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Transcript of Ayan Sur(Lanco)
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Construction of new terminal building at VARANASI
AIRPORT
This agreement is made and executed at New Delhi on this 23rd
day of August, 2007 between Airport Authority of India as astatutory corporation incorporated under Airport Authority of India
Act, 1995 having its head office at Rajiv Gandhi Bhawan,
Safderjung Airport, and New Delhi-110003.
Airport Authority of India is desirous of getting the work
Construction of New Terminal Building at Varanasi Airport done
and invited tenders for that.
Lanco Infratech Ltd participated in the above mentioned bidding
on 29.06.2007 and that was accepted by AAI.
CONDITIONS OF CONVENANTS
The scope of contract, consideration, terms of payment,
period of completion, defects liability period, Price
adjustment, taxes whichever applicable, Insurance,
Liquidated damages and all other terms and conditions arecontained in aforesaid contract documents. The contract
shall be duly performed by Contractor strictly and faithfully
in accordance with terms of Agreement.
The agreement constitutes full & complete understanding
between parties and terms of presents. It shall supercede all
prior correspondence to the extent of inconsistency to the
terms and conditions contained in the Agreement. Any
modification of the agreement shall be effected only by a
swritten instrument signed by the authorized representatives
of both the parties.
Settlement of Disputes
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It is agreed by both of the parties that all the difference or
disputes arising out of the Agreement of touching the subject
matter of the Agreement shall be decided by process of
settlement by Dispute Resolution Mechanism and Arbitration, as
specified in CLAUSE 57 of the General Condition of the Contract atpage GCC-43 & 44 and the provision of the India Arbitration
Act.1996 shall apply and Delhi Court alone shall have exclusive
jurisdiction over the same.
Scheduled E
SlNo
.
Description Applicable to thisContract
1. Name of Work Construction of New Terminal Building atVaranasi Airport
2. Estimated Cost Rs. 6498.00 lacs3. Time allowed for execution of work 15 Months4. Accepting Authority Chairman of AAI5. Last Date of application 27-04-20076. Cost of tender documents 10000/-
7. Period of sale pf tender documents 29-05-07 to 31-05-078. Last date & time of receipt of tender
documents21-06-07 up to 15:00hrs
9. Date and time of opening of tenders 21-06-07 at 15:30 hrs10.
Earnest Money Total Rs. 89,98,000/-only in the form ofDD/BG from anyScheduled Banks butnot from any co
operative and GraminBank in favour ofAirports Authority ofIndia.
11.
Security deposit Shall bededucte@10% fromRA bills till it reaches
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5% of acceptedcontact value of work.Security deposit shallbe acceptable in the
form of BG issued bySchedule Banks only ifthe security deposit ismore than 5 lacs.
12.
Market rate percentage addition tocover overheads and profit.
10.00 percent
13.
Rates applicable CPWD, DSR-2002+30.61% for Civil worksand Market rate for
Electrical works.14.
Permissible deviation limit for anycontract item, substituted item orcontract-cum-substituted item inexcess of the original value ofitem(Applicable to LumpsumContracts,MeasurementsContracts,based on item rates andPercentage Rate Contracts)
30%
15.
Permissible deviation limit for itemsof work not already included in theContract.
30%
16.
Deviation limit for item of work belowground surface:Permissible deviation limit for anyContract item.
100%
17.
Percentage payable to covercontractors indirect expenses for
suspension exceeding thirty daysand not exceeding 3 months.
NA
18.
%age payable to cover contractorsindirect expenses for suspensionexceeding 3 days
NA
19.
Authority competent to decide ifany other cause of delay is beyond
MEMBER(P),AAI
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contractors control.20.
Authority competent to grantexytension of time.
MEMBER(P),AAIs
CPWD,DSR:
LIST OF MEMBER BANKS
1. State Bank of India2. ABN AMRO BANK N.V3. Bank of Baroda4. Canara Bank
5. CITI Bank N.A6. Corporation Bank7. Deutsche Bank AG8. HDFC Bank Ltd9. HSBC10.
ICICI Bank Ltd
11.
IDBI Ltd
12. Punjab National Bank
13.
Standard Chartered Bank
14.
State Bank of Travancore
15.
State Bank of Hyderabad
16.
Syndicate Bank
17.
Indian Bank
18.
Oriental Bank of Commerce
19.
Kotak Mahindra Bank Ltd
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Key Projects:
LANCO has constructed roads and highways across India for the National Highways Authority
of India. LANCO has won the contract for construction and operation of two road projects inKarnataka, the 81 km Bangalore-Hoskote-Mudbagal stretch on National Highway 4 and the 82km Neelamangla - Devihalli stretch on National Highway 48 on Build, Operate and Transfer(BOT) basis under the National Highways Development Project (NHDP) Phase III.
The concession agreements for the projects have been signed with the National Highways
Authority Ltd. The total project cost is estimated at Rs 1300 crores and involves six laning of16 km stretch and four laning of the remaining stretches. The concession periods are 20 and25 years for the two projects respectively, including 30 months of construction period. Thecontracts have been awarded through a competitive bidding process.s
Lanco has also won a Rs 1,000 crore contract for constructing a portion of the Aligarh to
Kanpur section of the National Highway in Uttar Pradesh. Lanco had emerged as successful
bidder for two-laning of Aligarh to Kanpur section of NH 91 from 140 km to 418.16 km on tollbasis of National Highway Authorities of India (NHAI). The project involves two-laning with
paved shoulders of existing road, repair, widening and reconstruction of 3 major and 29 minor
bridges, construction of 5 new rail over-bridges, 4 toll plazas and other wayside amenities.
The concession period for the project is 12 years including a construction period of 18 months.
Order Book, Under Construction
Construction of New Terminal Building at Biju Patnaik Airport, Bhubaneswar.
1015 MW Imported Coal based Power Project ofUdipi Power Corporation Ltd at Udupi
in Karnataka.
2 x 300 MW Coal-based Power Project ofLANCO Amarkantak Power Ltd at Pathadi nearKorba in Chhattisgarh.
2 x 35 MW Hydropower Projects ofLANCO Green Power Pvt Ltd in Himachal Pradesh.
2 x 5 MW Hydropower Projects ofVamshi Industrial Power Ltd.
4 X 125 MW Teesta VI Hydro Electric Project ofLANCO Energy Pvt Ltd in Sikkim
2 X 600 MW Thermal Power Project ofLANCO Anpara Power Ltd in Uttar Pradesh.
368 MW Kondapalli Gas Power Project
81 km Road connecting Bangalore HoskoteMudbagal in Karnataka for NHAI.
82 km Road Connecting Neelamangla-Devihalli in Karnataka for NHAI.
Construction Order for Lanco Hills.
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Construction of New Terminal Building at Varanasi Airport for Airports Authority of India.
Construction of Medical College at Srikakulam in Andhra Pradesh.
Construction of Medical College at Ongole in Andhra Pradesh.
Construction of Vedic University at Tirupati in Andhra Pradesh.
Construction of Medical College at Belgaum in Karnataka.
Lanco is executing the construction of New Terminal for Varanasi Airport for the Airports
Authority of India.
Orders Executed
Rs 293 crore Veeranam water supply transmission pipeline work in Tamil Nadu, India in a
record time using 1.7 m to 1.8 m dia pipes covering a distance of 114 km. This project wasexecuted with Punchak as a Joint Venture Partner.
Balance of Plant of 368 MW LANCO Kondapalli Power Project at Vijayawada in Andhra
Pradesh, India.
Balance of 120 MW ABAN Power Project at Karuppur village in Thiruvidaimaruthur Talukof Tanjore District, Tamil Nadu.
825 bedded Asvini Hospital for Indian. Navy at Colaba, Mumbai.
Four Laning of the National Highway 31 from Kishangunj to Islampur in West Bengal.
Vamshi Hydro power project 10 MW
Construction of 1
st
phase of 100 bed hospital, college and hostel complex etc at NationalInstitute of Unani Medicine Bangalore
Construction of Railway Offices at Koparkhairane Railway Station
Projects Under Bidding
2640 MW (4x660 MW) Babandh Power Project Orissa
Property Development
Lanco's property development is all set to change the skyline of major metros with some ofthe finest mixed property townships and realty projects incorporating state of the art featuresand amenities.
Lanco's major property development projects are:Lanco Hills
LANPRO
Lanco Ville in the IT corridor of Chennai is scheduled to commence shortly.
http://www.lancogroup.com/porpertyDevmt/Hills.htmlhttp://www.lancogroup.com/porpertyDevmt/LANPRO.htmlhttp://www.lancogroup.com/porpertyDevmt/LANPRO.htmlhttp://www.lancogroup.com/porpertyDevmt/Hills.html -
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Awards
EPC-World Awards 2010for Outstanding contribution in Power & Energy sector (Generation).
8th Construction World- Annual Awards 2010for Fastest Growing Construction Company (Large Category)- 1st Rank
Lanco Infratech Ltd
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7th Construction World- Annual Awards 2009for Fastest Growing Construction Company (Large Category)- 3rd Rank
Aban Power Company Ltd
TERI Corporate Award for "EnvironmentalExcellence and Corporate Social
Responsibility" June 2009.
IKU II
IEEMA award for "Excellence in FastTrack Commissioning of Small Hydro
Projects" February 2009
PRSI Confers Golden Jubilee Award
for the Most Impressive Public Relations
Initiatives August 2008.
Clarion Power Corporation Ltd
FAPCCI Award for Excellence in
Renewable Energy 2007.
Construction World NICMAR Awards2007
for the Second Fastest Growing ConstructionCompany (Medium Category) in India.
LANCO Institute of General
Humanitarian Trust (LIGHT)TERI Award 2006-07 for Excellence in
Corporate Social Responsibility.
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PRSI National Award for House Journal
(English) - First PrizePRSI Confers Golden Jubilee Award
for the Most Impressive Public
Relations Initiatives
LANCO Infratech LimitedAward for Excellence in Bridge Engineering 1999 from the Indian Institute of BridgeEngineers.
LANCO Kondapalli Power Pvt LtdOHSAS 18001 :1999 Certification in respect of Environmental Management System by Lloyd'sRegister Quality Assurance Ltd in 2005.
National Award for Excellence in Water Management 2005 by Cll - GBC Green BusinessCentre.
Silver Award in Gas Power Sector for Outstanding Achievement in Environment Managementfor 2003-04 from Greentech Foundation.
Leadership Efforts towards Environmental Management and Sustainable Initiative among
Corporates for 2002-03 by TERI.
Best Environment Improvement Activity Award 2002 - 03 from FAPCCI.
CM Leadership and Excellence Award in Safety, Health and Environment 2002.
ABAN Power Company Ltd0HSAS 18001:1999 Certificate from TUV SUD Management Service GmbH Trading as TUVSouth Asia Pvt Ltd.
LANCO Group Corporate Communications
2007PRSI National Award for House Journal (English) - First PrizePRSI National Award for Corporate Film in English - First PrizePRSI National Award for Corporate Brochure - First Prize
2006PRSI National Award for In- House Magazine (Content and Layout)Second PrizePRSI National Award for Corporate Campaign - Second Prize
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PRSI National Award for Corporate Brochure - Second Prize
2005PRSI National Award for In-House Magazine (Content and Layout)-Third PrizePRSI State (Andhra Pradesh) Award for In- House Magazine (Content and Layout) - Second
Prize.
CSR
Objectives
To align Lanco in all itsactivities with Millenium
Development Goals and aimsand purposes of the UNGlobal Compact.
To improve human
development indices throughprojects and programmes at
local, state and nationallevels.
To internalise the
multifaceted responsibilitiesat individual and
organisational levels inaddressing poverty, climatechange and social issues.
To partner with Indian andinternational organisations
and institutions to deliveraid, assistance anddevelopmental resourceseffectively.
To nuture all the elements of
our CSR policy as a valuesystem.
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Programmes:
The endeavor of LANCO Foundation in all its activities is to achieve tangible outcomes in everysphere of Corporate Social Responsibility. The foundation has taken enlightened developmentparadigms into consideration and is aligned with Millennium Development Goals and the UN Global
Compact Charter.
Lanco Foundation focuses its activities in seven sectors, including Education Health Livelihoods Environment - Neighbourhood Community Development - Relief & Rehabilitation, and - Sports &Culture
Education Sector
In the Education sector - Lanco Foundation provides
scholarships on merit and means basis - to enrol and
complete the education at undergraduate and graduate levels.
These scholarships essentially intended to support merit
students in the neighbourhood communities of LANCO.
Lanco Foundation also conducts English for Employability
training programmes - in collaboration with the BritishCouncil - to increase employability opportunities of
undergraduate students - through undergraduate colleges.
Health Sector:
In the Health sector, Lanco Foundation provides safe
drinking water - through tube wells - support urban healthinitiatives - organise health awareness and screening camps -
including cancer awareness in rural areas in collaborationwith the Indo-American Cancer Institute & Research centre.
Livelihood Sector
In the livelihood sector, Lanco Foundation provides
employability training programmes in construction trades in
collaboration with the National Academy of Construction-like rod fixing, shuttering carpentry, masonry for school
dropouts and also conducts training programmes in other
areas like Information and Communication Technology -bedside patient care - customer relations and sales
hospitality - motor mechanics etc. in collaboration with Aide
et Action. An impressive number of over 1000youth have so far been trained and gainfully employed. Lanco Foundation also provides
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support to rural artisans - to improve their incomes through improvements in production
marketing - and cooperative functioning.
Neighbourhood Community Development Programmes:
In the neighbourhood Community development programmes,
Lanco Foundation works in villages around project sites - toimprove the quality of basic education - health services - andlivelihood opportunities.
Environment Sector
In the Environment sector, Lanco Foundation encourages
planting of trees - and organises awareness building activitiesin both rural and urban areas.
Relief & Rehabilitation sector
Under the Relief & Rehabilitation programme, Lanco
Foundation runs four Artificial Limb Fitting Centres in fourStates - and provides free aids and appliances. Over 12,000
physically challenged people have so far been benefittedfrom this programme. The Foundation also provides support
for economic rehabilitation of survivors of trafficking - in
collaboration with the International Organisation forMigration
Sports & Culture
Encouraging sports and sports events like the Olympic run -
facilitating persons participating in the Olympics - providingsports equipment to various sports academies - is anotheractivity of the Foundation.
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Projects outlook
Contents
Chapter 1: Introduction
1.1. Preface
1.2. Acknowledgement
1.3. Meaning of Project
1.4. Executive Summary
1.5. Objectives of the Project
Chapter 2: Company Profile
2.1 History ofONGC
2.2 Profile of ONGC2.3 Global Ranking
2.4 Vision and Mission of ONGC
2.5 Community Development of ONGC
2.6 Products of ONGC
2.7 Subsidiaries of ONGC
2.8 Research Methodology
Chapter 3: Working Capital Management
3.1 Meaning of Working Capital
3.2 Kinds of Working Capital
3.3 Need for Working Capital
3.4 Factors determining the Working Capital Requirements
3.5 Working Capital Cycle
3.6 Components of Working Capital
3.7 Working Capital Management in ONGC
3.8 Position of Current Assets and Current Liabilities in ONGC
3.9 Factors requiring consideration while estimating Working Capital
3.10 Swot Analysis
Chapter 4: Findings
Chapter 5: Suggestions
Chapter 6: Conclusions
Chapter 7: Bibliography
A model for working capital requirements andcorporate liquidity management
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Abstract
A significant (and positive) development in corporate financial management over
recent years has been an increased emphasis on liquidity and the management of
operating cash flows. Reasons for this increased emphasis include economic
recession, corporate restructuring activities, and the need to increase and conserve
operating cash flaws to meet higher debt service requirements or finance more
modern facilities. In the academic, as well as the professional, world old tools are
being reassessed and new tools developed to aid the treasury professional in the
efficient management of corporate cash resources. The purpose of this paper is to
integrate two tools of liquidity management; the cash conversion period and the net
liquid balance.
The Cash Conversion Period
Initially presented by Richards and Laughlin ( 1980); the cash conversion period is
now routinely discussed in most corporate finance textbooks. (See for example,
Brigham and Gapenski (1997), Moyer, McGuigan, and Kretlow (1998), and Gitman
(1998.) The cash conversion period measures the number of days between the
actual expenditure of the firm's cash for the purchase of productive resources and
the ultimate collection of cash from product sales. Incorporated within the cash
conversion period model are management issues involving the control of
inventories, the collection of receivables, and the timing of payments for productive
resources such as materials and labor. In the cash conversion model, increases in
the number of days a product remains in inventory, increases in the number of days
required to collect receivables following the point of sale, and decreases in the
number of days a firm takes to meet its trade credit obligations will increase the
firm's cash conversion period. The increased cash conversion period reflects
additional resources required in the form of working capital to maintain the firm's
operations.
A weakness of the cash conversion period model is its inability to clearly convert the
number of days in the conversion period to a dollar amount of needed working
capital. Additionally, the model does not reflect the distinction between cash sales
and credit sales. For instance, two firms may have the same receivables conversion
period but have different credit sales/total sales ratios.
In the standard cash conversion period model (all else the same) both firms would
have the.same cash conversion period. However, the firm with the lower credit
sales/total sales ratio would clearly be in a better position to meet obligations as
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they come due since a larger portion of its sales are collected sooner and with
greater certainty.
Further, the cash conversion period model does not reflect the effect of profitability
on liquidity. As the model focuses on the length of time between the expenditure of
resources to produce operating revenue and the actual receipt of the revenue, it
fails to recognize that the revenue received will exceed the expenditure by the
amount of profit earned. Since the profit represents additional resources available
to meet obligations, profitability is clearly a contributing factor to overall corporate
liquidity. As shown later, the gross profit margin and the credit sales/total sales ratio
can be incorporated into the cash conversion period model. The modified cash
conversion period can then be easily converted to dollar amount of working capital
needed to sustain the firm's operating cycle. This amount of net working capital
required for operations (NWCROP) would then serve as input in an assessment of
overall corporate liquidity.
Net Liquid Balance
Shulman and Cox (1985) and Shulman and Dambolena (1986) developed a useful
tool for liquidity analysis known as Net Liquid Balance (NLB). Essentially, the NLB
model recognizes that the firm's ability to meet its obligations as they come due is
not reflected by the firm's total working capital, but by the amount of working
capital remaining once the requirements of the firm's operating cycle are met.
Alternatively, the NLB is the difference between the firm's immediately available
cash resources and its non-operating, or negotiated, short-term debt. Empirical
tests conducted by Shulman and Dambolena indicate the NLB to be a superior
indicator of corporate liquidity when compared to more widely known indicators
such as the quick ratio. A problem with the NLB model is that the NLB is a residual
amount remaining after the working capital needed to sustain the firm's operating
cycle (NWCROP) is deducted from total working capital. Hence, a means of
estimating the amount of working capital needed to sustain the operating cycle is
needed to make liquidity analysis using NLB operational. As shown below, NWCROP
can be estimated using the modified cash conversion period model and then used
as an input to the NLB model thereby improving the effectiveness of the NLB model
in assessing corporate liquidity.
A Modified Cash Conversion Period
The traditional cash conversion period (CCP) and its components can be
presented as follows:
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(1) CCP = ICP RCP - PDP
Where: CCP = cash conversion period
ICP = inventory conversion period
RCP = receivables conversion period
PDP = payables deferral period
The modified cash conversion period (MCCP) is obtained by modifying the inventory
conversion period to incorporate the gross profit margin and the receivables
conversion period to incorporate the credit sales/total sales ratio.
The Modified Inventory Conversion Period
The Modified Cash Conversion Period and Working Capital Requirements
The MCCP/NWCROP Model: A Numerical Illustration
Exhibit 1 provides a numerical example using the MCCP/NWCROP model. Assuming
hypothetical values for the components of the traditional cash conversion period,
annual sales, gross profit margin, and the ratios of purchases and credit sales to
total sales, the MCCP and NWCROP (using both the traditional CCP and the MCCP) is
determined. Performing a sensitivity analysis of the firm's sales, gross profit margin,
and credit sales/sales ratio shows some interesting results.
Sales and Working Capital Requirements
Financial professionals and educators routinely warn of the liquidity dangers
awaiting a firm that experiences rapid sales growth without proper financial
planning and controls. The rising level of sales requires additional funding to
support the inevitable increases in inventories and receivables that accompany
growth. The positive relationship between sales and working capital requirements is
shown in Figure 1. The slopes of the lines depicting the relationship are functions of
the components of the firm's cash conversion period and modified cash conversionperiod. Figure 1 also shows the difference in working capital requirements for a
given level of sales when NWCROP is estimated using the MCCP as opposed to the
traditional CCP. Using the traditional CCP to estimate NWCROP results in the firm
overestimating its working capital requirements as sales grows. Using the data in
Exhibit l, we see that the modified CCP estimates of working capital requirements
are less than those indicated by the traditional CCP by almost 20%. Thus,
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incorporating the effects of the gross profit margin and the CS/S ratio result in a
significant difference in the estimation of working capital requirements needed to
support sales growth. For a given level of total working capital, a firm may have
more resources available for non-operating purposes than is indicated by the
traditional CCP approach. Hence, the use of the traditional CCP as a liquidityindicator may systematically underestimate the firm's true ability to meet its
obligations as they come due.
Working Capital Requirements and the CS/S Ratio
Figure 2 shows the relationship between NWCROP and the credit sales/total sales
ratio (CS/S). As the CS/S ratio increases, additional working capital is required. This
is intuitively obvious since a higher CS/S ratio results in more receivables for a given
sales level. Working Capital Requirements and Profitability
Figure 3 shows the relationship between NWCROP and the firm's gross profit
margin. As the gross profit margin increases the need for working capital to support
operations decreases. Incorporating profitability helps to make the cash conversion
period a better indicator of liquidity. The traditional CCP failed to recognize that the
cash inflow at the conclusion on the operating cycle is greater than the cash outflow
at the beginning of the cash conversion period. The incremental amount of cash
flow between the start and end of the cash conversion cycle is directly related to
profitability. The modified CCP incorporates the effect of the additional cash
resources made available by the generation of earnings from the firm's operating
cycle. Clearly, the more profitable the enterprise, the more cash resources
generated from soperations.
Corporate Liquidity, Working Capital Requirements and MCCP
The Net Liquid Balance approach to assessing corporate liquidity divides the firm's
total working capital into the portion required to sustain the firm's operations and
the firm's surplus cash resources or Net Liquid Balance (NLB). A positive value for
NLB indicates that the firm has sufficient cash resources to meet its short-term
obligations without reducing the resources allocated to the operating cycle. Anegative value for NLB indicates that the firm will have to acquire additional
working capital or reduce the resources committed to the operating cycle to meet
short-term obligations. If the components of the MCCP are considered to be at
optimal levels, reducing resources committed to the operating cycle may result in
lost sales, less operating efficiency, and/or a deterioration in relations with trade
creditors. All of these are symptoms of a firm with liquidity problems.
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Financial managers and analysts can use the NLB as a measure of the firm's current
or expected future liquidity. The level of working capital necessary to support
operations (NWCROP) can be estimated for current or expected sales levels using
optimal values for the components of MCCP. The desired level of NWCROP can then
be compared to the firm's actual net working capital. If desired NWCROP exceedsavailable working capital (NLB
Conclusion
The purpose of the paper is to integrate two tools of liquidity management; the cash
conversion period and the net liquid balance. The traditional cash conversion model
was modified to incorporate the effects of the firm's profitability and credit
sales/total sales ratio. The modified cash conversion period was then used to
estimate the working capital needed to support the firm's operating cycle
(NWCROP). The optimal level of NWCROP, when compared with available workingcapital provides an indication of the surplus or deficit position of the firm with
respect to available resources not committed to the operating cycle. A surplus or
rising amount of available resources is an indicator of adequate or improving
liquidity for the firm.
FINANCIAL STATEMENT AND THE ANALYSIS OFRATIOES
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RECOMMENDATION ON THE BASIS OF THOSEANALYSIS
BIBLIOGRAPHY