Documente Academic
Documente Profesional
Documente Cultură
INTRODUCTION
Financial management is a process of identification, accumulation,
analysis, preparation, interpretation communication of financial information
and communication of financial information to plan, evaluate, and control
business firms.
Financial management is the specialized function of general
management, which, is relates to the procurement of finance, and its
effective utilization for the achievement of the goal of the organization.
DEFINITIONS
(1) Financial Management is defined as that business activity which is
concerned with the acquisition and conservation of capital funds in
meeting the financial needs and overall objectives of business
enterprises
-WHEELER.
ECE
DEPARTMENT OF MBA
CONCEPTS OF FUNDS
The term 'funds' have a variety of meaning. Some people take funds
synonymous to cash, and to them there is no difference between a cash flow
statement prepared on the basis and a fund flow statement. While other
include marketable securities and cash to constitute business funds. How
ever the most common definition of the term 'Fund' is 'working capital' or
net 'current assets'. Thus the difference between current and current
liabilities is called funds.
DEFINITIONS
The funds flow statement described the sources from which additional
funds were derived and used to which these funds are put.
R.N.ANTONY
The fund flow statement is an important device for brining to light the
underlying financial movements the ebb and flow of funds.
PATON & PATON
ECE
DEPARTMENT OF MBA
unbalanced
How was it possible to distribute dividends in excess of current
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
Decision of capitalization :
The funds flow statement serves as hand maid to the financial manager in
deciding the making up of capitalization. Estimated user of funds for new
fixed assets, working capital, dividends and repayment of debt are made for
each of several futures years. Estimates are made for each of several future
years. Estimate is made of the funds to be provided by operations and the
balance must be obtained by barrowing or issuance of new securities. If the
indicated amount of new funds required is greater than what the financial
Manager thinks possible to raise, then plans for new fixed assets acquisition
and the dividend policies are re-examined so that the use of the funds can be
brought into balance with the anticipated sources of financing them. In
particular funds statements are very useful in planning intermediate and long
tern financing.
USES OF FUNDS FLOW STATEMENT
Funds flow statement helps the financial analyst in having a more detailed
analysis and understanding of changes in the distribution of resources
between two balance sheet dates. In case such study is required regarding the
future working capital position of the company, a projected funds flow
statement can be prepared. The uses are as follows.
It explains financial consequences of balances operation
unbalanced
ECE
DEPARTMENT OF MBA
How was it possible to distribute dividends in excess of current
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
account.
Statement of retained earnings,
A statement of changes in financial position.
Financial Statement
ECE
DEPARTMENT OF MBA
identify the movement of working capital or cash in and out of the business
this information is available in the statement of changes in financial position
of the business.
11
ECE
DEPARTMENT OF MBA
only one can draw an inference that fixed assets are acquired by raising
share capital of Rs.3,00,000 similarly, Certain important transitions which
might (Occur during the course of the accounting) not find any place in the
Balance Sheet. For example, if a loan of Rs.3,00,000 was raised and paid in
the accounting year, the balance sheet will not depict this transaction.
However, a financial analyst must know the purpose for which loan was
utilized and the source from it was raised. This will help him in making
better estimates about the company's financial position and policies.
FINANCIAL ANALYSIS
Financial analysis is highly essential to understand the efficiency and
financial position of the enterprise.
The term 'Analysis' means methodical clarification of the data provided in
the financial statements. 'Analysis' and 'Interpretation' are complementary to
each other Interpretation requires analysis, while analysis is useless without
interpretation. The term 'Analysis' to cover the meanings of analysis and
interpretation, since analysis involves interpretation.
Myres States
"Financial statement analysis is largely a study of the relationship among the
various financial factors in a business as disclosed by a single set of a
statements and a study of the trend of these factors as shown in a series of
statements".
TYPES OF FINANCIAL ANALYSIS
We can classify various types of financial analysis in to different categories
depending upon.
12
ECE
DEPARTMENT OF MBA
The material used
The method of operation fallowed in the analysis of the modus
operand! Of analysis.
13
ECE
DEPARTMENT OF MBA
14
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
(or) devices are used to study the relationship between different statements.
An effort is made to use those devices which clearly analysis are generally
used.
Comparative statement
Common size statement
" Trend analysis
Funds flow statement
Cash flow statement
Ratio analysis
Cost volume profit analysis
(ii)
16
ECE
DEPARTMENT OF MBA
17
ECE
DEPARTMENT OF MBA
Prepaid expenses
It should be noted that short term investment should be included in the
definition of the term current assets while loose tools should be excluded
from the category of current assets. Of course, this is not strictly
accordingly to the requirements of the companies Act regarding
presentation of financial statement where investments even though held
18
ECE
DEPARTMENT OF MBA
Account payable
Outstanding expenses
Bank overdraft
Short term loans
Advance payment received by business
ECE
DEPARTMENT OF MBA
All liability other than current liability comes with in the category of
Non-current liabilities. They include share capital, long term loans,
debentures, hare premium, credit balance in the profit & loss Account.
Revenue and capital reserve, dividend equalization fund, debentures sinking
fund.
20
ECE
DEPARTMENT OF MBA
21
ECE
DEPARTMENT OF MBA
As On
As On
Changes
Increase
Decrease
ECE
DEPARTMENT OF MBA
Increase in a current assets, result in increase in working capital,
Decrease in a current asset result in decrease in working capital,
Increase in a current liability results in decrease in working capital,
Decrease in a current liability results in increase in working capital.
23
ECE
DEPARTMENT OF MBA
24
ECE
DEPARTMENT OF MBA
INTERNAL SOURCE
Funds from operation is the only internal source of funds how ever, the
following adjustment will be required in the figure of net profit for finding
our real funds from operation.
Depreciation on Fixed assets
Preliminary expenses and good will written / off.
Contribution to debentures redemption fund transfer to general
reserve.
Loss on sale of fixed assets.
Provision for tax proposed dividend.
EXTERNAL SOURCES
Funds from long term loans
Long term loan such as debentures borrowing from financial institutions will
increase the working capital and therefore, there will be Flow of Funds.
However if the debenture have been issued in consideration of some fixed
assets, there will be no flow of funds.
State of fixed assets
Sale of land, Building Long term investment will result in generation of
funds.
Funds from increase in share capital
Issue of share for cash or for my other current assets result in increase in
working capital and hence will be a flow of funds.
25
ECE
DEPARTMENT OF MBA
APPLICATION OF FUNDS:The uses to which funds are called application of funds. Following are same
of the purpose for which funds may be used.
PURCHASE OF FIXED ASSETS
Purchase of fixed assets such as land, Building Plant, Machinery long term
investments etc, results in decrease of current assets. With out any decrease
in current liabilities. Hence there will be a flow of funds. But in the case of
debentures are issued for acquisition of fixed assets, there will be no Flow of
funds.
PAYMENT OF DIVIDEND
Payment of dividend result in decrease of fixed liability and therefore it
affects funds generally recommendations of directors regarding declaration
of dividends is simply taken as an appropriation of profit and not as an item
effecting the working capital.
PAYMENT OF FIXED LIABILITY
Payment of long term liability such as redemption of debentures of
redemption of redeemable preference shares results in reduction of working
capital and hence it is taken as application of fund.
PAYMENT OF TAX LIABILITY
Provision for taxation is generally taken as an appreciation of profit and not
as an application fund. But if the tax has been paid it will be taken as an
application.
26
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
28
ECE
DEPARTMENT OF MBA
move out of business non operating items are those which although may
result in the outflow of funds but are not related to the trading operations of
business such as loss on sale of machinery or payment of dividends the
method of calculating funds from operation have been discussed.
METHOD OF CALCULATING FUNDS FROM OPERATION
The first method is to prepare the Profit & loss A/c a fresh by taking
in to Consideration only funds and operational items, which involve
funds, are related to normal operation of the business. The balancing
figures in this case will be either funds generated from operations or
funds in operations depending up on. The income or audit side (or)
profit & loss a/c exceeds the expenses or debit side of profit & loss
a/c or vice versa.
The second method which is generally used to precede from figure of
net profit & loss account already prepared Funds from operations by
this method can be calculated as under.
29
ECE
DEPARTMENT OF MBA
Amount
Depreciation
on
Fixed xxxx
Particulars
Amount
By Opening Balance
xxxx
assets
To Good Will written off
xxxx
To preliminary Expenses
xxxx
Payment
of
xxxx
By
proposed
Funds
from xxxx
operations
dividend
xxxx
xxxx
xxxx
To Closing Balance
xxxx
(Balancing Figure)
xxxx
30
ECE
DEPARTMENT OF MBA
Amount
Issue of shares
xxxx
Redemption
Issue of debentures
xxxx
redeemable
xxxx
Preferenceshares
Payment of equity xxxx
xxxx
shares capital
Operating Profit
xxxx
Redemption
xxxx
debentures
Payment of
of xxxx
of xxxx
other
of
fixed xxxx
assets
Operating Loss
xxxx
Net
increase
in xxxx
working capital
TREATMENT OF ADJUSTMENTS
31
ECE
DEPARTMENT OF MBA
Some times the factors affecting the funds from operation may not be given
in the problem directly and there may be some hidden information as such
some of the transactions have to designed our using the additional
information provided as adjustments to the balance sheet there items
include.
Provision for tax
Proposed dividend
Sale (or) Purchase of fixed assets
PROVISION FOR TAX
It is a current liability while preparing on funds flow statement there are two
options available.
Provision for Tax may be taken as a current liability. In such a case,
where provision for tax is made there transaction involves profit and loss
appropriation Account which is a fixed liability and provision for Tax
Account. Which is a current liability it will thus decrease the working
capital on payment of tax there will be no change in working capital
because it will involve one current liability and other a current assets.
Provision for tax may be taken only as on appropriation of profit. It
means that will no change in working capital position when provision for
tax is made since it involves two fixed liabilities, i.e. profit and loss
appropriation a/c and provision for tax account however what tax is paid
it will be taken as application of funds because it will when involves
provisions for tax account which has been taken as a fixed liability and
bank account which is a current asset.
32
ECE
DEPARTMENT OF MBA
PROPOSED DIVIDEND
What ever has been said about the 'Provision for Tax' is also applicable to
"Propose dividends" proposed dividend can also be death with in two ways.
Proposed dividend may be taken as a current liability since declaration of
33
ECE
DEPARTMENT OF MBA
34
ECE
DEPARTMENT OF MBA
35
ECE
DEPARTMENT OF MBA
36
ECE
DEPARTMENT OF MBA
METHODOLOGY
Methodology describes the method of achieving objectives through
collection of data. The data collected can be either primary or secondary.
The above information is carried on with the co-operation of the
management of Amaravathi Textiles Pvt.Ltd.
Primary data:
Primary data is the data, which has been collected directly from the
people of the organization it is also called as first hand data. The primary data is
collected by discussions with the functional managers, officers, staff and other
members of the organization.
Secondary data:
Secondary data is those which have been already collected by some
agency and which have been processed. Secondary data for the present study
has been collected from margins, journals and annual reports, published books,
reference books, websites and any other in direct.
The secondary data is obtained from annual report and financial
statement that is balance sheet and profit and loss account, annual reports, and
from the textbooks of financial management. Here the project is done on
secondary data.
37
ECE
DEPARTMENT OF MBA
LIMITATIONS OF STUDY
DATA
SOURCES
Primary
Secondary
Sources
Sources
Personal
Observance
Management
Respondents
Inside the
Outside the
Company
Company
Text books
Journals
Annual
Reports
38
ECE
DEPARTMENT OF MBA
The study is based on the information available in the latest balance sheets of
the company, these balance sheets suffers a few limitations.
The study is based on the working capital analysis only.
The study is made only through secondary source of data. Normally
this will not facilitate to undertake a deeper study on the subject taken
into consideration.
The study is limited to a period of five years for analysing the data.
This study of working capital does not reflect the whole financial
position of the organization.
INDUSTRY PROFILE
39
ECE
DEPARTMENT OF MBA
40
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
cultivation went to Pakistan. Some mills were closed down for some time.
For a number of years since independence, Indian mills had to import
cotton from Pakistan and other countries.
After independence, the cotton textile industry made rapid strides under the
Plans. Between 1951 and 1982 the total number of spindles doubled from
11 million to 22 million. It increased further to well over 26 million by
1989-90.
CURRENT POSSITION OF TEXTILE INDUSTRY IN INDIA
Textile constitutes the single largest industry in India. The segment of the
industry during the year 2000-01 has been positive. The production of
cotton declined from 156 lakh bales in 1999-2000 to 1.40 lakh bales during
2000-01. Production of man-made fibre increased from 835 million kgs in
1999-2000 to 904 million kgs during the year 2000-01 registering a growth
of 8.26%. The production of spun yarn increased to 3160 million kgs
during 2000-01 from 3046 million kgs during 1999-2000 registering a
growth of 3.7%. The production of man-made filament yarn registered a
growth of 2.91% during the year 1999-2000 increasing from 894 million
kgs to 920 million kgs. The production of fabric registered a growth of
2.7% during the year 1999-2000 increasing from 39,208 million sq mtrs to
40,256 million sq mtrs. The production of mill sector declined by 2.6%
while production of handloom, powerloom and hosiery sector increased by
2%, 2.7% and 5.1% respectively. The exports of textiles and garments
increased from Rs. 455048 million to Rs. 552424 million, registering a
growth of 21%. Growth in the textile industry in the year 2003-2004 was
Rs. 1609 billion. And during 2004-05 production of fabrics touched a peak
42
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
44
ECE
DEPARTMENT OF MBA
and
consolidation
for
creating
globally
competitive industry.
STRUCTURE OF INDIAS TEXTILE INDUSTRY
The textile sector in India is one of the worlds largest. The textile industry
today is divided into three segments:
Cotton Textiles
Synthetic Textiles
Other like Wool, Jute, Silk etc.
All segments have their own place but even today cotton textiles continue
to dominate with 73% share. The structure of cotton textile industry is
very complex with co-existence of oldest technologies of hand spinning
and hand weaving with the most sophisticated automatic spindles and
loom. The structure of the textile industry is extremely complex with the
modern, sophisticated and highly mechanized mill sector on the one hand
and hand spinning and hand weaving (handloom sector) on the other in
between falls the decentralised small scale powerloom sector.
Unlike other major textile-producing countries, Indias textile industry is
comprised mostly of small-scale, nonintegrated spinning, weaving,
finishing, and apparel-making enterprises. This unique industry structure
45
ECE
DEPARTMENT OF MBA
is primarily a legacy of government policies that have promoted laborintensive, small-scale operations and discriminated against larger scale
firms:
Composite Mills.
Relatively large-scale mills that integrate spinning, weaving and,
sometimes, fabric finishing are common in other major textile-producing
countries. In India, however, these types of mills now account for about
only 3 percent of output in the textile sector. About 276 composite mills
are now operating in India, most owned by the public sector and many
deemed financially sick. In 2003-2004 composite mills that produced
1434 m.sq mts of cloth. Most of these mills are located in Gujarat and
Maharashtra.
Spinning.
Spinning is the process of converting cotton or manmade fiber into yarn
to be used for weaving and knitting. This mills chiefly located in North
India. Spinning sector is technology intensive and productivity is affected
by the quality of cotton and the cleaning process used during ginning.
Largely due to deregulation beginning in the mid-1980s, spinning is the
most consolidated and technically efficient sector in Indias textile
industry. Average plant size remains small, however, and technology
outdated, relative to other major producers. In 2002/03, Indias spinning
sector consisted of about 1,146 small-scale independent firms and 1,599
larger scale independent units.
Weaving and Knitting.
46
ECE
DEPARTMENT OF MBA
The weaving and knits sector lies at the heart of the industry. In 2004-05,
of the total production from the weaving sector, about 46 percent was
cotton cloth, 41 percent was 100% non-cotton including khadi, wool and
silk and 13 percent was blended cloth. Three distinctive technologies are
used in the sector handlooms, powerlooms and knitting machines.
Weaving and knitting converts cotton, manmade, or blended yarns into
woven or knitted fabrics. Indias weaving and knitting sector remains
highly fragmented, small-scale, and labour-intensive. This sector consists
of about 3.9 million handlooms, 380,000 powerloom enter-prises that
operate about 1.7 million looms, and just 137,000 looms in the various
composite mills. Powerlooms are small firms, with an average loom
capacity of four to five owned by independent entrepreneurs or weavers.
Modern shuttleless looms account for less than 1 percent of loom
capacity.
Fabric Finishing.
Fabric finishing (also referred to as processing), which includes dyeing,
printing, and other cloth preparation prior to the manufacture of clothing,
is also dominated by a large number of independent, small-scale
enterprises. Overall, about 2,300 processors are operating in India,
including about 2,100 independent units and 200 units that are integrated
with spinning, weaving, or knitting units.
Clothing.
Apparel is produced by about 77,000 small-scale units classified as
domestic
manufacturers,
manufacturer
exporters,
and
fabricators
(subcontractors).
47
ECE
DEPARTMENT OF MBA
48
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
50
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
world textile trade has risen to 3.1 percent in 1999-2000 as against 1.80
percent in early nineties.
Exports have grown at an average of 11 percent per annum over the
last few years, while world textile trade has grown only about 5.4 per cent
per annum in the same years. During the year 2000-01 Indias textile
export was US$ 12014.4 million. It was increased the year 2004-05 US$
13038.64 million. The exports of textiles (including handicrafts, jute, and
coir) formed 24.6% of total exports in 2001-2002, however this
percentage decreased to 16.24% during 2004-2005. The textile exports
recorded a growth of 15.3% in 2002-2003 and 8.7% in 2003-2004.
Textile exports during the period of April-February 2003-2004
amounted to $11,698.5 million. During 2004-05 textile exports were US$
13,039.00 million, recording a decline of 3.4% as compared to the
corresponding period of previous year. However, during April-November,
2005, the textile exports have shown growth of 8.2% as compare to the
corresponding period of previous year.
Against a target of US$ 15,160 million during 2004-05, the textile
exports were of US$13039 million, registering a shortfall of 14% against
the target. The overall export target for 2005-06 has been fixed at US$
15,565 million. In 2005 textile and garments accounted for about 16% of
export earning. Indias textile export to the US has shown a good rise of
29.5% between January and June 2005.
INVESTMENT IN TEXTILE INDUSTRY
52
ECE
DEPARTMENT OF MBA
Investment is the key for Indian textiles to make rapid strides. The Vision
Statement prepared by the Indian Cotton Mills federation has projected
that the industry has the potential to reach a size of $85 billion by 2010
from the current level of $ 36 billion. Further, the vision statement has
estimated that textile exports could touch $40 billion by 2010 from $ 11
billion in 2002. In the process, Indias share in the global textile and
clothing trade is expected to double from three percent in 2002 to six
percent by 2010.
To reach these this ambitious target, it is estimated that new investment to
the tune of Rs.1, 40,000 crores will be needed in the next five years. After
analysing the capacity and technology levels in various segments of
textile Industry and the need for modernisation, funds required for various
segments have been below.
53
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
per year in textile and apparel exports by 2010.86 The NTP 2000 opens
the countries apparel sector to large firms and allows up to 100 percent
FDI in the sector without any export obligation.
Export Promotion Capital Goods (EPCG) Scheme
To promote modernization of Indian industry, the GOI set up the Export
Promotion Capital Goods (EPCG) scheme, which permits a firm
importing new or Secondhand capital goods for production of articles for
export to enter the capital goods at preferential tariffs, provided that the
firm exports at least six times the c.i.f. value of the imported capital goods
within 6 years. Any textile firm planning to modernize its operations had
to import at least $4.6 million worth of equipment to qualify for duty-free
treatment under the EPCG scheme.
Export-Import Policy
The GOIs EXIM policy provides for a variety of largely export-related
assistance to firms engaged in the manufacture and trade of textile
products. This policy includes fiscal and other trade and investment
incentives contained in various programs.
Duty Entitlement Passbook Scheme (DEPS)
DEPS is available to Indian export companies and traders on a pre- and
post-export basis. The pre-export credit requires that the beneficiary firm
has exported during the preceding 3-year period. The post-export credit is
a transferable credit that exporters of finished goods can use to pay or
offset customs duties on subsequent imports of any unrestricted products.
55
ECE
DEPARTMENT OF MBA
Public
Sector
Undertakings/
Other
Central
/State
financial
institutions
for
bench marked
projects
of
ECE
DEPARTMENT OF MBA
for large and medium small scale industry and jute industry respectively.
They have co-opted 148 leading commercial banks/cooperative banks and
financial institutions like State Finance Corporations and State Industrial
Development Corporation etc.
Scheme for Integrated Textile Parks (SITP)
To provide the industry with world-class infrastructure facilities for
setting up their textile units, Government has launched the Scheme for
Integrated Textile Parks (SITP) by merging the Scheme for Apparel Parks
for Exports (APE) and Textile Centre Infrastructure Development Scheme
(TCIDS). This scheme is based on Public-Private Partnership (PPP) and
envisages engaging of a professional agency for project execution. The
Ministry of Textiles (MOT) would implement the Scheme through
Special Purpose Vehicles (SPVs).
National Textile Corporation Ltd. (NTC)
National Textile Corporation Ltd. (NTC) is the single largest Textile
Central Public Sector Enterprise under Ministry of Textiles managing 52
Textile Mills through its 9 Subsidiary Companies spread all over India.
The headquarters of the Holding Company is at New Delhi. The strength
of the group is around 22000 employees. The annual turnover of the
Company in the year 2004-05 was approximately Rs.638 crores having
capacity of 11 lakhs Spindles, 1500 Looms producing 450 lakh Kgs of
Yarn and 185 lakh Mtrs of cloth annually.
57
ECE
DEPARTMENT OF MBA
58
ECE
DEPARTMENT OF MBA
59
ECE
DEPARTMENT OF MBA
Strengths
Abundant Raw Material Availability:
Allowing the industry to control cost and reduce over all lead-times
across the value chain.
Low Cost Skilled Labour
Low cost skilled labour providing a distinct competitive advantage for the
industry.
60
ECE
DEPARTMENT OF MBA
61
ECE
DEPARTMENT OF MBA
ECE
DEPARTMENT OF MBA
63
ECE
DEPARTMENT OF MBA
COMPANY PROFILE
Amaravathi Textile with its diverse interests in core areas is surging ahead with
drive and determination. with all the companies superbly integrated in one single
campus, the group harnesses an entrepreneurial spirit, state-of-art technology and
financial strengths to emerge as an industrial force to reckon with.
Amaravathi Textiles Group is driven by a passion of be the best in all the areas it
operates. Backed by a high density of advanced technology and sophisticated
manufacturing facilities, its only natural that the group is leaf fogging for an outstanding
future. The total group turnover is around 300 crores per annum.
ABOUT THE COMPANY:
The founder of Amaravathi Textiles Group who has drawn its future planned growth.
A man whose spirit of dynamism has helped the group to achieve manifold growth.
Thanks to his pioneering vision, the groups operation grew and market extended. Today
Amaravathi Textiles group is a multi-activity group with an Rs.300crores turnover,
comprising divisions with diverse interest in
COTTON
SPINNING
TEXTILE
A Star who shone in all his brilliance and dazzled everyone. With his visionary
leadership abilities and caliber. Unfortunately fate nipped his sparkling career in the bud.
Though short-lived, his visionary dedication continues to guide the spirit of achievement
and enterprise of Amaravathi Textiles across various activities.
64
ECE
DEPARTMENT OF MBA
A TRADITION OF ENTERPRISE:
Sri Kandimalla Srinivasa Rao left in pursuit of a dream. With just two bags of grain,
he ventured to cultivate 100 acres of land. And with the tell- tale sprite gleaming in his
eyes. This man had set the ball of a 120crore conglomerate rolling. His value oriented
strategy and adventurous sprit bore fruit consistently. His farmland grew and from a
model farmer he evolved into a dynamitic entrepreneur. He proved that success starts
with a proactive attitude. A vigorous confidence that one can effectively integrate ideas
with enterprise. Sadinenis first trip to RUSSIA gave him the power of conviction to
stride boldly into the industrial environment. And, valiantly into the future.
THE BIRTH OF A DREAM:
Sri Kandimalla Srinivasa Rao set up a cotton ginning mill in 1984. The operations
grew rapidly to lay solid foundations for giant surging ahead in diverse environments. To
the group, the future is rich in possibilities. A future where the best of minds and men will
work. And will have the most resources to draw upon. Its vision of the future where
change will be embraced as the very basis of opportunity and endeavor.
The managing Director of Amaravathi Textiles
perfection is the hallmark of this young and dynamic B.Tech Textiles Graduate. His rich
and professionals experience in the spinning line enabled Amaravathi Textiles Spinning
Division to scale new heights. His enterprising zeal and cautious planning have been the
pivotal points in driving the group towards trailblazing progress.
Sri Kandimalla Srinivasa Rao is committed to labour welfare and his visionary
leadership has earned him a wealth of respect among the employees of Amaravathi. An
astute professional by habit, he is forever aiming higher. He is widely acknowledged as
65
ECE
DEPARTMENT OF MBA
the man who has fostered a can do culture which starts at top and filters down to every
employee at Amaravathi. He is power by just one belief.
Success is a matter of excellence, and not chance.
Social service has always been a matter of prime concern to him. Which is why he
perennially strives to provide the best education and undertake multi-pronged schemes
towards the betterment of the community? While nurturing a corporate culture that
encourages individual growth, he is committed to a vision that encompasses everybodys
up liftment.
COTTON DIVISION:
The COTTON GINNING & PRESSING UNIT was started in 1984. The Division maintains
54 Gins and 1 Hydraulic press with an annualized turnover of Rs.40crores. The company
firmly believes that unmatched capabilities plus an in-depth knowledge of various cotton
growing areas alone can put it on the path to speedy growth.
This Division also processes Indias best long staple cotton DCH-32 at Dharwad
Branch, Karnataka. The division is poised to excel and is confidently geared to post an
impressive growth rate. This Division has stayed big thinking big and keeping an eye on
the details that sustain quality.
Manufacture of cotton i.e. by Ginning& Pressing Activities.
LICENSED
PROCESSING
: Cotton kappas
66
ECE
DEPARTMENT OF MBA
Cotton Lint will be supplied to Spinning Mills and Cotton Seed Mills.
SPINNING DIVISION:
The Amaravathi Textiles
since its commissioning. Established in 1991, the plant started commercial production of
World class yarn to the requirement of global markets as well as indigenous markets.
Conceived in a sprawling area in the midst of rich cotton fields of Guntur District, the
division is on its way to dizzy heights on the cotton horizon. We are having a capacity of
60,000 spindles. The impressive performance reflects The Amravatis commitment to
continue machine modernization.
The division through a concerted Endeavour assures exemplary quality by
undertaking rigid quality control measures which start right at the at the stage of
procuring raw material ingredients down to the last level. It is the dedicated quality
consciousness that as paved the way for a phenomenal demand for The Amaravathi
products.
All this translates into utmost customer satisfaction. The unit is enviably wellentrenched as a leading player for the highly competitive export markets ever since 1996.
Amaravathi Textiles magnificent obsession with exports has won for it important
international markets. In fact, over 70% of the produce was exported major European
countries. In recognition of its excellent quality conforming to the highest international
standards, the products of Amaravathi Textiles
repeat orders. By exporting world class cotton yarn globally, the mill is leap fogging for
the further growth.
The thrust on higher capacity utilization, uncompromising productivity standards,
quality management, astute focus on niche markets, prompt delivery schedules combined
with competitive pricing have resulted in higher sales and profits. Amaravathi Values:
67
ECE
DEPARTMENT OF MBA
v Promptness in execution.
v Transparency in Business
v Integrity in Negotiation
v Innovation that fuels growth
ENVIRONMENTAL PROTECTION AND SAFETY A TOP PRIORITY;
Amaravathi is committed to the conservation of the environment. Our manufacturing
facilities comply with stringent environmental norms and are equipped for effluent treatment.
The Amaravathi Dyeing Plant uses reverse osmosis with a multi effect vaporator to qualify as
a zero discharge unit.
COUNT RANGE: We are running from 50 to 100 counts in single well as double (TFO)
yarns. We are running compact yarn with 12000 spindles (session). We will achieve 25000
spindles compact yarn shortly.
This unit manufactories Cotton yarn by processing of cotton lint.
LICENSED
: Cotton Lint
: Cotton yarn.
TEXTILE DIVISION:
The Division was started in 2005. The Units equipped with modern imported
machinery. Presently we are running with 48 Brand New Looms. We have sucker
68
ECE
DEPARTMENT OF MBA
wrapping and sizing. Total plant planned for 98 Looms. In phased manner we are
expanding the Looms capacity.
STATEMENT OF ACCOUNTING POLICIES GENERAL:
Under Straight Line Method in respect of the assets of Spinning, and Textile
Divisions.
Under Written down Value method on the assets of all other divisions of the
company.
INVENTORIES:
Valuation of inventories is made as follows
69
ECE
DEPARTMENT OF MBA
Excise Duty:
Liability on finished goods is accounted for as and when goods are cleared from
factory and there is no liability on closing stock of finished goods at the year end.
SALES:
Sales are exclusive of sales tax collections due to implementation of AP VAT Act
2005.
TAXES ON INCOME:
Current taxes is determined as per the provisions of income Tax Act 1961 in respect
of taxable income for the year ended 31st march, 2007.Differed tax liability is
recognized, subject to the consideration of timing differences, being the difference
between the taxable income and accounting income the originate in one period and are
capable of reversal in one or more subsequent periods. In case of power division which
eligible for tax Holiday. Deferred Tax Asset / liabilities for timing differences which
reverse after the Tax Holiday period are recognized.
SEGMENT REPORTING:
The accounting policies adopted for segment reporting are in line with the accounting
policies of the company with the following additional policies for segment reporting.
Inter-segment Revenue has been accounted for based on the market related prices.
70
ECE
DEPARTMENT OF MBA
Revenue and Expenses other than interest have been identified to segments on the
basis of their relationship to the operating activities of the segment. Revenue and expense
which related to the enterprise as a whole and are not allocable to segments on a
reasonable basis have been included under Unallocated head.
RETIREMENT BENEFITS:
The Company makes regular monthly contribution to provident fund which are
deposited with the Government and Group term Insurance is routed through L.I.C, and
are charged against the revenue. The company has taken Group Gradually (Cash
Accumulation) scheme with L.I.C of India. The premium on policy and the difference
between the amounts of gratuity paid on retirement and recovered from the Life
Insurance Corporation of India debited to profit and Loss Account. Leave encashment is
accounted as and when the employees claimed and paid.
PROPOSED DIVIDEND:
Provision is made in the account for the dividend payable (including of all tax
thereon) by the company as recommended by the Board of Directors, Pending approval
of the shareholders at the annual General Meeting.
FOREIGN CURRENCY TRANSACTIONS:
71
ECE
DEPARTMENT OF MBA
Foreign Currency loans covered by forward contracts are stated at the
forward contracts rates while those not covered are calculated at year
end rate.
IMPAIRMENT OF ASSETS:
At the date of each balance sheet the company evaluates internally, indications of
the impairment if any, to carrying amount of its fixed and other assets. No
impairment loss has been recognized.
CONTINGENT LIABILITIES:
Contingent Liabilities are not recognized in the accounts, but are disclosed after a
careful evaluation of the concerned facts and legal issues involved. Amravati Product:
YARN
Commercial performance
Table 2:3
(in rupees)
Year
Sales Turnover
Domestic Sales
2008-09
28,34,20,669
28,34,20,669
2009-10
34,46,12,983
34,46,12,983
2010-11
44,48,54,723
44,48,54,723
2011-12
52,60,60,377
52,60,60,377
2012-13
68,97,53,568
68,97,53,568
BOARD OF DIRECTORS:
72
ECE
DEPARTMENT OF MBA
K.Srinivasa Rao
- Director
K.Bhaskar
- Director
K.Geetha
-Director
GENERAL MANAGER.
Sri P.Ramesh, D.T.T., B.A.,
ACCOUNTS MANAGER.
Sri N.Veeraiah, B.Com. A.C.A.
BANKERS
State Bank of India, Guntur
State Bank of Mysore, Guntur.
State Bank of Hyderabad, Guntur.
REGISTERED OFFICE
33-263, Kandimalla Road,
Pandaripuram,
Chilakaluripet-522616
FACTORY
Martur-522301,
Martur Mandal,
73
ECE
DEPARTMENT OF MBA
IMAGES OF COTTONS;-
CLOTH
74
ECE
DEPARTMENT OF MBA
75
ECE
DEPARTMENT OF MBA
MAN POWER INAMARAVATHI TEXTILES:
- 120
FUTURE OUTLOOK:
Operations on consolidated basis continue to pose healthy trends. However, changes
in the industrial trends are bound to influence spinning operations. Company has acquired
48 looms under first phase of project implementation for textile division. Textile
operations have come out of teething problem but have to reach estimated levels in
operations and profits. This shall take some more time in view of dip in dollar valuation
and decline in exports.
Thus, company has to grapple with an industrial scenario that calls for alert and
caution.
76
ECE
DEPARTMENT OF MBA
DATA ANALYSIS AND INTERPRETATION SCHEDULE OF CHANGES
IN WORKING CAPITAL FOR THE YEAR 2008-09
Particulars
Previous
Current
year 2008
year 2009
Working capital
Increase
Decrease
Rs.
Rs.
A) Current assets:
1) Inventories
172256321 187934012
15677691
2) Sundry Debtors
24937024
26860540
1923516
33465753
6059037
28656816
48679846
14928012
11723019
27406716
20023030
3204993
274243926 281256454
B) Current liabilities:
1) Current Liabilities
2) Provisions for taxation
108391431 139624184
7256927
31232753
12018960
115648358 151643144
158595568 129613310
4762033
28982258
28982258
Total
158595568 158595568
66606495
66606495
77
ECE
DEPARTMENT OF MBA
Dr.
Cr.
Particulars
To Depreciation A/c
To Closing Balance of
Reserves and surplus A/c
Amount
Particulars
Rs.
105478021
By Opening Balance of
Reserves and surplus A/c
Amount
Rs.
135167525
100580532
235748057
235748057
Amount
Applications
Rs.
Amount
Rs.
23688279
74848773
100580532
79411683
Sale of investment
Decrease in working
capital
Increase in differed tax
736800
28982258
272587
154260456
154260456
78
ECE
DEPARTMENT OF MBA
It is observed from table 5.4. That the net increase in working capital for
the year 2008-09 is Rs 2,89,82,258. The current assents of the company are
decreased comparing with previous year results. The current liabilities of the
company are increased comparing the previous results. To find the table 5.3, the
company gains profit from the operation to an extent Rs 10,05,80,532. It shows
the table 5.3, net decrease in working capital is Rs 2,89,82,258. This year raising
the unsecured loans and selling some investments. This year changes in differed
tax increased, the company paying some funds to secured loans holders.
79
ECE
DEPARTMENT OF MBA
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR
2009-10
Table 5.4
Particulars
Previous
Current
year 2009
year 2010
Working capital
Increase
Decrease
Rs.
Rs.
A) Current assets:
1) Inventories
187934012
239880075
51946063
2) Sundry Debtors
26860540
35992686
9132146
6059037
7150276
1091239
48679846
69640943
20961097
11723019
12529745
806726
281256454
365193725
1) Current Liabilities
139624184
202449314
12018960
9073986
151643144
211523300
129613310
153670425
24057115
Total
153670425
62825130
2944974
24057115
153670425
86882245
86882245
ECE
DEPARTMENT OF MBA
ADJUSTED PROFIT & LOSS ACCOUNT FOR THE YEAR 2009-10
Dr.
Cr.
Particulars
To Depreciation A/c
To Closing Balance of
Reserves and surplus A/c
Amount
Amount
Particulars
Rs.
145033137
151136957
Rs.
By Opening Balance of
130270036
296170094
165900058
296170094
Amount
Applications
Rs.
451322
166351380
Amount
Rs.
10888974
125206678
6198613
24057115
166351380
INTERPRETATION:
81
ECE
DEPARTMENT OF MBA
It is observed from table 5.7. That the net increase in working capital for
the year 2009-10 is Rs 2,40,57,115. The current assents of the company are
increased comparing with previous year results. The current liabilities of the
company are decreased comparing the previous results. To find the table 5.5, the
company gains profit from the operation to an extent Rs 16,59,00,058. It shows
the table 5.6, net increase in working capital is Rs 2,40,57,115. This year company
is paying unsecured loans, at present time no change in investments. And this year
change in differed tax increased and the company pay some funds to secured loan
holders.
TABLE 5.7
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR
82
ECE
DEPARTMENT OF MBA
2010-11
Particulars
Previous
Current
year 2010
year 2011
Working capital
Increase
Decrease
Rs.
Rs.
A) Current assets:
1) Inventories
2904313
239880075
236975762
2) Sundry Debtors
35992686
36258591
265905
7150276
13998934
6848658
69640943
93687132
24046189
12529745
10864119
365193725
391784538
202449314
158452146
9073986
21580520
211523300
180032666
153670425
211751872
58081447
1665626
B) Current liabilities:
1) Current Liabilities
2) Provisions for taxation
Total
211751872
43997168
12506534
58081447
211751872
75157920
75157920
83
ECE
DEPARTMENT OF MBA
Dr.
Cr.
Particulars
To Depreciation A/c
To Closing Balance of
Reserves and surplus A/c
Amount Rs.
Particulars
By Opening Balance of
182491726
194200158
376691884
Amount
Rs.
151136957
225554927
376691884
Amount
Applications
Rs.
Payment on unsecured
99207205
loan
324762132
Amount
Rs.
111445151
154511989
723545
58081447
324762132
84
ECE
DEPARTMENT OF MBA
It is observed from table 5.10. That the net increase in working capital for
the year 2010-11 is Rs 5,80,81,447. The current assents of the company are
increased comparing with previous year results. The current liabilities of the
company are decreased comparing the previous results. To find the table 5.8, the
company gains profit from the operation to an extent Rs 22,55,54,927. It shows
the table 5.9, net increase in working capital is Rs 5,80,81,447. This year changes
in differed tax decreased and the company raising some funds to secured loan
holders.
TABLE 5.10
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR
85
ECE
DEPARTMENT OF MBA
2011-12
Particulars
Previous
Current
year 2011
year 2012
Working capital
Increase
Decrease
Rs.
Rs.
A) Current assets:
1) Inventories
236975762 327412543
90436781
2) Sundry Debtors
36258591
22361498
13998934
73891461
59892527
93687132
151568707
57881575
10864119
13966691
3102572
13897093
391784538 589200900
B) Current liabilities:
1) Current Liabilities
158452146 143360960
21580520
90860140
180032666
234221100
211751872
354979800
143227928
143227928
226404641
Total
15091186
69279620
Cr.
86
ECE
DEPARTMENT OF MBA
Particulars
To Depreciation A/c
To Closing Balance of
Reserves and surplus A/c
Amount
Particulars
Rs.
218501632
By Opening Balance of
Reserves and surplus A/c
Amount
Rs.
194200158
370202545
564402703
564402703
Amount
Applications
Rs.
1790474
Amount
Rs.
49556343
215836650
36627902
143227928
408620921
408620921
87
ECE
DEPARTMENT OF MBA
increased comparing with previous year results. The current liabilities of the
company are decreased comparing the previous results. To find the table 5.11, the
company gains profit from the operation to an extent Rs 37,02,02,545. It shows
the table 5.12, net increase in working capital is Rs 14,32,27,928. This year is
paying unsecured loans comparing with previous year. This year changes in
differed tax increased, the company raising some funds from secured loan holders.
TABLE 5.13
SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR
2012-13
88
ECE
DEPARTMENT OF MBA
Particulars
Previous
Current year
year 2012
2013
Working capital
Increase
Decrease
Rs.
Rs.
A) Current assets:
1) Inventories
327412543
341906868
2) Sundry Debtors
22361498
83013158
73891461
156006572
151568707
219855601
13966691
16218625
589200900
8170018236
1) Current Liabilities
143360960
125982205
90860140
127893051
234221100
253875256
354979800
563126567
208146767
------
563126567
563126567
14494325
60651660
82116110
68286894
2251934
B) Current liabilities:
Total
17378755
37032911
208146767
245179678
245179678
Cr.in Rs
89
ECE
DEPARTMENT OF MBA
Particulars
To Depreciation A/c
To Closing Balance of
Reserves and surplus A/c
Amount
Particulars
Rs.
By Opening Balance of
256813736
Amount
Rs.
345901071
335511968
681413039
681413039
Amount
Applications
(Rs)
171565663
4832584
335511968
Amount
(Rs)
31648312
273665497
208146767
1550361
513460576
Source: Compiled from annual reports of the company
513460576
INTERPRETATION:
It is observed from table 5.13. That the net increase in working capital for
the year 2012-13 is Rs 20,81,46,767. The current assents of the company are
increased comparing with previous year results. The current liabilities of the
90
ECE
DEPARTMENT OF MBA
company are decreased comparing the previous results. To find the table 5.14, the
company gains profit from the operation to an extent Rs 33,55,11,968. It shows the
table 5.15, net increase in working capital is Rs 20,81,46,767. This year the
company is rais1ng funds through secured loans, differed tax increased and
decrease in capital work in process. This year The Company spend funds for
purchasing of fixed assets and unsecured loans
91
ECE
DEPARTMENT OF MBA
2011-12
2012-13
Increase
Increase
143.22
208.14
700
580.81
600
500
400
289.82
300
240.57
208.14
200
143.22
100
0
Decrease
Increase
Increase
Increase
Increase
INTERPRETATION:
Comparing the five years data the changes in working capital is in
this year. In the year i.e., 2008-09 working capital decreases to
289.82 lakhs.
In the year 2009-10 working capital also increased to Rs 240.57
lakhs. Working capital has decreased it indicates the current assets
are increased and the current liabilities are decreased.
The working capital is increased it indicates the current assets are
decreased and the current liabilities are increased.
The year 2011-12 the working capital is 143.22 lakhs and the
financial year 2012-13 the working capital is also decreased.
ADJUSTED PROFIT& LOSS ACCOUNT DURING THE PERIOD
2008-09 to 2012-13
Years
2008-09
2009-10
2010-11
2011-12
2012-13
Amount in Lakhs
1005.80
1659.00
2255.54
3702.02
3355.11
ECE
DEPARTMENT OF MBA
4000
3702.02
3355.11
3500
3000
2500
2255.54
2000
1659
1500
1000
1005.8
500
0
2008-09
2010-11
2011-12
2012-13
2012-13
Interpretation:
The Financial position in Amaravathi Textiles Pvt.Ltd in 2008-09 is in good
condition, profit from business operation by Rs.1005.8 lakhs. In 2009-10 it is
better condition Rs.1659.00 lakhs. In the year 2010-11 the profit from business
operations increased Rs.2255.54 lakhs.
The company leads to better position in the year 2011-12 financial year.
The year 2012-13 the profit has decreased to Rs.3355.11 lakhs.
Funds flow and cash flow statement during the period 2008-09 to 2012-13
Years
2008-09
2009-10
2010-11
2011-12
2012-13
93
ECE
DEPARTMENT OF MBA
6000
5134.6
5000
4086.2
4000
3247.62
3000
2000
1542.6
1663.51
208-09
2009-10
1000
0
2010-11
2011-12
2012-13
INTERPRETATION:
During the year from 2008-09 to 2012-13 the company has various
sources of funds and the uses of the funds are done for purchasing of
fixed assets and increasing in the current assets.
In the year i.e, 2012-13 the loans like Unsecured and Secured loans
are increased Rs. 5134.6 lakhs.
In the year 2010-11 the sources of funds Rs.1663.51 lakhs. In the
year 2012-13 the sources are Rs.5134.6 lakhs. So the financial
position of the company was in good condition.
FINDINGS
It has been observed that the share capital of company is not increasing from
2008 to 2013.
The company is having good reserves and surplus position. These are
increasing year to year from 2008 to 2013. It has been observed that reserves
increased to Rs from 13,02,70,036 to 42,45,99,303.
94
ECE
DEPARTMENT OF MBA
The company is taking loans from other sources like banks, financial institutes
etc. it observed from 2008 to 2013, the loan amount has deceased from Rs
52,96,65,603 to Rs 51,25,12,335. But 2011 the company is raising up to
65,24,29,686.
It has been observed that the company is investing less on fixed assets from
2008 to 2013. The decrease is from 60,60,14,108 to 57,09,03,729.
It has been observed that the company made investments in 2008 only.
Afterwards till 2013 no new investments have been made.
The total increase in current assets of the company has overcome the total
increase in current liabilities in 2008 to 2013. Current assets are increasing year
to year. But in 2008-09 and 2009-10 only the increases in current liabilities
overcame the increase in current assets.
It has been observed that the net working capital has decreasing in 2008-09 (to
Rs 2,89.82.258) while in all other years till 2013, it increased. And the
companys funds from operations is satisfactory
It has been observed that the company is raising funds from secured and
unsecured loans, sale of fixed assets and funds from operations and it is
spending to purchase fixed asset, redemption of loans and other payments.
SUGGESTIONS
It has been observed that the share capital of the company is not increasing
from 2008 to 2013.This is obstructing the growth of the company. Hence I
suggest the company to increase the share capital.
It has been observed that the companys contribution to the fixed assets is
gradually decreasing through out the study. This would be a problem for the
95
ECE
DEPARTMENT OF MBA
company procuring funds. Hence I suggest the company to focus on this and
increase the allocation for fixed assets.
It has been observed that the company has made investments only in 2008-09.
Afterwards there are no investments at all though all these years. This may
affect the reputation of the company in the public. Hence I advise the company
to increase investments and improve its image.
It has been observed that the increase in current assets of the company is less
than current liabilities in 2008-09. This shows that the company has less
liquidity capacity. Hence I suggest the company to maintain the current ration
to 2:1 by increasing current assets or reducing current liabilities.
It has been observed that the position of the working capital in 2008-09 has
decreased. This will have on effect on sources of funds of the company. Hence
I advice the company improve the position of current assets than current
liabilities and control the decrease in working capital.
The company is getting favorable funds from operations in all years of the
study. This is due to the excellence in operations. This is a good trend and it
should be carefully maintained.
CONCLUSION
Amaravathi Textiles Pvt.Ltd Company was the flat ship company of
Amaravathi Textiles Pvt.Ltd Group after successful beginning and performance of
Amaravathi Textiles Pvt.Ltd.
The company is having experienced professionals in management and also
in supervisory levels.
96
ECE
DEPARTMENT OF MBA
The company is having the efficiency of the plant operations on average for
the last 5 years in 98% which is recorded as the best in India. The company is
having scientists in Leaf Management. The company is developing milk products
in certain areas of the country which is said to be of high quality standards in the
market. The company is having experts in almost all departments and running their
company always at better standards than the competitors in Andhra Pradesh.
They had satisfied their strength and now they are setting on fixed
properties worth about Rs 400 crores. The group is own in fixed properties of Rs
400 crores and they were enjoying the financial limits.
The company started diversifying into infrastructure projects and developed
a software technology building named as Amaravathi Textiles Pvt.Ltd in Martur.
BIBLIOGRAPHY
Financial Management, I.M.Pandey, Vikas Publishing House, 2003.
Financial Management, M.Y. Khan and P.K.Jain, : Text and Problems, Tata
Mc Graw Hill Publishing Co, 2003.
97
ECE
DEPARTMENT OF MBA
Financial Management,V.K.Bhalla, and Policy, Anmol publications Pvt.
Ltd., New Delhi.
COMPANY ANNUAL REPORTS.
98
ECE
DEPARTMENT OF MBA
ANNUAL REPORTS OF AMARAVATHI TEXTILES PVT.LTD
Particulars
Sources of Funds:
2009
2010
2011
2012
2013
Share capital
13000000
13000000
13000000
13000000
13000000
130270036
151136957
194200158
345901071
424599303
Secured loans
390364244
379475270
478682475
429126132
600691795
Unsecured loans
199239493
193040880
81595729
83386203
51737891
5796209
6247531
5523986
42151888
46984472
738669982
742900638
773002348
913565294
1137013461
Gross Block
711492129
746114635
738903208
772553600
827717465
Less Depreciation
105478021
145033137
182491726
218501632
256813736
Net Block
606014108
581081498
556411482
554051968
570903729
59399
5165551
1855829
1550361
2983165
2983165
2983165
2983165
2983165
187934012
239880075
236975762
327412543
341906868
26860540
35992686
36258591
22361498
83013158
6059037
7150276
13998934
73891461
156006572
48679846
69640943
93687132
151568707
219855601
11723019
12529745
10864119
13966691
16218624
281256454
365193725
391784538
589200900
817001823
139624184
202449314
158452146
143360960
12598225
12018960
9073986
21580520
90860140
12789505
151643144
211523300
180032666
234221100
25387526
129613310
153670425
211751872
354979800
5631268
total
738669982
742900638
773002348
913565294
1137013461
(-)Current liabilities:
Current Liabilities
Provisions
99
ECE