure Ratios:


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The long term creditors would judge the soundness of a firm on the basis of the long termfinancial

strength measured in terms of its ability to pay the interest regularly as well as repayinstallment of the

principal on due debts or in lump-sum at the time of maturity. The lon g termsolvency of a firm can be

examined by using leverage or capital structure ratios. Those ratios areas follows;

* Debt Ratio:

This is a ratio between total debts and total assets.This ratio represents contribution of the out side fund

in the total assets of a company. It showsthe proportion of total assets financed by the out side funds. A

low ratio is desirable from pointof view of creditors as there is a sufficient margin of safety is available to

tem. The creditors areat higher risk, when this ratio is on the higher side. This may be due to over

valuation of theassets or due to the method of charging depreciation on the assets.

Debt-Equity Ratio:

This ratio represents relation between borrowed funds and ownersequity capital is a popular measure

of long term solvency of a firm. The relationship of the debtequity ratio shown by:


52Debt Ratio = Total Debt / Total Assets *100


Debt-Equity Ration = Long term debt / shareholders equityThe equity ratio is an important tool of

financial analysis to apprise financial structure Of firm.It has important view point of the debt holders,

owners and the firm itself what Is the relationship between debt & equity? There can not be rigid rule. It

will depend upon Circumstances, prevailing practices, type & size of the business, nature of the industry

and degree of risk involved and so on. For example, firms having a stable income or a firm producing

basic products can afford to have a higher(i.e.3:2 better)

* Proprietors Ratio:

This ratio shows proportion of total assets financed by the owners fund. A high ratio indicatesthat the

debt is not being exploited to get the benefit of the trading on equity. In general acompany should have

moderate ratio.

* Interest Coverage Ratio:

This ratio measures the debtservicing capacity of a firm in so for as fixed interest on long termloan is

concerned. This ratio, as the name suggests, shows how many times the interest charges are covered

bythe EBIT out of which they will be paid. The larger coverage, the greater ability of the firmto handle

fixed charged liabilities. And low is danger signal the firm is using excessive debt.

3. Turnover or Activity Ratios :


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: A firm may also like to reduce net current assets to netsales. It may compute working turnover by

dividing net sales by the net working capitalHigher ratio indicates efficiency of using working capital to

maximize the sales and vice-versa.But too high ratio indicates shortage of working capital of firm.The

reciprocal of this ratio indicates that the availability of working capital on one rupee of sales.

* Creditors Turnover Ratio:

This ratio is the ratio between purchases and creditors outstanding. The creditorsturnover ratio as

follows- A low ratio reflects liberal credit terms granted by the suppliers, while a high ratio shows

thataccounts are settled rapidly. It is important ratio for analysis, as company can reduce itsrequirement

of working capital by relying on suppliers credit.This ratio can be expressed as the accounts payable

period in terms of days or months.This ratio shows the extent to which the trade creditors are willing to

wait for payment. Thevelocity of creditor (i.e. accounts payable period) on higher side reflects better

negotiation for thecredit period. The velocity of creditors should be compared with the credit period

received fromthe suppliers. This should shows the efficiency of the management in negotiation for the

creditterms

4. Profitability Ratio:

The management of a company or the company itself is naturally interested to measureoperating

efficiency. Also, the owners invest their funds in the company in the expectation of reasonable return to

its share holders depends on the profits earned by it. Profitability an


55Working Capital Turnover Ratio = Net sales / Net working capitalCreditors turnover Ratio = Purchases

/ Average CreditorsAccount Payable Period = 360 / Creditors Turnover Ratio

A study on financial Performance based on Ratio Analysis At Patel ShantiSteel PrivateLtd, RAICHUR

important measure of efficiency. It also indicates the acceptance of the public the product and

itseffectiveness in the market. Also, the profits provide the money for the repayment of the incurredto

finance the project, expansion programme and other related activities. The profitability ratioshelp in

measuring the profitability of the company. Various types of such ratios are explained below,

* Gross profit Margin:

Gross profit margin represents the relation between the profits andsales.Gross profit is the result of the

relation between prices, sales value and cost. Any changes inthese well affect the gross profit. A high

gross profit margin is the of good management. As itimplies that the cost of goods it self might have

reduced.

*


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Operating Profit Margin:

This ratio measures the relationship between operating profitand sales. The operating profit means the

profit before the interest and taxes and before consideringthe effect of non trading transactions. (This

may also be considered as after interest and tax)PAT/EBIT. This ratio indicative management ability to

operate the business so that it should besufficient to take care of the cost borrowed funds and themargin of reasonable compensationshould be left for the owners.

* Net Profit Margin:

This ratio measures the relationship between and profit after taxand net sales The profit tax is the total

profit (i.e. including operating profit and non operating) after interest and tax. This ratio indicates the

percentage of the net sales left after paying the interest


56Gross Profit Margin = Gross Profit / Net Sales *100Operating Profit Margin = Operating Profit / Net

Sales * 100 Net Profit Ratio = Net Profit / Net Sales *100


and taxes. This includes the amount available for the apportionment to its owners for providingtheir

capital at risk.The high net profit margin should ensure adequate return to the owners as well as

enablecompany to withstand adverse economic conditions and selling price declining, the cost

of production is rising and the demand product is falling.

* Return On Capital Employed:

It is the indicator of relationship between net profit andtotal assets (capital employed). This gives the

return on total assets employed. But it throws no light on the profitability of thedifferent sources of

funds, which finance the total assets.

* Return On Equity:

In this ratio profitability measures by dividing the net profit after taxes by the average shareholders

equity. The average shareholders

equity includes equity,reserves and surplus excluding miscellaneous expenditure. Here the term capital

employed includes the owners fund and the long term funds and long termsources of funds. The higher

the ratio, more the efficient use of capital employed. It is verysignificant for the analysis purpose as it

return total long term funds that can be compared withindividual cost of capital to evaluate the

efficiency of the different sources of long term funds.


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