Project report
On
conducted by
University of Mumbai
through
Submitted by
Deepak Goswami
MMS
under the guidance of Prof. Subhash Raje in partial fulfillment of the requirement of
Masters of Management Studies by University of Mumbai for the academic year 2015
2017.
________________
Prof. Subhash Raje
Project Guide
________________ _______________
Prof. Umar Farooq Dr. Kalim Khan
Academic Coordinator Director
ACKNOWLEDGEMENT
I take this opportunity to thank the University of Mumbai for giving me a chance to
do this project. Firstly, I owe my deepest gratitude to my project guide Prof. Subhash
Raje for his guidance, care and moral support without which this project would have
really been a distant dream.
I thank the teaching and non-teaching staff of Rizvi Institute of Management Studies
and Research for providing encouragement and valuable inputs required for
completion and enrichment of this project.
I would like to thank each and every person who directly or indirectly helped me in
the completion of the project. This acknowledgement would surely be incomplete
without thanking my parents, who raised me, taught me and supported me throughout
the years. A special thanks to my mother who was instrumental in instilling the love of
food & cooking in me, which resulted in the topic of this project.
This project report covers all aspects relating to Financial Ratios of BRITANNIA
INDUSTRIES and NESTLE INDIA interpreted according to standards. This project
was done with the help of secondary data as research in finance subjects is done on
performance and not potential.
I found that by comparing Financial ratios of both the companies unveils why one
company is more efficient in its activity as compared to the other.
Financial ratios are valuable as they depict how an organisation utilises and manages
its resources.
Through the net profit ratio and other profitability ratios, understand the
profitability position of the companies.
To know the liquidity position of the companies, with the help of Current
ratio.
To find out the utility of financial ratio in credit analysis and determining the
financial capability of the firms.
CONTENTS
INTRODUCTION..........................................................................................................1
RESEARCH METHODOLOGY...................................................................................3
CLASSIFICATION OF RATIOS...................................................................................6
Liquidity Ratios..........................................................................................................6
Leverage Ratios..........................................................................................................8
Activity Ratios..........................................................................................................10
Profitability Ratios....................................................................................................13
Valuation Ratios........................................................................................................15
DATA INTERPRETATION.........................................................................................16
Liquidity Ratios........................................................................................................16
Leverage Ratios........................................................................................................19
Activity Ratios..........................................................................................................21
Profitability Ratios....................................................................................................26
Valuation Ratios........................................................................................................31
FINDINGS...................................................................................................................34
CONCLUSION............................................................................................................37
BIBLIOGRAPHY........................................................................................................38
INTRODUCTION
Food Processing
The Indian food industry is poised for huge growth, increasing its contribution to
world food trade every year. In India, the food sector has emerged as a high-growth
and high-profit sector due to its immense potential for value addition, particularly
within the food processing industry.
The food industry, which is currently valued at US$ 39.71 billion is expected to grow
at a Compounded Annual Growth Rate (CAGR) of 11 per cent to US$65.4 billion by
2018. Food and grocery account for around 31 per cent of Indias consumption basket.
Accounting for about 32 per cent of the countrys total food market, The Government
of India has been instrumental in the growth and development of the food processing
industry. The government through the Ministry of Food Processing Industries
(MoFPI) is making all efforts to encourage investments in the business. It has
approved proposals for joint ventures (JV), foreign collaborations, industrial licenses
and 100 per cent export oriented units.
Nestle India
NESTL's relationship with India dates back to 1912, when it began trading as The
NESTL Anglo-Swiss Condensed Milk Company (Export) Limited, importing and
selling finished products in the Indian market.
After India's independence in 1947, the economic policies of the Indian Government
emphasised the need for local production. NESTL responded to India's aspirations
by forming a company in India and set up its first factory in 1961 at Moga, Punjab,
where the Government wanted NESTL to develop the milk economy.
Data for this project is collected through Secondary sources. Secondary data is
collected with the help of following:
1. Websites
2. Reference Books
Theory relating to the subject matter and various concepts taken from various
financial reference books.
The term 'ratio' refers to the mathematical relationship between any two inter-related
variables. In other words, it establishes relationship between two items expressed in
quantitative form.
According J. Batty, Ratio can be defined as "the term accounting ratio is used to
describe significant relationships which exist between figures shown in a balance
sheet and profit and loss account in a budgetary control system or any other part of the
accounting management."
(2) It highlights the inter-relationship between the facts and figures of various
segments of business.
(3) Ratio analysis helps to remove all type of wastages and inefficiencies.
(5) It helps to the management for effectively discharge its functions such as planning,
organizing, controlling, directing and forecasting.
Rizvi Institute of Management Studies and Research 4|Page
(6) Ratio analysis reveals profitable and unprofitable activities. Thus, the management
is able to concentrate on unprofitable activities and consider to improve the efficiency.
(7) Ratio analysis is used as a measuring rod for effective control of performance of
business activities.
(8) Ratios are an effective means of communication and informing about financial
soundness made by the business concern to the proprietors, investors, creditors and
other parties.
(9) Ratio analysis is an effective tool which is used for measuring the operating results
of the enterprises.
(10) It facilitates control over the operation as well as resources of the business.
(12) Ratio analysis provides all assistance to the management to fix responsibilities.
(13) Ratio analysis helps to determine the performance of liquidity, profitability and
solvency position of the business concern.
(1) Ratio analysis is used on the basis of financial statements. Number of limitations
of financial statements may affect the accuracy or quality of ratio analysis.
(2) Ratio analysis heavily depends on quantitative facts and figures and it ignores
qualitative data. Therefore this may limit accuracy.
(3) Ratio analysis is a poor measure of a firm's performance due to lack of adequate
standards laid for ideal ratios.
(4) It is not a substitute for analysis of financial statements. It is merely used as a tool
for measuring the performance of business activities.
Rizvi Institute of Management Studies and Research 5|Page
(5) Ratio analysis clearly has some latitude for window dressing.
(7) Ratio analysis does not consider the change in price level, as such, these ratio will
not help in drawing meaningful inferences.
CLASSIFICATION OF RATIOS
Ratios
Activity
Liquidity Leverage Profitability
(Turnover)
Ratios Ratios Ratios
Ratios
Financial Ratios
Financial Ratios are classified into Liquidity Ratios and Leverage Ratios
Liquidity Ratios
Liquidity Ratios are also termed as Short-Term Solvency Ratios. The term liquidity
means the extent of quick convertibility of assets in to money for paying obligation of
short-term nature. Accordingly, liquidity ratios are useful in obtaining an indication of
a firm's ability to meet its current liabilities, but it does not reveal how effectively the
cash resources can be managed. To measure the liquidity of a firm, the following
ratios are commonly used:
(3) Cash Ratio (or) Cash Position Ratio (or) Absolute Liquid Ratio
Current Ratio establishes the relationship between current Assets and current
Liabilities. It attempts to measure the ability of a firm to meet its current obligations.
In order to compute this ratio, the following formula is used:
Current Liabilities
The two basic components of this ratio are current assets and current liabilities.
Current asset normally means assets which can be easily converted in to cash within a
year's time. On the other hand, current liabilities represent those liabilities which are
payable within a year.
Quick Ratio also termed as Acid Test or Liquid Ratio. It is supplementary to the
current ratio. The acid test ratio is a more severe and stringent test of a firm's ability to
pay its short-term obligations as and when they become due. Quick Ratio establishes
the relationship between the quick assets and current liabilities. In order to compute
this ratio, the below presented formula is used:
Current Liabilities
Quick Ratio can be calculated by two basic components of quick assets and current
liabilities.
Current liabilities represent those liabilities which are payable within a year.
The ideal Quick Ratio of I: I is considered to be satisfactory. High Acid Test Ratio is
an indication that the firm has relatively better position to meet its current obligation
in time. On the other hand, a low value of quick ratio exhibiting that the firm's
liquidity position is not good.
Cash Ratio or Absolute Liquid Ratio is also called as Cash Position Ratio (or) Over
Due Liability Ratio. This ratio established the relationship between the absolute liquid
assets and current liabilities. Absolute Liquid Assets include cash in hand, cash at
bank, and marketable securities or temporary investments. The optimum value for this
ratio should be one i.e. 1:1. If it is 1: 2 it indicates that 50% worth absolute liquid
assets are considered adequate to pay the 100% worth current liabilities in time. If the
ratio is relatively lower than one, it represents that the company's day-to-day cash
management is poor. If the ratio is considerably more than one, the absolute liquid
ratio represents enough funds in the form of cash to meet its short-term obligations in
time. Cash ratio can be calculated by dividing the total of the Absolute Liquid Assets
by Total Current Liabilities. Thus,
Current Liabilties
In the above formula Absolute Liquid Assets = Cash in Hand + Cash at Bank +
Marketable Securities.
Leverage Ratios
Companies rely on a mixture of owners' equity and debt to finance their operations. A
leverage ratio is any one of several financial measurements that look at how much
capital comes in the form of debt (loans), or assesses the ability of a company to meet
financial obligations. Leverage ratios measure the extent to which a firm has been
financed by debt. Generally, the higher this ratio, the more risky a creditor will
perceive its exposure in your business. Thus, high leverage ratios make it more
difficult to obtain credit (loans). Leverage Ratios can be classified into:
1. Debt-Equity Ratio
This ratio also termed as External - Internal Equity Ratio. This ratio is calculated to
ascertain the firm's obligations to creditors in relation to funds invested by the owners.
The ideal Debt Equity Ratio is 1: 1. This ratio also indicates all external liabilities to
owner recorded claims. It may be calculated as
Internal Equities
OR
Shareholders Funds
The term External Equities refers to total outside liabilities and the term Internal
Equities refers to all claims of preference shareholders and equity shareholders' and
reserve and surpluses.
OR
Shareholders Funds
The term Total Long-Term Debt refers to outside debt including debenture and long-
term loans raised from banks. This ratio indicates the proportion of owner's stake in
the business. Excessive liabilities tend to cause insolvency. This ratio also tell the extent to
which the firm depends upon outsiders for its existence.
Interest Coverage Ratio or Debt Service Ratio or Fixed Charges Cover Ratio. This
ratio establishes the relationship between the amount of net profit before deduction of
interest and tax and the fixed interest charges. It is used as a yardstick for the lenders
to know the business concern will be able to pay its interest periodically. Interest
Coverage Ratio is calculated with the help of the following formula:
Interest Coverage Ratio = Net Profit Before Interest And Income Tax X 100
Interest
Higher the ratio the more secure the debenture holders and other lenders would be
with respect to their periodical interest income. In other words, better is the position
of long-term creditors and the company's risk is lesser. A lower ratio indicates that the
company is not in a position to pay the interest but also to repay the principal loan on
time.
Activity Ratios
This ratio is also called as Stock Turnover Ratio or Stock Velocity Ratio. Inventory
means stock of raw materials, working in progress and finished goods. This ratio is
used to measure whether the investment in stock in trade is effectively utilized or not.
It reveals the relationship between sales and cost of goods sold or average inventory at
cost price or average inventory at selling price. Stock Turnover Ratio indicates the
number of times the stock has been turned over in business during a particular period.
While using this ratio, care must be taken regarding season and condition, price trend,
supply condition etc. In order to compute this ratio, the following formula is used:
Average Inventory
Cost of Goods Sold = Opening Stock + Purchases + Direct Expenses - Closing Stock
2
It is to be noted that opening and closing receivable and credit sales are not available,
the ratio may be calculated as
Accounts Receivable
This ratio indicates the efficiency of the debt collection period and the extent to which
the debt have been converted into cash. This ratio is complementary to the Accounts
Receivable Turnover. It is very helpful to the management because it represents the
average debt collection period. The ratio can be calculated as follows:
OR
Fixed Assets Turnover Ratio = Sales
Net Fixed Assets
The term profitability means the profit earning capacity of any business activity. Thus,
profit earning may be judged on the volume of profit margin of any activity and is
calculated by subtracting costs from the total revenue accruing to a firm during a
particular period. Profitability Ratio is used to measure the overall efficiency or
performance of a business. Profitability ratios measure managements overall
effectiveness as shown by returns generated on sales and investment. Generally, a
large number of ratios can also be used for determining the profitability as the same is
related to sales or investments. Profitability Ratios can be classified into:
The gross profit margin is the total margin available to cover operating expenses and
yield a profit. This ratio indicates how efficiently a business is using its labor and
materials in the production process, and shows the percentage of net sales remaining
after subtracting cost of goods sold. The higher the ratio, the better. A high gross
profit margin indicates that a firm can make a reasonable profit on sales, as long as it
keeps overhead costs under control. Gross profit margin serves as the source for
paying additional expenses and future savings.
Net Sales
The Operating Profit Margin measures profitability without concern for taxes and
interest. The higher the ratio, the better. A high operating profit margin indicates that
a firm can make a reasonable profit on sales, as long as it does good tax planning.
Operating Profit Margin = EBIT (Earnings Before Interest and Tax) X 100
Net Sales
Net Profit Margin Ratio is also termed as Sales Margin Ratio (or) Profit Margin Ratio
(or) Net Profit to Sales Ratio. This ratio reveals the firm's overall efficiency in
operating the business. Net profit Ratio is used to measure the relationship between
net profit (either before or after taxes) and sales. This ratio can be calculated by the
following formula:
Net Sales
Net profit includes non-operating incomes and profits. Non-Operating Incomes such
as dividend received, interest on investment, profit on sales of fixed assets,
commission received, discount received etc. Profit or Sales Margin indicates margin
This ratio is also called as ROI or ROCE (Return on Capital Employed Ratio). This
ratio measures a return on the owner's or shareholders' investment. This ratio
establishes the relationship between net profit after interest and taxes and the owner's
investment. Usually this is calculated in percentage. This ratio, thus, can be calculated
as:
Return on Investment Ratio = Net Profit (after interest and tax) X 100
Net Profit (after interest and tax) = Net Profit - Interest and Taxes
Net Worth
A valuation ratio is a measure of how cheap or expensive a security (or business) is,
compared to some measure of profit or value. A valuation ratio is calculated by
dividing a measure of price by a measure of value, or vice-versa. Valuation Ratios can
be classified into:
Earning per share (EPS) is the portion of a company's profit allocated to each
outstanding share of common stock. Earning per share serves as an indicator of a
company's profitability. EPS measures the earning capacity of the concern from the
owner's point of view and it is helpful in determining the price of the equity share in
the market place. Earning Per Share Ratio can be calculated as:
Earning Per Share Ratio = Net Profit After Tax and Preference Dividend
Dividend per share (DPS) Earnings distributed to the shareholders as cash dividends.
It is the total dividends paid out over an entire year (including interim dividends but
not including special dividends) divided by the number of outstanding ordinary shares
issued.
This ratio highlights the earning per share reflected by market share. Price Earning
Ratio establishes the relationship between the market price of an equity share and the
earning per equity share. This ratio helps to find out whether the equity shares of a
company are undervalued or not. This ratio is also useful in financial forecasting. This
ratio is calculated as:
DATA INTERPRETATION
COMPARATIVE RATIO ANALYSIS OF BRITANNIA
INDUSTRIES LTD AND NESTLE INDIA
Financial Ratios
Liquidity Ratios
Current Ratio
Current Liabilities
Interpretation: The above graph and table show that Britannia Industries Current
Ratio is increasing from 2012 to 2015. Whereas current ratio of Nestle India is
showing a decreasing trend from 2013 to 2015. This shows that Britannia Industries is
in a better position than Nestle India to pay its short-term and long-term obligations.
2. Quick Ratio
Current Liabilities
1.5
Ratio 1 britannia
0.5 parle
0
2015 2014 2013
Year
Interpretation: The Above graph and table show that Britannias Quick Ratio has
increased from 2014 to 2015 whereas Nestle Indias Quick Ratio has remained the
same. This shows that Britannia Industries has better short term liquidity i.e. Britannia
Industries ability to meet its short-term obligations with its most liquid assets is better
than that of Nestle Indias.
Leverage Ratios
0.4
0.35
0.3
0.25
0.2
Ratio
0.15 BRITANNIA
0.1 PARLE
0.05
0
2015 2014 2013
Year
Interpretation: The above Graph and table show that Nestle India relies on debt
financing more than Britannia Industries.
Interest
800
700
600
500
400
Ratio
300 BRITANNIA
200 PARLE
100
0
2015 2014 2013
Year
Interpretation: The above graph and table show that Britannia Industries could pay
its current interest payment with its available earnings 613 times and Nestle India
could pay its current interest payment with its available earnings 400 times in 2015.
Average Inventory
25
20
15
Ratio 10
BRITANNIA
5 NESTLE INDIA
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that the inventory turnover ratio of
Britannia Industries increased from 2012 to 2015 whereas the inventory turnover ratio
of Nestle India decreased from 2013 to 2015. Also Britannia Industries is faster than
Nestle India when it comes to selling inventories.
140
120
100
80
Ratio 60
BRITANNIA
40
PARLE
20
0
2015 2014 2013
Year
Interpretation: The above graph and table show that in 2015 Nestle India took 92
days to collect credit sales whereas Britannia Industries took 115 days to collect credit
sales. This shows that in the year 2015 Nestle India managed its assets more
efficiently than Britannia Industries.
10
6
Ratio 4 BRITANNIA
2 PARLE
0
2015 2014 2013
Year
Interpretation: The above graph and table show that on an average in the year 2015
Britannia Industries took 3.17 days to collect credit sales whereas Nestle India took
3.96 days to collect credit sales. This means that Britannia Industries had a better
Average Collection Period.
4
3.5
3
2.5
2
Ratio
1.5 BRITANNIA
1 PARLE
0.5
0
2015 2014 2013
Year
Interpretation: The above graph and table show that Britannia Industries is using all
its assets more efficiently than Nestle India to generate revenues.
7.6
7.4
7.2
Ratio 7 BRITANNIA
6.8 PARLE
6.6
2015 2014 2013
Year
Interpretation: The above table and Graph show that for the year 2015 Britannia
Industries had a higher Fixed Assets Turnover Ratio as compared to Nestle India. This
means that Britannia Industries utilized its fixed assets more efficiently than Nestle
India.
Net Sales
20
15
10
Ratio
BRITANNIA
5 NESTLE INDIA
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that for the year 2015 Nestle India
had a higher Gross Profit Margin as compared to Britannia Industries. This shows that
Operating Profit Margin = EBIT (Earnings Before Interest and Tax) X 100
Net Sales
25
20
15
Ratio 10
BRITANNIA
5 NESTLE INDIA
0
2015 2014 2013 2012 2011
Year
Net Sales
14
12
10
8
Ratio 6
BRITANNIA
4
NESTLE INDIA
2
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that for the year 2015 each rupee
earned by Britannia Industries was translated into 8.67 rupees and each rupee earned
by Nestle India was translated into 6.88 rupees.
Return on Investment Ratio = Net Profit (after interest and tax) X 100
70
60
50
40
Ratio 30
BRITANNIA
20
NESTLE INDIA
10
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that for the year 2015 Britannia
Industries had 59.82 percentage of return on money invested in the business whereas
Nestle India had 46.47 percentage of return on money invested in the business.
Net Worth
Interpretation: The above graph and table show that for the year 2015 Britannia
Industries had 50.37 and Nestle India had 19.98 Return on Shareholders Equity
Ratio. This means that in 2015 Britannia Industries generated more profit with the
money shareholders had invested as compared to Nestle India.
Valuation Ratios
Earning Per Share Ratio = Net Profit After Tax and Preference Dividend
Interpretation: The above graph and table show that in 2015 Nestle India allocated
Rs. 58.42 to each outstanding share of common stock whereas Britannia Industries
allocated Rs. 57.41 to each outstanding share of common stock. This shows that
Nestle India had higher profitability.
70
60
50
40
Ratio 30
BRITANNIA
20
NESTLE INDIA
10
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that in 2015 Nestle India paid Rs.
48.5 as dividend to each outstanding share of common stock whereas Britannia
Industries paid Rs. 16 as dividend to each outstanding share of common stock. This
shows that Nestle India had higher profitability.
120
100
80
60
Ratio
40 BRITANNIA
NESTLE INDIA
20
0
2015 2014 2013 2012 2011
Year
Interpretation: The above graph and table show that in 2015 Nestle India had a
Price-Earnings Ratio of 99.7 and Britannia Industries had a Price-Earnings Ratio of
41.6. This means that in 2015 investors paid 99.7 times more for a stock relative to
Nestle Indias Earnings Per Share whereas investors paid 41.6 times more for a stock
relative Britannia Industries Earnings Per Share.
2. Quick Ratio of Britannia Industries increased from 2014 to 2015 whereas that of
Nestle India remained the same. This shows that Britannia Industries has better short
term liquidity i.e. Britannia Industries ability to meet its short-term obligations with
its most liquid assets is better than that of Nestle Indias.
3. Cash Ratio of Britannia Industries improved significantly from 2014 to 2015. This
shows that Britannia Industries significantly improved its ability to repay its short
term debt through liquidity.
4. Debt Equity Ratio of Nestle India for the year 2015 is 0.01 and that of Britannia
Industries. This shows that in 2015 Nestle India relied more on Debt financing than
Britannia Industries.
5. Interest Coverage Ratio of Britannia Industries in 2015 was 613.02 whereas that of
Nestle India was 400.53. This shows that Britannia Industries in 2015 could pay its
current interest more times than Nestle India.
7. Accounts Receivable Turnover Ratio of Nestle India in 2015 was 92 and that of
Britannia Industries was 115. This shows that Britannia India in 2015 took more days
than Nestle India to collect its credit sales. Also, in 2015 Nestle India managed its
assets more efficiently than Britannia Industries.
8. Average Collection Period in 2015 of Britannia Industries was 3.96 days whereas
that of Nestle India was 3.17 days. This means that in 2015 Nestle India took less
days than Britannia Industries to collect credit sales.
10. Fixed Assets Turnover Ratio in 2015 of Britannia Industries was 7.37 whereas that
of Nestle India was 1.62. This means that Britannia Industries utilised its fixed assets
more efficiently than Nestle India.
11. Gross Profit Margin Ratio of Britannia Industries in 2015 was 9.11 whereas that of
Nestle India was 14.77. This means that Nestle India is more efficient than Britannia
Industries in using its labor and materials in the production process.
12. Operating Profit Margin Ratio of Britannia Industries in 2015 was 10.75 whereas
that of Nestle India was 19.01. This means that Nestle India made more profit on sales
as compared to Britannia Industries.
13. Net Profit Margin Ratio of Britannia Industries in 2015 was 8.67 whereas that of
Nestle India was 6.88. This means that in 2015 each rupee earned by Britannia
Industries was translated into 8.67 rupees and each rupee earned by Nestle India was
translated into 6.88 rupees.
14. Return on Investment Ratio of Britannia Industries in 2015 was 59.82 whereas
that of Nestle India was 46.47. This means that in 2015 Britannia Industries had 59.82
percentage of return on money invested in the business whereas Nestle India had
46.47 percentage of return on money invested in the business.
15. Return on Shareholders Equity Ratio of Britannia Industries in 2015 was 50.37
whereas that of Nestle India was 19.98. This means that in 2015 Britannia Industries
generated more profit with the money shareholders had invested as compared to
Nestle India.
16. Earning Per Share Ratio of Britannia Industries in 2015 was 57.41 whereas that of
Nestle India was 58.42. This means that in 2015 Nestle India allocated Rs. 58.42 to
each outstanding share of common stock whereas Britannia Industries allocated Rs.
57.41 to each outstanding share of common stock. This shows that Nestle India had
higher profitability.
18. Price Earning Ratio of Nestle India in 2015 was 99.7 and that of Britannia
Industries was 41.6. This means that in 2015 investors paid 99.7 times more for a
stock relative to Nestle Indias Earnings Per Share whereas investors paid 41.6 times
more for a stock relative to Britannia Industries Earnings Per Share.
Ratios are only post mortem analysis of what has happened between two balance
sheet dates. For one thing the position of the company in the interim period is not
revealed by ratio analysis, moreover they give no clue about the future. Ratio
analysis in view of its several limitations should be considered only as a tool for
analysis rather than as an end itself.
If Ratios are used to take decisions then following are two decisions that can be taken
by investors and banks respectively:
1. An investor should invest in Britannia Industries as it has a higher Return on
Investment Ratio than Nestle India for the year 2015.
2. Banks should lend money to Britannia Industries as its Interest Coverage Ratio
is higher than that of Nestle India for the year 2015.
https://www.nestle.in/aboutus
http://www.moneycontrol.com/financials/nestleindia/balance-sheetVI/NI#NI
http://www.moneycontrol.com/financials/britanniaindustries/balance-
sheetVI/BI#BI
http://www.moneycontrol.com/financials/britanniaindustries/ratiosVI/BI#BI