Working Capital Management Marathon Electric India Pvt. Ltd.
Working Capital Management Marathon Electric India Pvt. Ltd.
Working Capital Management Marathon Electric India Pvt. Ltd.
ON
SUBMITTED BY:
SUNIL KUMAR
University Roll No. : 138410183
MBA II YEAR (IV TRIMESTER)
1
DECLARATION
2
ACKNOWLEDGEMENT
3
Application of theoretical knowledge to a practical situation is the bonanzas of this
survey. Without a proper combination of inspections and perspirations, it’s not
easy to achieve anything. There is always a sense of gratitude, which we express
to others for help and the needy service they render during the different
phases of our lives. We would do it as we really wish to express my
gratitude toward all those who have been helpful to us directly or
indirectly during the development of this training report.
EXECUTIVE SUMMERY
4
The report basically related to the how to manage working capital in the
company. Cash is the lifeblood of the company without this company
cannot run successfully. In this we find out the shortfalls of working capital
management and to find out the company liquidity, profitability we use
some tools to analyze the financial data of the company for some future
plan. For this study, we collect both types of data primary data, as well as
secondary data also. We use the descriptive method of the research methodology. To
complete this summer training report in a short time my supervisor and my
colleagues also help to me.
INDEX
5
SR NO. PARTICULARS PAGE NO.
I Front Page i
II Declaration ii
IV Acknowledgement iv
V Executive Summery v
VI Index vi
1 Chapter – 1 1 – 10
About the Company Profile
2 Chapter – 2 11 – 19
Introduction to the topic
3 Chapter – 3 20 – 25
Objective and Methodology
4 Chapter – 4 26 – 47
Data analysis and interpretation
6 Chapter – 5 48 – 50
Finding & Conclusions
8 Appendices vii – xi
6
CHAPTER – 1
INTRODUCTION
&
ABOUT
THE COMPANY PROFILE
COMPANY PROFILE
7
Marathon Electric India Pvt. Ltd. Was established in 1913. Since 1913, Marathon
Electric has been dedicated to providing customers with quality products for targeted
applications.
Product: Motors
Website: www.marathonelectric.in
INTRODUCTION
8
In India, Marathon Electric delivers efficient mechanical power solutions using AC
electric motors up to 4.5MW. Marathon Electric India has manufacturing facilities,
Marathon Electric India Pvt. Ltd. At Faridabad & Marathon Electric Motors (India)
Ltd in Kolkata. Together, Marathon Electric in India is the Largest
Manufacturer & Exporter of Electric Motors. MEIPL strategic product lines
include Motors and Fans. Our range of Fractional Horsepower motors serves
applications such as Heating, Ventilating, Air-conditioning & Commercial
Refrigeration (HVAC), General Purpose Applications, Evaporative Coolers &
Cooler Kits, and Washing Machines & Wet Rice Grinders. MEIPL Integral
Horsepower motors range up to 11KV serving a wide range of applications such as
pumps, compressors, fans, crushers, conveyors, kilns etc. We also
manufacture Propeller, Axial Flow and Centrifugal Flow type of industrial fans used
for various purposes.
9
Global Technology Center - India (GTCI)
Our Brands
Marathon in India is also well known for its brands Genteq, AUE & Cool
Home.
10
Our Products
Air Circulator
11
Wet Rice Grinder
ECM Motors
Our Vision
We will clearly differentiate our products and services as the best value to our
customers, as measured by our customers. We will maintain a sustainable,
competitive advantage through the excellence of our people and our processes –
creating value for all our stakeholders.
Our Mission
We will live our values, demonstrating integrity in all our actions. We will function
with a high level of personal energy, energizing those around us. We will have the
courage to make difficult decisions and execute to accomplish our vision.
12
Award and recognitions
13
Safety Awareness for Employees Award
ISO 9001:2000
14
Award for Excellence in Cost Management
Objectives
To deliver world class performance to customers through innovation, quality,
delivery, responsiveness and cost.
Develop, attract,& retain the best people by providing and engaging work
environment while helping them achieves their career goals.
Stand top quartile performance in the diversified industrial sector with respect
to revenue growth, profitability, and cash flow.
Factors of Success
15
20 percent market share in IHP motors.
SWOT Analysis
Strength Weakness
Opportunities Threats
16
CHAPTER – 2
INTRODUCTION,
OBJECTIVE AND SCOPE OF STUDY
17
INTRODUCTION
Meaning of Capital
In the ordinary sense of the word capital means an initial investment invested by a
businessman or owner at the time of commencing the business.
Cash is the lifeline of a company. If this lifeline deteriorates, so does the company’s
ability to fund operations, reinvest, and meet capital requirements and payments.
Understanding a company’s cash flow prospects is to look at its Working Capital
Management.
Thus, in very simple words, working capital may be defined as “capital invested in
current assets.” Here current assets are those assets, which can be converted into cash
within a short period of time and the cash received is again invested in these assets.
Thus, it is constantly receiving or circulating. Hence, working capital is also known as
circulating capital or floating capital.
18
Working capital means the funds (i.e., capital) available and used for day to day
operation (i.e.; working) of a company. In Accounting
“Working capital refers to a firm’s investment in short term assets - cash, short
term securities, account receivable, and inventories.”
The project describes how the management of working capital takes place at
Marathon Electric India Pvt. Ltd.
Gross working capitalrefers to investment in all current assets -raw materials, work-
in-progress, finished goods, book debts, bank balance and cash balance. The gross
concept of working capital is significant in the context of measuring working capital
needed, measuring the size of the business, continued and smooth flow of operations
of the business and the like.
Net working capitalrefers to the excess of current assets over current liabilities. That
is, the value of current assets minus the value of current liabilities (currentliabilities
includetrade creditors, bills payable, outstanding expenses such as wages, salaries,
dividend payable and tax payable, bank overdraft, etc.) The net concept of working
capital is significant in the context of financing of working capital, the short term
liquidity aspects of the business, and the like.
Net working capital may be positive or negative. A positive net working capital arises
when current assets exceed current liabilities and a negative working capital occurs
when current liabilities are in excess of current assets. It shows bad liquidity position.
This is a qualitative concept which highlights the character of the sources from which
the funds have been procured to support that portion of the current assets which is in
excess of current liabilities.
According to time there are two kinds of working capital. These are-
21
Initial Working Capital:In the initial period of its operation, a firm must
need enough money to pay certain expenses before the business profits. In the
initial years the banks may not funding loans or overdrafts, sales may have to
be made on credit and it may be necessary to pay the creditors immediately.
Therefore the owners themselves have to provide the necessary funds in the
initial period, which may be known as initial working capital.
Regular Working Capital: The firm is always required to keep certain
funds with it to continue the regular business operations, which is called as
Regular Working Capital. It is required to maintain regular stock of raw
materials and work-in-progress and also of the finished goods, which must be
maintained permanently at a definite level. Regular working capital is the
excess of current assets over current liabilities. It ensures smooth operation of
business.
Working capital is one of the important measurements of the financial position. The
words of H. G. Guthmann clearly explain the importance of working capital.
“Working Capital is the lifeblood and the nerve center of the business.” The object of
working capital management is to manage firm’s current assets and liabilities in such
a way that a satisfactory level of working capital is maintained. If the firm cannot
maintain a satisfactory level of working capital, it is likely to become insolvent
andmay even be forced into insolvency. Thus, the need for working capital to run day-
to-day business activities smoothly can’t be overstated.
There are no set rules or formula to determine the working capital requirements of the
firms. A large number of factors influence the working capital need of the firms. All
factors are of different importance and also an important change for the firm over
time. Therefore, an analysis of the relevant factors should be made in order to
determine the total investment in working capital. Generally the following factors
influence the working capital requirements of the firm:
• Seasonal fluctuations
• Production policy
• Taxation
• Depreciation policy
• Reserve policy
23
• Dividend policy
• Credit policy:
• Operating efficiency
The financial manager is always interested in obtaining the working capital at the
right time at a reasonable cost and at the best possible favorable terms. A part of the
working capital investment is a permanent investment in fixed assets. These following
are the various sources of working capital:-Source of working capital divided into two
parts
Long - term
Short - term
Issues of share
Floating of debenture
Public deposit
Loans
Internal source
Depreciation
Taxation
Accrued expense
Ploughing back of profit
External source
Bank credit
24
Trade credit
Government assistance
Loan from Director
Security of employee
The need for working capital arises due to the time gap between production and
realization of cash from sales. Working capital is must for every business for
purchasing raw materials, semi-finished goods, stores & spares etc. and the following
purpose
In other word of Adam Smith; “working capital management is concerned with the
problems that arise in attempting to manage the current assets, current liabilities and
the interrelationship that exist between them”
CHAPTER – 3
OBJECTIVE, SCOPE
AND
26
METHODOLOGY
To study the Working Capital position of Marathon Electric India Pvt. Ltd.
27
To evaluate the cash management performance in terms ( Size, Liquidity
control ) of Marathon Electric India Pvt. Ltd.
28
INTRODUCTON
The research methodology is a way to systematically solve the research problem. It
may be understood as a science of studying new research is done systematically. In
that various steps, those are generally adopted by a researcher in studying his problem
along with the logic behind them.
Research Design
A research design is an arrangement of condition for collection at analysis of data in a
manner that combines relevance to the research purpose with the economy in the
process.
Process of Research
Formulating the objective of the study(What the study is about and why it is
being made)
29
Designing the method of data collection (What technique of gathering data will
be adopted)
Collecting the data (Where can be required data can be found and with what
time period should the data be related)
Sampling Design
A sample design is a definite plan for obtaining a sample from a given population. It
refers to the technique or the procedure adopted in selecting items for the sample. The
main constituents of the sampling design below-
Sampling unit
Sample size
Sampling unit
A sampling framework, i.e. developed roe the target population that will be sampled,
i.e. who is to be surveyed
Sample size
It is the substantial portions of the largest population that are sampled achieve reliable
results.
30
Sample size – the last four years, i.e. 2009-2010 to 2012-2013 financial
statements of the company.
Data collection
The datahave been collected from two types-
Primary data
Secondary data
Primary data
Primary data are the data which is collected from first hand, for the first time which is
original in nature.
Secondary data
Secondary data are those data which have already collected and stored. Secondary
data easily get those secondary data from records annual reports of the company, etc.
It will save the time, money and to collect the data.
The major source of data of this project was collected through annual reports, profit
and loss account of the four year period of company, i.e. from 2009-2010 to 2012-
2013 and some more information collected from the internet and text source.
Ratio Analysis.
33
Net Working Capital
18000
16000
14000
12000
8000
6000
4000
2000
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that during the financial year 2009-2010 the company had Net
Working Capital about Rs.15, 985.07 lakh. Duringthe next year, i.e.2010-2011 it
decreased by Rs.920.23lakh. It was Rs.15, 064.84lakh in the year 2010-11.And in the
year 2011-2012 it was Rs.12, 316.41lakh which again decreased by Rs.2, 748.43 lakh
as compared to last year, i.e. 2011-1012. The above chart interprets that the company
iscontinuingdecrease in the NWC till 2011-2012. But in the year 2012-2013it was
increased by Rs.4, 542.45 lakh. Duringthis year NWC was about Rs.16, 858.86 lakh.
This means that the company is in a positive position in the year 2012-2013 and it
hassufficient capital to pay off its current liabilities.
34
Introduction
Ratio analysis is a powerful tool financial analysis. Ratio analysis is a process of
comparison of one figure against another, which makes a ratio and the appraisal of the
ratios to make a proper analysis about the strengths and weakness of the firm’s
operations. The term ratio refers to the numerical or quantitative relationship between
two accounting figures. Ratio analysis of financial statement stands for the process of
determining and presenting the relationship of items and group of items in the
statements.
Turnover/Activity Ratio
1. Liquidity Ratios
Liquidity refers to the ability of a firm to meet its current obligations as and when
these become due. The short term obligations are met by realizing amounts of current,
floating, or circulating assets.
Following are the ratios which can help to assess the ability of a firm to meet its
current liabilities
1. Current Ratio
2. Acid Test Ratio /Quick Ratio / Liquidity Ratio
3. Absolute Liquidity Ratio
1.1Current Ratio
The Current ratio is a ratio, which express the relationship between the total current
assets and current liabilities. It measures the firm’s ability to meet its current
liabilities. It indicates the availability of current assets in rupees for every one rupee
of current liabilities. A ratio of greater than one means that the firm’s has more
current assets in the comparison of current liabilities. A standard ratio between them
is 2: 1.
Current Liabilities
36
Current Ratio
4.5
4
3.5
3
2.5 Current Ratio
2
1.5
1
0.5
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that during the financial year2009-2010 the company had a
current ratio of 4.24:1.During the nextyear, i.e.2010-2011 it decreased by 0.59. It was
about3.65:1 in the year 2010-2011. And in theyear 2011-2012 it was again decreased
by 1.48. During this year, i.e. 2011-2012 it was about 2.17:1. These show that the
current ratio was decreased every year.But in the last year,i.e. 2012-2013 the current
ratio was increased to 2.48:1, due to increase in current assets. The current ratio is
greater to the standard ratio, i.e. 2:1. Hence it can be said that there are enough current
assets in Marathon Electric India Pvt. Ltd. to meet its current liabilities.
37
Quick Ratio = Quick Assets (current assets – Inventory)
Current Liabilities
Quick Ratio
4
3.5
3
2.5
Quick Ratio
2
1.5
1
0.5
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that during the financial year 2009-2010 the company had a
Quick ratio of 3.38:1. In the next year, i.e.2010-2011 it decreasesby 0.75. It was about
2.63:1 in the year 2010-2011. During the year 2011-2012 the quick ratiowas
againdecreasedby1.02. And it was about1.61:1 in the year 2011-2012 due to increase
in current liabilities and decrease in Quick assets. But in the last year 2012-2013 the
quick ratio increased by 0.41. And it was increased to 2.02:1. The quick ratio of the
38
company is greater to the standard ratio, i.e., 1:1. Hence it shows that the liquidity
position of the company is adequate.
Current Liabilities
39
(Amount in lakh)
Interpretation
The above chart shows that during the financial year 2009-2010 the absolute liquidity
ratio of the company was about 0.91:1.In the next year 2010-2011 it decreased by
0.85.It was about 0.06:1, in the year 2010-2011.In the year2011-2012 absolute
liquidity ratio increased by 0.09, and it was about0.15:1, in the year 2011-2012. In the
last year,i.e. 2012-2013 it increased by 0.29, and it was about0.44:1. After 2010-2011
the absolute liquidity ratio of the company is increasingevery year. But besides of
2009-2010 the absolute liquidity ratio of the company is less thanto the standard rate
i.e., 0.5:1. Hence it shows that the liquidity position of the company is satisfactory.
Closing Inventory
40
Inventory turnover ratio
12
10
8
Inventory turnover ratio
6
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that during the financial year 2009-2010, 2010-2011, and
2011-2012 in all three years there is no major differencein the inventory turnover
ratio, which is in all three years, the inventory turnover ratio was about 8.80
times,8.57 times, and 8.85 times, respectively.But in the last year, i.e. 2012-2013 it
increased by 1.69 times as compared to the previous year, i.e. 2011-2012. And it was
about 10.54 times in the year 2012-2013. It shows that in all three years the company
had general sales, but in the last year 2012-2013 the company increased in its sales as
compared to last three previous years i.e. 2009-2010, 2010-2011, and 2011-2012.
Average Debtors
41
Note: In MEIPL, we have taken the total net sales instead of the credit sales, because
the credit sales information has not available for the calculation of Debtors Turnover
Ratio.
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that the debtor turnover ratio is fluctuating over the years. It
was about 5.76 times in the year 2009-2010. It increased by 0.69 times in the year
2010-2011. It was about 6.45 times in the year 2010-2011. But in the year 2011-2012
it was decreased by0.30 times, and it was about 6.15 times in the year 2011-2012.
During the next year, i.e. 2012-2013 it was 5.06 which again decreased by 1.09 times
42
as compared to the last year i.e. 2011-2012. This graph is showing that the company is
not collecting debt rapidly.
Average Creditors
Note:In the MEIPL, we have taken the cost of materials consumed instead of credit
purchases, because the credit purchase information has not available for the
calculation of Creditors Turnover Ratio.
43
Creditors Turnover Ratio
8
5
Creditors Turnover Ratio
4
0
2009-2010 2010-2011 2011-2012 2012-2013
(Amount in lakh)
Interpretation
The above chart shows that the creditor’s turnover ratio is fluctuating over the years.
It was about 5.39 times in the year 2009-2010.During the next year, i.e. 2010-2011 it
was increased by 1.52 times.During that year the creditor’s turnover ratio was about
6.91 times. But in the next year 2011-2012 it was decreased by 1.81 times and it was
about 5.10 times in the year 2011-2012. During the last year, i.e. 2012-2013 it was
about 6.54 times, which due to decreasein creditors. This chart is showing that the
company has made prompt payment to the creditors.
44
Table showing the working capital turnover ratio
Year Net Sales Net Working Capital Working capital Turnover Ratio
(Amount in lakh)
Interpretation
The above chart shows that the working capital turnover ratio is fluctuating year to
year that was minimum in the year 2009-2010,about 2.32 times. There was a
subsequent increase in the year 2010-2011 from 0.95 times, and it was about 3.27
times. It was again increased in the year 2011-2012 from0.95 times, due to decrease
in net working capital.It was about 4.22 times in the year 2011-2012. But in the last
year i.e. 2012-2013 it was decreased by 0.95 times, due to increase in net working
capital. During that year the working capital turnover ratio was about 3.27 times. This
chart shows that the company is utilizing working capital effectively.
45
(C) Fund Flow Statements
Current Assets
If the current assets increase as a result of this, working capital also increases. If the
current assets decrease as a result of this, working capital also decreases.
Current liabilities
If the current liabilities increase as a result of this, working capital also decreases. If
the current liabilities decrease as a result of this, working capital also increases.
46
Table 1:
2009-2010
CURRENT
ASSETS
Inventories 3,728.40 4,213.05 484.65 -
47
Interpretation
In the above table, it is seen that during the financial year 2009-2010 there was a net
decrease in working capital of Rs.6, 416.06 lakh which indicates that there is not an
adequate working capital in Marathon Electrical India Pvt. Ltd.
Decrease in Cash & Bank Balance by Rs.2, 957.79 lakh. And other current
assets such as Loans and Advances by Rs.668.97 lakh.
48
Table 2:
2010-2011
AS on AS on Effect on Working capital
Particulars 31-03-2010 31-03-2011 Increase Decrease
CURRENT ASSETS
CURRENT
LIABILITIES
49
Interpretation
In the above table, it is seen that during the financial year 2010-2011 there was a net
increase in working capital of Rs.575.37 lakh. It indicates that an adequate working
capital in Marathon Electrical India Pvt. Ltd.
50
Table 3:
2011-2012
AS on AS on Effect on Working capital
Particulars 31-03-2011 31-03-2012 Increase Decrease
CURRENT ASSETS
CURRENT
LIABILITIES
Trade Payables 4,313.68 4,616.96 303.28 -
Short –term Borrowings - 3,265.20 3,265.20 -
Provisions 960.86 154.64 - 806.22
Other Current Liabilities 403.80 2,422.37 2,018.57 -
(B) Total current 5,678.34 10,459.17 - -
Liabilities
(A)-(B) Net Working 15,064.84 12,316.41 - -
Capital
Increase in Working 6,813.23 - - 6,813.23
Capital
33,234.75 33,234.75 7,721.99 7,721.99
TOTAL
51
Interpretation
In the above table, it is seen that during the financial year 2011-2012 there was a net
increase in working capital of Rs.6, 813.23 lakh. It indicates that an adequate working
capital in Marathon Electrical India Pvt. Ltd.
Note:
According to Company Law, there were some changes in Schedule VI. These changes
were effective from 01 April’11. Some changes in Balance Sheet for the financial
year 2011-2012 such as:
In Current Assets, current assets are divided into two parts such as Current
assets and Non-Current assets. Loans and Advances are divided in two parts
such as Short-term loans and advances and Long term loans and advances.
Short-term loans and advances include in Current Assets and Long-term loans
and advances include in noncurrent assets. And added some entries such as
other current assets.
52
Table 4;
2012-2013
AS on AS on Effect on Working capital
Particulars 31-03-2012 31-03-2013 Increase Decrease
CURRENT ASSETS
CURRENT
LIABILITIES
Trade Payables 4,616.96 6,048.81 1,431.85 -
Short –term Borrowings 3,265.20 3,530.58 265.38 -
Other Current Liabilities 2,422.37 1,521.16 - 901.21
Provisions 154.64 236.95 82.31 -
(B) Total current 10,459.17 11,337.50 - -
Liabilities
(A)-(B) Net Working 12,316.41 16,857.86 - -
Capital
Increase in Working 6,298.11 - - 6,298.11
Capital
39,532.86 39,532.86 8,465.77 8,465.77
TOTAL
53
Interpretation
In the above table, it is seen that during the financial year 2012-2013 there was net
increasing in working capital of Rs.6, 298.11 lakh. It indicates that an adequate
working capital in Marathon Electrical India Pvt. Ltd.
54
CHAPTER – 5
FINDINGS
AND
CONCLUSIONS
55
FINDINGS
Working capital of Marathon Electric India Pvt. Ltd was decreasing every
year showing the negative working capital, besides of 2012-2013.After that
the company is higher than standard rate, i.e. 2:1, and the position of the
company is satisfactory.
The Marathon Electric India Pvt. Ltd. hada higher Current ratiobeing4.24:1
and Quick ratio was 3.38:1.
The MEIPL hadan Absolute liquidity ratiovery low in the year 2010-2011.
During the next year, it was increased by 0.09 times as compared to 2010-
2011. And in the last year, i.e. 2012-2013 it was again increased.
The MEIPL hadan inventory turnover ratiovery low in the year 2010-2011.
During the next year, it was increased by 0.28 times as compared to 2010-
2011.And in the last year, i.e. 2012-2013 it was again increased.
The MEIPL had Debtor’s turnover ratio very high in the year 2010-2011.
During the next year, it was decreased by 0.30 times as compared to 2010-
2011.And in the last year, i.e.2012-2013 it was again decreased.
The Creditor’s turnover ratioof MEIPL was fluctuating year to year. It was
very high in the year 2010-2011. During the next year, i.e. 2011-2012 it was
decreased by 1.81 times as compared to 2010-2011. And in the last year
2012-2013 it was again increased.
The MEIPL hada working capital turnover ratio very low in the year 2009-
2010. During the nexttwo years, i.e. 2010-2011 & 2011-2012, it was
increased by 0.95 & 0.95 times respectively, as compared to the previous
year, i.e.2009-2010. And in the last year, i.e. 2012-2013 it was decreased by
0.95 times as compared to the previous year, i.e. 2011-2012.
56
CONCLUSIONS
The financial status of Marathon Electric India Pvt. Ltd is good. In the last
year i.e., 2012-2013 the inventory turnover ratio has increased, this is a good
sign for the company.
The company’s liquidity position is not good with regard to the investment in
current assets as there are adequate funds invested in it.
Company net working capital is decreasing, but in the last year i.e., 2012-2013
it was increased, still the company is in a better management position, and the
company present status of maintaining current liabilities and current assets is
satisfactory.
They are able to manage their cash, funds, and debts. By adopting better
management practices, the company may attain a sound financial position in
the future and will be able to manage its working capital very effectively and
efficiently.
57
LIMITATIONS OF THE STUDY
The study is conducted in very short duration (summer training).
The analysis is limited to just 4 years of data study (from 2009 to 2013) for
financial analysis.
Limited interaction with the concerned head due to their busy schedule.
The findings of the study are based on the information retrieved from the
selected unit.
Very less information and time spent with the company staff.
This study is done on the basis of the historical data not in the actual
workplace.
The financial data sensitive in nature the same could not acquire easily.
Every personhas its own preparation to analyze the financial data so maybe it
varies from person to person.
58
APPENDICES
Balance sheet and
Equity and
Liabilities
Shareholders’
Funds
Share capital 332.00 312.00
59
Assets
Non-current assets
Fixed assets
14220.58 14117.31
Current Assets
60
Marathon Electric India Pvt. Ltd.
Equity and
Liabilities
Shareholders’
Funds
Share capital 332.00 332.00
31692.10 27946.01
Non-current
liabilities
Long-term 994.90 916.34
provisions
994.90 916.34
Current liabilities
Non-current assets
Fixed assets
61
Tangible assets 13589.42 14107.94
13660.48 14220.58
Current Assets
62
BIBLIOGRAPHY
Following sources have been sought for the preparation this project report-
Company profile
Internet-
www.marathonelectric.in
www.google.com
www.wikipidea.org
63