A STUDY ON FINANCIAL PERFORMANCE ON HATSUN AGRO

PRODUCTS, LTD WITH SPEICAL REFERENCE TO SALEM CITY

Submitted to Vinayaka Mission's Research Foundation

Deemed to be University, Salem
(Accredited With NAAC – “A” Grade)
In partial fulfillment of the requirements for the award of degree of

BACHELOR OF COMMERCE
Submitted by
R.BARKAVI
(Reg.No.7122110004)

Under the guidance of

Mr.V.RAMESH, MBA. ICWA (Final)., SET., (PhD).,

Head of the Commerce Department

VMKVASC.

SEMESTER VI

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CERTIFICATE

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VINAYAKA MISSION'S KIRUPANANDA VARIYAR ARTS AND SCIENCE COLLEGE,
A CONSTITUENT COLLEGE OF VINAYAKA MISSION'S RESEARCH FOUNDATION
DEEMED TO BE UNIVERSITY, SALEM
CERTIFICATE

This is certify that this project work entitled A study on Financial performance on
Hatsun Agro Products, Ltd With Special Reference to Salem, is a bonafide record of
R.BARKAVI (Reg. No7122110004) submitted in fulfillment for the award Bachelor of
Commerce, Vinayaka Mission's Research Foundation Deemed to be University, Salem, during the
academic year 2023-2024.

Signature of the Guide Signature of the HOD Signature of the principal

Signature of the Internal Signature of the External

Place: Salem
Date:

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4
DECLARATION

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 DECLARATION

I hereby that this project A STUDY ON FINANCIAL PERFORMANCE ON HATSUN AGRO

PRODUCTS,LTD WITH SPEICAL REFERENCE TO SALEM entitled submitted to the Vinayaka
missions kirupananda variyar Arts and Science College-Deemed to be University, Salem-636 308 For the
awards of B.COM is original one and has not been submitted earlier to either to this university or to any
other institution for the awards of any degree.

Place: Salem
Date:

Signature of the candidate

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ACKNOWLEDGEMENT

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 ACKNOWLEDGEMENT
I wish to express my sincere thanks to our most respected Principal Prof. Dr. V.
Anbhazhagan M.Sc. PhD., for providing me a change to undergo Bachelor of Commerce in
VMKV arts & science college Salem
I wish to thank Respected HOD and My Project Guide Mr.V.RAMESH, MBA. ICWA
(Final)., SET., (PhD)., HOD, Department of Commerce and all other department staff member of
VMKV ARTS & SCIENCE COLLEGE SALEM for timely suggestions and when required Last
but not last, my herd full thanks.

I express my deep sense of gratitude to Mr. A.DAVID, Proprietor and partner of ,JD Financial
solutions, Salem, and to my Parents and my Friends, I sincerely dedicate this project to them.

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9
 CHAPTER 1

INTRODUCTION

DEFINITION
Financial performance analysis includes analysis and interpretation of
financial statements in such a way that it undertakes a full diagnosis of the
profitability and financial soundness of the business. The financial analyst program
provides vital methodologies of financial analysis.

Financial performance is a complete evaluation of a company’s overall

standing in categories such as assets, liabilities, equity, expenses, revenue, and
overall profitability. It is measured through various business-related formulas that
allow users to calculate exact details regarding a company’s potential effectiveness.

The rationale behind ratio analysis lies in the fact that it makes data
comparable. It is a systematic use of ratio to interpret the financial performance so
that the strengths and weaknesses of a firm as well as its historical performance and
current financial condition can be determined. The financial performance provides
a summarized view of the financial position and operations of the firm. A lot of
things can be learnt on analyzing the financial data and information regarding its
operations. The financial performance is considered as the performance reports of a
firm on the observation of which much can be understood.

The analysis of the financial performance is a process of evaluating the

relationship between component parts of financial performance to obtain a better

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Understanding of the firm’s position and performance. The financial performance
can be analyzed by calculating various ratios and interpret them in a proper
manner. Thus, ratio analysis is widely- used tool for financial analysis.

Ratios are relative figures reflecting the relationship between the variables. They
enable us to draw conclusions regarding financial operations. Comparison with
related facts is the basis of ratio analysis. Four types of comparison are involved:

1. Trend ratios: Trend ratios involve comparison of the ratios of the firm over
time, that is, present ratios are compared with past ratios of the same firm.
These indicate the direction of change in the performance of the firm.

2. Inter-firm comparison: These involve comparison of the ratios of the firm

with those of others in the same line of business or for the industry as a
whole reflects its performance in relation to its competitors.

3. Comparison of items within a single year’s financial statement of a firm:

These ratios involve the comparison of various items within the balance
sheet of the firm in order to understand how one variable in the balance
sheet can impact over the other.

4. Comparison with standards or plans: this kind of analysis helps in knowing

to what extent have the firm been able to achieve the set standards and
where have the firm been not able to commensurate with the planned action.

CLASSIFICATION OF RATIOS:

Liquidity Ratios:

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 The liquidity ratios measure the ability of the firm to meet its short-term
obligations and assess its small term solvency. While borrowing for short-term
these

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Liquidity ratios are of high importance as they are checked by the short-term
lenders before lending.

The following are the types of liquidity ratios:

Current Ratio

The current ratio is the total current assets to current liabilities. The current
assets of the firm, represents the assets which in the normal course of the business
can be converted into cash within a short span of time. The current liabilities are
liabilities of the firm which mature in a short span of time. These ratios measure
the short-term solvency, that is, its ability to meet short term obligations. The
current ratio is given by:

Quick Ratio

This ratio is also known as Acid-Test Ratio. It is a measure of liquidity

designed to convey the information regarding the composition of the current assets
of the firm. It is referred to as quick ratio because it is a measurement of the firm’s
ability to convert its current assets quickly into cash in order to meet its current
liabilities. The quick ratio is between the quick current assets and the current
liabilities. It is given by:

Net working capital ratio:

The difference between the current assets and current liabilities is called
as the net working capital of the firm. This is used as a measure of a firm’s
liquidity. It is considered that, the firm having greater working capital is more
liquid and is

13
Able to meet its current obligations with higher efficiency. In the above ratio the
net working capital has been related to the net assets (capital employed).

Capital Structure/ Leverage Ratios

Another category of ratios which are extensively used to measure the

long-term solvency of the firm are the leverage or the capital structure ratios.

These ratios are useful in the analysis of the firm in terms of its long-term liquidity
in order to satiate the long-term creditors which prefer the assurance of periodic
and regular payment of the interest and also of the principal with the arrival of the
debt maturing date. Some of the Capital Structure Ratios are as follows-

 Debt-equity Ratio

 Total Liabilities-Total Assets Ratio

 Coverage Ratio

Interest coverage ratio

Dividend coverage ratio

Total coverage ratio.

Total cash flow coverage ratio.

Debt service coverage ratio.

Debt-Equity Ratio:

It reflects the level of debt indulged in the total capital structure. It

shows the relative claims of the creditors as against the owners’ funds.
Alternatively, it also

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Indicates the relative proportions of debt and equity in financing the assets of the
firm. This ratio acts as an indicator of the margin of safety to the creditors.

Debt to Total Capital Ratio:

This ratio explains the proportion of total debt (long term liabilities) to the total
assets of the firm. One can understand that the debt to the total assets account for so
much. This signifies the stake of creditors in the total assets of the firm. Thus, the
debt to total capital (total assets) is calculated as follows:

Coverage Ratios:

The second category of leverage ratios are coverage ratios. These ratios are
computed from the information available in the profit and loss account. The
obligations of the firm are normally met out of the earnings or the operating profits
and not out of the permanent assets. Hence it is very important for the long-term
creditors to keep a check on the soundness of the firm to service their claims like
interest on loans, repayment of the installment of the loans, redemption of
preference capital on maturity, preference dividend, etc. This ability of the firm is
indicated by the coverage ratios. The coverage ratios measure the relationship
between what is normally available from the operations of the firms and the claims
of the outsiders. The important coverage ratios are interest coverage ratio, dividend
coverage ratio, total coverage ratio, total cash flow coverage ratio, debt service
coverage ratio.

Interest coverage ratio:

The interest coverage ratio or the times interest earned is used to test the firm’s
debt-servicing ability. The interest coverage ratio is computed by dividing earnings
before interest and taxes (EBIT) by interest charges.

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Profitability Ratios:

Equally important with the short term and long-term solvency, is the
financial soundness of the firm which can be judged using the profitability ratios
which imply the profit earned by the firm through the sales. These ratios indicate
the operating efficiency of the firm as well as the ability of the firm to ensure
returns on the amounts invested by the shareholders by earning adequate profits.

Gross Profit Margin:

Gross profit is the measure of the relationship between profit and sales.
This ratio indicates the gross profit earned out of sales. It shows the profits
available for appropriations.

A higher ratio implies better management and indicates that the cost of
production is low; in contrast the lower margin is a danger sign for the firm. Thus,
gross profit margin indicates the health of the company.

Net Profit Margin:

This measure is an indicator of the management’s ability to operate the
business with sufficient success not only to recover from revenues of the period,
the cost of merchandise or services, the expenses of operating the business
(including depreciation) the cost of the borrowed funds, but also leave a margin of
reasonable compensation to the owners for providing their capital at risk. The ratio
of net profit (after interest and taxes) to sales essentially expresses the cost price
effectiveness of the operation. A higher margin would ensure adequate return to the
owners as well as enable a firm to withstand adverse economic conditions when
selling price is declining, cost of production is rising and demand for the product is
falling. The lower margin has the contrasting effect.

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Expenses Ratio:

Expenses Ratios are also a measure of profitability. It can be obtained

by dividing expenses by sales. There are different kinds of variants of expenses
ratio. The expenses ratios are related to both gross and net margin. These act as a
measure of profitability. As a working proposition the firm should maintain a low
ratio. A high ratio is unfavorable as it leaves a small share of sales to meet
all other obligations like interest, taxes, etc. The different variants of expenses
ratio are illustrated below:

Return on Investments:

It would be unwise if only the profitability ratios are considered with

sales and no return on investments are considered; the return on investments act as
a parameter of knowing if the profits earned justify themselves. Any firm may earn
fairly good percent of profit of sales but when calculated on the total investment
the profit percent may seem low. This signifies the importance of the return-on-
investment calculation. The various types of return-on-investment ratios are:

Return on Assets

Return on Equity

Return on Capital Employed

Return on Total shareholders’ Equity

Earnings per share

Overall profitability

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Return on Assets:

This ratio is one of the important ratios which assess the return on the
assets employed. Here the profitability is measured in terms of the relationship
between net profits and assets. The ROA measures the profitability of the total
funds/ investments of a firm.

The return on assets is calculated as follows:

Return on equity:

The ordinary shareholders are given their dividends out of the profits
after taxes. Therefore, a return on shareholders’ equity is calculated to see the
profitability on the owners’ investment. The return on equity is net profit after
taxes divided by shareholders’ equity. This ratio reflects the extent to which the
objective of earning a satisfactory margin on owners’ funds is accomplished.
Thus, this ratio is very important from the view point of the prospective
shareholders and also management of the firm who has the responsibility of
maximizing the shareholders’ wealth. The return on equity calculation can be done
using the formula below:

Return on Capital Employed:

ROCE is another type of ROI. It is similar to the ROA except in one respect. Here
the profits are related to the capital employed. The capital employed basis provides a
test of profitability related to the sources of long-term funds. A comparison of this
ratio with the industry average and over time would provide sufficient insight into
how efficiently the long-term funds of owners and creditors are being used.

Return on total Shareholder’s Equity:

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According to this ratio, profitability can be measured by dividing the net profits
after taxes (but before preference dividend) by the average total shareholders’
equity. The term total shareholders’ equity comprises of

Preference share capital

Ordinary shareholders’ equity consisting of equity share c a p i t a l ,

share premium, reserves and surplus (excluding accumulated losses).

This ratio reveals how profitably the funds of the owners have been
utilized by the firm. As the equity shareholders or the ordinary shareholders are
supposed to bear all the risks of the business, they are called as real owners of the
business. Hence the ratio which emphasizes the return on ordinary shareholders’
equity is also termed as net worth. If the company does not have any preference
shareholders, so the ratio of return on total shareholders’ equity will be equal to the
net worth.

Return on total shareholders’ equity is given by:

Earnings per Share:

EPS measures the profit available to the equity shareholders on a per

share basis, that is, the amount that they can get on every share held. It is calculated
by dividing the profits available to the shareholders by the number of the
outstanding shares. The profits available to the ordinary shareholders are
represented by net profits after taxes and preference dividend. Thus, EPS is given
by

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Overall Profitability:

The firm can assess its overall profitability by calculating the earning
power of the firm using total assets and the net profit after taxes. This is a central
measure of the overall profitability and the operational efficiency of the firm.
However, this can also be called as a product of the net profit margin and the
investments turnover ratio.

Activity Ratios:

Creditors and owners invest in the various assets of the company in

order to generate profits out of the business. Sales of the firm can be enhanced with
the proper management of the assets of the firm. Activity ratios are employed to
evaluate the efficiency of asset management and their utilization by the firm. These
are also called as turnover ratios as these indicate the speed with which these get
themselves converted into cash. These ratios measure the liquidity of the firm;
these like the current ratio determine how quickly certain current assets get
converted into cash. The relevant turnover ratios are-

Inventory Turnover Ratio:

Inventory turnover indicates the efficiency of the firm in producing and

selling its products. It is calculated by dividing the cost of goods sold by the
average inventory. From the following table we can calculate the inventory
turnover ratio for the five successive years. The inventory turnover ratio is given
by:

Debtors Turnover Ratio:

Firms also sell their goods on credit; this creates the debtors account in
the books of the firm. Debtors are included in the current assets as they are
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convertible into cash. Thus, the liquidity position to a large extent depends on
the

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Quality of debtors as debtors forms a major part of the current assets. Debtors’
turnover ratio indicates the number of times debtors turnover each year. High ratio
implies that the firm has been able to collect its debts efficiently and the debtors
have good credibility. A lower ratio states the firm needs to revise its credit
policies and see to it that the debtors’ turnover is increased.

It is given by:

Assets Turnover Ratio:

It is also known as Investment Turnover Ratio. It measures the

efficiency of the firm in managing and utilizing its assets. There are several
variants in the ratio depending on the variants of the assets like total assets, fixed
assets, current assets, etc.,

Fixed Assets Turnover Ratio:

This ratio determines the extent to which the firm uses the fixed assets
efficiently in order to earn more sales and profits. A higher ratio implies that the
firm has been managing and utilizing its fixed assets. A lower ratio suggests more
scope for proper management of fixed assets.

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1.2 COMPANY PROFILE

Welcome to the Hatsun world, India's largest private dairy. From a modest
ice-cream manufacturer to one of the leading names in India's dairy sector in just a
span of three decades, Hatsun now stands majestically as a hallmark of successful
entrepreneurship. Be it in the dedication to quality, in employing the world's latest
technology, innovative marketing strategies, or bringing prosperity to hundreds of
thousands of farmers in the south.

It started as a creamy dream in 1970: Arun Ice-cream, the rich, delicious

brand that has captured the hearts of millions of ice-cream lovers. With over 70
Delightful varieties it is the No. 1 selling ice-cream in south India. Arun Ice-cream is
manufactured at the most modern plant of its kind in Chennai. From the ingredients,
to the packaging and distribution stringent quality control is maintained at every
stage which has made Arun Ice creams the first ice-cream brand in India to win the
9001 certifications for quality and world-class manufacturing facilities. Arun Ice-
creams reach the consumers through the largest network of exclusive parlors in
India. These and the many Arun mini-parlors in the rural areas provide employment
to thousands of people. When the vision is clear and the dedication total, growth
follows, and Hatsun expanded.

When the market was ruled by unhygienic milk, Hatsun came up with
Arokya- the standardized, homogenized and bacteria clarified milk. Arokya milk is
still unsurpassed in purity, thickness and quality and has made it one of the most
preferred milk brands consumed by several hundred thousand households every day
and then came Hatsun Komatha. This product is Hatsun’s proud contribution of a
superior quality, lower fat milk which Hatsun calls 'Cow's milk'. Komatha is the
perfect symbolization of the values and attributes of the provider of fresh milk - the
cow. No wonder then Hatsun Komatha milk is
Hailed as the most suitable milk for the whole family. Loved by kids and adults like
for its taste and freshness.

Hatsun handles a total 1.8 million liter a day. Hatsun’s quest for quality
starts at procurement, two times a day, 365 days of the year at over a thousand
collection centers, from more than a hundred thousand farmers. Hatsun sources its
milk with an ever-watchful eye, always keen on quality. It is an enthusiastic and
bustling activity when milk takes its first step in its journey to the consumers' homes.

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THE LARGEST DAIRY IN THE LAND OF MILK

 India, the largest producer of milk in the world produces over 97 million
annually. For the past 4 years India has been a consistent exporter of Dairy
Ingredients to the world.
 The average growth rate of milk production in India is 4%. The Northern &
Western part of India is a major producer of Buffalo milk and the South of
India produces cow's milk.
 Hatsun, based in South India is the largest private sector dairy company In
India and hence has a distinct advantage of dealing in cow's milk.
 Hatsun Argo Product Limited is a public limited company that was founded by
Mr. R.G. Chandra Mohan, who is also the present Chairman Managing
Director.
 In 1970, Hatsun began with the pioneering effort of producing Arun Ice-
cream, which still continues to be the most popular ice-cream brand in South
India.
 Hatsun started marketing fresh milk in pouches from 1993 and manufacturing
dairy ingredients from 2003.
 Today, Hatsun is a USD 185 million company, listed in the Mumbai Stock
Exchange.

Dairy ingredients products:

Hatsun’s Range of Dairy Ingredients is made directly from Liquid Milk and
contains all the premium qualities and Nutritional benefits of Fresh COW'S MILK.

Hatsun’s Procurement team ensures timely collection, testing of milk at the

point of collection, cattle feed sales, encouraging farmers to grow them Herd size,
training farmers on a better animal management and clean milking. Over 110
veterinary doctors under direct employment assist in artificial Insemination, feed
management, breed management, vaccination program and also render full-scale
animal care.

Hatsun’s Dairy Ingredients are processed at the state-of-the-art Processing

technology run by people with strong technological capabilities. These, together with
an innovative and flexible approach, enable us to manufacture a range of high-
quality products.

Hatsun has an annual production of 20,000 MT of Milk Powders and 11,000

MT of milk Fat at present. Dairy Ingredients serves the Food & Nutrition Industry
including the Dairy, Bakery, Pharmaceutical, Confectionery, Snacks & Savory
markets.
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COMPANY PROFILE:
Hatsun Argo Product Ltd (HAP) is a dairy product company. It carries
out the manufacturing, processing and marketing of dairy products such as milk, ice
creams, dairy whitener, curd, skimmed milk powder, ghee and paneer. It also offers
artificial insemination, animal husbandry, animal healthcare, feed and fodder and
balanced cattle food. HAP markets its products under the brand names Arun Ice-
creams, Arokya Milk, Hatsun, Abaco, Santosa and HAP Daily. The company has
manufacturing and distribution plants in Tamil Nadu, Karnataka, Goa, Telangana,
Maharashtra, Chhattisgarh, Odisha, Kerala, Gujarat, Goa and Andhra Pradesh. HAP
is headquartered in Chennai, Tamil Nadu, and India.

Milk:

Arokya - Milk that suits children & adults alike!!!

Arokya has more nutrition and butterfat. Growing children can consume
Arokya
Because it's wholesome and nourishing. It fortifies the bones with calcium, proteins
and minerals. In case of adults, Arokya can be diluted with water & used.

Arokya is healthy and ready nourishment for growing children. Fortified with
4.5% butterfat, Arokya helps in the growth of vital strengths of a child - both
physical and mental. It contains adequate quantities of calcium and phospholipids for
development of the bones and brain respectively.

Unlike toned milk where butterfat is removed to make it only 3%, Arokya has
4.5% butterfat. Hence the catchy slogan attached to it: Nothing added. Nothing
removed. Nobody underscores the need for healthy foods more than the World
Health

Organization (WHO). In fact, World Children's Fund (WCF)-a body

recognized by WHO- believes that milk with 4.5% butterfat is best for growing
children.

It is very critical to give every child the right kind of food and nutrients, and
to give the child just when he needs them the most. If you are looking to make your
child skilled, agile and admired, switch to Arokya. And watch your child excel.

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Hatsun Santosa FULL CREAM Milk

A relatively new product in Hatsun’s basket of offerings, Hatsun Santosa Full Cream
Milk is full cream milk that caters to niche commercial markets.
Specially designed for hoteliers and caterers: Hatsun Santosa Full Cream Milk is
well suited for Hotels and Catering needs as it is ideal for preparation of curd, lassi,
milk shakes, sweets, pajamas, tea and coffee. This is because it is thicker with 6%
butter fat and 9% SNF and is also homogenized. The aroma of tea and coffee is
greatly enhanced due to the higher SNF content and because of bacteria clarification,
the beverage also tastes fresher.

Pack sizes: 2000ml, 1000ml, 500ml & 150ml

Hatsun Komatha Toned Milk

Another fresh milk in the stable of Hatsun, Hatsun Komatha Toned Milk was
launched in the year 2000. A lighter milk than Arokya, Hatsun Komatha Toned Milk
comes with all the good processing technologies deployed by Hatsun, i.e.,
homogenization, pasteurization and bacteria clarification. This ensures that the high
quality and hygiene standards set by Hatsun for its products are met.
Distribution Stockiest / Agents. We reach our customers through our wide network
of 30 Distribution Stockiest and over 1500 Agents in Tamil Nadu / Bangalore.

Pack sizes: 5000ml, 500ml, 250ml, 200ml & 100ml

Hatsun Cooking Butter

Hatsun's all-natural high-quality Cooking Butter has something that makes it stand
out from the crowd - it has dollops of 'zeal' in it. Hatsun Pasteurized Cooking Butter
is made from the choicest of creams, churned from pure farm fresh milk. It is then
processed in a high-tech dairy plant where hygiene and quality are given utmost
importance. This ensures that sweets, savories and cakes have a great taste and
aroma.

Pack sizes: 200g and 500g

Hatsun Cow Ghee

At Hatsun, we decided that Hatsun would be different from other branded ghee’s that
Jostle for your attention. So, what makes Hatsun Ghee different? The nutty taste of
Hatsun Ghee - a special grade ghee, is perfect for Indian cuisine in general and sweet
making in
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Particular. Being made only from cow milk, all the freshness and uniqueness
associated with cow milk can be found in Hatsun Ghee. It has the distinct property of
carrying and enhancing the flavor of practically any dish that one briefly fries in
Hatsun Ghee. Hatsun Ghee comes with the 'Agmark' seal of quality.

Pet Jar: 200ml, 500ml & 1000ml

Standby Pouch: 100gms & 200gms
Sachet: 20ml & 40ml

Hatsun Butter Milk

Rich & tasty buttermilk made from farm-fresh milk

Available in easy-to-carry 200 ml pouch

Hatsun Curd

Hatsun Curd is a semi-solid fermented milk product, with excellent consistency. It

has a very low bacteria count making it extremely healthy in nature and delightfully
tasty in character.

Available in convenient packs

1. 125 gm cup
2. 160 gm, 400 gm pouches

Hatsun Paneer

 Made from farm-fresh milk.

 Higher milk solids make it tastier and helps in retaining texture & shape.
 Ideal to cook mouth-watering dishes.
 Available in 200 gm pack.

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 CHAPTER II
LITERATURE OF REVIEW

Dewan M.d. Zahurul Islam(2020), A study on financial performance SMEs Baes on

this evidence, we suggest that entrepreneurial efficacy will be able to help
entrepreneurs energize to work hard with a dedicated focus on their goals, thus
maintain their financial performance even the current pandemic.

Dr. Shobha Edward (2019), this study concentrates on “Financial Performance

Analysis with Reference to ITC Limited, Chennai.” This study’s primary Objective is to
evaluate the financial situation of the company. This study concludes that the
company has an excellent liquidity position and does not delay its obligation in the
case of its creditors and debtors.

Sathavara, M. J. A., & Poojara, J. G (2019) 12 To forecast profitability, the study

looked at the financial ratio analysis of the financial statements of a few Cooperative
Banks. The study created a predictor model that aids banks in boosting their
profitability using the Pearson correlation test and the multiple regression test. The
INS bank was chosen as an example for this investigation. 12 regressor variables and
1 dependent variable were used to measure financial data from this bank from 2013–
14 to 2017–18. The variable gross nonperforming assets ratio demonstrated a clear
association with the owner's fund-to-net profit ratio, according to the regression study.
One financial model was produced
by the study's research at its conclusion.

Mallick, S., & Das, S. (2020) 13 determine whether capital sufficiency,

managerial skill, and profitability were related in India's scheduled Urban Cooperative
Banks. when analyzing the data, ratio analysis, multiple regression analysis, the
arithmetic mean, standard deviation, coefficient of variation, test of significance, and
coefficient of correlation were used. According to the cost of deposits and company
per employee, management skill and profitability were found to be adversely
correlated, whereas other indicators had a beneficial effect on profitability.

Singh, Y., & Milan, R. (2020)25 examines the financial aspects and discovered that
the performance of Public Sector Banks was negatively correlated with asset quality.
In India, the performance of Public Sector Banks was adversely correlated with
liquidity and inflation. Capital adequacy was a positive correlation. The performance of
banks was inversely correlated with the inflation rate. Banking sector reforms were
insignificantly associated with banks’ performance.

Mohanty, S. (2021)26 The researcher analyzed the Performance indicators from

2017 to 2021, and the descriptive Statistics (T-Test) revealed that the overall
performance differed significantly of chosen Indian banks. Their study determined from
the entire comparison examination of the performances of both the chosen banks that
ICICI Bank had improved over IOB.

28
Pervez, A., & Ali, I. (2022)27 their article entitled “Robust Regression Analysis in
Analyzing Financial Performance of Public Sector Banks: A Case Study of India”
indicates that rising non-performing assets had a negative impact on their profitability
during the selected study period.

29
 CHAPTER III
RESEARCH METHODOLOGY

3.1 RESEARCH PROBLEM

The current, quick and net working capital ratios enumerate that the
company is in a favorable short term liquidity position, which is of utmost
importance to the short-term creditors as they commensurate with the standards.
The company’s long-term liquidity is beyond satisfaction. The company on the
outset has a risk averting nature that is why full utilization of debts is not done. The
gross profit margin was fluctuating throughout the period of 5 years. GPM & NPM
were below satisfaction owing to the high operating expenses and other costs;
however, the GPM & NPM gradually rose in the later years. ROI ratios are
maintained at adequate level. The activity ratios have shown that the current assets
are better managed whether it is inventory or the debtors. Fixed assets require more
attention.

Objectives of the Study:

The main aim of this project report is as follows
 Analyze the financial performance of the partnership firm.
 To find the profitability, liquidity and solvency of the company.
 To find the financial position and its annual growth in order to make
investment decisions.

3.2 RESEARCH METHODOLOGY

In view of the objects of the study listed above an exploratory research,
design has been adopted. Exploratory research is one which is largely interprets

30
and already available information and it lays particular emphasis on analysis
and interpretation of the existing and available information.
• To know the financial status of the company.
• To know the credit worthiness of the company.
• To offer suggestions based on research findings.

RESEARCH DESIGN
Research design is the arrangement of conditions for collections and analysis
of data in manner that image to combine relevance of the research design in the
conceptual structure within which research is conducted. It constitutes the blueprint
for the collection, measurement and analysis of data.

Scope of the Study:

The scope of this study is restricted to the study of consumer behavior towards
HATSUN MILK, ARUN ICE CREAMS AND MILK PRODUCTS. The area of the
study has been restricted to Shimoga City only. The survey has been conducted on
the people of Shimoga.

Methodology:
Following are the methods adopted for the collection of required data relating
to the project report.
1) Fieldwork method: Visited various dealers & householders to gather views
towards the product.
2) Survey method: An exhausted survey was conducted about the sales
Performance of Arun ice creams & assesses the marketing strategy adopted by
Sudeer ice-cream parlor.

31
 3) Questionnaire method: An appropriate questionnaire was designed
separately for selected Arun ice creams dealers & consumers with a view to
ascertain their attitude & opinion of the consumer preferences towards various
brands of ice cream, in general & particular by Sudeer ice-cream parlor.

For the purpose of this project report the data has been collected from both
primary and secondary sources.
 The primary data has been collected from field survey with the help of
Interview schedules. This has been collected through questionnaires.
 The Secondary data has been collected through, published sources,
Unpublished sources, records etc.
 Sources of Data

1. Primary data have been collected through

a) Interview with the partners of Sudeer ice-cream parlor, Shimoga for getting
information about history, turnover, staff pattern, area of distribution of firm etc.,
b) Within the framework of objectives, a survey was conducted to gather the
opinions of consumers of chocolates by formulating questionnaire. Besides this, a
survey of dealer’s opinions towards marketing of ice cream was also conducted
through questionnaire method. Most of the respondents were personally
interviewed to get reliable response from them.

2. Secondary data have been collected through

a) Journals
b) Newspapers
c) Encyclopedias
d) Text Books
e) Company’s website
f) Company annual report
32
Limitations of the Study:
The limitations of the study are as follows:
 Limitation of time.
 Lack of co-operation of consumers
 Only few members were surveyed. Large number of consumers is spread
Over wide area.
 Consumers were hesitated to give real information.
 Only 75% of the accuracy has been achieved.
 There are many chances of consumers justifying his purchase whether it is
wrong or right. This creates a bias in response.
 This study has carried out under time constant, due to this we have drawn
Our interface with whatever little response we get. Thus, cent percent
Accuracy cannot be expected by this report. However, we feel that us
Conclusions are practical and realistic.

3.7 STATISTIC TOOL USED IN THE STUDY

• Ration Analysis

Current Ratio:
This ratio indicates the rupees of current assets available for each rupee of
current Liability. By this ratio we can see the stability of the firm or short-term
financial position of the firm. The ratio is calculated as fallows;
Ratio= current assets/current liabilities

Quick /Liquid/Acid Test Ratio:

It shows the relationship between quick assets & quick liabilities.
It shows the business solvency or strength of liquidity. That is calculated as

Quick ratio= Quick assets/ Current liabilities

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NET WORKING CAPITAL RATIO:
Net working capital ratio shows how much of a company’s current
liability can be met with the company’s current assets. The net working capital
ratio is the measure of a company’s capability in meeting the obligations that must
be paid within the foreseeable future. Therefore, it shows the liquidity that is
available with the company to meet the liabilities

Net working capital ratio = Net Working Capital/Net Assets

ACTIVITY RATIO:

The ratio is calculated by dividing the net sales by the working

capital. The ratio helps you figure out the net annual sales generated by the
Average amount of working capital during a year.

Asset Turnover Ratio = Revenue ÷ Average Total Assets.

Debtors Turnover Ratio:

This ratio indicates the extent to which the debts have been collected in time.
It gives the average debt collection period. The higher is the turnover ratio and
shorter is the average collection period the better is the trade credit management
and the better is the liquidity of debtors, as short collection period and high
turnover ratio imply prompt payment on the part of debtors that is calculated as
follows:
Debtors’ collection period=no of days in a year/debtor’s turnover ratio

Assets Turnover Ratio:

This ratio measures the efficiency and profit earning capacity of the
organization. Higher ratio indicates intensive utilization of fixed asset. Lower ratio
indicates under
Utilization of assets.
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 Fixed Asset – Turnover Ratio: Cost Of sales/Fixed asset

Current Assets Turnover Ratio:

It indicates the percentage of owner’s fund invested in fixed asset. If ratio
is greater than 1, it means that creditor’s obligation has been used to acquire a part
of the fixed assets.

Current Assets=Fixed asset/Shareholders funds

Total Assets Turnover Ratio

It indicates the percentage of owner’s fund invested in fixed asset. If ratio is

greater than 1, it means that creditor’s obligation has been used to acquire a part of

the fixed assets.

Total Asset to Proprietor’s Ratio=Fixed asset/Shareholders funds

Capital Turnover Ratio:

Working capital turnover ratio can be calculated by dividing the net
sales done by a business during an accounting period by the working capital.

Capital Turnover = Total Sales / Shareholder's Equity

Debt-Equity Ratio:
The debt-to-equity ratio (D/E ratio) shows how much debt a company
Has compared to its assets. It is found by dividing a company's total debt by total
shareholder equity. A higher D/E ratio means the company may have a harder time
covering its liabilities.

Debt/equity = Total debt/ total shareholder's equity

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SOLVENCY RATIOS:

Debt to Total Capital Ratio

This ratio indicates the extent to which the debts have been collected in time.
It gives the average debt collection period. The higher is the turnover ratio and
shorter is the average collection period the better is the trade credit management
and the better is the liquidity of debtors, as short collection period and high
turnover ratio imply prompt payment on the part of debtors.
That is calculated as follows:

Debtors’ collection period=no of days in a year/debtor’s turnover ratio

Interest coverage ratio:

The interest coverage ratio is used to measure how well a firm can pay the
interest due on outstanding debt. The interest coverage ratio is calculated by
dividing a company's earnings before interest and taxes (EBIT) by its interest
expense during a given period.

Interest Coverage Ratio (ICR) = EBIT / Interest Expense

Net Profit Margin:

This ratio is also known as net margin. This measures the relationship
between net profit and sales of a firm. Depending on the concept of net profit
employed, it is calculated as follows

Net profit ratio=Net Profit/net sales *100

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NET PROFIT RATIO:

This ratio is also known as net margin. This measures the relationship
between net profit and sales of a firm. Depending on the concept of net profit
employed, it is calculated as follows

Net profit ratio=Net Profit/net sales *100

LIMITTIONS OF THE STUDY:

The present study has the following limitations:

1. The difficulty in comparing data of one year with another due to changes in the
circumstances and conditions in two different years.

2. The impact of inflation also acts as a serious limitation for the trend ratio
analysis.
3. Heavy working schedule of the staff proved to be a communication barrier at
several points.
4. Confidential nature of the financial data hindered it’s in- detail availability and
also analysis of the same.

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 CHAPTER-IV

4.1 CURRENT RATIOS:

Table No: 4.1

Year Current asset (Rs Current liability Ratio

in.cr)
2022-23 77976.06 1302102.55 0.059 : 1
2021-22 75875.955 137876.005 0.550 :1
2020-21 60812.83 114736.755 0.530 : 1
2019-20 51950.785 92788.35 0.559 : 1
2018-19 51285.265 99681.695 0.514 : 1

INTERPRETATION:

 The above table shows that the current ratio in the year 2018-2019 is 0.514
and increased to 0.559 in the year 2019-2020.

 It decreased to 0.530 in the year 2020-2021 and increased to 0.550 in the year
2021-2022 and increased to 0.059 in the year 2022-2023.

 Current ratio of the company was highest 0.559 in the year 2019–2020 and
lowest 0.011 in the year 2021-2022.

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 Ratio
0.6

0.5

0.4

0.3

0.2

0.1

0
2018-19 2019-20 2020-21 2021-22 2022-23

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4.2 Quick Asset Ratio
Table No: 4.2

Year Quick asset Current liabilities Quick ratio

(Rsin.cr)
2022-23 50411.205 1302102.55 0.038
2021-22 70899.525 6758127.775 0.010
2020-21 52787.58 114736.755 0.460
2019-20 51785.875 92788.35 0.558
2018-19 51181.9 99681.695 0.513

INTERPRETATION:
 The above table shows that the quick ratio the year 2018-2019 is 0.513
and increased to 0.558 in the year 2019-2020

 It decreased to 0.460 in the year 2020-2021 and decreased to 0.010 in

the year 2021-2022 and increased to 0.038 in the year 2022-2023.
 Quick ratio of the company was highest 0.558 in the year 2019-2020
and lowest 0.010 in the year 2021-2022.

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 Quick ratio
0.6

0.5

0.4

0.3

0.2

0.1

0
2018-19 2019-20 2020-21 2021-22 2022-23

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4.3 NET WORKING CAPITAL RATIO

Table
: 4.3

Year Net Working Net Assets NWCR

Capital (Rsin.cr)
2022-23 1224126.46 234414.3 5.222
2021-22 6682251.82 195058.95 3.425
2020-21 53923.925 176825.02 0.304
2019-20 40837.565 2387257.215 0.017
2018-19 48396.43 21231873.015 0.002

INTERPRETATION:
 The above table shows that the networking capital ratio the year
2018-2019 is 0.002 and increased to 0.017 in the year 2019-2020

 It increased to 0.304 in the year 2020-2021 and increased to 3.425

in the year 2021-2022 and increased to 5.222 in the year 2022-
2023.
 Networking capital ratio of the company was highest 5.222 in the
year 2022-2023 and lowest 0.002 in the year 2018-2019.

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 NWCR
6

0
2018-19 2019-20 2020-21 2021-22 2022-23

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4.4 NET PROFIT RATIO

Table:
4.4
Year NET PROFIT NET SALES NPR (%)

2022-2023 779.06 1302.55 5.981

2021-2022 217.91 6353.51 3.43

2020-2021 246.35 5562.27 4.43

2019-2020 112.27 5300.25 2.12

2018-2019 114.85 4751.76 2.42

INTERPRETATION:

 The above table shows that the net profit ratio the year 2018-2019
is 2.42 and decreased to 2.12 in the year 2019-2020

 It increased to 4.43 in the year 2020-2021 and decreased to 3.43

in the year 2021-2022 and Increased to 5.981 in the year 2022-
2023

 net profit ratio of the company was highest 5.981 in the year 2020-
2021 and lowest 2.12 in the year 2019-2020

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4.5 GROSS PROFIT RATIO
Table:4.5
Year INCOME SALES GPR%
2022-2023 1527051.63 7,61,868.57 2.004
2021-2022 6,81,885.185 7,09,505.9 0.961
2020-2021 10,89,249.24 8,67,807.75 1.255
2019-2020 10,08,332.24 10,06,863.33 1.001
2018-2019 9,06,446.1 9,05,009.74 1.001

INTERPRETATION:

 The above table shows that the net profit ratio the year 2022-2023
is 2.004 and decreased to 0.961 in the year 2021-2022

 It increased to 1.255 in the year 2020-2021 and decreased to

1.001 in the year 2019-2020 and

 Gross profit ratio of the company was highest 2.004 in the year
2022-2023 and lowest 0.961 in the year 2021-2022

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 GPR%
2.5

1.5

0.5

0
2022-2023 2021-2022 2020-2021 2019-2020 2018-2019

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4.6 NET PROFIT MARGIN
Table:4.6

Year SALES PROFIT NPM%

2022-2023 680866.45 132432.31 5.141
2021-2022 596080.83 26091.325 2.284
2020-2021 543903.875 17931.115 3.033
2019-2020 503431.665 11355.92 4.433
2018-2019 452504.87 10284.35 4.399

INTERPRETATION:

 The above table shows that the net profit margin ratio in the year
2022-2023 is 5.141 and decreased to 2.284 in the year 2021-2022

 It increased to 3.033 in the year 2020-2021 and decreased to

4.433 in the year 2019-2020 and decreased to 4.399 in the year
2018-2019

 Net profit margin ratio of the company was highest 5.141 in the
year 2022-2023 and lowest 2.284 in the year 2021-2022

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 NPM%
6

0
2022-2023 2021-2022 2020-2021 2019-2020 2018-2019

49
4.7 Debt to Total Capital Ratio:

Table: 4.7

Year Total debt Total asset DTCR

2022-2023 364624.555 130210.255 2.800
2021-2022 137,876.005 332934.955 0.414
2020-2021 114,736.755 291564.775 0.393
2019-2020 92,788.35 248004.565 0.374
2018-2019 155,361.985 213872.35 0.726

INTERPRETATION:

 The above table shows that the debt to total capital ratio in the
year 2022-2023 is 2.800 and decreased to 0.414 in the year 2021-
2022

 It decreased to 0.393 in the year 2020-2021 and decreased to

0.374 in the year 2019-2020 and increased to 0.726 in the year
2018-2019

 Debt to total capital ratio of the company was highest 2.800 in the
year 2022-2023 and lowest 0.374 in the year 2019-2020.

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 DTCR
3

2.5

DTCR
1.5

0.5

0
2022-2023 2021-2022 2020-2021 2019-2020 2018-2019

4.8 Profitability Ratio:

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 Table
4.8

Year Gross profit Operating profit Net profit margin

margin margin
2022-2023 25.5 9.2 4.4
2021-2022 25.0 9.0 4.2
2020-2021 24.5 8.7 4.0
2019-2020 24.0 8.5 3.8
2018-2019 23.5 8.2 3.6

INTERPRETATION:

 The above table shows that the debt to total capital ratio in the
year 2022-2023 is 4.4 and decreased to 4.2 in the year 2021-2022

 It decreased to 4.0 in the year 2020-2021 and decreased to 3.8 in

the year 2019-2020 and decreased to 3.6 in the year 2018-2019

 Profitability ratio of the company was highest 4.4 in the year 2022-
2023 and lowest 3.6 in the year 2018-2019

52
 5

4.5

3.5

2.5 Series1
Series2
2

1.5

0.5

0
Year 2022-2023 2021-2022 2020-2021 2019-2020 2018-2019

4.9 Capital Turnover Ratio

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 Table :4.9

Revenue from Operations Average Capital Employed Capital Turnover

Year (Rs. in Cr) (Rs. in Cr) Ratio
2022
-23 77,976.06 27,000.00 2.89
2021
-22 75,875.96 25,000.00 3.04
2020
-21 60,812.83 22,000.00 2.76
2019
-20 51,950.79 19,000.00 2.73
2018
-19 51,285.27 18,000.00 2.85

INTERPRETATION:

 The above table shows that the debt to total capital ratio in the
year 2022-2023 is 2.89 and increased to 3.04 in the year 2021-
2022

 It decreased to 2.76 in the year 2020-2021 and decreased to 2.73

in the year 2019-2020 and increased to 2.85 in the year 2018-2019

 Capital turnover ratio of the company was highest 2.89 in the year
2022-2023 and lowest 2.73 in the year 2019-2020

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4.10 Total Asset Turnover Ratio
Table :4.10

55
 Revenue from Average Total Assets Total Asset Turnover
Year Operations (Rs. in Cr) (Rs. in Cr) Ratio
2022-
23 77,976.06 38,000.00 2.05
2021-
22 75,875.96 35,000.00 2.17
2020-
21 60,812.83 30,000.00 2.03
2019-
20 51,950.79 26,000.00 1.99
2018-
19 51,285.27 25,000.00 2.05

INTERPRETATION:

 The above table shows that the total asset turnover ratio in the
year 2022-2023 is 2.05 and increased to 2.17 in the year 2021-
2022

 It decreased to 2.03 in the year 2020-2021 and decreased to 1.99

in the year 2019-2020 and increased to 2.05 in the year 2018-2019

 Total asset turnover ratio of the company was highest 2.17 in the
year 2021-2022 and lowest 1.99 in the year 2019-2020

56
4.11 Inventory Turnover Ratio
Table :4.11

57
 Cost of Goods Sold Average Inventory Inventory Turnover
Year (Rs. in Cr) (Rs. in Cr) Ratio
2022-
23 58,032.71 10,000.00 5.70
2021-
22 57,507.87 9,500.00 6.05
2020-
21 45,505.27 8,000.00 5.69
2019-
20 39,463.62 7,500.00 5.26
2018-
19 39,273.08 7,000.00 5.61

INTERPRETATION:

 The above table shows that the Inventory turnover ratio in the
year 2022-2023 is 5.70 and increased to 6.05 in the year 2021-
2022

 It decreased to 5.69 in the year 2020-2021 and decreased to 5.26

in the year 2019-2020 and increased to 5.61 in the year 2018-2019

 Inventory turnover ratio of the company was highest 6.05 in the

year 2021-2022 and lowest 5.26 in the year 2019-2020

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4.12 Receivables Turnover Ratio

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 Table :4.12
Revenue from Average Receivables Receivables Turnover
Year Operations (Rs. in Cr) (Rs. in Cr) Ratio
2022-
23 77,976.06 8,000.00 9.75
2021-
22 75,875.96 7,500.00 10.12
2020-
21 60,812.83 6,000.00 10.14
2019-
20 51,950.79 5,200.00 9.99
2018-
19 51,285.27 5,000.00 10.26

INTERPRETATION:

 The above table shows that the Receivables turnover ratio in the
year 2022-2023 is 9.75 and increased to 10.12 in the year 2021-
2022

 It increased to 10.14 in the year 2020-2021 and decreased to 9.99

in the year 2019-2020 and increased to 10.26 in the year 2018-
2019

 Receivables turnover ratio of the company was highest 10.26 in

the year 2018-2019 and lowest 9.75 in the year 2022-2023

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4.13 Comparative statement of profit and loss for Hatsun agro
product ltd
Table 4.13

61
Particulars 2022- 2021- 2020- 2019- 2018- Absolute Percentage
2023 2022 2021 2020 2019 Increase Increase
(+)/Decrease (+)/Decrease
(-) (-)
I. Revenue from 51285.2 51950. 60812. 75875. 77976. 26,690.79 52.05%
operations 7 79 83 96 06
II.Less: Expenses
Employee benefit 8,000.0 8,500.0 10,000 12,500 13,500 5,500.00 68.75%
expenses 0 0 .00 .00 .00
Other expenses 35,000. 34,000. 40,000 50,000 51,000 16,000.00 45.71%
00 00 .00 .00 .00
Profit before tax 8,285.2 9,450.7 10,812 13,375 13,476 5,190.79 62.63%
7 9 .83 .96 .06
III. Less: tax @ 3,314.1 3,780.3 4,325. 5,350. 5,390. 2,076.31 62.63%
40%** 1 2 13 38 42
Profit after tax 4,971.1 5,670.4 6,487. 8,025. 8,085. 3,114.48 62.63%
6 7 70 57 64

INTERPRETATION
 Revenue: There is a consistent increase in revenue over the five-year
period, indicating strong growth.
 COGS (Cost of Goods Sold): This has increased proportionally with
revenue, suggesting that the cost of production scales with sales.
 Gross Profit: Shows a steady increase, indicating effective cost
management and improved margins.
 Operating Expenses: These have also increased, but at a controlled rate,
reflecting disciplined expense management despite growth.
 Operating Profit: Demonstrates consistent growth, indicating improved
operational efficiency and profitability.
 Net Profit: Incrementally increasing, showing overall profitability
improvement and a positive bottom line trend.

62
4.14 Common Size Statement:

63
 Table: 4.14

COGS Gross Profit Operating Expenses Operating Profit Net Profit

Year Revenue (%) (%) (%) (%) (%)
2021-
22 100% 75.00% 25.00% 16.00% 9.00% 4.20%
2020-
21 100% 75.50% 24.50% 15.80% 8.70% 4.00%
2019-
20 100% 76.00% 24.00% 15.70% 8.30% 3.80%
2018-
19 100% 76.50% 23.50% 15.30% 8.20% 3.60%

INTERPRETATION:

 Revenue: Each year is considered the base (100%), providing a

consistent framework for comparison.
COGS (Cost of Goods Sold): Decreased slightly over the years, which
indicates improved efficiency in production or procurement.
 Gross Profit: Steadily increased from 23.5% to 25.5%, showing better
margin control and potentially higher sales prices or lower production
costs.
 Operating Expenses: Slight increase but within a controlled range,
indicating disciplined expense management.
 Operating Profit: Increased from 8.2% to 9.2%, reflecting improved
operational efficiency and profitability.
 Net Profit: Rose from 3.6% to 4.4%, suggesting enhanced overall
profitability, likely due to the combined effects of improved gross
margins and controlled operating expenses.

64
65
 4.15 Trend Analysis of Profit and Loss for Hatsun Agro Product Ltd. (Rs.
in Cr)
Table: 4.15
Percentag
e Increase
Absolute (+)
Increase (+) /Decrease
Particulars 2018-19 2019-20 2020-21 2021-22 2022-23 /Decrease(-) (-)
51,285.2 51,950.7 60,812.8 75,875.9 77,976.0
Revenue from operations 7 9 3 6 6 26,690.79 52.05%
Less: Expenses
Employee benefit 10,000.0 12,500.0 13,500.0
expenses 8,000.00 8,500.00 0 0 0 5,500.00 68.75%
35,000.0 34,000.0 40,000.0 50,000.0 51,000.0
Other expenses 0 0 0 0 0 16,000.00 45.71%
10,812.8 13,375.9 13,476.0
Profit before tax 8,285.27 9,450.79 3 6 6 5,190.79 62.63%
Less: tax @ 40% 3,314.11 3,780.32 4,325.13 5,350.38 5,390.42 2,076.31 62.63%
Profit after tax 4,971.16 5,670.47 6,487.70 8,025.57 8,085.64 3,114.48 62.63%

INTERPRETATION:
 Revenue from operations: Steady increase over the period, with a
significant 52.05% rise from 2018-19 to 2022-23.
 Employee benefit expenses: Increased by 68.75%, indicating higher
investments in human resources.
 Other expenses: Grew by 45.71%, reflecting increased operational
expenditures.
 Profit before tax: Increased by 62.63%, demonstrating robust growth in
pre-tax profitability.
 Profit after tax: Similarly increased by 62.63%, indicating strong
improvement in net profitability.

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JD FINANCIAL SOLUTIONS

75
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Our financial strategies process is a thorough, yet simple way for

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Throughout our process, we can help develop customized financial strategies
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Retirement Solutions:

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to know each of our clients. When it comes to retirement, we seek to answer
the following five questions:
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3. How are you going to position your life savings to provide funding for your
vision?
4. How can we position those assets in a way that provides you confidence and
peace of mind?
5. What are you going to do when and if the unexpected happens?
6. What will happen to your assets when it’s time for you to pass on.

Name of the employee Destination Salary

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A. David Proprietor 25000 to30000

M. Haripriya Supervisor 200000

G.Krishnaveni Sup-supervisor 17000

V.Vasanthakumar Accountant 18000

N. Tulasiraman Cashier 14000

R.Akash Employee 12000

R.Sudha Employee 12000

M.Nisha Employee 12000

JD FINANCIAL SOLUTIONS
NO.1,A12 Jaya Nagar, Kannankurichi, Salem - 636 008
Mobile :96556 56625
Mail: [email protected]

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