TRAINING PROJECT REPORT

ON
“FINANCIAL STATEMENT ANALYSIS
WITH VALUE ADDITIONS TO MIS”

A Training Project Report

SUBMITTED TO THE

PARTIAL FULFILLMENTOF 2 YEAR FULL TIME COURSE

MASTERS IN BUSINESS ADMINISTRATION

Academic Session 2009-2011

PROJECT GUIDE:
SUBMITTED BY:
Ms. Neera kundnani Rohit dube
Faculty, MAIIT, Kota MAIIT, Kota

MAHARISHI ARVIND INTERNATIONAL INSTITUTE

OF TECHNOLOGY, KOTA.
Affiliated to Rajasthan Technical University, Kota
 TRAINING PROJECT REPORT
ON
FINANCIAL STATEMENT ANALYSIS
WITH VALUE ADDITIONS TO MIS”

A Training Project Report

SUBMITTED TO THE

PARTIAL FULFILLMENTOF 2 YEAR FULL TIME COURSE

MASTERS IN BUSINESS ADMINISTRATION

Academic Session 2009-2011

PROJECT GUIDE: SUBMITTED BY:

Ms. Neera kundnani Rohit dube
Faculty, MAIIT, Kota MAIIT, Kota

MAHARISHI ARVIND INTERNATIONAL INSTITUTE

OF TECHNOLOGY, KOTA.
Affiliated to Rajasthan Technical University, Kota

Kota (Rajasthan)
 CERTIFICATE

This is to certify that Mr. Rohit dube a student of MBA III semester at
Maharishi Arvind International Institute of Technology, has completed
Training Project entitled FINANCIAL STATEMENT ANALYSIS WITH
VALUE ADDITIONS TO MIS”Kota This project has been completed
after studying for one year in MBA course and for partially fulfilling the
requirements for award of MBA.

The Major Research Project has been conducted under the guidance of
“Professor Ms. Neera kundnani of MAIIT and is as per norms.

Sohan Lal Sharma Ms. Neera kundnani

H.O.D. Academic Guide

Kota
Date:
 CERTIFICATE

This is to certify that Mr. Rohit dube student of MBA III semester at
Maharishi Arvind International Institute of Technology, has submitted
Training Project Report entitled “FINANCIAL STATEMENT ANALYSIS
WITH VALUE ADDITIONS TO MIS”This project has been completed
after studying for one year in MBA course and for partially fulfilling the
requirements for award of MBA.

The Training Project Report has been evaluated and viva-

voce conducted by the undersigned panel of examiners. The
project has been found satisfactory/unsatisfactory and is
recommended/not recommended for acceptance.

Prof. Prof.
Internal Examiner External examiner
Kota
Date:
 DECLARATION

I Rohit dube S/o Shri shiv shanker dube Student of

MBA IIIrd year hereby declares that for the purpose of
Training Project Report I have conducted study
on“FINANCIAL STATEMENT ANALYSIS WITH VALUE
ADDITIONS TO MIS for the partial fulfillment of MBA
degree. It is my original work.

Place:
Signature

Date:
 ACKNOWLEDGEMENT

I express my sincere thanks to my faculty guide, Miss Neera kundnani Designation

Lecturer, Deptt finanace, for guiding me right from the inception till the successful completion
of the project. I sincerely acknowledge her for extending their valuable guidance, support for
literature, critical reviews of project and the report and above all the moral support he had
provided to me with all stages of this project.

I would also like to thank to aahuja sir (DGM OF IL), finanace Department, for their help
and cooperation throughout the project.

Signature

ROHIT DUBE
 PREFACE

Practical Training is an important part of the Management course.

Theoretical studies in the classroom are not sufficient to understand the
complex and large sized organizations.

With the rapid changing technology , socio-economic and politico-legal

environment and the trend towards globalization of business and industry,
finance has become a very challenging job.

SAMCORE GLASS Ltd. is flourishing epitome of new challenge to serve in

a splendid manner and provide equal opportunities to all its employees
without biases

As a part of MBA ,I have undergone a practical training of 45 days on the

SAMCORE GLASS ltd, which has been an ideal place to carry out my
project.
 TABLE OF CONTENTS
TOPIC PAGE

Acknowledgement iii

Preface iv

List of Tables v

SECTION 1: INTRODUCTION

1.1 Objectives 1

1.2 Limitations 2

1.3 Research Methodology 3

1.4 Data Collection Techniques 4

SECTION 4: FINANCIAL ANALYSIS

4.1 Financial Review 19

4.2 Tools for analysis 20

4.3 Cash Flow Statement 22

4.4 Ratio Analysis 24

SECTION 5: INTERPRETATIONS 32

SECTION 6: FINDINGS 35

SECTION 7: COST REDUCTION MEASURES 37

SECTION 9: CONCLUSION 39

SECTION 10: ANNEXURES 40

SECTION 11: BIBLIOGRAPHY 41

 RESEARCH METHODOLOGY
TYPE OF RESEARCH

In analytical research, the researcher has to use facts and information which is already
available to analyze and make a critical evaluation of the material. The study conducted
is a conclusive descriptive statistical study because after doing the study the
researcher comes to a conclusion regarding the position of the Company, its viability,
profitability etc... The study is statistical because throughout the study percentage and
ratio analysis is done to interpret the financial position of the company.

RESEARCH TOOLS

 Books of financial management

 Information from Internet
 Observation
 Discussion
 TECHNIQUES
Primary Data

The financial data was taken from the audited balance sheet. For the proper analysis
of data simple statistical techniques such as percentage (Trend & horizontal) and
ratios were use.

Secondary Data

It was collected from the P&L A/c, balance sheet, reference books based on
financial management & management accounting. The various books and internet
helped in understanding the various theoretical concepts associated with the project
such as the significance of Cash flow Management & the way to interpret various funds.
All the figures required to carry out the ratio analysis were gathered from financial
statements such as P&L A/c, Balance sheet of the company. It is analyzed by
comparing ratios, percentage change from past year and is presented in the form of pie
chart, bar etc…to make it understandable.
 MISSION

We will become the most admired Company delivering sustainable value by:

• Being the supplier and partner of choice.

• Achieving excellence in safety, operations and project management.
• Focusing on the culture of sustainability.
• Ensuring growth and delivering value to the stakeholders.
• Caring for the community.

VALUES

• Integrity: Honesty, fairness and transparency in our conduct and

transactions
• Trust: Faith and belief in each other
• Care: Being concerned about the well being of all employees and
stakeholders
• Collaboration: Excellence through teamwork, within employees and
partners
• Agility: Speedy, responsive and proactive, achieved through
empowering employees
• Respect: Treat all stakeholders with respect and dignity
• Excellence: Bettering standards continuously, with passion and pride
• “I Trust and CARE”
 CHALLENGES

1. Land Acquisition and Environment Clearance

2. Obtaining of Statutory and clearance approval.

3. Fuel & water linkages.

4. Signing of Purchase Power Agreements

5. Arranging funds.

6. Manpower shortage.

7. Availability of Fuel.

8. Plant Equipment Shortage.

9. Safety
 FINANCIAL REVIEW
• Loan agreement signed on 24.4.08
• Largest global finance deal after DABHOL
• Completed financial closure in record 9 months.
• Its Capital is Rs.17,000,000,000(170 billion)
• Capital structure is divided into debt Rs.12750 crores, and equity Rs.4250
crores (75 : 25)
• Indian debts through SBI (as security trustees), including 8 other Nationalized
bank.
• Forex (6900 crores) and balance is rupee loan (5850 crores)
• Competitive cheaper interest rate terms in volatile market.
• Team of individual lenders directly instead of consortium approach.
 TOOLS FOR ANALYSIS
The analysis and interpretation of financial statements is used to determine the
financial position. A number of tools or methods or devices are used to study the
relationship between tools which are commonly used for analyzing and interpreting
financial statements:
1. Horizontal Analysis

2. Trend analysis

3. Comparative balance sheet analysis

4. Cash flow analysis

5. Ratio analysis

Horizontal Analysis

• This technique is also known as comparative analysis.

• It is to calculate amount changes & percentage changes from the
previous years to current years.
• Current year - Previous year / previous year*100.
• This helps us to calculate and analyze the percentage change from
previous year.

Trend Analysis

It is used to compare the percentage mark-up of asset items and how they have been
financed. It also observes the trend of the increase in the assets and liabilities over
several years.
In the balance sheet, for example, the assets as well as the liabilities and equity are
each expressed as a 100% and each item in these categories is expressed as a
percentage of the respective totals.
Comparative Balance sheet analysis

The comparative balance sheet analysis is the study of the trend in two or more balance
sheets on different dates. It has two columns for the data of original balance sheet. A
third column is used to show increase or decrease in figures. The fourth column may be
added for giving percentages of increases or decreases. Comparative analysis involves
comparison of the company’s status and performance with those of specific other
companies, industry averages or a comparison over a historical period of more than one
year or over the latest complete 12-month period.
 CASH FLOW STATEMENT
The Cash flow statement indicates the source and application for a given period in the
future. The cash flow statement is a cash basis report on three types of financial
activities: operating activities, investing activities, and financing activities. Noncash
activities are usually reported in footnotes.
The cash flow statement is intended to:
• Provide information on a firm's liquidity and solvency and its ability to change
cash flows in future circumstances.
• Provide additional information for evaluating changes in assets, liabilities and
equity.
• Improve the comparability of different firms' operating performance by eliminating
the effects of different accounting methods.

A projected cash flow statement also functions as a planning tool since it is useful in
obtaining loans from banks and other financial institutes and indicates liquidity position
of the company, the ability to pay the interest regularly and repay principal. One can
anticipate situations when you will not have enough money to pay your bills.
Then you can make arrangements for other sources of funds to get you
through cash flow crunches.

It summarizes the causes of changes in cash position of a business enterprise between

dates of two balance sheets.
COMPONENTS OF CASH FLOW

Fig.4.1
 RATIO ANALYSIS

Financial ratios are measures of the relative health or sickness of a business. Although
an analysis of financial ratios will help identify a company’s strengths and weaknesses,
it has its limitations and will not necessarily provide the solutions for the problems it
identifies. To make the most effective use of financial ratios, the ratios should be
calculated and compared over a period of several years. This allows the valuation
analyst to identify trends in these measurements over time. A ratio helps to summarize
large quantity of financial data & to make qualitative judgment of the firm's financial
performance.

 Ratios can be classified into the following categories:

1. Profitability Ratio

2. Liquidity Ratio

3. Solvency Ratio

4. Other Ratios

1. Profitability ratio measures the overall performance of the firm by determining the
effectiveness of the firm in generating profit. But as the company is in project stage and
not started generating income. The main source of income is Exchange gain only.

2. Liquidity ratio refers to the ability of a firm to meet its financial obligations in the
short-term which is less than a year. It focuses on current assets and current liabilities.
Certain ratios, which indicate the liquidity of a firm are (i) Current Ratio (ii) Acid
Test Ratio, (iii) Turnover ratio.
i) Current Ratio = Current Assets

Current Liabilities

The total current assets include those assets, which are in the form of cash, near cash
or convertible into cash within a period of one year. The current liabilities include all
types of liabilities, which will mature for payment within a period of one year. The ideal
ratio is 2:1.The current ratio measures the firm's ability to pay its liabilities out of its
current assets and helps creditor to determine whether a company can meet its short

2009 2010

0.31 0.28

term obligations.
 Fig.4.2

Analysis
Samcore ltd current ratio was reduced to 0.28 in current year. Being the construction
stage current asset includes cash and advances only and current liability is high due to
the heavy interest accrual and high valu e project billing. As the company starts its
operation, current assets will be efficiently used and interest payment will be done.
Trend shows that the company is in direction of achieving sound position more it gets
closer to operating activities.

ii) Quick Ratio = Current Assets – (Inventories + Prepaid Exp.)

Current Liabilities

This ratio establishes a relationship between Quick/Liquid assets & current liabilities.
This ratio is a better test of short-term financial position of the company as it considers
only those assets that can be easily and really converted in to cash. But as there is no
stock and current asset includes only cash, so no requirement to calculate this ratio.

iii) Turnover ratio measure how quickly certain current assets are converted
into cash or how efficiently the assets are employed by a firm. But in this it
is not possible to calculate as no sales earned and the company is in the project
stage.

3. Solvency Ratio/Leverage Ratio measures the long term financial strength or

soundness of a firm in terms of its ability to pay interest regularly or repay principal at
the time of maturity. To judge the long term financial position of the firm there should be
an appropriate mix of debt and owners equity in financing the firm assets.
i) Debt ratio = Total Debt OR Total Debt
Capital Employed Equity+ Debt

This ratio is used to analyze the long term solvency of a firm. It shows the proportion of
debt in capital structure of the company and computed by dividing total debt by capital
employed. Total debt includes long or short term borrowings and Capital employed
consist of Equity and debt. It shows the extent to which debt financing has been used in
the business.

2009 2010

64.57 or .65 71.47 or .72

 Fig.4.3 (a) Fig.4.3 (b)

Analysis

It is clear from the above ratio that the company is dependent on the debt as it has to
maintain its 75:25 ratio of debt and equity mix. The debt ratio has risen from the
previous year by 7%. A high debt ratio means the claims of creditors are greater than
those of stakeholders. Debt ratio has increased due to the change in capital employed
by the company.

ii) Debt - Equity Ratio = Loan funds

Total shareholders

This ratio is used to compare the amount of debt a company has with the amount the
owners have invested in the company. It compares the amount of creditor’s claims to
the owners’ claims to the assets of the firm. The ideal ratio is 2:1. The ratio provides the
margin of safety to the creditors. It tells the owners the extent to which they can gain
benefits and maintain the control with the limited investments.

2009 2010

1.82 2.50
 Fig.4.4

Analysis
The ratio has increased by.68 from the previous year which is high as per the ideal ratio
but the company’s actual ratio is 3(75/25). It means that company debts are more in
compare to the previous year ratio and lenders have contributed 2.5times of
owners’conribution. Higher ratio indicates value addition because of tax benefit on
interest. At the same time, it involves higher risk on account of repayment of principle
and interest. But, the ratio is satisfactory.
iii) Debt-Asset Ratio = Total Debt
Total Assets

This ratio measures the relationship between proceeds from the operations of the firm
and the claims of lenders. Debt does not include current liability. This ratio measures
what percentage of a firm’s assets is financed with debt. Higher the ratio better is the
firm’s ability to meet liability. The lenders use this ratio to assess debt servicing
capacity of a firm. It shows that lender is secured as company is able to pay its repay
loan.

2009 2010

.53 .59
 Fig.4.5

Analysis
The debt asset ratio shows that there is an increment of 6% in current year as the debt
component has risen from the previous year. It also depicts that borrowings are utilized
properly as major part (60%) of assets are financed from debt and the rest from equity
and liabilities. More the schedule heading towards commissioning, capitalization
process is adding values to assets.

iv) Other Debt ratio = Total Liabilities

Total Assets

To assess the proportion of total funds –short and long term provided by outsiders to
finance total assets, the following ratio must be calculated. Current liabilities are also
included in this, as it determines the firm’s financial risk and represent obligations on the
firm.
2009 2010

.72 .77
 Fig.4.6

Analysis

In the above analysis, it is found that in previous year the ratio was low due to the
decreased component of debt but it has increased this year by 5% and it is a mixture of
current and fixed liabilities for short or long term period in the assets of company and
the rest asset is financed from the equity capital.

v) Proprietary Ratio = Net Worth / Total Assets*100

Net Worth = Equity capital + Reserves
This ratio focuses the attention on general financial strength of business enterprise. This
ratio is of particular importance to the creditors who can find out proportion of
shareholders fund in the total assets employed in business. A low proprietary ratio will
indicate greater danger to the creditors.

2009 2010

.29 or 29% .24 or 24%

 Fig.4.7

Analysis
The structure of the company is less dependent on equity and the ratio is correct as per
the norms of the company. Since the project is in the construction stage they had to
depend on loan for the huge funds. Marginal drop in ratio does not have positive impact
on creditor considerably, considering the size criticality and structured contract
management procedure.

vi) Capital employed to Net worth ratio = Equity+ Borrowings

Share Capital + Reserves

This is another way of expressing the basic relationship between debt and equity. It
depicts about much funds are being contributed by owners for each rupee of the total
contribution.

2009 2010

2.82 3.50
 Fig.4.8

Analysis

In 2008-2009 the ratio was 2.82 which is not as per the requirement but now there is an
increase of .68 in current year which is near to the actual ratio of the company which
should be 4(100/25). It means sufficient net worth is there to fund assets of the
company and company’s borrowing are 4 times higher than the net worth. It shows
satisfactory position of the company.

4. Other Ratios

i) Fixed asset to total asset ratio = Fixed Assets / total asset ratio*100

This ratio shows the proportion of fixed assets in the total asset of the company. It helps
to measure the contribution of fixed asset in the value of the company. Net fixed asset is
used for the calculation of the ratio.

2009 2010

94% 96%
 Fig.4.9

Analysis

From the above ratio it is cleared that fixed asset has risen by 2% and it also reflects
that current asset is 4% of total asset. The major portion of asset is contributed by fixed
asset as the company is in project stage, once it starts its operation their current asset
will likely to be raised.

ii) Fixed asset to long term debts = Fixed assets/long term debts
This ratio explains whether the firm has raised adequate long term funds to meet its
fixed assets requirements. Fixed asset means net fixed asset (original cost- deprecation
to date). Long term funds include long term loans only.

2009 2010

1.79 1.62
 Fig.4.10
Analysis
It is clear from the above ratio that company is investing more than 60% of its long term
funds in fixed assets. It shows that the major part of the fixed assets was purchased
from the long term borrowing which is undesirable but being the new project fixed asset
has to be funded from debt being the major source of fund. Debt component is 2.5times
(4.06/1.62)higher than the equity in fixed assets. It is satisfactory as per the norms of
the company.

iii) Fixed asset to Net Worth Ratio = Fixed asset/Net worth

This ratio explains about the involvement of equity share capital in the net fixed asset
of the company. Fixed asset includes net fixed asset and net worth include equity share
capital and reserves.
 2009 2010

3.26 4.06

Fig.4.11

Analysis
The ratio has increased by .80 which indicates that the fixed asset has not been
financed much by equity and been dependent on loan but still there is a slight increment
in the ratio which enhances a contribution of equity holders in the fixed assets. It is
maintained as per the company’s ratio as equity is 25% of the capital structure.

iv) Fixed asset to Capital Employed = Fixed asset/Equity +Borrowing

This ratio shows the proportion of capital employed in the fixed assets where capital
employed is total of equity and long term loans and fixed asset is net fixed asset. This
ratio shows the usage of capital employed into the assets of the business.

2009 2010

1.15 1.16

Fig.4.12

Analysis
It is seen from the analysis that fixed asset to capital employed ratio is constant in both
the years because there is no such current asset and purchase of fixed asset is the
main outflow of the company. The above ratio reveals about the involvement of total
capital fund in fixed assets of the company which includes debt and equity but not the
current liability. The ratio is maintained as per the norms of company because .16 is the
amount funded by the current liability.

INTERPRETATION
Balance sheet indicates matching of sources and applications of fund. In this company,
total funds employed to the tune of Rs.62, 590,605,905 from the two sources Share
capital and Loan funds. Share capital of Rs. 17,340,000,000 and advance ofRs.520,
000,000has been completely raised from samcore ltd. Loans has been raised from
various Indian and international Banks which has increased from 68 to 65 %.It shows
that company is dependent on borrowed funds. These funds have been utilised to fund
total assets that consist of net fixed and current assets,Investment,loan and advances
etc...Fixed Assets includes purchase and sale of machinery, plant, roads etc... and
depreciation is charged at different rates followed by W.D.V.method.Investment is done
in its subsidiary company in singapore and some in the liquid mutual funds. Capital work
in progress is the amount which is capitalized before operations. The capital used for a
new plant under erection or when machine is yet to be commissioned is examples of
CWIP which also taken into account while calculating the fixed assets as it will be
converted into gross block soon.Thus in balance sheet :

Total Capital Employed = Net Assets.

A Profit and Loss Account shows how much profit or loss has been incurred by a
company from its income after providing for all its expenditure within a financial year.But
being a new project which has not started its operations yet has no income during the
year and is in loss.But its other income includes dividend from investments, interest
from deposits, foreign exchange gain and miscellaneous revenue.Being a new project
some part of the income and expense is capitalized.

FINDINGS
• In construction stage, high amount of capital is required for commissioning,
installing, erection of the unit. So loans are raised as per the requirements of the
project.
• Secured loans are raised by 148% in current year which are mainly through
foreign banks and institutions which are repayable in foreign currency. As well,
the foreign interest rates are much lower than Indian rates.
• Loans from National banks are less than foreign Banks in current year.
• Creditors have been doubled in the current year by 6,647,347,163.
• There is no Repayment of borrowings in the current year; it will start after the
commissioning of first unit. The repayment which has done last year of 70billion
was the payment of bridge loan.
• Fixed assets are increasing in the current year to fulfill the requirements of the
project as it is in construction stage. There has been steady and increasing
investment in fixed assets. This highlights that the company is growing
organically. The amount invested in purchase of fixed assets has risen by 134%
as compared to last year. This is one of the biggest sources of outflow of cash for
the year.
• Cash flow statement cannot be equated with the income statement. An income
statement takes into account both cash as well as non-cash items and
therefore, net cash flow does not necessarily mean net income of the
business.
• The cash balance as disclosed by the cash flow statement represents the real
liquid position of the company. Currently it has increased by 81 crores which is
seen as excess funds but actually it increases due to the withdrawn of
investment at the end of the year.
• The projection becomes more useful when the estimated information can be
compared with actual information as it develops. The company is Utilizing the
cash flow projection to assist in setting new goals and planning operations for
more profit.
• Dividend received are decreased due to the downfall in investment by 84%
• Current liabilities are double than the current assets in the current year. This
confirms that the company has used long-term finances even for the
current assets resulting into an improvement in the liquidity position of the
company.
• The company has not raised any funds by public issue as whole equity is funded
samcor glass ltd and it does not require any funds from public as it dilute the
share holdings of activity done by the company is in liquid mutual funds and in
the subsidiary only but not for the long term as investments is not the core
business of the company. The amount invested in mutual funds is withdrawn at
the end of the year.

• Investing Activities have been the major source of outflow of cash due to
purchase of Fixed Assets. The cash inflow has been provided by
operating and financing activities.
• Issue of share capital and proceed from the long term borrowings are the major
source of financing inflow.
• The cash & cash equivalents balance has been very low previously as compared
to the current year. Although it rose by 517 % in the current year.
• Other income is higher predominantly on account of gain on exchange (net),
dividend and interest received during the year.

• Long term loans are 71.47% while equity share capital are 28.53% of capital
employed in current year and net assets are relatively 16.36% of applications of
fund. This fact indicates that the policy of the company is to purchase fixed
assets from the long term sources of finance.
• The Company does not deal in stock market or securities.
• Different depreciation rates are charged as per the Companies Act, 1956 and
W.D.V. method is followed for calculation of depreciation.

COST REDUCTION MEASURES

1. Project involves large number of contracts with high values – CONTRACT
REVIEW before finalizing the contrat
• Detailed bid analysis in selecting a proper package of material and services
offered by the parties which either be selected from one party or in a splited form
whichever is beneficial.
• Buy and hire decision (general services, handling equipments, cars etc...)

2. Competitive deal encasing volume of transaction (volume discounts for many

services – Insurance )

3. Applicable exemptions of Excise duty and custom duty under Competitive

bidding process.

4. Split of contract between supplies and services ensure overall savings at

packages level as contractor can not build profit percentages on supply items.
Benefit of excise duty under deemed export is added saving on top of it.

5. Proper Hedging is done as dealing reduces company’s hedging cost.

6. Loans from foreign banks rather than national banks save cost of interest and
makes the loan cheaper.

7. Recognition of effective risk mitigation measures like renegotiation with banker,

Interest rate swap helping the company to reach ultimate objective of their goal
and ensure to be within overall projected cost structure.
 8. The Company has not gone for single EPC (Erection planning and
commissioning) but has broken the entire schedule into packages and managing
through own resources

CONCLUSION
The major objective of the training is to get the better knowledge of the dynamics of
financial management. It also enables the researcher to have an insight of the financial
statement of the company and to develop analytical ability to use ratio and comparative
balance sheet analysis as the FINANCIAL STATEMENT ANALYSIS.
The company is using supercritical technology for its Mundra UMPP which is a first-of-
its-type in the country. Effect of international fuel price variation would pose an
additional pressure on earnings and thus affect valuation estimates
Also, equipment ordered from abroad and loans taken in foreign currency for
various projects may lead to exchange loss/ gain.
As the company is in project stage, it cannot have the ideal ratios but the company has
maintained its ratio as per the norms laid down by the company and also indicates value
addition of tax benefit on interest which is risky also due to higher borrowings. Overall
the company project is moving smoothly in the right direction and has worked well on all
aspects. Once the operation will start, company will improve its liquidity position.
 BIBLIOGRAPHY
• Accounting Standards of Institute of Chartered Accountants, India

(AS – 3, Cash Flow Statement)

• Financial Management book by S.KR.PAUL

• Financial Management book by I.M.Pandey

• IFC Site

• KPMG website

• NCFM Module of Financial Market

• PFC Site