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  1. 1. RATIO ANALYSIS<br />ON<br /> By: Group 9<br /> BIPIN<br /> LAKSHMAN<br /> NANDITA<br /> PRABHIR<br /> REEMA<br /> SUMAIYA<br />ABOUT THE COMPANY <br />Introduction<br />Nestlé with headquarters in Vevey, Switzerland was founded in 1866 by Henri Nestlé and is today the world's leading nutrition, health and wellness company. Sales for 2008 were CHF 109.9 bn, with a net profit of CHF 18.0 bn. We employ around 283 000 people and have factories or operations in almost every country in the world.<br />The Company's strategy is guided by several fundamental principles. Nestlé's existing products grow through innovation and renovation while maintaining a balance in geographic activities and product lines. Long-term potential is never sacrificed for short-term performance. The Company's priority is to bring the best and most relevant products to people, wherever they are, whatever their needs, throughout their lives.<br />The Nestlé Addresses navigation at the top of this page will give you access to Nestlé offices and websites around the world. We demonstrate through our way of doing business in all the countries where we are present a deep understanding of the local nature of nutrition, health and wellness; we know that there is no one single product for everyone - our products are tailored to suit tastes and habits wherever you are.<br />NESTLE INDIA<br />Nestlé’s relationship with India dates back to 1912, when it began trading as The Nestlé Anglo-Swiss Condensed Milk Company (Export) Limited, importing and selling finished products in the Indian market. After India’s independence in 1947, the economic policies of the Indian Government emphasized the need for local production. Nestlé responded to India’s aspirations by forming a company in India and set up its first factory in 1961 at Moga, Punjab, where the Government wanted Nestlé to develop the milk economy. Progress in Moga required the introduction of Nestlé’s Agricultural Services to educate advice and help the farmer in a variety of aspects. From increasing the milk yield of their cows through improved dairy farming methods, to irrigation, scientific crop management practices and helping with the procurement of bank loans. Nestlé set up milk collection centers that would not only ensure prompt collection and pay fair prices, but also instill amongst the community, a confidence in the dairy business. Progress involved the creation of prosperity on an on-going and sustainable basis that has resulted in not just the transformation of Moga into a prosperous and vibrant milk district today, but a thriving hub of industrial activity, as well.Nestlé has been a partner in India's growth for over nine decades now and has built a very special relationship of trust and commitment with the people of India. The Company's activities in India have facilitated direct and indirect employment and provides livelihood to about one million people including farmers, suppliers of packaging materials, services and other goods.The Company continuously focuses its efforts to better understand the changing lifestyles of India and anticipate consumer needs in order to provide Taste, Nutrition, Health and Wellness through its product offerings. The culture of innovation and renovation within the Company and access to the Nestlé Group's proprietary technology/Brands expertise and the extensive centralized Research and Development facilities gives it a distinct advantage in these efforts. It helps the Company to create value that can be sustained over the long term by offering consumers a wide variety of high quality, safe food products at affordable prices. Nestlé India manufactures products of truly international quality under internationally famous brand names such as NESCAFÉ, MAGGI, MILKYBAR, MILO, KIT KAT, BAR-ONE, MILKMAID and NESTEA and in recent years the Company has also introduced products of daily consumption and use such as NESTLÉ Milk, NESTLÉ SLIM Milk, NESTLÉ Fresh 'n' Natural Dahi and NESTLÉ Jeera Raita.Nestlé India is a responsible organization and facilitates initiatives that help to improve the quality of life in the communities where it operates<br />After nearly a century-old association with the country, today, Nestlé India has presence across India with 7 manufacturing facilities and 4 branch offices spread across the region.Nestlé India’s first production facility, set up in 1961 at Moga (Punjab), was followed soon after by its second plant, set up at Choladi (Tamil Nadu), in 1967. Consequently, Nestlé India set up factories in Nanjangud (Karnataka), in 1989, and Samalkha (Haryana), in 1993. This was succeeded by the commissioning of two more factories - at Ponda and Bicholim, Goa, in 1995 and 1997 respectively. The seventh factory was set up at Pantnagar, Uttarakhand, in 2006.The 4 branch offices in the country help facilitate the sales and marketing of its products. They are in Delhi, Mumbai, Chennai and Kolkata. The Nestlé India head office is located in Gurgaon, Haryana.<br />NESTLE’S BRANDS<br />Milk Products & Nutrition Beverages Prepared Dishes Chocolates & confectioneries <br />DIRECTORS & OFFICERS<br />Mr. Antonio Helio WaszykChairman and Managing DirectorMr. Shobinder DuggalDirector  - Finance & ControlMr. Michael W.O. GarrettNon Executive DirectorMr. Ravinder NarainNon Executive DirectorMr. Pradip Baijal Non Executive DirectorMr. Rajendra S. PawarNon Executive DirectorMr. Richard SykesAlternate Director to Mr. Michael W.O GarrettCompany SecretaryMr. B. MurliSenior Vice President - Legal & Company SecretaryAudit CommitteeMr. Pradip Baijal Chairman Mr. Rajendra S. PawarMemberMr. Ravinder NarainMemberShareholder / Investor Grievance CommitteeMr. Ravinder NarainChairmanMr. Antonio Helio WaszykMember<br />COMPANY’SFINANCIAL REPORTS<br />BALANCE SHEET<br />    (Rs Crore) Dec ' 08Dec ' 07Dec ' 06Dec ' 05Dec ' 04Sources of fundsOwner's fundEquity share capital96.4296.4296.4296.4296.42Share application money-----Preference share capital-----Reserves & surplus376.93322.01292.47257.72222.99Loan fundsSecured loans0.822.8716.2714.37.91Unsecured loans-----Total474.17421.3405.16368.4327.3Uses of fundsFixed assetsGross block1,404.851,179.771,058.27942.4838.16Less : revaluation reserve-----Less : accumulated depreciation651.85577.96516.48468.63440.94Net block752.99601.81541.8473.77397.22Capital work-in-progress109.1773.738.2422.8334.09Investments34.994.477.77104.43154.86Net current assetsCurrent assets, loans & advances836.86678.69583.45514.59421.2Less : current liabilities & provisions1,259.751,027.31836.1747.18680.05Total net current assets-422.89-348.61-252.65-232.6-258.9Miscellaneous expenses not written-----Total474.17421.3405.16368.4327.3Notes:Book value of unquoted investments34.994.477.77104.43154.86Market value of quoted investments-----Contingent liabilities84.963.2735.9350.0410.39Number of equity shares outstanding (Lakhs)964.16964.16964.16964.16964.16<br />PROFIT AND LOSS ACCOUNT    (Rs Crore) Dec ' 08Dec ' 07Dec ' 06Dec ' 05Dec ' 04Income     Operating income4,328.653,500.962,819.162,475.092,229.42Expenses     Material consumed2,122.741,692.531,334.791,119.071,041.44Manufacturing expenses 233.21186.09168.21152.97126.15Personnel expenses314.58269.44216.16183.29164.25Selling expenses449.4340.2278.33268.77242.9Administrative expenses371.77329.73289.75248.55226.48Expenses capitalized-----Cost of sales3,491.702,817.992,287.241,972.651,801.22Operating profit836.95682.97531.92502.43428.2Other recurring income32.9125.1320.612311.09Adjusted PBDIT869.86708.1552.53525.44439.3Financial expenses1.640.850.440.210.78Depreciation 92.3674.7466.2856.8449.14Other write offs-----Adjusted PBT775.86632.5485.8468.39389.38Tax charges 238.74214.8165.43159.49134.58Adjusted PAT537.12417.7320.37308.9254.8Non recurring items-3.03-3.89-5.280.67-2.88Other non cash adjustments-----Reported net profit534.08413.81315.1309.57251.92Earnings before appropriation546.6424.28322.32313.03296.15Equity dividend409.77318.17245.86241.04236.22Preference dividend-----Dividend tax69.6452.2134.4833.8131.29Retained earnings67.1953.941.9838.1828.65<br />CASH FLOW STATEMENT<br />Dec '04Dec '05Dec '06Dec '07Dec '0812 mths12 mths12 mths12 mths12 mthsNet Profit Before Tax386.49469.06480.52628.61772.83Net Cash From Operating Activities365.18403.06418.55519.19723.57Net Cash (used in)/fromInvesting Activities-65.04-130.36-121.73-168.71-251.92Net Cash (used in)/from Financing Activities-215.75-295.94-283.76-372.45-375.22Net (decrease)/increase In Cash and Cash Equivalents84.38-23.2413.06-21.9796.43Opening Cash & Cash Equivalents79.93164.31141.07154.13132.16Closing Cash & Cash Equivalents164.31141.07154.13132.16228.59<br />RATIO ANALYSIS?<br />What Does Ratio Analysis Mean?A tool used by individuals to conduct a quantitative analysis of information in a company's financial statements. Ratios are calculated from current year numbers and are then compared to previous years, other companies, the industry, or even the economy to judge the performance of the company. Ratio analysis is predominately used by proponents of fundamental analysis.<br />Advantages of Ratios Analysis:<br />Ratio analysis is an important and age-old technique of financial analysis. The following are some of the advantages / Benefits of ratio analysis: <br />Simplifies financial statements: It simplifies the comprehension of financial statements. Ratios tell the whole story of changes in the financial condition of the business <br />Facilitates inter-firm comparison: It provides data for inter-firm comparison. Ratios highlight the factors associated with with successful and unsuccessful firm. They also reveal strong firms and weak firms, overvalued and undervalued firms. <br />Helps in planning: It helps in planning and forecasting. Ratios can assist management, in its basic functions of forecasting. Planning, co-ordination, control and communications. <br />Makes inter-firm comparison possible: Ratios analysis also makes possible comparison of the performance of different divisions of the firm. The ratios are helpful in deciding about their efficiency or otherwise in the past and likely performance in the future. <br />Help in investment decisions: It helps in investment decisions in the case of investors and lending decisions in the case of bankers etc. <br /><ul><li>Limitations of Ratios Analysis:</li></ul>The ratios analysis is one of the most powerful tools of financial management. Though ratios are simple to calculate and easy to understand, they suffer from serious limitations. <br />Limitations of financial statements: Ratios are based only on the information which has been recorded in the financial statements. Financial statements themselves are subject to several limitations. Thus ratios derived, there from, are also subject to those limitations. For example, non-financial changes though important for the business are not relevant by the financial statements. Financial statements are affected to a very great extent by accounting conventions and concepts. Personal judgment plays a great part in determining the figures for financial statements. <br />Comparative study required: Ratios are useful in judging the efficiency of the business only when they are compared with past results of the business. However, such a comparison only provide glimpse of the past performance and forecasts for future may not prove correct since several other factors like market conditions, management policies, etc. may affect the future operations. <br />Ratios alone are not adequate: Ratios are only indicators, they cannot be taken as final regarding good or bad financial position of the business. Other things have also to be seen. <br />Problems of price level changes: A change in price level can affect the validity of ratios calculated for different time periods. In such a case the ratio analysis may not clearly indicate the trend in solvency and profitability of the company. The financial statements, therefore, be adjusted keeping in view the price level changes if a meaningful comparison is to be made through accounting ratios. <br />Lack of adequate standard: No fixed standard can be laid down for ideal ratios. There are no well accepted standards or rule of thumb for all ratios which can be accepted as norm. It renders interpretation of the ratios difficult. <br />Limited use of single ratios: A single ratio, usually, does not convey much of a sense. To make a better interpretation, a number of ratios have to be calculated which is likely to confuse the analyst than help him in making any good decision. <br />Personal bias: Ratios are only means of financial analysis and not an end in itself. Ratios have to interpreted and different people may interpret the same ratio in different way. <br />Incomparable: Not only industries differ in their nature, but also the firms of the similar business widely differ in their size and accounting procedures etc. It makes comparison of ratios difficult and misleading. <br />Classification of Accounting Ratios:<br />Ratios may be classified in a number of ways to suit any particular purpose. Different kinds of ratios are selected for different types of situations. Mostly, the purpose for which the ratios are used and the kind of data available determine the nature of analysis. The various accounting ratios can be classified as follows:<br />Classification of Accounting Ratios / Financial Ratios(A)Traditional Classification or Statement Ratios(B)Functional Classification or Classification According to Tests(C)Significance Ratios or Ratios According to ImportanceProfit and loss account ratios or revenue/income statement ratios Balance sheet ratios or position statement ratios Composite/mixed ratios or inter statement ratios Profitability ratios Liquidity ratios Activity ratios Leverage ratios or long term solvency ratios  Primary ratios Secondary ratios  <br /> <br />(B)FunctionalClassification(or) Classification According to Tests <br />Generally, financial ratios are calculated for the purpose of evaluating aspects of a company's operations and fall into the following categories:<br />liquidity ratios measure a firm's ability to meet its current obligations.<br />profitability ratios measure management's ability to control expenses and to earn a return on the resources committed to the business.<br />leverage ratios measure the degree of protection of suppliers of long-term funds and can also aid in judging a firm's ability to raise additional debt and its capacity to pay its liabilities on time.<br />efficiency, activity or turnover ratios provide information about management's ability to control expenses and to earn a return on the resources committed to the business.<br />Profitability ratios:<br />Gross profit ratio = Indicates the relationship between net sales revenue and the cost of goods sold. This ratio should be compared with industry data as it may indicate insufficient volume and excessive purchasing or labor costs.<br />Net profit ratio = A measure of net income generated by each rupee of sales.<br />Operating ratio = A measure of the operating income generated by each rupee of sales.<br />Return on equity capital = Measures the income earned on the shareholder's investment in the business.<br />Return on capital employed (ROCE) ratio = Measures the income earned on the invested capital.<br />Earnings Per Share Ratio = Measure to calculate the earning after taking PAT into consideration.<br />Liquidity ratios:<br />Current ratio = Provides an indication of the liquidity of the business by comparing the amount of current assets to current liabilities. A business's current assets generally consist of cash, marketable securities, accounts receivable, and inventories. Current liabilities include accounts payable, current maturities of long-term debt, accrued income taxes, and other accrued expenses that are due within one year. In general, businesses prefer to have at least one dollar of current assets for every dollar of current liabilities. However, the normal current ratio fluctuates from industry to industry. A current ratio significantly higher than the industry average could indicate the existence of redundant assets. Conversely, a current ratio significantly lower than the industry average could indicate a lack of liquidity.<br />Liquid /Acid test / Quick ratio = A measurement of the liquidity position of the business. The quick ratio compares the cash plus cash equivalents and accounts receivable to the current liabilities. The primary difference between the current ratio and the quick ratio is the quick ratio does not include inventory and prepaid expenses in the calculation. Consequently, a business's quick ratio will be lower than its current ratio. It is a stringent test of liquidity.<br />Cash ratio= Indicates a conservative view of liquidity such as when a company has pledged its receivables and its inventory, or the analyst suspects severe liquidity problems with inventory and receivables.<br />Activity ratios:<br />Inventory/Stock turnover ratio = Indicates the liquidity of the inventory.<br />Debtors/Receivables turnover ratio = Indicates the liquidity of the company's receivables.<br />Average collection period = Indicates the liquidity of the company's receivables in days.<br />Working capital turnover ratio = Indicates the turnover in working capital per year. A low ratio indicates inefficiency, while a high level implies that the company's working capital is working too hard.<br />Fixed assets turnover ratio= Measures the capacity utilization and the quality of fixed assets.<br />Current assets turnover ratio= Measures the capacity utilization and the quality of current assets.<br />Total assets turnover ratio= Measures the activity of the assets and the ability of the business to generate sales through the use of the assets.<br />Leverage ratios or long term solvency ratios:<br />Debt equity ratio = Indicates how well creditors are protected in case of the company's insolvency.<br />Interest coverage or debt service ratio = Indicates a company's capacity to meet interest payments. Uses EBIT (Earnings Before Interest and Taxes)<br />Total debt ratio= Provides information about the company's ability to absorb asset reductions arising from losses without jeopardizing the interest of creditors.<br />Debt- assets ratio= Indicates long-term debt usage.<br />RATIO ANAYLSIS OF NESTLE INDIA..<br />A: PROFITABLE RATIOS:<br />(a)Margin Ratios:<br /><ul><li>Gross profit ratio = gross profit/net sales * 100
  2. 2. 2004= 19.57
  3. 3. 2005= 21.02
  4. 4. 2006= 19.44
  5. 5. 2007= 20.05
  6. 6. 2008= 17.02
  7. 7. Comment: As we see from the above figures that gross profit is fluctuating, the company has to take certain measures to increase its gross profit in order to increase its profitability position.
  8. 8. Net profit ratio = net profit/ net sales * 100
  9. 9. 2004= 11.24
  10. 10. 2005= 12.39
  11. 11. 2006= 11.09
  12. 12. 2007= 11.73
  13. 13. 2008= 12.24
  14. 14. Comment: The net profit is ranging from 11-12, which is satisfactory, but if it wants to improvise further it has to decrease expenses & increase sales or both.
  15. 15. Operating profit =operating profit/net sales*100
  16. 16. 2004= 19.2
  17. 17. 2005= 20.02
  18. 18. 2006= 18.86
  19. 19. 2007= 19.50
  20. 20. 2008= 17.20
  21. 21. Comment: The company’s operating ratio is decreasing in 2008, so the company has to decrease its operating expenses, for increasing the profitability.
  22. 22. (b) Return Ratios:
  23. 23. Return on investment = PBIT/Investment *100
  24. 24. (or) = PBIT/ Capital employed * 100
  25. 25. 2004= 119.2
  26. 26. 2005= 127.18
  27. 27. 2006= 120.01
  28. 28. 2007= 150.33
  29. 29. 2008= 163.97
  30. 30. Comment: The Company is improvising its return on investment and also has quite higher rate of return.
  31. 31. Return on net worth = PAT-pref. dividend/net worth *100
  32. 32. (Or)= PAT-pref. dividend/eq. shareholder fund
  33. 33. 2004= 78.87
  34. 34. 2005= 87.42
  35. 35. 2006= 81.03
  36. 36. 2007= 98.90
  37. 37. 2008= 112.83
  38. 38. Comment: Company’s profitability position has increased as the return on net worth has also increased.</li></ul>(c) Valuation Ratio:<br /><ul><li> Earnings per share or EPS
  39. 39. =PAT-pref. dividend/no. of equity shares
  40. 40. 2004= 26.13
  41. 41. 2005= 32.11
  42. 42. 2006= 32.68
  43. 43. 2007= 42.92
  44. 44. 2008= 55.39
  45. 45. Comment: The Company’s earnings have been considerably increased, which suggest higher margin ratios
  46. 46. Dividend per share or DPS=
  47. 47. Equity dividend/ No. of equity shares
  48. 48. 2004= 24.50
  49. 49. 2005= 25.00
  50. 50. 2006= 25.50
  51. 51. 2007= 33.00
  52. 52. 2008= 42.50
  53. 53. Comment: DPS was increasing consistently, but in 2008 it has quite high change in 2008, which suggest that high dividend to it’s shareholder’s.
  54. 54. Book Value per share= Eq. share holder fund
  55. 55. or net worth/no. of eq. shares
  56. 56. 2004= 33.13
  57. 57. 2005= 36.73
  58. 58. 2006= 40.33
  59. 59. 2007= 43.40
  60. 60. 2008= 49.09
  61. 61. Comment: Book value of the share is increasing considerably well , which suggests higher profits to the shareholders.</li></ul>LIQUIDITY RATIO:<br />1. Current RATIO = Current asset/ current liabilities<br />2004= 0.612007= 0.66<br />2005= 0.662008= 0.66<br />2006= 0.67<br />Comment: The Company’s current ratio is not ideal. It will have to increase it’s current assets or decrease it’s current liabilities or both in order to increase its liquidity position. Ideal is 2:1<br />2. Absolutely ratio= Quick assets/current liabilities<br /><ul><li>2004= 0.21
  62. 62. 2005= 0.28
  63. 63. 2006= 0.31
  64. 64. 2007= 0.23
  65. 65. 2008= 0.29
  66. 66. Comment: Though it is fluctuating it is not ideal so the company has to decrease current liabilities and increase fixed assets or both.
  67. 67. Cash ratio= Cash & bank balance+ Short term investment/ current liabilities
  68. 68. 2004= 13.43
  69. 69. 2005= 14.66
  70. 70. 2006= 13.43
  71. 71. 2007= 13.85
  72. 72. 2008= 14.43
  73. 73. Comment: The Company’s cash ratio has increased which suggest that the company is maintaining ideal cash and short term investments</li></ul>ACTIVITY RATIOS:<br />1. Current assets turn over ratio= net sales/ c. assets<br />2004= 9.41 2007= 7.75<br />2005= 9.20 2008= 9.10<br />2006= 8.70<br />Comment: The Company’s current asset turn over ratio is fluctuating but it’s ideal.<br />2. Fixed asset turn over ratio= Net sales/Fixed asset<br />2004= 5.33 2007= 6.10<br />2005= 5.61 2008= 3.20<br />2006= 5.77<br />Comment: Company needs to improve it’s fixed asset turn over ratio by increasing sales or by fixed asset or by both<br />3. Total assets turn over ratio= net sales/fixed assets + current assets<br />2004= 6.81 2007= 9.52<br />2005= 7.672008= 10.29<br />2006= 8.02<br />Comment: The Company’s total assets turn over ratio has increased consistently, which is considerably good.<br /><ul><li>Working capital turn over ratio= Net sales/
  74. 74. Current assets-c. Liabilities
  75. 75. 2004= 12.42
  76. 76. 2005= 12.02
  77. 77. 2006= 12.01
  78. 78. 2007= 10.02
  79. 79. 2008= 11.39
  80. 80. Comment: The company’s working capital turn over ratio is fluctuating, however it has increased in 2008 which is ideal.
  81. 81. Inventory turn over ratio= COGS or Sales/Avg. stock
  82. 82. 2004= 10.34
  83. 83. 2005= 9.87
  84. 84. 2006= 10.28
  85. 85. 2007= 8.79
  86. 86. 2008= 11.39
  87. 87. Comments: The inventory turn over ratio is fluctuating however, its increasing in 2008, which suggest that the company is having less stock with it.
  88. 88. Debtors turn over ratio= Sales/Avg. receivables
  89. 89. 2004= 77.05
  90. 90. 2005= 87.32
  91. 91. 2006= 65.35
  92. 92. 2007= 64.09
  93. 93. 2008= 87.37
  94. 94. Comments: The debtors turn over has increased which suggest higher activity ratio.
  95. 95. Average collection period= 365/ debtors ratio
  96. 96. 2004= 4.74
  97. 97. 2005= 4.18
  98. 98. 2006= 5.85
  99. 99. 2007= 5.70
  100. 100. 2008= 4.20
  101. 101. Comment: The average collection period has decreased which is ideal as the debtors are paying early, which reduces the risk.
  102. 102. LEVERAGE RATIO:</li></ul>1 Debt-equity ratio= loan funds/net worth<br /> 2004= 0.02 2007= 0.01<br /> 2005= 0.042008= 0.02<br /> 2006= 0.04<br /> Comment: The company’s debt equity ratio is fluctuating which suggests that the company has lesser loan funds which is considerably good.<br />2. Total debt ratio= Debt/equity+ debt<br /> 2004= 0.022007= 0.01<br /> 2005= 0.042008= 0.02<br /> 2006= 0.04<br /> Comment: The Company’s total debt is fluctuating and is less when compared to equity and debt, which suggest that the leverage level is ideal.<br />3 Debt asset ratio= total debt/total asset-misc. asset<br /> 2004=0.0242007=0.08<br /> 2005=0.0622008=0.02<br /> 2006=0.064<br /> Comments: The company’s total debt is less when compared to total assets which indicates that the company has lesser debts.<br /><ul><li>Interest coverage ratio= PBIT/ Interest
  103. 103. 2004= 498.90
  104. 104. 2005= 2208.29
  105. 105. 2006= 1103.09
  106. 106. 2007= 741.20
  107. 107. 2008= 473.22
  108. 108. Comments: The Company’s Interest coverage is fluctuating but in the year 2008 it has decreased ,it has to increase it’s profits as they are less in 2008.</li></ul>Ratios (in graphs)<br /><ul><li>Profitability Ratios</li></ul> <br /> <br /> <br /> <br /><ul><li>(b)Liquidity Ratios:</li></ul> <br />(C)Activity Turnover ratios:<br /> <br />(D) LEVERAGE RATIOS<br /><ul><li>Overall Recommendations:
  109. 109. The overall financial position of the company is satisfactory.
  110. 110. The company’s needs to improve it’s profitable position which is ideal, but less when compared to other years, in order to earn return on the resources committed to business.
  111. 111. The company’s liquidity position is satisfactory but not ideal, as the current assets and the current liabilities have being considerably decreased when compared to previous year, in order to meet it’s current obligations.
  112. 112. The company’s leverage or capital gearing ratios are improving and the company’s total debt is less, and it has secured loans rather than unsecured loans which holds good trust among the suppliers for the company & it can also raise additional capital from public as it offers profitable and stable dividends.
  113. 113. The activity ratio of the company is i.e. current asset turn over ratio needs to be improved, the rest of the ratios give satisfactory result.
  114. 114. On the whole, the company’s overall position is satisfactory, and has the name, fame and trust of people. It is listed in one among top 25 FMCG’S of India & has potential to survive.
  115. 115. </li></ul>THANK YOU..<br /> <br />