A

SUMMER INTERNSHIP PROJECT REPORT

ON

“A STUDY OF FINANCIAL STATEMENT WITH THE

HELP OF RATIOS”
FOR
SHIVALIK AUTO ENGINEERING PVT LTD
HATHKHOJ, BHILAI, DIST- DURG
SUBMITTED TO: -

“SAVITRIBAI PHULE PUNE UNIVERSITY, PUNE”

IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF
“MASTER OF BUSINESS ADMINISTRATION”
SUBMITTED BY: -
SHASHANK TRIPATHI

UNDER THE GUIDANCE OF: -

PROF. TUMULURI SRINIVAS SIR
 ACKNOWLEDGEMENT

I would like to express my gratitude towards my project guide Prof.

TUMULURI SRINIVAS Sir without whose, continuous guidance and
encouragement, this project would not have been possible. I am extremely thankful
for providing valuable guidance to me.

Also, I am also grateful to Mr. Shailendra Pandey for sparing his valuable
time and extending his co-operation in accomplishing my task. It was a great
experience and pleasure working with such a cooperative and friendly environment
group.

At last, I would like to thank my seniors and colleagues for their help and
advice in my project. I am also grateful to my friends who have directly or
indirectly assisted me in completing this project report.
College certificate: -
Company certificate: -
 DECLARATION

I, Shashank Tripathi, student of MBA (Regular) at your institute, ASM’s

Institute of Business Management and Research take this opportunity to submit my
summer internship project “A Study of Financial Statement with the help of
Ratios” to the institute in partial fulfillment of the requirement.

I hereby declare that this is an original piece of research work comprising

mainly of primary data and has not been published elsewhere or submitted for any
degree in full or in part.

I am grateful to my guide Mr. Shailendra Pandey and the company Shivalik

Auto Engineering Pvt. Ltd. for giving me this opportunity to undertake this project
and gain practical experience.

PRN No- 2052200390

College Roll no- 221624

University Examination Seat no- 19113

Place: …………………….

Date: …………………….
 INDEX

Sr. No. Content Page No.

Acknowledgement

College Certificate

Company Certificate

Declaration

1 Executive Summary 1

2 Objectives of the Study 2

3 Organization Profile 3

4 Theoretical Background 7

5 Findings 25

6 Conclusions 27

7 Bibliography 28
 EXECUTIVE SUMMARY

This project is undertaken in SHIVALIK ENGINEERING INDUSTRIES

LTD under the guidance of Mr. Shailendra Pandey on the topic “A Study of
Financial Management with the help of Ratios”. The duration of the internship was
2 months and this report is a blend of the knowledge of the program and the
experience of practical field.

The first part of the report consists on introduction to internship and its
importance followed by the overview of the project and its details.

Internship is an opportunity to observe and understand the corporate culture,

as well as acquire knowledge, skills and learn new things. Internship provides the
opportunity to understand real how to perform in an organization. It is the best way
of knowledge gaining as it provides as experience. Similarly, the Assigned
responsibilities during the internship period help to enhance the Interpersonal and
communicative skills and boost up the confidence level which as an intern I did
under the guidance of

The second part of the report is an in-depth about the company’s profile, and
their product range and variety.

Then I have mentioned about my learning’s in the whole internship duration

that is about all the terminologies. I have made it possible to mention each and
every thing that I have learnt there. I have all my practical efforts in the form of
this manuscript that’s the asset for my future career.

In the last part, I have drawn an overall conclusion, my findings in working

over this project attached with all the required to the college.

The methodology applied for the project was primary and secondary data. The
primary data is learning’s and findings by working as an intern in the company and
the secondary data is collected by the various websites and articles through web
browsing.

P a g e 1 | 32
 OBJECTIVES OF THE STUDY

To analyze the financial statements

of selected companies.

To calculate and interpret key

financial ratios.

To assess the financial health and

performance of the chosen firms.

P a g e 2 | 32
 ORGANIZATION PROFILE

Shivalik Auto Engineering Private Limited is a Pvt. company, incorporated on

09 Jun, 2011. It's a private unlisted company and is classified as ‘company limited
by shares

Company's authorized capital stands at Rs 125.0 lakhs and has 80.8% paid-up
capital which is Rs 101.0 lakhs. Shivalik Auto Engineering Private Limited last
annual general meet (AGM) happened on 07 Sep, 2018. The company last updated
its financials on 31 Mar, 2018 as per Ministry of Corporate Affairs (MCA).

Shivalik Auto Engineering Private Limited is majorly in Manufacturing

(Machinery & Equipment’s) business from last 13 years and currently, company
operations are active. Current board members & directors are GIRIRAJ
SINGHANIA and VISHAL SHARMA.

Company is registered in Chhattisgarh (Chhattisgarh) Registrar Office.

Shivalik Auto Engineering Private Limited registered address is C-33, IIIRD
FLOOR, ASHOKA MILLENNIUM NEAR SHAILENDRA NAGAR, RING
ROAD NO. 1 RAIPUR CT 492001 IN.

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Shivalik Auto Engineering Private Limited Details

CIN U29120CT2011PTC022522

Date of Incorporation 09 Jun, 2011

Status Active

Company Category Company limited by Shares

Company Sub-category Non-govt company

Company Class Private

Business Activity Manufacturing (Machinery & Equipment’s)

Registrar Office City Chhattisgarh

Registered State Chhattisgarh

Registration Number 22522

Registration Date 09 Jun, 2011

Vision:
Shivalik shall endeavor to become a preferred supplier for both castings &
machined components for domestic & for overseas customers.
P a g e 4 | 32
Mission:
Shivalik is passionate to become a leader for the best in the quality and
delivery in time for the supply of castings:
 With value added component.
 With Team work & excellence.
 By innovative processes.

Core Values:
 Customers & Employee satisfaction.
 Safety in everything.
 Teamwork. Social responsibility.
 Commitment to quality in time.

The Shivalik group comprised of:

 Shivalik Power & Steel Pvt Ltd.

 Shivalik Engineering Industries Ltd.
 Shivalik Auto Engineering Pvt Ltd.

Product Range and Variety:

P a g e 5 | 32
A u t o m o ti v e C a s ti n g

A g r ic u lt u r e C a s ti n g

R a ilw a y C a s ti n g

O ff R o a d A p p lic a ti o n C a s ti n g

W a t e r w o r k & P ip e F itti n g

P a g e 6 | 32
 THEORETICAL BACKGROUND

A financial statement is a formal record of the financial activities and

position of a business, person, or other entity. These statements provide a
summary of the organization's financial transactions, performance, and
overall financial health over a specific period of time. Financial statements
are typically prepared in accordance with accounting principles and
standards to ensure consistency and comparability.

The three main types of financial statements are:

1. Income Statement (Profit and Loss Statement): This statement shows the
revenues, expenses, and profits or losses incurred by an organization over a
specific period. It provides insights into the company's ability to generate
profit.

2. Balance Sheet (Statement of Financial Position): The balance sheet

presents the assets, liabilities, and equity of an entity at a specific point in
time. It reflects the financial position by detailing what the company owns
(assets), owes (liabilities), and the residual interest of the owners (equity).

3. Cash Flow Statement: This statement outlines the sources and uses of cash
and cash equivalents over a specific period. It is divided into three main
sections: operating activities, investing activities, and financing activities.
The cash flow statement helps assess the organization's ability to generate
and manage cash.

Financial statements play a crucial role in assessing the financial performance and
position of a business, aiding investors, creditors, management, and other
stakeholders in making informed decisions.
P a g e 7 | 32
 Ratio analysis is a technique used to evaluate the financial performance of a
business by analyzing relationships between various financial variables in its
financial statements. These ratios help assess the company's profitability, liquidity,
solvency, and efficiency. Ratio analysis provides insights into the financial health
of a business and is widely used by investors, creditors, and management for
decision-making purposes.

Here are some common types of ratios used in financial analysis:

I. Liquidity Ratios:

 Current Ratio: Current Assets / Current Liabilities

 Quick Ratio (Acid-Test Ratio): (Current Assets - Inventory) / Current
Liabilities
 Cash Ratio: Cash and Cash Equivalents / Current Liabilities

II. Profitability Ratios:

 Gross Profit Margin: (Gross Profit / Revenue) * 100

 Net Profit Margin: (Net Profit / Revenue) * 100
 Return on Assets (ROA): Net Income / Average Total Assets
 Return on Equity (ROE): Net Income / Average Shareholders' Equity

III. Solvency Ratios:

 Debt-to-Equity Ratio: Total Debt / Shareholders' Equity

 Interest Coverage Ratio: Earnings Before Interest and Taxes (EBIT) /
Interest Expense
 Debt Ratio: Total Debt / Total Assets

P a g e 8 | 32
IV. Efficiency Ratios:

 Inventory Turnover: Cost of Goods Sold / Average Inventory

 Accounts Receivable Turnover: Revenue / Average Accounts Receivable
 Days Sales Outstanding (DSO): (Average Accounts Receivable / Revenue) *
365

V. Market Ratios:

 Price-to-Earnings Ratio (P/E Ratio): Market Price per Share / Earnings per
Share (EPS)
 Dividend Yield: Dividend per Share / Market Price per Share
 Earnings Per Share (EPS): Net Income / Weighted Average Number of
Shares Outstanding

Ratio analysis is valuable for comparing a company's performance over

time, benchmarking against industry averages, and evaluating its financial health in
relation to competitors. However, it's important to interpret ratios in the context of
the specific industry, company size, and economic conditions.

P a g e 9 | 32
 I. Liquidity ratios:

Liquidity ratios assess a company's ability to meet its short-term obligations

and manage its current liabilities. These ratios provide insights into the company's
liquidity and its capacity to cover immediate financial needs. Here are some
common liquidity ratios:

1. Current Ratio:

Formula: Current Assets / Current Liabilities

Current Assets = 1,555,973.46

Current Liabilities = 1,248,721.98

Current Ratio= 1,555,973.46 / 1,248,721.98

Current Ratio = 1.25 Times

This means that for every 1.25 Times in current assets, the company has 1
Times in current liabilities. In general, a current ratio above 1 indicates that the
company has more current assets than current liabilities, suggesting a potential
ability to cover its short-term obligations. It’s important to interpret this ratio in the
context of industry benchmarks, company history, and specific business
circumstances for a more comprehensive analysis

Explanation: This ratio measures the company’s ability to cover its short-
term obligations with its short-term assets. A current ratio above 1 Times indicates
that the company has more assets than liabilities in the short term.

P a g e 10 | 32
 2. Quick Ratio (Acid-Test Ratio):

Formula: (Current Assets - Inventory) / Current Liabilities

(Current Assets - Inventory) = 1,248,721.98

Current Liabilities = 1,248,721.98

Quick Ratio = 1,555,973.46 / 1,248,721.98

Quick Ratio = 1.25 Times

This result indicates that, after excluding inventory, the company has $1.25
in quick assets (such as cash, marketable securities, and accounts receivable) for
every $1 in current liabilities. Similar to the current ratio, a quick ratio above 1
suggests that the company may have the ability to cover its short-term obligations.
It's essential to analyze these ratios in the context of the specific industry, company
history, and other relevant factors for a comprehensive understanding of the
financial health.

Explanation: Similar to the current ratio, the quick ratio provides a more
conservative measure of a company's liquidity by excluding inventory. It reflects
the company's ability to meet short-term obligations without relying on the sale of
inventory.

P a g e 11 | 32
 3. Cash Ratio:

Formula: Cash and Cash Equivalents / Current Liabilities

Cash and Cash Equivalents = 252,163.05

Current Liabilities = 1,248,721.98

Cash Ratio = 252,163.05 / 1,248,721.98

Cash Ratio = 0.2019

This result indicates that the company has approximately $0.20 in cash and
cash equivalents for every $1 in current liabilities. The cash ratio is a more
conservative measure of liquidity as it focuses solely on the most liquid assets. A
higher cash ratio suggests a stronger ability to cover short-term obligations with
readily available cash. Interpretation of this ratio should take into account industry
standards, historical trends, and the company's specific financial situation.

Explanation: This ratio is the most conservative measure of liquidity as it

considers only cash and cash equivalents. It indicates the company's ability to
cover its short-term liabilities using its most liquid assets.

Overview: These liquidity ratios are crucial for assessing a company's short-
term financial health and its ability to handle unexpected financial challenges. A
high liquidity ratio is generally considered favorable, as it suggests a strong ability
to meet short-term obligations. However, excessively high liquidity may also
indicate underutilized resources that could be invested for better returns. It's
essential to interpret liquidity ratios in the context of the industry, business model,
and specific financial circumstances of the company.

P a g e 12 | 32
II. Profitability Ratios:

Profitability ratios assess a company's ability to generate earnings in relation

to its revenue, assets, equity, and other financial metrics. These ratios provide
insights into the efficiency and effectiveness of a company's operations. Here are
some common profitability ratios:

1. Gross Profit Margin:

Formula: Gross Profit/ Net Revenue × 100

Explanation: This ratio measures the percentage of revenue that exceeds the
cost of goods sold. A higher gross profit margin indicates better efficiency in
production and pricing.

2. Net Profit Margin:

Formula: Net Profit / Revenue × 100

Net Profit = 82,401.12

Revenue = 998,492.47

Net Profit Margin = 82,401.12 / 998,492.47 × 100

Net Profit Margin = 8.26%

This result indicates that the company has a net profit margin of
approximately 8.26%, meaning that 8.26% of its revenue translates into net profit
after deducting all expenses. A higher net profit margin is generally favorable as it
signifies better profitability and efficient cost management. Interpretation should

P a g e 13 | 32
consider industry benchmarks and historical performance for a more
comprehensive analysis.

Explanation: The net profit margin represents the percentage of revenue

that remains as net income after deducting all expenses. A higher net profit margin
reflects better overall profitability.

3. Return on Assets:

The Return on Assets (ROA) ratio measures how efficiently a company

utilizes its assets to generate profit. It is calculated using the following formula:

Return on Assets (ROA): Net Income / Average Total Assets ×100

Net Profit = 82,401.12

Average Total Assets = 3592974.975

Return on Assets (ROA)= 82,401.12 / 3592974.975 ×100

Return on Assets (ROA)= 2.94 %

This means that for every dollar of average total assets, the company is
generating a return of approximately 2.94 cents in net income. Interpretation of
ROA should consider industry benchmarks and company trends for a more
comprehensive analysis.

Explanation: Interpretation of ROA should consider industry benchmarks

and the company's historical performance for a more comprehensive analysis.

P a g e 14 | 32
 4. Return on Equity:

The formula for ROE is:

ROE = Net Income / Average Shareholders’ Equity

Average Shareholders' Equity: Shareholders' equity represents the owners' residual

interest in the company's assets after deducting liabilities.

Net Profit = 82,401.12

Average Shareholders' Equity = 4249258.335

ROE = 82,401.12 / 4249258.335

ROE = 0.0194 Times

When expressed as a percentage, it would be 0.0194 This means that for

every dollar of average shareholders' equity, the company is generating a return of
approximately 1.94 cents in net income. ROE is an important metric that indicates
how efficiently a company is using its equity to generate profits for its
shareholders. Interpretation of ROE should be done in comparison to industry
benchmarks and the company's historical performance for a more comprehensive
analysis.

P a g e 15 | 32
Solvency Ratios:

Solvency ratios are financial metrics that measure a company's ability to

meet its long-term obligations and remain financially stable over the long term.
These ratios provide insights into a company's overall financial health and its
capacity to cover its long-term debt. Here are some common solvency ratios:

1. Debt to Equity Ratio:

Formula: Debt to Equity Ratio = Total Debt / Shareholders' Equity

This ratio measures the proportion of a company's financing that comes from
debt compared to equity. A higher ratio indicates higher financial leverage and
potential risk.

2. Debt Ratio:

Formula: Debt Ratio = Total Debt / Total Assets

The debt ratio represents the percentage of a company's assets financed by

debt. A higher ratio indicates a higher degree of financial leverage.

3. The Interest Coverage Ratio

Is a financial metric that measures a company's ability to cover its interest

expenses with its operating income. It provides insight into the company's ability
to meet its interest obligations and indicates the level of risk associated with its
debt.

The Interest Coverage Ratio = Earnings Before Interest and Taxes (EBIT) / Interest
Expense

P a g e 16 | 32
VI. Efficiency Ratios:

Efficiency ratios, also known as activity ratios or turnover ratios, assess how
effectively a company utilizes its assets and resources to generate sales and
income. These ratios provide insights into the operational efficiency and
productivity of a company. Here are some key efficiency ratios:

Inventory Turnover

The formula for Inventory Turnover is indeed:

Inventory Turnover = Cost of Goods Sold / Average Inventory

Here's a brief explanation of the components:

Cost of Goods Sold (COGS): This represents the direct costs associated
with the production of goods or services that a company sells during a specific
period. It includes costs such as materials, labor, and overhead.

Average Inventory: This is the average value of the inventory during a

specific period. It's often calculated as the sum of the beginning and ending
inventory for a period divided by 2.

The Inventory Turnover ratio measures how many times a company's

inventory is sold and replaced over a specific period. A higher ratio generally
indicates that the company is efficiently managing its inventory, while a lower
ratio may suggest slower inventory turnover.

For a more specific interpretation, it's essential to compare the Inventory

Turnover ratio with industry benchmarks and consider the company's unique
circumstances and industry dynamics. Additionally, trends over time and
comparisons with competitors can provide valuable insights into the efficiency of
inventory management.

P a g e 17 | 32
Accounts Receivable Turnover

The Accounts Receivable Turnover ratio is a financial metric that measures how
efficiently a company is managing its receivables. It assesses the number of times,
on average, a company collects its accounts receivable during a specific period.
The formula for the Accounts Receivable Turnover ratio is:

Accounts Receivable Turnover = Net Credit Sales / Average Accounts

Receivable

Here's a breakdown of the components:

Net Credit Sales: This represents the total sales made on credit during a specific
period, excluding cash sales.

Average Accounts Receivable: This is the average value of accounts receivable

during a specific period. It is often calculated as the sum of the beginning and
ending accounts receivable for a period divided by 2.

Interpretation of the Accounts Receivable Turnover ratio:

A higher ratio indicates that a company is collecting its receivables more

frequently, which is generally a positive sign of efficient credit management.

A lower ratio may suggest that the company is taking longer to collect its
receivables, potentially indicating issues with credit policies, collection procedures,
or the creditworthiness of customers.

It's essential to consider industry benchmarks when interpreting the Accounts

Receivable Turnover ratio, as different industries may have varying norms.
Additionally, trends over time and comparisons with industry averages or
competitors can provide valuable context for evaluating a company's performance
in managing its accounts receivable.

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Days Sales Outstanding (DSO)

Days Sales Outstanding (DSO), also known as Days Receivables or

Collection Period, is a financial metric that measures the average number of days a
company takes to collect payment after a sale is made. It is a key component in
assessing the efficiency of a company's accounts receivable management. The
formula for calculating DSO is:

DSO = (Average Accounts Receivable / Net Credit Sales) ×365

Here's a breakdown of the components:

Average Accounts Receivable: This is the average value of accounts

receivable during a specific period. It is usually calculated as the sum of the
beginning and ending accounts receivable for a period divided by 2.

Net Credit Sales: This represents the total sales made on credit during a
specific period, excluding cash sales.

The DSO calculation provides insight into how efficiently a company is able
to collect payments from its customers. A lower DSO generally indicates a faster
cash collection process and efficient accounts receivable management, while a
higher DSO may suggest that the company is taking longer to collect receivables.

Interpretation of DSO:

A lower DSO is generally preferable, as it implies that the company is

converting its receivables into cash quickly, improving liquidity.

A higher DSO may indicate that the company is experiencing delays in

receiving payments, which can affect cash flow and working capital.

DSO should be considered in the context of industry benchmarks and

compared to the company's historical performance for a more meaningful analysis.

Efficient management of DSO is crucial for maintaining healthy cash flow and
ensuring that the company has the funds needed to meet its financial obligations
and invest in growth opportunities.

Market Ratios:
P a g e 19 | 32
Price-to-Earnings Ratio (P/E Ratio):

Price-to-Earnings Ratio (P/E Ratio) =Market Price per Share / Earnings

per Share (EPS)

Market Price per Share: This is the current market value of one share of a
company's stock, determined by the interaction of buyers and sellers in the
stock market.

Earnings per Share (EPS): This is a financial metric that represents the
portion of a company's profit attributable to each outstanding share of common
stock. It is calculated by dividing the net income available to common
shareholders by the weighted average number of common shares outstanding.

Interpretation of the P/E Ratio:

High P/E Ratio: A high P/E ratio may suggest that the market has high
expectations for the company's future earnings growth. Investors are willing to
pay a premium for the stock in anticipation of strong future performance.

Low P/E Ratio: A low P/E ratio may indicate that the market has lower
expectations for future earnings growth. It might also suggest that the stock is
undervalued relative to its earnings.

Comparison with Peers: Investors often compare a company's P/E ratio with
those of its industry peers to assess its valuation relative to similar companies.

Historical P/E Ratio: Comparing the current P/E ratio with the company's
historical P/E ratio can provide insights into whether the stock is currently
overvalued or undervalued.

Industry Average: Understanding the average P/E ratio within the company's
industry is essential for putting the ratio into perspective.

It's important to note that the P/E ratio is just one of many financial metrics
used for stock valuation, and it should be considered alongside other fundamental
P a g e 20 | 32
and qualitative factors when making investment decisions. Different industries
may have different typical P/E ranges, and the P/E ratio alone does not provide a
comprehensive picture of a company's financial health or potential for future
growth.

Dividend Yield

The Dividend Yield is a financial metric that measures the annual dividend income
generated by an investment relative to its market price. The formula for calculating
the Dividend Yield is:

Dividend Yield = Dividend per Share / Market Price per Share

Here's a breakdown of the components:

Dividend per Share: This is the total annual dividend paid by a company divided
by the total number of outstanding shares. It represents the amount of money a
shareholder would receive for each share held.

Market Price per Share: This is the current market value of one share of a
company's stock, determined by the forces of supply and demand in the stock
market.

Interpretation of Dividend Yield:

High Dividend Yield: A high dividend yield may be attractive to income-seeking

investors, as it indicates a higher percentage return on investment through
dividends relative to the market price.

Low Dividend Yield: A low dividend yield may suggest that the company's
dividend payouts are relatively small compared to its market price. Investors
seeking income might find higher-yielding investments more appealing.

Comparison with Peer Companies: It's often useful to compare the dividend
yield of a company with those of its industry peers to assess its dividend policy
relative to similar companies.

P a g e 21 | 32
Historical Dividend Yield: Examining the historical trend of a company's
dividend yield can provide insights into its dividend distribution patterns over time.

Consideration with Other Metrics: While the dividend yield is important for
income-oriented investors, it should be considered alongside other fundamental
and qualitative factors, such as the company's financial health, growth prospects,
and dividend sustainability.

Keep in mind that a high dividend yield can sometimes be a signal of market
concerns about the company's future growth or financial stability. Additionally, not
all investors prioritize dividend income, and some may be more focused on capital
appreciation or other investment objectives. As with any financial metric, it's
crucial to consider it in the broader context of your investment strategy and goals.

P a g e 22 | 32
 Findings

A study of financial management with the help of ratios involves analyzing

various financial ratios to assess the performance, efficiency, and overall health of
a company. The findings from such a study can offer valuable insights into
different aspects of financial management. Here are some potential findings:

i. Liquidity Assessment:

Current Ratio and Quick Ratio can provide insights into a company's short-term
liquidity position.

A high current ratio may indicate excess liquidity, while a low ratio may signal
potential difficulties in meeting short-term obligations.

ii. Profitability Analysis:

Net Profit Margin, Return on Assets (ROA), and Return on Equity (ROE) can help
assess the profitability of a company.

A high net profit margin suggests effective cost management, while ROA and ROE
indicate how efficiently the company is using its assets and equity to generate
profits.

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iii. Efficiency Ratios:

Inventory Turnover, Receivables Turnover, and Asset Turnover ratios can provide
insights into operational efficiency.

High inventory turnover may indicate efficient inventory management, while low
receivables turnover might suggest potential issues with collections.

iv. Solvency Ratios:

Debt-to-Equity Ratio and Interest Coverage Ratio can help evaluate the company's
leverage and solvency.

A high debt-to-equity ratio may indicate higher financial risk, while a low ratio
suggests a more conservative capital structure.

v. Market Performance:

Earnings per Share (EPS) and Price-to-Earnings (P/E) ratio can provide
insights into the company's market performance.

A rising EPS and a reasonable P/E ratio may suggest positive investor sentiment.

In conclusion, a study of financial management with the help of ratios allows

for a holistic assessment of a company's financial performance, enabling
stakeholders to make informed decisions and implement strategies for
improvement if needed.

P a g e 24 | 32
 Conclusion

In summary, concluding a study of financial statements with the help of ratios

involves a thorough analysis, benchmarking, trend assessment, and consideration
of both quantitative and qualitative factors to provide a well-rounded evaluation of
a company's financial performance.

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 Bibliography

 https://shivalikengineering.com/
 https://www.zaubacorp.com/company/SHIVALIK-AUTO-ENGINEERING-
PRIVATE-LIMITED/U29120CT2011PTC022522


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