Professional Documents
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INTRODUCTION
INTRODUCTION
The financial systems provided a summarized view of the
financial position and operation of the firm. The focus of financial analysis is
the process of identifying the financial strengths and weakness of firm the
properly establishing relationship between the items of the balance sheet
and profit and loss account.
Ratio analysis is a widely used to powerful tool financial
analysis. It is defined as the systematic use of ratio to interpret there
financial statements so that the strengths and weakness of the firm, its
historical performance and current condition can be determined. Ratio is
defined as the relationship between two or more figures. The accounting
figures reported in the financial statements do not provided meaningful
information unless it is related to some other relevant information.
To evaluate a firms financial condition and performance the
financial analyst need to perform checkups on various aspects of the firms
financial health. We calculate ratios to get a comparison and to make a
qualitative judgment about the firms financial performance.
The ratio analysis involves comparison for a useful interpretation
of the financial statements single ratio in itself does not indicate favorable or
the unfavorable conditions, it should not compared with some standards of
comparison,
Past ratio i.e. ratios of some selected firms, especially the most
progressive and successful competitor, at the same point in time. Industry
ratio i.e. ratios of the industry to which the firm belongs. Projected ratios i.e.
ratios developed using the projected, or Performa, financial statements of
the same firm.
The importance of ratio analysis lies in the fact that it presents
facts on a comparative basis and lays the drawing of inferences regarding
The liquidity position firm would be explained with the help of ratio
analysis basing on conclusion of the ratio analysis a firm can side to have
ability to meet its short term liability ratios are particularly useful in credit
analysis by banks and other suppliers of short term loans.
Ratio analysis is equally useful for assessing the long term
financial validity of the firm. The long term solvency is measured by
leverage/ capital structure and profitability ratios, which focus on earning
power and operating efficiency. Ratio analysis reveals the strengths and
weakness of a firm in the aspect of sources of finance and adequate returns
to its owners consistent.
Ratio analysis is much helps financial forecasting and planning. It
acts as guide for future because it calculates number of years of work.
Meaningful conclusions can be drawn for future from these ratios.
insight about financial strengths and weaknesses of the firm if they properly
analyze information reported in these statements. Management should be
particularly interested in knowing financial weakness of the firm to take
suitable corrective actions. The future plans of the firm should be laid down
in view of the firms financial strengths and weaknesses.
Thus, financial
analysis is the starting point for making plans, before using any
sophisticated forecasting and planning procedures. Understanding the past
is a pre-requisite for anticipating the future.
If,
therefore, Net profits are shown in terms of their relationship with items
such as Sales, Assets, Capital employed, Equity capital and so on,
meaningful conclusions can be drawn regarding their adequacy.
To carry the above example further, assuming the capital employed to be
Rs.50 lakh and Rs.100 lakh, the Net profit are 20% and 10% each
respectively. Ratio analysis, thus, as a quantitative tool, enables analysts to
draw quantitative answers to questions such as; are the Net profits
adequate? Are the assets being used efficiently? Is the firm solvent? Can
the firm meet its current obligations and so on?
3. Operational efficiency
4. Overall profitability
5. Inter-firm comparison, and
6. Trend analysis
1.
Liquidity position:With the help of ratio analysis conclusions can be drawn regarding the
liquidity position of a firm. The liquidity position of a firm would be
satisfactory if it is able to meet its current obligations when they
become due. A firm can be said to have the ability to meet its shortterm liabilities if it has sufficient liquid funds to pay the interest on its
short-maturing debt usually within a year as well as to repay the
principal. This ability is reflected in the liquidity ratio of a firm. The
liquidity ratios are particularly useful in credit analysis by banks and
other suppliers of short-term loans. Common liquidity ratios include
The Current ratio, Quick ratio and The operating Cash flow ratio.
2.
Long-term solvency:Ratio analysis is equally useful for assessing the long-term financial
viability of a firm. This aspect of the financial position of a borrower is
of concern to the long-term creditors, security analysts and the
present and potential owners of a business. The long-term solvency is
measured by the leverage/capital structure and profitability ratios,
which focus on earning power and operating efficiency. Ratio analysis
reveals the strength and weaknesses of a firm in this respect.
The
4.
Overall Profitability:Unlike the outside parties, which are interested in one aspect of
financial position of a firm, the management is constantly concerned
about the over-all profitability of the enterprise.
concerned about the ability of the firm to meet its short-term as well
as long-term obligations to its creditors, to ensure a reasonable return
to its owners and secure optimum utilization of the assets of the firm.
This is possible if an integrated view is taken and all the ratios are
considered together.
5.
Inter-firm Comparison:Ratio analysis not only throws light on the financial position of a firm
but also serves as a stepping stone to remedial measures.
This is
average.
6.
Trend Analysis:Ratio analysis enables a firm to take the time dimension into account.
In other words, whether the financial position of a firm is improving or
deteriorating over the years. This is made possible by the use of trend
analysis. The significance of a trend analysis of ratios lies in the fact
that the analysis can know the direction of movement, i.e., whether
the movement is favorable or unfavorable. For example, the ratio may
be low as compared to the norm but the trend may be upward. On
the other hand, though the present level may be satisfactory but the
trend may be a declining one.
Ratio Analysis-Limitations:
Ratio Analysis is a widely used tool of financial analysis.
Yet, it
Difficulty in comparison.
ii
iii
Conceptual Diversity
i.
Difficulty in comparison:One serious limitation of ratio analysis arises out of the difficulty
associated with there comparability. One technique that is employed
is inter-firm comparison. But such comparison is vitiated by different
procedures adopted by various firms.
last in first
Amortization
of
deferred
revenue
expenditure
such
as
Capitalization of lease;
different
accounting
procedures,
implying
differences
in
the
ii.
Impact of Inflation:The second major limitation of the ratio analysis is associated with
price level changes.
10
comparable.
iii.
Conceptual Diversity: The factor that influences the usefulness of ratios is that there is
difference of opinion regarding the various concepts used to compute
the ratios. There is always room for diversity of opinion as to what
constitutes shareholder`s equity, debt, assets, profit and so on.
financial statements, objectives for using them, the caliber of the analyst,
etc, are important factors, which influence the use of ratios.
11
The purpose of the user is also important for the analysis of ratios. A
creditor, a banker, an investor, a shareholder, all has different objects
for studying ratios.
ratios.
Ratio Analysis-Conclusion:
Calculating a large number of ratios without determining their need in the
present context may confuse the things instead of solving them. Only those
ratios should be selected which can throw proper light on the matter to be
discussed.
12
The ratios are only the tools of analysis but their interpretation will
depend upon the caliber and competence of the analyst. He should be
familiar with various financial statements and the significance of
changes etc.
A wrong interpretation may create havoc for the concern since wrong
conclusions may lead to wrong decisions. The utility of ratios is linked
with expertise of the analyst.
The ratios are only guidelines for the analyst; he should not base his
decisions entirely on them.
Ratio Analysis-Types:
Several ratios, calculated from the accounting data, can be grouped
into various classes according to financial activity or function to be
evaluated. As stated earlier, the parties interested in financial analysis are
short-term and long-term creditors, owners and management. Short-term
creditors` main interest is in the liquidity position or the short-term solvency
of the firm. Long-term creditors`, on the other hand, are more interested in
the long-term solvency and profitability of the firm.
13
Similarly, owners
LIQUIDITY RATIOS:
It is extremely essential for a firm to be able to meet its obligations as
they become due. Liquidity ratios measure the firms ability to meet current
obligations.
In fact, analysis of liquidity needs the preparation of cash budgets and cash
and Fund Flow statements; but liquidity ratios, by establishing a
relationship between cash and other current assets to current obligations
provided a quick measure of liquidity. A firm should ensure that it does not
suffer from lack of liquidity, and also that it does not have excess liquidity.
The failure of a company to meet its obligations due to lack of sufficient
liquidity, will result in a poor creditworthiness, loss of creditors` confidence,
or even in legal tangles resulting in the closure of the company.
1
CURRENT RATIO
QUICK RATIO
CASH RATIO
14
1.
CURRENT RATIO:
=
Current liabilities
Current assets include cash and those assets, which can be converted
into cash within a year, such as Marketable Securities, Debtors and
Inventories.
represent the payments that will not be made by the firm in future. Current
Liabilities include Creditors, Bill payable, Accrued expenses, Short-term
bank loan, and Income Tax Liability and Long-term debt maturing in the
current year.
2.
QUICK RATIO:
15
Quick liabilities
Quick assets or Liquid assets mean those assets which are
immediately convertible into cash without much loss.
3.
CASH RATIO:
Since cash is most liquid asset, a financial analyst may examine cash
ratio and its equivalent to current liabilities.
Trade investment or
LEVERAGE RATIOS:
The short-term creditors like bankers and suppliers of raw material
are more concerned with the firms` current debt-paying ability.
On the
In
fact, a firm should have strong short-as well as long-term financial position.
To judge the long-term financial position of the firm, financial leverage, or
Capital structure, ratios are calculated. These ratios indicate mix of funds
16
approximate mix of debt and owners equity in financing the firms` assets.
The manner in which assets are financed has a number of
implications. First, between debt and equity, debt is more risky from the
firms` point of view. The firm has a legal obligation to pay interest on debt
holders, irrespective of the profits made or losses incurred by the firm. If
the firm fails to debt holders in time, they can take legal action against it to
get payment and in extreme cases, can force the firm into liquidation.
exist; but all these ratios indicate the same thing-the extent to which the
firm has relied on debt in financing assets.
computed from the profit and loss items by determining the extent to which
operating profits are sufficient to cover the fixed charges.
=
EQUITY
PROPRIETARY RATIO:
This ratio states relationship between share capital and total assets.
Proprietors equity represents equity share capital, preference share capital
and reserves and surplus. The latter ratio is also called capital employed to
total assets.
17
th
EBIT
--------------------------------INTEREST CHARGES
18
ACTIVITY RATIOS:
Funds creditors and owners are invested in various assets to generate
sales and profits.
amount of sales. Activity ratios are employed to evaluate the efficiency with
which the firm managers and utilizes its assets. These ratios are also called
Turnover Ratios because they indicate the speed with which assets are being
converted or turned over into sales.
relationship between sales and assets. A proper balance between sales and
assets generally reflects that assets are managed well. Several activity ratios
can be calculated to judge the effectiveness of asset utilization.
The
debtors are expected to be converted into cash over a short period and,
therefore, are included in current assets. The liquidity position of the firm
depends on the quality of debtors to a greater extent. Debtors turnover ratio
indicates the velocity of debt collection of a firm. Un simple wards it
indicates the number of times average debtors are turned over during a year.
19
Credit Sales
Debtors Turnover Ratio =
relation to the investment in fixed assets. The fixed assets turnover ratio is
sales divided by net fixed assets. The firm assets turnover ratio should be
compared with past and future ratios and also with ratio of similar firms
and the industry average.
efficiency with which the working capital is being used by a firm. A higher
ratio indicates efficient utilization of working capital and low ratio indicates
otherwise.
situation for any firm and hence care must be taken while interpreting the
ratio. Making of comparative and Trend Analysis can at best use this ratio
20
for different firms in the same industry and for various periods. This can be
calculated as follows:
Sales
PROFITABILITY RATIOS:
A company should earn profits to Survive and Grow over a long period
of time. Profits are essential, but it would be wrong to assume that every
action initiated by management of a company should be aimed at
maximizing profits, irrespective of social consequences.
Profit is the difference between revenues and expenses over a period of time
(usually a year). Profit is the ultimate Output of a company, and it will
have no future if it fails to make sufficient profits. Therefore, the financial
manager should continuously evaluate to the efficiency of the company in
term of profits.
ii
iii
iv
22
The ratio will also be low due to fall in prices in the market, or market
reduction in selling price by the firm in an attempt to obtain large sales
volume, the cost of goods sold remaining unchanged.
Sales
Sales
23
Greater percentage
indicates better position and Vice-Versa as it shows the correct profit earned
by the firm.
This ratio is expressed as cash profit to sales.
Cash Margin Ratio =
Cash profit
X 100
Sales
between the total cost incurred and sales. Operating profit is the Net profit
after depreciation but Before Interests and Taxes. The purpose of computing
this ratio is to find out the overall operational efficiency of the business
concern
This ratio is expressed as operating profit to sales.
OPERATING MARGIN RATIO =
Operating profit
X100
Sales
24
RETURN ON INVESTMENT:
The term investment refers to Total Assets. The funds employed in Net
assets are known as Capital Employed.
structure
EBIT (1-T)
ROI (or) ROTA =
Total Assets
EBIT (1-T)
ROI (or) RONA =
NET Assets
The
25
Shareholders funds
RETURN ON CAPITAL:
The ROCE is the second type of ROI. The term capital employed refers to
long-term funds supplied by the creditors and owners of the fund. It can be
computed in two ways. First, it is equal to non-current liabilities (long-term
liabilities) plus owners equity. Alternatively, it is equivalent to Net Working
Capital plus Fixed Assets. Thus, the Capital Employed provides a basis to
test the profitability related to the sources of long-term funds. A comparison
of this ratio with similar firms, with the industry average and overtime
would provide sufficient insight into how efficiency the long-term funds of
owners and creditors are being used.
X 100
Average Total Capital Employed
100
Gross Block
NET PROFIT is profit before Tax. Gross Block means Gross fixed assets i.e.,
Fixed assets before deducting depreciation.
26
27
28
Be among top five lowest cost liquid steel producers in the world.
Achieve higher levels of customer satisfaction than competitors.
Vibrant work culture in the organization
Be proactive in conserving environment, maintaining high levels of safety
and addressing social concern
1.
Primary Data
2.
Secondary Data
1. Primary Data:
2. Secondary Data:
29
Collection
of
required
data
from
Annual
Reports
of
30
31
CHAPTER-II
INDUSTRY PROFILE
PARTICULARS OF ORGANIZATION:
a) Name of the company
b) Company identification
number(cin)
U27109AP1982GOI003404
32
c) Date of incorporation
d) Mode of incorporation
e) Administrative ministry
f) Present status
g) Share capital
1) Authorised
Equity share capital
Rs 4890 crores
Rs 3110 crores
Total
Rs 8000 crores
Rs 7827.32 crores
33
INDUSTRY PROFILE
DEVELOPMENT OF STEEL INDUSTRY IN INDIA:
Japan remained the largest exporter of semi-finished and finished
steel products in 2002 followed by Russia and Ukraine.
Other significant recent developments in The Development of Steel
Industry in India should be viewed in conjunction with the type and system
of Government that has been ruling the country. However, its production in
significant quantity started only after 1900. The growth of steel industry
can be studied by dividing the period into pre and post independence era.
By 1950, the total installed capacity of ingot steel production was 1.5 million
tons per year. In a short span of about 3 decades or so the capacity was
increased 11 folds to about 16 MT by the 90s.
LOCATION:
The plant is located on the coast of Bay of Bengal, 16 kms to the
south west of the Visakhapatnam port. It lies between the northern
boundaries of the National Highway No.5 from Madras to Calcutta and 7
kms to the south-west of Howrah Madras Railway line.
BACK GROUND:
To meet the growing domestic needs of Steel, Government of
India signed an agreement with erstwhile USSR in 1979 for co-operation is
setting up 3.4 Mt integrated steel plant at Visakhapatnam. The project was
obtaining the higher levels of operational efficiency and labour productively
over maximum output from the equipment already installed, planned for
procurement, achieving what was envisaged earlier. Under the rationalized
34
36
PRODUCT MIX:
Visakhapatnam steel plant products angles, channels, bars, wire rods
and billets for re-rolling. The plant also produces pig iron & 1.44 MT of granulated
slag, besides normal by- products from the coke oven and Coal Chemical Plant.
37
Year
1830
Osier
Marshall
manufacturing
2.
3.
4.
5.
6.
7.
8.
1874
1899
Growth
heather constructed
plant
at
port-motor
the
in
first
Madras
Presidency.
James Erskin founded the Bengal Frame Works.
Jamshedji TATA initiated the scheme for
an
1906
1911
1918
1940-1950
1951-1956
Bhadravathi in Karnataka.
First Five-Year Plan - The Hindustan Steel Limited
(HSL) was born in the year 1954 with decision of
setting up three plants each with 1 million tones
ingot
9.
1956-1961
steel
per
year
at
Rourkela,
Bhilai,
and
10.
11.
12.
13.
1961-1966
1964
1966-1969
1969-1974
38
1974-1979
15.
16.
1979-1980
tons.
Annual Plan - The Erstwhile Soviet Union agreed to
1980-1985
to
start
the
plant.
Schemes
for
Durgapur
steel
plant
and
TISCO
were
1992-1997
Visakhapatnam
1997-2002
20
2002-2007
21
2007-2012
stake sales
MT/year of ingots, and from 0.5 MT/year to 1.0 MT/year of steel. And, the
First Five-Year Plan contemplated a new Steel Plant to be erected in Public
Sector.
Thus the Hindustan Steel Limited (HSL) was born on 19 th Jan 1954 with the
decision of setting up three steel plants each with one million tons ingot
steel per year at Rourkela, Bhilai and Durgapur.
They started
Location
Collaboration
Production
(Tons)
RSP
Sundargarh, Orissa
Germany
720,000
BSP
Durgapur, M.P.
U.S.S.R
770,000
DSP
Burdwan, W.B.
UK
800,000
In addition to the above BSP and DSP each were having the capacity to
produce 300,000 tons of pig iron for sale
40
During this period, the three steel plants under HSL, TISCO, and
IISCO were expanded as shown below. However, these could be completed
only by 1968 1969.
Government
accepted the idea of setting up two more Steel Plants in the South one at
Visakhapatnam and other at Hospet in Karnataka.
41
Annual plans 1979 to 1980: various plans named above were reviewed and
the progress on different plants consolidated. Soviet Union has agreed to
help in setting up the Vizag steel plant.
42
National
Development
Council
under
Central
Government
has
deposited Rs. 859.200 corers in ninth five year plan that targets an overall
6.5% growth gross domestic production and will necessitate a 7% growth in
the remaining years of plan.
Global Scenario:
As per IISI
In March 2005 World Crude Steel output was 92.8MT when compared
to March 2004 (87.2 MT), the change in percentage was 6.5%.
China remained the worlds largest Crude Steel producer in 2005 also
(27.5MT) followed by Japan (9.6MT) and USA (8.1MT). India occupied
the 8th position (8.8MT)
USA remained the largest importer of semi-finished and finished steel
products in 2002 followed by China and Germany.
the global steel scenario have been:
Under the auspices of the OECD (Organization for Economic Cooperation &Devel) the negotiations among the major steel producing
countries for a Steel Subsidy Agreement (SSA) held in 2003 with the
objective to agree on a complete negotiating text for the SSA by the middle of
2004. It also set subsidies for the Steel Industry of a ceiling of 0.5% of the
value of production to be used exclusively for Research & Development.
43
44
steel Industry is well set on the path of globalization. The dynamics of the
World Steel Industry has a close relation with Indian steel Industry.
Presently in India, Steel products are being produced from four different
sources viz,
Integrated Steel Plants
Mini Steel Plants
Re-rolling Mills
Alloy & Special Steel Plants
Integrated Steel Plants have larger capacity and produce Steel from
basic raw materials and the other three categories mentioned are
characterized by low investment and low break-even point.
45
The production of
million tones in 2002-03. During the year 2003-04, the production of Pig
Iron was 5.221 million tones.
Market Scenario:
The year 2004-05 was a remarkable one for the steel industry with the
world crude steel production crossing the one billion mark for the first
time in the history of the steel industry. The world GDP growth about
4% lends supports to the expectations the steel market is all set for
strong revival after prolonged period of depression. The Indian economy
also become robust with annual growth rates of 7-8% this will provide a
major boost the steel industry manufacturing sector, the Indian steel
industry all set for northward movement.
PRODUCTION:
Steel industry was de-licensed and decontrolled in 1991 and 1992
respectively.
48
49
Import
50
Customs Duty:
The peak rate of Custom Duty has been reducing sharply during the
last 5 years.
January2004 the peak rate was reduced from 25% to 20%. In 2004
the Customs Duty on carbon steel items and pig iron was further
reduced to 5%.
Excise Duty:
The Government has taken a number of steps to ensure the
availability of iron and steel items which inter-alias includes reduction in
Excise Duty by 16% with addition to Educational Cess 2% on 16%.
expenditure
diversification,
renewal
for
&
modernization,
replacement
of
rehabilitation,
Integrated
Steel
plants.
2) Research & Development
3) Rebates to SSI Corporations
4) Expenditure on ERU of JPC
Chapter-III
COMPANY PROFILE
52
COMPANY PROFILE
The Government of India has decided to set up an integrated Steel
Plant at Visakhapatnam to meet the growing domestic needs of steel.
Visakhapatnam Steel Plant was the effect of the persistent demands and
mass movements. It is another step towards increasing the countrys steel
production.
53
The Prime
The consultant, M/s M N Dastur& Co (Pvt) Ltd. submitted a technoeconomic feasibility report in February 1972, and detailed project report for
the plant, with an annual capacity of 3.4 million tones of liquid steel.
It has set up two major Blast Furnaces, the Godavari and the Krishna,
which are the envy of any modern steel making complex.
54
ORGANIZATION CHART
Director
(Finance)
Director
(Commercial)
ED (MM)
ED
(Financ
e)
Company
Secretary
AGM
(Int.
Audit)
Addl. GM
(Mktg)
Addl. GM
(Mktg)
Services
&
Director
(Operation
s)
Director
(Personnel)
DGM
(M&HS) I/C
GM (P&A)
Addl. GM
(P&IR)
DGM (Trg)
DGM
(HRD)
DGM
(Legal
Affairs)
GM
(Works)
Director
(Vigilanc
e)
ED
(Maint.)
Addl. GM
(QATD)
Addl. GM
(Audio &
Telco)
Addl. GM
(Services
)
Addl. GM
(Steel)
Addl. GM
(C, S &
C)
GM
(Maint.)
Addl. GM
(CR&RM)
DGM
(System)
GM
(D&E)&
I/C PECS
Addl. GM
(Vig.)
ACM
(Cordon
)
VISION:
To be a continuously growing world-class company.
We shall:
Harness our growth potential and sustain profitable growth.
Deliver high quality and cost competitive products and be the first choice
of customers.
Create an inspiring work environment to unleash the creative energy of
people.
Achieve excellence in enterprise management.
Be a respected corporate citizen, ensure clean and green environment
Nigam (RINL)
plans to set up a Rs
1,000-crore jetty for captive use along the Vizag coast to reduce cost and
reliance on the nearby Gangavaram Port.
Mission:
To attain 16 million tone liquid steel capacity through technological
up -gradation, operational efficiency and expansion, to produce steel at
international standards of cost and quality, and to meet the aspirations of
the stakeholders.
Core Values:
Commitment
Customer satisfaction
56
Continuous improvement
Concern of environment
Creativity and innovation
Blast furnaces have been used for two millennia to produce pig iron, a
crucial step in the steel production process, from iron ore by combining fuel,
57
charcoal, and air. Modern methods use coke instead of charcoal, which has
proven to be a great deal more efficient and is crediting with contributing to
the British Industrial Revolution. Once the iron is refined, converters are
used to create steel from the iron. During the late 19th and early 20th
century there were many widely used methods such as the Bessemer
process
and
the
Siemens-Martin
process.
However,
basic
oxygen
focu
POLICY
Identifying competence
needs
Providing training
inputs
Monitoring training
effectiveness
Creating learning
environment
Facilitating Self
Development,
innovativeness&self
expression
Enabling employees to
assume
higher 58
responsibility
HUMAN RESOURCES
HRD PHILOSOPHY IN VISAKHAPATNAM STEEL PLANT
is
warranted
when
employees
are
seen
as
more
mere
instrumentalities.
HRD as a management function will be given a place of strategic
priority, along with function like production, maintenance, materials
on finance in the overall scheme of management action in the
company.
HRD does not refer to training alone, nor it is just a new name for
training.
59
It is widely recognized that the work itself and the work environment are
factors are paramount importance for health and well-being of the working
and general population. Most industrial jobs are inherently associate with
certain working conditions which are inimical to health and workers exposed
to them sooner or later succumb to their adverse influence unless
adequately protected. The principles of occupational risk management may
be the same in developed and developing countries. However, there can be a
wide diversity in practice. A major trend in the regulation of industrial risks
to human health and the environment is the provision of relevant
information to all stakeholders and risk bearers. The British Standard
Institute (BSI): Occupational Health and Safety Assessment Series (OHSAS)
specification provide theoretical insights to enable an organization to control
its
occupational
health
and
safety
(OH&S)
risks
and
improve
its
performance.
Objectives:
61
Quality Policy:
quality
products
and
services.
To
accomplish
this
62
63
RAW MATIRIAL
SOURCE
Bailadilla, AP
BF Lime Stone
Jaggayyapeta, AP
UAE
BF Dolomite
Madharam, AP
SMS Dolomite
Madharam, AP
ManganeseOre
Chipurupalli, AP
Boiler Coal
Talcher, Orissa
Coking Coal
Australia
Gide/Swung/Rajarappa/Argali
64
MAJOR UNITS:
DEPARTMEN
T
ANNUAL CAPACITY
(000 T)
Coke Ovens
2,261
Sinter Plant
5,256
Blast
Furnace
3,400
Steel Melt
Shop
3,000
LMM
710
WRM
850
UNITS(3.0 MT Stage)
4 Batteries of 67 Ovens
& 7 Mtrs. Height
2 Sinter Machines of
312 Sq. Mtr. Grate area
each
2 Furnaces of 3200 Cu.
Mtr. Volume each
3 LD Converters each of
133 Cu. Mtr. Volume
and six 4 Strand bloom
casters
4 Stand finishing Mill
2*10 Stand finishing
Mill
65
MMSM mmsm
BY PRODUCTS
Angles
Nut Coke
Granulated Slag
Billets
Coke Dust
Lime Fines
Channels
Coal Tar
Ammonium
Sulphate
Beams
Anthracene Oil
Squares
HP Naphthalene
Flats
Benzene
Rounds
Toluene
66
Re bars
Zylene
Wire Rods
Wash Oil
Statistical Information:
MANPOWER PROFILE GROWTH PATTERNS
YEAR
EXECUTIVES
NON-EXECUTIVES
31-3-1997
2617
14570
31-3-1998
2617
14572
31-3-1999
2617
14087
31-3-2000
2683
13593
31-3-2001
4027
13104
31-3-2002
4203
12823
67
31-3-2003
4308
12586
31-3-2004
4533
12222
31-3-2005
4512
12101
31-3-2006
4629
11932
31-3-2007
4674
11727
31-3-2008
4967
11449
31-3-2009
5218
12007
31-3-2010
5263
12567
5207
12622
31.03.2011
31.03.2012
68
16000
14000
31-3-1997
31-3-1998
31-3-1999
31-3-2000
31-3-2002
31-3-2003
31-3-2004
31-3-2006
31-3-2007
3/31/2008
12000
10000
31-3-2001
8000
6000
31-3-2005
4000
2000
3/31/2009
0
3/31/2010
EXECUTIVES
NON-EXECUTIVES
-11.33%
Grad/PG
-11.25%
Literates
-24.33%
ITI
-40.35%
DIVISION-WISE
MAN
POWER:
Works
-82.03%
69
Projects
-2.10%
Mines
-2.14%
Others
-13.72%
AWARD
Gold award for outstanding achievement in
training excellence by Genentech Foundation, New
Delhi
Strategic leadership award for CMD of RINL by
Asia Pacific Human Resource Management
Congress, New Delhi.
Global Human Resource Development Award of
International federation of training and
Development Organisation, London
UdyogRatan Award for CMD of RINL by National
Industrial conclave-2010, Ranchi.
Great Places to Work Award by Great Places to
Work Institute and Economic Times, Mumbai.
Town Official Language Implementation
Committee Award, Visakhapatnam.
INISSAN AWARD
Won Certificate of Merit of Best HR Practices by
NIPM
Bagged the first steel minsters trophy for the year
2006-07
Adjudged Energy Efficient Unit award by
Confederation of Indian Industry Godrej Green
Business Centre at the 10th National award.
70
YEAR
2012
2012
2012
2011
2011
2011
2011
2010
2010
2010
AWARD
YEAR
These
continues
Responsibility
to
(CSR).
contribute
CSR
in
the
activities
area
in
of
RINL
Corporate
focus
Social
mainly
on
71
Chapter IV
72
73
Current assets
Current ratio=
------------------------------------------Current liabilities
2005-
2006-07
Inventory
06
1216.4
Sundry
5
165.65
216.80
93.41
debtors
Cash & bank
5621.7
7194.68
7699.11
Other Assets
0
184.36
314.48
Loans &
1063.8
1518.90
advances
Current
4
8252.0 10448.10
11804.6
assets
Current
0
1587.8
0
3191.62
liabilities
Current
6
5.20
1203.24
2104.30
2007-08
2008-09 2009-
2010-
1761.15
10
11
3215.28 2451.5 3254.7
191.27
2
181.18
1
330.61
6624.17
5415.5
1998.8
292.43
258.91
4
137.40
9
75.96
1958.49
1569.69
1365.0
1965.0
11859.32
2
9550.6
4
7625.2
4181.32
6
4307.8
1
4607.4
2.84
4
2.21
9
1.65
4.97
3.70
ratios
INTERPRETATION
The current ratio during the study period that is from 2005-2012,it has
been observed that the ratio in highest in the year 2007-2008 it is very high
that is 3.70. Though the current ratio has been decreasing from 3.70 to
1.17in 2007-08 to 2011-2012. On the last two years the CR is below the
ideal ratio of 2:1. The companys liquidity position is not satisfactory.
74
CURRENTRATIO
4
3.5
3
2.5
RATIO
2
1.5
1
0.5
0
2007-08
2008-09
2009-10
2010-11
75
2011-12
LIQUID/QUICK RATIO:
Liquid assets
Liquid ratio = --------------------------Current liabilities
Particulars
2005-
2006-
2007-08
2008-
2009-
2010-
06
07
165.65
216.80 93.41
5621.70 7194.68 7699.11
184.36
314.48 292.43
1063.84 1518.90 1958.49
7035.55 9244.86 10043.4
09
10
11
191.27
181.18
330.61
6624.17 5415.54 1998.89
258.91
137.40
75.96
1569.69 1365.02 1965.04
8644.04 7099.14 4370.5
4
Current liabilities 1587.86 2104.30 3191.62
Liquid ratio
4.43
4.39
3.14
Sundry debtors
Cash & bank
Other assets
Loans & advances
Liquid assets
2.06
1.65
0.95
INTERPRETATION
The Quick Ratio for the year 2011-2012 was 0.70. That is for every one
rupee of Quick liabilities the firm is holding Rs0.70 of Quick Assets. The
quick ratio has gradually decreased from 3.14 to 0.70 from 2007-08 to
2011-12. As the Quick Ratio during the last two years of the study is lower
than that of than ideal ratio 1:1, the liquidity position of the company is not
satisfactory.
76
QUICK RATIO
3.5
3
2.5
RATIO
2
1.5
1
0.5
0
2007-08
2008-09
2009-10
2010-11
77
2011-12
ABSOLUTE ASSETS
Absolute Liquid/ cash ratio: -------------------------------------CURRENT LIABILITIES
Particulars
2005-
2006-
2007-
2008-
2009-
2010-
06
5621.70
07
7194.68
08
7699.11
09
6624.17
10
5415.54
11
1998.8
Absolute Assets
Current
liabilities
5621.70
1587.86
7194.68
2104.30
7699.11
3191.62
6624.17
4181.32
5415.54
4307.84
ABSOLUTE
3.5
3.42
2.41
1.58
1.26
LIQUID RATIO
TABLE SHOWING YEAR WISE ABSOLUTE LIQUID RATIO
9
1998.8
4607.4
9
9
0.43
(Rs. in crores)
INTERPRETATION
The Cash Ratio for the year 2011-12 was 0.28 That is, for every one rupee
of current liabilities the firm is holding 0.28 cash in its current assets . The
current ratio has gradually decreased from 2.41 to 0.28 from 2007-08 to
2011-12. The absolute liquidity /cash ratio of VSP is less than to the ideal
ratio1:2 for the last two years that the company do not have unsequenced
liquidity position.
78
CASH RATIO
3
2.5
2
RATIO
1.5
1
0.5
0
2007-08
2008-09
2009-10
2010-11
79
2011-12
LEVERAGE RATIO:
Outsiders funds
Debt Equity Ratio =---------------------------------------Shareholders funds
2005-
2006-
2007-
2008-
2009-
2010-
Secured
06
173.87
07
604.45
08
332.78
09
907.72
10
407.28
11
274.89
loans
Unsecured
369.44
312.51
107.95
100.04
825.27
861.87
loans
Outsiders
543.31
916.96
440.73
1007.7
1233.5
1136.7
9538.2
11481.
6
12419.
5
12885.
6
13228
0.19
04
0.08
91
0.16
00
0.19
0.17
funds
Shareholders'
funds
Debt equity
8173.7
0.13
ratio
INTERPRETATION
The Debt Equity Ratio for the year 2011-12 was 0.19. It is clear that , debt
equity ratio of VSPs lenders have contributed fewer funds that owners have.
The debt equity ratio has increased from 0.08 to 0.19 from 2007-08 to 20092010, decreased from 0.19 in 2009-10to 2010-11 and it has increased from
0.17 to 0.19 in 2010-11 to 2011-12. Its capital base in high and strong. This
shows that the firm is able to decrease its interest burden by clearing its
debt.
80
RATIO
2007-08
2008-09
2009-10
2010-11
81
2011-12
EBIT
Interest coverage ratio=--------------------------------------FIXED INTEREST
EBIT
Fixed interest
Interest Coverage
2005-
2006-
2007-
2008-
2009-
2010-
06
07
1920.57 2270.76
08
3026.9
09
2114.0
10
1325.2
11
1146.2
31.06
61.83
3
31.57
95.88
6
88.14
23.99
0
77.55
17.09
1
164.55
6.97
48.42
46.90
Ratio
82
83
INTEREST COVERAGE
RATIO
60
40
20
0
PROPRIETARY RATIO:
Shareholders' funds
Proprietary ratio=----------------------------------------Total assets
84
PARTICULARS
2005-
2006-
2007-08 2008-
2009-
2010-
Share holders'
06
7827.3
07
7827.3
7827.32
09
7827.3
10
7827.3
11
7827.3
funds
Total assets
1
1051.9
1
12835.
15276.5
2
17733.
1
18523.
1
19053.
Proprietary
9
78%
8
74%
1
75%
43
79%
21
42%
44
41%
Ratio
The Proprietary Ratio for the year 2011-12 was 0.64. This relation decrease
share holders contribution for each rupee of the total net assets. The ratio
reflects that the shareholders contribution to the total net assets.This
shows that the firm has increased its contribute to the assets . That is in
2007-08 it was 75% in 2008-09 it was 79%. Later it improved in the year
2008-09. The Proprietary for almost all the year is in decreasing trend euept
the last years.
85
PROPRIETARY RATIO
0.9
0.8
0.7
0.6
PROPRIETARY RATIO
0.5
0.4
0.3
0.2
0.1
0
2007-08 2008-09 2009-10 2010-11 2011-12
86
SOLVENCY RATIO:
Total Liabilities of outsiders
Solvency ratio =------------------------------------------Total assets
2005-06
173.87
369.44
543.31
2006-07
604.45
312.51
916.96
2007-08
332.08
107.95
440.73
2008-09
907.72
100.04
1007.76
2009-10
387.28
845.27
1232.55
2010-11
274.89
861.87
1136.76
to outsiders
Total assets
Solvency ratio
10511.00
12835.8
15276.51
17733.43
18523.21
19053.43
5.1%
7.1%
2.8%
5.68%
6.65%
5.96%
INTERPRETATION
The Solvency Ratio for the year 2011-12 was 11.79%. The ratio was
increased from 2.8% to 11.97% from the years 2007-08 to 2011-12. The
solvency of ratio VSP ltd during the year 2011-12. Is high compared to other
years. The Solvency ratio was stable for last three years. It indicate the
solvency position of VSP ltd is more satisfactory.
87
SOLVENCY RATIO
0.12
0.1
0.08
SOLVENCY RATIO
0.06
0.04
0.02
0
2007-08 2008-09 2009-10 2010-11 2011-12
88
FUNDED DEBT
Funded Debt To Total Capitalization =----------------------------------TOTAL CAPITALIZATION
TABLE SHOWING YEAR-WISE FUNDED DEBT TO TOTAL
CAPITALIZATION RATIO(Rs. in crores)
Particulars
2005-
2006-
2007-
2008-
2009-
2010-
Secured loans
06
173.87
07
604.45
08
332.78
09
907.72
10
387.28
11
274.89
Unsecured
369.44
321.51
107.95
100.04
845.27
861.87
loans
Funded debt(A)
543.31
916.96
440.73
1007.76
1232.5
1136.7
6
13229
8.50%
Total Funds
8173.7
9538.2
11481.0
12419.9
5
12885
(B)
Total
0
6.60%
0
9.60%
4
3.80%
1
8%
9.50%
capitalization
(A/B)
INTERPRETATION
The Funded Debt to Total Capitalization Ratio for the year 2011-12 was
18.80. The ratio was increased from 3.80% to 18.80% from the years 200708 to2011-12. The funded debt to total capitalization ratio VSP ltd during
the year 2011-12 is high as compared to other years of the study. There is
enough scope for the company to raise long term loans from outsiders.
89
ACTIVITY RATIO:
NET SALES
Inventory Turnover Ratio =----------------------------AVG INVENTORY
(Rs. in crores)
PARTICULARS
2005-
2006-
Net sales
06
7305.
2007-
2008-
2009-
2010-
07
08
7932.6 9088.3
09
9128.3
10
9809.1
11
10471.
Avg inventory
71
1236.
6
7
1210.8 1482.2
8
1622.1
5
2833.4
18
2353.1
Inventory
99
5.91
0
6.55
4
5.62
0
3.46
15
3.67
0
6.13
INTERPRETATION
The Inventory Turnover Ratio for the year 20011-12 was 3.89 times. That is,
the firm is able to convert its inventory for nearly 4 times with in a year.
Normally higher, the ratio indicates the better inventory management. The
ratio has decreased from 6.13 times to 3.89 times in the year of 2007-08 to
2011-12.
91
INVENTORY
TURNOVER RATIO
4
3
2
1
0
2007-08 2008-09 2009-10 2010-11 2011-12
92
(Rs. in crores)
Particulars
2005-06
2006-07
No. of
working days
365
Inventory
turnover ratio
Inventory
conversion
period
200708
200809
200910
201011
365
365
365
365
365
5.91
6.55
6.13
5.62
3.46
3.67
62 days
56 days
60 days
65 days
50 days
99 days
INTERPRETATION
The Inventory Conversion period during 2011-12 was 94 days. It means that
the inventory has been disposed off or sold on an average of once in every 94
days. This period has increased in 60 days to 99 days in the years 2007-08
to 2010-11 and decreasing to the 94 days in the year 2011-12.
93
INVENTORY CONVERSION
PERIOD (IN DAYS)
60
40
20
0
2007-08
2008-09
2009-10
2010-11
94
2011-12
Particular 200506
A. net
7305.7
sales
1
b. average
trade
107.48
debtors
debtor
turn over 68
ratio
times
2010-11
191.54
155.105
142.34
186.23
255.90
41 times
59 times
64 times
53
times
41 times
10471.1
8
INTERPRETATION
The Debtors Turnover Ratio for the year 2011-12 was 39.98 times. That is,
firm is able to convert credit sales into cash. The Debtors Turnover Ratio
was fluctuating all the years. i.e,59 times in 2007-08,64times in 200809,53times in 2009-10,41 times in 2010-11, 40 times in 2011-12.
95
DEBTORS TURNOVER
RATIO (in times)
30
20
10
0
96
No of Working Days
Average Collection Period = -------------------------------------------Debtors turnover ratio
(Rs. in crores)
PARTICULARS
No of working
days
Debtors
turnover ratio
Avg.collection
period
200506
365
200607
365
200708
365
200809
365
200910
365
201011
365
60.97
41.48
58.59
64.13
52.67
40.90
5 days
9 days
6 days
6 days
7 days
9 days
INTERPRETATION
The Average Collection period Ratio during the year 2011-12 was 9.12
days . This shows that the debt form the debtors is collected very soon.
97
AVERAGE COLLECTION
PRIOD (in days)
98
Net sales
Working capital turnover ratio = ------------------------------------------------Working capital
TABLE SHOWING YEAR WISE WORKING CAPITAL TURNOVER RATIO
(Rs. in crores)
PARTICULARS
a.net sales
b. net working
capital
Working capital
turnover
ratio(a/b)
200607
7932.6
6
8343.8
2007-08 2008-09
0.95
times
200910
9809.1
5
5242.8
2
2010-11
9088.37
9128.38
10471.1
8
3017.72
8612.97
7678.00
1.05
1.18
1.87
3.47
times
times
times
times
INTERPRETATION
The Working Capital Turnover Ratio during the year 2011-12 was 10.42
times. It shows that the ratio has increased from 1.18 to 10.42 in the year
of 2007-08 to 2011-12.
99
WORKING CAPITAL
TURNOVER RATIO (in
times)
2
0
100
PROFITABILITY RATIOS:
GROSS PROFIT RATIO:
Gross profit
Gross profit ratio = ---------------------------------*100
Net sales
(Rs. in crores)
PARTICULAR
S
a. gross profit
2005-06
b. net sales
7314.00
1921.00
200607
2271.0
0
7933.0
0
2007-08 200809
3027.00 2115.0
0
9088.00 9128.0
0
200910
1326.0
0
9809.0
0
201011
1147
10471.
18
Gross profit
26.30%
28.70% 33.30%
23.20% 13.60% 10.95%
ratio(a/b)
INTERPRETATION
The Gross Profit margin reflects the efficiency with which management
produces each unit of product. The Gross Profit Ratio for the year 2011-12
was 19.47%. It has been observed that the gross profit ratio is in increasing
tread up to 33.30% in the year of 2007-08 and it is decreasing from 19.47%
in the year 2011-12 sales are increasing trend but profit ratio is decreasing .
It is due to increased cost of production.
101
102
20
15
10
5
0
2007-08
2008-09
2009-10
2010-11
103
2011-12
Operating profit
Operating profit ratio = ----------------------------------------*100
Sales
(Rs. in crores)
PARTICULARS
Operating profit
Net Sales
Operating
profit ratio
200506
2011.2
1
7314.0
0
27.50
%
29.50%
36.60%
104
200910
2450.5
0
9809.0
0
201011
2776.3
2
10471.
18
OPERATING PROFIT
RATIO
30.00%
20.00%
10.00%
0.00%
105
Net profit
Net profit ratio = ----------------------------------------*100
Sales
(Rs. in crores)
PARTICULARS
A.net profit
B. net sales
Net profit
ratio(A/B)
200506
1252.3
7
7305.7
1
17.14%
200607
1363.4
3
7932.6
6
17.18%
2007-08 200809
1942.74 1335.5
7
9088.37 9128.3
8
21%
14.63%
200910
796.67
201011
658
9809.1
5
8.12%
10471.
18
6.28%
INTERPRETATION
The Net Profit Ratio during the year 2011-12 was 5.67%. The Net Profit ratio
is in decline position from 21% to 5.67% in the year of 2011-12 in
comparative with 2007-08. Main attributable reason for the declining the
profit is overall global meltdown. Even in adverse market conditions. The
company is able to earn net profits.
106
107
10%
5%
0%
2007-08 2008-09 2009-10 2010-11 2011-12
108
(Rs. in crores)
PARTICULAR
S
A.net profit
200506
1252.37
200708
1942.74
8173.7
200607
1363.4
3
9538.2
B.share
holders funds
Return on
investment(
200910
796.10
201011
658.49
11481.0
4
200809
1335.5
7
12419.
91
12885
13229.
22
15.32%
14.29
16.92%
10.75
6.18%
4.97%
INTERPRETATION
The Profitability Ratio Based On Investment for the year 2011-12 was
5.5%.The highest return on Investment was recorded in 2007-08. The table
shows the ratio has decreased from 16.92% to 5.50% in the year of 2007-08
to 2011-12. It has been observed that the ROI is fluctuating from year to
year. More reserves and surplus funds have been diverted to expansion
activities.
109
RETURN ON
SHAREHOLDERS
INVESTMENT
40.00%
30.00%
20.00%
10.00%
0.00%
110
(Rs. in crores)
PARTICULAR
S
A.net profit
200506
1252.3
7
4890.0
0
25.61
200607
1363.4
3
4890.0
0
27.88
200708
1942.74
200809
1335.5
7
4890.0
0
27.31
200910
796.67
201011
658.49
B.equity share
4890.00
4890.0 4890.0
capital
0
0
Return on
39.73
16.29
13.46
equity capital
INTERPRETATION
The Return On Equity Capital Ratio for the year 2011-12 was 9.72. This
shows the earning capacity of the equity share capital by the earning
capacity of the equity share capital by the firm . The ratio has been
decreased from year after year. i.e, from 39.73 to 9.72 in the year 2007-08 to
2011-12.
111
RETURN ON EQUITY
CAPITAL
25
20
15
10
5
0
2007-08 2008-09 2009-10 2010-11 2011-12
112
200506
1252.3
7
200607
1363.4
3
200708
1942.7
4
2008-09 200910
1095.00 556.89
201011
658.49
4.89
4.89
4.89
4.89
4.89
4.89
397.30
223.93
113.89
85.79
256.12 278.83
113
114
Net profit
Return on capital employed = ----------------------------------------Capital employed
(Rs. in crores)
115
PARTICULARS
A.net profit
B.capital
employed
(incl.
term
deposits)
Return
on
capital
employed
2005-06
1252.37
8493.00
2006-07
1363.43
9427.00
2007-08
1942.74
9935.00
2008-09 2009-10
1335.57 796.67
7892.00 5476.00
14.80%
14.50%
19.55%
17.00%
14.60%
INTERPRETATION
The Return on Capital Employed for the year 2011-12 was 11%. This shows
the earning capacity of the capital employed by the firm. That is, the firm
is able to generate profit for the capital employed by the firm. Even though
the return on capital employed is declining from the ratio 19.55% to 7.46%
in the year 2007-08 to 2010-11 and increasing the ratio from 7.46% to 11%
in the year 2010-11 to 2011-12, but it is satisfactory, considering the
present market conditions and from the security point of view.
116
RETURN ON CAPITAL
EMPLOYED
10.00%
5.00%
0.00%
117
Chapter-V
Findings & Suggestions
118
SUMMARY
The Visakhapatnam Steel Plant is the most modern integrated steel
plant. It is the only shore- based plant in India for producing 3 million
tones of steel from India. Visakhapatnam Steel plant produces a variety of
products using the fastest technology available. Visakhapatnam Steel Plant
has only the technology but also the knowledge of its customer needs. The
RINL has also established a dealer network to effectively serve the growing
demand for Vizag Steel.
Financial management is that managerial activity, which is concerned
with the planning and controlling of the firms financial resources, its
activities, and the mix of debt and equity which is nothing but its Capital
Structure. The financial manager must strive to obtain the best financing
mix or the optimum Capital structure for his or her firm.
The analysis of financial statements is, thus, an important aid to
financial analysis. Users of financial statements can get further insight
about financial strengths and weaknesses of the firm if they properly
analyze information reported in these statements. The future plans of the
firm should be laid down in view of the firms financial strengths and
weaknesses.
Ratio analysis is a widely used tool of financial analysis. Ratio is used
as a bench mark for evaluating the financial position and performance of a
firm. As a tool of financial management, ratios or of crucial significance.
Ratio analysis is relevant in assessing the performance of a firm in respect
to the fallowing aspects
Liquidity Position
119
Long-term Solvency
Operational efficiency
Overall profitability
Inter-firm comparison, and
Trend analysis
FINDINGS
The Share holder fund comparing share capital and reserve
& surpluses was rising year after year from Rs11481.04 in
2008 to Rs 13659.29 in 2012. i.e., 18.97 percent rise with
the difference of Rs 2178.25 from 2008-2012.
The long term that (load fund) comprising secured and
unsecured loan is rising year after year from Rs 440.73 in
2008 to Rs 2575.14 in 2012 i.e., 484.28 percent rise with
the difference of Rs 2134.41 from 2008-2012.
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The total current assets was rising year after year from Rs
11804.60 in 2008 to Rs 8492.11 in 2010. i.e., -28.06
percent rise with the difference of Rs -3312.49 from 20082012.
Quick ratio also decrease from a highest of 3.14 in 20072008 to 0.70 in 2011-2012. Which is below the standard
norm 1:1 indicating high levels inventories.
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SUGGESTIONS
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Conclusion:
The Visakhapatnam Steel Plant has been dedicated to nation in 1992
and it is one of the major steel plants in the Asia and having much
more capital investment. We know that the Visakhapatnam Steel Plant
as a large organization might have long gestation period and while
establishing the Visakhapatnam Steel Plant so much of lands were
taken from the local people and provided the jobs to them in VSP
thought they may not skillful. But the top management of VSP conducts
so many training and development programs to improve their
performance, not only this but also frequent technological changes due
to the above factors in the initial stage. The VSP incurred some losses
but with the remedial measures taken by the top management the past
scenario was changed and the organization was stepped towards the
profits and recorded 449.66 crores as a profit for the year 2002.
However the top management must take care to improve the profitability
and must try to reduce / remove the accumulated losses, which is
important for the wealth of the organization.
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BIBLIOGRAPHY
BOOKS:
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WEBSITES
http://vizagsteel.com
http://www.indiansteel.com
http://www.bee-india.nic.in.com
http://www.answer.c
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PROJECT SYNOPSIS
Name of the Student
Batch
: 2012-2014
Reg .No
: 112282802084
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Project Company
STEEL
: VISAKHAPATNAM
PLANTLTD
Project Place
: VISAKHAPATNAM
Project Duration
: TWO MONTHS
Project Title
FINANCIAL
: A STUDY ON
PERFORMANCE
Dr.R.Pardhasaradhi,,
Assistant Professor
Professor
Associate
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