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Summer Training Project Report Of Financial Analysis of Re/Max India Submitted in

partial fulfilment of the requirements for the Master’s Degree in Business Administration
Of Chandigarh University, Gharuan, Mohali Submitted To: Internal Guide External Guide:
Name: Prof. Sheena Chopra Name: Mr. Sachin Shukla Designation: Assistant Professor
Designation: Chief Finance Officer Chandigarh University Company Name : RE/MAX
INDIA Gharuan, Mohali Location: Faridabad, Haryana Submitted By: Adarsh Arora
18MBA1073 Chandigarh University, Gharuan, Mohali Batch 2018-2020
 Acknowledgement A project like this requires an immense effort, support and
encouragement from all the sides.

I would like to express my gratitude and thank to all those who gave me the opportunity
of test and responsibility to complete this project. I would like to express my sincere
thanks and humble regards to Chandigarh University, Gharuan, Mohali for giving us the
opportunity to have a valuable professional training in MBA. I would also like to express
my gratitude to Prof. SHEENA CHOPRA (Faculty Guide) for his advice and motivation in
completing the project.

I would also like to thank Mr. Sachin Shukla (Company Guide) {Chief Finance Officer} for
giving me the opportunity to work me in this project report and helped me in dealing
with the problems faced by me during the project by providing valuable suggestions to
it. I am also thankful to senior batch students for providing me their stimulation report.

Regards ADARSH ARORA

 Certificate I have the pleasure in certifying that Mr. Adarsh Arora is a bonafide student
of IIIndSemester of the Master’s Degree in Business Administration ( Batch 2018-2020),
of Chandigarh University, Gharuan, Mohali, Punjab with UID No. 18MBA1073. He has
completed his project work entitled Financial Analysis of RE/MAX INDIA Under my
guidance.

I certify that this is his original effort & has not been copied from any other source. This
project has also not been submitted in any other institute / University for the purpose of
award of any Degree. This Project fulfils the requirement of the curriculum prescribed by
this university for the said course.

I recommend this project work for evaluation & consideration for the award of Degree
to the student. Signature :__________ Name of the Guide: __________ Designation
:__________ Date :__________ /
 / Executive Summary I have done my internship training at RE/MAX India Faridabad
branch, Haryana, as part of my MBA curriculum. The span of my internship is of 45 days
(1 June 2019 to 15 July 2019).

My job role during this span is Financail Analyst and Accountant. The report gives an
overview of the Real Estate industry and expands on the strategies executed by RE/MAX
India. Summer training at REMAX INDIA has been a period of great experience and
learning which gave an insight to the functioning of the Finance and Accounts
Departments of the company The report also explains about the industry ratios (one of
the financial analysis tool).

In this course of the report I was supposed to analyze the data that provides me with
the information regarding the financial analysis of RE/MAX INDIA. Some industry related
ratios, are measured and analyzed like growth rate, shareholder’s fund and these ratios
shows the strength and/or weakness of the business of the company. It also includes the
varieties of services provided by the company
List of Contents Chapter _Contents _Page No.

_ _ _Acknowledgement _01 _ _ _Internal Guide Certificate _02 _ _ _Company Training

Certificate _03 _ _ _Certificate of Appreciation _04 _ _ _Executive Summary _05 _ _1.
_Introduction: Objective of the Report What is Real Estate? Real Estate Investing and
Market Trend About RE/MAX INDIA Growth of RE/MAX INDIA Team of RE/MAX INDIA
Mission and Vision _9 10 11 12 13 14 15 16 _ _2.

_Literature Review Introduction To Financial Statement Meaning And Concept Authors

with their past conducted studies Tools And Techniques Source of Secondary Data Why
To Appy These Tools Conclusion _17 18 18 19 21 22 24 25 _ _ 3. _Research Methodology
Purpose of the Study Research Objective of the Study Research Methodology of the
Study Research Design Data Collection Technique Source of Data Sample Design
Population Sample Size Sampling Method Methods of Data Collection Drafting of
questionnaire Limitations _26 27 28 29 29 29 30 32 32 32 33 _ _4.

_Analysis And Data Interpretation Introduction of F.S. Analysis and Analytical Method
Used Comparative Statement Comparative Balance Sheet Comparative Income
Statement Common Size Statement Common Size Balance Sheet Common Size Income
Statement Ratio Analysis Current Ratio Quick Ratio Debt Equity Ratio Net Profit Ratio
Inventory Turnover Ratio Working Capital Ratio Working capital Turnover Ratio _34 35
36 37 40 42 42 45 47 49 51 53 55 57 57 61 _ _5. _Findings And Interpretation _63 _ _6.
_Conclusion _65 _ _7.

_Suggestions and Reccomendations _66 _ _8. _Limitations _67 _ _9. _Bibliography and
References _68 _ _10. _Annexure _69 _ _
 List of Tables and Figures Table No. _Contents _ _1 _Day Wise Progress Report _ _2
_Comparative Balance Sheet _ _3 _Comparative Income Statement _ _4 _Common Size
Balance Sheet _ _5 _Common Size Income Statement _ _6 _Current Ratio _ _7 _Quick
Ratio _ _8 _Debt Equity Ratio _ _9 _Net Profit Ratio _ _10 _Working Capital Ratio _ _11
_Working Capital Turnover Ratio _ _ Figure No.

_Contents _ _1 _Types of Real Estate _ _2 _Showing Real Estate Market Trend _ _3

_Re/Max Team _ _4 _Liquid Ratio _ _5 _Trend of Comparative Balance Sheet _ _6 _Trend
of Comparative Income Statement _ _7 _Current Assets in 2017 _ _8 _Current Assets in
2018 _ _9 _Profit in 2017 _ _10 _Profit in 2018 _ _11 _Increase in Profit _ _12 _Ratio
Analysis _ _13 _Current Ratio Of 2015-2018 _ _14 _Current Ratio Trend _ _15 _Quick Ratio
_ _16 _Quick Ratio Trend _ _17 _Debt Equity Ratio Trend _ _18 _Net Profit ratio Trend _
_19 _Working Capital Ratio Trend _ _20 _Working Capital Turnover Ratio Calculation _
_21 _Working Capital Turnover Ratio _ _ Chapter 1 Introduction
 INTRODUCTION Objective Of The Report This is the great opportunity for all the MBA
students to grab the practical knowledge and enhance their skills by doing summer
internship.

This is the perfect program to offer the chance to the MBA students to learn in an
industry by giving an opportunity to upgrade our aptitudes and skills. The main
objectives of my summer internship programme are:- To know about the services being
offered by the company to its customers and other companies. To analyze the strategies
and policies being adopted by the company.

To know the company’s working environment and its culture in real life experience by
working in the organization. To analyze the financial strength about the company. To
Know Liquidity position of the company. Investors, to know about the present and
future profitability of the company and its financial structure. To know Management, in
every aspect of the financial analysis. To enhance my learning by direct exposure to the
corporate world.
 What Is Real Estate? Real Estate/ is the building, flats, apartments, property, structures
over the land and underground the land. The term land implies genuine or physical
property. "Real" originates from the Latin word res, or things. Others state it's from the
Latin word rex, signifies "Royal," since lords and kings used to possess all land in their
kingdoms. The U.S.

Constitution at first limited democratic rights to just proprietors of land. Real Estate
Types: Residential land includes both new development and resale homes. The most
widely recognized cluster is single family houses. There are likewise condominiums
apartment suites, co-ops, townhouses, duplexes, triple-deckers, quadplexes,
high-esteem homes, multi-generational and Vacation homes.

Business land incorporates shopping plazas and strip shopping malls, medicinal and
Educational buildings, inns and workplaces. Apartments are regularly viewed as
business, despite the fact that they are utilized for habitations. That is on the grounds
that they are possessed to generate income. Industrial Real Estate producing Buildings
and property, as well as distribution centers.

The buildings can be utilized for research, creation, stockpiling, and distribution of
products. Some of the buildings that convey merchandise are viewed as business land.
The grouping is significant in light of the fact that the zoning, development, and sales
are handled in a different ways.

Land incorporates empty and vacant property and working farms. The subcategories
inside vacant or unequipped land, which includes undeveloped, early advancement or
reuse, subdivision and site get together. What New Home Statistics Tell You About the
Real Estate Market ? Figures about new home development are significant driving
monetary markers.

That implies they will surrender you a heads on the fate of the housing market. The
diagram below represents the number of new exclusive housing units began somewhere
in the range of 2000 and 2019. ABOUT RE/MAX INDIA RE/MAX, (Real Estate Maximums),
is an American real estate company that works through a franchise system all over the
world.

Since 1999 the company held the first position in market share in the U.S. and Canada,
till 2013. RE/MAX has more than 125,000 agents in 7500 offices. RE/MAX has a network
in about 100 countries. India is the 73rd country in the worldwide system of RE/MAX
International. In the year 2009, Samir Chopra started RE/MAX as revolution in the land
business of India.
RE/MAX India is quickly extending its development opportunities and catching the
future to turn an undisputed market pioneer in land exchanges. This company was
established in early January,1973 by Dave Liniger and Gail Main. The organization was
built up with a most extreme commission idea, which means operators would keep
almost the majority of their bonuses and pay a portion of the office costs, instead of a
portion of the commission they earned. In 1975, Dennis Curtin acquired the RE/MAX
establishment outside the Colorado,Kansas City, Missouri.

The organization had more than 100 franchises in two years. RE/MAX held its first show
in Las Vegas in 1976. It turned into a yearly occasion.
GROWTH OF RE/MAX In 2006, RE/MAX refreshed their corporate website to incorporate
postings for all U.S. homes available for sale, including properties being sold by
competitors.

In 2007, the organization set up RE/MAX University, which is an online educational

platform that includes a preparation library. By 2009, the organization had
establishments in 70 countries. In April 2010, the Obama Administration reported the
"Home Affordable Foreclosure Alternatives" (HAFA) event.

The day the declaration was made, pioneers from the U.S. Treasury Department and
Bank of America initiated in a live, the activity at RE/MAX Headquarters in Denver held
by CEO of the company ,Dave Liniger. RE/MAX ventured into China in 2014 by opening
an office in Beijing.

Before the finish of 2015, the quantity of RE/MAX operators outside North America was
more than 25,000, denoting a yearly development of 15.4%. The organization's operator
include in Europe was more than 15,000. As of 2016, RE/MAX works in around 100
nations and has in excess of 115 sight-seeing balloons in activity — biggest corporate
sight-seeing balloon fleet in the world.

In 2016, they named Re/Max Results, a franchisee of Minnesota and Wisconsin as their
biggest franchisee with in excess of 1200 specialists and workers, and averaging in
excess of 25 transactions for every operator. In 2018, previous leader of the organization
Geoff Lewis, Co-Founder and co-CEO Dave Liniger stepped down from their jobs.

Responsibilities, authorities and duties were handed over to CEO of the company, Adam
Contos. In 2019, RE/MAX proceeded with their China extension by having franchisee
opening offices in Shenzhen, Guangdong. RE/MAX INDIA’s TEAM MISSION AND VISION
OF RE/MAX INDIA MISSION RE/MAX represents Real Estate Maximums - Maximum
fulfilment for customers, agents, and Franchise owners.

The RE/MAX overall marvel depends on the notable rule of maximise income potential
by empowering affiliated self employed negotiators to hold the greater share of
commissions on their individual deals. With an unparalleled support structure to back
them up, this model creates exceptionally energetic Sales Associates who contribute
most maximum efforts.

This guarantees a higher level of administration for sellers and buyers , bringing about
maximum customer satisfaction. Furthermore, with a group of self employed negotiators
RE/MAX Franchise Owners can build their business without expanding overheads, and
increases profit In Short, everyone wins with RE/MAX! VISION To guarantee that every
Sales Agent, Franchise Office, Regional Franchisee and each Institutional Franchisee
whether possessed or free is beneficial, positive, enthusiastic and proactive.

Creating premium quality land establishment framework, giving supported an incentive

to end clients and network. Be reconised and regarded as a Leader of Innovation and
Sustainability in the area. Each and every town and city inside India with equivalent
enthusiasm to improve Customer delight.

Be regarded in the market as the benchmark for significant advancement and

responsibility, increasing the value of investors, Franchises purchasers, end clients and
the network.
 Chapter 2 Literature Review 2.LITERATURE REVIEW
2.1.Introduction to Financial Statement Finance is characterized as the arrangement of
cash when it is required. Each venture needs to begin and complete its activity.

Finance is the backbone of an association. Consequently, ought to be overseen

successfully. Budget reports are arranged essentially for basic leadership. F.S.
Examination of data refers to the way toward deciding quality and shortcoming of the
firm by appropriately building up key connection between the things of the asset report
and P&L account.

There are different strategies and methods utilized in breaking down financial reports,
for example, Trend Analysis, Common size statement, calendar of changes in working
capital, fund flows and cash flows, cost volume profit analysis and proportion
examination and other usable information. The Analysis of Financial Statement is utilized
for decision making for different gatherings. 2.2.Meaning and Concept of Financial
Analysis The term 'Financial Analysis' (also called examination and interpretation of
monetary statements) refers to the way toward deciding budgetary health and
shortcoming of the firm by building up vital connection between the things of the
Balance Sheet report and P&L account and employable information.

As per Metcalf and Titard, "Analysing Financial Statement is a procedure of assessing the
connection between segment some portion of a fiscal summary to get a superior
comprehension of an uncompromising stance's and execution". 2.3 AUTHORS WITH
THEIR PAST CONDUCTED STUDIES Zafar S.M.Tariq & Khalid S.M (2012) the study
explored that ratios are calculated from financial statements which are prepared as
desired policies adopted on depreciation and stock valuation by the management. Ratio
is simple comparison of numerator and a denominator that cannot produce complete
and authentic picture of business.

Results are manipulated and also may not highlight other factors which affect
performance of firm by promoters. Ray Sabapriya (2012) studied the sample of
automobile companies to evaluate the performance of industry through indicators
namely sales, production and export trend etc for period of 2003-04 to 2009-10.

The study finds that automobile industry has been passing through disruptive phases by
over debt burden, under utilization of assets and liquidity instability. The researcher
suggested to improving the labour productivity, labour flexibility and capital efficiency
for success of industry in future. Rapheal Nisha (2013) the author tries to evaluate the
financial performance of Indian tyre industry.
The study was conducted for period 2003-04 to 2011-12 to analyze the performance
with financial indicators, sales trend, export trend, production trend etc. The result
suggests the key to success in industry is to improve labour productivity and flexibility
and capital efficiency. Hotwani Rakhi (2013) the author examines the profitability
position and growth of company in light of sales and profitability of Tata Motors for
past ten years.

Data is analyzed through rations, standard deviations and coefficient of variance. The
study reveals that there not exists a strong relationship between sales & profitability of
company. Idhayajothi, R et al (2014) the main idea behind this study is to analyze the
financial performance of Ashoka Leyland ltd. at Chennai.

The result shows that financial performance is sound and also suggested to improve
financial performance by reducing the various expenses. Huda Salhe Meften & Manish
Roy Tirkey (2014) have studied the financial analysis of Hindustan petroleum
corporation ltd. The study is based on secondary data. The company has got excellent
gross profit ratio and trend is rising in with is appreciable indicating efficiency in
production cost.

The net profit for the year 2010-11 is excellent & it is 8 times past year indicating
reduction in operating reduction in operating expenses and large proportion of net
sales available to the shareholders of company. Surekha B. & Krishnalah K.Rama (2015)
this study reveals the prosperity of Tata motors company. It can be concluded that inner
strength of company is remarkable.

Company can further improve its profitability by optimum capital gearing, reduction in
administration and financial expenses for the growth of company. Maheswari, V. (2015)
made an attempt to analyze the financial soundness of the Hero Honda motors limited
have identified three factors, namely liquidity position, solvency position and
profitability position based on the study of period 2002 to 2010 using ratio analysis.
Jothi, K. & Kalaivani, P.

(2015) studied the comparative performance of Honda Motors and Toyota Motor that
both companies have satisfactory short term liquidity position. As for as cash ratio
concerned Honda company has upper hand upper hand in sound cash management
practice during the study period. In case of profitability it is rising from the both of
companies but remained much higher earning potential in Honda motor ltd.

Kumar Rakesh Rasiklalajani & Bhatt Satyaki J. (2015) the proposed research is intended
to examine the trend and pattern of financing the capital structure of Indian companies.
The study is to analyze the determinants of total debt ratios as well as determinants of
short term and long term ratios. Jothi, K. & Geethalakshmi, A.

(2016) this study tries to evaluate the profitability & financial position of selected
companies of Indian automobile industry using statistical tools like, ratio analysis, mean,
standard deviation, correlation. The study reveals the positive relationship between
profitability, short term and long term capital. Nick Mansley and Zilong Wang Currency
Risk Management for Investors in Asia Pacific Non-Listed Real Estate Funds Currency
movements potentially have a major impact on the domestic currency cashflows from
international real estate investments and understanding and managing currency risk is
therefore an important part of the investment process.

This research explores how investors in Asia Pacific non-listed real estate vehicles
approach these issues and uses a simulation analysis to explore the impact of different
hedging strategies. The real estate literature highlights how currency volatility can
potentially offset the diversification benefits from international real estate portfolios.

The literature highlights that it is appropriate for large multi-asset investors to manage
currency at an aggregate level. It also suggests that different hedging strategies might
be appropriate for different investors and that 100% hedging may not be appropriate
for some investors in some markets.

Jinhai Yan and Helen X H Bao Behavioural Analysis of Housing Satisfaction with
Relocations: Field Evidence from China This paper proposed a theoretical framework
based on prospect theory to explain the
determinants of housing satisfaction among relocated residents. We test the two most
important elements of prospect theory, namely, reference point dependence and loss
aversion.

For reference point dependence, we investigate the presence of both internal and
external reference points; for loss aversion, we test its effect directly by comparing
coefficients in loss and gain domains and indirectly by verifying the presence of the
endowment effect. Our study area is Xiamen, China, where the recent urbanization
frenzy provides a natural experiment setting to reliably test our hypotheses.

Our empirical findings provide convincing evidence to support the four hypotheses
developed from prospect theory, indicating that prospect theory is a working theory to
better understand the motivations and concerns of relocated residents. Policy
recommendations are subsequently derived to reduce social conflicts and disharmony
caused by urban redevelopment and relocations.
Jan-Otto Jandl and Franz Fuerst Information Supply and Demand in Securitized Real
Estate Markets This study introduces a novel approach to explaining the short-term
market movements of Real Estate Investment Trusts (REITs) utilizing Big Data Analytics.
While literature provides several explanations for the variation of industry returns, there
has been little empirical evidence of whether these patterns are attributable to the ?ow
of information.

We extract news sentiment as a proxy for information supply based on agency news and
additionally investigate web search queries as an indicator for information demand.
Analyzing REIT markets in the UK and US indicates a consistent pattern across both
countries.. Further, we exhibit that particularly ?nance-speci?c news sentiment measures
signi?cantly contribute to explaining NAV spreads.

Hence, the application of different metrics for information supply and demand for the
UK and the US yields diverse impacts on developments in securitized real estate
markets. Keywords: Behavioral Finance, Big Data Analytics, Net Asset Value, News
Sentiment, Online Search Behavior 2.4 Tools & Techniques Financial Analysis
Comparative Analysis Common Size Statement Ratio Analysis Current Ratio Quick Ratio
Net Profit Ratio Debt Equity Ratio Working Capital Ratio Working Capital Analysis
Working Capital Turnover Ratio Comparison Of working capital of past two years 2.5

Source Of Secondary Data Balance Sheet of Re/Max India BUSINESSEX CYBIZ REALTY
SERVICES Pvt Ltd - Audit 18 _ _ _ _405B, 4TH FLOOR, PINNACLE TOWER _ _ _
_SURAJKUND ROAD, NEAR VIVANTA BY TAJ HOTEL _ _ _ _BEHIND ATRIUM HOTEL,
FARIDABAD _ _ _ _Balance Sheet _ _ _ _1-Apr-2017 to 31-Mar-2018 _ _ _ _ _BUSINESSEX
CYBIZ REALTY SERVICES Pvt Ltd - Audit 18 _ _BUSINESSEX CYBIZ REALTY SERVICES Pvt
Ltd - Audit 18 _ _Liabilities _as at 31-Mar-2018 _Assets _as at 31-Mar-2018 _ _Loans
(Liability) _ _Capital Account _ _ _FRANCHISE INDIA BRANDS LIMITED _ _RESERVE &
SURPLUS _13196751.08 _ _Current Liabilities _ _Share Capital - Businessex Solutions Pvt
Ltd _-51000.00 _ _Duties & Taxes _4804135.25 _Share Capital - Samir Chopra _-49000.00
_ _Sundry Creditors _16547102.01 _Fixed Assets _ _ _ADVANCE FROM CUSTOMER
_2865000.00 _BIOMETRIC DEVICE _ _ _EMPLOYEE ADVANCE _61002.00 _CCTV
CAMERA/DVR _ _ _AUDIT FEES PAYABLE _140000.00 _COMPUTER/LAPTOP _239874.37 _
_SALARY PAYABLE _3380061.00 _COMPUTER/LAPTOP (Ex) _152000.00 _ _SUSPENSE A/C
_ _SPEAKER _ _ _ _ _Current Assets _ _ _ _ _Closing Stock _ _ _ _ _Sundry Debtors
_6178390.98 _ _ _ _Cash-in-Hand _1121884.50 _ _ _ _Bank Accounts _4511792.33 _ _ _
_ADVANCE TO SUPPLIER _1157600.00 _ _ _ _DEFERRED TAX _9400.00 _ _ _
_PRELIMIMERY EXPENSES _3203.00 _ _ _ _SECURITY AGAINST RENTAL PROPERTY _ _
_ _ _SECURITY-OFFICE RENT 604 _630000.00 _ _ _ _TDS RECEIVABLE _696404.00 _ _ _
_Profit & Loss A/c _ _ _ _ _Opening Balance _ _ _ _ _Current Period _13206151.08 _ _ _
_Less: Transferred _-13206151.08 _ _Total _ _Total _27797300.26 _ _ Income Statement
of Re/Max India AARTI INTERNATIONAL LIMITED, LUDHIANA (Stand alone) _ _ _ _ _ _ _
_ PROFIT & LOSS STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2017 and 18
_(Amount in Rs.) _ _ _ _ _ _ _ _PARTICULARS _ _ _2017.00 _2018.00 _ _INCOME _ _ _
_ _ _Revenue from Operations _43379710 _45565200 _ _ _ _ _ _ _ _TOTAL REVENUE (I)
_ _43379710 _45565200 _ _ _ _ _ _ _ _EXPENDITURE _ _ _ _ _Cost of Material
Consumed _15515050 _14562200 _ _DRESS (UNIFORM) _ _85700 _94212 _ _GRYPHTECH
CHARGES _967709 _266350 _ _TRAVEL _ _ _3350000 _3500000 _ _AUDIT FEES _ _140000
_150000 _ _BANK CHARGES-GST _62163 _45215 _ _BUSINESS PROMOTION EXPENSES
_32333 _26225 _ _COMPUTER BEG _ _1172 _2698 _ _CONSULTANCY CHARGES _15000
_12465 _ _CONVEYANCE EXPENSES _837663 _501510 _ _DEPRECIATION _ _181600
_165200 _ _FOREGIN EXCHANGE FLUCTUATION _41472 _56250 _ _GST Tax Paid _ _12769
_15005 _ _INCENTIVE _ _1133125 _98000 _ _SALARY _ _ _2232926 _45000 _ _TELEPHONE
EXPENSES _38384 _45000 _ _ _ _ _ _ _ _ _ _ _ _ _ _TOTAL EXPENSES (II) _24647066
_19585330 _ _ 2.7

Why to Apply Financial Statement Analysis The primary objective of F.S.Analysis is to

understand and diagnose the information contained in the F.S. with the view to judge
the profitability of financial soundness of the firm and to make forecast about future
possibilities of the firm. 1. To access the earning capacity/profitability of the firm. 2. To
access the operational efficiency & managerial effectiveness. 3.

To access the short term as well as long term solvency of the firm. 4. To identify the
reasons for change in profitability and financial position of the firm. 5. To make inter
firm comparison. 6. To make forecast about future prospects of a firm. 7. To assess the
progress of a firm over a period of time. 8. To help in decision making and control.

Why to Apply Ratio Analysis – To work out the profitability: Accounting ratio help to
calculate the profitability of thefirm by calculating the various profitability ratios It helps
The management to know about the earning capacity of the business concern - In this
way profitability ratios displays the actual performance of the firm. There is no huge
increase in profitability ratios of RE/MAX INDIA. On other side existing established Real
Estate Company the profit margin and ROI are good.

To work out the solvency - With the help of solvency ratios, solvency of the firm or
business can be calculated. These ratios displays the relationship between the liabilities
and assets of the company. In case if liabilities are more than the assets of the company,
it shows unstable position of the business.
In this case the firm has to make it possible to repay its Credits. 2.8 Conclusion The
financial Statement analysis of the company helps to comapre the last yer data with the
present one, which helps to seekers like investors in analysing , shareholders. Its also
helps in to state the financial position o f company in the ,market.

The steps can taken to control and manage the fianancial position of the company.
Ratio analysis helps the company to know its current year profits and working capital. It
also helps to know the company , whether it has sufficiant Current assets to pay off its
Obligations. Chapter 3 Research Methodology
 3.RESEARCH METHODOLOGY 3.1. Purpose of The Study This report is based on
primary as well as secondary data, however primary data collection was given more
importance since it is overhearing factors in attitude studies.

One of the most important uses of research methodology is that it helps in identifying
the problem, collecting, analysing the required information data and providing an
alternative solution to the problem. There are various questions aroused from the
analysis and study of the financial statement of the company What is the financial
strength and health of the company Is company’s profitability is adequate Why is there
liquidity problem though profitability is good? Why no reasons for changes in assets,
liabilities and equity between two dates? Why no dividends are paid though there are
good profits? From where have come cash flows and how they are applied? These and
many other questions need answers, which can be possible when the financial
statements are suitably analyzed. Thus F.S.analysis is done to have meaningful
interpretation of financial data available in financial statements to serve specific purpose
of organizations of such information for their decision making this involves identifying
the purpose and selecting suitable method of analysis. Financial statement analysis is
very important to a company.

Research Objective of the Study To analyses the financial position of the RE/MAX INDIA.
To compare the market position of the RE/MAX INDIA with its competitors. To find out
the consolidated position of the RE/MAX INDIA . To find out the future prospective of
the company. The purpose of this project is to help the top management of the
organization in decision making regarding the subject matter.

Calculation of Financial statement and ratio is only the difficult task whereas the
interpretation of its needs technical skills and foresightedness. One of the easiest and
most relevant way of evaluate the performance of the organization is to compare its
Current ratio with the past ones called comparison It provides the direction of change
and reflects whether the organizations financial position and predominance has
improved or get deteriorated or remained constant over the period of time.
 3.3Research Methodology of the Study 3.3.1.Research Design Research is a deep
examination to discover new information or relationship and to expand and verify
existing data and knowledge.

Therefore, we used descriptive research in this study because it will ensure the
minimization of biasness and maximization of reliability of data collected. 3.3.2.Data
Collection Technique The data of the is collected by 2 methods: 1. Primary data 2.
Secondary data. Primary data is collected through collecting information from company
officers, from external guide, CFO of the company.

Secondary data, which is secondary in nature i.e. already, collected, printed, published,
research papers etc, This secondary data is collected through Company’s Financial
Report and discussion with them. Interpretation of: Balance sheet Profit and loss
account Annual reports 3.3.3Source of Primary And Secondary Data Days _Particulars _
_Day 1 _Induction / Orientation _ _Day 2 _Assigned me the contents and learning for the
same for the next upcoming days _ _Day 3 _Passing Journal entries and verifying them in
tally, for accuracy of the books of accounts _ _Day 6 to 10 _Billing of the invoice and
data entry in tally. _ _ _Making Performa of Balance Sheet, Profit and Loss Account, Cash
Flow Statement, and other documents in Excel.

_ _Day 11 To Day 15 _How to actually calculate the WC of the company through balance
sheet and its uses _ _Day 16 to Day 20 _Passing Journal Entries, Data Entry, Billing. _ _
_Maintaining Financial books (Hypothetical Figures) _ _ _Working on fair progress report
and making a to do list for the next upcoming intern days _ _Day 21 to 25 _Billing of the
invoice and data entry in tally. _ _ _Checking whether the entered data is correct or not.

_ _Day 26 To Day 30 _Analyzing the financial position through balance sheets. And
Comparing Balance Sheets. _ _Day 31 to Day 45 _Passing Journal Entries, Data Entry,
Billing. _ _ _Maintaining Financial books (Hypothetical Figures) _ _ _Working on fair
progress report and making a to do list for the next upcoming intern days Calculating
Ratios to find the financial position and strength of the company How to write an formal
e-mail and what are do and don’ts Types of cheque writing with their meaning.

__
 3.3.4.SAMPLING DESIGN 3.3.4.1. Population: RE/MAX INDIA , company is taken into
consideration as a population. 3.3.4.2.Sample Size: 2 year financial report of . RE/MAX
INIA. 3.3.4.3.Sampling Method: Convenience Sampling under non probability sampling
is applied in this study. Convenience sampling is a non-probability sampling technique
where subjects are selected because of their convenient accessibility and proximity to
the researcher.

3.3.5.Methods Of Data Collection Basically secondary data was collected in this research.
Information from the company records, financial documents and balance sheets Data
collection through internet 3.3.6. Drafting Of Questionnaire The project is based on the
secondary data, there is no such questionnaire has been drafted for this project.
3.3.7.Limitations The study provides an insight into the financial matters only, every
study will be bound with certain boundaries and this study limited up to financial
matters only.

One of the factors of the study was lack of availability of accurate information. Most of
the information has been kept confidential and imaginary figured are used thereof , as
such as not assed as art of policy of company. Time is an important limitation. The
whole study was conducted in a period of 45 days, which is not sufficient to carry out
proper interpretation and analysis.

This study is related to the financial position of the company for the two Financial years
only.
Chapter 4 Data Analysis & Interpretation
 4.ANALYSIS & INTERPRETATION 4.1. Introduction of Financial Statement Analysis The
analysis of financial statement contains the study of relationship and fluctuating trends
to evaluate whether or not the financial health and position , result of operations as well
as the financial progress of the company are satisfactory or unsatisfactory.

The analytical methods or techniques, listed here are used to calculated or measure the
relationships between the financial statement items of a single set of statements and the
ups and downs that have taken place in these particulars as shown in successive or last
year financial statement. The main objective of any analytical method is to simplify or to
ease the data under review to make it more understandable terms.

Analytical methods and devices used in analysing financial statements are as follows 1
Comparative Statement 2 Common Size Statement 3 Ratio Analysis
4.2. Comparative Statement The F.S. are so designed as to provide time variance to the
various types of elements of financial stage contained therein. These statements
provides data and information for all the intervals stated so as shows: (a) Absolute
values of each of the period stated(cash).

(b) Ups and downs in absolute data in terms of money values. (c) Increase and decrease
in terms of percentage change. (d) Comparison expressed in ratios (e) Percentages of
total to know what is the actual difference. The Comparative Financial Statements
Analysis is statements displays the financial position at various period of time intervals.

The elements of financial position are shown in a comparative form will be covered in
comparative statement from practical point of view generally two financial statements 1
Balance Sheet 2 Income Statements 4.2.1.Comparative Balance Sheet – The Comparative
Balance Sheet analysis the study of the trend of the same items, group of items, and
computed items in two or more balance sheet of the same firms or organistation on
different dates. The change in periodic balance sheet displays the conduct of a business.

The change can be observed by comparison of the balance sheet at the initial stage and
at end of period and these changes can help in forecasting about the strength of an
enterprise. The comparative balance sheet has two columns for the data of original
balance sheet. A third column is used to show the increase in the figures and the fourth
column may be used to show percentage increase and decrease.
 COMPARATIVE BALANCE SHEET OF RE/MAX INDIA. Liability _2017 _2018 _Difference
_% change _ _Loans (Liability) _0 _ _ _ _ _FRANCHISE INDIA BRANDS LIMITED _ _ _ _ _
_Current Liabilities _ _ _ _ _ _Duties & Taxes _4804130 _5765200 _961070 _0.166702 _
_Sundry Creditors _16547100 _1769520 _-14777580 _-8.35118 _ _ADVANCE FROM
CUSTOMER _2865000 _5245600 _2380600 _0.453828 _ _EMPLOYEE ADVANCE _61000
_523360 _462360 _0.883445 _ _AUDIT FEES PAYABLE _1400000 _145000 _-1255000
_-8.65517 _ _SALARY PAYABLE _3380060 _3900000 _519940 _0.133318 _ _ _ _ _ _ _
_Total Liabilities _29057290 _17348680 _-11708610 _-0.6749 _ _ _ _ _ _ _ _Assets _ _ _
_ _ _Equity and shareholders _ _ _ _ _ _RESERVE & SURPLUS _13196750 _1578950
_-11617800 _-7.35793 _ _Share Capital - Businessex Solutions Pvt Ltd _-51000 _54000
_105000 _1.944444 _ _Share Capital - Samir Chopra _-49000 _50000 _99000 _1.98 _
_Fixed Assets _ _ _0 _ _ _COMPUTER/LAPTOP _2398700 _2900000 _501300 _0.172862 _
_COMPUTER/LAPTOP (Ex) _152000 _180000 _28000 _0.155556 _ _Current Assets _ _ _0
_ _ _Closing Stock _ _ _0 _ _ _Sundry Debtors _6178390 _11490830 _5312440 _0.46232
_ _Cash-in-Hand _2500000 _1000000 _-1500000 _-1.5

_ _Bank Accounts _3561250 _25000 _-3536250 _-141.45 _ _ADVANCE TO SUPPLIER

_1157600 _55000 _-1102600 _-20.0473 _ _DEFERRED TAX _9400 _9400 _0 _0 _
_PRELIMIMERY EXPENSES _3200 _5500 _2300 _0.418182 _ _ _ _ _0 _ _ _Total Assets
_29057290 _17348680 _-11708610 _-0.6749 _ _ _ _ _ _ _ _Net Current Assets _ _ _ _ _
_Current Assets _13409840 _12585730 _-824110 _ _ _Current Liability _29057290
_17348680 _-11708610 _ _ _Working Capital _-15647450 _-4762950 _10884500 _ _ _
 / Figure 5.

Trend of Comparative Balance Sheet Interpretation of the above Balance sheet Working
Capital is increased from (15647450) to (4762950), which is a positive signal for the firm
because increase in Working Capital leads to a better financial position and company
have more funds to do business activities but it still in negate in nature which is overall
not beneficial There has been a drastic fall in cash balance (2500000-1000000) is
-1500000. This reflects an adverse cash position.

Fixed Assets has been increased by 529300 and even the Share Capital Has been
increased by 204000 . Current Assets have been decreased by -824110 this shows that
company used the funds of share capital to invest in current assets and want to make its
liquidity situation better.
 4.2.2.Comparative Income Statement Comparative income statement or profit and loss
account shows the operating results for a number of accounting periods and changes in
data significantly in absolute periods and changes in the data significantly in absolute
money terms and percentages. COMPARATIVE INCOME STATEMENT OF RE/MAX INDIA
PARTICULARS _2017.00 _2018.00 _DIFFERENCE IN AMOUNT _% change _ _INCOME _
_ _ _ _ _Revenue from Operations _43379710 _45565200 _2185490 _5 _ _ _ _ _0 _ _
_TOTAL REVENUE (I) _43379710 _45565200 _2185490 _5 _ _ _ _ _0 _ _ _EXPENDITURE
_ _ _0 _ _ _Cost of Material Consumed _15515050 _14562200 _-952850 _-6 _ _DRESS
(UNIFORM) _85700 _94212 _8512 _10 _ _GRYPHTECH CHARGES _967709 _266350
_-701359 _-72 _ _TRAVEL _3350000 _3500000 _150000 _4 _ _AUDIT FEES _140000
_150000 _10000 _7 _ _BANK CHARGES-GST _62163 _45215 _-16948 _-27 _ _BUSINESS
PROMOTION EXPENSES _32333 _26225 _-6108 _-19 _ _ _1172 _2698 _1526 _130 _
_CONSULTANCY CHARGES _15000 _12465 _-2535 _-17 _ _CONVEYANCE EXPENSES
_837663 _501510 _-336153 _-40 _ _DEPRECIATION _181600 _165200 _-16400 _-9 _
_FOREGIN EXCHANGE FLUCTUATION _41472 _56250 _14778 _36 _ _GST Tax Paid _12769
_15005 _2236 _18 _ _INCENTIVE _1133125 _98000 _-1035125 _-91 _ _SALARY _2232926
_45000 _-2187926 _-98 _ _TELEPHONE EXPENSES _38384 _45000 _6616 _17 _ _ _ _ _
_ _ _ _ _ _ _ _ _TOTAL EXPENSES (II) _24647066 _19585330 _-5061736 _-21 _ _ _ _ _
_ _ _Net Profit/Loss _18732644.32 _25979870.00 _7247226 _39 _ _ / Figure 6 Trend of
Comparative Income Statement Interpretation: There is a increase in sales of amount
2185490, and the net profit is increased by 39% in a year . it indicates the performance
of operational activities of the business which is increased , hence increase in overall
strength of the business.

The total of expenses are reduced by 21% which is beneficial for the company.
 Common Size Statement In order to overcome the limitations of Comparative
Statement, this type of analysis is prepared. Under this method, F.S. are analysed to
measure the relationship of various figures with some common base.

Accordingly, while preparing the Common Size Profit and Loss Account, total sa!es is
taken as common base and other items are expressed as a percentage of sales. Like this,
in order to prepare the Common Size Balance Sheet, the total assets or total liabilities
are taken as common base and all other items are expressed as a percentage of total
assets and liabilities 4.3.1.Common Size Balance Sheet In a common size Balance Sheet
total assets or liability taken as 100 and all the figures are expressed as percentage of
the total.

Comparative common size balance sheet for different Periods helps to highlight the
trends in different items. If It is prepared for different firms in an industry. It facilitates to
judge the relative soundness and helps in understanding financial Strategy.
 COMMON SIZE BALANCE SHEET OF RE/MAX INDIA Liability _2017 _% Change _2018
_% change _ _Loans (Liability) _ _ _ _ _ _FRANCHISE INDIA BRANDS LIMITED _ _ _ _ _
_Current Liabilities _ _ _ _ _ _Duties & Taxes _4804130.00 _16.53 _5765200.00 _33.23 _
_Sundry Creditors _16547100.00 _56.95 _1769520.00 _10.20 _ _ADVANCE FROM
CUSTOMER _2865000.00 _9.86 _5245600.00 _30.24 _ _EMPLOYEE ADVANCE _61000.00
_0.21 _523360.00 _3.02 _ _AUDIT FEES PAYABLE _1400000.00 _4.82 _145000.00 _0.84 _
_SALARY PAYABLE _3380060.00 _11.63 _3900000.00 _22.48 _ _ _ _0.00 _ _0.00 _ _Total
Liabilities _29057290.00 _100.00 _17348680.00 _100.00 _ _ _ _0.00 _ _0.00 _ _Assets _
_0.00 _ _0.00 _ _Equity and shareholders _ _0.00 _ _0.00 _ _RESERVE & SURPLUS
_13196750.00 _45.42 _1578950.00 _9.10 _ _Share Capital - Businessex Solutions Pvt Ltd
_-51000.00 _-0.18 _54000.00 _0.31 _ _Share Capital - Samir Chopra _-49000.00 _-0.17
_50000.00 _0.29 _ _Fixed Assets _ _0.00 _ _0.00 _ _COMPUTER/LAPTOP _2398700.00 _8.26
_2900000.00 _16.72 _ _COMPUTER/LAPTOP (Ex) _152000.00 _0.52 _180000.00 _1.04 _
_Current Assets _ _0.00 _ _0.00 _ _Closing Stock _ _0.00 _ _0.00 _ _Sundry Debtors
_6178390.00 _21.26 _11490830.00 _66.23 _ _Cash-in-Hand _2500000.00 _8.60
_1000000.00 _5.76 _ _Bank Accounts _3561250.00 _12.26 _25000.00 _0.14 _ _ADVANCE
TO SUPPLIER _1157600.00 _3.98 _55000.00 _0.32 _ _DEFERRED TAX _9400.00 _0.03
_9400.00 _0.05 _ _PRELIMIMERY EXPENSES _3200.00 _0.01 _5500.00 _0.03 _ _ _ _0.00 _
_0.00 _ _Total Assets _29057290.00 _100.00 _17348680.00 _100.00 _ _ Interpretation:
Current Assets are 46.14% of total assets in 2017 and in 2018 in 72.53% of the total
assets , which shows the increase in current assets.

Fixed assets are 2550700 out of 29057290 total assets in 2017, Where as 3080000 out of
17348680 total assets. TradePayabes in 2017 are 4780060 only but in 2018 it is
decreased as 4045000, which is 735060 reduced in a year.
 4.3.2.Common Size Income Statement In a Common size income statement the sales
figure is assumed to be equal to 100 and all other figures of cost or expenses are
expressed as percentage of sales. A comparative income statement for different periods
helps to reveal the efficiency or otherwise of incurring any cost or expenses.

If it is being prepared for two firms, it shows the relative efficiency of each cost item for
the two firms. Common Size Income Statement of RE/MAX INDIA of year ending 2017
and 2018. PARTICULARS _2017.00 _% Change _2018.00 _% change _ _INCOME _ _ _ _ _
_Revenue from Operations _43379710 _100.00 _45565200 _100.00 _ _ _ _ _ _ _ _TOTAL
REVENUE (I) _43379710 _100.00 _45565200 _100.00 _ _ _ _ _ _ _ _EXPENDITURE _ _
_ _ _ _Cost of Material Consumed _15515050 _35.77 _14562200 _31.96 _ _DRESS
(UNIFORM) _85700 _0.20 _94212 _0.21 _ _GRYPHTECH CHARGES _967709 _2.23 _266350
_0.58 _ _TRAVEL _3350000 _7.72 _3500000 _7.68 _ _AUDIT FEES _140000 _0.32 _150000
_0.33 _ _BANK CHARGES-GST _62163 _0.14 _45215 _0.10 _ _BUSINESS PROMOTION
EXPENSES _32333 _0.07 _26225 _0.06 _ _COMPUTER BEG _1172 _0.00 _2698 _0.01 _
_CONSULTANCY CHARGES _15000 _1.00 _12465 _1.00 _ _CONVEYANCE EXPENSES
_837663 _1.93 _501510 _1.10 _ _DEPRECIATION _181600 _0.42 _165200 _0.36 _
_FOREGIN EXCHANGE FLUCTUATION _41472 _0.10 _56250 _0.12 _ _GST Tax Paid _12769
_0.03 _15005 _0.03 _ _INCENTIVE _1133125 _2.61 _98000 _0.22 _ _SALARY _2232926
_5.15 _45000 _0.10 _ _TELEPHONE EXPENSES _38384 _0.09 _45000 _0.10 _ _ _ _ _ _ _ _
_ _ _ _ _ _TOTAL EXPENSES (II) _24647066 _56.82 _19585330 _43 _ _ _ _ _ _ _ _Net
Profit/Loss _18732644.32 _43.18 _25979870.00 _57 _ _ Figure 9 Profit in 2017 Figure 10
Profit in 2018 Interpretation of common size income statement: The expense of COGS is
35.77% of the total revenue (sales) in 2017, where as 31.96% in 2018. The cost occurred
in business promotion was 0.07 in 2017 where as 0.06 in 2018, which is decreasing in
nature but still there is increase in profits by 57% which is drastic change, and increases
overall strength of the business.

The total expenses are 56.82% and 43% in 2017 and 2018 respectively, which shows a
increase in profits as 43.18% to 57% , which shows a increase in profits. RATIO ANALYSIS
Ratio analysis is the differentiation of items present in the F.S. of a firm/ business. Ratio
analysis is used to evaluate a number of problems with an entity of the firm, such as its
liquidity, efficiency of operations, and profitability of the business.

This type of analysis is particularly useful to analysts outside of a business, investors,

shareholders, since their primary source of information about an organization is its
financial statements. Ratio analysis is less useful to corporate insiders, who have better
access to detailed information about the organization.
 Importance of Ratio Analysis It Helps in Understanding the Profitability of the
Company. F Analysis of Operational Efficiency of the Firms. Liquidity of the Firms.

Helps in Identifying the Business Risks of the Firm. Helps in Identifying the Financial
Risks of the Company. For Planning and Future Forecasting of the Firm. To Compare the
Performance of the Firms.
 Current Ratio: The CR is a liquidity ratio that measures a company's ability to pay
short-term liabilities against CA or those due within one year.

It tells investors and analysts how a company can maximize the CA on its balance sheet
to satisfy its CL and other payables. The ideal current ratio is 2: 1. It is a stark indication
of the financial soundness of a business concern. When Current assets double the
current liabilities, it is considered to be satisfactory. Higher value of current ratio
indicates more liquid of the firm’s ability to pay its current obligation in time.

/ Figure 13 Current Ratio _2014-2015 _2015-2016 _2016-2017 _2017-2018 _ _Current

Assets _18024520 _20145230 _13409840.00 _12585730.00 _ _Current Liability _15458650
_19856450 _29057290 _17348680 _ _Current Ratio _1.17 _1.01 _0.46 _0.73 _ _Table 6
Current Ratio Trend / Figure 14 Current Ratio Trend Interpretation: The company has
never the current ratio 2:1.

2014-2015 is the most liquid year of the company , as it has higher current ratio in that
year. It is decreasing in year 2016 and 2017 , but increasing in year 2018. But still
company doesn’t have required ratio, 2:1. Quick Ratio: The quick ratio or acid test ratio
is an indicator of a company’s short-term liquidity position and measures a company’s
ability to meet its short-term liabilities with its most liquid assets except inventory and
trade payables.

Since it displays the company’s ability to quickly use its near-cash assets (that is, assets
that can be converted quickly to cash) to againts its current liabilities, it is also called
the acid test ratio. An acid test is a quick test designed to produce instant
results—hence, the name. / Figure 15 Quick Ratio _2015 _2016 _2017 _2018 _ _Current
Assets _18024520 _20145230 _13409840 _12585730 _ _Prepaid expenses _400000
_550000 _1157600 _55000 _ _Net C.A. _17624520 _19595230 _12252240 _12530730 _
_Current Liability _15458650 _19856450 _29057290 _17348680 _ _Quick Ratio _1.14 _0.99
_0.42 _0.72 _ _ Table 7 Quick Ratio Trend Figure 16 Quick ratio Trend Interpretation: In
2015 the quick ratio was 1.14, which is good ratio to a firm , which means company is
able to pay all its cuurent debts against the current assets except inventory and prepaid
expenses because these two are not liquid in nature.

In next two years the quick ratio trend was declining , and below 1, which means
company’s position is not good to meet its current obligations, In 2018 , it was 0.72 ,
which means the co.’s liquid position is not that good. Ideal Quick Ratio of a company is
1:1 Debt Equity Ratio The debt to equity ratio is a financial, liquidity ratio that compares
a company’s total debt to total equity.
The debt to equity ratio shows the percentage of company financing that comes from
creditors and investors. A higher debt to equity ratio indicates that more creditor
financing (bank loans) is used than investor financing (shareholders). Debt Equity Ratio :
Table 8 _2015 _2016 _2017 _2018 _ _TOTAL EQUITY _1263560 _1562350 _13096750
_1682950 _ _TOTAL DEBT _15458650 _19856450 _29057290 _17348680 _ _DEBT EQUITY
Ratio _0.081738 _0.078682 _0.450722 _0.097007 _ _
 Interpretation: From year 2014-15 to year 2015-16 debt equity ratio is showing
decreasing trend because total debt increasing by 298790 rupees which was less
increase by equity i.e. 4397800 rupees. This means increase in debt was less than the
increase of equity , which interprets the d-e ratio decreases from 0.081 to 0.078 And
from year year 2015-2016 to year 2016-2017 debt equity ratio is showing increase trend
because total debt increasing by 9200840 rupees which was less increase by equity i.e.
11534400 rupees. This means increase in debt was less than the increase of equity ,
which interprets the d-e ratio increase from 0.073 to 0.450.
 Net Profit Ratio: The NP ratio is a relationship between net profit after sales. This NP is
obtained when operating expenses, interest and taxes are subtracted from the gp
margin ratio is measured by dividing profit after tax by sales. Table 9: Net Profit Ratio
_2015 _2016 _2017 _2018 _ _Net Profit _15545260 _18516540.00 _18732644.32
_25979870.00 _ _Total Sales _37895470 _44241530.00 _43379710.00 _45565200.00 _ _Net
Profit Ratio _41% _42% _43% _57% _ _ / Figure 18 Net Profit Ratio Trend Significance: It
helps us to find the total net profit left in hand of the running business after deducting
all the costs , including depreciation and income tax.

Interpretation: The over profit ratio from 2015 to 2016 is showing the incline trend
because increase in expenses 3374780 was lesser than the increase in sale price which
was 6346060, hence there is an increase net profit ratio from 41% to 42%. The over
profit ratio from 2017 to 2018 is showing the incline trend because there was an
decrease in expenses of rupees 5061736, and increase in costs by 2185490 which was
too less as compared as compared to sales (Revenue).
 5.Inventory turnover ratio: ITR is an efficiency ratiothat shows how efficiently inventory
is managed by comparing COGS with avg. Inventory period.

It measures how many times a company sold its goods during a period of time. There
will no inventory turnover ratio, as the company is only provides services. 6.Working
Capital The WCR, also called the (current ratio OR liquidity ratio) that calculates a firm’s
liability to pay off its current liabilities against its current assets. The WCR is essential to
creditors because it displays the liquidity of the company.

Current liabilities are paid against current assets like cash, cash equivalents, etc. because
these assets can be converted into cash much quicker (also known as liquid assets) than
fixed assets. The quicker the assets can be converted into cash, the company will have
the cash in time to pay its short term and long term debts.

/
 Calculation of working capital and working capital ratio Particulars/Accounts _Balance
as on31st March _Working Capital Change _ _ _2017 _2018 _Increase _Decrease _
_ _ _ _ _ _ _ _ _ _ _ _ _A. Current Assets _ _ _ _ _ _Sundry Debtors
_6178390.00 _11490830.00 _5312440.00 _ _ _Cash-in-Hand _2500000.00 _1000000.00
_ _1500000.00 _ _Bank Accounts _3561250.00 _25000.00 _ _3536250.00 _ _ADVANCE
TO SUPPLIER _1157600.00 _55000.00 _ _1102600.00 _ _DEFERRED TAX _9400.00
_9400.00 _ _ _ _PRELIMIMERY EXPENSES _3200.00 _5500.00 _2300.00 _ _
_ _ _ _ _ _ _TOTAL _13409840.00 _12585730.00 _5314740.00 _6138850.00 _
_ _ _ _ _ _ _B.

Current Liabilities _ _ _ _ _ _Duties & Taxes _4804130.00 _5765200.00 _961070 _ _

_Sundry Creditors _16547100.00 _1769520.00 _ _-14777580.00 _ _ADVANCE FROM
CUSTOMER _2865000.00 _5245600.00 _2380600 _ _ _EMPLOYEE ADVANCE _61000.00
_523360.00 _462360.00 _ _ _AUDIT FEES PAYABLE _1400000.00 _145000.00 _ _1255000
_ _SALARY PAYABLE _3380060.00 _3900000.00 _519940 _ _ _TOTAL _29057290.00
_17348680.00 _4323970.00 _-13522580.00 _ _Working Capital (A-B) _-15647450.00
_-4762950.00 _ _ _ _ _ _Total _9638710.00 _-7383730.00 _ _ _Net Change In Working
Capital _-10884500 _ _ _Table 10 Calculation Of Working Capital and its Ratio Years
_2014-2015 _2015-2016 _2016-2017 _2017-2018 _ _WCR _1.17 _1.01 _0.46 _0.72 _ _ /
Figure 19 WC Ratio Trend Interpretation of Working Capital And Working Capital Ratio:-
From 2014-2015 to 2015-2016 WCR decreases from 1.17 to 1.01, but still is is more than
1, which means firm in a good position to pay all of its C.L. against C.A. From 2016-2017
to 2017-2018 it increases from 0.46 to 0.73 which is a huge change in WCR. The WC is
decreasing by 1088450 in 2018, which shows that the company is unable to pay its
current liability against current assets.

Working Capital ratio is increased from 0.46 to 0.73, which is a positive signal for the
firm because increase in W.C. denotes to a better financial position and company have
more funds to do business activities. A ratio < 1 is considered risky by creditors and
investors because it shows the company isn’t running efficiently and can’t cover its
current debt properly.

A ratio less than 1 is always a bad thing and is often referred to as negative working
capital. On the other hand, a ratio > 1 shows that the company can pay all of its current
liabilities and still have current assets left over or positive working capital. Current assets
increase = increase in WCR Current assets decrease= decrease in WCR Current liabilities
increase = decrease in WCR Current liabilities decrease = increase in WCR
 Working Capital Turnover Ratio: Working capital turnover ratio is computed by
dividing the net sales by average working capital.

It shows company’s efficiency in generating sales revenue using total working capital
available in the business during a particular period of time. Table 11 Working Capital
Turnover Ratio Years _2015 _2016 _2017 _2018 _ _Total Cost _22350210.00 _25724990.00
_24647066.00 _19585330.00 _ _Working Capital _-22350210.00 _-25724990.00
_-24647066.00 _-19585330.00 _ _WCTR _8.71 _89.08 _-1.58 _-4.11 _ _ / Figure 21
Working Capital Turnover Ratio Interpretation: The working capital turnover ratio of
Re/Max company is 8.71.

It means each rupee invested in working capital has contributed 8.71 rupees towards
total sales revenue, in 2015., 89.09 in2016, -1.58 in 2017, -4.11 in 2018. Generally, a high
working capital turnover ratio is better. A low ratio indicates inefficient utilization of
working capital during the period. The ratio should be compared with the previous
years’ ratio, competitors’ or industry’s average ratio to have a meaningful idea of the
company’s efficiency in using its working capital.

The working capital turnover ratio should be carefully interpreted because a very high
ratio may also be a sign of insufficient quantity of working capital in the business.
 FINDINGS Current ratio of the Company is continuously decreasing year by year which
is negative indication for the company that company is not having ability to meet short
term liabilities, However the current level of Current Ratio is less than the required level
(i.e.

2: 1) Cash ratio of the company is below the ideal ratio because in the year 2014-2015
company is having 1.17 . Company belongs to the Real estate industry so the level of
cash ratio should be high at every time because at any time company need to be settle
a huge claims. Re/Max India Is a normal debt Company which means that there is less
Fix burden on the company to pay interest every year, The proprietary ratio of the
company is on declining phase which is not a positive signal for the company, however
it is more than 1 every year it means that the all assets are arrange from the funds of
equity as it is zero debt company so all the assets are purchase from the funds of equity.
Profitability part of the Company is performing very well.

The impact of that is showing on. In 2014-2015, it was 41% of net profit ratio, in
2015-2016 42%, 2016-2017 it was 43%, and it was high increase in 2017-2018, that is
57%. In the Real Estate industry the main problem for the companies are to manage
their NPA’s But Re/Max is having Zero NPA till now which is very positive for the
company.

Fixed Asset of the company are not showing a good numbers because in the year
2014-2015 it was 2550700 and in year 2015-2016 it increases to 3080000, there is a 19%
increase in the fixed assets of the company. Quick Ratio of the company was decreasing
in trend , as in 2015 it was 1.14 which was good for the company, but in 2018 it was
slightly less , 0.72 , which is not a good quick ratio, means a company is not able to pay
all obligations against quick assets.
 CONCLUSION The analysis and interpretation of the financial statement can provide
valuable insight into a Business/ Firm/ Organisation’s performance. Analysis of financial
statements is of interest to lenders (short term as well as long term) investors, security
analysts, managers and others. F.S. analysis may be done for a variety of purpose, which
may vary from a simple analysis of the short term liquidity position of the firm to a
comprehensive assessment of the strength and weakness of the firm in various areas.

It is helpful in assessing corporate excellence, judging credit worthiness, forecasting

bond ratings, predicting bankruptcy and assessing market risk. I have read the attached
balance sheet and Profit and Loss Account of Re/Max India. The financial Statements are
the responsibility of the company’s management to analysis and interpretation of
financial statements and financial health of the company which is essential to bring out
the mystery behind the figures and in F.S.

The transactions of Company, which have come to my notice, have been within the
powers of firm/ Company. Proper returns have been received from the Company’s
branches. The balance sheet, P&L account and Ratio Analysis are in agreement with the
books of account.
 SUGGESTIONS AND RECOMMENDATIONS After the analysis of the F.S. of the
company, it is clear that the company’s financial position is not too good , as the
working capital of the company has decreased from last year’s position.

Profits are huge in current year , its better to declare the dividends to shareholders and
to expand the business and also to face the future risks. The co. is utilizing its Fixed
Assets, which helps in the growth of the organization. It should be maintained perfectly.
Steps can be taken to increase the Current assets of the company so as to meet the
current obligations.

Percentage of the DE ratio can be reduced so as to reduce the financial risk. Steps can
be taken so as to decrease the current liabilities , so as to have a stable financial position
There is still a huge profit, but to increase it more so as to overall financial performance.
Limitations 1. The study provides an insight into the financial, personnel, marketing and
other aspects of Re/Max India.

Every study will be bound with certain limitations. 2. The below mentioned are the
constraints under which the study is carried out. One of the factors of the study was lack
of availability of ampleinformation. Most of the information has been kept confidential
and as such as apart of policy of company. Time is an important limitation.

The whole study was conducted in a period of 90 days. 3) Re/Max India executives were
hesitating to provide information. 4) I had to wait for a long time to make contact with
the executives, because they were busy with their work. 5) Due to busy work schedule,
detailed discussions were not possible 6) It is also found that some of the executives
lack interest, enthusiasm, initiative and involvement, which was de-motivated me. 7) Lot
of time consumed during data collection.
 Bibliography Text Books 1.

DK Goyal and Shelly Goyal, Financial Accounting, Fifth Edition, 2011, Arya Publications.
2. Financial management, I M Pandey, 10th edition, Vikas publishing house Pvt. Ltd 3.
Accounting for management, S N Maheshwari, S K Maheshwari, vikas publishing house
pvt. ltd.

Company Data Annual Report of Re/Max India 2016-17 and 2017-18(for annexure)
Balance Sheet of the company Income Statement of the company Websites
https://www.remax.in https://www.franchiseindia.com/brands/REMAX-INDIA.2579
https://economictimes.indiatimes.com/topic/Remax-India
https://newyorkessays.com/essay-times-of-india-2/
https://www.slideshare.net/AbhishekShukla340/
https://www.slideshare.net/PrateekBhola/
 Annexure Featured in the list of Top International Business Opportunities in Franchising
World Magazine's Top 100 Franchising Opportunities.

Awarded Amity Award for Leadership in Real Estate. RE/MAX International was
recognized as the No. 1 real estate franchise in 2009 Franchise Times Top 200. Leaning
on the legacy of its international counterpart, earlier this year RE/MAX was also ranked
as the top real estate franchise in India. Awarded Master Franchisor of the Year – Real
Estate at Franchise Plus Awards by exchange4media group.

Voted as "BUSINESS MENTOR OF THE YEAR" at the Indian Entrepreneur Summit 2011 in
2011. Was ranked amongst the Top 100 in Franchisee opportunities annual survey for
the year 2011. Chairman, RE/MAX India received Builder Information Bureau Service
Provider of the Year - Residential award.

Maverick Franchise Brands places RE/MAX as the Top Real Estate Franchise Opportunity
in India in India's first Franchising Rankings, #53rd overall. Awarded Startup of the Year
2010 at Small Business Awards by Franchise India & Zee Business. Chairman, RE/MAX
India received Corporate Broker Of the Year 2012. RE/MAX India got awarded with the
"Silver Award for the Best Estate Agency in Asia" at the coveted OPP Awards for
Excellence 2012 Corporate Broker of the Year" at the Estate Awards 2012.

RE/MAX V21 Realty Plus Won 5 Plus Prestigious Awards across India 1st Global Icon
Awards 2nd Powerhouse Team 3rd Marketing Guru 4th OFFICE OF THE YEAR 2018 5th
Best Debue Office Of 2018

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