Final

COMPARATIVE ANALYSIS OF FINANCIAL STATEMENT OF

SAIL WITH OTHER STEEL COMPANIES IN INDIA FOR THE

FINANCIAL YEAR 2009-2010

SUMMER INTERNSHIP PROJECT REPORT

June 2014 to July 2014

S Submitted By:-

SuyashBagla

TAXILA BUSINESS SCHOOLUnder the guidance of Prof. Shikha Jain Mr.M.KSinghalTaxila Business School Sr. Manager (Finance)

Steel Authority of IndiaLimited, Jaipur

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Purpose of the Report: Summer Internship 2014, ProjectReport

Projects Undertaken: Comparative Analysis of Financial Statement of SAILwith other Steel Companies in India

Company Name: Steel Authority of India Limited(SAIL)

Address: Steel Authority of India Limited (SAIL),Landmark Bldg,4th Floor, Block No-S-16a, Opposite GujratiSamaj, MahaveerMarg, C Scheme, Jaipur –

302001

Department: Finance

Date of Reporting: 1st June 2014

Project Duration: 1st June 2014 to 31st July 2014

Project Guide: Mr.M.KSinghalSr. Manager (Finance)

SAIL, Jaipur

Submitted to:Prof. Shikha Jain

TAXILA BUSINESS SCHOOL

Submitted by: SuyashBagla

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Acknowledgement

It is great pleasure for me to acknowledge the kind of help and guidance received to me during

my project work. I was fortunate enough to get support from a large number of people to whom I

shall always remain grateful.

I sincerely thank Mr.M.KSinghal. Sr. Manager (Finance), Person of amiable personality, for

assigning such a challenging project work which has enriched my work experience and getting

me acclimatized in a fit and final working ambience in the premises of Finance Department

(SAIL).

I acknowledge my gratitude to Prof. Shikha Jain for her extended guidance, encouragement,

support and reviews and without whom this project would not have been a success.

Last but not the least I would like to extend my thanks to all the employees at Finance

Department (SAIL) for their cooperation, valuable information and feedback during my

project.

SuyashBagla

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Executive Summary

Steel Authority of India Limited (SAIL) is the leading steel-making company in India. It is a

fully integrated iron and steel maker, producing both basic and special steels for domestic

construction, engineering, power, railway, automotive and defense industries and for sale in

export markets. SAIL is also among the five Maharatnas of the country's Central Public Sector

Enterprises. The Government of India owns about 86% of SAIL's equity and retains voting

control of the Company.

Global business witnessed a worldwide downturn in all sphere of business including steel

industry in the second half of 2008-09. The global economy started recovering gradually

during2009-10. SAIL has reoriented production in line with market demand, substantially

increased production of value added steel and achieved the saleable steel production of 12.6 MT

representing 114% of capacity utilization. Sales volume of saleable steel also improved by 7% at

12.1 MT as against 11.3 MT in 2008-09. The steel prices which were at its lowest

duringOctober-December 2008 started recovering gradually from January 2009 onwards, but at a

very slow pace. Towards the end of current year, the steel prices reached its peak for the

financial year 2009-10.Despite higher sales volume of saleable steel for FY 2009-10, SAIL

achieved the turnover of 43935 Crore which was lower by 9.9 % as compared to previous year

mainly due to reduction in average net sales realization of saleable steel during 2009-

10. However, as compared to CPLY, the profitability improved due to higher saleable steel

production (1.1%) and sales volume (7%), improved production of value added products (24%),

improvement in BF productivity, reduction in coke rate and specific energy consumption,

favorable impact of input prices, particularly of imported coal, nickel, Ferro manganese, silicon

manganese, aluminum etc., reduction in ocean freight on imported coal, reduction in stores &

spares consumption, repair & maintenance expenses, optimization in procurement, prudent funds

management, curtailing cost of production, etc. The profitability was affected due to lower net

sales realization, increase in royalty on minerals, higher interest cost and depreciation etc. The

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profit before tax of Rs. 10132 crore was higher by Rs. 733 crore over previous year (Rs. 9399

crore).

During the year, SAIL has continued its thrust on better fund management. M/s FITCH and M/s

CARE, RBI approved credit rating agencies, maintained "AAA" ratings indicating the highest

safety to SAIL's long term borrowing programmed.

This project is a sincere effort to study and analyze the Financial Management of SAIL and its

competitors and also a good experience because every manufacturing company faces the

problem of Financial Management in their day to day processes and need to analysis financial

performance against its competitors.

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Table of Contents

Certificate from the Organization

Acknowledgement

Executive Summary

S. NO. PARTICULARS PAGE NO.Chapter-1 Introduction 9-11

A. Objectives of the studyB. Importance of studyC. Limitation of studyD. Research MethodologyE. Source of Data CollectionF. Methods of Data Analysis

Chapter-2 Company Profile 12-20A. SAIL

BackgroundBusiness DescriptionMarketing and Distribution NetworkActivities during the financial year 2009-10CSR InitiativesExpansion Plans

B. TATA SteelBackgroundBusiness DescriptionMarketing and Distribution NetworkActivities during the financial year 2009-10CSR InitiativesExpansion Plans

C. JSW SteelBackgroundBusiness DescriptionMarketing and Distribution NetworkActivities during the financial year 2009-10CSR Initiatives

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Expansion Plans

Chapter-3 Understanding Theoretical Background 21-24

Chapter-4 Data Analysis & Interpretation 25-34A. Production PerformanceB. Financial PerformanceC. Ratio AnalysisD. Segmental Break-up of key ExpensesE. Analysis of Cost & GSR/NSR

ConclusionAnnexureA.ChartsB.Comparative StatementsBalance SheetBibliography

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Chapter-1

Introduction

The project on comparison of financial statement of SAIL with other steel sectors in India has been a very good experience. Every manufacturing company faces the problem of Financial Management in their day to day processes. An organizations cost can be reduced and the profit can be increased only if it is able to manage the financial position of its firm. At the same time the company can provide customer satisfaction and hence can improve their overall productivity and profitability.

This project is a sincere effort to study and analyze the Financial Management of SAIL and its competitors. The project work was divided into two phases. The first phase was focused on company profile of SAIL, Tata Steel and JSW Steel on the bases on Background, Business Description, Marketing and Distribution Network, CSR Initiatives, etc and the second phase was conducted a Comparative analysis of SAIL with its competitors TATA Steel and JSW Steel on the bases of Production Performance, Financial Performance, Ratio Analysis, Segmental Break- up and Analysis of Cost and GSR/NSR.

The internship is a bridge between the institute and the organization. This made me to be involved in a project that helped me to employ my theoretical knowledge about how the Analysis of Financial Statement is done by the firm. And in the process I could contribute substantially to the organizations growth. The experience that I gathered over the past two months has certainly provided the orientation, which I believe will help me in shouldering any responsibility in future.

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Objectives of the study

To study the financial position of the SAIL and its competitors. To analyze the financial stability SAIL in general. To analyze and interpret the trends as revealed by various ratios of the SAIL in particular.

Importance of the study

By Financial Performance Analysis of SAILwe would be able to get a fair picture of the financial position of SAIL.

Protecting the property of the business. Compliances with legal requirement.

Limitation of the study

The analysis and interpretation are based on secondary data contained in the published annual reports of SAIL for the study period.

The comparison is rendered difficult because of differences in situations of one company as compared to the other.

Ratios are tool of quantitative analysis only. Normally qualitative factors are needed to draw conclusions.

The study of financial performance can be only a means to know about the financial condition of the company and cannot show a through picture of the activities of the company.

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Research Methodology

Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done scientifically. So, the research methodology not only talks about the research methods but also considers the logic behind the method used in the context of the research study. During my project work, I have used a lot of data to understand concept of comparative financial statements and Ratio Analysis. The data collected was interpreted and then used as information in project.

Source of Data Collection

The required data for the study are basically secondary in nature and the data are collected from the audited reports of 2009- 2010 of the SAIL and its competitors- TATA Steel and JSW and from reference books.

Methods of Data Analysis

The data collected were edited, classified and tabulated for analysis. The analytical tools used in this study are:

Comparative Financial Statements. Ratio Analysis.

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Chapter-2

Company Profile

SAIL- Steel Authority of India Limited, a Maharatna Company

Tag Line: There is a bit of SAIL in everybody’s LifeHeadquarter: DelhiKey Person: C S Verma (Chairman)

Background

Steel Authority of India Ltd (SAIL), established in 1973, is one of India’s largest steel manufacturing companies. SAIL owns and operates five integrated steel plants at Bhilai, Bokaro, Durgapur, Rourkela and Burnpur and three special steel plants at dugapur in WB, Salam in TN and Visvesarya in Karnataka. A subsidiary, Maharashtra Elektrosmelt Ltd (MEL), at Chandrapur produces Ferro alloys. The company is a PSU under the Gol, which holds, 85.82% of the former’s equity. In May 2010, SAIL was awarded the Maharatna status by the Gol.

Business Description

SAIL manufactures the widest spectrum of steel products in the country, covering hot and cold rolled sheets and coils, galvanized sheets, electrical sheets, structurals, railway products, plates, bars and rods, stainless steel and other alloy steels. The products of the company are used in several sectors, encompassing construction, engineering, power, railway, automotive and defence industries apart from catering to the export market.

During FY10, the steel plants of SAIL produced 14.5 MT of hot metal, 13.5 MT of crude steel and 12.6 MT of saleable steel with saleable steel achieving 114% of capacity utilization. During the year several new products were developed, such as 3mm Chequered Coils, SAIL-MC60 HR Coils, C30 HMn 1.2 HR Coils, SAE1541 HR Coils &API X60 ERW Pipes at RSP, DMR 249B Plates at RSP & BSP and ATM Grade Plates at BSP.

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Marketing and Distribution Network

SAIL has established a country wide marketing network with 37 branch sales offices, 25 Departmental Warehouses, 42 Consignment Agents and 27 Customer Contact Offices. It also extended its distribution through its dealers. As on Apr 1, 2010, SAIL distribution network covered 630 districts of the country with around 2,500 dealers in place.

Activities during the financial year 2009-10

During the year, SAIL agreed to merge its subsidiary, Maharashtra Electrosmelt Ltd (MEL) with itself.

Signed anMoU with IRCON international Ltd, a PSU under the Ministry of Railways, for jointly working on rail infrastructure project both in India and abroad.

The company established a JV SAIL SCI Shipping Pt Ltd in May 2010, to cater to its requirements of shipping imports of coal.

Entered into a JV with RITES Ltd for establishing a wagon manufacturing plant in Kulti, in WB.

Signed anMoU with Kobe Steel Japan, for exploring feasibility of ITmk3 technology for producing premium grade iron nuggets using iron ore fines and non coking coal.

Signed anMoU with POSCO, Korea for exploring business opportunities in the areas of manufacturing and commercialization of CRNO; and exploration of upstream & downstream opportunities in utilizing FINEX technology.

Signed anMoU with RashtriyaIspat Nigam Ltd for jointly exploring and developing high grade low silica limestone deposits of Qalhat in the sultanate of Oman for supply to steel plants of SAIL & RINL on a long term basis.

CSR Initiatives

In its endeavor to spread the value and knowledge of education among its employees and workers, SAIL has opened about 138 schools in the vicinity of its plants and currently provides education to more than 70,000 children. In order to facilitate dissemination of knowledge among tribal children, SAIL also provides assistance to over 260 schools with more than 55,000 students of villages surrounding its units. The company is also providing mid-day meals to 21,500 children in schools in and around Bhilai. To provide access to portable water, the company has also installed over 4,700 water sources in the remote areas surrounding its plants.

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Expansion Plans

SAIL is currently in the process of implementing various growth plans to enhance its hot metal capacity from the level of 14.5 MTPA to 26.2 MTPA and crude steel from 13.5 MTPA to 24.6 MTPA. Under the ongoing Phase-l of modernization and expansion plan, hot metal production capacity will expand to 23.5 MT by 2012. Its modernization & expansion plans include installation of new coke oven batteries, new steel melting shops, installation of new mills, new blast furnaces of bigger capacity with up gradation of existing blast furnaces, among others. The ongoing expansion has been planned to achieve saleable steel production of 20.23 MTPA. Apart from increasing the production capacity, the plan addresses the vital issues of elimination of technological obsolescence, installing energy efficient & environment friendly technologies, value addition/ product mix improvement / sustenance of existing assets of the plants and introduction of customer centricprocesses.

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TATA Steel Limited

Tag Line: Values Stronger than SteelHeadquarter: MumbaiKey Person: Ratan Tata (Chairman)

Background

Tata Steel, formerly known as TISCO and Tata Iron and Steel Company Limited established in 1907 at Mumbai, is now the world 10th largest steel company and the world’s 2nd most geographically diversified steel producer. It is one of the world’s lowest cost producers of steel, a shareholder base of over 800,000 people and employee strength over 81,000 across 5 continents. Tata Steel is mainly involved in the manufacture of steel. Tata's international operations include UK-based subsidiary Tata Steel Europe, Singapore's NatSteel, and Tata Steel Thailand. The company also owns interests in coal and iron projects that supply the steel maker with raw materials. The Tata Group owns about 30% of the company.


Tata Steel’s operations predominantly relate to the manufacture of steel conducted through its steel division. Its other main divisions include the bearings division, which manufactures ball bearings, double row self-aligning bearings, magneto bearings etc; ferro alloys & minerals division that operates chrome mines and has units for making ferro chrome and ferro manganese; agrico division manufactures hand tools and implements for application in agriculture; Tata growth shop designs, develops, manufactures, erects and commissions equipments ranging from overhead cranes to high precision components; tubes division engaged in commercial and precision tube manufacturing; and wire division that produces coated and uncoated wires, branded as Tata Wiron. Some of the company’s prominent brands include Tata Steelium, Steelennium, Tata Tiscon, TataShakteeetc.

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The fiscal year FY 10 is a landmark year for Tata Steel’s Indian operations with an outstanding performance across all its Units and Divisions. TATA Steel has an integrated steel plant, the Company achieved its best ever production of hot metal (7.23 million tonnes), crude steel (6.56 million tonnes) located at Jamshedpur, Jharkhand and saleable steel (6.44 million tonnes) in FY 10.


Tata Steel Processing and Distribution Limited is wholly owned subsidiary of Tata Steel. With 8 large processing units, 23 sales locations and a host of partners like external processing agencies, suppliers, retailers and other stakeholders, today TSPDL is India’s largest steel service organization. Distribution centres are Jamshedpur, Kolkata, Raipur, Bhubneswar, Faridabad, Noida, Gurgaon, Roorkee, Pantnagar, Kanpur, Pune, Chennai and Bengaluru.

Activities during the year financial year 2009-10

April, 2010, Tata Steel signed anMoU with Nippon Steel Corporation (NSC), Japan for setting up a Continuous Annealing and Processing Line at Jamshedpur, India with 0.6 mtpa capacity.

Signed aMoU with the State Government of Orissa for setting up a 6 mtpa1Greenfield steel plant in Orissa.

Signed aMoU with the government of Chhattisgarh for setting up of a 5 mtpa Greenfield integrated steel plant in Bastar.

1 Mtpa- million tonne per annam

Entered into a Joint Venture (JV) with prominent steel making companies of India and Thailand, Australia, SINTICIM (the Mozambican National Construction and Mineworkers Union), Ivory Coast, Canada and Oman for the source of raw material.

Continues to explore other materials and metal and goes to establish several plants within the country and aboard.

Joint Venture with Tata BlueScope Steel Ltd, company entered steel building and construction application market.

Acquisition of Corus and investment in global outfits like Millennium Steel (now Tata Steel Thailand) and NatSteel holdings, Singapore- created manufacturing and marketing network in Europe, SE Asia and the Pacific- Rim Countries.

In accordance with the Tata Steel Group Vision, Tata Steel Group aspires to be the global steel industry benchmark for value creation and corporate citizenship.

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CSR Initiatives

Regarded globally as a benchmark in Corporate Social Responsibility, Tata Steel’s commitment to the community remains the bedrock of its hundred years of suitability. Its mammoth social programmed covers the company-managed city of Jamshedpur and over 800 villages in and around its manufacturing and raw materials operations through uplift initiatives in the areas of income generation, a safe working place, health and medical care, water and sanitation, education (NatSteel has awarded scholarships to 150 underprivileged students), sports, disaster relief management, wasteland developments and Preservation and promotion of tribal culture and heritage in tribal villages of Jharkhand and Orissa. Environmental sustainability has become an increasingly important item on the Tata Steel Group agenda. Waste water treatment and the elimination of dust during the production process are also areas of focus. TATA Steel is planning a 50-50 balance between Greenfield facilities and acquisitions.

Expansion Plan

As part of the Brownfield expansion project, TATA Steel has commissioned H Blast Furnace in May 2008, Caster #3 in October 2008 at the steel melting shop #1 and up gradation of Hot Strip Mill roughing mill as part of 1.8 million tonne growth plan to reach capacity of 6.8 million tonne. TATA Steel is continuing with its programme of expansion of hot metal and steel making capacity by 3 million tonne to reach 10 million tonne. and Crude steel capacity as on March 31, 2009: 6.8 million tonne (Jamshedpur works) and Tata Steel has also envisaged massive expansion of its capacities through various greenfield projects at Sarai Kala (Jharkhand), Kalinganagar (Orissa) and Bastar (Chhattisgarh).

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JSW Steel Limited

Tag Line: No LimitsHeadquarter: MumbaiKey Person: Mrs. Savitri Devi Jindal

Background

JSW Group is one of the fastest growing business conglomerates with a strong presence in the core economic sector. JSW Steel Ltd (JSW Steel) was incorporated in 1994 as Jindal Vijayanagar Steel Ltd. It was promoted jointly by JISCO and KSIIDC. In FY04, JISCO’s investment in the company was transferred to Jindal South West Holdings Ltd and JISCO was merged with the company. In 2005, the company acquired its current name. During FY08, the company merged Southern Iron & Steel Company Ltd with itself. On 21 December 2010, it was declared that JSW Steel will buy controlling interest in Ispat Industries at an enterprise value of $3 billion to emerge as India’s largest producer of the commodity with an annual capacity of 14.3 million tonnes. The company will now be called JSW Ispat Steel Ltd.


JSW Steel’s business is organized into two segments viz. steel and power that is generated mainly for captive consumption. The company produces pellets, slabs, HR coils, HR plates,

CR coils, galvanized steel, and color-coated galvanized steel, TMT Rebars, Wire Rods & Special Steel Bars, Rounds & Blooms. The Company has installed crude steel making capacity of 7.8 MTPA in India consisting 23% of value added flat products, (capacity of 1.8 MTPA), spread across four locations, viz. Vijayanagar Works in Karnataka, Salem Works in Tamil Nadu and Vasind&Tarapur Works in Maharashtra.

During the FY09-10, it had achieved crude steel production of 5.987 Million tonnes (the overall production was 6.02 Million tonnes, considering trial run production from the expansion project) and saleable steel of 5.720 Million tonnes (the overall sales was 5.74 Million tonnes, considering trial run sales), which works out to around 94% of volume guidance of 6.4 Million tonnes and6.1 Million tonnes, respectively for the fiscal year under review. During the year, the production of Rolled Products, both Long and Flat (including Value Added Flat), went up significantly compared to last fiscal. HR Coil production has reached highest levels at 3.399 Million tonnes during the year, which is around 106% of enhanced rated capacity of 3.2 Million tonnes.

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JSW Steel has established a country wide marketing network with 16 branch sales offices, 4 Manufacturing Plants, JSW Shoppe continues to expand from 50 in 2008-09 to 174 as on March10 with Shoppe sales up by 114% to 0.64 million tones and leveraging the demand of the Semi-Urban and Rural India by introducing innovative concept of Shoppe-On-Wheel.� Additionally, JSW has been expanding its Distribution Points on a Pan-India basis as well and company has STEELeMART, a B2B steel-trading portal is a venture of Sapphire Technologies Ltd.

Activities during the year financial year 2009-10

During first quarter of FY 2009-10, the implementation of the Crude Steel capacity expansion project by 2.8 MTPA to reach 6.8 MTPA at Vijayanagar Works was completed.

Adapted tuyere gas control and a â€œJugadâ€ � slag-splash technique for improving the refractory life of EOF, introduced Economizer in captive power plant (CPP) to enhance fuel efficiency and other scheme were implemented in Salem Works.

30 MW Power Plant has been commissioned at Tarapur Works in December 2009, equipped with latest ESP system and designed for zero affluent discharge.

Signed a Strategic Collaboration Agreement with JFE Steel Corporation that both companies will involve in Production of steel products other than automotive steel, Energy reduction and Environmental programmes, Quality and yield improvement programmes, etc.

CSR Initiatives

The JSW group fulfills its social development responsibility through activities that are undertaken through four public charitable trusts, viz. Jindal South West Foundation, Hampi Foundation, a Heal Foundation and Friends of the Sir J J School of Arts Trust. These Trusts annually consult with the Management and other company's personnel to identify the list of activities that are subsequently incorporated into the JSW Group's business plans. The corporate social initiatives undertaken are in the areas of community development, environment, sports and arts and culture.

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Expansion Plan

By 2020, the Company aims to produce 34 million tons of steel annually with Greenfield integrated steel plants coming up in West Bengal and Jharkhand. Further expansion of crude Steel capacity by 3.2 MTPA to reach 10 MTPA at Vijayanagar Works along with associated facilities is under implementation and targeted for completion by March 2011.With the commissioning of Blooming Mill in FY 2010-11, Salem Works will complete expansion of rolling capacity, matching with the existing cast steel production capacity.

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Chapter-3

Understanding Theoretical Background

Meaning

Financial statement analysis is a systematic process that examines past and current financial data for the purpose of evaluating performance and estimating future risk and potentials. The complex data given in these financial statements is divided/ broken into simple and valuable elements and relationship are established between the elements of the same statements or different financial statements. This process of division, establishing relationship and interpretation thereof to understand the working and financial position of a business is known as analysis of Financial Statements. Financial statement analysis is used by investors, creditor, security analysts, bank lending officers, managers, governmental agencies, suppliers, and many other parties who rely on financial data for making economic decisions about a company.

Tools of Financial Statements Analysis

Comparative Financial Statements Common-Size Financial Statements Trend Percentage Ratio Analysis Fund Flow Statement Cash flow Statement

(Here for this study Comparative Financial Statements and Ratio Analysis were taken)

Comparative Financial Statements

It shows the operating results for a number of accounting periods so that change in data in terms of money and percentage from one period to another may be known. Here we have make the Comparative Financial Statements of SAIL, TATA Steel, JSW Steel and RINL.

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Objectives of Comparative Financial Statements

To analyze the income and expenditure for two or more years.

To analyze the increase or decrease in the income and expenditure in terms of rupee and also the percentage.

To review the business operations of the last year and its likely effect on the current years operations.

Ratio Analysis

Ratio is simple arithmetical expression of the relationship of one number to another. It may be defined as the indicated quotient of two mathematical expressions. Ratio analysis is an important technique, which is widely used for interpreting financial statement. The technique serves as a tool for assessing the current and long-term financial soundness of a business. It is also used to analysis various aspects of operating efficiency and level of profitability. Thus, Ratio analysis is a study of relationship among various financial factors in a business.

Objectives of Ratio Analysis

To judge the earning capacity (profitability), financial soundness (position) and operating efficiency of a business organization.

To help in business planning and forecasting.

To locate the weak spots in the business and take remedial action.

Estimate about the trend of the business.

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Classification of Ratios

Classification of ratio is made based on requirement by end users and they indicate symptoms as characteristic of the company.

Debt- Equity Ratios

It is used to compute the soundness of the long- term financial position of the firm. This ratio expresses a relationship between debt (external equities) and equity (internal equities).

Debt- Equity Ratio = Debt (Long-term Loans ) Equity (Shareholders™ Funds)

Acceptable Debt-Equity Ratio is 2:1 which means debt can be twice the equity.

PAT (profit after tax) to Avg. Net Worth Ratio

Return on Average Net Worth = Profit after Taxes X 100 Average Net Worth

(Net Worth = Equity Share Capital + Preference Share Capital + Reserves & Surplus

Miscellaneous Expenses to the extent not written off or adjusted - Foreign Currency Monetary

Translation Diff Account).

Debtor Turnover Ratio

This ratio establishes the relationship between net credit sales and average debtors of the year. Average debtors are calculated by dividing the sum of debtors in the beginning and at the end by 2.

Debtor Turnover Ratio = Net Credit Sales Average Debtors

Average Age of Debtors = 365days or 12months Debtor Turnover

Average Age of Debtors is also called Debtors Velocity or Average Collection Period or Period of Credit given. It is used to find out the period within which debtors are realized.

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Earnings per Share

EPS indicates the quantum of net profit of the year that would be ranking for dividend for each share of the company being held by the equity share holders.

Earnings per Share = Net profit after Taxes - Preference DividendNo. of Equity Shares

This ratio helps in evaluating the prevailing market price of share in the light of profit-earningcapacity. The more the earning per share better is the performance and prospects of the company.

Current Ratio

It is the relationship between the current assets and current liabilities and is computed to assess the short-term financial position of the enterprise.

Current Ratio = Current Assets Current Liabilities

As a conventional rule a Current Ratio of 2:1 is considered most satisfactory. Higher the current

ratio, greater the short-term solvency.

PBT/Turnover

PBT/Turnover = Profit before Tax Turnover

(Profit before Taxes + (-) Exceptional Items)

PAT/Turnover

PAT/Turnover = Profit after Tax Turnover

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Chapter-4

Data Analysis & Interpretation

COMPARISON OF SAIL WITH ITS COMPETITORS FOR FY2009- 2010

A. Production Performance

MT

SAIL TATA JSW

Hot Metal 14.5 7.23 NA

(14.3) (6.25)Crude Steel 13.5 6.56 5.98

(13.1) (5.65) (3.72)Saleable 12.63 6.44 5.72

Steel (12.49) (5.37) (3.42)

Major Reasons for increase in the production of all the three companies during the year were the improvement of furnaces and reduction in coal rate and fuel, increased production at the coke ovens at their plants, higher captive power generation and low maintenance cost but SAIL has registered a growth of 1% over CPLY in saleable steel production with 114% capacity utilization while Tata Steel has registered a growth of 20% for saleable steel production and JSW steel registered a growth of 67% in saleable steel Production.

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B. Financial Performance

Based on published results / Annual Reports for the financial year 2009-2010, the financial and physical performance of SAIL has been compared with published information domestic steel companies (Tata Steel, JSW Steel). Annexures are also placed in the file giving full information of comparative income statements of SAIL and other domestic steel companies.

Company TATA JSW SAIL

Profit & Loss account Mar '10 Mar '10 Mar '10

Operating Profit 8,905.59 4,273.56 9,215.04

PBDIT 10,146.67 4,747.81 11,772.04

Interest 1,848.19 900.26 402.01

PBDT 8,298.48 3,847.55 11,370.03

Depreciation 1,083.18 1,123.41 1,337.24

Other Written Off 0 0 10.33

Profit Before Tax 7,215.30 2,724.14 10,022.46

Extra-ordinary items 0 96.03 184.8

PBT (Post Extra-ord Items) 7,215.30 2,820.17 10,207.26

Tax 2,168.50 797.43 3,452.89

Reported Net Profit 5,046.80 2,022.74 6,754.37

Total Value Addition 7,543.64 2,542.78 11,612.29

Preference Dividend 45.88 28.92 0

Equity Dividend 709.77 177.7 1,363.03

Corporate Dividend Tax 122.8 34.31 227.52

Per share data (annualized)

Shares in issue (lakhs) 8,872.14 1,870.49 41,304.01

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Profit & Loss Statement

Earning Per Share (Rs) 56.37 106.59 16.35

Equity Dividend (%) 80 95 33

Book Value (Rs) 418.94 504 80.66

From the above summarized & re- drawn P&L A/cs, the apparent observations are as under:

The sales quantity of SAIL is 12.11 which was improved CPLY by 7% but TATA has significant advantage in sales realization per tonne of saleable steel sales. The GSR/t of Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but SAIL has advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.

Higher per tonne sale realization of TATA is mainly due to enrichment of product mix. Other factors such as reduction in credit tenure, shortened supply lead time, introduction of price extras, Customer meets, new supply points, domestic and export sales, etc may also contributed to variation in realization per tonne of saleable steel.

The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to TATA but higher by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in net sales turnover while there is an increase of 3% in Tata Steel.

However, on expenditure side, total expenditure per tonne of saleable steel sales is lower in SAIL by about Rs. 3482.7/t as compare to TATA. Apart from production mix which affects the cost, the item wise analysis of expenditure are as under:-

Raw Material expenditure in TATA is lower by Rs. 3901/t as compared to SAIL. One of the reasons of lower expenditure in Tata Steel would be lower imported coal as compared to SAIL. Over CPLY there is 15% and 7% decrease in SAIL and TATA respectively whereas in JSW, there is increase about 66% in raw material consumed.

Employee/Staff cost in Tata Steel at Rs.3666.9/t if saleable sales is lower in comparison to SAIL Employee cost at Rs. 4288.2/t. Labour productivity in SAIL is 226 Tonnes CS/M/Y and in Tata, it was 510 tonne CS/M/Y. Over CPLY there is 2% and 2% increase in JSW and TATA respectively whereas in SAIL, there is decrease about 36% in staff cost.

EBIDTA up by 55% to Rs. 4,806 crores (Rs.8401.6/t) mainly due to reduction in cost of production relative to last year and foreign exchange gains of Rs. 412.95 crores in JSW Steel and over CPLY, there is change about 109% whereas EBIDTA up by 8.5% to Rs.

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11,871 crore (Rs. 9802.9/t) in SAIL and in TATA, EBIDTA up by 4% to Rs. 9805.88 crore (Rs 15892.8/t).

The profitability of SAIL was affected due to lower net sales realisation, increase in royalty on minerals, higher interest cost and depreciation etc. The profit before tax (PBT) of Rs. 10132 crore (Rs. 8366.7/t) was higher by Rs. 733 crore over previous year (Rs. 9399 crore) and profit after tax (PAT) was Rs. 6754 crore (Rs. 5577.5/t) which was higher by Rs. 583 crore i.e., 9% increase over CPLY and JSW also posted a highest ever Profit after Tax of Rs. 2,022.74 crores (Rs. 3536.3/t), up 341% over CPLY whereas there is a decrease of 1% (Rs. 11692.5/t) and 3% in PBT and PAT (Rs. 8179.6/t) respectively in TATA Steel which affects its profitability during the FY09-10.

Share Capital in SAIL is Rs. 4130.40/crore whereas in Tata Steel, it is Rs. 887.41./crore and in JSW, it is 527.11/crore. EPS Basic is Rs. 16.35/share in SAIL and Rs. 60.26/share in TATA whereas Rs. 106.34/share in JSW Steel.

Staff cost to Total cost is higher in SAIL which is 17% whereas 13% and 2% in TATA and JSW respectively.

EBIDTA Margin (EBIDTA/Net Sales Turnover) is higher in TATA which is 40% as compared to SAIL (29%) and JSW (26%).

A further analysis of cost and profitability has been attempted between SAIL, Tata Steel and JSW Steel on like to like basis in part of the note.

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C. Ratio Analysis

A brief ratio analysis has also been attempted between SAIL and domestic competitors (Tata Steel, JSW Steel and RINL).The ratios of competitors are either taken from published Annual Reports or re-computed for like to like comparison.

The major Ratios for the year 2009-10 are tabulated below:

S.NO. RATIOS UNITS SAIL TATA JSW STEEL STEEL

1. Debt Equity Times 0.50:1 0.61:1 1.07:1

2. PAT to Avg. Net Worth % 21.98% 15.12% 23.66%

3. Average Age of Debtors Days 29 8 11

4. EPS Rs/Share 16.35 60.26 106.34

5. PBT/Turnover % 24.99% 28.83% 15.49%

6. PAT/Turnover % 16.65% 20.17% 11.11%

7. Current Ratio Times 3.52 1.15 0.72

Debt- Equity Ratio: Increase in the ratio of SAIL in FY09-10 is due mainly on account of increase in borrowings for capital expenditure while the debts are decreased in Tata Steel due to stringent credit control measures and lower exports. There is decrease in Debt- Equity ratio of JSW from 1.24:1 to 1.07:1 is due to additional borrowings for expansion projects.

PAT (profit after tax) to Avg. Net Worth: The ratio is highest for JSW at 23.7% followed by SAIL at 22% and 15% for Tata Steel. The ratio has decreased for SAIL and increased for JSW due to an increase in the Company’s profit. The ratio of Tata Steel is declined due to issue of Cumulative Preference Shares.

Average Age of Debtors: The ratio is one part of measuring efficiency of fund/working capital management. The collection period is 8 days for Tata Steel and 10 days for JSWas compared to 29 days for SAIL. One of the reasons for higher age of debtors SAIL may be due to compulsive credit sales to Govt. Departments/PSU.

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Earnings per Share (EPS): EPS at Rs. 106.34 per share is highest for JSW as compared to Rs. 16.35 for SAIL and Rs. 60.26 for Tata Steel. The lower EPS in case of SAIL is due to its large paid up capital base (Rs. 4130 crores) as compared to Tata Steel and JSW.

Current Ratio: The ratios compute the number of times the current assets are in excess over current liabilities. SAIL has a high ratio i.e., 3.52 which shows that it has enough liquidity while JSW has low ratio i.e., 0.72 which means company is unable to meet its current liabilities on time.

D.Segmental Break-up of key Expenses: 2009-2010 (as proportion of Net Sales %)

Segment SAIL TATA JSW Raw Material 39.54 22.63 57.63 Power & Fuel 8.29 5.06 5.57 Employee Cost 13.35 9.43 2.00

Total 61.18 37.12 65.2

E.Analysis of Cost & GSR/ NSR

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A. Material Cost -

Material cost per tonne of saleable steel is SAIL is higher by about Rs. 3901/t as compared to Tata Steel.

B.Energy Consumption -

1. Power & Fuel Consumption

SAIL TATA JSW Electricity- Avg. Rate/ Unit (Rs./ KWH)

Purchased 3.46 2.84 3.52Own Generation 4.67 2.08 2.62

Coal- Avg. Rate (Rs./Tonne)

Coking Coal 8786 5731.88 7996Non Coking Coal 2268 ----

Furnace Oil- Avg. Rate (Rs./ Kilo Litres) 28439 23145.44 25820 Coke- Avg. Rate (Rs./Tonne) 23529 ---- 14056 LPG- Avg. Rate (Rs./MT) 34350.32 33405

2.Consumption per Tonne of Saleable Steel Production

SAIL TATA JSW

Purchased Electricity (KWH) 489 389.98 -Fuel oils (litres) 3 -Coking Coal (kgs) 1083 620 -Coke (kgs) 20 -Non â€“coking Coal (kgs) 56 -

C. Employee Cost -

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Employee cost in Tata Steel at Rs.3666.9/t if saleable sales is lower in comparison to SAIL Employee cost at Rs. 4288.2/t.

The manpower of Tata Steel as on 31.03.10 was 34,101 as against on the same date in SAIL. The manpower is 1, 16,950 for 5 ISPs in SAIL and in JSW Steel, the manpower is near about 7,703.

Average employee cost in Tata Steel is around Rs. 6.92 lakhs per annum per employee as compared to Rs. 4.63 lakhs per annum in SAIL and in JSW Steel, it is around 4.73 lakhs.

Labour productivity in SAIL is 226 Tonnes CS/M/Y and in Tata, it was 510 tonne CS/M/Y. In JSW Steel, Employee remuneration and benefits are increased from 288.75 crores to 365.2

crores mainly because of annual increments and rise in manpower relating to operations, on commissioning of new facilities at Vijayanagar, which were under construction in last year.

In SAIL, the Employee remuneration and benefits were decreased with a significant change around 36% over CPLY whereas there is 2% and 2% increase in JSW and TATA respectively.

While in Tata Steel, the Staff cost or Employee remuneration and benefits was higher mainly due to annual increases in salary and allowances partly offset by lower charges of employee benefits towards gratuity and ESS on account of higher discounting rates applied for actuarial valuation.

D.Other Operating Cost -

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Cost of Store & Spare is almost comparable. The cost is lower by Rs. 35.48/t in SAIL as compared to Tata Steel. The part of difference may be due to proportion of stores and spares internally manufactured, freight component, difference in requirements, procurement rate, etc.

Power & Fuel cost is lower in Tata Steel which is Rs.1969.3/t as compared to Rs. 25663.3/t in SAIL. Lower cost in Tata Steel may be due to additional volumes of purchased power to cater to its requirement for additional production whereas SAIL purchased electricity from outside including JVCs. The power purchase rate in Tata Steel is around Rs. 2.84/kwh and avg. cost from own generation is about Rs. 2.08/kwh. For SAIL, the avg. power purchase cost is Rs. 3.46/kwh and for JSW, the avg. power purchase cost is Rs. 3.52.

Repair & Maintenance cost Rs. 451/t in SAIL as against Rs. 1566.64/t in Tata Steel. This repair and maintenance expenses for SAIL and Tata Steel includes repairs on building and Plant & Machinery under the heading of store and spares, Employees' Remuneration & Benefits, etc.

Interest cost of Tata is higher as compared to SAIL and JSW. It is around Rs. 1508.4 crores (Rs.2342.2/t) in Tata Steel and Rs 402.51 crores (Rs. 318.2/t) in SAIL and Rs. 822.68 crores in JSW Steel.

Freight and handling expenditure are higher in Tata Steel by Rs. 1573.8/t as compared to SAIL. The reason may be higher volume of steel dispatches by both rail and road and port handling charges under this head by Tata. This may resulted in lower expenditure in Tata Steel as compared to SAIL.

Depreciation is higher in Tata as compared to SAIL and JSW. It is around Rs. 1083.1crores (Rs.1682 /t) in Tata Steel and Rs 1337.29 crores (Rs. 1058.6/t) in SAIL and Rs. 1123.41crores in JSW Steel.

Other Expenses is higher in TATA at Rs. 8205.1/t as compared to Rs. 1705.3/t for SAIL.

E. GSR/NSR -

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Tata Steel has significant advantage in sales realization per tonne of saleable steel sales. The GSR/t of Tata Steel at 42873/t is higher by Rs. 6592.3 as compared to SAIL but SAIL has advantage of Rs. 2264.6/t as compared to GSR/t of JSW steel.

Higher per tonne sale realization of Tata Steel is mainly due to enrichment of product mix. Other factors such as reduction in credit tenure, shortened supply lead time, introduction of price extras, Customer meets, new supply points, domestic and export sales, etc may also contributed to variation in realization per tonne of saleable steel.

The NSR/t of SAIL at 34110.0 is lower by Rs. 5949.7 as compared to Tata Steel but higher by Rs. 2092.5 as compared to JSW Steel and 6% decrease over CPLY in SAIL in net sales turnover while there is an increase of 3% in Tata Steel.

Charts and Comparative Statements of SAIL, TATA Steel and JSW Steel are enclosed at Annexure.

Chapter-5

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Conclusion

In this project, I draw an Inter Firm Comparison between SAIL and its competitors and ratio analysis; these statements and ratios are very useful to interpret financial position of the company. From that it is clear that the SAIL, TATA and JSW are in advanced stage.

On the basis of analysis of financial statements and Ratios of SAIL we may conclude that the overall working stability soundness have improved over the years.

SAIL registered a turnover of Rs. 43,935 crore. EBIDTA of Rs. 11,871 crore - a growth of 8.5%. Profit before Tax (PBT) of Rs. 10,132 crore, higher by 8% - second highest since inception. Profit after Tax (PAT) of Rs. 6,754 crore, higher by 9.5%.

Produced 14.5 million tonnes of Hot Metal, 13.5 million tonnes of crude steel and 12.6 million tonnes of saleable steel. Best ever sales of 4.45 million tonnes of long products, higher by 3% over last year.

Highest ever labour productivity of 226 tonnes/ man/ year. Best ever coke rate at 517 Kg/thm (1% improvement). Best ever specific energy consumption at 6.72 Gcal/tcs (Previous best of 6.74 Gcal/tcs achieved in FY'09).

The debtor’s turnover ratio is lower for SAIL compared to its competitors which shows that the debtors are less liquid implying inefficient management of debtors/sales.

The proportion of current assets to total assets has increased comparing to current liabilities which serve as an evidence for good working capital position of the company.

The current ratio for SAIL is more than other competitors which shows that it has enough liquidity in comparison to other competitors.

The debt equity ratio is 0.50 which is lower than the competitors. This means that it is more traditionally financed in comparison to other competitors. It has lower debt so it can easily raise debt in future.

SAIL is more efficient and effective to utilize its fund

Annexure

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Chart-1: Production Performance for the FY2009-10

.Chart-2: Production Performance for the FY2008-09

On OY Axis we have MT- Million Tonne on Chart-1 and Chart-2.

Chart-3: Financial Performance of SAIL, TATA and JSW for the FY2009-10

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Chart-4: Financial Performance of SAIL, TATA and JSW for the FY2008-09

On OY Axis we have Rs. in Crore on Chart-3 and Chart-4.

Chart-5

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Chart-6

Chart-7

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List of Abbreviations

S. No. Abbreviated name Full Name

1 CPLY Corresponding Period Last Year

2 SAIL Steel Authority of India Limited

3 MT Million Tonne

4 FY Financial Year

5 PBT Profit before Tax

6 PAT Profit after Tax

7 RBI Reserve Bank of India

8 CSR Corporate social responsibility

9 GSR Gross Sales Realization

10 NSR Net Sales Realization

11 MEL Maharashtra Elektrosmelt Ltd

12 MoU Memorandum of Understanding

13 RINL RashtriyaIspat Nigam Limited

14 MTPA Million Tons Per Annum

15 JV Joint Venture

16 EPS Earnings per Share

17 KHW Kilowatt Hour

18 Kgs Kilos Grams

19 ISPs Integrated Steel Plants

20 CS/M/Y Crude Steel/Man/Year

21 CPP Captive Power Plant

22 PSUs Public Sector Units

23 B2B Business to Business

24 Gol Government of India

25 Rs. Indian Currency (Rupees)

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Steel Authority of India Limited

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Balance Sheet of SAIL Mar '13 Mar '12 Mar '11 Mar '10 Mar '09

Sources Of Funds

Total Share Capital 4130.53 4130.53 4130.4 4130.4 4130.4

Equity Share Capital 4130.53 4130.53 4130.4 4130.4 4130.4

Share Application Money 0 0 0 0 0

Preference Share Capital 0 0 0 0 0

Reserves 36894.11 35680.79 32939.07 29186.3 23853.7

Revaluation Reserves 0 0 0 0 0

Networth 41024.64 39811.32 37069.47 33316.7 27984.1

Secured Loans 8746.16 7481.91 11813.91 7755.9 1473.6

Unsecured Loans 12754.41 8615.3 8351.58 8755.35 6065.19

Total Debt 21500.57 16097.21 20165.49 16511.25 7538.79

Total Liabilities 62525.21 55908.53 57234.96 49827.95 35522.89

Application Of Funds

Gross Block 42461.1 41367.19 38260.6 35382.49 32728.69

Less: Accum. Depreciation 25683.7 24239.81 23180.54 21780.91 20459.86

Net Block 16777.4 17127.38 15080.06 13601.58 12268.83

Capital Work in Progress 35890.85 28049.14 22228.43 15039.83 6544.24

Investments 718.36 684.94 684.14 668.83 652.7

Inventories 16008.21 13742.37 11302.79 9027.46 10121.45

Sundry Debtors 4424.18 4761.32 4161.3 3493.9 3024.36

Cash and Bank Balance 3850.35 6415.7 143.99 230.76 347.94

Total Current Assets 24282.74 24919.39 15608.08 12752.12 13493.75

Loans and Advances 6549.11 5556.17 6175.81 5155.32 4292.5

Fixed Deposits 0 0 17334.87 22205.61 17880.59

Total CA, Loans & Advances 30831.85 30475.56 39118.76 40113.05 35666.84

Deffered Credit 0 0 0 0 0

Current Liabilities 14976.39 14606.26 13994.33 13383.67 10201.51

Provisions 6716.86 5822.23 5882.1 6211.67 9408.21

Total CL & Provisions 21693.25 20428.49 19876.43 19595.34 19609.72

Net Current Assets 9138.6 10047.07 19242.33 20517.71 16057.12

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Miscellaneous Expenses 0 0 0 0 0

Total Assets 62525.21 55908.53 57234.96 49827.95 35522.89

Contingent Liabilities 31283.83 31836.92 30519.8 28382.46 32193.13

Book Value (Rs) 99.32 96.38 89.75 80.66 67.75

Tata Steel

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Balance Sheet of Tata Steel Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Sources Of Funds



Share Application Money 0 0 0 178.2 0

Preference Share Capital 0 0 0 0 0

Reserves 60176.58 54238.27 51649.95 45807.02 36281.34


Networth 61147.99 55209.68 52621.36 46944.63 37168.75

Secured Loans 4400.55 4311.02 4190.47 3509.18 2259.32

Unsecured Loans 21726.23 21600.49 19503.35 22639 22979.88

Total Debt 26126.78 25911.51 23693.82 26148.18 25239.2



Gross Block 39019.72 38056.28 23081.58 22497.83 22306.07


Net Block 24265.75 24875.05 11366.26 11805.1 12162.44


Investments 54661.8 50418.8 50282.52 46564.94 44979.67

Inventories 6007.81 5257.94 4858.99 3953.76 3077.75

Sundry Debtors 770.81 796.92 904.08 424.02 434.83




Fixed Deposits 0 0 0 0 2733.84




Provisions 3807.86 3657.68 3917.54 4421.32 3303.68


Net Current Assets -10162.18 -2894.95 -1392.09 9110.49 1422.25

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Total Assets 87274.77 81121.19 76315.18 73092.81 62407.95


Book Value (Rs) 629.6 568.46 541.81 487.55 418.94

JSW Steel

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Balance Sheet of JSW Steel Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Sources Of Funds



Share Application Money 0 0 0 529.38 0

Preference Share Capital 764.44 279.03 279.03 279.03 279.03

Reserves 23216.99 19374.19 17934.31 16132.71 9179.23


Networth 24284.18 19937.37 18497.49 17225.27 9706.34

Secured Loans 16685.63 10991.55 9495.46 7675.82 8987.51

Unsecured Loans 8289.35 5552.24 2806.76 4275.52 2597.59

Total Debt 24974.98 16543.79 12302.22 11951.34 11585.1



Gross Block 49638.09 37558.49 35118.06 27407.35 21795.58


Net Block 37295.08 27638.79 27117.62 21102.15 16866.14


Investments 4380.55 4636.06 4413.42 4098.81 1768.35

Inventories 6196.57 4799.1 5179.08 4138.41 2585.77

Sundry Debtors 2218.74 1862.2 1362.06 838.65 563.25




Fixed Deposits 0 0 1698.13 1750.62 169.71




Provisions 384.39 341.56 259.82 397.4 264.22

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Net Current Assets 726.06 -868.23 -3884.84 -2193.4 -4027.32


Total Assets 49259.16 36481.16 30799.71 29176.61 21291.44


Book Value (Rs) 973.01 881.08 816.54 735.8 504

Bibliography

1. Following books were referred for carrying out the project: -

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1.1.Annual Report 2009-2010

SAIL TATA Steel JSW Steel Ministry of Steel (Govt. of India)

1.2.Other Books

Analysis of Financial Statements by T.S. Grewal

2. Following websites were referred: -

http://www.sail.co.in/investor.php?tag=investor_financials

http://www.sail.co.in/investor.php?tag=investor_performance

http://www.sail.co.in/aboutus.php?tag=dealersnetwork

http://www.jsw.in/companies/company_JSWSteel.shtml

http://www.jsw.in/investor_zone/financials_quarter.shtml

http://www.jsw.in/investor_zone/steel_presentation_analyst.shtml

http://www.moneycontrol.com/competition/steelauthorityindia/comparison/SAI

http://www.moneycontrol.com/india/stockpricequote/steellarge/tatasteel/TIS

http://www.moneycontrol.com/india/stockpricequote/steellarge/jswsteel/JSW01

http://www.tatasteelindia.com/

http://www.tatasteel.com/investors/performance/financials.asp

http://www.tatasteelindia.com/corporate/company-profile.asp

http://www.dnb.com

http://money.rediff.com/

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Final

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