Ratio Analysis of NCL by Shrawan Kumar Dwivedi

A PROJECT REPORT ON
RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED AT NORTHERN COALFIELDS LIMITED SINGRAULI
Submitted to SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH
In Partial Fulfillment of Requirements for the Award of Post Graduate Diploma in Management BY SHRAWAN KUMAR DWIVEDI PGDM (Finance) IIIrd Semester Under the Guidance of PROF. SIDDHARTH KARALE ACADEMIC YEAR 2009-2011 SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH
S.No. 40/4A + 4B/ 1, Near PMC Octroi Post, Kondhwa- Saswad Road, Kondhwa (Bk.), Pune 411048
RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED
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Shrawan Kumar Dwivedi

+91 8179130135 shrawan.sibar@gmail.com shrawan.dwivedi@bevconzentry.com
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CERTIFICATE
This is to certify that SHRAWAN KUMAR DWIVEDI student of SINHGAD
INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH, Pune has

completed his/ her summer training at NORTHERN COALFIELDS LIMITED,
SINGRAULI on the topic of RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED and has submitted the Summer Training Project Report in partial fulfillment of
PGDM for the academic year 2009 -2011. He has worked under our guidance and direction. The said report is based on bonafide information.
PROF. SIDHHARTH KARALE Project Guide Date:Place:4|Page
PROF. AVADHOOT D. POL Director

ACKNOWLEDGEMENT
My acknowledgement deeply thanks the co-operation received from all the employees of Northern Coalfields Limited, Singrauli as a whole for providing me the opportunity to learn from them there systematic approach of accomplishing the work. I also convey my gratitude to its employees especially the Finance Department for intending all the help I needed and the congenial working environment they provided me during my project they were so helpful that I never felt that I am working with the persons senior to me age wise as well as experience wise. With their guidance co-operation and best wishes it would have been possible for me to complete my training and report satisfactorily. I express my deep sense of gratitude of Mr. S. Mazumdar of NCL for his constant supervision during the entire project work. I am truly grateful to all the Finance Managers who gave me vital information related to my project work. I express my sincere thank to Mr. C.P. Singh (Dy.Chief Finance Manager) Mr. B.P.Pathak (Sr. A.O.), Mr. V.S. Mohanti (Sr. A.O.), and Mr.
Rajendra Prasad Dwivedi (Sr. S.K.), whose selected views, morale support and proper guidance has been possible for bringing out this project report in a schedule time and with a nice get up. I also wish to express a special thanks to Prof. Avadhoot Pol (Director SIBAR), Prof. R.M. Indi (Dean Management Programmes). A big thank to Prof. Siddhart Karale and all teaching and non- teaching staff members, the Sinhgad Institute of Business Administration & Research, Pune for their support. The support is gratefully acknowledged. I would also like to thank to my all family members specially Vineet and Vinay whose morale support helped me to complete my project successfully. Lastly, a big thanks to all those who helped me sparing time even through their busy schedule and for being kind enough to help me whenever needed them. Shrawan Kumar Dwivedi
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SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION AND RESEARCH, KONDHWA (BK)
DECLARATION
I herby declare that the project titled RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED is an original piece of research work carried out by me under the guidance and supervision of Prof. SIDDHARTH KARALE. The information has been collected from genuine & authentic sources. The work has been submitted in partial fulfillment of the requirement of PGDM .
Place: Date: Shrawan Kumar Dwivedi 9595302505 shrawan.sibar@gmail.com
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Executive Summary
India is the third largest coal producer in the world and the eighth largest importer. With annual production of 310 million tonnes and imports of almost 25 million tonnes, coal provides onethird of energy supply in India. The Indian government forecasts huge increases in electricity capacity based on coal, and a financially viable electricity industry will be necessary to support reforms in the coal industry. This report describes the Indian coal sector, and comments on government policies and the performance of India's largely state-owned coal companies. There is a substantial need for reforms in India's coal sector to improve efficiency and competitiveness. With the growth of the Indian economy due to various factors like Industralization, Growth of Infrastructure, Institutional Development etc. the power is going to be the main key for any development so the Coal is wodely used by the power industries for generating the power. Financial statement analysis is important to board of the Directors, Managers, Payers, Lenders, and others who make judgments about the financial health of organizations. One widely accepted method of assessing financial statements is ratio analysis, which uses data from the balance sheet and income statement to produce values that have easily interpreted financial meaning. The purpose of this project was to get awareness about how an organization works. The project was carried out for study and analyzing the financial condition of Northern Coalfields Limited with special reference of Jayant Project. It was done to know that what is the current financial scenario of the company. In this project report I have made Ratio Analysis for analyzing that that what are the different ratios available in the organization and what is current growth comparing to the last year.
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TABLE OF CONTENTS
Chapter No. Chapter I
Sr. No.
Particulars Introduction Introduction of the topic Objectives of the study Significance of te Study Limitations & Future Scope Research Methodology
Page No.
1.1 1.2 1.3 1.4 Chapter II Chapter III 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 Chapter IV Chapter V 5.1 5.2 Chapter VI
9 11 11 11 12
Organizational Profile About the Organization Vision, Mission of the Organization Historical Background of the Organization Different Departments of the Organization Organizational Structure of the Organization Current Status of the Organization Future Plans of the Organization Awards and Achievements Data Analysis
14 16 19 20 21 23 26 29 30 31
Summary & Conclusions Major Findings & Suggestions Conclusions
45 46 47
Reference Section
48
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LIST OF TABLES TABLE NO. Table no. 3.1 Table no. 3.2 TITLE OF THE TABLE Projects of NCL Coal Resources in Northern Coalfields Limited Payment to Central/ State Exchequer PAGE NO. 17 26
Table no. 3.3
44
LIST OF FIGURES
LIST OF FIGURES TABLE NO. Figure no. 3.1 Figure no. 3.2 Figure no. 3.3 Figure no. 3.4 TITLE OF THE FIGURE PAGE NO. Consumer Profile 22 Cost of Production 27 Status of Outstanding Dues 28 Comparison of the production between NCL 28 and Jayant project
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CHAPTER I INTRODUCTION
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INTRODUCTION OF THE TOPIC

To analyze the financial position of NORTHERN COALFIELDS LIMITED, different tools are used, of Ratio Analysis. Financial analysis involves the use of various financial statements. These statements do several things. First the balance sheet and the second is income statement. The Balance sheet summarizes the assets, liabilities, and owners equity of a business at a point in time, while the income statement summarizes revenues and expenses of a firm over a particular period of time. A conceptual framework for financial analysis provides the analyst with an interlocking means for structuring the analysis. A financial ratio (or accounting ratio) is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. Financial ratios may be used by managers within a firm, by current and potential shareholders (owners) of a firm, and by a firm's creditors. Security analysts use financial ratios to compare the strengths and weaknesses in various companies. If shares in a company are traded in a financial market, the market price of the shares is used in certain financial ratios. Values used in calculating financial ratios are taken from the balance sheet, income statement, statement of cash flows or (sometimes) the statement of retained earnings. These comprise the firm's "accounting statements" or financial statements. The statements' data is based on the accounting method and accounting standards used by the organization. Financial ratios quantify many aspects of a business and are an integral part of financial statement analysis. Financial ratios are categorized according to the financial aspect of the business which the ratio measures. Liquidity ratios measure the availability of cash to pay debt. Activity ratios measure how quickly a firm converts non-cash assets to cash assets. Debt ratios measure the firm's ability to repay long-term debt.Profitability ratios measure the firm's use of its assets and control of its expenses to generate an acceptable rate of return. Market ratios measure investor response to owning a company's stock and also the cost of issuing stock. Financial ratios allow for comparisons

between companies between industries between different time periods for one company between a single company and its industry average
Ratios generally hold no meaning unless they are benchmarked against something else, like past performance or another company. Thus, the ratios of firms in different industries, which face different risks, capital requirements, and competition are usually hard to compare. 11 | P a g e Shrawan Kumar Dwivedi
1.2 Objectives of the report

To get awareness about the financial techniques. To find out NCLs ability to meet the current obligation. To analyze the financial statement of NCL. To understand how effectively NCL utilizes its assets in producing Coal.
1.3 Significance of the study:

The present study dealt with the current financial status of the Northern Coalfields Limited. It provides a broad view regarding Coal Production in NCL as well as in India. And this project also tells, what is the current financial condition of the NCL in India? And How they are contributing towards the coal production? . In this context, we will address the following questions: 1. To analyze the current financial condition of NCL, Singrauli 2. To know the contribution of the NCL in the Indian Coal Industry.
1.4 Limitations & Future Scope:

Limitations :
Less response by some of the staff members Due to new in the department some of the staff members not provided some kind of information. Problems in collection of the data of past years because the database is maintained by the headquarter and they dont allow to provide these information to the outsiders. Two months period for understanding all the working procedure of any particular organization is not sufficient.
Scope :
In this project I have done the financial analysis of the company so the scope of the study is that this report can be used as a financial statement of the company. This report shows different financial aspects of the Northen Coalfields Limited. This report also contains the information related the various projects run by the NCL and what is their contribution in Coal production. 12 | P a g e Shrawan Kumar Dwivedi
CHAPTER II RESEARCH METHODOLOGY
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RESEARCH METHODOLOGY :
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. Research methodology is a way to systematically solve the research problem. Research methodology just does not deal research method but also consider the logic behind the method. It facilitates the researcher with reason for evaluating the research problem.
Definition: According to Redman and Mory

Research is systematized effort to gain new knowledge.
According to Clifford Woody

Research comprises defining and redefining problems, formulating hypothesis or suggested solutions, collecting organizing and evaluating data , making deductions and reaching conclusions and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis.
The research is done through :
Journals : I have used the the organizational journals published by the company for
collecting the data.
Annual Reports : Annual reports are the best way to collect the information about the
company. If we are going to conduct any research work in the field of Finance then we must should have to refer the companys Annual Report.
Plant visit : By visiting the Plant I came to know that what is the real scenario, what is
the position of the company? How the work flows ? etc. then I collected the relavent information which I was needed to complete my project.
Personal discussion and interaction : I have Discussed with the concerned

people and thus collected information for the research.
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CHAPTER III ORGANIZATIONAL PROFILE
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NORTHERN COALFIELDS LIMITED

(A Government of Indias Mini ratna Enterprise)
P.O.:Singrauli, Dist.:Singrauli (M.P.), PIN.:486889
EPABX-07805-266670, 266393 Fax - 07805-266640 E mail : nclsgr@hotmail.com, nclsgr@yahoo.com Website : http://www.ncl.nic.in
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3.1 About the Company Northern Coalfields Limited (NCL) A Profile

NCL is a subsidiary of Coal India Limited (CIL). It was founded in the year (1984). Earlier it was a subsidiary of Central Coalfields Limited (CCL). It is among the top PSU's in India. NCL is the only subsidiary of CIL producing 100% of coal from opencast mines. There is steep rise in the coal demand on NCL to meet the power and energy needs of the country . (44.43MT in 200203 to 78.44MT in 2011-12). The major demand of coal on NCL is from power sector, which contributes more than 96% of the total demand. The CILs production level in the year 2011-12 is projected as 619.67 million tones out of which NCLs contribution will be 78 million tonnes. In NCL there are four existing & completed projects with production capacity of 20.00MTpa , six ongoing projects recently approved with the sanctioned capacity of 57.50 mtpa. Two new expansion projects are awaiting Government approval , and one extension project is under formulation . The NCL supplies coal to pithead power plants of national thermal power corporation (NTPC), Uttar Pradesh rajya vidyut utpadan nigam Ltd (UPRVUNL) and Renupower division of M/s. Hindalco Industries having installed capacity of 11155MW. NCL is also supplying coal to power plants of rajasthan state Electricity Board and Delhi Vidyut Board (DVB) and to other industries like Aluminium (Hindalco), Chemicals etc. In December 2008, NCL achieved its companywide ISO 9001:2000 certification. It is also preparing Integrated to implement Management a company-level System to
simultaneously comply with ISO 9001, ISO 14001, OHSAS 18001, and SA 8000; which will cover all its mining establishments, other support units, and all headquarters function .
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Projects of NCL
Sl. No. Project Existing Capacity (MT) Incremental/N ew 6.00 1.50 3.50 5.00 5.00 6.00 4.00 5.00 36.00 Total Actual 08-09 Production (MT) Target 09-10 5.50 5.50 3.00 12.75 12.75 4.00 3.00 4.00 3.00 13.00 11-12
1 2 3 4 5 6 7 8 9 10
Amlori Expansion Bina Extension Block B Dudhichua Expansion Jayant Expansion Jhingurda Kakri Extension Khadia Expansion Krishnashila Nigahi Expansion Grand Total
4.00 4.50 10.00 10.00 3.00 3.00 4.00 10.00 48.50 84.50-3.00* = 81.50
10.00 6.00 3.50 15.00 15.00 3.00 3.00 10.00 4.00 15.00 84.50
5.28 5.44 3.50 13.27 13.02 3.86 2.93 3.68 1.08 11.66
8.50 6.00 3.00 15.00 15.00 3.00 8.00 4.00 15.00
63.65
66.50
78.00
* Jhingurda Project will exhaust by 2011-12

Table no. 3.1
The area of Singrauli Coalfields is about 2202 Sq.Km. The coalfield can be divided into two basins, viz. Moher sub-basin (312 Sq.Km.) and Singrauli Main basin (1890 Sq.Km.). Major part of the Moher subbasin lies in the Singrauli district of Madhya Pradesh and a small part lies in the Sonebhadra district of Uttar Pradesh. Singrauli main basin lies in the western part of the coalfield and is largely unexplored. The present coal mining activities and future blocks are concentrated in Moher sub-basin. The exploration carried out by GSI/NCDC/CMPDI has proved abundant resource of power grade coal in the area. This in conjunction with easy water resource from Govind Ballabh Pant Sagar makes this region an ideal location for high capacity pithead power plants. The coal supplies from NCL has made it possible to produce about 10515 MW of electricity from pithead power plants of National Thermal Power Corporation (NTPC), Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd (UPRVUNL) and Renupower division of M/s. Hindalco Industries. The region is now called the "power capital of India". The ultimate capacity of power generation of these power plants is 13295 MW and NCL is fully prepared to meet the increased
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RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED demand of coal for the purpose. In addition, NCL is also supplying coal to power plants of Rajasthan Rajya Vidyut Utpadan Nigam Ltd, Delhi Vidyut Board (DVB) and Hariyana State Electricity Board. NCL, through its community development programmes, has significantly contributed towards improvement and development of the area. It is helping local tribal, non-tribal and project-affected persons in overall improvement of quality of their life through self-employments schemes, imparting education and providing health care. NCL is the only subsidiary of CIL prroducing 100% of coal from opencast mines. There is steep rise in the coal demand on NCL to meet the power and energy needs of the country. (44.43 MT in 2002-03 to 78.44 MT in 2011-12). The major demand of coal on NCL is from power sector, which contributes moe than 96% of the total demand. The CILs production level in the year 2011 12 is projected as 619.67 million tonnes out of which NCLs contribution will be 78 million tonnes. In NCL there are four existing & completed projects with production capacity of 20.00 Mtpa, six ongoing projects recently approved with the sanctioned capacity of 57.50 mtpa. Two new Expansion Projects are awaiting Government approval, and one extension project is under
formulation. The additional production capacity of the three new projects is 11.00 mtpa. The NCL supplies coal to pithead power plants of National Thermal Power Corporation (NTPC), Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. (UPRVUNL) and Renupower division of M/s. Hindalco Industries having installed generating capacity of 11155 MW. NCL is also supplying coal to power plants of Rajasthan State Electricity Board and Delhi Vidyut Board (DVB) and to other industries like Aluminium (Hindalco), Chemicals etc.
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3.2 Vision and Mission of the organization
VISION
Be the leading energy supplier in the country, through best practices from mine to market.
MISSION
The mission of Coal India Limited is to produce and market the planned quantity of coal and coal products efficiently and economically with due regard to safety, conservation, quality and environment.
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3.3 Historical background of Singrauli Coalfields A Retrospect

Singrauli Coalfields is located in the northern most part of sone-Mahanadi master basin and covers an area of 2202 Sq. Km. in M.P. and U.P. States. Discovery of coal in Singrauli coalfields dates back to 1840 when Capt. Wroughton located the occurrence of coal near surface in the vicinity of Kota Dist. Mirzapur (presently known as Shaktinagar, Dist. Sonebhadra, UP). Primitive mining was reported even before 1857. In those days coal was transported by bullock carts and camel to Mirzapur for use in steamers on the Ganges. In the outcrop region of Kota seam near Kota Basti Shaktinagar, where mining was being done through inclines and subsequently there was fire in the incline. A temple has been built near that site with the name of Jwalamukhi (the name probably derived from the fire emanating from the incline mouth). Due to poor quality of coal as well as poor communication the coal from this coalfield could not compete in the market with good quality coal available from Bihar and Bengal coalfields with better communication and transport facilities and hence mining activities ceased very quickly. Subsequently this coalfield was surveyed and explored by various Geologists namely Smith (1857), Mellet (1872), Roberts (1885), Oldham (1894), Sinor (1923), and Fax (1934) etc. GeologistsF. Ahmed mapped the area in details in (1948-1953) and recommended detailed drilling and investigations. In pursuance of this, GSI took up regional drilling in northern part of the coalfields in 1958. As a sequel to these investigations by GSI thick coal seams containing inferior grade coal were discovered. Erstwhile NCDC (in association with GSI and IBM carried out detailed drilling after 1958. The first major industrial activity was started in this area with the construction of Rihand Dam in 1954 for tapping hydel power. It was beyond the imagination of anybody to foresee at that point of time that this hydel project, which resulted in converting an area of about 487 sq. Km. into Govind Ballabh Pant Sagar (with a water capacity of about 10.44 21 | P a g e Shrawan Kumar Dwivedi
cu. Km) will come handy in developing a network of Thermal and Super Thermal Power Plants, thus bestowing upon this most neglected area, the honour of becoming countrys power capital. With the increase in demand of coal and also with an objective to conserve the better quality coal in terms of CoalmMines (Conservation & Safety) Act, 1952 and rules 1954, the development & exploitation of outlying coalfields gained importance since 2nd plan period (1956-61). NDNC was formed in 1956 with one of the objectives to develop outlying coalfields. Systematic coal mining was first started in 1964 by erstwhile NCDC. The coalfield was under command area of NCDC from 1962-73, under CMAL upto 1975 and then under CCL from 1975-85. In November 1985 the area became Northern Coalfields Limited with Headquarters at Singrauli. Since then this coalfield has witnessed tremendous growth and has now developed in as one of the largest coal power complexes of the world.
3.4 Different Departments of the organization

Materials Management Sales and Quality Control Industrial Engeneering Department Personnel Department Finance Department Project & planning
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Consumer Profile (2009 (2009-10)

Sector Power RPD Kanoria Aluminium 4.26% 0.41% Aluminum Others Other 0.40%
3.52%
Hindalco(Co. Gen.) IPGCL HPGCL 0.37% 2.98% 1.75% RRUVNL 2.83% UPRVUNL 21.90%
Coal Supplied (MT) 61.714 0.256 2.260

NTPC
% Share 96.08% 0.40% 3.52%
UPRVUNL RRUVNL IPGCL NTPC 61.58% HPGCL RPD Hindalco(Co. Gen.) Kanoria Aluminum Others
Figure 3.1
NTPC : National Thermal Power Corporation Ltd. UPRVUNL : Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited RRUVNL : Rajasthan Rajya Vidyut Utpadan Nigam Limited IPGCL : Indraprasth Power Generation Company Ltd. HPGCL : Haryana Power Generation Corporation Ltd. RPD : Reliance Power Hindalco: Hindustan Aluminium Company Ltd. Kanoria Industries Ltd.
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3.5 Organizational Structure

Management Profile
Board of Directors
Mr. Vinay Kumar Singh Chairman Cum Managing Director
FUNCTIONAL DIRECTORS
Ms. Shantilata Sahoo Director ( Personnel)
Shri Niranjan Das Director (Technical) Project & Planning
Shri O. P. Mishra Director (Technical) Operations
Shri S. K. Rawat Director (Finance)
PART TIME OFFICIAL DIRECTOR
Shri Kailash Pati Economic Advisor, Ministry of Coal
Dr. A. K. Sarkar Director (Marketing), CIL
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PART TIME NON NON-OFFICIAL DIRECTORS
Mr.J.N.L. Shrivastava
Mr.V.K. Bhalla
Mr. B.N. Pan
Mr. P. Parvathisem
Dr. B. B. Goel
PERMANENT INVITEES
Shri Chandan Roy
Shri R. S. Pandey
Shri M. K. Roy
Company Secretary : Mr. D.H. Lalwani

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Subsidiary Companies of Coal India Limited
Projects Under Northern Coalfields Ltd.
Northern Coalfields Limited, Singrauli
Amlori
Bina
Block B
Dudhichua
Jayant
Jhingurda
Kakri
Khadia
Krishnashila
Nigahi
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3.6 Current status of the organization

NCL At a Glance
Explored area of the Moher Basin of Singrauli Coalfields is about 210 Sq. Km. Presently the coal mining activities are done over an area of about 100 Sq. Km. At present NCL produces only power grade coal through 10 nos. mechanised opencast mines located in M.P. (about 81% of Prod.) and U.P. State (about 19% of Prod.) Since incption, NCL has shown overall growth in all spheres.\ Coal production increased from 13.4 MT (1986-87) to 63.65 MT (2008-09). Overburden removal increased from 42.4 M. CuM. (1986-87) to 202.75 M.CuM. (2008-09). The profit (Before tax) of NCL grown from Rs. 74.70 Crores (1986-87) to Rs. 3131.01 crores (2008-09). NCL is presently the highest profit earning company of CIL. In NCL there is: A Central Fire Station A Central workshop besides workshops in each project A Central Hospital (150 beds) besides 10 dispensaries and 2 other hospitals Total Employees as on 30th Nov.09 are 16261 (1305 officers and 14956 staff/workman) Cordial relations between trade unions and management
Coal Resources in Northern Coalfields Limited

Category wise, Depth wise and state wise Geological Reserves of Non Coking Coal in Singrauli Coalfields
Depth *** 0-300 300-600 600-1200 Sub Total MP *** 0-300 Total Table No. 3.2
Proved *** 4251 115 0 5366 *** 866 6232
Indicated
MP 2660 3313 40 6013 UP 196 6209
Inferred
*** 1040 993 4 2037 *** 0 2037
Total
*** 7951 4421 44 12417 *** 1062 13478
Special Features of NCL

Mining Operations
Fully mechanised Opencast mines. Largest Electric Rope Shovel 20 CuM. Largest Dragline 24/96 (24 Cum. Bucket) Largest Rear Dumper 170T
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Cost of production (NCL) - Segment wise Share (2009-10

Others Admin. Exp. 4.16% Explosives 5.17% 4.43% Repairs Wages 6.76% 23.73% Power 5.14% P.O.L. OB outsourcing 10.57% 15.92% Spares and other stores Int. & Dep. 12.18% 11.22% Wages OB outsourcing OBR Adj Int. & Dep. Spares and other stores P.O.L. Power Repairs Explosives OBR Adj 0.72% Others Admin. Exp.
Figure 3.2
Consumers Satisfaction
Supply of sized coal through CHP 97% Electronically Weighed Coal Supplies 100% Despatch through Merry-Go Go-Round Rail and Ropeway 98%
Other Specialties All employees salaries and wages are paid through Bank. Payment to all vendors through cheque with Bank name & Account Number Literacy of workforce, Free LPG to Employees, School Bus for Children, Supply of Drinking water 100 % Housing Satisfaction 100% Land oustees Employed in NCl 25.92% of total workman (Land ous oustees 3878 Nos. out of total workman 14956)
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Year-wise Status of Outstanding Dues wise

140 130 120 110 Crore Rs. 100 90 80 70 60 50 2004-05 Year-wise Status of Outstanding Dues 117.57 2005-06 127.29 2006-07 63.32 2007-08 70.36 2008-09 89.6
Figure 3.3
Comparison of the Production between NCL and Jayant Project (In Million Tonnes)
70 60 50 40 30 20 10 0 2004-05 2005-06 06 2006-07 10 9.9 10.57 49.95 51.52 52.16
59.62
63.65
Jayant Project NCL 12.79 13.02 NCL Jayant Project 2007-08 2008-09
Figure 3.4
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International Standards
ISO 14000 Certification for Environmental Management System since 2001 and renewed up to 2010. ISO 9001:2000 Certification for Quality Management System since 11 May 2009 and valid until 14 November 2010. Efforts for certification of Integrated Management System complying ISO 14001:2004, ISO 9001:2008, OHSAS 18001:2007 and SA 8000:2008 are being made and stage- 1 audit for the same is scheduled from 04.01.2010 by the Certification Body.
3.7 Future plans of the organization

After achieving profits and coal production more than the targeted value, NCL in collaboration with UPRUVNL is planning to set up a 1000 megawatt coal-based power plant in Uttar Pradesh. NCL is also planning to set up a power plant of 1000 megawatts in Madhya Pradesh with Neyewali Lignite Corporation. NCL has already got the permission with the Directors of CIL. Coal India Plans to raise Rs 4,500 cr by issue of fresh capital thru book-building route. Coal India has equity base of Rs 6,316 crore is holding company of seven coal producers Aggregate profit to top Rs 7,043 cr this year. Performance of the company is continuously improving quantitatively and qualitatively. As a part of liberalization Process, the CIL is going for proposed disinvestments through Initial Public Offer (IPO). In deregulated environment, market is the best judge for performance and market discounts all past and future events, CIL is confident to get high value quote in the secondary market.
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3.8 Awards and achievements

Prestigious INDIRA GANDHI NATIONAL AWARD FOR EXCELLENCE Given to the BEST ENTERPRISES Amongst the Public Sector NATIONAL SAFETY AWARDS ( By the Honble President of India) Four Awards of Excellence ( By the Honble Prime Minister for Bina, Nigahi, Amlohri And Jhingurda Projects. National Award for promotion of Family Planning Coal India Award of Excellence For excellence in pollution Control Indira Gandhi National Gold Award Jawaharlal Nehru Memorial National Award Dadabhai Naoroji International Millennium Award Teri National Award for Environment Rajbhasha Shri Award Best Chief Executive Gold Award by WHAT HAILS PUBLIC SECTOR TODAY Bharat Gaurav Award by India International Friendship Society 9th Gold Award in Metal & Mining Sector for outstanding achievement in Environment Management by GREENTECH SCOPE Meritorious award for environmental excellence & sustainable development Gold Plaque Certificate of Excellence in Corporate Performance awarded by CIL.
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CHAPTER IV DATA ANALYSIS
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Northern Coalfields Limited, Jayant Project

Balance Sheet AS on 31st March 2010-2009
PARTICULARS
DETAILS
AS AT 31ST MARCH2010 (RS IN LAKH)
DETAILS
AS AT 31ST MARCH2009 (RS IN LAKH)
SOURCES OF FUND: SHAREHOLDERS FUNDS: Share capital Share money pending allotment Reserves & surplus LOAN FUND: Secured Unsecured Current Account with HQ 0.00 0.00 (27184.43) 54921.05 APPLICATION OF FUND: A. Fixed Assets Gross Block Less: Depreciation Net Block B. Capital work-in-Progress
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0.00 0.00 82105.48 82105.48
0.00 0.00 67025.47 67025.47
0.00 0.00 (24918.57) 42106.90
92891.74 58620.37 34271.37 4170.97
82890.74 57996.99 24893.75 677.51

C. Surveyed off Fixed Assets Awaiting disposal
240.11
38682.45
195.71
25766.97
Investment Current Assets , Loans & Advances: (594.18) Debtors Inventories Cash & Bank Balances Loans& Advances Other current Assets Cost of Removal of Over Burden Total Current Assets, Loans & Advances Less: Current Liabilities & Provisions: Net Current Assets 7594.33 36.32 600.58 3363.76 28934.76 39935.57 23696.97
0.00
0.00
219.19 4994.18 0.14 607.01 632.60 31572.88 38026.00 21686.07 16238.60 16339.93
0.00 Misc. Expenditure 54921.05
0.00 42106.90
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NORTHERN COALFIELDS LIMITED: JAYANT PROJECT PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2010-2009
PARTICULARS 31ST MARCH 2010 (RS IN LAKHS) INCOME: Sales Coal issued for other purposes Accretion/ Decretion in Stock Workshop jobs for own purposes Other income EXPENDITURE: Consumption of Stores & Spares Employees Remuneration & Benefits Social Overhead Power & Fuel Repairs Contractual Expenses Miscellaneous Expenses Overburden Removal Adjustment Existing Mines Total Expenditure GROSS OPERATING PROFIT/ LOSS Interest Financial/Commitment Charges 35 | P a g e 135235.59 0.00 2292.77 0.00 7511.49 145039.85 19900.27 13336.93 3459.46 3814.22 4090.72 7037.10 5471.05 2638.12 59747.87 85291.88 192.86 175.76 123719.15 0.00 854.39 0.00 4735.80 129309.34 20644.35 16093.00 3392.10 3903.61 5392.11 5819.95 6196.99 5709.57 55732.54 73576.80 324.94 312.29 31ST MARCH2009 (RS IN LAKHS)

Depreciation Provisions Write Off PROFIT / LOSS FOR THE YEAR Overburden Removal Adjust. For Closed Mines Provision written Back Prior Period Adjustment Extra Ordinary Items PROFIT / LOSS BEFORE TAXATION Provision for income tax for earlier years PROFIT AFTER TAX Provision for Dividend on Preference Shares Provision for proposed Dividend of Equity shares Provision for income tax on proposed Dividend Net profit After Tax & Proposed Dividend Retained Profit After Trans. To Reserve BALANCE CARRIED TO BALANCE SHEET
2856.35 111.87 0.00 81955.14 0.00 131.65 18.69 0.00 82105.48 0.00 82105.48 0.00 0.00 0.00 82105.48 82105.48 82105.48
5853.00 268.48 0.00 66818.09 0.00 29.04 163.59 0.00 67010.72 0.00 67010.72 0.00 0.00 0.00 67010.72 67010.72 67010.72
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CALCULATION & INTERPRETATION OF RATIOS

1) CURRENT RATIO: Meaning: Current ratio may be defined as the relationship between current assets and current liabilities. This ratio is also known as working capital ratio, is measure of general liquidity and mostly used to make the analysis of a short-term financial position or liquidity of a firm. The rule of thumb for current Ratio is 2:1 which is considered as strong financial position of the company. Current ratio = Current Assets Current Liabilities Calculation : Year Current assets Current liabilities Ratio Interpretation: In 2009 current ratio was 1.75 which is decreased to 1.69 in the year 2010. As compared to last year Current Assets has increased because of increase in Inventories, Cash and Bank balance and other Current Assets but Current Ratio has decreased because of excess advance received from debtor , decrease in Cost of Removal of over burden, and increase in current liability . 2) QUICK / ACID TEST/ LIQUID RATIO : Meaning: Quick ratio is more rigorous test of liquidity than the current ratio. The term liquidity refers to the ability to pay its short term obligations as and when they become due. As a rule of thumb quick ratio of 1:1 is considered satisfactory. Quick Ratio = Quick/ liquid Assets Current liabilities 2010 39935.57 23696.97 1.69:1 2009 38026.00 21686.07 1.75:1
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Calculation : Year Quick assets Current liabilities Quick ratio
2010 3406.48 23696.97 0.14:1
2009 1458.94 21686.07 0.07:1
Interpretation: In 2009 quick ratio was 0.07 which has increased to 0.14 in 2010. Quick assets has increased by 133% and Current liabilities has increased only by 9% Due to which quick ratio has increased by 100%. The management has taken a great effort in maintaining high quick assets as compared to last year.
3) STOCK TURN OVER OR INVENTORY TURN OVER RATIO : Meaning : Every firm has to maintain a certain amount of inventory of finished goods so as to meet the requirement of business. But the level of inventory should neither be too high nor too low. Because it is harmful to hold more inventory as amount of capital is blocked in it and some cost is involved in it. Inventory turn over ratio measure the speed with which stock is converted into sales. Usually high inventory ratio indicates an efficient management of inventory because more frequently stocks are sold ; the lesser amount of money is required to finance the inventory. Where as low inventory turn over ratio indicates the inefficient management of inventory. A low inventory turn over implies over investment in inventories. Inventory turn over ratio = Cost of good sold Average inventory Cost of goods sold = Opening Stock+ Purchase + Direct Expenses - Closing Stock Average inventory = Opening stock + Closing stock 2
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Calculation : Year COGS Avg. inventory Ratio 9.08 Times 10.16 Times 2010 57147.72 6294.255 2009 50738.36 4994.18
Interpretation: In 2009 inventory turn over ratio was 10.16 times which is reduced to 9.08 times. Reduction of Inventory turn over ratio in 2010 may be due to increase in cost of goods sold with increase in sales as compared to last year or due to non availability of opening balance of inventory in the year 2009. 4) DEBTOR TURN OVER RATIO: Meaning : A concern may sell goods on cash as well as on credit. The volume of sales can be increased by adopting liberal credit policy. But liberal credit policy may result in tying up substantial funds of a firm in form of trade debtors. Trade debtors are expected to be converted into cash within short period and are included in current assets. Debtors velocity indicates the number of times the debtors are turned over during a year. Higher the value of debtor turnover the more efficient is the management of debtors/sales and vice versa. Debtor turnover ratio = Net credit sales Average debtors Average debtors = Opening Debtor + closing Debtor 2
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Calculation : Year Sales Debtor Ratio 2010 135235.59 Nil Nil 2009 123719.15 219.19 564 Times advance
NOTES: Debtor in the year 2010 is -594.18 because of excess received from customer therefore debtor is considered nil. Interpretation:
Debtor turn over ratio in the year 2009 is extremely high i.e 564 times . The ratio is too high because the entire sale done by the project is according to the agreement with customer. The debtor shown on the closing day of financial year is not received by the customer because customer has time to pay his liability in near future. So the project is not worried about the Bad debts. 5) GROSS PROFIT RATIO: Meaning : The gross profit ratio indicates the extent to which selling prices of goods per unit may decline without resulting in losses on operations of a firm. It reflects the efficiency with which a firm produces its products. Gross profit should be adequate to cover the operating expenses and to provide for fixed charges, dividends and accumulation of reserves. Gross profit ratio = Gross profit Net Sales Gross Profit = Sales- Cost of goods sold * 100
Calculation : 40 | P a g e Shrawan Kumar Dwivedi

Year Gross profit Net sales Ratio Interpretation:
2010 78087.87 135235.59 58 %
2009 72980.79 123719.15 59 %
In the year 2009 gross profit ratio was 59 % which is decreased to 58% in the year 2010. The project gross profit has increased with increase in sales as compared to last year. The project gross profit ratio has decreased by 1% due to increase in direct expenses. The company has sound position to meet its nonoperating expenses and also enough capable to pay taxes and royalty to the government. 6) OPERATING RATIO: Meaning : Operating ratio establishes the relationship between cost of goods sold and other operating expenses on the one hand and sales on the other hand. Operating ratio indicates the percentage of net sales that is consumed by operating cost. Higher the operating ratio is less favourable for the company because it would have small margin to cover interest, income tax , dividend and reserve. Operating ratio = Operating Cost*100 Net Sales Calculation : YEAR Operating Cost Net Sales Ratio Interpretation: 41 | P a g e Shrawan Kumar Dwivedi
2010 59747.87 135235.59 44.18%
2009 55732.54 123719.15 45.05%
In the year 2009 operating ratio was 45.05% which is reduced to 44.18% in the year 2010. Reduction in operating ratio will contribute more to net profit . Reduction in operating ratio may be possible due to reduction in cost per tones. 7) NET PROFIT RATIO: Meaning: Net profit ratio establishes a relationship between net profit after tax and sales and indicate the efficiency of the management in controlling the expenses of the company. Net profit ratio = Net profit after tax *100 Net sales Calculation : Year Net profit Net sales Ratio Interpretation: The net profit of the company has been increased by 6.55% as compared to last year. In 2009 project net profit was 54.16% which increased to 60.71% in 2010. Net profit of the project has been increased due to increase in sales/ production, reduction in cost per tonnes, and better control on operating expenses. The net profit of the project reveals sound business of the project and strong financial position. 2010 82105.48 135235.59 60.71% 2009 67010.72 123719.15 54.16%
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8) WORKING CAPITAL TURNOVER RATIO: Meaning: Working capital turnover ratio indicates the velocity of the utilization of net working capital. This ratio indicates the number of times the working capital is turned over in the course of a year. This ratio measures the efficiency with which the working capital is being used by a firm. A higher ratio indicates efficient utilization of working and low ratio indicates otherwise. But a very high working capital turnover ratio is not a good situation for any firm and must be taken while interpreting the ratio. Working Capital Turnover Ratio = Cost of Sales Net working capital Calculation : YEAR COGS* WORKING CAP. RATIO 2010 57147.72 16238.6 3.52 times 2009 50738.36 16339.93 3.11imes
*COGS :- Cost of Goods Sold Interpretation: In the year 2009 ratio was 3.11 times which is increased to 3.52 times in the year 2010. As compared to last year working capital has been utilized very efficitently. In 2010, the reciprocal of this ratio( 1/3.52=0.284) shows that for sales of RS 1 company requires 28 paisa as working capital. This ratio is very helpful to forecast the working capital requirement on the basis of sales.
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9) CREDITOR TURNOVER RATIO: Meaning: In the course of business operations, a firm has to make credit purchases and incur short-term liabilities. A supplier of goods i.e, creditors is always interested to know how much time the firm is likely to take in repaying its trade creditors. It shows the speed at which payments are made to the supplier for purchase made from them. It is a relation between net credit purchase and average creditors. Higher creditor turnover ratio or lower credit period enjoyed signifies that the creditors are being paid promptly. Creditors turnover ratio = Net Credit Purchases Average creditors Average creditors = opening creditors + closing creditors 2 Calculation : YEAR CREDIT PURCHASE AVG. CREDITORS RATIO 1.69 times 1.81times 22691.52 21686.07 2010 38301.77 2009 39152.12
Credit purchase include consumption of stores and spares, social overhead, power & fuel, repairs& contractual expenses. Interpretation : A high creditors turnover ratio indicates that creditors not paid in time while a low ratio gives an idea that the business is not taking full advantages of credit period allowed by the creditors. Since creditors turnover ratio has decreased from 1.81 times to 1.69 times which represents that creditors are paid in time. Its a good sign for the company. 44 | P a g e Shrawan Kumar Dwivedi
Payment to Central/ State Exchequer

(Rs. In Crores)
Particulars MP Royalty Central & State Sales Tax Sales Tax on works and scraps Entry Tax Stowing Excise Duty SSDA Cess Property Tax Forest Cess Professional Tax TOTAL 385.94
2006 07 UP 110.90 Total 496.84 MP 504.40
2007-08 UP 115.17 Total 619.57 MP 645.17
2008-09 UP 93.40 Total 738.57
113.23
84.32
197.55
86.51
92.02
178.53
103.69
97.72
201.41
2.94 5.60
1.44 1.50
4.38 7.10
2.56 6.86
1.27 -
3.83 6.86
2.03 5.19
1.81 0.08
3.84 5.27
41.86 -
10.86 5.84
52.72 5.84
47.70 -
10.90 6.61
58.60 6.61
48.76 -
12.11 9.29
60.87 9.29
16.09
16.09
3.77 2.63
3.77 2.63
0.07 36.80
0.07 36.80
2.16 490.11
265.99
2.16 756.10
2.29 656.72
225.97
2.29 882.69
2.21 843.93
214.41
2.21 1058.33
Table No. 3.3
The above chart shows the detailed Statement of the payment of the taxes to the Madhya Pradesh Government and Uttar Pradesh Government. The Coal belt of the NCL is situated in two states M.P. and U.P. so the NCL pay taxes to both government acoordingly.
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CHAPTER V SUMMARY AND CONCLUSION
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5.1 Major Findings & Suggestions

I came across following suggestions and findings during undergoing the project work on topic
FINANCIAL ANALYSIS OF NORTHERN COALFIELDS LIMITED.

1. In NCL the coordination among the various sections of the Finance & Accounts department is very nice, as the Finance & Accounts department is a big department consisting of near about 32 sections. It is the work force of the Finance & Accounts department, which makes it possible. 2. In the NCL there not to create debtors they generally deal with first to receive the cash or cheque, and then they supply the finished material. 3. In the NCL there working capital management is very good, they use the IBS (ERP system) to manage the over all activity. 4. During the study I find that their is no huge variation in budget decided and the actual one. 5. The taxation policy is to be made flexible because of which bulkiness of the work is to be removed. 6. The tendering process time is to be minimized so that the current market price benefits if any can be availed. 7. Monthly return filling is not on line process, hence sales and excise department face problem. 8. 9. Online inventory valuation can be implemented. The departmental policies is to made flexible which leads to decrease in the work flow process as well as it leads in better profits. 10. Some The staff members of the NCL are lack of the Computer knowledge. During my internship I observed that the employees dont have the necessary training to do the job efficiently and properly. So I think the management should arrange special training for educating them. Proper distribution of work leads to success in every organization. Proper distribution of work prevents the employee from over and under work situation. So for a smooth running of an organization proper distribution of work is the hint to be followed. During my internship I observed that there was no proper distribution of work in the organization. So ln this case the organization would not be able to utilize their energy. So their should be proper distribution of work
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5.2 Conclusion
After analyzing the different Ratios of the Northern Coalfields Limited I found that the Company is really in Good financial condition because the management has taken a great effort in managing the funds like acquiring and allocation of the funds, optimum utilization of the available resources.The analysis shows that the profitability of the company is increases as compared to the last years due to high production and sells with lesser expenses. The organization is in sound position which is good for the company, stakeholders as well as the Country also.Good financial position not just beneficial for the company stake holders but it helps to improves the GDP as well as the per capita income of the entire country. As compared to the last year Current ratio is decreased due to increase in Inventories, Cash and Bank
balance and other Current Assets. If we talk about the Quick Ratio then In 2009 it was 0.07 which has
increased to 0.14 in 2010. The management has taken a great effort in maintaining high quick assets as compared to last year. The company has sound position to meet its non-operating expenses and also enough capable to pay taxes and royalty to the government. The net profit of the company has been increased by 6.55% as compared to last year. Net profit of the project has been increased due to increase in sales/ production, reduction in cost per tonnes, and better control on operating expenses. The net profit of the project reveals sound business of the project and strong financial position. It is currently in good financial condition and it is continuously trying to implement new tools and techniques to improve its productivity as well as profitability.
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REFERENCE SECTION
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BIBLIOGRAPHY:
1. Published books: Ajoy K Ghose, Mining, Challenges of the 21st century, 2000 International Energy Agency Coal in the energy supply of India,2002 C.R. Kothari, Research methodology-methods and techniques, New Age International Publishers, New Delhi 1985, second edition. Text book of coal (indian context) first edition (2000) by D. Chandra, R.M. Singh & M.P. Singh Anubhuti Ranjan Prasad, Coal nIndustry of India, 1986 Ashish Publishing House
2. Journals/Periodical:: KHANIJ URJA, Volume No. 48, September 2009 KHANIJ URJA, Volume No. 52, January 2010 NCL DIARY, Published by the organization every year Online Published material on the world wide web:
URL : http://www.coalindia.nic.in June 05, 2010 URL : http://www.ncl.nic.in June 05, 2010 URL : http://www.wikipedia.nic.in June 07, 2010 URL : http://www.geologydata.info July 15, 2010 URL : http://books.google.co.in July 15, 2010
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Thanks a lot for going through my project. Feel free to Contact me anytime for further queries and any help regarding this project or any other topic related to the Finance. All the best for your bright future. And one thing always keep in mind that smart work always pays, so work smartly.
Thanks & Regards, Shrawan Kumar Dwivedi +91 81791 30135 shrawan.sibar@gmail.com shrawan.dwivedi@bevconzentry.com You can also catch me on Facebook at http://www.facebook.com/#!/shrawan.dwivedi
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Ratio Analysis of NCL by Shrawan Kumar Dwivedi

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A PROJECT REPORT ON

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED AT NORTHERN COALFIELDS LIMITED SINGRAULI

Submitted to SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

This is to certify that SHRAWAN KUMAR DWIVEDI student of SINHGAD

INSTITUTE OF BUSINESS ADMINISTRATION & RESEARCH, Pune has

PROF. SIDHHARTH KARALE Project Guide Date:Place:4|Page

PROF. AVADHOOT D. POL Director

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

SINHGAD INSTITUTE OF BUSINESS ADMINISTRATION AND RESEARCH, KONDHWA (BK)

Place: Date: Shrawan Kumar Dwivedi 9595302505 shrawan.sibar@gmail.com

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Chapter No. Chapter I

Summary & Conclusions Major Findings & Suggestions Conclusions

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Table no. 3.3

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

INTRODUCTION OF THE TOPIC

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

1.2 Objectives of the report

1.3 Significance of the study:

1.4 Limitations & Future Scope:

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

CHAPTER II RESEARCH METHODOLOGY

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Definition: According to Redman and Mory

According to Clifford Woody

The research is done through :

Personal discussion and interaction : I have Discussed with the concerned

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

CHAPTER III ORGANIZATIONAL PROFILE

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

NORTHERN COALFIELDS LIMITED

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

3.1 About the Company Northern Coalfields Limited (NCL) A Profile

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

8.50 6.00 3.00 15.00 15.00 3.00 8.00 4.00 15.00

* Jhingurda Project will exhaust by 2011-12

Shrawan Kumar Dwivedi

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

3.2 Vision and Mission of the organization

Shrawan Kumar Dwivedi

RATIO ANALYSIS OF NORTHERN COALFIELDS LIMITED

Proved * 4251 115 0 5366 * 866 6232