79233317 an-analytical-study-of-three-year

Navneet Publications (India) Limited

Submitted to:-

Prof. Angha dixit

Submitted by:-

Sammar Qureshi

S.Y.B.B.A:- B

Roll no:-178

CERTIFICATE

This is to certify that a financial report based on analysis of three consecutive latest annual report of NANVEET PUBLICATION (INDIA) LIMITED is submitted by Ms.SAMMAR QURESHI M.SALIM to N.R.Institute of Business Administration afflicted to Gujarat University in partial requirement of completion of S.Y.B.B.A Programme for the academic year 2011-12

___________ ____________ ___________

Director Prof-in-charge External Prof.

ACKNOWLEDGEMENT

The successful completion of this financial reports would have been possible without the co-operation & support of our institute’s teachers, friends. I also extend my thanks to my Prof. Angha dixit & for the co-operation in preparing me this financial report.

I am also grateful to NAVNEET PUBLICATION INDIA LTD. To provide this information about the report. I am also grateful to Gujarat University for including report as part of the curriculum of the B.B.A.

PREFACE

Finance is very important aspect in any business.

Financial management is concerned with such matter as how a business. Corporation raised its finance &how its makes use of it.

In today era only the ordinal knowledge is not sufficient to survive in the competition pratical knowledge is also required. So as the part of S.Y.B.B.A. Programme, we are supposed to prepare a financial report. The objective for this preparation is not only to know about the financial performance of the company in different years.

I have prepared this financial report on the basis of annual report last 3years as 2008-09, 2009-10, 2010-11. I have also based auditor’s report director’s report also finance subject we should make the finance report. The company Navneet publication (India) Ltd. is a very good position company.

INDEX

Sr.no

TOPIC Pg.no

1. COMPANY PROFILE1.1 name of company1.2 registered address of the company1.3 brief introduction of the activities of the business1.4 status in the market1.5 special achievement1.6 financial highlights (profit, sales, EPS)1.7 Meaning of analysis and objective of study

2. RESULT OF OPERATIONS2.1 profit of three years GP, NP, EBIT, EBT, EAT2.2 meaning and importance of cash flow statement2.3 cash flow statement of company concerned2.5 conclusion

3. RATIO ANALYSIS3.1 meaning,impotance,limitation classification of Ratio analysis3.2 profitability ratio3.3 activity/turnover ratio3.4 liquidity ratio3.5 leverage ratio3.6 coverage ratio

4 ACCOUNTING POLIOCIES AND NOTES

5 DIRECTOR’S REPORT6 AUDITOR’S REPORT7 COMMON SIZED STATEMENT

Chapter: 1 COMPANY PROFILE

1.1 Name of the company

NAVNEET PUBLICATION INDIA LIMTED

1.2 Registered Address of the Company

Address: Navneet Bhavan, Bhavani Shankar road, Dadar (w) Mumbai – 40028

1.3 Activities of the company:

Navneet Publications India Limited, founded by the Gala Family, is in the business of Educational and children Books Publishing, Scholastic paper stationery and non-paper stationery products.

Since 1959, Navneet has been a major force in the dissemination of knowledge. NAVNEET is a dominant player in the field of publishing, with more than 5000 titles in English, Hindi, Marathi, Gujarati and foreign languages.

In 1987, to further strengthen and consolidate the business of book publishing, NAVNEET installed ultramodern printing press at Dental, District Gandhinagar, Gujarat. By 1991, sophisticated printing and binding machineries had been imported to complete the modernisation-cum-expansion plans of the company.

Over the decades, Navneet has emerged as a leading Educational Products and Services company in India. The company's products are sold under the 'Navneet', 'Vikas', 'Gala', ‘FfUuNn', ‘Boss' and ‘Navneet Nxt' brand names. It's portfolio of syllabus based Books includes high quality supplementary books like Digests (Guides), Workbooks and 21 Question Sets, most of which are published in four languages - English, Hindi, Marathi and Gujarati. The company has a dominant market share in Gujarat and Maharashtra. Also with the new range of supplementary books targeting the students from CBSE and ICSE boards, Navneet's educational products are now made available across India

Navneet also produces various titles in the Children and General books category, which is not, based on syllabus, such as activity books for children, board books, story books, health related books, cookery books, mehendi & embroidery books, etc.

In 1993, Navneet saw opportunity in the exports of Stationery products for which it now has state-of-art manufacturing facilities in Vasai (near Mumbai) Daman and Silvassa (Union Territories bordering Maharashtra and Gujarat). In the same year Navneet also launched its paper stationery products for the domestic market. Products range includes tight bind note books, long books; hard case bound books and drawing books.

The company enjoys leading position in premiere stationery markets in India, the Middle East, parts of Africa, U.S.A. and Europe. With now more than 500 SKU's, Navneet is one of the largest paper stationery brand in India.

In 2006, taking the success of the Paper Stationery products further, Navneet launched its first range of non-paper stationery – FfUuNn Pencils. The company has aggressive plans in this segment

1.4 Status in the market

It is good position company. It has good status market. It has been spread all over India. It products are well diminished in the market

1.5. Special Achievement

Stationery segment has been growth driver during the year under review, the domestic stationers vertical achieved 36% growth forth year under review is expected to growth at 25% in the current year. Cost cutting has been the philosophy around the world the year under review and the drive is across the board in many organisations.

1.6. Financial highlights

2008-09 2009-10 2010-11Operating profit (PBDT) 9862 11427 12935

Depreciation 1171 1164 1144Tax 2797 3466 4036Net profit (PAT) 5894 6798 7755Dividend 2477 2382 3335Dividend (%) 52 50 70Sales 50490 52220 54850Eps (Rs 2 per share %) 2.5 2.9 2.3

1.7 Meaning of analysis and objective of study:

Analysis: The practice of examining information to determine what conclusions it indicates. The information observed in analysis depends on the type of analysis being conducted.

Objective of study: To know the financial situation and objectives of the company. Also to know how company makes its balance sheet, profit and loss statement, cash flow statement etc.

Chapter: 2 Result of Operation

2.1 Profit of 3 years (in lacs)

Profits 2008-09 2009-10 2010-11GP 42.66 44.48 46.71NP 11.67 13.02 14.14

EBIT 9862 11428 12935EBT 8691 10264 11791EAT 5894 6794 7755

2.2 Meaning and importance of cash flow

Meaning:-

A statement that shows the amount of cash flowing into flowing groups out of business is known as “cash-flow statement.

Importance:-

As we have seen, cash flow statement is useful to management in short term planning of liquidity. It is prepare by comparing figure of last 2 years. Its utility can be stated as follows:-

1. Efficient cash management: If the finance manger has a clear idea of cash receipts and payments, cash resources can be efficiently managed. If the cash payments are planned at a time, when enough cash inflow is likely, it is possible to manage business with minimum of working capital. Excess cash found at that time may be profitably invested for the time being profitability is increased.

2. Useful for internal finance management:

The management can planned out payment of dividend, repayment of long term loans, purchase of machines or equipments etc. If it has good idea about the timing when enough cash will be on hand. This will avoid the possibility of borrowing funds at high rate of interest.

3. Information about cash receipts and payments:

Such a statement will give information about the trend of cash receipts and payments. Such information is useful to management in meeting any future contingencies and also in seizing any profitable opportunity.

4. Useful for control:

The historical cash flow statement prepare for last year is useful for comparing the figure of cash budgets and points of differences may be located. This facilities managerial control on the use of cash.

5. Ease in obtaining funds:

By comparing the figure of cash flow statement and cash budgets, the cash planning and control become more effective. Liabilities are easily paid as and when they mature. This position improves and raises the prestige of the firm in the market. This facilities raising of additional funds easily when needed.

2.3 cash flow of company concerned:

CASH FLOW STATMENT

For year ended

2008-09 _________________________________________________________

Rs. In lacs

Cash flow for operating activities

Net profit before tax 8691 Adjustment for, Interest & financial income (non operational) 260 (profit)/loss on sale of fixed asset (1) (profit)/loss on sale of investments (4) interest and financial expenses 402 deprecation 1171 change in current asset and liabilities

(Increase)/ decrease in inventory (2274) (increase)/ decrease in debtors (720) (increase)/ decrease in loans and advances (187) (increase)/ decrease in current liabilities and provision 611 income tax paid (2884) _________________________________________________________ Net cash flow/ (outflow) from operating Activities (A) 5064 cash flow from investing activities

Purchase of fixed asset and change in capital WIP (1193) proceeds from sales of fixed asset 40 (increase)/ decrease in investment other than subsidiary (870) (increase)/ decrease in investment in subsidiary (262) (Profit)/ loss on sale of investments 4 interest & financial income 199 _________________________________________________________ Net cash inflow/ (outflow) from investing Activities (B) (2082) cash flow from financing activities

(Increase)/ decrease in share capital - (increase)/ decrease in loan fund (1846)

interest and financial expenses (861) Dividend paid (including dividend tax) (69) _________________________________________________________ Net cash inflow/ (outflow) from financing Activities (C) (2776) Net increase/ (decrease) in cash and cash Equivalents 206 cash and cash equivalent as at the commencement of the year 424 cash and cash equivalent as at the end of the year 630 Net increase/ (decrease) as mention above 206 Notes: (1) cash and cash equivalent includes cash, cheque in hand and remittance in transit 36 Balance with banks 594 _________________________________________________________

CASH FLOW STATMENT

For year ended

2009-10 _________________________________________________________

Rs. In lacs


Net profit before tax 10264 Adjustment for, Interest & financial income (non operational) (472) (profit)/loss on sale of fixed asset (37) (profit)/loss on sale of investments (4) interest and financial expenses 187 deprecation 1164 change in current asset and liabilities

(Increase)/ decrease in inventory 1856 (increase)/ decrease in debtors (1433) (increase)/ decrease in loans and advances 40 (increase)/ decrease in current liabilities and provision (592) income tax paid (3270) _________________________________________________________ Net cash flow/ (outflow) from operating Activities (A) 7704 cash flow from investing activities

Purchase of fixed asset and change in capital WIP (1985) proceeds from sales of fixed asset 73 (increase)/ decrease in investment other than subsidiary 870 (increase)/ decrease in investment in subsidiary (234) (Profit)/ loss on sale of investments 4 interest & financial income 472 _________________________________________________________ Net cash inflow/ (outflow) from investing Activities (B) (820) cash flow from financing activities

(Increase)/ decrease in share capital - (increase)/ decrease in loan fund (601) interest and financial expenses (187) Dividend paid (including dividend tax) (5661)

_________________________________________________________ Net cash inflow/ (outflow) from financing Activities (C) (6448) Net increase/ (decrease) in cash and cash Equivalents 455 cash and cash equivalent as at the commencement of the year 630 cash and cash equivalent as at the end of the year 1085 Net increase/ (decrease) as mention above 455 Notes: (1) cash and cash equivalent includes cash, cheque in hand and remittance in transit 34 Balance with banks 1051 _________________________________________________________

CASH FLOW STATMENT

For year ended

2010-11 _________________________________________________________

Rs. In lacs


Net profit before tax 11791 Adjustment for, Interest & financial income (non operational) (411) (profit)/loss on sale of fixed asset (3) (profit)/loss on sale of investments (117) interest and financial expenses 294 deprecation 1144 change in current asset and liabilities

(Increase)/ decrease in inventory (444) (increase)/ decrease in debtors (504) (increase)/ decrease in loans and advances (2272) (increase)/ decrease in current liabilities and provision (24) income tax paid (3959) _________________________________________________________ Net cash flow/ (outflow) from operating Activities (A) 5495 cash flow from investing activities

Purchase of fixed asset and change in capital WIP (3763) proceeds from sales of fixed asset 24 (increase)/ decrease in investment other than subsidiary - (increase)/ decrease in investment in subsidiary - (Profit)/ loss on sale of investments 114 interest & financial income 411 _________________________________________________________ Net cash inflow/ (outflow) from investing Activities (B) (3212) cash flow from financing activities

(Increase)/ decrease in share capital - (increase)/ decrease in loan fund (349) interest and financial expenses (294) Dividend paid (including dividend tax) (1679) _________________________________________________________ Net cash inflow/ (outflow) from financing Activities (C) (2323) Net increase/ (decrease) in cash and cash Equivalents (39) cash and cash equivalent as at the commencement of the year 1085

cash and cash equivalent as at the end of the year 1046 Net increase/ (decrease) as mention above (39) Notes: (1) cash and cash equivalent includes cash, cheque in hand and remittance in transit 42 Balance with banks 1004 _________________________________________________________

2.4 CONCULSION:

Whether the increase or decrease in cash flow the separate activities but overall cash & cash equivalents have increased to a great extent. In 2009 it was 594 and in the year 2011 it is 1051 that means an increase of 457. It can be caused a remarkable increase which shows the strong financial position of the company

In operating activities expenses is higher in 2011 as compared to 2010.in the year 2010 the investing expanses is higher as compared to 2010 & the financial expanses is higher in the year 2011 as compared to

2010 so the overall the company’s situation is very good in performance of overall expenses .

Chapter 3: RATIO ANALYSIS

3.1 Meaning, Importance, Limitations and classification of Ratio Analysis:

Meaning :

If relationship between various related items in these financial statements is established, they can provide useful clue to gauge accurately the financial health and ability of business to make profit. This relationship between the two related items of financial statement is known as ratio analysis.

Importance:

a) On the basis of profitability ratios, investors get an idea about the overall efficiency of business, the management gets an idea about the efficiency of managers and bank as well as other creditors draws useful conclusions about repaying capacity of the borrowers.

b) Banks and other lenders will be able to conclude from liquidity ratios whether the firm will be able to pay regularly the interest and loan instalments.

c) All turnover ratios related to sales present a good picture of the success or otherwise of the business.

d) With the help of ratio inter-firm comparison becomes possible, which shows the strength and weakness of the firm as compared to other firms and will indicate corrective measures.

e) The efficiency of various departments can be judged on the basis of their profitability ratios and efficiency of each department can thus be determined.

Limitations:

a) The utility of ratios computed from the financial statements of one year only is obviously limited.

b) While comparing ratios of different firms, it must be remembered that different firms accountancy plans and policies.

c) While comparing ratios of past several years, it should be remembered that changes in price level may render such comparison useless.

d) One ratio used without reference to other ratios may be misleading.

e) There is practically no standard ratio against which the actual performance can be compared.

f) The accounting ratios can never be more correct than the information from which they are computed.

Classification:

a) Traditional classification :

The ratios are grouped into basis of the financial statement from which the figures are taken for computing the ratios. The ratios according to the classification are:

i. Revenue statement ratios: These are the ratios computed on the basis of items taken from revenue statement i.e. Profit and Loss account.

ii. Balance sheet ratios: When two items or groups of items appearing in the balance sheet are compared, the ratio so obtained is a balance sheet ratio.

iii. Composite ratios: A ratio showing the relationship between one item taken from balance sheet and another taken from Profit and Loss account is a composite ratio.

b) Functional classification: Ratios are also grouped in accordance with certain tests on this basis there are four categories of ratios.

i. Liquidity ratio: These ratios indicate the position of liquidity. They are computed to ascertain whether the company is capable of meeting its short-term obligation from its short term resources.

Current ratio. Liquid ratio. Acid test ratio.

ii. Profitability ratio:

A number of ratios are designed to indicate the profitability of the business and are grouped into the category of profitability ratios:

Gross profit ratio. Net profit ratio. Operating ratio. Return on total assets. Return on capital Employed. Return on equity share capital. Earning per share. Dividend per share. Dividend pay-out ratio.

iii. Leverage ratio: The composition of capital of business and the proportion of owners capital and capital provided by outsiders are reflected by leverage ratios:

Proprietary ratio Debt Equity ratio. Gearing ratio. Fixed capital ratio. Coverage ratio.

iv. Activity ratios: These are the ratios showing the effectiveness with which the resources of the business are employed. It signifies the efficiency of the management.

Stock turnover. Debtors ratio. Current asset turnover. Fixed assets turnover. Total assets turnover.

3.2Profitability Ratio:

1. GROSS PROFIT RATIO :

It is a ratio expressing relationship between gross profits earned from net sales. It is useful indication of the profitability of business. It shows whether the mark of obtained and cost of production is sufficient.

Formula:

Gross profit ratio = gross profit/sales*100

Gross profit= sales – cogs

Calculation:

2008-09

18187/50490*100

=36.02%

2009-10

24838/52220*100

= 47.26%

2010-11

25302/54850*100 = 46.12%

TABLE OF THREE YEAR RATIO:

2008-09 2009-10 2010-11G.P(RS) 18187 24838 25302SALES 50490 52220 54850G.P (%) 36.02 47.26 46.12

INTERPRETATION: This ratio indicates an average gross margin earned on sales 100. The higher ratio the more efficient, the production & purchase management and lower the ratio,

inefficiency of management. Here is continuously increasing in business.

2. NET PROFIT RATIO :

This ratio is valuable for the purpose of ascertaining the overall profitability of business and it shows the the efficiencies of operating the business. The reasonable ratio ensures adequate return to the owners and so it is great significance to owner.

FORMULA:

Net profit ratio = net profit*(PAT) *100 Sales

CALCULATION:

2008-09

5894/50490*100 = 11.67

2009-10

6798/52220*100 =13.02%

2010-11

7755/54850 *100 = 14.14%

TABLE OF THREE YEAR RATIO:2008-09 2009-10 2010-11

N.P(RS) 5894 6798 7755SALES 50490 52220 54850N.P (%) 11.67 13.02 14.14

INTERPRETATION: This ratio indicates an average operating cost incurred on sales of goods worth Rs.100 lower the ratio greater the operating profit to cover the non-operating expenses to pay the dividend and to create reserves and vice-versa. Here it is seems that the ratio is lower which means company management is not good and they management sufficiently.

3. OPERATING RATIO:

It is a ratio showing relation between cost of goods sold plus operating expenses and net sales. It shows the efficiency of the management.

FORMULA:: Operating Ratio = cogs+ operating exp*100 Sales

CALCULATION:

Operating ratio = cogs+operatingexp/sales*100

2008-09

32363+7595/50490*100 =79.14%

2009-10

27342+8234/52220*100 = 68.12

2010-11

29548+8358/54850*100 = 69.11


COGS 32363 27342 29548OPERATING EXP 7595 8234 8358SALES 50490 52220 54850

OPERATING (%) 79.14 68.12 69.11

INTERPRETATION: Here the operating ratio is showing the better management efficiency in the business but in year 2009-10 decrease from 79.14% to 68.12% and in year 2010-11 again is increasing from 68.12% to 69.11%. Lower the ratio is better for the company.

3. EXPENSES RATIO:

For the purpose of ascertaining relationship between operating expenses and net sales, expenses ratio are computed.

FORMULA:

Expenses ratio = expenses*100 Sales

CALCULATION:

Expenses ratio= expenses/sales*100

2008-09

7595/50490*100 = 15.05%

2009-10

8234/52220*100

= 15.77%

2010-11

8358/54850 *100 = 15.24%


2008-09 2009-10 2010-11EXPENSES(RS) 7595 8234 8358SALES 50490 52220 54850EXPENSES (%) 15.05 15.77 15.24

INTERPRETATION:

Between the ratios, better for the business when expenses are lower, it is good for the business. But in the company, 2008-09 to 2009-10 the ratio decreasing and than 2010-11 it is increasing. It is not that good but satisfaction for the company.

4. RETURN ON CAPITAL EMPLOYED:

It is an index of profitability of business obtained by comparing net profit with capital employed.

FORMULA:

Capital employed = EBIT *100Capital employed

CALCULATION:

Capital employed = EBIT/capital employed*100

2008-09

8691/27603 *100

= 31.49%

2009-10

10264/31528 *100

= 32.56%

2010-11

11791/35100 *100

= 33.59%


2008-09 2009-10 2010-11EBIT 8691 10264 11791CAPITAL EMPLOYED(RS) 27306 31528 35100CAPITAL EMPLOYED (%) 31.49 32.56 33.59

INTERPRETATION:

In the company, the year 2008-09 R.O.A.C.E ratio 31.49% and then 2009-10 it is increased by 32.56% so it is good for the business when return on capital is higher so it is good for the business and shareholder

5. RETURN ON SHAREHOLDER FUND : This ratio measures the profitability in relation to

owners funds. So it is also known as return on proprietors’ fund or Return on owners funds or return on shareholders Investment. This ratio shows that amount of dividend is likely to be received on share.

FORMULA:

Return on shareholder fund = ____PAT_______ *100

Shareholder fund

CALCULATION:

2008-09

5894/26094 *100

= 22.59%

2009-10

6798/30061 *100

= 22.61%

2010-11

7755 /33942*100

= 22.85%


PARTICULAR 2008-09 2009-10 2010-11NET PROFIT 5894 6798 7755SHAREHOLDER’S FUND 26094 30061 33942RATIO 22.59 22.61 22.85

INTERPRETATION:

After studying return on shareholder equity the return on money is being increasing. In year 2008-09 to 2010-11 the ratios are

22.59% to 22.58% than it said that it is increasing. So it can said that company is in good position and working in good position.

6. RETURN ON EQUITY SHARE CAPITAL :

It indicates profitability of a firm from the viewpoint of real owners who are ordinary shareholders, who bear all risks of business.

FORMULA:

Return on Equity share capital = PAT-Preference Dividend/ Equity share capital*100

CALCULATION:

2008-09

6894-0/1906*100

= 309.329%

2009-10

6798-0/4764*100

= 142.70%

2010-11

7755-0/4764*100

= 162.78%


2008-09 2009-10 2010-11PAT 6894 6798 7755PREFERENCE DIVIDEND 0 0 0

Eq.SHARE CAPITAL 1906 4764 4764RATIO 309.329 142.70 162.78

INTERPRETATION:

In the above table we can see that Return on Equity share capital has been fluctuating. In year 2009-2010 Return on Equity share capital has decreased 166.629% as compared to year 2008-2009. In the year 2010-2011 Return on Equity share capital has decreased 146.549% as compared to year 2008-2009 and 20.08% as compared 2009-2010 respectively.

7. RETURN ON Eq. SHAREHOLDER FUNDS :

This ratio shows the profit available to only equity shareholders in relation to capital invested by them.

FORMULA:

Return on Equity shareholder’s fund = PAT-Preference Dividend /Equity share fund*100

CALCULATION:

2008-09

5894-0/26094*100

= 22.59%

2009-10

6798-0/30061*100

= 22.61%

2010-11

7755-0/33942*100

= 22.85%


2008-09 2009-10 2010-11PAT 5894 6798 7755PREFERENCE DIVIDEND 0 0 0EQUITY SHARE FUND 26094 30061 33942RATIO 22.59 22.61 22.85

INTERPRETATION:

In the above table we can see that Return on Equity shareholder’s fund has been increasing. In year 2009-2010 Return on Equity shareholder’s fund has increased 22.61% as compared to year 2008-2009. In the year 2010-2011 Return on Equity shareholder’s fund has increased 22.85% as compared to year 2008-2009 and 22.59% as compared to year 2009-2010 respectively.

8. EARNING PER SHARE: This ratio measures the profit available to equity shareholders on per share basis.

FORMULA:

Earnings per share = PAT-Preference dividend/No. Of Equity shares

CALCULATION:

2008-09

5894-0/2382.15

= 2.47%

2009-10

6798-0/2382.15

= 2.85%

2010-11

7755-0/2382.15

= 3.26%


2008-09 2009-10 2010-11PAT 5894 6798 7755PREFERENCE DIVIDEND 0 0 0NO. OF EQUITY SHARE 2382.15 2382.15 2382.15RATIO 2.47 2.85 3.26

INTERPRETATION:

In the above table we can see that Earnings per share are increasing. In year 2009-2010 Earnings per Share has increased 0.38% as compared to year 2008-2009. In the year 2010-2011 Earnings per share has been also increased by 0.79% as compared to year 2008-2009 and has increased 0.41% as compared to year 2009-2010.

9. DIVIDEND PER SHARE :

Dividend per share is the amount of actual dividend paid to equity shareholder’s divided by the no. Of equity shares outstanding.

FORMULA:

Dividend per share = Total dividend declared/No. Of shares

CALCULATION:

2008-09

2477/2382.15

= 1.04%

2009-10

2382/2382.15

= 1%

2010-11

3335/2382

= 1.40%


2008-09 2009-10 2010-11TOTAL DIVIDEND 2477 2382 3335NO. OF SHARES 2382.15 2382.15 2382.15RATIO 1.04 1 1.40

INTERPRETATION:

In the above table we can see that dividend per share is fluctuating. In 2009-10 it decreased by 0.04% by comparing of 2008-09.

In 2010-11it increased by 0.36% and0.40% by comparing 2008-09 and 2010-11.

10. PRICE EARNING RATIO :

It shows relation between the market price of the shares and EPS.

FORMULA:

Market value per share/ earning per share

CALCULATION:

2008-09

/2.47

=

2009-10

/2.85

=

2010-11

= /3.26


2008-09 2009-10 2010-11MARKET VALUE PER SHAREEARNING PER SHARE 2.47 2.85 3.26RATIO

INTERPRETATION:

11. DIVIDEND YIELD RATIO :

The Dividend yield is the percentage of dividend actually received to the market value per equity share.

FORMULA:

Dividend yield ratio = Dividend per share/Market value per share

CALCULATION:

2008-09

1.04/

=

2009-10

1/

=

2010-11

1.40/

=


2008-09 2009-10 2010-11DIVIDEND PER SHARE 1.04 1 1.40

MARKET VALUE PER SHARERATIO

INTERPRETATION:

3.2 ACTIVITY TURNOVER RATIO:

1. FIXED ASSET TURNOVER RATIO: To ascertain the efficiency and profitability of the business, the total fixed assets are compared to sales.

FORMULA:

Fixed Assets turnover ratio = Sales/Fixed Assets

CALCULATIONS:

2008-09

50490/18506

= 2.73%

2009-10

52220/19338

= 2.70%

2010-11

54850/23188

= 2.37%


2008-09 2009-10 2010-11SALES 50490 52220 54850FIXED ASSET 15806 19338 23188RATIO 2.73 2.70 2.37

INTERPRETATION:

In the above table we can see that Fixed Assets turnover ratio IS decreasing den remained same in the year 2010-2011. In year 2009-2010 Fixed Assets turnover ratio has decrease from 2.70% to 2.73% as compared to year 2008-2009. In the year 2010-2011 Fixed Assets turnover ratio has decrease 2.37 % as compared to year 2008-2009 and has remained same as compared to year 2009-2010.

2. Debtor ratio: The ratio shows the no. Of days taken to collect the dues of credit sales

FORMULA:

Debtors ratio = Debtors/R/Average daily sales * no. Of working days

CALCULATIONS:

2008-09

8131-0/50490*365

= 44 days

2009-10

17563-0/52220*365

= 53 days

2010-11

806890-0/54850*365

= 54 days


2008-09 2009-10 2010-11DEBTORS 8131 17563 806890BILL RECEVIABLE 0 0 0SALES 50490 52220 54850RATIO(DAYS) 44 53 54

INTERPRETATION:

In the above table we can see that debtors ratio of the year 2010-2011 has increased in comparison to 2009-2010. In year 2010-2011 debtors ratio has increased 8% as compared to 2009-2010.

3. DEBTOR TURNOVER RATIO : The debtors turnover suggests the no. Of times the amount of credit sales is collected during the year

.

FORMULA:

Debtors turnover ratio = No. Of days/Average Debtors

CALCULATIONS:

2008-09

365/44

= 8.30 %

2009-10

365/53

= 7%

2010-11

365/54

= 7%


2008-09 2009-10 2010-11NO OF DAYS 365 365 365DEBTOR RATIO 44DAYS 53 DAYS 54 DAYSRATIO(DAYS) 8.33 7 7

INTERPRETATION:

In the above table we can see that debtors turnover ratio of the year 2010-2011 has decrease in comparison to2008-09. In year 2009-10 and 2010-2011 debtors turnover ratio has remain same.

4. CREDITORS RATIO : The no. Of days within which we make payment to our creditors for credit purchases is obtained from creditors velocity.

FORMULA:

Creditors Ratio = Creditors-B.P./Credit purchase*365

CALCULATIONS:

2008-09

1451-0/26747*365

= 20 days

2009-10

1411-0/24201*365

= 22 days

2010-11

2018-0/26361*365

= 28 days


2008-09 2009-10 2010-11CREDITORS 1451 1411 2018BILL-PAYABLE 0 0 0CREDIT PURCHASE 26747 24201 26361RATIO 20 22 28

INTERPRETATION:

In the above table we can see that creditors ratio is increasing constantly. In year 2009-2010 Creditors ratio has increased from20% to22% as compared to year 2008-2009. In the year 2010-2011 Creditors ratio has increased to 20% to 28 % as compared to year 2008-2009 and has increased 22% to28% as compared to year 2009-2010. Hence we can say that debts of the company have increased.

5. CREDITORS TURNOVER RATIO: The creditors ratio suggests the no. Of times the amount of credit purchase is done during the year.

FORMULA:

Creditors Turnover ratio = No of days/Average Creditors

CALCULATIONS:

2008-09

365/20

= 18 %

2009-10

365/22

= 17%

2010-11

365/28

= 13%


2008-09 2009-10 2010-11NO OF DAYS 365 365 365CREDITORS RATIO 20DAYS 22 DAYS 28 DAYSRATIO 18 17 13

INTERPRETATION:

In the above table we can see that creditors turnover ratio is decreasing constantly. In year 2009-2010 Creditors turnover ratio has decreased by 18% to 17% as compared to year 2008-2009. In the year 2010-2011 Creditors turnover ratio has decreased by 18% to 13 % as compared to year 2008-2009 and 17% to 13% as compared to year 2009-2010 respectively.

6. STOCK TURNOVER RATIO :

It shows the no. Of times the average stock is turned over during the year.

FORMULA:

Stock turnover ratio = Cost of sales/Average stock

CALCULATION:

2008-09

32303/11700.5

= 2.76%

2009-10

27342/12645.2

= 2.16%

2010-11

29548/12075

= 2.44%


2008-09 2009-10 2010-11COGS 32303 27342 29548AVERAGE STOCK 11700.5 12645.2 12075RATIO 2.76 2.16 2.44

INTERPRETATION:

In the above table we can see that stock turnover ratio is fluctuating. In year 2009-2010 stock turnover ratio has decreased from 2.76% to 2.16% as compared to year 2008-2009. In the year 2010-2011 stock turnover ratio has decreased from 2.76% to 2.44% as compared to year 2008-2009 and increased from 2.16% to 2.44% as compared to year 2009-2010 respectively.

7. WORKING CAPITAL TURNOVER RATIO :

A measurement comparing the depletion of working capital to the generation of sales over a given period.

FORMULA:

Working capital turnover = Sales/Net working capital

CALCULATION:

2008-09 50490/22593 = 2.23%

2009-10 52220/26338 = 1.98%2010-11 54850/26650 = 2.06%


SALES 50490 52220 54850NET WORKINGCAPITAL 22593 26338 26650RATIO 2.23 1.98 2.06

INTERPRETATION: In the above table we can see that Working capital turnover ratio is fluctuating. In year 2009-2010 Working capital turnover ratio has decrease from 2.23% to 1.98% as compared to year 2008-2009. In the year 2010-2011 Working capital turnover ratio has decreasing by0.17 % as compared to year 2008-2009 and has increased by 0.08% as compared to year 2009-2010

8. BOOK VALUE PER SHARE : A financial measure that represents a per share assessment of the minimum value of a company's equity is known as book value per share.

FORMULA: Book value per share = Proprietors fund/No. Of share

CALCULATIONS:

2008-09

26094/2382.15

= 10.45%

2009-10

30061/2382.15

= 12.62%

2010-11

33942/2382.15

= 14.25


2008-09 2009-10 2010-11PROPRITER FUND 26094 30061 33942NO OF SHARES 2382.15 2382.15 2382.15RATIO 10.45% 12.62% 14.25

INTERPRETATION:

In the above table we can see that Book Value per share is increasing. In year 2009-2010 Book Value per share has increased 4.52% as compared to year 2008-2009. In the year 2010-2011 Book Value per share has increased 7.54 % as compared to year 2008-2009 and has increased 3.17% as compared to year 2009-2010.

3.3 LIDQUITY RATIO:

1. CURRENT RATIO: This ratio shows the proportion of current assets to current liabilities.

FORMULA:

Current ratio = Current Assets/Current Liabilities

CALCULATIONS:

2008-09

28884/8291

= 4.59%

2009-10

29217/2880

= 10.90%

2010-11

31750/5100

= 6.23%


2008-09 2009-10 2010-11CURRENT ASSET 28884 29217 31750CURRENT LIABILITY 8291 2880 5100RATIO 4.59 10.90 6.23

INTERPRETATION:

In the above table we can see that Current ratio is fluctuating very minorly. In year 2009-2010 Current ratio has increased by 4.59% to10.90% as compared to year 2008-2009. In the year 2010-2011 Current ratio has decreased by 10.90% to 6.23% as compared to year 2008-2009 and has increased 6.31% as compared to year 2009-2010.

2. LIQUIDITY RATIO : It is variant of current which is designed to show the amount of funds to meet immediate payments.

FORMULA:

Liquid ratio = Liquid assets/Liquid liability

CALCULATIONS:

2008-09

9812/6291

= 1.56%

2009-10

12001/2880

= 4.17%

2010-11

14090/5100

= 2.76%


2008-09 2009-10 2010-11LIQUID ASSET 9812 14090 14090LIQUID LIABILITY 6291 5100 5100RATIO 1.56 4.17 2.76%

INTERPRETATION:

In the above table we can see that Liquid ratio is fluctuating. In year 2009-2010 Liquid ratio has increased by 2.61% as compared to year 2008-2009. In the year 2010-2011 Liquid ratio has increased 1.2% as compared to year 2008-2009 and has decreased 1.41% as compared to year 2009-2010.

3. ACID TEST RATIO : A stringent indicator that determines whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory.

FORMULA:

Acid test ratio = Quick assets/liquid liabilities

CALCULATIONS:

2008-09

630/6291

= 0.10%

2009-10

1085/2879

= 0.38%

2010-11

1046/5100

= 0.20%


2008-09 2009-10 2010-11QUICK ASSET 630 1085 1046LIQUID LIABILITY 6291 2879 5100RATIO 0.10 0.38 0.20

INTERPRETATION:

In the above table we can see that Liquid ratio is fluctuating. In year 2009-2010 Liquid ratio has increased by 0.28% as compared to year 2008-2009. In the year 2010-2011 Liquid ratio has increased by 0.10% as compared to year 2008-2009 and has decreased by 0.18 % as compared to year 2009-2010.

3.5. LEAVERAGE RATIO:

1. CURRENT RATIO:

This ratio shows the proportion of current assets to current liabilities.

FORMULA:

Current ratio = Current Assets/Current Liabilities

CALCULATIONS:

2008-09

28884/8291

= 4.59%

2009-10

29217/2880

= 10.90%

2010-11

31750/5100

= 6.23%


2008-09 2009-10 2010-11CURRENT ASSET 28884 29217 31750CURRENT LIABILITY 8291 2880 5100RATIO 4.59 10.90 6.23

INTERPRETATION:

In the above table we can see that Current ratio is fluctuating very minorly. In year 2009-2010 Current ratio has increased by 4.59% to10.90% as compared to year 2008-2009. In the year 2010-2011 Current ratio has decreased by 10.90% to 6.23% as compared to year 2008-2009 and has increased 6.31% as compared to year 2009-2010.

2. LIQUIDITY RATIO:

It is variant of current which is designed to show the amount of funds to meet immediate payments.

FORMULA:

Liquid ratio = Liquid assets/Liquid liability

CALCULATIONS:

2008-09

9812/6291

= 1.56%

2009-10

12001/2880

= 4.17%

2010-11

14090/5100

= 2.76%


2008-09 2009-10 2010-11LIQUID ASSET 9812 14090 14090LIQUID LIABILITY 6291 5100 5100RATIO 1.56 4.17 2.76%

INTERPRETATION:

In the above table we can see that Liquid ratio is fluctuating. In year 2009-2010 Liquid ratio has increased by 2.61% as compared to year 2008-2009. In the year 2010-2011 Liquid ratio has increased 1.2% as compared to year 2008-2009 and has decreased 1.41% as compared to year 2009-2010.

3. ACID TEST RATIO:

A stringent indicator that determines whether a firm has enough short-term assets to cover its immediate liabilities without selling inventory.

FORMULA:

Acid test ratio = Quick assets/liquid liabilities

CALCULATIONS:

2008-09

630/6291

= 0.10%

2009-10

1085/2879

= 0.38%

2010-11

1046/5100

= 0.20%


2008-09 2009-10 2010-11QUICK ASSET 630 1085 1046LIQUID LIABILITY 6291 2879 5100RATIO 0.10 0.38 0.20

INTERPRETATION:

In the above table we can see that Liquid ratio is fluctuating. In year 2009-2010 Liquid ratio has increased by 0.28% as compared to year 2008-2009. In the year 2010-2011 Liquid ratio has increased by 0.10% as compared to year 2008-2009 and has decreased by 0.18 % as compared to year 2009-2010.

4. LONG TERM FUNDS TO FIXED ASSET:

This ratio shows the relationship between fixed capital and fixed assets.

FORMULA:

Long term funds to fixed assets = Capital employed/Net fixed assets

CALCULATIONS:

2008-09

2009-10

2010-11

TABLE OF THREE YEAR RATIOS:

2008-09 2009-10 2010-11

INTERPRETATION:

3.6. COVERAGE RATIO :

1. INTEREST COVERAGE RATIO : The ratio indicates as to how many times the profit covers the payment of interest on debentures and other long-term loans. Hence it is known as interest coverage ratio.

FORMULA:

Interest coverage ratio = EBIT/int. Paid

CALCULATIONS:

2009-10

11615/187

= 62.11%

2010-11

13229/294

= 45%

TABLE OF TWO YEAR RATIOS:

2009-10 2010-11EBIT 11615 13229INTEREST PAID 187 294RATIO 62.11 45

INTERPRETATION:

In the above ratio we can see that ratios are decreasing. In year 2009-10 62.11% and in 2010-11 decreased by 45%.

CHAPTER: 4 ACCOUNTING POLICY AND NOTES

4.1) NOTES OF ACCOUNT:

1) COMPANY'S PHILOSOPHY ON CORPORATE GOVERNANCE

The Corporate Governance at Navneet is a combination of several factors to achieve the objectives of transparency, full disclosure, a system of checks and balances between the shareholders, directors, auditors and the management. The Company continuously strives to

attain higher levels of accountability, transparency, responsibility and fairness in all aspects of its operations. Navneet's basic philosophy behind an endeavour towards better Corporate Governance is to enrich the value of shareholders by achieving business excellence. Your Company is committed to the principles of good Corporate Governance.

(2) BOARD OF DIRECTORS

2.1 Composition

The Board of Directors comprises of 13 directors. The Company has 6 Independent Directors, 1 Non-Executive Director and 6 Promoter / Executive Directors. The Chairman of the Board is an Independent Director.

2.2 Number of Board Meetings held and dates on which held:

There were five Board Meetings held during 2010-2011 and gap between two Board Meetings did not exceed four months. The dates of the Board Meeting are - 27th April, 2010, 24th June, 2010, 26th July, 2010, 28th October, 2010, 31st January, 2011.

2.3 A brief resume of Directors seeking appointment / re-appointment:

Shri Shivji K. Vikamsey

He is a Chartered Accountant by profession. He has more than five decades of experience in the field of Accounting, Auditing, Taxation and Management consultancy.

Shri Harakhchand R. Gala

He has wide experience in the field of sales & distribution of educational books.

Shri Kamlesh S. Vikamsey

He is a renowned Chartered Accountant by profession and has specialised in the field of Accounting, Taxation and Management advisory services.

Shri Mohinder Pal Bansal

Shri Mohinder Pal Bansal was appointed as an Additional Director w.e.f. 14th September, 2010. He is a Chartered Accountant by profession and

has over two decades of experience in M&A, Strategic Advisory, Capital Markets, Portfolio Company integration and post-acquisition performance management in India, Asia and Europe. He holds 4000 shares of the Company.

2.4 Shri Amarchand R. Gala, Shri Dungarshi R. Gala, Shri Harakhchand R. Gala and Shri. Shantilal R. Gala are related as brothers and Shri Shivji K. Vikamsey and Shri Kamlesh S. Vikamsey are related as father and son.

(3) CODE OF CONDUCT FOR DIRECTORS & SENIOR MANAGEMENT PERSONNEL

The Board at its meeting held on 7th November, 2005 have adopted the Code of Conduct for the Directors and Senior Management Personnel.

A copy of Code of Conduct has been put on the Company's Website www.navneet.com

Code of Conduct has been circulated to all the Members of the Board and Senior Management Personnel of the Company and compliance of the same is affirmed by them. A declaration by the Managing Director under Clause 49 of the Listing Agreement regarding compliance with Code of Conduct is given below: In accordance with Clause 491(D) of the Listing Agreement with the Stock Exchanges, I hereby confirm that all the Members of the Board and Senior Management Personnel of the Company have affirmed compliance with the Code of Conduct guideline as applicable to them for the Financial Year ended 31st March, 2011.

Amarchand R. Gala Managing Director

(4) AUDIT COMMITTEE

4.1 Composition

The Audit Committee presently comprises of four Independent Directors namely Shri Shivji K. Vikamsey, Shri Kamlesh S. Vikamsey, Shri Liladhar D. Shah and Shri Mohinder Pal Bansal. The Chairman of the Audit Committee is an Independent Director namely Shri Kamlesh S. Vikamsey.

4.2 Shri Amit D. Buch, Company Secretary is Secretary to the Audit Committee.

http://www.navneet.com/

4.3 Attendance

Five Audit Committee Meetings were held during the year on 27th April, 2010, 24th June, 2010, 26th July, 2010, 28th October, 2010 and 31st January, 2011.

4.4 Powers of Audit Committee

(1) To investigate any activity within its terms of reference.

(2) To seek information from any employee.

(3) To obtain outside legal or other professional advice.

(4) To secure attendance of outsiders with relevant expertise, if it considers necessary.

4.5 Broad Terms of References of the Audit Committee

(1) To review with the management the Management discussion and analysis of financial condition and results of operations.

(2) To review Statement of significant related party transactions (as defined by the Audit Committee) submitted by management.

(3) To review Management letters / letters of internal control weaknesses issued by the statutory auditors.

(4) To review Internal Audit Reports relating to internal control weaknesses.

(5) To review appointment, removal and terms of remuneration of the Chief internal auditor.

(6) To review with the management, the statement of uses / application of funds raised through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter.

(7) To overview the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statements are correct, sufficient and credible.

(8) To recommend to the Board, the appointment, re-appointment and, if required, the replacement or removal of the statutory auditor and the fixation of audit fees.

(9) To approve payment to statutory auditors for any other services rendered by the statutory auditors.

To review with the management, the annual financial statements before submission to the board for approval, with particular reference to:

a) Matters required being included in the Director's Responsibility Statement to be included in the Board's report in terms of Clause (2AA) of Section 217 of the Companies Act, 1956.

b) Changes, if any, in accounting policies and practices and reasons for the same.

c) Major accounting entries involving estimates based on the exercise of judgement by management.

d) Significant adjustments made in the financial statements arising out of audit findings.

e) Compliance with listing and other legal requirements relating to financial statements.

f) Disclosure of any related party transactions.

g) Qualifications in the draft Audit Report.

11) To review with the management, the quarterly financial statements before submission to the board for approval.

12) To review with the management, performance of statutory, internal auditors, and adequacy of the internal control system.

13) To review the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.

14) Approval of appointment of CFO after assessing the qualifications, experience & background, etc. of the candidate.

15) To discuss with internal auditors any significant findings and follow up there on.

16) To review the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board.

17) To discuss with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.

18) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in case of non payment of declared dividends) and creditors.

19) To carry out any other function as may be added by the Board of Directors in the terms of reference of the Audit Committee, by the Board from time to time.

(5) SUBSIDIARY COMPANIES

The Company does not have a material non-listed Indian subsidiary Company whose turnover or net worth exceeds 20% of the consolidated turnover or net worth respectively of the holding Company in the immediately preceding accounting year. The Board of Directors periodically review the investments and transaction of its subsidiary companies. Copies of the minutes of the meeting of Board of Directors of the subsidiary companies are placed at the subsequent Board meeting of the holding Company.

(6) INVESTORS' GRIEVANCE COMMITTEE

6.1 Composition

The composition of Investors' Grievance Committee is as under:

(a) Shri Liladhar D. Shah (Independent Director)

(b) Shri Kamlesh S. Vikamsey (Independent Director)

CHAPTER: 5 DIRECTOR’S REPORT

PERTAINING MAINLY TO THE FINANCIAL ASPECT:

Particulars Current year Previous year(a) Profit before interest, depreciation and tax

13229 11615

(b) Less : interest 294 187(c) Profit before depreciation and tax 12935 11428(d) Less : deprecation 1144 1164(e) Profit before tax 11791 10264(f) Less: (i) provision for tax 3940 3554 (ii) provision for deferred tax 100 (48) (iii)(add)/less: provision for tax of earlier years

(4) (40)

(g) profit after tax 7755 6798(h) balance brought forward from last year 16279 13268

(i) Profit available for Appropriation 24034 20066APPROPRIATIONS:(a)Interim dividend

1429 2382

(b) Final dividend 1906 -(c) Corporate tax on dividend 547 405(d) General reserve 1000 1000(e) Balance carried to balance sheet 19152 16279

24034 20066

OTHER GENERAL INFORMATION AND IMPLEMENTION:

1. DIVIDEND: Directors are pleased to recommend a final dividend of Rs. 0.80 ps (40%) per share for the financial year 2010-11. The company had declared and paid interim dividend of Rs. 0.60 ps (30%) per share during the year under review. The interim dividend so paid along with final dividend, if declared, work out to above 50% as against your company’s policy of distribution of minimum of 25% of its net profit.

2. CORPORATE GOVERANCE: Company has complied with clause 49 of the listing agreement entered with the stock exchanges. A report on

corporate governance as stipulated under clause 49 of the listing agreement along with auditor’s certificate on compliance with the corporate governance forms part of annual report.

3. SUBSIDARY COMPANIES: In accordance with the general circular issued ministry of corporate affairs, government of India, the balance sheet, profit and loss account and other document of subsidiary companies are not attached with annual account of the company. The consolidated accounts has been prepared in accordance with accounting standards (AS-21), on consolidated financial statements issued by institute of chartered Accountants of India.

4. DIRECTORS RESPONSIBILITY STATEMENT : Directors hereby state:(a) In the preparation of annual accounts, the applicable

accounting standards have been followed along with proper explanation relating to material departures;

(b) Applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the company at the end of financial year and profit of the company for that period;

(c) The director has taken proper and sufficient care for the maintenance of the adequate accounting records in accordance with the provision of companies Act, 1956 for safeguarding the asset of the company and f

(d)(e)or preventing and detecting fraud and other irregularities;(f) The directors have prepared the annual accounts on a going

concern basis;

CHAPTER: 6 AUDITORS REPORT

NAME OF THE AUDITORS:

M/s. Ghalla & Bhansali

Statuary Auditors of the company

TO STATE WHETHER REPORT IS QUALIFIED OR UN QUALIFIED:

Thus the report is not a qualified report.

IMPLICATION:

According to information and explanations given to us, the central government has not prescribed maintance of cost records under clause (d) of sub-section (1) of section 209 of the companies act, 1956, for the industry in which the company operates.

The Members of Navneet Publications (India) Limited,

They have audited the attached Balance Sheet of NAVNEET PUBLICATIONS (INDIA) LIMITED, as at 31st March 2010, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on the test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis of our opinion.1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclosed in the Annexure attached here to, a statement on the matters specified in paragraphs 4 and 5 of the said Order.2. Further to our comments in the Annexure referred to in Para (1) above, we report that:a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit.b) In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of the books.c) The Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account.

d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report, is in compliance with the Accounting Standards specified by the Institute of Chartered Accountants of India, referred to in sub-section (3C) of section211 of the Companies Act, 1956; to the extent applicable to the Company.

CHAPTER: 7 COMMON SIZE STATEMENT

Math homework help

https://www.homeworkping.com/

https://www.homeworkping.com/

http://www.homeworkping.com/

79233317 an-analytical-study-of-three-year

Education

Transcript of 79233317 an-analytical-study-of-three-year