Professional Documents
Culture Documents
INTRODUCTION
1
1.1 INTRODUCTION:-
Cash plays important role in entire economic life of a business .A firm needs cash
to make payments to its suppliers, to incur day to day expenses and to play salaries,
wages, interest and dividend, etc.
Infact what is blood is to a human body, cash is to a business enterprise. It is very
essential for a business to maintain an adequate balance of cash. But many a times,
a concern operates profitability and yet it becomes very difficult to pay taxes and
dividend. This may be because of
(i) although huge profits have been earned yet cash may not have been
received or
(ii) Even if the cash has been received , it may be drained out for some
other purposes.
Funds flow statement is a statement is which shows the movement of funds and is
a report of the financial operations of the business undertaking .It indicates various
means by which funds were obtained during a particular period and the way in
which these funds were employed .In simple words, it is a statement of sources and
applications of funds.
1.3Scope of study:-
2
1.4 Limitation:-
3
CHAPTER-II
RESEARCH METHODOLOGY
4
2.RESEARCH METHODOLOGY
The data or information has been collected from two sources:
(i) Primary data
(ii) Secondary data
2.1 PRIMARY DATA
Primary data are those data collected from individuals, officials, guide ,view
from heads of Finance department .These data are collected through observation
of records and files.
Secondary data are those which are already gathered and available .They may be
internal sources within the firm. Externally these sources include books,
periodicals, published report etc.For collection of data; I have consulted the
following secondary data:
5
CHAPTER-III
COMPANY PROFILE
6
3.1 PROJECT SUMMARY
Name of the Unit MATRUSHAKTI RICE MILL
7
3.1 INTRODUCTION:
Rice is mainly used as main food in the form of milled grain. Rice may also be
used as flour or in broken form for any other food preparation. Rice constitutes the
stable food for half of the world’s population. Rice is a principal cereal crop grown
in warm humid areas of subtropical regions like India, Pakistan, China, Japan,
Thailand, Berma, Srilanka etc. Our country is second largest producer of rice in the
world. More than 80 million tones of paddy are milled annually in the mechanized
sector. Rice is a major crop in our country and most of the people live on rice. The
popularity of Rice depends on the fact that, it can readily cook into a soft, easily
digestible and palatable product. It is mainly consumed in the form of whole milled
grain. Rice Production in India accounts for about 60 percent of the total
production of all food grains. The production o Rice is one of the most important
cereal food grain and is used in almost all homes as eatables. The process of Rice
milling ends into by products like the husk and the outer layer of the rice that is
bran and broken rice from the raw material paddy.
About 90% of population of Orissa mainly consumes Rice as their two times
meals. Rice is abundantly grown particularly in districts like Balasore, Sundargarh,
Gunjam, Undivided Cuttack, Puri, Khorda, Jajpur etc. The Abundant availability of
paddy and a vast market promoted the promoter to promote this unit and the same
has also been sponsored by KVIC under PMEGP scheme, NABARD and other
govt. sponsored scheme. Govt nodal agencies like, FCI, Orissa Stae Civi Supply
Corp. etc. are processing paddy in the rice mills.
This scheme is prepared on the basis of modern rice mill and designed to
meet the needs of villages and substitute for a huller mill to get polished rice,
parboiled rice, rice bran and paddy husk.
8
3.2 ABOUT THE UNIT :
Mr. Iswar Chandra Swain S/o Mandar Swain is resident of Shyamgudia, Chhagaria,
PO : Bagada, Kendrapara, aged about 46 and has doing rice trading business more
than 25 years. The family is well established and well known in the locality. The
promoter will manage the proposed rice mill M/s Matrushakti Rice Mill with the
assistant of Cash Credit limit for Rs. 18,00,000.00, TL for Rs. 26,00,000.00 and
BG for Rs. 5,00,000.00 from State Bank of India, Bazar Branch, Kendrapara. The
said unit will be situated at Shyamgudia, Chhagaria, Po. : Bagada, Kendrapara –
754212. The promoter has already started the development of the land. This year
Govt has estimated to process 2,27,000 quintal of paddy by the millers of
kendrapara. The Civil Supply Corporation permits the millers to procure and
process paddy only when the miller gives Bank Guarantee in favour of the
Corporation. The promoter projects to obtain the bank guarantee from the bank for
such procurement and processing. The promoter will use 60% of the total used
capacity of the plant for processing of Govt. paddy and 40% of the used capacity
will be used for processing of paddy purchased from open market. The unit will be
situated 3 kms from Kendrapara Town and adjacent to NH5A.
3.4 LOCATION :
9
3.5 MARKET POTENTIAL:
Rice is being taken as a food by majority of the population in our country and it is a
mass consumed item of every household. Its demand is ever growing. Rice bran,
which is a by-product, is a source of valuable edible oil. Husk can be used for
manufacturing of particleboard or Millboard. Crushed form of husk is also used as
cattle feed. With the development of new varieties of paddy by various Agricultural
Research Institutes and application of proper fertilizer and proper agricultural
practices yield of paddy is growing and it is expected in near future yield of paddy
in our country will increase manifold, which will further enhance the scope of
modern rice milling plants in different parts of the country, including Orissa.
The promoter projects to utilize 60% of total capacity in processing govt paddy and
40% of total capacity in own manufacturing. This implies that the project is more
secure and less risk. As it is explained above Govt nodal agencies are not able to
fulfill the requirements projected because of which they are encouraging
entrepreneurs to establish the Rice Mills. In this scheme, emphasis is being given
for proper marketing techniques and it proposed that along with bulk sales, unit
will also market rice in small pack size of 2 Kg, 5 Kg, 10 Kg, etc. Marketing in
small pack size will also attract new segment of customers. Keeping in view of
above fact, it is hoped that the unit will achieve its targets successfully.
10
3.6 TECHNICAL ASPECTS
1. Process of Manufacture :
The process of manufacture of Rice is a very simple one. For plain rice, the
raw material that is paddy to be cleaned and processed through the
Machinery for Raw rice. For boiled rice, the paddy has to be cleaned, boiled,
dried in the yard and processed thereafter through the Machinery.
Rice milling consists of a paddy cleaner, sheller, separator and polisher. The
total process can be summarized as below :
a) A bucket elevator conveys the paddy brought into the Paddy cleaner.
The cleaner is designed to remove straw dust, stones, pebbles, etc. for the
enhancement of value of rice as well as to prevent malfunction of following
process due to mixing of dust.
b) Clean paddy is thus obtained is then carried to a paddy husker. The
paddy husker consists of a husking chamber and an aspirator to separate
husked rice and husk. In the husking chamber, there are two rubber rollers
which revolve at different speeds and in opposite directions. The paddy
passes between the roller in a gap. The husking rate of paddy husker through
dependent upon the quality of paddy, attains generally 85-95%. Means the
husked rice discharged from paddy husker contains about 5 to 15% of
unhusked rice (Paddy).
c) The separated paddy is again returned into the paddy husker for the
rehusking. Meanwhile husked rice is moved into the next whitening machine
made up of a combination of 3 or 5 units of abrasive roller type and fraction
type. Further refining is done by the removal of bran. The help of cone
polishing does polishing.
d) Polished rice and bran are got separated and collected separately. For
milling of parboiled paddy, boiling of paddy with hot water takes place after
cleaning then it is dried and dehisced. The additional equipment required for
parboiling unit is mechanical drier and soaking tank for paddy.
2. Quality Standards:
11
There is no Indian Standard Specification for the quality of the Rice except
the size gradation. Hence the product is sold as per customer’s specification.
As we have already discussed, it is expected that 60% capacity will utilized for
govt paddy processing and 40 % capacity will be utilized for own manufacturing.
According out of total capacity of 6000mt, govt paddy processing will be 3600mt
and own processing will be 2400mt. From paddy processing the outputs are rice,
bran, husk and broken rice. The demand of these products in the market is
increased day by day. The details of out put and its present market value are as
under:
A) INCOMES :
Total
CAPACITY RATE Value In
PRODUCT PER YEAR PKG (RS.) RS.
12
408,000 285,600
Dust 72,000
The said projection is feasible because of Govt. agencies target and bumper
production of paddy in the nearby areas and also geographical location of the unit.
B Packing Materials
Sr. No. Items TON Rate (Rs.) Value In Rs.(PER MONTH)
13
C
UTILITIES
Water & Electricity
(100kw) 40,000
40,000
D
Other Admin. Expenses
This has been taken at 13.50% per annum. Repayments shall be done
in 78 equal monthly installments after 6 months moratorium period for
Rs. 51,000/- per month.
Closing
Opening principal Balance( Rs. Interest(Rs.
YEAR Balance paid Installment ) )
2,600,00 277,77
1 0 1 612,000 2,322,229 334,229
2,322,22 317,67
2 9 9 612,000 2,004,550 294,321
2,004,55 363,32
3 0 2 612,000 1,641,229 248,679
1,641,22 415,52
4 9 2 612,000 1,225,707 196,479
1,225,70 475,22
5 7 1 612,000 750,486 136,779
750,48 750,48
6 6 6 612,000 206,987 68,502
206,98 206,98
7 7 7 213,093 0 6,106
14
E. Interest on working capital loan : This has been taken at 12.50%
p.a.
F. Depreciation :
Depreciation has been taken only on assets to be created by the
promoter and shown in the fixed assets schedule of Balance Sheet.
FEASIBILITY STUDY :
The project is feasible because of market potential, easy to manufacture of the
product, Govt. agencies assistance and the experience of the promoter in this line of
trade.
1. The production has been calculated on the basis of single of 10 hours and
300 working days in a year with provision of double shift in season.
2. The production capacity presumed to be achieved in the 1 st, 2nd and 3rd year
is 60%, 70%, and 80% respectively of total production capacity.
3. Labour wages has been considered keeping on eye on minimum wages act.
6. The operative period of the unit has been considered as 7 years within which
full repayment of loan has to be made.
15
7. The cost of machinery and equipment has been considered basing on the
prevailing market rates and as per the quotation collected from the suppliers.
8. The plant will run by the electricity from state electricity supply where a
sub-station has been/ will be installed with separate transformer and
connecting bass-bars.
9. The project cost is Rs. 67.26 lacs. Bank will finance Rs. 18.00 lacs for
working capital and Rs. 26.00 lac for building & plant commissioning along
with bank guarantee for Rs. 5.00 lac. The promoter will contribute Rs. 23.26
lacs for the project.
10.Moratorium period for the project is 6 months from the date of disbursement
of Term Loan.
IMPLEMENTATION SCHEDULE :
1. Preparation of Project Report Completed
2. Selection of site and development of land Complete
3. Registration and obtaining of permission from Deptt 2 months
of Food & Civil Supplies and NOC from State
Pollution Control Board, Bhubaneswar
4. Financial assistance To be done
5. Construction of Building or Shed 5 months
6. Procurement and Installation of Plant & Machinery 5 months
7. Electricity, Fuel and water tie up for availability 1 months
8. Selection of raw material and placement of orders 6th Month
9. Receipt of Raw Material 6th Month
10. Trial Production. 6th Month
16
17
CHAPTER-IV
4.1.1
Cash flow statement
4.1.2 Purpose
4.1.3 Cash flow activities
4.1.4Preparation methods
4.2.1Definition of fund
4.2.2 Definition of Funds flow Statement
4.2.3Procedure for preparing fund flow statement
4.2.4Application or uses funds
4.2.5 Significance of Funds Flow Statement
4.2.6 Limitations of Funds Flow Statement
4.2.7 Current Ratio
18
4.1.1
Cash flow statement:-
4.1.2 Purpose
Statement of Cash Flow - Simple Example
for the period 01/01/2006 to 12/31/2006
Cash flow from operations Rs.4,000
Cash flow from investing Rs.(1,000)
Cash flow from financing Rs.(2,000)
Net cash flow Rs.1,000
Parentheses indicate negative values
19
The cash flow statement was previously known as the flow of Cash statement.
The cash flow statement reflects a firm's liquidity.
The cash flow statement has been adopted as a standard financial statement because
it eliminates allocations, which might be derived from different accounting
methods, such as various timeframes for depreciating fixed assets.
The money coming into the business is called cash inflow, and money going out
from the business is called cash outflow.
1. Operating activities
20
Operating activities include the production, sales and delivery of the company's
product as well as collecting payment from its customers. This could include
purchasing raw materials, building inventory, advertising, and shipping the
product.
Items which are added back to [or subtracted from, as appropriate] the net income
figure (which is found on the Income Statement) to arrive at cash flows from
operations generally include:
2. Investing activities
Examples of investing activities are
3. Financing activities
21
Financing activities include the inflow of cash from investors such as banks and
shareholders, as well as the outflow of cash to shareholders as dividends as the
company generates income. Other activities which impact the long-term liabilities
and equity of the company are also listed in the financing activities section of the
cash flow statement.
Under IAS 7,
Dividends paid
Sale or repurchase of the company's stock
Net borrowings
Payment of dividend tax
4.1.4Preparation methods:-
The direct method of preparing a cash flow statement results in a more easily
understood report. The indirect method is almost universally used, because FAS 95
requires a supplementary report similar to the indirect method if a company
chooses to use the direct method.
22
Direct method
The direct method for creating a cash flow statement reports major classes of gross
cash receipts and payments. Under IAS 7, dividends received may be reported
under operating activities or under investing activities. If taxes paid are directly
linked to operating activities, they are reported under operating activities; if the
taxes are directly linked to investing activities or financing activities, they are
reported under investing or financing activities.
Indirect method
The indirect method uses net-income as a starting point, makes adjustments for all
transactions for non-cash items, then adjusts from all cash-based transactions. An
increase in an asset account is subtracted for net income, and an increase in a
liability account is added back to net income. This method converts accrual-basis
net income (or loss) into cash flow by using a series of additions and deductions.
23
Rules
The following rules are used to make adjustments for changes in current assets and
liabilities, operating items not providing or using cash and non-operating items.
4.2.1Definition of fund
fund simply means availability of cash in daily use
Flow of fund here means conversation of one asset to be use to purchase of another
asset or use to deduction in liabilities.
fund flow statement is a statement which shows source and use of fund in particular
time. This period may be two years or more years. Basis of making fund flow
statement is two years or more than two years balance sheet.
24
4.2.3Procedure for preparing fund flow statement
1st step
2nd step
2 making adjusted profit and loss account or statement showing fund from
operation or lost in operation
3rd Step
particular previous year current year increase working capital decrease in w/c
Sometimes the result of trading in a certain year is a loss and some funds are
lost during that period in trading operations. Such loss of funds in trading amounts
to an outflow of funds and is treated as an application of funds.
If during the year any preference shares are redeemed, it will result the shares are
redeemed at premium or discount, it is the net amount paid (including premium or
excluding discount, as the case may be ).However , if shares are redeemed in
exchanges of some other type of shares or debentures , it does not constitute an
outflow of funds as no current account is involved in the case.
25
3. Repayment of loans or redemption of debentures, etc:-
Payments of dividends and tax are also application of funds .It is the actual
payment of dividend (may be interim dividend) and tax which should be taken as
an Outflow of funds and not the mere declaration of dividend creating of of a
provision for taxation.
26
3. It helps in the formation of realistic dividend policy
The funds flow statement has a no of uses, however, it has certain limitations also,
which are listed below:
1. It should be remembered that a funds flow statement is not a substitute of an
income statement or a balance sheet. It provides only some additional information
as regards changes in working capital.
2. It can’t reveal continuous changes.
The Break Even Point can be calculated by dividing the fixed cost by percentage of
contribution to sales or P/V Ratio.
Break Even Point =Fixed cost
p/v ratio
27
CHAPTER-V
DATA ANALYSIS AND INTERPRITATION
28
Calculated Balance Sheet
2007-08 2008-09 2009-10
Assets
Gross fixed assets 4026000 4026000 4026000
Less: depreciation 542425 1009634 1410878
Net fixed asset 3483575 3016366 2615122
29
2007-08 2008-09 2009-10
Capacity utilization 60 70 80
Manufacturing Exp.
30
M/S MAA DURGA DEVI RICE MILL, PROP. :NIRMAL KUMAR
BEHERA
AT : BADABARANG, PO : SRI
BALADEVJEW
DIST:KENDRAPAR
A - 754212
2,39,40,48
Sales/Receipts 1,79,55,360 2,09,47,920 0
Contribution( Sales-
Variable Cost) 27,16,221 30,33,156 35,52,415
31
CALCULATION OF DEBT SERVICE COVERAGE
RATIO
PAYMENTS
Interest on Term
Loan 5,60,686 5,18,834 4,90,189
Instalment (Principal) 2,77,771 3,17,679 3,63,322
Total 8,38,457 8,36,513 8,53,511
DSCR 1.97 2.18 2.63
Average DSCR 2.36
CALCULATION OF CURRENT
RATIO
PAYMENTS
Interest on Term Loan 5,60,686 5,18,834 4,90,189
Instalment(Principal) 2,77,771 3,17,679 3,63,322
Total 8,38,457 8,36,513 8,53,511
DSCR 1.97 2.18 2.63
32
Average DSCR 2.36
33
M/S MAA DURGA DEVI RICE MILL, PROP. :NIRMAL KUMAR BEHERA
AT : BADABARANG, PO : SRI BALADEVJEW
DIST:KENDRAPARA –
754212
Statemen
Calculated Cash- flow t
Promoter's Capital 23,26,108 - -
Profit 8,82,537 11,33,253 16,04,417
Add: Depreciation 5,42,425 4,67,209 4,01,243
Term Loan 26,00,000 - -
Cash Credit 17,99,564 1,681 1,206
Decrease in Investment
Total 81,50,634 16,02,143 20,06,866
ASSETS
Gross Fixed Assets 40,26,000 - -
Drawing Of Capital 3,99,456 5,00,124 5,98,640
- -
Increase in Current Assets 27,00,108 2,90,111 5,09,806
Repayment of Instalment 2,77,771 3,17,679 3,63,322
Repayment of Cash Credit Loan
74,03,335 11,07,914 14,71,768
Net Surplus/Deficit 7,47,300 4,94,229 5,35,098
Opening balance of Cash - 7,47,300 12,41,529
Closing Balance of Cash 7,47,300 12,41,529 17,76,627
Interpretation:-
1. The promoter’s capital at 2007-08 is 2326108 and in 2008-09, 2009-10
there no promoters capital is utilised.
2. At year 2007-08 depreciation is 542425 and at 2008-09 the depreciation
reduced to 467209 and then 401243.
3. The above cash flow statement is showing the flow of cash from different
activities.
4. The statement is also showing the utilization of assets and liabilities with
the oening and closing balance.
34
SCHEDULE OF CHANGES IN WORKING CAPITAL
(2007-08 & 2008-09)
Interpretation:-
1. The statement of changes in working capital at 2007-08 shows closing stock
is 1500243 and later 2008-09 increased to 1501243.hence increase in assets
occurs.
2. Receivables are increased by 289111 at 2008-09 from 2007-08.
3. The liquidity of the firm has improved due to significance increase of
494292 in cash.
4. Amount of current liability has increased and hence there will be decrease in
working capital.
5. WORKING CAPITAL HAS INCREASED WHICH FINANCIAL SOUNDNESS OF
THE FIRM.
35
SCHEDULE OF CHANGES IN WORKING CAPITAL
(2008-09 & 2009-10)
Interpretation:-
36
1. The statement of changes in working capital at 2009-10 shows a minute
decrease in closing stock than 2008-09 i.e. 1675.hence decrease in assets
occurs.
2. Receivables are increased by 511481 in 2009-10 than at 2008-09.
3. The liquidity of the firm has improved due to significance increase of
535099 in cash.
4. Amount of current liability has increased and hence there will be decrease in
working capital.
WORKING CAPITAL HAS INCREASED WHICH SHOWS A GOOD SOLVENCY
POSITION.
Interpretation:-
1. The net profit occurs at 2008-09 is 250616 which is more than the 2007-08
and there is a little increase at 2009-10 in net profit which is more than the
year 2008-09 by 471164.
2. Change in Depreciation occurs is less in year 2009-10 incomparatively to
2008-09 and 2008-09 is lower than 2007-08.
37
3. Less funds from operations change made in 2007-08 than 2008-09 than that
of 2009-10.
38
Interpretation:-
1. The funds flow of 2007-08 is 6073299 which is the highest in comparision
to 2008-09 and 2009-10.
2. The funds flow of 2009-10 is higher than 2008-09.
3. Long term loans are not used in 2008-09 and 2009-10.
4. Funds from operations was very less.
39
year 2007-08 2008-09 2009-10
SALES/RECEIPTS
23940480
25000000 20947920
20000000 17955360
particulars
15000000
sales/Receipts
10000000
5000000
0
2007-08 2008-09 2009-10
Figure 1
INTERPRITATION:
40
year 2007-08 2008-09 2009-10
FIXED COST
1899903 1947997
1833684
2000000
1800000
1600000
1400000 particulars
1200000 fixed cost
1000000
800000
600000
400000
200000
0
2007-08 2008-09 2009-10
Figure 2
INTERPRITATION:
(i) In year 2007-08 the amount of fixed cost is 1833684 and in 2008-09
the amount is increased by 66219 from 18833684to 1899903 and then
increased by Rs.1947997 in 2009-2010.
(ii) Among the three years 2009-2010 have the highest fixed cost..
41
year 2007-08 2008-09 2009-10
VARIABLE COST
25,000,000
20,388,065
20,000,000 17,914,764
15,239,139
Particulars
15,000,000
Variable Cost
10,000,000
5,000,000
-
2007-08 2008-09 2009-10
Figure 3
INTERPRITATION:
(i) In year 2007-08 the the variable cost is 15239139 and in 2008-09
the gross profit ratio is increased to 17914764 and then increased to
20388065 in 2009-2010.
(ii) Among the three years the highest variable cost is 2009-2010.i.e
20388065 as shown in above.
42
year 2007-08 2008-09 2009-10
Break even 68 63 55
point(in %)
Average 62
BEP(%)
INTERPRITATION
:
(i) In year 2007-08 the the break even point is 68 and in 2008-09 the
break even point is decreased to 63 and then increased to 55 by 8point
in 2009-2010.
(ii) Among the three years the average break even point is 2008-09.i.e 62
as shown in above figure.
43
year 2007-08 2008-09 2009-10
Average 2.12
DSCR
3 2
2
2 Particulars
DSCR
2 Average DSCR
-
2007-08 2008-09 2009-10
Figure 5
INTERPRITATION:
(i) In year 2007-08 the the DSCR(Debt service coverage ratio) is 1.97
and in 2008-09 the DSCR is increased to 2.13 and then increased to
2.63 in 2009-2010.
(ii) Among the three years the highest DSCR is 2009-2010.i.e 2.63 as
shown in above figure.
(iii) The average DSCR is reached in between 2008-09 and 2009-10 i.e
2.32.
44
year 2007-08 2008-09 2009-10
14
11.81 12.07
11.46
12
10
Particulars
8 Gross Profit Ratio
-
2007-08 2008-09 2009-10
Figure 6
INTERPRITATION:
(i) In year 2007-08 the the gross profit ratio is 11.81 and in 2008-09
the gross profit ratio is increased to 11.46 and then increased to 12.07
in 2009-2010.
(ii) Among the three years the highest gross profit ratio is 2009-2010.i.e
12.07 as shown in above figure.
45
Year 2007-08 2008-09 2009-10
6 5.41
4.92
5
Particulars
4 Net Profit Ratio ( IN % )
3
-
2007-08 2008-09 2009-10
Figure 7
INTERPRITATION:
(i) In year 2007-08 the the net profit ratio is 4.92 and in 2008-09 the
net profit ratio is increased to 5.41 and then increased to 6.70 in
2009-2010.
(ii) Among the three years the highest net profit ratio is 2009-2010.i.e
6.70 as shown in above
46
year 2007-08 2008-09 2009-10
CURRENT RATIO
2.38
3
1.96
2
1.63
Particulars
2 CURRENT RATIO
-
2007-08 2008-09 2009-10
Figure 8
INTERPRITATION:
(i) In year 2007-08 the the current ratio is 1.63 and in 2008-09 the
gross profit ratio is increased to 1.96 and then increased to 2.38 in
2009-2010.
(ii) Among the three years the highest current ratio is 2009-2010.i.e
2.38 as shown in above
47
CHAPTER-VI
CONCLUSIONS
RECOMMENDATIONS
BIBLIOGRAPHY
48
CONCLUSION :-
This project work in the finance sector is going to help me a lot in future. I got to
learn many financial aspects of the organization.
From all the above interpretation we may conclude that the overall performance
of the chaterd firm is satisfactory.the growth rate of the rice mill shows a sound
position in the future.
49
RECOMMENDATION
Recommendation can be used by the firm for the betterment increased of
firm after study and analysis of project report on study and analysis of ca
flow and funds flow statements.
Company should raise funds through short term sources for short t
requirements of funds, which comparatively economical as compar
long term funds.
Company should take control on debtor’s collection period which i
major part of current assets.
Company has to take control on cash balance because cash is non
earning assets and increasing cost of funds.
Over all company has good liquidity position and sufficient funds t
repayment of liabilities. Company has accepted conservative financial po
and thus maintaining more current assets balance. Company is increasin
sales volume per year which supported to company for sustaining a good
50
BIBLIOGRAPHY:-
Web-sites:-
(ii) www. google .com
(iii) www.s.das & associates.co.in
Reference Books:
51