prakash - working capital project

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CONTENTSCHAPTER NOs TITLES PAGE NOs

Chapter I INTRODUCTION 1-3

Need of the study 4

Objective of the study 5

Scope of the study 5

Methodology of the study 6

Period of the study 7

Tools of analysis 7

Limitation of the study 8

Chapter II CONCEPTUAL FRAME WORK OF

WORKING CAPITAL 9-22

Chapter III COMPANY & INDUSTRY PROFILE 23-30

Chapter IV DATA ANALYSIS & PRESENTATION 31-52

1. Presentation & Analysis

2. Interpretations

Chapter V SUMMARY & CONCLUSIONS 53-54

Chapter VI BIBLIOGRAPHY

Chapter VII APPENDICES

Appendix- I

Appendix II

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LIST OF TABLES

TABLE

S NO

NAME OF THE TABLES PAGE.

NO

1 WORKING CAPITAL (2004-2008) 34

2 STATEMENT OF WORKING CAPITAL

(2004-2008)

36-40

3 CASH TO TOTAL CURRENT ASSETS 41

4 INVENTORY TO TOTAL CURRENT

ASSETS

42

5 CURRENT RATIO 44

6 LIQUIDITY RATIO 45

7 DEBTORS TURNOVER RATIO 47

8 INVENTORY TURNOVER RATIO 48

LIST OF GRAPHS

GRAPHSNO

TITLES PAGE.NO

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1 CASH TO NETWORKING CAPITAL RATIO 41

2 INVENTORIES TO TOTAL CURRENT

ASSETS

43

3 CURRENT RATIO 44

4 LIQUIDITY/QUICK RATIO 46

5 DEBTOR TURNOVER RATIO 47

6 INVENTORY TURNOVER RATION 49

INTRODUCTION

WORKING CAPITAL

Working Capital represents finance needed by industrial for their day-

to-day expenses. It stands for surplus of current assets over current

liabilities. It mainly consists of investment in raw material, work-in-

progress, finished goods and receivables, which are termed as

chargeable current assets. Working Capital comes into business

operation when actual operation takes place.

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Generally, the requirements of quantum of working capital is

determined by the level of productions, which depends upon the

managements attitude towards risk and the factor that influence the

amount of cash, inventories, receivables and other current assets

required to support a given volume of production, risk is understood in

the sense of the probability of bearing unfavorable results on accounts

of not maintaining sufficient current assets to meet all the financial

obligations as they mature and to support the proper level of sales.

With regards to working capital management Finance manager has to

take three decisions, namely;

1. The level of current assets.

2. The structure/composition of current assets.

3. The financing of current assets.

Working Capital management is concerned with the problems that arisein attempting to manage the current assets and the current liabilities and

the interrelationship between them, Current assets are those that can be

converted into cash within a period of time without undergoing any

change in its value or without affecting the operations of any firm.

Current liabilities are those liabilities which are intended to be paid

within a year out of the current assets or the firms earnings.

The main aims of working capital management are to manage the

current assets and current liabilities in such a way that a satisfactory

level of working capital is maintained. Inefficient, it is likely to

become insolvent or even may be forced to bankruptcy.

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The current assets should be large enough to cover its current liabilities

to ensure a reasonable margin of safety.

DEFINITION OF WORKING CAPITAL:

According to Mr Khan and P.K Jain Working capital refers to manage

the firm current assets and current liabilities in such a way that a

satisfactory level of working capital is maintained.

According to the Shubin Working Capital is an amount of fund is

necessary to cover the cost of operating the enterprise.

Working capital management is concerned with the problem is that

arise in attempting to manage the current assets and the current

liabilities and their inter relationship they arise between them.

Current assets refers to those assets which to the ordinary course of

business can be or will be turned into cash within one year without

undergoing a diminution in value and without disrupting the operations

of the firm.

The major current assets are cash marketable securities accounts

receivable and their inception to be paid in the ordinary course of

business within a year out of current Assets or earnings of the concern.

The basic current Liabilities are Bills payables, Banks Overdrafts and

Outstanding expenses.

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The goal of working capital management is to manage the firms

current assets and current Liabilities in such a way that a satisfactory

level of working capital is maintained.

CONCEPTS OF WORKING CAPITAL:

There are two concepts of working capital:

(I) Gross Working Capital.

(ii) Net Working Capital.

In the broad sense the term working capital refers to the gross working

capital and represents the amount of funds invested in current assets.

Current assets are those assets, which in the ordinary course of business

can be converted into cash within a short period of normally one

accounting year.

In a narrow sense the term working capital refers to the net working

capital. Net working capital is the excess of current assets over current

liabilities.

Working Capital = Current Assets - Current Liabilities

Net working capital may be positive or negative. When the current

assets exceed the current liabilities the working capital is positive and

the negative working capital results when the current liabilities are

more than the current assets. Current liabilities are those liabilities

which are intend to be paid in the ordinary course of business within a

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short period or normally one accounting year out of the current assets

or the income of the business.

The gross working capital concept is financial or going concern

concept whereas net working capital is an accounting concept of

working capital. These two concepts of working capital are not

exclusive rather both have their own merits.

Gross concept is very suitable to the company form of organization

where there is divorce between ownership management and control.

The net concept of working capital may be suitable only for proprietary

form of organizations such as sole-trader or partnership firms.

However, it may be made clear that as per the general practice net

working capital is referred to simply as working capital.

NEED OF THE STUDY

Working capital management is very significant aspect in the

management of finance of any organization. By checking the level of

working capital one can easily identify the liquidity and profitability

position of the firm and the decisions regarding.

1. The level of working capital management which can be determined

by the level of current assets and current liabilities.

2. The composition of current assets and current liabilities

3. Financing of current assets and current liabilities are of almost

importance and significant in the financial management of the

business because it not only shows the financial efficiency of

business but also its credit worthiness which has gained importance

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in these days of credit squeeze. This fact has been justified by many

industries which have failed frequently due to the management of

working capital especially with regard to effect of various

suggestions and regulations.

It is this view that a case study has been made on working capital

management in Sujala Pipes Private Limited.

OBJECTIVES OF THE STUDY

1. To study the various changes in working capital of Sujala Pipes

Private Limited.

2. To study the working capital management with regards to cash

Receivables and inventory of Sujala Pipes Private Limited.

3. To study the liquidity position of Sujala Pipes Private Limited.

4. To study the inventory management period of Sujala Pipes Private

Limited.

SCOPE OF THE STUDY

Financial management is that the managerial activity which is

concerned with the planning and controlling of the firm's financial

resources. Though it was a branch of economics till 1890 as a separate

activity or discipline, it is of recent origin. Still it has no unique body of

knowledge of its own and heavily on economics for its theoretical

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concepts even today. The subject of finance is of immense interest to

both academician and practicing managers. It is of great interest of

academicians because the subject is still developing and there are still

certain areas where controlling exists for which no unanimous solutions

have been reaches as yet.

The present study aims at the following:

Highlighting the necessity of current assets and current liabilities.

Explain the principles of current asset, investment and financing.

Focus on the proper mix of short term and long term financing for

current assets.

Emphasis the need and goal of establishing a sound credit policy.

Suggest the need of monitoring the receivables.

Highlight the need for and a nature of inventory.

Explain the needs for holding cash.

Focus on the management of cash collection and disbursement

RESEARCH METHODOLOGY

Research design

In view of the objectives of the study listed above an exploratory

research design has been adopted. Exploratory research is one which is

largely interprets and already available information and it lays

particular emphasis on analysis and interpretation of the existing and

available information it makes use of secondary data and lays particular

emphasis and interpretation of the existing and available information.

Sources of data

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The study is based on secondary data, discussions with personnel

concerned. The secondary data consists the annual reports of Sujala

pipes private limited ranging for the last five years. Various other

reports like companys magazines, published books and web sites.

Period of the study

The present study of the working capital management in Sujala pipes

Pvt. Ltd. covers five year 2003-2004 to 2007-2008.

Tools of Analysis

To analyze the data acquired from the secondary sources the following

tools are used:

Working capital

Cash management

Receivable management

Inventory management

Debtor turnover ratio

Inventory turnover ratio

Liquidity Ratio

Current Ratio

The cash analysis is done by cash to net working capital ratio.

The inventory analysis is done by percentage of inventory to total

current assets.

The liquidity analysis is done by current ratio and quick ratio.

LIMITATIONS OF THE STUDY

1. It should be remembered that Working capital is not a substitute

of an income statement or a balance sheet. It provides only some

additional information as regards changes in working capital.

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2. It is not an original statement but simply a re-arrangement of data

given in the financial statement.

It is essentially historic in nature and projected working capital

cant be prepared with much accuracy. Changes in cash are more

important and relevant for financial management that the working

capital.

IMPORTANCE OF WORKING CAPITAL

Working capital is the lifeblood and nerve centre of business. Just as

circulation of blood is essential in the human body for maintaining life

working capital is very essential to maintain the smooth running of a

business. No business can run successfully without an adequate amount

of working capital. The main advantages of maintaining adequate

amount of working capital are as follows:

1. Solvency of the business: Adequate working capital helps in

maintaining solvency of the business by providing uninterrupted flow

of production.

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2. Goodwill: sufficient working capital enables a business concern

to make prompt payments and hence helps in creating and maintaining

goodwill.

3. Easy loans: A concern hacking adequate working capital, high

solvency and good credit standing can arrange loans from banks and

others on easy and favorable terms.

4. Cash Discounts: Adequate working capital also enables a concern

to avail cash discounts on the purchases and hence it reduces costs.

5. Regular payment of salaries, wages and other day-to-day

commitments company which has ample working capital can make

regular payment of salaries, wages and other day-to-day commitments

which raises the morale of its employees.

6. Increases their efficiency reduces wastage and costs and enhances

production and profits.7. Regular supply of raw materials: Sufficient working capital

ensures regular supply of raw materials and continuous production.

8. Ability to face Crisis: Adequate working capital enables a

concern to face business crisis in emergencies such as depression

because during such periods, generally there is a pressure on working

capital.

9. Quick and Regular return on Investments: Every Investor wants a

quick and regular return on investments. Sufficient of working capital

enables a concern to pay quick and regular dividends to its investors as

there may not be much pressure to plough back profits. This gains the

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confidence of its investors and creates a favorable market to raise

additional funds in the future.

10. High morale: Adequacy of working capital creates an

environment of security confidence and high morale and creates overall

efficiency in a business.

WORKING CAPITAL MANAGEMENT

Management of working capital refers to the management of current

assets. This is understandable because current liabilities arise in the

context of current assets. Working capital management is a significant

facet of financial management. Its importance steps from two reasons:

Investment in current assets represents a substantial portion

of total investment.

Investment in current assets and the level of current

liabilities have to be geared quickly to changes in sales. To

be sure, fixed assets investment and long-term financing are

also responsive to variation in sales.

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Operating Cycle

It is clear that working capital is required because of the time gap

between the sales and their actual realization in cash. This time gap is

technically termed as Operating Cycle of the business.

In case of a manufacturing company; the operating cycle is the length

of time necessary to complete the following cycle of events.

1). Conversion of cash into raw materials.

2). Conversion of Raw materials into work in process.

3). Conversion of Work in process into finished goods.

4). Conversion of Finished goods into accounts receivable and,

5). Conversion of Accounts receivable into cash.

The operating cycle of manufacturing business can be shown as in

following chart.

NATURE OF WORKING CAPITAL

Working capital management in concerned with the problem that arises

in attempting to manage the current assets current liabilities and the

inter relationship the exist between them the term current assets refers

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to those assets which in ordinary course of business can be or will be

turned into cash within one year without undergoing diminution in

value and without undergoing in value and without disrupting the

operations of the firm.

The major current assets are cash marketable securities accounts

receivable and inventory, current liabilities those liabilities, which are

intended at their inception to be paid in the ordinary course of business

with in a year current liabilities are amount payable, bills payable bank

overdraft and outstanding .

DATA ANALYSIS OF WORKING CAPITAL

Overall review

The goal of working capital management is to manage the firm's

current assets and current liabilities in such a way that a satisfactory

level of working capital is maintained. This is so because if the firm

cannot maintain a satisfactory level forced into bankruptcy. The current

assets should be large enough to cover its current liabilities in order to

ensure a reasonable margin of safety. Each of current assets must be

managed efficiently in order to maintain the liquidity of the firm, while

not keeping too high level of anyone of them. The interaction between

assets and current liabilities is, therefore the main them of working

management.

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From the total amount blocked in current assets estimated on the basis

of the first even items given above the total of current liabilities that is

the last two items is deducted to find out the requirement of working

capital. In order to provide for contingencies, some extra amount

generally calculated as a fixed percentage of working capital can be

aided as a margin of study.

CASH MANAGEMENT

Introduction

Cash is the important current assets for the operations of the Business.

Cash is the basic input needed to keep the business running on a

continuous basis. It is also the ultimate output expected to be realized

by selling the service of product manufactures by the Firm. The firm

should keep sufficient cash, neither more nor less. Cash shortage will

disrupt the firm's manufacturing operations while excessive cash will

simply remain idle, with out contributing anything towards the firm's

profitability. Thus major functions of the financial manager to maintain

a sound cash position.

Cash is the money which a firm can disburse immediately with out any

restriction. The term cash includes coins currency and cheques held by

the firm and balances in its bank accounts. Some times near cash items

such as marketable securities or bank times deposits are also includes

in cash. The basic characteristic of near cash assets is that they can

readily be converted to cash. Generally when a firm has excess of near

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cash. It invests it in marketable securities. This kind of investment

contributes some profit to the firm.

Factors of Cash Management:

Cash management is concerned with the managing of company

1) Cash flows into and out of the firm

2) Cash flows with in the firm

3) Cash balances held by the firm

Sales generate cash, which has to be disbursed out. The surplus cash

has to be invested while deficit has to be borrowed. Cash management

seeks to accomplish this cycle at a minimum cost. At the same time, it

also seeks to achieve liquidity and control.

Cash management assumes more importance than other current assets

because is the most significant and the least productive asset that a firm

holds. It is significant because it is used to pay the firm's obligations.

However cash is unproductive. Unlike fixed assets or inventories, it

does not produce goods for sale. Therefore the aim of cash

management is to maintain adequate control over cash position to keep

the firm sufficiently liquid and to use excess cash in some profitable

way.

RECEIVABLES MANAGEMENT

Introduction

Account receivable or trade credit is the most prominent force of the

modern business. It is considered as an essential marketable tool, acting

as a bridge for the movement of goods through production and

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distribution stages to customers finally. A firm grants credit to

production and distribution stages to customers finally .A firm grants

credit to protect its sales from the competitor and to attract potential

customers. Trade credit, thus credit receivable or book debts, which the

firm is expected to collect in future. It also involves an element of risk

as the cash payment has get to be received, hence they has to be

carefully analyzed.

Receivables constitute a substantial portion of current assets of several

firms. They form about 1/3 part of current assets in India.

As substantial amounts are tied up in trade debtors, it needs careful

analysis and proper management, for proper management of receivable

a concern must adopt an optimum credit policy.

Optimum Policy

The optimum investment in receivable will be at a level is a trade-off

between cost and profitability. When the firm resorts to liberal credit

policy the profitability of the firm increases on account of higher sales.

However such a policy results in increased investment in receivables,

increased changes of bad debts and more collection costs. The total

investment in receivables increases and thus the problem of liquidity is

credited. On the other hand a stringent credit policy reduces

profitability but increases the liquidity of firm. Optimum credit policy

therefore involves a trade off between the profit or sales that bring in

receivable. On the one hand the cost of carrying bills receivables plus

bad debts losses on the other. The optimum credit policy occurs at a

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point where there is " Trade-off between liquidity and profitability as

shown in the chart below:

Profitability

Costs and benefits

Liquidity

Tight Credit Policy Loose

Optimum Credit Policy

Variables of Credit Policy

A firm should establish receivables policies after carefully considering

both benefit and cost different policies. These policies relate to:

Credit standard Credit term Collection procedures

Credit Standard

The term credit standards represent the basic criteria for extension of

credit to customers. The level of sales and receivables are likely to be

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high. If the credit standard is relatively loose, as compared to a

situation when there are relatively tight.

The firm's credit standards are generally determined by the five "C"s,

character, capacity, capital, collateral and condition.

Character denotes his ability to manage the business

Capital denotes his financial soundness

Collateral refers to assets which the customer can offer by way of

security

Condition refers to the impact of general economic trends on the firm,

or to special development in certain areas of economy that may affect

in customer's ability to meet his obligations.

Credit Terms

It refers to the terms under which a firm sells goods on credit to its

customers. The two components of credit terms area) Credit period

b) Cash Discount

a) Credit Period

Extending the credit period stimulates sales but increases the cost on

account of more typing up of funds in receivable. Similarly, shortening

the credit period reduces the profit on account of reduced sales, but also

reduces the cost of tying up of funds in receivable. Determining the

optimum credit period therefore involves locating the period where the

marginal profits on increased sales are exactly offset by the cost of

carrying the higher amount of account receivable.

b) Cash Discount

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The effect of allowing cash discount can also be analyzed in the same

pattern as that of the credit period. Attractive cash discount terms

reduce the average collection period resulting in reduced investment in

account receivable. Thus there is a saving in capital cost.

On the other hand cash discount itself is a loss to the firm optimum

cash discount is allowed at the point where the cost and benefit are

exactly offsetting.

Debtors turnover ratio:

It indicates the number of times debtors turnover each year. It indicates

the efficiency of staff entrusted with collection of debts. The higher the

ratio it is better since it would indicates the debtors are being collected

more promptly. Debtors should be always being taken at gross value.

No provision for bad and doubtful debts should be deducted from them.

SalesDebtors Turnover Ratio = ---------------------------------------

Debtors

INVENTORY MANAGEMENT

Introduction:

The preceding two chapters basic strategies and consideration in

managing current assets namely cash and receivables are stocks of product a company is manufacturing for sale and components that

make up a product. Inventories like receivables are also a significant

portion of most firms assets and accordingly require substantial

investment. To keep these investments from becoming unnecessarily

large inventories must be managed efficiently. The various forms in

which inventories exist in a manufacturing company .

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a) Raw Materials:

Raw materials are those basic inputs that are converted into finished

products through the manufacturing process. Raw material inventories

are those units which have been purchased and stored for future

productions.

b) Work-in-progress:

The work-in-progress is that stage of stock which is in between raw

materials and finished goods. They are semi-finished products that need

more work before they become finished products for sale. The quantum

of work in progress depends on the time taken in the manufacturing

process. The greater the time taken in manufacturing the more will be

the amount of work-in-progress.

c) Finished goods:

Finished goods inventories are those completely manufactured productswhich are ready for sale. Stocks of raw material and work-in-process

facilitate production while stock of finished goods is required for

smooth marketing operations.

The level of three kinds of inventories for a firm depends on the nature

of its business. A manufacturing firm will have substantially high level

of all three kinds of inventories.

Inventory Turnover Ratio:

Inventory turn over ratio indicates the efficiency of the firm in

producing and selling its products.

Sales

Inventory turnover ratio = -----------------------------------

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Average Inventory

Discuses the Liquidity position of Sujala Pipes Private Limited.

Introduction:

The liquidity position of Sujala Pipes Private Limited is analyzed by

calculating Current ratio, Quick Ratio.

Current Ratio

Current ratio to measure the firm's short-term solvency of indicates the

availability of current assets in rupees for every one of current liability.A ratio greater then is means that the firm has more current assets than

current liabilities.

Curent Assettes

Current Ratio = ----------------------------

Current Liabilities

Liquidity Ratio

Liquid ratio indicates that a relationship between quick (or) liquid

assets and current liabilities. An asset is liquid if it can be converted in

to cash immediately (or) reasonable soon with out a loss of value.

Quick (or) Liquid assets

Liquidity Ratio = ---------------------------------------

Quick (or) Current liabilities

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INDUSTRY PROFILE

INTROUDUCTION:

In ancient days people faced lot of problems due to lack of supply of

sufficient water in a proper way. Now a days people are very much

satisfied due to the introduction of many kinds of pipe. Among these

pipe poly vinyl chloride pipes are of the best quality.

In India most of the people depend on agriculture a traditional tools are

ineffective for irrigation. But today poly vinyl chloride pipes have

come to lead for the transportation of water in the fields. So that it has

provided a great thrust in the market for the poly vinyl chloride pipes.

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The pipes are of different sizes and different shapes. Dues to this

specialty. It is possible to locate easily different pipes for different

usage.

The increase in demand for the pipes had made the various companies

to enter into the market. This resulted in a great competition for

various brands of pipes they were unable to with stand the tough

competition form poly vinyl chloride pipes. But the only pipes that

withstood the competition are none other than poly vinyl chloride

pipes.Poly vinyl chloride pipes with its good brand image have

captured a large market. The customers are preferably using this brand

of pipes and they hesitate to go for other pipes.

They are not even marketing a trial of the brand of pipes. They are

fully satisfied with these pipes in all extremes such as that they hesitate

to go for other brands. It is preferably used by most of the pipes sayingthat these pipes are more magnificent than any other brand of pipes.

Poly vinyl chloride pipes have captured most the market because of it

brand image and effectiveness.

Poly vinyl chloride PIPES IN INDIA

Poly vinyl chloride pipes have found wide acceptance in INDIA andabroad. Poly vinyl chloride is one of the most versatile plastic. It can

be extruded molded calendared or thermoformed into a multitude of

furnished products. The Poly vinyl chloride resin can be formulated to

give a wide range of properties ranging form hard, tough materials for

products as diverse as wire and cable insulation and sheeting and

flooring.

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The other external applications are in the field of irrigation, potable

water supplies and public water supplies. Apart from individual sources

like wells, tube wells bore wells, major irrigation sector small project

will have canals and lift irrigating schemes act will have pipe lines.

Poly

EXPORT OF PLASTIC GOOD

Plastic have excellent potentialities. Our country is equipped with all

kind of processing machinery and skilled Labour and undoable, and

extra to boost export, finished plastic products will yield rich divided.

Today India exports plastic products to a many as 80 countries all over

the world. The experts, who were stagnant at around rest assume 60-70

cores per annum double to 129 craters. The Plastic industry has taken

up the challenge of achieving an export target of Rs.17 cores.

Major export markets for plastic products and linoleum are Australia,

Bangladesh, Canada, Egypt, Hong Kong, Italy, Kuwait, Federal

Republic of Germany, Sri Lanka, Sweden, Taiwan, U.K, U.S.A, and

Russia.

With view to boosting the export the plastics and linoleums export

promotion council has urged the government to reduce import duty ofplastic raw material supply indigenous raw materials at international

prices fix duty, draw backs on weighted average basis and charge

freight rate on plastic products on weights basis instead of volume

basis.

ROLE OF PLASTICS IN THE NATIONAL ECONIMY

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Plastics are got perceived as just simple colorful household products in

the mind so common man. A dominant part of the plastics of the

percent and future find their utilization in the areas.

Agriculture and water-management.

Automobile and transportation.

Electronics and telecommunications buildings construction .

Food processing and packaging.

Power and gas distributor.

IMPORATANCE OF PIPES INDUSTRY

We shall look at the basic data about plastics and particularly those

properties which are so fuse in practical working with plastics. Plastics

are man-made materials. The oldest raw materials. The oldest material

for producing plastics is carbonaceous material obtained from coal tar(benzene, phenol).

Today the majority of raw materials are obtained from petrol chemical

source and they can be economically produced in the large quantities.

Plastics have changed our world and day-by-day they are becoming

important. They own their success to whole series of advantage, which

they have over conventional materials such as.

Lightweight

Excellent mould ability

Attractive colors

Low energy requirements for convention

Low maintenance & High strength weight

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Low labour of manufacture

COMPANY PROFILE

Sujala pipes private limited Nandyal was incorporated in the year 1988

it is located in the industrial estate Nandyal. The company has Rani

Plastic Pipes Industry as its sister concern in the manufacture of poly

vinyl chloride pipes. This company is promoted by the Managing

Director Sri S.P.Y.Reddy, B.E (Mech) who has decades of experiencein the manufacturing industry.

The company has three main poly vinyl chloride pipes brands. They

have NANDI, SUJALA AND RANI brands But the flagship brand is

NANDI PIPES. The name NANDI derives forms the historical aspects

of this town Nandyal. The brand name NANDI PIPES as taken from

the pilgrimage place called MAHANANDI which is 15 km from

Nandyal. The company has diversified in to various fields in the recent

past. Apart from manufacture of mineral water under the brand name

Name mineral water dairy products Nandi dairy this supplies regular

milk to the people of Nandyal and villages in and around Nandyal.

The main objective in starting this industry was to cater to the needs of

farmers to facilitate water flow in this area which lakhs rainfall and to

use the water resources productively. This helps the farmers in lifting

the ground water to the surface as well as free flow of the water as an

and when necessary.Initially the industry was producing polythene

pipes and poly vinyl chloride pipes were introduced under the same

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brand name later in 1984-85 the growth of poly vinyl chloride industry

in Rayalaseema area of A.P. has seen rapid growth. The company also

produce poly vinyl chloride fittings. In short it can be concluded that

the company enjoys 95% of south Indian company does is free offer of

transportation to the door steps of the customers when he purchases

100 or more pipes.

The company also provides free medical facilities to the employees.

Sujala pipes private limited also involved in social activities by

providing free water supply to the needy people. Company organize

free medical camps to the poor people. It also gives loans to

unemployed youth in fulfilling their career objective.

Financially the company markets sounds very good. It gives a credit of

21 days to its customers. It has a wide distribution network both in

A.P. as well as neighbour states in the south India. Industrial accidents

are also nil in the company. The company markets products through

telephone orders. It has a wide network of distributors all over south

India.

Production Capacity

Production capacity of 22200 metric tones per annum.

ESTEEMED CUSTOMERS

Nandi Pipes are proud to present list of customers, which includes big

water pipe line projects, dot projects panchyathi raj and industrial

development corporation, etc.

Satya Sai water schemes

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Lorhen projects

NABARD Water schemes

Karnataka land army department

GROWTH

Sujala pipes private limited. It is commissioned with the objectives of

catering to the agriculture need of the region. In earlier day tool used

for water flow were very ineffective with high percentage of seepage

losses. To count this draw back poly vinyl chloride pipe Privatelimited . The major irritants in agriculture practices like of rainfall,

ground water lifting. Water transport with in the fields has provided

magnificent thrust to poly vinyl chloride market. These factors helped

Sujala Pipes Private limited. to record an excellent growth since 1977

onwards.

VARIETY

Product variety has been given moderate prominence and a nominal

differentiation is maintained among its five varieties of products line

length.

NADNIGOLD

NANDI

JALA

RANI

BLUE THREAD

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QUALITY

Quality is the dominating factor in the growth of sales. Well-equipped

and quality Laboratory and quality control office looks after the

quality.

BRAND NAME

Out of life varieties of products offered by the organization, Nandyal

Nandi pipes has got excellent local popularity as it symbolizes the

region and the scared bull. The remaining live got their impact in other

states.

CHANNELS OF DISTRIBUTION:

Sujala Pipes private limited has got zero level and single level

channel Distribution.

Sujala Pipes Private limited has an extensive network of 350

dealers in Andhra Pradesh and who are directly serviced by

company sales force and 620 dealers in South India.

COVERAGE:- At present Andhra Pradesh, part of Southern

States of Karnataka, Tamilnandu and Kerala are in ambit of

Sujala Pipes private limited .

MANUFACTURER CONSUMER

MANUFACTURER CONSUMERDEALER


33/60

TRANSPORT: - Transportation vehicles of Sujala Pipes private

limited. Outnumber the fleet of the competitors vehicle. This

unique strength of the organization enables the delivery system to

be efficient. This event helps the dealers to reduce inventory

levels to the minimum. Thus dealers are also supplemented with

benefit of the lower paid up capital in the form of inventory.

FINANCIAL DEPARTMENT

Though initially the company approached the external sources financialaid. Now the financial status of the company is very sound and is

being run only with self-finance excepting for loans taken on

hypothecation of machinery and stock from SBI Nandyal. The

financial department is headed with financial manager with the help of

forecourt and other clerks of the department. The company follows

cash is paid and financial departments with the help of marketing

departments look after these transaction.

WORKING CAPITAL MANAGEMENT IN SUJALA

PIPES PRIVATE LIMITED

The working capital in Sujala Pipes comprises nearly 60% of total

capital employed. Hence working capital becomes an importance

portion in the Sujala Pipes.

Factors influencing working capital requirements in Sujala

Pipes Private Limited.


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1. Production program

Its production programmer and those of suppliers, and customer affect

the working capital requirement of Sujala Pipes. Thus the size of the

working capital requirement is determined on the basis of the

production programmed and size of the order by the customer in a year.

2.Sales budget

As Sujala Pipes manufactures against customer order and most of the

working capital requirements are met out of the realization of sales, the

estimated sales have considerable influence on the working

requirement of Sujala Pipes.

3. Finance

Availability of finance that is, the cash and bank credit affects the

working capital requirements of Sujala Pipes private limited to

considerable extent.

4. Manufacturing process

In Sujala Pipes private limited length of manufacturing process varies

from one production division to another depending in the products

springs and capacitors and the technological know how used. As the

manufacturing process it has its influence on Sujala Pipe's working

capital requirements.

5.Period of Credit


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The period of credit allowed by the suppliers on purchases and the

period of credit allowed to customers on sale also have their own

influence on working capital requirement of Sujala Pipes.

Sources of finance for working capital

The working capital requirement is estimated through the preparation

of capital and revenue budgets. The main source from which Sujala

Pipes finances is working capital needs are

Realization cash

Cash credit from banks

Cash credit from financial institutions and

Trade credit

Components of Working Capital in Sujala Pipes Private Limited.

The working capital in Sujala Pipes consists of different components

like inventory, Sundry debtors, cash and bank balance, current

liabilities etc. which are shown in the following table along with

amount invested in each for the period of five years.

The structure of working capitals is presented in the table for the

purpose of effective analysis of current assets. Current liabilities and

net working capital have been calculated. Each component of current

assets and current liabilities and expressed as a proposition to total

assets total liabilities.

CASH MANAGEMENT IN SUJALA PIPES PRIVATE

LIMITED


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Sources of Cash:

The main sources through which Sujala pipes private limited gets the

cash from debtors, advances on sales and other sources, Payment of

cash.

The company's main item of expenditure is wages, salaries, bonus,

expenditure salaries, bonus, and expenditure on development, sales tax,

income tax, excise duty, payment to creditors, and interest on

borrowings.

All the payment to creditors is made through cheque and cash even

expenses are paid. Wages, salaries excise duty is paid monthly.

Showing the components of working capital and % for 5 years

of Sujala Pipes Private Limited.


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Particulars

2004-05

(Amount in

Rs.)

%

100

2005-06

(Amount in

Rs.)

%

100

2006-07

(Amount

in Rs.)

%

100

2007-08

(Amount

in Rs.)

%

100

2008-09

(

Amount

in Rs.)

% 100

CURRENT ASSETS

Inventories 1133742110.

321274835

1.1

934344658

26.

3716300356

11.

9439720613 17.98

Sunday

Debtors46298356

42.

1544874766

41.

8321914840

16.

8332555255

23.

8477967182 35.29

Cash and

Bank638870

0.5

83131009

2.9

23601359

207

72263321

1.6

63083413 1.39

Loans and

Advances51545318 46.

957985698 54.

0570366808 54.

0385445883 62.

5777123590 34.91

Total

Current

Assets

109819965 10726630813022766

6

13656481

5220894798

TOTAL CURRENT LIABILITIES

Sunday

Creditors64385730 96 59989566 94 66672316 91 9251085 54 84686762 92

Payable

Expenses2503600 4 3684600 6 6319846 9 7841303 46 7195922 8

Total current

Liabilities66889330 63674166 72992162 17092388 91882684

Net working

Capital42930635 43592142 57235503 11972427

12901211

4

Analysis

The inventories are 10.32% of total current assets during 2004-2005

and 1.19% in 2005-2006 and 26.37% in 2006-2007 and 11.94% in

2007-2008. It shows the levels of inventory gradually increased in

2008-2009 17.98 %.


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The Sundry debtors are 42.15% of total current assets during 2004-

2005, 41.83% in 2005-2006 and 16.83% in 2006-2007 and 23.84% in

2007-2008 and 35.29% in 2008 - 2009. It shows that the amount of

Sundry debtors has been increased during the period 2008-2009.

The cash and bank balances are 0.58% of total current assets in 2004-

2005 and 2.92% in 2005-2006 and 2.77% in 2006-2007 and 1.66% in

2007-2008 and 1.39% in 2008 - 2009. It shows decrease in 2008-2009.

In loans and advances there is 46.9% of total current assets in 2004-

2005 and 54.05% in 2005-2006 and 54.03% in 2006-2007, 62.57% in

2007-2008 and 34.91% in 2008-2009. Here we can say that company

was taking more loans and advances in the year 2007-2008 but less in

2008-2009.The Sundry creditors are 96% of the total liabilities in 2004-

2005 and 94% in 2005-2006 and 91% in 2006-2007, 54% in 2007-2008

and 92% in 2008-2009. It shows a gradual decrease in creditors up to2007-2008 except in2005-2006. Again 2008-2009 Creditors increase.

STATEMENT SHOWING CHANGE IN WORKING CAPITAL

FOR THE YEAR 2004-05

particular 2004 Amount

in RS

2005 Amount

in RS

Increase Decrease

Current Assets

Inventories

Sundry debtors

31141292 11337421 19803871

15543968 46298356 3075388


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Cash and bank

Loan and advance

Total

Current liabilities

Sundry liabilities

Expenses payable

Auditor fee

Total

Net increase in

working capital

480196 638870 158674

44068784 51545318 7476534

91234240 109819965

52129639 64385730 12256091

2256726 2493600 236874

10000 10000

54386365 66889330

36847875 42930635 6082760

Analysis: Above table show statement of changing working capital

during 2004-05 which has a net decrease in working capital

Rs. 6082760.




in RS

2006 Amount

in RS

Increase Decrease

Current Assets

InventoriesSundry debtors

11337421 1274835 1006258646298356 44874766 1423590


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Cash and bank

Loan and advance

Total

Current liabilities

Sundry liabilities

Expenses payable

Total

Net increase in

working capital

638870 3131009 2492139

51545318 57985698 6440380

109819965 107266308

64385730 59989566 4396164

2503600 3684600 1181000

66889330 63674166

42930635 43592142 661507


during 2005-06 which has a net increase in working capital

Rs 661507



particular 2006Amount

in RS

2007 Amount

in RS

Increase Decrease


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Current Assets

Inventories

Sundry debtors

Cash and bank

Loan and advance

Total

Current liabilities

Sundry liabilities

Expenses payable

Total

Net increase in

working capital

1274835 34344658 33069823

44874766 21914840 22959926

3131009 3601359 470350

57985698 70366808 12381110

107266308 130227666

59989566 66672316 6682750

3684660 6319846 2635186

63674226 72992162

43592412 57235504 13643362


during 2006-07, which has a net increase in working capital

Rs1364336




in RS

2008 Amount

in RS

Increase Decrease


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Current Assets

Inventories

Sundry debtors

Cash and bank

Loan and advance

Total

Current liabilities

Sundry liabilities

Expenses payable

Total

Net increase in

working capital

34344658 16300356 18044302

21914840 32555255 10640415

3601359 2263321 1338038

70366808 85445883 15079075

130227666 136564815

66672316 9151085 57421231

6319846 7841303 1521457

72992162 17092388

57235504 119472427 62236923


during 2007-08 which has a net increase in working capitalRs. 62236923.




in RS

2009 Amount

in RS

Increase Decrease


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Current Assets

Inventories

Sundry debtors

Cash and bank

Loan and advance

Total

Current liabilities

Sundry liabilities

Expenses payable

Total

Net increase in

working capital

16300356 39720613 23420257

32555255 77967182 45411927

2263321 3083413 820092

85445883 77123590 8322293

136564815 220894798

9151085 84686762 75435677

7841303 7195922 645381

17092388 91882684 17092388

119472427 129012114 9539687


during 2008-09 increase RS 9539687

CASH TO NET WORKING CAPITAL RATIO

Showing Cash to Net Working Capital of Sujala Pipes Private Limited

YEARS CASH & BANK

BALANCE

NET WORKING

CAPITAL

CASH TO NWC

RATIO

2004-2005 638870 42930635 1.48


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2005-2006 3131009 43592142 7.18

2006-2007 3601359 57235503 6.29

2007-2008 2263321 119472427 1.9

2008-2009 3083413 129012114 2.4

TABLE:1

Analysis: Table 1 portrays the size of cash and bank balances in Sujala

pipes from 2004-2005 to 2008-2009 as a percentage of net working

capital. The cash and bank balances were 1.5% of net working capital

during 2004-2005, 7.02% during 2005-2006, 6.3%

during 2006-2007, 1.9% during 2007-2008 and 2.4% during the year

2008-2009.

Interpretation:-

The net working capital ratio indicates the proposition of cash and bank

balances maintained by Sujala Pipes private limited. It is assumed

amount importance as the level of cash balances decides the liquidity

profitability aspects of the company. The lower the cash to net working


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capital the greater may be the profitability of the concern and vice-

versa.

If any company holds too low cash and bank balances in relation to net

working capital, it implies inability of firm to meet day-to-day

requirements of cash in the present. Study cash to current ratio of

Sujala Pipes reveals it was 1.5% in 2004-2005, and increased to 7.2%

in 2005-2006 and decreased to 6.3% in 2006-2007 and again decreased

to 1.9% in the year 2007-2008 and the 2008-2009 also decreased 2.4%

again.

INVENTORIES TO TOTAL CURRENT ASSETS

Showing percentage of Inventories to Total Current Assets of Sujala

pipes Private Limited.

year Inventories

Total current

assets

% Of Inventory to total

current assets

2004-2005 11337421 109819965 10.30%

2005-2006 1274835 107266308 1.20%

2006-2007 34344658 130227666 26.40%

2007-2008 16300356 136564815 11.90%

2008-2009 39720613 220894798 17.90%


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TABLE:-2

Analysis:-

The table 2 shows inventory to total current assets as a percentage of

the total current assets in the year 2004-2005 is 10.3%, in the year

2005-2006 is 1.2%, in the year 2006-2007 is 26.4%, in the year 2007-

2008 is 11.9% and in the year 2008 - 2009 is 17.9%.

Interpretation:-

The total inventory as a percentage of the total current has 10.3% in the

year 2004-2005, it has gone down to 1.2% in the year 2005-2006 and

again increase to 26.4% in the year 2006-2007 and decreased to 11.9%

in the year 2007-2008 and the year 2008-2009 again increase 17.9%.

The percentage of inventories to current assets indicates that the

inefficiency of inventory management in Sujala Pipes has gone from

2004-2009. Since there is decrease in the percentage indicates the

inefficiency of inventory management has decreased.


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Current ratio

Showing of Current Ratio of Sujala pipes Private Limited.

year current assets current liabilities current ratio

2004-2005 109819965 66889330 1.64

2005-2006 107266308 63674166 1.68

2006-2007 130227666 72992162 1.78

2007-2008 136564815 17092388 7.98

2008-2009 220894798 91882684 2.4

TABLE:-3

The calculated current ratio indicates the proportion of current assets to

current liabilities in all years is below than the standard ratio (2: 1).

Analysis


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The calculated current ratios are 1.64% in 2004-2005, 1.68% in 2005-

2006, 1.78% in 2006-2007, 7.98% in 2007-2008 and 2.40% in 2008-

2009. Since the ratio is less than its standard in all the years the short-

term financial position of the company is not satisfactory.

Interpretation:-

Current ratio is the relationship between current assets and current

liability from the year 2004-2005, 2005-2006, 2006-2007 . The

company has maintained stable current ratio but in 2007-2008. It has

increase to 7.28 the proportions change in current assets. In less than

the proportions change in current liability 2008-2009.It has reached 2.4.

When compeering with idle ratio 2:1.

LIQUIDITY/QUICK RATIO:-

Showing of Liquidity ratio of Sujala pipes Private Limited.

year quick assets current liabilities quick ratio

2004-2005 98482545 66889330 1.47

2005-2006 105991473 63674166 1.66

2006-2007 95883008 72992162 1.31

2007-2008 120264459 17092388 7.03

2008-2009 181174185 91882684 1.97


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TABLE:-4

Analysis:-

The calculated liquid ratio is 1.47% in 2004-2005, 0.99% in 2005-

2006. 1.66% in 2006-2007. 1.31% in 2007-2008 and 7.03% in 2008-

2009. The increase from 2006-2007 and it continued to 2008-2009 is

1.9%.

Interpretation:-

Quick ratio is the relationship between quick assets and quick liability

from the year 2004-2005, 2005-2006, 2006-2007 . The company has

maintained stable quick ratio but in 2007-2008. It has increase to 7.03

the proportions change in quick assets. In less than the proportions

change in quick liability 2008-2009.It has reached 1.97. When

compeering with idle ratio 1:1.


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DEBTORS TURNOVER RATIO

Showing of debtor turnover ratio of Sujala pipes Private Limited.

YEAR SALE SUNDRYDEBTORS

DEBTORTURNOVER RATIO

2004-2005 722171487 46298356 15.59

2005-2006 452109722 44874766 10.07

2006-2007 722957732 21914840 32.98

2007-2008 991439168 32555255 30.45

2008-2009 1089453933 77967182 13.97

Table 5

Analysis :The calculated Debtors Turnover Ratio has 15.59 in 2004-

2005 decreased to 10.7 in 2005-2006 and increased to 32.98 in 2006-

2007 and decreased by 30.98 in 2007-2008 and decreased to 13.97

during the year 2008-2009.


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Interpretation:

There is no rule of thumb, which may be used, as a norm to interpret

the ratio as it may be different from firm to firm. Depending upon the

nature of the business. This ratio should be compared with the ratio of

other firms doing similar business and a trend may also be found to

make better interpretation of the ratio.

INVENTORY TURNOVER RATIO

Inventory turnover ratio indicates the efficiency of the firm inproducing and selling its products.

Showing of inventory turnover ratio of Sujala pipes Private Limited.

YEAR SALE AVERAGE

INVENTORY

INVENTORY

TURNOVER RATIO

2004-2005 722171487 31141342 23.19

2005-2006 452109722 6306128 71.69

2006-2007 722957732 17809747 40.51

2007-2008 991439168 25322507 39.15

2008-2009 1089453933 56020969 19.44


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TABLE 6

Analysis:shows calculated Inventory Turnover Ratio, it has 23.19% in

the year 2004-2005, in the year 2005-2006 71.69%, in the year 2006-

2007, 40.59%, in the year 2007-2008 39.15 % and 2008-2009 is

35.46%.

Interpretation :

Inventory turnover ratio measures the velocity and to measure the

efficiency of the company selling its products. In the year 2004-2005 it

was 23.19, and 71.69 in the year 2005-2006, and 40.59 decreased it in

the year 2006-2007 and it was decreased to 39.15 in the year 2007-

2008and it was decreased to 19.44 in 2008-2009. The firm has to

maintain efficient management of inventory.


53/60

FINDINGS

The following are the finding of Sujala pipes private limited with

regards to working capital management from 2004 to 2009.

In the year 2005-2006 the cash in hand is 638870 it has increased

in 2005-2006 3.9 times because the main reason is that in 2005-

2006. The sundry debtors are repaid money and the company has

taken some more secured loans with these points the cash and

bank balance has increased.

In 2007-2008 the company has issued some more shares worth

1500000 and even in 2005-2006, 2006-2007, 2007-2008, 2008-

2009 also the amount paid by the sundry debtors.

In the year 2004-2005 the company was maintained good

inventory level but in 2005-2006. It has decreased due to

increasing prices of row materials and decrease in the selling ofgoods from 2006-2007, 2007-2008, and 2008-2009. And also the

inventory was increase due to the new customers was joined and

sales was increasing due to the company was maintains good

quality and quantity inventory levels.

As marketing techniques the credit sale was increase the sale

turnover the company maintains good sundry debtors in the year

2004-2005 and 2005-2006. Sundry debtors was decrease because

they are paid the money in 2006-2007 and also it was heavenly

decreased from 2007-2008, 2008-2009. It was suddenly increased

due to increase credit sales.


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In the year 2004-2005 the company has maintained current assets

but it was increase and increasing the year from 2004-2005,

2005-2006, 2006-2007 inventory cash and bank balance was

increase due to repaid money from debtors. And the company has

issued once more shares worth RS 1500000 with it is the current

assets are increase.

From the year 2003-2004 and 2004-2005. It was decrease the

company was paid the money paid to them from the year 2004-

2005 and 2005-2006. It was increase in this case it was clear that

the company has purchased row material on credit period but in

2006-2007 it was heavenly decreased due to Payment them than

it was increased in 2007-2008 to 84686762 from 9251085.

In the year 2004-2005 it was only 2503600 but it was increased

from 2005-2006, 2006-2007, and 2007-2008. Due to increase in

payable income tax and excise due in these years. And they

suppose to pay the interest on secured and the secured loans.

The company day to day projections are increasing in order to

meet those projections the company has to increase working

capital for the company working capital increase.

Cash to net working capital ratio is the relation between the cash

and bank and net working capital . The net working capital ratio

indicates the proposition of cash and bank balance maintained by

the Sujala pipes private limited

In the year 2005-2006 the capital net working capital 0.89

decrease why because the company paying the borrow or loans to


55/60

the debtors. In the year 2006-2007 the company net working

capital 4.39 decrease why because the company purchase the

some fixed assets and pay the loans.

In the year 2007-2008 the capital net working capital 0.5 increase

why because the company profit account also increasing and as

well as the company pay current liability for the future period .

The company net working capital also increase.

Current ratio is the relationship between current assets and

current liability from the year 2003-2004, 2004-2005, 2005-2006

. The company has maintained stable current ratio but in 2006-

2007. It has increase to 7.28 the proportions change in current

assets. In less than the proportions change in current liability

2007-2008. It has reached 2.4. When compeering with idle ratio

2:1.

Quick ratio is the relationship between quick assets and quick

liability from the year 2003-2004, 2004-2005, and 2005-2006.

The company has maintained stable quick ratio but in 2006-2007.

It has increase to 7.03 the proportions change in quick assets. In

less than the proportions change in quick liability 2007-2008.It

has reached 1.97. When compeering with idle ratio 1:1.

SUGGESTIONS


56/60

The company fully utilized the ideal working capital.

The company reducing theoperating cycle to a minimum level.

The company should have invested money on fixed assets.

The company makes investments in inventories.

The company should have maintained new technology. It will

useful in future.


57/60

CONCLUSION

I feel that Sujala Pipes private limited has very good

reputation in the market. It is financially very strong. Further

professionalization of management in handing the financial

statements may be encouraged. The company's over all position

is very much satisfactory. I have realized that I have undergone

good experience in the project period.

ANNUAL REPORT


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PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED

31ST MARCH 2005TO 31ST MARCH 2009

Particulars

Sche

dule

31st March

2005

(Amount in

Rs.)

31st March

2006

(Amount in

Rs.)

31st March

2007

(Amount in

Rs.)

31st March

2008

(Amount in

Rs.)

31st March

2009

(Amount in

Rs.)

Income

Sales and other

receipts

Other Income

Increase in inventory

Total

H

722171488

2632169

(-)248650

724555007

45109722

2862144

(-)3337830

451634035

722957732

2918465

13958536

739834793

991439168

3165734

(-)12483398

992121504

1089453932

2945178

3368248

1095767358

Expenditure

Materials

Consumable stores

Employee remune-

ration and Benefits

Manufacturing and

other expenses

Administrative Exp.

Depreciation

I

511061884

43432774

5364250

50967793

90734710

21737907

297881300

21340684

9098308

24036950

76427751

20699674

496602692

8722580

11395594

77173885

122568761

20816011

690996504

8640932

13497858

55898421

191857232

24883180

807902560

9108323

14047769

57327343

174535028

24329058

TOTAL II 723296318 449484667 737239523 985774127 1087250081

Profit for the year

Add: Balance

Brought forward from

previous year

Add: Transfer of

central subsidyAdd: Additional

income offered

Less: Transfer of

income tax advance

1258689

20396947

2149368

21655636

2555270

23805004

6347376

26360274

3000000

8517277

35707650

601950

5212794

Profit carried to

Balance sheet

21655636 23805004 26360274 35707650 39614083


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BALANCE SHEET AS AT

31ST MARCH 2005TO 31ST MARCH 2009

ParticularsSche

dule

31st March

2005

(Amount inRs.)

31st March

2006

(Amountin Rs.)

31st March

2007

(Amount inRs.)

31st March

2008

(Amountin Rs.)

31st March

2009

(Amount inRs.)

SOURCE OF FUNDS:

Share Holders Funds

Share Capital

Reserves & Surplus

Profit & Loss A/c

Central subsidy

A

5000000

21655636

601950

5000000

23805005

601950

5000000

26360274

601950

20000000

35707650

601950

20000000

39614084

-

Loans fundsSecured Loans

Unsecured Loans B102501883

28912384

95074239

23395036

120660225

23151850

178857677

22946135

177040117

22858914

TOTAL 15871854 147876230 175774299 258113413 259513115

APPLICATION OF FUNDS

Fixed AssetsGross Block

Less: Depreciation

Net Block

C195126294

81165076113961218

204368838

101864750102504088

239439556

122680761116758795

284424926

147563941136860985

300029971

171308970128721001

Investments 1780000 1780000 1780000 1780000 1780000

Current Assets

Loans and Advances

Less :Current Liabilities

and Provisions

Net Current Assets

D

109819965

66889329

42930636

107266308

63674166

43592142

130227665

72992162

57235503

136564815

17092387

119472428

220894797

91882683

129012114

Miscellaneous

expenditureE

- - - - -

TOTAL 158671853 147876228 17577499 258113411 259513116


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prakash - working capital project

Documents