INTRODUCTION

INTRODUCTION ON FINANCE
Finance is one of the major elements that activate the overall growth of the economy. Finance is the life blood of economic activity. A well - knit financial system directly contributes to the growth of the economy. An efficient financial system calls for the efficient performance of institution, financial instruments and financial markets. Finance which acts as the lifeblood in the modern business types is one of the most important consideration for an entrepreneur-company. While Implementing, e panding, diversifying, moderni!ing or rehabilitating any project the meaning of finance is better understood. In this section we have covered finance related information and the process of managing the same. Finance is a science of managing money and other assets. It is the process of channeli!ation of funds in the form of invested capital, credits, or loans to those economic agents who are in need of funds for productive investments or otherwise. ".g. #n one hand, the consumers, business firms, and governments need funds for making their e penditures, pay their debts, or complete other transactions. #n the other hand, savers accumulate funds in the form of savings deposits, pensions, insurance claims, and savings or loan shares, etc which becomes a source of investment funds. $ere, finance comes to the fore by channeling these savings into proper channels of investment, In general, finance is that business activity which is concerned with ac%uisition and &onservation of capital funds in meeting financial needs and over all objectives of a business entrepreneur. Finance is the common denominator for a vast range of corporate, projects and the major part of any corporate plan must be e pressed in financial terms'. (he main reasons a business needs finance are to) * +tart a business * Finance e pansions to production capacity ,

* (o develop and market new products * (o enter new markets * (ake-over or ac%uisition * -oving to new premises * (o pay for the day to day running of business

MEANING OF WORKING CAPITAL

Working capital refers to the management of current assets. Working capital refers to that part of total capital which is used for carrying out the routine or regular business operation. In other words, it is the amount of funds used for financing the day-to day operation. In short, it is the capital with which the business is worked over. (hus, the capital invested and locked up in various current assets, such as stocks of raw material, work in progress, stocks of finished goods account receivable and cash and bank balances constitutes the working capital. Working capital may be regarded as life blood of a business. Its effective provision can do much to ensure the success of a business while its in provision can do much to ensure the success of a business while its in efficient management can lead not only to loss of profits but also to the ultimate downfall of what otherwise might be considered as a promising concerns. . According to shoo-in, /Working &apital is the amount of funds necessary to cover the cost of operating the enterprise'. Working &apital is also known as 0evolving or &irculating &apital. . According to 1enesterberg, /&irculating &apital means current assets of a company that are changed in the ordinary cause of business from one to another form. " ample) From cash to inventory, inventories to bills receivable and bills receivable to cash. 2

Concept of working capita

(here are five concepts of working capital) 1ross Working &apital 3et Working &apital 3egative working capital 4ermanent working capital 5ariable working capital

#n the basis of the components or items comprised in working capital, working capital can be classified into the following types)

Gro!! Working capita ) +imply called as working capital, refers to the firms investment in
current assets. &urrent assets which can be converted in to cash with in the accounting year 6or operating cycle7 and includes cash, short term securities, debtors, 8ills receivable and stock 6inventory7 .

Net Working Capita " 0efers to the difference between current assets and current liabilities.
&urrent liabilities are those claims of outsiders, which are e pected to mature for payment with in a year and include creditors, 8ills payable and outsider9s e penses.

Negati#e working capita or working capita $eficit) means the e cess of current
liabilities over the current assets. It accurse when the current liabilities e ceed the current assets

Per%anent working capita or fi&e$ working capita " refer to the minimum amount of
investment in current assets re%uired throughout the year for carrying out the business. In other words, it is the amount of working capital which remains in the business permanently in one form or other. :

'aria( e working capita or f )ct)ating working capita " refer to the amount of
working capital which goes on fluctuating or changing from time to time with the change in the volume of business activities.

Ratio!"
(he term ratio simply means one number e pressed in terms of another. It describes in mathematical terms the %uantitative relationship that e ists between two numbers.

NEED FOR WORKING CAPITAL

"very business undertaking re%uires funds for two purposes, investments in fi ed assets ; investment in current assets. Funds re%uired for investing in inventory, debtors ; other current assets keep changing in shape ; volume. &ompany has some cash in the beginning< this cash may be the source of raw material, keeping the labor cost ; other overheads. (hese three combined would generate work in progress, which will be converted into finished goods on the completion of the production process into debtors ; when the debtor pay, the firm may generate cash. Working capital is needed for sustaining 6i.e., maintaining7 the sales activities. If ade%uate working capital is not maintain for this period ,the firm will not be able to sustain or maintain the sales , since it may not be in a position to purchase raw material and pay wages and other e penses ands produce the goods re%uired for the sales.

NATURE OF WORKING CAPITAL

In ordinary parlance, Working &apital is taken to be the fund available for meeting day-to-day re%uirements of enterprises. It cannot be denied that a part of the fi ed or permanent capital is invested in assets, which are kept in the business or for a long period for the purpose of earning profit. (hese are usually known as fi ed assets vi!. =and ; buildings, plant ; machinery, furniture ; fitting ; intangibles like goodwill, patents, trademarks ; long-term investment. Another part of permanent capital left in the business for supporting the day-to-day normal operation is known as the /Working &apital'. (his Working &apital generates the important element of cost >

vi!. -aterial, wages ; e penses. (hese cost usually lead to production ; sales in case of manufacturing concerns ; sales alone in others. (hese costs occur gradually in a flow ; do not come into being abruptly at a given moment. $ence the initial investment of cash as working capital for this specific purpose has to be continued until the sales revenue commences flowing in substantially ; in a regular way. From this stage the business is found to ac%uire a momentum of its own. (he flow of revenue is e pected to continue to replace the cost lost in its day-to-day out flow for the generation of the revenue mentioned above.

*OURCE OF WORKING CAPITAL

(he financial manager is always interested in obtaining the working capital at the right time, at a reasonable cost and at the best possible favorable terms. A part of the working capital investment are permanent investments is fi ed assets. (he following is snapshot of various source of working capital. +ources of working capital divided into two * =ong ?term * +hort ?term

*o)rce! of ong ter% working capita

* Issue of shares * Floating of debentures * 4loughing back of profit * =oans * 4ublic deposit

*o)rce! of !+ort,ter% working capita

Interna !o)rce! * Aepreciation * (a ation * Accured e penses

E&terna !o)rce! * (rade credit * &redit papers * 8ank credit * &ustomer9s credit * 1ovt. Assistances * =oans from director * +ecurity of employees

WORKING CAPITAL C-CLE",

(he working capital of a concern goes on changing in shape and volume. For Instance, a concern may have some cash in the beginning. (he cash may be used by the concern for the purpose of purchase of raw material, payment of wages and other e penses9. (hese elements of cost or items of e penses, raw material , wages and overheads , will result in work- in-progress during the process of manufacture. #n the in compilation of the production process, the work- in ?progress becomes finished goods

Meaning
(he length of time involved in this cycle of conversion of cash into raw material, raw material into work-in progress, work-in-progress into finished goods, finished goods into debtors and debtors into cash again is called the operating cycle or working capital cycle of the firm, in other words, it is period between the date raw material are purchased and the date the sale proceeds of finished goods are reali!ed by concern.

INTER,DEPENDENCE AMOUNG COMPONENT* OF WORKING CAPITAL OPERATING C-CLE"

A company starting with cash purchase raw materials, components etc., on a cash or credit basis. (hese materials will be converted into finished goods after undergoing various stages of work-inprocess. For this purpose the company has to make payments towards wages, salaries and manufacturing costs. 4ayments to suppliers have to be made on purchases in the case of cash purchases and on the e piry of the credit purchases. Further, the company has to meet other operating costs such as selling and distribution costs, general administration costs and non-operating costs described as financial costs 6interest on borrowed capital7. In case the company sells its finished goods on cash basis, it will pass through one more stage, vi!, accounts receivable and gets back cash along with profit on e piry of credit period. #nce again the cash will be used for the purchase of materials and D or payments to suppliers and the whole cycle is termed as working capital or operating cycle repeats itself. (his process indicates the dependents of each stage or components of working capital on its previous stage or component.

WORKING CAPITAL MANAGEMENT Intro$)ction

Working capital management is one of the most important aspects of financial management. It forms a major function of the finance manager.

Meaning"
Working capital management means management or administrating of all aspect of working capital, i.e., currents assets and currents liabilities. In other words of +mith, /working capital management is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the inter-relationship that e ists between them'.

.A*IC O./ECTI'E OF WORKING CAPITAL MANAGEMENT"

(he basic objective of working capital management is to manage the firm9s working capital 6i.e., currents assets and currents liabilities7 in such a way that a satisfactory level of working capital 6i.e., neither e cessive nor inade%uate working capital7 is maintained. (his is necessary because, if the working capital is e cessive or large, the li%uidity position of the firm would, no doubt, improve, but its profitability would be adversely affected, as funds would remain idle. &onversely, if the working capital is too small, the, profitability of the firm may improve, but the li%uidity position of the firm would be adversely affected.

A$#antage! of working capita "

* It helps the business concern in maintaining the goodwill. * It can arrange loans from banks and others on easy and favorable terms. * It enables a concern to face business crisis in emergencies such as depression. * It creates an environment of security, confidence, and over all efficiency in a business. * It helps in maintaining solvency of the business.

Di!a$#antage! of working capita "

F

* 0ate of return on investments also fall with the shortage of working capital. * " cess working capital may result into over all inefficiency in organi!ation. * " cess working capital means idle funds which earn no profits. * Inade%uate working capital can not pay its short term liabilities in time.

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O./ECTI'E* OF T0E *TUD (o identify the financial strengths ; weakness of the company. (hrough the net profit ratio ; other profitability ratio, understand the profitability of the company. "valuating company s performance relating to financial statement analysis. (o know the li%uidity position of the company with the help of current ratio. (o find out the utility of financial ratio in credit analysis ; determining the financial capacity of the firm. Analysis and evaluate working capital management. (o study the importance of working capital for a concern. (o suggest measure to increase the efficiency of working capital management of 8$"= Aelhi. (o maintain the ade%uate working capital every time.

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*COPE OF T0E *TUD-

(he main scope of the study is evaluated, analy!e and understand the current asset of management and to know the influence of components of working capital in the year 2G,,-,2 and 2G,2-2G,:. (he study is based on secondary data collected from the 0eports and account 8$"= Aelhi as published< therefore the %uality of the study depends purely upon the accuracy, reliability and %uality of the secondary data source. (he study is based on only one company. (herefore, the accuracy of results is purely based on the data of sample unit. If one takes sample units of say ten the results may go slightly differently.

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IMPORTANCE OF T0E *TUDWorking capital management involves the relationship between a firmHs short-term assets and its short-term liabilities. (he goal of working capital management is to ensure that a firm is able to continue its operations and that it has sufficient ability to satisfy both maturing short-term debt and upcoming operational e penses. (he management of working capital involves managing inventories, accounts receivable and payable, and cash. Working capital constitutes part of the &rownHs investment in a department. Associated with this is an opportunity cost to the &rown. 6-oney invested in one area may IcostI opportunities for investment in other areas.7 If a department is operating with more working capital than is necessary, this over-investment represents an unnecessary cost to the &rown. From a departmentHs point of view, e cess working capital means operating inefficiencies. In addition, unnecessary working capital increases the amount of the capital charge which departments are re%uired T+ere are %an1 a!pect! of working capita %anage%ent w+ic+ %ake it an i%portant f)nction of t+e financia %anager ,. TIME) working capital management re%uires much of the financial manager9s time. 2. IN'E*TMENT) working capital represents a large portion of the total investments in assets. :. CRITICALIT-) working capital management has great significance for all firms but it is very critical for small firms.

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>. GROWT0) the need for working capital is directly related to the firm9s growth.

COMPAN- PROFILE
.0ARAT 0EA'- ELECTRICAL LIMITED,
8$"= is IndiaHs largest engineering company and one of its kinds in this part of the hemisphere. It manufactures a wide range of state of the art power generation e%uipment and systems besides e%uipment for industry, transmission, defence, telecommunication and oil business. (he first plant of 8$"= was set up in 8hopal in ,F@B, which signaled the dawn of the heavy electrical industry in India. In the early BGHs three more major plants were set up in $ardwar, $yderabad and (iruchirapalli. (he company now has ,> manufacturing divisions, ,G services centers and power sectors regional centers besides project sites spread all over India and also abroad to provide prompt and effective service to customers. 8$"=Hs business broadly covers conversions, transmission, utili!ations and conservation of energy in core sectors of economy that fulfill vital infrastructure needs of the country. Its product have established an enviable reputation of high %uality and reliability, which is largely due to emphasi!es placed all along on contemporary some of the best technologies of the world from the leading companies in J.+.A., "J0#4", and KA4A3 together with technologies from its own 0;A centers technologies 8.$.".=. has consistently upgraded its design and manufacturing facilities to international standards by ac%uiring and assimilating.

0I*TORICAL PROFILE",
(he construction of heavy electrical e%uipment 4lant commenced in #ct.,FB:after indo-soviet technical co-operation agreement in +ept.,F@F (he first product to roll out from the plant was an electric motor in Kanuary ,FBC.(his was followed by first ,GG -W +team (urbine in Aec.,FBFand first ,GG-W (urbo 1enerator in August ,FC,. (he plant9s /break even' was achieved in -arch ,FC>.8$"= went in for technical collaboration with -Ds +iemens, 1ermany to undertake design and manufacture to large si!e thermal sets upto a ,>

unit rating of ,GGG -W in the year ,FCB.First 2GG -W(1 set was commissioned at #bra in ,FCC. (he continum of technological advancement subse%uently saw the commissioning of @GG -W (1 +et in ,FE> .(he technical cooperation of 1as (urbine manufacture was also signed with -Ds +iemens 1ermany. First ,@G -W I+# rating gas (urbine was e ported to 1ermany in Feb',FF@'.#ur 2@G -W thermal set up at Aahanu 4lant of 8+"+ made a history by continuous operation for over ,@G days and notching up a record plant load factor greater than ,GGL.

.202E2L A CORPORATE GIANT

"stablished in the late @GHs .0ARAT 0EA'- ELECTRICAL* LIMITED 68$"=7 is a name which is recogni!ed across the industrial world. It is one of the largest engineering and manufacturing enterprises in I3AIA and is one of the leading international companies in the power field. 8$"= offers a wide spectrum of products and services for core sectors like power transmission, industrial transportation, oil and gas, telecommunication etc. 8esides supply of nonconventional energy systems. It has also embarked into other areas including defence and civil aviation. A dynamic B:GGG strong team embodies the 8$"= philosophy e cellence through continuous striving for state of the art technology. With corporate head%uarters in 3"W A"=$I, fourteen manufacturing units, a wide spread regional services network and projects sites all over India and even abroad, 8$"= is IndiaHs industrial ambassador to the world with e port presence in more than @G countries. 8$"=Hs range of services e tent from project feasibility studies to after sales services, successfully meeting diverse needs through turnkey capability. 8$"= has had a consistent track record of growth, performance and profitability. (he World 8ank in its report on the Indian 4ublic +ectors, has described 8$"= as /one of the most efficient enterprises in the industrial sector, at par with international standards of efficiencyI. 8$"= has ac%uired I+# FGGG certificate for most of its operations and has taken up (otal Muality -anagement 6(M-7. All the major unitsDdivisions of .0EL have been upgraded to the latest I+#-FGG,) 2GGG version %uality standard certification for %uality management. All the major unitsDdivisions of .0EL have been awarded I+#-,>GG, certification for environmental management systems and #$+A+-,EGG, certification for occupational health and safety management systems. ,@

.0EL occupies an all-important niche as evident by its ranking by &II amongst top eight 4+Js based on financial performance. 0ecently in survey conducted by business India, 8$"= has been rated as seventh 8est "mployer in India.

'I*ION3 MI**ION AND 'ALUE*

,B

MA/OR MILE *TONE* ,C

4567 4568 4589 455: 4557 4556 4556 4558 4558 4555 4555 4555 4555 4555 4555 9;;; 9;;4 9;;4 9;;4 9;;9 9;;9

Kob 0edesign concept launched for FI0+( time in India. well documented +uggestion +cheme launched. =aunched 4roductivity -ovement ; Muality &ircle. &oncept Accreditation of I+# FGG, %uality +ystem. Adopted "FM- model of (M- for achieving 8usiness " cellence. .0EL one of the F 4+"9s declared /3avratna' by 1ovt. of India. 3ational 4roductivity Award for $""4 by the 4resident of India. &ertificate of -erit by 3ational 4roductivity &ouncil for #utstanding performance for 2nd consecutive year. Accreditation of J stamp. Accreditation of 0 +tamp from 3ational 8oard of 8oiler and 4ressure 5essel Inspector, J+A. AA--erkblatt $4# 0ecertification by 0W(J5 for 1as (urbine &ombustion &hambers I3+AA3 Award for " cellence in +uggestion for Fth consecutive year =aunching of @s concept 4&0I recogni!ed as "nvironmental =ab by $aryana +tate 8oard for 4revention and &ontrol of 4ollution Accreditation of I+# ,>GG,-"nviornment management system &II +ite 5isit for &II-"NI- 8usiness " cellence Award-2GGG (op -anagement (M- Workshop at 0ishikesh and $0A& I3+AA3 Award for e cellence in +uggestion for ,,th consecutive year =aunching of M(- ; 0&A at $""4 $ardwar by &-A =aunching of delivery Inde , (urnover Inde and -anufacturing Inde Accreditation of I+# FGGG-2k K8" Workshop of Ape (M- 1roup at (ehri to evolve 8usiness policy and &+F

9;;9

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TOTAL <UALIT- FOCU*"

(o face the increased competition from -3&s 6due to liberali!ation policy of 1overnment7 in early FG9s and to enter "uropean market we moved towards I+# FGGG &ertification.&oncept of 8usiness " cellence through "FM- -odel was launched in entire 8$"= on pilot scale in #ct.',FF@' In ,FFC $""4 launched (M- in the entire 4lant and since then +elf-Assessment is done every year in +eptember.8ased on feedback 0eport of Assessment, critical success factors are identified.and (M action plans are drawn. (he philosophy of I+# FGG,, (M- and I+# ,>GG, has been integrated 8$"= $ardwar for ultimately achieving /8J+I3"++ "N&"=="3&"'. $""4 $ardwar plant is accredited for I+# FGG, and I+# ,>GG, and is now on -arch towards (M-.@-+ was launched in -arch ,FFF in a big way and now it has become a way of life in the organisation. In 2GGG $""4 applied for &II-"NI8usiness e cellence award and site visit was conducted 8u &II team in +eot.'2GGG.&ii feedback has gone a log way in carrying out further improvement plans and giving a structured thrust to (Mmovement. In Kuly 2GG,, Jnit9s (M &ouncil reviewed the (M Action 4lans 2GG,-G2 for its effectiveness and impact on accelerating the pace of improvement and conse%uent (M +core. " ecutive Airector laid the challenge of achieving the (M score of B@G.With an objective to bring awareness about he &II-"NI8usiness " cellence -odel amongst the +r. " ecutives, the first O(op -anagement (M- Workshop9s held at 0ishikesh during oct.2GG," ecutive Airector who is (M Assessor also, himself steered the Workshop with assistance from some e perienced (M Assessor of $""4.It followed by second (op -anagement (M- Workshop steered again by "d was held at $0A& on #ct92F,2GG,.+ubse%uantly the third (op -anagement (M- Workshop was held in 3ov92GG,,where-in +r. &ounselor, &II deliberate the detail on 8est practices of (A(A +(""=-the winner of O&II-"NI- 8usiness " cellence Award 2GGG9.+imultaneously ,(M Assessors training program for the select group of young managers6to be developed as (hink (anks7was organi!ed in 3ov92GG,.(o give further boost Ape 1roup was formed. Ape 1roup developed /0oadmap to 8usiness " cellence' based on &riteria =inkage of &II-"NI- 8usiness -odel and the initiatives taken at $ardwar was drawn by the group and it was widely circulated amongst the employees through special issue of $ardwar &urrent in April 2GG2.It followed by K8" workshop of Ape (M- 1roup held at (ehri on Kune :G and Kuly ,,G2 wherein following business policy and critical factors was evolved. 8$"= has ac%uired certifications to Muality -anagement +ystem 6 I+# FGG, 7, "nvironmental -anagement +ystem 6 I+# ,>GG, 7 and #ccupational $ealth ; +AF"(P management +ystem 6#$+A+ ,EGG, 7 and is also well on its journey towards (otal Muality -anagement. ,F

 .0EL +a!
Installed e%uipment for over FG,GGG -W of power generation ? for Jtilities , &aptive and Industrial users. +upplied over 22@GGG -5. A transformer capacity and other e%uipment operating in (ransmission ; Aistribution network up to >GG Qv 6A&;A&7. +upplied over 2@GGG -otors with Arive &ontrol +ystem to 4ower 0efineries, +teel, Aluminum, Fertili!er, &ement plants, etc. +upplied (raction electrics and A&DA& locos to power over ,2GGG kms 0ailway network. +upplied over one million 5alves to 4ower 4lant and other Industries. projects, 4etrochemicals,

8$"=9s operations are organi!ed around three business sectors, namely 4ower, Industry ? including (ransmission, (ransportation, (elecommunication ; 0enewable "nergy and #verseas 8usiness. (his enables 8$"= to have a strong customer orientation, to be sensitive to his needs and respond %uickly to the changes in the market.

PRODUCT RANGE"
(his list is intended as a general guide and does not represent all of 8$"=9s product and systems.

T0ERMAL POWER PLANT*

+team turbines and generators of up to @GG -W capacity for utility and combined ? cycle applications< up to ,GGG -W unit si!e. +team turbines for &44 application< capability to manufacture condensing, e traction, back pressure, injection or any combination of these types.

GA* .A*ED POWER PLANT

2G

1as turbine of up to 2@@-W 6I+#7 rating. 1as turbine based co-generation and combined ? cycle systems for industry and utility applications.

0-DRO POWER PLANT*

&ustom-built conventional hydro turbines of Qaplan, Francis and 4elton types with matching generators, pump turbines with matching motor-generators. -iniDmicro hydro sets. +pherical, butterfly and rotary valves and au iliaries for hydro station.

DG POWER PLANT*
J+A, =A#, F#, =+J+. natural ? gasDbiogas based diesel power plants, unit rating up to 2G-W and voltage up to ,,Qv, for emergency, peaking as well as base load operations on turnkey basis.

INDU*TRIAL *ET*
Industrial turbo ? sets of rating from ,.@ to ,2G-W. 1as turbines land matching generators ranging from : to 2@@-W 6I+#7 rating. Industrial stream turbines and gas turbines for drive applications.

.OILER*
&ombination of these fuels) capability to manufacture boilers with super critical parameters up to ,GGG -W unit si!e. +team generators for industrial applications, ranging from >G to >@G tDhour capacity using coal, natural gas, industrial gases, biomass, lignite, oil, biogases or a combination of these fuels. 4ulveri!ed fuel fired boilers. +toker boilers. Atmospheric fluidi!ed bed combustion boilers. &irculating fluidi!ed bed combustion boilers. Waste heat recovery boilers.

2,

&hemical recovery boilers for paper industry, ranging from capacity of ,GG to ,GGG tDday of dry solids. 4ressure vessels.

.OILER AU=ILIARIE*
Fan Air-4re-heater 1ravimetric Feeders 4ulveri!es 4ulse Ket and 0everse Air (ype Fabric Filters 6 8ag Filters 7 "lectrostatic 4recipitators -echanical +eparators +oot 8lowers 5alves

0EAT E=C0ANGER* AND PRE**URE 'E**EL*

Air ? cooled heat e changers. +urface condensers. 0eactors, drums.

PUMP*
4umps for various applications to suit utilities up to a capacity of BBG-W. 8oiler feed pumps 6motor or steam turbine driven7. 8oiler feed booster pumps. "mergency oil pumps. =ubricating oil pumps.

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 POWER *TATION CONTROL E<UIPMENT

-icroprocessor-based distributed digital control systems. Aata ac%uisition systems. -an-machine interface.

*WITC0GEAR*
+FB circuit breakers 6,:2 Qv ?>GG Qv7. 5acum circuit breakers 6:.: Qv ? ::k Qv7.

.U* DUCT*
8us ? ducts with associated e%uipment to suit generator power output of utilities of up to @GG -W capacities.

TRAN*FORMER*
+pecial transformers) earthing< furnace< rectifier< electrostatic precipitator< freight loco and A&"-J and traction transformers.

IN*ULATOR*
$igh- tension ceramic insulator

CAPACITOR*
&ouplingD&5( capacitors for voltages up to >GG Qv. =ow (ension (hyristor +witched &apacitors 6=((+&7 for dynamic power factor correction.

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 ENERG- METER*
+ingle phase, 4oly 4hase and +pecial ? purpose electro ? mechanical and electrical meters.

.U*INE** POLIC>In, ine wit+ Co%pan1?! 'i!ion3 Mi!!ion an$ #a )e!3 we $e$icate o)r!e #e! to !)!taine$ growt+ wit+ increasing positive "conomic 5alue Addition and &ustomer focussed business leadership in the Power an$ In$)!tr1 *ector.

CRITICAL *UCCE** FACTOR*"

Increase #rders of +paresD+ervices to 2:G &r. Aecrease &apital employed by 0s. ,2G &r. +aving in -aterial &ost by ,B &r. i.e. @L- 0s. > &r. Aecrease in indirect material Rmiscellaneous e penses by @L- 0s. > &r. "ffective implementation of M(-D0&AD&(M +trengthening Internal customer concept Aevelopment of an Incentive +cheme 0eward +cheme including "N&"= Awards "ffective implementation of 4-+ "ffective &ontract -anagement (echnology Jpgradation

O" cellence triangle9 for each &ritical +uccess Factor is now being drawn comprising improvement projects. (hese projects will be centrally registered under #n-line &entral 0egistration system to be developed for it. While &+F &hampion will take the total stock of position in the improvement projects undertaken in his respective &+F, progress of individual projects will be reviewed by Area (M &ouncil 6A(M&7 and Functional (M &ouncil 6F(M&7. 2>

#ne of the major strengths of $""4 $ardwar is its free, open and consistent work culture for making continuous improvement evident from the participation of employees in +uggestions and Muality &ircles. (o recogni!e their efforts various productivity drives and competition are organi!ed throughout the year and " ecutive director awards the winners in the special Award Aistribution Functions. 3ational Award for " cellence in +uggestion +cheme for ,, th consecutive year by I3++A3, 3ational Award for e cellence in "nergy &onservation as an /"nergy "fficient unit' by &II, &-A9s 0olling (rophy for :rd consecutive year, OWell known Forge +hop / by &entral 8oiler 8oard etc. are some 5ir Award 2GG,' and ,2 employees honored with /5ishwakarma 0ashtriya 4uraskar'during 2GG,-G2. (he journey to e cellence is unending .It is a continuous search with commitment and belongings. +ky indeed is not the limit for perfection. (he transition has strongly e perienced a silent internali!ation with a blend of commitment of the e isting human resource for creating benchmarks for e cellence. (he emergence of role models and clear-cut driving force at the top provide an anvil to unleash the potential, which remain une plored in search of /Attitude to perform'. (he surge has started and is being communicated down the. 8$"= today through (M- is on -arch towards e cellence.

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LITERATURE RE'IEW
Mi!!2 Mo+anapri1a3 M2.2A3 in her research on /Working capital management of (anjore cooperative milk supply society =td.' Which is the partial fulfillment of the re%uirements for the award of her degree submitted to 8harathidasan Jniversity, in the year 3ovember ? 2G,2. #utlined the following objectives and findings. 0er O(@ecti#e! were" Qnow the project of &o-operative milk supply society. Analysis the short term li%uidity position of the study unit during the period 2G,G-2G,, to 2G,,-2G,2. Analysis and evaluate working capital management. 0er Fin$ing! were" (he si!e of current assets has increased during the study period. Auring the study period the working capital turnover ratio were 2,G.@,< ,F>.BG< >@.>> and ,,.EB times respectively the higher ratios in the 2 year 2G,G-2G,, and 2G,,-2G,2 indicates sufficient amount of working capital and effective utili!ations of working capital. (he cash turnover ratio is to be increasing times. Mi!!2 A(ira%i!)n$+ari, in her research on /Working capital management of (+0- =imited (richy'. Which is the partial fulfillment of the re%uirements for the award of her -.&om degree submitted to 8harathidasan Jniversity, in the year 3ovember ? 2G,2. #utlined the following objectives and findings. 0er O(@ecti#e! were" (o study the importance of WDc management for a concern. (o assess the proportion of the components of WDc of (+0- =td, (richy. (o suggest measures to increases the efficiency of WDc management of (+0- =td, (richy.

2B

0er Fin$ing! were" (he company has been taken for sufficient care for the maintenance of ade%uate accounting period. (he proportion of five years. (he overall performance of receivables management showed a satisfactory position throughout the past @ years. Mr2 Ka%ara@3 M3 P+i , in his research on /Working capital management of Aalmia &ement =imited (richy'. Which is the partial fulfillment of the re%uirements for the award of her degree submitted to 8harathidasan Jniversity, in the year 3ovember ? 2G,2. #utlined the following objectives and findings. 0i! O(@ecti#e! were" (o know the Financial 4erformance of Aalmia &ement. (o e amine the practice follow into -anagement of cash. (o know the techni%ues of Inventory -anagement in A.&.8.&. net WDc to total assets showed on increasing trend through out the

0i! Fin$ing! were" 0aw -aterial &onsumption over the study period in terms of %uantity and value has showed an incise trend. #perating ratio is considered to be yardstick of operating efficiently of the concern. (he concern has show dormant and fast moving inventories during the @ years a study period. 4erformance of the co should be judged on the basis of return on e%uity capital. It is satisfactory positive

2C

Mr2 K)!+agra Da()r3 in his research on /Working capital management of Qotak -ahindra =ife Insurance &ompany'. Which is the partial fulfillment of the re%uirements for the award of her degree submitted to Amity Jniversity, Jttar 4radesh, in the year February ? 2G,2. #utlined the following objectives and findings) 0i! O(@ecti#e! were" ! (o meet the cash disbursement needs 6payment schedule7< (o minimi!e funds committed to cash balances. (he present study is limited to one &o., i.e. Qotak -ahindra =ife Insurance, and covers a period from 2G,, and 2G,2 due to limitation of time and accessibility to data base. (he authenticity of the suggestions and recommendations depend upon the rationality of the data provided to me. 0i! Fin$ing! were" (he relative growth rate of short term trade credit and value industrial production. (he relative growth rates of short term trade credit ; inventories with industry ; trade. (he diversion of short-term credit for fi ed asset ac%uisition ; for lower and Investments. (he incidence or multiple financing, (he elongation of credit period.

2E

RE*EARC0 MET0OLOGGenera Met+o$o og1

(he study was carried on an e plorative basis using accounting and financial data. (he procedures followed in this study consist of following steps) ,7 (he research includes figurative and diagrammatic interpretation for the ease of comparison. 27 Jnderstanding of aluminium industry in global and domestic scenario. :7 Aetermining the demand and supply in near future to understand the future prospect of the industry. >7 Analysis of 1overnment 4olicy toward aluminium industry. @7 "valuating 8$"=, $A0IAWA09+ position in aluminium industry.

Re!earc+ Met+o$o og1

0esearch methodology that is used here was purely e ploratory because we know it is used when one is seeking insight in to the general nature of the problem possible decision alternatives and relevant variables that need to be considered. (his resistance also help full D use full for establishing priorities among research %uestions and for learning about practical problems of carrying out the research.

2F

ANAL-*I* ;F DATA COLLECTED APRE*ENTATION AND INTERPRETATIONB

Data !o)rce
Aata collection was through literature survey and e pert opinion. =iterature survey includes the collection of data from various sources like bank agreement and statement, handbooks as well as study material. A part of dataS s was collected from primary data and other was collected from the secondary data.

Pri%ar1 !o)rce!
Information gathered by interview and discussions with the head and employees of various departments and my project guide.

*econ$ar1 !o)rce!
&ompany annual report. 4ublished information on finance. Internal circulation booklets. &ompany Websites

DATA ANAL-*I* AND INTERPRETATION

0atio Analysis is a powerful tool o financial analysis. Ale ander $all first presented it in ,FF, in Federal 0eserve 8ulletin. 0atio Analysis is a process of comparison of one figure against other, which makes a ratio and the appraisal of the ratios of the ratios to make proper analysis about the strengths and weakness of the firm9s operations. (he term ratio refers to the numerical or %uantitative relationship between two accounting figures. 0atio analysis of financial statements :G

stands for the process of determining and presenting the relationship of items and group of items in the statements. 0atio analysis can be used both in trend analysis and static analysis. A creditor would like to know the ability of the company, to meet its current obligation and therefore would think of current and li%uidity ratio and trend of receivable. -ajor tool of financial are thus ratio analysis and Funds Flow analysis. Financial analysis is the process of identifying the financial strength and weakness of the firm by properly establishing relationship between the items of the balance sheet and the profit account (he financial analyst may use ratio in two ways. First he may compare a present ratio with the ratio of the past few years and project ratio of the ne t year or so. (his will indicate the trend in relation that particular financial aspect of the enterprise. Another method of using ratios for financial analysis is to compare a financial ratio for the company with for industry as a whole, or for other, the firm9s ability to meet its current obligation. It measures the firm9s li%uidity. (he greater the ratio, the greater the firms li%uidity and vice-versa. A ratio can be defined as a numerical relationship between two numbers e pressed in terms of 6a7 proportion 6b7 rate 6c7 percentage. It is also define as a financial tool to determine an interpret numerical relationship based on financial statement yardstick that provides a measure of relationship between two variable or figures.

Meaning an$ I%portance"

0atio analysis is concerned to be one of the important financial tools for appraisal of financial condition, efficiency and profitability of business. $ere ratio analysis id useful from following objects. ,. +hort term and long term planning 2. -easurement and evaluation of financial performance

:,

:. +tud of financial trends >. Aecision making for investment and operations @. Aiagnosis of financial ills B. 4roviding valuable insight into firms financial position or picture

AD'ANTAGE* C DI*AD'ANTAGE* OF RATIO ANAL-*I*"

A$#antage!" (he following are the main advantages derived of ratio analysis, which are obtained from the financial statement via 4rofit ; =oss Account and 8alance +heet. a7 (he analysis helps to grasp the relationship between various items in the financial statements. b7 (hey are useful in pointing out the trends in important items and thus help the management to forecast c7 With the help of ratios, inter firm comparison made to evolve future market strategies. d7 #ut of ratio analysis standard ratios are computed and comparison of actual with standards reveals the variances. (his helps the management to take corrective action. e7 (he communication of that has happened between two accounting the dates are revealed effective Action. f7 +imple assessments of li%uidity, solvency profitability efficiency of the firm are indicted by ratio analysis. 0atios meet comparisons much more valid. Di!a$#antage!" 0atio analysis is to calculate and easy to understand and such statistical calculation stimulation thinking and develop understanding. 8ut there are certain drawbacks and dangers they are. i7 (here is a trendy to use to ratio analysis profusely. :2

ii7 Accumulation of mass data obscured rather than clarifies relationship. iii7 Wrong relationship and calculation can lead to wrong conclusion. ,. In case of inter firm comparison no two firm are similar in si!e, age and product unit.6for e ample7 one firm may purchase the asset at lower price with a higher return and another firm witch purchase the asset at asset at higher price will have a lower return7 2. 8oth the inter period and inter firm comparison are affected by price level changes. A change in price level can affect the validity of ratios calculated for different time period. :. Jnless varies terms like group profit, operating profit, net profit, current asset, current liability etc., are properly define, comparison between two variables become meaningless. >. 0atios are simple to understand and easy to calculate. (he analyst should not take decision should not take decision on a single ratio. $e has to take several ratios into consideration. *TANDARD* OF COMPARI*ION" ,. 0atios calculated from the past financial statements of the same firm. 2. 0atio developed using the projected or performs financial statement of the same firm :. 0atios of some selected firm especially the most progressive and successful, at the same point of time. >. 0atios of the industry to which the firm belongs.

IMPORTANCE OF RATIO ANAL-*I* In the preceding discussion in the form, we have illustrated the compulsion and implication of important ratios that can be calculated from the 8alance +heet and 4rofit ; =oss account of a firm. As a tool of financial management, they are of crucial significance. (he importance of ratio analysis lies in the fact and enables the drawing of inferences regarding the performance of a firm. 0ation analysis is a relevant in assessing the performance of a firm in respect of the following aspect.

::

CAUTION IN U*ING RATIO*" ,. It is difficult to decide on the proper bases of comparison. 2. (he comparison rendered difficult because of difference in situation of two companies or of onecompany for different years. :. (he price level change makes the interpretation of ratios invalid >. (he difference in the definition of items in the balance sheet and 4rofit ; =oss statement make the interpretation of ratios difficult. @. (he ratios calculated at a point of time are less informative and defective as they suffer from sort term changes. B. (he ratios are generally calculated from the past financial statement and thus are no indicators of future.

CURRENT RATIO" (he relationship of current assets to current liabilities is known as current
ratio. It is also known as banker9s ratio or working capital ratio. 42 CURRENT RATIO It is relationship between firm9s current assets and current liability.

&urrent assets &urrent ratio T UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU &urrent liability

:>

TA.LE D 4 *TATEMENT *0OWING CURRENT RATIO

-EAR &J00"3( A++"(+ &J00"3( =IA8I=I(I"+ &J00"3( 0A(I# 9;;8,9;;5 ,B::GCE ,G:2GG2 ,.@E 9;;5,9;4; 2,GB>GG ,>>2GGG ,.>B 9;4;,9;44 2CCG>GG 2GG22:G ,.:E 9;44,9;49 :BFG,GC 2E::2FG ,.:G 9;49,9;4: >2F:>E, :2>>,C2 ,.:2

R! in ak+!
+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION
(he current ratio is a test of the short term solvency of the business enterprise since this ratio assumes current assets could be converted into cash to meet current liabilities. It i! often accepte$ t+at c)rrent a!!et! !+o) $ (e 9ti%e! t+e c)rrent ia(i itie!2 &urrent ratio during the year 2GGE-2GGF was ,.@E and it9s come down in ,.>B at 2GGF-2G,G and its again decreased 2G,G-2G,, and 2G,,-2G,2 and it9s slightly increased in ,.:2 at 2G,2-2G,:. (he standard norm for this ratio is 2), re%uired. 8$"= should maintain sufficient amount of current assets in order to maintain the standard form of current ratio.

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C0ART D 4

CURRENT RATIO

current ratio

1.8 1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0 20082009 20092010 20102011
YEARS

PERCENTAGE

2012012

20122013

:B

<UICK RATIO" It establishes the relationship of a company9s current assets that can be %uickly
converted into cash and its current liabilities. 42 <UICK RATIO It is relationship between li%uid assets and current liabilities. =i%uid assets Muick ratio T UUUUUUUUUUUUUUUUUUUUUUUUU =i%uid =iabilities

TA.LE D9 *TATEMENT *0OWING <UICK RATIO

-EAR =IMJIA A++"(+ =IMJIA =IA8I=I(I"+ =IMJIA 0A(I# ,.22 ,.,C ,.,G ,.G: ,.G> 9;;8,9;;5 ,2@EB>G ,G:2GG2 9;;5,9;4; ,BE>BGG ,>>2GGG 9;4;,9;44 22,BFCE 2GG22:G 9;44,9;49 2FGB>G@ 2E::2FG 9;49,9;4: ::BFF:@ :2>>,C2

R! in ak+!
+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION It i! in fact t+e %ea!)re of t+e >In!tantE $e(t pa1ing a(i it1 of t+e ()!ine!! enterpri!e2 (he %uick ratio in the year 2GGE-2GGF was ,.22 and its decreased G.G>L at 2GGFand 2G,G 6,.,C7 and in 2G,G-,, get decreased G.GBL 6,.,G7 and 2G,,-,2 get decreased G.GB:L 6,.G:7 and its get increase in slightly on2G,2-,: at G.GG,L6,.G>7. (he standard norm for this ratio is ,),, means for every , rupee of current liability, company must :C have , rupee of %uick assets.

C0ART D9 LI<UID RATIO

:E

CA*0 MANAGEMENT
Intro$)ction" &ash management is one of the key areas of working capital management. &ash is the li%uid current asset. (he main duty of the finance manager is to provide ade%uate cash to all segments of the organi!ation. (he important reason for maintaining cash balances is the transaction motive. A firm enters into variety of transactions to accomplish its objectives which have to be paid for in the form of cash.

Meaning of ca!+" (he term /cash' with reference to cash management used in two senses. In a narrower sense it includes coins, currency notes, che%ues, bank drafts held by a firm. n a broader sense it also includes /near-cash assets' such as marketable securities and time deposits with banks.

O(@ecti#e! of ca!+ %anage%ent" (here are two basic objectives of cash management. (hey are (o meet the cash disbursement needs as per the payment schedule. (o minimi!e the amount locked up as cash balances. .a!ic pro( e%! in Ca!+ Manage%ent" &ash management involves the following four basic problems. &ontrolling level of cash &ontrolling inflows of cash :F

 &ontrolling outflows of cash and #ptimum investment of surplus cash. Aetermining safety level for cash)

(he finance manager has to take into account the minimum cash balance that the firm must keep to avoid risk or cost of running out of funds. +uch minimum level may be termed as /safety level of cash'. (he finance manager determines the safety level of cash separately both for normal periods and peak periods. Jnder both cases he decides about two basic factors. (hey areDe!ire$ $a1! of ca!+" It means the number of days for which cash balance should be sufficient to cover payments. A#erage $ai 1 ca!+ f ow!" (his means average amount of disbursements which will have to be made daily.

Criteria for in#e!t%ent of !)rp )! ca!+" In most of the companies there are usually no formal written instructions for investing the surplus cash. It is left to the discretion and judgment of the finance manager. While e ercising such judgment, he usually takes into consideration the following factors-

*ec)rit1" (his can be ensured by investing money in securities whose price remains more or less +table. LiF)i$it1" (his can be ensured by investing money in short term securities including short term fi ed Aeposits with banks.

>G

-ie $" -ost corporate managers give less emphasis to yield as compared to security and li%uidity of Investment. +o they prefer short term government securities for investing surplus cash. Mat)rit1" It will be advisable to select securities according to their maturities so the finance manager can ma imi!e the yield as well as maintain the li%uidity of investments. Ca!+ Manage%ent in .0EL" (he cash management is carried out in seaways by &(- 6&orporate (reasury -anagement7. &(- is a commonly followed procedure in most of the companies.

3ow we see the cash ratio D %uick ratio in bhel 42 CA*0 RATIO It is relationship between cash and current liabilities. &ash &ash ratio T UUUUUUUUUUUUUUUUUUUUUUU &urrent liabilities

>,

*TATEMENT *0OWING CA*0 RATIO TA.LE D : R! in ak+!

-EAR &A+$ &J00"3( =IA8I=I(I"+ &A+$ 0A(I# G.>G G.>G G.>2 G.:B G.:G 9;;8,9;;5 >,::FE ,G:2GG2 9;;5,9;4; @EGFGG ,>>2GGG 9;4;,9;44 E:EBGG 2GG22:G 9;44,9;49 ,G:,>BC 2E::2FG 9;49,9;4: FCFGGE :2>>,C2

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION (he &ash ratio of 8$"= in the 2GGE-2GGF was fluctuation in 2G,2-,: it was G.:G times and 2GGE-2GGF it was G.>G times and 2G,G-,, it was reduced to G.>2. (he standard norms of absolute %uick ratio are G.@),. From the above table the firms not maintain the sufficient level of %uick assets because of the day-to-day e penses .It is fluctuating between the standard norms for this ratio is ,)2 means for every 2 rupees of current =iabilities, &ompany must have , rupee of cash and bank balance and marketable securities. in

>2

C0ART,: CA*0 RATIO

>:

RECEI'A.LE* MANAGEMENT

Intro$)ction" 0eceivables constitute a significant portion of the total assets of the business. When a firm seller goods or services on credit, the payments are postponed to future dates and receivables are created. If they sell for cash no receivables created. Meaning" 0eceivable are asset accounts representing amounts owed to the firm as a result of sale of goods or services in the ordinary course of business. P)rpo!e of recei#a( e!" Accounts receivables are created because of credit sales. (he purpose of receivables is directly connected with the objectives of making credit sales. (he objectives of credit sales are as follows Achieving growth in sales. Increasing profits. -eeting competition.

Factor! affecting t+e !iGe of Recei#a( e!" (he main factors that affect the si!e of the receivables are =evel of sales. &redit period. &ash discount.

Co!t! of %aintaining recei#a( e!" (he costs with respect to maintenance of receivables are as follows-

>>

Capita co!t!" (his is because there is a time lag between the sale of goods to customers and the payment by them. (he firm has, therefore to arrange for additional funds to meet its obligations. A$%ini!trati#e co!t!" Firm incur this cost for manufacturing accounts receivables in the form of salaries to the staff kept for maintaining accounting records relating to customers. Co ection co!t!" (he firm has to incur costs for collecting the payments from its credit customers. Defa) ting co!t!" (he firm may not able to recover the over dues because of the inability of customers. +uch debts treated as bad debts. Recei#a( e! %anage%ent" 0eceivables are direct result of credit sale. (he main objective of receivables management is to promote sales and profits until that point is reached where the 0#I in further funding of receivables is less than the cost of funds raised to finance that additional credit 6i.e.< cost of capital7. Increase in receivables also increases chances of bad debts. (hus, creation of receivables is beneficial as well as dangerous. Finally management of accounts receivable means as the process of making decisions relating to investment of funds in this asset which result in ma imi!ing the overall return on the investment of the firm. Recei#a( e! %anage%ent an$ Ratio Ana 1!i!" 0atio Analysis is one of the important techni%ues that can be used to check the efficiency with which receivables management is being managed by a firm. (he most important ratios for receivables management are as follows-

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DE.TOR* TURNO'ER RATIO" , Aebtors constitute an important constituent of current assets and therefore the %uality of the debtors to a great e tent determines a firm9s li%uidity. It shows how %uickly receivables or debtors are converted into cash. In other words, the A(0 is a test of the li%uidity of the debtors of a firm. (he li%uidity of firm9s receivables can be e amined in two ways they are A(0 and Average &ollection 4eriod. It indicates the number time debtors turned over each year. 1enerally the higher value of debtor9s turnover shows high efficiency to manage the credit management. (otal sales Aebtors turnover ratio T UUUUUUUUUUUUUUUUUUUUUUUUUUUUUU Aebtors

>B

TA.LE DH *TATEMENT *0OWING DE.TOR* TURNO'ER RATIO

-EAR (#(A= +A="+ A"8(#0+ A"8(#0 (J03#5"0 0A(I# ,.EC ,.CE ,.B, ,.B> ,.@F 9;;8,9;;5 ,::C>G: C,BEGB 9;;5,9;4; ,C2:C@: FBF@E2 9;4;,9;44 ,F:G>B> ,,FC>EC 9;44,9;49 2B2,2:: ,@FC@@G 9;49,9;4: :2EB,>> 2GBEEC@

R! in ak+!
+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION Aebtors constitute an important constituent of current assets and therefore the %uality of the debtors to a great e tent determines a firm9s li%uidity. It shows how %uickly receivables or debtors are converted into cash. In other words, the A(0 is a test of the li%uidity of the debtors of a firm. (he li%uidity of firm9s receivables can be e amined in two ways they are A(0 and Average &ollection 4eriod. .(he higher the ratio, the better it is, since it would indicate that debts are being collected promptly. In t+e 1ear 9;49,4: t+e $e(t i! 4275 co%paring to t+e pre#io)! 1ear ca%e $ownwar$!2

C0ARTH
2
PERCENTAGE 1.8

1.6 20082009 20092010 20102011

YEARS

20112012

20122013

>C

DE T!RS

1.4

DE.T COLLECTION PERIOD

Aebtor9s collection period is nothing but the period re%uired to collect the money from the customers after the credit sales. A speed collection reduces the length of operating cycle and vice versa. (he more %uickly the customers pay, the less risk from bad debts, the lower the e penses of collection and more li%uid the nature of of this asset. It indicates the speed with which debts are collected. AaysDmonths in a year Aebt collection period T UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU Aebtor9s turnover ratio

TA.LE D 7 DE.T COLLECTION PERIOD*

>E

R! in ak+!

-EAR AAP+ A"8( (J03#5"0 0A(I# A"8( &#=="&(I#3 4"0I#A

9;;8,9;;5 :B@ ,.EC

9;;5,9;4; :B@ ,.CE

9;4;,9;44 :B@ ,.B,

9;44,9;49 :B@ ,.B>

9;49,9;4: :B@ ,.@F

,F@

2G@

22C

22:

2:G

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION (he debt collection period of 8$"= in the 2GGE-2GGF was ,F@ days and in goes to 2G,2-2G,: it was increased in 6G.,EL7 2:G days. +tandard Aebt &ollection 4eriod of a firm is less than FG days. 8ut, above tables consists of increased of A&4 in rapidly.

No. o" Da#$

20082009

20102011
YEARS

20122013

CREDITOR* TURNO'ER RATIO

>F

DTCP

240 220 200 180 160

DTCP

(he ratio shows on an average the number of times creditors turned over during the year.

&redit purchase &reditors turnover ratio T UUUUUUUUUUUUUUUUUUUUUUUU Average creditors

TA.LE D I CREDITOR* TURNO'ER RATIO R! in ak+!

@G

-EAR &0"AI( 4J0&$A+" +J44=I"0+ &0"AI(#0+ &0"AI(#0+ (J03#5"0 0A(I# D

9;;8,9;;5 CGFF>G 2EG>GF

9;;5,9;4; ,G,E,EB :@:EF@

9;4;,9;44 ,,E2GEC >>2>GG

9;44,9;49 ,CB2GG@ @E@2E@

9;49,9;4: 2GBC2:2 C@CFEG

2.@:

2.EE

2.BC

:.G,

2.C:

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION (he &reditors turnover ratio of 8$"= was fluctuating during the year 2GGE-2G,:. It was more time firm has to pay to their creditors. upward in 62G,,-2G,27 was :.G, times and it was downward in 2G,2-,: is 2.C: times. 1reater the &(0 the

C0ART ,I

CA*0 TO CURRENT A**ET* RATIO

@,

De!cription" (he cash to current assets ratio is useful for determining the proportion of

cash within the current assets category. (his is the most conservative way to measure a companyHs li%uidity because it ignores the li%uidation value of accounts receivable and inventory. It is most useful for determining the ability of a company to pay off liabilities in the e tremely short term.
For%) a" Add together cash and short-term marketable securities, and divide by

current assets. &urrent assets include cash, short-term marketable securities, accounts receivable, and inventory.

(he formula is)T

&ash R short term marketable securities &urrent asset

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TA.LE D6 CA*0 TO CURRENT A**ET* RATIO

-EAR &A+$ &J00"3( A++"(+ &A+$ &J00"3( A++"(+ 0A(I# +#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* (# G.2@ G.2C G.:G G.2E G.2: 9;;8,9;;5 >,::FE ,B::GCE 9;;5,9;4; @EGFGG 2,GB>GG 9;4;,9;44 E:EBGG 2CCG>GG 9;44,9;49 ,G:,>BC :BFG,GC

R! in ak+!
9;49,9;4: FCFGGE >2F:>E,

INTERPRETATION (he &ash to current assets turnover ratio of 8$"= was fluctuating during the year 2GGE-2G,:. It was upward in 62GGE-2G,G7 was G.2@ times to G.:G times and it was downward in 2G,G-,: is G.2: times.

C0ART ,6 CA*0 TO CURRENT A**ET* RATIO

CAS& T! C'RRENT ASSETS RAT(!

PERCENTAGE

0.3 0.2% 0.2 0.1% 0.1 0.0% 0

C.C.A.R 20082009 20092010 20102011 YEARS 20112012 20122013

@:

CA*0 TURNO'ER RATIO

(he cash turnover ratio e%uals the sales revenue generated during a year divided by the average cash and cash e%uivalents during the same year. &ash e%uivalents are short-term investments, such as (reasury bills, that can be %uickly converted to cash. (he average cash and cash e%uivalents balance e%uals the amount at the beginning of the year plus the amount at the end of the year, divided by two. Indicates a firmHs efficiency in its use of cash for generation of sales revenue. It is the inverse of cash-to-sales ratio.

For%) a"
+ales revenue 6at the end of a period7 V average cash balance 6in the same period7.

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TA.LE D8 CA*0 TURNO'ER RATIO R! in ak+!

-EAR +A="+ &A+$ &A+$ (J03#5"0 0A(I# +#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION (he cash turnover ratio in the years 2GGE-2G,: it was on fluctuating ratios, in the year 2G,2-2G,: it was increased 6G.G:CL7 :.:B. :.2> 2.FC 2.:, 2.@> :.:B 9;;8,9;;5 ,::C>G: >,::FE 9;;5,9;4; ,C2:C@: @EGEF, 9;4;,9;44 ,F:G>B> E:EBG2 9;44,9;49 2B2,2:: ,G:,>BC 9;49,9;4: :2EB,>> FCFGGE

CAS& T'RN!)ER RAT(!

3.% 3 2.% 2 1.% 1 0.% 0

PERCENTAGE

C.T.R 20082009 200929010 20102011 YEARS 2011- 2012-13 2012

IN'ENTOR- MANAGEMENT @@

Intro$)ction" Inventories are stock of the product a company is manufacturing for sale and components. (hat makeup the products. (he various forms in which inventories e ist in a manufacturing company are) 0aw-materials, work-in-process, finished goods. 0aw--aterials) - Are those basic inputs that are converted into finished products through the manufacturing process. 0aw-materials inventories are those units, which have been purchased and stored for future production. Work-In-4rocess inventories are semi-manufactured products. (he represent products that need more work before they become finished products for sale. Finished 1oods inventories are those completely manufactured products, which are ready for sale. +tocks of raw-materials and work-in-process facilitate production which stock of finished goods is re%uired for smooth marketing operations. (hese inventories serve as a link between production and consumption of goods. +tores and spares are also maintained by some firms. (his includes office and plant cleaning materials like soaps, brooms, oil, fuel, light, bulbs etc. (hese materials do not directly enter in production. 8ut are necessary for production process. Nee$ to +o $ing in#entor1 (he %uestion of managing inventories arises only when the company holds inventories. -aintaining inventories involves tying up of the companyHs funds and incurrence of storage and handling cost. It is e pensive to maintain inventories, why does company hold inventoriesW (here are three general motives for holding inventories. ,. Tran!action Moti#e" - "mphasi!es the need to maintain inventories to facilitate smooth production and sales operations.

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2. Preca)tionar1 %oti#e" - 3ecessitates holding of inventories to guard against the risk of unpredictable changes in demand and supply forces and other factors. :. *pec) ati#e %oti#e" - Influences the decision to increase or reduce inventory levels to

take advantages of price influences. A company should maintain ade%uate stock of materials for a continuous supply to the factory for the uninterrupted production. It is not possible for a company to procure raw materials whenever it is needed. A time lag e ists between demand for materials and its supply. Also there e ists uncertainty in procuring raw materials in time on many occasions. (he procurement of materials may be delayed because of such factors as strike, transport disruption or short supply. (herefore, the firm should maintain sufficient stock of raw materials at a given time to stream line production. O(@ecti#e of In#entor1 Manage%ent In the conte t of inventory management the firm is faced with the problem of meeting two conflicting needs< (o maintain a large si!e of inventory for sufficient and smooth production and sales operations. (o maintain a minimum investment in inventories to ma imi!e profitability.

8oth e cessive and inade%uate inventories are not desirable. (hese are two dangerous points within which the firm should operate. (he objective of inventory management should be to determine and maintain optimum level of inventory investment. (he optimum level of inventory will lie between the two danger points of e cessive and inade%uate inventories. (he firm should always avoid a situation of over investment or under investment in inventories. (he major dangerous of over investment are, Jnnecessary tie-up of the firms funds losses of profit " cessive carrying cost

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0isk of %uality

(he aim of inventory management thus should be to avoid e cessive and inade%uate levels of inventories and to maintain sufficient inventory for smooth production and sales operations. "fforts should be made to place an order at the right time with the right source to ac%uire the right %uantity at the right price and %uality. An effective inventory management should "nsure a continuous supply of raw materials to facilitate uninterrupted production.

-aintain sufficient stock of raw materials in periods of short supply and anticipate price changes.

-aintain sufficient finished goods inventory for smooth sales operations and efficient customer service.

-inimi!e the carrying cost and time.

&ontrol investment in inventories and keep it at an optimum level.

In#entor1 %anage%ent tec+niF)e!" In managing inventories the firm objective should be in consonance with the shareholdersH wealth ma imi!ation principle. (o achieve this firm should determine the optimum level of inventory. "fficiently controlled inventories make the firm fle ible. Inefficient inventory control results in unbalanced inventory and infle ibility-the firm ma sometimes run out of stock and sometimes may pileup unnecessary stocks. (his increases level of investment and makes the firm unprofitable. (o manage inventories efficiency, answers should be sought to the following two %uestions. ,7 $ow much should be orderedW

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27 When should it be orderedW (he first %uestion how much to order, relates to the problem of determining economic order %uantity 6"#M7, and is answered with an analysis of costs of manufacturing certain level of inventories. (he second %uestion when to order arise because of determining the reorder point. When the order is placed for raw material certain raw material is in transit, such raw material is called as raw material in transit. " ample ?0aw material on overseas. (he raw material can be transfer from unit to another unit or from one department to another is called transfer-in ?transit. It is nothing but to the transfer of raw material among the inter firm units of 8$"=. (he raw material, which is production process, is called work-in process. (he work in process becomes finished goods inventory. (he finished should not be kept for a longer time. (hey should be sold off to clear off the entire inventory. $owever, finished goods inventory is not there for 8$"=, since production is mainly done on customer order and specifications. (he raw material is purchased and the whole process is repeated again which we call it as inventory cycle.

In#entor1 t)rno#er Ratio", Inventory turnover ratio indicates the efficiency of the firm in producing and selling its products. It is calculated by dividing the cost of goods sold by the average inventory. (he average inventory is the average of open and closing balance of inventory.

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IN'ENTOR- TURNO'ER RATIO

It indicates the inventories turning into receivables through sales. +ales Inventory turnover ratio TUUUUUUUUUUUUUUUUUUUUUUUUUU Inventory

BG

TA.LE5 IN'ENTOR-TURNO'ER RATIO

-EAR +A="+ 9;;8,9;;5 ,::C>G: 9;;5,9;4; ,C2:C@: 9;4;,9;44 ,F:G>B> 9;44,9;49 2B2,2:: 9;49,9;4: :2EB,>>

I35"3(#0P I35"3(#0P(J 03#5"0 0A(I#

:C>>:C

>2,CBC

@C:B>G

CE:CG2

F2:@>B

:.@C

>.GF

:.:C

:.:>

:.@B

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT

INTERPRETATION (his ratio indicates the li%uidity of the inventory, that is, how %uickly, on the average< the inventory was sold during the year and conse%uently the significance of the inventory for the debt paying purposes. A high stock turnover ratio is generally considered desirable because it is indicative of efficient performance since an improvement in the ratio shows hat volume of sales has been either maintained or increased without additional investment in stock. Inventory turnover of 8$"= for 2GGF-2G,G was >.GF. In 2G,G-2G,, the inventory turnover ratio was high up to :.:C and it was high in 2G,2-,: at :.@B.

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C0ART D5 IN'ENTOR- TURNO'ER RATIO

B2

IN'ENTOR- 0OLDING PERIOD

(he formula to calculate days in inventory is the number of days in the period divided by the inventory turnover ratio. (his formula is used to determine how %uickly a company is converting their inventory into sales. A slower turnaround on sales may be a warning sign that there are problems internally, such as brand image or the product, or e ternally, such as an industry downturn or the overall economy. (he numerator of the days in inventory formula is shown at the top of this page as :B@ to denote :B@ days in a year. $owever, it is important to match the period in the numerator with the period for the inventory turnover used. For e ample, suppose that a company is calculating the days in inventory held based on a inventory turnover of >.:2 for one year. (his can be divided into :B@ days of the year for an average days in inventory of E>.>F. If the same company has an inventory turnover of 2.:, for ,EG days, the average days in inventory would be CC.F2.

B:

TA.LE D4; IN'ENTOR- 0OLDING PERIOD

9;;8,9;;5 -EAR AAP+ D -#3($ :B@ I3 P"A0 I35"3(#0P (J03#5"0 0A(I# I35"3(#0P$ #=AI31 4"0I#A ,G2 EF ,GE ,GF ,G: :.@C 9;;5,9;4; :B@ 9;4;,9;44 :B@ 9;44,9;49 :B@ 9;49,9;4: :B@

>.GF

:.:C

:.:>

:.@B

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION Inventory holding period of 8hel is varying on every year. In the year of 2GGE-2GGF to 2G,G-2G,, it9s increased in G.GBL 6,G2 to ,GE7 and 2G,2-,: it9s decreased by G.G>C L.

C0ART D5

B>

Working Capital Turnover Ratio Formula:

Following formula is used to calculate working capital turnover ratio

Working &apital (urnover 0atio T &ost of +ales D 3et Working &apital

(he two components of the ratio are cost of sales and the net working capital. If the information about cost of sales is not available the figure of sales may be taken as the numerator. 3et working capital is found by deduction from the total of the current assets the total of the current liabilities.

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TA.LE,44 WORKING CAPITAL TURNO'ER RATIO R! in ak+!

-EAR +A="+ 3"( W#0QI31 &A4I(A= W#0QI31 &A4I(A= (J03#5"0 0A(I# +#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT* INTERPRETATION Working capital turnover ratio for the year 2G,2-,: was :.,: times. It is higher when comparing the past four years. (he working capital management has to improve by more concentration on collection strategies. 2.2: 2.@F 2.>@ :.GB :.,: 9;;8,9;;5 ,::C>G: BG,GCB 9;;5,9;4; ,C2:C@: BB>2EB 9;4;,9;44 ,F:G>B> CEE:EE 9;44,9;49 2B2,2:: E@BE,C 9;49,9;4: :2EB,>> ,G>F:GF

C0ART,44

WORKING CAPITAL TURNO'ER RATIO

3.% 3 2.% 2 1.% 1 0.% 0 2008- 2009- 2010- 2011- 20122009 2010 2011 2012 2013 YEARS *CTR

PERCENTAGE

BB

TA.LE D49 WORKING CAPITAL FOR TREND ANAL-*I*

-EAR &J00"3( A++"(+ &J00"3( =IA8I=I(I"+ W#0QI31 &A4I(A= 9;;8,9;;5 ,B::GCE ,G:2GG2 9;;5,9;4; 2,GB2FC ,>>2G,, 9;4;,9;44 2CCG>C2 ,FE2GE> 9;44,9;49 :BFG,GC 2E::2FG 9;49,9;4: >2F:>E, :2>>,C2

BG,GCB

BB>2EB

CEE:EE

E@BE,C

,G>F:GF

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION
In this current asset is increasing during the period of study. &urrent liability is also increased during the period of study. And working capital is also increasing..

C0ART D 49

)A+'ES %000000 4%00000 4000000 3%00000 3000000 2%00000 2000000 1%00000 1000000 %00000 0 20082009 20092010 20102011 YEARS 20112012 20122013

CA C+ *C

BC

TA.LE D4: ANAL-*E* OF 'ARIOU* COMPONENT* IN WORKING

CAPITAL

R! in ak+! 4articulars Inventories +undry debtors &; 8 balance #ther assets =oans and advances (otal
9;;8,9;;5 9;;5,9;4; 9;4;,9;44 9;44,9;49 9;49, 9;4:

22.F: >:.FG 2@.:G G.@2 C.:@ ,GG

2G.G: >B.G: 2C.@E G.F@ @.>, ,GG

2G.C, >:.22 :G.2C ,.@2 >.2E ,GG

2,.2> >:.2F 2C.F@ G.F@ B.@C ,GG

2,.@2 >E.,E 22.EG G.F@ B.@@ ,GG

CURRENT A**ET* +#J0&") *ECONDAR- DATA

INTERPRETATION
In this period 2GGE-2G,: +undry debtors and other current assets was only maintained in stable for the period of study. 8hel must be e tra care about cash and bank balance in future. In the period of 2G,G-2G,: inventory ratios are increased. All about 8hel should be very care and must maintain in ade%uate current assets in future.

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C0ART D 4: GRAP0 4: 24 IN'ENTOR-

GRAP0 4: 29 *UNDR- DE.TOR*

BF

49 48 4, 46 4% PERCENTAGE 44 43 42 41 40

2008-2009 2009-2010 2010-2011 2011-2012 2012-2013 YEARS

CG

GRAP0 4: 2: OT0ER CURRENT A**ET*

2 1.% PERCENTAGE 1 0.% 0 20082009 20092010 20102011 YEARS 20112012 20122013 !.C.A

GRAP0 4: 2H LOAN* AND AD'ANCE*

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GRO** PROFIT RATIO" 1ross profit margin shows the company can return income at the gross level. (his ratio helps to control inventory usage and production performance and fi ing unit price of goods. 1ross profit ratio T

1ross profit X ,GG 3et sales

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TA.LE D 4H ANAL-*I* OF GRO** PROFIT RATIO

R! in ak+!
9;;8,9;;5 4articulars 1ross 4rofit D4rofit 2@B>:@ before ta (otal +ales ,::C>G: 1ross 4rofit ratio G.,F2 9;;5,9;4; 9;4;,9;44 9;44,9;49 9;49,9;4:

:C:BGC ,C2:C@: G.2,C

>>:G:F ,F:G>B> G.2:G

>E>EE@ 2B2,2:: G.,E@

B@FGB@ :2EB,>> G.2G,

GRAP0 4H , GRO** PROFIT RATIO*

2012-2013 20-

2008-2009 19-

2011-2012 182010-2011 22-

2009-2010 21-

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION
In the analysis of 1ross profit ratio 8hel must control production e penses in future. &omparison of 2G,G-2G,, to 2G,2-2G,: margin profit ratio will goes down in 2 L. Firm will be control in production cost in ne t coming years, such as raw material, freight and transport e penses. #therwise, 8hel must increase in sales unit price.

NET PROFIT RATIO"

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As every business is to earn profit, this ratio is very important because it measures the profitability of sales. A business may yield high gross income but low net income because of increasing operating and non-operating e penses. (his situation can easily be detected by calculating this ratio. (he profits used for this purpose may be profits afterDbefore ta . (o obtain this ratio, the figure of net profits after ta is divided by the figure of net profits after ta is divided by the figure of sales the ratio is also known as sales margin as we can ascertain with its help the margin which the sales leave later deducting all the e penses. (he unit of e pression is percentage, as is the case with profitability ratios.

3et profit ratio T 3et profit X ,GG

3et sales

TA.LE D 47 ANAL-*I* OF NET PROFIT RATIO C>

R!2 In ak+!

4articulars 3et 4rofit 4rofit after ta 3et +ales 3et 4rofit ratio

9;;8,9;;5

9;;5,9;4;

9;4;,9;44

9;44,9;49 9;49,9;4:

,BCF,B ,::C>G: G.,2B

2>,>CG ,C2:C@: G.,>G

2E@F:> ,F:G>B> G.,>E

:,:E2, 2B2,2:: G.,2G

>:,GB> :2EB,>> G.,:,

GRAP0 47 NET PROFIT RATIO*

0.16 0.14 0.12 - 0.1 0.08 0.06 0.04 0.02 0 2008-2009 2009-2010
YEARS

2010-2011

2011-2012

2012-2013

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION
In this period of research of study 3et profit of the 8hel company goes downwards from 2G,,-2G,: comparing previous year achievements.

Gro!! Profit to Net Profit Ratio"

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Analysis of ratio9s 1.4. to 3.4 is very important in every firm. It helps to find out the cost of e pense increased in production or administrative level and other hand it helps to control in overall financial e penses. (he 1ross 4rofit to 3et +ales ratio measures how well revenue generated from 3et +ales can cover e penses while gaining a profit FormulaT

1ross profit 3et profit

TA.LE D 4I ANAL-*I* OF G2P2 TO N2P RATIO

R! in ak+!
CB

4articulars 1ross 4rofit 3et 4rofit 1.4. - 3.4. 0A(I#

9;;8,9;;5

9;;5,9;4;

9;4;,9;44

9;44,9;49 9;49,9;4:

2@B>:@ ,BCF,B ,.@:

:C:BGC 2>,>CG ,.@@

>>:G:F 2E@F:> ,.@@

>E>EE@ :,:E2, ,.@@

B@FGB@ >:,GB> ,.@:

GRAP04I

G2P2

TO

N2P2

RATIO

+#J0&") *ECONDAR- DATA FROM .0EL ANNUAL REPORT*

INTERPRETATION
In this period of research of study 1ross 4rofit and 3et 4rofit are e%ual. 8hel control his marginal and administrative cost in his control. (here is no variation and its goes to stable.

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TREND ANAL-*I*

4articulars C)rrent A!!et! " Inventories D +tock Aebtors &ash and 8ank 8alances #ther &urrent Assets =oans ; Advances

2GGF

2G,G

2G,,

2G,2

2G,:

,GG

,,2.B>

,@:.2G

2GF.:G

2>B.B@

,GG ,GG ,GG ,GG

,:@.2B ,>G.@2 2:B.:: F@.GE

,BC.GB 2G2.EB >FE.:: FE.EC

222.EC 2>F.@, >,>.>@ 2G,.FF

2EE.B2 2:B.E2 >E,.>E 2:>.@G

INTERPRETATION
Above (able Inventory and debtors goes to growth level in all the years. =oans and Advances and #ther &urrent assets show high level of improvement in all the years. &ash and 8ank balances are fluctuating ratio in the year 2G,,-2G,:. &urrent =iabilities are increasing in all the years and 4rovisions are fluctuating in the year 2G,: compared to previous years.

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RECOMMENDATION

,. It can be said that overall financial position of the company is normal but it is re%uired to be improved from the point of view of profitability. 2. 3et operating cycle is increasing that means there is a need to make Improvements in receivablesDdebtors management. :. &ompany should stretch the credit period given by the suppliers. >. &ompany should not rely on =ong-term debts. @. &ompany should try to increase 5olume based sales so as to stand in the competition. +ince the 8$"= is a profit making company and the interests of the investors are

also safe so for making more profit and for increasing the net profit as well as gross profit the organi!ation should curtail its operating, administrative ; non productive e pense. &ompany is having good marketability, profitability and li%uidity so the company can raise its fund. &ompany should not forget its OMuality 4olicy9 i.e. we at 8$"=, should aim to achieve and sustain e cellence in all our activities. We are committed to total customer satisfaction by providing producers and services which meet or e ceed the customer e pectation. -oderni!ation of the manufacturing facilities, stress on technological innovation and training of employees at all levels shall be continuous process in 8$"=.

LIMITATION*
(he study does not consider the market fluctuations in all its calculations.

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Analysis is very much dependent on the companies9 internal bulletin.

CONCLU*ION*
,7 +tandard current ratio is 2), and for industry it is ,.::),. 8$"= ratio satisfactory. 27 Acid test ratio is more than one but it does not mean that &ompany has e cessive li%uidity ; firm %uick ratio is declining from 2GGE-2GGF to 2G,2-2G,:. :7 Aebtors of the company were high< they were increasing year by year, so more funds were blocked in debtors. 8ut now recovery is becoming faster. >7 Aebtors turnover ratio is fluctuating from 2GGE-2GGF to 2G,2-2G,:, which means inventory is not utili!ed in better way so it is not a good sign for the company. @7 Inventory turnover ratio is improving from 2GGE-2GGF to 2G,2-2G,:.increase in ratio is beneficial for the company because as ratio increases the number of days of collection for debtors decreases. B7 Working capital turnover ratio is continuously increasing that shows increasing needs of working capital. C7 4roduction capacity is not utili!ed to the full e tent (he study is basically done to have a deep knowledge about W#0QI31 &A4I(A= of the 8$"= industries limited. 8$"=, Industries limited is having an appropriate working capital management of the organi!ations. 3"( 40#FI( growth rate is ,:.,GL in 2GGF,G, it is showing a nominal increase in net profit as compared to last year. (he 10#++ 40#FI( of 8$"= more or less is maintaining same margin of profit.

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(he firm A&4 is rising every year which is major concern for firm as larger the A&4 greater the chances of bad debts. A(0 is also decreasing in 2GG@-GB it was ,.EC times now it has drop down to ,.@Ftimes. &urrent ratio is also below the standard norm. In the financial year 2GGE-2GGF it was ,.@E now it has decreased up to ,.:2.(he firm should maintain the ade%uate level of current assets in order to discharge its current liabilities. As far as cash ratio is concerned the firms not maintain the sufficient level of %uick assets because of the day-to-day e penses. It is fluctuating between the standard norms for this ratio is ,)2 means for every 2 rupees of current =iabilities. &ompany must have , rupee of cash and bank balance and marketable securities.

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.I.LIOGRAP0Report!
Annual 0eport 62GGE-2G,:7 8onus issue bulletin 2GGE

We(!ite!
www.bhel.com www.wikipedia.com www.slideshare.com www.managementparadise.com www.ijars.in http)DDmoney.livemint.com

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