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A Summer Training Report On ORGANISATIONAL STUDY AND FINANCIAL ANALYSIS AT STATE BANK OF INDIA

Submitted By SHWETA AGRAWAL MBA F.T. Course semester III Batch-2011-13 Submitted To: Prof. ARCHANA TIWARI

VNS INSTITUTE OF MANAGEMENT BARKATULLAH VISHWAVIDYALAYA, Year-2011-13

DECLARATION
I hereby declare that my Summer Training Report entitled ORGANISATIONAL STUDY AND FINANCIAL ANALYSIS is an authentic work done by me as part of my study at (STATE BANK OF INDIA). The course Project was undertaken as a part of the of MBA Full Time Programme of curriculum

Barkatullah University , Bhopal. This has not been submitted to any other examination body earlier.

Date: _________

Signature Name: Shweta Agrawal MBA (Full Time) III Sem VNS Institute of Management

ACKNOWLEDGEMENT
I sincerely acknowledge with a deep heartfelt gratitude to my Project In charge PROF. ARCHANA TIWARI for her valuable and faithful guidance, encouragement & suggestions throughout the completion of the Project work. I would like to extend my sincere thanks to PROF. (Dr) P.K. CHOPRA, Director VNS Institute of Management Bhopal (M.P.) for his continuous support and guidance. Last but not the least gratitude to all those who extended their guidance directly or indirectly in completion of this Project work.

SHWETA AGRAWAL M.B.A (FULL TIME)

TABLE OF CONTENTS
Sr. No. 1 CHAPTERS INTRODUCTION INTRODUCTION TO TOPIC OBJECTIVES RESEARCH METHODOLOGY LIMITATIONS 2 3 4 5 6 7 8 ORGANISATIONAL /COMPANY PROFILE DATA ANALYSIS AND INTERPRETATION OBSERVATION AND FINDINGS CONCLUSIONS RECOMMENDATIONS BIBLIOGRAPHY ANNEXURE PAGE No. 5 5-32 33 34-41 42 43-54 55-63 64-65 66-67 68-70 71-73 74-83

INTRODUCTION TO STATE BANK OF INDIA

INTRODUCTION TO STATE BANK OF INDIA


The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921. Primarily Anglo-Indian creations, the three presidency banks came into existence either as a result of the compulsions of imperial finance or by the felt needs of local European commerce and were not imposed from outside in an arbitrary manner to modernise India's economy. Their evolution was, however, shaped by ideas culled from similar developments in Europe and England, and was influenced by changes occurring in the structure of both the local trading environment and those in the relations of the Indian economy to the economy of Europe and the global economic framework.

Bank of Bengal H.O.


Establishment
The establishment of the Bank of Bengal marked the advent of limited liability, joint-stock banking in India. So was the associated innovation in banking, viz. the decision to allow
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the Bank of Bengal to issue notes, which would be accepted for payment of public revenues within a restricted geographical area. This right of note issue was very valuable not only for the Bank of Bengal but also its two siblings, the Banks of Bombay and Madras. It meant an accretion to the capital of the banks, a capital on which the proprietors did not have to pay any interest. The concept of deposit banking was also an innovation because the practice of accepting money for safekeeping (and in some cases, even investment on behalf of the clients) by the indigenous bankers had not spread as a general habit in most parts of India. But, for a long time, and especially upto the time that the three presidency banks had a right of note issue, bank notes and government balances made up the bulk of the investible resources of the banks. The three banks were governed by royal charters, which were revised from time to time. Each charter provided for a share capital, four-fifth of which were privately subscribed and the rest owned by the provincial government. The members of the board of directors, which managed the affairs of each bank, were mostly proprietary directors representing the large European managing agency houses in India. The rest were government nominees, invariably civil servants, one of whom was elected as the president of the board.

Business
The business of the banks was initially confined to discounting of bills of exchange or other negotiable private securities, keeping cash accounts and receiving deposits and issuing and circulating cash notes. Loans were restricted to Rs.one lakh and the period of accommodation confined to three months only. The security for such loans was public securities, commonly called Company's Paper, bullion, treasure, plate, jewels, or goods 'not of a perishable nature'
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and no interest could be charged beyond a rate of twelve per cent. Loans against goods like opium, indigo, salt woolens, cotton, cotton piece goods, mule twist and silk goods were also granted but such finance by way of cash credits gained momentum only from the third decade of the nineteenth century. All commodities, including tea, sugar and jute, which began to be financed later, were either pledged or hypothecated to the bank. Demand promissory notes were signed by the borrower in favour of the guarantor, which was in turn endorsed to the bank. Lending against shares of the banks or on the mortgage of houses, land or other real property was, however, forbidden. Indians were the principal borrowers against deposit of Company's paper, while the business of discounts on private as well as salary bills was almost the exclusive monopoly of individuals Europeans and their partnership firms. But the main function of the three banks, as far as the government was concerned, was to help the latter raise loans from time to time and also provide a degree of stability to the prices of government securities.

Major change conditions

in

the

A major change in the conditions of operation of the Banks of Bengal, Bombay and Madras occurred after 1860. With the passing of the Paper Currency Act of 1861, the right of note issue of the presidency banks was abolished and the Government of India assumed from 1 March 1862 the sole power of issuing paper currency within British India. The task of management and circulation of the new currency notes was conferred on the presidency banks and the Government undertook to transfer the Treasury balances to the banks at places where the banks would open branches. None of the
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three banks had till then any branches (except the sole attempt and that too a short-lived one by the Bank of Bengal at Mirzapore in 1839) although the charters had given them such authority. But as soon as the three presidency bands were assured of the free use of government Treasury balances at places where they would open branches, they embarked on branch expansion at a rapid pace. By 1876, the branches, agencies and sub agencies of the three presidency banks covered most of the major parts and many of the inland trade centres in India. While the Bank of Bengal had eighteen branches including its head office, seasonal branches and sub agencies, the Banks of Bombay and Madras had fifteen each.

Presidency Banks Act


The presidency Banks Act, which came into operation on 1 May 1876, brought the three presidency banks under a common statute with similar restrictions on business. The proprietary connection of the Government was, however, terminated, though the banks continued to hold charge of the public debt offices in the three presidency towns, and the custody of a part of the government balances. The Act also stipulated the creation of Reserve Treasuries at Calcutta, Bombay and Madras into which sums above the specified minimum balances promised to the presidency banks at only their head offices were to be lodged. The Government could lend to the presidency banks from such Reserve Treasuries

but the latter could look upon them more as a favour than as a right. The decision of the Government to keep the surplus balances in Reserve Treasuries outside the normal control of the presidency banks and the connected decision not to guarantee minimum government balances at new places where branches were to be opened effectively checked the growth of new branches after 1876. The pace of expansion witnessed in the previous decade fell sharply although, in the case of the Bank of Madras, it continued on a modest scale as the profits of that bank were mainly derived from trade dispersed among a number of port towns and inland centres of the presidency. India witnessed rapid commercialisation in the last quarter of the nineteenth century as its railway network expanded to cover all the major regions of the country. New irrigation networks in Madras, Punjab and Sind accelerated the process of conversion of subsistence crops into cash crops, a portion of which found its way into the foreign markets. Tea and coffee plantations transformed large areas of the eastern Terais, the hills of Assam and the Nilgiris into regions of estate agriculture par excellence. All these resulted in the expansion of India's international trade more than six-fold. The three presidency banks were both beneficiaries and promoters of this commercialisation process as they became involved in the financing of practically every trading, manufacturing and mining activity in the sub-continent. While the Banks of Bengal and Bombay were engaged in the financing of large modern manufacturing industries, the Bank of Madras went into the financing of large modern manufacturing industries, the Bank of Madras went into the financing of small-scale industries in a way which had no parallel elsewhere. But the three banks were rigorously excluded from any business involving foreign exchange. Not only was such business considered risky for these banks,
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which held government deposits, it was also feared that these banks enjoying government patronage would offer unfair competition to the exchange banks which had by then arrived in India. This exclusion continued till the creation of the Reserve Bank of India in 1935. Presidency Banks of Bengal The presidency Banks of Bengal, Bombay and Madras with their 70 branches were merged in 1921 to form the Imperial Bank of India. The triad had been transformed into a monolith and a giant among Indian commercial banks had emerged. The new bank took on the triple role of a commercial bank, a banker's bank and a banker to the government. But this creation was preceded by years of deliberations on the need for a 'State Bank of India'. What eventually emerged was a 'half-way house' combining the functions of a commercial bank and a quasi-central bank. The establishment of the Reserve Bank of India as the central bank of the country in 1935 ended the quasi-central banking role of the Imperial Bank. The latter ceased to be bankers to the Government of India and instead became agent of the Reserve Bank for the transaction of government business at centres at which the central bank was not established. But it continued to maintain currency chests and small coin depots and operate the remittance facilities scheme for other banks and the public on terms stipulated by the Reserve Bank. It also acted as a bankers' bank by holding their surplus cash and granting them advances against authorized securities. The management of the bank clearing houses also continued with it at many places where the Reserve Bank did not have offices. The bank was also the biggest tendered at the Treasury bill auctions conducted by the Reserve Bank on behalf of the Government.
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The establishment of the Reserve Bank simultaneously saw important amendments being made to the constitution of the Imperial Bank converting it into a purely commercial bank. The earlier restrictions on its business were removed and the bank was permitted to undertake foreign exchange business and executor and trustee business for the first time. Imperial Bank The Imperial Bank during the three and a half decades of its existence recorded an impressive growth in terms of offices, reserves, deposits, investments and advances, the increases in some cases amounting to more than six-fold. The financial status and security inherited from its forerunners no doubt provided a firm and durable platform. But the lofty traditions of banking which the Imperial Bank consistently maintained and the high standard of integrity it observed in its operations inspired confidence in its depositors that no other bank in India could perhaps then equal. All these enabled the Imperial Bank to acquire a pre-eminent position in the Indian banking industry and also secure a vital place in the country's economic life. When India attained freedom, the Imperial Bank had a capital base (including reserves) of Rs.11.85 crores, deposits and advances of Rs.275.14 crores and Rs.72.94 crores respectively and a network of 172 branches and more than 200 sub offices extending all over the country.

First Five Year Plan


In 1951, when the First Five Year Plan was launched, the development of rural India was given the highest priority. The commercial banks of the country including the Imperial Bank of India had till then confined their operations to the urban sector and were not equipped to respond to the emergent needs of economic regeneration of the rural areas.
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In order, therefore, to serve the economy in general and the rural sector in particular, the All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks. An act was accordingly passed in Parliament in May 1955 and the State Bank of India was constituted on 1 July 1955. More than a quarter of the resources of the Indian banking system thus passed under the direct control of the State. Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former Stateassociated banks as its subsidiaries (later named Associates). The State Bank of India was thus born with a new sense of social purpose aided by the 480 offices comprising branches, sub offices and three Local Head Offices inherited from the Imperial Bank. The concept of banking as mere repositories of the community's savings and lenders to creditworthy parties was soon to give way to the concept of purposeful banking sub serving the growing and diversified financial needs of planned economic development. The State Bank of India was destined to act as the pacesetter in this respect and lead the Indian banking system into the exciting field of national development.

STATE BANK OF INDIA

Old name : Bank of Calcutta (1809), Bank of Bengal (1809) and Imperial Bank of India (1921) Estd. In Year : 1806 Founder : Bengal Government Nationalization : 1955
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Head Office : Mumbai (Maharashtra) Share Capital : 59.73 percent (RBI) Capital : Rs. 4812 Crores

SBI ASSOCIATES

STATE BANK OF BIKANER AND JAIPUR Old Name : The Govind Bank Private Limited Nationalization : 1959 Head Office : Jaipur ( Rajasthan) Share Capital : 75 percent(SBI)

STATE BANK OF HYDERABAD


Old Name : Hyderabad Estd. in Year : 1941 Nationalization : 1959 Head Office : Hyderabad (Andhra Pradesh) Share Capital : 100 percent (SBI)

STATE BANK OF INDORE


Old Name: Bank of Indore Ltd. Nationalization : 1959 Head Office : Indore (Madhya Pradesh) Share Capital : 98.05 percent (SBI)

STATE BANK OF PATIALA


Old Name : Patiala State Bank Estd. in Year : 1917 Founder : Maharaja Bhupinder Singh
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Nationalization : 1959 Head Office : Patiala (Punjab) Share Capital : 100 percent (SBI)

STATE BANK OF SAURASTRA


Old Name : Saurastra state Bank Estd. in Year : 1902 Nationalization : 1959 Head Office : Bhavnagar (Gujarat) Share Capital : 100 percent (SBI)

STATE BANK OF MYSORE


Old Name: Bank of Mysore Ltd. Estd. in Year : 1913 Founder : M. Visheshwaraiya Nationalization : 1959 Head Office : Bangalore (Karnataka) Share Capital : 92.33 percent (SBI)

STATE BANK OF TRAVANCORE


Old Name: Travancore Bank Ltd. Estd. in Year : 1945 Nationalization : 1959 Head Office : Trivandrum (Kerala) Share Capital : 75 percent (SBI)

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TOPIC & WORKING IN STATE BANK OF INDIA

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TOPIC AND WORKING IN STATE BANK OF INDIA


LIST OF PRODUCTS:Branch Code Branch Name Personal Banking Current Accounts Savings Bank Savings Plus Term Deposits Reinvestment Plan Multi Option Deposits Recurring Deposits Public Provident Fund Scheme Housing Loans Car Loans Education Loans Consumer Durables Loans Personal Loans Property Loans Loans to Pensioners Loans against Shares And Debentures Gold Loans Demand Loans on Term Deposits 17 4823 GOVINDPURA PRODUCTS/SERVICES OFFERED

Demand Loans against Govt. Securities NRI Banking Non Resident External Rupee Accounts (NRE) Ordinary Non Resident Rupee Accounts (NRO) Non Resident Special Rupee Accounts Corporate Banking Cash Credits Medium Term Loans Small Scale Industries Liberalised Scheme Entrepreneur Scheme Equity Fund Scheme Small Business Finance Retail Trade Professionals and Self Employed Business Enterprises Transport Operators Government Business CBDT Special Deposit Scheme Posts Central Civil Pensions Defense Pensions Telecom Pensions State Govt. Pensions Other Services Safe Deposit Lockers Safe Custody Rupee Travellers Cheques Gift Cheques ATM Services ATM Services ATM Services Demat Services Demat Services 18

Demat Services Other Services Internet Banking Miscellaneous Business Demand Drafts Telegraphic Transfers STEPS (Electronic Transfers) Collections (Cheques)

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A.

INTRODUCTION TO TOPIC

Concept of financial statement: Accounting is the process of identifying, measuring and communicating information to its users. It involves recording, classifying various business transactions. The financial statement used in accounting safes two statement profit & loss A/c or income statement and Balance sheet or position statement. With the help of financial as well as the outsider who are interested in affairs of the Definition:1. In the words of john N. Myer :- the financial statement provides a summery of the accounts of a business enterprise, the balance sheet is eating the assets, liabilities and capital as on a creation date and the income statement showing the result of operations during a certain period. 2. According to Anthony :- financial statement essentially are interim reports, presented annually and select a division of the life of an enterprise into more or less arbitrary accounting reread more frequently a year. 1.3 : Importance of financial statement : Financial statements constitute valuable piece of information to various uses in different ways the utility of financial statement to different parties is discarded or follows :1. For the management :- Management is interested in knowing the existing profits, cost possibility of growth, from the relative financial performances, 2. information etc. firms like creditors customers, supplies, financial institution, encloses government, and public.

statement, so that it can be suitable strategy for its entity. For the Creditors :- the creditors are to be paid in a short period the creditors are interested in knowing entitys capability to repay the amount and interest as and when repayment, becomes due, so they are interested in finding out profitability, cash flows etc. of the entity, 20

3.

For the Manages :- Managers are interested in knowing the social image, chances of promotion and the capacity of the entity to compensate employees job :them Manager are wants to know in job profitability and chances of grow the of the company.

4.

For

the

Employs

interested bonus

satisfaction,

security,

promotion,

declaration,

employees welfare scheme etc. of these unit, so they wants to information an profit ability and future prospects of the company. 5. For the bankers :-Bankers are interested in the security of the loan advanced, firms capacity to repay the principal interact as per terms. 6. For the customers :- Customers are interested in raw product resource, product safety, and socially responsible policies of the entity, Information Statement and reports. 7. For the Society :- Society is interested in economic progress of the country that depends upon the performance of individual economic entities. 8. For the Investor :- the investor inducing both type of short term and long term investor Investor mill not only analyses the present financial position but is will also study in future planning they wants to know now to safe the investment already made is and how safe the proposed investment will be. 9. Share holder :- shareholders or proprietors of the business an interested in the well being of the business, inky are likely to know the earning capacity of the business and its prospects of the future growth. 10. Debenture holder :- debenture holders are interested to know whether the financial position of the company is sound or not. Financial Analysis :Concept of financial Analysis :- F.A an enterprise or a firm is the process of identifying the financial strength and weakness of the 21

firm by properly establishing the scale township between the ions of the Balance sheet and project & loss A/c. the tern financial analysis extends to include the interpretation of financial statement. Definition 1.5 According to Metcalf R.W and Tetrad P.L :Analyzing financial statements is a process of evaluating relationship between component parts of financial statements to obtain a better understanding of forms, position & performance.

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Types of financial Analysis:Types of financial analysis

Basis of Material used adopted

Basis of method

External Analysis

Internal Analysis

Horizontal Analysis Retical Analysis

The analysis of financial statement for a firm car be undertaken in different ways, different person or parties may be undertake the analysis of financial statement in the analysis of financial state mint may be the shareholders, the creditors, the investor and the management itself. The financial institution the analysis of financial

statement can be classified into different categories are as follows: (i) on the basis of Material used :- According to material used, financial Analysis can be of 2 types (a) External analysis (a) (b) Internal analysis External Analysis :- This analysis is performed by outside

parties such as trade creditors , investor, supplies of long debts etc. this type of analysis is conducted for measuring the operational and managerial efficiency at different level of the firm. This group depends almost contritely on published financial statements, this type of analyses is very quite comprehension and sellable it is curried out on the basis of published information or by there who do not have the detailed seconds of the company. 23

(b)

Internal Analysis :- this analysis is performed by the corporate

finance and accounting department and is more detailed than external analysis. This is boned on detailed information available to outsider this type of analysis for used of managerial purpose and it can be effected depending upon the pus- pose to be ache cued. Its conducted by the excite and emplaces of the enterprises as well as the governmental and court agencies. (ii) on the basis of Method adopted :- According to the method adopted, financial analysis can also be of 2 types. :(a) Horizontal Analysis (a) (b) vertical analysis Horizontal Analysis :- when financial statements for a number

of years are seaweed and analyses , this type of analysis is called Horizontal Analysis this analysis is useful for long term trend analysis and planning. It is based on the data from year one year to another are identified this to also known as the Dynamic Analysis. It cores a period of more than I years. It compares the financial statement i.e. project & loss A/c and Balance sheet of previous year along with the current year. (b) Recital Analysis :- this analysis convert each element of the relationship with other components of the same information into a percentage of a total amount of statement so or to established statements it is based on relationship among items in a single period. It can be provided by a study conducted over a numbers of years, so that comparison can be effected. It is also known as the vertical Analysis. Significance of financial Analysis:1. The main significance of financial Analysis management, Government etc. 2. They want to know the capacity to meet the short term loans, financial soundness in long run profitability or performance of one unit with other unit of the same industry. 3. they also wants to find out whether the target and goods are achieved. or not and they valuate the performance of different 24 invertors, Bankers, depends upon the holders, debenture

depart mints, investors want to know the their investment is safe. 4. 5. 1.8 They are interested to know the financial portion of any concern. People are financial statements Analysis for satisfying their

particular curiosity. Meaning of financial statement Analysis:Financial statement Analysis is establishing the relationships and interpretation there of to understand the working and the financial position firm. There analysis of financial statement is the process of establishing and identifying the financial weakness and strength of the firm. It is also known as the analysis of financial statement evaluating the relationship between component parts of financial statement for getting a better understanding of the firmer position and performance. The basic tool of financial statement analysis is financial ratio analysis. It is verified as follows:1.9 A. B. C. D. A. Types of Financial Liquidity ratio Turnover ratio Leverages ratio Profitability ratio Growth ratio Valuation ratio

Methods of financial statement Analysis:Comparative Method Trend Analysis Common size statement Ratio Analysis Comparative Statement:The comparative financial statement are statement of the financial position at different period; of time. The element of financial position are shown in a comparative form so as to give an idea of financial position at 2 or more periods. 25 Any statement prepared in a

The following methods of analysis are generally used:-

comparative form will be covered in comparative statement. Similarly, comparative figures will indicate the trend & direction of financial position and operative results. B. Trend Analysis:- The financial statement may be analysis by computing trends of series of information. This method determines the direction up words or downwards and involves the computation of the percentage relationship that each statement item bears to the same item in base year. The information for a number of years is taken up and one year, generally the first year, is taken as a base year the figures of the base year are taken as 100 and trend ratios for other years are calculated on the basis of base year. The analyst is able to see the trend of figures, whether upward or downward. C. Common size statement:- The Common size statement, balance sheet and income statement, are shown in analytical percentages. The figures are shown as percentage of total assets, total liabilities and total sales. The total assets are taken as 100 and different assets are expressed as a percentage of the total. Similarly, various liabilities are taken as a part of total liabilities. D. Ratio Analysis:- The ratio analysis is one of the most powerful tools of financial analysis. It is the process of establishing and interpreting various ratios. It is with the help of ratios that the financial statement can be analyzed more clearly and decisions made from such analysis. Ratio analysis is not an end in itself. It is only means of better understanding of financial strength.

METHOD OF FINANCIAL STATEMENT ANALYSIS


The analysis and interpretation of financial statements is used to explain the financial position and result of operation as well there are different type of devices or methods are used to study the relationship between different statements. Analysis of financial statement is the process of establishing and identifying the financial weakness and 26

strength of the fire. The purpose of financial analysis is to diagnose the information contained in financial statement so as to judge the profitability and financial soundness of the firm. Financial statements analysis is an attempt to determine the significance and meaning of the financial statement data. People use financial statement Analysis for satisfying their particular curiosity. Most of the authors have used the term analysis only to cover the meanings of both analysis and interpretation as the objective of analysis is to study the relationship between various items of financial statements by interpreting we have also used the term financial statement Analysis or simply financial Analysis to cover the meaning of both analysis and interpretation.

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Techniques of financial statement Analysis: Ratios

(A) (C) Traditional Significance Classification Ratios


1. Balance Sheet ratios

(B) Functional Classification

1. Liquidity ratio

1.

Primary ratio Position Statement ratios 2. Secondary ratios 2. Profit & Loss Ak ratio 3. Actively ratio 2. Leverages Ratio

Revenue/ Income Statement Raito 4. Profitability ratio 3. Composite/ Mixed Ratios Inter Statement ratios.

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1. Limited use of single Ratio

2. of ck at e L a eq u ard s Adt and S

8. Price Level Change

3 . s No e ti o tu t Ro ub st S

4.9 Limitation of ratio Analysis

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of 4. ge i ng an unt ure C hcc o e di A roc P


5 . ow nd g Wi essi n Dr

tio n L imita of Ro tio is An aly s

7. Perso nal Bias

U n 6. P c ara o me b le .

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TECHNIQUES OF FINANCIAL STATEMENTS

Comparative Statement

Common Size Statement

Trend Analysis

Fund Flow Statement

Cash Flow Statement

Ratio Analysis 31

Comparative statement:- The comparative financial statements are statement of the financial position at different periods; of time. The elements of Financial position are shown in a comparative from so as to give an idea of financial position at 2 or more periods. Any statement prepared in a comparative form will be covered in comparative statements. From practical point of view, generally, tow financial Statements are prepared in comparative form for financial analysis purposes. Not only the comparison of the figures of two periods but also be relationship between balance sheet and income statement enables an in-depth study of financial position and operative results. The financial data will be comparative only when same accounting principles are used in preparing these statements. In case of any deviation in the use of accounting principles this fact must be mentioned at the foot of financial statements and the analyst should be careful in using these statement. The two comparative statements are (i) Balance sheet, and (ii) Income Statement.

(i) Comparative Balance sheet (ii) Comparative Income statement Common-size statement:The common-size statements, balance sheet and income

statements are shown in analytical percentages. The figures are shown as percentages of total assets, total liabilities and total sales. The total assets are taken as 100 and different assets are expressed as a percentage of the total. Similarly various liabilities are taken as a pat of total liabilities. These statements are also known as compound percentage or 100% statement because every individual 32

trend percentage where changes in items could not be the analyst is able to assess the figures in relation to total values. The commonsize statement may be prepared in the following way: (1) The totals of assets or liabilities are taken as 100. (2) The individual assets are expressed as a percentage i. e. 100 and different liabilities are calculated in relation to total liabilities. (i) (ii) Common- size balance sheet Common size income statement

Trend Analysis:- The financial statements may be analyzed by computing trends of series of information this method determines the direction upwards or downwards and involves the computation of the percentage relationship that each statement item bars to the same item in base year. The information for a number of years is taken up and one year, generally the first year is taken as a base years. The figures of the base year are taken as 100 and trend nations for other years are calculated on the basis of base year. The analyst is able to see the trend of figures, whether upward or downward. For examples if sales figures for the year 2000 to 2005 are to be studied, then sales of 2000 will be taken as 100 and the percentage of sales for all other years will be calculated in relation to the base year, i-e, 2000. Fund flow statement:- Fund flow statements is a method by which we study changes in the financial position of a business enterprise between beginning and ending financial statements dates. It is a statement showing sources and uses of funds for a period of time. In other words the funds flow statement describes the sources from which additional funds were derived and the use to which these sources were put. Thus, funds flow statement is a statement which indicates various means by which the finds have 33

been obtained during a certain period and the ways to which these funds have been used during that period. The term funds used have means working capital, i-e, the excess of current assets over current liabilities. Cash flow statement:- Cash flow statement is a statement which describes the inflows and outflows of cash and cash equivalents in an enterprise during a specified period of time. Such a statement enumerates net effects of the various business transactions on cash and its equivalents and takes into account receipts and disbursements the cash. A cash flow statement summaries the causes of changes in cash position of a business enterprise between dates of two balance Sheets. Cash flow statement should present it for each period for which financial statements are prepared. This statement should report cash flows during the period classified by operating, investing and financing activities. Thus, cash flows are classified into 3 main categories:(i) Cash flow from operating activities.
(ii) Cash flow from investing

activities.

(iii)

Cash flow from financing activities.

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Ratio Analysis:
Meaning:- Ratio Analysis is a technique of analysis and interpretation of financial statements. It is the process of establishing and interpreting various ratios for helping in making certain decision. Ratio Analysis is not an end in itself. It is only a means of better understanding of financial strengths and weaknesses of a firm. It is one of the most powerful tools of financial analysis. A ratio is known as a symptom like Blood pressure the rules rate or the temperature of an individual. It is with help of ratios that the financial statements can be analyzed more early and decisions made from such analysis. Limitation of Ratio Analysis: 1. Limited use of a single ratio 2. Lack of Adequate standards 3. Ratios no substitute. 4. Change of Accounting procedure. 5. Window dressing 6. Incomparable 7. Personal bias 8. Price level changes Classification of Ratios: Various accounting ratios can be classified as follows:(A) (1) Traditional classification or statement ratios Balance sheet ratios or position statement ratio: Balance sheet ratios deal with the relationship between two balanced sheet items. E.g. the ratio of current assets to current liabilities, or the ratio of proprietors funds to fixed assets. The

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various balance sheet ratios have been named in the chart classifying statements ratios. (2) Profit & loss a/c ratios or revenue/Income statement

ratio :This ratio deal with the relationship between two profit & loss A/C items. E.g. the ratio of gross profit to sales, or the ratio of Net profit to sales. The various profit & loss A/ ratios, commonly used, are named in the chart classifying statement ratios.

(3)

Composite/mixed ratios or inter statement ratios:These ratios exhibit the relationship between a profit & loss A/c or Income statement item and a balance sheet item, e.g. stock turnover ratio, or the ratio of total assets to sales. The most Commonly used inter-statement ratios are given in the chart exhibiting traditional classification or statement ratios.

(B) test
(1)

Functional classification or Classification According to

Liquidity Ratios: - These are the ratios which measure the short

term solvency or financial position of a firm the various liquidity ration are: current ratio, liquid ratio and absolute liquid ratio.
(2)

Leverage Ratios:- Leverages ratio convey a firms ability to

meet the interest cost and repayments. Schedules of its long term obligations e.g. debt Equity Ratio and Interest Coverage Ratio. Activity Ratios:- Activity ratios are calculated to measure the efficiency with which the resources of a firm have been employed. The various activity or turnover ratios have been named in the chart classifying the ratios.

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37

B.

OBJECTIVES

Objectives of the research study


Management of working capital is very essential in modern business. Financial statement analysis of working capital is also very useful for short term management of time. The following are the main objectives of my research study. i. To analyze the sources of financial analysis of STATE BANK OF INDIA bank. ii. To analyze the sources of financial management of STATE BANK OF INDIA bank. iii. To examine the overall financial management of STATE BANK OF INDIA bank.

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C.

RESEARCH METHODOLOGY
RESEARCH OBJECTIVES

The above mentioned review literature would have clearly indicated the two different strategies adopted by the two competing brands in Singapore automobile market. In order to understand the depth of the topic the research objectives have been set by the researcher.

Research Design
According to Aaker, Kumar & Day (2001) descriptive research covers a large proportion of marketing research. This being a quantitative research which is to decide of how one variable affects another variable, there are three basic types of research design that is exploratory, casual and descriptive research design. A descriptive research design is the one that describes something such as demographic characteristics of consumers who uses a product or a service. The descriptive study is typically concerned with determining frequency with which something occurs or how two variables vary. Aaker and George (2000), a descriptive study establishes only associations between variables. The purpose is to provide an accurate snapshot of some aspect of the market environment. There are three types of research designs, namely: (a) (b) (c) Exploratory Descriptive, Causative

Exploratory Research:
According to Rajan Saxena, Exploratory research is conducted when the researcher does not know how and why a certain phenomenon occurs. In doing so, they used focus groups. Since the prime goal of an exploratory research is to know the unknown, this research is unstructured. Focus groups, interviewing key customer groups, experts

39

and even search for printed or published information are some common techniques.

40

Descriptive Research:
Descriptive research is carried out to describe a phenomenon or market characteristic. Generally, descriptive research is carried out only when the researcher understands the phenomena or behavioral characteristics.

Causative Research:
Causative research is done to establish a cause and effective relationship. Here the researcher may like to see the effect of rising income and changing life style on consumption of select products. In a causative research, unlike exploratory or descriptive, hypotheses are tested. Hypothesis is a statement of predicted outcomes of the research. In building up a hypothesis, it is important that the researcher understands the phenomena thoroughly, or a body of research that exists on the subject matter Descriptive research studies are those study which are concerned with describing the character. It is move valuable because researcher has no control over the variables what has happened or what is happening is considered so it is very accurate so we can say it is more valuable. In this study, for practical reasons, a descriptive approach would be used, considering the proposed study would embrace the above characteristics of a descriptive study. Types of Research The object is comparing the brand equity of European and Asian automotive brands. Simple way to find out the relative success of one of the two identical car sold in Singapore. In a research when we talk of research methodology, we not only take Research methodology, but also considered the logic behind the method we used in the contest of our research study and explain why we are using a particular method. This way we can be stated as under. 1. It relies on empirical evidence 41

2. 3. 4. In a

it utilize relevant concepts it is committed to only objective consideration it result into probabilistic prediction particular research problem involve usually the

method

consideration of the followings means of obtaining the information Explanation of the way in which related means of obtaining

information will be organized and the reasoning leading to the selection Investing the reasons for human behavior i.e. people thinks or do certain thinks so we comes for quantitative reaches Types of research are generally classified into two methodologies, qualitative and quantitative. Malhotra (2004) defines qualitative research as An unstructured, exploratory research methodology based on small samples that provides insights and understanding of the problem setting and quantitative research as a research methodology that seeks to Quantify the data and, typically applies some form of statistical analysis. There are merits and demerits of both methodologies (illustrated in following Table4.1). Table 5.1 QUALITATIVE VERSUS QUANTITATIVE

RESEARCH Qualitative Research "All ultimately a grounding" - Donald Campbell complete, detailed description. Quantitative Research research "There's no such thing has as qualitative data. or - Fred Kerlinger The aim is classify count them, 0" to and qualitative Everything is either 1

aim

features,

construct statistical 42

models

in

an

attempt to explain what is observed. Researcher may only know May clearly in

roughly idea. Recommended design Initially of research process Come out in later stage dissertation. of

advance Last phases of

research projects. All aspects of the study are carefully designed before data is collected.

Researcher data instrument.

is

the

Researcher tools, such questionnaires equipment collect data.

uses as or to

gathering

numerical

Data is in the form of words, pictures or objects. Subjective individuals interpretation events important uses depth etc. observation, of is ,e.g., inparticipant interviews -

Data is in the form of numbers and statistics. Objective seeks

precise measurement & analysis of target concepts, surveys, questionnaires etc e.g., uses

43

Qualitative data is more less 'rich', able to time and be consuming, generalized. Researcher tends to become subjectively immersed in the subject matter.

Quantitative data is more efficient, able to test hypotheses, but may miss contextual detail. Researcher tends to remain objectively separated from the subject matter.

Descriptive research studies are those study which are concerned with describing the character. It is move valuable because researcher has no control valuable. . In a research when we talk of research methodology, we not only take Research methodology, but also considered the logic behind the method we used in the contest of our research study and explain why we are using a particular method. This way we can be stated as under. It relies on empirical evidence it utilize relevant concepts it is committed to only objective consideration it result into probabilistic prediction In a method particular research problem involve usually the over the variables what has happened or what is happening is considered so it is very accurate so we can say it is more

consideration of the followings the means of obtaining the information Explanation of the way in which related means of

obtaining information will be organized and the reasoning 44

leading to the selection Investing the reasons for human behavior i.e. people thinks or do certain thinks so we comes for quantitative reaches The research methodology used for this study was geared towards obtaining quantitative data.

Collection of Secondary Data


According to Thorne (1990), Secondary data means data that is already available i.e., it refers to the data, which have already been collected and analyzed by someone else. Secondary data may either be published data or unpublished data. Although the researcher has not used the secondary data for the purpose of analysis this has been extensively used by the researcher to explore various theories attached with the topic that is brand strategy.

Limitation of the study


1. The study is based in published internal reports & data of the STATE BANK OF INDIA BANK. 2. The study is limited to a period of 5 yrs 3. No comparison is made b/w the others.

RESEARCH DESIGN
Research Design is the plan and structure of the in ventilation to obtain answer to research question the plan is the overall scheme, which will be done from writing of the analysis. Research design are often dependent on the steps which we referred as research design. in research design the researcher decides hour his objectives will be revised by the research. in research design we find answer of same question that we what would be the study. Where would the study take place, which data to be studied, what method should be adopted and how much should be collected of tells us how the data will be collected 45 hypothecates to the final

Research Design start from the writing of hypothesis & it ends to writing of report. The significance of research design is so give maximum results and effectively researches to be carried to avoid trial error. Thus preparation of the research design should be done with great care as any error may affect the whole study.

Data Analysis
For any research the purpose of achieving the objectives is a very important criterion. Unless the information drawn from the survey is properly interpreted and explained the very purpose of a research cannot be served. Hence data analysis and interpretation is a very important aspect in a project report. Analysis of data is the process of orderly research objectives. The primary data collection is in accurate form that is not ready for analysis. So the researcher must take some measures to bring the data to a form where it can be easily analyzed. The various steps include editing (modifying, correcting the collected data), coding and tabulation (arranging similar data together). The analysis is carried using statistical tools like percentages. Percentage is a special kind of ratio. Percentage is used in making comparison between two or more series of data. Thus the analysis is totally based on frequency and percentage calculation. Finally meaningful information is extracted from the analysis. The collected data is illustrated using pie diagram and bar charts. The conclusions, findings and suggestions are given on the inference drawn from the analysis.

46

Scope of the Research Study


The scope of this research study relates to working capital management of STATE BANK OF INDIA status in the present day world. The important aspects of working capital management which have received adequate attention are production policies, size of the business, length of manufacturing cycle, credit policy, turnover of circulating capital, economics of scale, current asset policies and other factors. A number of ratios have been calculated to know the exact working capital position and a number of suggestion have been made to improve the current efficiency of the management. On the basis of above calculations any manufacturing company can analyze the working capital position of their business. bank. The analysis of working capital has been made against the financial performance

47

D.

LIMITATIONS
Limitations of the research study
Every research study has to encounter some constraints. The major constraints, which present day study had to face, are non-availability of sufficient data. Also the study is based on the analysis of financial statements for the last ten years only. The data used in this study have been taken from published annual reports only ie, in this study secondary data collection method is used. Hence the limitations of secondary data will be the limitations of this research study.

48

COMPANY PROFILE

49

3.

COMPANY PROFILE

State Bank of India


Type Public NSE: STATE BANK OF INDIA N BSE: 500112 LSE: STATE BANK OF INDIA D

Traded as

BSE SENSEX Constituent Industry Banking, Financial services Founded July 1, 1955 Headquart Mumbai, Maharashtra, India ers Area Worldwide served Key Pratip Chaudhuri people
(Chairman)

Credit banking, Products finance

cards, corporate and

Consumer banking, insurance,

investment banking, mortgage loans, private banking, wealth management US$32.44 billion (2011)[1] US$2.34 billion (2011)[1] 50

Revenue Profit

Total assets Total

US$369.56 billion (2011)[1] US$18.71 billion (2011)[1]

equity Owner(s) Government of India Employees 222,933 (2011)[1] Website www.statebankofindia.com State Bank of India (NSE: STATE BANK OF INDIA N, BSE: 500112, LSE: STATE BANK OF INDIA D) is the largest banking and financial services company in India by revenue, assets and market capitalization. It is a state-owned corporation with its headquarters in Mumbai, Maharashtra. As of March 2011, it had assets of US$370 billion with over 13,000 outlets including 150 overseas branches and

State Bank of India


State Bank of India services company in (NSE: STATE BANK OF INDIA N, BSE: 500112, India by revenue, assets and market

LSE: STATE BANK OF INDIA D) is the largest banking and financial capitalization. It is a state-owned corporation with its headquarters in Mumbai, Maharashtra. As of March 2011, it had assets of US$370 billion with over 13,000 outlets including 150 overseas branches and agents globally. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banksBank of Calcutta and Bank of Bombayto form the Imperial Bank of India, which in turn became the State Bank of India. The Government of India nationalized the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. STATE BANK OF INDIA is ranked #292 globally in Fortune Global 500 list in 2011.[2]

51

STATE BANK OF INDIA provides a range of banking products through its vast network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). The State Bank Group, with over 16,000 branches, has the largest banking branch network in India. STATE BANK OF INDIA has 14 local head offices situated at Chandigarh, Delhi, Lucknow, Patna, Kolkata, Guwahati (North East Circle), Bhuwaneshwar, Hyderabad, Chennai, Trivandram, Banglore, Mumbai, Bhopal & Ahmedabad and 57 Zonal Offices that are located at important cities throughout the country. It also has around 130 branches overseas. STATE BANK OF INDIA is a regional banking behemoth and is one of the largest financial institutions in the world. It has a market share among Indian commercial banks of about 20% in deposits and loans.[3] The State Bank of India is the 29th most reputed company in the world according to Forbes.[4] Also, STATE BANK OF INDIA is the only bank featured in the coveted "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.[5] The State Bank of India is the largest of the Big Four banks of India, along with ICICI Bank, Punjab National Bank and HDFC Bankits main competitors.[6]

History
The roots of the State Bank of India lie in the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on June 2, 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on April 15, 1840) and the Bank of Madras (incorporated on July 1, 1843). All three Presidency banks were incorporated as joint stock companies and were the result of the royal charters. These three banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act, a right they retained until the formation of the Reserve Bank of India. The Presidency banks amalgamated on January 52

27, 1921, and the re-organized banking entity took as its name Imperial Bank of India. The Imperial Bank of India remained a joint stock company. Pursuant to the provisions of the State Bank of India Act of 1955, the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On April 30, 1955, the Imperial Bank of India became the State Bank of India. The government of India recently acquired the Reserve Bank of India's stake in STATE BANK OF INDIA so as to remove any conflict of interest because the RBI is the country's banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries. On September 13, 2008, the State Bank of Saurashtra, one of its associate banks, merged with the State Bank of India. STATE BANK OF INDIA has acquired local banks in rescues. For

instance, in 1985, it acquired the Bank of Cochin in Kerala, which had 120 branches. STATE BANK OF INDIA was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive network in Kerala.

International presence
As of December 31, 2009, the bank had 157 overseas offices spread over 32 countries. It has branches of the parent in Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, Male in the Maldives, Muscat, Dubai, New York, Osaka, Sydney, and Tokyo. It has offshore banking units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan and Cape Town. It also has an ADB in Boston, USA.

53

STATE BANK OF INDIA (Mauritius).

operates several foreign subsidiaries or

affiliates. In 1990, it established an offshore bank: State Bank of India

In 1982, the bank established a subsidiary, State Bank of India (California), which now has ten branches nine branches in the state of California and one in Washington, D.C. The 10th branch was opened in Fremont, California on 28 March 2011. The other eight branches in California are located in Los Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield. The Canadian subsidiary, State Bank of India (Canada) also dates to 1982. It has seven branches, four in the Toronto area and three in British Columbia. In Nigeria, STATE BANK OF INDIA operates as INMB Bank. This bank began in 1981 as the Indo-Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now has five branches in Nigeria. In Nepal, STATE BANK OF INDIA owns 55% of Nepal STATE BANK OF INDIA Bank, which has branches throughout the country. In Moscow, STATE BANK OF INDIA owns 60% of Commercial Bank of India, with Canara Bank owning the rest. In Indonesia, it owns 76% of PT Bank Indo Monex. The State Bank of India already has a branch in Shanghai and plans to open one in Tianjin.[7] In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8 million in October 2005.[8].. The State Bank of India (with 74% of the total capital) alongwith the largest global banking groupBNP Paribas (with 26% of the remaining capital) headquatered in Parisformed 54 a joint venture which

established India's most reputed and trusted life insurance company named STATE BANK OF INDIA Life Insurance company Ltd. in March 2001.

Associate banks
STATE BANK OF INDIA has five associate banks; all use the same logo of a blue circle and all the associates use the "State Bank of" name, followed by the regional headquarters' name:

State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Mysore State Bank of Patiala State Bank of Travancore

Earlier STATE BANK OF INDIA had only seven associate banks that constituted the State Bank Group. Originally, the then seven banks that became the associate banks belonged to princely states until the government nationalized them between October 1959 and May 1960. In tune with the first Five Year Plan, emphasizing the development of rural India, the government integrated these banks into the State Bank of India system to expand its rural outreach. There has been a proposal to merge all the associate banks into STATE BANK OF INDIA to create a "mega bank" and streamline operations.[9] The first step towards unification occurred on August 13, 2008 when State Bank of Saurashtra merged with STATE BANK OF INDIA, reducing the number of state banks from seven to six. Then on June 19, 2009 the STATE BANK OF INDIA board approved the merger of its subsidiary, State Bank of Indore, with itself. STATE BANK OF INDIA holds 98.3% in State Bank of Indore. (Individuals who held the shares prior to its takeover by the government hold the balance of 1.77%.)

55

The acquisition of State Bank of Indore added 470 branches to STATE BANK OF INDIA 's existing network of 12,448 and over 21,000 ATMs. Also, following the acquisition, STATE BANK OF INDIAs total assets will inch very close to the 10 trillion marks. The total assets of STATE 9,981,190 BANK OF INDIA and the State Bank of Indore stood at

million as of March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the STATE BANK OF INDIA Indore branches started functioning as STATE BANK OF INDIA branches on August 26, 2010.[11]

Non-banking subsidiaries
Apart from its five associate banks, STATE BANK OF INDIA also has the following non-banking subsidiaries: 1. STATE BANK OF INDIA Capital Markets Ltd 2. STATE BANK OF INDIA Funds Management Pvt Ltd 3. STATE BANK OF INDIA Factors & Commercial Services Pvt Ltd 4. STATE BANK OF INDIA Cards & Payments Services Pvt. Ltd. (STATE BANK OF INDIA CPSL) 5. STATE BANK OF INDIA DFHI Ltd 6. STATE BANK OF INDIA Life Insurance Company Ltd. 7. STATE BANK OF INDIA General Insurance

Current Board of Directors


After the end of O. P. Bhatt's reign as STATE BANK OF INDIA chairman on March 31, 2011, the post was taken over by Pratip Chaudhuri, who is the former deputy managing director of the international division of STATE BANK OF INDIA. As of August 4, 2011, there are twelve members in the STATE BANK OF INDIA board of directors, including Subir Gokarn, 56

who is also one of the four deputy governors of the Reserve Bank of India. The complete list of the Board members is: 1. Pratip Chaudhuri (Chairman) 2. Hemant G. Contractor (Managing Director) 3. Diwakar Gupta (Managing Director) 4. A Krishna Kumar (Managing Director) 5. Dileep C Choksi (Director) 6. S. Venkatachalam (Director) 7. D. Sundaram (Director) 8. Parthasarathy Iyengar (Director) 9. G. D. Nadaf (Officer Employee Director) 10. 11. Rashpal Malhotra (Director) D. K. Mittal (Director)

12. Subir V. Gokarn (Director)[12]

Branches of STATE BANK OF INDIA

State Bank of India has 172 foreign offices in 37 countries across the globe. STATE BANK OF INDIA has about 25,000 ATMs (25,000th ATM was inaugurated by the then Chairman of State Bank Shri O.P. Bhatt on 31 March 2011, the day of his retirement); and STATE BANK OF INDIA group (including associate banks) has about 45,000 ATMs.

STATE BANK OF INDIA has 21,500 branches, including branches that belong to its associate banks. STATE BANK OF INDIA includes 99345 offices in India. India's number one ADB is in Bellary i e State bank of India Bellary ADB

57

Symbol and slogan

The symbol of the State Bank of India is a circle and not key hole and a small man at the centre of the circle. A circle depicts perfection and the common man being the centre of the bank's business.

Slogans : "Pure banking nothing else"

also includes : "With you - all the way" and : "a bank of common man"

Loan to NTPC
On July 8, 2011, STATE BANK OF INDIA agreed to give a loan of 100 billion to NTPC (National Thermal Power Corporation), making it the largest loan STATE BANK OF INDIA had ever given to any single customer in its entire 200 year history. The loan had a "door-to-door" maturity period of 12 years, accompanied by a drawdown period of four years. An NTPC press release said at the time of the declaration of the loan that: "The loan shall be utilized for financing the capital expenditure of ongoing and new projects." NTPC chairman at the time, Arup Roy Choudhury clarified that the loan amount would be used to add 128,000 MW capacity by the end of year 2032 (NTPC'c capacity at the time of the declaration of the loan was 34,584 MW).[13] This loan was offered amidst declining finance for power projects in India, which were a direct result of the lending constraints placed by the Reserve Bank of India and the increased risk awareness of power projects. It will also help minimize the shortfall of around 4.51 trillion that the Power Ministry of India expected to incur in achieving the objectives of the Eleventh Five Year Plan (This plan targeted an addition of 78,577 MW or power generation capacity which would require an investment of 10.3 trillion).

58

Employees
STATE BANK OF INDIA has turned into the third-largest employer in India among listed companies after Coal India Limited (383,347) and Tata Consultancy Services(226,751).

Recent awards and recognitions

Best Online Banking Award, Best Customer Initiative Award & Best Risk Management Award (Runner Up) by IBA Banking Technology Awards 2010

The Bank of the year 2009, India (won the second year in a row) by The Banker Magazine Best Bank Large and Most Socially Responsible Bank by the Business Bank Awards 2009 Best Bank 2009 by Business India The Most Trusted Brand 2009 by The Economic Times Most Preferred Bank & Most preferred Home loan provider by CNBC Visionaries of Financial Inclusion By FINO Technology Bank of the Year by IBA Banking Technology Awards SKOCH Award 2010 for Virtual corporation Category for its epayment solution The Brand Trust Report[16]: 11th most trusted brand in India.

59

60

61

DATA ANALYSIS AND INTERPRETATION

62

3. DATA ANALYSIS AND INTERPRETATION

Assets Assets
Cash & Balances with 119,349.8 RBI Balance 3 with Banks, 35,977.62 1,006,401 .55 419,066.4 5 17,543.26 11,402.13 6,141.13 Work In 345.7 60,615.96 486.03 50,025.30 0 0 1,450,143. 96 286.81 51,746.73 0 0 1,304,825. 74 246.57 56,514.65 0 0 1,027,269. 52 150.02 34,891.16 0 0 815,174.41 39,653.42 869,501.6 4 402,754.1 3 15,886.95 10,359.09 5,527.86 51,100.63 750,362.3 8 372,231.4 5 14,063.96 9,127.29 4,936.67 14,211.16 603,221.9 4 273,841.7 2 12,641.08 8,224.86 4,416.22 27,410.76 487,285.96 216,521.05 11,274.90 7,425.54 3,849.36 82,195.58 74,161.07 74,817.26 45,066.10

Money at Call Advances Investments Gross Block Accumulated Depreciation Net Block Capital Progress Other Assets

Minority Interest 0 Group Share in Joint Venture Total Asset 0 1,647,898 .24

63

Capital and Liabilities


Capital and Liabilities: Total Share Capital 635 634.88 634.88 0 0 0 0 0 82,500.70 0 83,135.58 1,116,464. 56 122,074.5 7 1,238,539. 13 2,631.27 0 0 125,837.9 7 1,447,512. 68 634.88 634.88 0 0 0 0 0 71,755.51 0 72,390.39 1,011,988. 33 64,591.64 1,076,579. 97 2,228.27 0 0 153,627.1 0 1,302,597. 46 631.47 631.47 0 0 0 0 0 60,604.91 0 61,236.38 776,416.5 2 66,023.17 842,439.6 9 2,028.12 0 0 121,565.3 3 1,025,241. 40 526.3 526.3 0 0 0 0 0 42,009.35 0 42,535.65 636,272.88 48,661.83 684,934.71 1,689.94 0 0 86,014.12 813,484.48

Equity Share Capital 635 Share Application Money Preference Capital Init. Settler Preference 0 Share 0 Contribution 0 Share 0 0 82,836.25 0 83,471.25 1,255,562 .48 142,470.7 7 1,398,033 .25 2,977.17

Application Money Employee Stock Option Reserves Revaluation Reserves Net Worth Deposits Borrowings Total Debt Minority Interest

Policy Holders Funds 0 Group Share in Joint Venture Other Liabilities Provisions Total Liabilities 0 & 163,294.9 6 1,644,799 .46

64

Current Asset

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

1,647,898.

1,450,143. 96

1,304,825. 74

1,027,269. 52

815,174. 41

Current Asset

24

1,800,0 00.00 1,600,0 00.00 1,400,0 00.00 1,200,0 00.00 1,000,0 00.00 800,000.00 600,000.00 400,000.00 200,000.00 0.00

Current Asset

Mar Mar Mar Mar Mar '11 '10 '09 '08 '0 7

65

Current Liability

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

1,644,799.

1,447,512. 68

1,302,597. 46

1,025,241. 40

813,484. 48

Current liability

46

1,8 00,000 .00 1,6 00,000 .00 1,4 00,000 .00 1,2 00,000 .00 1,0 00,000 .00 8 00,000 .00 6 00,000 .00 4 00,000 .00 2 00,000 .00 0 .00

Current liability

Mar '11

Mar '10

Mar '09

Mar '08

Mar '0 7

66

CURRENT RATIOS:
Current ratio
The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts over the next 12 months. It compares a firm's current assets to its current liabilities. It is expressed as follows:

For example, if WXY Company's current assets are 50,000,000 and its current liabilities are 40,000,000, then its current ratio would be 50,000,000 divided by 40,000,000, which equals 1.25. It means that for every dollar the company owes in the short term it has 1.25 available in assets that can be converted to cash in the short term. A current ratio of assets to liabilities of 2:1 is usually considered to be acceptable (i.e., your current assets are twice your current liabilities). The current ratio is an indication of a firm's market liquidity and ability to meet creditor's demands. Acceptable current ratios vary from industry to industry. If a company's current ratio is in this range, then it is generally considered to have good short-term financial strength. If current liabilities exceed current assets (the current ratio is below 1), then the company may have problems meeting its short-term obligations. If the current ratio is too high, then the company may not be efficiently using its current assets or its short-term financing facilities. This may also indicate problems in working capital management. Low values for the current or quick ratios (values less than 1) indicate that a firm may have difficulty meeting current obligations. Low values, however, do not indicate a critical problem. If an organization has good 67

long-term prospects, it may be able to borrow against those prospects to meet current obligations. Some types of businesses usually operate with a current ratio less than one. For example, if inventory turns over much more rapidly than the accounts payable become due, then the current ratio will be less than one. This can allow a firm to operate with a low current ratio. If all other things were equal, a creditor, who is expecting to be paid in the next 12 months, would consider a high current ratio to be better than a low current ratio, because a high current ratio means that the company is more likely to meet its liabilities which fall due in the next 12 months.

Current Ratio

Mar '11 Mar '10 Mar '09 Mar '08 Mar '07

Current Ratio

0.04

0.04

0.04

0.07

0.05

Interpretation : Current ratio is increasing from 2007 to 2010 so it is having stong financial position

68

69

QUICK OR

ACID TEST OR LIQUID RATIO

Quick ratio, also known as Acid Test or liquid Ratio, is a more rigorous test of liquidity than the current ratio. Quick ratio may be defined as the relationship between quick/liquid assets and current or liquid liabilities. The quick ratio can be calculated by dividing the total of the quick assets by total current liabilities thus, Quick/liquid or Acid test ratio =

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

Quick Ratio

1.4

1.47

1.24

1.08

1.03

Source: Calculations Based on Annual Reports of JP CEMENT from 2007 - 2011,

70

Net Profit ratio

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

Net Profit Ratio

0.65

0.91

1.08

1.04

0.86

1 .2 1 0 .8 0 .6 0 .4 0 .2 0 Mar Mar Mar Mar Mar '11 '10 '09 '08 '07 N Profit R et atio

71

OBSERVATION AND FINDINGS

72

4. OBSERVATION AND FINDINGS


1) The working capital of the bank which was Rs. 2446.07 crs. As

on 31st march 2008 & stood at Rs. 4269.81 On 31 st march 2007 there was a marginal increase in the banks working capital by 5057.18 Crs. 2) The borrowing had risen to 652.41 Crs.@8.2% rose from the year end 2000-2006.At present it is on a decline standing at 596.46 for the year ended 2008-09. 3)The loans and advanceof the which were at Rs. 2095.30 Crs. as on 31st mar.2007 increase and stood at Rs. 2450.12 Crs. as on 31st march, 2008 and as on 31st march it is decreased with Rs. 2293.42 Crores as on 31st march 2009. 4) The deposit of bank were on its peaks of 1656.60Crs. On 200405. It decline on 2005-06 by 2% & again on the rise since 2005-06 and the deposits have increased by Rs.482.31Crs. during the year and stood at Rs. 2923.31Crs. as on 31st march 2009 as against Rs. 2440.90 Crs.as on 31st march, 2008. 5) The reserve funds and other funds of the bank which amounted to Rs. 458.48 Crs. as on 31st march 2008 & now it increased to 477.23 Crs. as on 31st march 2009. 6) The authorised share capital of the bank is RS. 200.00.The paid up capital of the bank which was at Rs. 110.93Crs. as on 31st march 2008. Increased and stood at Rs.122.02 Crores as on 31st march 2009. 7) The investment of bank have increased by Rs. 1068.02 Crs. as on 31st march 2008 decreased and stood at Rs. 2293.42 Crs. as on 31st march 2009. 8) In STATE BANK OF INDIA Bank the working capital is managed where bills for collection being bills (As per contra)receivables is
73

deducted from assets and liabilities side and fixed assets are also deducted from it then we find the accurate working capial of the bank as shown in annual report of the bank that is 5057.18 which is increasing year by year.

74

CONCLUSIONS

75

5. CONCLUSIONS
Every business need fund for two purposes- for its establishment and to carry out its day to day operations. Fund which is needed for the short term period or to carry out it day to day operations like for purchases of raw material, payment of wages , etc. are known as It should have neither redundant or excess nor inadequate or shortage of working capital. The basic goal of working capital management is to manage the current asset and current liabilities of a firm in such a way that a satisfactory level of working capital is maintained, i. e. it is neither inadequate nor excessive. The requirement for working capital is increasing, by a very merger amount which the bank is having proper management for its working capital requirement. The banks has reduced its borrowing which it built us its own resources. The bank is mostly serve the agricultural loan to farmers. The loans & advances of the bank were on the steady rise until 2007-08 but On 2008-09n it has marginally reduced so the loans and advances are on decline which reflects that the bank is not lending ample amount of money in the market.

76

77

RECOMMENDATIONS

78

5.

RECOMMENDATIONS

The following suggestions have made for the company to improve the present condition. It is suggested that the financial manager must be very vigilant in the management of working capital as it significantly affect the profitability of the firm. An immediate care is to be given for the working capital management of the firm, as it is on the banks of closure. Finance manager must consider the variables that affect the profitability of the firm directly or indirectly and proper attention must be given to control these variables. The management must control the variables like average payment period days and average collection period days to reduce its time period of cash conversion cycle. The management must conduct research studies on their workings and financial performance at least once in every three financial years. Management must provide proper training to its finance managers to strengthen their knowledge in managing the different areas of working capital management like cash management, inventory management, receivable management and marketable securities management etc. It is suggested that the companies must give a better presentation of creditors for the relative period and for the earlier periods separately. (It has found that current years purchase is too less but the creditors for suppliers stood at a very large amount. That looks so frivolous.) Amounts in the reserves and surpluses should be utilized for productive purposes which will not only increase the earnings of the company but will also increase the reputation of the company in the market. The companies must encourage and support the outside scholars who want to conduct research studies on their companies financial performance and other relevant areas of management. Lastly, it has also suggested the researchers should be provided with proper and relevant information by the management for research studies. It has often found that the

79

management hesitates to provide detailed information regarding finance. The following suggestions have made for the researchers who want to study further about the working capital management. It is suggested that comparison of the result of one industry with another similar industry will help to bring proper conclusions of the study and also it adds effectiveness to the results. A keen probe into the financial parameters of each public sector undertakings and their difficulties in arranging the working funds will give a clear picture about the present day condition of the in our state. It is suggested that further research is to be conducted on the same topic with different companies by extending the years of the sample study. The scope of further research can be extended to keen areas of working capital management including cash, marketable securities, receivables and inventory. A further intense exploration of the variables selected for this research study can be done to find out the extend of deviations happen in the working capital of any firm so that the finance managers can be very vigilant in their policies and can exercise a good control over all those variables which directly or indirectly affect the life of the firm.

After interpretation and analysis, i am giving certain suggestion to the bank, which i hope will be helpful for the banks: (b)The Bank should try to increase its proportion of the fixed assets to net worth.
(c) The proportion of current assets and current liabilities not

maintain please try to maintain it shows our financial position.


(d) The Bank should utilize its stock more efficiently.

(e)The Bank should pay attention towards proper and efficient utilization of working capital.
80

(f) The Bank should improve its sales strategy. (g)The Bank must increase its return. (h)It should also pay attention in increasing its net profit margin, so that it can survive in adverse condition also. (i) The Bank should try reducing their expenses, so that the margin of can be increase. (j) There is not sitting arrangements for trainees pls try to maintain the facility. (k) Please maintain the working capital of the bank.

BIBLIOGRAPHY

81

BIBLIOGRAPHY
1. Agarwal J.K, Agrawal R.K: Management Accounting: Delhi:

Ramesh Book Depo: 8th Edition: 1998 2. Agrawal N.K: Management Accounting of working Capital:

Sterling Publishers (P) Ltd, New Delhi: 1983.


3.

Donald Cooper: Business Research Methods: New Delhi: Tata

McGraw Hill Edition: 1998 4. I.M Pandey: Financial Management: New Delhi: Vikas Publishing

House (P) Ltd.: 1983 5. James C. Van Horne: Financial Management Policy: Singapore:

Pearson Education Pvt. Ltd.: Twelfth Edition: 1998 6. K.V Smith: Management of Working Capital: New York: West

Publishing Company: 1994


7.

Kothari C.R: Research Methodology: Methods and Techniques:

New Delhi: Vishwa Prakashan: 1999 8. Kulshreshtha N.K: Theory & Practice of Management Accounting:

Aligarh: Naveen Prakashan: 1985


9.

M.A Sahaf: Management Accounting: Principles and Practices:

New Delhi: Vikas Publishing (p) Ltd: 2005 10. M.L Agrawal: Cost Accounting: Principles and Practice: Delhi:

Sahitya Bhavan

82

WEBSITES : I. II. III. IV. V. www.google.com www.rbi.com www.statebankofindia.com www.onlinesbi.com www.sbilife.co.in PAMPLETS OF SBI

83

ANNEXURE

84

ANNEXURE

85

------------------ in Rs. Cr. -------------Consolidated Balance Sheet of State Bank of India


Mar '11 Mar '10 Mar '09 Mar '08

----Mar '07

12 mths Capital and Liabilities: Total Share Capital 635

12 mths

12 mths

12 mths

12 mths

634.88 634.88 0 0 0 0 0 82,500.70 0 83,135.58 1,116,464. 56 122,074.5 7 1,238,539. 13 2,631.27 0 0 125,837.9 7 1,447,512. 68 Mar '10

634.88 634.88 0 0 0 0 0 71,755.51 0 72,390.39 1,011,988. 33 64,591.64 1,076,579. 97 2,228.27 0 0 153,627.1 0 1,302,597. 46 Mar '09

631.47 631.47 0 0 0 0 0 60,604.91 0 61,236.38 776,416.5 2 66,023.17 842,439.6 9 2,028.12 0 0 121,565.3 3 1,025,241. 40 Mar '08

526.3 526.3 0 0 0 0 0 42,009.35 0 42,535.65 636,272.88 48,661.83 684,934.71 1,689.94 0 0 86,014.12 813,484.48 Mar '07

Equity Share Capital 635 Share Application Money Preference Capital Init. Settler Preference 0 Share 0 Contribution 0 Share 0 0 82,836.25 0 83,471.25 1,255,562 .48 142,470.7 7 1,398,033 .25 2,977.17

Application Money Employee Stock Opiton Reserves Revaluation Reserves Net Worth Deposits Borrowings Total Debt Minority Interest

Policy Holders Funds 0 Group Share in Joint Venture Other Liabilities Provisions Total Liabilities 0 & 163,294.9 6 1,644,799 .46 Mar '11

12 mths

12 mths

86

12 mths

12 mths

12 mths

State Bank of India ------------------ in Rs. Cr. --------------Profit & Loss account Mar '11 Mar '10 Mar '09 Mar '08 ---Mar '07

12 mths Income Interest Earned Other Income Total Income Expenditure Interest expended Employee Cost Selling and Admin Expenses Depreciation Miscellaneous Expenses Preoperative Capitalised Operating Expenses Provisions Contingencies Total Expenses Exp 0 31,430.88 & 8,660.28 88,959.12 Mar '11

12 mths

12 mths

12 mths

12 mths

81,394.36 14,935.09 96,329.45 48,867.96 14,480.17 12,141.19 990.5 12,479.30

70,993.92 14,968.15 85,962.07 47,322.48 12,754.65 7,898.23 932.66 7,888.00 0 24,941.01 4,532.53 76,796.02 Mar '10

63,788.43 12,691.35 76,479.78 42,915.29 9,747.31 5,122.06 763.14 8,810.75 0 18,123.66 6,319.60 67,358.55 Mar '09

48,950.31 9,398.43 58,348.74 31,929.08 7,785.87 4,165.94 679.98 7,058.75 0 14,609.55 5,080.99 51,619.62 Mar '08

39,491.03 7,446.76 46,937.79 23,436.82 7,932.58 3,251.14 602.39 7,173.55 0 13,251.78 5,707.88 42,396.48 Mar '07

12 mths Net Profit for the Year 7,370.35 Extraordionary Items 0 Profit brought forward 0.34 Total 7,370.69 Preference Dividend 0 Equity Dividend 1,905.00 Corporate Dividend Tax 246.52 Per share data (annualised) Earning Per Share (Rs) 116.07 Equity Dividend (%) 300 Book Value (Rs) 1,023.40 Appropriations Transfer to Statutory Reserves Transfer Reserves Proposed 2,488.96 to Other 2,729.87

12 mths 9,166.05 0 0.34 9,166.39 0 1,904.65 236.76 144.37 300 1,038.76

12 mths 9,121.23 0 0.34 9,121.57 0 1,841.15 248.03 143.67 290 912.73

12 mths 6,729.12 0 0.34 6,729.46 0 1,357.66 165.87 106.56 215 776.48

12 mths 4,541.31 0 0.34 4,541.65 0 736.82 125.22 86.29 140 594.69

6,495.14 87 529.5

6,725.15 306.9

5,205.69 -0.1

3,682.15 -2.88

88

Cash Flow

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 Mar '08 Mar '07 12 mths 12 mths 12 mths 12 mths 12 mths 10438.9 0

Net Profit Before Tax 14954.23 Net Cash From 34282.52

13926.10 14180.64

7625.08 1776.07 -284.56

Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

-1804.99 29479.73 -856.87 2798.01 19371.1 2

-1245.53

-1761.52 -1651.93

Financing2057.11

-3359.67 5097.38

9494.11

35094.10

-6926.18 32925.18

15716.2 4

7433.49

87780.05

103110.0 2

71478.62

51968.6 44535.2

122874.15 96183.84

9 0 104403.8 67466.3 51968.6 0 4 9

Source : Dion Global Solutions Limited

89

State Bank of India Capital Structure Period Instrumen --- CAPITAL (Rs. cr) --FromTo AuthorisedIssued t 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1996 1995 1994 1993 201 Equity 1 Share 201 Equity 0 Share 200 Equity 9 Share 200 Equity 8 Share 200 Equity 7 Share 200 Equity 6 Share 200 Equity 5 Share 200 Equity 4 Share 200 Equity 3 Share 200 Equity 2 Share 200 Equity 1 Share 200 Equity 0 Share 200 Equity 0 Share 199 Equity 6 Share 199 Equity 5 Share 199 Equity 5000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 635.08 634.97 634.97 631.56 526.3 526.3 526.3 526.3 526.3 526.3 526.3 526.3 526.3 474.01 474.01 473.83 200 90

-PAIDUPShares Face (nos) Value

Capita l 635 634.8 8 634.8 8 631.4 7 526.3 526.3 526.3 526.3 526.3 526.3 526.3 526.3 526.3 474.0 1 474.0 1 473.8 3 200

634998991 10 634882644 10 634880222 10 631470376 10 526298878 10 526298878 10 526298878 10 526298878 10 526298878 10 526298878 10 526298878 10 526298878 10 526298878 10 474009872 10 474009189 10 473828726 10 20000000 100

4 Share 1991199 Equity

Share

Source : Asian CERC

91

State Bank of India Key Financial Ratios Mar '11 Investment Valuation Ratios Face Value 10.00 Dividend Per Share 30.00 Operating Profit Per 255.39 Share (Rs) Net Operating Profit Per 1,504.34 Share (Rs) Free Reserves Per Share 468.29 (Rs) Bonus in Equity Capital -Profitability Ratios Interest Spread 4.12 Adjusted Cash 9.60 Margin(%) Net Profit Margin 8.55 Return on Long Term 96.72 Fund(%) Return on Net Worth(%) 12.71 Adjusted Return on Net 12.74 Worth(%) Return on Assets 1,023.40 Excluding Revaluations Return on Assets 1,023.40 Including Revaluations Management Efficiency Ratios Interest Income / Total 8.39 Funds Net Interest Income / 4.10 Total Funds Non Interest Income / 0.09 Total Funds Interest Expended / 4.29 Total Funds Operating Expense /2.67 Mar '10 10.00 30.00 229.63 Mar '09 10.00 29.00 230.04 Mar '08 Mar '07 10.00 21.50 10.00 14.00

173.61 147.72

1,353.15 1,179.45 899.83 833.38 412.36 -3.82 11.62 10.54 95.02 13.89 13.91 373.99 -4.34 13.04 12.03 100.35 15.74 15.74 356.61 184.43 -4.32 12.81 11.65 86.83 13.72 13.70 -4.20 11.43 10.12 99.20 14.50 14.47

1,038.76 912.73 1,038.76 912.73

776.48 594.69 776.48 594.69

8.52 3.82 0.10 4.69 2.38 92

8.88 3.79 0.11 5.09 2.06

8.82 3.87 0.14 4.96 2.16

8.27 3.85 0.19 4.42 2.39

Total Funds Profit Before Provisions /

1.43 Total Funds Net Profit / Total Funds 0.65 Loans Turnover 0.14 Total Income / Capital 8.48 Employed(%) Interest Expended / 4.29 Capital Employed(%) Total Assets Turnover 0.08 Ratios Asset Turnover Ratio 7.24 Profit And Loss Account Ratios Interest Expended / 60.04 Interest Earned Other Income / Total 1.10 Income Operating Expense / 31.51 Total Income Selling Distribution Cost 0.26 Composition Balance Sheet Ratios Capital Adequacy Ratio 11.98 Advances / Loans 77.19 Funds(%) Debt Coverage Ratios Credit Deposit Ratio 79.90 Investment Deposit 33.45 Ratio Cash Deposit Ratio 8.96 Total Debt to Owners 14.37 Fund Financial Charges 0.35 Coverage Ratio Financial Charges 1.19 Coverage Ratio Post Tax Leverage Ratios Current Ratio 0.04 Quick Ratio 8.50 Cash Flow Indicator Ratios Dividend Payout Ratio 26.03 Net Profit

1.46 0.91 0.15 8.62 4.69 0.09 7.26 66.66 1.21 27.61 0.26 13.39 74.22 75.96 36.33 7.56 12.19 0.33 1.21 0.04 9.07 23.36

1.75 1.08 0.16 8.99 5.09 0.09 7.20 67.28 1.18 22.91 0.33 14.25 78.34 74.97 36.38 8.37 12.81 1.36 1.23 0.04 5.74 22.90

1.74 1.04 0.15 8.96 4.96 0.09 6.32 65.23 1.56 24.13 0.30 13.47 78.31 77.51 34.81 8.29 10.96 1.37 1.23 0.07 6.15 22.64

1.54 0.86 0.15 8.46 4.42 0.08 5.44 59.35 2.25 28.19 0.20 12.34 76.16 73.44 38.22 6.22 13.92 1.37 1.22 0.05 6.52 18.98

93

Dividend

23.24 Cash Profit Earning Retention Ratio 74.03 Cash Earning Retention 76.80 Ratio AdjustedCash Flow 100.71 Times Mar '11 Earnings Per Share Book Value

Payout

Ratio

21.20 76.67 78.82 79.54 Mar '10

21.13 77.11 78.88 75.05 Mar '09

20.56 77.33 79.41 72.64

16.75 80.97 83.21 84.87

Mar '08 Mar '07 106.56 86.29 776.48 594.69

116.07 144.37 143.67 1,023.40 1,038.76 912.73

Source : Dion Global Solutions Limited

94