funds flow

A STUDY ON

“FUNDS FLOW”

AT

FOOD FATS AND FERTILISERS LIMITED,

TADEPALLIGUDEM.

A Project Report submitted to Jawaharlal Nehru Technological University, Kakinada, in Partial Fulfillment for the Award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

Submitted By

Mr. S. RAJA SEKHAR(Reg. No. 10JD1E0029)

Under the Guidance of

Mr. KJNV. NARASA REDDY, M.B.A (Ph.D.)

Head of the Department

DEPARTMENT OF MASTER OF BUSINESS ADMINISTRATIONELURU COLLEGE OF ENGINEERING & TECHNOLOGY

(Affiliated to JNTU, Kakinada and Approved by AICTE)Duggirala(V), Pedavegi(M)

ELURU –534004.

DECLARATION

I hereby declare that the Project Report entitled “FUNDS FLOW

STATEMENT” FOOD FATS AND FERTILISERS LIMITED,

TADEPALLIGUDEM submitted by me under the guidance of Mr. KJNV.

NARASA REDDY, Head of the Department of MBA, ECET, ELURU, Affiliated to

JNTU, Kakinada, is my original work and it has not been Submitted to any University

or Institute for the award of any Degree or Diploma.

Place: Date: Mr. S. RAJA SEKHAR

(Reg.No. 10JD1E0029)

ELURU COLLEGE OF ENGINEERING & TECHNOLOGY

(Affiliated to JNTU, Kakinada and Approved by AICTE)Duggirala (V), Pedavegi (M)

ELURU –534004

CERTIFICATE

This is to certify that the Project Report “FUNDS FLOW

STATEMENT” FOOD FATS AND FERTILISERS LIMITED,

TADEPALLIGUDEM, is a confide work done by Mr. S. RAJA SEKHAR,

(Reg. No.10JD1E0029) as part of M.B.A., IV-Semester curricular activity of

Jawaharlal Nehru Technological University, Kakinada, under my supervision.

The data has been collected by the candidate from authentic sources and the

analysis results will be used for academic purpose only.

Mr. KJNV.NARASA REDDY Mr. KJNV.NARASA REDDY

GUIDE HEAD OF THE DEPARTMENT OF MBA

PRINCIPAL EXAMINER

ACKNOWLEDGEMENT

It is inevitable that thoughts and ideas of other people drift into the

subconscious when one feels to acknowledge the help derived from other.

I am grateful to Sri V.RAMA KRISHNA secretary and Sri Dr. P.BALA

KRISHNA PRASAD M.Tech, PhD, Honorable Principal, ELURU COLLEGE OF

ENGINEERING & TECHNOLOGY ELURU, for their blessings and encouragement

throughout my course of study.

I express my sincere gratitude and thanks to Sri KJNV. NARASA REDDY,

Head Of The Department, Sri KJNV. NARASA REDDY, project guide, and the

faculty members in Department of Management Studies, ELURU COLLEGE OF

ENGINEERING & TECHNOLOGY, ELURU, for their encouragement, continuous

support and timely suggestions.

I express my thanks to the PG Librarian and other Library staff for their

cooperation.

I thank the administrative staff of ELURU COLLEGE OF ENGINEERING &

TECHNOLOGY, and computer operator, Department of Management Studies, for

their services.

I am also thankful to Computer technician, who helped me in producing the

work in a neat manner.

I would like to thank all those who helped me at several stages of completion

of this work.

I would like to express my special gratitude to Sri P. GOPALA KRISHNA

REDDY G.M. (HR & ADMIN) and other all the staff members of FOOD FATS

AND FERTILISERS LIMITED, TADEPALLIGUDEM. For their help and

guidance throughout the period of the project study was held.

(S. RAJA SEKHAR)

CONTENTS

CHAPTER – 1

INTRODUCTION

Need for the study

Objectives of the study

Methodology

Limitations

CHAPTER – 2

INDUSTRY PROFILE

History

Industry segmentation

Key success factor

SWOT analysis

CHAPTER – 3

COMPANY PROFILE

CHAPTER – 4

THEORETICAL FRAME WORK

CHAPTER–5

DATA INTERPETATION

CHAPTER – 6

FINDINGS, SUGGESTIONS & CONCLUSION

BIBLIOGRAPHY

CHAPTER-IINTRODUCTION

INTRODUCTION

Financial management is an important function in any organization. Every

enterprise, whether big, medium or small needs finance to carry on its operations and

to achieve its targets. Finance is so indispensable today that it is rightly said that it is

the life blood of an enterprise. Without adequate finance, no enterprise can possibly

accomplish its objectives.

Capital required for a business can be classified under two main categories

namely fixed capital and working capital. Fixed capital stands for that amount of

capital which is required for long term and to create production facilities through

purchase of fixed assets such as plant, machinery, land and buildings. Working capital

refers to that part of the firms capital which is needed for financing short term or

current assets such as cash, marketable securities, debtors and inventories. Working

capital in brief, is the amount of funds necessary to cover the cost of operating the

enterprise. Just as circulation of blood is essential in the human body for maintaining

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

business.

Today, the financial manager gives greater importance to management

decision-making and policy. Today, the financial manager is not in a passive role of a

store keeper of the accounting information and arranging funds, whenever directed to

do so. Rather, he occupies a key role in solving the complex management problems.

He now responsible for shaping the fortunes of the enterprise and is involved in the

most vital management decision of allocation of resources.

FUNCTIONS OF FINANCIAL MANAGER

Investment or long term asset- mix decision.

Financing or capital- mix decision.

Dividend or profit allocation decision.

Liquidity or shot term asset-mix decision.

Investment Decision:

Investment a decision of allocation of capital budgeting involves the decision of

allocation of capital or commitment of funds to long-term assets that would yield

benefits in the future. Two important aspects of the investment decisions are,

a. The evaluation of the prospective profitability of new investment.

b. The measurement of cut-off rates against the prospective return of new

investments.

There is a broad agreement that the correct cut-off is the required rate of return or the

opportunity cost of capital. However, there are problems in competing the opportunity

cost of capital in practice from the available data and information.

FINANCING DECISION

Financing decision is the second important function to be performed by the

financial manager. Broadly, he or she must decide when, where and how to acquire

funds to meet the firm’s investment needs. The central issue before him or her is to

determine the proportion of equity that is the firm’s capital structure. The financial

manager must strive to obtain to best financing mix or the optimum capital structure

for his or firm.

DIVIDEND DECISION

Dividend decision is the third major financial decision. The financial manager

must decide whether the firm should distribute all profits or retain them, or distribute

a portion and retain the balance. Like the debt policy, the dividend policy should be

determined in terms of its impact on yhr share holders value.

LIQUIDITY DECISION:

Current assets manager that affects a firm’s liquidity is yet another important

financial function, in addition to the management of long term assets. Current assets

to be managed efficiently for safeguarding the firm against the dangers of liquidity

and risk.

FUNDS FLOW STATEMENT

The term “Flow” means change and therefore, The term “Flow of Funds”

means “Change in Funds” or “Change in working capital”. In other words any

increase or decrease in Working Capital means, “Flow of Funds”.

Concept of Funds Flow statement:

According to the International Accounting Standards – 7 on “ Statement of

changes in financial position” also recognize the absence of single, generally

accepted, definition of the term.

Funds Flow statement is a summary from that indicates changes in items of

financial position between two different balance sheets dates showing clearly the

difference sources and applications of funds. The major purpose of the funds

statements is to provide a detailed presentation to the result of financial management

as distinguished from operating management. Its summarizes the financing and

investing activities of the enterprise. The statement shows directly information that

readers of the financial report could otherwise obtain only the making an analysis and

interpretation of published balance sheets and statements of incomes and retained

earnings.

Balance sheets are statements of financial position. Whereas funds flow

statement are obviously statements of “changes “ in financial position. Balance sheets

show the status of a day in contrast, funds statement income statement and statement

of retained earnings over period of time they provided the explanation of why the

balance sheet items have changed. The conversational financial statements show

mostly the position of accounting, rather than the financial condition of the business

interims of flow of funds. However, since all financial events are reflected in the

conventional statements, it becomes easy to unearth unusual trends and promotions by

the use of the analytical methods like the funds flow statements.

The Funds Flow statement is widely used by the financial analyst credit

granting institutions and financial managers in performance of their jobs. It has

become a useful tool in their analytical kit. This is because the financial statements

i.e., “Income Statements” and the “Balance Sheets” have a limited role to perform.

Income Statement measures flow restricted to transactions that pertain to rendering of

goods are services to customers. The balance sheet consists of assets and liabilities as

on particular date. It doesn’t shortly focus those major financial transaction which

have been behind the balance sheets changes. One has to draw inferences from the

balance sheet about major financial transaction only after comparing the balance sheet

of two periods.

NEED OF THE STUDY

Financial Statements: - Financial Statements are the summary of transactions

conducted during an accounting period in a business.

Financial statements are broadly classified into four types.

1. Position statement-Balance sheet

2. Income statement-Profit & Loss A/c

3. Statement of retained earnings-Profit & Loss Appropriation A/c

4. Statement of changes in financial position-cash flow & Funds Flow statement.

1. Analysis of financial statement-Financial statement analysis may be

classified into different categories depending upon

A. On the basis of material used,&

B. On the basis of the method of operation fallowed in the analysis.

A. On the basis of material used:-On the basis of material used analysis of financial

statement is of two types.

(i) External analysis

(ii) Internal analysis.

(i)External analysis:-External analysis is conducted by outside interested parties

based upon audited financial statements.

(ii) Internal analysis:-It is conducted by managers with in the organizations for

planning and decision making purposes

OBJECTIVES

The main objective of the study is to know the overall financial

position of the Company from 2006-2011

To study the financial performance of the company

To study the sources and applications to the cash

To find out the financial stability of the firm

To know how effectively the company is using its resources

To measure the extent to which the company’s using its needs

through borrowing.

To make an overall view on theoretical approach of cash

flow and funds flow statements

METHODOLOGY

SOURCES OF DATA:

The data that is necessary for doing this project is collected through the two

types of data.

1. Primary data

2. Secondary data

PRIMARY DATA:

The primary data is collected through discussions with Financial Managers

and General Manager of the company.

SECONDARY DATA:

The secondary data is collected through Company Annual Reports,

Brochuresand Manuals.

The primary and secondary data thus collected is used to know about the

company, how to interpret the flow of Cash & Funds and in order to evaluate financial

performance of the company.

LIMITATIONS

The study is based on accounting information.

The analysis is made from the information given by the

organization .

The study was conducted with limited data available and

analysis was done accordingly

The complexity and confidentiality of various operation is

also a limitation to this study.

The time given to complete this project is very limited, for a period of 42days.

CHAPTER-II

INDUSTRY PROFILE

INDUSTRY PROFILE

PROFILE OF THE OIL INDUSTRY:

The power and strength of the company depends on how strong and secure it

is on the food front. In trying to achieve this goal, the oil seed scenario in the country

has undergone a substantial charge during the post few years. The country is moving

away from a situation of scarcity and huge import bills to one of self-sufficiency and

possibly even export of vegetable oils.

India ranks high among the oil seeds producing countries in the world with

perhaps the larges number of commercial varieties of oil seeds such as ground not,

rape and mustard, sesame, kardi seed, nigerseed, soya beans, sunflower seeds, linseed,

castor seed, copra, cotton seed and a number of minor seeds of tree origin oil seeds

takes their place, as the second largest agricultural crop, next only to food grains. The

cultivation of oil seeds in India is spread over various states with a distinct regional

pattern covering about 19 to 20 million hectares, which accounts for about 11 percent

of the total land under cultivation in the country.

In India where fats of animal origin such as fish oil are seldom used as coking

media. The term “ vegetable oils” is used as a synonym for “edible oil”. However it

needs to be recommended that there are, on the one hand vegetables oils such as

castor, groundnut and coconut oils, which are finding increasing.

Industrial applications such as in cosmetics, soap making etc… edible oils are

a major source of nutrition for the people in the country. Oil cakes that are by-

products of the oil extraction process are an important source of animal nutrition.

They can also be processed in to protein rich edible.

India has a highly developed oil based industry employing more than 15millon

persons. However it remains essentially food oil. Industry accounting for a much as

83% of the total supply of vegetable oil in the country. The major non-food users of

oil are soap, paint and vanish industries. Faced with major demand for their

conventional products, FMCG majors have been planning their hopes on branded

staple foods to deliver rapid top line extension. Negative growth in the oils and fats

business has been instruments in restraining top line growth for the FMCG.

PRODUCTS:

Broadly edible oil or fat products can be categorized as fallows.

Vegetable refined oil

Hydrogenated oil

Bakery fats

Expelled ground oil of good quality can be directly consumed. It can also be

refined to have higher purity other oils such as soya has to be refined to make them

edible.

Vanaspathi is obtained by hydrogenation of edible oil. It is used as a suitable

for ghee by some segments of sources and also for making sweets, snacks including

biscuits, cakes etc…

CONSUMER AWARENESS AND PENETRATION:

Among FMCG products, edible oils has one of the highest penetration of 98%

in urban as well as in rural areas penetration of all these 3 cooking medium is very

high at 99.8% in urban areas as well as rural areas.

Vanaspathi penetration averages 17.4% at all India level, significantly higher

at 28.8% in urban areas and 13% in rural areas. It is highest in medium size towns of

0.5-1mm population of 34.3% in metros and towns.

In metros refined edible oil is a relatively popular cooking medium. The per

capita vegetables oil consumption in the country was 7.6kg p.a in 1997-98,

significantly lower than 8.5 kg p.a during 1996-97.

CONSUMER HABITS AND PRACTICES:

Edible oil is one form or other is consumed is almost every household, and

Indian food habits show a strong preference for fried vegetables and several other

fixed snacks.

Traditionally the north and west have been milk surplus regions in the country.

This has led to surplus ghee production in these areas and higher ghee consumption.

The lower ends of the society which can not afford ghee consume vanaspathi.

Sweet meat makers in the unorganized sector, particularly in the north

represent one of the largest user segments for vanaspathi.

In the south there has been abundant availability of edible oils, namely

coconut oil, ground nut oil, sunflower oil etc. This had led to different consumer

habits southern consumer prefer refined oil cooking medium as compared to ghee or

vanaspathi. Similarly the eastern region, which is milk deficient, has preference for

vegetable oil as cooking medium.

There are also regional and cultural differences in the type of edible oil used

for cooking. For instance Kerala uses more of coconut oil for cooking. Sesame oil is

widely used in the north, mustard oil in the north and east while there is an over

whelming preference for groundnut oil is in the west.

Most consumers, especially in the rural areas buy edible oil in loose form.

Where as in large metros loose oil is scarcely available as retailers find it difficult to

handle the same. In medium sized towns, loose as well as branded oil is available.

In the last few years popularity of branded oil has been increasing particularly

with the introduction of low cost poly packs with the government ordering

compulsory packaging of edible oil in the wake of dropsy deaths in the country due to

use of adulterated mustard oil, the wage of branded oils is expected to witness

phenomenal growth.

India accounts for 9.3% of world oil seed production. It has the world’s fourth

largest edible oil economy. In 1999, India ranked as the world’s largest importer of

edible oils, displacing china. The bulk of edible oil, India imports under the open

general license is RBD palmolein of Malaysian and Indonesian origin.

India is one of the worlds leading producer of oil seeds and oil, contributing to

9.3% world oil seed production. It produces the largest number of commercial

varieties of oil seeds over nearly 28.4 million hectares of land.

The major edible oils produced in India are ground nut, rapeseed, soya,

cottonseed, sesame seed, castor seed, sunflower seed, etc. Groundnut was the most

widely consumed and traded edible oil determining edible oil economics, but is now

being displaced by others. India is the world’s second largest production of

groundnut, next only to china.

The govt. has set up a technology mission on oil seeds, to increase production

of other oil seeds and oil and to reduce dependence on imports. The strategy followed

was to

Increase productivity with better inputs and practices

Increase area under oil seed crop

Encourage winter oil seed crops.

This led to a sharp increase in oil seed production driven mainly by rapeseed,

sunflower, castor seed and soya. India is today the world’s third largest producer of

rapeseed and cottonseed and the largest producer of caster seed. India has

approximately 300 edible oil refining units, 60-70% of which are in the small scale

unlike the bigger refiners, the smaller one are unable to important huge quantities of

crude either low capacity or lack of financial resources, and may be forced to close

down or sell out to the bigger ones in the fore cable future.

Another major problem is the low capacity utilization. The installed capacity

of oil mills is around 36 million tones annually, but capacity utilization is only 40%

solvent extraction plants shows only 33% capacity utilization of vegetable oil

refineries 40% utilization.

The import of refined palm oil was put under OGC (Open general license) in

March 1994. Other edible oils were put under OGC in April 1995 when an item is

brought under OGC, it means that the item can be imported without seeking any

approval.

Originally there was no discrimination between refined and non-refined edible

oil as far as import duty was concerned. The duty on both was 65% duty was then

slashed to 30% for both then to 20% in 1996 and 15 % in the 1999-2000 budgets.

In most parts of the world, import duty on the oil seeds is lower than that on

oils. But in India, it is higher 40%. That is why no import of oil seeds (or) oil-bearing

material has taken place in India. The industry wants the duty to be lowered from the

present 40% to 50%.

Edible oil prices in the Indian market have crashed owe to large imports by

multinational trading houses. The edible oil industry is one sector in India that will

see considerable reform in the foreseeable future.

Major players in refined edible oils in the organizational sector are the ITC

Agrotech, Marico Industries, Ahmed mills, Godrej foods. HLL and NDDB. The

market is highly fragmented among various brands. Sundrop refined Sunflower oil

brand with around 13l market share/ ITC Agrotechs other edible oil brands include

Real Gold mustard oil, Crystal refined oil and Sudan unrefined mustard oil. Sweekar

sunflower oil marketed by marica has an 8.2% share and saffola has 7.5% market

share other leading edible oil brands include NDDB’s Dhara rape seed oil.

Godrej foods (Godrej cooklite sunflower) with 11% market share, HLL’s

flora with 2.5% market share (6% in sunflower oil segment) and Postman with around

8% market share.

The vanaspathi HLL’s Dalda is the oldest and largest brand with close to 36%

market share. Its brand extension Dalda manpasand was launched in 1996. In Feb 98,

HLL launched another brand variant dalda feel light.

Other major vanaspathi manufacturers are Wipro, Amrit Vanaspathi, IVP,

Madhusudan industries Rasui and Pioneer Agro.

IMPORT OF EDIBLE OILS:

It has not been done away completely, but whenever import is now made is

largely a measure of precaution than out of any composition from 1988-89. The edible

oils import has been drastically cut down/ In 1996-97, import totaled 3 lakh tones

valued at Rs 250 crores during the next 2 years it is expected around the same level.

The present import is significant compared to the napping to 19.45 lakh tones

imported value at Rs 969 crore in 1997-98.

India has signed a memorandum of understanding with Malaysia for an annual

import of two lakh tones of palm oil for two years. Besides the country is to receive

50,000 tones of soya been oil from the U.S. as a gift for meeting social objectives.

Although in the context of exceptionally large oil seeds production during the current

year, there is hardly and need for import, the country may avail the option to import

for building a buffer stock to meet the needs of public distribution system during the

lean period.

EXPORT

Export of oil mill, oil seed and minor oils and are expected to gather

momentum following the enouncement regarding the full float of rupee on the trade

account, according to the sources in the trade. The present export scenario shows that

the trade is in a beyond mood of achieving a formidable target, with increased export

earning in the current year. This basically enacts from bumper oil seeds output of 215

lakh tones in the offing.

This expectation of a bumper crop, moreover has compelled the union

ministry of commerce to raise the current years export target for the oil seeds from Rs

1250 crore over Rs 1300 crore.

According to the estimates made by the central coordination committee, the

exports of oil mills, oil seeds and minor oils during the current year would be more

than 3.3 lakh tones with a value of Rs 1362 crore as against 30 lakhs tones with the

value of Rs 1043 crore achieved during the year 1996-97 the export of oil meals, oil

seeds and minor oil during the period April 1996 to Jan 1998 stood at over 24 lakhs

tones valued at more than Rs 1000 crores.

CUSTOMER SATISFACTION:

Satisfaction is a persons feeling of pleasure (or) disappointment resulting from

comparing a products perceived performance in relation to his (or) her expectation.

As this definition makes clear satisfaction is a junction of perceived

performance and expectations. If the performance falls short of expectation, the

customer is dissatisfied. If the performance matches the expectations, the customer is

satisfied or delighted.

Many companies are aiming for high satisfaction because customers who are

just satisfied still find it easy to.

When a better offer comes along those who are highly satisfied are much less

ready to switch. High satisfaction (or) delight creates an emotional affinity with the

brand, not just a rational preference. The request is high customer loyalty.

CHAPTER-III

COMPANY PROFILE

PROFILE OF THE ORGANIZATION

Foods Fats and Fertilisers Limited

Foods Fats and Fertilizers Ltd., Tadepalligudem is a multinational company

established in the year 1962. It is an ISO 9001-2000 and HACCP, certified company

in to varied business of oil palm cultivation, manufactures of edible oil, vanaspathi

and its by products, Specialty fats, Bakery Shortenings, commodities trading,

garments, engineering and Power with a present annual group turnover around

Rs.800 crores. This organization is professionally carrying the business activity by

“GOENKA” family The Company is having its branches in Chennai, Mumbai,

Kolkata, Baroda, Hyderabad and Kakinada and having 25 depots in major cities

allover India. The Company has matured into conglomerate of 25 industrial units

spread over 55 acres constantly buzzing with activity and providing employment

more than 1000 persons.

The wheel of fortune has turned a full circle for Mr.B.K.Goenka the architect

of FFF LTD, born and brad in Burma. The Goenka family established and respected

in industry and trade. The rice bran from Mr.Goenka’s mill was avidly sought as a

mal feed and wrapping papers used for sampling could this oil extracted.

These questions have to wait because in 1942. The Japanese invaded Burma

and Mr. Goenka has to abandon his business and return to India.Being an optimist is

transformed the adversity into opportunity by his grit and after a brief spell in his

native land in Rajasthan, his restless enterprising zeal brought Mr. Goenka to Chennai

in 1943. Where he is with his brother export of handloom fabrics in due course, he

established a textile business.

In 1959. Mr. Goenka read on article by Dr.Raghunath prasad of central food

technological institution of Mysore that oil could be extracted from bran using alcohol

as a catalyst.

Simultaneously his brother in Rangoon informed him of planes being setup

with Japanese and German technologies for extracting oil from rice bran Mr. Goenka

held deliberation with Dr Raghunathprasad and visited Burma with him to study the

relevant technology better, he was not fully satisfied and asked his brother Mr.

G.G.Goenka who was in Japan to study in Europe to study the process of Hurgi of

Germany and Dr smith of Belgium.

3F Group of Companies.

In India :

1.Asia Pacific Commodities Ltd.,

2.Modesty Garments.

3.Galaxy Granites.

4.Golden Needle Apparels

5.Aujasya Agro Power Pvt.Ltd.,

6.Asian Renovable Energy .

Overseas :

1.Ceylon Specality Fats Pte.Ltd., Srilanka

2.Parker International Pte Ltd., Singapore.

3.3F Ghana Ltd., West Africa.

MISSION:

Safety and quality are wings of our success.

VISION:

To be number one edible oil and specialty fats company in the country targeting to

reach 1000 cr. people by 2008.

OBJECTIVES OF THE ORGANISATION (FFF):

The main objectives of the organization are:

a) To serve the society through the success in the oil out put.

b) The objectives to wards organization are:

i) Concern

ii) Commitment

iii) Integrity

iv) Quality

v) To make Food Fats and Fertilisers are business oil through a focus

on satisfying the integrated need of international holders.

PHILOSOPHY:

“Servicing the society through the industry”

DEPARTMENTS OF IN FFF:-

Personal department

Production department

Marketing department

Accounts department

ADMINISTRATION AND ORGANIZATION STRUCTURE OF

THE INDUSTRY:

The Foods, Fats & Fertilisers Limited Industry are under the direct

administrative control of board of Directors, the Industry was administered by the

Board Directors under the companies act 1956. The Foods Fats &Fertilisers Limited,

Board of Directors consisting the following members.

BOARD OF DIRECTORS :

Sri B.K. Goenka Managing Director.

G.S. Goenka Whole time Director.

S.B. Goenka Whole time Director.

O.P .Goenka Whole time Director.

Bharat Goenka Whole time Director.

Sitaram Goenka Whole time Director.

Sushil Goenka Whole time Director.

Vinod kumar Saraoji Director.

Shiv Kumar Jatia Director.

Anand Chordia Director.

ORGANIZATION CHART (FFF)

DIRECTOR

VICE PRESIDENT OPERRATIONS

GM(TECH) W.M

MANAGER

VOP Q.A. UTILITY

GM(HR) GM(FIN) GM (COMML) GM(SALES)

MGR MGR 46 EXECUTIVES (ACCTS) (MKTG) /STAFF OF 20 DEPOTS(ACCTS)(ACCTS

AM DY. MGR DY.MGR(UTILITY) (STORES) (ELEC)

AM-P.R.C AM-SEPIV /Q.A/R&D /PALMOIL

AM(HR) DY MGR (ACCTS)-2/SYS

P.O(REF) RM GODOWN OFFICER

AE PUR JR CIVIL OFFICER A.O.,(G.A)/A.O OFFICER EXECUTIVES UTILITY OFFICER ENG ENG (HR)/W.O/S.O (I.A)/A.O(S.T & COMML COMML EXCISE/PROGRAMER

Q.C. J.R.OFFICER J.R. SUPER J.R.OFFICER SUPER SUPER SUP- OFFICER/ J.R.OFFICER J.R. (OIL SEC)/ OFFICER/ VISORS (FUAL) VISORS VISORS/ CIVIL SECURITY/ / SUP OFFICECHEMISTS SUP-EXP SUP J.R.SUP TIMEOFFICE R/SUP /AMBULENCE

MANPOWER PARTICULARS:-

Total Manpower 985

Managers and section heads 80

Office staff 102

Technical staff 242

Banta workers 203

Casuals 41

Trainees 171

Civil workers 33

Garden workers 25

Gunny Banta 33

Contract 55

Total 985

FINANCIAL STRUCTURE:

Finance is very much needed to any business so finance is as heart to the

business the company was incorporated kin the year 1960. The original share capital

subscribed is Rs.5lakhs. The present subscribed and paid up capital is Rs.10crores.

BANKERS:_

STATE BANK OF INDIA [CHENNAI]

STATE BANK OF HYDERABAD [CHENNAI]

INDUSIND BANK LTD [CHENNAI]

BANK MUSCAT INTERNATIONAL SAOG

[BANGALORE]

THE KARUR VYSYA BANK LTD.,[T.P.GUDEM]

UTI BANK LTD.,[KAKINADA

BRANCHES:-

MUMBAI

HYDERABAD

KAKINADA

KOLKATA

BARODA

Foods Fats & Fertilizers Ltd. is the flagship company of the 3F Group. Today the

3F Group has matured into a conglomerate of 20 industrial units spread over 55

acres constantly buzzing with activity and providing employment to over a 1000

people.

Foods Fats & Fertilizers Ltd. was conceived in 1959, born in 1960 and was

on its feet by 1962. Our product range today includes oils of rice bran, soya bean,

sunflower, groundnut, sesame, palm, sal seed, mango kernel; acid oils, wax, gums,

defiled meals (extractions), crude distilled and hydrogenated fat for industrial use;

vanaspati, bakery shortening, margarine, bakery fats, specialty fats for

manufacturing chocolate, confectionery and cosmetics, canned fruits and vegetables;

natural colours for use in food and feed industry; oleo resins and herbal extracts. The

company also undertakes fabrication and installation of turnkey projects for

processing of vegetable oils and their derivatives.

MultifariousProgress

Starting with a solvent extraction plant in 1962, units were continuously

added year after year to form a wide spectrum of products. Current manufacturing

activities comprise of :

SolventExtractionPlant I(Lurgi, Germany)

SolventExtractionPlant II (Desmet, Belgium/India)

SolventExtractionPlant III (Fabricated and installed by Engineering

Division 3F Group)

SolventExtractionPlant IV (Fabricated and installed by Oilex India and

Engineering Division 3F Group)

The above four extraction plants provide versatility of operation in

processing different oil seeds/ oil cakes at the same time and hence is highly

advantageous in marketing. The plants have facilities to process a wide variety of oil

seeds/ oil cakes like rice bran, soya bean, sunflower, groundnut, rapeseed, sesame,

mango, sal, niger, etc. Continuous upgradation of manufacturing process through in-

house and worldwide research is our hallmark.

Refinery

(Sharpels USA and Engineering Division 3F Group)

High quality refining of a wide variety of vegetable oils.

Fats plittingPlant:

(Wurster & Sanger, USA and Engineering Division 3F Group)

High pressure splitting of oil into fatty acids and sweet water.

Fatty Acid Distillation Plant

(Luwa, Switzerland)

High quality distillation of crude fatty acids obtained from the splitting plant.

Glycerin Plant :

(Wurster & Sanger, USA)

Processing of sweet water obtained from fat splitting plant into various grades of

refined glycerin.

Stearic Acid Plant :

(Egineering Division 3F Group)

Hydrogenation of fatty acids into stearic acid flakes.

Hydrogenation Plant

(Bernardini, Italy and Engineering Division of 3F Group)

Hydrogenation of fats and fatty acids for industrial use.

Physical Refinery :

(Yoshino Technology and Engineering Division of 3F Group)

Refining of high free fatty acid oils by steam distillation.

Canning Division :

(Fabrication and installation by Engineering Division of 3F Group)

Processing of fruits into pulp, juice and bars.

Vanaspati - Shortening - Margarine Division :

(Fabricated and installed by Engineering Division of 3F Group)

Production of vanaspati, shortening, high quality bakery fats and margarine from

refined oils.

Fractionation Division :

This division produces high quality oleins and stearines from various edible

fats for use in manufacture of chocolate, confectionery and cosmetics. Leading

manufacturers in this field of activity all over the world are our customers.

Turnkey Engineering Division:

In collaboration with Yoshino Seisakusho Co. Ltd., Japan who have done

pioneering work in developing process and technical know-how for refining high

FFA Rice Bran Oil, our Engineering Division has installed and commissioned five

plants of a total project cost of Rs.170 million in South India. India is the second

largest producer of rice with a large potential of crude rice bran oil to be processed

and turned into a fine cooking medium to satisfy the requirements of an immense

Indian market.

3F Group's Engineering Division is equipped to set up any vegetable oil and

derivative processing project.

Oil Palm Project :

Plantation of Oil Palm to progressively cover 25,000 hectares in Andhra

Pradesh and Karnataka, the Southern States of India is sponsored by us.

High yielding variety of sprouted seeds from India and abroad are grown in

our nursery and seedlings are regularly supplied for planting to the farmers to cover

the targeted area. Under comprehensive extension services provided by us the

maturing of plantation is expected to be ideal. Meanwhile the group has set up plant

and machinery along with suitable infrastructure to crush the palm fruits and kernels

into oil and process the same into refined oils, olein, stearine and a host of other

products. Total project outlay is estimated to be 1 billion Indian Rupees.

POWER GENRATION :

3F Group is having 6MW biomass power plant in Tadepalligudem and

another two plants in Chattisgarh. These plants are uses the agri waste like Paddy

husk, fire wood and palm bunches as fuels. The generated power is utilizing for

captive consumption and the remaining part is sold to AP Transco

International Trading :

Besides the export of the manufactured products, with large warehouses for

dry cargo, bulk storage installation for liquid cargo at the ports, required

infrastructure at our command and international trading experience of over 40 years,

the 3F Group has set up high standards and achieved substantial growth in

international trading of commodities like rice, edible oils, industrial fats, maize,

tapioca, HPS groundnut kernels, dyes and chemicals.

The group has been a pioneer in introducing various Indian products

manufactured by us to new international markets and have won awards for our

performance. Through Research & Development, new products and value addition to

the existing products is being done on a continuous basis for enriching the

international trading both in quality and volumes.

Search and Research :

Research and development is the pivot of our activities and has made us to

stand in good stead. Continuous upgradation of production processes with the help

of a well equipped R & D laboratory in Hyderabad and diversification in new

research based projects is our Corporation culture leading us to a steady upward

movement.

Service to Society :

The 3F Group is involved in a large way in social service activities. The

Goenka family Trust runs an Arts and Science College for Women in Andhra

Pradesh and a Higher Secondary School in Rajasthan. It has founded a boys college

in Andhra Pradesh, a Higher Secondary School in Myanmar and a multistorey

building in Tamilnadu, providing accommodation to tourists, social functions and a

library and reading room. In addition to the above projects, the group has also been

regularly contributing to several educational, medical and social service institutions.

3F Group manufactures a variety of products, including vanaspati, granite,

readymade garments, computer software etc. We have listed a few of our products

here:

TANDUL

Refined Rice bran oil

A multi purpose cooking medium judged as the safest cooking oil in the world.

Contains tocopherol and oryzanol that reduce cholesterol. It is extensively used in

Japan, an evidence for the Japanese longer living.

Packing : 15 kg tin/1 litre flexi pouch

Product Logo:

SURABHI

Vanaspati

An economical vegetable fat for small scale bakeries. Multi utility fat widely used all

over the country.

Packing : 15 Kg bag-in-box/ 15 kg tin/15 kg jar

Product Logo:

BAKERSPET

Bakery shortening Multipurpose bakery shortening. Creamy white and bland

in taste. A blend of specially formulated and texturised hydrogenated fats to provide

excellent plasticity. The largest selling brand in South India for manufacturing cakes,

breads, biscuits, filling cream, cookies. Also used for shallow and deep frying.

Packing : 15 kg Bag-in-box / 15 kg tin / 15 kg jar

Product Logo:

3F Vanaspati:

100% granulated vegetable fat. A favourite of South Indian housewives for

cooking and deep frying. A must for all festival cooking and sweet preparations.

Packing : 15 kg tin / 15 litre tin /1 litre flexi pouch/ 500, 200 and 100 ml flexi pouch

Product Logo:

MELLO:

Margarine made from the choicest of refined oils for bakery industries.

Recommended by the best bakers in the country for cake, cream pastries biscuits,

icing and cookies. Ideal because it is not coloured and not flavoured.

Packing : 15 kg Bag-in-box

Product Logo:

Mello Creme (Margarine):

Application: used as filling cream and for cake icings.

Packing:15kg BIB

BISCREME

Aerated bakery shortening uniform dispersion of nitrogen gas in the fat

produces a superior bakery shortening.(contains 10% v/wt nitrogen). Specially used

for filling cream and icing. Best for premium biscuits and cookies


Product Logo:

PALM DELITE:

Imported RBD Palmolein a refined, bleached and deodorised palm olein

imported from Malaysia. An economical oil supplied all over the country directly

from our ports on the east and west.

Packing : 15 kg tin / 1 litre flexi pouch / 500 ml flexi pouch

Product Logo:

BAKERS DELITE:

Puff pastry fat an in house development to produce a smooth fat designed for

use in puff pastry products. A speciality fat which gives a flaky puff with a good lift.


Product Logo:

GOLDEN SPREAD:

Margarine for Puffs specially formulated product for puffs. There is already a

great demand for this margarine, for its superior quality.


Product Logo:

3F Sunflower Oil:

Packing: 1 ltr pouch x 10, 1 ltr x 20 pouches per carton.

Product Logo:

Royaldelite:

Premium quality Refined Palm Olein

Packing: 1 Ltr x 15 pouches per carton, 15 kg tin.

Product Logo:

Trim:

Application: General purpose cooking fat especially for parathas & biryani.

Packing: 15kg BIB

Product Logo:

SUN DELITE :

Refined Sunflower Oil.

Imported from Argentina and refined in the most modern refinery. Contains high

PUFA. It lowers cholesterol. A general purpose cooking oil.

Packing : 15 kg tin/ 15 litre tin/ 5 litre jar/1 litre flexi pouch

BAHAAR:

Mango bar

Aam papad made from mango pulp. Favourite mouth tingler for the young and the

old.

Packing : 20 gms sachet

3F GLYCERINE

Refined glycerin made from sweet water obtained in fat splitting.

Grades available:

Industrial White - IW

Chemically Pure - CP

Indian Pharmacopeia - IP

Packing : 250 kg plastic drums

TRIFFA

Fatty Acids/Stearic Acids:

Standard and hardened quality distilled fatty acids made from Rice bran, Palm,

Coconut, Sunflower, Rape seed, Soya and Linseed oil. Custom made formulations

available on order. Raw material for Cosmetic, Premium Soap, Lubricants, Chemical

Industries, Rubber and PVC formulations. Packing :

110 kg in plastic carboys for liquids 50 kg woven hdpe lined bags for hardened

quality in flake form

OTHERS

Crude Palm Oil-bulk

Refined Palm Oil-bulk :

Contract farming by farmers. We provide imported seedlings after

acclimatising. Know how for growing is provided to the farmers.

Speciality Fats

Refined Kokum Fat (Garcenia)

Sal Stearine (Shorea Robusta)

Produced from forest sources. An important non-timber forest produce.

Mango Stearine (Mangifera Indica)

Shea Stearine

Cosmetic Ingredients

Mango Olein

Shea Olein

Refined Rice Bran Oil Wax :

Used in various industries like paper coating, candles, water proofing, floor, shoe

and furniture polish, cosmetics, carbon paper, printing inks, fruit and vegetable

coatings and pharmaceuticals. Rice bran oil wax may substitute wax like carnuaba.

Packing:25 kg in lined paper bags

Exporters Of :

Indian Rice (non basmati)

De oiled Rice Bran

De oiled Salseed Meal-pellets, non-dusty

Importers Of :

Palm Oil and its fractions

Crude Sunflower Oil

Crude Soya bean Oil :

Have sea-worthy barges for unloading from ships when anchored near shallow

water ports. Presence in all minor ports in India: West coast-Kochi and Mangalore;

East coast-Gopalpur, Kakinada and Nagapattinam

Turnkey Project :

Supplier for Double Solvent Refining of high FFA Oils upto 20% such as RB oil,

solvent extracted high FFA Oils. The refined oil obtained is of excellent quality

as per food standards.

Sales Depots/Stock Points in India:

Mumbai, New Delhi, Baroda, Calcutta, Raipur, Behrampur, Hyderabad,

Visakhapatnam, Tadepalligudem, Vijaywada, Vijayanagaram, Chennai, Bangalore,

Kochi, Tiruchirapalli.

GARMENT EXPORTERS

The company export women garments to United States of America, United

Kingdom, Canada, Germany, Japan, Chile, France and Australia. Our customer span

ranges from chain stores, mail order, boutiques and wholesalers. Order sizes vary

from 1,000 to 1,00,000 units.

GRANITE EXPORTERS

The Company initially started exporting rough blocks and have expanded by

exporting cut-to-size slabs and random slabs. Later we shifted towards

manufacturing of finished products like monuments, artifacts items and fire places.

For further details please refer the links given below:

Galaxy Granites

SOFTWARE DEVELOPMENT

Goenka Infotech Limited provides the full range of IT solutions and services in the

following segments:

Conformance Services

Web Gardening

Software Maintenance and Web Enabling of Legacy Applications

IT Applications in Power Sector

Smart Card based Solutions

The 500 square metres of software development centre at Hyderabad has been

designed to provide the state of art infrastructure for software professionals.

ETHICS

The 3F Group is proud of its inherent values which are pursued relentlessly to drive

it towards sustainable growth. These values are the common language that binds all

its people.

The 3F Group stands for:

an intrinsic commitment to its people

a culture of trust, mutual respect, open communication and transparency of

action

commitment to welfare-driven initiatives that make a qualitative difference

to the lives of marginalized people

an environment-conscious group through its eco-friendly units

Indian values with a global mind set

COMMITMENT OF FFF LTD., TO THE NEW MILLENNIUM

The new millennium has brought with it, new challenges and expectations.

At 3F Group, we already have our sights firmly focussed on the future. We capitalize

on our strengths to remain at the core sectors in India and expand our global

presence.

With a commitment to enhancing long-term value, the 3F Group:

» continues to build on its leadership in its existing core businesses

» anticipates the needs and create new products and markets for its customer in its

mind

» continuously upgrades the quality of its products and services, by using the latest

technological advances for creating growth through partnership with our

customers.

» constantly hones its skills in continuous improvement, cost reduction and

knowledge integration.

» builds linkages-forward and backward-to gain control over critical inputs and to

enhance its focus on value-added products.

» uses its strengths to seize emerging opportunities in key sectors.

» develops a clear sustainable advantage to be a dominant player in all its business

ventures.

The key to the success in these endeavours lies in the strength of the human

resources of the company. We have the right people in the right positions. The

company have set in motion, new development processes to help our group reach

optimum levels of performance. We believe, as our people grow, the 3F Group

grows.

CHAPTER-IV

THEORETICAL FRAME WORK

FUNDS FLOW STATEMENT

Funds Flow Statement measures the inflow and outflows or net working

capital that result from any type of business activity.

Meaning of Funds Flow statement

Meaning of funds:

The term “Funds” has variety of meanings. There are people who take it

synonyms to cash and to them there is no difference between a Funds Flow

statement and Cash low statement. While others include marketable securities

besides cash in the definition of the term “funds”.

According to the standard the term “Funds” generally refers to Cash and

Cash equivalents or to Working Capital. One of these most common definitions of

the term “Funds”.

The statements can be classified into four:

Income statement

Funds Flow statement

Statement of changes in financial position

Cash Flow statement.

1.Income statement

As already indicated in an earlier chapter then an income statement

measures the inflow of assets resulting from rending of goods or services customers

over a period of time.

2.Funds Flow statement

This statement measures the inflows and the out flows of Working Capitals

that result from any type of business activity.

3.Statement of changes in financial position

This statement has a wider meaning than Funds Flow statement. It

measures changes both in Working Capital and non-Working Capital

4.Cash Flow statements

The statement measures in flows and the out flows of cash on account of any

type of business activity.

Need for Funds Flow Statement:

The Funds Flow statement is widely used by the financial analyst and

credit granting institutions and financial managers in performance of their jobs. It

has become a useful tool in their analytical kit. This is because the financial

statements i.e. “Income statement” and the “balance sheet” have a limited role to

perform. Income statement measures flow restricted to transactions that pertain to

rendering of goods or services to customers. The balance sheet of assets and

liabilities as on particular date. It does not sharply focus those major financial

transactions, which have been behind the balance sheet changes. One has to draw

inferences from the balance sheet about major financial transactions only after

comparing the balance sheet of two periods.

Working Capital:

There are 2 concepts in Working Capital

Gross Working Capital

Net Working Capital

Gross Working Capital refers to the firm’s investment in current assets while the

term net Working Capital means excess of current assets over current liabilities i.e.,

Gross Working Capital = Total Current Assets

Net Working Capital = Current Assets – Current Liabilities

Current Assets:

Current Assets include which are acquired with the intention of converting

them into cash during the normal business operations of the company.

Definition according to Glady:

“For accounting purpose, the term Current Assets is used to designate cash

and other assets or resources commonly identified as those which are reasonably

expected to be realized in cash or sold or consumed during the normal operating

cycle of the business”.

The Current Assets are:

Cash including fixed deposit with banks.

Accounts receivable.

Trade Debtors. Bills Receivable.

Inventory. Raw materials. Work-in-progress. Finished goods.

Stores and spare parts.

Advances recoverable i.e., the advances given to supplier of goods and

services or deposit with government or other public authorities.

Prepaid expenses.

Current Liabilities:

The term “Current Liabilities” is used principally to designate such

obligations whose liquidation is reasonably expected to require the use of assets

classified as current assets in the same balance sheet or the creation of other current

liabilities or those expected to be satisfied within a relatively short period of time

usually one year.

Current Liabilities are

Accounts payable i.e.

Bills Payable

Creditors

Outstanding expenses i.e., expenses for which services have been received by

the business but for which the payment has not been made.

Bank Overdraft

Short-term loans i.e., Loans from Banks

Advance payments received by the business for the service to be rendered or

goods to be supplied in future

Current maturities of long-term loans i.e., long-term debts due within a year

of the balance sheet date.

Provisions against Current Assets:

Provisions against current assets, such as provisions for doubtful debts,

provision for loss of stock, provision for discount on debtors etc are treated as

current liabilities, since they reduce the amount of current assets.

Non-Current Assets:

All assets other than current assets come within the category of non-current

assets. Such assets including

Goodwill

Land & Building

Machinery

Furniture

Long-term investments

Payment rights

Trade marks

Debit balance of Profit & Loss account.

Non-Current Liabilities:

All liabilities other than current liabilities come within the category of Non-

current assets

General reserves

Dividend equalization

Debentures sinking fund

Capital redemption reserve.

Importance of Funds Flow Statement:

Funds Flow analysis is an invaluable analytical tool for a financial manager

or a creditor for evaluation of the employment of funds by a firm and in determining

the sources for such funds. In addition to studying past flow by means of funds-

statement based upon forecasts. Such a statement provides an efficient method to the

financial mang4er to assess the growth of the firm and it results in the financial

needs, and to determine the best way to those needs. In particular, Funds Flow

analysis is very useful in planning intermediate and long term financing.

The traditional package of final of final accounts and statement through

very significant statements has such a limited role to play in financial analysis. The

balance sheet is a statement of assets and liabilities on a particular date. Similarly the

income statements will show in more detail only the profit or loss, change in owners

equity arising during accounting period as a result of the productive and commercial

activities in that period. The main criticism against the balance sheet of two periods

shown in a separate of source and Application of funds”. “Where got and where

gone statement.” Statement simply “Funds Statement”.

Sources of Funds:

In business several transactions take place. Some of these transactions

increase the funds while others decrease the funds. Some may not make any change

in the fund position. In case a transaction result in increase in funds, it will be termed

as a “sources of funds”.

Applications of Funds:

In case a transaction result in decrease in funds, it will be termed as an

“Application of funds”.

Limitations of Funds Flow Statement:

Despite its multiple managerial uses, the Funds Flow statement suffers from

certain limitations:

1. As this statement ignores non-fund items, it becomes a crude device compared

to the income statement and balance sheet.

2. This statement does not reveal shifts among the items making up the current

assets and current liabilities. it does not tell whether any loss of Working Capital

has unduly wakened the financial position. Only an examination of the balance

sheet at the end of the period will show the under effect of these changes.

Therefore the Funds Flow statements either in whole or in part.

3. The information used for the preparation of the fund flow statement is

essentials historical in nature. Though attempts are made to protect the funds

statement for the future period

Despite these limitation the information supplied by the Funds Flow

statement is really invaluable and the management in planning capital expenditure,

devising dividend and other financial policies etc. Taken in conjunction with ratio

analysis provides a rich sources of information regarding possible managerial uses.

Preparation of Funds Flow Statement:

In order to prepare a Funds Flow statement, it is necessary to find out the

“source” and “application” of funds.

Sources of Funds:

The sources of funds can be both internal & external

Internal Sources:

Funds from operations are the only internal source of funds. However

following adjustments will be required in the figure of net profit for finding out real

funds from operations.

Add: the following items, as they do not result in outflow of funds:

Depreciation of fixed assets

Preliminary expenses or goodwill etc written off

Contribution to debenture redemption fund, transfer to general reserves, etc.

Provision for taxation and proposed dividend.

Loss on sale of fixed assets.

Deduct: the following items, as they do not increase funds

Profit on sale of fixed assets

Profit on revaluation of fixed assets

Non-operating incomes such as dividend received or accrued dividend, refund of

income tax, rent received or accrued rent.

External Sources:

Funds from long-term loans

Sale of fixed assets

Funds from increase in share capital

Application of Funds:

The uses to which funds are put are called ‘application of funds’. Following

are some of the purpose for which funds may be used:

Purchase of Fixed Assets.

Payment of Dividend.

Payment of Fixed Liability.

Payment of Tax Liability.

Technique for preparing a Funds Flow Statement:

A Funds Flow statement depicts change in Working Capital. It will therefore,

be better for the students to prepare first a schedule of change in Working Capital

before preparing a fund flow statement.

Schedule of Changes in Working Capital:

The Schedule of change in Working Capital can be prepared by comparing the

current assets and current liabilities of two periods. It may be in the following form.

Schedule of changes in working capital

Particulars Opening Closing Increase in Decrease in

Balance Balance W.C. W.C.

Current Assets:

Cash XXX XXX ---- ----

Debtors XXX XXX --- ---

Stock XXX XXX ---- ----

Marketable XXX XXX ---- ----

securities

Any other XXX XXX ----

----

Current

Libilities:

Creditors XXX XXX ---- ----

Bills payable XXX XXX ---- ----

Outstanding XXX XXX ---- ----

expenses

Bank over draft XXX XXX ---- ----

Any Other XXX XXX ---- ----

Total XX XX

Rules for preparing the schedule:

Increase in a Current Assets, result in increase (+) in Working Capital

Decrease in a Current Assets, result in decrease (-) in Working Capital

Increase in a Current Liability, result in decrease (-) in Working Capital

Decrease in a Current Liability, result in increase (+) in Working Capital

Funds Flow Statement:

While preparing a Funds Flow Statement, Current Assets and Current

Liabilities are to be ignored. Attention is to be given to change in fixed liabilities.

SOURCES AMOUNT APPLICATIONS AMOUNT

Funds from XXX Funds from XXX

operations operations

Issue of share XXX Redemption of

capital share Capital XXX

Issue of XXX Redemption of XXX

debenture Debentures

Longterm XXX Payment of loans XXX

borrowings

Sale of Assets/ XXX Purchase of Assets/ XXX

Investments Investments

Total XXX XXX

CASH FLOW STATEMENT

Meaning of Cash Flow statement:

A Cash Flow statement is a statement depicting change in cash

position from one period to another. The Cash Flow statement explains the reasons

for such inflows or outflows of cash, as the case might be. It also helps management

in making plans for the immediate future. A project Cash Flow statement or a cash

budget will enable the management in ascertaining how much cash will be available

to meet obligations to trade creditors, to pay bank loans and to pay dividend to the

shareholders. A proper planning of the cash resources will enable the management to

have cash available whenever needed pan put it to some profitable or profitable or

productive use in case there is surplus cash available.

The term “cash” stands for cash and bank balances. The term “funds”

in a narrow sense is also used to denote cash. In such case the term “fund” will

exclude from its purview all other current assets and current liabilities and the term

“Funds Flow statement” and “Cash Flow statement” will have synonymous

meaning.

Types of Cash Flow

While preparing a Cash Flow statement, two types of Cash Flows viz., Actual

Cash Flow and National Cash Flow are identified.

Actual Cash Flow refers to actual movements of cash into out of the

business. Purchase of fixed assets, borrowings from bank of financial institutions,

trading profits and redemption of debentures are all examples of actual Cash Flow.

National Cash Flows results only in the cash of increase or decrease in

current assets. National Cash Flow result indirect cash movements into or out of

business, for Example, increase in the balance of debtors does not result in any

actual cash outflow since it is part of credit sales. But form of material costs, labour

cost, overheads etc., looked up in the goods sold on credit.

Preparation of Cash Flow Statement:

A Cash Flow statement can be prepared on the same pattern on which

a Funds Flow statement is prepared. The change in the cash position from one period

to another is computed by taking into account “Source” and “Application” of cash.

Sources of Cash:

Sources of cash can be both

Internal

External.

Internal sources:

Depreciation.

Amortimization of intangible assets

Loss on sale of fixed assets

Gains from sale of fixed assets

Creation of reserves

External sources:

Issue of new shares

Raising long-term loans

Purchase of plant and machinery on deferred payments

Short-term borrowings cash credit from banks

Sale of fixed assets, investment, etc.

Applications of Cash:

Application of cash may take any of the following forms:

Purchase of fixed assets

Payment of long-term loans

Decrease in deferred payment liabilities

Loss on account of operations

Payment of tax

Payment of dividend

Decrease in unsecured loans, deposits etc.

Limitations of Cash Flow analysis:

Cash Flow analysis is a useful tool of financial analysis. However, its own

limitations. These limitations are as under:

1.Cash Flow statement cannot be equated with the income statement. An income

statement takes into account both cash as well as non-cash items and, therefore,

net Cash Flow does not necessarily mean net income of the business.

2.The cash balance as disclosed by the Cash Flow statement may not represent the

real liquid position of the business since it can be easily influenced by postponing

purchases and other payments.

3.Cash Flow statement cannot replace the income statement or the Funds Flow

statement. Each of them has a separate function to perform.

Format of Cash Flow Statement

Cash Flow Statement For the year ending on-----

Particulars Amount Rs.

Cash flows from operating activitiesCash receipts from customers XXX

Cash paid to Suppliers and employees XXX

Income tax paid (XXX)

Cash flow before extra-ordinary item XXX

Extra-ordinary items XXX

Net cash from operating activities XXX

Cash flows from investing activities:

Purchase of fixed assets (XXX)

Proceeds from sale of equipment XXX

Interest received XXX

Dividends received XXX

Net cash from investing activities XXXCash flows from financing activities:

Proceeds from issuance of share capital XXX

Procedure from long-term borrowings XXX

Repayments of long-term borrowings (XXX)

Interest paid (XXX)

Dividend paid XXX

Format of Cash from Operations

Particulars Amount Rs.

Profit as per Profit and Loss account XXX

Add: Increase in Current Liabilities XXX

Decrease in Current Assets XXX XXX

Less : Increase in Current Assets XXX

Decrease in Current Liabilities XXX XXX

CHAPTER-V

DATA ANALYSIS AND INTERPRETATION

TABLE-5.1FUNDS FLOW STATEMENT OF THE YEAR 2006-2007

STATEMENT OF CHANGES IN WORKING CAPITAL

Particulars 2006 (Rs.) 2007 (Rs.) Increase Decrease

Current Assets : Inventories 43,27,71,837 55,87,58,958 12,59,87,121 -- Debtors 36,42,25,932 17,25,45,861 -- 19,16,80,071

Cash at Bank 7,32,53,857 3,73,85,785 -- 3,58,68,072

Other current 3,34,344 4,77,294 1,42,950 --AssetsLoans & Advances 9,65,64,227 15,31,35,283 5,65,71,056 --

Total Current 96,71,50,197 92,23,03,181 Assets Current Liabilities :Liabilities 36,24,07,808 32,49,92,501 3,74,15,307 --

Provision 1,91,80,165 70,08,921 1,21,71,244 --

Total Current 38,15,87,973 33,20,01,422 Liabilities (B)

Total working 58,55,62,224 59,03,01,759 capital (A-B)

Changes in 47,39,535 47,39,535Working Capital

23,22,87,678 23,22,87,678

Analysis and interpretations:

In this year changes in working capital is 47,39,535 due to increase current

liabilities

In the company has increased due to increase in production in demand in this

year production has come up compared to the previous year

TABLE-5.2

FUNDS FLOW STATEMENT OF THE YEAR 2006-2007

SOURCES RS. APPLICATION RS.

Share Capital 32,82,650 Differed Tax 77,16,279

Reserves 2,46,11,049 Investments 3,84,09,810

Secured Loans 17,12,01,211 Fixed Assets 15,76,51,865

Unsecured Loans 94,22,179 Changes in working 47,39,535 Capital.

20,85,17,489 20,85,17,489

Analysis and interpretation:

In this year working capital year is very low due to amount invested

in investments and fixed assets the short term funds are utilized for acquiring

fixed assets.

The company did not used adequate share capital or long term loans

for long term Requirements.

TABLE-5.3



Particulars 2007 (Rs.) 2008 (Rs.) Increase Decrease

Current Assets : Inventories 63,06,95,669 29,14,46,102 -- 33,92,49,562 Debtors 10,71,30,660 17,79,55,351 7,09,23,691 --

Cash at Bank 4,99,30,293 3,26,49,740 -- 1,69,32,636

Other current 4,11,209 3,80,474 -- 30,735AssetsLoans & Advances 8,84,02,008 4,38,03,561 -- 4,36,68,338

Total Current 87,65,74,839 54,62,35,228 Assets Current Liabilities :Liabilities 60,69,18,927 23,50,68,241 36,16,30,686 ---

Provision 76,89,449 31,60,932 38,28,517 ---

Total Current 61,46,08,376 23,82,29,173 Liabilities (B)

Total working 26,19,66,463 30,80,06,055 capital (A-B)

Changes in 3,83,69,636Working Capital 3,83,69,636

43,63,82,89 43,63,82,894


In this year changes in working capital is 47,39,535due to increase current

liabilities

In the company has increased due to increase in production in demand in this

year production has cone up compared to the previous year

TABLE-5.4


SOURCES RS. APPLICATIONS RS.

Reserves

Unsecured Loans

Fixed Assets

2,23,04,246

3,89,77,545

2,36,39,050

8,49,20,841

Share Capital

Secured Loans

Investments

Changes in working

Capital

63,00,000

4,18,68,396

81,218

3,83,69,636

8,49,20,841


In this year working capital year is very low due to amount invested in

investments and fixed assets the short term funds are utili8sed for acquiring fixed

assets

The company did not used adequate share capital or long term loans for long

term Requirements.

TABLE-5.5



PARTICULARS 2008 (Rs.) 2009 (Rs.) INCREASE DECREASEE

Current Assets: -

Inventories Debtors

Cash at bank

Other current assets

Loans & advances

Total Current Assets (A)

Current Liabilities-

Liabilities

Provisions

Total Current Liabilities (B)

Total Working Capital (A-B)

Changes in Working Capital

64,06,95,669

11,71,30,660

5,99,30,293

5,11,209 9,84,02,008

_____________91,66,74,839

61,69,18,927

77,89,449______________62,47,08,376______________

29,19,66,463

4,60,39,592

30,14,46,102

18,79,55,351

4,26,49,740

4,80,474

56262321

___________58,8793988____________

24,50,68,241

5719692____________24,83,29,173____________

33,80,06,055

_

7,08,24,691

_

_

_

37,18,50,686

45,28,517

____________44,72,03,894

33,92,49,562

_

1,72,80,553

35.735

4,45,98,447

_

_

4,60,39,592___________44,72,03,894


This year change in Working Capital is 4,60,39,592 due to the decrease of

current assets except debtors.

This year the production of various plants are increased but the turn over of

the company decreased. In this year inventories are highly decreased to 33,92,49,567

due to the decrease in demand in sales.

TABLE-5.6


SOURCES Rs. APPLICATIONS Rs.

Reserves

Unsecured Loans

Fixed Assets

3,23,04,246

4,89,77,545

3,36,39,050

___________

11,49,20,841

Share Capital

Secured Loans

Investments

Changes in Working

Capital

67,00,000

6,20,90,031

91,218

4,60,39,592

__________

11,49,20,841


In this year the sources of Funds Flow is sale of fixed assets, unsecured loans

and reserves only.

In this year the company applications are very high due to redemption of

preference shareholders, payment of secured loans and purchase of investments.

TABLE-5.7



PARTICULARS 2009 (Rs.) 2010 (Rs.) INCREASE DECREASE

Current Assets:-

Inventories Debtors

Cash at bank

Other current assets

Loans & advances

Total Current Assets (A)

Current Liabilities:

Liabilities

Provisions

Total Current Liabilities (B)

Total Working Capital (A-B)


30,14,46,102

18,79,55,351

4,26,49,740

4,80,474

5,6262321

___________58,8793988

24,50,68,241

5719692___________250787933

33,80,06,055

4,50,42,994

37,53,70,792

22,98,55,707

5,89,07,374

19,91,425

11,10,25,326

____________77,71,50,624____________

38,84,47,827

56,53,748 ____________338006055

38,29902792

7,39,24,690

4,19,00,356

1,62,57,634

15,10,951

5,72,21,765

_

_

__________19,08,15,396_ _______

_ _

_

_

_

14,37,79,586

23,92,816

4,50,42,994 __________19,08,15,396___________


In this year the situation is reversed that means current assets are increased and current liabilities are increased. In this year the company has the increase in inventory due to increase production demand.

In this year production activity is more or less stable as compared to the previous year

TABLE-5.8

FUNDS FLOW STATEMENT OF 2009-2010


Share Capital

Unsecured Loans

Fixed Assets

Deffered Tax

2,67,00,000

3,52,04,299

2,13,45,570

7,23,46,262

_____________

15,55,96,131

Reserves

Secured Loans

Investments

Changes in Working

Capital

5,45,31,980

2,70,27,847

2,89,93,310

4,50,42,994

____________

15,55,96,131


In this year the sources of funds are increased because of issue of

Equity shares and deffered tax. And also company gather unsecured loans and sell

the fixed assets. Applications are the company paid the secured loans, transfer of

reserve and surplus and purchases of investments.

TABLE-5.9

FUNDS FLOW STATEMENT OF THE YEAR 2010-2011STATEMENT OF CHANGES IN WORKING CAPITAL

PARTICULARS 2010(Rs.) 2011 (Rs.) INCREASE DECREASE

Current Assets:-

Inventories Debtors

Cash at bank

Other current assets Loans & advances

Total Current Assets

Current Liabilities: - Liabilities

Provisions

Total Current Liabilities

Total Working Capital(A-B)


37,53,70,792

22,98,55,707

5,89,07,374

19,91,425

11,10,25,326

_____________77,71,50,624

38,84,47,827

56,53,748

______________39,41,01,575______________

38,30,49,049

20,25,13,175

43,27,71,837

36,42,25,932

7,82,53,857

3,34,344

9,65,64,227

______________96,71,50,197______________

36,24,07,808

1,91,80,165

______________381587973______________

58,55,62,224

5,74,01,045

13,43,70,225

1,43,46,483

_

_

2,60,40,019

_

___________23,21,57,772

_ _

_

16,57,081

1,44,61,099

_

1,35,26,417

20,25,13,175

___________23,21,57,772


In this year change in Working Capital is very high due to decrease in loans & advances i.e., the company received the amounts from them. And also the company sells the some of the current assets.

In this year the production has gone up compared to the previous year, where as there is drop in volume.

Company has the increase in inventory due to increase in production demand. And also company paid the some of the current liabilities in this year.

TABLE-5.10



Reserves

Secured Loans

Unsecured Loans

Fixed Assets

2,28,62,420

15,83,59,478

22,01,827

2,67,18,462

_____________

20,51,42,187

Deffered tax

Investments

Changes in Working

Capital

22,54,772

3,74,240

20,25,13,175

____________

20,51,42,187


In this year the applications of funds high due to payment of deferred tax

liability, purchase of investments and this year company did not issue any share

capital.The sources of funds are very high in this year. The company gathered high

funds from secured loans & unsecured loans. And also the balance of reserve

increased.

TABLE-5.1

CASH FLOW STATEMENT OF THE YEAR 2006-2007

STATEMENT OF CASH FROM OPERATIONS 2006-2007

PARTICULARS Rs. Rs.

Net Profit as per P&L A/c

Add :

Decrease in Current Assets :

Debtors

Increase in current liabilities

Less :

Increase in Current Assets :

Inventories

Current Assets

Loans & Accounts

Decrease in Currents liabilities

Cash from operations

12,59,87,121

1,42,950

5,65,71,056

4,95,86,551

2,08,72,988

19,16,80,071

-

___________

21,25,53,059

23,22,87,678

_____________

-1,97,34,619

Analysis and Interpretations :

The turn over during the year under review has come down to 210.76 crores

as compared to Rs285.66 crores in the previous year showing a decline of 26.22%

the decline in turnover is mainly on account of reduction in the commodity trading.

TABLE-5.2


PARTICULARS Rs. Rs.

Opening Balance as per B/S

Add : Sources of Cash

Share capital

Loans

Less : Application of Cash

Reserves

Investments

Fixed Assets


Closing Balance

32,82,650

18,06,23,790

____________

39,78,218

3,84,09,810

15,76,51,865

1,97,34,619

___________

7,32,53,857

18,39,06,440

___________

25,71,60,297

21,97,74,512

____________

3,73,85,785

Analysis and Interpretations :

This year application of cash are very high due to the sources from financing

activity and operations activity .

In this year net cash generated from operating activities an amount of

50938956 against previous year net negative cash generated from operations were

100358504

TABLE-5.3


STATEMENT OF CASH FROM OPERATION (2007-2008)

PARTICULARS RS. RS.

Net profit as per P & L A/c 3,51,15,387

Add :

Decrease in Current Assets

Inventories 32,92,49,567

Other Current Assets. 34,735

Loans and Advances 3,45,98,447

Increase in Current Liabilities : ----------

36,38,82,749

39,89,98,136

Less : Increase in Current Asset

Debtors 8,08,24,691

Decrease in Current Libilities

Libilities 38,18,50,686

Provision 46,28,517

46,73,03,894

Cash from Operations 6,83,05,758

Analysis and Interpretation :

In this year has been overall increasing in production capacity utilization of

the plants. Despite decrease in the total turnover of the company. this was due to the

case of increase in customs duty on refund oil

In this year inventories are decreased to 32,92,49,567 because of less demand

in sales. Loans and advances and other current libilities also decreased. In this year

debtors are increased.

TABLE-5.4


PARTICULARS RS. RS.

Opening balance as per B/S 4,99,30,293

Add : Sources of Cash

Unsecured Loans 3,89,77,545

Fixed Assets 2,36,39,050 6,26,16,595

11,25,46,888

Less : Applications of Cash

Share Capital 68,00,000

Reserves 2,28,11,141

Secured Loans 6,24,90,031

Investments. 91,218

Cash from operations 6,83,05,145 8,84,05,145

Closing Balance 2,41,41,743

Analysis and interpretation

In this year source of cash is sale of fixed assets and unsecured loans only.

In this year company applications are very high due to the redemption of preference

shares payment of the unsecured loans and purchase of investments.

TABLE-5.5



PARTICULARS Rs. Rs.

Net profit as per P&L A/CAdd:

Decrease in Current Assets

Inventories Other Current Assets Loans and Advances

Increase in Current Liabilities:

Less:Increase in Current Assets

Debtors

Decrease in Current Liabilities

Liabilities Provision


33,92,49,56735,735

4,45,98,447

______

7,08,24,691

37,18,50,68645,28,517

_____________

4,51,15,387

38,38,83,749_______________

42,89,99,136

44,72,03,894______________

-1,82,04,758


In this year there has been an over all increase in production and capacity

utilization of the plants. Despite decrease in the total turn over of the company. This

was due to the cause of increase in customs duty on refined oils.

In this year inventories are decreased to 33,92,49,567 because of less demand

in sales. Loans &advances and other current liabilities also decreased. In this year

debtors are increased but there is no increase in current liabilities. Thus the cash

from operations is in a negative position.

TABLE-5.6


PARTICULARS Rs. Rs.

Opening balance as per B/S

Add: Sources of Cash

Unsecured Loans

Fixed Assets

Less: Applications of Cash

Share Capital

Reserves

Secured Loans

Investments


Closing Balance

4,89,77,545

3,36,39,050

67,00,000

1,28,11,141

6,24,90,031

91,218

1,82,04,758

________________

5,99,30,293

8,26,16,595

14,25,46,888

9,98,97,148

_______________

4,26,49,740


In this year the sources of cash is sale of fixed assets and unsecured loans

only. In this year the company applications are very high due to the redemption of

Preference shares, payment of the secured loans and purchase of investments.

TABLE-5.7



PARTICULARS Rs. Rs.

Net profit as per P&L A/C

Add:Decrease in Current Assets

Increase in Current Liabilities: Liabilities Provisions


Inventories Debtors

Other Current Assets Loans & Advances


-------

14,33,79,58623,92,816

7,39,24,6904,19,00,35715,10,951

5,72,21,765

3,51,30,650

14,57,72,402_______________

18,09,03,052

17,45,57,763_____________

63,45,289


In this year there is a mixed trend in production and capacity utilization of

various plants i.e., the production in Solvent Extraction Plants and Physical

Refineries has gone up. In other plants the production activity is more or less stable

as compared to that of the previous year

Net profit is decreased in the year due to decrease in the company

efficiency and increase in material cost, labour & overheads. In this year the

company has increase in current assets.

TABLE-5.8


PARTICULARS Rs. Rs.


Add: Sources of Cash Share Capital Unsecured Loans Fixed Assets Cash from operations

Less: Applications of Cash Reserves Secured loans Investments Closing Balance

2,67,00,0003,52,04,2992,13,45,57063,45,289

1,73,16,3682,70,27,8472,89,93,310

________________

4,26,49,740

8,95,95,158

13,22,44,898

7,37,11,764_______________

5,89,07,374

Analysis and Interpretation:

The cash balance of 2010-2011 has increased to 1,61,11,377 because of

increase in the cash from operation and the increase of share capital, sale of fixed

assets and getting of unsecured loans.

Application of cash is high due to the payment of the secured loans and

purchase of investments.

TABLE-5.9



PARTICULARS Rs. Rs.

Net profit as per P&L A/CAdd:

Decrease in Current Assets: Other Current Assets

Loans and Advances

Increase in Current Liabilities:

Liabilities Provisions


Inventories Debtors

Decrease in Current Liabilities

Liabilities


16,57,0811,44,61,099

__

1,35,26,417________ ____

5,74,01,04513,43,70,225

2,60,40,019

4,95,35,503`

2,96,44,597______

_________7,91,80,100

21,76,11,289_____________

- 13,86,31,189

Analysis & Interpretation:

The production in Expellers, Palm Oil Plant, Fatty Acid Plant has gone up

compared to the previous year, where as in the Solvent Extraction Plants, Physical

Refineries and Vanaspati Plant there is drop in volumes.

In this year cash from operations shows the negative balance due to the

increase in inventories and debtors. And also current liabilities are reduced.

TABLE-5.10


PARTICULARS Rs. Rs.


Add: Sources of Cash

Secured Loans

Unsecured Loans

Fixed Assets

Less: Applications of Cash

Reserves

Investments


Closing Balance

15,33,59,478

22,01,827

2,67,18,426

2,89,27,855

3,74,240

13,86,31,189

______________

5,89,07,374

18,22,79,767

24,11,87,141

16,79,33,284

_______________

7,32,53,857


In this year the net profit is increased which shows the company efficiency.

The closing balance of cash has increased by Rs. 1,44,92,740 due to the cause of

increased secured loans.

This year applications of cash are very high due to the negative cash from

operations and reduction of reserve balance.

CHAPTER-VI

FINDINGS

SUMMARY

SUGGESTIONS

FINDINGS

Net profit of the company decreased due to increase in operating cost.

Unsecured loans are increasing every year.

The company got secured loans from banks under the hire purchase scheme.

Cash from investing Activities was decreased due to

increase of

purchase of fixed assets.

In respect of loans and advances the company gives interest free loans only

to the employees.

The amount of such profits depends up on the

magnitued of their sale is always time tap gap between the goods and receipts

of cash.

SUGGESTIONS

Reduce the Debtors Collection Period should speed up

Debetor collection period to determine liquidity position.

Reduce the purchasing of Investments.

Funds should be raised on long -term basis, which have been used for invest

activities of organization.

Current liabilities should be decreased for increasing the Working Capital in

the organization.

Thus the financial manager should estimate correct amount of working

capital and should be able to determine the correct sources from which funds

have to be raised.

Net profit is satisfactory.

Adequate promotional activities should be taken to achive their profits.

SUMMARY

Cash Flow & Funds Flow statements is an essential part of over all corporate

financial management. It is the art of anticipating and preparing for risks and

uncertainties and over coming obstacles. Management should be particularly

interested to know the financial strengths of the firm as well as weakness of the firm

to take suitable corrective decisions. Hence a study has been conducted on the Cash

Flow & Funds Flow statements with reference to FFF Ltd., Tadepalligudem. The

main objective of the study is to evaluate the Cash & Fund position and its

management thorough various Cash Flow & Funds Flow statements.

The FFF Ltd. has a unique place in Indian economy and rural development

because of its multiple contributions in terms of employment & provisions of raw

materials to other industries that’s why it is suffered with a problem of over

employment. The components of Cash Flow & Funds Flow statements have been

explained preview of FFF Ltd., of which the study products the results regarding the

net Working Capital of Cash Flow & Funds Flow statements.

The investments of the company increased every year so the company should

decrease the purchase the investments. And the credit sales of the company are

increasing every year so the company should be reducing the debtor collection

period. The company should decrease the current liabilities for increasing Working

Capital in the organization. This enables the smooth functioning of the organization.

ANNEXURE

ANNUAL REPORTS OF FFF LIMITED 2011-2010 TO

2007-2006

BALANCE SHEET AS ON 31ST MARCH 2011As at 31st march 2011 As at 31st march 2010

SOURCE OF FUNDSSHARE HOLDERS FUNDS:Share capital 106167250 106167250Reserve surplus 643073254 487393328 Total: 74240504 593560578

LOAN FUNDS:Secured loans 1093430515 1157156467Unsecured loans 299314587 234136049 Total: 1392745102 1391292516Deferred tax:Liabilities 140937164 136209995Assets 2581403 4290634 Total: 138355761 131919361

OVERAL TOTAL: 2280341367 2116772455

APPLICATION OF FUNDSFIXED ASSETS:Gross block 1269998369 1137903418Less: depreciation 474297200 414194266Net block 795701169 723709152

Capital work in progress 28370927 58024791 824072096 781733943

INVESTMENTS: 228419038 129459996CURRENT ASSETS, LOANS & ADVANCESInventories 1154890146 1808705113Sundry debtors 392626922 325658869Cash & bank balances 126192880 123204267Loans and advances 280419669 224178076Other current assets 474360 316641

1954603977 2482062966LESS:CUR.LIBLITIES &PROV:Liabilities 708729235 1233592526Provisions 18024509 42891924

726753744 1276484450Net current assets 1227850233 1205578516TOTAL 2280341367 2116772455




OVERAL TOTAL: 2116772455 1609436007





1276484450 825325426Net current assets 1205578516 780404739 TOTAL : 2116772455 1609436007




OVERAL TOTAL: 1609436007 1374984804


Capital work in progress 8459533 291367049727242972 783318639







OVERAL TOTAL: 1374984804 1222304882


Capital work in progress 291367049 190924834783318639 557737331







OVERAL TOTAL: 1222304882 1021503672






BIBLIOGRAPHY

WWW.WIKYAPEDIA.COMWWW.3EG.CO.IN

S.no Name of the author

Name of the Book Name of the publishers

1 I.M.PANDEYFinancial

management

Vas publication,

NwDelhi -1999

2M.Y.KHAN &

P.K.JAINFinancial

management

Tata MC. Graw Hill, NEW DELHI _1998

3PRASANNA CHANDRA

Financial management

Tata MC Gaw Hill, NEW

DELHI-1998

http://WWW.3EG.CO.IN/

http://WWW.WIKYAPEDIA.COM/

funds flow

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