Financial Statement Analysis of Dabur
Financial Statement Analysis of Dabur
Financial Statement Analysis of Dabur
Project On
Financial statement analysis
of
DABUR INDIA LIMITED
Submitted by:
Dr. P.R. Wilson Nimisha.M.N
Professor MBA (FT), S2
SMS, CUSAT Roll no.:23
1. INTRODUCTION...............................................................................................................................3
I. SWOT ANALYSIS................................................................................................................................16
CASH FLOW AND FUND FLOW 27
1.5 CONCLUSION………………………………………………………………………………………. 33
1.4 REFERENCES…………………………………………………………………………………………………………………………….. 35
Objective :
The objective of this project is to analyze the financial statement of DABUR INDIA LIMITED
for the five consecutive years (2007-2011) and find out whether there was shareholders wealth
maximization. Here the balance sheet and profit and loss account of the firm has been analyzed
by computing various financial ratios, working capital, break-even analysis and the investment
decision .So the study has been conducted in four phases.
Dabur India Limited is a leading Indian consumer goods company with interests
in health care, Personal care and foods. Over more than 100 years we have been dedicated to
providing nature-based solutions for a healthy and holistic lifestyle. The original logo of the
company was the Banyan Tree.
The new Dabur identity modernizes the 100-year old equity of the Dabur
brand by subtly transforming the tree. While it retains the essence of the
banyan tree, it now projects a contemporary image, in consonance with
today's lifestyle. The tree, a symbol of nature, is indelibly regarded as a
provider of shelter, food and protection. If you observe closely, you will see
that the tree trunk mirrors the form for three people with their arms raised
conveying exultation in achievement. The broad trunk represents stability
and its multiple branches represent growth.
Dabur At-a-Glance
Dabur India Limited has marked its presence with significant achievements and today
commands a market leadership status. Our story of success is based on dedication to
nature, corporate and process hygiene, dynamic leadership and commitment to our partners
and stakeholders. The results of our policies and initiatives speak for themselves.
Leading consumer goods company in India with a turnover of Rs. 2834.11 Crore (FY09)
3 major strategic business units (SBU) - Consumer Care Division (CCD), Consumer
Health Division (CHD) and International Business Division (IBD)
3 Subsidiary Group companies - Dabur International, Fem Care
Pharma and newu and 8 step down subsidiaries: Dabur Nepal Pvt Ltd (Nepal), Dabur
Egypt Ltd (Egypt), Asian Consumer Care (Bangladesh), Asian Consumer Care
(Pakistan), African Consumer Care (Nigeria), Naturelle LLC (Ras Al Khaimah-
UAE), Weikfield International (UAE) and Jaquline Inc. (USA).
Wide and deep market penetration with 50 C&F agents, more than 5000
distributors and over2.8 million retail outlets all over India
Dabur India Ltd is one of India’s leading FMCG Companies with Revenues of US$1
Billion (over Rs 5,000 Crore) & Market Capitalisation of US$4 Billion (Rs 20,000 Crore).
Building on a legacy of quality and experience of over 127 years, Dabur is today India’s most
trusted name and the world’s largest Ayurvedic and Natural Health Care Company.
Dabur India is also a world leader in Ayurveda with a portfolio of over 250 Herbal/Ayurvedic
products. Dabur's FMCG portfolio today includes five flagship brands with distinct brand
identities -- Dabur as the master brand for natural healthcare products, Vatika for premium
personal care,Hajmola for digestives, Réal for fruit juices and beverages and Fem for fairness
bleaches and skin care products.
Dabur today operates in key consumer products categories like Hair Care, Oral Care, Health
Care, Skin Care, Home Care and Foods. The company has a wide distribution network,
covering over 2.8 million retail outlets with a high penetration in both urban and rural markets.
Dabur's products also have a huge presence in the overseas markets and are today available in
over 60 countries across the globe. Its brands are highly popular in the Middle East, SAARC
countries, Africa, US, Europe and Russia. Dabur's overseas revenue today accounts for over
30% of the total turnover..
The 125-year-old company, promoted by the Barman family, had started operations in 1884 as an
Ayurvedic medicines company. From its humble beginnings in the by lanes of Calcutta, Dabur
India Ltd has come a long way today to become one of the biggest Indian-owned consumer
goods companies with the largest herbal and natural product portfolio in the world.
Overall, Dabur has successfully transformed itself from being a family-run business to
become a professionally managed enterprise. What sets Dabur apart from the crowd is its
ability to change ahead of others and to always set new standards in corporate governance &
innovation.
Financial Analysis
Financial analysis is the process of identifying the financial strengths and weaknesses of the firm
by properly establishing relationship between the items of the balance sheet and the profit and
loss account. The nature of the analysis differ depending on the purpose of the analyst.
Trade creditors are interested in firm’s ability to meet their claims over a very short
period of time .They are interested in evaluating the firms' liquidity position.
Suppliers of the long term debt are concerned with the firm’s long term solvency and
survival. They analyze the firm’s profitability over time, its ability to generate cash to be
able to pay interest and repay principal and relationship between various sources of
fund. The firm’s future profitability and the solvency are the prime concern.
Investors are more concerned about the firm’s earnings.
Management of the firm is interested in every aspect of the financial analysis. They see
that the resources of the firm are most effectively and efficiently utilized and that the
firm’s financial condition is sound.
Dabur India Limited (Dabur) is a consumer care and health care products company.
Product portfolio offered by the company includes personal care products, health care
products, home care products and foods. Dabur also offers ayurveda-based healthcare
products. It markets its products in India as well as in International markets as Middle
East, South-East Asia, Africa, the European Union and America.
Operating Results:
Sales 1,200 1,285 1,236 1,417 1,757 2,080 2,396 2,834 3,416 4,110
Other Income 12 7 9 9 13 26 34 47 48 65
EBITDA 144 162 164 217 300 376 443 517 667 820
EBITDA Margins (%) 12.0 12.6 13.3 15.3 17.1 18.1 18.5 18.3 19.8 19.9
Tax Rate (%) 16.6 13.3 12.0 10.8 11.7 12.1 13.4 12.1 16.7 19.6
Profit After Tax (PAT) 64 85 107 156 214 282 333 391 501 569
PAT Margins (%) 5.4 6.6 8.6 11 12.2 13.5 13.9 13.8 14.7 13.8
Financial Position:
Fixed Assets (Net) 371 257 250 295 512 379 465 559 677 1542
Total Assets 705 640 433 543 624 670 749 1060 1129 2465
Reserves & Surplus 365 388 257 335 440 393 531 732 848 1217
Shareholders Funds 393 417 286 364 497 480 618 819 935 1391
Loan Funds 304 964 132 164 121 160 99 230 179 1051
Total Capital
705 640 433 543 624 670 749 1060 1129 2465
Employed
Return Ratios:
ROCE (%) 12.6 16.1 28.6 31.3 39 45.7 47.6 39.4 45.7 33.2
RONW (%) 16.6 20.6 38.1 43.5 46.1 61.3 55.3 47.7 53.5 48.9
No of Shares (In Crs) 28.6 28.6 28.6 28.6 57.3 86.3 86.4 86.5 86.9 174.1
Ratio analysis is a powerful tool of financial analysis. In financial analysis, a ratio is used as a
bench mark for evaluating the financial position and performance of a firm. The relationship
between the two accounting figures, expressed mathematically, is known as a financial ratio .they
help summarize large quantities of financial data and to make qualitative judgments about the
firm’s financial performance.
Types of ratios:
A. Liquidity ratio: Liquidity ratios are used to measure the liquidity position or the
short term financial position of a firm. They measure the ability of the firm to meet its
current obligation .The failure to meet its current obligation will result in poor credit-
worthiness, loss of creditors, confidence etc.
1. Current ratio
Current liabilities
The ratio is used to assess the short term financial position of the business concern. It is an
indicator of the fi rm’s ability to meet its short-term obligations. As a
conventional, rule a current ratio of 2:1 is considered ideal. The company don’t have a
sufficient funds to pay its liabilities on time and meet other day to day expenses
2.Quick ratio
Quick ratio = quick asset
current liabilities
A quick ratio of 1:1 is considered to be satisfied. Here, in this company it is not possible to meet
the current liabilities with the quick assets. The values indicate that the inventories of the firm do
not sell. None of the years indicate a satisfactory quick ratio except 2008 which shows a ratio of
0.78:1.The liquidity position of the company is not satisfactory.
Debt equity ratio= Debt / Equity
B) Leverage ratio:
1. Debt ratio:
The debt ratio shows the amount the lenders have financed in the company. It measures the long term
solvency of the firm the amount of the funded debt in the capital structure. It is given by:
Capital employed
Long term debt = Secured loans + Unsecured loans and
Capital employed =Share capital + Reserve and Surplus+ Secured loan + Unsecured loan
Debt –Equity Ratio: The debt-equity ratio is an important tool of fi nance analysis to
appraise the fi nancial structure of the firm. It has important from the viewpoint of
creditors, owner and the firm itself. T h e r a t i o re fl e c t s t h e
r e l a t i v e c o n t r i b u t i o n o f c re d i t o r s a n d o w n e r s
o f t h e b u s i n e s s i n i t s financing.A high ratio shows a large share of fi nancing by
the creditors of the fi rm; a low ratioimplies a small claim of creditors. The debt-
equity ratio indicates the margin of safety to the creditors. The shareholders of the
firm would, however stand to gain in two ways: (i) with a limited s t a ke , t h e y w o u l d b e
a b l e t o r e t a i n c o n t ro l o f t h e fi r m a n d ( i i ) t h e re t u r n t o t h e m w o u l d b e
magnifi ed. With a larger proportion of debt in the fi nancial structure, the
earnings available to the owner would increase more than proportionately with the
increase in the operating profits of the firm.
Net worth
3. Proprietary ratio:
Total assets
These ratios are employed to evaluate the efficiency with which the firm manages and utilizes its
assets. They are so called because they indicate the speed with which assets are being converted or
turned over into sales.A proper balance indicate that the assets are being managed well. It also ties into
the ability of a company to meet both its short term and long term obligations. It measures how well
assets are used. The greater the turnover, the more effectively the company is at producing a benefit
from its investment in assets.
a) Inventory turnover ratio is regarded as a test of efficiency and indicates efficiency of the firm in
producing and selling its product. This is given by:
b) Debtors turnover ratio indicates how many times in the period credit sales have been credited and
collected on.
c) Current asset turnover ratio indicates the extent that the investment in current assets result in sales.
Cost ratios
Cost ratios are computed to indicate the trend of the cost elements. It is calculated by dividing any
item of expenditures from trading and profit and loss account by net sales of the company. Different
a)
Material cost to sales ratio = Materials consumed x 100
Net Sales
It measures the material usage efficiency. If ratio is computed it would indicate the material cost
Net sales
This ratio show the trend in labour efficiency if it is computed over a period of time from this ratio
the extent of the labour cost in the total cost could be assessed.
Net sales
This ratio show the extent of factory overhead in sales and its total efficiency. Factory overhead is
directly related to production and hence due weightage should be given to the quantity produced.
Administration overhead seldom forms a major cost element. Ratio computed over a period of time
show the efficiency level and the extent of its dominance in cost elements.
Change in the gross margin can be brought about by changes in any of these
factors. The gross margin represents the limit beyond which fall in sales prices are
outside the tolerance limit. Further, the gross profi t ratio can also be used to
determining the extent of loss caused by theft, spoilage, damage, and so on in the
case of those firms which follow the policy of fixed gross profit ratio in pricing their
products.A v e r y h i g h a n d r i s i n g g r o s s m a r g i n m a y b e t h e r e s u l t o f u n
s a t i s f a c t o r y b a s i s o f evaluation of stock, that is, overvalued of closing stock and
undervalued of opening stock. But a low gross margin is also a danger signal,
warranting a careful, detailed analysis of the factors responsible For it.
Every business needs adequate liquid resources in order to maintain day to day cash flows.
It needs enough cash to by wages and salaries as they fall due and to pay creditors if it is to
keep its workforce and ensure its supplies. Maintaining adequate working capital; is not just
important in the short term .Sufficient liquidity must be maintained in order to ensure the
survival of business in the long term as well. Even a profitable business may fail if it does not
have adequate cash flows to
meet its liabilities as they fall a due. Therefore when business make investment decisions
they must not only consider the financial outlay involved with acquiring the new machine
or the new building etc, but must also take account of the additional current assets that
are usually involved with any expansion of activity .Increase production tends to engender a
need to hold additional stocks of raw material & work in progress.Increased sales usually
mean that the level of debtor will increase. A general increase in the firm’s scales
of operation tends to imply a need for greater level of cash.
The gross profit indicates the efficiency by which the management produces each unit of product. This
given by:
Sales
b) Net profit margin is the ratio of net profit to sales, and indicates how much of each rupee of sales is
left over after all expenses. It indicates managements efficiency in manufacturing, administering and
selling the products. Its an overall measure of the firm’s ability to turn each rupee sales into net
profit. If net margin is inadequate, the firm will fail to achieve satisfactory return on shareholder’s
funds.
c) Return on Equity (ROE) is calculated to see the profitability of owners investment. It indicates how
well the firm has used the resources of the owners.
d) Return on Investment (ROI) analysis is one of several commonly used approaches for evaluating
the financial consequences of business investments, decisions, or actions. ROI analysis compares
the magnitude and timing of investment gains directly with the magnitude and timing of investment
costs. A high ROI means that investment gains compare favorably to investment costs.
STRENGTH
Riding high in the niche market in FMCG industry has helped boost
Dabur india and raise dreputation and turnover.
Keeping costs lower than their competitors and keeping the cost
advantages helps Dabur india pass on some of the benefits to
consumers.
High quality machinery, staff, offices and equipment ensure the job is
done to the utmost standard, and is a strength of Dabur india.
Being financially strong helps Dabur India deal with any problems, ride
any dip in profit sand out perform their rivals.
Supplier relationships are strong at dabur india, which can only be seen
as strength intheir overall performance.
WEAKNESS
Not reducing costs in the same way as their competitors means Dabur
india is outlaying more of their profits. Having higher costs than
competitors is a major weakness.
Old and outdated technologies hold Dabur india back and limits
success, as other firm sare making use of better and more reliable
technologies.
Over pricing, setting too high prices for dabur india products/services
makes themuncompetitive, which is a major weakness.
Good companies need loyal employees, but Dabur India has a poor
relationship with staff which affects performance.
Problems with stock are a weakness for Dabur India as they need to
keep up with demand.
Online presence is vital for success these days, and lack of one is
a limitation for Dabur India.
Dabur India's location is weakness for the firm, as it means they miss
out on many opportunities.
Dabur
India is behind its competitors with a low share of the market, which
in turn leads to lower turnover.
Dabur India could benefit from expanding their online presence and
making more money from online shoppers/internet users.
The changes in the way consumers spend and what they buy provides
a big opportunity for Dabur India to explore.
Dabur India has the opportunity to enter a niche market, gain leading
position and therefore boost financial performance.
Reaching out into other markets is a possibility for Dabur India, and a
big opportunity.
Operating Profit
Margin(%)
19.06 19.17 18.33 18.6 17.45
Profit Before
Interest And Tax
Margin(%) 17.76 17.97 17.11 17.29 16.16
Gross Profit
Margin(%) 17.91 18.06 17.19 17.37 17.49
Cash Profit
Margin(%) 15.58 15.88 15.97 16.16 15.67
Adjusted Cash
Margin(%) 15.58 15.88 15.97 16.16 15.51
Net Profit
Margin(%) 14.27 15.03 15.44 15.06 14.41
Adjusted Net
Profit Margin(%) 14.27 15.03 15.44 15.06 13.88
Return On
Capital
Employed(%) 44.16 61.62 47.98 67.51 66.07
Return On Net
Worth(%) 46.29 58.04 51.2 61.58 62.52
Adjusted Return
on Net Worth(%) 45.21 56.29 48.65 59.99 63.32
Return on Assets
Excluding
Revaluations 5.85 8.6 8.43 5.95 4.44
Return on Assets
Including
Revaluations 5.85 8.6 8.43 5.95 4.44
Debt Equity
Ratio 0.23 0.14 0.19 0.03 0.05
Total Debt to
Owners Fund 0.23 0.14 0.19 0.03 0.05
Financial
Charges
Coverage Ratio 50.47 42.53 31.26 36.56 69.48
Financial
Charges
Coverage Ratio
Post Tax 41.66 36.46 28.99 32.87 64.33
Management Efficiency
Ratios
Inventory
Turnover Ratio 8.65 11.31 10.94 12.52 11.11
Debtors Turnover
Ratio 19.67 23.62 22.63 25.94 39.7
Investments
Turnover Ratio 8.65 11.31 10.94 12.52 13.44
Asset Turnover
Ratio 4.39 4.31 4.84 4.67 4.5
Average Raw
Material Holding 63.26 52.96 45.18 45.68 40.91
Average Finished
Goods Held 29.32 22.08 21.28 20.13 22.21
Number of Days
In Working
Capital 26.7 3.76 41.32 -5.8 3.82
Profit & Loss Account
Ratios
Material Cost
Composition 53.15 48.61 52.8 49.05 45.86
Imported
Composition of
Raw Materials
Consumed 0.93 1.22 1.06 0.97 1.22
Selling
Distribution Cost
Composition 14.89 16.55 14.89 16.12 23.11
Expenses as
Composition of
Total Sales 4.09 4.31 4.56 4.49 3.96
Cash Flow Indicator
Ratios
Dividend Payout
Ratio Net Profit 49.42 46.86 47.41 47.86 55.24
Earning
Retention Ratio 49.4 51.67 50.11 50.87 42.64
Cash Earning
Retention Ratio 54.74 55.64 54.16 55.41 48.66
AdjustedCash
Flow Times 0.49 0.23 0.36 0.05 0.07
Earnings Per
Share 2.71 4.99 4.32 3.67 2.92
(Rs crore)
In financial accounting, a cash flow statement, also known as statement of cash flows or funds flow statement is
a financial statement that shows how changes in balance sheet accounts and income affect cash and cash
equivalents, and breaks the analysis down to operating, investing, and financing activities. Essentially, the cash flow
statement is concerned with the flow of cash in and cash out of the business. The statement captures both the
current operating results and the accompanying changes in the balance sheet.[As an analytical tool, the statement of
cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills.
International Accounting Standard 7 (IAS 7), is the International Accounting Standard that deals with cash flow
statements.
Accounting personnel, who need to know whether the organization will be able to cover payroll and other
immediate expenses
Potential lenders or creditors, who want a clear picture of a company's ability to repay
Potential investors, who need to judge whether the company is financially sound
Potential employees or contractors, who need to know whether the company will be able to afford
compensation
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07
Net cash used in investing activity -222.22 -267.54 -238.38 -179.77 -60.57
Net cash used in fin. activity -87.89 -201.88 -9.77 -119.30 -168.06
Net inc/dec in cash and equivalent 28.50 12.07 75.42 14.22 5.79
Cash and equivalent begin of year 163.91 151.84 68.26 54.04 44.45
Cash and equivalent end of year 192.41 163.91 143.68 68.26 50.25
WORKING
Year CAPITAL CURRENT RATIO
2008 42 1.051
This is a specific way of presenting the relationship between the cost, volume and profit. As an
ultimate objective it helps management to seek the most profitable combination of cost and volume.
The break even indicates the level of the sales at which the cost and revenues in equilibrium. The
equilibrium point is called the breakeven point. It is a no profit no loss point. Total variable and fixed
costs are compared with sales revenue in order to determine the level of sales volume, sales value or
production at which the business makes neither a profit nor a loss (the "break-even point").
Dabur India expects its loss-making retail business to break even in the next fiscal as it aims to cut costs through a revenue-sharing
model under which it would give a percentage of its revenues to landowners, instead of rent.
“Increasingly we are going for a revenue-sharing model in retail. So, instead of giving rent, we give a percentage of our revenues,”
chief executive officer Sunil Duggal said.
That model ensures faster break-even and is less risky, he said, adding some landlords have already begun to accept the new
model.
“Even this year the loss would be less than half of last year,” Duggal said. The retail arm had posted a loss of around Rs 24 crore in
FY09.
Dabur operates its retail business through its subsidiary H&B Stores Ltd and and operates a chain of beauty, health & wellness retail
outlets under the brand name ‘’newu’’.
The personal care and food products maker currently has 12 retail outlets across India. Any further expansion plans in retail would
depend on the sucess of the revenue-sharing model, he said.
Dabur is not keen on a price hike though it is concerned about rising material costs.
P/V ratio
The company had been confronting with huge accumulated losses so the break even point is hard to find.
Due to the high cost of the material, firm was not able to meet the cost for the sales made so it was not
able to make a profit out of it. And, thus to the firm more turnover will only incur more and more loss.
The company is making a huge loss so it is better to abandon it. Dabur Foods Ltd, a fully owned subsidiary of Dabur
Dabur has set up Dabur Lanka Pvt Ltd, to be incorporated under its wholly-owned unit Dabur
International, which handles overseas operations.
"The demand for fruit-based juices and beverages under the Real brand has been reporting strong
growth month-on-month. Dabur's food business had reported an over 28 percent growth in 2010/11
despite supply constraints," Chief Executive Sunil Duggal said.
"As continued high growth is expected in the future too, we are setting up this new facility to
augment our production capacity for fruit-based beverages and meet the growing demand." Duggal
added.
The new plant, which will be set up at Gampaha, north of Colombo, will have a monthly capacity of
280,000 cases and will be commissioned in Aug-Sept 2012.
Dabur has manufacturing plants in Nepal, Bangladesh, Dubai, Nigeria, Egypt and Turkey among
others.
About 22 per cent of Dabur's sales come from international markets, including African nations, Nepal
and Bangladesh.
"Building manufacturing facility in Sri Lanka was an important strategic decision for Dabur as
manufacturing presence here gives us a competitive edge that we intend to utilize in full," Duggal
said.
shares of the company were up 0.94 percent at 102.55 rupees in a firm Mumbai market.
($1=49.195 rupees)
Net Present Value (NPV) method is an economic method of evaluating the investment
DABUR INDIA LIMITED Page 32
Proposals. It recognizes the time value of money.
Table 1.9
In the table above the weights are given and the weighted average is calculated . The sum of the Debt and
equity weighted average is taken and the this is found to be (3.07+.051= 3.12%). The PV values at 3% are
taken for the five years and the inflow is discounted with the respective values\ as shown in the table
= -609976831.7
Outflow
The financial statements of the firm for the five consecutive years(2010-2011) were analyzed
and various ratios and analysis were done.
Through the ratio analysis of seven admired companies in the same sector.
The various positive and negative results came out, on the basis of these
results I would like to recommend that-
The company should try to increase the duration of the average collection period to
compete with its competitors, by off ering the customer high cost in credit
sales.
The company should try to maintain its net worth for having satisfactory fund
for equity share holders.
The company should give more emphasis to sufficient utilization of the resources and
funds.
The company should improve the return on capital employed, as a source of long
term fund.
FINDINGS
On the basis of data and available information. Certain findings arrived that relates
the Ratio Analysis of the company.
It is observe that the Dabur India Ltd. has good profi t margin and
company’s l i q u i d i t y i s a l s o g o o d . I t h a s i m p o r t a n t f r o m t h e v i e w p o i n t
o f c re d i t o r s a n d shareholders’ that company have sufficient fund to pay them.
In the comparison of profitability ratio in Dabur India Ltd. the gross profit ratio14.35%
and net profit ratio 11.67% both are increases in the year 2010-2011 in compare to
last two year.
The current ratio 1.47% is also increase in the year 2010-2011 in compare to last two
year. It shows that current assets increase over current liabilities.
DABUR INDIA LIMITED Page 34
The debt equity ratio 0.45% is also increase in the year 2010-20011 in compare to
l a s t t w o y e a r . I t s h o w s t h a t a l a r g e s h a r e o f fi n a n c i n g b y
c r e d i t o r s i n t h e company, which is positive sign for the company.
The return on capital employed 49.47% is having little bit of decrease in 2005-2006
in compare to last year. But then also its better than some other FMCG
companies. It shows that Dabur India Ltd. have suffi cient sources of the
long term funds.
The fi xed assets turnover ratio 6.88% has increases in 2010-2011 compare
to last two years. It shows the efficiency of Dabur India Ltd. in utilizing the fixed
assets of the company, comparing with the previous period. It also shows
that company has increases its investment in fixed assets.
LIMITATIONS
1. Time:
The nature of the report required detailed and meticulous information gathering. In
this sense time was a limiting factor and a major constraint to accomplish the given
task. Also sometimes the information was not available on time. This caused a lot of
pilferage of time unnecessary of duplication of effort.
2.Human error:
The feedback provided by the company executives, consumers and others
3.Non cooperation:
While by and large the people approached were helpful some people were
non-cooperative. Also a lot of information was withheld due to its sensitive nature.
4.Calculation error:
The report required calculation of figures and at last have to analysis them also, so
mistake can be arises during calculations.
REFERENCES
Financial Management BY Pandey , Vikas Publishing House Pvt. Ltd, New Delhi.
Financial Management theory and practice by Prasanna Chandra
www.dabur.com
www.google.com