AN INTERNSHIP REPORT ON

ICERT GLOBAL LEARNING

PVT LTD
Submitted By
PRIYANKA P
(USN NO: 1MP23BA032)
Submitted To:
VISVESVARAYA TECHNOLOGICAL UNIVERSITY, BELGAVI
In partial fulfillment of the requirements for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION

Under the guidance of

INTERNAL GUIDE EXTERNAL GUIDE

Prof. Lalitha Jagadish Miss. Asha D
Assistant Professor HR Executive
BGSCET | MBA
iCert Global

Department of MBA
BGS College of Engineering and Technology
Bangalore -560086
December 2024
ORGANISATION CERTIFICATE
 DECLARATION

I PRIYANKA P (1MP23BA032) hereby declares that the internship report at [iCert

Global Learning Pvt Ltd] is prepared by me under the supervision and guidance of
Mrs. Lalitha Jagadish, Assistant Professor, Department of MBA, BGS College of
Engineering and Technology Bangalore 560086 and external assistance by Miss Asha D
being submitted to VISVESVARAYA TECHNOLOGICAL UNIVERSITY,
BELGAUM for the award of degree in MBA

I furthermore declare that this report is based on original Internship Study undertaken
by me and has not been submitted earlier to any university or institution for the award of
any degree/diploma/certificate or published any time before.

Date: 21st December 2024 Name: PRIYANKA P

Place: Bangalore USN:1MP23BA032
 ACKNOWLEDGEMENT

We take this opportunity to express our heartfelt gratitude to everyone who supported and guided us
throughout the successful completion of our mini-project.
We are profoundly grateful to Sri. Adichunchanagiri Shikshana Trust (R.) for their invaluable
assistance, unwavering cooperation, and encouragement in this research Endeavor, all made possible by
the divine blessings of Jagadguru Padma Bhushan Sri. Sri. Sri. Dr. Balagangadharanatha Maha
Swamiji is under the spiritual guidance of Jagadguru Sri. Sri. Sri. Dr. Nirmalanandanatha Maha
Swamiji.
We are profoundly thankful to Dr. G T Raju, Director of BGS College of Engineering and Technology,
for their unwavering support, providing us with the necessary facilities to execute our work successfully.
We sincerely thank Dr. Ravi Kumar G K, Principal of BGS College of Engineering and Technology,
for providing an excellent academic environment and access to resources that enabled us to carry out this
project effectively.
It is a privilege to convey my sincere thanks to Dr. Naveen Kumar G, director of the MBA department,
and all other department staff members for providing an excellent academic climate in the institute, which
has made this endeavor possible.
I am incredibly grateful to my internal guide, Prof. Lalitha Jagadish, Assistant Professor of MBA, for
her valuable guidance, suggestions, and advice through all stages of my internship.
Miss. Asha D, the designated external guide, deserves special recognition for having spared his valuable
time to guide and inspire me and provide relevant information from time to time during this study.
I am also very grateful to all the Organization's staff who have cooperated well with me while I have been
obtaining information.
Lastly, I want to express my sincere thanks to my parents and friends, who have helped me in every way
throughout my career.

PRIYANKA P
USN:1MP23BA032
 TABLE OF CONTENTS

SL. NO TOPIC PAGE NO.

Executive Summary

1. Introduction about the Organization and Industry 1-4

2. Organizational Profile 5-10

3. Mckensy’s 7s Framework and Porter's Five Force Model 11-16

with Special Reference to Organization Under Study

4. SWOT Analysis 17-19

5. Analysis Of Financial Statements

20-46
6. Learning Experience 47-48

7. Bibliography 49
 LIST OF FIGURES

FIGURES NO. NAME OF THE FIGURE PAGE

NO.
Figure 1.1 LOGO of iCert Global 2
Figure 3.1 McKinsey 7S Framework 11

Figure 3.2 Porters 5 Force Model 14

Figure 4.1 SWOT/ SWOC Analysis 17

LIST OF TABLES

TABLE NO. NAME OF THE TABLE PAGE

NO.
Table 5.1 Balance Sheet 20
Table 5.2 Consolidated Statement of Profit and Loss 23

Table 5.3 Common Size Balance Sheet 25

Table 5.4 Comparative Balance Sheet 28

Table 5.5 Comparative Profit and Loss 30

Table 5.6 Common Size Profit and Loss 30

 EXECUTIVE SUMMARY

The MBA course offered by the Visvesvaraya Technological University, Belagavi Karnataka, has
its own unique syllabus which requires its MBA students to undertake an internship with any of
the leading business houses for a period ranging from 4 weeks during the Third semester. For the
purpose of acquiring practical knowledge of the working and functioning of a company iCert
Global. University has incorporated an in-plant training into its Business Management wins as a
single unit. schedule. This in plant training shows us how the different departments in an
organization work and wins as a single unit.

International Council for Education, Research and Training (ICERT) Global is a leading provider
of professional training and certification courses, specializing in Project Management, Service
Management, Quality Management, Agile & Scrum, and Niche technologies. They offer both
classroom and live online training options, catering to both B2B and B2C clients. With a global
presence spanning multiple countries, iCert Global has trained over 75,000 professionals and
delivered millions of quality training hours. Their mission is to empower individuals and
organizations through knowledge and professional development.

This report highlights the significance of in-plant training within a business management
curriculum. It emphasizes that such training provides practical insights into how different
departments within an organization function and collaborate towards a common goal. The example
of International Council for Education, Research and Training (iCert) Global further illustrates the
value of professional development. iCert Global, a leading provider of training in areas like project
management and quality management, has successfully trained over 75,000 professionals globally,
underscoring the importance of continuous learning and skill enhancement in today's dynamic
business environment.
 CHAPTER 1
INTRODUCTION ABOUT THE ORGANIZATION AND INDUSTRY

1.1 INTRODUCTION

The project program is offered by VTU university with a goal of helping the understudy to learn
the practical experience on project will and field work in regards to internship while execute the
hypothesis to useful knowledge information and learn in work involvement in organization and
investigation the organization standards and control in regards to internship. The understudy while
take part in building up the organization objectives while actualize the system in organization.

As an intern, I'm excited about the opportunity to bridge the gap between theory and practical.
This internship program will allow me to dive deep into the real-world challenges and solutions of
[iCert Global Learning Private Limited]. I'll be working on all the departments such as HR,
Finance, Marketing, Business Analytics and also applying the knowledge I've gained in specific
course or subject.

Beyond technical skills, I'm eager to develop crucial soft skills like effective communication,
teamwork, and problem-solving. I'm confident that this experience will not only enhance my
professional abilities but also shape my personal growth. By actively contributing to the team and
immersing myself in the company culture, I aim to become a valuable asset and gain invaluable
insights into the industry.
Internship helps me to develop the personality and capacity to adapt to, and handle challenging
situations in the real business world. Internship program helps to acquire transferable skills such
as communication skills, interpersonal skills, teamwork skills, and problem-solving skill

1
1.2 INTRODUCTION ABOUT THE ORGANIZATION

Fig 1.1 LOGO of iCert Global

International Council for Education, Research and Training (ICERT) Global is a leading provider
of professional training and certification programs in India. With a focus on enhancing individual
and organizational performance, iCert Global offers a wide range of courses in areas such as
project management, IT service management, agile and scrum, quality management, and more.
iCert Global is a leading provider of professional training and certification courses, specializing in
Project Management, Service Management, Quality Management, Agile & Scrum, and Niche
technologies. They offer both classroom and live online training options, catering to both B2B and
B2C clients. With a global presence spanning multiple countries, iCert Global has trained over
75,000 professionals and delivered millions of quality training hours. Their mission is to empower
individuals and organizations through knowledge and professional development. iCert Global is
headquartered in Bengaluru, Karnataka, with a presence in other major cities across India.

Key features and offerings:

• Comprehensive Course Portfolio: iCert Global offers a diverse selection of courses,
including globally recognized certifications like PMP, Scrum, ITIL, Six Sigma, and Agile.
• Experienced Instructors: The company boasts a team of highly qualified and experienced
instructors who are experts in their respective fields.

2
 • Flexible Learning Options: iCert Global provides both classroom and online training
options, catering to the diverse learning preferences of its students.
• Focus on Practical Application: The training programs emphasize practical application
of knowledge and skills through real-world case studies, simulations, and hands-on
exercises.
• Proven Track Record: iCert Global has a strong track record of success, with a high rate
of student satisfaction and placement assistance.
Overall iCert Global is a reputable training institute that offers a comprehensive range of
professional development programs. With its focus on practical learning, experienced instructors,
and flexible learning options, iCert Global is a preferred choice for individuals and organizations
seeking to enhance their skills and advance their careers.

1.3 INTRODUCTION ABOUT INDUSTRY

iCert Global is one of the fastest growing Education Brand, both as an Accredited Training
Organization (ATO) and Accredited Examination Centre (AEC). They are in process of
reinventing training industry! Cost-effective solutions and convenient access to our customers
proved to be our cornerstone. Professional Certification continues to be in vogue as an important
gradient to success not just adding another dimension but differentiates by its distinction. And then

3
the access aspect we wanted to reach out to the customer regardless of the location to door deliver
technology, particularly to a global audience, and the internet revolutionized connectivity by
making the world very small. On those lines, Certification using internet as a primary medium
that's geography independent, came out the name 'iCert Global'. Headquartered in United States,
iCert Global operates in nearly 3 continents, all of which share the same belief in building strong
brand loyalty with our customers. iCert Global implicitly suggests I will be Certified. 100%
Guaranteed. They focus on our participants and their performance. Other names in the industry
make us to acknowledge they too have a space to share but our uniqueness is underscored by our
competency and capacity to deliver as testified by the success rate of 99% with more than 100,000
professionals from various industry verticals all across the receiving quality tutelage in clearing
certification.
iCert Global imparts knowledge in personalized way by customizing the course best suiting the
participants from diverse business interest and different background. We measure our progress not
only by meeting client requirements, and improving the existing process but also by the difference
we make in people’s lives. User satisfaction and measurable results are our ultimate priorities.

4
 CHAPTER 2

ORGANIZATION PROFILE

International Council for Education, Research and Training (ICERT) Global is one of the fastest
growing Education Brand, both as an Accredited Training Organization (ATO) and Accredited
Examination Centre (AEC).
They are in process of reinventing training industry! Cost-effective solutions and convenient
access to our customers proved to be our cornerstone. Professional Certification continues to be in
vogue as an important gradient to success not just adding another dimension but differentiates by
its distinction. And then the access aspect, we wanted to reach out to the customer regardless of
the location to door deliver technology, particularly to a global audience, and the internet
revolutionized connectivity by making the world very small. On those lines, Certification using
internet as a primary medium that's geography independent, came out the name 'iCert Global'.
Headquartered in United States, iCert Global operates in nearly 3 continents, all of which share
the same belief in building strong brand loyalty with our customers. iCert Global – implicitly
suggests I will be Certified. 100% Guaranteed.
iCert Global focus on our participants and their performance. Other names in the industry make us
to acknowledge they too have a space to share but our uniqueness is underscored by our
competency and capacity to deliver as testified by the success rate of 99% with more than 100,000
professionals from various industry verticals all across the receiving quality tutelage in clearing
certification.
iCert Global imparts knowledge in personalized way by customizing the course best suiting the
participants from diverse business interest and different background. We measure our progress not
only by meeting client requirements, and improving the existing process‚ but also by the difference

5
we make in people’s lives. User satisfaction and measurable results are our ultimate priorities.

VISION
To become most preferred organization in training, consultancy, resource development & service
support globally.
MISSION
To contribute significantly to the success of our clients ‘Business by offering cost effective and
quality services that would result in Customer Delight.

Quality Policies of iCert Global

iCert Global quality policy focuses on providing high-quality training and certification programs
that meet the needs of their participants and industry standards. They aim to achieve this through:
• Comprehensive and updated study materials: Ensuring that their training materials are
relevant and aligned with the latest industry trends and exam requirements.
• Regular mock tests: Providing participants with ample opportunities to practice and assess
their exam readiness.
• Personalized coaching: Offering customized training programs tailored to individual
learning styles and career goals.
• Conducive learning environment: Creating a supportive and engaging learning
environment that fosters effective learning and collaboration.
• Continuous improvement: Regularly evaluating their training programs and processes to
identify areas for improvement and enhance the overall learning experience.
By adhering to these principles, iCert Global strives to empower professionals with the knowledge

6
and skills they need to succeed in their careers.

Services
iCert Global primarily focuses on providing professional training and certification programs,
particularly in the areas of project management, IT service management, and quality management.
Here are some of their key services:

➢ Training Courses:
• They offer a wide range of instructor-led training courses, both in-person and online,
covering popular certifications such as:
• Project Management Professional (PMP)
• PRINCE2
• ITIL
• Six Sigma
• Agile and Scrum

➢ Certification Exam Preparation:

• iCert Global provides comprehensive exam preparation materials, including:
• Study guides
• Practice exams
• Mock tests
• They also offer personalized coaching to help individuals prepare for their certification
exams.

➢ Corporate Training:
• They provide customized training programs to meet the specific needs of organizations,
helping them improve project management practices, enhance service delivery, and
improve overall business efficiency.

7
Customers
iCert Global customers are individuals and corporations who are looking for professional
certification training. iCert Global offers a variety of programs in areas such as project
management, quality management, service management, agile and scrum, and niche technologies.
• Individuals: People who are looking to improve their skills and knowledge
• Corporations: Businesses that are looking to improve their technical competencies and
knowledge
• Training partners: Individuals who are looking to share their knowledge with
a global audience

Product / Service Profile

Services Provided by iCert Global Learning Pvt. Ltd.
1. Training Courses
• Project Management (PMP, PRINCE2)
• IT Service Management (ITIL)
• Quality Management (Six Sigma)
• Agile and Scrum
• Other industry-relevant certifications
2. Certification Exam Preparation
• Study guides
• Practice exams
• Mock tests
• Personalized coaching
3. Corporate Training
• Customized training programs for organizations
• Improving project management practices
• Enhancing service delivery
• Improving overall business efficiency

8
Ownership Pattern
iCert Global is a privately held company, and information about its ownership structure is not
publicly disclosed.
• Founder and CEO: Irfan Sharief is the founder and CEO of iCert Global.
• Board of Directors: Irfan Sharief and Mudassir Anwar Sheriff Sharief are part of the
company's board of directors.
• Contact iCert Global directly: Reach out to their investor relations department or a
company spokesperson.
• Check business databases: Some specialized databases may have information on private
company ownership, but access may be restricted.
• Look for news articles or press releases: Occasionally, news outlets or industry
publications may report on changes in ownership or investment rounds for private
companies.

Achievements / Awards
iCert Global has been recognized for its contributions to the education and professional
development sectors. Here are some of their notable achievements:
• Business Leadership Award: iCert Global was awarded the Business Leadership Award
at the International Achievers Summit in 2017. This recognition highlights their
commitment to progress and development in the educational field.
• India Education Awards 2018: iCert Global was honored at the India Education Awards
2018, further solidifying their position as a leading provider of professional certification
training.
• Global Reach: iCert Global has successfully conducted training sessions in over 108
countries worldwide, demonstrating their global impact and reach.
• Extensive Training Programs: They offer a wide range of professional training programs,
covering various domains such as Project Management, Service Management, Quality
Management, Agile & Scrum, and Niche technologies.
• Diverse Training Methods: iCert Global provides training through various methods,
including instructor-led classroom workshops, instructor-led live virtual training sessions,

9
 and self-paced e-learning courses, catering to different learning preferences.
These achievements showcase iCert Global dedication to providing high-quality training and
empowering professionals worldwide.

Future growth and prospects

iCert Global has several factors that could contribute to its future growth and success:
• Growing Demand for Professional Certifications: In today's competitive job market,
professional certifications are increasingly valued by employers. This trend is likely to
continue, driving demand for quality training programs like those offered by iCert Global.
• Expanding Global Reach: With an already established presence in over 108 countries,
iCert Global has the potential to further expand its global reach and cater to the growing
demand for professional development worldwide.
• Diverse Training Offerings: iCert Global wide range of training programs across various
domains ensures that they can adapt to the evolving needs of the job market and cater to a
diverse clientele.
• Focus on Innovation: By continuously incorporating new technologies and training
methodologies, iCert Global can stay ahead of the curve and provide engaging and
effective learning experiences for its learners.
• Strong Brand Reputation: iCert Global established reputation for quality training and
customer satisfaction can serve as a strong foundation for future growth and expansion.

However, it's important to note that the training industry is dynamic and competitive. Challenges
such as maintaining competitive pricing, adapting to changing technologies, and staying ahead of
competitors will need to be addressed for continued success.
Overall, iCert Global appears to be well-positioned for future growth, given the increasing demand
for professional development and its strong foundation in the training industry.

10
 CHAPTER 3
MCKENSY’S 7S FRAMEWORK AND PORTER'S FIVE FORCE
MODEL WITH SPECIAL REFERENCE TO ORGANIZATION UNDER
STUDY

Fig 3.1 McKinsey 7S Framework

iCert Global Learning Pvt. Ltd : A McKinsey 7S Framework Analysis

The McKinsey 7S Framework provides a valuable tool for analyzing the interconnectedness of
key elements within an organization. By examining these elements in the context of Icert Global
Pvt. Ltd., we can gain a deeper understanding of its strengths, weaknesses, and potential areas for
improvement.

11
[Link]:
➢ Vision: To be a global leader in providing high-quality, accessible professional
development solutions.
➢ Mission: To empower individuals and organizations through world-class training
programs that enhance skills, knowledge, and career prospects.
➢ Objectives:
• Expand global reach and market share.
• Diversify training offerings to cater to evolving industry demands.
• Enhance customer experience and satisfaction.
• Develop and maintain strong partnerships with industry leaders.
• Foster a culture of innovation and continuous improvement.

2. Structure:
• Organizational Structure: Likely a hierarchical structure with departments for sales,
marketing, operations, finance, and technology.
• Decision-Making Processes: Centralized decision-making at the top, with delegated
authority for operational matters.
• Communication Channels: Formal communication channels, supplemented by informal
networks and collaborative platforms.

3. Systems:
• Business Processes: Well-defined processes for lead generation, sales, training delivery,
customer support, and financial management.
• Technology Infrastructure: Robust technology infrastructure supporting online learning
platforms, CRM systems, and communication tools.
• Quality Management Systems: Processes in place to ensure quality training delivery and
customer satisfaction.

4. Shared Values:
• Customer-Centricity: Prioritizing customer needs and satisfaction.
• Innovation: Embracing new technologies and training methodologies.

12
 • Excellence: Striving for high-quality training and exceptional service.
• Integrity: Maintaining ethical and transparent business practices.
• Teamwork: Fostering collaboration and cooperation among employees.

5. Style:
• Leadership Style: Transformational leadership, emphasizing employee development and
empowerment.
• Decision-Making Style: Consultative approach, involving key stakeholders in decision-
making processes.
• Communication Style: Open and transparent communication, fostering a culture of
feedback and dialogue.

6. Staff:
• Skills and Competencies: Highly skilled and experienced trainers, instructional designers,
and support staff.
• Talent Management: Effective recruitment, training, and development programs to attract
and retain top talent.
• Employee Engagement: Initiatives to enhance employee motivation, satisfaction, and
retention.

7. Skills:
• Core Competencies: Expertise in training methodologies, instructional design, and
technology-enabled learning.
• Domain Expertise: Deep knowledge and understanding of various industries and
professional domains.
• Customer Relationship Management: Strong interpersonal and communication skills to
build and maintain customer relationships.

13
 PORTER'S FIVE FORCE MODEL

Fig 3.2 Porters 5 Force Model

Porter's Five Forces Analysis for Icert Global Pvt. Ltd.

Porter's Five Forces model is a strategic management tool used to analyze the competitive intensity
and attractiveness of an industry. By examining these five forces, businesses can gain insights into
the underlying drivers of competition and develop effective strategies to achieve sustainable
competitive advantage.
1. Threat of New Entrants:
• High investment costs: Setting up training infrastructure, developing high-quality course
content, and building a strong brand require significant capital investment.
• Established brand reputation: iCert Global has built a strong reputation over time, making
it difficult for new entrants to gain customer trust and market share.
• Switching costs: Customers may face switching costs associated with changing training
providers, such as disruption to training schedules and potential data loss.
• Access to resources: Securing experienced trainers, building a network of corporate clients,

14
 and accessing distribution channels can be challenging for new entrants.

2. Bargaining Power of Buyers:

• Buyer Concentration: The training market includes a diverse range of buyers, including
individuals, corporations, and educational institutions. While some large corporations may
have significant bargaining power, the majority of buyers are individuals or small
businesses with limited bargaining leverage.
• Buyer Information: The availability of information about training providers and course
offerings has increased significantly with the rise of online platforms and review websites.
This empowers buyers to make informed decisions and compare prices and offerings.
• Buyer Switching Costs: Switching costs for buyers can vary depending on the type of
training and the provider. However, the availability of a wide range of training options
limits the bargaining power of individual buyers.
• Overall Threat: Moderate. While buyers have access to information and multiple options,
their individual bargaining power is generally limited. However, the collective bargaining
power of large corporate clients can be significant.

3. Bargaining Power of Suppliers:

• Supplier Concentration: The training industry involves a diverse range of suppliers,
including trainers, content developers, technology providers, and marketing agencies.
While some specialized trainers or content developers may have some bargaining power,
the overall supplier base is relatively fragmented.
• Supplier Differentiation: The level of differentiation among suppliers varies. Some trainers
and content developers may possess unique expertise or specialized skills, giving them
some bargaining power. However, many suppliers offer standardized services, limiting
their ability to command higher prices.
• Threat of Forward Integration: The threat of suppliers entering the training market directly
is generally low, as they typically lack the necessary resources and expertise to compete
effectively.
• Overall Threat: Low. The fragmented nature of the supplier base and limited threat of
forward integration generally limit the bargaining power of suppliers.

15
4. Threat of Substitute Products or Services:
• Availability of Substitutes: A wide range of substitutes exist for formal training programs,
including on-the-job training, mentoring, self-study, and online resources.
• Price-Performance Trade-off: Substitutes often offer lower costs but may not provide the
same level of structure, quality, or certification as formal training programs.
• Buyer Switching Costs: Switching from formal training to alternative methods may involve
some costs, such as time and effort.
• Overall Threat: High. The availability of various substitute options, particularly low-cost
alternatives, poses a significant threat to the profitability of training providers.

5. Competitive Rivalry Among Existing Firms:

• Number of Competitors: The training market is characterized by a large number of
competitors, ranging from small boutique firms to large multinational corporations.
• Industry Growth Rate: The training industry is experiencing steady growth, driven by the
increasing demand for professional development. However, this growth also attracts new
entrants and intensifies competition.
• Product Differentiation: Differentiation can be achieved through various means, such as
specialized training programs, innovative training methodologies, strong brand reputation,
and exceptional customer service.
• Exit Barriers: Exit barriers can include high fixed costs, specialized assets, and strong brand
reputation.
• Overall Threat: High. The presence of numerous competitors, rapid industry growth, and
the need for continuous innovation create a highly competitive environment.

16
 CHAPTER 4
SWOT/SWOC ANALYSIS

Fig 4.1 SWOT/ SWOC Analysis

SWOT Analysis for iCert Global Learning Pvt. Ltd.

Strengths:
• Strong Brand Reputation: iCert Global has established a strong brand reputation for
delivering high-quality training programs and building successful careers for professionals
worldwide. This reputation is built on years of experience, a commitment to excellence,
and a focus on customer satisfaction.
• Diverse Training Offerings: iCert Global offers a wide range of professional training
programs across various domains, catering to a diverse clientele and adapting to evolving
industry demands. This breadth of offerings provides a competitive advantage and attracts
a wider audience.
• Global Reach: With a presence in over 108 countries, iCert Global has established a
significant global footprint. This extensive reach allows them to tap into diverse markets
and cater to the growing demand for professional development worldwide.

17
 • Experienced Faculty: iCert Global boasts a team of highly skilled and experienced
trainers, many of whom are industry experts with practical experience. This expertise
ensures that learners receive high-quality instruction and gain valuable insights.
• Robust Technology Infrastructure: iCert Global leverages technology to enhance the
learning experience. Their online learning platform, live virtual training sessions, and other
technological tools provide flexibility and accessibility for learners.

Weaknesses:
• Dependence on Traditional Training Methods: While iCert Global offers online and
virtual training, a significant portion of their revenue may still be derived from traditional
classroom-based training. This dependence on traditional methods could limit their ability
to adapt to rapidly changing learning preferences and technologies.
• Price Sensitivity: The training industry is price-sensitive, and iCert Global may face
challenges in maintaining competitive pricing while ensuring profitability.
• Competition: The training market is highly competitive, with numerous players offering
similar services. This intense competition can put pressure on pricing, marketing, and
innovation.
• Maintaining Quality Control: Ensuring consistent quality across a wide range of training
programs and trainers can be challenging. Maintaining quality control is crucial for
maintaining brand reputation and customer satisfaction.
• Adapting to Rapid Technological Change: The rapid pace of technological change
requires continuous adaptation and investment in new technologies and training
methodologies. Failing to keep pace with these advancements could put iCert Global at a
disadvantage.

Opportunities:
• Expanding Online Learning Offerings: Investing in advanced online learning platforms,
developing interactive courses, and leveraging AI and VR technologies can enhance the
learner experience and expand reach.
• Developing Niche Training Programs: Focusing on emerging technologies and niche
areas, such as AI, data science, and cybersecurity, can create new market opportunities and

18
 differentiate iCert Global from competitors.
• Building Strategic Partnerships: Collaborating with industry leaders, universities, and
professional associations can enhance credibility, expand reach, and provide access to new
markets.
• Leveraging Data Analytics: Utilizing data analytics to understand learner behavior,
personalize the learning experience, and improve training outcomes can provide a
competitive edge.
• Expanding into New Markets: Exploring new geographic markets and targeting specific
industries with high growth potential can drive revenue growth and expand market share.

Threats:
• Economic Downturn: Economic downturns can negatively impact corporate training
budgets, leading to reduced demand for training programs.
• Disruptive Technologies: The emergence of new technologies, such as AI-powered
training platforms and personalized learning algorithms, could disrupt the traditional
training industry.
• Changing Learner Preferences: Evolving learner preferences, such as a preference for
self-paced learning and microlearning, require iCert Global to adapt its training delivery
methods.
• Increased Competition: The entry of new players, including online education platforms
and corporate training departments, can intensify competition and put pressure on pricing
and market share.
• Regulatory Changes: Changes in government regulations related to education and
training can impact the operations and profitability of training providers.

19
 CHAPTER 5
ANALYSIS OF FINANCIAL STATEMENTS

BALANCE SHEET AS ON 31ST MARCH 2022, 2023 AND 2024

PARTICULARS Note 2024 2023 2022

A) EQUITY AND
LIABILITIES
EQUITY
Share Capital 64,936 64,936 64,936
Capital Surplus 43,119 43,812 156,047
Treasury Shares (3,774) (3,750) (3,769)
Other Components of Equity 542,830 282,714 217,444
Retained Earnings 1,820,019 1,526,615 1,300,352
Total Equity Attributable to Owners 2,467,130 1,914,327 1,735,011
of the Parent
Non-Controlling Interests 152,979 154,201 207,848
TOTAL EQUITY 2,620,110 2,068,529 1,942,860
LIABILITIES
a. CURRENT LIABILITIES
Trade and other payables 1,643,777 1,636,877 1,704,376
Bonds and Borrowings 626,510 746,668 740,936
Other Financial Liabilities 26,928 24,146 69,504
Income Tax Payable 57,108 49,129 31,551
Provisions 8,271 8,080 6,831
Other Current Liabilities 233,012 211,873 173,082
TOTALCURRENT 2,595,607 2,676,775 2,726,283
LIABILITIES
a) NON-CURRENT
LIABILITIES

20
Bonds and Borrowings 1,361,558 1,275,032 1,115,728
Trade and Other Payables 111,982 97,642 86,088
Other Financial Liabilities 9,255 8,214 16,784
Retirement Benefits Liabilities 42,052 46,152 44,361
Provisions 75,804 57,586 46,810
Deferred Tax Liability 202,353 121,068 113,279
Other Non-Current Liabilities 41,270 26,061 50,928
TOTALNON-CURRENT 1,844,276 1,631,759 1,473,981
LIABILITIES
TOTAL LIABILITIES 4,439,884 4,308,535 4,200,265
TOTAL EQUITY AND 7,059,994 6,377,064 6,143,125
LIABILITIES

B) ASSETS 2024 2023 2022

a) CURRENT ASSETS
Cash and Cash Equivalents 878,705 771,613 653,013
Trade and Other Receivables 1,797,818 1,730,426 1,797,084
Other Financial Assets 108,391 125,913 154,700
Inventories 1,203,659 1,227,393 1,161,022
Other Current Assets 207,998 213,408 188,289
TOTAL CURRENT ASSETS 4,196,573 4,068,756 3,954,108

b) NON-CURRENT ASSETS
Investments Accounted for using the 353,080 299,378 273,993
Equity Method
Other Investments 835,601 623,951 622,537
Trade and Other Receivables 51,554 42,598 40,195
Other Financial Assets 68,398 49,625 37,213
Property, Plant and Equipment 1,139,178 1,004,064 941,880
Intangible Assets 275,042 184,001 182,155

21
Investment Property 17,007 17,303 18,854
Deferred Tax Assets 49,823 36,835 27,073
Other Non-current Assets 73,733 50,549 40,833
TOTAL NON-CURRENT 2,863,420 2,308,308 2,184,737
ASSETS
TOTAL ASSETS 7,059,994 6,377,064 6,143,125
Table 5.1

22
 CONSOLIDATED STATEMENT OF PROFIT AND LOSS

CONSOLIDATED STATEMENT NOTE 2024 2023 2022

OF PROFIT AND LOSS

REVENUE
Sales of goods 9,976,194 9,658,202 7,875,272
Sales of Services and Others 212,785 190,358 152,728
TOTAL REVENUE 10,188,980 9,848,560 8,028,000
Cost of Sales (9,136,605) (8,879,714) (7,268,763)
Gross Profit 1,052,374 968,846 759,237
Selling, General and Administrative (583,702) (532,724) (450,294)
Expenses
Other Income (Expenses)
Gain on Sales and Disposals of Fixed 3,311 674 662
Assets, Net
Impairment Losses on Fixed Assets (9,651) (15,932) (6,398)
Other, Net (20,743) (32,111) (9,064)
TOTAL OTHER INCOME (27,082) (47,368) (14.801)
(EXPENSES)
Operating Profit 441,589 388,753 294,141
Finance Income (costs):
Interest Income 32,233 22,866 8,998
Interest Expenses (60,890) (46,930) (26,650)
Dividend Income 24,484 25,365 19,041
Other, Net 6,372 (134) 13,913
Total Finance Income (Costs) 2,200 1,166 15,303
Share of profit of investments
accounted for using the equity
method 25,849 37,205 20,686
Profit before income taxes 469,639 427,126 330,132
Income tax expenses (129,389) (112,385) (81,531)
Profit for the year 340,249 314,741 248,601

Profit for the year attributable to:

Owners of the parent 331,444 284,155 222,235
Non-Controlling interests 8,805 30,585 26,365

23
Earnings per share attributable to
owners of the parent:
Basics earnings per share 941.94 807.58 631.63
Diluted earnings per share ------ ------ ------
Table 5.2

24
 COMMON SIZE BALANCE SHEET

PARTICULARS 2024 2023 2022

Amount % Amount % Amount %

(Rs) (Rs) (Rs)
EQUITY AND
LIABILITIES
EQUITY
Share Capital 64,936 0.92 64,936 1.02% 64,936 1.06%
%
Capital Surplus 43,119 6.11 43,812 0.69% 156,047 2.54%
%
Treasury Shares (3,774) 0.05 (3,750) 0.06% (3,769) 0.06%
%
Other Components of 542,830 7.69 282,714 4.43% 217,444 3.54%
Equity %
Retained Earnings 1,820,019 25.78 1,526,615 23.94 1,300,352 21.17
% % %
Total Equity 2,467,130 34.95 1,914,327 30% 1,735,011 28.24
Attributable to % %
Owners of the Parent
Non-Controlling 152,979 2.17 154,201 2.42% 207,848 3.38%
Interests %
TOTAL EQUITY 2,620,110 37.11 2,068,529 32.44 1,942,860 31.63
% % %
LIABILITIES
CURRENT
LIABILITIES:
Trade and Other 1,643,777 23.28 1,636,877 25.67 1,704,376 27.74
Payables % % %
Bonds and 626,510 8.87 746,668 11.71 740,936 12.06
Borrowings % % %
Other Financial 26,928 0.38 24,146 0.38% 69,504 1.13%
Liabilities %
Income Taxes 57,108 0.81 49,129 0.77% 31,551 0.51%
Payable %
Provisions 8,271 0.12 8,080 0.13% 6,831 0.11%

25
 %
Other Current 233,012 3.30 211,873 3.32% 173,082 2.82%
Liabilities %
TOTAL CURRENT 2,595,607 36.76 2,676,775 41.97 2,726,283 44.38
LIABILITIES % % %

NON-CURRENT
LIABILITIES
Bonds and 1,361,558 19.28 1,275,032 19.99 1,115,728 18.16
Borrowings % % %
Trade and Other 111,982 1.59 97,642 1.53% 86,088 1.40%
Payables %
Other Financial 9,255 0.13 8,214 0.13% 16,784 0.27%
Liabilities %
Retirement Benefits 42,052 0.59 46,152 0.72% 44,361 0.72%
Liabilities %
Provisions 75,804 1.07 57,586 0.90% 46,810 0.76%
%
Deferred Tax 202,353 2.87 121,068 1.90% 113,279 1.84%
Liability %
Other Non-Current 41,270 0.58 26,061 0.41% 50,928 0.83%
Liabilities %
TOTAL NON- 1,844,276 26.12 1,631,759 25.59 1,473,981 23.99
CURRENT- % % %
LIABILITIES

TOTAL 4,439,884 0.006 4,308,535 67.56 4,200,265 68.37

LIABILITIES % % %
TOTAL EQUITY 7,059,994 100% 6,377,064 100% 6,143,125 100%
AND LIABILITIES

ASSETS
CURRENT
ASSETS
Cash and Cash 878,705 12.44 771,613 12.09 653,013 10.63
Equivalents % % %
Trade and Other 1,797,818 25.5 1,730,426 27.13 1,797,084 29.25
Receivables % % %
Other Financial 108,391 1.5% 125,913 1.97% 154,700 2.52%
Assets

26
Inventories 1,203,659 17% 1,227,393 19.25 1,161,022 18.90
% %
Other Current Assets 207,998 2.95 213,408 3.35% 188,289 3.06%
%
TOTAL CURRENT 4,196,573 59.44 4,068,756 63.80 3,954,108 64.37
ASSETS % % %
NON-CURRENT
ASSETS
Investments 353,080 5% 299,378 4.69% 273,993 4.46%
Accounted for using
the Equity Method
Other Investments 835,601 11.83 623,951 9.78% 622,537 10.13
% %
Trade and Other 51,554 0.73 42,598 0.67% 40,195 0.65%
Receivables %
Other Financial 68,398 0.97 49,625 0.78% 37,213 0.60%
Assets %
Property, Plant and 1,139,178 16.13 1,004,064 15.74 941,880 15.33
Equipment % % %
Intangible Assets 275,042 3.89 184,001 2.88% 182,155 2.96%
%
Investment Property 17,007 0.24 17,303 0.27% 18,854 0.31%
%
Deferred Tax Assets 49,823 0.70 36,835 0.58% 27,073 0.44%
%
Other Non-current 73,733 1.04 50,549 0.79% 40,833 0.66%
Assets %
TOTAL NON- 2,863,420 40.56 2,308,308 36.19 2,184,737 35.56
CURRENT % % %
ASSETS
TOTAL ASSETS 7,059,994 100% 6,377,064 100% 6,143,125 100%
Table 5.3

27
 COMPARATIVE BALANCE SHEET

PARTICULARS 2023 2024 ABSOLUTE %

CHANGE CHANGE
EQUITY AND
LIABILITIES
EQUITY
Share Capital 64,936 64,936 0 0%
Capital Surplus 43,812 43,119 -693 1.58%
Treasury Shares (3,750) (3,774) 24 0.64%
Other Components of Equity 282,714 542,830 260,116 92.01%
Retained Earnings 1,526,615 1,820,019 293,404 19.22%
Total Equity Attributable to 1,914,327 2,467,130 552,803 28.88%
Owners of the Parent
Non-Controlling Interests 154,201 152,979 -1,222 0.79%
TOTAL EQUITY 2,068,529 2,620,110 551,581 26.66%
LIABILITIES
CURRENT LIABILITIES:
Trade and Other Payables 1,636,877 1,643,777 6,900 0.42%
Bonds and Borrowings 746,668 626,510 -120,158 16.09%
Other Financial Liabilities 24,146 26,928 2,782 11.52%
Income Taxes Payable 49,129 57,108 7,979 16.24%
Provisions 8,080 8,271 191 2.36%
Other Current Liabilities 211,873 233,012 21,139 9.98%
TOTAL CURRENT 2,676,775 2,595,607 -81,168 3.03%
LIABILITIES
NON-CURRENT
LIABILITIES
Bonds and Borrowings 1,275,032 1,361,558 86,526 6.79%
Trade and Other Payables 97,642 111,982 14,340 14.69%
Other Financial Liabilities 8,214 9,255 1,041 12.67%
Retirement Benefits 46,152 42,052 -4,100 8.88%
Liabilities
Provisions 57,586 75,804 18,218 31.64%
Deferred Tax Liability 121,068 202,353 81,285 67.14%
Other Non-Current Liabilities 26,061 41,270 15,209 58.36%
TOTAL NON-CURRENT- 1,631,759 1,844,276 212,517 13.02%
LIABILITIES

28
 TOTAL LIABILITIES 4,308,535 4,439,884 131,349 3.05%

ASSETS
a) CURRENT ASSETS
Cash and Cash Equivalents 771,613 878,705 107,092 13.88%
Trade and Other Receivables 1,730,426 1,797,818 67,392 3.89%
Other Financial Assets 125,913 108,391 -17,522 13.91%
Inventories 1,227,393 1,203,659 -23,734 1.93%
Other Current Assets 213,408 207,998 -5,410 2.54%
TOTAL CURRENT 4,068,756 4,196,573 127,817 3.14%
ASSETS
b) NON-CURRENT
ASSETS
Investments Accounted for 299,378 353,080 53,702 17.94%
using the Equity Method
Other Investments 623,951 835,601 211,650 33.92%
Trade and Other Receivables 42,598 51,554 8,956 21.02%
Other Financial Assets 49,625 68,398 18,773 37.83%
Property, Plant and 1,004,064 1,139,178 135,114 13.46%
Equipment
Intangible Assets 184,001 275,042 91,041 49.48%
Investment Property 17,303 17,007 -296 1.71%
Deferred Tax Assets 36,835 49,823 12,988 35.26%
Other Non-current Assets 50,549 73,733 23,184 45.86%
TOTAL NON-CURRENT 2,308,308 2,863,420 555,112 24.05%
ASSETS
TOTAL ASSETS 6,377,064 7,059,994 682,930 10.71%
Table 5.4

29
 COMPARATIVE PROFIT AND LOSS ACCOUNT

PARTICULARS 2023 2024 ABSOLUTE %

CHANGE CHANGE
REVENUE
Sales of goods 9,658,202 9,976,194 317,992 3.29%
Sales of Services and Others 190,358 212,785 22,427 11.78%
TOTAL REVENUE 9,848,560 10,188,980 340,420 3.46%
Cost of Sales (8,879,714) (9,136,605) 256,891 2.89%
Gross Profit 968,846 1,052,374 83,528 8.62%
Selling, General and (532,724) (583,702) 50,978 9.57%
Administrative Expenses
Other Income (Expenses)
Gain on Sales and Disposals 674 3,311 2,637 391.25%
of Fixed Assets, Net
Impairment Losses on Fixed (15,932) (9,651) (- 6,281) 39.42%
Assets
Other, Net (32,111) (20,743) (-11,368) 35.40%
TOTAL OTHER INCOME (47,368) (27,082) (-20,286) 42.83%
(EXPENSES)
Operating Profit 388,753 441,589 52,836 13.59%
Finance Income (costs):
Interest Income 22,866 32,233 9,367 40.96%
Interest Expenses (46,930) (60,890) 13,960 29.75%
Dividend Income 25,365 24,484 (-881) 3.47%
Other, Net (134) 6,372 6,238 4655%
Total Finance Income (Costs) 1,166 2,200 1034 88.68%
Share of profit of investments
accounted for using the equity
method 37,205 25,849 (-11,356) 30.52%
Profit before income taxes 427,126 469,639 42,513 9.95%
Income tax expenses (112,385) (129,389) 17,004 15.13%
Profit for the year 314,741 340,249 25,508 8.10%

Profit for the year

attributable to: 284,155 331,444 47,289 16.64%
Owners of the parent
Non-Controlling interests 30,585 8,805 (-21,780) 71.21%

30
Earnings per share
attributable to owners of the
parent: 807.58 941.94 134.36 16.64%
Basics earnings per share
Diluted earnings per share ------ ------ --------- --------
Table 5.5

31
 COMMON SIZE PROFIT AND LOSS ACCOUNT

PARTICULAR Year Year Year

S Ending % Ending % Ending %
31/03/202 31/03/202 31/03/202
4 3 2
REVENUE
Sales of goods 9,976,194 97.9% 9,658,202 98.07 7,875,272 98.10
% %
Sales of Services 212,785 2.1% 190,358 1.93% 152,728 1.90%
and Others
TOTAL 10,188,980 100% 9,848,560 100% 8,028,000 100%
REVENUE
Cost of Sales (9,136,605) 89.67 (8,879,714) 90.16 (7,268,763) 90.54
% % %
Gross Profit 1,052,374 10.33 968,846 9.84% 759,237 9.46%
%
Selling, General (583,702) 5.73% (532,724) 5.41% (450,294) 5.61%
and
Administrative
Expenses
Other Income
(Expenses)
Gain on Sales and 3,311 0.03% 674 0.007 662 0.008
Disposals of Fixed % %
Assets, Net
Impairment Losses (9,651) 0.09% (15,932) 0.16% (6,398) 0.08%
on Fixed Assets
Other, Net (20,743) 0.20% (32,111) 0.33% (9,064) 0.11%
TOTAL OTHER (27,082) 0.26% (47,368) 0.48% (14.801) 0.18%
INCOME
(EXPENSES)
Operating Profit 441,589 4.33% 388,753 3.95% 294,141 3.66%
Finance Income
(costs):
Interest Income 32,233 0.32% 22,866 0.23% 8,998 0.11%
Interest Expenses (60,890) 0.60% (46,930) 0.48% (26,650) 0.33%
Dividend Income 24,484 0.24% 25,365 0.26% 19,041 0.24%

32
Other, Net 6,372 0.06% (134) 0.001 13,913 0.17%
%
Total Finance 2,200 0.02% 1,166 0.01% 15,303 0.19%
Income (Costs)
Share of profit of
investments
accounted for 25,849 0.25% 37,205 0.38% 20,686 0.26%
using the equity
method
Profit before 469,639 4.61% 427,126 4.34% 330,132 4.11%
income taxes
Income tax (129,389) 1.27% (112,385) 1.14% (81,531) 1.01%
expenses
Profit for the year 340,249 3.34% 314,741 3.19% 248,601 3.10%

Profit for the year

attributable to:
Owners of the 331,444 3.25% 284,155 2.88% 222,235 2.77%
parent
Non-Controlling 8,805 0.09% 30,585 0.31% 26,365 0.33%
interests
Earnings per
share attributable
to owners of the
941.94 0.009 807.58 0.008 631.63 0.008
parent:
% % %
Basics earnings per
share
Diluted earnings ------ ------ ------
per share
Table 5.6

33
THE COMMON SIZE STATEMENT OF THE BALANCE SHEET
SHOWS THAT

Current Assets:
• Cash and Cash Equivalents: Increased slightly from 12.09% to 12.44%. This suggests a
potential increase in liquidity.
• Trade and Other Receivables: Decreased slightly from 27.13% to 25.5%. This could
indicate better collection efficiency or a decrease in credit sales.
• Other Financial Assets: Decreased slightly from 1.97% to 1.5%. This could be due to a
reduction in short-term investments or a shift in investment strategy.
• Inventories: Decreased slightly from 19.25% to 17%. This suggests improved inventory
management, potentially through better forecasting or reduced holding costs.
• Other Current Assets: Decreased slightly from 3.35% to 2.95%. This could be due to a
reduction in prepaid expenses or other current assets.

Non-Current Assets:
• Investments Accounted for using the Equity Method: Increased from 4.69% to 5%. This
suggests an increase in strategic investments in other companies.
• Other Investments: Increased significantly from 9.78% to 11.83%. This could be due to
increased long-term investments in securities, real estate, or other assets.
• Increase in Non-Current Assets: The percentage of non-current assets has increased from
35.56% in 2022 to 40.56% in 2024. This suggests a shift towards long-term investments
and fixed assets.
• Property, Plant, and Equipment: Increased from 15.33% to 16.13%. This suggests
significant investment in tangible assets, possibly for expansion or modernization
purposes.
• Intangible Assets: Increased from 2.96% to 3.89%. This could indicate increased
investment in intellectual property, such as patents, trademarks, or software.
• Deferred Tax Assets: Increased from 0.44% to 0.70%. This could suggest a growing tax
shield or changes in tax regulations.

34
 • Other Non-Current Assets: Increased from 0.66% to 1.04%. This could be due to various
factors, such as long-term investments, deferred charges, or other non-current assets.
Overall, the common size balance sheet shows a shift towards a more asset-heavy structure,
with a focus on long-term investments and fixed assets. The company has significantly
increased its investments in property, plant, and equipment, as well as intangible assets.
This change in asset composition could be driven by various factors, such as expansion
plans, technological advancements, or changes in business strategy.

Current Liabilities:
• Trade and Other Payables: A decrease in trade and other payables from 25.67% to 23.28%
suggests that the company has become more efficient in managing its short-term debt
obligations.
• Bonds and Borrowings: Decreased significantly from 11.71% to 8.87%, indicating a
reduction in short-term debt.
• Other Financial Liabilities: Remained relatively stable, suggesting no major changes in
short-term financial obligations.
• Income Taxes Payable: Increased slightly from 0.77% to 0.81%, indicating a potential
increase in tax liability.
• Provisions: Decreased slightly from 0.13% to 0.12%, suggesting a decrease in estimated
liabilities for future obligations.
• Other Current Liabilities: Increased slightly from 3.32% to 3.30%, indicating a minor
increase in other short-term obligations.
• Total Current Liabilities: Decreased from 41.97% to 36.76%, indicating a reduction in
overall short-term financial obligations.

Non-Current Liabilities:
• Bonds and Borrowings: A decrease in "Bonds and Borrowings" from 19.99% to 19.28%
in 2024 indicates that the company has reduced its long-term debt obligations.
• Trade and Other Payables: Increased from 1.53% to 1.59%, indicating a minor increase in
long-term credit dependence.

35
 • Other Financial Liabilities: Increased slightly from 0.13% to 0.13%, suggesting no major
changes in long-term financial obligations.
• Retirement Benefits: Decreased from 0.72% to 0.59%, indicating a potential decrease in
long-term retirement obligations.
• Provisions: Increased from 0.90% to 1.07%, suggesting an increase in estimated liabilities
for future obligations.
• Deferred Tax Liability: Increased from 1.90% to 2.87%, indicating an increase in future
tax obligations.
• An increase in Other Non-Current Liabilities from 0.41% to 0.5% in 2024 indicates a slight
rise in long-term obligations that are not specifically categorized as bonds, borrowings, or
other identifiable items.
• An increase in total non-current liabilities from 25.59% in 2023 to 26.12% in 2024
indicates that the company has taken on more long-term debt or other long-term
obligations.
• A significant decrease in total liabilities from 67.56% in 2023 to 0.006% in 2024 indicates
a substantial improvement in the company's financial health.

Equity and Liability

• A decrease in share capital from 1.02% to 0.92% between 2023 and 2024 indicates that the
company has reduced the number of shares outstanding or the value of its shares.
• An increase in capital surplus from 0.69% to 6.11% between 2023 and 2024 indicates a
significant rise in the company's capital surplus.
• An increase in total equity from 32.44% to 37.11% between 2023 and 2024 indicates a
significant improvement in the company's financial health.
• An increase in retained earnings from 23.94% to 25.78% between 2023 and 2024 indicates
that the company has generated significant profits and retained a substantial portion of
those profits for future use.
• A decrease in non-controlling interest from 2.42% to 2.17% between 2023 and 2024
indicates that the company has reduced its ownership stake in a subsidiary or affiliate.

36
AS PER THE COMPARATIVE ANALYSIS OF THE BALANCE SHEET
FOR THE YEAR 2023-2024, THE FOLLOWING CAN BE INFERRED,

Current Assets
• Cash and Cash Equivalents: Increased significantly, indicating improved liquidity.
• Trade and Other Receivables: Also saw growth, suggesting increased sales on credit.
• Other Financial Assets: Decreased, possibly due to selling investments or paying off short-
term debts.
• Inventories: Slightly decreased, which could indicate better inventory management.
• Other Current Assets: Also decreased, likely due to reduced prepaid expenses or other
short-term assets.

Non-Current Assets:
• Investments Accounted for using the Equity Method: Increased significantly, indicating
increased investments in other companies.
• Other Investments: Also saw substantial growth, suggesting increased investment in other
assets like stocks, bonds, or real estate.
• Trade and Other Receivables: Increased slightly, possibly due to longer payment terms or
increased credit sales.
• Other Financial Assets: Increased, indicating an increase in financial instruments like
derivatives or loans.
• Property, Plant and Equipment: Increased, suggesting expansion in physical assets like
buildings, machinery, or equipment.
• Intangible Assets: Increased significantly, possibly due to increased investment in patents,
trademarks, or goodwill.
• Investment Property: Decreased slightly, indicating a minor reduction in investment
properties.
• Deferred Tax Assets: Increased, indicating a potential future tax benefit.
• Other Non-current Assets: Increased, possibly due to an increase in long-term prepaid
expenses or other non-current assets.

37
Current Liabilities:
• Current Liabilities: Decreased slightly, indicating improved short-term financial health.
• An increase in trade and other payables from 1,636,877 in 2023 to 1,643,777 in 2024
indicates that the company owed more to its suppliers and other creditors at the end of 2024
compared to the end of 2023.
• Bonds and Borrowings: Decreased significantly, indicating reduction in short-term debt.
• Other Financial Liabilities: Increased slightly, possibly due to increased short-term
financial obligations.
• Income Taxes Payable: Increased slightly, indicating a potential increase in tax liability.
• Provisions: Increased slightly, possibly due to increased provisions for future liabilities.
• Other Current Liabilities: Increased, indicating an increase in other short-term liabilities.

Non- Current Liabilities:

• Bonds and Borrowings: Increased significantly, indicating an increase in long-term debt.
• Trade and Other Payables: Increased significantly, indicating increased long-term
obligations to suppliers or other parties.
• Other Financial Liabilities: Increased slightly, indicating an increase in long-term financial
obligations.
• Retirement Benefits Liabilities: Decreased slightly, indicating a potential change in
retirement benefit plans.
• Provisions: Increased significantly, indicating increased long-term provisions for future
liabilities.
• Deferred Tax Liability: Increased significantly, indicating a potential future tax liability.
• Other Non-Current Liabilities: Increased significantly, indicating an increase in other long-
term liabilities.

Equity and Liability

• Share Capital: No change, indicating no new shares were issued during the period.
• Capital Surplus: Decreased slightly, possibly due to share buybacks or other transactions.
• Treasury Shares: Increased slightly, indicating a small increase in share buybacks.

38
• Retained Earnings: The significant increase in retained earnings suggests that the company
generated profits and reinvested them back into the business.
• Other Components of Equity: The substantial increase in this category could be due to
various factors, including share-based compensation, equity-linked instruments, or
changes in accounting standards.
• Non-Controlling Interests: Decreased slightly, possibly due to changes in ownership
structure or other factors.

39
 RATIOS

A) CALCULATION OF LIQUIDITY RATIOS

1) CURRENT RATIOS
Current Ratio 2023= Current Assets / Current Liabilities
= 4,068,756 / 2,676,775
= 1.520

Current Ratio 2024 = Current Assets / Current Liabilities

= 4,196,573 / 2,595,607
= 1.62

Interpretation: The company's liquidity position improved from 2023 to 2024, as

evidenced by the increase in the current ratio. This suggests that the company is better
equipped to meet its short-term obligations.

2) QUICK RATIO
Quick Ratio 2023= Quick Assets / Quick Liabilities
= 771,613+1,730,426+125,913(2,627,952) / 2,595,607
= 1.01
Quick Ratio 2024= Quick Assets / Quick Liabilities
= 878,705+1,797,818+108,391(2,784,914) / 2,595,607
= 1.07

Interpretation:

2023: A quick ratio of 1.01 indicates that the company has slightly more quick assets than
quick liabilities. This means that the company can potentially cover its immediate short-
term obligations, but it's a relatively tight liquidity position.

2024: A quick ratio of 1.07 shows an improvement in the company's liquidity position
compared to the previous year. It suggests that the company has a stronger ability to meet

40
 its short-term obligations without relying on the sale of inventory.

B) CALCULATION OF SOLVENCY RATIOS

1) DEBT EQUITY RATIO

Debt Equity Ratio 2024= Debt / Equity

= 4,439,884 / 2,620,110
= 1.69

Debt Equity Ratio 2023= Debt / Equity

= 4,308,535 / 2,068,529
= 2.08

Interpretation:

2023: A D/E ratio of 2.08 indicates that the company had significantly more debt than
equity in 2023. This means that the company was heavily reliant on debt financing to fund
its operations.

2024: A D/E ratio of 1.69 shows a decrease in the company's debt-to-equity ratio compared
to the previous year. This suggests that the company has reduced its reliance on debt
financing or increased its equity.

2) CALCULATION OF PROPRIETARY RATIO

Proprietary Ratio 2024= Shareholder’s Fund / Total Fixed Assets

= 2,620,110 / 7,059,994
= 0.37: 1

Proprietary Ratio 2023= Net Worth / Total Fixed Assets

= 463,900,000 / 6,377,064
= 72.75:1

41
 Interpretation:

2024: A Proprietary Ratio of 0.37:1 indicates that for every ₹1 of fixed assets, the company
has ₹0.37 of shareholder's funds. This suggests a lower proportion of assets financed by
equity, which might indicate a higher reliance on debt.

2023: A Proprietary Ratio of 72.75:1 indicates that for every ₹1 of fixed assets, the
company has ₹72.75 of shareholder's funds. This suggests a very strong financial position,
with a high proportion of assets financed by equity.

C) CALCULATION OF PROFITABILITY RATIOS

1) GROSS PROFIT RATIO

Gross Profit Ratio 2024 = Gross Profit / Net Sales * 100
= 1,052,374 / 10,188,980 *100
= 10.33%

Gross Profit Ratio 2023 = Gross Profit / Net Sales * 100

= 968,846 / 9,848,560 *100
= 9.84%

Interpretation:

2024: The company's Gross Profit Ratio of 10.33% means that for every ₹100 of net sales,
the company earned a gross profit of ₹10.33.

2023: The company's Gross Profit Ratio of 9.84% means that for every ₹100 of net sales,
the company earned a gross profit of ₹9.84.

2) OPERATING RATIO
Operating Ratio 2024 = Total Cost of Operation / Net Sales * 100
= 9,136,605 + 583,702 = (9,720,307) / 10,188,980 *100
= 95.40%

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 Operating Ratio 2023 = Total Cost of Operation / Net Sales * 100
= 8,879,714 + 532,724 = (9,412,438) / 9,848,560 *100
= 95.57%

Interpretation:

2024: The Operating Ratio of 95.40% means that for every ₹100 of net sales, the company
incurs ₹95.40 in operating costs.

2023: The Operating Ratio of 95.57% means that for every ₹100 of net sales, the company
incurs ₹95.57 in operating costs.

3) NET PROFIT RATIO

Net Profit Ratio 2024 = Net Profit / Net Sales * 100

= 340,249 / 10,188,980 *100
= 3.34%

Net Profit Ratio 2023 = Net Profit / Net Sales * 100

= 314,741 / 9,848,560 *100
= 3.19%

Interpretation:

2024: The Net Profit Ratio of 3.34% means that for every ₹100 of net sales, the company
earned a net profit of ₹3.34.

2023: The Net Profit Ratio of 3.19% means that for every ₹100 of net sales, the company
earned a net profit of ₹3.19.

4) RETURN ON INVESTMENT RATIO

Return on Investment Ratio 2024 = EBIT / Capital Employed *100

= 441,589+60,890-32,233= (470,246) / 4,464,387 *100
= 10.53%

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 Return on Investment Ratio 2023 = EBIT / Capital Employed *100
= 388,753+46,930-22,866= (412,817) / 3,700,289 *100
= 11.16%

Interpretation:

2024: The ROI of 10.53% indicates that for every ₹100 invested in the business, the
company earned a return of ₹10.53.

2023: The ROI of 11.16% indicates that for every ₹100 invested in the business, the
company earned a return of ₹11.16.

5) RETURN ON EQUITY

Return on Equity 2024 = Net Profit / Equity Shareholders Funds* 100

= 340,249 / 2,620,110 *100
= 12.99%

Return on Equity 2023 = Net Profit / Equity Shareholders Funds* 100

= 314,741 / 2,068,529 *100
= 15.21%

Interpretation:

2024: The ROE of 12.99% indicates that for every ₹100 of shareholders' equity, the
company earned a profit of ₹12.99.

2023: The ROE of 15.21% indicates that for every ₹100 of shareholders' equity, the
company earned a profit of ₹15.21.

D) CALCULATION OF TURNOVER RATIOS

1) STOCK TURNOVER RATIO

Stock Turnover Ratio 2024 = Cost of Sales / Average Stock

= 9,136,605 / 1,215,526

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 = 7.52

Stock Turnover Ratio 2023 = Cost of Sales / Average Stock

= 8,879,714 / 1,194,208
= 7.43

Interpretation:

2024: The company sold and replaced its entire inventory 7.52 times during the year.

2023: The company sold and replaced its entire inventory 7.43 times during the year.

Overall, the company's inventory management efficiency improved slightly from 2023 to
2024.

2) DEBTORS TURNOVER RATIO

Debtors Turnover Ratio 2024 = Credit Sales / Average Debtors

= 1,126,308 / 1,308,208
= 0.860

Debtors Turnover Ratio 2023 = Credit Sales / Average Debtors

= 1,108,234 / 1,540,180
= 0.719

Interpretation: The Debtors Turnover Ratio increased from 0.719 in 2023 to 0.860 in
2024. This suggests that the company has become more efficient in collecting money from
its customers in 2024 compared to the previous year.

3) FIXED ASSET TURNOVER RATIO

Fixed Asset Turnover Ratio 2024 = Net Sales / Fixed Assets
= 10,188,980 / 1,139,178+275,042+17,007 (1,431,227)
= 7.12

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Fixed Asset Turnover Ratio 2023 = Net Sales / Fixed Assets
= 9,848,560 / 1,004,064+184,001+17,303 (1,205,368)
= 8.17

Interpretation: For every rupee invested in fixed assets, sales were 8.17 in 2023 and 7.12
in 2024.

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 CHAPTER 6

LEARNING EXPERIENCE

It was a valuable learning experience at iCert Global Learning Pvt Ltd as a HR Intern specializing
in recruitment. I was fortunate to be a part of a dynamic team and gained practical exposure to
various aspects of the recruitment process.

Key responsibilities and learnings:

• Sourcing and Screening candidates: I learned to utilize various job boards and social
media platforms to identify potential candidates. I also gained proficiency in screening
resumes and conducting initial phone interviews to assess their suitability for open
positions.
• Scheduling and coordinating interviews: I was responsible for scheduling interviews
between candidates and hiring managers, ensuring smooth communication and efficient
utilization of everyone's time.
• Data entry and maintenance: I maintained accurate records of candidates and applicants
in the company's applicant tracking system, ensuring data integrity and facilitating efficient
reporting.

Skills developed:
• Communication and interpersonal skills: I refined my communication skills by
effectively interacting with candidates.
• Organizational and time management skills: I learned to prioritize tasks, manage
multiple deadlines, and work efficiently in a fast-paced environment.
• Problem-solving and decision-making skills: I encountered various challenges during
my internship, and I learned to analyze situations, identify solutions, and make informed
decisions.
• Teamwork and collaboration: I worked closely with my team members and other
departments, fostering strong relationships and contributing to a positive work
environment.

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Overall, my internship at iCert Global Learning Pvt Ltd was a rewarding experience that
provided me with valuable skills and knowledge in the field of HR recruitment. I am
grateful for the opportunity to learn from experienced professionals and contribute to the
company's success.

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 BIBLIOGRAPHY

[Link]

[Link]

[Link]

[Link]

[Link]
LIMITED/U80900KA2013PTC068477

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