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Mahatma Education Societies
PILLAIS COLLEGEOF ARTS, COMMERCE AND SCIENCE
RE-ACCREDITED BY NAACWITH A GRADE
A PROJECT
ON
COMPARATIVE STUDY OF SOURCES OF FINANCE
In the subject
FINANCIAL MANAGEMENT
SUBMITTED TO
UNIVERSITY OF MUMBAI
FOR SEMESTER-IV OF
MASTER OF COMMERCE
BY
KANNAN PRAKASH
Roll No-3607
UNDER THE GUIDANCE OF
PROF. MONALI RAY
YEAR2014-2015
Website :www.pcacs.ac.in Tel :02227451700
Fax:
0227483208
http://www.pcacs.ac.in/http://www.pcacs.ac.in/http://www.pcacs.ac.in/http://www.pcacs.ac.in/ -
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Mahatma Education Societies
PILLAIS COLLEGE OF ARTS, COMMERCE AND SCIENCE
RE-ACCREDITED BYNAACWITH A GRADE
___________________________________________________________________
Dr. KM. Vasudevan Pillais Campus, Sector 16, New Panvel
DECLARATION BY THE STUDENT
I,Prakash Kannanstudent of M.com part -2 Roll Number 3607 herebydeclare that
the project for the Paper financial management Semester-IV duringthe academic year 2014-2015, is based on actual work carried out by me under the guidance of Prof. Monali Ray
I further state that this work is original and not submitted anywhere else for any
examination.
Signature of student
EVALUATION CERTIFICATE
This is to certify that the undersigned have assessed and evaluated the project on
financial management submitted by KANNAN PRAKASH student of M.com Part-2. This
project is original to the best of our knowledge and has been accepted for internal assessment.
Internal Examiner External Examiner principal
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Internal Assessment: project 40 Marks
Name of the Student Class Division Roll Number
First Name : KANNAN
Father Name : PRAKASH
Surname :
MCOM
PART-2
3607
SUBJECT : FINANCIAL MANAGEMNT
TOPIC FOR THE PROJECT: comparative study of sources of finance
Marks Awarded Signature
DOCUMENTATION
Internal Examiner
(Out of 10 Marks)
External Examiner
(Out of 10 Marks)
Presentation
(Out of 10 Marks)
Viva and Interaction
(Out of 10 Marks)
TOTAL MARKS (Out of 40)
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ACKNOWLEDGEMENT
Iwould like to thank my college i.e. Pillais college of Arts, Commerce
&Science, New Panvelwhere I have gained plenty of knowledge which help
me turning this project a success.
Apart from my efforts, the success of any project depends
largely on the encouragement and guidelines of many others. I take this
opportunity to express my gratitude to the people who have been instrumental in
the successful completion of this project.
I would specially thank my Professor Monali Ray and other
faculty members for giving their valuable guidance in the design and changes
that were required to be made for the proper implementation of the project.
Without those efforts this project would not be have been successful.
I would also extend my thanks to our vice Principal Mr A.N Kutty
for his support and facilities provided to me for the same. Lastly I would like to
thanks all those who directly and indirectly helped me in completion of this
project.
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INDEX
Sr.no. TOPIC Pg. No.
1) Introduction of sources of finance
2) Classification of sources of finance
3) Time-period
4) Ownership and control
5) Profile of companies
6) Balance of companies
7) Analysis
8) Bibliography
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CHAPTER: 1
INTRODUCTION OF SOURCES OF FINANCE
Where borrowers get their money from. In the case of corporations there are two
sources: internal (the cash they generate from their businesses) and external (the funds they
procure from the CAPITAL MARKETS).
There are various sources of finance such as equity, debt, debentures, retained
earnings, term loans, working capital loans, letter of credit, euro issue, venture funding etc.
These sources are useful under different situations. They are classified based on time period,
ownership and control, and their source of generation.
Sources of finance are the most explored area especially for the entrepreneurs about tostart a new business. It is perhaps the toughest part of all the efforts. There are various
sources of finance classified based on time period, ownership and control, and source of
generation of finance.
Having known that there are many alternatives of finance or capital, a company can
choose from. Choosing right source and right mix of finance is a key challenge for every
finance manager. The process of selecting right source of finance involves in-depth analysis
of each and every source of finance. For analyzing and comparing the sources of finance, it isrequired to understand all characteristics of the financing sources. There are many
characteristics on the basis of which sources of finance are classified.
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CHAPTER:2
CLASSIFICATION OF SOURCES OF FINANCE
A business might have access to various sources of financing its needs. These
sources of finance can be classified as:
Internal and external
Internal:this is money raised from inside the business. It includes
Sales of assets: Business might sell off old, obsolete assetswhich are no longer used by the business to raise additional cash for the
business.
Advantage Disadvantage
Better use of capital A new business might not have any
old or obsolete assets
Retained profits: Businesses (especially limited companies)usually keep some part of the profit every year for future use. This is also
known as ploughed back profit. Over a period of time it can total up to a huge
amount which can be used for financing the business.
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Advantage Disadvantage
Does not increase liabilities
No need to pay interest
Not available to new
businesses
Reduction in working capital: Cutting the stock levels can also helpthe business to raise additional cash.
Advantage Disadvantage
Costs related to
storage of stock is reduced
May lead to shortage
of stock and loss of sales
External: This is the money raised from outside the business. It includes
Short Term
Bank overdraft:Bank overdraft is a facility given by banks to its business customers,
people having current accounts. Through this facility the customers can overdraw their
accounts to a greater value than the balance in the account. To overdrawn amount is agreed in
advance with the bank manager. The bank assigns a limit to overdraw from the account andthe business can meet its short term liabilities by writing cheques to the extent of limit
allowed.
Advantage Disadvantage
No need forcollaterals or security.
More flexibleand the overdraft amount can
be adjusted every month
according to needs.
Interest ratesare usually variable and
higher than bank loans.
Cash flowproblems can arise if the
bank asks for the overdraft to
be repaid at a short notice.
Trade Credit: Usually in business dealing supplier give a grace period to their
customers to pay for the purchases. This can range from 1 week to 90 days depending upon
the type of business and industry.
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Advantage Disadvantage
No interest has to be paid. The business may not get
cash discounts.
By delaying the payment of bills for goods or services received, a business is,
in effect, obtaining finance which can be used for more important expenditures.
Factoring of debts: It involves the business selling its bills receivable to a
debt factoring company at a discounted price. In this way the business get access to
instant cash.
Medium Term
Hire purchase:It involves purchasing an asset paying for it over a period of
time. Usually a percentage of the price is paid as down payment and the rest is paid in
instalments for the period of time agreed upon. The business has to pay an interest on
these instalments.
Leasing: Leasing involves using an asset, but the ownership does not pass to
the user. Business can lease a building or machinery and a periodic payment is made
as rent, till the time the business uses the assets. The business does not need to
purchase the asset.
Advantage Disadvantage
1.The business can benefit from the
asset without purchasing it.
2.Usually the maintenance of the asset
is done by the leasing firm.
1.the total cost of leasing may end up
higher than the purchasing of asset
Medium term bank loan:A bank loan for 1 year to 5 years.
Long term
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Long term Bank loan: borrowing from bank for a limited period of time. The
business has to pay an interest on the borrowing. This interest may be fixed or variable.
variable. Businesses taking loan will often have to provide security or collateral for the loan.
Issue of share: It is a permanent source of finance but only available to limited
companies. Public limited companies can sell further shares up to the limit of their authorized
share capital. Private limited companies can sell further shares to existing shareholders
Advantage Disadvantage
Permanent source of capital.
In case of ordinary shares business will
only pay dividends if there is a profit.
Dividends have to be paid to the
shareholders.
Debentures: A debentureis defined as a certificate of acceptance of loans which is
given under the company's stamp and carries an undertaking that the debenture holder will
get a fixed return (fixed on the basis of interest rates) and the principal amount whenever the
debenture matures. It is issued for a long periods of time. Debentures are generally freely
transferrable by the debenture holder. Debenture holders have no voting rights and the
interest given to them is a charge against profit.
Sales and lease back: this involves a firm selling its assets or property to an
investment company and then leasing it back over a long period of time. The business thus
can use the asset without purchasing it and can use the revenue earned from its sale for other
purposes
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CHAPTER:3TIME-PERIOD
Sources of financing a business are classified based on the time period for
which the money is required. Time period are commonly classified into following
three:
Long Term Sources of Finance: Long term financingmeans capital requirements for a period of more than 5 years to 10, 15, 20years or may be more depending on other factors. Capital expenditures in
fixed assets like plant and machinery, land and building etc of a business
are funded using long term sources of finance. Part of working capital
which permanently stays with the business is also financed with long term
sources of finance. Long term financing sources can be in form of any of
them:
Share Capital or Equity Shares
Preference Capital or Preference Shares Retained Earnings or Internal Accruals Debenture / Bonds Term Loans from Financial Institutes, Government,
and Commercial Banks
Venture Funding Asset Securitization International Financing by way of Euro Issue,
Foreign Currency Loans, ADR, GDR etc.
Medium Term Sources of Finance: Medium termfinancing means financing for a period between 3 to 5 years. Medium term
financing is used generally for two reasons. One, when long term capital is
not available for the time being and second, when deferred revenue
expenditures like advertisements are made which are to be written off over
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a period of 3 to 5 years. Medium term financing sources can in the form of one of
them:
Preference Capital or Preference Shares Debenture / Bonds Medium Term Loans from
o Financial Instituteso Government, and
Lease Finance Hire Purchase Finance
Short Term Sources of Finance: Short term financing meansfinancing for period of less than 1 year. Need for short term finance arises to
finance the current assets of a business like inventory of raw material and finished
goods, debtors, minimum cash and bank balance etc. Short term financing is also
named as working capital financing. Short term finances are available in the form
of:
Trade Credit Short Term Loans like Working Capital Loans from
Commercial Banks
Fixed Deposits for a period of 1 year or less Advances received from customers Creditors Payables Factoring Services Bill Discounting etc.
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CHAPTER:4
OWNERSHIP AND CONTROL
ACCORDING TO OWNERSHIP AND CONTROL:Sources of finances are classified based on ownership and control over the
business. These two parameters are an important consideration while selecting a
source of finance for the business. Whenever we bring in capital, there are two types
of costs one is interest and another is sharing of ownership and control. Some
entrepreneurs may not like to dilute their ownership rights in the business and others
may believe in sharing the risk.
1. Owned Capital: Owned capital is also referred as equity capital. It is sourcedfrom promoters of the company or from general public by issuing new equity
shares. Business is started by the promoters by bringing in the required capital
for startup. Owners capital is sourced from following sources:
Equity Capital Preference Capital Retained Earnings Convertible Debentures2. Venture Fund or Private Equity
Further, when the business grows and internal accruals like profits of the
company are not enough to satisfy financing requirements, the promoters have
choice of selecting ownership capital or non-ownership capital. This decision is up
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to the promoters. Still, to discuss, certain advantages of equity capital are as follows:
i. It is a long term capital which means it stays permanentlywith the business.
ii. There is no burden of paying interest or instalments likeborrowed capital. So, risk of bankruptcy also reduces.
Businesses in infancy stages prefer equity capital for this
reason.
3.Borrowed Capital: Borrowed capital is the capital arranged from
outside sources. These include the following:
Financial institutions,
Commercial banks or General public in case of debentures.
In this type of capital, the borrower has a charge on the assets of the business
which means the borrower would be paid by selling the assets in case of liquidation.
Another feature of borrowed capital is regular payment of fixed interest and repayment of
capital. Certain advantages of borrowing capital are as follows:
There is no dilution in ownership and control of business. Cost of borrowed funds is low since it is a deductible expense
for taxation purpose which ends up saving on taxes for the company.
It gives the business a leverage benefit.
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CHAPTER:5
SOURCE OF GENRERATION
ACCORDING TO SOURCE OF GENERATION:
1.Internal Sources: Internal source of capital is the capital which is
generated internally from the business. Internal sources are as follows:
Retained profits Reduction or controlling of working capital Sale of assets etc.The internal source has the same characteristics of owned capital. The best
part of the internal sourcing of capital is that the business grows by itself and does
not depend on outside parties. Disadvantages of both equity capital and debt
capital are not present in this form of financing. Neither ownership is diluted nor
fixed obligation / bankruptcy risk arises.
2.External Sources: External source of finance is the capital which is
generated from outside the business. Apart from the internal sources finance, all the
sources are external sources of capital.
Deciding the right source of finance is a crucial business decision taken by top
level finance managers. Wrong source of finance increase the cost of funds which in
turn would have direct impact on the feasibility of project under concern. Improper
match of type of capital with business requirements may go against smooth
functioning of the business. For instance, if fixed assets, which derive benefits after 2
years, are financed through short term finances will create cash flow mismatch after
one year and the manager will again have to look for finances and pay the fee for
raising capital again.
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6.PROFILE OF COMPANIES
ACC CEMENT
Acc Cements was set up in 1986. In the last decade the company has grown tenfold. Thetotal cement capacity of the company is 18.5 million tones. Its plants are some of the mostefficient in the world. With environment protection measures that are on par with the finest inthe developed world. The company's most distinctive attribute, however, is its approach tothe business. Acc follows a unique home grown philosophy of giving people the authority toset their own targets, and the freedom to achieve their goals. This simple vision has createdan environment where there are no limits to excellence, no limits to efficiency. And has
proved to be a powerful engine of growth for the company. As a result, Acc is the mostprofitable cement company in India, and one of the lowest cost producer of cement in theworld.
When the company started out, it approached the cement business with an open mind. Tocompete with the older, established players who had already written off their plant cost, itwas important to have the lowest capital cost per ton of cement. Their plants would have to
be set up in record time. Their capacity utilization would have to be above 100%. And theirpower consumption would have to set a record low these were the main theme of company.
Today, Acc is the 3rd largest cement company in India, with an annual plant capacity of 16
million tonnes including Acc Cement Eastern Ltd. and revenue in excess of Rs.3298 crore.
In 1993, Acc Cement set up a complete system of transporting bulk cement via the sea route.Making it the first company in India to introduce bulk cement movement by sea. Othersfollowed and today, about 10% cement travels by this new route.
Bulk Cement Terminals of the company:
Surat:Bulk Cement Terminal with a storage capacity of 15,000 tonnes has bulk cement
unloading facility.
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Galle:120 kms from Colombo, Sri Lanka. Handles 1 million tonnes of cement annually.
Cochin:The latest addition to our configuration of Bulk Cement Terminal
Business area of the company:
The company is engaged in manufacture and market cement and clinker for bothdomestic and export markets.
Milestones:
2010On 24th February 2010, Acc Cements Ltd (ACL) inaugurated its cement plant
(grinding unit) at Dadri, Uttar Pradesh. Capacity: 1.5 million tonnes..
On 27 March, 2010, ACC Cements Ltd (ACL) inaugurated its cement plant(grinding unit) at Nalagarh, Himachal Pradesh. Capacity: 1.5 million tonnes.
In December 2010, the Dadri Grinding Unit in its very first year of operationreceived the Integrated Management System (IMS) Certification, including ISO 9001:2008,ISO 14001:2004, and OHSAS 18001:2007 by BSI (U.K.).
2009-The Company launched its knowledge initiative i.e. Acc Knowledge Center,toenable industry professionals get a first-hand feel of the world of cement andconcrete. During the year, three centers became operational in the cities of Jaipur,
Ahmedabad and Kolkata. 2008- The Company also sets up the Corporate Communications department, thusmarking its deep commitment to be a responsive organisation, answerable andaccountable to its key internal and external stakeholders.
2009- The Company launched its knowledge initiative i.e. Acc Knowledge Center,toenable industry professionals get a first-hand feel of the world of cement andconcrete. During the year, three centers became operational in the cities of Jaipur,Ahmedabad and Kolkata.
Opening of Dadri Plant On 24th February 2010, Acc Cements Ltd (ACL) inauguratedits cement plant (grinding unit) at Dadri, Uttar Pradesh. Capacity: 1.5 million tonnes.
On 27 March, 2010, Acc Cements Ltd (ACL) inaugurated its cement plant (grindingunit) at Nalagarh, Himachal Pradesh. Capacity: 1.5 million tonnes.
In December 2010, the Dadri Grinding Unit in its very first year of operation receivedthe Integrated Management System (IMS) Certification, including ISO 9001:2008,ISO 14001:2004, and OHSAS 18001:2007 by BSI (U.K.).
Achievements/ recognition:
Achievements
Environment protection measure that conform to the worlds best. Benchmarking quality standards for the industry.
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Reinventing cement transportation. Ambujanagar has won 'Best Environmental Excellence in Plant Operation'
? National award by NCBM 2009 'Certificate of Appreciation' for Accident Free million man hour our worked - Gujarat
Safety Council ? Baroda 2009
Recognition
National Award for commitment to quality by the Prime Minister of India. National Award for outstanding pollution control by the Prime Minister of India. ISO 9002 Quality Certification. ISO 14000 Certification for environmental systems. Best Award for highest exports by CAPEXIL.
Economic Times - Harvard Business School Association Award for corporate.
ULTRA TECH.Cement
Ultra Tech.Cement started its commercial production in May 1975 in its first plantNimbahera in Rajasthan. The company was incorporated in the year 1994.
Today Ultra tech. Cement is one of the largest cement manufacturers in north India. It is alsosecond largest producer of white cement in India. The company exports white cement tocountries like South Africa, Nigeria, Singapore, Bahrain, Bangladesh, Sri Lanka, Tanzania,UAE and Nepal.
The company has two manufacturing facilities located at Nimbahera and Mangrol in the stateof Rajasthan. The company produces white cement and its production unit is located in Gotanat Rajasthan.
During August 2009, Allahabad HC had sanctioned the scheme of amalgamation ofJaykaycem a wholly owned subsidiary with the company. Jaykaycem was implementing 3million tones per annum Green Field Grey Cement Plant at Mudhol, District Bagalkot,Karnataka state which was at final stage of implementation. The installed capacity of grey
cement of JK Cement with the merger increased to 7.5 million tones per annum.These plants have received various certifications ISO-9001:2000 for quality managementsystem, ISO-14001:2004 for environment management systems and OHSAS-18001:2005 foroccupational health and safety systems.
Products
Ultra Tech Cement produces ordinary Portland cement of 53-grade, 43-grade and 33-grade. Itmarkets these cements under the brand name J K cement and Sarvashakitman.
It also manufactures Portland Pozzolana Cement and markets it under the name J K Super.
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It markets white cement under the name J K White and Camel.
Ultra Tech . Cement has introduced water repellent material in powder form. It has alsointroduced white cement based putty for plastering walls and ceiling and sells the same underthe name JK Wall Puty.
7.BALANCE OF COMPANIES
Balance sheet of ACC cement ltd as at 31stMarch 2013
Particulars As at
31.03.2013
As at
31.03.2012
1.LIABILITIES:
1)share capital
2)reserve and surplus
(3) Other Long-Term Liabilities
(4) Current Liabilities
(a) Trade Payables
(b) Other Current Liabilities
(c) Short Term Provisions
119,134,886
27,726,853
1,099,112
21,709,412
13,137,302
8,686,019
43,532,733
90,299,871
27,185,794
437,422
4,508,032
9,317,013
5,884,107
19,709,152
191,493,584 137,632,239
2.ASSETS
(1) Non-Current Assets
(a) Fixed Assets : Tangible Assets
(b) Long-Term Loans and Advances
(c) Other Non-Current Assets
42,927,886
3,531,322
900,000
47,359,208
36,767,305
5,527,463
-
42,294,768
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(2) Current Assets:
(a) Cash and Bank Balances
(b) Short Term Loans and Advances
(c) Other Current Assets
119,921,012
21,452,734
2,760,630
144,134,376
191,493,584
75,463,196
75,463,196
2,609,608
95,337,471
137,632,239
Ultra Tech cement
Balance sheet as at 31stmarch 2013
Particulars As at
31.03.2013
As at
31.03.2012
1.LIABILITIES:
1)share capital
2)reserve and surplus
(3) Other Long-Term Liabilities
(4) Current Liabilities
Short term borrowings
(a) Trade Payables
(b) Other Current Liabilities
(c) Short Term Provisions
699,272
16,274,593
13,035,091
1,886,543
1,965,166
4,509,128
649,566
699,272
14,590,798
13,136,719
828,271
1,765,557
4,264,743
518,114
39,019,359 35,803,474
2.ASSETS
(1) Non-Current Assets
(a) Fixed Assets : Tangible Assets
(b) Long-Term Loans and Advances
(c) Other Non-Current Assets
23,618,022
2,283,518
1,692,988
28,694,414
23,118,788
839,407
108,419
24,956,471
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(2) Current Assets:
(a) Cash and Bank Balances
(b) Short Term Loans and Advances
(c) Other Current Assets
3,324,573
1,167,058
66,848
10,324,945
39,019,359
4,324,899
1,941,225
115,355
10,847,003
35,803,474
CHAPTER:
ANALYSIS
points ACC cement Ultra Tech cement
1. Share capital Share capital of acc cement ishigher than ultra tech cement.
Share capital of ultra tech cement
is less than Acc cement.
2. Rese5rveand surplus
Reserve and surplus of acccement is more than ultra tech
cement.
Reserve and surplus of ultra techcement is less than acc cement.
3. Other longterm
liabilities
Long term liabilities of acc
cement is less than ultra tech
cement.
Long term liabilities of ultra tech
cement is more than acc cement.
4. Tradepayable
ACC cement ltd has more trade
payables as compared to UltraTech cement.
Ultra Tech cement ltd has less
trade payables as compared to acccement.
5. Othercurrent
liabilties
It has more amount of other
current liabilities .
It has less amount of other current
liabilities.
6. Short termp[rovision
Short term provision of acc
cement is higher.
Short term provision of ultra tech
cement is less.
7. Fixed assets Acc cement ltd has more amount Ultra Tech cement ltd has less
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of fixed asset. amount of fixed asset.
8. Long termloans and
advances
Long term loans and advances of
acc cement are high.
Long term advances and loans of
ultra tech cement is less.
9. Othercurrent
assets
ACC cement ltd have less other
current assets.
Ultra Tech cement ltd have more
other current assets.
10.Cash andbank
balances
ACC cement ltd have more cash
and bank balances as compared to
Ultra Tech cement.
Ultra Tech cement ltd have more
cash and bank balances as
compared to ACC cement.
11.Short termloans and
advances
It has more short term loans and
advances compared to ultra tech
cement.
It has less short term loans and
advances as compared to acc
cement.
12.Othercurrent
assets
The other current assets of acc
cement are high.
The other current assets of ultra
tech cement are less.
13.Sources offinance
The sources of finance of acc
cement as compared to ultra tech
cement are higher.
The sources of finance of ultra
tech cement as compared to acc
cement are lesser.
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9. BIBLIOGRAPHY
Website:
https://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.html http://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-
finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspx
Book:
Advanced financial management
https://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.htmlhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttp://www.business.gov.au/BusinessTopics/Business-Finances/Seek-business-finance/Investigate-your-finance-options/Pages/Sources-of-finance.aspxhttps://www.extension.iastate.edu/agdm/wholefarm/html/c5-92.html