PROJECT REPORT

ON
ANALYSIS OF FINANCIAL STATEMENT
OF
LAKSHMI PRECISION SCREWS LTD.

Submitted to Kurukshetra University, in partial fulfillment of the

requirement of the Degree of

MASTER OF BUSINESS ADMINISTRATION

(2013-2015)

SUBMITTED TO:
MRS. ZEENAT THAKUR

SUBMITTED BY:SHAM SINGH

ROLL NO.3011553
MBA 3th SEM.

SWAMI DEVI DYAL INSTITUTE OF MANAGEMENT

STUDIES
BARWALA, PANCHKULA

CRETIFICATE
This is certify that the project report of analysis of financial statement of LAXHMI
PRICISON SCREW PVT-LTD ROHATAK (HARYANA) to fulfill the requirement for
the degree for Master of Business Administration by Mr. Sham Singh Roll no 3011553
has been executed under my provision and guidance. The data reported is original. To
help and assistance received during the course of investigation has been duly
acknowledged. This is further certified that it is original piece of work and it is worthy of
the consideration for the award of degree of master of business administration.

GUIDE

PRINCIPAL

DECLARATION
I Sham Singh student of M.B.A. (2ND years) 3rd semester of SDDIMS,
Panchkula hereby Declare that the project report titled Analysis Of Financial
Statement of Lakshmi Precision Screws Ltd. is a record of critical & independent
work carried out by me under supervision & guidance of Mr. Shriniwas Bansal. This
has not been previously submitted for the award of any other diploma, degree or other
similar title.

SHAM SINGH
Presentation Incharge
(Faculty)

Signature of candidate

PREFACE
I have great pleasure in presenting this research project report, which is essential in
fulfillment of the M.B.A. program. Research project is an integral part of the curriculum and
its purpose is to provide the students with the practical exposure of the market in todays
changing scenario. It helps in the development of practical skills and analytical thinking
process. It provides with basic skills required to analyze the data. I also make the students
aware about the perception and trends of the industry concerned.
The research project

A study of analysis of financial statements of LAKSHMI

PRECISION SCREWS LTD. Industrial activity in India has become a thing to watch & I
really wanted to be a part of it &it is essential for me being a finance student.
It really helped me to get a practical insight into actual business environment & provide me
an opportunity to make my financial management concepts more clear.

ACKNOWLEDGEMENT
Concentration, dedication, hard work and application are essential but not the only factor to
achieve the desired goal. Those must be supplemented by the guidance assistance and
cooperation of experts to make it success.
An undertaking of study like this is never the outcome of the efforts of a single person. My
project is not an exception to this. It was not possible to accomplish it without the help of
others. I am indebted to Mrs. Zeenat Thakur (Faculty of Institute) without whose sincere
gratitude this project would not have been possible.
I wish to express my deep sense of gratitude to my guide Mr. SHRINIWAS BANSAL for the
keen interest, inspiring guidance, continuous encouragement, valuable suggestions &
constructive criticism throughout the pursuance of his report. I express my deep and sincere
gratitude to, under whom guidance I did my project. I express my deep and sincere gratitude
towards him for providing me firsthand knowledge about other related subjects.
I would like to extend my heart filled gratitude to Ms. Meenu Dewan whose directions &
valuable inputs kept me motivated and inspired to keep working towards the objectives of the
study. Further words of thanks are expressed to all other staff members without hose help it
would not have been possible to collect information & data. I am beholding to my parents for
their blessing & encouragement. Finally, it is the efforts of my Parents and esteemed Friends
and the almighty GOD who have been a source of strength and confidence for me in this
endeavor. I deeply acknowledge the support and inspiration provided by my academic career

SHAM SINH
TABLE OF CONTENTS
CONTENTS
CHAPTER 1 :- INTRODUCTION

Page .NO
8 -18

SIGNIFICANCE OF THE STUDY

12

REVIEW OF LITERATURE

13-14

CONCEPTUALIZATION

15

OPERATIONALISATION OF THE CONCEPT

15

OBJECTIVES OF THE STUDY

16

LIMITATIONS

17

CHAPTERIZATION

18

CHAPTER 2 :- RESEARCH METHODOLOGY

19-37

INDUSTRY PROFILE

20 -22

ORGANIZATION PROFILE

23-33

RESEARCH DESIGN

34-37

CHAPTER 3:- MICRO ANALYSIS

38-54

CHAPTER 4:- MACRO ANALYSIS

55-75

CHAPTER 5:- CONCLUSIONS & SUGGESTION

76-78

BIBLIOGRAPHY

79

CHAPTER -1
INTRODUCTION

Financial statements (or financial reports) are formal records of the financial activities of a
business, person, or other entity. In British English, including United Kingdom company law,
financial statements are often referred to as accounts, although the term financial statements
are also used, particularly by accountants.
Financial statements provide an overview of a business or person's financial condition in both
short and long term. All the relevant financial information of a business enterprise presented in
a structured manner and in a form easy to understand, is called the financial statements. There
are four basic financial statements:-

BALANC
E SHEET

STATEMENT
OF CASH
FLOW

FINANCIAL
STATEMENT

INCOME
STATEMENT

STATEMENT OF
RETAINED
EARNING

1. Balance sheet: also referred to as statement of financial position or condition, reports

on a company's assets, liabilities, and Ownership equity at a given point in time.

2. Income statement: also referred to as Profit and Loss statement (or a "P&L"), reports
on a company's income, expenses, and profits over a period of time. Profit & Loss
account provide information on the operation of the enterprise. These include sale and
the various expenses incurred during the processing state.
3. Statement of retained earnings: explains the changes in a company's retained
earnings over the reporting period.
4. Statement of cash flows: reports on a company's cash flow activities, particularly its
operating, investing and financing activities.
For large corporations, these statements are often complex and may include an extensive set of
notes to the financial statements and management discussion and analysis. The notes typically
describe each item on the balance sheet, income statement and cash flow statement in further
detail. Notes to financial statements are considered an integral part of the financial statements.
An analyst must have a clear understanding of the firms objectives to effectively measure its
business performance and management. In most financial text- books, the objective of a
company is maximizing the value of the owner i t rest in the firm. For the investor-oriented
firm (IOF), the firms value depends on earnings used to reward investors and to reinvest in
productive assets that will generate future earnings. The interdependence of a firms value and
its earnings has led to the theory of profit maximization. The firm seeks optimum current and
future earnings. This ensures that the long-run return for investors is maximized through
increased returns and the firm appreciating stock value. On the other hand, cooperatives have
goals other than generating direct in the cooperative environment interdependence giving rise
to the theory of profit maximization genre- ally will not hold true. In a cooperative, owners are
the primary users. Cooperatives have objectives other than generating direct profits for its
10

owners. These unique objectives may cause operational decisions made by cooperative
managers and directors to sometimes different from those made by management of IOFs.
Investment in a cooperative is primarily based on investors use of it. Appreciation in the value
of members equity is not common. Additionally, requirements often limit dividends paid on
cooperative stock.
As a result, the traditional theory of the firm does not fully hold in the cooperative
environment. Profit maximization translates into neither greater dividend streams nor
appreciated value of the members cooperative investment.

Significance of the Study

11

The significance of this study lies in the thing that it reveals some of the hidden information
from the accounts of the LPS Ltd. and also it contains the recommendations which if taken
into considerations by the management could prove useful for the company.
Apart from the organization point of view this study is also significant for me as it gives me
a chance to under and the corporate environment & increases my analytical abilities to draw
references.
All financial statements are essentially historically historical documents. They tell what has
happened during a particular period of time. However most users of financial statements are
concerned about what will happen in the future. Stockholders are concerned with future
earnings and dividends. Creditors are concerned with the company's future ability to repay
its debts. Managers are concerned with the company's ability to finance future expansion.
Despite the fact that financial statements are historical documents, they can still provide
valuable information bearing on all of these concerns.
Financial statement analysis involves careful selection of data from financial statements for
the primary purpose of forecasting the financial health of the company. This is
accomplished by examining trends in key financial data, comparing financial data across
companies, and analyzing key financial ratios.

Review of the Existing Literature

12

To go before the analysis of LPS Ltd, it was necessary to go through the existing literature
of finance as well as other analytical studies which could prove useful for me.
So lot of books, and reports already prepared were consulted for this purpose and adequate
help is taken from them to do this study.
Financial ratios are widely used for modeling purposes both by practitioners and
researchers. The firm involves many interested parties, like the owners, management,
personnel, customers, suppliers, competitors, regulatory agencies, and academics, each
having their views in applying financial statement analysis in their evaluations. Practitioners
use financial ratios, for instance, to forecast the future success of companies, while the
researchers' main interest has been to develop models exploiting these ratios. Many distinct
areas of research involving financial ratios can be discerned. Historically one can observe
several major themes in the financial analysis literature. There is overlapping in the
observable themes, and they do not necessarily coincide with what theoretically might be
the best founded areas, ex post. The existing themes include

The functional form of the financial ratios, i.e. the proportionality discussion,

Distributional characteristics of financial ratios,

Classification of financial ratios,

Comparability of ratios across industries, and industry effects,

Time-series properties of individual financial ratios,

Bankruptcy prediction models,

Explaining (other) firm characteristics with financial ratios,

Stock markets and financial ratios,

Forecasting ability of financial analysts vs financial models,

13

Estimation of internal rate of return from financial statements.

The history of financial statement analysis dates far back to the end of the previous century.
However, the modern, quantitative analysis has developed into its various segments during
the last two decades with the advent of the electronic data processing techniques. The
empiricist emphasis in the research has given rise to several, often only loosely related
research trends in quantitative financial statement analysis. Theoretical approaches have
also been developed, but not always in close interaction with the empirical research.
Technically, financial ratios can be divided into several, sometimes overlapping categories.
A financial ratio is of the form X/Y, where X and Y are figures derived from the financial
statements or other sources of financial information. In traditional financial ratio analysis
both the X and the Y are based on financial statements. If both or one of them comes from
the income statement the ratio can be called dynamic while if both come from the balance
sheet it can be called static (see ibid.). The concept of financial ratios can be extended by
using other than financial statement information as X or Y in the X/Y ratio. For example,
financial statement items and market based figures can be combined to constitute the ratio.

Conceptualization and Operationalization

14

Financial statement analysis is the study of a companys financial statement from various
viewpoints. The analysis of financial statements reveals the nature of relationship between
income and expenditure, and the sources and application of funds. The investor determines
the financial position and the progress of the company through analysis. Following type of
analysis can be done for this purpose: Comparative financial statements
Trend analysis
Common-size statements
Fund flow statements
Cash flow statements
Ratio analysis
But for the purpose of my study I have taken the meaning of financial analysis by the
following: Comparative financial statements
Common-size statements
Cash flow statements
Ratio analysis

15

Objectives of the study

The main objective of the study was to analyze the financial statements prepared
by LPS Ltd and also to understand and analyze the cash flow statement.
Another objective was to identify the deficiencies or the weak points of the
company, if found during the analysis phase.
And then finally to draw conclusion and make recommendations for the company
so that corrective actions should be taken to improve the position of the
company.
Government entities (tax authorities) need financial statements to ascertain the
accuracy of taxes and other duties declared and paid by a company.

Financial institutions (banks and other lending companies) use them to decide
whether to grant a company with fresh working capital or extend debt securities
(such as a long-term bank loan or debentures) to finance expansion and other
significant expenditures.

16

Limitations
Access to some information was denied by the company officials that affected the
findings to some extent.
The sample size was limited over just four years, which may not be fully
representative of the universe. A large sample size could not be taken due to time &
cost constraints.
The financial statements may disclose more favorable position than the actual
position due to manipulation of accounts.
Lack of experience in this field may have incorporated some shortfalls.
The greatest limitation of the study was the time constraint.

17

Organization of the Study

In order to attain the objectives, study has been organized in four chapters:
Chapter 1 is related to the introduction of study. It tells about the significance, review of
literature, objectives, conceptualization, limitations & focus of the study.

The next chapter i.e. Chapter 2 includes research methodology universe of the study, survey
population, research design, sample size & the detailed profile of LPS ltd.

Analysis & findings are included in Chapter 3 which comprises comparative statements,
common size statements & cash flow statement analysis. Analysis and interpretation are

included in Chapter 4 which comprises Ratio analysis. In this we compare the ratios of
different years with the help of graphs. The last chapter i.e. Chapter 5 includes (summary)
conclusion & recommendations on the basis of study conducted. It is the end part of the study.

18

Chapter-2
RESEARCH METHODOLOGY

19

BRIEF INTRODUCTION OF COMPANY

LPS Limited was promoted by Late Sh. Bimal Prasad Jain. LPS was incorporated as a Pvt.
Limited Company on 27th Dec., 1968. It was converted into a Public Limited Company in
August 1971. At present it is operating as LPS Limited.
LPS Plant-II is another step forward in progress of the company.
The company has started with only one machine 3/8 Bolt Maker. Now it has wide range of
machine producing a wide range of products. Today the company is the leading
manufacturer of High Tensile Fasteners in India. The Quality of the product is well accepted
in the market so demand is growing very fast and to meet the demands and expand its
production range the company is adding more production facilities.
Besides LPS the other leading companies are Sundram Fasteners of TVC group, Un-Brako
and Guest Keen Williams. Recently Pandatogon Screws and Fasteners Limited have also
been introduced.
The installed capacity at present is about 18,996 M.Tons and annual turnover of the
company is 207crores approximately. The number of employee is more than 2000 which
only 20 at the time of installation. Company has covered 23500 sq. yards.

20

BOARD OF DIRECTORS

L.K. Jain

Chairman & Managing Director

D.K. Jain

Vice Chairman & Managing Director

V.K. Jain

Whole Time Director

R.K. Jain

Director

Sushila Devi Jain

Director

J.R. Desai

Director

B.S. Aggarwal

Director

K.N. Rattan

Director

R. Krishnakumar

Director (ICICI Nominee)

Ajay K. Chakraborty

Director

DGM (FINANCE) & COMPANY SECRETARY

S.N. Grover

AUDITORS
V.R. Bansal & Associates Chartered Accountants, Noida.

21

OUTLINE
1. Name of the Company

2. Founded on

Lakshmi Precision Screws Ltd.

March 10, 1972

3. Head Office & Factory

Rohtak - 124 001
Haryana (India)

46/1, Mile Stone

4. Chairman & Managing Director

Lalit Kumar Jain

5. Total Assets

1860 Mill. INR (March 2008)

6. Annual Sales

2071 Mill. INR (March 2008)

7. Employees
Production
372
55%

Office
90
14%

QC
48
8%

R&D
60
10%

Others
54
9%

Total
624
100%

9. Factory
(Unit : m x m)
SECTION
w.e.f.
LAND
BUILDING

PLANT I
1972-73
19,000
16,000

PLANTS
PLANT II
1993-94
44,000
23,000

TOTAL

63,000
39,000

22

COMPANY ORGANISATION
Board of Directors

Chairman & Managing Director

Quality Management
Corporate Strategy

Marketing

D
E
V
E
L
O
P
M
E
N
T

S
A
L
E
S

R&D

D
E
V
E
L
O
P
M
E
N
T

L
A
B
O
R
A
T
O
R
Y

Planning

C
E
N
T
R
A
L
I

P P
R L
O A
D N
U N
C I
T N
G
O
N

Production

P
L
A
N
T

P
L
A
N
T

II

QA

P
U
R
C
H
A
S
E

General

F
I
N
A
N
C
E

H
R
D

E
D
P

23

CHRONOLOGICAL HISTORY OF LPS

1959

Established Nav Bharat Industries as small parts

manufacturer.

1972

Established Lakshmi Precision Screws Pvt Ltd as

Socket Head Screws

1973

Technical tie-up with the German firm M/s Richard Bergner.

1977

Acknowledged quality source of fastener.

1978

Technical tie-up with M/s Richard Bergner expires.

1983

Secured self certification status from FORD.

1984

Declared Public Limited Company.

1986

Secured self certification status from M/s Lakshmi Machine Works.

1988

Established as manufacturer-exporter.

1991

Received Regional Export Award from Engineering Export Promotion

Council, (EEPC) India.

24

1992

Received Regional Export Award from EEPC for the second Consecutive
year.

1993

Received Regional Export Award from EEPC for the third consecutive
year.

1993

Established Plant - II.

1994

Received Employment Generation Award from Director of Industries,

Haryana State.

1995

Accredited in Mechanical & Chemical Testing by A2LA, USA to meet

Fastener Quality Act of US.

1995

Accredited in Mechanical Measurement, Mechanical & Chemical

Testing by National Accreditation Board for Calibration & Testing
Laboratories (NABL). Government of India.

1996

Certified to ISO-9002.

1998

Installed Bolt Maker (AF 2525) to add production capacity

to 12200 MT.
-

Self Certification status from TELCO.

Technical Tie-up with Sunil Machinery Corporation, Korea.

Joint Venture with Bossard AG-Switzerland.

1999

Licenced Manufacturers of TORX Screw from Camcar Co. USA.

2000

QS 9000 Certification.

25

2001

ISO/TS-16949 Certification.
-

ISO-14001 Certification.

2002

Implemented ERPSAP R/3.

-

2003

Golden Peacock Award.

Approved Volvo Global Suppliers.

26

MAIN PRODUCTS
Division

FASTENERS

Products
Precision Cold Forming parts for Automobile
Engine Parts ( Con Rod, Cylinder Studs,
Counter Weights, Cylinder Head, Rocker Arm, Engine
Mounting, Main Bearing etc.)
Bolts & Nuts
Chasis Parts (Wheel Bolts, Wheel Hub Bolts & Nuts,
for
Axle Bolts/Pin, Flanged Bolts, Collar Bolt, Shock
Automobiles
Absorber Mounting Pins etc.)
Washer Assemblies Bolts
The other critical & safety parts bolts
Construction parts (Friction Grip)
Bolts & Nuts for Agriculture Industry
Bolts & Nuts for Industrial Machinery
Cold formed parts for Automobile (Piston Pins, Switch Body, Ball Joints,
Gear Blanks, Rocket Shaft, Ball Pins, Plunger etc.)
Pins for Hydraulics & Pumps
Bolt for Refrigeration Compressor
Friction Grip Bolts & Nuts for Construction Industry
Socket Head Cap Screw
Low Head Socket Bolt
Shoulder Bolt
Button Head
CSK
Standard
Set Screws
Fasteners
Hex Wrench Keys
Hex Head Bolt
Dovel Pin
Nuts
Friction Grip Bolts
Track Shoe Bolts
Stainless Steel Hex Head
Stainless Steel Socket Head Cap Screws

27

VISION
Make LPS a Most Sought After Brand.

Achieve Rs.500 Crores in Sales Become a Deming Organization

Improve EBIDTA to 25% Expand Manufacturing to 2 more
locations

CORE VALUES:
Customer Obsession
Continuous Improvement
Respect for people

28

MISSION OF LPS
To be a growth-oriented professional company promoting high standards of business
ethics and producing best quality products thereby achieving international standards of
excellence.
To establish a strong R & D facility to fulfill the demands of the automotive industry as
comprehensively as possible.
To make each member of the company feel proud and empowered by fostering a culture
of participation and innovation.
To strive for reduction in defects and achieve 6 sigma and beyond so as to make quality a
way of life in LPS.
To reduce cycle time in all processes as a step towards over-all improvement.
To provide prompt and excellent service to customers anywhere in the world.
To maximize shareholders wealth.

29

JOINT VENTURES
LPS-Bossard Pvt. Ltd. is a joint venture company of LPS and Bossard. AG of
Switzerland. This venture gives state of the art fastening solution/ technology to customer
in India. The latest inventory management technique through logistic support is also
provided by this company.
Recoil Business Division of 'LPS'. This division of LPS is sole master distributor of
fastening solutions from Alcoa Fastening Systems, USA. Alcoa This Company ensures
global consistency of quality design standards in manufacturing wire thread, Inserts, STI
Taps, Thread Repair Kits etc.
'LPS' has entered into a licensing agreement with Textron Inc, USA for manufacturing
and marketing 'Torx' brand of proprietary products. Textron is 10 billion USD multispecialty companies, with 1.8 billion USD as revenue from fastening division. Torx
drive systems improve assembly line productivity thereby reducing cost

30

MAJOR CLIENTS

Heavy
Commercial
Vehicles

Light Commercial Vehicles

Tractors

Cars

31

Two Wheelers

Earthmoving Equipment

Textile Machinery

Machine Tools

Hydraulic Equipment

32

Heavy Electrical Equipment

Refrigeration / Air Cond.

33

Research Methodology
Research is not an existing bag of techniques. Research is not a fishing expedition or an
encyclopedic gathering of assorted facts. Research is purposeful investigation. It provides a
structure for decision-making. There are three parts involved in any investigation:The implicating question posed.
The explicit answer proposed.
Collection, analysis and interpretation of information leading form the question to the
answer. This third part is the defense that justifies the recommendation and is viewed a
research.
Research is a scientific study and systematic search for pertinent information on any topic.
It is a systematized effort to gain new knowledge. Research comprises defining or
redefining, formulating hypothesis, suggestion solution, collecting, organizing and
evaluating data, making deduction and reaching conclusion and at last carefully testing the
conclusion to determine whether they fit the formulating hypothesis or not.
The procedure adopted for conducting the research requires a lot of attention as it has direct
bearing on accuracy, reliability and adequacy of results obtained. It is due to this reason that
the research methodology, which I used at the time of conducting the research, needs to be
elaborated upon. Research methodology is a way to systematically study & solve the
research problems. If a researcher wants to claim his study as a goods study, he must clearly
state the methodology adopted in conducting the research so that it may be judged by the
reader whether the methodology of work done is sound or not.
34

Research problem here was to analyze the financial data of LPS Ltd. to come out with some
underlying facts behind the financial statements of the company.

Research Design:
Research design consist of a decision regarding what, where, when how much and by what
means concerning an inquiry or a search study. Research design is a conceptual structure
within which research is conducted; it provides guidelines to keep the researcher on the
track. It is the source and design of the information.
Research design can be broadly classified into following categories:Exploratory
Descriptive and Diagnostic
Hypothesis-testing (Experimental)
1) Exploratory research studies:-

Exploratory research studies are also termed as

formulating a problem for more precise investigation or of developing the working

hypothesis from an operational point of view. The major emphasis in such studies is on the
discovery of idea and insights. As such the research design appropriate for such studies
must be flexible enough to provide opportunity for considering different aspects of a
problem under study.
2) Descriptive and Diagnostic research studies:- Descriptive studies are those studies
which are concerned with describing the characteristics of a particular individual, or of a
35

group, whereas diagnostic research studies determine the frequency with which something
occurs or its association with something else. Studies concerned with specific prediction,
with narration of facts and characteristics concerning individual, group of situation are all
example of descriptive research studies.
3) Hypothesis-testing research studies:- Hypothesis-testing research studies
(generally known as experimental studies) are those where the researcher tests the
hypothesis of casual relationship between variable. Such studies require procedures that will
not only reduce bias and increase reliability, but will permit drawing inferences about
causality. Usually experiment meets this requirement. Hence, when we talk of research
design in such studies, we often mean the design of experiment.

36

RESEARCH DESIGN USED

IN THE PROJECT

The research design implemented in this research is Descriptive in nature, as it seeks to

discover facts, ideas, insight & to bring out new relationship among the data items already
existing. Research design is Hexble enough to provide opportunity for considering different
aspects of problems under study. It helps in bringing into focus some inherent study can be
conducted by the management.

Sample Universe: Of the study is LPS Ltd

Sample Population: is the financial statement of LPS Ltd.
Sample: taken for the purpose of my study- are the financial statements of last 4 years.

Information Collection:
For the purpose of analysis I have gone for the secondary information. As this is the base of
the study so the data which is reliable has been taken. And also annual reports of the
company & information through internet are taken. The data collected in the aforesaid
manner have been tabulated in condensed form to draw the meaningful results, then
different techniques are use to analyze the data.

37

Chapter 3
MICRO ANALYSIS

38

FINANCIAL ANALYSIS
Meaning of Finance
Finance is defined as the provision of money at the time when it is required. The role of
finance in business enterprises needs no emphasis. Every Enterprises whether big or small
needs to carry on and expand its operations. Finance holds the key to all the business
activities and a company services, Infect, its survival is depend on how efficiently it is able
to acquire and Utilize their funds.

MEANING OF FINANCIAL STATEMENT ANALYSIS

Financial statements present a mass of complex data in absolute terms and reveal about the
liquidity, profitability and solvency of the business. Financial analysis is the process of
identifying the financial strength and weakness of the business by establishing the
relationship between the profit and loss account & balance sheet. Actually the figure given
in financial statements do not speak anything themselves. The process of giving tongue to
these mute heaps of figures is known as financial analysis. The term Financial statement
analysis includes both analysis and interpretation of Financial statements. The term
analysis means to select the data given in the Financial statements in order to present in a
simplified manner. On the other hand interpretation explaining the meaning and drawing
of data so simplified. However both analysis and interpretation are inter linked and
complementary to each other because analysis is useless without interpretation while
interpretation is impossible without analysis. Thus, the term analysis is used to cover both
analysis and interpretation.

39

Financial statement refers to such statements, which contain financial information about
enterprises. These statements are a collection of data Presented on the basis of logical and
consistent accounting principles. They report the profitability and financial position of the
business at end of accounting period. The term financial statement includes at least two
statements, which the accountant prepares at the end of an accounting period. The two
statements are:

The statement of financial position or balance sheet

Income statement and profit & loss account

CHARACTERSTICS OF FINANCIAL STATEMENT

Reliability

Comparability

Easily understandable

Relevant to purpose

Consistency

Promptness

Compliance with legal requirements

40

PURPOSE OF ANALYSIS OF FINANCIAL STATEMENT

To know the earning capacity or profitability.
To know the solvency position.
To make comparative study with other firms.
To know the trend of business.
To provide useful information to the management.
To know the efficiency of management.
To know the financial strength of organization.
To know the capability of payment of interest & dividend.

LIMITATIONS OF FINANCIAL ANALYSIS

Limitations of financial statements.
Affected by window- dressing.
Do not reflect changes in price level.
Different accounting policies.
Effect of personal ability & bias of the analyst
Difficulty in forecasting.
Lack of qualitative analysis.
Limited use of single years analysis of financial statements.
41

SIGNIFICANCE OF ANALYSIS OF FINANCIAL STATEMENTS

Various parties are interested in the financial statements of the business due to various
reasons. By analyzing the financial statements each party can ascertain whether his interest
is safe or not. The significance of the financial statement analysis for different parties is as
follows:-

Significance for management

Management is always interested to know the solvency, profitability & the capital structure
of the enterprises. They want to make short that the business must be insolvent position to
pay the debts as and when they fall due.

Significance for investors

With the help of financial analysis investors and shareholders of the business. With the help
of financial analysis they make comparisons between the dividend paid by the company and
the market value of shares.

Significance for creditor

With the help of financial analysis to know whether the company will have sufficient
current assets & cash to pay their debts or not.Whether the company will be able to pay the
interest consistently.

Significance for government

42

On the basis of analysis of financial statements government can judge, which industry is
processing on the desired lines and which industry needs the financial help.

Significance for employees

Analysis of financial statements helps the employees in determining the true profits of the
business enterprises. On the basis they can ascertain as to how much bonus & increase in
their wages is possible from the profit of the company.

Significance for financial institutions

All the financial institutions which provide finance to the industries want to know the profit
earning capacity of the business & its long term solvency. They want to access not only the
present position of the business enterprise but also its likely position in the future. Analysis
of financial statements helps them in ascertaining this.

Significance for researcher

Analysis of financial statement of a company is of much importance to a researcher who is
conducting research in respect of the profitability, efficiency, financial soundness & future
growth potential of that company.

43

COMPARATIVE FINANCIAL STATEMENTS

When financial statements figure for two or more years are placed side-by-side to facilitate
comparisons, these are called comparative financial statements. Such statements not only
show the absolute figures of various years but also provide for columns to indicate the
increase or decrease in these figures from one year to another. In addition, these statements
may also show the change from one year to another in percentage form. Such comparative
statements are of great value in forming the opinion the progress of enterprise.

IMPORTANCE OF COMPARATIVE STATEMENT

To make the data simpler and more understandable.
To indicate the strong points and weak points of the firm.
To indicate the trend.
To compare the firms performance with the average performance of the industry.
To help the management in forecasting the profitability and financial Soundness
of the business.

44

LIMITATIONS OF COMPARATIVE STATEMENT

These statements do not present the change in various items in relation to various
assets, total liabilities or net sales.

These statements are not useful in comparing the financial statements of two or
more business because there is no common base for Comparison.

Various types of financial statements are prepared in comparative form for the purpose
of analysis. Out of these the most important financial Statements are:

1. COMPERATIVE BALANCE SHEET

2. COMPARATIVE PROFIT & LOSS ACCOUNT

45

COMPARATIVE BALANCE SHEET

The comparative balance sheet as on two or more dates can be prepared to how the increase
or decrease in various assets, liabilities & capital. Such Comparative balance sheet is useful
in studying the trends in business enterprises.

COMPARATIVE BALANCE SHEET

Increase/ Decrease

% Increase/
Decrease

109416670
640930298

0
61832899

0
8.79

812179867

750346968

61832899

7.61

B. Loan funds
Secured Loans
Unsecured Loans

1013165757
80788070

646382561
40807011

366783193
39981059

36.2
49.4

TOTAL (B)

1093953827

687189572

406764255

37.2

24861745

19756519

5105226

20.53

473702380

24.5

Particulars

as on

as on

31-Mar-12

31-Mar-11

SOURCES OF FUNDS:
A. Shareholders' fund
Share Capital
Reserves & Surplus

109416670
702763197

TOTAL (A)

C. Deferred Tax Liabilities (Net)

TOTAL (A+B+C)

1930995439 1457293059

46

APPLICATIONS OF FUNDS
A. Fixed Assets
Gross Block
less: Depreciation
Net Block
Add: Capital Work in Progress

1232340039 1076319572
718647794 634387452
513692245 441932120
26090174
826717

156020467
84260342
71760125
25263457

12.6
11.7
13.9
96.8

TOTAL (A)

539782419

442758837

97023582

17.9

B. Investments

42236580

41361580

875000

2.07

1160949153 992640743
577401593 399605167
104460761
49663819
3707885
413807
162008036 117716337
2008527428 1560039873

168308410
177796426
54796247
3294078
44291699
448487555

14.5
30.8
52.5
88.9
27.3
22.3

606448827
56046844
662495671

519511707
72062166
591573873

86937120
-16015322
70921798

14.3
-28.6
10.7

1346031757

968466000

377565757

28.1

2944683

4706642

-1761959

-59.8

473702380

24.5

C. Current Assets Loans &Advances

Inventories
Sundry Debtors
Cash & Bank Balances
Other Current Assets
Loans & Advances
Less: Current liabilities & Provisions
Current Liabilities
Provisions

TOTAL ( C )
D. MisceIIaneous Expenditure
TOTAL (A+B+C+D)

1930995439 1457293059

Comments Comparative B & S

Current assets have increased by 22.3% whereas current liabilities by 10.7%.

Which reflects the policy of the co. is to purchase current assets from short term
sources of finance.

47

Reserve & surplus has increased by 8.79% due to increase in current year profits
by 31.58% which shows increase in profitability. This year investment are
increase by 2.07%

Overall liquidity position is not much satisfactory as al liquid assets are

increasing while cash is increasing by 52.5% over the previous year.

An increase in inventory by 14.5% may increase working capital but it will not
be good for the business as become more money is in inventory.

COMPARATIVE PROFIT & LOSS ACCOUNT

Profit & loss A/c shows the net and loss of a particular year whereas Comparative profit
& loss a/c for a number of a number of years provides the following information: Rate of increase or decrease in sales.
Rate of increase or decrease in cost of goods sold.
Rate of increase or decrease in operating profit.
Rate of increase or decrease in gross profit.
Rate of increase or decrease in net profit.

48

Comparative
P& L A/c

Particulars

A. INCOME
Sales
Job Work Receipts
Other Income
Deferred Tax Liability Written
Back
B. EXPENDITURE
Materials & Finished Goods
Manufacturing
Personnel
Office &Administration
Selling & Distribution
Interest & Financial Charges
Managerial Remuneration
Depreciation
Total
Profits Before Tax
Provision For Tax Expenses:
Wealth tax
Income Tax
Profit for the After Tax
Appropriations:
Transfer To General Reserve
Proposed Dividend
Corporate Dividend Tax

Increase/
Decrease

% Increase/
Decrease

as on

as on

31-Mar-12

31-Mar-11

2070161481
896690
35722340

1934209608
1433953
17239550

135951873
-537263
18482790

6.57
-59.9
51.7

0
2106780511

5716029
1958599140

5716029
148181371

7.03

782790261
453189913
305977039
128662294
94127990
117325714
15837200

703008396
508370762
252345754
114713258
84136507
83924902
11836800

79781865
-55180849
53631285
13949036
9991483
33400812
4000400

10.19
-12.18
17.53
10.84
10.61
28.47
25.26

85334527
1983244938
123535573

80415367
1838751746
119847394

4919160
144493192
3688179

5.76
7.28
2.98

185400
46155830
77194343

95000
50570581
69181813

90400
-4414751
8012530

48.76
-9.56
10.37

2000000
13130000
2231444

5200000
19695001
3347165

-3200000
-6565001
-1115721

-160
-50
-49.9
49

Total
Net Profits for the Year

17361444
59832899

28242166
40939647

-10880722
18893252

-62.6
31.58

Comments Comparative P& L A/c

Sale has been increased by 6.57%

Manufacturing expenses has decreased by 12.18 % large than proportion of

sales.

Selling expenses has been increased by 10.61%

Net Profit Margins are improving by 10.37%

50

CASH FLOW STATEMENT

A Cash Flow Statement is a statement showing inflows & outflows cash during a particular
period. A Cash Flow Statement summarizes the causes of changes in cash position between
dates of two Balance Sheets. It indicates the sources and uses of cash. This Statement
analyses changes in non current accounts to determine the flow of cash. The following
terms are used in this statement with the meaning specified:

Cash comprises cash on hand and demand deposits with bank.

Cash equivalents are short term, highly liquid investments that are readily
convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value.

Cash flows are inflows and outflows of cash and cash equivalents.

Operating activities are the principal revenue-producing activities of the enterprise

and other activities that are not investing or financing activities.

Investing activities are the acquisition and disposal of long-term assets and other
investments not included in cash equivalents.

Financial activities are activities that result in changes in the size and composition of
the owners capital (including Preference share capital in the case of the company)
and borrowings of the enterprise.

51

CASH FLOW STATEMENT

YEAR
ENDING
31-03-2012

YEAR
ENDING
31-03-2011

93549390

89435514

56644900

55117554

150194290

144553068

91952829

85732920

2062459

3491904

-4612333

-3513996

0
0

-98112
-4704038

119839237

85631625

6327

6329

104380
527328

8977582
668581

360074517

320745863

39304065

21375904

Trade and other receivables

-218760517

-88757108

Inventories

-171438055

-161938534

9180010

91426125

PARTICULARS
A Cash flow from operating activities
Net Profit after tax
Adjustment for
Tax
Net Profit before tax and extraordinary items
Adjustment for
Depreciation
Deferred payment interest and Technical know
how fee written off
Rent and Interest received (Gross)
Income Tax Refund
Dividend Income
Interest and Financial charges
Miscellaneous expenses written off
Provision for Bad and Doubtful Debts
Profit/Loss on sale of assets
Operating Profit before working capital changes
Adjustments for :
Trade payables

Cash generated from operations

52

Interest and financial charges

Direct Taxes
Net Cash from operating activities

-119029452
-16395308
-126244750

-85635650
3508737
9299212

-193813546

-169888941

Proceeds from sale of fixed assets

1008777

434127

Purchase of investment
Rent and interest received (Net of TDS)
Dividend income
Income Tax Refund

-1777928
3287910
0
0

-1265877
2888285
4704038
98112

Deferred payment interest and technical know how fee

provided during the year

-300500

-856596

-191595287

-163886852

93078000

Right issue expenses

Proceeds from short term borrowings

0
278728558

-175057
20665775

Repayment of short term borrowing

-21220029

-1369281

Proceeds from long term borrowings

229867728

136046633

Proceeds from Directors and others

188634

Repayment to Directors and others

Dividend paid
Total

-22548114
.(100.32)
384579752

-22317970
.(80.63)
98920108

D. Net increase in cash and cash equivalents (A+B+C)

66739715

-55667532

Cash & Cash equivalents (Opening Balance)

Cash & Cash equivalents (Closing Balance)

49302020
116041735

-104969552
49302020

B. Cash flow from investing activities

Purchase of Fixed Assets

Net cash used in investing activities

C. Cash flow from financing activities
Proceeds from issue of Share Capital (Inc. Share Premium)

53

Comments

Cash flow from operating activities have been increased due to depreciation net
profit and trade payables

Cash flow from investing activities has been decreasing do to purchase of fixed
assets and investment.

Cash flow from financing activities is improving because the company issues
right share and raises long term loan.

54

Chapter 4
MACRO ANALYSIS

55

RATIO ANALYSIS
Ratio analysis is a widely used tool of financial analysis. A ratio is one figure express in
terms of another figure. It is a mathematical yardstick that measures the relationship two
figures, which are related to each other and mutually interdependent. Ratio is express by
dividing one figure by the other related figure. Thus a ratio is an expression relating one
number to another. It is simply the quotient of two numbers It is defined as the Systematic
use of ratio to interpret the financial statement so that the strength & the weakness of a firm
as well as historical performance & current financial condition can be determined. The term
ratio refers to the numerical Or quantitative relationship between two variables.

Ratio analysis is the method or process by which the relationship of items or group of items
in the financial statement are computed, determined and presented. Ratio analysis is an
attempt to derive quantitative measure or guides concerning the financial health and
profitability of business enterprises. Ratio analysis can be used both in trend and static
analysis. There are several ratios at the disposal of an analyst but their group of ratio he
would prefer depends on the purpose and the objective of analysis.

56

USES OF RATIO ANALYSIS

Helpful in analysis of financial statement.
Simplification of accounting data.
Helpful in comparative study.
Helpful in locating the weak spots of the business.
Helpful in forecasting.
Estimate about the trends of the business.
Fixation of ideal standards.
Effective control.
Study of financial soundness.

57

CLASSIFICATION OF RATIOS
Liquidity Ratios

Current ratio

Quick ratio

Leverage or Capital Structure Ratio

Debt- Equity ratio

Debt to total fund ratio

Proprietary ratio

Fixed asset to proprietor fund ratio

Interest Coverage Ratio

Profitability ratio

Gross profit ratio

Net profit ratio

Activity ratio

Stock turnover ratio

Debtor turnover ratio

Fixed asset turnover ratio

58

Working capital turnover ratio

Creditor turnover ratio

LIQUIDITY RATIOS
The liquidity ratios are the ability of the firm to meet its current obligation and reflect
short term financial strength of a firm.

The liquidity ratios are:

Current ratio
Quick ratio

59

Current Ratio
This ratio explains the relationship between the current assets and current Liabilities. The
higher ratio, the better it is, because the firm will be able to Pay its current liabilities more
easily. But much higher ratio, even it is Beneficial to creditors, is not necessarily good for
company. It may indicate the poor management policy.

PARTICULARS
CURRENT ASSETS
CURRENT LIABILITIES
CURRENT RATIO

2005-2006

2006-2007

2007-2008

2008-2009

1163300174 1343485583 1560039873 2008527428

409821776 512620198 591573873 662495671
2.84
2.62
2.64
3.03

60

Interpretation: Generally a current ratio of 2: 1 is considered satisfactory. In earlier

years ratio was much higher i.e. 3.64: 1 but now there is improvement in current ratio as
it is decreasing over the years & shows good policy.

Quick ratio
Quick ratio indicates whether the company is in position to pay its current liabilities with
in a month or immediately. The quick ratio is a more rigorous and penetrating test of the
liquidity position of the firm.

LIQUIDITY RATIO =
LIQUID ASSETS =

PARTICULAR
QUICK ASSETS

LIQUID ASSETS/
CURRENT LIABILITIES
CURRENT ASSETS INVENTORIES

2005-06
2006-07
2007-08
2008-09
475393260 507493996 544247963 649245757
61

CURRNT
LIABILITIES
QUICK RATIO

409821776 512620198 591573873 662495671

1.16
0.99
0.94
0.98

Interpretation: 1: 1 satisfactory. The ratio of the current year

is 0.98 is satisfactory than past year.
LEVERAGE OR CAPITAL STRUCTURE RATIO
This ratio indicates the ability of a company to pay the interest regularly as well as repay
the principal when due.
The leverage or capital structure ratios are:
Debt equity ratio
Debt to total fund ratio
Proprietary ratio
Fixed assets to Proprietors fund ratio

62

Debt equity ratio

These ratios express the relationship between the long - term tax and Shareholders funds. It
indicates the proportion of funds, which are acquired by long term borrowing in comparison
to shareholder funds.

DEBT EQUITY RATIO = LONG TERM LOANS

SHARE HOLDERS FUNDS
PARTICULAR
DEBT
EQUITY
DEBT EQUITY RATIO

2005-06
707315611
377502093
1.87

2006-07
2007-08
2008-09
619335155 687189572 1093953827
611304379 750346968 812179867
1.01
0.91
1.35

63

Interpretation: Ideal ratio is 2:1 in earlier years it shows a risky financial position
as ratio is more than 2: 1. It shows a decreasing trend now situation is satisfactory as it
is less than 2: 1 thus co. has enough funds to pay its long term loans.

Debt to total fund ratio

This ratio indicates the ability of a firm to pay its long term debts. In this ratio, debt is
expressed in relation to total funds.

DEBT TO TOTAL FUND RATIO =

PARTICULAR
DEBT
TOTAL FUND
DEBT TO TOTAL FUND

2008-09
707315611
1084817704
0.65

LONG TERM LOANS

SHARE HOLDERS FUNDS
+ LONG TERM LOANS
2009-10
2010-11
2011-12
619335155
687189572 1093953827
1230639534 1437536540 1906133694
0.5
0.47
0.57
64

RATIO

INTERPRETATION: Long term loans are .67: 1 satisfactory.

It means debt capital should not be more than 67% of total capital. It indicates that long
term financial position of the co. is sound, as the long term loans of co. according to
acceptable standard should not be more than 67% of total fund of the co.

Equity share
Proprietary Ratio =
Total Assets
Equity
Total Assets
Proprietary Ratio

2006
2007
2008
2009
377502093 611304379 750346968 812179867
1515089009 1761390329 2044160290 2590546427
0.25
0.347
0.37
0.31

65

Interpretation: The ratio should be 33% or more than that. Ratio is not satisfactory for
the co. it needs to be improved as it is not good from shareholders of view.

Net Profits before Interest & Income tax

66

4.

Interest Coverage Ratio =

Fixed Interest Charges
EBIT
F.I. Charges
ICR

2008-09
133982653
67419751
1.99

2009-10
2010-11
2011-12
161913827 203772296 240861287
71809019 83924902 117325714
2.25
2.43
2.13

Interpretation: Indicates how many times the interest charges are covered by the profits
available to pay interest charges. It is satisfactory ratio is continuously improving. an
interest coverage ratio of 6m to 7 times is considered appropriate. Here we cant say that the
company interest coverage ratio is satisfactory

Fixed Assets
5.

Fixed Assets to Proprietors =

Proprietary funds
67

Fixed Assets
Prop. Funds
Fixed Asset to Prop.

2009
313427255
377502093
0.83

2010
2011
2012
376543167 442758837 539782419
611304379 750346968 812179867
0.62
0.59
0.66

Funds

Interpretation : (for industrial undertakings 60-65% satisfactory ) Indicates the extent to

which shareholders funds are sunk into the fixed assets. Here the ratio is less than 100%
implies that owners funds are more than total fixed assets & a part of WC is provided by
shareholders. In 2012, it is satisfactory.

Activity Ratios

68

Net Sales
1.

Inventory Turnover Ratios =

Inventory
Net Sales
Inventory
ITR (times)

2008-09
2009-10
2010-11
2011-12
1380687644 1667513770 1934209608 2070161481
686863367 832858713 992640743 1160949153
2.01
2.00
1.95
1.78

Interpretation: Measures the velocity of conversion of stock in to sales. ITR is decreasing

over the years (due to increase in inventory is more than increase in sale) But in 2008 ITR
has increased as increase in sales is nearly twice the inc. in inventory.

Turnover
2.

Debtors Turnover Ratio

=
Debtors

Turnover
Debtors

2008-09
2009-10
2010-11
2011-12
1380687644 1667513770 1934209608 2070161481
336848256 369048925 399605167 577401593
69

DTR (Times)

4.19

4.52

4.84

3.58

Interpretation: Ratio is continuously improving till last year. As comparison to last year it
is lower. It is not satisfactory in current year. It shows debtors are managed by company in
efficient manner this is why debt collection period has been reduced from 99 days to 81
days.

No. of working Days

3.

Average Collection Period =

Debtors Turnover Ratio

2008-09

2009-10

2010-11

2011-12
70

No. of working Days

Debtors Turnover Ratio
ACP (Days)

365
4.19
87

365
4.52
82

365
4.84
75

365
3.58
102

Interpretation: Increase in this ratio indicates the excessive blockage of funds with debtors
which increases the chances of baddebts. A higher debt collection period is thus, an
indication of inefficiency and negligence on the part of management. On other hand, if there
is decrease in debt collection period indicates prompt payment by debtors which the
chances of BadDebts.

Purchases
4.

Creditors Turnover Ratio =

Creditors

Purchases
Creditors
CTR (Times)

2008-09
448995669
55188419
8.14

2009-10
2010-11
2011-12
621300911 657502521 672408511
42940352 58021254 44768335
9.81
11.3
15.01

71

.
Interpretation: It is satisfactory & average payment period has been decreased from 159
to141 days. It is improving over the years

No. of working Days

5.

Average Payment Period =

Creditors Turnover Ratio
No. of working days
Creditors Turnover

2008-09
365
8.14

2009-10
365
9.81

2010-11
365
11.3

2011-12
365
15.01

Ratio
Average Payment

45

37

32

24

Period
72

Interpretation: This ratio indicates the period which is normally taken by the firm to make
payments to its creditors. The lower,the ratio, the better it is, because a shorter payment
period implies that the creditors are being paid rapidly.

Turnover
6.

Fixed Asset Turnover Ratio =

Fixed Assets
Turnover
Fixed Assets
Fixed Assets

2008-09
2009-10
2010-11
2011-12
1380687644 1667513770 1934209608 2070161481
313427255 376543167 442758837 539782419
4.41
4.43
4.37
3.84

Turnover Ratio

73

Interpretation : This ratio reveals how efficiently the fixed assets are being utilized.
Increases in ratio over the years indicate the better utilization of fixed assets.

Net Sales
7.

Working Capital Turnover Ratio =

Working Capital

Net Sales
Working Capital
Working Capital

2008-09
2009-10
2010-11
2011-12
1380687644 1667513770 1934209608 2070161481
753478398 830865384 968466000 1346031757
1.83
2.01
1.99
1.54

Turnover Ratio

74

Interpretation: Reveals how efficiently working capital turnover ratio has been utilized in
making sales. Increases in ratio over the years indicate the better utilization of working
capital.

Profitability Ratios
Net Profits
1.

Net Profit Ratio =

100
Net Sales

Net Profit
Net Sales
Net Profit Ratios

2008-09
2009-10
2010-11
2011-12
40309975
52317541
69181813
77194343
1380687644 1667513770 1934209608 2070161481
2.92
3.14
3.58
3.73

75

Interpretation: Measures the rate of net profit earned on sales. An increase in the ratio over
the previous years shows improvement. But margins need to be improved further.

Chapter 5
76

CONCLUSION
&
SUGGESTION

Conclusion
Liquidity position of the company is good as its current ratio and quick ratio for the
year 2008 are 3.03:1 and .98:1 respectively which meets the standard.
Solvency position of the company is also satisfactory.
Debtors are converted very quickly. Average collection period of the company is
very good as it is decreasing over the years.
Fixed assets are utilized efficiently as fixed asset turnover ratio is increasing.

77

 Overall cash flow position of the company is not satisfactory as both opening and
closing cash balances are in negative. And reasons for the same have been
explained in the preceding chapter.
Net sales and profits of the company have increased by 6.37% and 31.58%
respectively mainly due to increase in job work receipts.
Overall financial position of the company is good. There is need to improve the
working capital management only.
As company is diluting its share capital by issuing right shares so if company is not
being able to increase the earning in that case EPS will be decreased.

Suggestions
Company must come up with new cost saving techniques to reduce the cost and
further increase the profit margin since the new competitors are entering in the
market
The old machinery need constant repair should be replaced with the new one as it
would decrease the cost further.
78

 Company should not dilute the share capital further.

Company should increase its operating margins so that debt can be paid easily.

BIBLOGRAPHY
Allen Shapiro, multinational finance management, phi, New Delhi, 4th Edition
-2005.
GOEL. D.K financial accounting Arya publication, New Delhi,1st Edition-2008.
Mittal Dr. S.N Management Accounting and Financial Management Mahavir
Publication, New Delhi, 4th Edition-2006
79

 Ghosh Roy.Dr.H.J.Accounting For Managers JBC Publishers,

Kothari, C.R., Research Methodology-Methods and Techniques, New Delhi,
Wishwa prakashan Pvt. Ltd.
Aggarwal, M.D., Aggarwal, N.P., Financial Management, Jaipur, Ramesh Book
Depot
Annual Report of LPS Company, Hissar Road,Rohtak

WEBSITES:www.lpsindia.com
www.googles.com

80