In our present day economy, finance is defined as the provision
of money at the time when it is required. Every enterprise, whether big, medium of small, needs finance to carry its operations and to achieve its targets. In fact, finance is so indispensable today that it is rightly said to be the lifeblood of an enterprise. Without adequate finance, no enterprise can possibly accomplish its objectives. Financial management is applicable to every type of organization, irrespective of its size ind of nature. It is as useful to a small concern as to a big unit. ! trading concern gets the same utility from its application as a manufacturing unit may e"pect. #his subject is important and useful for all types of ownership organizations. Every management aims to utilize its funds in a best possible and profitable way. $o this subject is acquiring a universal applicability. It is indispensable in any organization as helps in% &I' Financial planning and successful promotion of an enterprise( &II' !cquisition of funds as and when required at the minimum possible cost( &III' )roper use and allocation of funds( &I*' #aing sound financial decisions ( &*' Improving the profitability through financial controls( &*I' Increasing the wealth of the investors and the nation( and &vii' )romoting and mobilizing individual and corporate savings. OBJECTIVES OF FINANCIAL MANAGEMENT Financial management is concerned with procurement and use of funds. Its main aim is to use business funds in such a way that the firm+s value,earnings are ma"imized. #here are various alternatives available for using business funds. Each alternative course has to be evaluated in detail. #he pros and cons of various decisions have to loo into before maing a final selection. #he decisions will have tae into consideration the commercial strategy of the business. Financial management provides a framewor for selecting a proper course of action and deciding a viable commercial strategy. #he main objective of a business is to ma"imize the owner+s economic welfare. #his objective can be achieved by% -. )rofit .a"imization /. Wealth ma"imization 1. Profit maximization: )rofit earning is the main aim of every economic activity. ! business being an economic institution must earn profit to cover its costs and provide funds for growth. 0o business can service without earning profit. )rofits are a measure of efficiency of a business enterprise. )rofits also serve as a protection against riss which cannot be ensured. #he accumulated profits enable a business to face riss lie fall in prices, competition from other units, adverse government policies etc. #hus, profit ma"imization is considered as the main objective of business% &i' When profit 1 earning is the aim of business then profit ma"imization should be the obvious objective. &ii' )rofitability is a barometer for measuring efficiency and economic prosperity of a business enterprise, thus, profit ma"imization is justified on the grounds of rationality. &iii' Economic and business conditions do not remain same at all the times. #here may be adverse business conditions lie recession, depression, severe competition etc. ! business will be able to service under unfavorable situation only if it has some past earnings to rely upon. #herefore a business should try to earn more and more when situation is favorable. &iv' )rofits are the main sources of finance for the growth of a business. $o, a business should aim at ma"imization of profits for enabling its growth and development. &v' )rofitability is essential for fulfilling social goals also. ! firm by pursuing the objective of profit ma"imization also ma"imizes socio2 economic welfare. 2. !a"t# maximization Wealth ma"imization is the appropriate objective of an enterprise financial theory asserts that wealth ma"imization is the single substitute for stocholder+s utility. When the firm ma"imizes the stocholder+s wealth, the individual stocholder can use this wealth to ma"imize his individual utility. It means that by ma"imizing stocholder+s wealth firm is operating consistently towards ma"imizing stocholder+s utility. FINANCIAL STATEMENTS ! financial statement is a collection of data organized according to logical and consistent accounting procedures. Its purpose is to convey an understanding of some financial aspects of a business firm. It may show a position at a movement in time, as in the case of balance sheet, or may reveal a series of activities over a given period of time, as in the case of an income statement. O$%!&ti'!( of finan&ia" (tat!m!nt(: Financial statements are the sources of information on the basis of which conclusions are drawn about the profitability and financial position of a concern. #hey are the major means employed by firms to present their financial situation of owners, creditors and the general public. #he primary objective of financial statements is to assist in decision maing. #he !ccounting )rinciples 3oard of !merica &!)3' states the following objectives of financial statements% &i' #o provide reliable financial information about economic resources and obligations of business firm. &ii' #o provide other needed information about changes in such economic resources and obligations. &iii' #o provide reliable information about changes in net resources &resources less obligations' arising out of business activities. &iv' #o provide financial information that assists in estimating the earning potentials of business. F INANCIAL STATEMENT ANAL)SIS Financial analysis is the process of determining financial strengths and weaness of the firm by establishing strategic relationship between the items of the items of the balance sheet, profit and loss account and other operative data. In the words of .yers, 4financial statements analysis is largely a study of relationship among various financial factors in a business as disclosed by a single set of statements, and a study of the trend of these factors as shown in series of statements. ! finan&ia" ratio &or a&&o*ntin+ ratio' is a relative magnitude of two selected numerical values taen from an enterprise5s financial statements. 6ften used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders &owners' of a firm, and by a firm5s creditors. Financial analysts use financial ratios to compare the strengths and weanesses in various companies. 7-8 If shares in a company are traded in a financial maret, the maret price of the shares is used in certain financial ratios. 9atios can be e"pressed as a decimal value, such as :.-:, or given as an equivalent percent value, such as -:;. $ome ratios are usually quoted as percentages, especially ratios that are usually or always less than -, such as earnings yield, while others are usually quoted as decimal numbers, especially ratios that are usually more than -, such as ),E ratio( these latter are also called m*"ti,"!(. <iven any ratio, one can tae its reciprocal( if the ratio was above -, the reciprocal will be below -, and conversely. #he reciprocal e"presses the same information, but may be more understandable% for instance, the earnings yield can be compared with bond yields, while the ),E ratio cannot be% for e"ample, a ),E ratio of /: corresponds to an earnings yield of =;. So*r&!( of -ata for finan&ia" ratio( *alues used in calculating financial ratios are taen from the balance sheet, income statement, statement of cash flows or &sometimes' the statement of retained earnings. #hese comprise the firm5s >accounting statements> or financial statements. #he statements5 data is based on the accounting method and accounting standards used by the organization. P*r,o(! an- t.,!( of ratio( Financial ratios quantify many aspects of a business and are an integral part of the financial statement analysis. Financial ratios are categorized according to the financial aspect of the business which the ratio measures. Li/*i-it. ratio( measure the availability of cash to pay debt. 7/8 A&ti'it. ratio( measure how quicly a firm converts non2cash assets to cash assets. 7?8 0!$t ratio( measure the firm5s ability to repay long2term debt. 7@8 Profita$i"it. ratio( measure the firm5s use of its assets and control of its e"penses to generate an acceptable rate of return. 7=8 Mar1!t ratio( measure investor response to owning a company5s stoc and also the cost of issuing stoc. 7A8 #hese are concerned with the return on investment for shareholders, and with the relationship between return and the value of an investment in company+s shares. Financial ratios allow for comparisons between companies between industries between different time periods for one company between a single company and its industry average 9atios generally are not useful unless they are benchmared against something else, lie past performance or another company. #hus, the ratios of firms in different industries, which face different riss, capital requirements, and competition are usually hard to compare. A&&o*ntin+ m!t#o-( an- ,rin&i,"!( Financial ratios may not be directly comparable between companies that use different accounting methods or follow various standard accounting practices. .ost public companies are required by law to use generally accepted accounting principles for their home countries, but private companies, partnerships and sole proprietorships may not use accrual basis accounting. Barge multi2national corporations may use International Financial 9eporting $tandards to produce their financial statements, or they may use the generally accepted accounting principles of their home country. #here is no international standard for calculating the summary data presented in all financial statements, and the terminology is not always consistent between companies, industries, countries and time periods. 2. P3OFITABILIT) 3ATIO: 0!finition of 4Profita$i"it. 3atio(4 ! class of financial metrics that are used to assess a business5s ability to generate earnings as compared to its e"penses and other relevant costs incurred during a specific period of time. For most of these ratios, having a higher value relative to a competitor5s ratio or the same ratio from a previous period is indicative that the company is doing well. !n ability to earn ma"imum from ma"imum use of available resources by the business concerns is nown as C)rofitability+. #he status of profitability depends upon the quantum of sales,nature of costs and proper use of financial resources. #he profitability ratios are used to calculate the efficiency of operating of the company. )rofits are ultimate goal of every company and it should be continuously evaluated in terms of profits. )rofitability analysis comprises the stydy of sales , analysis of cost of goods sold , analysis of gross margin on sales , analysis of operating e"penses , analysis of operating profit D analysis of profit in relation to sales and capital. INT3ESTE0 PA3TIES IN P3OFITABILIT) 3ATIOS: .!0!<E.E0# E9EFI#69$ 6W0E9$ <enerally four major profits are calculated, they are i. <ross profit ratio ii. 0et profit ratio iii. E"pense ratio iv. 9eturn on capital employed i.Gro(( ,rofit ratio: #he first profitability ratio in relation to sales reflects the efficiency with which management produces each unit of product. #he <ross profit ratio may be interpreted by comparing the ratio of the same concern over a period of time or comparing the ratio of the two similar concerns or by comparing the ratio of a year with some standard fi"ed by management . 0ormally , a higher ratio is always considered good D serves as a inde" of higher profitability. It is calculated by dividing the <ross )rofit with $ales.
<ross profit <ross )rofit ratio G " -:: $ales ii. N!t ,rofit ratio: It is also called as 0et )rofit to $ales 9atio. 0et profit ratio e"plains the net profit of the company after paying ta"es of particular period. It establishes relation between net profit and sales D as such e"pressed as percentage to sales. 0et )rofit 0et profit ratioG X 100 $ales iii.E5PENSE 3ATIO: Each e"pense is related to sales D e"pressed as percentage to sales. Its formula is %2
E"pense E"pense ratio G " -:: $ales i'. 3ET63N ON CAPITAL EMPLO)E0: 3!t*rn on &a,ita" !m,"o.!- is an accounting ratio used in finance, valuation, and accounting. T#! form*"a &E"pressed as a ;' It is similar to 9eturn on !ssets &96!', but - taes into account sources of financing. 0et 6perating )rofit !fter #a" &06)!#' is equal to E3I# H &- 2 ta"' 22 the return on the capital employed should be measured in after ta" terms. O,!ratin+ in&om! E3I# stands for Earnings before interest and ta" Ca,ita" !m,"o.!- In the denominator we have net assets or capital employed instead of total assets &which is the case of 9eturn on !ssets'. Eapital Employed has many definitions. In general it is the capital investment necessary for a business to function. It is commonly represented as total assets less current liabilities &or fi"ed assets plus woring capital requirement'. 96EE uses the reported &period end' capital numbers( if one instead uses the average of the opening and closing capital for the period, one obtains 3!t*rn on A'!ra+! Ca,ita" Em,"o.!- &3OACE'. A,,"i&ation 3OCE is used to prove the value the business gains from its assets and liabilities. ! business which owns lots of land will have a smaller 96EE compared to a business which owns little land but maes the same profit. It basically can be used to show how much a business is gaining for its assets, or how much it is losing for its liabilities. 0ra7$a&1( of 3OCE #he main drawbac of 96EE is that it measures return against the boo value of assets in the business. !s these are depreciated the 96EE will increase even though cash flow has remained the same. #hus, older businesses with depreciated assets will tend to have higher 96EE than newer, possibly better businesses. In addition, while cash flow is affected by inflation, the boo value of assets is not. Eonsequently revenues increase with inflation while capital employed generally does not &as the boo value of assets is not affected by inflation''. COMPAN) P3OFILE #ata .otors Bimited &formerly #EBE6, short for >#ata Engineering and Bocomotive Eompany>' is an Indian multinational automotive manufacturing company headquartered in .umbai, .aharashtra, India and a subsidiary of the #ata <roup. Its products include passenger cars, trucs, vans, coaches, buses and military vehicles. It is the world5s eighteenth2largest motor vehicle manufacturing company, fourth2largest truc manufacturer and second2largest bus manufacturer by volume. 7=8 #ata .otors has auto manufacturing and assembly plants in Iamshedpur, )antnagar, Bucnow, $anand, Fharwad and )une in India, as well as in !rgentina, $outh !frica, #hailand and the Jnited Kingdom. It has research and development centres in )une, Iamshedpur, Bucnow and Fharwad, India, and in $outh Korea, $pain, and the Jnited Kingdom. It has a bus manufacturing joint venture with .arcopolo $.!.,a construction equipment manufacturing joint venture with Litachi and a joint venture with Fiat in India. Founded in -M@= as a manufacturer of locomotives, the company manufactured its first commercial vehicle in -M=@ in a collaboration with Faimler23enz !<, which ended in -MAM. #ata .otors entered the passenger vehicle maret in -MM- with the launch of the #ata $ierra, becoming the first Indian manufacturer to achieve the capability of developing a competitive indigenous automobile. 7A8 In -MMN launched the first fully indigenous Indian passenger car, the Indica. #ata .otors acquired the $outh Korean truc manufacturer Faewoo Eommercial *ehicles Eompany in /::@. #ata .otors purchased the 3ritish premium car maer Iaguar Band 9over &Iaguar, Band 9over and 9ange 9over cars' in /::N. #ata .otors is listed on the 3ombay $toc E"change, where it is a constituent of the 3$E $E0$EO inde", the 0ational $toc E"change of India and the 0ew Por $toc E"change. #ata .otors is raned ?-@th in the /:-/ Fortune <lobal =:: raning of the world5s biggest corporations. #ata entered the commercial vehicle sector in -M=@ after forming a joint venture with Faimler23enz of <ermany. !fter years of dominating the commercial vehicle maret in India, #ata .otors entered the passenger vehicle maret in -MM- by launching the #ata $ierra, a multi utility vehicle. !fter the launch of three more vehicles, #ata Estate &-MM/( a station wagon design based on the earlier 5#ata.obile5 &-MNM', a light commercial vehicle', #ata $umo &-MM@( BE*' and #ata $afari &-MMN( India5s first sports utility vehicle'. #ata launched the Indica in -MMN, the first fully indigenous Indian passenger car. !lthough initially criticised by auto2analysts, its e"cellent fuel economy, powerful engine and an aggressive mareting strategy made it one of the best selling cars in the history of the Indian automobile industry. ! newer version of the car, named Indica */, was a major improvement over the previous version and quicly became a mass2 favourite. #ata .otors also successfully e"ported large quantities of the car to $outh !frica. #he success of Indica played a ey role in the growth of #ata .otors. 7Q8 In /::@ #ata .otors acquired Faewoo5s $outh Korea2based truc manufacturing unit, Faewoo Eommercial *ehicles Eompany, later renamed #ata Faewoo. 7N8 6n /Q $eptember /::@, #ata .otors rang the opening bell at the 0ew Por $toc E"change &0P$E' to mar the listing of #ata .otors. 7M8 In /::=, #ata .otors acquired a /-; controlling stae in the $panish bus and coach manufacturer Lispano Earrocera. 7-:8 #ata .otors continued its maret area e"pansion through the introduction of new products such as buses &$tarbus D <lobus, jointly developed with subsidiary Lispano Earrocera' and trucs &0ovus, jointly developed with subsidiary #ata Faewoo'. In /::A, #ata formed a joint venture with the 3razil2based .arcopolo, #ata .arcopolo 3us, to manufacture fully built buses and coaches. 7--8 In /::N, #ata .otors acquired the 3ritish car maer Iaguar Band 9over, manufacturer of the Iaguar, Band 9over and Faimler lu"ury car brands, from Ford .otor Eompany. 7-/87-?87-@87-=8 In .ay /::M #ata unveiled the #ata World #ruc range jointly developed with #ata Faewoo. 7-A8 Febuting in $outh Korea, $outh !frica, the $!!9E countries and the .iddle2East by the end of /::M. 7-A8 #ata acquired full ownership of Lispano Earrocera in /::M. 7-Q8 In /:-:, #ata .otors acquired an N:; stae in the Italian design and engineering company #rili" for R-.N= million. #he acquisition formed part of the company5s plan to enhance its styling and design capabilities. 7-N8 In /:-/, #ata .otors announced it will invest around A billion on developing Futuristic Infantry Eombat *ehicles in collaboration with F9F6. 7-M8 In /:-?, #ata .otors announced it will sell in India, the first vehicle in the world to run on compressed air &engines designed by the French company .FI' and dubbed >.ini E!#>. SOCIAL 3ESPONSIBILITIES OF TATA: #he role of a responsible citizen does not go unheeded in #elcon, in the true spirit of the #ata group. #elcon wors in close collaboration with a number of 0<6s to channelize its wor. #elcon5s thrust remains educations, environment and health. En'ironm!nt:
In an environment protection drive several multiple thousands of tree
samplings were planted in Fharwad and Iamshedpur inside the factory premises and in the #elcon townships. #his remains an ongoing annual activity, never to give up. E-*&ationa" a((i(tan&! to t#! ,#.(i&a"". -i(a$"!-: !ssistance is e"tended to schools imparting special education such as the $pastic $ociety of $outhern India $chool and Karnataa $chool for the Feaf. $ponsorship of education for children of Beprosy patients residing in self2settled colonies, in collaboration with 0av Iagran .anav $amaj. So&ia" -!'!"o,m!nt% !wareness programmes for women in villages in areas of hygiene, education and all2round development. Industrial training to worthy school children. Infra(tr*&t*r! (*,,ort to "o&a" !-*&ationa" in(tit*tion(: Eonstruction of boundary wall and toilets and supply of furniture to village schools in 3elur. !ssistance to schools in Iamshedpur to set up computer laboratories and sports facilities. P*$"i& 8!a"t# an- Fami". !"far! % #elcon sponsors immunization programmes in collaboration with )arivar Kalyan $ansthan that e"tends medical help to thousands of children who have no access to basic health programmes. #he year is dotted with blood donation and medical camps. Family planning counseling and programmes are held in collaboration with )arivar Kalyan $ansthan whereby people are imparted lectures and operations are performed. OBJECTIVES OF ST60) -. #o study the <ross )rofit 9atio of #ata .otors for ? assessment years. /. #o study the 0et )rofit 9atio of #ata .otors for ? assessment years. ?. #o study the E"pense 9atio of #ata .otors for ? assessment years. @. #o study the 9eturn on Eapital Employed for ? assessment years. 3ESEA3C8 MET8O0OLOG) #he research design refers to preplanning of what a researcher does in his study. #he design adopted in the study comes under e"ploratory and evaluatory research. $ince the data collected from the financial statements of the company is analyzed under various financial and tactical tools. Mo-!( of 0ata &o""!&tion( #he study is based on one type data , obtained from the #ata .otors ltd., #hey are% $econdary data S!&on-ar. 0ata9 $econdary data is based on the past data i.e. 7three years !nnual 9eports /:--2/:-@8 Sam,"in+ : Sam,"! ar!a : Tata Motor( Too"( for 0ata Ana".(i( ; Int!r,r!tation : P!r&!nta+! m!t#o- Too"( for 0ata Pr!(!ntation : I #a'! *(!- too"( "i1! ta$"! < $ar+ra,# ; &#art for ,r!(!ntin+ m. -ata r!+ar-in+ t#! to,i&. 0ATA ANAL)SIS ; INTE3P3ETATION 1. Gro(( Profit 3atio : 6f !ssessment Pear /:--2-/ <ross profit ratio G <ross profit , $ales H-:: GN.MM, @NN.Q: N -:: G -.N? 6f !ssessment Pear /:-/2-? <ross profit ratio G ?Q.NN,A/M.@= H -:: G A.:- 6f !ssessment Pear /:-?2-@ <ross profit ratio G A:.-M,N-A.N? H -:: G Q.?A )!ar Gro(( Profit 3atio =3( in Cr> /:--2-/ -.N? /:-/2-? A.:- /:-?2-@ Q.?A <ross )rofit ratio &9s in Er' : / @ A N /:--2-/ /:-/2-? /:-?2-@ <ross )rofit ratio &9s in Er' INTE3P3ETATION : In the above graph , years are taen on "2a"is D <ross profit ratio is taen on y2 a"is . From the given data it can be interpreted that there was an increase in <)9 by //N.@-; from the financial year /:--2-/ to /:-/2-?. Further there was an increase of //.@A ; in the year /:-?2-@. 2. NET P3OFIT : 6f !ssessment Pear /:--2-/ 0et profit ratio G 0et profit , $ales H -:: G@.-? ,@NN.Q: H -:: G:.N@ 6f !ssessment Pear /:-/2-? 0et )rofit 9atio G /:.AQ,A/M.@= H -:: G ?./N 6f !ssessment Pear /:-?2-@ 0et profit ratio G @:.QA,N-A.N? H -:: G@.MM )!ar N!t Profit 3atio =3( in Cr> /:--2-/ ?.@A /:-/2-? 2.2@ /:-?2-@ A.BB 0et )rofit ratio &9s in Er' : - / ? @ = A /:--2-/ /:-/2-? /:-?2-@ 0et )rofit ratio &9s in Er' INTE3P3ETATION : In the above graph years are taen on "2a"is D 0et profit ratio is taen on y2a"is . From the given data it can be interpreted that there was an increase in 0)9 by /@@; from the financial year /:--2-/ to /:-/2-?. Further there was an increase of =/.-?; in the year /:-?2-@. 2. E5PENSE 3ATIO : 6f !ssessment Pear /:--2-/ E"pense 9atio G E"pense , $ales H -:: G@?N.QN,@NN.Q:H-:: G NM.QN 6f !ssessment Pear /:-/2-? E"pense ratio G==?.NQ,A/M.@= H -:: GNQ.MM 6f !ssessment Pear /:-?2-@ E"pense ratio G Q?-.QA,N-A.N?H-:: G NM.=N )!ar Ex,!n(! 3atio =3( in Cr> /:--2-/ @B.C@ /:-/2-? @C.BB /:-?2-@ @B.D@ E"pense 9atio &9s in Er' NQ NN NM M: /:--2-/ /:-/2-? /:-?2-@ E"pense 9atio &9s in Er' INTE3P3ETATION : In the above graph , years are taen on "2a"is D E"pense ratio is taen on y2a"is . From the given data it can be interpreted that there was an increase in e"pense ratio by -.MM; from the financial year /:--2-/ to /:-/2-?. Further there was an decrease of -.N:; in the year /:-?2-@. A. 3ET63N ON CAPITAL EMPLO)E0 : 6f !ssessment Pear /:--2-/ 9eturn on Eapital Employed G )rofit before interest D ta" , capital employed H-:: GN.MM,-::H-:: GN.MM 6f !ssessment Pear /:-/2-? 9eturn on capital employed G ?Q.NN,-:: H -:: G?Q.NN 6f !ssessment Pear /:-?2-@ 9eturn on capital employed G A:.-M,-::H-:: GA:.-M )!ar Ex,!n(! 3atio =3( in Cr> /:--2-/ @.BB /:-/2-? 2C.@@ /:-?2-@ E?.1B 9eturn on capital employed &9s in Er' : /: @: A: N: /:--2-/ /:-/2-? /:-?2-@ 9eturn on capital employed &9s in Er' INTE3P3ETATION : In the above graph , years are taen on "2a"is D 9eturn on capital employed is taen on y2a"is .From the given data it can be interpreted that there was an increase in return on capital employedby ?/-.?=; from the financial year/:--2-/ to /:-/2-?. Further there was an increase of =N.NM;in the year /:-?2-@. FI0FI0<$ )E9EE0#!<E 6F I0E9E!$E I0 )96FI#!3IBI#P 9!#I6% )EA3 GP3 NP3 E5PENSE 3ATIO 3ET63N ON CAPITAL EMPLO)E0 /:--2-/ 22 22 22 22 /:-/2-? //N.@:; /@@; -.MM; ?/-.?=; /:-?2-@ //.@A; =/.-?; -.N:; =N.NM; 6perating loss decreased up to the year /:-@ . #he tata motors ltd. earned net profit in all the years. It had been maintaining high inventory levels for all the years. In most of the years debtor+s collection period was very high. #he funds were also raised through debts with high interest rates. $ome funds are lost in operations. 3ECOMMEN0ATIONS #.B should adopt cost control measures by drawing inspiration from prospering *ELIEBE factories. #.B should reduce operating and administrative e"penses, it will increase overall efficiency of the firm. ! high level of debt introduces infle"ibility in the firms operations due to increasing interference and pressures from creditors. ! high debt company is able to borrow funds on very restrictive terms and conditions. $o, it should raise owners funds. CONCL6SION )96FI#!3IBI#P 9!#I6 !0!BP$I$ is defined as systematic use of ratio to interpret the financial statements so that strength and weaness of firm as well as historical performance and current financial condition can be determined. #he profitability ratio is an aid to management in maing decisions. #he ratio if discriminately and wisely interpreted be useful tool of financial analysis. !ccording to analysis of profitability ratios of three years of #ata .otors Eo., I came to now that the company made a good effort to increase the profit. It has used the all the assets effectively to get good returns. #he ratios lie gross profit ,net profit D return on capital employed all are increasing year by year it shows that company is in profit maing. #ata .otors has good brand name and it has maintained a good relationship between customers. !nd it can increase its profit still better in the upcoming time period. LIMITATIONS -. #ime was the major constraint. /. It was a tedious tas to get the current annual reports or e"act financial position of the firm. ?. It was e"pensive to get the data D prepare the project report. @. #he study is done only on 3alance $heet D )rofit and loss a,c of the company. BIBLIOGRAPHY BOOFS Financial .anagement Fr. $.). <J)#! /::M $ahitya 3hawan )ublications Financial .anagement #heory and )ractice )rasanna Ehandra $i"th Edition #ata .c <raw Lill )ublishing company. .anagement !ccounting )rinciples and )ractice 9. K. $harma $ahashi K. <upta Eight edition alyani publishers. EBSITES www.google.com www.financial2education.com www. Wiipedia.in www.tatamotors.co.in THANK YOU
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