SUMMARY

Though evidence indicates that iron and steel have been used for almost 6000 years, the modern form of iron and steel industry came into being only during the 19th century. The growth and development of iron and steel industry in the world until the Second World War was comparatively slower. But the industry has grown very rapidly after the Second World War. World production of steel which was only 28.3 MNT in 1900 rose to 695 MNT by 1992. The oil crisis of the seventies affected the entire economy of the world including the steel industry. The position started improving after 1983 peaked at 780 MNT in 1989. It started declining till 1994 (723 MNT), picked up again to 755.8 in 1995. The world steel production was around 900MNT in 2002. Indian History is also full of reference to the usage of iron and steel. Some of the ancient monument like the famous iron pillar in New Delhi or the massive beams used in the Sun Temple at Konark bears ample testimony to the technological excellence of the Indian metallurgists. The history of iron in India goes back to the ancient era. Our ancient literary sources like the Rig Veda, the Atbara Veda, the Purinas and other picas are full of references to iron and to the uses in peace and war. According to one of the studies, iron has been produced produced in India for over 3000years.

A Study on Ratio Analysis of Usha Martin Ltd.

OBJECTIVE
The primary objective of the organization study with respect to Mckinseys 7s framework is to make the students to known the practical applicability with respect to the theoretical concepts in business decisions. To understand the behaviour, culture of the organization and to known about the organization and its performance, and future strategies.

During this 8 weeks of Industrial training in Usha-Martin ltd I studied and learnt many things Carried in the organization. This Industrial training helped me in gaining more knowledge about the work and production carried out in the organization. There are very strict rules followed in HR department and attendance was taken daily to check the regularity and we used to stay from morning 10 to 5 daily and to visit different departments daily according to their schedule. There was good reaction and co-operation by the superiors and subordinates of UMLtd. They helped me in collecting the information regarding the different department and production process. I got the clear picture about how the organization work is carried on and the duties and responsibilities of the employees in the organization. I observed the work techniques that are studied in subject being implemented

A Study on Ratio Analysis of Usha Martin Ltd.

and practiced in the organization like recruitment process, welfare facility, training techniques etc. This training has helped me to have a thorough understanding about how the managerial theories and techniques are applied in the real situation. It has also helped me to know about various communication techniques used in the plant and its importance for example, various sign boards in all over the plant. The entire analysis of the plant layout has helped me to have understanding of designing cost effective layout. The entire plant is near to the town railway station which helps to reduce the transportation cost. Besides the entire organizational structure, the duties and

responsibilities of every department coping with organizational mission and vision is a key motivational factor of the employees. Also the various benefits provided to the workers is also a key motivational factor. Analyzing various safeties, security and shared values under McKensys 7S model helped me to know the importance of all these elements in an organization. The discipline maintained in an organization is very important to get the things done at the right time. The relationship between superior and subordinate, and the discipline and the honesty shown by the workers and other subordinates are essential in an organization. Finally this industrial training gave me the clear idea about the working condition in the organization, which will help me in future days.

A Study on Ratio Analysis of Usha Martin Ltd.

Financial statements represent the snapshot of the organizational activities at he end of the particular period. At this time managers portray the efficiency of management to what extent it has succeed, what are their failures and it has justifies its course of action during the period under review.

A Study on Ratio Analysis of Usha Martin Ltd.

SCOPE
Understand the financial function of UML. Department function of UML. Portfolio of products of UML. Organization structures and responsibilities of management. Each of the above areas would be critically analyzed in order to determine the efficiency of UML.

A Study on Ratio Analysis of Usha Martin Ltd.

LIMITATIONS
Even though so many tools of analysis are available, but this study uses comparative analysis, common size analysis, trend analysis and ratio analysis only. This report is based upon the data provided by the officers of the company and financial reports of the company. Since some facts and business secrets need to be maintained strictly, it is not possible to collect all the information related to the financial matters of the company. As the concept is vast, in depth study can not be done and wide constraints are involved. As it is an external study, conclusion and suggestions are not ultimate and are based on personal judgment.

A Study on Ratio Analysis of Usha Martin Ltd.

METHODOLOGY
Data Collection Methods Sources of data can be classified into two types they are:Primary data Secondary data

Primary data: Primary data may be described as those data that has been observed by the researchers for the first time. The primary data was obtained through personal interaction with company officials during the internship period. Secondary data: Secondary data are those data that have been complied already before conducting the research. Secondary data may be internal data as well as external data. Internal data are collected from the companys records. External data are collected from outside the company. The various sources of secondary data are, Annual reports and financial statements of the company like (balance sheet and profit and loss account) Company websites

A Study on Ratio Analysis of Usha Martin Ltd.

Sampling Size Sample size used in this project study relates to the financial figures, covering the period from 2005-06 to 2008-09. Each data was already checked and verified by the charted accountant; hence the data is straightaway taken for analysis. The data is collected from the final account statements. Comparatively covers the study purpose, no samples are required for the study as it is concerned with the true financial data of the company. Method of Study Discussion with the management of the company to get general information about their activities. Study of the classification of items adopted in profit and loss account and balance sheet and the accounting policies of the concern. Study of the annual reports for collecting data of 4 years. Analysis of their adopting techniques and methods available.

A Study on Ratio Analysis of Usha Martin Ltd.

INTRODUCTION
LEARNING EXPERIENCE It was a good experience for me in carrying out the project work. It helped me to gain practical knowledge and exposure and acted as a stepping stone to reach the ladder of corporate world. During the course of 8 weeks I visited the plant of Usha Martin Ltd, where I gained practical knowledge about the working process and functioning of the organization in accordance with the present market trends. The main purpose of the organization study was to get acquainted with practical knowledge about the overall functioning of the organization. This project has also provided an opportunity to study the human behaviour and analyze different situations, which normally would come across while on work in the office or factory environment.

DEFINATION & CONCEPT Financial statements analysis is A process of evaluating financial and profitable position of an organization by comparing two or more homogeneous figures and interpreting thereof. According to this definition, analysis of financial statement is a process by which management will make an effort to draw conclusion on financial and profit position of an organization. In order to do this process, one has to make

A Study on Ratio Analysis of Usha Martin Ltd.

comparison of homogeneous figures provides certain information with which inference or conclusion can be drawn. STATEMENT OF THE PROBLEM No project report begins either with problem or with an opportunity. Each and every report has got its own objectives to be reached. The statement of the problem in the given report is, analyzing the statements and drawing some interpretation from the results. In the field of business world, the finance has been renowned as the LIFE BLOOD of every business concern. If this is the case, it should be properly utilized and managed so that profits can be yielded to the highest extent. Once we analyze the financial data, it reveals some interpretations to be drawn. No interpretations can be drawn, if the analyst does not analyze the data. Analysis is an art that can be practiced and learnt. The report considers the different techniques of analysis and their respective usefulness. Every analyst naturally starts taking some preventive actions once he/she identifies some deviations in the system. But this is not correct and hence we should be analyzing the statement continuously. In the same way ratio analysis is used as strategy to imply some decisions. It states that analyzing the financial statements and giving some financial instructions is of utmost important.

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A Study on Ratio Analysis of Usha Martin Ltd.

OBJECTIVE OF THE STUDY The major objective of financial statement analysis is to provide decision makers information about business enterprises for use in decisionmaking. Users of financial statement information are the decision makers concerned with evaluating the economic situation of the firm and predicting its future course. The major groups of users of financial efficiency of the enterprises are whole subunits (e.g. Departments), lenders and creditors for determining the creditworthiness and solvency position etc. The different users and decision makers can use financial statement analysis: Assessment of past performance and current position. Prediction of Net income and Growth prospects. Prediction of bankruptcy and failure. Load decisions by financial institutions and Banks. This study confines itself to the analysis of Usha Martin Ltd. On the basis of comparative, common size and ratio analysis and the analysis covered a period of four years from 2005-06 to 2008-09. The data used in this analysis has been obtained from the annual reports i.e., Balance sheets and profit & loss Account.

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A Study on Ratio Analysis of Usha Martin Ltd.

TYPES OF FINANCIAL ANALYSIS On the basics of the materials used for the analysis or the persons interested in the analysis: External Analysis: External analysis done by the external parties(i.e. parties who are outsiders for the business). The external parties include shareholders, investors, lenders, creditors etc. , who have no access to the books of accounts and the internal records of concern. Internal Analysis: internal analysis is the analysis done by the internal parties. The internal analysis is done by the persons who have access to the books of accounts and the internal records of concern; internal analysis is more detailed than external analysis depends upon the objectives to the achieved through the analysis. On the basics of the MODUS OPERANDI or the method of operation followed in the analysis: Vertical analysis or structural analysis: when the financial statement is relating to the just one accounting year are analysis, the analysis in known as vertical analysis. It is a type of analysis used to study, through ratios, the quantitative relationships of items in the financial statements on a particular date or for one accounting year. Horizontal analysis or The Trend analysis: when the financial statements of the number of years are analyzed, then it is called

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A Study on Ratio Analysis of Usha Martin Ltd.

horizontal analysis. It is a type of analysis in which there is comparison of the trend of each item in the financial statement over the number of years. Tools, techniques or Methods of financial analysis A number of techniques or methods are available for financial analysis, but the financial statement must be made simpler as for as possible to make the reader understand the operating result and the financial health of the business. The analysis of financial statement consists of study of relationship and trends to determine whether are not the financial position of the concern and its operating efficiency has been satisfying. In the process of these analyses the financial analyst used various techniques or tools or methods. The financial analyst can adopt one more of the following techniques or tools of financial analysis; Comparative financial statements analysis. Common size financial statement analysis. Comparative trend percentage. Ratio analysis. Fund flow analysis. Cash flow analysis.

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A Study on Ratio Analysis of Usha Martin Ltd.

COMPARATIVE ANALYSIS This analysis is used for judging whether the ratios are high or low by way of cross-section analysis. COMPARATIVE STATEMENTS The comparative financial statement are statements of the financial position or at different periods of time, the elements of financial position or shown in a comparative some so as to give an idea of financial position at two or more periods, any statement of prepared in comparative some well be covered in comparative statements. From practical point of view, generally, two financial statements(balance sheet and income statement) are proper in comparative form for financial analysis purposes. Not only the compression of the figures of two periods but also be relationship between balance sheet and income statement enables an in depth study of financial position and operative results, the comparative statement may show: a) Absolute figures(Rupees amounts) b) Changes in absolute figures i.e.,increase or decrease in absolute figures c) Absolute data in terms of percentage d) Increase or decrease in terms of percentage. COMPARATIVE BALANCE SHEET The comparative balance sheet analysis is the study of the trend of the same items, group of items and computed items in two or more balance sheets

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A Study on Ratio Analysis of Usha Martin Ltd.

of the same business enterprise on different dates. The changes in periodic balance sheet items reflect the conduct of a business. The changes can be observed by comparison of the balance sheet at the forming an opinion about the progress of an enterprise. The comparative balance sheet has two columns for the data of original balance sheets. A third column is used to show increases in figures. The fourth column may be added for giving percentages of increases or decreases. COMPARATIVE INCOME STATEMENT The income statement gives the results of the operation of a business. The comparative income statement gives an idea of the progress of a business over a period of time. The changes in absolute data in money values and percentages can be determined to analyze the profitability of the business. Like comparative balance sheet, income statement also has four columns. First two columns give figures of various items for two years. Third and fourth columns are used to show increase or decreases in figures in absolute amounts and percentages respectively. COMMON-SIZE STATEMENT The common-size statements, balance sheet and income statement are shown in analytical percentages. The figures are shown as percentages of total assets, total liabilities and total sales. The total assets are taken as 100 and different assets are expressed as a percentage of the total. Similarly, various liabilities are taken as a part of total liabilities. These statements are also known as component percentage or 200 percent statements because every

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A Study on Ratio Analysis of Usha Martin Ltd.

individual item is stated as a percentage of the total 100. The shortcomings in comparative statements and trend percentages where changes in items could not be compared with the totals have been covered up. The analyst is able to assess the figures in relation to total values. The common-size statements may be prepared in the following way: The totals of assets or liabilities are taken as 100. The individual assets are expressed as a percentage of total assets, i.e., 100 and different liabilities are calculated in relation to total liabilities. COMMON-SIZE BALANCE SHEET A statement in which balance sheet items are expressed as the ratio of each asset to total assets and the ratio of each liability is expressed as a ratio of total liabilities is called common-size balance sheet. COMMON-SIZE INCOME STATEMENT The items income statement can be shown as percentages of sales to show the relation of each item to sales. A significant relationship can be established between items of income statement and volume of sales increases to a considerable extent, administrative and financial expenses may go up. In case the sales are declining, the selling expenses should be reduced at once. So, a relationship is established between sales and other items in income statement and this relationship is helpful in evaluating operational activities of the enterprise.

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A Study on Ratio Analysis of Usha Martin Ltd.

RATIO ANALYSIS
Ratio analysis is the most important tool of analyzing these financial statements (profit & loss a/c and balance sheet).It helps the reader in giving tongue to the mute heaps of figures given in financial statements. The figures then speak of liquidity, solvency, profitability etc of the business enterprise.

OBJECTIVE AND ADVANTAGES OF RATIO ANALYSIS (1) Helpful in analysis of financial statements: - Ratio analysis is an extremely useful device for analysing the financial statements. It helps the bankers, creditors, investors, shareholders etc. in acquiring enough knowledge about the profitability and financial health of the business. (2)Simplification of accounting data:-Accounting ratio simplifies and summarises a long array of accounting data and makes them understandable. It discloses the relationship between two such figures which have a cause and effect relationship with each other. (3)Helpful in comparative study:-With the help of ratio analysis comparison of profitability and financial soundness can be made between one firm and another in the same industry. Similarly, comparison of current year figures can also be made with those of previous years with the help of ratio analysis.

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A Study on Ratio Analysis of Usha Martin Ltd.

(4)Helpful in locating the weak spots of the business:-Current years ratio are compared with those of the previous years and if some weak spots are thus located, remedial measures are taken to correct them. (5) Helpful in forecasting:- Accounting ratios are very helpful in forecasting and preparing the plans for the future. (6) Estimate about the trend of the business:- If accounting ratios are prepared for a number of years, they will reveal the trend of costs, sales, profits and other important facts. (7) Fixation of ideal standards :Ratios help us in establishing ideal

standards of the different items of the business. By comparing the actual ratios calculated at the end of the year with the ideal ratios, the efficiency of the business can be easily measured. (8) Effective control :- Ratio analysis discloses the liquidity, solvency and profitability of the business enterprise. Such information enables

management to assess the changes that have place over a period of time in the financial activities of the business. (9) Study of financial soundness:- Ratio analysis discloses the position of business with different view-points. It discloses the position of business with the liquidity point of view, solvency point of view, profitability point of view etc. With the help of such a study we can draw conclusions regarding the financial health of the business enterprise.

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A Study on Ratio Analysis of Usha Martin Ltd.

Limitations of Accounting Ratios (1)False result:- Ratios are based on financial statements, if financial statement are incorrect then the ratio calculated from this data will also be incorrect. (2) Limited comparability:- The ratio of one firm can be compared with another only if both of them adopt uniform accounting practices. (3) Absence of standard accepted terminology:- Different term have a different meaning to different firm like some firms calculate profit after interest and tax while some after interest but before tax while some after interest and tax. (4) Price level change: - The comparability of ratios suffers, if the prices of the commodity in two different years are not the same. Changes in price affect the cost of production sales and also the value of assets. (5) Limited use of a single ratio:- The analyst should not merely rely on a single ratio. He should study several connected ratios before reaching a conclusion. For example, the current ratio of a firm may be quite satisfactory, whereas the quick ratio may be unsatisfactory. Classification of ratios (A) Liquidity Ratios:- Liquidity refers to the ability of the firm to meet its current liabilities. The liquidity ratios , therefore , are also called Short term Solvency Ratios . These ratios are used to assess the short-term financial

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A Study on Ratio Analysis of Usha Martin Ltd.

position of the concern. They indicate the firms ability to meet its current obligations out of current resources. Liquidity is the ability of the firm to meet its current obligations as they fall due Liquidity ratios include two ratios: Current ratio or Working capital Ratio Quick Ratio or Acid Test Ratio or Liquid Ratio (B) Solvency ratio or Leverage ratio:- Solvency means the ability of the business to repay its outside liabilities. These liabilities may be short term or long term. A company must have sufficient long term funds to meet its long term liabilities. It includes: Debt equity ratio Total assets to debt ratio Proprietary ratio Reserve to capital ratio Asset management ratio or activity ratio : It is also called turnover or performance ratio. Turnover means sales. A sales have a direct relationship with the performance of the business, so higher the sales, higher is the performance of the business. It includes: Debtors or receivables turnover ratio

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A Study on Ratio Analysis of Usha Martin Ltd.

 Working capital turnover ratio Inventory turnover ratio or stock turnover ratio Average collection period Profitability Ratio: Profitability refers to the earning of the business to earn profit. It shows the efficiency of the business. Profitability has direct link with the sales, thats why it is calculated on the basis of sales. It includes: Net profit ratio Net profit to net worth

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A Study on Ratio Analysis of Usha Martin Ltd.

Indian Industrial Background

The history of modern steel industry in India can be traced back to 1907, when the house of Tatas floated TISCO to produce 12,000 tones of pig iron, of which 85,000 tones was to be converted to 72,000 tones of mild steel. Located at Jamshedpur, TISCO produced its first tones of hot metal at the end of 1911 and steel was tapped in early 1912. In 1923, the steel corporation of Bengal set up a steel plant near Alanson and three years later, tapped its first tone of steel, this plant was later amalgamated with the Indian Iron and Steel Company (IISCO). Thus on the eve of independence, India had three integrated steel plants, TISCO, MISW and IISCO. By the early 1950s there were strong market as well as ideological pressures for not only expanding the capacity of existing units but also building up new plants in the public sector. In 1953, an agreement was signed with KruooDemage of Germany to set up a 1-MnT P/A plant at Rourkela for the production of flat products. In 1956, two other agreements were concluded for setting up 1-MnT P/A plant at Durgapur with the assistance from U.K. the 1 MnT steel plants at Bhilai, Durgapur and Rourkela came up in the early 1960s signifying an achievements, which could be considered unique for any undeveloped or even developed nation at that point of time. By the end of the 1960s, Bhilai Steel Plants capacity increased to 2.5 MnT P/A, Durgapur Steel Plant to 1.6 MnT P/A, and Rourkela Steel Plant to 1.8 MnT P/A. from the late 1950s, plans were made to set up a public sector unit at Bokaro, in Bihar. The Bokaro project however was fraught with delays. The USA turned down technical assistance and funding, the USSR mover in and wanted major changes in specifications before supplying technical expertise and aid. Bokaro steel plant started rolling steel only in 19 Growth and Developments of Industry Early Growth Though the art of making iron was known to India from very ancient time, the real development of the iron and steel industry started only since 1907 with the establishment of the Tata Iron and Steel Company (TISCO) at Jamshedpur in the private sector. This company started producing pig iron in 1911 and

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A Study on Ratio Analysis of Usha Martin Ltd.

steel in 1913. The First World War gave stimulus to the iron and steel industry. Two more iron and steel works were started in the private sector. In 1918, the Indian Iron and Steel Company (IISCO) was started at Kulti in West Bengal, and in 1923, the Mysore Iron and Steel works were set up at Bhadravathi in Karnataka. Severe foreign competition in 1922 and 1923 caused depression in the Indian iron and steel industry. So, protection had to be given to the industry. Protection was renewed from time to time till 1947. With protection, the industry made good progress. The iron and steel industry of the country has made remarkable progress after independence under the five-year plans. During second fiveyear plan, three public sector steel plants were set up at Rourkela in Orissa with German assistance, Bhilai in Madhya Pradesh with Russian assistance and Durgapur in West Bengal with British assistance. Besides, the government gave financial and other help to the three existing private sector iron and steel works for their expansion, and all the private sector works expanded their capacity. Thus, the second five-year plan period was the most memorable period in the development of the Indian iron and steel industry. During the third five-year plan, one more public sector steel plant was set up at Bokaro in Bihar with Russian help. Besides, expansion was carried out in the Tata Iron and Steel Company, Indian Iron and Steel Company and Mysore Iron and Steel works. Again during third plan, the Iron & steel industry of the country diversified its production, producing several types of iron and steel. During the fourth plan, steps were taken for the maximization of the capacity of the existing plants. Besides, plants were prepared for the setting up of three more public sector steel plats at Salem in Tamil Nadu, Vijayanagar in Karnataka and Vishakapattanam in A. P. though there was expansion of production, there was shortage of steel during the fourth plan period. During the fifth plan, production was expanded, especially in the Bhilai and Bokaro steel plants.

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A Study on Ratio Analysis of Usha Martin Ltd.

COMPANY PROFILE Usha Martin Limited was started in 1961 in Ranchi (Jharkhand) as a wire rope manufacturing company. Today the Usha Martin Group is a Rs.3000 crore conglomerate with a global presence. The products are, wire rods, bright bars, steel wires, specialty wires, wire ropes, strand, conveyor cord, wire drawing and cable machinery. Incorporated in 1960 Mr. B.K. Jhawar, the present chairman, pioneered it.It was promoted to manufacture steel and wires ropes in a collaboration with Martin Black of Scotland as a joint Indo-British venture. From 1st October 1997, this company has been merged with Usha Beltron Ltd which has been renamed as wire and wire ropes division, within which six companies are included. Board of director

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A Study on Ratio Analysis of Usha Martin Ltd.

Companies USSIL Usha siam steel industries (USSIL) was incorporated in 1980 as a joint venture between Usha martin industries, India and leading industrialists in Thailand promoted by board of investment (BOI) for production of steel wire and rope. UM Singapore Established in 2000, is a wholly owned subsidiary of Usha Martin Limited, India. It has been operational as a distribution center for Usha Martin Groups core business of steel wire ropes and related products in South East Asia. It also has distribution set up in Australia & Indonesia.

BWWR Established in 2003, Brunton Wolf Wire Ropes FZCO is a joint venture between Usha Martin Limited of India and Gustav Wolf of Germany.BWWR is the first wire rope factory set up in the middle east, situated in Jebel Ali Free Zone Enterprise (FZE) with an annual capacity of 12,000 MT. The product range includes general engineering rope, elevator rope, crane rope, off-shore application rope, etc.

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A Study on Ratio Analysis of Usha Martin Ltd.

UM Cables A wholly owned subsidiary of Usha Martin Limited, located at Silvassa, Western India, manufactures PIJF Copper Telecom cables and Optical Fibre Cables and has an annual capacity of 2.9 MCKM and 35000 RKM respectively. UMIL Established in 1997, Usha Martin International Limited is a wholly owned subsidiary of Usha Martin Limited, formed to facilitate distribution & marketing of the groups wire & wire rope products in Europe. The company also acquired in 2001 a Nottinghamshire based Wire Rope manufacturing company Brunton Shaw UK with an annual capacity of 6,000 MT. It also specialises in providing services to oil drilling and offshore exploration activities thru its arm European Management & Marine Corporation having offices in Aberdeen (UK), Baku & Tananger(Norway).

Brunton Shaw America Established in 2007, Brunton Shaw America is a wholly owned subsidiary of Usha Martin Limited, India having a wire rope manufacturing capacity of 6000 TPA.

COMPANY BACKGROUND

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A Study on Ratio Analysis of Usha Martin Ltd.

The Company is a part of the Usha Martin Group, which was formed in India in the early 1960s with the establishment of Usha Martin Industries Limited (UMIL), engaged in the manufacture of steel wires, wire ropes and other related products. The group was promoted by Mr. B. K. Jhawar, who is the Chairman of the Company. Usha Beltron Limited was incorporated on 21 May, 1986 as a joint venture between Usha Martin Industries Limited, Bihar State Electronics Development Corporation Limited, AEG Kabel, Germany (now Kabel and a member of the Alcatel group) and DEG, Germany, to manufacture Jelly Filled Telephone Cables (JFTC). Pursuant to the Orders of the Hon'ble High Court of Kolkata and Patna( Ranchi Bench) Usha Martin Industries Limited merged with Usha Beltron Limited with effect from 15th May, 1998. Thereafter the registered office was shifted from Tatisilwai, Ranchi, Bihar to Kolkata in the State of West Bengal in the year 2000. The name of Usha Beltron Limited was changed to Usha Martin Limited with effect from 1st May,2003.

NATURE OF THE BUSINESS CARRIED The business carried on by Usha Martin Company is oligopolistic in nature as there are few producers of wire and wire rope and the price is not a major concern. The industry of wire rope manufacturing has few major players which compete with the limited number of competitors. VISION, MISSION & QUALITY POLICY

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A Study on Ratio Analysis of Usha Martin Ltd.

Vision: To be a respected, world class & leadership in business, in quality, productivity, profitability & customer satisfaction. Mission: To be a customer and share holder observed factory. To enhance value to share holders and services to all stake holders. To develop highly motive team with a sense of satisfaction. To excel as a value driven organization. To create the value in case of quality. To expand its area of its operation& utilize the raw material efficiently.

Quality policy: Providing product & services that meet customer expectation. Continual improvement to our quality management system and process. Continues enrichment of the skills and knowledge through training and

training. Compliance to all applicable statutory and regulatory. Fostering the professional development of our employee. Our suppliers and customers are our partner in progress.

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PRODUCT & SERVICE PROFILE: Main prodects of usha martin which the company produce & export. Wire Wire Rope Bright bar Conveyor cord Telecom cable

AREA OF OPERATION: GOING GLOBAL Level to expand: - International / Global. With local success come global aspirations. Currently, the company has overseas manufacturing operations in Thailand, UK, USA and Dubai. Besides a vast network of distribution centres and marketing offices spread across the globe to support an ever growing worldwide customer base. The company exports over 60% of the wire rope output and about 20% of the total wire rods produced. Usha Martins future plans are focused on its operation in Jharkhand a state rich in mineral resources. Future priorities include product mix enrichment, cost reduction and infrastructural improvements. Already flourishing in its recent foray into mining operations, the company is planning to invest in its iron ore and coal mines, sinter plant, pellet plant, power plants, while also

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enhancing its steel making and value added products capacity with an investment of Rs 2,100 crore. Organization Structure

OWNERSHIP PATTERN (Pattern of

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A Study on Ratio Analysis of Usha Martin Ltd.

FINANCE DEPARTMENT

DGM - Finance

Pay and Establish

Cost A/cs

Central A/c

Purchase

Sales A/cs and Branches

Mgr - Fin

Mgr - Fin Mgr-Fin Dy. Mgr-Fin

Jr. Mgr Dy. Mgr Cash Jr. Mgr Mgr Fin

Dy. Mgr-Fin

Jr. Mgr

Jr. Executive

Dy. Mgr/ Jr. Mgr

Finance Department
Finance means acquisition of funds and proper utilization and allocation of funds in proper way. Finance plays a vital role in the development of any business. Thus development of any business majorly depends on the effective finance management. In olden days the role of financial manager was only limited to raising funds and maintaining the books of accounts. But now the trend is changing. The financial manger has wide scope in present scenario and he plays a vital role in decision-making,

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costing,budgeting,andcontrolling

Finance Management is one of the most important functions in the organization. It is the lifeblood of the company. Financial management involves the preparation of budget, which will be useful for the future decisions, and it will give information about the companys financial position to the customer, creditors and Government. In Usha Martin Ltd. Finance Management Department can be divided into different sections. General Manager is the head of the finance department and computer section. He looks after over all activities of finance department. Each section maintains the books of the accounts. The following sections deal with their related transactions.

1. Central accounts section. 2. Purchase accounts section. 3. Sales accounts section. 4. Capital project account section. 5. Pay and Establishment section. 6. Cost and Budget account section.

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A Study on Ratio Analysis of Usha Martin Ltd.

Shareholding as on 31.03.2009)
Category (A) Promoter Holding (B) Public Holding Mutual Fund Financial institutions/Banks -Insurance companies -Foreign institutional investors -Bodies corporate Individuals Total (B) (C) GD rs 2,81,99,333 13,43,131 1,10,39,409 5,06,53,798 11.27 0.54 4.41 20.24 No. of shares 11,55,10,604 % of shareholding 46.16 total

1,70,27,896 2,09,12,639 12,91,76,806 55,54,370

6.80 8.36 51.62 2.22

COMPETITORS INFORMATION: Tisco , Jamshedpur Musco, Mumbai Rinl, vizag Siscol, salem Facor, nagpur Sun flags, Nagpur

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A Study on Ratio Analysis of Usha Martin Ltd.

INFRASTRUCTURAL FACILITIES : Usha martin is a huge conglomerate situated15km far from main city Ranchi. It has been providing different infrastructural facility like; Accommodation for employees at lower rates. Officers association Workers association One guest house Clubs for both executives & non executives Medical facility Fooding & transportation facility etc. USHA MARTIN GETS TERI AWARD Kolkata, July 8 Usha Martin Ltd, the world's second largest wire rope manufacturer, has received TERI Corporate Social Responsibility Award in recognition of leadership in corporate citizenship and sustainable initiatives among companies with a turnover exceeding Rs 500 crore, according to a statement issued by the company. Mr B.K. Jhawar, Chairman, received the award at a function in Delhi recently. The award has been given for outstanding work undertaken in Low Birth Weight Project in rural Jharkhand. The other partners of the project were Krishi Gram Vikas Kendra (implementing agency), ICICI Bank (strategic partner and funding agency), Jharkhand Government (enabler and implementing partner), Jharkhand Health Society, John Hopkins University (operations research design) and CINI (conceptual and technical support)

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A Study on Ratio Analysis of Usha Martin Ltd.

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Current Assets Inventories Sundry debtors Cash and bank Other current assets Loan and advances Total current assets(A) 26,21,667 19,82,492 5,17,489 2,25,640 33,90,551 22,69,104 3,70,805 2,60,942 53,24,181 25,63,505 4,63,607 3,40,486 40,37,100 32,28,548 7,64,682 2,39,621

16,48,665

21,19,931

40,24,216

27,80,155

69,95,953

84,11,333

1,27,15,995

1,10,50,106

Current Liabilities Liabilities Provision Total current liability(B) 37,69,487 2,10,109 39,79,596 46,12,543 2,62,565 48,75,108 86,09,576 3,81,723 89,91,299 98,12,920 3,73,392 1,01,86,312

Ratio = A/B

1.76:1

1.73:1

1.41:1

1.08:1

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART DEBT EQUITY RATIO

1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 2005-06 2006-07 2007-08 2008-09

Comments The above table and chart shows that the debt equity ratio of UML is 1.41:1 in year 2005-06 which has been declined to 1.24:1 in year 2006-07. In 2007-08 & 2008-09 it has increased to 1.26:1 & 1.56:1. The reasons being continuous increase in secured loans and reserves & surplus and decrease in unsecured loans.

TOTAL ASSETS TO DEBT RATIO

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A Study on Ratio Analysis of Usha Martin Ltd.

This ratio is a variation of the debt-equity ratio and gives the same indication as the debt-equity ratio. In this ratio, total assets are expressed in relation to long term debts . It is calculated as under: Total Assets to Debt Ratio = Total Assets/ Debt or long-term Loans

Total Assets:- These include all fixed as well as current assets. Hoever , these do not include the fictitious assets appearing on the assets side of the Balance Sheet such as Preliminary Expenses , Underwriting Commission , Share Issue Expenses , Discount on Issue etc. and debit balance of Profit & Account.

Long- term Loans:- These refer to long-term liabilities which mature after one year. These include all long term debts such as Debentures, Mortgage Loan, Bank Loan , Loans from financial institutions and Public Deposits etc.

SIGNIFICANCE This ratio expresses the relationship between the long term loans and total assets of a business enterprise. It measures the proportion of total assets financed through long-term loans. If the percentage of total assets financed through long-term loans is higher, it is generally treated an indicator of risky financial position from the long-term point of view.

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TABLE SHOWING TOTAL ASSETS TO DEBT RATIO (Rs. in thousand) PARTICULARS 2005-2006 2006-2007 2007-2008 20082009

Assets Current Assets Fixed Assets Total Assets(A) 69,95,953 95,42,787 1,65,38,740 84,11,333 1,09,70,665 1,93,81,998 1,27,15,995 1,44,90,841 2,72,06,836 1,10,50,106 2,33,10,700 3,43,60,806

Debt Secured Loan Unsecured Loan Deferred Tax Liability Total Debt(B) 67,17,748 1,58,367 13,35,064 82,11,179 74,41,398 52,340 14,34,331 89,28,069 86,70,608 7,61,414 14,67,708 1,08,99,730 1,46,61,503 12,21,053 1,58,82,556

Ratio = A/B

2.01:1

2.17:1

2.50:1

2.16:1

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART TOTAL ASSETS TO DEBT RATIO

Comments The above table and chart shows that the total assets to debt ratio is increasing from 2.01:1 to 2.50:1 in the year 2005-06 to 2007-08. But decreased to 2.16 in the year 2008-09. The fixed assets are on an increasing trend throughout the four years. The current assets decreased in the last year. Secured loans are on an increasing trend and unsecured loans are on an decreasing trend throughout the four years.

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A Study on Ratio Analysis of Usha Martin Ltd.

PROPRIETARY RATIO :This ratio indicates the proportion of total assets funded by owners or shareholders. Formula for calculating this Ratio Proprietary Ratio = Equity (Shareholders Funds)/Total Assets or Shareholders SIGNIFICANCE A higher proprietary ratio is generally treated an indicator of sound financial position from long-term point of view, because it means that a large proportion of total assets is provided by equity and hence the firm is less dependent on external sources of finance. On the contrary, a low proprietary ratio is a danger signal for Long-term lenders as it indicates a lower margin of safety available to them. The lower the ratio, the less secured are the longterm loans and they face the risk of losing their money. Funds/Total Assets

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING PROPRIETORY RATIO (Rs. in thousand) PARTICULARS 2005-2006 2006-2007 2007-2008 2008-2009

Shareholders Funds Capital Equity warrants Reserve and Surplus Total(A) Current Assets Fixed Assets Total Assets(B) 2,21,920 88,740 56,05,048 2,40,045 33,278 69,36,730 2,50,920 3,34,950 84,04,090 2,50,920 99,11,836

59,15,708 69,95,953 95,42,787 1,65,38,740

72,10,053 84,11,333 1,09,70,665 1,93,81,998

89,89,960 1,27,15,995 1,44,90,841 2,72,06,836

1,01,62,756 1,10,50,106 2,33,10,700 3,43,60,806

Ratio = A/B

0.36:1

0.37:1

0.33:1

0.30:1

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWING PROPRIETARY RATIO

Comments The ratio shows a strong financial position of the company. The higher the ratio, the better it is. The proprietary ratio of UML increased from 0.36:1 to 0.37:1 from year 2005-06 to 2006-07 and decrease to 0.33:1 & 0.30:1 in year 2007-08 & 2008-09. The share capital increased in first three years then it was stable. The reserve increased in all four years. The current assets increased in first three years but it decreased in last year. The fixed assets shows an increasing trend from 2005-06 to 2008-09.

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A Study on Ratio Analysis of Usha Martin Ltd.

RESERVE TO CAPITAL RATIO This ratio indicates the relationship between reserves and capital. More reserve shows financial soundness of the firm, because it will be able to meet future losses, if any out of reserves. Formula for calculating this Ratio:Reserve to capital ratio = Reserve/Capital TABLE SHOWING RESERVE TO CAPITAL RATIO. (Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Reserve(A) Capital(B)

56,05,048 2,21,920

69,36,730 2,40,045

84,04,090 2,50,920

99,11,836 2,50,920

Ratio = A/B

25.26:1

28.90:1

33.49:1

39.50:1

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWINGRESERVE TO CAPITAL RATIO

Comments The above table and chart shows that the reverse to capital ratio was 25.26 in the year 2005-2006 which has been increased to 28.90 in next year and it has further increased to 33.49 and 39.50 in the year 2007-08 & 2008-09 respectively. It is showing increasing trend in the reserve to capital ratio.

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A Study on Ratio Analysis of Usha Martin Ltd.

DEBTORS TURNOVER RATIO This ratio indicates the relationship between credit sales and average debtors during the year. Formula for calculating this ratio :Debtors Turnover Ratio = Net credit sales/Average debtors Average debtors = (opening debtor + closing debtor)/2

SIGNIFICANCE This ratio indicates the speed with which the amount is collected from debtor. The higher the ratio, the better it is, since it indicates that amount from debtors being collected more quickly. The more quickly the debtors pay, the less is the risk of bad debt and so it lower the expenses of collection and increase the liquidity of the firm. A lower ratio will indicate the efficient credit sales policies of the management. It means that credit sale have been made to customers who do not decrease much credit.

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING DEBTORS TIRNOVER RATIO (Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Credit sales(A)

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

Opening debtor Add:-closing debtor Total debtor(B)

25,13,970 19,82,492

19,82,492 22,69,104

22,69,104 25,63,505

25,63,505 32,28,548

44,96,462

42,51,596

48,32,609

57,92,053

Average debtor(C)= B/2

22,48,231

21,25,798

24,16,305

2896027

Ratio = A/C

5.48 times

6.63 times

6.85 times

7.35 times

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWING DEBTORS TURNOVER RATIO

Comments The above table and chart shows the increasing trend of debtors turnover ratio of UML. Debtors turnover, which measures whether the amount of resources tied up in debtors is reasonable and whether the company has been efficient in converting debtors into cash. Higher the ratio, better the position. This shows that money is being quickly recovered from the debtors. The ratio in case of UML is very high i.e. the company is in very good position.

WORKING CAPITAL TURNOVER RATIO

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A Study on Ratio Analysis of Usha Martin Ltd.

This ratio measures the relationship between working capital sales. This ratio shows the number of times the working capital result in sales. Formula for calculating this Ratio:Working Capital = Current assets Current Liabilities Working Capital Turnover Ratio = Net Sales/ Working Capital

SIGNIFICANCE It is very significant for non manufacturing concerns where working capital is more than fixed assets . It reflects the efficiency in the utilization of working capital. High ratio shows Overtrading & low shows over taking.

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING WORKING CAPITAL TURNOVER RATIO. (Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Gross sales Less:-Excise duty Net sales(A)

1,37,71,836 14,53,958

1,57,37,419 16,51,372

1,85,27,701 19,68,714

2,30,72,056 17,99,803

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

Current Assets Less:-Current liabilities Working Capital(B)

69,95,953 39,79,596

84,11,333 48,75,108

1,27,15,995 89,91,299

1,10,50,106 1,01,86,312

30,16,357

35,36,225

37,24,696

8,63,794

Ratio = A/B

4.08 times

3.98 times

4.45 times

24.63 times

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWING WORKING CAPITAL TURNOVER RATIO

Comments The above table and chart shows that the working capital turnover ratio is 4.08 times in the year 2005-06 which has been decreased to 3.98 times in the year 2006-07. The ratio increased to 4.45 times & 24.63 times in the year 2007-08 & 2008-09 respectively. It shows the efficient utilization of working capital.

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A Study on Ratio Analysis of Usha Martin Ltd.

INVENTORY TURNOVER RATIO OR STOCK TURNOVER RATIO This ratio indicates the relationship between the cost of goods sold or sales during the year and average stock kept during that year. Formula for calculating this ratio:Inventory Turnover ratio= Net Sales/Average Stock or Cost of Goods Sold/Average Stock Average Stock = Opening Stock + Closing Stock/2 SIGNIFICANCE This ratio indicates whether stock has been efficiently used or not. It shows the speed with which the stock is rotated into sales or the number of times the stock is turned into sales during the year. The higher the ratio, the better it is, since it indicates that stock is selling quickly. In a business where stock turnover ratio is high, goods can be sold at a low margin of profit and even then the profitability may be quite high. A low stock turnover ratio indicates that stock does not sell quickly and remains lying in the godown for quite a long time.

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING INVENTORY TURNOVER RATIO (Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Net sales(A)

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

Opening Stock Closing Stock Total Stock(B)

28,40,534 26,21,667 54,62,201

26,21,667 33,90,551 60,12,218

33,90,551 53,24,181 87,14,732

53,24,181 40,37,100 93,61,281

Avg stock= B/2

27,31,101

30,06,109

43,57,366

46,80,641

Ratio = A/C

4.51 times

4.69 times

3.80 times

4.54 times

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART INVENTORY TURNOVER RATIO OR STOCK TURNOVER RATIO

Comments The above table and chart shows that the inventory turnover ratio is 4.51 times in the year 2005-06 which has been increased to 4.69 times in the year 2006-07. In the year 2007-08 inventory turnover ratio decreased to 3.80 times and which has been increased to 4.54 times in the year 2008-09. This ratio indicates how fast the inventory is converted into sales . here high ratio implies good inventory management. In the year 2005-06 & 2006-07 the inventory management is good. But it decreased in the year 2007-08 it the

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A Study on Ratio Analysis of Usha Martin Ltd.

sign of inefficient inventory management. But again it increased in the year 2008-09. AVERAGE COLLECTION PERIOD The average collection period represents the average number of days for which a firm has to wait before their receivables are converted into cash. It measures the quality of the debtor, generally, shorter the collection period, the better is the quantity of the debtors. As a short collection period impels quick payment by debtors. Similarly a high collection period impels in efficient collection performance, which in turn adversely affect the liquidity or short term paying capacity of a firm out of its current liabilities. Moreover, longer the collection period, longer are the chances of bad debt. But precaution is needed while interpreting a very short collection period because of very low collection period may imply a firm conservative policy to sales on credit or its unavailability to allow credit to its customers and thereby loosing sales and profit. Formula for calculating this Ratio:-Average collection period = (average debtors/credit sales)365

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING AVERAGE COLLECTION PERIOD

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Opening debtor

25,13,970

19,82,492

22,69,104

25,63,505

Add:-closing debtor Total debtor(A)

19,82,492 44,96,462

22,69,104 42,51,596

25,63,505 48,32,609

32,28,548 57,92,053

Average debtor(B)= A/2

22,48,231

21,25,798

24,16,305

2896027

Credit sales(C)

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

ACP = (B/C)365

66 days

55 days

55 days

51 days

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A Study on Ratio Analysis of Usha Martin Ltd.

(Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Opening debtor

25,13,970

19,82,492

22,69,104

25,63,505

Add:-closing debtor Total debtor(A)

19,82,492 44,96,462

22,69,104 42,51,596

25,63,505 48,32,609

32,28,548 57,92,053

Average debtor(B)= A/2

22,48,231

21,25,798

24,16,305

2896027

Credit sales(C)

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

ACP = (B/C)365

66 days

55 days

55 days

51 days

(Rs. in thousand)

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWING AVERAGE COLLECTION PERIOD

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A Study on Ratio Analysis of Usha Martin Ltd.

Comments As a standard, debtor collection period is not more than 90 days. Debtor collection period of UML is satisfactory during the study period. It fluctuates widely due to change in economic condition. The overall the average period during the study period is below 90 days which shows consistent position.

NET PROFIT RATIO This Ratio shows the relationship between Net profit and Net sales Formula for calculating this Ratio:Net profit ratio = Net profit/Net sales 100

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING NET PROFIT RATIO (Rs. in thousand)

PARTICULARS

2005-2006

2006-2007

2007-2008

2008-2009

Net profit(A)

6,49,641

10,14,760

14,48,327

14,65,567

Net sales(B)

1,23,17,878

1,40,86,047

1,65,58,987

2,12,72,253

Ratio = A/B100 5%

7%

9%

7%

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWINGNET PROFIT RATIO

Comments The above table and chart shows that net profit ratio is in the increasing order in the year 2005-06, 2006-07 & 2007-08. But it decreased to 7% in the year 2008-09 due to the increase in the expenditure. On the basis of the first three

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year we can say that the company is having sufficient profit which can be easily used at the time of crisis.

NET PROFIT TO NET WORTH RATIO This ratio indicates the relationship between Net Profit & Net Worth Formula for calculating this Ratio:Net profit to net worth ratio = (net profit after interest but before tax/net worth)100 Net worth ratio = Equity and preference share capital + Reserves + Profit Accumulated

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A Study on Ratio Analysis of Usha Martin Ltd.

TABLE SHOWING NET PROFIT TO NET WORTH (Rs. in thousand) PARTICULARS 2005-2006 2006-2007 2007-2008 2008-2009

Net profit after 10,07,385 interest but before tax (A)

13,83,960

20,07,127

21,40,412

Net worth Share capital 2,21,920 2,40,045 2,50,920 2,50,920

Reserve

56,05,048

69,36,730

84,04,090

99,11,836

Net worth(B)

5826968

7176775

8655010

1,01,62,756

Ratio = A/B100

17:1

19:1

23:1

21:1

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A Study on Ratio Analysis of Usha Martin Ltd.

CHART SHOWING NET PROFIT TO NET WORTH RATIO

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A Study on Ratio Analysis of Usha Martin Ltd.

Comments The above table and chart shows that the net profit to net worth ratio is an increasing trend. It increased from 17:1 to 23:1 from 2005-06 to 2007-08. But net profit to net worth ratio decreased to 21:1 in the year 2008-09. The net profit after interest but before tax and reserves increased from 2005-06 to 2008-09. The share capital has increased in the year 2007-08 compare to year 2005-06. And it has remained constant in the year 2008-09.

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A Study on Ratio Analysis of Usha Martin Ltd.

FINDINGS
The liquidity ratio i.e. current ratio and quick ratio of UML are quite healthy. The company can manage to use some portion of the current asset in other productive activities. The company is placed comfortable to fulfil its current obligations. Reserve to capital ratio of UML has increased from 25.26:1 to 39.50:1 from 2005-06 to 2008-09 which ensure that UML has sufficient reserves which it can use at any point of crises in future time period. The debtor turnover ratio of UML is also very satisfactory as it is said that higher the ratio, the better it is for the company as it insures quick collection of money from the debtors. It was 5.48 times in the year 2005-06 and increased to 7.35 times in the year 2008-09. The average collection period of the company should not be more than 90 days. The period was 66 days in 2005-06 then it decreased to 51 days in 2008-09 which is healthy sign for a credit sale making company. It insure that UML is able to collect its debt on time. The working capital turnover ratio of any firm should be normal. Excess ratio indicates overtrading while a lower ratio indicates overtaking. The ratio in 2005-06 was 4.08 which increased to 24.63 which is quite high. It may result in overtrading.

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 The profitability ratio is also satisfactory. The net profit ratio increased in first three years from 5% to 9% and decreased to 7% in the last year but the company will recover it in the future. From the comparative analysis, it was found that the test of overall profitability holds good.

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SUGGESTIONS
The company has to focus on the reducing cost by reducing the unproductive expenses. For that purpose the company has to divide its overheads into sub heads so the company can know that which expenses is high and how can reduce. As well as the company should compare its standard cost with actual cost. By doing this practice the company has been successful in reducing many of the unnecessary expenses. There has been manpower rationalization i.e. a reduction in duplication of work and consequent under utilization of human capacity. The result of this was improved efficiency. UML is committed to add value to the products it makes, debottlenecking its capacities with intelligence so that the production cost gets reduced, utilizing the resources more efficiently. The company is focusing on its integrated steel and steel products business with an increased focus on exports to neighbouring countries. To improve competitiveness in the global market, the company has planned to make strategic investment in steel to reduce the cost of products by leveraging the availability of raw materials from within the region. The company is also focusing on an improvement in the realization of products like wires, wire ropes, strands and by migrating to high value branded products.

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 To meet the challenges of the loss of cable business, the company has embarked on the strategy to make the use of productive assets for diversification into value added products. The company is strengthening its international marketing capability through an intelligent combination of initiatives like the expansion of its distribution outlets marketing offices and strategic alliances. UML is a huge organization that has been the market leader for many years and has stood the tests of time and emerged out of adverse and unfavourable market situation su successfully.

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BIBLOGRAPHY

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A Study on Ratio Analysis of Usha Martin Ltd.