PREFACE

Practice orientation of management student is must generating competence to

deal with issues at grass root level it is for this reason that Research project
study is prescribed as apart of syllabus for MBA Degree in Bhopal. The main
objective of this project is the Study on Financial Analysis on BART!
A!RT"# $"R%!&"$ #TD..
This project was also carried out to understand the future 'utloo( of the
BART! A!RT"# $"R%!&"$ #TD. Another motive includes finding about the
(ey financial condition of BART! A!RT"# $"R%!&"$ #TD. Their
performance) growth potential and also the opportunities that e*ist for the
!ndian industries. The scope of this project is limited to study of BART!
A!RT"# $"R%!&"$ #TD... .
+inancial analysis is the process of identifying the financial
strengths and wea(nesses of the firm and establishing relationship between the
items of the balance sheet and profit , loss account.
+inancial analysis is defined as the systematic use of the ratio to
interpret the financial statements. $o that the strengths and wea(nesses of a
firm) as well as its historical performance and current financial condition can be
determined. Ratio reflects a -uantitative relationship helps to form a
-uantitative judgment.
! have tried to put my ma*imum effort to get the accurate statistical data.
owever ! would appreciate if any mista(es are brought to my by the reader.
.

TABLE OF CONTENT
S.NO CONTENTS PAGE NO.
/. !0TR'D1&T!'0 /2
/3 &'MPA04 PR'+!#" 3.
/2 'B5"&T!%" '+ T" $T1D4 2/
/6 R"$"AR& M"T'D'#'74 23
/8 DATAA0A#4$!$ ,!0T"RPR"TAT!'0 29
/9 +!0D!07$ 88
/: $177"$T!'0 8:
/; &'0&#1$!'0 8<
/< B!B#!'7RAP4 9.
3

2

INTRODUCTION
FINANCIAL ANALSIS
+inancial analysis is the process of identifying the financial
strengths and wea(nesses of the firm and establishing relationship between the
items of the balance sheet and profit , loss account.
+inancial ratio analysis is the calculation and comparison of ratios)
which are derived from the information in a company=s financial statements.
The level and historical trends of these ratios can be used to ma(e inferences
6

about a company=s financial condition) its operations and attractiveness as an
investment. The information in the statements is used by
Trade creditors) to identify the firm=s ability to meet their claims i.e.
li-uidity position of the company.
!nvestors) to (now about the present and future profitability of the
company and its financial structure.
Management) in every aspect of the financial analysis. !t is the
responsibility of the management to maintain sound financial condition in
the company.
RATIO ANALSIS
The term >Ratio? refers to the numerical and -uantitative relationship between
two items or variables. This relationship can be e*posed as
Percentages
+ractions
Proportion of numbers
Ratio analysis is defined as the systematic use of the ratio to
interpret the financial statements. $o that the strengths and wea(nesses of a
firm) as well as its historical performance and current financial condition can be
determined. Ratio reflects a -uantitative relationship helps to form a
-uantitative judgment.
STEPS IN RATIO ANALSIS
The first tas( of the financial analysis is to select the information relevant
to the decision under consideration from the statements and calculates
appropriate ratios.
8

To compare the calculated ratios with the ratios of the same firm relating
to the pas9t or with the industry ratios. !t facilitates in assessing success
or failure of the firm.
Third step is to interpretation) drawing of inferences and report writing
conclusions are drawn after comparison in the shape of report or
recommended courses of action.
BASIS OR STANDARDS OF CO!PARISON
Ratios are relative figures reflecting the relation between variables.
They enable analyst to draw conclusions regarding financial operations. They
use of ratios as a tool of financial analysis involves the comparison with related
facts. This is the basis of ratio analysis. The basis of ratio analysis is of four
types.
Past ratios) calculated from past financial statements of the firm.
&ompetitor=s ratio) of the some most progressive and successful
competitor firm at the same point of time.
!ndustry ratio) the industry ratios to which the firm belongs to
Projected ratios) ratios of the future developed from the projected or pro
forma financial statements
NATURE OF RATIO ANALSIS
Ratio analysis is a techni-ue of analysis and interpretation of financial
statements. !t is the process of establishing and interpreting various ratios for helping in
ma(ing certain decisions. !t is only a means of understanding of financial strengths and
wea(nesses of a firm. There are a number of ratios which can be calculated from the
information given in the financial statements) but the analyst has to select the appropriate data
9

and calculate only a few appropriate ratios. The following are the four steps involved in the
ratio analysis.
$election of relevant data from the financial statements depending upon
the objective of the analysis.
&alculation of appropriate ratios from the above data.
&omparison of the calculated ratios with the ratios of the same firm in the
past) or the ratios developed from projected financial statements or the
ratios of some other firms or the comparison with ratios of the industry to
which the firm belongs.
INTERPRETATION OF T"E RATIOS
The interpretation of ratios is an important factor. The inherent
limitations of ratio analysis should be (ept in mind while interpreting them. The
impact of factors such as price level changes) change in accounting policies)
window dressing etc.) should also be (ept in mind when attempting to interpret
ratios. The interpretation of ratios can be made in the following ways.
$ingle absolute ratio
7roup of ratios
istorical comparison
Projected ratios
!nter@firm comparison
GUIDELINES OR PRECAUTIONS FOR USE OF RATIOS
:

The calculation of ratios may not be a difficult tas( but their use is
not easy. +ollowing guidelines or factors may be (ept in mind while interpreting
various ratios are
Accuracy of financial statements
'bjective or purpose of analysis
$election of ratios
1se of standards
&aliber of the analysis
I!PORTANCE OF RATIO ANALSIS
Aid to measure general efficiency
Aid to measure financial solvency
Aid in forecasting and planning
+acilitate decision ma(ing
Aid in corrective action
Aid in intra@firm comparison
Act as a good communication
"valuation of efficiency
"ffective tool
LI!ITATIONS OF RATIO ANALSIS
Differences in definitions
#imitations of accounting records
;

#ac( of proper standards
0o allowances for price level changes
&hanges in accounting procedures
Auantitative factors are ignored
#imited use of single ratio
Bac(ground is over loo(ed
#imited use
Personal bias
CLASSIFICATIONS OF RATIOS
The use of ratio analysis is not confined to financial manager only.
There are different parties interested in the ratio analysis for (nowing the
financial position of a firm for different purposes. %arious accounting ratios can
be classified as followsB
.. Traditional &lassification
3. +unctional &lassification
2. $ignificance ratios
#. T$aditional Classi%ication
!t includes the following.
Balance sheet CorD position statement ratioB They deal with the
relationship between two balance sheet items) e.g. the ratio of current
assets to current liabilities etc.) both the items must) however) pertain to
the same balance sheet.
<

Profit , loss account CorD revenue statement ratiosB These ratios deal with
the relationship between two profit , loss account items) e.g. the ratio of
gross profit to sales etc.)
&omposite CorD inter statement ratiosB These ratios e*hibit the relation
between a profit , loss account or income statement item and a balance
sheet items) e.g. stoc( turnover ratio) or the ratio of total assets to sales.
&. Functional Classi%ication
These include li-uidity ratios) long term solvency and leverage
ratios) activity ratios and profitability ratios.
'. Si(ni%icanc) $atios
$ome ratios are important than others and the firm may classify
them as primary and secondary ratios. The primary ratio is one) which is of the
prime importance to a concern. The other ratios that support the primary ratio
are called secondary ratios.
IN T"E *IE+ OF FUNCTIONAL CLASSIFICATION T"E RATIOS
ARE
.. #i-uidity ratio
3. #everage ratio
2. Activity ratio
6. Profitability ratio
#. LI,UIDIT RATIOS
#i-uidity refers to the ability of a concern to meet its current
obligations as , when there becomes due. The short term obligations of a firm
./

can be met only when there are sufficient li-uid assets. The short term
obligations are met by realiEing amounts from current) floating CorD circulating
assets The current assets should either be calculated li-uid CorD near li-uidity.
They should be convertible into cash for paying obligations of short term
nature. The sufficiency CorD insufficiency of current assets should be assessed by
comparing them with short@term current liabilities. !f current assets can pay off
current liabilities) then li-uidity position will be satisfactory.
To measure the li-uidity of a firm the following ratios can be
calculated
&urrent ratio
Auic( CorD Acid@test CorD #i-uid ratio
Absolute li-uid ratio CorD &ash position ratio
-a. CURRENT RATIO/
&urrent ratio may be defined as the relationship between
current assets and current liabilities. This ratio also (nown as For(ing capital
ratio is a measure of general li-uidity and is most widely used to ma(e the
analysis of a short@term financial position CorD li-uidity of a firm.

Cu$$)nt ass)ts
Cu$$)nt $atio 0
Cu$$)nt lia1iliti)s
Co23on)nts o% cu$$)nt $atio
CURRENT ASSETS CURRENT LIABILITIES
&ash in hand 'ut standing or accrued e*penses
&ash at ban( Ban( over draft
Bills receivable Bills payable
..

!nventories $hort@term advances
For(@in@progress $undry creditors
Mar(etable securities Dividend payable
$hort@term investments !ncome@ta* payable
$undry debtors

Prepaid e*penses
-1. ,UIC4 RATIO
Auic( ratio is a test of li-uidity than the current ratio. The term
li-uidity refers to the ability of a firm to pay its short@term obligations as ,
when they become due. Auic( ratio may be defined as the relationship between
-uic( or li-uid assets and current liabilities. An asset is said to be li-uid if it is
converted into cash with in a short period without loss of value.
,uic5 o$ li6uid ass)ts
,uic5 $atio 0
Cu$$)nt lia1iliti)s
Co23on)nts o% 6uic5 o$ li6uid $atio
,UIC4 ASSETS CURRENT LIABILITIES
&ash in hand 'ut standing or accrued e*penses
&ash at ban( Ban( over draft
Bills receivable Bills payable
$undry debtors $hort@term advances
Mar(etable securities $undry creditors
Temporary investments Dividend payable
!ncome ta* payable
.3

-c. ABSOLUTE LI,UID RATIO
Although receivable) debtors and bills receivable are generally
more li-uid than inventories) yet there may be doubts regarding their realiEation
into cash immediately or in time. ence) absolute li-uid ratio should also be
calculated together with current ratio and -uic( ratio so as to e*clude even
receivables from the current assets and find out the absolute li-uid assets.
A1solut) li6uid ass)ts
A1solut) li6uid $atio 0
Cu$$)nt lia1iliti)s
Absolute li-uid assets include cash in hand etc. The acceptable
forms for this ratio is 8/G CorD /.8B. CorD .B3 i.e.) Rs.. worth absolute li-uid
assets are considered to pay Rs.3 worth current liabilities in time as all the
creditors are nor accepted to demand cash at the same time and then cash may
also be realiEed from debtors and inventories.
Co23on)nts o% A1solut) Li6uid Ratio
ABSOLUTE LI,UID ASSETS CURRENT LIABILITIES
&ash in hand 'ut standing or accrued e*penses
&ash at ban( Ban( over draft
!nterest on +i*ed Deposit Bills payable
$hort@term advances
$undry creditors
Dividend payable
!ncome ta* payable
&. LE*ERAGE RATIOS
The leverage or solvency ratio refers to the ability of a concern to
meet its long term obligations. Accordingly) long term solvency ratios indicate
.2

firm=s ability to meet the fi*ed interest and costs and repayment schedules
associated with its long term borrowings.
The following ratio serves the purpose of determining the solvency
of the concern.
Proprietory ratio
-a. PROPRIETOR RATIO
A variant to the debt@e-uity ratio is the proprietory ratio which is
also (nown as e-uity ratio. This ratio establishes relationship between share
holders funds to total assets of the firm.
S7a$)7old)$s %unds
P$o3$i)to$y $atio 0
Total ass)ts
S"ARE "OLDERS FUND TOTAL ASSETS
$hare &apital +i*ed Assets
Reserves , $urplus Cu$$)nt Ass)ts
&ash in hand , at ban(
Bills receivable
!nventories
Mar(etable securities
$hort@term investments

$undry debtors
Prepaid "*penses
'. ACTI*IT RATIOS
+unds are invested in various assets in business to ma(e sales and
earn profits. The efficiency with which assets are managed directly effect the
volume of sales. Activity ratios measure the efficiency CorD effectiveness with
which a firm manages its resources CorD assets. These ratios are also called
.6

>Turn over ratios? because they indicate the speed with which assets are
converted or turned over into sales.
For(ing capital turnover ratio
+i*ed assets turnover ratio
&apital turnover ratio
&urrent assets to fi*ed assets ratio
-a. +OR4ING CAPITAL TURNO*ER RATIO
For(ing capital of a concern is directly related to sales.
+o$5in( ca3ital 0 Cu$$)nt ass)ts 8 Cu$$)nt lia1iliti)s
!t indicates the velocity of the utiliEation of net wor(ing capital.
This indicates the no. of times the wor(ing capital is turned over in the course of
a year. A higher ratio indicates efficient utiliEation of wor(ing capital and a
lower ratio indicates inefficient utiliEation.
For(ing capital turnover ratioHcost of goods soldIwor(ing capital.
Co23on)nts o% +o$5in( Ca3ital
CURRENT ASSETS CURRENT LIABILITIES
&ash in hand 'ut standing or accrued e*penses
&ash at ban( Ban( over draft
Bills receivable Bills payable
!nventories $hort@term advances
For(@in@progress $undry creditors
Mar(etable securities Dividend payable
$hort@term investments !ncome@ta* payable
$undry debtors

Prepaid e*penses
.8

-1. FI9ED ASSETS TURNO*ER RATIO
!t is also (nown as sales to fi*ed assets ratio. This ratio measures
the efficiency and profit earning capacity of the firm. igher the ratio) greater is
the intensive utiliEation of fi*ed assets. #ower ratio means under@
utiliEation of fi*ed assets.
Cost o% Sal)s
Fi:)d ass)ts tu$no;)$ $atio 0
N)t %i:)d ass)ts
Cost o% Sal)s 0 Inco2) %$o2 S)$;ic)s
N)t Fi:)d Ass)ts 0 Fi:)d Ass)ts 8 D)3$)ciation
-c. CAPITAL TURNO*ER RATIOS
$ometimes the efficiency and effectiveness of the operations are
judged by comparing the cost of sales or sales with amount of capital invested
in the business and not with assets held in the business) though in both cases the
same result is e*pected. &apital invested in the business may be classified as
long@term and short@term capital or as fi*ed capital and wor(ing capital or
'wned &apital and #oaned &apital. All &apital Turnovers are calculated to
study the uses of various types of capital.

Cost o% (oods sold
Ca3ital tu$no;)$ $atio 0
Ca3ital )23loy)d
.9

Cost o% Goods Sold 0 Inco2) %$o2 S)$;ic)s
Ca3ital E23loy)d 0 Ca3ital < R)s)$;)s = Su$3lus
-d. CURRENT ASSETS TO FI9ED ASSETS RATIO
This ratio differs from industry to industry. The increase in the
ratio means that trading is slac( or mechaniEation has been used. A decline in
the ratio means that debtors and stoc(s are increased too much or fi*ed assets
are more intensively used. !f current assets increase with the corresponding
increase in profit) it will show that the business is e*panding.
Cu$$)nt Ass)ts
Cu$$)nt Ass)ts to Fi:)d Ass)ts Ratio 0
Fi:)d Ass)ts
Co23on)nt o% Cu$$)nt Ass)ts to Fi:)d Ass)ts Ratio
CURRENT ASSETS FI9ED ASSETS
&ash in hand Machinery
&ash at ban( Buildings
Bills receivable Plant
!nventories %ehicles
For(@in@progress
Mar(etable securities
$hort@term investments
$undry debtors

>. PROFITABILIT RATIOS
The primary objectives of business underta(ing are to earn profits.
Because profit is the engine) that drives the business enterprise.
.:

0et profit ratio
Return on total assets
Reserves and surplus to capital ratio
"arnings per share
'perating profit ratio
Price J earning ratio
Return on investments
-a. NET PROFIT RATIO
0et profit ratio establishes a relationship between net profit Cafter
ta*D and sales and indicates the efficiency of the management in manufacturing)
selling administrative and other activities of the firm.
N)t 3$o%it a%t)$ ta:
N)t 3$o%it $atio0
N)t sal)s
N)t P$o%it a%t)$ Ta: 0 N)t P$o%it -?. D)3$)ciation -?. Int)$)st -?. Inco2) Ta:
N)t Sal)s 0 Inco2) %$o2 S)$;ic)s
!t also indicates the firm=s capacity to face adverse economic
conditions such as price competitors) low demand etc. 'bviously higher the
ratio) the better is the profitability.
-1. RETURN ON TOTAL ASSETS
.;

Profitability can be measured in terms of relationship between net
profit and assets. This ratio is also (nown as profit@to@assets ratio. !t measures
the profitability of investments. The overall profitability can be (nown.
N)t 3$o%it
R)tu$n on ass)ts 0
Total ass)ts
N)t P$o%it 0 Ea$nin(s 1)%o$) Int)$)st and Ta:
Total Ass)ts 0 Fi:)d Ass)ts < Cu$$)nt Ass)ts
-c. RESER*ES AND SURPLUS TO CAPITAL RATIO
!t reveals the policy pursued by the company with regard to growth
shares. A very high ratio indicates a conservative dividend policy and increased
ploughing bac( to profit. igher the ratio better will be the position.
R)s)$;)s= su$3lus
R)s)$;)s = su$3lus to ca3ital 0
Ca3ital
-d. EARNINGS PER S"ARE
"arnings per share is a small verification of return of e-uity and is
calculated by dividing the net profits earned by the company and those profits
after ta*es and preference dividend by total no. of e-uity shares.
.<

N)t 3$o%it a%t)$ ta:
Ea$nin(s 3)$ s7a$) 0
Nu21)$ o% E6uity s7a$)s
The "arnings per share is a good measure of profitability when
compared with "P$ of similar other components CorD companies) it gives a view
of the comparative earnings of a firm.
-). OPERATING PROFIT RATIO
'perating ratio establishes the relationship between cost of goods
sold and other operating e*penses on the one hand and the sales on the other.

O3)$atin( cost
O3)$ation $atio 0
N)t sal)s
owever :8 to ;8G may be considered to be a good ratio in case
of a manufacturing under ta(ing.
'perating profit ratio is calculated by dividing operating profit by
sales.
O3)$atin( 3$o%it 0 N)t sal)s 8 O3)$atin( cost
O3)$atin( 3$o%it
O3)$atin( 3$o%it $atio 0
Sal)s
-%. PRICE 8 EARNING RATIO
Price earning ratio is the ratio between mar(et price per e-uity
share and earnings per share. The ratio is calculated to ma(e an estimate of
appreciation in the value of a share of a company and is widely used by
investors to decide whether CorD not to buy shares in a particular company.
3/

7enerally) higher the price@earning ratio) the better it is. !f the price
earning ratio falls) the management should loo( into the causes that have
resulted into the fall of the ratio.
!a$5)t P$ic) 3)$ S7a$)
P$ic) ? Ea$nin( Ratio 0
Ea$nin(s 3)$ S7a$)
Ca3ital < R)s)$;)s = Su$3lus
!a$5)t P$ic) 3)$ S7a$) 0
Nu21)$ o% E6uity S7a$)s
Ea$nin(s 1)%o$) Int)$)st and Ta:
Ea$nin(s 3)$ S7a$) 0
Nu21)$ o% E6uity S7a$)s
-(. RETURN ON IN*EST!ENTS
Return on share holder=s investment) popularly (nown as Return on
investments CorD return on share holders or proprietor=s funds is the relationship
between net profit Cafter interest and ta*D and the proprietor=s funds.
N)t 3$o%it -a%t)$ int)$)st and ta:.
R)tu$n on s7a$)7old)$@s in;)st2)nt 0
S7a$)7old)$@s %unds
3.

CO!PAN
PROFILE
33

Bharti airtel
bharti airtel limited is a leading global telecommunications company with
operations in 19 countries across Asia and Africa. The company offers
mobile voice & data services, fixed line, high speed broadband, IT!,
"T#, turn$ey telecom solutions for enterprises and national &
international long distance services to carriers. bharti airtel has been
ran$ed among the six best performing technology companies in the
world by business wee$. bharti airtel had %&& million customers across
its operations.
AAa$d
airtel has won the KMost Preferred &ellular $ervice Provider Brand= award at the
&0B& AwaaE &onsumer Awards in Mumbai. This is 9th year in a row that airtel
has won the award in this category. This year) the awards were based on an
e*haustive consumer survey done by The 0ielsen &ompany. 'ver 2)///
consumers) spanning .< cities and .9 states in !ndia) rated brands across
different categories to choose brands which delivered true value for money.
bharti airtel has received the prestigious Businessworld@+!&&!@$"D+ &orporate
$ocial Responsibility Award 3//<@3/./. The +!&&! $ocio "conomic
Development +oundation C+!&&!@$"D+D and Businessworld &$R award was
instituted in .<<< to recogniEe e*emplary responsible business practices by the
!ndian industry.
32

O$(aniBation c7a$t
1usin)ss d)sc$i3tion
rovides '() mobile services in all the %% telecom circles in India,
(rilan$a, *angladesh and now in 1+ countries of Africa.
rovides telemedia services ,fixed line and broadband services through
"(-. in /0 cities in India.
rovides an integrated suite of 1nterprise solutions, in addition to
providing long distance connectivity both 2ationally and Internationally.
Fe also offer DT and !PT% $ervices
)sta1lis7)d
5uly /:) .<<8) as a Public #imited &ompany
36

ISIN
!0"2<:D/./36
3$o3o$tionat) $);)nu)
3s. 10%,+9/ million ,ended (eptember 4&, %&115Audited.
3s. 16%,41& million , ended (eptember 4&, %&1&5Audited.
As per I73( Accounts
3$o3o$tionat) EBITDA
3s. 6/,161million , ended (eptember 4&, %&11 5 Audited.
3s. 61,400 million , ended (eptember 4&, %&1&5 Audited.
As per I73( Accounts
s7a$)s in issu)
2):<:)82/)/<9 as at $eptember 2/) 3/..
listin(s
*ombay (toc$ 1xchange -imited ,*(1.
2ational (toc$ 1xchange of India -imited ,2(1.
stoc5 ):c7an() sy21ol
2(1 8 *#A3TIA3T-
*(1 8 64%969
Co$3o$at) (o;)$nanc)
38

The board of directors of the company has an optimum mi* of e*ecutive and
non@e*ecutive directors) which consists of two e*ecutive and fourteen non@
e*ecutive directors. The chairman and managing director) Mr. $unil Bharti
Mittal) is an e*ecutive director and the number of independent directors on the
board is 8/G of the total board strength. The independence of a director is
determined on the basis that such director does not have any material pecuniary
relationship with the company) its promoters or its management) which may
affect the independence of the judgment of a director. The board members
possess re-uisite s(ills) e*perience and e*pertise re-uired to ta(e decisions)
which are in the best interest of the company.
Fo$ E2)$(in( Busin)ss
Data = S)$;ic)s
Int)$n)t t)c7nolo(y
!nternet technology has evolved as a trusted platform to do boundary@less
business and share valued information. Fe at airtel have a proven e*perience in
delivering igh Performance !nternet $olutions to corporate on a congestion
free transoceanic 7lobal !P 0etwor(.
airtel identifies varied needs of emerging and established businesses in !ndia
and offers a portfolio of !nternet products customiEed to meet re-uirements of
this high growth business segment. airtel delivers its array of !nternet products
from .2/L locations across !ndia and globally. +ocused on sustained
performance) each !P solution has a well -ualified definition to meet your
business specific need. 'n varied !P Port speeds and aggressive commercials)
there is a ready answer for Business &ontinuity) Burst@able Bandwidth)
distributed or centraliEed internet delivery) industry leading latency commitment
39

with proactive networ( management and user friendly online networ(
monitoring tool
:ur global )-( bac$bone is capable of carrying any type of data ,i.e.
voice, video, ;3), 13, 7T etc.. across the globe. <ith coverage in
more than 0& countries and 0&& cities, our )-( networ$ is the right
choice for managing your 'lobal <A2 connectivity re=uirements
MP#$ services offered
Layer 3 Global MPLS service specifications:
ighly scalable and redundant bac(bone architecture
0o -uic( fi* using e*isting ATM and frames
$eparate MP#$ and !nternet bac(bone
$upport of any@to@any meshed connectivity
$upport on variety of &"@P" routing protocol li(e $tatic) '$P+ and B7P
$upport of multiple class of services
+le*ible physical access port ranging from T.I ".) D$2) $TM. to +"
+le*ible port speed ranging from 96 Mbps to $TM. level
"nd@to@end &P" management and monitoring services
36*:*298 central 0'& and support team
$ervice level guarantee provided on uptime) availability) latency) pac(et
loss and jitter Cfor voice traffic onlyD
Layer 2 Global MPLS
&overage in major geographies li(e ong Mong) $ingapore) 1M and 1$A
Bac(bone networ( build on &isco AToM CAny Transport on MP#$D
$upport of point@to@point and point@to@multipoint architecture
$upport of single class of service
$calable and redundant bac(bone architecture
Access supported is on "thernet
$#A provided on availability) latency and pac(et class
3:

Four Classes of Services
Premium RT J Real time multimedia
Premium 0RT J !nteractive video and streaming
Business @ Mission critical business applications
$tandard J TTPI+TPI0on@time critical applications
> available on5net and selected extended networ$s
How it benefits you
&omprehensive end@to@end solutions
$upport of #ayer 3 and #ayer 2 connectivity
Multiple protocol and interface support
"nd@to@end managed services
"nd@to@end service level agreement
36*:*298 central 0'& and support team
Plug and play implementation
#ow maintenance and ongoing manageability
Better security with no routing disclosures to service providers
'G
1mbrace the next generation of mobile communications 5 the generation
of 4'.airtel brings to you a world class 4' networ$ capable of delivering
ama?ing access speeds to $eep you ahead, increasing bandwidth on
your mobile to broadband speeds. 4' not only promises faster web
browsing and file downloads but also empowers demanding multimedia
applications such as video conferencing, !oice5over5I ,!oI., full
motion video and streaming music. 1xperience a whole new world of
applications with ama?ing speed on airtel 4'.
what you get from airtel 4' on )obile@
3;

*oic) = s)$;ic)s
0ow you can communicate) whenever you want to) not just in plain words) but
also in more e*citing) innovative yet simple new ways. &hoose from our range
of postpaid services) to do more with airtel
Fi:)d Lin) *oic)
:ur I("2 3I offers you 4& bearer channels and % data channels where
each channel operates at +9$bps. Thus a %&9/$bps line is formed which
can be used for the following applications
igh end voice communication
1ses !$D0 signalling
igh speed data transfer
#eased line bac(up
Centrex
2ow you can connect your different offices within the same city using our
;entrex facility. Aou can reach your collegue in a separate office by Bust
dialing a short digit code, completely free of charge.
;entrex provides switching at the central office instead of individual
offices and wor$s li$e 1A*C service. Airtel would own and manage the
e=uipment and software necessary to implement the service.
Busin)ss A33lication
audio conferencing
get the convenience of holding conversations with your team members
at different locations with airtel audio conferencing service. (o, give an
all5new definition to communication and change your office space
foreverD
R)s)$;ation81as)d Audio con%)$)nc) is o% tAo ty3)s/
Att)nd)d con%)$)nc) s)$;ic)/ 1sing this service) you can hold a large party)
multi@location conference and other important conferences smoothly) and a
conference coordinator is available throughout the proceedings.
3<

Unatt)nd)d con%)$)nc) s)$;ic)/ 'ur conference coordinator can be
accessed by simply pressing N and / anytime during the
conference. This type of conference could be used for conducting small
routine conferences.
;id)o con%)$)ncin(
airtel video conference service lets you enjoy the benefit of a real time meeting
by providing an end@to@end) bug free video conversation with your business
partners at different locations.
R)s)$;ation81as)d ;id)o con%)$)nc) is o% tAo ty3)s/
Attended conference serviceB &onference coordinator is available during
the entire conference to ensure that it is held smoothly. This type of
conference is beneficial to you for conducting a multi@party I multi@
location conference.
1nattended conference serviceB 'ur conference coordinator can be
accessed simply by pressing a button anytime during the conference. 1se
this (ind of conference to conduct small routine conferences.
Data C)nt)$ = !ana()d S)$;ic)s
&o@#ocation $ervices
airtelEs managed co5location services ensure that your technology
investments are secure in a high performance environment, thus
providing you peace of mind. *ac$ed by industry specific (-As, networ$
uptime guarantees and full scalability to meet your growing business
need, our services help you focus on your own business and utili?e your
resources better.
2/

airtel provides $tate@of@the@Art Tier !!! and Tier !!!L data centers to co@locate
and operate your business critical !T , telecom e-uipments and applications.
Fe own an e*tensive global and domestic networ( infrastructure. 4ou could
drive significant operational efficiencies by having a single partner for your
managed co@location and networ( connectivity needs. 'ur MP#$ P'Ps at select
data &enter locations provide you networ( redundancy) resilience , low
latency.
!ana()d S)$;ic)s
.. The service facilitates the customer to access airtel=s onsite technical
resource 36 * :) 298 days for routine activities of operations ,
maintenance and also during emergency situations.
3. Response times
a. Business hours B 3 hrs
b. 'ut of hours B 6 hrs Business hours B < AM@8PM) Mon@+ri.
2. Pac(s usable per month) no carry@over
6. Additional hours available
2.

OBCECTI*E OF STUD
23

OBCECTI*ES OF T"E STUD
To study the financial position of the company.
To analyse the financial stability and overall performance of BART! A!RT"#
$"R%!&"$ #TD. in general.
22

To analyse and interpret the trends as revealed by various ratios of the company in
particular.
To analyse the profitability and solvency position of the unit with the e*isting tools of
financial analysis.
To study the changes in the assets) liabilities structure of the company during the
period of study.
26

RESEARC" !ET"ODOLOG
RESEARC" !ET"ODOLOG
Research methodology is a way to systematically solve the research problem. it may
be understood as a science of studying how research is done scientifically. $o) the research
28

methodology not only tal(s about the research methods but also considers the logic behind
the method used in the conte*t of the research study.
RESEARC" DESIGN/
Descriptive research is used in this study because it will ensure the minimiEation of
bias and ma*imiEation of reliability of data collected. The researcher had to use fact and
information already available through financial statements of earlier years and analyse these
to ma(e critical evaluation of the available material. ence by ma(ing the type of the
research conducted to be both D)sc$i3ti;) and Analytical in nature.
+rom the study) the type of data to be collected and the procedure to be used for this
purpose were decided.
DATA COLLECTION/
The re-uired data for the study are basically secondary in nature and the data are
collected from the audited reports of the company.
SOURCES OF DATA/
The sources of data are from the annual reports of the company from the year 3//<@
3/./.
!ET"ODS OF DATA ANALSIS/
The data collected were edited) classified and tabulated for analysis. The analytical
tools used in this study areB
29

ANALTICAL TOOLS APPLIED/
The study employs the following analytical toolsB
#. &omparative statement.
&. &ommon $iEe $tatement.
'. Trend Percentage.
>. Ratio Analysis.
I!PROTANCE OF T"E STUD
By >+!0A0&!A# P"R+'RMA0&" A0A#4$!$ '+ BART! A!RT"# $"R%!&"$
#TD.? we would be able to get a fair picture of the financial position of BART!
A!RT"# $"R%!&"$ #TD..
By showing the financial performance to various lenders and creditors it is possible to
get credit in easy terms if good financial condition is maintained in the company with
assets outweighing the liabilities.
Protecting the property of the business.
&ompliances with legal re-uirement)
2:

LI!ITATIONS OF T"E STUD
The analysis and interpretation are based on secondary data contained in the published
annual reports of BART! A!RT"# $"R%!&"$ #TD. for the study period.
Due to the limited time available at the disposable of the researcher the study has been
confined for a period of : years C3//.@3//:D.
Ratio itself will not completely show the company=s good or bad financial position.
!nter firm comparison was not possible due to the non availability of competitors data.
The study of financial performance can be only a means to (now about the financial
condition of the company and cannot show a through picture of the activities of the
company.
2;

DATA ANALSIS
=
INTERPRETATION
2<

CALCULATION = INTERPRETATION OF RATIOS
#. CURRENT RATIO/
!)anin(/
&urrent ratio may be defined as the relationship between current
assets and current liabilities. This ratio is also (nown as wor(ing
capital ratio) is measure of general li-uidity and mostly used to
ma(e the analysis of a short@term financial position or li-uidity of
a firm. The rule of thumb for current Ratio is 3B. which is
considered as strong financial position of the company.
&urrent ratio H &urrent Assets
&urrent #iabilities
Calculation /
4ear 3/./ 3//<
&urrent
assets
2<<28.8: 2;/39.//
&urrent
liabilities
329<9.<: 3.9;9./:
Ratio ..9<B. ..:8B.
6/

Int)$3$)tation/
!n 3//< current ratio was ..:8 which is decreased to ..9< in the
year 3/./. As compared to last year &urrent Ass)ts 7as inc$)as)d
because of increase in !nventories) &ash and Ban( balance and
other &urrent Assets but Cu$$)nt Ratio 7as d)c$)as)d because of
e*cess advance received from debtor ) decrease in &ost of
Removal of over burden) and increase in current liability .
2) ,UIC4 D ACID TESTD LI,UID RATIO B
!)anin(B
Auic( ratio is more rigorous test of li-uidity than the
current ratio. The term li-uidity refers to the ability to pay its
short term obligations as and when they become due. As a rule of
thumb -uic( ratio of .B. is considered satisfactory.
Auic( Ratio H Auic(I li-uid Assets
6.

&urrent liabilities
Calculation /
4ear 3/./ 3//<
Auic(
assets
26/9.6; .68;.<6
&urrent
liabilities
329<9.<: 3.9;9./:
Auic(
ratio
/..6B. /./:B.


Int)$3$)tation/
63

!n 3//< -uic( ratio was /./: which has increased to /..6 in 3/./.
Auic( assets has increased by .22G and &urrent liabilities has
increased only by <G Due to which -uic( ratio has increased by
.//G. The management has ta(en a great effort in maintaining
high -uic( assets as compared to last year.
'. STOC4 TURN O*ER OR IN*ENTOR TURN O*ER
RATIO /
!)anin( /
"very firm has to maintain a certain amount of inventory of
finished goods so as to meet the re-uirement of business. But the
level of inventory should neither be too high nor too low. Because
it is harmful to hold more inventory as amount of capital is
bloc(ed in it and some cost is involved in it.
!nventory turn over ratio measure the speed with which stoc( is
converted into sales. 1sually high inventory ratio indicates an
efficient management of inventory because more fre-uently stoc(s
are sold O the lesser amount of money is re-uired to finance the
inventory. Fhere as low inventory turn over ratio indicates the
inefficient management of inventory. A low inventory turn over
implies over investment in inventories.
!nventory turn over ratio H &ost of good sold
Average inventory
&ost of goods sold H 'pening $toc(L Purchase L Direct
"*penses @ &losing $toc(
Average inventory H 'pening stoc( L &losing stoc(
Calculation /
4ear 3/./ 3//<
&'7$ 8:.6:.:3 8/:2;.29
Avg. 93<6.388 6<<6..;
62

inventory
Ratio <./;
Times
./..9
Times
Int)$3$)tation/
!n 3//< inventory turn over ratio was ./..9 times which is
reduced to <./; times. Reduction of !nventory turn over ratio in
3/./ may be due to increase in cost of goods sold with increase in
sales as compared to last year or due to non availability of opening
balance of inventory in the year 3//<.
66

>. DEBTOR TURN O*ER RATIO/
!)anin( /
A concern may sell goods on cash as well as on credit. The volume
of sales can be increased by adopting liberal credit policy. But
liberal credit policy may result in tying up substantial funds of a
firm in form of trade debtors. Trade debtors are e*pected to be
converted into cash within short period and are included in current
assets.
Debtors velocity indicates the number of times the debtors are
turned over during a year. igher the value of debtor turnover the
more efficient is the management of debtorsIsales and vice versa.
Debtor turnover ratio H 0et credit sales
Average debtors
Average debtors H 'pening Debtor L closing Debtor
3
Calculation /

0'T"$B Debtor in the year 3/./ is @8<6..; because of e*cess
advance received from customer therefore debtor is considered nil.
4ear 3/./ 3//<
$ales .28328.8< .32:.<..8
Debtor 0il 3.<..<
Ratio 0il 896 Times
68

Int)$3$)tation/
Debtor turn over ratio in the year 3//< is e*tremely high i.e 896
times . The ratio is too high because the entire sale done by the
project is according to the agreement with customer. The debtor
shown on the closing day of financial year is not received by the
customer because customer has time to pay his liability in near
future. $o the project is not worried about the Bad debts.
69

E. GROSS PROFIT RATIO/
!)anin( /
The gross profit ratio indicates the e*tent to which selling prices of
goods per unit may decline without resulting in losses on
operations of a firm. !t reflects the efficiency with which a firm
produces its products. 7ross profit should be ade-uate to cover the
operating e*penses and to provide for fi*ed charges) dividends and
accumulation of reserves.
7ross profit ratio H 7ross profit N .//
0et $ales
7ross Profit H $ales@ &ost of goods sold
Calculation /
4ear 3/./ 3//<
7ross
profit
:;/;:.;: :3<;/.:<
0et sales .28328.8< .32:.<..8
Ratio 8; G 8< G
6:

Int)$3$)tation/
!n the year 3//< gross profit ratio was 8< G which is decreased to
8;G in the year 3/./. The project gross profit has increased with
increase in sales as compared to last year. The project gross profit
ratio has decreased by .G due to increase in direct e*penses. The
company has sound position to meet its non@operating e*penses
and also enough capable to pay ta*es and royalty to the
government.
6;

F. OPERATING RATIO/
!)anin( /
'perating ratio establishes the relationship between cost of goods
sold and other operating e*penses on the one hand and sales on the
other hand. 'perating ratio indicates the percentage of net sales
that is consumed by operating cost. igher the operating ratio is
less favourable for the company because it would have small
margin to cover interest) income ta* ) dividend and reserve.
'perating ratio H 'perating &ostN.//
0et $ales
Calculation /
4"AR 3/./ 3//<
'perating &ost 8<:6:.;: 88:23.86
0et $ales .28328.8< .32:.<..8
Ratio 66..;G 68./8G
6<

Int)$3$)tation/
!n the year 3//< operating ratio was 68./8G which is reduced to
66..;G in the year 3/./. Reduction in operating ratio will
contribute more to net profit . Reduction in operating ratio may be
possible due to reduction in cost per tones.
8/

G. NET PROFIT RATIO/
!)anin(/
0et profit ratio establishes a relationship between net profit after
ta* and sales and indicate the efficiency of the management in
controlling the e*penses of the company.
0et profit ratio H 0et profit after ta* N.//
0et sales
Calculation /
4ear 3/./ 3//<
0et profit ;3./8.6; 9:/./.:3
0et sales .28328.8< .32:.<..8
Ratio 9/.:.G 86..9G
8.

Int)$3$)tation/
The net profit of the company has been increased by 9.88G as
compared to last year. !n 3//< project net profit was 86..9G
which increased to 9/.:.G in 3/./. 0et profit of the project has
been increased due to increase in salesI production) reduction in
cost per tonnes) and better control on operating e*penses. The net
profit of the project reveals sound business of the project and
strong financial position.
83

H. +OR4ING CAPITAL TURNO*ER RATIO/
!)anin(/
For(ing capital turnover ratio indicates the velocity of the
utiliEation of net wor(ing capital. This ratio indicates the number
of times the wor(ing capital is turned over in the course of a year.
This ratio measures the efficiency with which the wor(ing capital
is being used by a firm. A higher ratio indicates efficient
utiliEation of wor(ing and low ratio indicates otherwise. But a
very high wor(ing capital turnover ratio is not a good situation for
any firm and must be ta(en while interpreting the ratio.
For(ing &apital Turnover Ratio H &ost of $ales
0et wor(ing capital
Calculation /
4"AR 3/./ 3//<
&'7$N 8:.6:.:3 8/:2;.29
F'RM!07 &AP. .932;.9 .922<.<2
RAT!' 2.83 times 2... imes
ICOGS /8 Cost o% Goods Sold
82

Int)$3$)tation/ !n the year 3//< ratio was 2... times which is
increased to 2.83 times in the year 3/./. As compared to last
year wor(ing capital has been utiliEed very efficitently. !n 3/./)
the reciprocal of this ratioC .I2.83H/.3;6D shows that for sales of
R$ . company re-uires 3; paisa as wor(ing capital. This ratio is
very helpful to forecast the wor(ing capital re-uirement on the
basis of sales.
86

J. CREDITOR TURNO*ER RATIO/
!)anin(/ !n the course of business operations) a firm has
to ma(e credit purchases and incur short@term liabilities. A
supplier of goods i.e) creditors is always interested to
(now how much time the firm is li(ely to ta(e in repaying
its trade creditors. !t shows the speed at which payments
are made to the supplier for purchase made from them. !t
is a relation between net credit purchase and average
creditors. igher creditor turnover ratio or lower credit
period enjoyed signifies that the creditors are being paid
promptly.
&reditors turnover ratio H 0et &redit Purchases
Average creditors
Average creditors H opening creditors L closing creditors
3
Calculation /
4"AR 3/./ 3//<
&R"D!T
P1R&A$"
2;2/..:: 2<.83..3
A%7.
&R"D!T'R$
339<..83 3.9;9./:
RAT!' ..9< times ..;.times
&redit purchase include consumption of stores and spares) social
overhead) power , fuel) repairs, contractual e*penses.
88

Int)$3$)tation /
A high creditors turnover ratio indicates that creditors not paid
in time while a low ratio gives an idea that the business is not
ta(ing full advantages of credit period allowed by the creditors.
$ince creditors turnover ratio has decreased from ..;. times to
..9< times which represents that creditors are paid in time. !t=s a
good sign for the company.
89

FINDINGS
8:

Findin(
! came across following findings during undergoing the project wor( on topic
>+!0A0&!A# A0A#4$!$ '+ BART! A!RT"# $"R%!&"$ #TD..?.
.. !n BART! A!RT"# $"R%!&"$ #TD. the coordination among the
various sections of the +inance , Accounts department is very nice) as
the +inance , Accounts department is a big department consisting of
near about 23 sections. !t is the wor( force of the +inance , Accounts
department) which ma(es it possible.
3. !n the BART! A!RT"# $"R%!&"$ #TD.. #td there not to create
debtors they generally deal with first to receive the cash or che-ue) and
then they supply the finished material.
2. !n the BART! A!RT"# $"R%!&"$ #TD. #td there wor(ing capital
management is very good) they use the !B$ C"RP systemD to manage
the over all activity.
6. During the study ! find that their is no huge variation in budget decided
and the actual one.
8. The ta*ation policy is to be made fle*ible because of which bul(iness
of the wor( is to be removed.
9. The tendering process time is to be minimiEed so that the current
mar(et price benefits if any can be availed.
:. Monthly return filling is not on line process) hence sales and e*cise
department face problem.
;. 'nline inventory valuation can be implemented.
<. The departmental policies is to made fle*ible which leads to decrease
in the wor( flow process as well as it leads in better profits.
8;

8<

SUGGESTION
RECO!!ENDATION AND SUGGESTIONS
.. The company may increase the performance by reducing the borrowed capital) so that
the interest an finance charges will be less.
3. The company may increase the sales if it attempts to move into e*port mar(et.
2. The company may reduce the operating inefficiencies through effective utiliEation of
all the resources.
9/

6. The company may stri(e a balance between the current assets and current liabilities to
maintain the solvency position.
8. 'ptimum utiliEation of For(ing &apital can be planned so as to result in sound
financial position.
9. There is an urgent need to upgrade and moderniEe the plants for improving the
profitability of BART! A!RT"# $"R%!&"$ #TD..
9.

CONCLUSION
CONCLUSION/
After analyEing the +inancial Analysis of the B"ARTI AIRTEL SER*ICES
LTD. Ltd .! found that the &ompany is really in 7ood financial condition
because the management has ta(en a great effort in managing the funds li(e
ac-uiring and allocation of the funds) optimum utiliEation of the available
resources. The analysis shows that the profitability of the company is increases
as compared to the last years due to high production and sells with lesser
93

e*penses. The organiEation is in sound position which is good for the company)
sta(eholders as well as the &ountry also.7ood financial position not just
beneficial for the company sta(e holders but it helps to improves the 7DP as
well as the per capita income of the entire country.
+inance is the life blood of every business. Fithout effective financial management a
company cannot in this competitive world. A Prudent financial Manager has to measure the
wor(ing capital policy followed by the company.
BART! A!RT"# $"R%!&"$ #TD. continues to play an important role in the
industrial development of country. There is every possibility that BART! A!RT"#
$"R%!&"$ #TD. would establish for itself a permanent and unsha(able position in the
industrial map of !ndia and also in the emerging international mar(et for steel.
92

96

BIBLIOGRAP"
BIBLIOGRAP"/
Boo(sB
Dr. $. 0. Maheshwari) +inancial Management) "nglish Revised
"dition.
M.4. Mhan and P. M. 5ain) +inancial Management)
Ravi M. Mishore) +inancial Management) 9
th
"dition.
98

!.M. Pandey) +inancial Management.
FebsiteB
httpBIIwww.google.com
httpBIIwww.wi(ipedia.com
httpBIIwww.scribd.com
httpBIIwww.bhartiairtelservices.com
99

ANNE9URE
B"ARTI AIRTEL SER*ICES LTD.
Balance $heet A$ on 2.
st
March 3/./@3//<
PART!&1#AR$ D"TA!#$ A$ AT 2.
$T
MAR&3/./
CR$ !0 #AMD
D"TA!#$ A$ AT
2.
$T
MAR&
3//<
CR$ !0
#AMD
9:

$'1R&"$ '+ +10DB
$AR"'#D"R$ +10D$B
$hare capital
$hare money pending allotment
Reserves , surplus
#'A0 +10DB
$ecured
1nsecured
&urrent Account with A
APP#!&AT!'0 '+ +10DB
A. +i*ed Assets
7ross Bloc(
#essB Depreciation
0et Bloc(
B. &apital wor(@in@Progress
&. $urveyed off +i*ed Assets
Awaiting disposal
!nvestment
&urrent Assets ) #oans , AdvancesB
Debtors
!nventories
&ash , Ban( Balances
#oans, Advances
'ther current Assets
&ost of Removal of 'ver Burden
Total &urrent Assets) #oans ,
Advances
#essB &urrent #iabilities ,
ProvisionsB
0et &urrent Assets
Misc. "*penditure
/.//
/.//
;3./8.6;
<3;<..:6
8;93/.2:
263:..2:
6.:/.<:
36/...
C8<6..;D
:8<6.22
29.23
9//.8;
2292.:9
3;<26.:9
2<<28.8:
329<9.<:
;3./8.6;
/.//
/.//
C3:.;6.62D
86<3../8
2;9;3.68
/.//
.932;.9/
/.//
86<3../8
/.//
/.//
9:/38.6:
;3;</.:6
8:<<9.<<
36;<2.:8
9::.8.
.<8.:.
3.<..<
6<<6..;
/..6
9/:./.
923.9/
2.8:3.;;
2;/39.//
3.9;9./:
9:/38.6
:
/.//
/.//
C36<.;.
8:D
63./9.<
/
38:99.<
:
/.//
.922<.<
2
/.//
63./9.<
/
9;

B"ARTI AIRTEL SER*ICES LTD.
PROFIT = LOSS ACCOUNT FOR T"E EAR ENDED
A$ on 2.
st
March 3/./@3//<
PART!&1#AR$ 2.
$T
MAR& 3/./
CR$ !0 #AM$D
2.
$T

MAR&3//<
CR$ !0
#AM$D
INCO!E/
$ales
&oal issued for other purposes
AccretionI Decretion in $toc(
For(shop jobs for own purposes
'ther income
E9PENDITURE/
&onsumption of $tores , $pares
"mployees Remuneration , Benefits
$ocial 'verhead
Power , +uel
Repairs
&ontractual "*penses
Miscellaneous "*penses
'verburden Removal Adjustment J"*isting Mines
Total "*penditure
GROSS OPERATING PROFITD LOSS
!nterest
+inancialI&ommitment &harges
Depreciation
Provisions
Frite 'ff
PROFIT D LOSS FOR T"E EAR
'verburden Removal Adjust. +or &losed Mines
Provision written Bac(
Prior Period Adjustment
"*tra 'rdinary !tems
PROFIT D LOSS BEFORE TA9ATION
Provision for income ta* for earlier years
PROFIT AFTER TA9
Provision for Dividend on Preference $hares
Provision for proposed Dividend of "-uity shares
Provision for income ta* on proposed Dividend
0et profit After Ta* , Proposed Dividend
Retained Profit After Trans. To Reserve
BA#A0&" &ARR!"D T' BA#A0&" $""T
.28328.8<
/.//
33<3.::
/.//
:8...6<
.68/2<.;8
.<<//.3:
.2229.<2
268<.69
2;.6.33
6/</.:3
:/2:../
86:../8
392;..3
8<:6:.;:
HE&J#.HH
.<3.;9
.:8.:9
3;89.28
....;:
/.//
H#JEE.#>
/.//
.2..98
.;.9<
/.//
H&#KE.>H
/.//
H&#KE.>H
/.//
/.//
/.//
H&#KE.>H
H&#KE.>H
H&#KE.>H
.32:.<..8
/.//
;86.2<
/.//
6:28.;/
.3<2/<.26
3/966.28
.9/<2.//
22<3../
2</2.9.
82<3...
8;.<.<8
9.<9.<<
8:/<.8:
88:23.86
G'EGF.HK
236.<6
2.3.3<
8;82.//
39;.6;
/.//
FFH#H.KJ
/.//
3<./6
.92.8<
/.//
FGK#K.G&
/.//
FGK#K.G&
/.//
/.//
/.//
FGK#K.G&
FGK#K.G&
FGK#K.G&
9<


:/