Wip Final Report.docx

WINTER TRAINING REPORT ON

ANALYSIS OF FINANCIAL STATEMENTS For

Aspire Capital Pvt. Ltd By TWINKLE AGARWAL 353 In Partial Fulfillment for the award of the degree Post Graduate Diploma In Management Batch 2018-20

Specialization: __FINANCE____ and ___OPERATIONS____

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New Delhi Institute of Management 50 (B&C), 60, Tughlakabad Institutional Area, New Delhi-110062 E-mail:[email protected] Website: www.ndimdelhi.org

WINTER TRAINING REPORT ON

ANALYSIS OF FINANCIAL STATEMENTS For Aspire Capital Pvt. Ltd

Under the supervision

of

SUNIL SONY

Submitted By-

Submitted to-

Twinkle Agarwal 353

Prof. Arun Kumar

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Certificate from the company

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Acknowledgement

As the outset I am grateful to Aspire Capital Pvt. Ltd for having given me the opportunity to do my winter internship from 1st December 2018 to 1st January 2019

in such a congenial environment in the Finance department. I take this opportunity to thank Mr. SUNIL SONY (VP) who not only served as my guide at Aspire Capital Pvt. Ltd, but also encouraged and challenged me throughout my winter internship program. He gave me his valuable time and guided me at each step with his experience and provided me all the required information. My sincere thanks to Prof. ARUN KUMAR, my faculty guide who took active interest in my project and was always there to give his word of valuable guidance. I duly acknowledge with gratitude the help and cooperation received from the entire Aspire Capital Pvt. Ltd team.

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DECLARATION I Twinkle Agarwal student of New Delhi Institute of Management 2018-20 declare that every part of the Project Report Analysis of Financial Statements submitted by me is original. I was in regular contact with my faculty guide and contacted 4 times for discussing the project. Date of project submission: ____________

Signature:

CERTIFICATE OF AUTHENTICITY

Faculty Mentor’s Comments: _____________________________________________________________________________________ _____________________________________________________________________________________ _____________________________________________________________________________________

Signature of Faculty guide

Name

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CONTENT S.No.

Content

Page No.

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OBJECTIVE

7

2

EXECUTIVE SUMMARY

8

3

INDUSTRY PROFILE

9-11

4

COMPANY PROFILE

12-20

5

WORK DONE

21-30

6

FINDING

31-32

7

CONCLUSION

33

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Objective of the project The objective of the project is to develop the concept about the various aspects of the organizational structure, financial position, success and manufacturing process of the company. This study will help me to analyze the carious concept of financial statement analysis, decision making in stable and unstable situation, how to increase the financial position, organizational network and so on which will enrich my experience for my future career. More specifically the objective of the study To practice knowledge and experience gathered from this study, which will be very much helpful in my future life for doing any types of research work  To know the corporate activities of different sector of business sector.  To identify the total activities of industry.  To get the exposure in business field.  To identify the financial position of MTPL.  To find out the problem of MTPL.  To recommend the suggestions to solve the problems.

Data Analyzing and Reporting:

Trend analysis and performance evaluations are made to analysis of the Financial performance of Mittal Technopack Private Limited. Trend of Liquidity Ratio, Efficiency Ratio, Debt Management Period and Profitability Ratio are analyzed in the study. Software like microsoft word, excel are used for analyzing and reporting purpose of the report.

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Executive Summary

This winter training program is designed to give the future manager a feel about the corporate work culture and discipline of an organization. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the classroom, so that managers of tomorrow will get ideas about the real time business operations and functioning. The winter internship program has helped me to apply my theoretical knowledge into the practical field. The project is on “ANALYSIS OF FINANCIAL STATEMENTS OF MITTAL TECHNOPACK PVT LTD” The main objective of the study was to study financial statements of MITTAL TECHNOPACK PVT LTD. The project includes the mission and objectives of the company along with its performance and the product line. The report includes the functions of the finance department, its structure and working. The report will give you a brief about accounting system at MTPL, Financial statements of MTPL. You will also get information on Import procedure followed at MTPL, Export procedure followed at MTPL; the report includes each and every step involved in the import/export of their products. Apart from this you will come to know about how I analyzed & interpreted the collected data of MTPL.

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INDUSTRY PROFILE Financial consulting firms provide advice on financial issues such as capital budgeting, project valuation, financial information integrity, profit-and-loss reporting, risk management and insurance engagements, global finance operations, ongoing financial control and compliance with laws, tax and treasury optimization, and corporate restructuring. Financial consultants work with companies or individuals to plan for their financial futures by offering information and guidance on topics that include taxes, investments and insurance decisions. Often called financial advisors, these consultants work closely with clients to offer personalized financial advice. Consultants may also direct the buying and selling of stocks and bonds for their clients. Some consultants work for consulting firms that focus on the financial needs of specific businesses or industries.

Duties of a Financial Consultant Consultants meet personally with clients to assess their financial situation in order to present a financial plan that includes both short- and long-term financial goals. Consultants help clients with financial planning decisions for retirement, education, day-to-day expenses and investments. They meet regularly with clients to assess how life changes such as marriage, job change or the birth of a child will affect the client's financial plan. In addition, many consultants are licensed to buy and sell financial products such as insurance policies, stocks and bonds. Consultants spend much of their time reaching out to prospective clients and building a strong customer base. This means consultants often travel or work nontraditional hours to meet with clients in their homes or businesses. Consultants may also offer financial planning classes or seminars to reach out to potential clients. India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market. The sector comprises commercial banks, insurance companies, nonbanking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. The banking regulator has allowed new entities such as payments banks to be created recently thereby adding to the types of entities operating in the sector. However, the financial sector in India is predominantly a banking sector with commercial banks accounting for more than 64 per cent of the total assets held by the financial system. 9

The Government of India has introduced several reforms to liberalize, regulate and enhance this industry. The Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises, issuing guideline to banks regarding collateral requirements and setting up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by both government and private sector, India is undoubtedly one of the world's most vibrant capital markets. In 2017,a new portal named 'Udyami Mitra' has been launched by the Small Industries Development Bank of India (SIDBI) with the aim of improving credit availability to Micro, Small and Medium Enterprises' (MSMEs) in the country. India has scored a perfect 10 in protecting shareholders' rights on the back of reforms implemented by Securities and Exchange Board of India (SEBI). Market Size The Mutual Fund (MF) industry in India has seen rapid growth in Assets Under Management (AUM). Total AUM of the industry stood at Rs 24.03 trillion (US$ 342.01 billion) between April-November 2018. At the same time the number of Mutual fund (MF) equity portfolios reached a high of 74.6 million as of June 2018. Another crucial component of India’s financial industry is the insurance industry. The insurance industry has been expanding at a fast pace. The total first year premium of life insurance companies reached Rs 193,866.23 crore (US$ 30.10 billion) during FY18. Along with the secondary market, the market for Initial Public Offers (IPOs) has also witnessed rapid expansion. The total amount of Initial Public Offerings (IPO) increased to US$ 1.2 billion raised from 37 between April – June 2018. Over the past few years India has witnessed a huge increase in Mergers and Acquisition (M&A) activity. In H12018, 74 deals of acquisition took place in financial sector. The total value of such transactions was US$ 4.166 billion. * Furthermore, India’s leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with Ebix Inc to build a robust insurance distribution network in the country through a new distribution exchange platform.

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Investments/Developments  Investments by Foreign Portfolio Investors (FPIs) in Indian capital markets have reached Rs 6,310 crore (US$ 899.12 million) up to November 22, 2018.  As of October 2018, the Financial Inclusion Lab has selected 11 fintech innovators with an investment of US$ 9.5 million promoted by the IIMAhmedabad's Bharat Inclusion Initiative (BII) along with JP Morgan, Michael and Susan Dell Foundation, and the Bill and Melinda Gates Foundation.  The private equity and venture capital (PE/VC) investments reached US$ 25.20 billion between January to October 2018.* Government Initiatives  In December, 2018, Securities and Exchange Board of India (SEBI) proposed direct overseas listing of Indian companies and other regulatory changes.  Bombay Stock Exchange (BSE) introduced weekly futures and options contracts on Sensex 50 index from October 26, 2018.  In September 2018, SEBI asked for recommendations to strengthen rules which will enhance the overall governance standards for issuers, intermediaries or infrastructure providers in the financial market.  The Government of India launched India Post Payments Bank (IPPB), to provide every district with one branch which will help increase rural penetration. As of August 2018, two branches out of 650 branches are already operational. Road Ahead  India is today one of the most vibrant global economies, on the back of robust banking and insurance sectors. The relaxation of foreign investment rules has received a positive response from the insurance sector, with many companies announcing plans to increase their stakes in joint ventures with 11

Indian companies. Over the coming quarters there could be a series of joint venture deals between global insurance giants and local players.  The Association of Mutual Funds in India (AMFI) is targeting nearly five fold growth in assets under management (AUM) to Rs 95 lakh crore (US$ 1.47 trillion) and a more than three times growth in investor accounts to 130 million by 2025.  India's mobile wallet industry is estimated to grow at a Compound Annual Growth Rate (CAGR) of 150 per cent to reach US$ 4.4 billion by 2022 while mobile wallet transactions to touch Rs 32 trillion (USD $ 492.6 billion) by 2022.

COMPANY PROFILE Aspire Capital is a Corporate Advisory firm having an experienced team of professionals focusing to deliver the most optimal and innovative financial and strategic advisory services to suit every client's need. They are focused largely on providing services like: Financial Restructuring and Private Equity Fund Raising Debt Syndication Mergers & Acquisitions Corporate Advisory. Aspire Capital has accomplished deals in industries as diverse as Steel, Infrastructure, Cement, Plastic, Real Estate, Trading of minerals and metals, etc. They have a dynamic team comprising of multi-disciplinary professionals with an extensive experience in corporate financial 12

advisory. They serve the needs of their clients by offering end to end advisory and financial consultancy services. Aspire capital is providing its financial services to the following companies of various fields:

Company Name

Logo

Industry

Service

Alaknanda Sponge Iron Limited

Iron & Steel

Corporate Advisory & Debt Syndication

Mittal Technopack Private Limited

FIBC/ PP Woven Sacks & Bags

Corporate Advisory and Debt Syndication

Tantia Construction Limited

Infrastructure

Business & Financial Restructuring

Real Estate

Debt Syndication

Nilanchal Girh Nirman Private 13

Limited Maan Steel Private Limited

Burnpur Cement Limited

Rasha Ind Private Limited

- Iron & Steel

Corporate Advisory and Debt Syndication

Cement

Corporate Advisory and Debt Syndication

EPC

Debt Syndication

Mahabir Polyfab Private Limited

Woven Sack

QVC Steels Private Limited

Iron & Steel

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Corporate Advisory and Debt Syndication

Corporate Advisory and Debt Syndication

Rahee Infratech Limited

Infrastructur e

Tantia Constructions Limited

Infrastructur e

SRMB Srijan Limited

Iron & Steel

Infrastructur e

Tantia Aerocrete Private Limited

JPM Export Private Limited

Export

Baby Diapers

Anadya Baby Products

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Corporate Advisory and Debt Syndication Corporate Advisory

Corporate Advisory and Merger Acquisition

Corporate Advisory and Debt Syndication

Debt Syndication

Corporate Advisory and Debt Syndication

Service portfolio

1. Financial Restructuring and Private Equity Financial restructuring helps the Company to make substantial change in a company's financial structure, or ownership or control, or business portfolio, designed to increase the value of the firm:  Financial Structuring of the company with an optimum mix of equity and debt.  Facilitate replacement of high cost debts with low cost debts.  Produce accurate working capital forecasts  Assist clients with restructuring of their debt, spreading out credit obligations over longer duration 16

 Making effective settlements and structuring new financing options  Update Detailed Business Plan

2. Debt Syndication Company’s role as an advisor is to evaluate the company's financial needs and raise the appropriate type of capital that best fits those needs. Thus, their work is associated with transactions in which capital is raised in order to create, develop, grow or acquire businesses. Aspire Capital’s main aim remains towards maximization of firm's value. They are experienced in executing transactions related to:  Term Financing  Short Term Financing  Working Capital Financing (LC, Bill Discounting, Packing Credit, Foreign Bill Purchase etc.)  Debt Swap  Securitization of receivables  Acquisition Financing  External Commercial Borrowing (ECB)  Foreign Currency Convertible Bonds (FCCBs)  Bond Issuance  Commercial Paper (CP)

3. Mergers & Acquisitions 17

Aspire Capital advises Companies in the entire transaction process from target identification to deal closure. They provide both buy-side and sellside advisory services as part of their M & A advisory offering. Their services include identification and short listing of target, strategic planning of an acquisition and arranging finance for the transaction, if required. ACPL services are related to:     

Preparing Corporate Strategy for M & A Valuation of the Target Business Due Diligence Finance for M & A Advising transactions that involve a change in ownership of a company or business

4. Corporate Advisory. Over the Years ACPL Team Members have handled many assignments of IPOs and fund raising which will help the Company to provide the corporate advisory services. Their services are related to:  Assistance in conceptualizing the project at the initial stage  Exploring refinancing alternatives of the clients and evaluate better sources of funds  Devising appropriate strategies for fund raising  Financial structuring including determining the right debt-equity ratio and gearing ratio for the client  Advice on rehabilitation and turnaround strategies

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5. Private Equity Private equity consists of investors and funds that make investments directly into private companies. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital, make acquisitions, or to strengthen a balance sheet. ACPL understand the Private Equity environment in India, with their long standing relationships with private equity and venture capital funds and to assist clients in raising Private Equity  Preparation of Information Memorandum and Financial Projections  Advising the pricing and possible structure  Short listing the interested investor/s and carrying out initial negotiations with them  Identify right PE fund  Assist in due diligence and closing the deal

6. Entrepreneurial Consulting To provide value added services to an Entrepreneur who is starting new venture      

Define a Potential Business Customer & Market Analysis Competitor Analysis Future Trend Analysis Analysis of Government Policies Resource Allocation 19

 Arranging Debt Corporate mission:

To become one of the world’s leading & respected packaging manufacturing industry. To emerge as an Indian brand and deliver exceptional services and custom made products across the globe. This will be achieved by creating mutually beneficial relationship between our customers, suppliers, employees, financial institution etc.

Corporate Objectives:

 To be a leading International Packaging manufacturing industry House in India operating in the competitive global trading environment, with focus on bulk as core competency and to improve returns on capital employed.  To retain the position of single largest trader in the country for product lines like FIBC, Big Bags, PP Woven Bags, PP Woven Fabric, PP Box Bag, P.E. Liner, etc.  To render high quality of service to all categories of customers with professionalism and efficiency.

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WORK DONE My internship experience at Aspire Capital Pvt. Ltd started in the head office, located at AJC Bose Road which is old, sophisticated and quit office. Office hours is from 10 am of morning to 6 pm of the night. The most attracting of the office is the state of the art design and space of the office premise. I started my internship from 1st of December, 2018 and ended on 1st of January, 2019. The internship was approached by my father’s business friend, who asked me to send my CV in the company’s official mail id. I was prepared for a telephonic interview which happened the following day in the morning 11 am. I was told to wait for the final call. After 4 days, the call finally came; I was advised to receive the appointment letter. 21

After joining the office at the morning, the head office received my appointment letter warm heartedly and introduced other with a new intern from NDIM. At first I was given the credit notes of Mittal Technopack Pvt. Ltd and was asked to get a detailed knowledge about that company, and also their project with the company’s financial statements. My internship with the officials and others interns goes deeper and deeper as time passes and I can confidently say that I tried to become a professional, hardworking, honest, responsible and amiable person at my workplace. Finally, I got verbal compliments from my Industry Mentor, who actually make me feel that I am successful as an intern in his eyes. My confidence level has gone higher after finishing successfully. However, I enjoyed my first time official attachment very much, indeed.

Experience: The experience of the accounts is worthy to mention as finance section maintains the balance sheet of the company. The tasks of the section were sensitive, one mistake in accounting process or record can create many difficulties in project. I also learn how to finance for their production. I found very helpful and resourceful to learn from the affairs sheet of the office because the accounts statement of the company quite different from statement that we normally practiced in our classes. I have learned about the income-expenditure, asset-liability terms of the company. Job Responsibility: Job responsibilities at finance were short because of the work sensitivity.  Checking debit and credit entry in number and amount from audit trial to general account sheet  Calculating daily entries and position of demand sales, account receivable and payable

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 I was entry data and calculated the total wages and salaries earned by every employee every pay period  All cash received from sales and from all other sources has to be carefully identified and recorded.

Observation and Recommendation: The task of accounts is very sensitive and warrants highest attention in recording and security activities. The learning from accounts helped me to forwarding as I know the term of balance sheet which is an accumulation of entire function of project. The work of financial statement was easy because my understanding of accounts was good.

FINANCIAL STATEMENTS FOR 23

THE FINANCIAL YEAR ENDED 31ST MARCH, 2016 -2017

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Financial Statements Analysis

Financial statement analysis (or financial analysis) is the process of reviewing and analyzing a company's financial statements to make better economic decisions. These statements include the income statement, balance sheet, statement of cash flows, and statement. Financial statement analysis is a method or process involving specific techniques for evaluating risks, performance, financial health, and future prospects of an organization. Financial statement analysis should focus primarily on isolating information useful for making a particular decision. The information required can take many forms but usually involves comparisons, such as comparing changes in the same item for the sane company over a number of years, comparing key relations within the same year or comparing the operations of several different companies in the same industry.

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BALANCE SHEET 31.03.2016

31.03.2017

31.03.2018

LIABILITIES

SHARE CAPITAL/ CAPITAL

2.76

2.76

2.76

SHARE PREMIUM

3.46

3.46

3.46

RESSERVES & SURPLUS

0.09

0.09

0.09

P & L ACCOUNT/RESERVES

10.52

12.88

17.07

NET WORTH

16.83

19.19

23.38

TERM LOANS (Other Bank)-

11.86

9.94

9.04

TERM LOANS (WITH US)

0.00

0.00

0.00

UNSECURED LOANS from Banks

0.00

0.00

0.00

UNSECURED LOANS from share holders

4.71

4.06

6.59

DEFERRED TAX LIABILITY & PROVISIONS

1.09

1.22

1.34

17.66

15.22

16.97

0.00

0.00

0.00

22.56

19.41

22.33

wcdpn LOAN

0.00

0.00

0.00

OTHER SHORT TERM BORROWINGS from us - loan against FD

0.00

0.00

0.00

SUNDRY CREDITORS

4.16

1.60

4.65

SHARE APPLICATION MONEY

CREDITORS FOR CAPITAL GOODS

TERM LIABILITY

BANK BORROWINGS FROM US BANK BORROWINGS FROM Other Bank

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CREDITORS FOR EXPENSES

0.00

2.46

1.74

ADVANCES RECEIVED

0.00

0.04

0.00

PROVISIONS

0.00

0.48

0.19

OTHER CURRENT LIABILITIES

2.47

2.73

2.72

CURRENT LIABILITY

29.19

26.72

31.63

TOTAL LIABILITIES

63.68

61.13

71.98

16.04

15.34

14.29

0.00

0.33

0.09

16.04

15.67

14.38

SECURITY DEPOSITS

0.02

0.01

0.01

DEFFERED TAX ASSETS

0.00

0.00

0.00

DEBTORS ABOVE 6 MONTHS

0.77

0.67

0.91

ADVANCE TO CAPITAL GOODS

0.00

0.00

11.99

12.82

14.34

0.45

0.45

0.45

NON CURRENT

13.23

13.95

15.71

SUNDRY DEBTORS

11.41

10.56

19.99

STOCK

11.91

10.21

12.60

ASSETS

NET BLOCK CAPITAL WORK IN PROGRESS FIXED ASSETS

ENCUMBERED DEPOSITS

ADVANCE FOR Building/Property Others

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CASH & BANK BALANCES including FD

1.71

0.90

1.19

LOANS & ADVANCES/TDS/ADV TO SUPPLIERS

4.91

4.92

3.12

OTHERS/DEFFERED TAX

4.47

4.92

4.99

34.41

31.51

41.89

0.00

0.00

0.00

0.00

0.00

0.00

TOTAL ASSETS

63.68

61.13

71.98

DIFFERENCE

-0.01

0.00

0.00

CURRENT ASSETS

PRELIMINARY EXPENDITURE P AND L ACCOUNT INTANGIBLE ASSETS

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PROFIT & LOSS ACCOUNT

31.03.2016

31.03.2017

Audited

Audited

INCOME NET SALES

77.91

90.17

1.46

3.10

INCREASE/DECREASE INSTOCK

-0.94

0.08

Total Income

78.43

93.35

50.78

61.15

DIRECT/MFG EXPENSES

6.10

6.99

EMPLOYEE BENEFIT EXP

4.91

7.65

OFFICE & ADMN EXPENSES/SELLING COST

8.68

10.24

OTHER INCOME

EXPENDITURE PURCHASES/materials consumed

REMN TO PARTNERS/DIRECTORS

0.00

INTEREST ON CAPITAL

0.00

0.00

INT & FINANCE CHARGES

2.85

2.89

DEPRECIATION

1.65

1.97

74.97

90.89

Add Other Operating Income/Expe

0.20

1.22

PROFIT FROM OPERATIONS

3.66

3.68

PROV FOR TAX

1.61

1.33

PROFIT AFTER TAX

2.05

2.35

CASH PROFITS

3.70

4.32

MISC Total Expenditure

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RATIO ANALYSIS CAPITALISATION RATIOS TANGIBLE NET WORTH

16.83

19.19

DEBT-EQUITY RATIO

1.05

0.79

TOL:TNW

2.78

2.19

FIXED ASSETS/ LT DEBTS (Times)

0.91

1.03

PBDIT/ Interest - Int Cover (Times)

2.86

2.95

CURRENT ASSETS

34.41

31.51

CURRENT LIABILITIES

29.19

26.72

NET WORKING CAPITAL

5.22

4.79

CURRENT RATIO

1.18

1.18

LONG TERM SOURCES

34.49

34.41

LONG TERM USES

29.27

29.62

SURPLUS/DEFICIT

5.23

4.79

PBT/NET SALES RATIO (%)

4.70%

4.08%

PAT/NET SALES RATIO (%)

2.63%

2.60%

R.O.C.E.( EQUITY +LT DEBT)

5.94

6.82

56

41

DEBTORS TURNOVER RATIO (Days)

57

45

CREDITORS VELOCITY (Days)

30

10

COVERAGE RATIOs

LIQUIDITY RATIOs

PROFITABILITY RATIOs

CLOSING STOCK/SALES TURNOVER RATIOs

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DRAWING POWER

13.09

INCOME TAX Item 2016-17 2017-18 31.12.17 Profit Before Tax 3.68 6.09 6.11 Add : Depreciation as per Companies Act 1.97 2.01 2.04 Less : Depreciation as per I.T.Act 1.98 1.67 1.67 Sub – total 3.67 6.43 6.48 Taxable Profit 3.67 6.43 6.48 Income Tax on Sl.No.5 1.33 2.13 2.14 MAT on Sl.No.1 0.75 1.24 1.25 C/F MAT 1.99 2.49 Income Tax payable (Higher of Sl.No. 6 or 7) 1.33 2.13 2.14

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13.70

FINDING The study, Financial Statement Analysis and Performance Evaluation of Mittal Technopack Private Limited, reveals the following majors findings:  MTPL greatly balanced its capacity to pay their current obligations by using its current assets, which indicates they are not in risky position in current ratio.  MTPL current liabilities are less than their Current assets. It indicates, MTPL has greatly maintained its liquidity.  The Operating Margin of the company has been in and around 8-9% in the past and the same has been estimated for the future FY.  PBDIT and PAT margins has been estimated to be in the line with the past trends of the company and the same is considered to be satisfactory. The company has been generating sufficient cash flow from operations (both before and after WC changes) to meet its both financial and investing needs.  MTPL has sufficient long term surplus in the business to meet its short term as well as long term requirements, except for FY’17 where there was slight deficit in the long term fund by 34 lacs which has been made through the short term funds.  Net profit margin of MTPL is in good position.  Gross Profit of MTPL increased from 2016 to 2018 and is increasing at a decreasing rate. 32

 The NWC position of the company has been below the benchmark level in the past and has shown an improving trend. The company has infused certain long term funds in the last FY to the tune of 2.88 cr which has helped in improving the NWC position of the company.  The debtor level has nearly doubled in the last FY in comparison to FY’17, management has stated that the core reason for the same is that in last FY there was high turnover booked in the month of May’18.

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CONCLUSION This Winter Internship project has helped me gain huge practical knowledge which can’t be gained only through books. This experience gave me an opportunity to learn new things which provided me a peek into the corporate culture. Being a fresher, I would never be exposed to a corporate environment if it were not for this project. I thank Aspire Capital Pvt. Ltd. for giving me the chance to work with them as a winter intern and showing me the path of knowledge and experience which will help me succeed in my career and enter into a bright future. Financial performance analysis can identify the financial strengths and weaknesses of the firm by properly establishing the relationship between the items of balance sheet and profit and loss. It helps a firm to identify short term and long term growth forecasting. This analysis can be undertaken by management of the firm or by parties outside the namely, owner, creditors, investors. Financial statement analysis involves the re-organization of the entire financial data contained the financial statements. It is the establishment of significant relationships between the individual components of balance sheet and profit loss account. This is done through the application tools of financial analysis like ratio analysis, trend analysis, common size balance sheet and comparative balance sheet. This is used for determining the investment value of the business, credit rating and for testing efficiency of operation. Every company need to analyze financial statement to know the performance of a company and company take their decision and recovery procedure if need.

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