I NCJ\r • • ~-

/
pYo ~~ijjiiiiiiiiiiiijjijiiiiiiiiiii----iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii

or Non-Discounted Cash Flow Techni ues:

sack Period Method (P.B.P)

A· pay
Jl. Accounting Rate of Return Method (or) Average Rate of Re,

Method (A.R.R)
or Time Ad·usted or Discount cash flow Techni ues
0

c. Net Present Value Method (N.P.V)

D. Internal Rate of Return Method (I.R.R)

E. Profitability Index Method (P.I.M)

t.Non Discounted Cash Flow (or) Traditional Methods

These methods are based on principles to determine the desirability of an

investment project on the basis of its useful life and expected returns. These
methods depend upon the accounting information available from the books of
accounts of the company. These will not take into account the concept of ' time
value of money', which is a significant factor to determine the desirability of a

project in terms of present value.

A) Pay Back Period Method (P.B.P)

Pay Back Period Method is one of the used popular methods in Traditional cash
flow techniques. Here pay back refers "The number of years required recovering

the original cash outlay invested in a project".

According to Weston and Brigham "The payback period is the number of years it
takes for the firm to recover its original investment by net returns before

depreciation, but after taxes".

. d method cab be calculated with the help of the fi ll .
aybac peno o owmg
P k
formula
Page 5 6
- . - nr. R-SCHOOL
ry
~s1tJD ON CAPITAL BUDGE'ftNc 'fEtl!N
1QlJ£s

Pay Back Period ::::: --------------

---
Annual Cash Inflows

tance Rules
~,cep . . .
You should accept the proiect 11 payback period is less

you should reject the project it payback Period is high

Men·ts of the Method:
1. Easy to understand

2_ Easy calculation

3. Less cost

4_ Easy ava1·1 ability of infonnation

5_ More use ful to small sector

6. Poss1'b'l'ty
11 for qmc
. k decision making

Demerits of th e Method:

Ofmoney
. not consider
is
Here time value ossible

Maximizat10n
.
°fmarket value not pf money
. e value o
Failure in conSI'dering tim factor
Non-consideratio . terest
. nof m

Page 57
....., L
ACHARYA BANGA
 tf't}VyO
N CAPITAL BUDGETING TECHNIQUES G
,,_,
ft sJ

r'JIii~..,,,n. tak!O. g magnitude and timing of possible

1
f~ •
o11ntang (or) Average Rate of Return Method (ARR) ..
6· f>.Cc accou nting method, which uses the accounting infonnation revealed by the
11 iS an tements to measure the profitability of an investment proposal. It can
ancial sta 'd' th .
• d by div1 mg e average mcome after taxes by average investment
(III erJJllne
det k 1 c. d . . d'
bC . theav erage boo va ue a1ter epreciation. According to Solomon, accor mg
bat ,s . b . t
t te of re tum on an mvestment can e calculated as the ratio of accountmg ne
10
(<I he initial investment.
. o!Ile tot
,nc
. (or) Average rate of return method can be calculated with the help of
Accounting
the following formula

Average Income

Rate of Return (A.R.R) = ------------------------- X 100

j\Verage
Average Investment

· · JI the years
Total Profit Eamed by the project m a

------------------------------------------
Average Income = -------
Average Investm._:_en=:t_ _ _ _ _ _ _ __

Page 58

- B scHOOL
ACHARYA BANGALORE -
 fl'"'{ o~ C,<\PITAL BUDGETING TECHN IQUES G
~::::::=====-=-=--~- Initial Investment

Average Investment=-----~ x l 00

tance Rules: -
~cce
"' P retu m IS. greater than the cost of
A cept the project if calculated average rate of

capital.
is ess t an cost of capital.
ReJ· ect the project if calculated average rate of return · 1 h .

~erits of the Method:

J. Easy to understand

2. Easy to calculate
3. It can be readily computed with the help of the available accounting data

4. It uses the entire stream of earnings to calculate the ARR

5. It is bettef method when we compare with payback period method because
here the entire cash inflow values generated by the project were considered.

Demerits of Method:
1. Time value money is not considered
. b d on cash flows generated by a project.
2. It 1s not ase ·nto account the fact that the profits can be reinvested.
1
3. It does not take
. h (me value of money.
1
4. It ignores t e es not consider the objective of wealth maximization.
d d0 Page 59
5. This methO
B scHOOL
ACHARYA BANGALORE •
 I
I
sfoo" ol'I cAPITAL BUDGETING TECHNIQUES
G
< . : n or Discounted Cash flow meth d .
,_µ.JI!• 0 s.

. ounted cash
jll' o,sc . flow methods
. provide a more obJectlve
. . bas1S. for evaluating
,iid seJecting an investment proJect. These methOds con51dered
. the magnitude and
. f cash flow
ii'""g • methods
• enable us to be late the differences
. in the timing of
O
casb w of proJect by discounting the m tO kn ow the present value. The present
t1O
value can be analyzed to determine the desira
· b'l'
I tty of the project. These techniques

a~·ust the cash flow over the life of a proiect

J for th e t'1me va1ue of money.
d
fbe discounted cash flow methods are:

a. Net Present Value Method

b. Internal Rate of Return Method, and

c. Profitability Index Method.

A) Net Present Value Method (N.P.V)

Net Present Value method is the wildly used and more sophisticated project
Evaluation methods under discounted cash flow method. It is a superior method
because the value of cash inflow is taken at discounted value of one rupee. Net
present value is calculated by sub stating present value of cash inflow from present
value of cash out flows. It recognizes the importance of time value of money.

According to Ezra Solomon, "It is a present value of future returns, discounted at

the required rate ofretum, minus the present value of the investment". Net present
value method can be calculated with the help of the following fonnula,

Net Present Value (N.P, V) Present Value of Cash In Flows Present

Value of Cash Out Flows

Page 60
RE B-SCHOOL
ACHARYA BANGALO
 v oN CAPITAL BUDGETING TECHNI
1vVJ QUES
~s G
~)Rules:·
tllll
~,ceP
t value of investment out lays, and cash · fl
presen m ows are to be calculated
~ie ent value table. The decision criteria for accept· . .
. "pres mg or reJectmg.
~s1J1ei
. t a given under:
AProfC
NPV>Zero Accept the proposal

NPV<Zero Reject the proposal

words, if the NPV is positive, (that is the present value of cash inflows is
In oth er
an the present value of cash outflows or investment outlays, the project
111ore tb
be accepted, otherwise rejected.
shoUId
NPV>C Accept the proposal

NPV<C Reject the proposal

Here,

NPV = Present value of cash in flows

C= Present value of cash outflows

Zero NPV implies a situation where the

finn can only recover the original investment.

Page 61

ACHARYA BANGALORE B-SCHOOL

 N CAPITAL BUDGETING TECHNIQUES G
.
~s• __,.__...--------------~--
. 11.Aethod:
;I"' ftbe in
1·ts
0
~1e'
t ·rne value o f money, it
1
. Const'der all cash inflow values generated by
0115
·Jers
It c '. •t considers the cost of capital for discounting rates of one Rupee which
roJect, I • • .
t11e P ropriate method 1t 1s considered as true method of profitability.
ore apP
·soi
1
•tion to the time value of money:
~ecogn•
f•
. method explicitly recognizes the time value of money, which is inevitable for
fbtS • 1d ..
. meaningful financ1a ec1s10ns.
Jllaktng

z. cons••deration to total cash inflows:

The :NPV method considers the total cash inflows of investment opportunities over
the entire lifetime of the project unlike the payback period method.

Demerits of the Method:

J. Difficult to understand

2. Difficult to calculate

3. The concept of discounting factor may not suttees for all projects in a similar
way

4. The NPV calculated by using the cost of capital as a discount rate. But the
concept of cost of capital itself is difficult to understand and determine.

B) Internal Rate of Return Method (I.R.R)

The Internal Rate of Return is to be determined by trial and error method. The
following steps can be used for its computation.

I. Compute the present value of the cash flows from an investment, by using

an arbitrarily selected interest rate.

 l

1~100"
oN CAPITAL BUDGETING TECHNIQUES Q
,_,

r fhen c
ompare the present value so obtained with investm t t
en cos .
2, Jf the present value is higher than the cost, then the present value of inflows
3- . be determined by using higher rate.
tS to
This procedure is to be continued until the present values of the flows from
4.
the investment are approximately equal to its cost.

The interest rate that brings about this equality is the 'Internal Rate of
5.
Return·•
If the Internal Rate of Return exceeds the required rate of return, then the
•eel is accepted. If the project's IRR is lower than the required rate of return. it
, .
will be rejected. In the case of ranking the proposal, the technique of IRR is
significantly used. The projects with highest rate of return will be ranked as firs,
compared to the lowest of return projects.

Internal Rate of Return method can be calculated with the help of the following

fonnula

Positive Value- Investment

I.R.R=Lower Discount Rate+ ------------------------------------- X

Positive Value- Negative Value

'ft'. Between Positive and Negative Constants

D1 1erence

Merits of the Methods: -

. value of money
I. Consideration of time
.
2. Consideratton °f totaI cash flows
!!!oo..... Page 63
ACIJARYA BANGALORE B-SCHOOL
 ,,p¥ ol'l CAPITAL BUDGETING TECHNIQUES
;fv G
~sier appeal to the users
3.
_Maximization market share possible
4
s. provision for risk and uncertainty
6. Elimination of pre-detennined discount rate

its of the method:

1enier

J. It is very difficult to understand and use

2. It involves a very complicated computational work

3. It may not give unique answer in all situations

4. The assumption re-investment of cash flows may not be possible in

practice

C). Profitability Index Method (P.1)

This method is also known as "Benefit cost ratio", According to van

Horne, the profitability index of a project is the ratio of the present value of future
net cash flow to the present value of initial cash out flows.
Profitability index method can be calculated with the help of the following

formula.

Present Value of Cash in Flows

Profitability index (P .I) "' --------------------------------------------

Present Value of Cash Out Flows

ORE 8-SCHOOL Page 64

ACHARYA BANGAL
 YoN cAPITAL BUDGETING TECHNIQUES G
,1 ~~iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii---.;;...._..__iiiiiiiiiiii~

~Rules:
.1cceplll
,, We will accept the project it profitability index is> 1
..
We will reject the project if profitability index is <l

. of the Method:
)!Crl1S

J. It takes into account time value of money

z. It requires less computation work than IRR method

3. It helps to accept/reject investment proposal on the basis of the value of

index
4. It is useful to rank the proposal on the basis of the highest/lowest value of

the index
In this work cash inflow values are not given directly. In order to calculate cash
inflow values, we will use the following formula

Cash in Flow Values==Depreciation

A number of capital budgeting techniques are used in practice. They may be

trouped as follows

I. Net Present Value Mel h0 d

Method And
2. Internal Rate of Return
th0
3. Profitability Index rne d

Page 65
"
A(HARYA BANGALORE B-scHOOL
~)roD
'i oN CAPITAL BUDGETING TECHNIQUES Q
~-nt,;;;-Viiiialiiiiue..(N__P_V)__iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii-==:~
~et pre
edifference between the present value of cash inflows and the present value of
V. d. . I
rash outflows. NP is use m capita budgeting to analyze the profitability of an
unent or project. NPV analysis is sensitive to the reliability of future cash
~ves
. fl :vs that an investment or project will yield.
10 Q\

T C
NPV=I-1--C
1.1(1+r)1 0

Or
NP V =Total Present Value of Cash inflows - Total Outlay

1:1 Using Techniques of capital budgeting in the investment projects of maini

P!ecision products:

(a) Cash flow for the five years Rs.13.26crores

(b) Project cost of original investment of the project Rs.28.Scrores
(c) Cost of capital is 10%
(d) Discount factor is 12%

GALORE B-SCHOOL Page 66

ACHARYA BAN

D Ar-
~srooY ON CAPITAL BUDGETING TECHNIQUES
G
Years Cash flow for five years Cost of original investment
Rs. In crores Rs. In crores

t-5 13.26 28.5

payback period =Cash out lay

Cash inflow

= 28.5/13.26

= 2.149

So the payback period= 2years

INFERENCE:

The term payback period refers to the periods in which the project will generate the
necessary cash to recover the initial investment. So, the payback period of project
of investment is 2 years. So 2 years period will take for the project to generate the
necessary cash to recover the cash out lay.

4.3.2 Accounting rate of return method for project:

Years Cash flow for five years Cost of original investment

Rs. In crores Rs. In crores

1-5 13.26 28.5

-
Accounting rate of return = Annual average net eammgs/Average mvestment

Where, Average investment= original investment/2

ACHARYA BANGALORE 8-SCHOOL Page 67

A~U
vY oN CAPITAL BUDGETING TECHNIQUES G
.-
r .
~ijiiiiiiiiiiiii;;iiiaiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii_ _ _ _ _i i i i i i i i i i i ~

verage net eammgs= tota1·mcome (cash out lay)/ Estimated life of the
,.1Jll 11aI a

= 13.26/2.149

Aflllual average net earning= Rs.6. l 7crores

= 28.5/2

Average investment= Rs.14.25 crores

== 6.17/14.25* 100

Accounting rate of return = 43.30%

mFERENCE:

Accounting rate of return considers the earnings of the project of the economic life.
So, for this project is annual rate of return 43.30%. Hence the annual rate of return
to this particular project is 43.30%

4.4 Discounted cash flow methods:

here arc three types of methods are fallowing in the discounted cash flow :

I. Net present value method

2. Internal rate of return method

3. Profitability index method

Page 68
A!'. il/\llV /\ BAN( ;ALOlll! 11-SCIIDOL
 UDY ON CAPITAL BUDGETING TECHNIQUES
AS'f
r G
1~et present value method for the project:

Present value Cash flow

years Present value of
factor Rs. In crores cash flow Rs. In
10% for five crores
years
3.79 13.26
1to5 50.2554

Net present value = Present value of cash flow - cash out lay

= 50.2554- 28.5

= Rs. 21.7554 crores

So, the Net present value is Rs. 21.76 crores

INFERENCE:

Net present value method recognizes the impact of time value of money. It is
considered as the best method of evaluating the capital investment proposal. So
according to this method if the present value of cash flow is more than cash outlay
the project is accepted if it less than cash out lay then it will be rejected. So in this
problem the project is accepted because the present value of the cash flow Rs.
50.2554crores is increase than the cash out lay for five years Rs. 28.5crores. Then
the project is accepted.

~ARYA BANGALORE B-SCHOOL

22£
Page 69
 f
••oY oN cAPITAL BUDGETING TECHNIQUES G
r
I~ V -----jiiiiiiiiiiiii;;iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii;iiiiiiiii;iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii-=:;..

al rate of return for ro. ect:

1 intern
1.I;•

Cash flow for five Present value Present value Cost of

years factor for five of cash flow investment
Rs. In crores years at 10% Rs. In crores Rs. In crores
13.26 3.79 50.2554 28.5
1105

.calculation of factor
pI'

Factor= original investment/ average cash flow per year

:tor in case of project would be:

= 28.5/13.26/5

= 28.5/2.672

:tor of project= Rs.10.746 crore

- EB-SCHOOL Page 70
ACHARYA BANGALOR
AS'f
ooY ON CAPITAL BUDGETING TECHNIQUES
G
Cash flow for the Present value of Present value of
e9rs
five years the factor 97% the cash flow
Rs. In crores Rs. In crores
13.26 0.997 13.22
105

present value at 97% is Rs. 13.32 crores to arrive at the correct interest rate, we

Should use another trial rate which is higher than 97%

ears Cash flow for the Present value of Present value of

five years the factor 98% the cash flow
Rs. In crores Rs. In crores

to5 13.26 0.986 13.09

Therefore IRR lies between 97% and 98%, therefore the exact IRR is,
'
IRR =A+C-0/C-D*(B-A)

Where, A= Discount factor oflower trial rate

B= Discount factor of the higher trail rate

C= Present value of cash inflow at lower trail rate

sh inflow at higher trail rate

D= Present va Iue Of Ca

0= Original outlay/ original investment

ACfiARYA BANGALORE B-SCHOOL Page 71

AS'f
ooY ON CAPITAL BUDGETING TECHNIQUES
G
i!lR"' 97+ 13.22-28.5/13.22-13.09*98-97

" g?+(-15.28/0.42) *l

.63,66%

~rofitability index for project of MPP:

ears Present value Cash flow Present value of

factor Rs. In crores cash flow Rs. In
10% for five crores
years
to5 3.79 13.26 50.2554

Profitability index = PV of cash flows / initial cash outlay

= 50.2554/28.5
= 1.7633

INFERENCE:

Like NPV and IRR method, profitability index l's conceptually sound method of
appraising investment projects. It provides ready comparison between investment
Proposal of different magnitude. Project can be ranked on the basis of profitability
index. In this project profitability index 1.763 is good to the company.

ACHARYA BANGALORE B-SCHOOL

Pagen,
 y ON CAPITAL BUDGETING TECHNIQUES
~srov
G
~,~;iiiiiiiiiiiiiijiiiiiiiiiiiiiiiiiiiiiiiiiiiii~~---_____!:::_

FINDINGS: -

payback period of project of investment is 2 years. So, 2 years period will

take for the project to generate the necessary cash to recover the cash out lay

for this project.

Accounting rate of return method for project is 43.30%. So, it is showing
that the economic life of this project's annual rate ofreturn is 43.30%.
The net income of the project is discounted at the minimum required rate of
return 10%. According to this the net present value of cash inflow is more

than cash outlay, that value is Rs. 21 ,75,54,000.

NPV is positive so the project is accepted
As per the management the minimum rate of return expected is 57.89% the

project ARR greater than 40.30% is accepted.

Profitability index is showing the "cash inflow /cash outlay" is 1.763. So the
comparison between investments proposals of different magnitude that is
project ranked on the basis of profitability index is 1.763.
They have very good regular customer in domestic level to get more return

from capital investments.

The Maini Precision Products Company targeting more sales in exporting
than domestic sales. It's good for formatting capital budget.

Page 73
RE B-SCHOOL
ACHARYA BANGALO
~srODYON CAPITAL BUDGETING TECHNIQUES
·
G
NPV of the project is considered as better because of its higher net present
value.
It is concluded that the project is viable and profitable as the ARR is getting
more than 40.30% (57.89%).
I suggested that profitability index is 1.73 it is good to the company.
NPV of the project is considered as better because of its higher net present
value
According to the all aspect the Maini Precision Products Company is in very
good position. So they can go for higher capital budgeting activities to entre
global market and also they can open more new branches around the world
with the help of capital budgeting activities.

B-SCHOOL Page 74
ACHARYA BANGALO RE
 DY ON CAPITAL BUDGETING TECHNIQUES
s1 O
G
coNCLUSION:-
:::----
'r Aecording to the study of the capital budgeting techniques are very use full
to estimate future inflows and out flows relating to the purchasing
power and time value of money. After analyzing the capital budgeting
techniques in tradition and the modem methods are very useful investment.
If the company develops is exporting activities definitely, they can become
number one passion in global that can be profit or capital or sales or
combination of all.
According to this project the Maini Precision Products Company can do
more capital budgeting activities because the company's present conditions
are very good to develop the capital structure to achieve global level

competitions.

Page 75
 ANNEXURE
e sheet ofMAINI PRECISION PRODUCT from 2014-2018
Balanc
2014 2015 2016 2017 2018
pURncuLARS

SURPLUS FUNDS
SHARE HOLDERS FUNDS

capital 14,796,500 14,796,500 14,796,500 14,796,500 14,796,500

Reserves and surplus 635,091,980 315,574,305 333,303,095 389,166,633 334,191,121
649,888,480 330,370,805 348,099,595 403,963,633 349,787,627

LOAN FUNDS
Secured funds 589,963,296 495,297,422 430,345,517 486,441,704 Nil
Unsecured funds NILL NILL 50,076,808 NILL Nil
DE FF RED TAX LIABILITY NET 38,736,624 58,852,392 NILL 17,058,190 5,986,492
longtern barrowings Nill Nil nil 23,440,000 31,297,779
longterm provisions Nill "Nil nil 34,999,898 38,141,534

TOTAL 1,278,582,604 884,520,619 828,521,920 965,903,425 425,213,432

APPLICATION FUNDS
FIXRED ASSETS
Gross block 865,275,131 887,855,530 902,859,945 953,919,275 Nill
less: depreciation 281,447,847 362,186,676 433,784,959 489,036,756 Nill
Net block 575,827,284 52S,668,854 469,784,9S9 464,882,519 Nill
capital work in progress 5,514,647 6,023,881 NILL 8,402,523 Nill
TOTAL 581,341,931 531,692,735 469,074,986 473,285,042 Nill
tangible assets NILL NILL NILL 456,578,733 471,076,344
long-term loans and advances NILL NILL NILL 17,452,006 16,139,837
other non-current assets NILL NILL NLL 10,498,285 7,421,169
intangible assets NILL NILL NILL 8,303,786 6,654,705
581,341,931 531,692,735 469,074,986 966,117,852 501,292,055
INVESTMENTS 125,194,611 111,523,241 8,S63,881 8,563,881 8,563,881
DEFFERD TAX ASSESTS NILL NILL 1,459,436 NILL Nill
CURRENT ASSETS,LOANS& ADVANCES
Inventories 336,667,501 322,272,950 291,705,464 302,668,065 374,025,154
CASH AND CASH EQALANT NILL NILL NILL 1,707,677 25,684,568
SHORT TERM LOANS AND
ADVANCES NILL NILL NILL 113,527,692 71,848,614
Sundry debtors 305,544,702 234,236,193 266,348,790 335,989,714 298,658,384
Cash and book balances 10,155,357 10,173,149 12,352,837 12,295,962 Nill
150,559,033 91,411,794 85,543,762 122,577,175 Nill
Loans and advances
803,936,593 658,094,086 655,950,853 773,440,916 770,216,720

LESS;CURRENT LAIBILITIES AND PROVISIONS

174,872,093 495,664,779 263,006,018 286,331,823
Liabilities
57,018,638 28,652,707 43,521,218 61,494,989
Provisions
NILL NILL 442,284,349 383,229,375
NILL
SHORT TERM BAR ROWINGS
 NILL NILL NILL 373,755,025 214,095,355
EpAVABLES NILL 82,348,436
NILL NILL 33,294,103
1RJID RENTS LIABILITIES
1HER cuR NILL NILL NILL 26,495,091 175,186,064
O TERM pROVISIONS
sHoRT 231,880,731 524,317,486 306,527,236 -450,214,464 -84,642,510
1orAL Nill 133,776,600 Nill NILL
T AND LOSS ACCOUNT
pROfl 107,528,043 349,423,617 425,614,104 -84,642,510
512,045,862
NET CURRENT ASSETS

1,278,532,604 884,520,619 828,521,920 1,255,289,839 1,280,072,656

roTAL

-
cAPIT AL BUDGET OF MAINI PRECISION PRODUCT PRIVATE
!JMITED for the year 2018-19:

l
lo.

1. Turn Mill Center 2

2.VMC 3
MAGNET! MARELLI GDI PUMP 4.75 13.26
3. Hard Turning 2

AA48/8 gildemeister -
Re-Conditioning & Tooling 0.24

SPM 1
0.12

5PM 1
0.12
BODY MACHINED 1
5PM 0.12
TENS

ECM 1
0.15

Marking m/c 1
0.04

Ultrasonic cleaning equipment 1

2 BORG WARNER 0.25 16.06
Wickman 2-1/4"(MSA 006)
Tool Cost 0 .08

5PM 1
0.12

SPM 1
0.15
BOLD CENTER
5PM 1
0 .15
ECM 1
0.30
Centerless grinding 1
0.15
-
Ultrasonic cleaning equipment 1
i..--
0.25
1. CRIMPING SPM
EATON BYPASS SHAFT ASSY 2. TIG

-
3 AUTOMOTIVE
3. MIG Machines 0 .30 0.60

1. 8 SPINDLE - MSA
4 SCHAEFFLER PULLEY 0.70
2. AS67/6 gildemeister - Re- 8.50
conditioning 0 .35
---- FTE HOUSING
BLANK/ASSY Complete
5 SPM
(Aluminium Forging) Line 2.50 12.13
CYLINDER HEAD
6 BOSCH SPM Complete
(Steel Forging)
Line 1.80

Grinding Machine 1
0 .35
7 BOSCH ROTARY SHAFT 11.80
Rotary Machine 1
0 .18
Milling SPM
1
0 .15 ·
Total
I
13.32 62.35