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TITLE PAGE
AUTHOR NAME: NIKUNJ P. PATOLIA
ID : 0809BHC361
PROGRAMME : ADVANCED PROFESSIONAL DIPLOMA
IN MANAGEMENT STUDIES
UNIT TITLE : MANAGING FINANCIAL PRINCIPLES
AND TECHNIQUES
PURPOSE : ASSIGNMENT WORK
SUBMIT TO : MR. TAWFIQ ELAHI
WORDS COUNT : 3742
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Declaration
Learners Name:.
ID..Class (Course)..Unit title
Date assessment details issued..Date handed in .Words Count: .
I confirm that this is my own work and that I have not plagiarized any part of it. I havealso noted the assessment criteria and pass mark .I declare that the work I amsubmitting for assessment contains no sections copied in whole or part from anyother sources, unless it is explicitly identified by means of quotation mark or in thecase of very long quotations, by means of wholly indented paragraphs. I declare thatI have also acknowledged such quotations by providing detailed references in anapproved format. I understand that unidentified and un-referenced copying bothconstitutes plagiarism which is a very serious offence
Learners signature_______________________________ Date / /
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AcknowledgementThis is a work based on the financial analysis of business and the necessary tools
and techniques to do this work. The work of this assignment is divided in three
sections. In two sections, we have to select an organisation and we have to suggest
them in financial measurement.
For making this assignment, the class lecturer Mr. Tawfiq Elahi helped me. I am very
thankful to him because he gave me all ideas and concepts to use in this
assignment. I asked him everything in the class of this course and he explained me
all the things in details and in friendly ways. So, it was be easy for me to understandand also in calculation of Free cash flow and NPV, he gave me a case study chart of
another two projects. So, it was ideal for me in answering this assignment.
The ratio analysis is very helpful in measuring financial viability of the business. we
have considered all the rations here and again I am very happy to make this work.
The whole work is with the quality and the all analysis is qualitative as Mr. Tawfiq
told me to do the qualitative analysis and work in this assignment.
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Contents
No. ofTasks
Details PageNo.
I Introduction 5
1.1 Forecasting of costs andrevenue
6
1.2 Available and possiblesources of finance
9
2.1 Methods of investmentappraisal
11
2.2 Appropriate financialinformation
14
2.3 Recommendations beforeimplementation
17
3.1 Financial statement forviability
18
3.2 Performance audit byInternal and Externalstakeholders
21
3.3 Calculations to improve thequality
23
3.4 Recommendations onstrategic portfolio
25
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IntroductionThe assignment is on the financial principles and techniques. The work of the
assignment is divided in three sections. In the section one, I have selected one
company called Tata motors. The company is existing in the Indian market and the
figures shown in the answers are in Indian currency and also in Crore. In the first
task, there is a detailed about the costs and revenue of the business. That means
the usable revenue of the company and costs of the company. I have mentioned the
costs of the business over last 5 years and profit of the company over last 5 years.
This will give the better ideas and opinions to use forecasting methods. The method
of forecasting are linear regression, time series, trend method etc. we have usedhere co-relation method and also the inflation rate of the country is also shown
because it will give the better ideas in calculating of future costs and revenue of the
company.
In addition, there is also finding the sources of the funds and it is a case study of one
Rugby club. The possible sources are also shown in the answer of the question and
on the basis of it, club can do improvements in the situation.
The work of task 2 is depend on investment appraisal of the two projects. There are
two projects shown and the calculations of ARR, Payback period, DCF and NPV isalso calculating and it is shown in the chart. There are also some recommendations
before implementing the plan and the projects.
The last task is for the assessment of financial viability of the business. it will be
possible with the help of ratio analysis. So, for this purpose, the calculations of ratio
is mentioned and it is in profitability, utilization and also in risks analysis. The details
of all ratios is mentioned with the help of complete formulas.
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TASK: 1
Q: 1.1
Forecasting of costs and revenue
In the answer of this question, there is information about the one big reputed Public
Limited Company called Tata Motors. The company is manufacturing vehicles called
passenger vehicles, commercial vehicles, heavy loaded vehicles etc. in the answer
of this question, there is a forecasting methods of costs and revenue on the base of
last 5 years profit &Loss statement of company. we will discuss about the costs and
revenue and on that base, we will do forecasting methods in this answer.
Costs:
Costs are a critical element of necessary information for successful maintenance of
business. The types of costs are fixed costs and also variable costs. The term of
fixed costs is linked with the time and it is not linked with level of business activity.
So, there will not be easily changes in fixed costs. The variable costs are linked with
the level of output. The examples of variable costs in business are inputs as labour,
fuel and raw materials. The total of fixed and variable costs will be total costs for the
business. if, Tata will have a high proportion in fixed costs in total costs then it may
be seen the high efficiency of more profit and more sales.
Revenue:
The concept of revenue is income received by company as a result of trading
activities of business. the revenue of the business can be calculate by using this
formula, Sales revenue=volume of sold goods avg. Selling price. There is an
alternative way for boosting revenue of company by charging low prices for
consumers in products.
Last 5 Years Net profit:
Mar.06: Rs. 1,528.88 (crore)
Mar.07: Rs. 1,913.46 (Crore)
Mar.08: Rs. 2,028.92 (Crore)
Mar.09: Rs. 1,001.26 (Crore)
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Mar.10: Rs. 2,240.98 (Crore)
Last 5 years Costs:
Mar.06: Rs. 18,199.18 (Crore)
Mar.07: Rs. 24,427.42 (Crore)
Mar.08: Rs. 25,696.61 (Crore)
Mar.09: Rs. 23,699.53 (Crore)
Mar.10: Rs. 31,992.35 (Crore)
Inflation rate:
Inflation rate of Indian economy was 9.70% in October 2010. If, we talk about theinflation rate from January 2010 to October 2010, there is a constant reduction in the
rate of inflation. The rate started from 16.22% from January 2010 then there was
reduction of 1% every month and at the end of October 2010, it became 9.70%. Due
to this rate gone down, the costs are also gone down because inflation rate is falling
down and so, the costs of business are also falling down. The prices of Motors of
today are too less in compare of last year and also in nearest future, it will fall down
further because the rate of inflation is falling down constantly.
(http://tradingeconomics.com/Economics/Inflation-CPI.aspx?... Refer online on 08th
Dec. 2010 at 22:36pm)
Calculation of Co-relation:
The concept of Co-relation is a mathematical concept. This will show the inflation
rate and the costs of the business of Tata motors. If, the inflation rate will be up then
prices will gone down and revenue will be up and costs also will be up. If, the
revenue will be up then production in company is also gone up. So, it will generate
more costs in the business of Tata. This will be easy to understand with the help of
chart of co-relation calculation.
For forecasting of costs and revenue in the business of Tata Motors, the suitable
method for that are linear equation regression analysis, the method of time series.
http://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pmhttp://tradingeconomics.com/Economics/Inflation-CPI.aspx?...%20Refer%20online%20on%2008th%20Dec.%202010%20at%2022:36pm8/3/2019 Nikunj Finance
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YEAR
X(Inflation
rate) Y (Revenue)
1 13.73 871.67
2 11.25 924.31
3 9.7 1,019.42
4 8.6 1,143.21
5 7.8 1,219.42
6 6.9 1,306.21 0.95865
This is a examples of analysis of Indian economys inflation rate and the total last 5
years revenue of Tata Motors. The amount of Tata Motors are in crore and the rate
of inflation is in percentage. So, there is a positive co-relation between the two
factors.
Forecast of revenue and Costs:
Recently, we have already discussed about the last 5 years revenue figures and
costs figures of Tata Motors. From that figures, it can be clearly seen that the
revenue increase first 3 years and again it gone down in 4th year and also increase in
last year. The costs of the company are increasing and in 4th Year, it also had gone
down and again rose.
So, in forecasting of first years revenue and costs, if revenue will increase then the
costs will obviously increase. There is also a positive co-relation between the
inflation rate of country are revenue of company. the inflation rate is going down inthe country and the prices are also going down.
Profitability:
This is a profitable company in the market. There is a reason for this because the
inflation rate of the country is going down constantly and so, the prices of the goods
and products are becoming lower and lower. So, the financial conditions of the
people are being good and they can buy the products of company. in addition, Tata
is launching a cheap vehicles also. So, the business will increase and it will increase
the profitability of the company.
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Q: 1.2 Available and Possible sources of finance
The financial sources for the business are for the short term and also for long term.
The finance can be generated in business by many ways. In the general business,
the sources of finance are personal savings, Bank Loans, Bank overdraft, profit ofbusiness etc.
This is a case for Middletown Rugby Union Club. There are many possible sources
of finance and revenue for the business. This is a club and the financial structure of
the club is made by subscription fees of the membership, the donations from the
members and the sponsorship deals with another company. so, the finance sources
are many in this club. We will discuss about all in details.
Available sources:
The available finance of MRUC is membership subscription fees, Donation from the
members of the club, Income of giving sponsorship to local chain of garages, the
charges from spectators etc. The average numbers of spectators for the week are
8000 and the charge from each spectator is 10. So, the total charge will be 80k.
The numbers of games in home ground are 16. So, total revenue will be 1.28
million. These are the present sources of finance for this club and the many can be
generated for the club business.
Possible Sources:
The possible sources of revenue for the club are income from match and
sponsorship details.
Income from Match fees
Community club
Membership charges
May Use Lottery Scheme for all spectators and can earn money from them
Sponsorship of high amount with other companies
Different financial institutions
Comment:
This club is seeking to take part in league of National division one. The club MRUC
has many sources of finance and revenue for the business. this club can create one
more resource of income for the business. it can start the lottery systems for all the
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spectators. There will be a lottery game on the day of the game and at the end of the
game, the draw will be declared. So, it will be helpful in raise some money for club.
Advantages:
These all are resources of revenue are feasible for the business. There is only thingto see that the spectators for the game must be sufficient and as per requirements.
The members are ready to pay and so, this will generate more cash for the club. The
club will do reorganisation of ground pitch, changes in the sitting arrangements and
dressing rooms of players, in parking facility of vehicles, in broadcasting systems of
the game. So, there will be much publicity of the game and it will be helpful in
possible source of revenue of this club.
Disadvantages:
If, there will not be possibility of these sources then the plan of the club will not be
success and the activity of encouraging more spectators will not be successful.
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Task: 2
2.1
Use of Various methods of investment for Viability
in business
Investment is a significant concept in the business. if, anyone will do investment then
the business will be possible. The main aim of doing investment in business is to
earn more profit from the business and to make the business viable in the market.
Here, there is an example of two units of business. one is Sports Complex and
another is Community Health Centre. We will measure the viability of business byuse of investments appraisals. There are many methods to measure investment
appraisals in business. But, we will use only two methods called Accounting rate of
Return (ARR) and Payback period method.
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roject Cash position Year 0 Year 1 Year2 Year 3 Year 4 Year 5
Period 0 1 2 3 4 5
Cash Inflow
Initial Investment 11,00,000Profit 60000 200000 400000 500000 620000
ports
omplex Net Cash Inflow 11,00,000 60000 200000 400000 500000 620000
Cash Out flow
Cost on capital 4800 16000 32000 40000 49600
Residual Value 220000
Net Cash Outflow 220000 4800 16000 32000 40000 49600
FCF 880,000 55200 184000 368000 460000 570400
Equivalent PV 48000 46943.76 46785.85 46762.18 46758.63
ARR 38.14%
NPV 235250.42
Cash Inflow
Initial Investment 800000
Profit/Loss -40000 140000 220000 300000 380000Net Cash Inflow 800000 -40000 140000 220000 300000 380000
ommunity
ealth Cash out Flow
entre Cost On capital 3200 11200 17600 24000 30400
Residual Value 80000
Net cash Outflow 80000 3200 11200 17600 24000 30400
FCF 720000 -43200 128800 202400 276000 349600
Equivalent PV
-
37565.22 36738.6 36615.02 36592.14 36589.36ARR 34.03%
NPV 108969.9
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So, the above mentioned chart shows the ARR of the projects and for the finding of
Payback period, we will do the work now.
Payback Period:
The work of payback period is related to the time period of return on investments
from business. there are two projects for the calculations and the work of it will
classified like this.
Sports Complex:
Payback period= No. of years Initial investment
Total amount received= 5 1100000
1780000
= 3.09 years
Community Health Club:
Payback period= No. of years Initial investment
Total amount received
= 5 800000
1000000
= 4 years
If, we will do analysis of payback period of these both projects then we can see that
the project of sports complex will take short time to recover the money from the
investment. So, it is more effective than the community club.
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2.2 Financial information for making of strategic
Decisions on investment
If, the business wants to do strategic decisions of finance then knowledge ofinvestment appraisals will be appropriate. This will give the better ideas in strategy
making for the lone time period of the business. The information and data of cash
inflows, balance sheet will be also needed for that and they will also give the
sufficient information on that.
In the answer of this question, we will show the chart of NPV for both the projects
and the chart will show all the calculations of NPV of both the projects.
Discounted cash flow:
It will be also helpful in this investment appraisal system. That means, the Present
value and Future value of the project should be decided first and on the base of it,
the discounted cash flow will be measured. The total of all present value will be NPV
and it is DCF for these both projects.
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Project Cash position Year 0 Year 1 Year2 Year 3 Year 4 Year 5
Period 0 1 2 3 4 5
Cash Inflow
Initial Investment 11,00,000
Profit 60000 200000 400000 500000 620000
Sports
Complex Net Cash Inflow 11,00,000 60000 200000 400000 500000 620000
Cash Out flow
Cost on capital 4800 16000 32000 40000 49600
Residual Value 220000
Net Cash Outflow 220000 4800 16000 32000 40000 49600
FCF 880,000 55200 184000 368000 460000 570400
Equivalent PV 48000 46943.76 46785.85 46762.18 46758.63
ARR 38.14%
NPV 235250.42
Cash Inflow
Initial Investment 800000
Profit/Loss -40000 140000 220000 300000 380000
Net Cash Inflow 800000 -40000 140000 220000 300000 380000
Community
Health Cash out Flow
Centre Cost On capital 3200 11200 17600 24000 30400
Residual Value 80000
Net cash Outflow 80000 3200 11200 17600 24000 30400
FCF 720000 -43200 128800 202400 276000 349600
Equivalent PV-
37565.22 36738.6 36615.02 36592.14 36589.36
ARR 34.03%
NPV 108969.9
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So, from the calculation, it can be measure that NPV of Sports complex club is high
than the other project of Community Health centre. So, the project of sports club is
measurable in the business and it will be more profitable.
There is a suggestion to selectors of the project to select the project of sports club as
all the values of high of this project in comparison of other project and payback
period is also low in comparison of other project.
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2.3 Factors needed at the time of taking project
Decisions
There are many factors available before the final decisions taken. These are calledas recommended factors. If, business does all the calculations of finance and other
things, still the efficiency of the project should be measured and on the base of it, the
recommendations can be created. This will help in making the final decisions of
investment appraisals.
(1) Sports Complex:
The project should be consider after all calculations and then on the base of it, the
strategic should be thinks about and final decisions will be taken.
The efficiency of the project should be measured and it should be done in the
systematic and proper ways.
The reality of the project must be consider and if, there will be anything find in
contrast of reality then the project should not be implemented.
NPV of the project should be assessed first and here it is more than 20k. So,
it is good for the business of this project.
There is one thing and it should be assessed that the project is desirable to
the organisation or not.
What is the payback period on the investments of the project and it should bemeasure for the project.
(2) Community Health Centre:
This is another project shown in the example. The all calculations between these two
projects show that this project is less efficient than the project of sports complex. Still
there are many recommendations before project implementation.
NPV of project should be positive and it is here more than 10k and it is also
positive in the operations of the business.
The payback period is less than other project but it is not too much.
The profitability of the project and efficiency of the project should be
mentioned.
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Task: 3
3.1
Use of financial statements for financial viability
For measuring viability of organisation in Tata Motors, ratio analysis will do better
help. The main rations of profitability, sales turnover, cost of capital etc. will give
better knowledge in company information.
The rations will be used in this question are Gross Profit ratio, Net Profit ratio, Return
of Assets ratio, Operating Profit ratio. These rations will be helpful in identifying
financial viability of business.
Gross Profit Ratio:
For the knowledge of Tata Motors gross profit on sales, this ration will be helpful.
The profit will be gross and the expenditures of the business are excluded from it.
The amount of the profits are in Rs and in crore. The amount of sales and gross
profit are in crore.
Gross Profit Ratio: Gross Profit 100
Sales
= 19.346.25 100
35,773.26
= 54.08%
This ratio is 54.06%. it will show that gross profit on sales of the business is quite
good.
Operating Profit Ratio:This is a profit before paying interest and taxed in the business. the amounts of
operating profits and sales are in Crore.
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Operating Profit Ratio: Operating Profit 100
Sales
= 14,032.83 100
35,773.26
= 39.22%
The operating profit is less than gross profit because the expenses of interests and
taxes are too high in the business. So, the rate of profit is reducing.
Net Profit Ratio:
Net profit is a total final profit for the business. it is calculating after deducting all the
expenditures of the business. The figures of profit and sales are in Crore.
Net Profit Ratio: Net Profit 100
Sales
= 10,421.19 100
35,773.26
= 29.13%
The ratio of Net profit on sales is quite good and also it is sound for the business.
The profit of company is increasing day by day. Tata Motors is profitable business
and it can be known by this ratio.
Current Ratio:
Current ratio is useful to know the situation of currents assets and Current Liabilities
of company. if, the current assets will be high than liabilities then it will be profitable
business.
Current Ratio: Current Assets
Current Liabilities
= 12,329.48
19,672.73
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= 0.63: 1
This ratio will show that current assets of Tata are less than current Liabilities. That
means, company has debt in this. This ratio will not be profitable in business.
(http://www.bizfinance.about.com/.../financial ratios/.../Profitability_ratios.html referon internet on 9th Dec. 2010 at 08:49pm)
http://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pmhttp://www.bizfinance.about.com/.../financial%20ratios/.../Profitability_ratios.html%20refer%20on%20internet%20on%209th%20Dec.%202010%20at%2008:49pm8/3/2019 Nikunj Finance
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3.2 Internal and External stakeholders analysis
The performance of the business is mainly depending on the stakeholders of thebusiness. The stakeholders for the business are internal and external. These
stakeholders will have an impact on utilization ratios of the company.
Internal stakeholders:
Internal stakeholders are employees managers and directors of the company Tata
Motors. They will be helpful in making the significant decisions of the business. They
are the main in the board of directors of the company. If, the profitable ratios are
profitable in Tata and this is all because the efficient work of these stakeholders.
External Stakeholders:
The external stakeholders for the business of Tata Motors are shareholders,
customers, suppliers, distributers, government etc. they all take an interest in the
work of the business and they all are important to take decisions outside the
business. So, they all are very important to measure viability in the business.
(http://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm refer online
on 9th Dec.2010at22:55pm)
Macroeconomic factors:
The macroeconomic factors of the business can affect to the business. these factors
are changes in income level, future prospects of employees, Political environment,
natural disasters, changes in prices of raw materials, changes in the world market of
world. These all are the macroeconomic factors and may have an effect on the
financial viability of business.
This performance audit of business can be well known with the help of ratios of
utilization. It is as follows.
Assts Turnover Ratio: Revenue 100
Total Assets
= 35,775.56 100
1,03,212.42
http://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pmhttp://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pmhttp://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pmhttp://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pmhttp://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pmhttp://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm%20refer%20online%20on%209th%20Dec.2010at22:55pm8/3/2019 Nikunj Finance
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= 34.66%
The assets turnover ratio is 34.66% and it is good. The assets of the company are
turnovers very well. That means, the revenue of the company is increasing. So, the
performance of the business is very good for the operations.
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3.3 Calculations to improving quality
In the last question, we have calculated the profitability rations and on the bases ofthat ratios. The profitability of the company can be measure. There is also a good
opportunity for the business. company can do some reduction in the costs and then
on the base of it, the profitability of business can be improved.
Now, we will discuss it with the help of profitability ratios and will do comment on
them.
Interest Coverage ratio= EBIT
Interest Expenses
= 3,257.40
1,246.25
= 2.61:1
The interest coverage ratio will show the improvements in profitability. Thecalculations are on the base of profit before interest and tax. It will show that the
profit before interest and tax is very high. It is 2.61 more than 1. So, it will show that,
if company will reduce the expenses of interests and tax of the business then the
business will be more profitable. No doubt, the operations are profitable still, the
changes can be done in it to maximise the profitability of the business.
(http://www.investopedia>dictionary online refer on10th Dec. 2010 at10:45AM)
Net profit Ratio:
Net Profit 100
Sales
= 10,421.19 100
35,773.26
= 29.13%
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So, it is also in good percentage in business. still the business profit is less than
some business competitors. So, the cost of capital, costs of interests and taxes and
other taxes of business should be reduced. It will increase the profitability of the
business.
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3.4 Recommendations on portfolio based
This is a case for the Tata Motors and also assessment of the financial viabilities of
the business. There are some recommendations for the business to increase the
profitability of the business.
These all the details can be understand with the help of Price/Earnings ratio.
Price/Earnings ratio= Stock price per share
Earning per share (EPS)
=1,269.40
39.26
=32.33
The prices on earnings on each share are good of Tata Motors. The ratio analysis is
showing that it is 32.33 per share.
The recommendations of it are as per follows.
(1) Company should have to provide attractive schemes to the shareholders of the
company. So, the reputation of company will increase in stock market and prices of
shares will be high in stock market.
(2) Tata motors provide dividends on shares to the shareholders of the company.
Among this dividend, company should have to maintain some reserve for the future
of the company. So, in the real time of need, it will be helpful.
(3) The extra reserve of the dividend should be invested in the operations of the
business. So, it will be reinvestment and also more profit can be earn from them for
the business.
(4) The performance audit of company can do better help in financial viability ofbusiness. it should be done at end of every financial year of the company. so, it will
give the better results of performance of the company and also will provide better
guidelines in the future financial structure of the business.
(http://www.investopedia.com>tutorials refer online on 10th Dec. 2010 at12:04pm)
8/3/2019 Nikunj Finance
26/26
References(1) http://www.investopedia.com>tutorials refer online on 10th Dec. 2010 at12:04pm
(2) http://www.investopedia>dictionary online refer on10th Dec. 2010 at10:45AM
(3)http://www.tutor2u.net/economics/gcse/revision.../work_staholders.htm refer
online on 9th Dec.2010at22:55pm
(4)http://www.bizfinance.about.com/.../financial ratios/.../Profitability_ratios.html refer
on internet on 9th Dec. 2010 at 08:49pm
(5) http://tradingeconomics.com/Economics/Inflation-CPI.aspx?... Refer online on
08th Dec. 2010 at 22:36pm
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