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PROJECT REPORT
ON
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SUBMITTED TO SUBMITTED BY
In writing this report entitled ‘‘UPPER DOAB SUGAR MILL’’, I have greatly benefited by
my visits to the company where I got the opportunity of studying the practical working of the
Financial department.
I would like to thanks our Director Dr. Gaurav Sinha & members of Roorkee Engineering and
Management Technology Institute for giving me chance to work on this project. I am also
thankful to our Head of Department and internal guide, Mr. Mohit Singhal, for their effective
My sincere and deepest thanks to MR. RAJAT LAL (Managing Director, UPPER DOAB
SUGAR MILL)
Last but not the least I express my gratitude to my family and friends for providing me with
DEEPAK KUMAR
I hereby declare that the project titled “BALANCE SHEET COMPARISON” is an original
piece of research work carried out by me under the guidance and supervision of Mr. Mohit
Singhal. The information has been collected from genuine and authentic sources. The work
Beginning of a Finance project was entirely creative. Thus, does not come suddenly but it
comes by result of discussion ,consultation and contemplation problem unsolved here can
never be a satisfactory elimination later. But when I completed my project I felt lot more
confident. Now I can do a new job more confidently and in a better way.
Practical Training is essential part of a theory study. It familiarizes with the practical aspect in
Repairing this fact, I have thus industrial training report on “BALANCE SHEETS
Sir Shadi Lal Enterprises Limited started its business in the year 1933 with a sugar factory
name UPPER DOAB SUGAR MILL with a cane crushing capacity of 600 TCD per day at
,about 70 km from Saharanpur and 100 km from Delhi .the company has been constantly
modernizing its plant and machinery in stages by adopting the latest technologies. Main
Product of the company is white refined Sugar which is being imported to other countries and
also locally sold .There are different types of employees which are hired at need basis. Some
employees are permanent who work for whole year and some are temporary which work
atmosphere to its employees . The organization provides all the basic facilities to the
employees. Theoretical knowledge is always incomplete without its practical implication like
gun without bullet. Seeing the necessity of the practical knowledge the MBA curriculum is
designed in such a manner to impart the opportunity to students for enough exposure to the
corporate world.
TABLE OF CONTENT
Company Profile.
Comparison of Balance sheets.
Objective of Study.
Scope and Need of Study.
Importance of study.
Research Methodology.
Data Analysis.
Limitations.
Recommendation.
Conclusion.
Annexure.
Bibliography.
INTRODUCTION
INTRODUCTION
Sir Shadi Lal Enterprises Limited was established in 1933 as a Corporate Body under the
name 'The Upper Doab Sugar Mills Limited' by the Rt. Hon'ble SIR SHADI LAL.
With the untiring efforts of all of them, the Company has become one of the efficient and
modern entities in Western Uttar Pradesh. All the working Directors of the Company are well
qualified and have an excellent understanding of the operation of the Company. At present
the Company has four manufacturing units comprising of two sugar units namely Upper Doab
Sugar Mills, Shamli (U.P.), Unn Sugar Complex, Unn (U.P.), and two distillery units Shamli
Distillery & Chemical Works, Shamliand Pilkhani Distillery & Chemical Works, Pilkhani,
Sir Shadi Lal Enterprises Limited started its business in the year 1933 with a Sugar Factory,
Upper Doab Sugar Mills with a cane crushing capacity of 600 TCD per day at Shamli (UP),
about 70 Kms. from Distt. Saharanpur (UP) and about 100 kms. from Delhi. The Company
has been constantly modernizing its plant & machinery in stages by adopting the latest
technology. Per constant improvements and expansion, the crushing capacity of the Sugar
Mill Plant at Shamli has increased to the present level of 6250 TCD per day. The capacity
utilization of the Plant for the last number of years has been more than 100%. Being a
seasonal industry, the Sugar Factory works for about 180–200 days in a year.
In September 2007, Sir Shadi Lal Enterprises Limited further expanded its cane crushing
capacity by acquiring assets of Unn Sugar Complex at Unn, (U.P.) from Monnet sugar Ltd.
capacity of 6.60 lakhs gallons per annum. Subsequently, the capacity was increased in stages
as detailed below to reach its present level of 16.20 lakhs gallons per annum. Since this
distillery is located adjacent to the Sugar factory, it has an inherent advantage of procuring
In the year 2001, to increase the production capacity of Country Liquor and Indian Made
Foreign Liquor, the Shamli Distillery Unit renovated their existing Bottling Hall, which can
At present, the unit is producing Indian Made Foreign Liquor, Country Liquor, malt,
Rectified Spirit, Denatured Spirit, Anhydrous Alcohol & Extra Neutral Alcohol.
The major expansion projects taken up by the Company at various stages for the Sugar Mill at
1936-37 1200
1956-57 3000
1962-63 3810
1997-98 5000
2005-06 6250
Per constant improvement and expansion, the crushing capacity of the Sugar Mill Plant at
Shamli has increased to the present level of 6250 TCD per day. The capacity utilization of the
Plant for the last number of years has been more than 100%. Being a seasonal
industry, the Sugar Factory works for about 180-200 days in a year.
Cane Price
U.P. Government has declared the State Advisory Price (SAP) for the season 2014-15 at Rs.
280/– per quintal for General variety, Rs. 290/– per quintal for early variety and Rs. 275/– per
quintal substandard variety. The FRP for the season 2014-15 declared by the Central
Government was Rs. 210/– per quintal linked to basic recovery of 9.50% subject to premium
of Rs.2.21per quintal of every 0.1% increase in recovery. The Sugar Mills of U.P. State
opposed against the SAP in the season 2014-15 declared by the State Government and sent
notice for suspension of operation for the season 2014-15. Many representations were made
by the U.P. Sugar Mills Association and there arrived a settlement between the private sugar
Mills and U.P. Government, by which the State Government allowed a relief of Rs.11.03 per
quintal of cane in the shape of Purchase Tax Rs. 2/– per quintal of cane, on Entry Tax Rs.2.73
per quintal on Society Commission Rs. 6.30 per quintal of cane. The rebate of purchase of Rs.
2/– per quintal was also given in the season 2014-15by the U.P. Government. The Entry Tax
is collected from Customer and deposited in Govt. Account. Therefore, the actual relief was
only Rs. 6.30 per quintal on Society Commission, which also will be reimbursed after two
months of submission of claim. The U.P. Govt. has also agreed that the Sugar Mills will make
payment of Rs. 280/– per quintal in two instalments. 1st instalment of Rs. 260/– will be paid
immediately at the time of purchase of cane and 2nd instalment of Rs. 20/– per quintal,
after closure of the season 2014-15. It has also been informed by the U.P. Govt. that to review
the further relief of Rs. 8.97 per quintal of cane (Rs. 20 – Rs. 11.03), the State Govt. formed a
Committee to determine the paying capacity of sugar mills. If the prices of sugar falls below
the level determined by the Committee, then the entire amount of Rs. 8.97 per quintal will be
borne by the Govt. and if the prices of sugar rises above the level, determined by the
Committee, the industry will bear the entire burden of balance amount. As agreed by U.P.
govt. the Committee will give its report within 3 months. No report or recommendation for
balance amount of Rs. 8.97 has been given by the Committee so far.
Indian Sugar Mills Association (ISMA), the apex representative body of sugar industry has
revised the sugar production estimate to238 Lac tones from 250 Lac tones for the sugar
season 2014-15 (from October, 2015 to September, 2016). In the last sugar season2014-15
the sugar production was 254 Lac tonnes. Due consideration has been given to weather
conditions prevailing in the last several months including heavy rain fall in certain parts of
U.P., availability of water in Maharashtra and north Karnataka and less availability of water
in Tamil Nadu. Despite downfall a downward revision in the output of sugar, supply will
continue to be ample in the country as the country has started with an opening stock of 107
Lac tones in October, 2015. In the first half of the reaching sugar year the sugar mills have
dispatched 125 Lac tones sugar for sale in the domestic market, due to better lifting during the
Rs.3300/– per MT on export of raw sugar till the end of March, 2016 to bail out the cash
starved sugar industry. The idea was to increase export, which would clear the massive sugar
stock lying with the sugar mills and would ease the pressure on the domestic price. The
subsidy would be given on export of 40 Lac tonnes of raw sugar over a period of two years
and quantum of subsidy would be re–calculated periodically based on the dollar/rupee rate. In
the hope of export of sugar the prices of sugar have improved. While the mills were expecting
good rates of subsidy due to rupee/dollar fluctuations for the month of April & May, 2016 the
Govt. cut it down to Rs.2277/– per tonne in the month of May, 2016 after elections. This has
adversely affected the export of sugar. So far 4 Lac tones sugar has been exported which is
just 10% of the target and it is feared that with the consumption of approx.230–235 Lactones
the sugar stock will be much on the higher side at the end of September, 2016. Industry is
also pursuing with the Government to raise the import duty of sugar from 15% to 40% to
Sl
Name Designation Age Qualifications Experience
No.
General Manager
3 Shri Kuldeep Pilania 40 M.Sc P.hD 20 Years
(Cane)
To establish an integrated sugar complex that would include the manufacture of sugar,
industrial & potable alcohol, ethanol, co-generation facilities and other related products.
MISSION
To achieve sustainable growth through:
traversing the path from selling sugar as a commodity, to that of a branded product.
sowed during February and October every year. The first seed growth is known as the plant
and subsequent growth after harvesting from the stem is known as Ratoon. The early variety
Every farmer within the command area of the Mill is provided with a calendar, which tells
him when he can expect a Mill Supply Ticket (Purchy), against which he will deliver the
sugarcane.
He then harvests the cane and transports it either in a bullock cart or tractor trolley to the mill.
Cane is also bought at the mill's own centers within the command area. This cane is then
which cane is weighed on the platform type weighbridges. This has the weight recording
arrangement linked to a computer that records the gross and net weights as well as the price
payable to the farmers. Cart cane gets unloaded directly into the cane carrier and tractor
trolleys whereas truck cane is unloaded with the help of overhead traveling cranes. Cane is
weighed using an electronic weighbridge and unloaded into cane carriers. It is then prepared
for milling by knives and shredders. Sugarcane juice is then extracted by pressing the
1. Extracted juice mixed with water is weighed and sent to the boiling house for further
processing. Residual bagasse is sent to boilers for use as fuel for steam generation.
2. This juice is heated and then treated with milk of lime and Sulphur dioxide. The
treated juice is then further heated and sent to clarifiers for continuous settling. The
settled mud is filtered by vacuum filters and filtered juice is returned to be further
sent to vacuum pans for further concentration and sugar grain formation. Crystals are
developed to a desired size and the crystallized mass is then dropped in the
crystallizers to exhaust the mother liquor of its sugar as much as possible. This is then
centrifuged for separating the crystals from molasses. The molasses is re-boiled for
further crystallization.
Thus, the original syrup is desugarised progressively (normally three times) till finally, a
viscous liquid is obtained from which sugar can no longer be recovered economically. This
liquid, which is called final molasses, is sent to the distillery for making alcohol. The sugar
thus is separated from molasses in the centrifuge is dried, bagged (50 Kg and 100 Kg),
weighed and sent to storage houses. Sugar is made in different sizes and accordingly
classified into various grades i.e. large, medium and small.
BY - PRODUCTS OF THE SUGAR MAKING PROCESS
1. Molasses
Molasses is the only by-product obtained in the preparation of sugar through repeated
crystallization. The yield of molasses per ton of sugarcane varies in the range of 4.5% to 5%.
Molasses is mainly used for the manufacture of alcohol, yeast and castle seeds.
Alcohol in turn is used to produce ethanol, rectified spirit, potable liquor and downstream
value added chemicals such as acetone, acetic acid, butanol, acetic anhydride, MEG etc.The
state government controls the export of molasses through export licenses issued every quarter.
Molasses and alcohol-based industries were decontrolled in 1993 and are now being
manufacturers consume 90% of molasses produced and the remaining 10% is consumed by
2. Bagasse
Bagasse is a fibrous residue of cane stalk that is obtained after crushing and extraction of
juice. It consists of water, fiber and relatively small quantities of soluble solids. The
composition of bagasse varies based on the variety of sugarcane, maturity of cane, method of
harvesting and the efficiency of the sugar mill. Bagasse is usually used to generate power. It
is also used as a raw material for production of paper and as feedstock for cattle. By making
use of bagasse sugar mills have been successful in reducing their dependence on the State
Electricity Boards.
Press-mud
Press mud, also known as Oliver cake or press cake, is the residual output after the filtration
of the juice. It is mixed with spent wash from the distillery and cultivated to produce high
TREND IN DOMESTIC SUGAR PRICE
The sugar prices which were around Rs.3300/– per quintal. In February/March, 2016 came
down to Rs.2800/– per qtl. Up to mid-February, 2017. In the hope of export of sugar the
prices of sugar have improved in the month of March and April, 2017 and reached
uptoRs.3200/– to Rs.3250/– per qtl. Due to fall in the prices of sugar in the international
market the prices of sugar have come down toRs.3000/– per qtl. The present international
sugar price is $475 – 480 per tonne. The average sugar realization in the financial year2016-
17 in unit Upper Doab Sugar Mills is Rs.2994.70 per qtl and in Unn Sugar Complex it is
them in true spirits. They are extremely sensitive towards their social commitment obligations
from the very beginning. Few years back, Company established a full-fledged Hospital with
adequate indoor beds and other equipment’s, like X-Ray Machine etc., at Shamli, known as
Sir Shadi Lal Memorial Hospital and the same was handed over to the State Government. A
big Community Hall costing more than Rs. 40 lakhs were built in the heart of the city of
Shamli and the Company contributed more than 50 per cent of the cost of construction.
The repair work of the roads of the command area is taken on a regular basis. Regular
donations are given to the various Voluntary Organizations and other welfare organizations,
for organizing Eye Camps, Family Planning Camps and other activities at Shamli. The
Company also undertakes on a regular basis recreational programs at Shamli and the
Exhibition at Muzaffarnagar.
OUTLOOK AND CHALLENGES
Sugar Mills in U.P. have incurred heavy losses during the last few years. Even though the
Govt. has announced a few measures to assist the industry, the mills are still not able to
recover their cost. On one side cane price arrears of farmers have reached at an all-time high
while on the other side the sugar mills are defaulted in the payments of their loans leading
several mills becoming Non-Performing Assets (NPA) or are filing Corporate Debt Re-
structuring (CDR). The Centre had come up with a scheme for the industry whereby banks
would extend soft loan of Rs.6600 Crores to help in clearing cane price arrears. Out of this
only Rs.3000 Crores has been disbursed so far. The banks are reluctant to lend anymore
because they fear that it would add to their list of Non-Performing Assets.
The balance cane price outstanding in UP are Rs.8, 754/– crores as on 29.05.2017. The
Hon’ble High Court at Allahabad have directed the State Government vide its Judgement
dated 30th May 2017 of PIL filed by Shri. V.M. Singh that the entire cane price for the season
2016-17 be paid by 30th June 2016. Thereafter, the Cane Commissioner, UP has put pressure
on the sugar mills to pay the entire cane price in the month of June, 2017 by issuing Recovery
Certificate and lodging FIR against the sugar mills. Now on 1st July 2017 the Hon’ble High
Court Allahabad have directed the State Government that the necessary steps shall be taken to
ensure the payment of balance amount of sugar cane dues to the farmers by 24th July 2017.
The Hon’ble High Court has further directed the implement of the Union Government as a
party respondent to these proceedings and notice be issued to the Union Government. On 24th
July, 2017, the court could not sit and the date of hearing was further extend
Due to unreasonable cane price in U.P. which has aggravated by low sugar recovery and lack
of adequate opportunities to export sugar, the mills in U.P. continued to sink further in deeper
financial crisis.
An independent report India Rating and Research (IND–RA) published titled as 2017
Outlook Sugar Sector Highlights that “North south divergence (is) more distinct” It also
mentioned that “South based millers should stay afloat (and) north based millers toslide.” The
outlook revision reflects the improvement in the credit profiles of millers based in south India
from financial year 2017 levels. However, UTTAR PRADESH (U.P.) based mills will likely
The report suggests that better opportunities and prospects that would be available in the next
year would benefit only south based sugar mills, while the north based mills including those
in U.P. would remain in red. The main reason for that is extremely high cost of producing
sugar in U.P. which at the current cane price and sugar realization is Rs.3600/– per qtl. as
compared to sugar producing cost of around Rs.3000/ to 3200/– per qtl in Maharashtra and
South India.
The BJP led NDA Government has constituted a committee of Ministers to review the
problems of sugar industry to ensure the interest of consumers, cane farmers and sugar mills.
The committee has recommended further extend soft loan of Rs.4400crores to the sugar
industry to help in clearing the cane price arrears, increase in the import duty on import of
WORKS, SHAMLI
In Shamli Distillery, the production is 7066191 BL during the year 2015-16 as against
7333632 BL during the last financial year 2015-16. During the year 2015-16, Fermentation %
was 89.04 as against 89.05 during 2015-16. Distillation % was 98.05as against 98.05 during
last year. Overall % was 86.95 during 2015-16 as against 89.96 during the year 2014– 15.
During the year 2014-15, the recovery in AL was 21.80 as against 22.02 during last year.
Molasses rate was Rs. 388.03 per quintal during the year 2015-16 as against Rs.323.50 per
quintal during the year 2015-16. Shamli Distillery earned profit of Rs. 451.22 Lacs during the
year 2015-16 as against Rs. 350.42 Lacs during last year in 2015-16.
ALCOHOL & ETHANOL BLENDING
The Ethanol Blending Program is primarily based on indigenously produced ethanol from
sugarcane molasses, which beside segmenting fuel availability in the country would also
provide better returns for sugar cane farmers. The Indian Sugar industry has the capacity to
produce 250 crore Liters of alcohol annually and its major buyers are chemical industry with
demand of 60 crores Liters, Potable and Alcohol Industry which sources 110 crore Liters and
Oil companies need around 100crore Liters annually. The Government’s ambitious plan to
blend petrol with 5% Ethanol has fallen far short of target, creating problems for sugar mills,
which supply the alcohol, and the chemical industry, which is complaining that there is a big
shortage in the market. Against the requirement of 105 crore liters of ethanol for mandatory
5% blending with petrol, oil companies have contracted just 62 crore liters.
Their oil import bill if they had blended the 62-croreliter supplied by sugar mills in the past
year. While oil companies cite ‘procedural delays’ in lifting the Ethanol offered by the
supplier sugar mills, the latter is unable to regularize its ethanol production and supply due to
non-lifting by OMC. While the supply from the first tender was purchased in the price band
of Rs.39–42 per liter, oil firms decided in January, 2016 that they would procure ethanol from
only those bidders who match their benchmark price of Rs.44/– per liter. On this basis, they
also rejected 36 crore liters of ethanol supply from sugar mills. In the meanwhile, the
chemical industry filed three cases in the Competition Commission of India (CCI). Two were
quashed while one is with the Supreme Court. In its appeal to the apex court, India Glycols
has alleged cartelization by sugar mills and oil companies and submitted that with limited
availability of molasses –based ethanol in the country, any diversion of ethanol shall
adversely affect the very existence of the chemical industry in India. The ethanol blending
program has faced hassles from all corners, be it price issue with mills, procedural delays due
to inter–state policy mismatch and CCI case filed by the chemical industry. As there is
surplus sugar production, the Government should take steps for increasing the mandatory
ethanol blending from5% to 10%. This would divert surplus sugar to the ethanol production
people resources in the best possible manner for achievement of its business goals and
objectives. All through the year the level of people engagement has been of the highest order,
which has impacted the process of business growth and up–gradation of various systems in a
significant way.
The process of training and development has continued with a view to upgrading skills and
competencies of people. Employees across all levels including Senior, and Middle
Management have been through various developmental programs customized to meet the
individual and organizational needs. The organization has continuously worked towards
providing an enabling work environment, which encourages people to acquire newer skills
and knowledge to make them more effective, productive and tuned to the environmental
changes.
GENERAL SHAREHOLDER
INFORMATION
d) Dividend payment date: No dividend is declsred by the company due to heavy loss
e) Listing on stock exchange : Bombsy Stock Exchange Ltd.
Mumbai-400001
Performance of share price of the Company in comparison to BSE Sensex during the period
Jhandewalan Extension, New Delhi- 110 055 have been acting as the Registrar and Share
(k) Share Transfer System : The transfer of shares in physical form is processed by the
Secretarial Department of the Company on the basis of data forwarded by the Share Transfer
Agent, M/s Alankit Assignment Ltd. within the prescribed time. The Share Transfer
shares, transposition of name, consolidation/ split of share Certificates, remat of shares and
issue of duplicate share certificates in lieu of the lost/misplaced share certificates. The Share
Transfer Committee of the Board of Directors meet as and when required to consider and
approve the share transfer/transmission applications. In case of shares in Electronic form the
transfers are processed through Share Transfer Agent by NSDL/CDSL through respective
Depository participants and the details on a regular basis are placed before the Share Transfer
OF
BALANCE SHEET
INTRODUCTION TO BALANCE SHEET
The accounting balance sheet is one of the major financial statements used by accountants
and business owners. (The other major financial statements are the income statement,
statement of cash flows, and statement of stockholders' equity) The balance sheet is also
The balance sheet presents a company's financial position at the end of a specified date. Some
describe the balance sheet as a "snapshot" of the company's financial position at a point (a
moment or an instant) in time. For example, the amounts reported on a balance sheet dated
December 31, 2016 reflect that instant when all the transactions through December 31 have
been recorded.
Because the balance sheet informs the reader of a company's financial position as of one
moment in time, it allows someone—like a creditor—to see what a company owns as well as
what it owes to other parties as of the date indicated in the heading. This is valuable
information to the banker who wants to determine whether or not a company qualifies for
additional credit or loans. Others who would be interested in the balance sheet include current
In this Part 1 we will explain the components of the balance sheet and in Part 2 we will
present a sample balance sheet. If you are interested in balance sheet analysis, that is included
We will begin our explanation of the accounting balance sheet with its major components,
Assets
Liabilities
In AccountingCoach PRO you will find some special materials on the balance sheet. For
explanation of a balance sheet. PRO also includes a visual tutorial, business forms, and exam
questions that will help you learn and retain information on the balance sheet.
ASSETS
Assets are things that the company owns. They are the resources of the company that have
been acquired through transactions, and have future economic value that can be measured and
expressed in dollars. Assets also include costs paid in advance that have not yet expired, such
as prepaid advertising, prepaid insurance, prepaid legal fees, and prepaid rent. (For a
Examples of asset accounts that are reported on a company's balance sheet include:
Cash
Petty Cash
Temporary Investments
Accounts Receivable
Inventory
Supplies
Prepaid Insurance
Land
Land Improvements
Buildings
Equipment
Goodwill
Contra assets are asset accounts with credit balances. (A credit balance in an asset account is
contrary—or contra—to an asset account's usual debit balance.) Examples of contra asset
accounts include:
Accumulated Depreciation-Buildings
Accumulated Depreciation-Equipment
Accumulated Depletion
Etc.
Classifications Of Assets On The Balance Sheet
Accountants usually prepare classified balance sheets. "Classified" means that the balance
sheet accounts are presented in distinct groupings, categories, or classifications. The asset
Current Assets
Investments
Intangible Assets
Other Assets
An outline of a balance sheet using the balance sheet classifications is shown here:
Effect of Cost Principle and Monetary Unit Assumption
The amounts reported in the asset accounts and on the balance sheet reflect actual costs
recorded at the time of a transaction. For example, let's say a company acquires 40 acres of
land in the year 1950 at a cost of $20,000. Then, in 1990, it pays $400,000 for an adjacent 40-
acre parcel. The company's Land account will show a balance of $420,000 ($20,000 for the
first parcel plus $400,000 for the second parcel.). This account balance of $420,000 will
appear on today's balance sheet even though these parcels of land have appreciated to a
There are two guidelines that oblige the accountant to report $420,000 on the balance sheet
rather than the current market value of $3,000,000: (1) the cost principle directs the
accountant to report the company's assets at their original historical cost, and (2) the monetary
unit assumption directs the accountant to presume the U.S. dollar is stable over time—it is not
affected by inflation or deflation. In effect, the accountant is assuming that a 1950 dollar, a
1990 dollar, and a 2016 dollar all have the same purchasing power.
The cost principle and monetary unit assumption may also mean that some very valuable
resources will not be reported on the balance sheet. A company's team of brilliant scientists
will not be listed as an asset on the company's balance sheet, because (a) the company did not
purchase the team in a transaction (cost principle) and (b) it's impossible for accountants to
know how to put a dollar value on the team (monetary unit assumption).
Coca-Cola's logo, Nike's logo, and the trade names for most consumer products companies
are likely to be their most valuable assets. If those names and logos were developed
internally, it is reasonable that they will not appear on the company balance sheet. If,
however, a company should purchase a product name and logo from another company, that
cost will appear as an asset on the balance sheet of the acquiring company.
Remember, accounting principles and guidelines place some limitations on what is reported
Effect of Conservatism
While the cost principle and monetary unit assumption generally prevent assets from being
reported on the balance sheet at an amount greater than cost, conservatism will result in some
assets being reported at less than cost. For example, assume the cost of a company's inventory
was $30,000, but now the current cost of the same items in inventory has dropped to $27,000.
The conservatism guideline instructs the company to report Inventory on its balance sheet at
$27,000. The $3,000 difference is reported immediately as a loss on the company's income
statement.
Effect of Matching Principle
The matching principle will also cause certain assets to be reported on the accounting balance
sheet at less than cost. For example, if a company has Accounts Receivable of $50,000 but
anticipates that it will collect only $48,500 due to some customers' financial problems, the
company will report a credit balance of $1,500 in the contra asset account Allowance for
Doubtful Accounts. The combination of the asset Accounts Receivable with a debit balance
of $50,000 and the contra asset Allowance for Doubtful Accounts with a credit balance will
mean that the balance sheet will report the net amount of $48,500. The income statement will
The matching principle also requires that the cost of buildings and equipment be depreciated
over their useful lives. This means that over time the cost of these assets will be moved from
the balance sheet to Depreciation Expense on the income statement. As time goes on, the
amounts reported on the balance sheet for these long-term assets will be reduced.
PART II
LIABILITIES
Liabilities are obligations of the company; they are amounts owed to creditors for a past
transaction and they usually have the word "payable" in their account title. Along with
owner's equity, liabilities can be thought of as a source of the company's assets. They can also
be thought of as a claim against a company's assets. For example, a company's balance sheet
reports assets of $100,000 and Accounts Payable of $40,000 and owner's equity of $60,000.
The source of the company's assets are creditors/suppliers for $40,000 and the owners for
$60,000. The creditors/suppliers have a claim against the company's assets and the owner can
claim what remains after the Accounts Payable have been paid.
Liabilities also include amounts received in advance for future services. Since the amount
received (recorded as the asset Cash) has not yet been earned, the company defers the
reporting of revenues and instead reports a liability such as Unearned Revenues or Customer
Adjusting Entries.)
Examples of liability accounts reported on a company's balance sheet include:
Notes Payable
Accounts Payable
Salaries Payable
Wages Payable
Interest Payable
Customer Deposits
Warranty Liability
Lawsuits Payable
Unearned Revenues
Bonds Payable
Contra liabilities are liability accounts with debit balances. (A debit balance in a liability
Liability and contra liability accounts are usually classified (put into distinct groupings,
categories, or classifications) on the balance sheet. The liability classifications and their order
Current Liabilities
goods) may be legally binding, but they are not considered a liability on the balance sheet
until some services or goods have been received. Commitments (if significant in amount)
The leasing of a certain asset may—on the surface—appear to be a rental of the asset, but in
substance it may involve a binding agreement to purchase the asset and to finance it through
monthly payments. Accountants must look past the form and focus on the substance of the
transaction. If, in substance, a lease is an agreement to purchase an asset and to create a note
payable, the accounting rules require that the asset and the liability be reported in the
Contingent Liabilities
guarantee of another party's loan, and lawsuits filed against a company. Contingent liabilities
are potential liabilities. Because they are dependent upon some future event occurring or not
To illustrate this, let's assume that a company is sued for $100,000 by a former employee who
claims he was wrongfully terminated. Does the company have a liability of $100,000? It
depends. If the company was justified in the termination of the employee and has
documentation and witnesses to support its action, this might be considered a frivolous
company acted improperly, the company will likely have an income statement loss and a
The accounting rules for these contingencies are as follows: If the contingent loss is probable
and the amount of the loss can be estimated, the company needs to record a liability on its
balance sheet and a loss on its income statement. If the contingent loss is remote, no liability
or loss is recorded and there is no need to include this in the notes to the financial statements.
If the contingent loss lies somewhere in between, it should be disclosed in the notes to the
financial statements.
If a company has a loan payable that requires it to make monthly payments for several years,
only the principal due in the next twelve months should be reported on the balance sheet as a
current liability. The remaining principal amount should be reported as a long-term liability.
The interest on the loan that pertains to the future is not recorded on the balance sheet; only
As the above discussion indicates, the notes to the financial statements can reveal important
information that should not be overlooked when reading a company's balance sheet.
PART III
assets. Owner's equity is sometimes referred to as the book value of the company, because
owner's equity is equal to the reported asset amounts minus the reported liability amounts.
Owner's equity may also be referred to as the residual of assets minus liabilities. These
"Owner's Equity" are the words used on the balance sheet when the company is a sole
proprietorship. If the company is a corporation, the words Stockholders' Equity are used
instead of Owner's Equity. An example of an owner's equity account is Mary Smith, Capital
(where Mary Smith is the owner of the sole proprietorship). Examples of stockholders' equity
accounts include:
Common Stock
Preferred Stock
Retained Earnings
Contra owner's equity accounts are a category of owner equity accounts with debit balances.
account's usual credit balance.) An example of a contra owner's equity account is Mary
Smith, Drawing (where Mary Smith is the owner of the sole proprietorship). An example of a
Owner's equity is generally represented on the balance sheet with two or three accounts (e.g.,
Mary Smith, Capital; Mary Smith, Drawing; and perhaps Current Year's Net Income). See the
Paid-in Capital
Retained Earnings
Treasury Stock
The stockholders' equity section of a corporation's balance sheet is:
Owner's Equity vs. Company's Market Value
Since the asset amounts report the cost of the assets at the time of the transaction—or less—
they do not reflect current fair market values. (For example, computers which had a cost of
$100,000 two years ago may now have a book value of $60,000. However, the current value
of the computers might be just $35,000. An office building purchased by the company 15
years ago at a cost of $400,000 may now have a book value of $200,000. However, the
current value of the building might be $900,000.) Since the assets are not reported on the
balance sheet at their current fair market value, owner's equity appearing on the balance sheet
Revenues, gains, expenses, and losses are income statement accounts. Revenues and gains
cause owner's equity to increase. Expenses and losses cause owner's equity to decrease. If a
company performs a service and increases its assets, owner's equity will increase when the
Service Revenues account is closed to owner's equity at the end of the accounting year.
PART IV
Most accounting balance sheets classify a company's assets and liabilities into distinctive
groupings such as Current Assets; Property, Plant, and Equipment; Current Liabilities; etc.
These classifications make the balance sheet more useful. The following balance sheet
A comparative balance sheet usually has two columns of amounts that appear to the right of
the account titles or other descriptions such as Cash and Cash Equivalents, Accounts
The first column of amounts contains the amounts as of a recent moment or point in time, say
December 31, 2012. To the right will be a column containing corresponding amounts from an
earlier date, such as December 31, 2011. The older amounts appear further from the account
titles or descriptions as the older amounts are less important. Providing the amounts from an
earlier date gives the reader of the balance sheet a point of reference—something to which the
The notes (or footnotes) to the balance sheet and to the other financial statements are
considered to be part of the financial statements. The notes inform the readers about such
things as significant accounting policies, commitments made by the company, and potential
liabilities and potential losses. The notes contain information that is critical to properly
It is common for the notes to the financial statements to be 10-20 pages in length. Go to the
website for a company whose stock is publicly traded and locate its annual report. Review the
A number of important financial ratios and statistics are generated by using amounts that are
The standard ratio is 2:1 which means current assets should be double than current liabilities.
Current assets includes all current type assets, cash, bank balances, sundry debtors,
receivables, stock etc., while current liabilities includes liabilities to be paid in short term,
sundry creditors, short term loans, taxes payable, dividend payable etc. This ratio shows the
working capital capability and capacity to pay the short term liabilities.
[2] Debtors Turnover Ratio =Total Book Debts /Sale Made on Credit * 365
This ratio gives average days required for receiving the book debts on account of credit sales.
If the ratio is lower than it shows good position. It gives clarity about how many days average
[3] Debt Service Coverage Ratio (DSCR) = (Net Profit + Depreciation + Interest on long
term loans) / Total amount of interest & principal of long term loan payable or paid during
the year.
It is the most important ratio for term loan repayment capacity. The standard ratio is 1 but
DSCR of 2 is preferable because if DSCR is 2 it shows that even if cash falls at 50% then also
Acid test ratio, Fixed Assets to Total assets, Fixed assets to Own Funds are also important
It gives the profitability & soundness of a company. In banking industry it stands nearly 1 to
2 %.
[6] Net Interest Margin = (Interest Earned-Interest Paid) / Average working fund *100
[7] Staff Cost to Total Expenses = Total staff related expenses / Total Expenses *100
[8] Staff Cost to Total Income = Total staff related expenses / Total Income * 100
[9] Total Income to Working Capital = Total Income / Average Working fund * 100
[10] Total Income to Earning Assets = Total Income / Average earning assets * 100
[11] Risk provisions to Total income = Total of Risk provisions made during year / Total
Income * 100
[12] Cost of deposits = Total interest paid on deposits / Average Deposits * 100
[13] Yield on advances = Total Interest Earned / Average Loans & Advances * 100
Investments * 100
[15] Return on Funds Deployed = (Total Interest or dividend Earned on Investments +
[16] Cost of Funds = (Interest paid on Deposits + Interest paid on Borrowings) / (Average
Here NPA means non performing assets. E.g. in term loans if interest and/or installments are
not paid within 90 days from it becomes overdue, it turns into non performing assets.
[18] Net NPA % = (Total NPA Loans – Provisions made for NPA Loans) / (Total Advances
In most of the banks Net NPA is zero because they have made sufficient provisions against
their NPA Loans (Bad Debts). But only zero NPA % is not sufficient as it doesn’t say that
the entity has no bad debts. So, Gross NPA % should be lower. As per recent guidelines from
RBI Net NPA (%) should be less than 5% to pay dividend and Gross NPA should be less than
[19] PROVISIONING COVERAGE RATIO = Total Provisions made for NPA Assets /
It is simple to understand that this ratio should be atleast 100%. If this is less than 100% it
shows that the company has not fully provided their NPA Assets.
[20] Overdue % = Total Overdue Loans / Total Loans * 100
It reflects the repayments positions. If overdue is higher it shows that interests and/or
installments are not paid by customers on due date which creates negative effect on liquidity.
It is calculated by the banks and published in Annual Reports. At present it should be atleast
9%. If it is less than 9% it shows adverse situation. As per latest guidelines by RBI if it is less
[22] Credit Deposits Ratio = Total Loans given / Total Deposits * 100
Mostly called CD ratio should be less than 70% as per latest RBI guidelines. It means that
maximum 70% of deposits received from customers can be used to give Loans to the
customers
[23] CASA Deposits Ratio = (Total Current Deposits + Total Savings Deposits) / Total
Deposits *100
This represents the Lower cost deposits as no interest is paid on current deposits and at lower
rate on savings accounts. So, higher the ratio higher the profitability. But if CASA deposits
are more in total deposits it is risky also as there is no restriction on withdrawal of these
Employee
In the same way Deposit per employee, Advances per employee are also calculated.
In the same way Gross Profit per employee also calculated. This ratio is important to
measure the strength of Human Assets of the bank. It can be linked to give bonus or profit
share to employees.
OBJECTIVE
OF
THE STUDY
OBJECTIVE OF THE STUDY
The major objectives of the resent study are to know about financial strengths and weakness
Balance Sheets to measure the efficiency of the company. To understand the liquidity,
profitability and efficiency positions of the company during the study period. To evaluate and
The scope of balance sheet comparison can be explained with the help of following points –
1. It is useful for inter firm comparison which implies that company compares its
2. It is useful in intra firm comparison which means that company will compare the
performance of various departments of the company to judge the best department within the
company.
4. 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 reason
for it.
5. 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
NEED OF STUDY
1. The study has great significance and provides benefits to various parties whom directly or
3. The study is also beneficial to employees and offers motivation by showing how actively
4. The investors who are interested in investing in the company’s shares will also get
benefited by going through the study and can easily take a decision whether to invest or not to
OF THE
STUDY
IMPORTANCE OF THE STUDY
3. It helps in trend analysis which involves comparing a single company over a period.
4. It highlights important information in simple form quickly. A user can judge a company by
just looking at few numbers instead of reading the whole financial statements.
METHODOLOGY
RESEARCH METHODOLOGY
Research is a systematic method of finding solutions to problems. It is essentially an
A research methodology is a sample framework or a plan for study that is used as a guide for
good research methodology the line of action must be chosen carefully from various
alternatives
data, reaching conclusions, testing conclusions to determine whether they fit the
formulated hypothesis”
Objectives
• To determine the satisfaction of employees towards the various criteria employed for
methods. We have used company website, annual report of UPPER DOAB SUGAR MILL,
SHAMLI some publications on the net and information related to broacher for secondary data
collection.
Primary Sources:
It refers to the statistical material which the investigator originates for himself for the enquiry
in hand. In other words, it is one which is collected by the investigator for the first time e.g. if
the cost of living of workers in a city are to be computed, then the information regarding the
facts collected by the investigators or enumerators would be termed as Primary data. In India,
there are various agencies which collect primary data e.g. National Sample Survey (NSS),
State Level Economic and Statistical Departments etc. When we use primary data, it is called
raw material. Per Wessel, "Data originally collected in the process of investigation are known
as primary data."
The use of primary sources is limited to interviews with some of the employees in the finance
department. The reason being, it is against the company’s policies and procedures to reveal
• Primary source of data collection frequently includes definitions of various terms and units
used.
Secondary Sources:
Secondary sources of data include annual reports of UPPER DOAB SUGAR MILL,
SHAMLI. Statement of changes in working capital for the past five years is done using the
data taken from these financial reports. Similarly, time series analysis of operating cycle and
calculations of ratios is done. Apart from this, the website of UPPER DOAB SUGAR MILL,
It also contains charts & diagrams from the financial reports and annual reports which are
analyzed thoroughly in this report. Industry analysis is done based on the information
1. Most of the calculations are made on the financial statements of the company provided
statements.
2. Referring standard texts and referred books collected some of the information regarding
theoretical aspects.
3. Method- to assess the performance of the company method of observation of the work in
about the population or phenomenon being studied. Descriptive research answers the
Although the data description is factual, accurate and systematic, the research cannot describe
what caused a situation. Thus, descriptive research cannot be used to create a causal
relationship, where one variable affects another. In other words, descriptive research can be
SAMPLING PLAN
ANALYSIS
Balance sheet
AS AT 31st MARCH, 2017
(643146000)
Non-current liabilities
Long - term borrowings 308592006
Other long term liabilities 9502000
Long-term provisions 96731002
Total non-current liabilities 414825008
Current liabilities
Short - term borrowings 1019071975
Trade payables 2109011009
Other current liabilities 457003000
Short-term provisions 9390008
ASSETS
Non-current assets
Fixed assets
- Tangible assets 327021000
- Intangible assets 914000
- Capital Work in Progress 4996000
Non - Current Investments -
Deferred tax assets (net) 688111000
Long - term loans and advances 50000
Other non - current Assets 44366000
OF THE
STUDY
LIMITATION OF STUDY
Statement of financial position or Balance sheet is the essential part of the complete set of
financial statements. It is also one of the most sort after source of information for the users of
financial statement for decision making purposes. It provides an insight into the financial
status of the entity and can also provide vital information regarding the ability of the entity to
However, statement of financial position or balance sheet has limitations associated with the
information contained in this financial statement. Although the limitations are situation
dependent and their effect depends on the number of factors including the degree of reliance
placed solely on the balance sheet but there are few limitations which exist in almost every
statement of financial position. Some of the important limitations are discussed below:
to produce relevant and reliable information but this in itself in many cases prove a
limitation. Strict instructions by the standards might not be a perfect fix for every
situation and might push management to report something which is not that much
2. Balance sheet alone do not provide all of the information needed and you might have
to look for ancillary information in other financial statements. For example to conduct
ratio analysis you need figures from other financial statements as well.
3. It does list down the asset business has but it does not tell how much money those
4. Information is based on the past and might provide little help about the future.
5. Most of the values reported in the statement of financial position is based on historical
cost basis i.e. the item is reported on the basis of valuation conducted when the
transaction took place instead of the current basis of valuation and thus information
might be too old to be relevant and reliable for decision making purposes. This might
6. Many assets which are internally generated are not recorded and reported in the
balance sheet which limits the pure projection of entity’s capability to generate cash
and cash equivalents. This is because the assets which do not fulfill the recognition
principle will not be reported in the balance sheet. Because of this, person looking at
the balance sheet might not get the complete understanding of entity’s strengths.
7. One of the major limitations of balance sheet and any other financial statement is that
only such information reported which can be quantified easily or at least reasonably.
8. Statement of financial position relies on the other financial statements and many of the
numbers are pulled from income statement or statement of changes in equity etc and
thus any mistake, deliberate or not, in those financial statements will ultimately effect
the balance sheet as well. Also the limitations of those other financial statements are
also inherited by the balance sheet. Moreover, each financial statement cannot be
considered in isolation and taken separately from other financial statements. Doing so
might render useless and inaccurate information and interpretation about the entity.
9. Many of the elements are reported on aggregate basis for which even the notes to the
financial statements might not provide the complete and relevant information to
understand what is included in the figure reported and what is the value of each item
and user might be interested in knowing how such estimates have been made and
whether such estimates are still relevant after the financial statements have been
published.
11. The “off-balance sheet” financing tactics employed by those responsible to prepare
financial statements seriously impairs the use of balance sheet as a reliable source of
12. It is not possible for the management to incorporate and report the effects of changing
socio-economic circumstances in the financial statements and thus the numbers in the
of conditions surrounding the entity. This becomes even more important if the entity
&
SUGGESTIONS
SUMMARY & SUGGESTIONS
This study gives in detail the analysis of comparison of balance sheets based upon the past
as well as the present performance of UPPER DOAB SUGAR MILL, SHAMLI expressed in
financial data. Based upon the results from the comparison, conclusions are driven out that
whether the company has been earning profits or not and that how much it has used these
results in its growth. So, the company can also manage each of its current assets namely
inventory management, cash management, accounts receivable management and its liabilities
like creditors, loans, bills payables etc. The research methodology adopted for this study is
mainly from secondary sources of data which includes annual reports of UPPER DOAB
SUGAR MILL, and website of the company. The use of primary sources is limited to
interviews with few employees in the finance department and from the working process
adopted in the company as interviewed from employees. The study of comparison of balance
sheets has shown that UPPER DOAB SUGAR MILL has an unhealthy base in meeting the
identical financial wealth as well as has increasing in loss from the past years. The company
is facing heavy losses. UPPER DOAB SUGAR MILL sales position is also not good. Its bad
performance is result in rise in price of product and a bad financial as well as a profitable
The operational areas of UPPER DOAB SUGAR MILL, SHAMLI and its performance has
been quite unsatisfactory only in some of the aspects it failed to achieve the ideal targets, so it
needs to look upon these areas and adopt certain measures which can be cost reduction,
efficient asset management, better inventory control, working capital management, managing
workforce, adopting suitable policies and there are other various sources also which can be
taken into consideration in order to enhance productivity as well as to increase the profits of
the firm by applying labor-intensive techniques or capital-intensive techniques which fits the
organization best.
CONCLUSION
CONCLUSION
Let us summarize our discussion on the structure and financing of current assets. The relative
liquidity of the firm's assets structure is measured by current to fixed assets or current asset to
total asset ratio. The greater this ratio, the less risky as well as the less profitable will be the
firm and vice versa. Similarly, the relative liquidity of the firm's financial structure can be
measured by short-term financing to total financing ratio. The lower this ratio the less risky as
well as profitable will be the firm and vice versa. In shaping its working capital policy, the
firm should keep in mind these two dimensions: relative asset liquidity (level of current
assets) and relative financing liquidity (level of short term financing of the working capital
combines a high level of current assets with a high level of long term financing (or low level
of short term financing). Such a policy will not be risky at all but would be less profitable. An
aggressive firm on the other hand would combine low level of current assets with a low level
This firm will have high profitability and high risk. In fact, the firm the firm may follow a
conservative financing policy to counter its relatively liquid asset structure in practice. The
conclusion of all this is that the considerations of assets and financing mix are crucial to the
working capital management which is a major constraint in the working out of the financial
ratio analysis
ANNEXURE
1. a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets on the basis of available information.
b) The Company’s programme of physical verification of all its fixed assets once in three
years, is in our opinion, reasonable having regard to the size of the Company and the nature
of its fixed assets. Pursuant to such programme, a physical verification of fixed assets except
Distillery Unit was carried out during the year and the discrepancies noticed between the
book record and physical inventory have been properly accounted for in the books of account.
We were informed that physical verification of fixed assets of Distillery unit was not
conducted on account of major expansion during the year, for increase in manufacturing
capacity.
c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the title deeds of immovable properties are
Stated to be held in the name of the Company. The original Title Deeds were not produced to
us for our verification and we were told that same are deposited as security with State Bank of
India.
2. a) During the year, the inventories have been physically verified by the management except
material sent for job work and lying with third party. In our opinion, the frequency of
verification is reasonable.
b) The discrepancies noticed on physical verification between the physical stocks and the
book records were not material, however, the discrepancies noticed have been properly
parties covered in the Register maintained under section 189 of the Act. Accordingly, the
provisions of clause of the Order are not applicable to the Company and hence not
commented upon.
4.In our opinion and according to the information and explanations given to us, the company
has complied with the provisions of section 185 and I86 of the Companies Act, 2013 with
5. According to the information and explanations given to us, the Company has not accepted
any deposit from the public during the year, therefore, the provisions of the Order, is not
6. We have broadly reviewed the cost records maintained by the Company pursuant to the
Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Government
under Section of the Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and cost records have been maintained. We have, however, not made a
detailed examination of the cost records with a view to determine whether they are accurate
or complete.
7. a)According to the information & explanations given to us and on the basis of our
respect of provident fund, employees’ State insurance, income-tax, value added tax, wealth-
tax, service-tax, customs duty, excise duty, cess and other material statutory dues were
Balance sheet
AS AT 31st MARCH, 2018
As at March 31,
As at March 31, 2018 2017
Rs. Rs.
EQUITY AND LIABILITIES
Shareholders’ funds
Share capital
Reserves and surplus
Non-current liabilities
Long - term borrowings
Other long term liabilities
Long-term provisions
Total non-current liabilities
Current liabilities
Short - term borrowings
Trade payables
Other current liabilities
Short-term provisions
Total current liabilities
Total
ASSETS
Non-current assets
Fixed assets
- Tangible assets
- Intangible assets
- Capital Work in Progress
Non - Current Investments
Deferred tax assets (net)
Long - term loans and advances
Other non - current Assets
Total non - current assets
Current assets
Inventories
Trade Receivables
Cash and cash equivalents
Short - term loans and advances
Other current assets
Total current assets
Total
4
9
,
5
1
,
1
2
,
7
7
6
8
5
,
0
1
,
5
0
0
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3
4
,
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,
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,
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7
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,
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,
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,
2
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0
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0
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,
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9
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8
2
1
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,
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0
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3
3
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2
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6
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9
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9
0
STATEMENT OF PROFIT & LOSS
FOR THE YEAR ENDED 31st MARCH, 2017
For the year
For the year ended ended
March 31, March 31,
2018 2017
Rs. Rs.
Revenue from operations 3985487000 4197892000
Expenses
Tax expenses - -
(359.4) (1385000)
Profit for the year (274437000) 182607000
Net Profit/(Loss) before tax and exceptional item as per Profit & Loss Account (2384.97) 9.00
Adjustments for : Depreciation 397.96 157.41
Interest (Net) 1709.59 1,282.90
Bad debts & claims written off (Net) 321.8 –
(Profit)/Loss on sale & Disposal of Fixed Assets (Net) 17.36 (0.22)
Prior period adjustment (Net) - (2.09)
Unclaimed Credit Balances Written Back (0.45) (63.14)
Stores Written off 1.55 1.63
Operating Profit before working capital changes 62.84 1,385.49
Adjustment for : Trade and other receivables 123.93 211.63
Inventories (4214.59) (6,673.01)
Trade Payables 8030.42 6,263.78
Cash generated from operations 4002.60 1,187.89
Prior period adjustment (Net) - 2.09
Interest paid (1063.00) (1,369.71)
Direct tax paid (Net) 9.82 (26.31)
Net Cash from operating activities 2949.42 (206.04)
(380.83)
BIBLIOGRAPHY
BIBLIOGRAPHY
Reference:
Gupta
Reports:
Website:
www.sirshadilal.com
www.profit.ndtv.com
www.moneycontrol.com
en.wikipedia.org
Newspapers:
Times of India
Economic Times
The Hindu