Description
Financial analysis is the process of identifying the financial strengths and weakness of the firm from the available accounting data and financial statements. The focus of financial analysis is on key figures in the financial statements and the significant relationship that exists between them.
320 X INDIAN JOURNAL OF APPLIED RESEARCH
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER Management
A Study on Financial Status of Tata Motors Ltd
A. Moses Joshuva Daniel
Assistant Professor, Dept of management studies, Achariya School of Business & Technology
Puducherry, India
KEYWORDS Sustainable growth rate, pro?t margin, retention ratio, asset turnover, shareholder wealth
ABSTRACT Financial analysis is the process of identifying the ?nancial strengths and weakness of the ?rm from the avail-
able accounting data and ?nancial statements. The focus of ?nancial analysis is on key ?gures in the ?nancial
statements and the signi?cant relationship that exists between them. The analysis of ?nancial statements is a process of
evaluating relationship between component parts of ?nancial statements to obtain a better understanding of the ?rm’s posi-
tion and performance. This study aims at analyzing the overall ?nancial status of the TATA MOTORS LTD by using various
?nancial tools. The study has been undertaken for the period of 5 years from 2006-07 to 2010-11. In order to analyze ?nancial
status in terms of Pro?tability, solvency, Activity and ?nancial stability various accounting ratios have been used.
INTRODUCTION
The ?nancial statement provides the basic data for ?nan-
cial performance analysis. The ?nancial statements provide
a summarized view of the ?nancial position and operations
of a ?rm. Financial analysis (also referred to as ?nancial
statement analysis or accounting analysis) refers to an as-
sessment of the viability, stability and pro?tability of a busi-
ness. The analyst ?rst identi?es the information relevant to
the decision under consideration from the total informa-
tion contained in the ?nancial statements. The analysis of
?nancial statements is an important aid to ?nancial analysis.
They provide information on how the ?rm has performed in
the past and what is its current ?nancial position. Financial
analysis is the process of identifying the ?nancial strengths
and weakness of the ?rm from the available accounting data
and ?nancial statements. The focus of ?nancial analysis is on
key ?gures in the ?nancial statements and the signi?cant re-
lationship that exists between them. The analysis of ?nancial
statements is a process of evaluating relationship between
component parts of ?nancial statements to obtain a better
understanding of the ?rm’s position and performance. This
study aims at analyzing the overall ?nancial status of the
TATA MOTORS by using various ?nancial tools. TATA MO-
TORS LTD is located at Bombay House, 24 Horni Mody St,
Mumbai 400 001.
SCOPE OF THE STUDY
The study is based on the accounting information of TATA
MOTORS. The study covers the period of 2006-2011 for
analyzing the ?nancial statement such as income statements
and balance sheet. The scope of the study involves the vari-
ous factors that affect the ?nancial status of the company.
This study ?nds out the operational status of the organiza-
tion and allocation of resources to improve the status of the
organization. The data of the past ?ve years are taken into
account for the study. The performance is compared within
those periods. This study ?nds out the areas where TATA
MOTORS can improve the status clarity of its assets and
funds employed.
OBJECTIVES OF THE STUDY
1. To compare and analyze the ?nancial statements for the
past FIVE ?nancial years.
2. To know the Pro?tability, Activity, Solvency & Financial
stability position of TATA MOTORS.
3. To forecast the annual growth rate of income of the com-
pany with the help of Trend analysis.
4. To provide suggestions for improving the overall ?nance
performance of the TATA MOTORS.
METHODOLOGY
The study has been undertaken for the period of 5 years
from 2006 -07 to 2010 -11. In order to analyze financial
status in terms of Profitability, Solvency, Activity and Fi-
nancial stability various accounting ratios have been
used.
Ratio Analysis
A tool used by individuals to conduct a quantitative analy-
sis of information in a company’s ?nancial statements. Ra-
tios are calculated from current year numbers and are then
compared to previous years, other companies, the industry,
or even the economy to judge the performance of the com-
pany.
Pro?tability Ratio
Overall pro?tability ratio = Operating pro?t/Capital em-
ployed*100
Return on equity ratio = Net pro?t after interest, tax and pref
dividend/equity share holders fund * 100
Earnings per share = Net pro?t after interest and tax-
Dividend on preference shares
Chart 1.1 Overall Pro?tability ratios
Chart 1.2 Return on equity
INDIAN JOURNAL OF APPLIED RESEARCH X 321
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER
Chart 1.3 Earnings per share
Table 1 Overall Pro?tability ratio
Years
Profitability
ratio
Return on equity Earnings per share
2007 24.53 32 56.43
2008 12.7 27 56.24
2009 3.71 -34 56.88
2010 17.53 36 48.64
2011 8.58 67 155.25
Source: Compiled from Annual Reports
The table 1 identi?es Overall pro?tability ratio that shows
in the year 2006-2007, the company shows 24.53% where
as the years between 2008-2009 went through a change in
the ratio of 12.7%. The company’s pro?t went downward in
2008-2009 with the ratio of 3.71%.And rising over the next
year 2009-2010 for 17.53%.And the year 2010-2011 it was
declining as 8.58%. The table further observes Return on eq-
uity shows that in the year 2006-2007, the company shows
32% where as the years between 2007-2008 went through a
change in the ratio of 27%. The company’s pro?t went declin-
ing in 2008-2009 with the negative ratio of -34%. And posi-
tive results in the next year 2009-2010 as 36%. And the year
2010-2011 it was rising as 67% of the total rank. The table
further reveals the Earning per share from the above table it
indicates in the year 2006-2007, the earnings is 56.43 have
been increased comparing to the next two years 2007-2009.
And it’s gradually declining over the next year 2009-2010 as
48.64. And the year 2010-2011 it was rapidly increasing as
155.25 per share.
Turnover ratio
Fixed assets turnover ratio = Sales / Net ?xed assets
Net working capital ratio = Sales/net working capital
Chart 2.1 Fixed assets turnover ratio
Chart 2.2 Net working capital ratios
Table 2 Turnover ratio
Years
Fixed assets turnover
ratio
Net working capital
ratio
2007 3.1 -23
2008 2.4 -36
2009 1.3 -49
2010 1.3 -68
2011 1.4 -21
Source: Compiled from Annual Reports
The table 2 shows the consolidated turnover ratio of 2006-
2007 as 3.1, it falls in the next year as 2.4 then falls, stay
constant for next two years from 2008-2010 as1.3 and ?nally
2010-2011 it just its fore head up as 1.4.The Net working
capital indicates an negative formation as falls to a deep
hibernation follows from 2006-2007as -23,2007-2008 as
-36,2008-2009 as -49,2009-2010 as -68 and ?nally 2010-
2011 rises in positive value in negative line.
Short term solvency ratio
Current ratio=Current asset/Current liabilities
Liquid ratio = Quick assets / Current liabilities
Quick ratio or Acid Test ratio=Quick assets/Quick liabilities
Chart 3.1 Current ratio
Chart 3.2 liquid ratio
Chart 3.3 Quick ratio
Table 3 Short term solvency ratio
Years Current ratio Liquid ratio Quick ratio
2007 1.74 0.62 0.92
2008 1.41 4.9 4.28
2009 1.02 1.93 0.86
2010 1.02 0.73 0.79
2011 1.09 0.78 0.86
Source: Compiled from Annual Reports
322 X INDIAN JOURNAL OF APPLIED RESEARCH
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER
The table inferred about short term solvency ratio as cur-
rent year 2006-2007 was 1.74 it constantly decreases in
upcoming years 2007-2008 as1.41,it ?oats in a level of
constant from 2008-2009 as 1.02 and it slowly improve
its own level of performance as 1.09. Liquid ratio of last
?ve years follows that 2007-2008 its peak in performing
as 4.9, remaining it runs slowly downswings on 2006-2007
as 0.62, 2008-2009 as 1.93, 209-2010 as 0.78and ?nally
2010-2011 as 0.78.The position of Quick ratio of 2007-
2008 as 4.28 is higher when comparing to previous year
2006-2007 as 0.92, it remain constant in 2008-2009 and
2010-2011 as 0.86 where 2009-2010 shows 0.79.
Long term solvency ratio or debt ratio
Fixed assets ratio = Fixed assets / Long term funds
Chart 4.1 Fixed Assets
Chart 4.2 Debt equity ratio
Table 4 Long term solvency ratio or debt ratio
Years Fixed assets ratio Debt equity ratio
2007 1.85 0.95
2008 3.15 1.33
2009 5.47 5.89
2010 6.89 4.28
2011 7.91 1.71
Source: Compiled from Annual Reports
The table 4 identi?es ?xed assets ratio which increases gradu-
ally in each year from 2006-2007 as 1.85,next year 2007-2008
it doubles in the rating as 3.15 but it put next step 2008-
2009 on its ability as 5.47,the ratio makes its standard on
2009-2010 as 6.89 and ?nally it become an worthy full level
as 7.91. Debt equity ratio during the year 2008-2009 shows
it was high rate as 5.89, next year 2009-2010 it declining as
4.28,during 2006-2007 it shows 0.95 as well as 2007-2008 as
1.33 and during 2010-2011 its low in other years as 1.7.
TREND ANALYSIS
Trend analysis used for comparing the ?nancial statement
of a ?rm over a number of year, when the number of year
is more than two, trend analysis is more appropriate trend
analysis involves the calculation of percentage relationship
of each item in the statement that bears to the same item in
the base year.
Trend Value for Pro?t after Tax from 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 1913 -2 4 -3826 1797
2008 2008 2029 -1 1 -2029 1799
2009 2009 1001 0 0 0 1799
2010 2010 2240 1 1 2240 1800
2011 2011 1812 2 4 3624 1801
Year X Y=a + b x
2012 3 1802
2013 4 1803
2014 5 1804
2015 6 1804
2016 7 1805
2017 8 1806
Trend Value for Capital Employed From 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 16091 -2 4 -32182 15937
2008 2008 21725 -1 1 -21725 35938
2009 2009 42267 0 0 0 35938
2010 2010 45299 1 1 45299 45938
2011 2011 54306 2 4 108612 55938
Year X Y=a + b x
2012 3 65939
2013 4 75939
2014 5 85940
2015 6 95940
2016 7 105940
2017 8 115941
Trend Value for Sales of Vehicle from 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 1220 -2 4 -2440 1169
2008 2008 1559 -1 1 -1559 1953
2009 2009 1895 0 0 0 1953
2010 2010 2264 1 1 2264 2345
2011 2011 2827 2 4 5654 2737
Year X Y=a + b x
2012 3 3129
2013 4 3521
2014 5 3913
2015 6 4304
2016 7 4696
2017 8 5088
CONCLUSIONS
In the study of Financial Performance of TATA MOTORS LIM-
ITED, it is clear that the company’s ?nancial performance is
satisfactory. The company has stable growth and it shows a
greater status in all the areas it works. The company has been
suggested to reduce the expenditure as it increases every
year. Decrease in expenses will increase the pro?tability. By
over viewing the working capital turnover ratio it is clear that
the company wants to utilize its working capital ef?ciently that
is the excess current assets should be adjusted according to
current scenario. Though the net pro?t shows it is increased
but we found that the net pro?t ratio has been decreased. So
the company should consider increasing the sales in turn to
increase the actual pro?t. If the company utilizes its working
capital then the company can go heights which it wanted to
achieve. To improve the status the company will strive for
better performance and increase the loan levels of the com-
pany. The suggestions provided through the study will help
the company to improve the ?nancial performance status.
REFERENCE
1. Annual Reports of TATA MOTARS. | 2. Biswanath, S.R. (2008), “A Case Study: Financial Performance of Pharmaceutical | Companies”, Oxford
University Press, New Delhi. | 3. Chen, Q. (1999), “Evidence Analysis on Financial Distress of Listing Companies”, Accounting Research. | 4.
“Management Accounting” by T.S Reddy & Y. Hari Prasad reddy, Margham Publications | 5. Kothari C.R. (2003), “Research Methodology – Methods & Techniques,
Wishawa Prakashan, New Delhi. | 6. Ohlson, James A. (1980), “Financial ratios and the probabilities prediction of bankruptcy”, Journal of Accounting Research, Vol. 18.
| 7. S.Siva, (2012), “A Study on Financial Ef?ciency of PIPDIC” A Journal of Economics & Management Vol1 issue 1 pg 26- 36 |
doc_731933973.pdf
Financial analysis is the process of identifying the financial strengths and weakness of the firm from the available accounting data and financial statements. The focus of financial analysis is on key figures in the financial statements and the significant relationship that exists between them.
320 X INDIAN JOURNAL OF APPLIED RESEARCH
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER Management
A Study on Financial Status of Tata Motors Ltd
A. Moses Joshuva Daniel
Assistant Professor, Dept of management studies, Achariya School of Business & Technology
Puducherry, India
KEYWORDS Sustainable growth rate, pro?t margin, retention ratio, asset turnover, shareholder wealth
ABSTRACT Financial analysis is the process of identifying the ?nancial strengths and weakness of the ?rm from the avail-
able accounting data and ?nancial statements. The focus of ?nancial analysis is on key ?gures in the ?nancial
statements and the signi?cant relationship that exists between them. The analysis of ?nancial statements is a process of
evaluating relationship between component parts of ?nancial statements to obtain a better understanding of the ?rm’s posi-
tion and performance. This study aims at analyzing the overall ?nancial status of the TATA MOTORS LTD by using various
?nancial tools. The study has been undertaken for the period of 5 years from 2006-07 to 2010-11. In order to analyze ?nancial
status in terms of Pro?tability, solvency, Activity and ?nancial stability various accounting ratios have been used.
INTRODUCTION
The ?nancial statement provides the basic data for ?nan-
cial performance analysis. The ?nancial statements provide
a summarized view of the ?nancial position and operations
of a ?rm. Financial analysis (also referred to as ?nancial
statement analysis or accounting analysis) refers to an as-
sessment of the viability, stability and pro?tability of a busi-
ness. The analyst ?rst identi?es the information relevant to
the decision under consideration from the total informa-
tion contained in the ?nancial statements. The analysis of
?nancial statements is an important aid to ?nancial analysis.
They provide information on how the ?rm has performed in
the past and what is its current ?nancial position. Financial
analysis is the process of identifying the ?nancial strengths
and weakness of the ?rm from the available accounting data
and ?nancial statements. The focus of ?nancial analysis is on
key ?gures in the ?nancial statements and the signi?cant re-
lationship that exists between them. The analysis of ?nancial
statements is a process of evaluating relationship between
component parts of ?nancial statements to obtain a better
understanding of the ?rm’s position and performance. This
study aims at analyzing the overall ?nancial status of the
TATA MOTORS by using various ?nancial tools. TATA MO-
TORS LTD is located at Bombay House, 24 Horni Mody St,
Mumbai 400 001.
SCOPE OF THE STUDY
The study is based on the accounting information of TATA
MOTORS. The study covers the period of 2006-2011 for
analyzing the ?nancial statement such as income statements
and balance sheet. The scope of the study involves the vari-
ous factors that affect the ?nancial status of the company.
This study ?nds out the operational status of the organiza-
tion and allocation of resources to improve the status of the
organization. The data of the past ?ve years are taken into
account for the study. The performance is compared within
those periods. This study ?nds out the areas where TATA
MOTORS can improve the status clarity of its assets and
funds employed.
OBJECTIVES OF THE STUDY
1. To compare and analyze the ?nancial statements for the
past FIVE ?nancial years.
2. To know the Pro?tability, Activity, Solvency & Financial
stability position of TATA MOTORS.
3. To forecast the annual growth rate of income of the com-
pany with the help of Trend analysis.
4. To provide suggestions for improving the overall ?nance
performance of the TATA MOTORS.
METHODOLOGY
The study has been undertaken for the period of 5 years
from 2006 -07 to 2010 -11. In order to analyze financial
status in terms of Profitability, Solvency, Activity and Fi-
nancial stability various accounting ratios have been
used.
Ratio Analysis
A tool used by individuals to conduct a quantitative analy-
sis of information in a company’s ?nancial statements. Ra-
tios are calculated from current year numbers and are then
compared to previous years, other companies, the industry,
or even the economy to judge the performance of the com-
pany.
Pro?tability Ratio
Overall pro?tability ratio = Operating pro?t/Capital em-
ployed*100
Return on equity ratio = Net pro?t after interest, tax and pref
dividend/equity share holders fund * 100
Earnings per share = Net pro?t after interest and tax-
Dividend on preference shares
Chart 1.1 Overall Pro?tability ratios
Chart 1.2 Return on equity
INDIAN JOURNAL OF APPLIED RESEARCH X 321
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER
Chart 1.3 Earnings per share
Table 1 Overall Pro?tability ratio
Years
Profitability
ratio
Return on equity Earnings per share
2007 24.53 32 56.43
2008 12.7 27 56.24
2009 3.71 -34 56.88
2010 17.53 36 48.64
2011 8.58 67 155.25
Source: Compiled from Annual Reports
The table 1 identi?es Overall pro?tability ratio that shows
in the year 2006-2007, the company shows 24.53% where
as the years between 2008-2009 went through a change in
the ratio of 12.7%. The company’s pro?t went downward in
2008-2009 with the ratio of 3.71%.And rising over the next
year 2009-2010 for 17.53%.And the year 2010-2011 it was
declining as 8.58%. The table further observes Return on eq-
uity shows that in the year 2006-2007, the company shows
32% where as the years between 2007-2008 went through a
change in the ratio of 27%. The company’s pro?t went declin-
ing in 2008-2009 with the negative ratio of -34%. And posi-
tive results in the next year 2009-2010 as 36%. And the year
2010-2011 it was rising as 67% of the total rank. The table
further reveals the Earning per share from the above table it
indicates in the year 2006-2007, the earnings is 56.43 have
been increased comparing to the next two years 2007-2009.
And it’s gradually declining over the next year 2009-2010 as
48.64. And the year 2010-2011 it was rapidly increasing as
155.25 per share.
Turnover ratio
Fixed assets turnover ratio = Sales / Net ?xed assets
Net working capital ratio = Sales/net working capital
Chart 2.1 Fixed assets turnover ratio
Chart 2.2 Net working capital ratios
Table 2 Turnover ratio
Years
Fixed assets turnover
ratio
Net working capital
ratio
2007 3.1 -23
2008 2.4 -36
2009 1.3 -49
2010 1.3 -68
2011 1.4 -21
Source: Compiled from Annual Reports
The table 2 shows the consolidated turnover ratio of 2006-
2007 as 3.1, it falls in the next year as 2.4 then falls, stay
constant for next two years from 2008-2010 as1.3 and ?nally
2010-2011 it just its fore head up as 1.4.The Net working
capital indicates an negative formation as falls to a deep
hibernation follows from 2006-2007as -23,2007-2008 as
-36,2008-2009 as -49,2009-2010 as -68 and ?nally 2010-
2011 rises in positive value in negative line.
Short term solvency ratio
Current ratio=Current asset/Current liabilities
Liquid ratio = Quick assets / Current liabilities
Quick ratio or Acid Test ratio=Quick assets/Quick liabilities
Chart 3.1 Current ratio
Chart 3.2 liquid ratio
Chart 3.3 Quick ratio
Table 3 Short term solvency ratio
Years Current ratio Liquid ratio Quick ratio
2007 1.74 0.62 0.92
2008 1.41 4.9 4.28
2009 1.02 1.93 0.86
2010 1.02 0.73 0.79
2011 1.09 0.78 0.86
Source: Compiled from Annual Reports
322 X INDIAN JOURNAL OF APPLIED RESEARCH
Volume : 3 | Issue : 4 | April 2013 | ISSN - 2249-555X
RESEARCH PAPER
The table inferred about short term solvency ratio as cur-
rent year 2006-2007 was 1.74 it constantly decreases in
upcoming years 2007-2008 as1.41,it ?oats in a level of
constant from 2008-2009 as 1.02 and it slowly improve
its own level of performance as 1.09. Liquid ratio of last
?ve years follows that 2007-2008 its peak in performing
as 4.9, remaining it runs slowly downswings on 2006-2007
as 0.62, 2008-2009 as 1.93, 209-2010 as 0.78and ?nally
2010-2011 as 0.78.The position of Quick ratio of 2007-
2008 as 4.28 is higher when comparing to previous year
2006-2007 as 0.92, it remain constant in 2008-2009 and
2010-2011 as 0.86 where 2009-2010 shows 0.79.
Long term solvency ratio or debt ratio
Fixed assets ratio = Fixed assets / Long term funds
Chart 4.1 Fixed Assets
Chart 4.2 Debt equity ratio
Table 4 Long term solvency ratio or debt ratio
Years Fixed assets ratio Debt equity ratio
2007 1.85 0.95
2008 3.15 1.33
2009 5.47 5.89
2010 6.89 4.28
2011 7.91 1.71
Source: Compiled from Annual Reports
The table 4 identi?es ?xed assets ratio which increases gradu-
ally in each year from 2006-2007 as 1.85,next year 2007-2008
it doubles in the rating as 3.15 but it put next step 2008-
2009 on its ability as 5.47,the ratio makes its standard on
2009-2010 as 6.89 and ?nally it become an worthy full level
as 7.91. Debt equity ratio during the year 2008-2009 shows
it was high rate as 5.89, next year 2009-2010 it declining as
4.28,during 2006-2007 it shows 0.95 as well as 2007-2008 as
1.33 and during 2010-2011 its low in other years as 1.7.
TREND ANALYSIS
Trend analysis used for comparing the ?nancial statement
of a ?rm over a number of year, when the number of year
is more than two, trend analysis is more appropriate trend
analysis involves the calculation of percentage relationship
of each item in the statement that bears to the same item in
the base year.
Trend Value for Pro?t after Tax from 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 1913 -2 4 -3826 1797
2008 2008 2029 -1 1 -2029 1799
2009 2009 1001 0 0 0 1799
2010 2010 2240 1 1 2240 1800
2011 2011 1812 2 4 3624 1801
Year X Y=a + b x
2012 3 1802
2013 4 1803
2014 5 1804
2015 6 1804
2016 7 1805
2017 8 1806
Trend Value for Capital Employed From 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 16091 -2 4 -32182 15937
2008 2008 21725 -1 1 -21725 35938
2009 2009 42267 0 0 0 35938
2010 2010 45299 1 1 45299 45938
2011 2011 54306 2 4 108612 55938
Year X Y=a + b x
2012 3 65939
2013 4 75939
2014 5 85940
2015 6 95940
2016 7 105940
2017 8 115941
Trend Value for Sales of Vehicle from 2006-2017
Year X Y X=X-2009 X² XY Y = a + b x
2007 2007 1220 -2 4 -2440 1169
2008 2008 1559 -1 1 -1559 1953
2009 2009 1895 0 0 0 1953
2010 2010 2264 1 1 2264 2345
2011 2011 2827 2 4 5654 2737
Year X Y=a + b x
2012 3 3129
2013 4 3521
2014 5 3913
2015 6 4304
2016 7 4696
2017 8 5088
CONCLUSIONS
In the study of Financial Performance of TATA MOTORS LIM-
ITED, it is clear that the company’s ?nancial performance is
satisfactory. The company has stable growth and it shows a
greater status in all the areas it works. The company has been
suggested to reduce the expenditure as it increases every
year. Decrease in expenses will increase the pro?tability. By
over viewing the working capital turnover ratio it is clear that
the company wants to utilize its working capital ef?ciently that
is the excess current assets should be adjusted according to
current scenario. Though the net pro?t shows it is increased
but we found that the net pro?t ratio has been decreased. So
the company should consider increasing the sales in turn to
increase the actual pro?t. If the company utilizes its working
capital then the company can go heights which it wanted to
achieve. To improve the status the company will strive for
better performance and increase the loan levels of the com-
pany. The suggestions provided through the study will help
the company to improve the ?nancial performance status.
REFERENCE
1. Annual Reports of TATA MOTARS. | 2. Biswanath, S.R. (2008), “A Case Study: Financial Performance of Pharmaceutical | Companies”, Oxford
University Press, New Delhi. | 3. Chen, Q. (1999), “Evidence Analysis on Financial Distress of Listing Companies”, Accounting Research. | 4.
“Management Accounting” by T.S Reddy & Y. Hari Prasad reddy, Margham Publications | 5. Kothari C.R. (2003), “Research Methodology – Methods & Techniques,
Wishawa Prakashan, New Delhi. | 6. Ohlson, James A. (1980), “Financial ratios and the probabilities prediction of bankruptcy”, Journal of Accounting Research, Vol. 18.
| 7. S.Siva, (2012), “A Study on Financial Ef?ciency of PIPDIC” A Journal of Economics & Management Vol1 issue 1 pg 26- 36 |
doc_731933973.pdf