International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 73

Volume 4, No. 3, March 2015

An Empirical Study of Financial Performance of Mahindra

and Mahindra Co. - A Comparative Analysis
Snehlata, G.C.W Bhodia Khera, Fatehabad, Haryana

ABSTRACT COMPANY PROFILE

The automobile industry has continued its growth Mahindra & Mahindra Limited (M&M) is an Indian
trajectory over the past few years. The Indian automobile multinational automobile manufacturing corporation
industry has vital role to play in the world’s automobile headquartered in Mumbai, Maharashtra, India. It is one of
market. With the increasing growth in demand on back of the largest vehicle manufacturers by production in India
rising income, expanding middle class and young and the largest seller of tractors across the world. It was
population base, large pool of skilled manpower and ranked as the 10th most trusted brand in India, by The
growing technology, will propel India to be among the Brand Trust Report, India Study 2014. It was ranked 21st
world's top five auto-producers by 2015. ‘Profit is the in the list of top companies of India in Fortune India 500
engine that drives the business enterprise”. There should in 2011. Its major competitors in the Indian market include
be enough profits to every firm or business enterprise to Maruti Suzuki, Tata Motors, Ashok Leyland, Toyota,
survive and grow in the long run. Financial analysis refers Hyundai, Mercedes-Benz (Merc) and others.
to an assessment of the viability, stability and profitability
of a business, sub-business or project. In this research Type Public
paper, ratio analysis has been done to compare the Founded 1945 (Ludhiana)
financial statements and balance sheets of Mahindra and Headquarters Mumbai, Maharashtra, India
Mahindra co. and offer suggestions for the improvement of Industry Automotive
efficiency in the company. Key people Anand Mahindra (MD)
Products Automobiles, commercial vehicles,
Keywords: two-wheelers
Advance, financial performance, Solvency, Leverage Parent Mahindra Group
Ratio. Subsidiaries Mahindra Two Wheelers limited
Ssang Yong Motor company
INTRODUCTION Website www.mahindra.com

Today a large section of people, who have minimal

financial literacy, are keen to know the financial
performance status of the companies where their deposits
are vested. They may be as an investor, manager,
employee, owner, lender, customer, government and
public at large. Financial performance is not airily
available from the records and files in any organisation. It
has to be derived by the usage of financial statement
analysis techniques. The selection and usage of technique
is subject to the option of the user. Some of the important
and commonly used techniques are: Ratio Analysis, Cross
section analysis Comparative statement analysis, Time
series analysis, Common size analysis, and DuPont
Analysis. The usefulness of ratios depends on skilful
interpretation and intelligence of the user. The present
study is devoted to analyze the financial performance of
Mahindra and Mahindra co. by using ratio analysis with a
view to give meaningful interpretations for the
stakeholders of the selected company.
Military Defence:
The Company has built and assembled military vehicles,
commencing in 1947 with the importation of the Willys
Jeep that had been widely used in World War II. Its line of
military vehicles includes the Axe. It also maintains a joint
venture with BAE Systems, Defence Land Systems India.
Consumer:
Mahindra e2o, Mahindra Thar, Mahindra Bolero,
Mahindra Xylo, Mahindra Scorpio, Mahindra Scorpio
Getaway, Mahindra Verito, Mahindra XUV500,
Mahindra Verito Vibe.
Farm equipment:
Mahindra began manufacturing tractors for the Indian
market during the early '60s. It is the top tractor company
in the world (by volume) with annual sales totaling more
than 200,000 tractors. Mahindra tractors are available in
40 countries Mahindra Tractors manufactures its products
at four plants in India, two in Mainland China, three in the
United States, and one in Australia. It has three major

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International Journal of Management and Social Sciences Research (IJMSSR)
Volume 4, No. 3, March 2015
subsidiaries: Mahindra USA, Mahindra (China) Tractor
Company, and Mahindra Yueda (Yancheng) Tractor
Company (a joint venture with the Jiangsu Yueda Group).
In 2003, the Farm Equipment Sector of Mahindra &
Mahindra won the Deming Application Prize and in 2007
it received the Japan Quality Medal for implementing
Total Quality Management in its entire business
operations. In addition to tractors, Mahindra sells other
farm equipment. It has expanded its product-line to
include farm-support services via Mahindra AppliTrac
(farm mechanisation products), Mahindra ShubhLabh
(seeds, crop protection, and market linkages and
distribution), and the Samriddhi Initiative (farm
counseling and information services).
Energy:
Mahindra & Mahindra entered the energy sector in 2002,
in response to growing demands for increased electric
power in India. Since then, more than 150,000 Mahindra
Powerol engines and diesel generator sets (gensets) have
been installed in India, offering standard proper quality
power, as do larger companies, in areas with arguably less
reliable grid electricity. The inverters, batteries, and
gensets are manufactured at three facilities in Pune
(Maharashtra), Chennai (Tamil Nadu), and Delhi; and 160
service points across India offer 24-7 support to most key
markets. In 2006, it became a major market leader in the
telecom segment (and in 2011, its market share passed 45
percent). In 2007, it won the Frost and Sullivan "Voice of
the Customer" award for best practices in telecom.
Employees:
As on 31 March 2013, the company had 34,612
employees, out of which 699 were women (2%). It also
had around 16,000 temporary employees on the same date.
REVIEW OF LITERATURE
Ho and Zhu (2004) have reported that the evaluation of a
company’s performance has been focusing the operational
effectiveness and efficiency, which might influence the
company’s survival directly.
Furthermore, Gopinathan (2009) has presented that the
financial ratios analysis can spot better investment options
for investors as the ratio analysis measures various aspects
of the performance and analyzes fundamentals of a
company or an institution.
Andrew and Schmidgall (1993) in their study classified
financial ratios into five categories “liquidity ratios,
solvency ratios, activity ratios, profitability ratios, and
operating ratios”. They indicated that financial ratios
themselves do not provide valuable information about a
firm’s performance, Andrew (1993) in his study conducted
on automobile industry investigated the leverage ratio of
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companies and suggested that a value-maximizing capital
structure.
Hitchings (1999), in his study realized that ratio analysis
is a sensitive and valuable tool in credit assessment which
is to forecast the ability of a borrower to meet its debt
obligations.
Zopounidis (2000) in his study proposed methodological
framework based on financial ratio analyses for estimating
small and medium size enterprises performance, Hsieh and
Wang (2001) in their study examined and stressed the
need of selecting relevant financial ratios for the purpose
of analysis. They proposed new approach for finding
useful financial ratio and also emphasized that industry
differs in product, in size and have its own unique business
practices and internal and external environment thus
financial ratio analysis should be according to industry
which suit it the most.
Dr. Sugan C.Jain (2002) in his study examined the
performance of automobile industry. He used composite
index approach to analyze the operational efficiency and
profitability and suggested to strengthening the soundness,
profitability improvisation, working capital and in the
performance of fixed assets.
Harrision (2003) conducted study and argued that
financial ratio analyses are very useful. During his study
he found that financial ratios analysis are also effective in
automobile industry, it guide governing body to determine
effective and efficient strategies and identify the weak
areas which need attention.
Chen and Shimerda (1981) in their study noted that there
are 41 different financial ratios which were earlier used
sufficiently in studies and conclude that it is difficult to
select ratio with the approximate and absolute factors
loading as the representative financial ratio for the
observed factors.
Virtanen and Yli-Olli (1989) in their study tested the
temporal behavior of financial ratio distributions and
found that business cycle affects the cross sectional
financial ratio distributions.
Tippett (1990) in his study examined models financial
ratio in terms of stochastic processes and reveled that in
general inference normality will be the exception rather
than the rule.
STATEMENT OF PROBLEM
No research is completed until it has formulated a specific
problem. The problem of the study is to analyze the
financial status of Mahindra and Mahindra.
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International Journal of Management and Social Sciences Research (IJMSSR)
Volume 4, No. 3, March 2015
OBJECTIVES OF THE STUDY
 To assess the profitability.
 To assess short and long-term solvency.
 To know the growth rate of the company in terms
of turnover, share capital, PAT, net worth, nets
assets and investments during the study period.
 To judge the utilization of its resources.
RESEARCH METHODOLOGY
In the present study, an attempt has been made to measure,
evaluate and compare the financial performance of
Mahindra and Mahindra Co. The study is based on
secondary data that has been collected from annual reports
of the respective company, magazines, journals,
documents, online database and other published
information. The study covers the period of 5 years i.e.
from year 2009-10 to 2013-14. To analyze the data the
standard tool ratio analysis is applied for the study for
evaluating the financial performance and better controlling
the activities of the company.
LIMITATION OF THE STUDY
Due to constraints of time and resources, the study is
likely to suffer from certain limitations. Some of these are
mentioned here under so that the findings of the study may
be understood in a proper perspective. The limitations of
the study are:
 The study is based on the secondary data and the
limitation of using secondary data may affect the results.
 The secondary data was taken from the annual
reports of the company. It may be possible that the data
shown in the annual reports may be window dressed which
does not show the actual position of the company.
DATA ANALYSIS AND FINDINGS
The growth rate of the selected company in terms of Profit
after Tax, turnover, share capital, net worth, investments,
total assets are furnished in table 2. It is observed from the
table 2 that the growth rate of profit, share capital and
reserve & surplus over last five years are 119%, 4.31 %
and 80.01% respectively.
The financial performance of the Mahindra And Mahindra
Co. has been analyzed by grouping the financial ratios in
four broad categories viz; Liquidity ratios, leverage ratio
profitability ratio and activity ratio as it is an important
technique of financial statement analysis. They are useful
for understanding the financial position of the company.
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Liquidity Ratios:
Liquidity Ratios are used to measure the short-term
solvency of a company. They show the ability of the
company to quickly convert its assets into cash to pay its
short-term debts. The higher the ratios, the more liquid the
company and the less likely the company experience
financial distress in short-term basis. To measure the
liquidity of a company the following ratios can be
calculated:
Current Ratio:
The current ratio is a liquidity and efficiency ratio that
measures a firm's ability to pay off its short-term liabilities
with its current assets. The current ratio is an important
measure of liquidity because short-term liabilities are due
within the next year. The ideal current ratio is 2:1 i.e.
current assets must be twice of current liabilities. In case
this ratio is less that the ideal ratio of 2:1, the short term
financial position is not supposed to be very sound. And in
case it is more than the ideal one, than it shows idleness of
working capital. The current ratio is presented in table 3.
From the table 3 it has been observed that there are ups
and downs during the study period. The current ratio of
Mahindra and Mahindra co. is lower than the standard
norm (2:1) throughout the study period and shows the
company’s ability to pay its current liabilities is not sound
enough. The current ratio of the company for the study
period are; 1.19, 1.02, .99, .97, 1.11 respectively. There is
high modulation in liquidity ratio of the bank. Hence, the
analysis gives the exact result and provides a way to the
management to take remedial steps to control and improve
the extreme deviations the solvency position of the
company.
Quick Ratio/ Acid test ratio: The Quick Ratio attempts to
measure the ability of the firm to meet its obligations
relying solely on its more liquid Current Asset accounts
such as Cash and Accounts Receivable. This ratio is
calculated by dividing Current Assets less Inventories and
prepaid expenses by Current Liabilities. The ideal quick
ratio is 1:1 i.e., liquid assets must be ideally equal to the
current liabilities. In case the ratio falls short of 1:1 than it
depicts weak short term financial position and vice versa.
The quick ratio of Mahindra and Mahindra co. for the
study period are shown in Table 3.
From the table 3 it has been observed that the acid test
ratio of company is; .93, .77, .72, .73and .86 respectively
during the study period. This reveals the healthy sign in its
solvency position because it’s financial position improving
in last three years.
Leverage ratios:
The ratio used to calculate the financial leverage of a
company to get an idea of the company's methods of
financing or to measure its ability to meet financial
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International Journal of Management and Social Sciences Research (IJMSSR)
Volume 4, No. 3, March 2015
obligations. There are several different ratios, but the main
factors looked at include debt, equity, assets and interest
expenses. The Debt Ratio, Debt-Equity Ratio, and Equity
Multiplier are essentially three ways of looking at the
same thing: the firm's use of debt to finance its assets. The
most well known financial leverage ratio is the debt-to
equity ratio (Total Debt to Owners Fund) viz. used in the
current study.
Total Debt to Owners Fund (DER): A measure of a
company's financial leverage calculated by dividing its
total liabilities by equity stockholders. It indicates what
proportion of equity and debt the company is using to
finance its assets. It measures the long term solvency of
the firm. Normally DER of 2:3 or 0.67 is considered as
satisfactory. The Total Debt to Owners Fund is shown in
Table 3.
From the table 3, The Total Debt to Owners Fund of
Mahindra and Mahindra is .22, .22, .26, .23 and .37
respectively for the study period. By analyzing these
figures it is clear that the company is not highly levered. A
firm can use more debt in there capital structure to
increase the earning of firm.
Profitability Ratios:
A profitability ratio is a measure of profitability, which is
a way to measure a company's performance. It can be
derived by either on sales or investments. Profitability is
simply the capacity to make a profit, and a profit is what is
left over from Income earned after deducted all costs and
expenses related to earning the income. In this study EPS,
Dividend pay out, ROI has been used to assess the
profitability of the company. The processed information
regarding these ratios has been furnished in Table 3.
EPS (Earning Per Share): Earnings per share is generally
considered to be a vital variable in determining a share's
price. It is also a major component used to calculate the
price-to-earnings valuation ratio i.e. whether the company
is able to use its equity share capital effectively while
comparing with other companies in the industry. It is the
portion of a company's profit allocated to each outstanding
share of common stock. Earnings per share serve as an
indicator of a company's profitability.
From table 3, it is observed that the growth of profit after
tax is excellent throughout the study period. And EPS has
amplified from 36.89 to 61.02. Hence it can be inferred
that the company’s overall performance is quite good over
the years in effective utilization of its equity share capital.
While looking at EPS of the company, it is clear that it is
increasing progressively during the study period.
Dividend Payout Ratio: The DP ratio provides an idea of
how well earnings support the dividend payments. More
mature companies tend to have a higher payout ratio. It is
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the percentage of earnings paid to shareholders in
dividends. The ratio has great importance to the
shareholders and management. The higher the ratio, the
better it is it means company paying more dividend to
shareholders that lead to high share price of company. The
processed information pertaining to the Mahindra and
Mahindra Co. is given in Table 3.
From the table 3, it is observed that the range of DP Ratio
is 22.94, 23.80, 26.65, 26.52, and 26.32 respectively. The
DP ratio is declining over the years and reduction in
dividends paid is looked poorly upon by investors, and the
stock price usually depreciates as investors seek other
dividend-paying stocks.
ROI (return on shareholder investment): this ratio has
great importance to the present and prospective
shareholders as well as management of the company. As
this ratio reveals how well the resources of the company
are being used, higher the ratio, better are the results. It
gives an idea about prosperity, growth or deterioration in
the company’s profitability and efficiency. The ROI of
Mahindra and Mahindra co. for the study period are shown
in Table 3.
From the table 3 it has been observed that the ROI ratio of
company is; 22.38, 22.87, 23.65, 25.81 and 26.74. Position
of the company was not good as the ratio decline year by
year.
Activity Ratios:
Activity ratios measure the efficiency or effectiveness with
which a firm manages its resources or assets. These are
also known as turnover ratios because they indicate the
speed with which assets are converted or turned into sales
or generating revenues, cash, etc. from its resources. These
includes debtor turnover ratio, inventory ratio and total
assets turnover ratio. But in this paper Asset Turnover
Ratio and Total Assets Turnover Ratio were applied to test
the effectiveness of the company.
Asset Turnover Ratio: The Asset Turnover ratio is an
indicator of the efficiency with which a company is
deploying its assets. In other words, the amount of sales or
revenues generated per unit of assets. It can be said that
the higher the ratio, the better it is, since it implies the
company is generating more revenues per unit of assets.
The statistics regarding Asset turnover ratio is enlisted in
table 3.
From table 3, it is observed that the range of Asset
Turnover Ratio of Mahindra and Mahindra co. is 2.11,
2.43, 2.28, 2.01 and 1.85 respectively which are increasing
and decline during study period and not a good sign.
Total Assets Turnover Ratios: The Total Assets Turnover
Ratio is a financial ratio that measures the efficiency of a
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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 77
Volume 4, No. 3, March 2015

company's use of its assets in making sales revenue. This
ratio considers all assets, current and fixed. Those assets
include fixed assets, like plant and equipment, as well as
inventory, accounts receivable, as well as any other
current assets. The lower the total asset turnover ratio, as
compared to historical data for the firm and industry data,
the more sluggish the firm's sales. This may indicate a
problem with one or more of the asset categories
composing total assets - inventory, receivables, or fixed
assets. The Total Assets Turnover Ratio of Mahindra and
Mahindra co. is shown in table 3.
From the table 3, it is clear that the Total Assets Turnover
Ratio of the company is 1.99, 2.29, 2.11, 1.88 and 1.74
respectively for the study period. This means the
efficiency of the management has been improved a lot in
last four years but in fifth year total asset turnover ratio
decline that require management to pay attention to
control on operations.
FINDINGS AND SUGGESTIONS:
After the study of the components of current assets &
current liabilities and the trends of working capital, it was
found that:
 The liquidity position of the company is not good.
The current ratio is below (current liabilities exceed
current assets) for the study period, then the bank
may have problems paying its bills on time.
However, low values do not indicate a critical
problem but should concern the management.
 The DER is quite low the firm can increase their
debts in the capital structure to avail the benefits of
borrowed funds.
 A consistent improvement in the EPS figure year
after year from 36.89 to 61.02 is the indication of
continuous improvement in the earning power of
the company. This increasing EPS is the sign of
higher earnings, strong financial position and,
therefore, a reliable firm to invest money.
 Asset turnover ratio should be looked at together
with the company's financing mix and its profit
margin for a better analysis. A lower turnover ratio
means that the company is not using its assets
optimally.
 There should be a steady stream of sustainable
dividends from a company, the dividend payout
ratio analysis is important. A consistent trend in this
ratio is usually more important than a high or low
ratio. Bank has fallen a percentage each year for the
last five years might indicate that the company can
no longer afford to pay such high dividends. This
could be an indication of poor operating
performance.
Table 1: Share capital of Mahindra and Mahindra co.
as on 31st March, 2014
Details Amount ( Rs. Crores)
Authorized Share 600
capital
Issued and paid up 295.16
capital

Table 2: Growth of Mahindra and Mahindra co. (Rs. Crores)

Years 2013-14 2012-13 2011-12 2010-11 2009-10
Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Equity Share Capital 295.16 295.16 294.52 293.62 282.95
Reserves & surplus 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60
P/L Before Tax 4,369.43 4,447.09 3,605.89 3,519.61 2,774.26
Tax 611.08 1,094.27 727.00 857.51 759.00
P/L After Tax from Ordinary Activities 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75
EPS 61.02 54.61 46.89 43.36 36.89
Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02
Net Worth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56

Table 3: Various Ratios of Mahindra and Mahindra co.

Years 2013-14 2012-13 2011-12 2010-11 2009-10
Current Ratio 1.19 1.02 .99 .97 1.11
Quick Ratio .93 .77 .72 .73 .86
Total debt to owner’s fund(DER) .22 .22 .26 .23 .37
EPS 61.02 54.61 46.89 43.36 36.89
Dividend Payout Ratio 22.94 23.80 26.65 26.52 26.32
ROI 22.38 22.87 23.65 25.81 26.74
Asset Turnover Ratio 2.11 2.43 2.28 2.01 1.85
Total Assets Turnover Ratios 1.99 2.29 2.11 1.88 1.74

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 78
Volume 4, No. 3, March 2015

Table 4: Standalone Profit & Loss account ------------------- in Rs. Cr. ------------
Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Income
Sales Turnover 40,508.50 40,441.16 31,853.52 23,460.26 20,323.63
Excise Duty 0.00 0.00 0.00 0.00 1,807.30
Net Sales 40,508.50 40,441.16 31,853.52 23,460.26 18,516.33
Other Income 770.78 639.79 574.06 551.63 285.09
Stock Adjustments 274.67 87.31 597.33 202.23 23.69
Total Income 41,553.95 41,168.26 33,024.91 24,214.12 18,825.11
Expenditure
Raw Materials 29,889.44 30,675.27 24,258.94 16,604.88 12,461.56
Power & Fuel Cost 221.35 206.39 175.78 143.93 120.97
Employee Cost 2,163.72 1,866.45 1,701.78 1,431.52 1,199.85
Other Manufacturing Expenses 0.00 0.00 0.00 0.00 96.92
Selling and Admin Expenses 0.00 0.00 0.00 0.00 1,439.26
Miscellaneous Expenses 3,787.45 3,071.06 2,543.63 2,027.83 264.21
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 -59.55
Total Expenses 36,061.96 35,819.17 28,680.13 20,208.16 15,523.22
Operating Profit 4,721.21 4,709.30 3,770.72 3,454.33 3,016.80
PBDIT 5,491.99 5,349.09 4,344.78 4,005.96 3,301.89
Interest 259.22 191.19 162.75 72.49 156.85
PBDT 5,232.77 5,157.90 4,182.03 3,933.47 3,145.04
Depreciation 863.34 710.81 576.14 413.86 370.78
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 4,369.43 4,447.09 3,605.89 3,519.61 2,774.26
Extra-ordinary items 0.00 0.00 0.00 0.00 72.49
PBT (Post Extra-ord Items) 4,369.43 4,447.09 3,605.89 3,519.61 2,846.75
Tax 611.08 1,094.27 727.00 857.51 759.00
Reported Net Profit 3,758.35 3,352.82 2,878.89 2,662.10 2,087.75
Total Value Addition 6,172.52 5,143.90 4,421.19 3,603.28 3,061.66
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 862.25 798.17 767.48 706.08 549.52
Corporate Dividend Tax 104.04 92.98 101.13 96.56 74.23
Per share data (annualised)
Shares in issue (lakhs) 6,158.92 6,139.81 6,139.75 6,139.40 5,659.08
Earning Per Share (Rs) 61.02 54.61 46.89 43.36 36.89
Equity Dividend (%) 280.00 260.00 250.00 230.00 190.00
Book Value (Rs) 272.63 238.75 198.23 167.99 138.02
Source: Dion Global Solutions Limited

Table 5: Standalone Balance Sheet ------------------- in Rs. Cr. ---------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10
Sources Of Funds
Total Share Capital 295.16 295.16 294.52 293.62 282.95
Equity Share Capital 295.16 295.16 294.52 293.62 282.95
Share Application Money 0.00 0.00 0.00 0.02 8.01
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
Reserves 16,496.03 14,363.76 11,876.57 10,019.75 7,527.60
Net worth 16,791.19 14,658.92 12,171.09 10,313.39 7,818.56
Secured Loans 294.10 266.67 400.18 407.23 602.45
Unsecured Loans 3,451.06 2,960.40 2,774.04 1,913.87 2,277.70
Total Debt 3,745.16 3,227.07 3,174.22 2,321.10 2,880.15
Total Liabilities 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Application Of Funds
Gross Block 10,242.58 8,602.96 7,502.36 5,858.26 4,866.18

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International Journal of Management and Social Sciences Research (IJMSSR) ISSN: 2319-4421 79
Volume 4, No. 3, March 2015

Less: Revaluation Reserves 0.00 0.00 0.00 0.00 11.67

Less: Accum. Depreciation 4,365.63 3,645.10 3,216.34 2,725.35 2,537.77
Net Block 5,876.95 4,957.86 4,286.02 3,132.91 2,316.74
Capital Work in Progress 1,228.44 863.48 794.73 773.68 1,374.31
Investments 11,379.85 11,833.46 10,310.46 8,925.63 6,398.02
Inventories 2,803.63 2,419.77 2,358.39 1,694.21 1,188.78
Sundry Debtors 2,509.84 2,208.35 1,988.36 1,260.31 1,258.08
Cash and Bank Balance 2,950.39 1,781.41 1,188.43 614.64 475.17
Total Current Assets 8,263.86 6,409.53 5,535.18 3,569.16 2,922.03
Loans and Advances 4,539.55 3,389.26 2,985.59 3,138.40 2,034.47
Fixed Deposits 0.00 0.00 0.00 0.00 1,268.06
Total CA, Loans & 12,803.41 9,798.79 8,520.77 6,707.56 6,224.56
Advances
Deferred Credit 0.00 0.00 0.00 0.00 0.00
Current Liabilities 8,678.28 7,662.13 6,721.40 5,223.75 3,822.50
Provisions 2,074.02 1,905.47 1,845.27 1,681.54 1,796.54
Total CL & Provisions 10,752.30 9,567.60 8,566.67 6,905.29 5,619.04
Net Current Assets 2,051.11 231.19 -45.90 -197.73 605.52
Miscellaneous Expenses 0.00 0.00 0.00 0.00 4.12
Total Assets 20,536.35 17,885.99 15,345.31 12,634.49 10,698.71
Contingent Liabilities 6,421.09 87.20 2,307.66 1,893.85 2,307.70
Book Value (Rs) 272.63 238.75 198.23 167.99 138.02
Source: Dion Global Solutions Limited

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i-Explore International Research Journal Consortium www.irjcjournals.org