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SRM University School of Management

MBA Program

FINANCIAL AND ACCOUNTING MANAGEMENT

A STUDY OF FINANCIAL STATEMENTS AND RATIO

ANALYSIS

MINI PROJECT

SARAVANAN.M

3511210350

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INTRODUCTION TO THE STUDY

In todays world financial statements play a major role in a company. Many

companies have gone out of the market due to poor financial statements. The financial analysis

involves all kinds of actions like balance sheet, profit and loss account, trading account, ratio

analysis etc. This decides whether the company is running in profit or loss. Given below is study

of Wipro company financial statement for the past 5 years.

COMPANY PROFILE

Wipro Technologies is the No.1 provider of integrated business, technology and process

solutions on a global delivery platform.

Wipro Technologies is a global services provider delivering technology-driven business

solutions that meet the strategic objectives of our clients. Wipro has 40+ Centers of Excellence

that create solutions around specific needs of industries. Wipro delivers unmatched business

value to customers through a combination of process excellence, quality frameworks and servicedelivery innovation. Wipro is the World's first CMMi Level 5 certified software services

company and the first outside USA to receive the IEEE SoftwareProcessAward.

Wipros complete range of IT Services addresses the needs of both technology and business

requirements to help organizations leverage leading-edge technologies for business

improvement.Wipro takes charge of the IT needs of the entire enterprise. The gamut of services extends from

Enterprise Application Services (CRM, ERP, e-Procurement and SCM), to e-Business solutions.

Wipros enterprise solutions have served and continue to serve clients from a range of industriesincluding Energy and Utilities, Finance, Telecom, and Media and Entertainment.

Wipros TIS is the largest Indian IT infrastructure service provider

Wipros Technology Infrastructure Services (TIS) is the largest Indian IT infrastructure serviceprovider in terms of revenue, people and customers with more than 200 customers in US,

Europe, Japan and over 650 customers in India. It is powered by the expert skills of over 6,500

technical specialists and state-of-the-art BS 15000 certified infrastructure for operations support.

FINANCIAL STATEMENTS

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Financial statements (or financial reports) are formal records of the financial activities

of a business, person, or other entity. 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:

1. Income statement: It is also referred to as Profit and Loss statement (or "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.

2. Balance sheet: It is also referred to as statement of financial position or condition,

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

3. Funds flow statements: It explains the changes in a company's retained

earnings over the reporting period.

4. Cash flow statement: It reports on a company's cash flow activities, particularly its

operating, investing and financing activities.

1. PROFIT & LOSS STATEMENT:

Income statement, also called profit and loss statement (P&L) and Statement ofOperations is financial statement that summarizes the revenues, costs and expenses incurred

during a specific period of time - usually a fiscal quarter or year. These records provide

information that shows the ability of a company to generate profit by increasing revenue and

reducing costs.

CONTENTS OF PROFIT & LOSS STATEMENT

(a) Revenue - Cash inflows or other enhancements of assets of an entity during a period

from delivering or producing goods, rendering services, or other activities that constitute the

entity's ongoing major operations.

(b) Expenses - Cash outflows or other using-up of assets or incurrence of liabilitiesduring a period from delivering or producing goods, rendering services, or carrying out other

activities that constitute the entity's ongoing major operations.

(c) Turnover

The main source of income for a company is its turnover, primarily comprised of sales of

its products and services to third-party customers.

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(d) Sales

Sales are normally accounted for when goods or services are delivered and invoiced, and

accepted by the customer, even if payment is not received until some time later, even in a

subsequent trading period.

(e) Cost of Sales (COS)

The sum of direct costs of goods sold plus any manufacturing expenses relating to the

sales (or turnover) is termed cost of sales, or production cost of sales, or cost of goods sold.

These costs include:

costs of raw materials stocks

costs of inward-bound freight paid by the company

Packaging costs

(f) Other Operating Expenses

These are not directly related to the production process, but contributing to the activity of

the company, there are further costs that are termed other operating expenses.These comprises of costs like:

Distribution costs and selling costs,

Administration costs, and

Research and development costs (unless they relate to specific projects and the

costs may be deferred to future periods).

(g) Other Operating Income

Other operating income includes all other revenues that have not been included in other

parts of the profit and loss account. It does not include sales of goods or services, reported

turnover, or any sort of interest receivable, reported within the net interest category.

(h) Gross Margin (or Gross Profit)The difference between turnover, or sales, and COS is gross profit or gross margin. It

needs to be positive and large enough to at least cover all other expenses.

(i) Operating Profit (OP)

The operating profit is the net of all operating revenues and costs, regardless of the

financial structure of the company and whatever exceptional events occurred during the

period that resulted in exceptional costs.

OP = Turnover - COS - other Operating Expenses + Other Operating Income

(j) Profit before Tax (PBT)

A profitability measure that looks at a company's profits before the company has to pay

corporate income tax. This measure deducts all expenses from revenue including interest

expenses and operating expenses, but it leaves out the payment of tax.

(k) Profit after Tax (PAT)

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PAT, or net profit, is the profit on ordinary activities after tax. The final charge that a

company has to suffer, provided it has made sufficient profits, is therefore corporate

taxation.

PAT = PBT - Corporation Tax

(l) Retained Profit

The retained profit for the year is what is left on the profit and loss account after

deducting dividends for the year. The balance on the profit and loss account forms part of

the capital (or equity, or shareholders funds) of the company.

2. BALANCE SHEET

In financial accounting, a balance sheet orstatement of financial position is a

summary of the financial balances of a sole proprietorship, abusiness partnership,

a corporation or other business organization, such as an LLC or

an LLP. Assets, liabilities and ownership equity are listed as of a specific date, such as theend of its financial year. A balance sheet is often described as a "snapshot of a company's

financial condition".[1] Of the four basic financial statements, the balance sheet is the only

statement which applies to a single point in time of a business' calendar year.

A standard company balance sheet has three parts: assets, liabilities and

ownership equity. The main categories of assets are usually listed first, and typically in order

ofliquidity.Assets are followed by the liabilities. The difference between the assets and the

liabilities is known as equity or the net assets or the net worth orcapital of the company and

according to the accounting equation, net worth must equal assets minus liabilities.

TYPES OF BALANCE SHEET:

A balance sheet summarizes an organization or individual's assets, equity and liabilities at

a specific point in time. We have two forms of balance sheet. They are the report form and

the account form. Individuals and small businesses tend to have simple balance sheets.

Larger businesses tend to have more complex balance sheets, and these are presented in the

organization's annual report. Large businesses also may prepare balance sheets for segments

of their businesses.

Personal balance sheet

A personal balance sheet lists current assets such as cash in checking

accounts and savings accounts, long-term assets such as common stockand real estate,

current liabilities such as loandebt and mortgage debt due, or overdue, long-term liabilitiessuch as mortgage and other loan debt. Securities and real estate values are listed at market

value rather than at historical cost orcost basis. Personal net worth is the difference between

an individual's total assets and total liabilities.

US small business balance sheet

A small business bump that balance sheet lists current assets such as cash, accounts

receivable, and inventory, fixed assets such as land, buildings, and equipment, intangible

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assets such aspatents, and liabilities such as accounts payable, accrued expenses, and long-

term debt. Contingent liabilitiessuch as warranties are noted in the footnotes to the balance

sheet. The small business's equity is the difference between total assets and total liabilities.

Public Business Entities balance sheet structure

Guidelines for balance sheets of public business entities are given by the International

Accounting Standards Board and numerous country-specific organizations/companys.

Balance sheet account names and usage depend on the organization's country and the

type of organization. Government organizations do not generally follow standards

established for individuals or businesses.

Assets

Current assets

1. Cash and cash equivalents

2. Accounts receivable

3. Inventories

4. Prepaid expenses for future services that will be used within a year

Non-current assets (Fixed assets)

1. Property, plant and equipment

2. Investment property, such as real estate held for investment purposes

3. Intangible assets

4. Financial assets (excluding investments accounted for using the equity

method, accounts receivables, and cash and cash equivalents)

5. Investments accounted for using the equity method

Liabilities

See Liability (accounting)

1. Accounts payable

2. Provisions for warranties or court decisions

3. Financial liabilities (excluding provisions and accounts payable), such

aspromissory notes and corporate bonds

4. Liabilities and assets for current tax

5. Deferred tax liabilities and deferred tax assets

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Equity

The net assets shown by the balance sheet equals the third part of the balance sheet,

which is known as the shareholders' equity. It comprises:

1. Issued capital and reserves attributable to equity holders of theparent

company (controlling interest)

2. Non-controlling interest in equity

Formally, shareholders' equity is part of the company's liabilities: they are funds "owing"

to shareholders (after payment of all other liabilities); usually, however, "liabilities" is used

in the more restrictive sense of liabilities excluding shareholders' equity. The balance of

assets and liabilities (including shareholders' equity) is not a coincidence.

Regarding the items in equity section, the following disclosures are required:

1. Numbers ofshares authorized, issued and fully paid, and issued but not fully paid

2. Par value of shares

3. Reconciliation of shares outstanding at the beginning and the end of the period

4. Description of rights, preferences, and restrictions of shares

5. Treasury shares, including shares held by subsidiaries and associates

6. Shares reserved for issuance underoptions and contracts

DEFINITION OF 'BALANCE SHEET':

A financial statement that summarizes a company's assets, liabilities and shareholders'

equity at a specific point in time. These three balance sheet segments give investors an idea

as to what the company owns and owes, as well as the amount invested by the shareholders.

The balance sheet must follow the following formula:

Assets = Liabilities + Shareholders' Equity

RATIO ANALYSIS

Financial Analysis is the process of identifying the financial strength and weaknesses of

the firm by property establishing relationships by means of ratio between the firm of the

balance sheet and profit and loss account.

Ratio Analysis is the most widely used tool of analysis. A ratio is the quotient of

tow numbers and is an expression of relationship between the figures or two amounts. It

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indicates a quantitative relationship, which is used for a qualified judgment and decision-

making. The following are the four steps involved in the ratio analysis:

Selection of relevant data from the financial statements depending upon the

objective of the analysis.

Calculation of appropriate ratios from the above data.

Comparison of the calculated ratios of the same firm in the past, or the ratios

developed from the projected financial statements or the ratios of some other firms or the

comparison with ratios of the industry to which the firm belongs.

Interpretation of the ratios.

STANDARDS FOR COMPARISON:

For making a proper use of ratio, it is essential to have fixed standards forcomparison. The four most common standards used in ratio analysis in financial

management are:

1. Absolute: absolute standards are those, which become generally recognized as

being desirable regardless of the types of company, the time, stage of business cycle, or the

objective of the analysis.

2. Historical: Historical standards involve comparing a companys own past

performance as a standard for the present or future.

3. Horizontal: In the case of Horizontal standards, one company is compared with

the average of other companies of the same companies.

4. Budgeted: The Budgeted standards are arrived at after preparing the budget for a

period. Ratios developed from actual performance are compared to the planned ratios in the

budget in order to examine the degree of accomplishment of the anticipated targets of the

firms

LIMATIONS OF RATIO ANALYSIS:

Limitations of ratio analysis arise due to difficulties in making comparisons. Though ratio

is simple and easy to calculate, they suffer from some serious limitations.

1. Lack of adequate standards.

2. Limited use of a single ratio.

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The quick ratio (or) Acid test ratio is a fairly stringent measure of liquidity. It is

determined by dividing quick assets, i.e., cash, marketable investments and sundry debtors

by current liabilities. This ratio is a better test of financial strength than the current ratio as it

does not consider inventory, which may be very slow moving.

It may be calculated as follows:

Quick ratio = Liquid assets/Current liabilities

Liquid assets = current-(inventories + prepaid expenses)

A quick ratio of 1:1 considered satisfactory.

3.Absolute liquid ratio:

This ratio considers only the absolute liquidity available with the firm. This ratio is

also called Cash Position Ratio or Super Quick Ratio. This is a variation of quick ratio.

This ratio is calculated when liquidity is highly restricted in terms of cash and cash

equivalents.

An ideal cash position is 0.50:1. This ratio is a more rigorous measure of a firms

liquidity position. It is not a widely used ratio.

It can be calculated as follows:

Absolute Liquid Ratio = Absolute Liquid Assets/Current Liabilities

CASH POSITION RATIO:

Cash position ratio explains the percentage of current liabilities that can be met

with the liquid cash. It expresses the firms ability to meet its current obligations.

Cash position Ratio = cash in hand/ current liabilities

SOLVENCY RATIO:

In order to know the long-term financial position, leverage ratios are calculated.

These are also called capital structure ratios and Leverage ratios. This ratio will indicate

the proportion of debt and equity in the capital structure of an organization. These are

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calculated to know the extent to which operating profits are sufficient to cover fixed interest

charges.

Debt-equity ratio:

Debt equity ratio is an important tool of financial analysis. Depicts an arithmeticalrelation between loan funds and owners funds. This ratio is also known as External

Internal Equity Ratio. This ratio is the basic and the most common measure of studying the

indebtedness of the firm. This ratio is ascertained to determine long term solvency position

of a company. Debt includes both long term and short term loans in the form of bills

payable, mortgages, debentures, creditors and outstanding or accrued expenses.

A high debt equity ratio indicates the claim of outsiders is greater than creditors may

not consider those of owners because it gives lesser margin of safety for them at the time of

liquidation of the firm.

A low ratio is considered satisfactory for the shareholders because it indicates that the

firm has not able to sue low cost outsiders fund to magnify their earnings.

It may be calculated by dividing the long-term debts by shareholders equity earnings.

Debt-Equity Ratio = Outsider Funds / Shareholders Funds

i.e. Loan funds/own funds

Note: Shareholders funds = Capital + Reserves & Surplus.

Proprietary ratio:

It indicates the long-term financial solvency of the firm. The proprietary ratio can

never exceed 1:1 i.e., 100%. When there are no outside liabilities, the ratio would be 1:1;

Standard ratio would be 60% to 70%. It is also known as equity ratio.

It may express as:

Equity ratio = Share Holders equity / Total assets

The higher the proprietary ratio the lesser is the danger to the creditors in event of

company being wound up. The lower the proprietary ratio the greater is the risk to the

creditors since in the event of losses a part of their money may be lost besides loss to the

proprietors of the business.

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Solvency ratio:

It is the ratio of total long-term liabilities to total assets. It expresses how far the total

assets are financed by the outsiders fund. It also expresses the firms ability to pay its long-

term liabilities with its assets.

Solvency Ratio = Total Long term liabilities / Total assets

FIXED ASSETS RATIO:

A variant to the ratio of fixed assets to net worth is the ratio of fixed assets to the

long term funds, which is calculated as follows:

Fixed assets ratio = Fixed Assets(after deprecation)/Total Long-term funds

The ratio indicates the extent to which the total fixed assets are financed by long-term

funds of the firm. Generally, the total of fixed assets should be equal to the long-term fundsor say the ratio should be 100%. The ratio should not be more than 1.

FIXED ASSETS TO NETWORTH RATIO:

It is used to assess how far the fixed assets are financed by shareholders fund. It

helps to assess the solvency position of the firm. A ratio between 60-65 percent is

considered to be satisfactory.

Fixed assets to net worth ratio=Fixed assets(after depreciation)/share fund * 100

CURRENT ASSETS TO PROPRITORS FUND RATIO:

The purpose of the ratio is to show percentage of proprietors fund to the current assets.

The ratio indicates the extent to which proprietors funds are invested in current assets. The

ratio is calculated as follows:

Current assets to proprietors funds ratio = Current assets / Proprietors fund * 100

PROFITABILITY RATIOS:

Profitability ratios indicate the profitability of a company during an accounting

year and profitability from the point of view of shareholders of the company. A lower

profitability may arise due to the lack of control over the expenses. Generally, profitability

ratios are calculated either in relation to sales or in relation to investments. The various

ratios are:

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Return on capital employed = Profit after tax and interest / Total capital employed * 100

5.Return on shareholders investment:

Return on shareholders investment (or) Shareholders fund are the relationship

between net profit (after interest and taxes) and the shareholders fund.

ROI = Profit after tax and interest / Shareholders funds * 100

The two basic components of this are net profit and shareholders fund. This ratio is one

of the most important ratios used for measuring the overall efficiency of the firm..

RETURN ON EQUITY CAPITAL:

It shows the earnings capacity of proprietors funds. A high ratio gives scope for more

retained earnings, which can be used for expansion, diversification and consequential

development of business.

It is calculated as follows:

Return on Total Equity = Profit after tax / Equity share capital * 100

EARNING PER SHARE:

It indicates the earning power of equity share capital. EPS is of considerable

importance in estimating the market price of shares.

It is expressed as follows:

Earnings per Share = Net profit after tax / No: of equity shares

ACTIVITY RATIOS:

Activity ratios measure the efficiency of effectiveness with which a firm manages its resources

or assets. These ratios are called turnover ratio because they indicates the speed with assets are

converted or turned over into sales. These ratios are based on the relationship between the level

of activity represented by sales or cost of goods sold, and levels of various asters.

The various turnover ratios are:

(1) Inventory turnover ratio

(2) Debtors turnover ratio

(3) Creditors turnover ratio

(4) Working capital turnover ratio

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1.Inventory (stock) Turnover ratio:

It indicates the number of items its average inventory has been sold and replaced during

the year. An important factor controls profitability of the firm.

Inventory turnover ratio = Cost of goods sold / average inventory

Note: Average inventory = opening stock + closing stock / 2

A ratio of six or seven times is considered satisfactory. A high inventory turnover ratio is

an indication of good inventory management. A low inventory turnover ratio indicates

excessive inventory including slow moving and obsolete items resulting in blocking of

funds.

2.Receivable (or debtors) Turnover ratio:

It indicates the number of times on the average the receivable is turnover in each year.

The higher the value of ratio, the more is the efficient management of debtors. It measures

the accounts receivables in terms of number of days of credit sales during a particular

period.


Debtors Turnover Ratio = Net credit / Average debtors

Average collection period:

This ratio is a measure of the collectibles of accounts receivables and tells about how the

credit policy of the company is being enforced. It indicates on an average that credit sales

are pending uncollected by the concern. It shows the quality of debtors since it ventilates the

speed at which debtors arte collected.

The ratio may be calculated as:

Collected period = 365 / Debtors turnover ratio

(Or) Average debtors / Net credit sales * No of working days

3.Creditors (or accounts payable) ratio:

Creditors turnover ratio gives the average period enjoyed from the creditors and is

calculate as:

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Creditors turnover ratio = Credit purchases / Average accounts payable

Note: Average accounts payable = Creditors + Bills payable

Average payment period:

Average payment period indicate the speed with which payments for credit purchases

are made to creditors.

It is calculated as:

Average age of payables = Months (days) in a year / Creditors turnover ratio

(or) Average accounts payable / Credit purchases * Months (days) in a year.

Lower the ratio, the better is the liquidity position of the firm and higher the ratio it

denotes the greater credit period enjoyed by the firm.

4.Working Capital Turnover ratio:

This ratio shows the number of times working capital is turned-over in a sated

period.


Working capital turnover ratio = Sales / Net working capital

Note: Net working capital = Current assets Current Liabilities

LEVERAGE RATIO:

The term capital structure refers to the relationship between various (long-term)

Preference share capital and equity share capital including reserves and surplus. Leverage

or capital structure ratio is calculated to test the long-term financial position of a firm. It

helps in assessing the risk arising from the use of debt capital.

RATIO OF CURRENT LIABILITIES TO PROPRIETORS FUND

The ratio of current liabilities to proprietors fund establishes the relationship between

current liabilities and the proprietors funds and indicates the amount of long-term fundsraised by the proprietors as against short-term borrowing. This ratio may be calculated as:

Ratio of current liabilities to proprietors fund = current liabilities / proprietors fund

TOTAL INVESTEMENT TO LONG TERM LIABILITIES

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This ratio is calculated by dividing the total of long term funds by the long term

liabilities. It is calculated as:

Total investment to long term liabilities = Shareholders funds + Long term liabilities

/ Long-term liabilities

RESERVE TO EQUITY CAPITAL

This ratio indicates the relationship between the reserves and equity. It may be

expressed as:

Reserve to equity capital = Reserves/Equity share capital * 100

The ratio indicates how much profit the firm generally allocates for future growth.

Higher the ratio generally, better is the position of the firm

WIPRO

Balance Sheet ------------------- in Rs. Cr. -------------------

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Mar '12 Mar '11 Mar '10 Mar '09 Mar '08

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 491.70 490.80 293.60 293.00 292.30

Equity Share Capital 491.70 490.80 293.60 293.00 292.30

Share Application Money 0.00 0.70 1.80 1.50 58.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 23,860.80 20,829.40 17,396.80 12,220.50 11,260.40

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Networth 24,352.50 21,320.90 17,692.20 12,515.00 11,610.70Secured Loans 1.00 0.00 0.00 0.00 4.00

Unsecured Loans 5,242.20 4,744.10 5,530.20 5,013.90 3,818.40

Total Debt 5,243.20 4,744.10 5,530.20 5,013.90 3,822.40

Total Liabilities 29,595.70 26,065.00 23,222.40 17,528.90 15,433.10

Mar '12 Mar '11 Mar '10 Mar '09 Mar '08

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 8,807.80 7,779.30 6,761.30 5,743.30 2,282.20Less: Accum. Depreciation 4,158.00 3,542.30 3,105.00 2,563.70 0.00

Net Block 4,649.80 4,237.00 3,656.30 3,179.60 2,282.20

Capital Work in Progress 490.10 603.10 991.10 1,311.80 1,335.00

Investments 10,335.20 10,813.40 8,966.50 6,895.30 4,500.10

Inventories 785.10 724.90 606.90 459.60 448.10

Sundry Debtors 7,967.00 5,781.30 5,016.40 4,446.40 3,646.60

Cash and Bank Balance 3,435.70 2,334.20 1,938.30 1,902.10 3,732.10

Total Current Assets 12,187.80 8,840.40 7,561.60 6,808.10 7,826.80

Loans and Advances 8,135.90 6,756.80 5,425.90 4,202.00 4,231.30Fixed Deposits 2,797.10 2,869.10 3,726.00 2,507.10 0.00

Total CA, Loans & Advances 23,120.80 18,466.30 16,713.50 13,517.20 12,058.10

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 5,984.20 5,290.00 4,874.20 5,564.30 3,361.60

Provisions 3,016.00 2,764.80 2,230.80 1,810.70 1,380.70

Total CL & Provisions 9,000.20 8,054.80 7,105.00 7,375.00 4,742.30

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Net Current Assets 14,120.60 10,411.50 9,608.50 6,142.20 7,315.80

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 29,595.70 26,065.00 23,222.40 17,528.90 15,433.10

Contingent Liabilities 921.90 707.30 778.00 1,045.40 749.90

Book Value (Rs) 99.04 86.86 120.49 85.42 79.05

RATIO ANALYSIS

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share

INTERPERTATION:

An interpretation is an assignment of meaning to the symbols of a formal language.

Many formal languages used in mathematics, logic, and theoretical computer science are defined

in solely syntactic terms, and as such do not have any meaning until they are given some

interpretation. The general study of interpretations of formal languages is called formal

semantics.

The interpretation of Wipro is quite good. The ratio analysis says that all the departments

of the company are doing their best and it is in interpretation sequence

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http://en.wikipedia.org/wiki/Symbol_(formal)http://en.wikipedia.org/wiki/Formal_languagehttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Logichttp://en.wikipedia.org/wiki/Theoretical_computer_sciencehttp://en.wikipedia.org/wiki/Formal_semantics_(logic)http://en.wikipedia.org/wiki/Formal_semantics_(logic)http://en.wikipedia.org/wiki/Formal_semantics_(logic)http://en.wikipedia.org/wiki/Symbol_(formal)http://en.wikipedia.org/wiki/Formal_languagehttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Logichttp://en.wikipedia.org/wiki/Theoretical_computer_sciencehttp://en.wikipedia.org/wiki/Formal_semantics_(logic)http://en.wikipedia.org/wiki/Formal_semantics_(logic)


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SUGGESTION:

Wipro is the ideal company for the investor to invest, creditors to give product on credit

and good for employees as they are assured for their salary as it has a very good financial

position.

CONCLUSION:

As we well known Wipro is one of the leading software companies in our country. This

company is having a great potential for growth both for investors, shareholders, employees and

business partners. Hence they can enhance their companys potential to a great extent.

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