Reshma Rajendran-Project

Apollo Tyres Pvt. Ltd.
Kalamassery
INTRODUCTION
Finance is an important function of any business as money is required to meet the various activities of it. Finance is considered to be the life blood of any business. It is defined as the provision of money at the time it is needed. The cost refers to something that must be sacrificed to obtain a particular thing. Costing is to ascertain the cost of each product, process, department, service or operation. Cost analysis refers to the breakup of total cost into certain elements or subdivisions. Such analysis is essential for the purpose of accounting and control over the costs. The primary objective of every business undertaking is to earn profit. Profit earning is essential for the survival of the business. Profit is the engine that drives the business enterprise. A business needs profit not only for its existence but also for expansion and diversification. Profits are the useful measure of overall efficiency of the business. The cost profit relationship is of immense utility to management as it assists in profit learning cost control and decision making. CostProfit Analysis is a technique for studying the relationship between cost and profit. Profits of an undertaking depend upon large number of factors. But the most important of these factors are cost of manufacture, the selling prices of the product etc. The cost-profit relationship is an important tool used for the
Institute in Management in Kerala, Kundara
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Apollo Tyres Pvt. Ltd. Kalamassery
profit planning of a business. In this analysis an attempt is made to analyse the relationship between variations in cost with variations in profit. So this study is an ample effort to analyse the cost-profitability of the organization. 1.1 Statement of the Problem The problem of the study is to analyze cost- profitability of Apollo tyres pvt. Ltd (ATL) . The study also aims to correlate the costprofit. The cost is something that is to be sacrificed to obtain a particular thing. Costing is to ascertain the cost of each product, process, department, service or operation. Cost analysis is essential for the purpose of accounting and control over the costs. Profit earning is the primary objective of every business enterprises. It is essential for the survival of the business. A business needs profit not only for its existence but also for expansion and diversification. Profits are the useful measure of overall efficiency of the business. CostProfit Analysis is a technique for studying the relationship between cost and profit. Profits of an undertaking depend upon cost of manufacture, the selling prices of the product etc. The cost-profit relationship is an important tool used for the profit planning of a business. In this analysis an attempt is made to analyse the relationship between variations in cost with variations in profit. In every firm cost, sales and profit are very important. When the cost increases the profit will diminish. As far as ATL is concern,
Institute in Management in Kerala, Kundara Page 2
the cost and profit is increasing. Here the study emphasis Why the profit increases with increase in cost. 1.2 Theoretical Frame Work
1.2.1 Ratio Analysis Ratio analysis is a concept or technique which is as old as accounting concept. Ratio analysis is a widely used tool of financial analysis. It is defined as the systematic use of ratio to interpret the financial statements so that the strengths and weaknesses of a firm as well as its historical performance and current financial condition can be determined. The term ratio refers to the numerical or quantitative relationship between two items/variables. Ratios reveal the relationship in a more meaningful way so as to enable us to draw conclusions from them. Uses of Ratios It is useful for inter firm comparison which implies that company compares its performance with that of its industry peers. It is useful for intra firm comparison which means that company will compare the performance of various departments of the company so as to judge the best department of the company.
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It is useful in simplifying the accounting figures to make them understandable to a layman, because it is easier to understand ratios then plain figures.
It is also useful in forecasting and planning for the future, also it helps in control by comparing the actual performance with that of forecasted performance and looking for the reason for it.
It is also used for analysis of financial statements by various interested parties like bankers, creditors, supplier etc..for taking future decision about the company.
Classification of Ratios Ratios may be classified in a number of ways keeping in view the particular purpose. Ratios indicating profitability are calculated on the basis of the profit and loss account; those indicating financial position are computed on the basis of the balance sheet and those which show operating efficiency or productivity or effective use of resources are calculated on the basis of figures in the profit and loss account and balance sheet. These classifications are rather crude and unsuitable to determine the profitability and financial position of the business. To achieve this purpose effectively, ratios may be classified as:-
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Profitability Ratios Coverage Ratios Turnover Ratios Liquidity Ratios Leverage Ratios
Liquidity Ratios: Liquidity is the ability of the firm to meet its current liabilities as they fall due. Since liquidity is basic to continuous operations of the firm it is necessary to determine the degree of liquidity of the firm. To measure the liquidity of a firm, the following ratios can be calculated: Current Ratio Quick or Acid Test or Liquid Ratio Absolute liquid Ratio
Current Ratio The current ratio is the ratio of current assets to current liabilities. It is
calculated by dividing current assets by current liabilities. The current ratio of a firm measures its short term solvency, which is the firms liability to meet short term obligations. The higher the current ratio, the larger is the amount of rupees available per rupee of current liability, the more is the firms ability
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to meet current obligations and the greater is the safety of funds of short term creditors. Thus current ratio, in a way, is a measure of margin of safety to the creditors. Quick Ratio/ Acid Test Ratio The acid test ratio is the ratio between quick assets and current liabilities and is calculated by dividing the quick assets by the current liabilities. The term quick assets refers to current assets which can be converted into cash immediately or at a short notice without diminution of value. It is often referred to as quick ratio because it is a measurement of a firms liability to convert its current assets quickly into cash in order to meet its current liabilities. Cash Position/ Absolute Liquidity Ratio Cash is the most liquid asset. A financial analyst may examine cash ratio and its equivalent to current liabilities. Trade investment or marketable securities are equivalent to cash. Therefore, they may included in the computation of cash ratio. Profitability Ratios: A business firm is basically a profit earning organization. The income statement of a firm shows the profit earned by the firm during the accounting
year. Profitability is an indication of the efficiency with which the operations of the business are carried on. Poor operational performance may indicate poor sales and hence poor profits. The profit figure has, however different meanings to different parties in interested in financial analysis. The following are the important profitability ratios: Gross Profit Ratio Net Profit Ratio Operating Ratio Operating Profit Ratio Cash Profit Ratio Expenses Ratio
Gross Profit Ratio Gross profit is defined as the difference between net sales and cost of
goods sold. This ratio shows the margin left after meeting manufacturing cost. It measures the efficiency of production as well as pricing. A high ratio of gross profits to sales is a sign of good management as it implies that the cost of production of the firm is relatively low. A relatively low gross margin is definitely a danger signal, warranting a careful and detailed analysis of the factors responsible for it. A firm should have a reasonable gross margin to
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ensure adequate coverage for operating expenses of the firm and sufficient return to the owners of the business. Net Profit Ratio This ratio shows the earning left for shareholders as a percentage of net sales. It measures the overall efficiency of production, administration, selling, financing, pricing and tax management. A high net profit margin would ensure adequate return to the owners as well as enable a firm to withstand adverse economic conditions when selling price is declining, cost of production is rising and demand for the product is falling A low net profit margin has the opposite implications. Operating Ratio Operating ratio establish the relationship between the cost of goods sold and other operating expenses. It is computed by dividing operating expenses by sales. The term operating expenses includes (a) cost of goods sold, (b) administrative expenses, (c) selling and distribution expenses, (d) financial expenses but excludes taxes , dividends and extraordinary losses due to theft of goods, goods destroyed by fire and so on. Operating Profit Ratio This ratio is calculated by dividing operating profit by sales
Cash Profit Ratio The net profits of the firm are affected by the amount or method of
depreciation charged. Further, depreciation being a non cash expense, it is better to calculate cash profit ratio. This ratio measures the relationship between cash generated from operations and net sales. Expenses Ratio
The following ratios will help in analyzing the expenses ratio: (1) Material consumed Ratio = Material Consumed 100 Net Sales (2) Conversion Cost Ratio = Labour Expenses + Manufacturing Expenses Net Sales (3) Administration expenses Ratio = Administration Expenses 100 Net Sales (4) Selling & Distribution Expenses Ratio = Selling & Distribution Expenses 100 Net Sales 100
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Limitations of Ratios: There are no accepted standards or rules of thumb for all ratios which can be accepted as norms. It renders interpretation of the ratios difficult. Ratios of the past are not necessarily true indicators of the future. Ratios are only means of financial analysis and not an end in itself. Ratios have to be interpreted and different people may interpret the same ratio in different ways. While making ratio analysis, no consideration is to be made to the changes in the price levels and this makes the interpretation of ratios invalid. Ratio analysis is only a beginning and gives just a fraction of information needed for decision making. Therefore to have a comprehensive financial statements, ratios should be used along with other methods of analysis. 1.2.2 Trend Analysis The financial statements may be analyzed by computing trends of series of information. This method determines the direction upwards or downwards and involves the computation of the percentage relationship that each statement item bears to the same item in base year. Trend signifies tendency.
Therefore, review and appraisal of tendency in accounting variables is simply called as Trend Analysis. Trend ratios are also an important tool of horizontal financial analysis. Under this technique of financial analysis, the ratios of different items for varies periods are calculated and then a comparison is made. An analysis of the ratios over the past few years may well suggest the trend or direction in which the concern is going upward or downward. The method of trend percentages is a useful analytical device for the management since by substituting percentages for large amounts; the brevity and readability are achieved. Uses of Trend Analysis It helps in easily knowing the direction of movement of activity of the business, i.e, whether upward or downward. Trend analysis is helpful in forecasting and budgeting. It helps in comparing one period with another period. It makes data brief and easily understandable.
Procedures for Calculating Trends 1. One year is taken as a base year. Generally, the first or the last is taken as base year. 2. The figures of base year are taken as 100
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3.
Trend percentages are calculated in relation to base year. If a figure in other year is less than the figure in base year, the trend percentage will be less than 100 and it will be more than 100 if figure is more than base year figure. Each years figure is divided by the base years figure. The interpretation of trend analysis involves a cautious study. An
increase of 20% in current assets may be treated favorable. If this increase in current assets is accompanied by an equivalent increase in current liabilities, then this increase will be unsatisfactory. The base period should be carefully selected. The base period should be a normal period. The price level changes in subsequent years may reduce the utility of trend ratios. If the figure of the base period is very small, then the ratios calculated on this basis may not give a true idea about the financial data. Limitations: Trend analysis becomes incomparable if the same accounting practices are not followed. Trend analysis does not take into consideration the price level changes.
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Trend analysis must always be read with absolute data on which they are based, otherwise the conclusions may be misleading.
1.2.3 Comparative Income Statement Analysis The income statement gives the results of the operations of a business. The comparative income statement gives an idea of the progress of the business over a period of time. The changes in absolute data in money values and percentages can be determined to analyze the profitability of the business. In comparative statement there have four columns. First two columns give figures of various items for two years. Third and four columns are used to show increase or decrease in figures in absolute amounts and percentages respectively. The analysis and interpretation of income statement will involve the following steps: The increase or decrease in sales should be compared with the increase or decrease in cost of goods sold. An increase in sales will not always mean an increase in profit. The profitability will improve if increase in sales is more than the increase in cost of goods sold. The amount of gross profit should be studied in the first step.
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The second step of analysis should be the study of operational profits. The operating expenses such as office and administrative expenses, selling and distribution expenses should be deducted from gross profit to find out operating profits. An increase in operating profit will result from increase in sales position and control of operating expenses. A decrease in operating profit may due to an increase in operating expenses or decrease in sales.
The increase or decrease in net profit will give an idea about the overall profitability of the concern. Non operating expenses such as interest paid, loss from sale of assets, writing off of deferred expenses, payment of tax etc.. decrease the figure of net profit. Some non operating incomes may also be there which will increase net profit. An increase in net profit will gave us an idea about the progress of the concern.
An opinion should be formed about profitability of the concern and it should be given at the end. It should be mentioned whether the overall profitability is good or not.
1.2.4 Cost Sheet Cost sheet is a statement which provides for the assembly of the estimated detailed cost in respect of a cost centre or a cost unit. It is a detailed statement of the elements of cost arranged in a logical order under different
heads. It is prepared to show the detailed cost of the total output for a certain period. It is only a memorandum statement and does not form part of the double entry system. Advantages: It discloses the total cost and cost per unit of the units produced. It enables a manufacturer to keep a close watch and control over the cost of production. It helps the management in fixing selling prices. It acts as a guide to the management and helps in formulating production policy. It is a simple and useful medium of communication of costs to various levels of management. 1.3 Objectives of the Study General objective: The general objectives of the study are to correlate the Cost-Profitability of Apollo Tyres pvt. Ltd, Kalamassery. Specific objectives: To understand the current liquidity, position of Apollo Tyres Pvt Ltd. To know the profitability (net profit/ net loss) of the organization from its operations.

To assess the current and future trends. To analyse the cost-profitability of the company. To compare the change in profitability of the past five years with regard to the cost.
1.4
Methodology The study aims to analyse the financial performance, to explain the
reasons if there is worse performance and also to offer solutions for the same. Primary data: Interaction with the staff of accounts department. Interaction with the accounts manager.
Secondary data: Journals Periodicals Reports 5 years final accounts
1.4.1 Tools for Data Analysis Ratio analysis Trend analysis Comparative financial statement
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1.5
Cost Sheet
Scope of the Study The study gives an opportunity to deal with the financial problem of
the organization. It gives an idea about the financial climate of the company. It helps to describe the various financial aspects of the company on the basis of Profit and Loss accounts. The important areas include cost and
profitability of the organization by analyzing the figures in Annual Financial Statements. The study exposes the possibilities of the company against the hard facts of unfavorable financial indices and tries to analyze the problem that led to the present situation in detail and suggests workable situations. 1.6 Limitations of the Study The study is restricted to the registered office of the company at Cochin. The study is mainly based on the secondary data; from the annual reports of Apollo Tyres Ltd as such it is subject to the limitations of the secondary data. Only little primary data are used. The period of analysis is limited to 5 years, i.e., 2006-2007 to 20092010. This study holds significance only in the present situation. The conclusions drawn are subjective to researchers knowledge.
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1.7
Chapterisation Includes introduction, framework, statement objectives of of the problem, study,
Chapter I
Theoretical
the
Methodology, Tools for data analysis, scope and limitations of the study. Chapter II Chapter III Chapter IV Chapter V Deals with industry profile. Includes company profile of Apollo Tyres Pvt. Ltd. Includes data analysis and interpretations. Deals with findings, conclusion and suggestions.
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TYRE INDUSTRY
2.1 History of Tyres The key milestone in the history of tyres was the invention of the wheel by Sumerians 5000 years ago and it has been refined over ages. Centuries back pieces of rubber placed at four corners of the vehicle were used as tyres. The earliest tires were bands of iron (later steel), placed on wooden wheels, used on carts and wagons. The tyre would be heated in a forge fire, placed over the wheel and quenched, causing the metal to contract and fit tightly on the wheel. But the whole scenario started changing when Charles Goodyear invented vulcanized rubber in 1844 which was later used for the first tyres. The first practical pneumatic tyre was made by the Scot, John Boyd Dunlop, in 1887 Pneumatic tyres are made of a flexible Elastomeric material, such as rubber, with reinforcing materials such as fabric and wire. Tire companies were first started in the early 20th century, and grew in tandem with the auto industry. Today, over 1 billion tires are produced annually, in over 400 tire factories, with the three top tyre makers commanding a 60% global market share
During the last 20 years tyre has been virtually reinvented with most modern technologies like steel radial tyres, a milestone in the tyre technology. Tyre sector is experiencing a rapid improvement with the advent of newer technologies. 2.2 International Scenario The world tyre industry is worth around US $70 billion. The industry is marked by the presence of around half a dozen major players who together occupy 70% of world market share. 2.2.1 International Market Share Table 2.1 showing the international market share of companies Company Michelin Bridgestone Good Year Continental Sumittomo Pireli Yokhohamo Kumho Others Market Share 19.5% 19.4% 16.6% 7.1% 4.9% 3.9% 3.5% 1.7% 23.5%
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2.3 Indian Tyre Industry The Indian Tyre industry dates back to1930 when multinationals like Fire Stone, Good Year and Dunlop entered in the market. MRF, Premier, CEAT at various locations in the country carried out the domestic production of the tyre. The tyre industry in India are classified under three heads:1. First Generation companies : - Dunlop and Fire Stone (New Bombay tyres international Ltd) 2. Second Generation companies : - MRF, CEAT, Good year, Premier 3. Third Generation companies : - J K Tyres, Vibrant, Apollo and Modi rubber The first Indian Company Dunlop Rubber Company was incorporated in 1926. Today the tyre industry is growing rapidly and today its turnover is 1,00,000 million and earning an income of Rs.1,000 crore per annum for export. 2.3.1 Salient features of Indian tyre industry Adaptability and absorption. Exports Innovations Indigenous and ready availability Technology progression
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Wide product range for diverse use Self sufficiency and vibrant marketing setup
2.3.2 Ranking of Indian tyre companies on the basis of production 1. 2. 3. 4. 5. 6. 7. 8. 2.3.3 Highlights The tyre industry is a Rs. 9,000 crore industry. The fortune of this industry depends on the agricultural and industrial performance of the economy, the transportation needs and the production of vehicles. While the tyre industry is mainly dominated by the organized sector, MRF Tyres Limited Apollo Tyres Limited JK Tyres Limited CEAT Tyres Limited Modi Rubber Tyres Limited Birla Tyres Limited Good Year India Limited Vikrant Tyres Limited
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the unorganized sector holds sway in bicycle tyres. In the last five years (2002-03 to 2008-09), the industry managed to achieve a compounded annual growth of only 4.40 per cent. However in the last fiscal the industry registered a growth of 7 per cent. Natural rubber constitutes 25 per cent of the total raw material cost of the tyres. The ratio of natural rubber content to synthetic rubber content is 80:20 in Indian tyres, whereas worldwide, the ratio of natural rubber to synthetic rubber is 30:70 2.3.4 Domestic Rank Table 2.2 showing the domestic rank for tyre companies
Segment Light Companies Apollo Tyres JK Tyres MRF CEAT Truck 1 2 3 4 Commercial Vehicle 2 4 3 1
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Table 2.3 showing the segment wise market share of tyre companies in India Company Apollo MRF Ceat JK Vikrant Goodyear Truck 28 16 17 12 11 5 Car 10 25 18 14 1 12 Farm 21 24 15 8 7 23 Lcv 19 20 19 15 2 2
Chart 2.1 showing the market share of companies
MARKET SHARE
APOLLO JK TYRES OTHERS MRF GOOD YEAR CEAT
6%
14%
22%
24% 17%
17%
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COMPANY PROFILE
3.1
History of Apollo Tyres Apollo Tyres Ltd. one of the leading manufacturing companies in India
was named after the sun god. Apollo has created a remarkable identity. For itself has become synonymous with the brand. In its constant pursuit for excellence, Apollo has come a long way up the corporate gradient. The history of Apollo tyres. The company can be traced back to 70,s when hardnosed MNC, s and Indian tyre majors dominated the tyre industry. ATL is the flagship of the Apollo group. It was formed in 1972, where Raunag Singh as the founder and chairman. Post restructuring in the group, the management of the company had been handed over to Raunag Singh son onkar s kanwar. Operation began in 1977 with setting up of the plant to manufacture truck and tractor rear tyre at the annual capacity of 0.42mm tyres. The plant was setting up at Perambra near Kochi in Kerala was with a technical collaboration of general tyre international company, the fourth largest company in the world. Kerala plant began its commercial production in the year 1977.the company incurred heavy losses from 1977 to 1781.it was 1982 that Apollo
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formulated and put in to action a serious of pragmatic profit generating policies geared lower run around. The Kerala plant has been besieged but lower problems in the past. In august/september1995 the plant had to be shut down for a period of two weeks following the go slow tactics and disruptive action by the workers. In the financial year 1999 too, the plant faced labor unrest for a prolonged period. To reduce dependence on the single plant.ATL put up its second plant in Baroda, Gujarat in 1991 at an annual capacity of 0.68mm tres.ATL is entitled to certain fiscal benefits till the year 2005 on its Baroda plant. In February 2000, continental increase in the growth of Germany picked up by 15%stake in the company. A plant was installed at limda in capacity of 65 lakhs per annum commencing production in September 1977 in the record time of 16 months. BIFR (Board of Industrial Finance Reconstruction) handed over the premier tyres ltd to ATL on 17th April 1995 with the manufacturing base to emerge as no 1 tyre company in India As a part of further expansion plans, the new tube plant has been installed at Ranjangaon near Pune in the state of Maharashtra, the commercial production of Ranjangaon near Pune in the state of Maharashtra, the commercial production of which began in April 1996. Recently the
company recognized itself using profit centre concept for all locations and division. This has been done with a view to enhance the efficiency and effectiveness of the organization by monitoring the profitability of the units, especially in quality. Apollo tyre has a clear vision to become a leader in tyre industry globally and domestically. Years ago, with a view to position itself in the premier tyre segment, Apollo decided to price its brands reasonably higher than its competitors. It has targeted a customer segment for which price was almost a non-issue. The criterion was the product benefit, premium branding lead to the development of a niche that compromised those who looked for the best tyre and not necessarily the best bargain. Believing firmly in philosophy of always looking for new answers, todays tyre plant Apollo tyre has all along envisioned action that would challenge the conventional wisdom of tyre industry. Call it holistic thinking or innovative marketing strategies, as a corporation. Apollo has always thrived on huge challenges so as to turn them around to its advantage. 3.2 Brief History of Premier Tyres The premier tyre were incorporated in 19th October 1959.the foundation stone was laid by none other than Jawaharlal Nehru, the prime
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minister of India, on 18th January 1960.the company was established in collaboration with the Uni Royal Inc.USA. The company started its commercial production in May 1962 with production capacity of 30 million tons per day. The company was owned by the Desai Group, Mumbai. This is the first tyre company owned by the Indian. During the seventies and eighties company was running in a huge profit. The main reason for this lack of competition was the tyre named Lug Master was a gigantic success in the market. But gradually the profit of the company declined. More and more players entered in the market. The competition became intense. It was declared a sick unit. The government of Kerala requested Apollo tyres to take over the unit and bring it back to form. In 1995 the premier tyres was taken over by the Apollo tyres. At that time the share capital of premier tyres was 3.25 crores. Apollo tyres introduced another 10 crores. After the takeover in 1995, Apollo tyres initiated their management practices in the company. The ultimate aim was to make the company in to a profit making one. Even with the existing machinery and all, the production was increased from 35tonnes to 80tonnes (daily production) many measures were taken to increase the production and reduce the cost of production. According to the agreement of lease, the goods
produced with the machines of premier tyres will be brought in to the market and sold only in the name of Apollo tyres. The Premier tyres had a debt of 42 crores taken as loan from the outsiders and other financiers. Apollo tyres settled all the loans by 1998 and now the company is going on a profit. 3.3 Manufacturing Units of Apollo Tyres Ltd Perambra at Kerala [1977] Limda, Baroda at Gujarat [1991] Premier Tyres, Kalamassery at Kerala [taken over at 1995] Rangoan at Pune [1996- Manufacturing of tubes] Conversion Facilities, TCIL in Calcutta
As the countys leading tyre-manufacturing company, Apollo takes pride in its manufacturing units spread across the country, using state-of-art equipment and Cutting edge technology. The units have the ability to utilize their potential to the optimum and meet the growing and over changing customer needs. In keeping the policy to move with the times and use superior technology all the units are digitalized. This ensures minimum errors and effective quality control that helps to reduce re-manufacturing cost.
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Apollos journey began in 1977 when Apollo set up its first manufacturing unit Perambra in Kerala with the production capacity of 188 tones. The company plans to increase this capacity from 132 tons per day to 200 tons by 2002 with an investment of Rs.70 Crores. The Limda plant was installed in 1991, following, which Apollo brand products were manufactured there. Currently the plant has a total capacity of 230 tones. The existing plant is being modernized with an investment of rs.110 Crores. In addition, Apollo also built a new plant at Ranjangaon at Pune in 1997 to manufacture tyre tubes. The plant has a production capacity of 34 ton 3.4 Products manufactured at Kalamassery unit Apollo offers a smart choice for its consumers capturing the essence of luxury style utility and safety product for varying customer needs. Avilable for its customer needs is a wide range of smart choice tyre, alloy wheels and rethreading material which combine performance, safety and design. Fine tunes to meet varying vehicle and customer requirements. Truck and bus tyres Light truck tyres Farm tyres Retreading materials
3.5 Future plans The main and primary plan of the company is to be an US$2010million company by the year of 2010 The technology journey is moving ahead at full throttle.ATL plans to launch a truck radial team which team which will focus on making.ATL self reliant in technology to become a global player, all efforts are focused on high performance tyres and other niche product. A new performance and career enhancement system will soon be launched Quality journey goal is to be established at ATL as an organization that is recognized worldwide for the quality processes and practices. Its objective is to win the demand award within a stipulated time frame The application technology journey is working towards giving business a cutting edge. Its initiative will automate business and empower employees with right information to make better decisions. 3.6 Objectives of the company Objectives of the Apollo tyres are: To enhance the companys share holders value
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Employee satisfaction Revenue growth Strengthen supply chain market share, cost effectiveness in all segments

High quality technology and superior products Consistent production through harmonious industrial relation. To become a significant global player providing customer delight. To widen the distribution networks and strengthen the field service organization.
3.7
About premier unit Taken over by Apollo tyres in April 1995 Location Year of establishment Land area Plant area Power requirement Installed capacity Production : : : : : : : Kalamassery, Cochin 1962 117908sq.m 38595sq.m 6000 KW/day 60MT 86tone/day
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Employee strength Management staff General staff Workmen Trainees Total 3.8 : : : : : 140 108 797 259 1304
Core Values Of The Company
C - CARE FOR CUSTOMER R - RESPECT FOR ASSOCIATES E - EXCELLENCE OF TEAM WORK A - ALWAYS LEARNING T - TRUST MUTUALLY E - ETHICAL PRACTICES
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3.9
VISION A Leader in the Indian tyre industry and a significant player in the
global tyre industry and a brand of choice, providing customer delight and continuously enhancing stakeholder value 3.10 Quality Policy Apollo tyre limited follows strict quality control measurement to enhance customer quality control measurement to enhance customer delight .Apollo tyres limited gives much emphasis to retain the quality of the products. The companys quality policy is concentrates in each state of the tyre manufacturing process and on all the activities related to production. 3.11 Quality Pledge We the people of Apollo tyres ltd, will create an enterprise committed to quality. It is our policy to design, manufacture and service our products to provide the level of quality and value that needs every customer need We will aim to generate customer enthusiasm through continuous improvements in our products and services. 3.12 Corporate Goals Creating Social Responsibility Learning and Development Family Focus
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Hygienic Factors Employee Involvement & Cultural Building
3.13 The three pillars of our company:
People: Happiness and development among whole 10000 employees and their families. Quality: Not only in products, but also in every activity. Technology: Not only in product bases technology but also to incorporate technologies in all our walk of life.
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3.14 Share Holding Pattern Chart 3.1 Shows the share holding pattern of the Apollo Tyres pvt. Ltd.
SHARE HOLDING PATTERN

FIIs/NRIs/Foreign Bodies Corporate Fls/Banks/Mutual Funds Govt of Kerala &Others 2% 0% 15% 26% 18% 39% Promoters, Public
3.15 Product Segment Chart 3.2 shows the product segment of Apollo Tyres pvt. Ltd.
PRODUCT SEGMENT
Truck Light Truck PCR 3% 10% 46% 33% 8% Agriculture Others
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3.16 Future Focus A formidable distribution network, strong brand equity and the ever increasing demand for its products have encouraged Apollo tyres Ltd to plan a new manufacturing unit with 100 tons per day capacity for manufacturing cross ply radial tyres involving a capacity outlay of Rs.450 crores. The new facility would focus on creation of captures for manufacturing track and bus radial tyres to meet the merging demand for radial tyres in the segments 3.17 Departments in Apollo Tyres Human Resource Department Finance Department Purchase Department Production Department Production Planning & Control Department Engineering Department Technical Department Research & Development Department Quality Assurance Department Systems Department Marketing Department
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3.17.1 Finance Department Chart 3.3 showing the Organization structure of Finance Department:
DIVISIONAL HEAD COMMERCIAL
GROUP MANAGER (COMMERCIAL)
MANAGER (ACCOUNTS)
GROUP MANEGER (ENG.STORE&PURCH ASE)
ASSO.MANAGER (COSTING)
EXECUTIVE (RMS)
ASSO.MGR./ EXECUTIVE (FGS)
EXECUTIVE (COSTING)
EXECUTIVE (ACCOUNTS&EX CISE)
EXECUTIVE (PAY ROLL)
EXECUTIVE (PURCHASE)
ENGG.STORES
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3.17.2
Accounts section: The finance department falls under the financial controller. Under him
comes the bill section where the Accounts Officer is assisted by an Assistant. On the other hand, falls the Deputy Manager of costing and his assistant. The third division of C5 is the Deputy Financial Contoller I & II. Under Deputy Financial Controller II there is an A.O(E), where E stands for established ie.., payment of salaries and wages and welfare measures expenses are accounted. Under the Deputy Financial Controller-I falls the various assistants who are divided into four major accounts function i.e.., costing, marketing, general accounts and financial accounts. The internal audit function is carried out in the company by the internal audit section headed by Chartered Accountant. Regular reports are given to the department heads for taking corrective actions where ever necessary which is then submitted to the Chairman and Managing Director. The company has an effective budgetary control system. The budgets are reviewed and deviations are analyzed and necessary corrective action is taken. Important variations relating to raw materials, furnace oil, electricity etc are analyzed and furnished to various level of management for corrective actions. The key budget factor test the availability of power is estimated and rough pictures of anticipated power shortage are drawn up. The possible
production and the capacity required are taken into account and the source of power is also found out. The main function of bill section is concerned with passing of bills which is done immediately after checking into quotation, order and products received and the work achieved. Bills are passed after seeing that the materials received are in conformity with the purchase order. The MIS department is handled by the finance department in Apollo under the costing and budgetary control section. Financial section of the ATL, which is included in the commercial department, is concerned with the planning and controlling of the firms financial resources .The divisional head controls the functions. The duties include providing information to formulate accounting and costing policies, preparation of financial reports and the direction of internal auditing budgeting. The company has to maintain records including quantitative details and situation of fixed assets. 3.17.3 Payroll section It involves the handling of wages, salaries; keeping records of employees including information about their basic allowances, maintaining their attendance etc for the convenience of employee .Payments are dispersed through banks or ATMs.
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3.17.4 Costing The process of costing is based on the financial accounts. The price of a single tyre is determined by taking into consideration, the actual cost involved in making tyres. The company follows the rule of having only 0.5 or less percentage of scrap. This helps minimizing loss. 3.17.5 Control It includes monitoring the electricity charges, wastages scrap and other avoidable expenses .Distribution of payment though is a step also taken under this function .This has helped in reducing manpower security requirements and also other risks to be taken by the company. It maintains the minimum inventory of 6-7 days, as this is required for aging time of tyres. A total of 1.32 hours is needed to make a tyre, make it heat resistant, strong, load resistant etc. 3.17.6 Excise This section deals with the duty that is being paid for the tyres reach the market both nationally and internationally .ATL has to pay 16% excise duty for dutiable items for domestic purposes to the Central Government .For exports no excise duty has to be paid.ATL gives about 2-3 crore excise duty in spite of all these measures.
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DATA ANALYSIS AND INTERPRETATIONS
4.1
LIQUIDITY ANALYSIS
4.1.1 Current Ratio: The current ratio of a firm measures its short term solvency, which is the firms liability to meet short term obligations. The higher the current ratio, the larger is the amount of rupees available per rupee of current liability, the more is the firms ability to meet current obligations and the greater is the safety of funds of short term creditors. Current Ratio = Current Asset / Current Liability Significance: The current ratio of firm measures its short term solvency, i.e. its ability to meet short term obligations. In a sound business a current ratio of 2:1 is considered an ideal one. It provides a margin of safety to the creditors.
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Table 4.1. Showing the Calculation of Current Ratio Year Current Asset (Rs. in crores) 2006 2007 2008 2009 2010 1010.51 1034.63 1125.80 1040.70 1216.47 Current Liability (Rs. in crores) 415.72 542.20 565.83 460.12 690.66 2.43 1.91 1.99 2.26 1.76 Current Ratio
Source : Annual Report Inference: A Ratio is greater than one, means the firm has more current assets then current liabilities. From the above chart we can understand that the firm has attained the norms of 2:1 in 2006 &2009 the other three years have ratio nearly to 2. It is the normal situation. So the current ratio is favourable for the company.
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Chart 4.1. Showing the relationship between Current asset and Current liability
1400 1216.47 1200 1010.51 1000 1034.63 1125.8 1040.7
800 690.66 600 415.72 400 542.2 565.83 460.12
200
0 2006 2007 CURRENT ASSET 2008 2009 2010
CURRENT LIABILITY
Inference: This chart shows that there were adequate current assets to meet the current liabilities in all years. The current assets and current liability is moving in the same direction.
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4.1.2 Quick Ratio: The term quick assets refers to current assets which can be converted into cash immediately or at a short notice without diminution of value. Quick Ratio = Quick Asset / Current Liability Significance: An Acid Test Ratio of 1:1 is considered satisfactory as a firm can easily meet all its current liabilities. If the ratio is less than1:1, then the financial position of the concern shall be deemed to be unsound. Table 4.2. Showing the calculation of Quick Ratio Year Quick Asset (Rs. in crores) 2006 2007 2008 2009 2010 406.6 375.16 421.13 428.03 396.53 Current Liability (Rs.in crores) 415.72 542.20 565.83 460.12 690.66 0.98 0.69 0.74 0.93 0.57 Quick Ratio
(Source: Annual Report)
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Inference: The general norm for quick ratio is 1:1. It means that a firm can meet all its current claims. Apollo tyres has not secured liquid asset to meet current liability. From this table we could understand that companys liquid position is not satisfactory. Chart 4.2. Showing the relation between quick asset and current liability
800 700 600 500 406.6 415.72 400 300 200 100 0 2006 2007 QUICK ASSET 2008 2009 2010 375.16 421.13 565.83 460.12 428.03 396.53 690.66
542.2
CURRENT LIABILITY
Inference : This figure shows that there is no adequate quick asset to meet the current obligations in any of the years. As compared to other years, in 2010 the variation between the quick asset and current liability is vast.
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4.1.3 Absolute Liquidity Ratio Cash is the most liquid asset. A financial analyst may examine cash ratio and its equivalent to current liabilities. Absolute Liquidity Ratio = Absolute liquid asset / Current Liability Significance: Acceptable norm for this ratio is 50% or 0.5:1 i.e, Re.1 worth absolute liquid asset are considered adequate to pay rs.2 worth current liabilities in time as all the creditors are not expected to demand cash at the same time and then cash may also be realized from debtors. Table 4.3. Showing the calculation of Absolute liquid ratio Year 2006 2007 2008 2009 2010 Absolute Liquid Asset (Rs.in Crores) 407.41 124.70 260.28 455.52 276.26 Current Liability (Rs.in Crores) 415.72 542.20 565.83 460.12 690.66 Absolute Liquidity Ratio 0.98 0.23 0.46 0.99 0.40
Source : Annual Report
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Inference: Above table shows the liquid cash available to meet its current liability is favourable in 2006 and 2009. In2007 the firm has only 0.23 paise to meet its current liability for every one rupee. In 2008 & 2010 ratio is lightly low as it is 0.46 & 4.40. this ratio shows a fluctuating trend. Chart 4.3. showing the relationship of absolute liquid asset and current liability
800 700 600 500 407.41415.72 400 300 200 124.7 100 0 2006 2007 2008 2009 CURRENT LIABILITY 2010 260.28 276.26 565.83 455.52460.12 690.66
542.2
ABSOLUTE LIQUIDITY ASSET
Inference: In 2006 and 2009 the absolute liquid asset and current liability are having only slight changes. In 2007 and 2010 there is no sufficient absolute liquid asset to meet its current liability. In 2008 the two variables are nearby to the ratio 0.5:1
4.2
PROFITABILITY ANALYSIS
4.2.1 Gross Profit Ratio: Gross profit is defined as the difference between net sales and cost of goods sold. Gross Profit Ratio = (Gross profit / Net Sales) X 100 Significance: A high ratio of gross profits to sales is a sign of good management as it implies that the cost of production of the firm is relatively low. A relatively low gross margin is definitely a danger signal, warranting a careful and detailed analysis of the factors responsible for it. Table 4.4 Showing the calculation of Gross Profit Ratio YEAR Gross Profit (Rs.in Crores) 2006 2007 2008 2009 2010 173.36 259.65 421.26 269.17 720.98 Net Sales (Rs.in Crores) 2625.52 3292.33 3693.93 4070.44 5036.56 6.60 7.89 11.40 6.61 14.31 Gross Profit Ratio

Inference: The table shows the year 2006, 2007, 2008, the gross profit ratio is increasing in 6.6%, 7.89%, and11.4% respectively. But the year 2009 it decreased to 6.61. In the year 2010 the gross profit increased as compared to previous years. Therefore the gross profit ratio in all the years is favorable to the firm and also it shows a fluctuating trend. Chart 4.4 Showing the relation between gross profit and net sales
6000 5036.56 5000 4070.44 4000 3292.33 3000 2625.52 3693.93
2000
1000 173.36 0 2006 2007 2008 GROSS PROFIT SALES 2009 259.65 421.26 269.17
720.98
2010
Inference: This indicates that the gross profit is increasing with the increase in sales. But in 2009 the profit decreases even if there is increase in sales. This may be due to the increase in the manufacturing expenses.
4.2.2 Net Profit Ratio: This ratio is used to measure the overall profitability and hence it is very important to proprietors. It is an index of efficiency and profitability of business. Net Profit Ratio = (Net Profit after Tax / Net Sales) X 100 Significance: Higher the ratio better is the operational efficiency of the concern. A low net profit margin has the opposite implications. Table 4.5. showing the calculation of net profit ratio Year Net Profit (Rs.in Crores) 2006 2007 2008 2009 2010 Source: Annual Report Inference: In the year 2006- 2008 the company was able to acquire profit in an increasing trend. In 2009 the ratio declined to 2.66. but the firm was able to recover that loss by increasing the net profit to 8.24 in the year 2010.
Net Sales (Rs.in Crores) 2625.52 3292.33 3693.93 4070.44 5036.56
Net Profit Ratio
72.37 113.42 219.30 108.11 414.99
2.76 3.45 5.94 2.66 8.24
Chart 4.5. showing the net profit and sales

6000
5036.56 5000
4070.44 4000 3292.33 3000 3693.93
2625.52
2000
1000 414.99 72.37 0 2006 2007 2008 NET PROFIT SALES 2009 2010 113.42 219.3 108.11
Inference: This chart shows that net profit increases with the increase in net sales. This will happen when the cost of sales decreases. A reverse of this takes place in the year 2009 only.
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4.2.3 Operating Ratio: Operating ratio establish the relationship between the cost of goods sold and other operating expenses. It is computed by dividing operating expenses by sales. Operating Ratio = (Operating Cost / Net Sales) X 100 Significance: Lower the ratio, better it is. Higher the ratio, the less favourable it is because it would have a smaller margin of operating profit for the payment of dividends and the creation of reserves. Table 4.6. Showing the calculation of operating ratio Year Operating Cost Rs.in Crores 2006 2007 2008 2009 2010 2474.29 3054.30 3308.28 3832.32 4364.68 Net Sales Rs.in Crores 2625.52 3292.33 3693.93 4070.44 5036.56 94.24 92.77 89.56 94.15 86.66 Operating Ratio
Source : Annual Report Inference: The table shows the operating ratio has the declining position up to the year 2008. In the year 2009 it is increased to 94.15.But in 2010 it highly declined to 86.66. So it is favorable to the firm. This shows that the operating ratio have an fluctuating trend.
Chart 4.6. Showing the relation of operating cost and sales

6000
5036.56 5000 4364.68 4000 3292.33 3054.3 3000 2625.52 2474.29 3693.93 3308.28 4070.44 3832.32
2000
1000
0 2006 2007 2008 2009 NET SALES 2010
OPERATING COST
Inference: This chart shows that the operating cost is increasing with the increase in sales. In 2010 the percentage of increase in net sales is higher than other years. But the operating cost is having only a change which is likely to be constant.
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4.2.4 Operating Profit Ratio: This ratio is calculated by dividing operating profit by sales Operating Profit Ratio = (Operating Profit / Net Sales) X 100 Significance: This ratio indicates the portion remaining out of every rupee worth of sales after all operating costs and expenses have been met. Higher the ratio, the better it is. Table 4.7. Showing the operating profit ratio Year Operating Profit Rs.in Crores 2006 2007 2008 2009 2010 151.23 238.04 385.65 238.12 672.38 Net Sales Rs.in Crores 2625.52 3292.33 3693.93 4070.44 5036.56 Operating Profit Ratio 5.76 7.23 10.44 5.85 13.35
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Inference: This shows the operating profit is increasing for three years, and decreased in 2009. But the firm is able to attain a high profit in the next year as compared to previous year. It is a favourable situation. Chart 4.7. Showing the relation between operating profit and net sales
6000 5036.56 5000 4070.44 4000 3292.33 3000 2625.52 3693.93
2000
1000 151.23 0 2006 2007 2008 2009 SALES 238.04 385.65 238.12
672.38
2010
OPERATING PROFIT
Inference : The operating profit is increasing with the increase in sales. But in the year 2009 the operating profit is decreased, even there is an increase in sales. This is due to the increase in manufacturing expenses.
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4.2.5 Cash Profit Ratio: This ratio measures the relationship between cash generated from operations and net sales. Cash Profit Ratio = (Cash Profit /Net Sales) X 100 Table 4.8. Showing the cash profit ratio Year Cash Profit Rs.in Crores 2006 2007 2008 2009 2010 151.11 187.80 307.11 279.29 537.77 Net Sales Rs.in Crores 2625.52 3292.33 3693.93 4070.44 5036.56 5.76 5.70 8.31 6.86 10.68 Cash Profit Ratio
Source : Annual Report Inference: This shows that the cash profit has increased for three years, and decreased in the year 2009. But the firm is able to increase it in the year 2010 as compared to previous year. It is a favourable situation.
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Chart 4.8. Showing the relationship between cash profit and net sales
6000
5036.56 5000
4070.44 4000 3292.33 3000 2625.52 3693.93
2000
1000 537.77 151.11 0 2006 2007 CASH PROFIT 2008 NET SALES 2009 2010 187.8 307.11 279.29
Inference: This chart reveals that cash profit increases with the increase in sales. But the situation was reversed only in 2009.
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4.2.5 Comparative Income Statement Analysis The comparative income statement gives an idea of the progress of the business over a period of time. The changes in absolute data in money values and percentages can be determined to analyze the profitability of the business. Table 4.9 Showing comparative income statement for the years 2005- 2006
Particulars 2005 (Rs.in Crores) 2006 (Rs.in Crores) Increase/ Decrease Percentage of Increase and decrease
Net Sales Less: Cost of goods sold Gross Profit (A) Operating Expenses: Administration expenses Selling Expenses Total Operating Expenses (B) Operating Profit (A)- (B) Less: Interest paid
2225.49 1777.17 448.32
2625.52 2148.26 477.26
(+)400.03 (+)371.09 (+)28.94
17.98 20.88 6.46
155.41 165.06 320.47
177.95 148.18 326.13
(+)22.54 (-)16.88 (+)5.66
14.50 (-)10.23 1.77
127.85
151.13
(+)23.28
18.21
42.94
50.56
(+)7.62
17.75
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Net profit before tax Less: Income tax Net profit after tax Source : Annual Report
84.91
100.57
(+)15.66
18.44
17.28 67.63
28.20 72.37
(+)10.92 (+)4.74
63.19 7.01
Inference: The above comparative income statement reveals that there has been an increase in net sales of 17.98% while the cost of goods sold has increased nearly by 20.88% thereby resulting in an increase in the gross profit of 6.46%. Although the operating expenses have increased by 1.77% the increase in gross profit is sufficient to compensate for the increase in operating expenses and hence there has been an overall increase in operational profits. There is an increase in net profit after tax by 7.01%. So it may be concluded that there is a sufficient progresses in the company and the overall profitability of the company is good in the year 2006 compared to 2005.
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Table 4.10 showing comparative income statement for the years 2006- 2007 Particulars 2006 (Rs.in Crores) 2007 (Rs.in Crores) Increase/ Decrease (+)666.81 (+)492.77 (+)174.04 Percentage of Increase /Decrease 25.40 22.94 36.46
Net Sales Less: Cost of goods sold Gross Profit (A) Operating Expenses: Administration expenses Selling Expenses Total Operating Expenses (B) Operating Profit (A) - (B) Less:Interest paid Net profit before tax Less: Income tax
2625.52 3292.33 2148.26 2641.03 477.26 651.30
177.95
221.23
(+)43.28
24.32
148.18 326.13
192 413.23
(+)43.82 (+)87.1
29.57 26.71
151.13
238.07
(+)86.97
57.53
50.56 100.57 28.20 72.37
52.65 185.42 71.80 113.42
(+)2.09 (+)84.85 (+)43.2 (+)41.08
4.13 84.37 154.61 56.79
Net profit after tax Source : Annual Report
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Inference: The comparative income statement given above reveals that there has been an increase in net sales of 25.40% while the cost of goods sold has increased nearly by 22.94% thereby resulting in an increase in the gross profit of 36.46%. Although the operating expenses have increased by 26.71% the increase in gross profit is sufficient to compensate for the increase in operating expenses and hence there has been an overall increase in operational profits. There is an increase in net profit after tax by 56.79%. So it may be concluded that there is a sufficient progresses in the company and the overall profitability of the company is good than 2006.
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Table 4.11 Showing comparative income statement for the years 2007- 2008 Particulars Net Sales Less: Cost of goods sold Gross Profit (A) Operating Expenses: Administration expenses Selling Expenses Total Operating Expenses (B) Operating Profit (A) - (B) Less: Interest paid Net profit before tax Less: Income tax Net profit after tax 221.23 192 413.23 238.07 52.65 185.42 71.80 113.42 258.5 269.72 528.22 385.49 52.04 333.44 114.14 219.30 (+)37.27 (+)77.72 (+)114.99 (+)147.42 (-)0.61 (+)148.03 (+)42.15 (+)105.88 16.85 40.48 27.83 61.92 (-)1.16 79.84 58.84 93.35 2007 3292.33 2641.03 651.30 2008 3693.93 2780.22 913.71 (Rs.in Crores) (Rs.in Crores) Increase/ Decrease (+)401.6 (+)139.19 (+)262.41 Percentage Of Increase/Decrease 12.20 5.27 40.29
Page 63
Inference : The comparative income statement given above reveals that there has been an increase in net sales of 12.20% while the cost of goods sold has increased nearly by 5.27% thereby resulting in an increase in the gross profit of 40.29%. Although the operating expenses have increased by 27.83% the increase in gross profit is sufficient to compensate for the increase in operating expenses and hence there has been an overall increase in operational profits. There is an increase in net profit after tax by 93.35%. So it may be concluded that there is a sufficient progresses in the company and the overall profitability of the company is good when compared to 2007.
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Table 4.12 Showing comparative income statement for the years 2008- 2009 Particulars 2008
(Rs.in Crores)
2009
(Rs.in Crores)
Increase/ Decrease (+)376.51 (+)536.6 (-)160.09
Percentage of Increase/Decrease 10.19 17.30 (-)17.52
Net Sales Less: Cost of goods sold Gross Profit (A) Operating Expenses: Administration expenses Selling Expenses Total Operating Expenses (B) Operating Profit (A)- (B) Less: Interest paid Net profit before tax Less: Income tax Net profit after tax
3693.93 2780.22 913.71
4070.44 3316.82 783.62
258.5 269.72 528.22
234 281.62 515.62
(-)24.5 (+)11.9 (-)12.6
(-)9.48 4.41 (-)2.39
385.49 52.04 333.44 114.14 219.30
238 66.84 121.16 63.04 108.12
(-)147.49 (+)14.8 (-)162.29 (-)51.1 (-)111.18
(-)38.26 28.44 (-)48.67 (-)44.77 (-)50.70
Page 65
Inference : The comparative income statement given above reveals that there has been an increase in net sales of 10.19% while the cost of goods sold has increased nearly by 17.30% thereby resulting in an decrease in the gross profit of 17.52%. The operating expenses have decreased by 2.39%. even if the operating expenses decreased the net profit goes done because of the declining in operating profit and gross profit and also increase in cost of goods sold which is comparatively higher than 2008.
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Table 4.13 Showing comparative income statement for the years 2009- 2010
Particulars 2009
(Rs.in Crores)
2010
(Rs.in Crores)
Increase/ Decrease
Percentage Of Increase/Decrease
Net Sales Less: Cost of goods sold Gross Profit (A) Operating Expenses: Administration expenses Selling Expenses Total Operating Expenses (B) Operating Profit (A) - (B) Less: Interest paid Net profit before tax Less: Income tax Net profit after tax
4070.44
5036.56
(+)966.12
23.74
3316.82 783.62
3625.62 1410.94
(+)308.8 (+)657.32
9.31 87.22
234 281.62 515.62
351.52 387.28 738.8
(+)117.52 (+)105.66 (+)223.18
50.22 37.52 43.28
238
672.14
(+) 434.14
182.41
66.84 121.16
73.95 598.19
(+)7.11 (+)427.03
10.64 249.49
63.04 108.12
183.20 414.99
(+)120.16 (+)360.87
190.61 283.82
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The comparative income statement given above reveals that there has been an increase in net sales of 23.74% while the cost of goods sold has increased nearly by 9.31% thereby resulting in an increase in the gross profit of 87.22%. Although the operating expenses have increased by 43.28% the increase in gross profit is sufficient to compensate for the increase in operating expenses and hence there has been an overall increase in operational profits. There is an increase in net profit after tax by 283.82%. it may be concluded there is a sufficient progresses in the company and the overall profitability of the company is good. Chart 4.9 Showing the percentage of increase/ decrease of net profits for 5 years
300 250 200 150 100 56.79 50 7.01 0 2005-2006 2006-2007 2007-2008 2008-2009 2009-2010 93.35 50.7 283.82
percentage of increase or decrese in net profit
Inference : The net profit of Apollo is increasing from 2006-2008. In 2009 it decreased by 50.7%. But it was able to be recovered in 2010.
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4.3
COST ANALYSIS
4.3.1 Expenses Ratios: The expenses ratios are the ratios which imply the expenses incurred by the firm. By analyzing this, the firm could understand the areas where the expenses are increased and can take necessary steps. Material Consumed Ratio = (Material Consumed / Net Sales) X 100 Table 4.14 showing the material consumed ratio Year Material Consumed (Rs.in Crores) 2006 2007 2008 2009 2010 1850.34 2264.70 2393.02 2804.26 3057.90 Net Sales (Rs.in Crores) 2625.52 3292.33 3693.93 4070.44 5036.56 Material Consumed Ratio 70.48 68.79 64.78 68.89 60.71
Source : Annual Report Inference: The materials consumed were decreasing in all years except in the year 2009. The firm is able to decline it in 2010. This is favourable condition.
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Chart 4.10 Showing the relation of material consumed and net sales
6000
5036.56 5000 4070.44 4000 3292.33 3057.9 3000 2625.52 2264.7 2000 1850.34 2393.02 2804.26 3693.93
1000
0 2006 2007 2008 2009 NET SALES 2010
MATERIAL CONSUMED
Inference : The above figure clearly shows a direct relation with material consumed and net sales. When the material consumed increases the net sales will also increases.
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4.3.2 Conversion Cost Ratio Conversion Cost Ratio = (Labour Expenses + Manufacturing Expenses) /Net sales X 100 Table 4.15 Showing the conversion cost ratio Year Conversion Cost (Rs.in Crores) 2006 2007 2008 2009 2010 2544.58 3096.34 3377.94 3801.81 4394.22 Net Sales (Rs.in Crores) 2625.52 3292.33 3693.93 4070.44 5036.56 Conversion Cost Ratio 96.88 94.05 91.45 93.40 87.25
Source : Annual Report Inference : The conversion cost were decreasing in all years excepting in the year 2009. The firm is able to decrease it in 2010. This is favourable condition, but this ratio shows a fluctuating trend.
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Chart 4.11. Showing the conversion cost & net sales

6000 5036.56 5000 4394.22 4000 3292.33 3096.34 3000 2625.52 2544.58 3693.93 3377.94 4070.44 3801.81
2000
1000
0 2006 2007 2008 SALES 2009 2010
CONVERSION COST
Inference: This study shows that when the conversion charges increased the sales also increased. Both the conversion cost and the sales are showing an increasing trend.
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4.3.3 Administration Expenses Ratio

Administration Expenses Ratio = (Administration Expenses / Net Sales) X 100
Table 4.16. Showing the administration expenses ratio Year Administration Expenses (Rs.in Crores) 2006 2007 2008 2009 2010 117.95 221.23 258.50 234 351.52 Net Sales (Rs.in Crores) 2625.52 3292.33 3693.93 4070.44 5036.56 Administration Expenses Ratio 6.78 6.72 6.80 5.75 6.98
Source : Annual Report Inference: This shows that the year 2010 is having the highest ratio and 2009 shows the lowest. The other three years ratios are 6.78%, 6.72%, 6.80% respectively. Hence the ratio is increased from 2009, it is unfavourable situation for the company.
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Chart 4.12. Showing the administration expenses and net sales
6000
5036.56 5000
4070.44 4000 3292.33 3000 2625.52 3693.93
2000
1000 117.95 0 2006 2007 2008 2009 NET SALES 2010 221.23 258.5 234 351.52
ADMINISTRATION EXPENSES
INFRENCE: In this chart the net sales is increasing. The sales goes on increasing even if there is upward or downward movement in the administration expenses.
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4.3.4 Selling and Distribution Expenses Selling & distribution Expenses Ratio = (Selling Expenses / Net sales) X 100 Table 4.17. Showing the selling expenses ratio Year Selling & Distribution Expenses (Rs.in Crores) 2006 2007 2008 2009 2010 148.18 192 269.72 281.62 387.28 2625.52 3292.33 3693.93 4070.44 5036.56 5.64 5.83 7.30 6.92 7.69 Net Sales (Rs.in Crores) Selling Expenses Ratio
Source : Annual Report Inference : This ratio is increasing in all years except in the year 2009 as it decreases from 7.3% to 6.92%. It shows a fluctuating trend. From the above table we could understand that the selling expenses ratio tends to increase, which is not favourable for the firm.
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Chart 4.13. Showing the relation between selling expenses and net sales
6000
5036.56 5000
4070.44 4000 3292.33 3000 2625.52 3693.93
2000
1000 269.72 281.62 387.28
148.18 0 2006
192
2007
2008
2009 NET SALES
2010
SELLING EXPENSES RATIO
INFERENCE: Here the selling expenses and net sales are increasing which shows that the net sales will increase with the increase in salling expenses.
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4.3.5 Cost Sheet It is a detailed statement of the elements of cost arranged in a logical order under different heads. It is prepared to show the detailed cost of the total output for a certain period. Table 4.18 Cost sheet for the year ending 31 March 2006 PARTICULARS AMOUNT (In Crores) Materials Consumed: Factory Overhead: Stores & spares consumed Power & fuel Repairs & maintenance: Machinery Building Others Rent Insurance Rates & Taxes Add: Opening work in progress Less: Closing work in progress Factory Cost
1850.34 24.75 121.82 4.95 0.97 8.77 7.67 7.50 9.79 186.22 23.35 209.57 29.41 180.16 2030.50
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Administration & Office Overhead: Salaries & Bonus Directors sitting fee Postage, Telex, Phone Research & development Bank charges Legal & professional expenses Miscellaneous expenses Cost of production Add: Opening finished goods Purchase of finished goods Less: Closing of finished goods Cost of goods sold Selling & distribution expenses: Travelling conveyance Freight & forward Commission to selling agent Sales promotion expenses Advertisement & publicity Cost of sales Net profit Sales Source : Annual Report 26.21 62.15 5.85 43.89 10.08 148.18 2352.72 72.37 2430.89 129.99 0.10 6.59 8.33 3.88 4.44 24.62 177.95 2208.45 87.98 78.77 2375.20 170.66 2204.54
Page 78
Inference : The above statement reveals the costs incurred by the firm in the year 2006. The factory cost for this year is 2030.50. the administration and selling cost were 177.95 and 148.18 respectively. The cost of production was 2208.45. The company was able to attain a net profit of 72.37 from the sales 2430.89.
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Table 4.19 Cost sheet for the year ending 31 March 2007 PARTICULARS Materials Consumed: Factory Overhead: Stores & spares consumed Power & fuel Repairs & maintenance: Machinery Building Others Rent Insurance Rates & Taxes Add: Opening work in progress Less: Closing work in progress Factory Cost Administration & Office Overhead: Salaries & Bonus Directors sitting fee Postage, Telex, Phone Research & development Bank charges Legal & professional expenses Miscellaneous expenses Cost of production AMOUNT (in Crores) 2264.70 25.94 132.68 6.30 1.71 10.89 9.24 8.69 9.31 204.76 29.41 234.17 27.05
207.12 2471.82
163.94 0.13 6.21 8.25 5.36 6.86 30.48
221.23 2693.05
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Add: Opening finished goods Purchase of finished goods Less: Closing of finished goods Cost of goods sold Selling & distribution expenses: Travelling conveyance Freight & forward Commission to selling agent Sales promotion expenses Advertisement & publicity Cost of sales Net profit Sales
170.66 85.17 2948.88 212.44 2736.44 34.91 74.99 9.74 51.76 20.60
192 2928.44 113.42 3041.86
Inference: The above statement reveals the costs incurred by the firm in the year 2007. The factory cost for this year is 2471.82. The administration and selling cost were 221.23 and 192 respectively. The cost of production was 2693.05. The company was able to attain a net profit of 113.42 from the sales 3041.86. All the costs were increased from 2006.
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Table 4.20 Cost sheet for the year ending 31 March 2008 PARTICULARS AMOUNT (in Crores) Materials Consumed: Factory Overhead: Stores & spares consumed Power & fuel Repairs & maintenance: Machinery Building Others Rent Insurance Rates & Taxes Add: Opening work in progress Less: Closing work in progress Factory Cost Administration & Office Overhead: Salaries & Bonus Directors sitting fee Postage, Telex, Phone Research & development Bank charges
2393.02 27.08 134.82 6.63 2.10 12.26 9.38 6.56 7.49 206.32 27.05 233.37 24.09 209.28 2602.3 185.58 0.09 6.39 10.74 4.86
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Legal & professional expenses Miscellaneous expenses Cost of production Add: Opening finished goods Purchase of finished goods Less: Closing of finished goods Cost of goods sold Selling & distribution expenses: Travelling conveyance Freight & forward Commission to selling agent Sales promotion expenses Advertisement & publicity Cost of sales Net profit Sales Source : Annual Report
6.86 40.72 258.5 2860.79 212.44 103.51 3176.74 266.72 2910.02 39.40 85.12 49.25 71.43 24.52 269.72 3179.74 219.30 3399.04
Inference: The above statement reveals the costs incurred by the firm in the year 2008. The factory cost for this year is 2602.30. The administration and selling cost were 258.50 and 269.72 respectively. The cost of production was 2860.79. The company was able to attain a net profit of 219.30 from the sales 3399.04. All the costs were increased from 2007
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Table 4.21 Cost sheet for the year ending 31 March 2009 PARTICULARS Materials Consumed: Factory Overhead: Stores & spares consumed Power & fuel Repairs & maintenance: Machinery Building Others Rent Insurance Rates & Taxes Add: Opening work in progress Less: Closing work in progress Factory Cost Administration & Office Overhead: Salaries, Wages & Bonus Directors sitting fee Postage, Telex, Phone Research & development Bank charges Legal & professional expenses Miscellaneous expenses
AMOUNT (in Crores) 2804.26 27.17 149.29 5.95 2.76 12.69 10.30 6.03 7.41 221.60 24.09 245.69 28.93 216.76 3021.02 165.43 0.10 6.46 19.58 6.11 14.01 22.31 234
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Cost of production Add: Opening finished goods Purchase of finished goods Less: Closing of finished goods Cost of goods sold Selling & distribution expenses: Travelling conveyance Freight & forward Commission to selling agent Sales promotion expenses Advertisement & publicity Cost of sales Net profit Sales 43.40 87.94 58.91 64.58 26.79
3255.02 266.72 116.20 3637.94 224.47 3413.47
281.62 3695.09 108.12 3803.21
Inference : The above statement reveals the costs incurred by the firm in the year 2009. The factory cost for this year is 3021.02. The administration and selling cost were 234 and 281.62 respectively. The cost of production was 3255.02. The company was able to attain a net profit of 108.12 from the sales 3803.21. All the costs were increased from 2008 except the administration cost and the net profit decreased.
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Table 4.22 Cost sheet for the year ending 31 March 2010 PARTICULARS Materials Consumed: Factory Overhead: Stores & spares consumed Power & fuel Repairs & maintenance: Machinery Building Others Rent Insurance Rates & Taxes Add: Opening work in progress Less: Closing work in progress Factory Cost Administration & Office Overhead: Salaries, Wages & Bonus Directors sitting fee Postage, Telex, Phone Research & development Bank charges Legal & professional expenses Miscellaneous expenses Cost of production AMOUNT (in Crores) 3057.90 34.37 163.47 7.28 2.72 18.32 13.48 5.32 9.09 254.05 28.93 282.98 41.52
241.46 3299.36
237.43 0.09 8.06 22.93 7.37 26.21 49.43
351.52 3650.88
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Add: Opening finished goods Purchase of finished goods Less: Closing of finished goods Cost of goods sold Selling & distribution expenses: Travelling conveyance Freight & forward Commission to selling agent Sales promotion expenses Advertisement & publicity Cost of sales Net profit Sales Source : Annual Report
224.47 151.68 4027.03 238.05 3788.98 45.47 112.44 75.22 113.12 41.03
387.28 4176.26 414.99 4591.25
Inference : The above statement reveals the costs incurred by the firm in the year 2010. The factory cost for this year is 3299.36. The administration and selling cost were 351.52 and 387.28 respectively. The cost of production was 3650.88. The company was able to attain a net profit of 414.99 from the sales 4591.25. All the costs were increased from 2009.
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4.4. TREND ANALYSIS The financial statements may be analyzed by computing trends of series of information. This method determines the direction upwards or downwards and involves the computation of the percentage relationship that each statement item bears to the same item in base year. 4.4.1 Profit Trend Table 4.23 Showing the profit trend YEAR PROFIT (Rs. in Crores) 2006 2007 2008 2009 2010 (Base year: 2006) Inference : The profit have increased(upward trend) for three years from 2006-2008. There was a drastic decrease (downward trend) by 149.40 % in 2009. But in 2010 it increased to 573.43i.e. a percentage increase of 424.03. 72.37 113.42 219.30 108.12 414.99 TREND PERCENTAGE 100 156.72 303.03 149.40 573.43
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Chart 4.14 Showing the expected profit in the year 2011
PROFIT TREND
600
500
400
300
200
100
0 2006 2007 145.09 2008 280.54 2009 138.31 2010 530.88 2011 435
Inference : Profit is increasing till 2008 and decreased in 2009. Hence in the year 2010 the firm was able to raise the profit. Thus the profit is showing a fluctuating trend in all the years. It is expected that the profit will decrease approximately to 435.
FIT T E
100
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4.4.2 Cost Trend Table 4.24 showing the cost trend YEAR 2006 2007 2008 2009 2010 Base Year (2006) Inference: The cost have increased continuously in all years upto 2010. The percentage in 2010 is 165.31 as compared to 100 in 2006. The percentage of increase in these years were 21.94, 7.6, 17.85, 17.92 respectively. Hence it shows an upward trend. COST (Rs.in Crores) 2208.45 2693.05 2860.79 3255.02 3650.88 TREND PERCENTAGE 100 121.94 129.54 147.39 165.31
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Chart 4.15 showing the expected cost for the year 2011
COST TREND
200 180 160 140 120 100 80 60 40 20 0 2006 COST TREND 100 2007 121.94 2008 129.54 2009 147.39 2010 165.31 2011 179
Inference The cost trend is showing an upward trend in all the years. It is expected that cost will increase to 179 in the year 2011.
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Table 4.25 Showing comparision between sales, cost, profit trends. Year Sales trend Profit trend Cost trend
2006 2007 2008 2009 2010
100 125.40 140.69 155.03 191.83
100 145.09 280.54 138.31 530.88
100 121.94 129.54 147.39 165.31
Inference: The sales and cost trend is increasing continuously for all the five years from 2006 to 2010. Hence this shows an upward trend. But in the case of profit trend it is increasing for three years and shows a downward trend in the year 2009 and moves upward in 2010 by 329.57 %.
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Chart 4.16 Showing the comparision between sales, profit, cost trends
600
500
400
300
200
100
0 2006 2007 sales trend 2008 profit trend 2009 cost trend 2010
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4.5 CORRELATION OF PROFIT AND COST x- Cost of goods sold y- Profit Table4.26 Showing the calculation of correlation between cost and profit
YEAR
XY
X2
Y2
2006 2007 2008 2009 2010 Total
2208.45 2693.05 2860.79 3255.02 3650.88 14668.19
72.37 113.42 219.30 108.12 414.99 928.2
159825.53 305445.73 637371.25 351932.76
4877251.40 7252518.30 8184119.42 10595155.2
5237.42 12864.10 48092.49 11689.93 172216.70
1515078.69 13328924.77
2969653.96 44237969.09 250100.64
n xy x . y
Correlation Coefficient =
n x 2 ( x ) 2 n y 2 ( y ) 2
5 x 2969653.96 14668.19 x 928.2

5 x 44237969.09 (14668.19) 2 5 x 250100.64 (928.2) 2
1233255.85 1531977.134
0.81
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Inference: As the limited degree of correlation lies between 0 and 1. The correlation coefficient between profit and cost is 0.81. So it is having a limited degree of correlation which is positive. Hence when cost increases profit also increases and vice versa.
Chart 4.17 showing the correlation between cost and profit

4000 3500 3000 2500 2000 1500 1000 500 0 2006 2007 cost 2008 profit 2009 2010
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FINDINGS
As per the rule of thumb, a current ratio of 2:1 is satisfactory. The analysis reveals that the firm has attained the norms of 2:1 in 2006 &2009 & the other three years have ratio nearly to 2. It is the normal situation. And also there is enough current assets to meet the current liabilities The analysis shows that the quick ratio is lower than the normal standard of 1:1. Therefore, the Apollo tyres has not secured liquid asset to meet the current liability. Absolute liquid ratio of 0.5:1 is considered good. The study shows that the immediate cash available to meet its current liability is favourable in 2006 and 2009. In2007 the firm has only 0.23 rupees of cash available. In other two years i.e,2008 & 2010 ratio is lightly low because it is 0.46 & 4.40. but it can be considered as satisfactory. The gross profit & the net profit of the company is satisfactory. In the case of operating profit it is favourable to the firm. The firm was able to raise the profit from 5.76 to 13.35. The operating cost is increasing with the increase in sales. In 2010 the percentage of increase in operating cost is less
compared with other years. This is favourable for the company to get more profit. The study shows that cash profit is increasing for three years, and decreased in 2009. But the firm is able to increase it in the next year as compared to previous year. It is a favourable situation. The analysis shows that the administration expenses in the year 2010 are having the highest ratio and 2009 shows the lowest. The other three years ratios are 6.78%, 6.72%, 6.80% respectively. Hence the ratio is increasing from 2009, it is unfavorable situation. Selling expenses ratio is increasing in all years except in the year 2009 as it decreases from 7.3% to 6.92%. Hence it is not a favourable situation. The cost sheet reveals that the cost is increasing in all the years. The sales trend is moving upward. It reveals a satisfactory situation in the firm. The cost trend is moving upward. It is expected that cost will increase to 179 in 2011. But the increasing trend in cost is not satisfactory.
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Profit trend shows upward trend till 2008 and decreasing trend in2009. This is because the manufacturing expenses were increased in 2009. But the firms profit increased by 424.03% in 2010 and is expected to decrease approximately to 435 crores. Hence the profit trend shows a fluctuating trend.
From the comparative statement analysis we could understand that the net profit is increasing in all the years except in the ear 2008-2009. In that year the cost of goods sold is greater than the net sales. Hence a decrease in the profit by 50.70%.
While correlating the cost and profit we came to a conclusion that the two variables are positively correlated i.e., when cost increases profit also increases.
The reason for increasing profit with the increase in cost is the upward trend in sales of Apollo tyres ltd.
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SUGGESTIONS
In 2010 the current ratio of Apollo tyres is 1.76 which is less than the standard norm of 2:1. Therefore the firm must take effective measures to improve the current ratio. Quick ratio is less than the ideal norms, so it is not favourable. That means the company has to try to keep its liquidity position better in the future. Absolute liquidity ratio decreased in 2010 as 0.40 which is less than the standard norms. Company must take quick and effective measures to rectify the absolute liquid ratio as early as possible. Management should take necessary steps to monitor the constant increase in the current liabilities. Apollo tyres have to give a noticeable preference on selling and administration expenses. These two expenses are increasing which will affect the profit of the firm. From the trend analysis we could understand that cost is moving upward. And the profit is expected to decrease by the year 2011, so the firm must take consideration to control the cost.
The manufacturing expenses and the cost of goods sold were increasing in all the 5 years. Therefore the firm must take steps to control the increase in these expenses.
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CONCLUSION
Apollo Tyres pvt. Ltd. is one of the leading tyre manufacturers in India. They have been able to capture the majority of market share in the industry. As in the case of any other field they also have competitors even if there is stiff competition. The main goal of Apollo tyres is to become number one in the industry and they are well confident. They also introduced Enterprise Resource Planning (ERP) system to integrate all the activities of their units as a whole. This system will help to integrate information for better decision making, faster response to customer queries improved customer satisfaction and so on. We can expect that every decision taken by the company will help them to be market leader in the tyre manufacturing industry. The study reveals that the liquidity position of Apollo tyres Ltd. is not strong enough. So have to take care of the quick and absolute liquid asset. The profitability of the firm is also satisfactory. In 2009 the profit has decreased due to the increase in the expenses. Even the company was able to recover it in the next year itself with a high percentage of increase. The cost is also showing an upward trend. From this study we could understand that the cost and profit of the firm is having limited degree of correlation which is positive. It is due to the increasing sales trend. Therefore the current position of the firm is good but the profit is expected to decrease in 2011 and the cost is showing an upward trend. So the firm must try to reduce the cost and increase the sales.
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BIBLIOGRAPHY BOOKS:
Gupta K Shashi, Sharma R K, Financial Management, Sixth edition, 2008, Kalyani Publishers.
Jain S P, Narang K L, Cost and Management Accounting, Second edition, 2008, Kalyani Publishers.
Nair K G C, Dipa, Thulasi, Management Accounting, Chand Books.
Annual Report of Apollo Tyres.
WEBSITES: www.apollotyres.com www.financeindia.org
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Apollo Tyres Pvt. Ltd.

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Secondary data:     Journals Periodicals Reports 5 years final accounts

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Chapterisation Includes introduction, framework, statement objectives of of the problem, study,

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Chart 2.1 showing the market share of companies

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Core Values Of The Company

Institute in Management in Kerala, Kundara

Apollo Tyres Pvt. Ltd. Kalamassery

Institute in Management in Kerala, Kundara

Secondary data: Journals Periodicals Reports 5 years final accounts