CHAPTER-1

INTRODUCTION
INTRODUCTION

The term analysis of financial performance also known a analysis of preparation of financial
statements, refer to the process of determining financial strength and weaknesses of the firm by
establishing strategic relationship between the items of the balance sheet, profit and loss account
and other operative data.

Accounting is the process of identifying, measuring and communicating economic information to

permit informed judgments and decisions by users of the information. It involves recording,
classifying and summarizing various business transactions. The end products of business
transactions are the financial statements comprising primarily the position statement or the
balance sheet and the income statement or the profit and loss account. These statements are the
outcome of summarizing process of accounting and are therefore the sources of information the
basis of which conclusions are drawn about the profitability and the financial position of a
concern.

Financial statements are the basis for decision making by the management as well as all other
outsiders who are interested in the affairs of the firm such as investors, creditors, customers,
suppliers, financial institutions, employees, potential investors, government and the general
public, the analysis and interpretation of financial statement depend upon the nature and type of
information of financial statement depend upon the nature and type of information available in
these statements.

An analysis of financial statements is an important aid to the management of any organization

for decision making focus of financial analysis is on key finger in the financial statements and
the significant relationship exists between key fingers. The analysis of financial statement is a
process evaluating relationship between component parts of firms financial analysis which
involves three approaches.

The first approach views finance as to providing of funds needed by a business on most
suitable terms. This approach confines to the raising of funds and to the study of financial
institutions and instruments from where funds can be procured.

The second approach relates finance to cash.

The third approach views finance as being concerned with rising of funds and their
effective utilization.

DEFINITION:

The process of reviewing and evaluating a companys financial statements, thereby gaining
an understanding of the financial health of the company and enabling more effective decision
making.

MEANING OF FINANCIAL STATEMENTS:

A financial statement is an organized collection of data according to logical and consistent

accounting procedures. Its purpose is to convey an understanding of some financial aspects
of business firm. It may show position at a moment of time as in the case of a balance sheet
or may reveal a service of activities over a given period of time as in the case of profit and
loss account.

Thus the term financial generally refers to two basic statements:

The profit and loss account or the income statement and

The balance sheet or the position statement.

Of course, a business may also prepare

1. Statement of retained earnings and

2. Statement of changes in financial position in addition to the above statements.
 These statements are the basic and formal means through which the corporate management
communities financial information to various users. They are primarily directed towards the
needs of owners and incidentally to the needs of

Owners and incidentally to the needs of external parties, which include investors, tax authorities,
government, employees etc.

SCOPE OF THE STUDY:

The study covers almost the entire area of financial operations covered by BHARAT
SANCHAR NIGAM LIMITED the study is been conducted with the help of data obtained
from audited financial records. The audited financial records are the company annual reports
pertaining to past 5 years from 2011-12 to 2016-16 and the audited financial records are obtained
from the companys annual report. The researcher tries to measure the performance of the
organization and its working capital management in terms of financial wealth.

OBJECTIVES OF THE STUDY:

To study the financial performance analysis of BHARAT SANCHAR NIGAM
LIMITED.

To analyze the financial changes over a period of five years.

To analyze the financial statements of the company by using financial tools.

To evaluate the financial position of the company in terms of solvency, profitability,
activity and earnings ratios.
To suggest effective measure in the existing system of the company.
STATEMENT OF THE PROBLEM:

As Finance is termed as life-blood of any organization analyzing all financial decisions and
liquidity of the organization is very essential.
BSNL a public analyzing all financial periodically will be very useful for the organization.
RESEARCH METHODOLGY:
Research means know about new things. Sometimes, it may refer to scientific search pertinent
information on specific topic. In fact research is an art of scientific investigation.

REDMAN AND MORAY defines research as asystematic effort togain knowledge.

DEFINITION:
Research is defined as the process used to collect information and data for the purpose of
making business decisions. The methodology may include publication research, interviews,
surveys and other research techniques, and could include both present and historical information.

DATA COLLECTION:The data collection is classified into two typesthey are as follows.

1. Primary data
2. Secondary data

PRIMARY DATA COLLECTION:

The information collected directly without any reference is primary data. In this study it is
mainly though conversation with concerned officers and staff numbers individually.

SECONDARY DATA COLLECTION:

The secondary data are collected from information which is used by other. It is not direct
information. This information is already collected and analyzed by other and that information is
used by others. The secondary data are collected from following ways.

1. Companys annual reports

2. Companys website
3. Manual
LIMITATIONS OF THE STUDY:

The study is restricted for a period of five years.

Assumed that years are a responsible period to get fault accurate picture, policies and
practices of management of the company.

Due to the inadequate time it is not possible to analyze all respects relevant to the study.

The analysis is based on annual reports of the company.

Authorities were reluctant to reveal full information about the working of the company.
 CHAPTER-2
INDUSTRY PROFILE
 INDUSTRY PROFILE

Introduction:

Telecommunication has evolved a basic infrastructure like electricity, water, roads etc. and also
has emerged as one of the critical components of economic growth required for overall socio
economic development of the country. Indias telecommunication network is the second largest
in the world based on the total number of telephone users (both fixed and mobile phone).

The history of Indian telecom can be started with the introduction of telegraph. The Indian postal
and telecom sectors are one of the worlds oldest. In 1850, the first experimental electronic
telegraph line was started between Calcutta and Diamond Harbor. In 1851, it was opened for the
use of the British East India Company. The Posts and Telegraphs department occupied a small
corner of the public works department, at that time.

The Indian Telecom Sector, like most of the infrastructure sectors is controlled by the state. The
Department of Telecommunications (DoT), reporting to the Ministry of Communications (MoC)
is the key body for the policy issues and regulation, apart from being a basic service provider to
rest of the country. By an act of Parliament, the Telecom Regulatory Authority of India (TRAI)
was formed to be the regulatory agency Present status of Telecommunication Sector (As on
December 31, 2016)

The Indian telecom network with 895.51 million telephone connections, including 864.72
million wireless telephone connections, at the end of December 2016 is second largest network
in the world after china. Out of this, 338.59 million telephone connections are in rural areas and
556.92 million are in urban areas of the country. There were 24.01 million Internet subscribers
including 14.68 million Broadband subscribers at the end of September 2016. The number of
Broadband subscribers increased to 14.98 million, end of December 2016.
Key Points:

Overall Tele-density in the country is 73.34%.

Urban Tele-density is 149.55%, whereas rural Tele-density is 39.90%.

The share of wireless telephones in total telephones is 96.56%.

The share of private sector in total telephones is 85.51%.

Network status during current financial year (2016-16)

The total number of telephones continued to increase till June 2016 and increased from 951.35
million to 965.52 million during the period April to June 2016. Thereafter, number of
connections declined to 895.51 million by the end of December 2016. The decline in telecom
user base after June 2016 has been primarily due to the removal of inactive mobile telephone
connections by the service providers. The rural telephones have increased from 330.83 million to
343.88 million during the period April to June 2016 and declined thereafter to 338.59 million by
the end of December 2016. The urban telephones increased from 620.52 million to 621.65
million during the period April to June 2016 and then declined to 556.92 million by the end of
December 2016.

Evolution of the Indian Telecom Industry:

Indian telecom sector is more than 165 years old. Telecommunications was first introduced in
India in 1851 when the first operational land lines were laid by the government near Kolkata
(then Calcutta), although telephone services were formally introduced in India much later in
1881. Further, in 1883, telephone services were merged with the postal system. In 1947, after
India attained independence, all foreign telecommunication companies were nationalized to form
the Posts, Telephone and Telegraph (PTT), a body that was governed by the Ministry of
Communication. The Indian telecom sector was entirely under government ownership until 1984,
when the private sector was allowed in telecommunication equipment manufacturing only. The
government concretized its earlier efforts towards developing R&D in the sector by setting up an
autonomous body Centre for Development of Telematics (C-DOT) in 1984 to develop state-of-
the-art telecommunication technology to meet the growing needs of the Indian
telecommunication network. The actual evolution of the industry started after the Government
separated the Department of Post and Telegraph in 1985 by setting up the Department of Posts
and the Department of Telecommunications (DoT).

The entire evolution of the telecom industry can be classified into three distinct phases.

Phase I- Pre-Libralisation Era (1980-89)

Phase II- Post Libralisation Era (1990-99)
Phase III- Post 2000

Until the late 90s the Government of India held a monopoly on all types of communications as
a result of the Telegraph Act of 1885. As mentioned earlier in the chapter, until the industry was
liberalised in the early nineties, it was a heavily government-controlled and small-sized market,
Government policies have played a key role in shaping the structure and size of the Telecom
industry in India. As a result, the Indian telecom market is one of the most liberalised market in
the world with private participation in almost all of its segments. The New Telecom Policy
(NTP-99) provided the much needed impetus to the growth of this industry and set the trend for
libralisation in the industry.
Foreign Direct Investment (FDI)

Foreign direct investment has been one of the major contributors in the growth of the Indian
economy, and therefore, the need for higher FDI is felt across sectors in the Indian economy. The
telecom sector has played a crucial role in attracting FDI in India. The share of telecom sector in
the total FDI inflows in India has gone up to 10% in FY09 as compared with just 3% in FY05.

The telecom sector requires huge investments for its expansion as it is capital-intensive and FDI
plays a vital role in meeting the fund requirements for expansion of the telecom sector. Telecom
accounts for almost 10% of the total FDI inflows in the country and has been the third-largest
sector to attract FDI in India in the post-liberalisation era

The Indian telecom industry has been an attractive avenue for foreign investors over the years.
As per DIPP figures, the cumulative FDI inflow during August 1991 to June 2009 period, in the
telecommunication sector amounted to US$ 113 bn. FDI calculation takes into account radio
paging, cellular mobile and basic telephone services in the telecommunication sector.

In the 2004-05 Budget, the government raised the FDI limit from 49% to 74% in the telecom
services segment subject to retention of local management control. According to the new norms,
26% share out of the 74% should be held by an Indian company or an Indian citizen with Indian
management. Further, 100% FDI is permitted in telecom manufacturing, category I infrastructure
providers, ISPs without gateway, call centres and IT-enabled services. Further, direct or indirect
FDI up to 74% is permitted subject to licensing and security requirements for ISPs with
gateways, radio paging operators and category II infrastructure providers.

The relaxation in FDI norms has attracted many foreign telecom majors to the sector. The
presence of foreign players has not only encouraged faster infrastructure development and
upgradation but also has opened up the domestic industry to foreign competition. Since 2004,
there has been a large inflow of FDI in the sector. During 2004-05 and 2005-06, a period during
which the FDI norms were relaxed, the FDI inflow grew by an astounding 300% to US$ 624 mn
in 2005-06 from merely US$ 125 mn in 2004-05. The inflow of FDI has provided tremendous
impetus to the sector in the past few years and the attractiveness of the sector has kept the FDI
inflows growing steadily. During FY09 the FDI in the telecom sector at US$ 2,558 mn was
103% higher than that seen in FY08 at US$ 1,261 mn. Further, the FDI in the sector has already
reached US$ 2010 mn for a six month period of FY10 (Apr-Sep 09) and is expected to surpass
the total FDI for FY09.

The governments liberalised FDI policies have resulted in several foreign companies entering
into the Indian markets. The influx of foreign players in the Indian telecom industry has led to
capacity creation, and better infrastructure, which in turn has bettered the network quality. The
rise in FDI has also enabled technology transfer, market access and has improved organisational
skills; going forward, FDI could be used for providing telecom services to rural areas, where
teledensity is still very low.

The change in FDI policy that has raised the FDI limit from 49% to 74% for the sector has made
it more attractive for foreign players. In the long run the growth prospects of telecom players that
have foreign partners will improve and other players will get new avenues to raise capital.

Factors Facilitating Growth of the Sector

The phenomenal growth in the Indian telecom industry was brought about by the wireless
revolution that began in the nineties. Besides this, the following factors also aided the growth of
the industry.

Libralisation

The relaxation of telecom regulations has played a major role in the development of the Indian
telecom industry. The liberalisation policies of 1991 and the consequent influx of private players
have led the industry on a high growth trajectory and have increased the level of competition.
Post-liberalisation, the telecom industry has received more investments and has implemented
higher technology.
Increasing Affordability of Handsets

The phenomenal growth in the Indian telecom industry was predominantly aided by the meteoric
rise in wireless subscribers, which encouraged mobile handset manufacturers to enter the market
and to cater to the growing demand. Further, the manufacturers introduced lower-priced handsets
with add-on facilities to cater to the increasing number of subscribers from different strata of the
society. Now even entry-level handsets come with features like coloured display and FM radio.
Thus, the falling handset prices and the add-on features have triggered growth of the Indian
telecom industry.

Prepaid Cards Bring in More Subscribers

In the late nineties, India was introduced to prepaid cards, which was yet another milestone for
the wireless sector. Prepaid cards lured more subscribers into the industry besides lowering the
credit risk of service providers due to its upfront payment concept. Prepaid cards were quite a
phenomenon among first-time users who wanted to control their bills and students who had
limited resources but greater need to be connected.
Introduction of Calling Party Pays (CPP)

The CPP regime was introduced in India in 2003 and under this regime, the calling party who
initiated the call was to bear the entire cost of the call. This regime came to be applicable for
mobile to mobile calls as well as fixed line to mobile calls. So far India had followed the
Receiving Party Pays (RPP) system where the subscriber used to pay for incoming calls from
both mobile as well as fixedline networks. Shifting to the CPP system has greatly fuelled the
subscriber growth in the sector.

Changing Demographic Profile

The changing demographic profile of India has also played an important role in subscriber
growth. The changed profile is characterised by a large young population, a burgeoning middle
class with growing disposable income, urbanisation, increasing literacy levels and higher
adaptability to technology. These new features have multiplied the need to be connected always
and to own a wireless phone and therefore, in present times mobiles are perceived as a utility
rather than a luxury.

Increased Competition & Declining Tariffs

Liberalisation of the telecom industry has fuelled intense competition, especially in the cellular
segment. The ever-increasing competition has led to high growth of subscribers and has put
pressure on tariffs, which have seen a sharp drop over the years. When the cellular phones were
introduced, call rates were at a peak of Rs 16 per minute and there were charges for incoming
calls too. Today, however, incoming calls are no longer charged and outgoing calls are charged at
less than a rupee per minute. Thus, the tariff war has come a long way indeed.
Outlook

The telecom industry in India has experienced exponential growth over the past few years and
has been an important contributor to economic growth; however, the cut-throat competition and
intense tariff wars have had a negative impact on the revenue of players. Despite the challenges,
the Indian telecom industry will thrive because of the immense potential in terms of new users.
India is one of the most-attractive telecom markets because it is still one of the lowest penetrated
markets. The government is keen on developing rural telecom infrastructure and is also set to roll
out next generation or 3G services in the country. Operators are on an expansion mode and are
investing heavily on telecom infrastructure. Foreign telecom companies are acquiring
considerable stakes in Indian companies. Burgeoning middle class and increasing spending
power, the governments thrust on increasing rural telecom coverage, favourable investment
climate and positive reforms will ensure that Indias high potential is indeed realised.
COMPANY PROFILE
INTRODUCTION:

Bharat Sanchar Nigam Ltd. was incorporated on 15th september 2000 . It took over the business
of providing of telecom services and network management from the erstwhile Central
Government Departments of Telecom Services (DTS) and Telecom Operations (DTO), with
effect from 1st October 2000 on going concern basis.It is one of the largest & leading public
sector units providing comprehensive range of telecom services in India.

BSNL has installed Quality Telecom Network in the country & now focusing on improving it,
expanding the network, introducing new telecom services with ICT applications in villages &
winning customer's confidence. Today, it has about 43.74 million line basic telephone capacity,
8.83 million WLL capacity, 72.60 million GSM capacity, 37,885 fixed exchanges, 68,162 GSM
BTSs, 12,071 CDMA Towers, 197 Satellite Stations, 6,86,644 RKm. of OFC, 50,430 RKm. of
microwave network connecting 623 districts, 7330 cities/towns & 5.8 lakhs villages .

BSNL is the only service provider, making focused efforts & planned initiatives to bridge the
rural-urban digital divide in ICT sector. In fact there is no telecom operator in the country to beat
its reach with its wide network giving services in every nook & corner of the country & operates
across India except New Delhi & Mumbai. Whether it is inaccessible areas of Siachen glacier or
North-Eastern regions of the country, BSNL serves its customers with a wide bouquet of telecom
services namely Wireline, CDMA mobile, GSM mobile, Internet, Broadband, Carrier service,
MPLS-VPN, VSAT, VoIP, IN Services, FTTH, etc.

BSNL is numero uno of India in all services in its license area. The company offers wide ranging
& most transparent tariff schemes designed to suit every customer. BSNL has 90.09 million
cellular & 5.06
million WLL customers as on 31.07.2011. 3G Facility has been given to all 2G connections of
BSNL. In basic services, BSNL is miles ahead of its rivals, with 24.58 million wireline phone
subscribers i.e. 71.93% share of the wireline subscriber base.
BSNL has set up a world class multi-gigabit, multi-protocol convergent IP infrastructure that
provides convergent services like voice, data & video through the same Backbone & Broadband
Access Network. At present there are 8.09 million broadband customers.

The company has vast experience in planning, installation, network integration & maintenance of
switching & transmission networks & also has a world class ISO 9000 certified Telecom
Training Institute.
During the 2011-12, turnover of BSNL is around Rs. 29,700 Crores.

Board of Directors
The Board comprise of 12 Directors, of which 5 [including the CMD] are whole time
Directors and 2 Government Nominee Directors . The present composition is as under

Chairman & Managing Director- Shri Anupam Shrivastava

Director - Consumer Fixed Access(CFA)- Shri N.K.Gupta
Director - (Enterprise) - Shri N.K.Mehta

Director - (CM) - Shri R.K.Mittal

Director - (HRD) & (Fin)- Smt. Sujata Ray
Govt. Director- Shri N.SIVASAILAM
Govt. Director- Smt. Padma Iyer Kaul
VISION:

Be the leading telecom service provider in India with global presence.

Create a customer focused organization with excellence in customer care, sales and
marketing.
Leverage technology to provide affordable and innovative telecom. Services/products
across customer segments.
MISSION:

Be the leading telecom service provider in India with global presence.

Generating value for all stakeholders - employees, shareholders, vendors & business
associates
Maximizing return on existing assets with sustained focus on profitability
Becoming the most trusted, preferred and admired telecom brand
To explore International markets for Global presence

Creating a customer focused organization with excellence in customer care, sales&

marketing.
Developing a marketing and sales culture that is responsive to customer needs mer care,
sales& marketing
Excellence in customer service-friendly, reliable, time bound, convenient and courteous
service

Leveraging technology to provide affordable and innovative products/ services across

customer segments
Offering differentiated products/services tailored to different service segments
Providing reliable telecom services that are value for money

Providing a conducive work environment with strong focus on performance

Attracting talent and keeping them motivated
Enhancing employees skills and utilizing them effectively
Encouraging and rewarding individual and team/group performance

Establishing efficient business processes enabled by IT

Changing policies and processes to enable transparent, quick and efficient decision
making
Building effective IT systems and tools
OBJECTIVES:

To be the Leading Telecom Services provider by achieving higher rate of growth so as to

become a profitable enterprise.

To provide quality and reliable fixed telecom service to our customer and thereby
increase customers confidence.

To provide customer friendly mobile telephone service of high quality and play a leading
role as GSM operator in its area of operation.

STRATEGY FOR:
Rightsizing the manpower
Providing greater customer satisfaction

CONTRIBUTE TOWARDS:
Broadband customers base of 20 Mn in India by the end of 2011-12 as per broadband
policy 2004.
Providing telephone connections in villages as per Government policy.

To leverage the existing infrastructure of BSNL for facilitating implementation of other

government programs and initiatives particularly in the rural areas.

Be the leading Telecom Service Provider in India with global presence.

Create a customer focused organization with excellence in sales, marketing and customer
care.
Leverage technology to provide affordable and innovative products/services across
customer segments
 STRENGTHS
Pan India reach
Experienced telecom service
Provider
Total telecom service provider
Huge resources (financial &
technical pool)
Huge customer base
Most trusted telecom brand
Transparency in billing
Easy development of new
Services
Copper in last mile can be
used for easy broadband
Development
Huge optical fibre network
and associated bandwidth
OPPORTUNITIES
Tremendous market growing at
WEAKNESSES
Non-optimization of network
capabilities
Poor marketing strategy
Bureaucratic organizational set
up
Inflexibility in mind-set (DOT
period legacies)
Limited number of value
added services
Poor franchise network
Legacy of poor service image
Huge and aged manpower
Procedural delays
Lack of strategic alliances
Problems associated with
incumbency like outdated
technologies, unproductive
rural assets, social obligations,
political interference, poor IT
penetration with in
organization
Poor knowledge management
THREATS
Completion from private
 20 lac customers per month operations

Untapped broadband services Keeping pace with fast

Untouched international technological changes

Market Market maturity in basic

Can capitalize on public sector telephone segment

image to grab governments Manpower churning

ICT initiates Multinational eyeing Indian

ITEB service markets telecom market

Diversification of business to Private operations demand for
turn-key projects sharing last mile

Leveraging the brand image to Decreasing per line revenues
source funds due to competitive pricing

Almost un-invaded VSAT Private operators demand to
Market do away with ADC can

Fuller utilization of slack seriously effect revenues

Resources Populist policies of

Can make a kill through deep government like One India
penetration and low cost rates
Advantage

Broaden market expected from
convergence of broadcasting,
telecom and entertainment
Industry

IMPROVEMENT BEING UNDERTAKEN:

BSNL is introducing new value added services to existing customer as well as potential
customers.

Company is adopting effective marketing strategies to gain marketing leadership.

BSNL is forwarding steps in a variety of schemes for both subscribers commercial and
residential.

Technological up gradation of network.

Better customer care, customer delight are objectives.

COMPETITORS

BSNL competes with other mobile operators throughout India.


AIRCEL

AIRTEL

IDEA

MTNL

MTS

RELIANCE COMMUNICATIONS

TATA DOCOMO

TATA INDIA

TELENOR

VODAFONE

CHAPTER-4

REVIEW OF LITERATURE
FINANCIAL ACCOUNTING:

Financial accounting is the process of systematic recording of the business transactions in the
various books of accounts maintained by the organization with the ultimate intention of
preparing the financial statement. These financial statements are basically in two forms. One,
profitability statement which indicates the result of operations carried out by the organization
during a given period of time and second balance sheet which indicates the state of affairs of the
organization at any given point of time of its assets and liabilities.

Main purpose of financial accounting is to ascertain profit or loss and to indicate financial
position of an enterprise. Two fundamental statements of financial accounting are income and
expenditure statement and balance sheet. The profit and loss account or income and expenditure
account is prepared for a particular period to find out the profitability of the firm and balance
sheet is prepared on a particular date to determine the financial position of the firm.

Financial accounting summaries transactions taking place during a period with the objective of
preparing the financial statement.

FINANCIAL PERFORMANCE ANALYSIS:

Financial performance analysis is the process of identifying the financial strengths and weakness
of the firm by properly establishing the relationship between the items of balance sheet and profit
and loss account. It also helps in short term and long term forecasting and growth can be
identified with the help of financial performance analysis.

The dictionary meaning of analysis is to resolve or separate a thing in to its element or

components parts for tracing their relation to the things as whole and to each other.
FINANCIAL STATEMENTS:
FINANCIAL STATEMENT refers to formal and original statements prepared by a business
concern to disclose its financial information.

According to John.N.Meyer, The financial statement provides summary of accounts of a

business enterprise, the balance sheet showing the result of operation during a certain period.

The financial statements are prepared with a view to depict the financial position of the concern.
They are based on the recorded facts and are usually expressed in monetary terms. The financial
statements are prepared periodically that is generally for the items of the balance sheet and the
profit and loss account.

Financial statement analysis is defined as the process of identifyingfinancial strengths and

weakness of the firm by properly establishing relationship between the items of the balance sheet
and the profit and loss account.

There are various methods or techniques that are used in analyzing financial statements, such as
comparative statements, schedule of changes in working capital, common size percentages, funds
analysis, trend analysis, and ratios analysis.

Financial statements are prepared to meet external reporting obligations and also for decision
making purposes. They play a dominant role in setting the framework of managerial decisions.
But the information provided in the financial statements is not an end in itself as no meaningful
conclusions can be drawn from these statements alone. However, the information provided in the
financial statements is of sense use in making decisions through analysis and interpretation of
financial statements.
NEED OF THE STUDY:

Financial statement analysis is an important tool for measuring the financial performance of any
company. The main aspect of financial management is working capital management and it
should be done on day to day basis. Hence the company permits me to do in the area of finance.
This study helps to review the financial performance of the company.

NATURE OF THE STUDY:

The use of financial statement analysis and interpretation in investment decision has been
addressed by a series of authors in one way or the other. In some instances, the sue of this
analysis to determine profitability of a company and specifically returns on investment and
optimal management decisions have been stated.

According to Pandey (2005), profitability is the ability of an entity to earn income. It can be
assessed by computing various relevant measures including the ratio of net sales to assets, the
rate earned on total assets etc.

Meigs and Meigs (2003) stated that the rate of return on investment
(ROI) is a test of managements efficiency in using available resources. This review is organized
under the following sub-heads for ease of comprehension.
1. What is financial statement?
2. Objective of financial statement analysis
3. Uses and users of financial statement analysis
4. Classification of financial statement
5. Techniques of financial statement analysis and interpretation.
6. Limitations of financial statement analysis
 7. Features of a good management decision
8. Decision making environment
9. Impact of inflation on financial statement analysis

What is Financial Statement?

According to Meigs and Meigs (2003), financial statement are a structured representation of the
financial position and financial performance of an entity. The objective of financial statements is
to provide information about the financial position, financial performance and cash flows of an
entity that is useful to a wide range of users in making economic decisions.

Financial statements also show the results of the managements stewardship of the resources
entrusted to it. To meet these objectives, financial statements provide information about an
entitys:

i) Assets
ii) Liabilities
iii) Equity
iv) Income and expenses, including gains and losses
v) Contribution by and distribution to owners in their capacity as owners, and
vi) cash flows

A complete set of financial statement comprises:

1) A statement of financial position as at the end of the period:
2) A statement of comprehensive income for the period;
3) A statement of changes in equity for the period:
4) A statement of cash flow for the period.
5) Notes of Account comprising a summary of significant accounting policies and other
explanatory information; and
6) A statement of financial position as at the beginning of the earliest comparative period
when an entity applies an accounting policy retrospectively or makes a retrospective
 restatement of items in its financial statements or when it reclassifies items in its financial
statements.

Objective of a Financial Statement Analysis

Business decisions are made on the basis of the best available estimates of the outcome of such
decisions. According to Meigs and Meigs (2003), the purpose of financial statement analysis is to
provide information about a business unit for decision making purpose and such information
need not to b limited to accounting data. White ratios and other relationships based on past
performance may be helpful in predicating the future earnings performance and financial health
of a company, we must be aware of the inherent limitations of such data.

According to Meigs and Meigs (2003), the key objectives of financial analysis are to determine
the companys earnings performance and the soundness and liquidity of its financial position.
We are essentially interested in financial analysis as a predictive tool.

Accordingly, we want to examine both quantitative and qualitative data in order to ascertain the
quality of earnings and the quality and protection of assets. In periods of recession when business
failures are common, the balance sheet takes on increase importance because the question of
liquidity is uppermost in the minds of many in the business community. However, when business
conditions are good, the income statement receives more attention.

Nevertheless, a financial analyst has to grapple on the above complexities of using financial
statement analysis to achieve a specific purpose.

Uses and Users of Financial Statement

According to Akpan (2002), financial statement may be used by users for different purposes:
 a) OWNERS AND MANAGERS: Require financial statement to makeimportant business
decisions that affect its operations. Financial analysis is then performed on these
statements to provide management with a more detailed understanding of the figures.
These statement are also used as part of managements annual report to the stockholders.

EMPLOYERS: Also need these reports in making collectivebargaining agreements (CBA) with
the management, in the case of labour unions or for individuals in discussing their compensation
promotion and rankings.

c) PROSPECTIVE INVESTORS: They make use of financialstatements to assess the

viability of investing in a business. Financial analysis are often used by investors and are
prepared by professionals (financial analyst), thus providing them with the basis for
making investment decisions.

d) FINANCIAL INSTITUTIONS: Financial institutions (banks andother lending

company) use them to decide whether to grant a company with fresh working capital or
extend debt securities (such as a long term bank loan or debentures) to finance expansion
and other significant expenditures.

e) GOVERNMENT ENTITIES: Government entities (Tax authorities)need financial

statements to ascertain the property and accuracy of taxes and other duties declared and
paid by a company.

f) VENDORS: They require financial statement to access the credit worthiness of the
business

g) MEDIA AND GENERAL PUBLIC: They are also interested infinancial statements for
a variety of reasons.

Classification of Financial Statement

According to Diamond (2006), all watchful business owners have an innate sense of how well
their business is doing. Almost without thinking about it, these business owners can tell you any
time during the month how close they are to butting budgeted figures. Certainly, cash in bank
plays a part, but its more than that.

Helpful is the nowtine review of financial statements. They are three types of financial
statements. Each will give important information about how efficiency and effective the business
is operating.

1) INCOME STATEMENT:

The income statement shows all items of income and expense for arts or crafts business. It
reflects a specific time period. So an income statement for the quarter ending March 31, shows
revenue and expense for January, February and March, if the income statement is for the
calendar year-ending December 31, it would contain all the information from January 1 to
December 31. Note that the normal accounting period for income statement is 12 months or year.

Income statements are also known as profit and loss account. The button line on an income
statement is income less expenses. If when income is more than expenses it is known as net
profit and when expense is more than income it is a net loss.

2) BALANCE SHEET:

Accounting is based upon a double entry system. For every entry into the books there has to be
an opposite and equal entry. The net effect of the entries is zero, which results your books being
balanced. The proof of this balancing act is shown in the balance sheet when Asset =

Liability + Equity.
The balance sheet shows the health of a business from day one to the date on the balance sheet.
Balance sheet are always dated on the late day of the reporting period. If you have been in
business since 1st January 2012 and your balance sheet is dated as of 31 December of the current
year the balance sheet will show the

results of your operations from 1st January 2012 to December 31, 2012.

3) STATEMENT OF CASH FLOWS:

The statement of cash flows the ins and outs of cash during the reporting period. You may be
thinking-well who needs that type of report? I will just look at the checkbook. Good point, unless
you are reporting things that dont immediately affect cash such as depreciation, accounts
receivable, accounts payable.

If I could only choose one of those three financial statements to evaluate the ability of a company
to pay dividends and meet obligations (indicating a healthy business), I would pick the statement
of cash flows. The statement of cash flows takes aspects of the income statement and balance
sheet and kind of crams them together to show cash sources and uses for the period.

4) THE STATEMENT OF RETAINED EARNINGS:

The statement of retained earnings shows the break down of retained earnings. Net income for
the year is added to the beginning of year balance, and dividends are subtracted. This results in
the end of year balance for retained earnings.
Remember that expenses, revenues and dividends impact retained earnings. Since net income
equals revenue minus expenses, we need to include dividends when computing end of period
retaining earnings, plus net income and minus dividends.

Relationship among the Statement of Financial Position, Income Statement, Statement of

Cash Flows and Statement of Retained Earnings.
As mentioned above, the balance sheet shows the financial position at a point in time. It therefore
cannot contain information that is related to some period, such as sales or wages expense.

It is a common practice to include beginning of a period balance sheet as well as an end period
balance sheet in a financial report. This way the reader can form an opinion about how the firms
financial position has changed.

The cash flow statement and the income statement-statement both give information about the
firms performance over the period, albeit from different angles. The cash flow statement explains
the change in cash. In other words, it explains how the beginning of period cash has turned into
the end of period cash by differentiating between operating, investing and financial activities.

The income statement shows a presentation of the sales, the main expenses and the resulting net
income over the period. Net income is based on accounting principles which gives
guidance/rules on when to recognize revenues and expenses, whereas cash from operating
activities, obviously is cash based.

As dividends do not reduce net income, the income statement does not always explain the change
in retained earnings over the year (Net income always equals the change in retained earnings
when no dividend is paid out). The statement of retained earnings is

included to show how equity has changed because of net income and possible dividend
payments. It shows the beginning value of retained to which net income is added and dividends
subtracted, resulting in end of year retained earnings.
In the view of the requirements of the various users of ratios, it is divided in to the following
important categories.

1) Liquidity ratios

2) Activity ratios
 3) Profitability ratios

4) Earning ratios

1) Liquidity Ratios:

Liquidity ratios measure the ability of the firm to meet it s a current obligation. In fact, analysis
of liquidity needs the preparation of cash budgets and cash and fund flow statements but liquidity
ratios, by establishing a relationship between cash and other current assets to current obligation
provide a quick measure of liquidity.

A firm should ensure that it does not suffer from lack of liquidity, and it does not have excess
liquidity the failure of the company to meet its obligations due to its lack of liquidity, will result
in poor creditworthiness, loss of creditors confidence, or even in legal tangles resulting in the
closure of the company a very high degree of liquidity is also bad idle assets earn nothing. The
firms fund will be unnecessarily tied up in current assets. Therefore it is necessary to strike a
proper balance between high liquidity and lack of liquidity.

2) Activity Ratio or Turnover Ratios:

Activity ratio highlights the activity and the operational efficiency of the business concern. The
better management of assets are the larger the amount of sales. Activity ratio measures the
relationship between the sales and assets. Turnover ratios are employed to evaluate the efficiency
with which the firm managers and utilizes its assets. Their ratio indicates the speed with which
assets are brought converted as turn over into sales.

3) Profitability Ratios:

Profitability reflects the final results of the business operations. Profit earning is considered
essential for the survival of the business. There are two types of profitability ratios.

Profit margin ratio

Rate of return ratio

Profit margin ratio shows the relationship between profit and sales.

Rate of return ratio reflects between profit and investment. The important rates of return
measures are ratio of return on total assets and rate in equity.

4) Earnings Ratios:

Earnings are incomes to the shareholders of the share invested by them. Hence the earnings ratio
will be to the investors to the value of the shares that is been holding by them.

It is proposed to study the liquidity and solvency position of BSNL. For analyzing the liquidity,
the following have been computed.
CURRENT RATIO

QUICK RATIO
 CHAPTER-5

DATA ANALYSIS

AND

INTERPRETATION
CURRENT RATIO:

The ratio 2:1 is considered an idle for current ratio and it is a conventional rule. It represents a
margin of safety of creditors. The higher the current ratio, the greater the margin of safety: the
larger the amount of current assets in relation current liabilities the most the firms ability to
meet its current obligations. However, current ratio should not be followed blind because a
company with less than 2:1 ratio may be doing well and the one of high ratio only struggles to
meet its obligations because current ratio only measures the quality and not the quality.

Current Ratio= Current Assets/ Current Liabilities

CALCULATION OF CURRENT RATIO OF BSNL:

(Rs.in lakhs)

Year Current assets Current liabilities Ratio

2011-2012 2555149 2839272 0.89

2011-2012 2267653 1929361 1.17

2012-2013 1655204 1944007 0.85

2013-2014 2122331 1994332 1.06

2014-2016 1705246 2260356 0.75

Current Ratio Graph:

Ratio
1.4

1.2

0.8 Ratio

0.6

0.4

0.2

0
2010-2011 2012-2013 2013-2014 2014-2015 2015-2016

Interpretation:

As a conventional rule a current ratio of 2:1 or more is considered satisfactory. BSNL has
a current ratio in the financial 2012-2013 gone up to 1.17 times than it is gradually
decreasing in year 2015-16. Hence BSNL is maintaining slight standard current ratio
which is not a good sign of property.

Also it is not always necessary that a good current ratio indicates a comfortable liquidity
position. If current assets comprise a greater proposition of less marketable assets or
investments, current ratio has not significance.

Larger the amount of current assets in relation to current liabilities greater the firms
ability to meet its current obligations.
QUICK RATIO:

This is also known as acid test ratio; it establishes a relationship with quick or liquid assets
and current liabilities. It indicates the ability of the company to meet its short term liabilities
from its current assets without having to sell stock. It is vital index of the firms liquidity. The
ratio of 1:1 is considered to represent a satisfactory current financial condition. But 1:1 in
essence does not imply sound liquidity position because a high value of quick ratio in a
company may have problem of funds shortage, if it has a slow paying doubtful and longer
period outstanding debtors. At the same time, if the firms are able to meet its current
obligations in time by turning over their inventories efficiently they can prosper. Although
quick ratio is a more penetrating test of liquidity than the current ratio, yet it should be used
cautiously.

Quick ratio may therefore be calculated as follows:

Quick Ratio= Quick Assets/ Current Liabilities

CALCULATION OF QUICK RATIO OF BSNL:

(Rs. In lakhs)

Year Quick assets Current liabilities Ratios

2011-2012 2160325 2200029 0.76

2012-2013 1907975 1929361 0.98

2013-2014 1277995 1944007 0.65

2014-2015 1767603 1994332 0.88

2015-2016 1335558 2260356 0.59

Quick Ratio Graph:

QUICK RATIO Percentage

1.2

0.8

0.6 QUICK RATIO Percentage

0.4

0.2

Interpretation:

The quick ratio for BSNL is below acceptable norms 2:1. Comparing to 2012 and 2016
quick ratio has fallen further. It shows that the absolute liquid assets of BSNL are not
sufficient to meet the current liabilities and is a question against liquidity. The trend
shows that quick ratio is falling down and is necessary to take preventive measures. They
should give more emphasis for debt collection and generating more cash through
operating activities.
 NET PROFIT RATIO:

This ratio indicates the firms ability withstand adverse economic conditions. It
establishes a relationship between net profit and sales and also indicates managements
efficiency in manufacturing, administering and selling of products. Net profit margin ratio
is the overall measure of the firms ability to turn each Naira sales into Net profit, it is
measured by dividing profit after tax by sales:

Net Profit Ratio= Net Profit/ sales *100

CALCULATION OF NET PROFIT RATIO OF BSNL

(Rs. In lakhs)

YEAR Net Profit/ PAT Sales/ Total Revenue Percentage

2011-2012 (638426) 2968762 (21.50)

2012-2013 (885070) 2793350 (31.68)

2013-2014 (788444) 2712789 (29.06)

2014-2015 (701976) 2799635 (25.07)

2015-2016 (823409) 2864520 (28.75)

Note: sales are inclusive of other incomes.

NET PROFIT RATIO GRAPH
 NET PROFIT RATIO
35

30

25

20 NET PROFIT RATIO

15

10

0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

BSNL had net loss 21.50% in the year 2011-2012. Then after it was increasing, now it is
28.75% in 2016-2016.

Over all financial position in not good, it will not meet future requirements also.

OPERATING PROFIT RATIO:

Average ration can be calculated from the balance sheet items to determine the proportion
of debt in total financing. And can equally be calculated from the profit and loss account to
determine the extent to which operating profit are sufficient to cover the fixed charges
(Pendey 2005).

Calculated as:

Operating Profit Ratio= Profit Before Tax/ Turnover Ratio*100

CALCULATION OF OPERATING PROFIT RATIO OF BSNL:

(Rs. In lakhs)

Years PBT TR Percentage

2011-2012 (657979) 2968762 (22.16)

2012-2013 (882093) 2793350 (31.60)

2013-2014 (795536) 2712789 (29.32)

2014-2015 (712419) 2799635 (25.44)

2015-2016 (884342) 2864520 (30.87)

SOURCES: computed on the basis of the information given in theannual reports

of BSNL.

OPERATING PROFIT RATIO GRAPH:

 OPERTING PROFIT RATIO
35

30

25

20 OPERTING PROFIT RATIO

15

10

0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

The operating profit ratio indicates that in 2011-2012 BSNL have -22.16%. After 4 years
it has been increased to -30.87 i.e., in 2016-2016. Because operating expenses are more.
Higher operating profit ratio enables the firm to meet interest, income tax dividends and
retain profits for expansion.
RETURN ON INVESTMENT:

This ratio is a useful measure of the profitability of all the financial resources invested in the
firms assets. Return on Investment (ROI), measures the gain or loss generated on an
investment relative to the amount of money invested. ROI is usually expressed as a
percentage and is typically used for personal financial decisions, to compare a companys
profitability or to compare the efficiency of different.

Return on Investment= Profit after Tax/ Total capital+ reserve+ surplus*100

CALCULATION OF RETURN ON INVESTMENT OF BSNL:

(Rs. In lakhs)

Years Profit after tax Total capital+ reserve+ surplus percentage

2011-2012 (638426) 1250000+6756875 (7.97)

2012-2013 (885070) 1250000+5867102 (12.43)

2013-2014 (788444) 1250000+5076240+37633 (12.38)

2014-2015 (701976) 1250000+4470295+33037 (12.20)

2015-2016 (823409) 1250000+3506443+28497 (17.21)

SOURCES: computed on the basis of the information given in theannual reports of

BSNL.
 RETURN ON INVESTMENT
20
18
16
14
12 RETURN ON INVESTMENT
10
8
6
4
2
0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

Return on investment ratio decreased continuously from all the years.

It is decreasing in an increasing rate from -7.97 to -17.21 from 2011-12 to 2016-16.
DEBT-EQUITY RATIO:

This ratio expresses the direct proportion of debt to owners equity. It is indirectly computed
by dividing total debt by net worth.
That is:

Debt-Equity Ratio = Total Debt/ Equity

CALCULATION OF DEBT-EQUITY RATIO OF BSNL:

(Rs. In Lakhs)

Years Equity Debt Ratio

2011-2012 8006875 550923 0.069

2012-2013 7117102 596575 0.084

2013-2014 6363873 574043 0.090

2014-2015 5753332 402074 0.069

2015-2016 4784940 350096 0.073

SOURCES: computed on the basis of the information given in theannual reports of

BSNL.
 DEBT - EQUITY RATIO
0.1
0.09
0.08
0.07
0.06 DEBT - EQUITY RATIO
0.05
0.04
0.03
0.02
0.01
0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

The lower the Debt-Equity Ratio, the higher the degree of protection enjoyed by the
creditors.

The Debt-Equity ratio is increasing year after year for 3 years from 2011 to 2014, after
2014 suddenly it fell down with increasing rate.

It can have a financial leverage on company but as BSNL is not making profits from 2011
it is not advisable to admit more debt capital as it may cause the company to bear more
financial burden in terms of interest payments. Instead they can make effective utilization
of its reserves.
FIXED ASSETS TURNOVER RATIO:

It measures the willingness of the firm to efficiently utilize its fixed assets and current assets
separately.

It is computed by the following:

Fixed Assets Turnover Ratio= Net sales/ Net Fixed Assets

CALCULATION OF FIXED ASSETS TURNOVER RATIO OF BSNL:

(Rs.in Lakhs)

Years Fixed assets Revenue FATR

2011-2012 7753915 2968762 0.38

2012-2013 7051480 2793350 0.40

2013-2014 6455700 2712789 0.42

2014-2015 5449945 2799635 0.51

2015-2016 4713414 2864520 0.61

SOURCES: computed on the basis of the information given in theannual reports of

BSNL.
 Fixed Assets Turnover Ratio
0.7

0.6

0.5

0.4 Fixed Assets Turnover Ratio

0.3

0.2

0.1

0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

It indicates the firms ability to generate sales per rupee of investment in fixed assets. In
general, higher the ratios, the more efficient the management and utilization of fixed
assets, and vice versa, may be noted that there is no direct relationship between sales are
influenced by other factor. The main reason is the drop in operating profits.
CURRENT ASSETS TURNOVER RATIO:

It measures the willingness of the firm to efficiently utilize its fixed assets and current assets
separately.

It is computed by the following:

Current Assets to Net Worth= Current Assets/Total Capital+ reserve& surplus

CALCULATION OF CURRENT ASSETS TURNOVER RATIO

OF BSNL:

(Rs. In Lakhs)

Years Current Assets Revenue CATR

2011-2012 2555149 2968762 0.86

2012-2013 2267653 2793350 0.81

2013-2014 1655204 2712789 0.61

2014-2015 2122331 2799635 0.75

2015-2016 1705246 2864520 0.60

SOURCES: computed on the basis of the information given in theannual reports of

BSNL.
 CURRENT ASSETS TURN-OVER RATIO
1
0.9
0.8
0.7
0.6 CURRENT ASSETS TURN-
OVER RATIO
0.5
0.4
0.3
0.2
0.1
0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

The current assets turnover ratio is increasing every year, but it is not real because if we
look at figures of current assets every year it is lower than the previous year. From 2011
current assets investments fell down more in 2014 compared with 2011. So this ratio is
misleading. But it is good that even at decreasing trend of revenue BSNL is able to cover
its current assets investments from the revenue generated.
WORKING CAPITAL TURNOVER RATIO:

This indicates the extent in which current assets (or working capital gap) relate to sales
calculated by:

Working Capital Turnover= Sales/ Working Capital

CALCULATION OF WORKING CAPITAL TURNOVER RATIO

OF BSNL:

(Rs. In Lakhs)

YEAR Net working Capital Sales WCTR

2011-2012 (284123) 2968762 (10.44)

2012-2013 338292 2793350 8.25

2013-2014 (288803) 2712789 (9.39)

2014-2015 127999 2799635 21.8

2015-2016 (555110) 2864520 (5.16)

SOURCES: computed on the basis of the information given in theannual reports of

BSNL.
 WORKING CAPITAL TURN-OVER RATIO
25

20

15 WORKING CAPITAL TURN-

OVER RATIO

10

0
2011-12 2012-13 2013-14 2014-15 2015-16

Interpretation:

Working capital is fluctuating from every year, it is not constant in its progress.

Working capital measures how well a company is utilizing its capital support a
given level of sales.
 CHAPTER-6

FINDINGS, SUGGESTIONS AND CONCLUSION

FINDINGS:

Following are the findings that I have made from this study:

BSNL is making losses continuously for five years from 2011 onwards.

The root cause for such a situation is the loss in operating revenue and other incomes.

Depreciation is a significant charge against operating revenue.

Looking into the total revenue of 2012, revenue of that year is 7% lesser than 2011.
Which means that additional investments made in 2011 was not fruitful.

The huge investment in 2011 caused a large burden in terms of current liability (Rs.
2260356 lakhs). It severely affected the working capital position of that year where net
working capital shown a negative figure. The reason for this is, BSNL has invested in
LIC for a policy called leave encashment policy which resulted in burden for the
organization.

The general trend in BSNLs business profile shows that revenue is falling down while
expenses are increasing every year.

Keeping the same phase soon the BSNL will result in operating loss.

From the study, Ive learned that 2G scam had affected the ratios of the companies.

From this study I came to know that each company is differentiating it
from its other competitors by using new techniques.

The total revenues of BSNL have been reducing year by year since 2011-2012.

The operating expenditure has reduced in consecutive years from 36002 crores in
2011-2012 to 34900 crores in 2013-2014.

Long term liabilities or borrowings have been increased from 11340 crores in
2011-2012 to 12610 crores in 2013-2014.

The current ratio between current assets and current liabilities has been fluctuating 0.89
in 2011-2012, 0.75 in 2016-2016.

The debt equity ratio has shown a significant growth from 0.090 in 2013-2014 to 0.073 in
2016-2016.

The fixed asset to net worth ratio has been quiet good from 0.38 in 2011-2012 to 0.61 in
2016-2016.

The working capital of the company is not up to the mark.

BSNL Company had more expenses due to which it is facing losses continuously
for the last five years.

The total current liabilities are more than current assets.

Financial position of BSNL for the last five years is not good.
SUGGETIONS:

Following are my suggestions which may help to resolve the crisis of BSNL.

It is high time for BSNL to improve their operating efficiency. They should concentrate
on increasing both their operating revenues as well as other revenues.

Depreciation is a significant charge against their operating profit. So that the company
should take utmost good care in maintaining their fixed assets.

BSNL should develop their customer base of mobile as well as broadband users as they
are two major source of income. They should also try to improve revenue from other
operators.

BSNL should conduct a brand revitalization campaign which can attract more new users
as well as maintain existing customers.

They should concentrate on quality oriented mobile internet business as the era is shifting
towards mobile computing and smart devices. They should optimize new investments and
utilize their existing infrastructure maximum.

BSNL need to be more competitive in terms of their services offered.

They should make effective utilization of the large reserves available.

BSNL can explore other areas to improve revenue generation.

Debt financing also will help the company to attain financial leverage as the financial
expenses are reducing.

They can consider for public issue and issue debt securities.

The root cause for existing financial crisis is the unproductive investments.
CONCLUSION:

The study financial statement analysis at BSNL is done by using some widely accepted tools
and techniques. Within the constraints I believe that the study served its purpose. It is understood
that financial statements of BSNL is worsening especially regarding their operating income. It is
expected that a huge number of retirements, around a lakh will happen on coming years which
will certainly help them to reduce the cost of administration. The reason for such financial
distress is not only the marginal efficiency, but also the huge competition in the industry. Other
changing socio-economic variables are also affecting the performance of the company. BSNL
needs to bring in large amount of changes especially in marketing as a measure to increase the
market share as well as revenue. It is evident that BSNL as a prestigious company has well brand
image among the customers and can overcome the present situation easily by adopting efficient
management techniques.
 CHAPTER-7
BIBLIOGRAPHY
BIBLIOGRPHY:

www.bsnl.co.in

www.google.com

www.natfm.bsnl.co.in

TEXT BOOKS:

FINANCIAL MANAGEMENT by SUDARSHAN REDDY

RATIO ANAYLSIS by F.M.MORLEY

RATIO ANALYSIS FUNDAMENTALS-GOOGLE BOOKS

FINANCIAL MANAGEMENT by I.M.PANDEY

KHAN & JAIN, CORPORATIONS, TATA McGraw-Hill Education.

MTD Training, Managing Budgets, Book Boon.

FINANCIAL MANAGEMENT by S.N.MAHESWARI

FINANCIAL ACCOUNTING AND ANALYSIS by Dr.PRASHANTHA
ATHMA