1226pm - 12.EPRA JOURNALS 13189

SJIF Impact Factor (2023): 8.574| ISI I.F. Value: 1.241| Journal DOI: 10.
36713/epra2016 ISSN: 2455-7838(Online)

EPRA International Journal of Research and Development (IJRD)
Volume: 8 | Issue: 5 | May 2023 - Peer Reviewed Journal
A STUDY ON FINANCIAL PERFORMANCE OF TATA MOTORS
Dr.Jayasubramanian.P1, Mr.Sanjay.K2, Mr.Ram Guhan.R.S3

1
Professor, Department of Commerce with Computer Applications,
Dr.N.G.P Arts and Science college(Autonomous)Coimbatore, Tamilnadu
2
Student of III B.Com CA, Department of Commerce with Computer Applications,
3
Student of III B.Com CA, Department of Commerce with Computer Applications,
ABSTRACT
This project aims to conduct a financial study of Tata Motors Limited by utilizing both quantitative and qualitative research methods,
specifically through ratio analysis and literature review. The quantitative methods will involve analyzing financial data and presenting
it through charts, while the qualitative methods will focus on introducing the company and reviewing existing literature. The objective
of this report is to determine the financial position of Tata Motors Limited, evaluate any significant or minor changes, and provide
insights for further analysis.
KEYWORDS: Ratio Analysis, Fund Flow Analysis, Financial Position Analyzing.
INTRODUCTION
Finance is a necessary and important aspect of every business. The success of an organization depends on how competently
the firm is managing the funds available to them. The topic for the project is “a study on the financial performance of Tata Motors
Limited”. There are many stakeholders in a company, including trade creditors, bondholders, investors, employees, and
management. Each group has its own interest in tracking the financial performance of a company. Understanding financial
performance is essential for every organization because most of the organization’s crucial decisions depend on the financial
performances. The analysis of financial performance involves evaluating a company's operating and financial characteristics by
examining its accounting and financial statements. The primary objective of this analysis is to assess the effectiveness and efficiency
of the company's management, which is reflected in the financial reports and records. The aim is to determine the performance of
the company's management and its efficiency in running the business.
STATEMENT OF PROBLEM
Financial performance analysis evaluates the effectiveness of decision-making within an organization. To assess effectiveness,
various analytical tools are utilized to determine the profitability, liquidity, and solvency position of the business. These tools also
evaluate the ability of the organization to meet its obligations promptly and fulfill them on time. By analyzing financial data and
statements, the analysis helps identify areas for improvement and areas of success within the organization's financial management
practices.
OBJECTIVES OF THE STUDY

• To find the liquidity position of the Tata motors Ltd and the activity of the assets and liabilities using the liquidity ratios.
• To assess the long-term solvency, and profitability of Tata motors ltd.
• To forecast the future and show the trend rate of Tata Motors Ltd.,
RESEARCH METHODOLOGY
Research design
The descriptive research designs have been adopted for the study. The descriptive design is the simplest. It allows the researcher to
study and describe the distribution of one or more variables, without regard to any causal or other hypotheses.
2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |71 |

SJIF Impact Factor (2023): 8.574| ISI I.F. Value: 1.241| Journal DOI: 10.36713/epra2016 ISSN: 2455-7838(Online)
Data collection method

Secondary data were used in the study. The data required for the study was gathered from the annual reports of the company
through their website. Data is collected from the secondary sources, which include Annual Reports, Data company websites,
Journals.
Period of the study

The study has been undertaken for the period of 10 years from 2012-13 to 2021-22. In order to analyze financial status in
terms of Profitability, Solvency, Activity and Financial stability various accounting ratios have been used.
Tools used for the study

1. Liquidity Ratios
2. Solvency Ratios
3. Profitability Ratios
4. Trend Analysis
REVIEW OF LITERATURE
Vanshika Singh , Vichal Kumar , Dr. Ruchi Atri (2021)
A Study of Financial Performance of TATA Motors with Special Reference to the period 2017 - 2021 Vinit Kumar ,
Financial ratio analysis is the process of reviewing the financial position of the company. Ratio analysis is extensively used by firms
as a technique to forecast the financial soundness of the company to build future growth. This study aims at analyzing the financial
performance of Tata Motors by calculating financial ratios. The primary objective of this study is to evaluate the performance of
Tata Motors during the last decade. The reference period taken for the study is 5 years starting from 2017 to 2021. The results reveal
that the company has performed reasonably well during the reference period. The company has shown good potential by earning
returns for their shareholders.
Mr. P. Kanagaraj, Ms. S.S. Priyadharshini (2021)

A STUDY ON FINANCIAL PERFORMANCE OF TATA MOTORS
The purpose of this study is to analyze the financial performance of Tata Motors over a six-year period, from 2015 to 2020, using
data from their balance sheets and profit and loss accounts. By conducting financial analysis, companies can identify their strengths
and weaknesses, and improve their performance. This study utilized secondary data collected from Tata Motors' annual reports. The
findings suggest that the company's profitability position is not optimal, and it needs to decrease its production costs, maintain lower
costs, increase sales prices, and improve efficiency in converting sales into actual profit. The study emphasizes the importance of
improving financial performance and provides suggestions for achieving this goal.
Nikkita Arora (2021)

Financial Statement Analysis of Tata Motors Ltd
The aim of this study is to conduct a financial statement analysis of TATA Motors Ltd for the period of 2016-2017 and evaluate the
company's financial position. Despite facing some challenges, Tata Motors has managed to maintain its influence in the industry,
and its strong reputation as a large company is expected to help it rebound. The study indicates that Tata Motors' ability to make
contractual payments has been adversely affected, and 2016-2017 was the strongest financial year of the four years analyzed. During
that period, the company had the highest current and quick ratios, but these have since declined, indicating a decrease in liquidity
over time. However, it is believed that effective asset management and sufficient financing for debts will aid the company in
recovering from losses.
Shaikh Salman Masood (2020)

Financial Statement Analyses of Tata Motors Limited
The objective of this project is to conduct a financial analysis of Tata Motors Limited using ratio analysis and research. The study
employs both qualitative and quantitative methods, including literature review, introduction, and analysis through charts. The data
for the analysis was obtained from Yahoo Finance for a three-year period spanning from 2017 to 2019. The report assesses the
financial position of Tata Motors Limited by determining the magnitude of changes, both major and minor. In conclusion, the study
reveals that Tata Motors has had a significant impact on the industry, but also experienced a downfall. The analysis indicates that
the company has a substantial amount of debt, and its ability to make contractual payments has decreased significantly. However,
effective asset management and proper debt financing are expected to aid the company in recovering from its losses.

DATA ANALYSIS AND INTERPETATION

LIQUIDITY RATIOS
Liquidity ratios are an important set of financial ratios used to evaluate a company's ability to meet its short-term obligations. These
ratios measure a company's ability to convert its assets into cash quickly to pay off debts and meet other short-term financial
obligations.
CURRENT RATIO
The current ratio is a widely used financial ratio that measures a company's ability to pay its short-term liabilities with its short-
term assets. It is calculated by dividing a company's current assets by its current liabilities. A current ratio of 1 or higher generally
indicates that a company has enough current assets to cover its current liabilities. A ratio below 1 indicates that a company may
struggle to meet its short-term obligations.
Current Ratio = Current Assets / Current Liabilities
TABLE NO 1
Years Current Assets Current Current Ratio
Liabilities
Mar-22 1,46,977.54 1,50,682.81 0.975
Mar-21 1,46,887.64 1,57,749.18 0.931
Mar-20 1,19,587.25 1,40,454.05 0.851
Mar-19 1,23,431.16 1,45,457.43 0.849
Mar-18 1,35,972.84 1,43,219.47 0.949
Mar-17 1,16,119.75 1,15,629.52 1.004
Mar-16 1,09,923.67 1,07,049.43 1.027
Mar-15 1,01,758.40 1,00,272.00 1.015
Mar-14 95,845.33 92,356.13 1.038
Mar-13 74,006.73 86,285.90 0.858
INTERPRETATION
The above table shows current ratio of TATA Motors Ltd. For the past ten years its below ideal ratio (Ideal Current ratio is 2:1) But
the current ratio of the company is unsatisfied.
That means it is not able to meet even the current liabilities of the company.
INFERENCE
The current ratio was highest in the year 2014 it is 1.038 and its lowest was 0.849 in the year of 2019.

CHART NO 1
Current Ratio
1.200
0.975 1.004 1.027 1.015 1.038
1.000 0.931 0.949
0.851 0.849 0.858
0.800
0.600
0.400
0.200
0.000
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
QUICK RATIO
The Quick ratio, also known as the Acid-Test ratio, is a financial ratio used to measure a company's ability to pay its short-term
liabilities with its most liquid assets. It is a more stringent measure of a company's liquidity than the current ratio, as it excludes
inventory and other current assets that may be difficult to convert to cash quickly.
Quick ratio = (Current assets - Inventory - Prepaid expenses) / Current liabilities
TABLE NO 2
Years Quick Asset Current Liabilities Quick Ratios
Mar-22 111737.2 1,50,682.81 0.742
Mar-21 110799.05 1,57,749.18 0.702
Mar-20 109430.76 1,40,454.05 0.585
Mar-19 107873.91 1,45,457.43 0.580
Mar-18 104750.01 1,43,219.47 0.655
Mar-17 81034.44 1,15,629.52 0.701
Mar-16 77267.94 1,07,049.43 0.722
Mar-15 72486.06 1,00,272.00 0.723
Mar-14 68574.44 92,356.13 0.743
Mar-13 53037.72 86,285.90 0.615
INTERPRETATION
The above table show quick ratio. Generally, liquid ratio of 1:1 is considered as satisfactory. For this company the past ten years
show a less than liquid ratio, when compared to the satisfactory ratio. It further means that, the company is not able to pay off its
current liabilities.
INFERENCE
The Quick ratio was highest in the year 2014 it is 0.743 and its lowest was 0.580 in the year of 2019.

CHART NO 2
Quick Ratios
0.800 0.742 0.743
0.702 0.701 0.722 0.723
0.700 0.655
0.615
0.585 0.580
0.600
0.500
0.400
0.300
0.200
0.100
0.000
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
SOLVENCY RATIO
Solvency ratio is a financial metric that measures a company's ability to meet its longterm obligations and debts. It is calculated by
dividing a company's total assets by its total liabilities. A solvency ratio of greater than 1 indicates that a company has more assets
than liabilities, which suggests that it has the ability to repay its debts in the long run.
PROPRIETORY RATIO
The proprietary ratio, also known as the equity ratio or net worth ratio, is a financial ratio used to evaluate the proportion of a
company's assets that are financed through its shareholders' equity, as opposed to its debt. It is calculated by dividing the
shareholder's equity of a company by its total assets. The proprietary ratio measures the extent to which a company's assets are
financed through equity, which indicates the level of financial risk associated with the company. A higher proprietary ratio indicates
that a company relies more on equity financing, which is generally considered less risky than debt financing. On the other hand, a
lower proprietary ratio suggests that a company has a higher level of debt financing, which could increase the financial risk of the
company.
Proprietary Ratio = Shareholders' Equity / Total Assets
TABLE NO 3
Years Share Holder’s Equity Total Assets Proprietory Ratio
Mar-22 44,554.85 3,30,619.93 0.13
Mar-21 55,246.72 3,43,125.80 0.16
Mar-20 63,078.53 3,22,121.26 0.20
Mar-19 60,179.56 3,07,194.53 0.20
Mar-18 95,427.91 3,31,350.51 0.29
Mar-17 58,061.89 2,73,754.36 0.21
Mar-16 78,952.41 2,67,141.15 0.30
Mar-15 56,261.92 2,38,657.99 0.24
Mar-14 65,603.45 2,19,998.32 0.30
Mar-13 37,637.30 1,70,026.45 0.22
INTERPRETATION
The above table shows proprietary ratio of the TATA Motors Ltd. A ratio of 0.5:1 or above is considered as satisfactory. The
proprietary ratio has a constant increase and decrease up to 2018 but after that the ratio has declined for the last four years which is
a greater risk to the creditors. In the share holders’ point of view, the lower ratio indicates the company is highly dependent on
creditors for its working capital.

INFERENCE
The Proprietary ratio was highest in the year 2014 and 2016 it is 0.30 and its lowest was 0.13 in the year of 2022.
CHART NO 3
Proprietory ratio
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
4.2.2 DEBT RATO

The debt ratio is a financial ratio that indicates the proportion of a company's total assets that are financed through debt. It
is calculated by dividing the company's total debt by its total assets. A high debt ratio indicates that a company is relying heavily on
debt to finance its operations and growth, which can increase its financial risk. A low debt ratio indicates that a company is relying
less on debt and may be less risky. Generally, a debt ratio of less than 0.5 is considered low, while a debt ratio of more than 0.5 is
considered high. However, the ideal debt ratio varies depending on the industry, the size of the company, and the company's financial
goals
Debt Ratio = Total Debt / Total Assets
TABLE NO 4
Years Total Debt Total Debt Ratio
Assets
Mar-22 2,81,787.63 3,30,619.93 0.85
Mar-21 2,86,305.59 3,43,125.80 0.83
Mar-20 2,58,229.17 3,22,121.26 0.80
Mar-19 2,46,491.91 3,07,194.53 0.80
Mar-18 2,35,397.54 3,31,350.51 0.71
Mar-17 2,15,239.30 2,73,754.36 0.79
Mar-16 1,87,755.90 2,67,141.15 0.70
Mar-15 1,81,962.73 2,38,657.99 0.76
Mar-14 1,53,974.22 2,19,998.32 0.70
Mar-13 1,32,018.67 1,70,026.45 0.78
INTERPRETATION
The above table show Debt Ratio of TATA Motors form 2013-2022. A good debt ratio should between 0.3 to 0.6 or it should be
below 1 which means the company has more asset than it liability to pay back and the company has a good debt ratio as for the past
ten years the company’s debt ratio lies below 1.
INFERENCE
The Debt ratio was highest in the year 2022 it was 0.85 and its lowest was 0.70 in the years of 2014 and 2016.
CHART NO 4
debt ratio
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
PROFITABILITY RATIOS
Profitability ratios are key financial indicators that offer valuable insights into a company's capacity to generate profits through its
business operations. These ratios hold significant importance for investors, creditors, and other stakeholders who need to assess a
company's financial performance.
NET PROFIT RATIO

Net profit ratio, also known as net profit margin, is a financial ratio that measures the percentage of net profit earned in relation to
a company's total revenue. This ratio is a key indicator of a company's profitability and efficiency in managing its costs. Net profit
is the amount of revenue that remains after all expenses, including taxes and interest payments, have been deducted. Total revenue
includes all sales, as well as any other income generated by the company. A higher net profit ratio indicates that a company is able
to generate more profit from its revenue. This can be achieved by increasing revenue or reducing expenses. A lower net profit ratio
may indicate that a company is facing challenges in controlling its costs or that its pricing strategy is not competitive.
Net Profit Ratio = (Net Profit / Total Revenue) x 100
TABLE NO 5
YEARS Net Profit Net Sales Net Profit Ratio
Mar-22 -11,234.70 2,75,235.23 -4.08
Mar-21 -13,016.14 2,46,972.17 -5.27
Mar-20 -10,975.23 2,58,594.36 -4.24
Mar-19 -28,933.70 2,99,190.59 -9.67
Mar-18 6,813.10 2,88,596.09 2.36
Mar-17 6,063.56 2,65,498.47 2.28
Mar-16 11,100.72 2,69,560.11 4.12
Mar-15 14,059.65 2,60,734.33 5.39
Mar-14 14,104.18 2,30,677.10 6.11
Mar-13 9,862.49 1,87,652.84 5.26
INTERPRETATION
The above table shows the net profit Ratio of TATA Motors. The net profit ratio of the company is generally decreasing
from 2014 to 2018. After that the net profit of the company’s net profit has drastically declined as the company had facing loss for
past four years.
INFERENCE
The net profit ratio was highest in the year 2014 it is 6.11 and its lowest was -9.67 in the year of 2019.

CHART NO 5
net profit ratio

8.00
6.11
6.00 5.39 5.26
4.12
4.00 2.36 2.28
2.00
0.00
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
-2.00
-4.00
-4.08 -4.24
-6.00 -5.27
-8.00
-10.00
-9.67
-12.00
OPERATING PROFIT
Operating profit ratio is a financial metric that measures a company's operating profit as a percentage of its revenue. It is also known
as operating margin or return on sales. Operating profit is calculated by subtracting the company's operating expenses from its
revenue. Operating expenses include the costs of goods sold, salaries and wages, rent, and other overhead expenses.
Operating Profit Ratio = Operating Profit / Revenue x 100%
TABLE NO 6
YEARS Operating Profit Net Sales Operating Profit
Ratio
Mar-22 24,720.09 2,75,235.23 8.98
Mar-21 32,287.43 2,46,972.17 13.07
Mar-20 17,987.07 2,58,594.36 6.96
Mar-19 24,664.33 2,99,190.59 8.24
Mar-18 34,526.38 2,88,596.09 11.96
Mar-17 29,588.69 2,65,498.47 11.14
Mar-16 41,305.62 2,69,560.11 15.32
Mar-15 39,238.65 2,60,734.33 15.05
Mar-14 34,837.70 2,30,677.10 15.10
Mar-13 24,547.30 1,87,652.84 13.08
INTERPRETATION
The above table shows the Operating profit Ratio of TATA Motors. The Operating profit ratio of the company is low compared to
the previous years but it is not entirely low and declined, the rate is increasing and decreasing like a zigzag and the operating profit
ratio is never gone in the negative rate for the past ten years.
INFERENCE
The net profit ratio was highest in the year 2016 it is 15.32 and its lowest was 6.96 in the year of 2020.

CHART NO 6
oprating profit rato

18.00
16.00 15.32 15.05 15.10
14.00 13.07 13.08

11.96
12.00 11.14
10.00 8.98
8.24
8.00 6.96
6.00
4.00
2.00
0.00
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
TREND ANALYSIS
The term “Trend Analysis” refers to one of the most useful analytical tools employed for financial analysis of statements. Trend
analysis is a valuable financial analytical tool that is used for evaluating financial statements. This type of analysis involves
comparing the changes in each line item across different time periods in order to gain meaningful insights. By measuring the
movement of line items in terms of amount or percentage change year over year, trend analysis helps to identify significant trends
and changes over time.
The analyst can effectively compare two or more companies over time with the aid of trend analysis. It may also be contrasted to
the industry standard. In other words, it aids in understanding a particular firm's strength or weakness in relation to other similar
firms in the industry.
The formula for trend analysis can be derived by using the below formula:
Change in Amount=Current Year Amount-Base Year Amount
Percentage Change= (Current Year Amount-Base Year Amount)/Base Year Amount

TABLE NO 7
TABLE SHOWING TREND ANALYSIS OF TATA MOTORS LTD
CHANGE IN PERCENTAGE
YEAR NET PROFIT
AMOUNT AMOUNT
2013 9,862.49 0.00 0.00%
2014 14,104.18 4,241.69 43.01%
2015 14,059.65 4,197.16 42.56%
2016 11,100.72 1,238.23 12.55%
2017 6,063.56 -3,798.93 -38.52%
2018 6,813.10 -3,049.39 -30.92%
2019 -28,933.70 -38,796.19 -393.37%
2020 -10,975.23 -20,837.72 -211.28%
2021 -13,016.14 -22,878.63 -231.98%
2022 -11,234.70 -21,097.19 -213.91%
FORECASTED FUTURE VALUES
2023 -21023.776 -30,886.27 -313.17%
2024 -24807.07945 -34,669.57 -351.53%
2025 -28590.38291 -38,452.87 -389.89%
2026 -32373.68636 -42,236.18 -428.25%
2027 -36156.98982 -46,019.48 -466.61%
INTERPRETATION
The above table 4.5 shows the trend value of the net profit for the study period of 2013 to 2022.The analysis also shows
the trend rate of the forecasted net profit value for the next five years from 2023 to 2027. From the below trend rate, it shows a
declining growth and it shows that the company is facing a loss for a long period. This shows if the company’s growth continuous
declining the company will face even more loss in next 5 years.
CHART 7
CHART SHOWING TREND ANALYSIS OF TATA MOTORS LTD

FINDINGS
 The current ratio is below the ideal ratio for the past ten year, it has an unstable growth in past ten years and it is not
satisfying.
 Quick ratio of the company is not satisfactory because it is lower than the standard ratio.
 The company has a low Proprietary ratio that indicates that it is more depend on debt financing which is a great risk to the
company.
 The debt ratio of the company is considerably high according to the ideal ratio this shows that the company is facing the
financial risk.
 Net profit ratio shows that the company facing loss for past four years.
 The operating profit ratio tells that the operating expenses in more than the profit but it never goes to negative in the past
ten years.
SUGGESTIONS
The company has to improve its short-term financial position by increasing its working capital. It has no sufficient funds to its short-
term liabilities and it has to work more to fulfil its short-term obligations. The company is facing loss for past four years this shows
that the company does not pay the dividend to its investors and this may create a bad impact on the investors. So, it is very important
to increase its sales revenue. The activity ratio shows that the company should improve in use its assets efficiently. And the solvency
ratio says that the company is more rely on its debt to finance and cannot meet their long-term obligations as it should focus and
improve the cash flow of the company and working capital to face the longterm obligations. The company should increase its equity
capital and work more on capital for financing.
CONCLUSION
The study on financial performance analysis of TATA MOTORS is stated in this report, this shows the company’s financial
analysis for the period of 10 years. The result revealed that the company has performed very bad almost in all parameters. We can
see Tata Motors' downfall, but it is expected to rebound because it is such a big company. The profitability position of the company
is not promising, that the company, has to decrease the cost of production and keep the cost lower or increase the sales price and
also need to improve the efficiency in converting sales into actual price.
REFERRENCE
1. © 2022 JETIR February 2022, Volume 9, Issue 2 www.jetir.org (ISSN-2349-5162)
2. EPRA International Journal of Multidisciplinary Research (IJMR) - Peer Reviewed Journal Volume: 7 | Issue: 8 | August 2021|| Journal
DOI: 10.36713/epra2013 || SJIF Impact Factor 2021: 8.047 || ISI Value: 1.188
3. https://bsssbhopal.edu.in/uploads/naac/criteria_1/students_projects/172%20Nikkita.pd f.
4. https://www.researchgate.net/publication/342702846_Financial_Statement_Analyses_
of_Tata_Motors_Limited/link/5f02308592851c52d619ce3f/download

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SJIF Impact Factor (2023): 8.574| ISI I.F. Value: 1.241| Journal DOI: 10.

36713/epra2016 ISSN: 2455-7838(Online)

A STUDY ON FINANCIAL PERFORMANCE OF TATA MOTORS

Dr.Jayasubramanian.P1, Mr.Sanjay.K2, Mr.Ram Guhan.R.S3

OBJECTIVES OF THE STUDY

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |71 |

Data collection method

Period of the study

Tools used for the study

Mr. P. Kanagaraj, Ms. S.S. Priyadharshini (2021)

Nikkita Arora (2021)

Shaikh Salman Masood (2020)

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |72 |

DATA ANALYSIS AND INTERPETATION

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |73 |

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |74 |

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |75 |

4.2.2 DEBT RATO

NET PROFIT RATIO

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net profit ratio

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oprating profit rato

16.00 15.32 15.05 15.10

14.00 13.07 13.08

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |79 |

2027 -36156.98982 -46,019.48 -466.61%

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |80 |

2023 EPRA IJRD | Journal DOI: https://doi.org/10.36713/epra2016 | https://eprajournals.com/ |81 |

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