A

Project Report
On
ANALYSIS OF BALANCE SHEET & WORKING
CAPITAL OF HINDUSTAN ZINC LIMITED
SUBMITTED FOR
Partial fulfillment of the requirement of two year full time
course in Master of Business Administration (MBA)
SUBMITTED BY

HIAMSNHU NIMAWAT
(2014-15)

FACULTY OF MANAGEMENT STUDIES,

MOHAN LAL SUKHADIA UNIVERSITY
UDAIPUR (RAJ.) 313001

ACKNOWLEDGEMENT
FOR ANY SUCCESSFUL WORKS, IT OWNS THANKS TO MANY.
Every nature individual in professional life is keenly aware of his/her sense of
indebtedness to many people who have stimulated & influenced his/her intellectual
development ordinarily. This feeling is formally expressed in customary gesture of
acknowledgement. Therefore it seems right to acknowledge my gratitude with sense of
veneration to almighty god for the blessings showered on me and varies people who
helped me during the course of my investigation.
Prima facie I express my profound gratitude & indebtedness to my research
supervisor Mr. Satish Sharma (Associate General Manager- finance) for his worthy,
scholarly & unimpeachable efforts, inspiring supervision & invaluable guidance
which helped me to complete my dissertation.
I also owe my sincere gratitude to the director, Faculty of Management Studies Mr. K.
Saxsena for providing me this opportunity.
I acknowledge my gratitude with sense of reverence to the management of HZL who
provide me opportunity to undergo research in there esteemed organization.
Finally I wish to express warm gratitude to my family, it is entirely due to their
blessing & constant encouragement that I have been able to complete credibly my
dissertation.

Himanshu Nimawat

Preface
It is my great privileged to have the vocational training in such an esteemed business
empire chanderiya lead zinc smelter of Hindustan zinc limited.
The practical training is an essential requirement for an MBA student . The student
has to take the training for the pre-described period as per the university norms. The
purpose of training is to help to student to gain the industrial experience. Moreover, as
for the utility of concerning, it can be said that the student gets a chance during her
theoretical knowledge about the subject in field work & to clear the difficulties in a
better way of looking the whole process in the person. I took my training at
chanderiya lead zinc smelter, properly known as CLZS a unit of m/s Hindustan zinc
limited of VEDANTA RSOURCES GROUP.

Finally, all research is cumulative. I have, as a researcher, needed to cull

out priorities, interpret and finally put down my analysis.

CONTENTS
ACKNOWLEDGEMENT
PREFACE
CHAPTER-1

COMPANY PROFILE
ABOUT VEDANTA GROUP
ORGANIZATION STRUCTURE

CHAPTER-2 HINDUSTAN ZINC LTD:-AN OVERVIEW

HZL-INTRODUCTION
VISION & MISSION
BOARD OF DIRECTOR
AWARD & RECOGNITION
MINES & SMELTER OF ZINC

CHAPTER-3 CHANDERIYA LEAD ZINC SMELTER

CLZS AT A VIEW
CHAPTER-4

RESEARCH METHOLOGY

CHAPTER-5

PROJECT PROFILE
Objective Of The Project
Project Design

CHAPTER-6

CHAP[TER-7

RATIO ANALYSIS

WORKING CAPITAL MANAGEMENT

CHAPTER-8

CONCLUSION OF STUDY

CHAPTER-9

LIMITATION OF THE STUDY

CHAPTER-10

WORKING CAPITAL FOR FOUR YEARS

CHAPTER 11 P&L ACCOUNT AND BALANCE SHEETS

CHAPTER-12

BIBLIOGRAPHY

CHAPTER-1

COMPANY PROFILE

ABOUT VEDANTA GROUP

VEDANTA is metals & mining company situated in London. The major metals
produced are Aluminum, Copper, Zinc & Lead. Vedanta is India's only integrated Zinc
producer. A London listed metals and mining major with Aluminum, Copper and Zinc
operations in UK, India and Australia. The Principle operations are in Rajasthan,
dominated by Rampura Agucha Mine, Rajpura Dariba Mine ,Zawar Mines, Kayad
Mine and Sindesar Khurd Mine. The Zinc business of Vedanta is managed with in
Hindustan Zinc Limited. HZL is India's only integrated Zinc Company with a purpose
to make India self-reliant. Zinc company operation from mines to finished metal &
supplies around 90% of India's Zinc requirements.
Expansion has taken pace to increase output from the Rampura Agucha Mine along
with larger facilities at the nearby Chanderiya Smelter. The ore Produced at the mines
contains Lead, which is smelted alongside the Zinc. Zinc is used mainly in
galvanizing steel to improve its durability.
HZL plays a role in develop the market of the end product. The capacity for
galvanized steel in India is increasing significantly due to the demand for the product
in infrastructure & construction work.

ORGANIZATION STRUCTURE OF VEDANTA

GROUP

CHAPTER-2

AN OVERVIEW

INTRODUCTION OF HZL
Hindustan Zinc Limited (HZL) is Indias leading Zinc producer. A
vertically integrated Mining & Smelting company, with purpose to make India self
reliant in Zinc, HZL is currently gearing up to become a global lowest cost producer.
As a part of Vedanta Resources, HZL takes advantage of its mineral resources and
related core competencies and believes it has growth opportunities for increasing
products and improving returns.
Continuous operational improvements, debottlenecking, meticulous planning,
constant innovation, process improvements and much more- HZL has come a long
way and grown into multi location company producing Zinc, Lead, and silver.
Hindustan Zinc Ltd. was created from the erstwhile Metal Corporation of India (MCI)
on 10th January 1966 as a Public Sector Undertaking. In April 2002, Sterlite acquired
a 46% interest in HZL from the Government of India and the open market, and it
became a part of the Sterlite group. Since then HZL has been growing from strength
to strength. In August 2003, Sterlite acquired a majority stake in HZL by acquiring
another 18.9% interest from the Government of India. Today HZL is Indias leading
Zinc producer.

HZL is a vertically integrated Mining & Smelting company, gearing up to:

Harnessing mining resources to help India maintain self-sufficiency in

Zinc.

Become a global leader in Zinc.

Create value for all entities whether it is Customers, Investors or

Employees.

Constant innovation, meticulous attention to detail, extensive investments in R&D

and technology are the hallmarks of HZL making it a multi-unit and multi-product
company.

The company has created the Research, Planning and Development wing which has
played a major role in the planning and designing of projects besides improvements
of existing operations. The company has a well-equipped
Central Research and Developments Laboratory (CRDL) which is listed in the
American Society of Testing Materials (ASTM)'s directory of International Testing.
Laboratories Recognized R & D Centre by Dept. of Science & Technology.
The company has 6 regional offices in Calcutta, Mumbai, Delhi, Bangalore,
Jaipur and Hyderabad. It also has strong marketing network countrywide. Mining and
smelting operations are in Rajasthan, Andhra Pradesh, Orissa and Bihar.

Registered Office
Yashad Bhawan
Udaipur (Raj.)
313001

VISION

&

MISSION

OF

COMPANY

Vision:To be the worlds largest and most admired zinc-lead and silver
company

Mission:o Enhance stakeholder value Through exploration, Innovation, operational

Excellence and sustainability
o Be a lowest cost Zinc producer on a global scale, maintaining market
leadership
o Maintain market leadership and enhance customer delight
o Be innovative, customer oriented and eco-friendly, maximizing stake-holder
value
o The only integrated Zinc producer in India
o Refined Zinc production capacity 749,167 MT in 2014
o Refined Lead production capacity 129,858 MT in 2014

BOARD OF DIRECTOR

Mr. Agnive sh Agarwal,

Chairman.

Mr. Navin Agarwal

Director

Ms. Shaukat Ara Tirmizi

Director

Mr. Akhilesh Joshi

CEO & Whole-time Director.

Mr. Durga Shanker Mishra

Director

Ms. Anjali Anand Srivastava

Director

Mr. A. R. Narayanaswamy

Director

Mr. Rajib Sekhar Sahoo

Director

AWARDS AND ACCOLADES

Hindustan Zincs initiatives in the various fields like Health, Safety, Environment and
Corporate Social Responsibility have been well recognized by several commendations
such as:

Corporate:
Business Today Best CEO (Core sector) award to Mr. Akhilesh Joshi, CEO of
Hindustan Zinc
Indian Institute of Metals Gold Medal to Mr. Akhilesh Joshi
Dun & Bradstreet Corporate Excellence Award
Top 100 CISO Award
CIO100 Award
NASSCOM IT User Award
CII National HR Excellence Award Strong Commitment to HR Excellence
Commendation Certificate

Sustainability:
IMC - Ramakrishna Bajaj National Quality Award awarded to Chanderiya Lead
Zinc Smelter (CLZS) for its exemplary contribution in the area of quality and
business excellence.
National Energy Conservation Award - 2nd prize to Sindesar Khurd Mine
Green Manufacturing Excellence Award to CLZS
The Economic Times Indian Manufacturing Excellence Award Gold Award to
Hydro-II, CLZS
Par Excellence Award at National Convention on Quality Concept Circles

MINING & SMELTER OF HZL

CHAPTER-3
CHANDERIYA LEAD ZINC SMELTER

The Chanderiya Lead Zinc Smelter is one of the modern smelting Units situated in the
north of CHITTORGARH. The plant is in PUTHOLI, 12 Km. from CHITTORGARH.
Its technology has been imported from U.K., GERMANY & is also called a super
smelter as the capacity of the plant is as follows :MAIN PRODUCTS
1.
2.
3.
4.

Good Ordinary Band (Gob Zinc (98.5%)

Special High Grade (SHG) Zinc (99.99%)
Lead 50000 TPA
Captive Power 234MW

BY PRODUCTS
1.
2.
3.
4.

Cadmium
Silver (99.9%) 100 TPA
Sulphuric acid (98.5%)
Copper Sulphet

Commissioned: -

1991

Location:-

120 Km. east of Udaipur, Rajasthan, India.

Capacity:-

105,000 tpa of refined Zinc, 85000 tpa of refined lead

pyrometallurgical Lead Zinc Smelter. 420,000 tpa of
refined Zinc Hydrometallurgical Zinc Smelter.

Details:-

A pyrometallurgical Smelter using ISP tm technology. Main

by products are sulphuric Acid and Silver. A
hydrometallurgical Smelter using the state of the art RLE
technology commissioned in the year 2005 06. main by product is Sulphuric Acid. An AusmeltTM lead Smelter
commissioned in February 2006.

Certifications: -

ISO 9001:2000, ISO 14001:1999 (For Pyro Plant). OHSAS

18001:1999

Captive Power:-

captive power plant

Commissioned in 2005.

Targets:-

Annual production capacity :-

Main Product:
Zinc : 476950 MT
Lead : 53749 Mt
By Products:
Sulphuric Acid: 586191 MT
Cadmium:
Silver:

CLZS AT A VIEW

CLZS

UNIT -1
PYRO

ISF
TECHNOLOGY
COMMISSION
ED:1991

AUSMELT
TECHNOLOGY
COMMISSION
ED:2005

UNIT-2
HYDRO

UNIT-3
CPP

ORTOKUMPU
TECH.
COMMISSION
ED:2005

CAPTIPE
POWER PLANT
COMMISSION
ED: 2005

CHAPTER- 5

Research Methodology
This chapter furnished the methodological details of present
investigation. Procedural specification and through observation of
study and design which are indispensable feature for any research
work.

OBJECTIVES:

To study in the analysis of balance sheet is the ratio analysis

To study the meaning, concept & importance of working capital.

To study the concept of collections & payment of debtors,

creditor & bills.

To study the meaning of Working Capital and describing its

various procedures.

To study various techniques of working capital used in HZL.

To study the management of working capital. How to use its

working cash.

To study its current assets and liabilities.

TECHNIQUES USED:

 Collections, payment, classification, completion, tabulation,

analysis & interpretation of information, facts and figures
relevant to the company.
Consultation and personal observation.
Discussion with officers and employee of the company.
Drawing conclusions through applications of various statistical
& financial tools and technique.
Graphical and diagrammatical presentation of data.

SOURCE OF INFORMATION:

PRIMARY SOURCE.
Information schedule prepared for collection primary data relevant to the
working capital management of the company.

Personal observation & interviews with officers.

With the help of my supervisor and companys employees .

SECONDARY SOURCE.
Annual financial statement of the concerns i.e. Balance Sheet, Profit &
loss account related to the period.

Annual reports tread Journal, magazines & periodical of the company.

References book, journals, statistical bulletins & newspaper .

CHAPTER-5
PROJECT PROFILE

Objective of the study:Judgment of the overall performance of

the company by analysis of financial statements.

Span of the study:Analysis of financial statement for the period

of 4 years i.e. from 2011 to 20014.
The study included the following.
1. Study of the financial statements through ratio analysis.
2. Analysis of the possible reason for the change in the
performance of the company.
3. Study of the role of uncontrolled factors like LME prices,
taxation policy etc on the profit.
4. Study of the expansion plans of the company.

DESIGN OF STUDY:
The study comprises of 11 chapters in all. The first, second and
third chapter discusses the introduction part of Vedanta and hzl and
clzl. In fifth chapter the Ratio Analysis of HZL. The six chapter deals
in detail with theoretical concept of the working capital
management.and finally main conclusions have been drawn &
suggestion given in the last chapter. To facilitate an easy
understanding of the chapter, the timely helps of diagrams & charts
has been taken.

Objective of the study

The analysis of financial statements is very important in the modern
business. The financial analysis is very useful for management as
well as for other interested parties to know the performance of
company. The management can take corrective action on adverse or
undesirable aspect.
The following are the main objective of our study.
1. To access the overall performance, liquidity position, solvency
position, profitability of the company through Ratio Analysis.
2. To make item wise analysis of the financial statements to identify
items responsible for changes in the liquidity, solvency,
profitability and overall performance.
3. To identify the various factors affecting profit and steps taken by
new management for improving performance and their effect on
the company.
4. To know the effect of uncontrolled factors on the profits.
5. To make overall judgment of the company.

CHAPTER-6

RATIO
ANALYSIS

INTRODUCTION
Ratio analysis is a widely used tool or finance analysis. The term
ratio in it refers to the relationship expressed in mathematical term
between two individual figures and group of figures connected which
each other in some logical manner and are selected from financial
statement of the concern. The ratio analysis is based on the fact that a
single accounting figure by itself may not communicate any meaningful
information but when expressed as a relative to some other figure, it may
definitely provide some significant information. The relationship between
two or more accounting figures/ groups is called a financial ratio. A
financial ratio helps to express the relationship between two accounting
figures in such a way that users can draw conclusions about the
performance, strength and weakness of a firm.
The operations and financial position of a firm can be described by
studying its short terms and long terms liquidity position, profitability and
its operational activities. Therefore, ratios can be classified into following
four board categories.
1- Liquidity Ratio
2- Capital Structure/ Leverage Ratios
3- Activity Ratios
4- Profitability Ratios

** Liquidity Ratios:The terms Liquidity and Short term solvency are

used synonymously. Liquidity and short term solvency means ability of the
business to pay its short term liabilities. Inability to pay off short term liabilities
affects its credibility as well as its credit rating. Continuously default on a part
of the business leads to commercial bankruptcy. Eventually such commercial
bankruptcy may lead to its sickness and dissolution. Short term lenders and
creditors of the business are very much interested to know its state of liquidity
because of their financial stake.
Traditionally, two ratios are used to highlight the business Liquidity.
These are Current Ratio and Quick Ratio.

Significance of the Current and Quick Ratio:Current Ratio in a business concern indicates the availability of current
assets to meet its current liabilities. Higher the ratio better is the coverage.
Traditionally, it is also called 2:1 ratio, i.e. 2 is the standard for current assets
for each unit of current liabilities.
Quick asset consists of only cash near cash assets. Inventories are
deducted from current assets on the belief that these are not near cash
assets.

** Capital Structure/ leverage Ratio.

The Capital Structure/ Leverage Ratios may be defined as those
financial ratios which measure the long term stability and structure of the firm.
These ratios indicate the mix of funds provided by owners and lenders and
assure the lenders of the long term funds with regard to:1- Periodic payment of interests during the period of the loan and
2- Repayment of principal amount of maturity.

Therefore leverage ratios are two types:1- Capital structure Ratio and
2- Coverage ratio

** Activity

Ratio:-

The activity ratios are also called the Turnover ratios or Performance
ratio. These Ratios are employed to evaluate the efficiency with which the firm
manages and utilized its assets. These ratios usually indicate the frequency of
sales w.r.t. its assets. These assets may be capital assets or WC or average
inventory. These ratios usually calculated with reference to sales/ costs of
goods sold and are expressed in term of rate or times. Several activity ratios
are follows:1- Capital Turnover Ratio
2- Fixed Assets Turnover Ratio
3- Working capital Turnover ratio
4- Inventory turnover Ratio

** Profitability Ratios
The Profitability ratios measure the profitability or the operational
efficiency of the firm. These ratios reflect the final result of business
operations. The result of firm can be evaluated in term of its earning with
reference to a given level of assets or sales or owners interests etc. Therefore,
the profitability ratios are broadly classified in three categories:1. Profitability ratio required for analysis from owners point of view.
2. Profitability ratio based on assets / investments.
3. Profitability ratio based on sales of firm.

Application of ratio for evaluating financial performance

A popular technique of analyzing the performance of a business concern
is that of financial ratio analysis. As a tool of financial management, they are of
crucial significance. The importance of ratio analysis lies in the fact that is
presents fact on a comparative basis and enables drawing of inference
regarding the performance of firm. Ratio analysis is relevant in assessing the
performance of a firm in respect of following aspects:-

** Liquidity position
With the help of ratio analysis one can draw conclusions regarding
liquid position of a firm. The liquidity position of a firm would be satisfactory if it
is able to meet its current obligations when they become due. A firm can be
said to have ability to meet its short term liabilities if it has sufficient liquid
funds to pay the interest on its short maturity debt usually within a year as well
the principal. This ability is reflected in the liquidity ratio of the firm. The
liquidity ratios are particularly useful in credit analysis by bank and other
supplier of short term loans.
** Long

term solvency

Ratio analysis is equally useful for assessing the long term financial
viability of a firm. The aspect of the financial position of a borrower is of
concern to the long term creditors, securities analyst and the presents and
potential owner the business. The long term solvency is measured by the
leverage/ capital structure and profitability ratios which focus on earning power
and operating efficiency. Ratio analysis reveals the strength and weakness of
the firm in this respect. The leverage ratios, for instance, will indicate whether
a firm has a reasonable proportion of various sources of finance or weather
heavily loaded with debt in which case its solvency is exposed to serious
strain. Similarly, the various profitability ratios would reveal weather or not the
firm is able to offer adequate return to its owners consistent with risk involved.

** Operating

efficiency

Ratio analysis through light on the degree of efficiency in the

management and utilization of its assets. The various activity ratios measure
this kind of operational efficiency. In fact, the solvency of a firm is, in the
ultimate analysis, department upon the sales revenues generated by the use
of its assets total as well as its component.

** Overall

Profitability

Unlike the out side parties which are interested in one aspects of
the financial position of the firm, the management is constantly concern about
the overall profitability of the enterprises. That is, they are concerned about
the ability of the firm to meet its short term as well as long term obligation to its
creditors, to ensure a reasonable return to its owner and secure optimum
utilization of the assets of the firm. This is possible if an integrated view is
taken and all the ratios are considered together.

** Inter

firm comparison

Ratio analysis not only throws light on the financial position of a firm
but also serves as a stepping stone to remedial measures. This is made
possible due to inter firm comparison. A single figure of particular ratio is
meaningless unless it is related to some standard or norm.

SAMPLE
TYPE OF DATA

SOURCE OF DATA
PERIOD OF DATA TO BE ANALYSE

SECONDARY DATA
:

ANNUAL REPORT
:

2011-- 2014

Financial Ratio

Source : Dion Global Solutions Limited

Analysis
Debt Equity Ratio
Debt equity ratio used to measure long term financial solvency of a
firm. It can be calculated by the following formula:Total Debt
Debt Equity Ratio =
Shares holders equity
(total assets total liabilities)
Table: 1
YEAR

(Rs. In million)

2011

DEBT EQUITY
RATIO
0

2012

2013

2014

Return on Total Assets:-

Return on total assets is measured in terms of the relationship

between Net Profit and Assets. Formula to calculate it is:-

Net Profit
Return on Total Assets =
Total Assets
Table: 2

(Rs. In million)

YEAR

NET PROFIT

ROTA

49,004.90

TOTAL
ASSETS
225,569.80

2011
2012

55,260.40

268,984.10

20.54

2013

68,994.80

323,039.70

21.35

2014

69,046.20

374,739.80

18.42

GRAPH: 2

21.72

RETURN ON TOTAL ASSETS

YEAR

Interpretation:In graph it is that the return on total assets is increasing and

decrease but in current year the ROTA is decline by appro. 3% as compare to
previous year.

Return on Capital Employed: Capital Employed is defined as total assets less current liabilities.
Return On Capital Employed is a ratio that shows the efficiency
and profitability of a company's capital investments. The ROCE
should always be higher than the rate at which the company
borrows money.
ROCE can be calculated by the following formula:Net Profit
Return On Capital employed =
Capital Employed

Table: 3

YEAR

CAPITAL
EMPLOYED

ROCE

2011

NET
OPRATING
PROFIT
59,595.50

210,057.00

29.36

2012

69,445.40

254,206.40

28.16

2013

78,201.20

304,223.90

26.53

2014

79,697.10

349,294.00

23.00

GRAPH: 3

RETURN ON INVESTMENT

YEAR

Interpretation:The return on capital employed is every year decline.

Current ratio
This ratio measures the solvency of the company in the short term. This
can be calculated by using the following formula:-

Current assets, Loans & advances

Current Ratio =
Current liabilities & Provisions
Table: 4

(Rs. In million)

YEAR

CURRENT

CURRENT

CURRENT

2011
2012
2013

ASSETS
71,228.40
69,419.50
92,224.60

LIABILITIES
15,512.80
14,777.70
18,815.80

RATIO
4.59
4.69
4.90

2014

55,427.30

25,445.80

2.17

GRAPH: 4

CURRENT RATIO

YEAR

Interpretation
The graph show that the current ratio is high in previous yerar but in current
year the CR is decline .in previous years the ca is more but in current year the
current assest is decline and current liabilities increase. The companys CR in
20014 is 2.17 which are higher than ideal (2:1).

Working capital turnover ratio:-

This ratio indicates the extent of working capital turnover in achieving

sales of the firm. The ratio can be calculated by the following formula:-

Sales
Working capital turnover ratio=
Net working capital
Table: 5

(Rs. In million)

YEAR

SALES

2011

100,391.70

55,715.60

1.80

2012

114,053.10

54,641.80

2.09

2013

126,998.40

73,408.80

1.73

2014

136,360.40

29,981.50

4.55

GRAPH: 5

NET WORKING W.C.TURNOVER

CAPITAL
RATIO

WORKING CAPITAL TURNOVER RATIO

YEAR

Interpretation:There is a significance changes in 2014 as working capital turnover ratio

is highest. In 2014 it is due to increase in sales which contributes in increased
working capital.

Net Profit Ratio

Net profit ratio reflects net profit margin on the total sales after deducting
all expenses but before deducting interest and taxation. This ratio measured
the efficiency of operational of the company. This can be calculated by the
following formula:Net Profit
Net profit ratio =
Sales

Table: 6

YEAR

(Rs. In million)

NET PROFIT

SALES

NET PROFIT

2011
2012

49,004.90
55,260.40

100,391.70
114,053.10

RATIO (%)
1.975
1.841

2013

68,994.80

126,998.40

2.064

2014

69,046.20

136,360.40

2.049

GRAPH: 6

NET PROFIT RATIO

YEAR

Earning per Share:-

The earning per share is one of the important measure economic

performance of a corporate entity. It can be calculated by the following
formula:Net profit available for Equity Share holder

Earning per share =

Number of equity Share

Table: 7

YEAR
2011

EARNING PER
SHARE
11.60

2012

13.08

2013

16.33

2014

16.34

GRAPH: 7

EARNING PER SHARE

YEAR

Interpretation:Earning per share is increasing with high rate. In 2014 EPS is 16.34
which are highest.

Du Pont Analysis

CHAPTER-7

Working
Capital
Management

CONCEPTS & DEFINITION OF WORKING CAPITAL

A manufacturing concern needs finance not only for acquisition of
fixed assets but also for its day-to-day operations. It has to obtain RM for
processing, pay wages, Bills and other manufacturing expenses. A non
manufacturing trading concern may not be require funds for purchase of
RM and their processing but it also needs finance for storing goods and
providing credit to customers similarly, a concern engaged in providing
service may not have to keep inventories, but it may have to provide
credit facilities to its customers. Thus, all enterprises engaged in
manufacturing and trading or providing services require finance for their
day to day operations. The amount required to finance day to day
operation is called Working Capital.
It is that capital which makes the company work. Fixed assets from
the skeleton while WC is the Flash and blood. WC is also known by other
terms. Viz. circulating capital, fluctuating capital, revolving capital etc.
The peculiarity of WC is that keeps on changing continuously in course
of business operations. The assets and liabilities created during the
operating cycle are called current assets and current liabilities.
The term WC can be looked at in two ways.
1) Gross Working Capital (GWC): it refers to the total of all current
assets of the company.
2) Net Working Capital (NWC): It refers to the difference between CA
& CL.
The goal of Working capital management is to manage the CA and
CL in such a way that an acceptable level of net working capital is
maintained.
While the study of GWC indicate the nature and extant of working
capital requirements, the analysis of NWC indicates the liquidity positions
of an enterprise.

NEED FOR WORKING CAPITAL

The objective of financial decision making is to maximize the
Shareholders wealth. To achieve this, it is necessary to generate
sufficient profit, which will depends upon the magnitude of the sales,
among other things. However, sales do not convert into cash instantly;
there is invariably a time lag between the sales of goods and the receipt
of cash. There is therefore, a need of working capital in the form of
current assets to deal with the problem arising out of lack of immediate
realization of cash against goods sold. Therefore sufficient working
capital is necessary to sustain sales activity. Technically, this is referred
as the operating or cash cycle. The operating cycle can be said to be at
the heart of the need of working capital.
The term operating refers to the length of time necessary to complete the
following cycle of event.
1. Conversion of cash into inventory
2. Conversion of cash into receivable
3. Conversion of receivable into cash.
The operating cycle, which is a continuous process, is as shown in
figure 1
Phase 3
RECEIVABLE

CASH

Phase 2

INVENTORY

Phase 1

OPERATING CYCLE
Fig.1-- If it were possible to complete the sequences instantaneously,
there would be no need for current assets (working capital).
Since cash inflows and cash outflows do not match, firm have to
necessarily keep cash or invest in short term liquid securities.
So that will be in a position to meet obligations when they become due
similarly, firm must have adequate inventory to guard against the
possibility of not being able to meet a demand for their products.
Adequate inventory, therefore, provides a cushion against being out of
stock. If firm have to be competitive they must sell goods to their
customers on credit which necessities the holding of account receivable.
The concept of operating cycle is a cycle is a more precise tool for
financial management to precisely measure the WC requirements, to
trance its change and to determine the optimum level of WC
requirement. It is emphasized that the various component of the
operating cycle have to be continuously moving and changing from one
status to another.
The following situation prevalent in a business is assessed in an
operating cycle approach to WC management.

Nature of WC changes with the passage of time & also with day-today business transactions.

There are businesses which are seasonal in nature of buying of row

materials. A company manufacturing and selling seasonal items like
packed tea, has to buy the raw materials during the seasonal which
means more money is required during that period.

What is current (either assets or liabilities) for a particular period for

particular industries depends on technologies
characteristics peculiar to each nature of business.

Maintaining

and

business

of two small WC may yield higher return of capital

employed temporarily but in the succeeding periods and also in the
long run the profitability and yield on capital employed may reduce.

 The

levels of WC to be maintained as a direct bearing on the

profitability of the business beside the question of maintain
liquidity.

Production

cycle consist of the following in respect of a

manufacturing concern.

I. Buying of row materials.

II. Storage of row materials.
III.Input of row materials to the productions process.
IV.Output as finish goods.
V. Selling of goods.
VI. Collection of money from credit customers.
The sum total of days starting with the input of raw materials and the
selling of finish goods and the collection against sales involved in each
segment will be the Gross Operating Cycle Period. When the average
payment of the company to the suppliers is deducted from the gross
operating cycle period it is called the Net Operating Cycle Period or
simply cycle period. The shorter the duration of operating cycle period,
the faster will be the transformation of current assets into cash; as a
consequence the lesser will be the necessity of WC fund.
The average inventory of row material and store consumption cost of
production, cost of sales and the purchases are derived by dividing the
respective year-end figures by 365 days.
The total number of days against each formula is found out for (a) to (d)
which is the gross operating cycle and the total number of days against
(e) is deducted to arrive at the net operating cycle.

CURRENT ASSETS AND LIABILITIES

CURRENT ASSETS:The term current assets includes assets which are acquired with the
intention of converting them into cash during the normal business of the
company.
The board categories of CA, therefore, are
1. Cash including fixed deposits with bank
2. Accounts receivable, i.e., trade debtors and all bills receivables.
3. Inventories, i.e., stock of row materials, work in progress, finish goods,
Store and spare parts.
4. Advances recoverable, i.e., the advances given to suppliers of goods
and services or deposits with government and public authorities, e.g.customs, port-authorities, advance income tax.
5. Prepaid expenses, i.e., cost of unexpired services, e.g., prepaid
advances, etc.

CURRENT LIABILITIES:-

The liabilities payable within a year and out of current assets. The value
of these liabilities generally changes within one year. Long term liabilities
if matured and are to be paid in the current period and out of CA, will
become CL.
Long term categories of current liability are:

Accounts payable, e.g. Bills payable and Trade Creditors.

Out standing Expenses Expenses for which service have been

received by the business but from which payment have not been
made.

Bank Overdraft

Short term loan i.e. loan from bank etc. which are payable within one
year from the date of Balance Sheet.

Advance payment received by the business for the services to be

rendered or goods to be supplied in future.

Current maturities of Long Term Loans.

There is another way of looking at the WC on the basis of time

element; the WC can be classified into two categories.

1. Fixed or Permanent or Hard-core WC It represents the minimum

amount to ensure effective utilization of FA and supports the normal
operations. It is permanently invested and can be realized only when
the business operations are closed down. Every business has to
maintain a minimum stock of RM, WIP (work in progress), FG
(finished goods), Tools, and Spares etc. Similarly it required certain
amount for disbursement of wages, salaries and other expenses
regularly. In Characteristics it is very similar to fixed assets, since it is
employed almost permanently and it cannot be retrieved at a short
notice.

2.

Variable or Temporary or Fluctuating WC It fluctuated with the

activity level in the firm. Such as fluctuation are subject to seasons
variation or cyclical changes. The temporary EC could be funded by
short term sources of finance.

CHAPTER -8
Conclusion of the study
The following are the main conclusion of the study.

The current ratio maintains at a level of 2.17 times

The cash and the bank balance have increase and the creditors have
decrease. At the same time the sundry debtors have also decrease.

There has been increase in the profitability of the company. The net profits
in 20014 have shown a good increase.

Sales have increased by 135.83% in 2014 as compared to 2011.

Return on capital employed and return on share holder equity has shown
continuous improvement as compared to the previous year. The EPS was

11.60 in 2011 which has increased to 16.34 in 2014.

At the end of March 2012 the company had Cash and marketable securities of
about Rs. 18000cr, which is about 34% of its market cap. In the past the company
has failed to deploy this cash in profitable projects like Zinc International as a
result of opposition from a major shareholder.
Thus the overall position and the performance of the company are very
good. From shareholder point of view, their investments are quit safe and they

are likely to get more and more benefits in the future. The short terms as well
as the long term lenders of loan funds are also very safe. The companys
future is very bright.

CHAPTER -9

Limitations of the study

Every project work has its limitations further, a work in social sciences
and commerce can not be like that of any natural science where results are
universally true.
In the absence of universally accepted norms, interpretations of results
often become a matter of judgment uniformity and the present study is not an
exception to do it. Despite my best endeavor to maintain uniformity and
maximum converge.
Each ratio is indicative of certain aspects of the organization, e.g. CR is
with respects of CA & CL only and as such totally is not possible to be
drowned.
Ratios have overbearing reflection of post position.
The study is limited to only four years (2011-2014) performance of the
company.
The data used in this study have been taken from published annual report
only. As per the requirement and the necessity some data are grouped and
sub grouped. Therefore the data is not comparable over the year.

CHAPTER-10
WORKING CAPITAL
AS AT THE END OF FINANCIAL YEARS
(Rs. In million)

CHAPTER 11

PROFIT AND
LOSS
ACCOUNTS
&

2010-11

2011-12

2012-2013

2013-14

7,623.80
2,088.90
56,329.10
2,466.80

7,979.40
3,324.50
52,553.20
3,379.60

11,110.90
4,028.70
69,421.00
4,156.40

11,982.40
3,995.10
30,314.20
6,083.00

68,508.60

67,236.70

88,717.00

52,374.70

3,682.40
5,670.80

4,102.90
5,039.40

4,034.70
8,248.70

5
,103.20
10,157.80

9,353.20

9,142.30

12,283.40

15,261.00

59,155.40

58,094.40

76,433.60

37,113.70

-1,061.00

18,339.20

-39,319.90

-------

BALANCE SHEETS

PROFIT & LOSS ACCOUNTS

AS AT THE END OF FINANCIAL YEARS
(Indian Rupee .in Millions)

Particulars
No of Months
+ Gross Sales
Sales
Revenue from wind
power generation
Export Benefits
Sales - Scrap
Subsidy / Grants /
Incentives
Others operational
income
Net Sales
EXPENDITURE :
Increase/Decrease in
+ Stock
Work In Progress
Finished Goods
Less :
Work In Progress
Finished Goods
Excise Duty on Finished
Goods
Raw Materials
+ Consumed
Opening Raw
Materials
Purchases Raw
Materials
Closing Raw
Materials
+ Power & Fuel Cost
Elecricity & Power
+ Employee Cost
Salaries, Wages &
Bonus
Contributions to
Employers Provident
Fund & Pension Funds

Mar 20
Mar 20
Mar 20
Mar 201
14
13
12
1
12
12
12
12
149,330. 136,581. 120,610. 106,168.
50
40
90
50
145,250. 132,220. 116,590. 103,461.
20
00
80
10
1,779.00

2,015.70

1,232.60

677

530.4
1,344.30

604.2
1,215.30

1,285.80
940.4

760.1
752

124.9

201.1

301.7
136,360.
40

325.1
126,998.
40

561.3
114,053.
10

518.3
100,391.
70

1,567.30
3,859.60
408.4

1,045.00
2,873.00
269.6

873.6
3,774.20
312.8

1,514.30
2,361.80
168.8

5,269.90
549.7

3,859.60
408.4

2,873.00
269.6

3,774.20
312.8

15.7

80.4

70.8

42.1

5,012.60

7,663.40

2,176.90

1,692.30

1,960.90

242.2

196.7

3,660.50

9,382.10

2,222.40

1,889.00

608.8
11,551.3
0
11,551.3
0
6,800.60

1,960.90
10,704.6
0
10,704.6
0
6,499.10

242.2
12,278.4
0
12,278.4
0
5,346.40

196.7
10,226.0
0
10,226.0
0
5,107.80

5,752.50

5,310.40

4,426.10

3,895.70

363.4

525.6

410.9

771

Workmen and Staff

Welfare Expenses
Other Manufacturing
+ Expenses
Repairs &
Maintenance
Building & Premises
Plant & Machinery
Others
Research &
Development
Royalty
Freight,
transportation, port
charges
Stores, spare parts
and tools consumed
Other Manufacturing
expenses
General and
Administration
+ Expenses
Rent,Rates & Taxes
Rent
Rates & Taxes
Insurance
Travelling and
conveyance
Payment to Auditors
Directors'
remuneration
Other Administration
Selling and Distribution
+ Expenses
Freight and
Forwarding
Other Selling
Expenses
+ Miscellaneous Expenses
Loss on disposal of
fixed assets (net)
Loss on sale of nontrade current
investments
Donations
Other Miscellaneous
Expenses
Total Expenditure
Operating Profit

684.7
39,226.5
0

663.1
32,943.0
0

509.4
28,525.6
0

441.1
25,256.6
0

8,492.00
306.7
8,169.50
15.8

6,955.30
275.5
6,663.20
16.6

5,676.80
237.6
5,430.20
9

4,579.00
253
4,314.30
11.7

32.7
10,272.5
0

31.2

48

36.2

9,199.40

8,378.80

8,033.30

1,884.60
13,335.5
0

1,394.70
11,750.7
0

1,133.90
10,466.6
0

1,414.80

5,209.20

3,611.70

2,821.50

2,364.20

1,546.70
30.8
14.7
16.1
230.9

1,405.20
141.4
15.8
125.6
253.8

1,171.80
78.4
14.9
63.5
238.1

983.9
56.6
11.8
44.8
231.7

330.3
18.9

230
17.6

192
14.8

197.4
13.5

5.7
930.1

4.1
758.3

1.1
647.4

0.8
483.9

2,484.00

2,088.20

1,799.90

1,741.30

2,198.40

2,069.10

1,768.90

1,722.20

285.6
3,401.10

19.1
1,656.30

31
1,185.90

19.1
821

188.8

192.6

1,710.30
46.8

0
49.9

0
80.3

0
55

1,455.20

1,413.80

1,105.60

766

68,455.5
0
67,904.

61,914.8
0
65,083.

53,358.5
0
60,694.

44,314.6
0
56,077.

8,829.10

(Excl OI)
+ Other Income
Interest
Profits on sale of
Investments
Income from other
investments
Forex Exchange
Gains
Operating Profit
+ Interest
Interest on Term
Loan
Bank Charges etc
Others
PBDT
Depreciation
Profit Before Taxation &
Exceptional Items
Exceptional Income /
+ Expenses
Other exceptional
Expenses
Profit Before Tax
+ Provision for Tax
Current Income Tax
Deferred Tax
Others
Profits After Tax
Profit Balance B/F
+ Appropriations
Interim Dividend Equity
Proposed Equity
Dividend
Corporate Dividend
Tax
Profit & Loss Balance
C/F
Equity Dividend %

90
20,704.2
0
7,334.80

60
20,031.9
0
8,679.50

60
15,428.3
0
5,975.40

10
8,660.20
3,474.00

5,706.20

6,406.30

271.8

0
13,369.4
0
88,609.
10
449.4

2,681.40

2,368.70

5,646.20
85,115.
50
268.6

358
76,122.
90
139.5

138.4
64,737.
30
182.8

52.9

287.7
161.7
88,159.7
0
7,845.90
80,313.8
0

188.1
27.6
84,846.9
0
6,470.40
78,376.5
0

18.5
121
75,983.4
0
6,106.70
69,876.7
0

46
136.8
64,554.5
0
4,747.40
59,807.1
0

-616.7

-175.3

-431.3

-211.6

-616.7
79,697.
10
10,650.9
0
16,400.5
0
3,890.40
9,640.00
69,046.
20
217,241.
70
286,287.
90

-175.3
78,201.
20
9,206.40
15,429.8
0
1,655.60
7,879.00
68,994.
80
170,519.
20
239,514.
00

-431.3
69,445.
40
14,185.0
0
14,089.5
0
1,356.30
1,260.80
55,260.
40
138,044.
70
193,305.
10

-211.6
59,595.
50
10,590.6
0
11,422.2
0
2,212.90
3,044.50
49,004.
90
98,950.6
0
147,955.
50

6,760.50

6,760.50

6,338.00

8,028.10

6,338.00

3,802.80

4,225.30

2,513.40
261,985.
90
175

2,173.80
217,241.
70
155

1,645.10
170,519.
20
120

685.5
138,044.
70
50

Earnings Per Share

Book Value

16.34
88.56

16.33
76.39

13.08
63.62

11.6
53.33

BALANCE SHEET
AS ON THE END OF FINANCIAL YEARs

Particulars
SOURCES OF FUNDS
+ Share Capital
Equity Authorised
Equity Issued
Equity Subscribed
Equity - Called Up
Equity - Paid Up
Face Value
+ Total Reserve
Capital Reserves
Profit & Loss Account Balance

Mar 201
4

Mar 201
3

(Indian Rupee .in Millions)

Mar 201
Mar 201
2
1

8,450.60
10,000.0
0
8,450.60
8,450.60
8,450.60
8,450.60
2
365,725.
50
6.1
261,985.

8,450.60
10,000.0
0
8,450.60
8,450.60
8,450.60
8,450.60
2
314,306.
80
6.1
217,241.

8,450.60
10,000.0
0
8,450.60
8,450.60
8,450.60
8,450.60
2
260,362.
00
6.1
170,519.

8,450.60
10,000.0
0
8,450.60
8,450.60
8,450.60
8,450.60
2
216,881.
30
6.1
138,044.

General Reserves
Investment Allowance
(Utilised) Reserve
Hedging Reserve
Reserve excluding Revaluation
Reserve
Shareholder's Funds
+ Unsecured Loans
Other Unsecured Loan
Total Debts
Total Liabilities
APPLICATION OF FUNDS :
+ Fixed Assets
Freehold Land
Buildings
Plant& Machinery
Furniture & Fixtures & Office
Appliances
Vehicles
Railway Tracks & Sidings
Leasehold Land
Computer Software
Patents, trademarks and
designs
Other Fixed Assets
+ Less: Accumulated Depreciation
Buildings / Premises
Plant& Machinery
Furniture & Fixtures &
Office Appliances
Vehicles
Railway Tracks & Sidings
Computer Software
Patents, trademarks and
designs
Other Fixed Assets
+ Net Block
Freehold Land
Buildings / Premises
Plant& Machinery
Furniture & Fixtures &

90
103,831.
80

70
96,831.8
0

20
89,831.8
0

70
78,831.8
0

0
-98.3
365,725.
50
374,176.
10
563.7
563.7
563.7
374,739.
80

115.9
111.3
314,306.
80
322,757.
40
282.3
282.3
282.3
323,039.
70

0
4.9
260,362.
00
268,812.
60
171.5
171.5
171.5
268,984.
10

0
-1.3
216,881.
30
225,331.
90
237.9
237.9
237.9
225,569.
80

135,841.
10
1,788.60
11,773.4
0
112,950.
70

122,648.
00
1,076.20
10,959.9
0
105,888.
90

116,579.
00
771.1
10,174.5
0
100,479.
80

98,023.3
0
324.4

2,022.70
281.5
106.3
1,608.40
218.7

1,944.50
267.1
106.3
1,024.50
218.7

1,801.30
245.6
106.3
916.3
110.5

1,652.50
200.9
110
453.6
110.5

1,175.50
3,915.30
44,368.6
0
1,692.20
40,142.6
0

0
1,161.90
37,810.6
0
1,438.40
34,256.5
0

0
1,973.60
31,450.8
0
1,142.70
28,084.1
0

0
1,582.90
25,481.2
0
878.7
22,687.6
0

998.2
122.4
82.2
149.1

890
103.3
80.2
118.2

754.5
81.6
75.8
106.4

626.4
65.3
74.9
79

924
84,837.4
0
1,076.20

1,205.70
85,128.2
0
771.1

1,069.30
72,542.1
0
324.4

9,521.50
71,632.4
0
1,054.50

9,031.80
72,395.7
0
1,046.80

8,194.10
61,992.1
0
1,026.10

6.9
1,175.00
91,472.5
0
1,788.60
10,081.2
0
72,808.1
0
1,024.50

9,072.80
84,679.7
0

Office Appliances
Vehicles
Railway Tracks & Sidings
Leasehold Land
Computer Software
Patents, trademarks and
designs
Other Fixed Assets
Capital Work in Progress
+ Investments
Long Term Investment
Unquoted
Joint Venture & associated
Companies
Other Long Term Unquoted
Investments
Currents Investments
Quoted
Quoted Debentures / Bonds
Unquoted
Mutual Funds Units
Unquoted Equity Shares
+ Inventories
Raw Materials
Work-in Progress
Finished Goods
Stores and Spare
Goods in transit
+ Sundry Debtors
Debtors more than Six months
Considered good
Debtors Others
Considered good
+ Cash and Bank
Cash in hand
Balances at Bank
With Scheduled Banks
+ Other Current Assets
Interest accrued on
Investments
Prepaid Expenses

159.1
24.1
1,608.40
69.6

163.8
26.1
1,024.50
100.5

1,168.60
2,740.30
15,409.4
0
254,457.
50
29,421.7
0
28.1

0
237.9
10,818.5
0
166,773.
60
21,401.8
0
27

28.1
29,393.6
0
225,035.
80
19,770.7
0
19,770.7
0
205,265.
10
205,265.
10
11,982.4
0
608.8
5,269.90
549.7
4,483.40
1,070.60
3,995.10
26.4
26.4
3,968.70
3,968.70
30,314.2
0
0.2
30,314.0
0
30,314.0
0
6,083.00

27
21,374.8
0
145,371.
80
21,511.0
0
21,511.0
0
123,860.
80
122,760.
80
1,100.00
11,110.9
0
1,960.90
3,859.60
408.4
4,612.90
269.1
4,028.70
109.8
109.8
3,918.90
3,918.90
69,421.0
0
0.2
69,420.8
0
69,420.8
0
4,156.40

5,786.30
233.5

3,930.80
187.9

164
30.5
916.3
4.1

135.6
35.1
453.6
31.5

767.9

0
513.6

4,449.60
135,852.
60

5,948.20
100,810.
90

8,930.00
25.9

7,485.80
20.8

25.9

20.8

8,904.10
126,922.
60
13,796.1
0
13,796.1
0
113,126.
50
113,126.
50

7,465.00
93,325.1
0

7,979.40
242.2
2,873.00
269.6
4,052.40
542.2
3,324.50
51.2
51.2
3,273.30
3,273.30
52,553.2
0
0.3
52,552.9
0
52,552.9
0
3,379.60

7,623.80
196.7
3,774.20
312.8
2,726.80
613.3
2,088.90
29.5
29.5
2,059.40
2,059.40
56,329.1
0
1.5
56,327.6
0
56,327.6
0
2,466.80

3,228.10
147.6

2,310.70
142.4

0
93,325.1
0
93,325.1
0

Others
+ Loans and Advances
Advances recoverable in cash
or in kind or for value to be
received
To Others
Loans
To Employees
Balances with customs and
excise authorities
Total Current Assets
Less : Current Liabilities and
Provisions
+ Current Liabilities
Sundry Creditors
For Purchases
Unclaimed Dividend
Investor Education Protection
Fund - Other
Unearned revenue / Advances
received from customers
Trade and Other deposits
Other Liabilities
+ Provisions
Proposed Equity Dividend
Provision for Corporate
Dividend Tax
Provision for Tax
Total Current Liabilities
Net Current Assets
+ Deferred Tax Assets / Liabilities
Deferred Tax Assets
Voluntary retirement scheme
Other Deffered Assets
Deferred Tax Liability
Fixed Assets
Other Deffered Liabilities
Total Assets
+ Contingent Liabilities
Claims against the company
not acknowledged as debts
Liabilities under Guarantees

63.2
3,052.60

37.7
3,507.60

3.9
2,182.80

13.7
2,719.80

2,131.60
2,131.60
21.6
21.6

3,000.00
3,000.00
27.4
27.4

1,580.10
1,580.10
28.5
28.5

1,839.20
1,839.20
25.6
25.6

899.4
55,427.3
0

480.2
92,224.6
0

574.2
69,419.5
0

855
71,228.4
0

15,288.0
0
5,103.20

10,567.1
0
4,034.70

9,738.30
4,102.90

9,842.00
3,682.40

5,103.20
19.2

4,034.70
16.5

4,102.90
12.7

3,682.40
6.8

0.8

0.8

0.8

0.8

698.9
2,620.10
6,845.80
10,157.8
0
8,028.10

819.4
1,842.20
3,853.50

639.9
2,373.80
2,608.20

458.2
2,782.40
2,911.40

8,248.70
6,338.00

5,039.40
3,802.80

5,670.80
4,225.30

1,364.40
765.3
25,445.8
0
29,981.5
0
16,581.1
0
367.6
276.5
91.1
16,948.7
0
13,882.0
0
3,066.70
374,739.
80
20,074.9
0
19,436.6
0
638.3

1,077.10
833.6
18,815.8
0
73,408.8
0
12,798.6
0
219.8
164.4
55.4
13,018.4
0
12,121.6
0
896.8
323,039.
70
18,657.7
0
17,998.7
0
659

616.9
619.7
14,777.7
0
54,641.8
0
11,088.1
0
192
153.1
38.9
11,280.1
0
10,482.6
0
797.5
268,984.
10
14,305.8
0
13,683.4
0
622.4

685.5
760
15,512.8
0
55,715.6
0
9,447.00
70.7
54.9
15.8
9,517.70
9,025.20
492.5
225,569.
80
11,275.4
0
10,815.2
0
460.2

BIBLIOGRAPHY
READINGS:1.
2.
3.
4.

S.N Maheshawari: Cost & Management Accounting: Sultan

Chand & Sons, New Delhi
M.Y.Khan & P.K.Jain: Management Accounting; Tata McGraw
Hill Publishing Co. Ltd., New Delhi.
I.M.Pandey: Management Accounting Vikas Publishing (P)
LTD., New Delhi.
N.K. Agarwal: Cost Accounting; Shuchita Prakashan (p) Ltd.
Allah bad.

REFERENCES:5.

N.K. Prasad: Principals and Practices of Cost Accounting: Book

Syndicate (P) Ltd., Calcutta.

Published Accounts,
Periodicals:

6.
7.
8.
9.

Reports

&

Statistical

Annual Reports of HZL. From 2011 to 2014.

Companys annual data & Financial Statements.
Finance & Commerce.
Records, Journals & Magazines of HZL.

Websites:
10.
11.

http://acekp.in/balance-sheet/100188
Hzlindia.com

Bulletins

&