Definition of Research :
"Research is an organized and systematic way of finding answers to questions."
SYSTEMATIC because there is a definite set of procedures and steps which you will follow. there are certain things in the research process that are always done in order to get the most accurate results.
ORGANIZED in that there is a structure or method in going about doing research. It is a planned procedure, not a spontaneous one. it is focused and limited to a specific scope.
FINDING ANSWER is the end of all research whether it is the answer to a hypothesis or even a simple question, research is successful when we find answers. Sometimes the answer is no but still it is an answer.
QUESTIONS are central to research. if there is no question then the answer is of no use. Research is focused on relevant, useful and important questions. Without a que., research has no focus, drive or purpose.
OBJECTIVES OF RESEARCH
Taking the system requirements into account. My study covers the following must identify the objective of research:
. Comparative analysis of EVA of past 5 years of the organization.
. to prove EVA as one of the efficient system of internal control in the organization.
RESEARCH DESIGN
Research design constitutes the blue print for the collection, measurement and analysis of data. As such the design includes an outline of what the researcher will do from writing the hypothesis and its operational implications to the final analysis of data.
DATA COLLECTION
For research we need two type of data:
PRIMARY DATA : The data which are collected from the field under the control and supervision of an investigator. This type of data is generally collected for the first time.
In my research there is no requirement of primary data.
SECONDARY DATA: If data are collected from journals, magazines, annual reports of companies, etc. then such data are called as secondary data.
In order to achieve my objectives secondary data are utilized for the purpose of doing various calculations. In each of these source of data, the process of data collection has already be done by the respective organization.
In secondary data i needed the financial data of the company. So the sources of data collection for the purpose of my research are:
. Annual report of the organization
. Balance sheet of the organization
.Profit and loss account
.Website of the organization
DATA ANALYSIS
Working and calculations :
1. Cost of Equity (Ke) = Dividend +Growth Rate
(Market Price- Floatation cost)
2. Market Price = Share holders Fund
No. of Shares
3. Dividend = Amount available for dividend
No. of Shares
4. Floatation cost = Issue of Expenses
No. of Shares
5. Growth rate = Current year sales – previous year sales x 100
Previous year sales
6. Cost of debts (Kd) = Interest (1-tax) + Redeemable value- Net proceed
No. of years
(Redeemable value + Net proceed )
2
7. Weighted Average cost of capital = Products x 100
Amount
8. Economic Value Added = Net operating profit after tax – (Capital x Weighted
Average cost of capital)
9. Reserve and surplus = Interest (1- tax) (1-Before tax)
Market price
2007
Cost of equity = 1 + 2.3%
[46.72 -.005]
= 1 + 2.3%
46.715
= 4.44%
Market price = 775515000+ 3878256909
775515000
= 4653771909
775515000
= 46.72
Dividend = 77551500
77551500
= 1
Flotation cost = 350500
75280212
= .005
Growth rate = [5308819416 – 5186145188] x 100
5186145188
= 2.3%
Cost of debt = 110000[ 1 - .3366] + [1000000 – 994444] / 6
[ 1000000 +994444] /2
= 7.41
Kd = 105000[ 1- .3366] +[ 1000000 – 994444] / 7
[1000000 + 994444]/2
= 7.06
Unsecured loans = 4%
Reserves & surplus = 9.28%
WEIGHTED AVERAGE COST OF CAPITAL [WACC]
Particular
Amount
Cost of capital
Product
Equity
775515000
4.44%
34432866
Debenture
99999800
7. 41%
7409985.18
Debenture
85714400
7.06%
6051436.64
Reserves & surplus
3878256909
9.28%
359902241.15
Unsecured loans
132904368
4%
5316174.72
TOTAL
4972390477
413076704.04
Weighted average cost of capital = Product x100
Amount
= 413076704.04 x 100
4972390477
= 8.30%
Net profit after tax = 1030324448
Add debenture [Application = 23663714
Money for debenture]
TOTAL = 1053988162
Economic value added
= 1053988162 – [4972390477 x 8.30%]
= 1053988162 – 412708409.59
= 1012779752.412006
1. Cost of Equity (Ke) = 2 + 5%
(46.70-.005)
= 2 + 5%
46.695
= 9.28%
2. Market Price = 775515000+284555554
775515000
= 3621070562
775515000
= 46.70
3. Dividend = 155103000
775515000
= 2.00
4. Floatation cost = 350500
775515000
= 0.005
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3366) + (1000000- 994444)
6
(1000000+994444)
2
= 7.41%
(ii) Kd = 105000 (1- 0.3366) + (1000000- 994444)
7
(1000000+994444)
2
= 7.06%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 9.28%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 775515000 9.28% 71967792
Debenture 133333200 7.41% 9879990.12
Debenture 114285800 7.06% 8068577.48
Reserve and surplus 2845555564 9.28% 264067556.3
Unsecured Loans 132904368 4% 5316174.72
4001593932 359300090.60
Weighted Average cost of Capital = 359300090.60 x 100
4001593932
= 9%
Economic value Added
= 980647900- (4001593932 x 9%)
= 980647900 – 360143453.80
= 620504446.20
2005
1. Cost of Equity (Ke) = 2.06 + 11%
(37.86-0.005)
= 2.06 + 11%
37.856
= 9.28%
2. Market Price = 75280212+284555554
75280212
= 2849881657
75280212
= 37.86
3. Dividend = 155103000
75280212
= 2.06
4. Floatation cost = 350500
75280212
= 0.005
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3659) + (1000000- 994444)
6
(1000000+994444)
2
= 7.09%
(ii) Kd = 105000 (1- 0.3656) + (1000000- 994444)
7
(1000000+994444)
2
= 6.76%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 20.44%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 75280212 20.44% 158515266
Debenture 16666600 7.09% 11816661.94
Debenture 142857200 6.76% 9657146.72
Reserve and surplus 2074366657 20.44% 424000544.56
Unsecured Loans 169008864 4% 6760354.56
3378414321 613749973.70
Weighted Average cost of Capital = 613749973.70 x 100
3378414321
= 18%
Economic value Added
= 831344812- (3378414321 x 18%)
= 831344812– 608114577.70
= 223230234.30
2004
1. Cost of Equity (Ke) = 2. + 11%
(33.40-0.005)
= 2 + 11%
33.395
= 17%
2. Market Price = 2252637880
67441500
= 33.40
3. Dividend = 134883000
67441500
= 2
4. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
5. Cost of Debts (Kd) = 110000 (1- 0.3570) + (1000000- 994444)
6
(1000000+994444)
2
= 7.20%
(ii) Kd = 105000 (1- 0.3570) + (1000000- 994444)
7
(1000000+994444)
2
= 6.85%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 17%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 674415000 17% 114650550
Debenture 200000000 7.20% 14400000
Debenture 171428572 6.85% 11742857.18
Reserve and surplus 477122880 17% 251110889.60
Unsecured Loans 191634198 4% 47665367.92
3764600650 442584664.60
Weighted Average cost of Capital = 442584664.60 x 100
3764600650
= 11.76%
Economic value Added
= 338158975- (3364600650 x 11.76%)
= 338158975-442717036.40
= (104557061.40)
2003
1. Cost of Equity (Ke) = .54 + 14%
(32.44-.005)
= .54 + 14%
32.435
= 15.66%
2. Market Price = 2018352508
62227085
= 32.44
3. Dividend = 33720750
62227085
= 0.54
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3675) + (1000000- 994444)
6
(1000000+994444)
2
= 7.00%
(ii) Kd = 105000 (1- 0.3675) + (1000000- 994444)
7
(1000000+994444)
2
= 6.74%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 15.66%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 674415000 15.66% 105613389
Debenture 200000000 7.00% 14000000
Debenture 200000000 6.74% 13480000
Reserve and surplus 1343937508 15.66% 210460613.70
Secured Loan 156960179 6% 9417610.74
Unsecured Loans 1269992064 4% 50799682.56
3895304751 406771295.90
Weighted Average cost of Capital = 406771295.90 x 100
3895304751
= 10.44%
Economic value Added
= 263922265- (3895304751 x 10.44%)
= 263922265– 406669816
= (142747551)
TABLE 1.1
YEAR
Ke (%)
WACC (%)
NOPAT (Rs. Crore)
EVA (Rs. Crore)
2002-03
15.66
10.44
26.39
(14.20)
2003-04
17.00
11.76
33.81
(10.45)
2004-05
20.44
18.00
83.13
22.32
2005-06
9.28
9.00
98.06
62.05
2006-07
4.44
8.30
105.40
101.28
Above table represent the cost of equity , weighted average cost of capital, NOPAT and EVA for 5 years .
In the year 2003 cost of equity is 15.66% , WACC is 10.44%, NOPAT is 26.39crore and EVA is 14.20 crore, which is negative
In the year 2004 cost of equity 17% , WACC 11.76%, NOPAT 33.81crore and EVA is 10.45 crore, which is negative.
In the year 2005 cost of equity is 20.44%, WACC is 18%, NOPAT is 83.13crore and EVA is 22.32 crore , which is positive .
In the year 2006 cost of equity is 9.28%, WACC is 9.00%, NOPAT is 98.06crore and EVA is 62.05 crore , which is positive.
In the year 2007 cost of equity is 4.44% , WACC 8.30 %, NOPAT is 105.40 crore and EVA is 101.28 crore.
CHAPTER 5
CHAPTER 5
FINDINGS , CONCLUSION AND LIMITATIONS OF THE STUDY
FINDINGS
• The company had negative EVA in the year 2002-03 & 2003-04 and increase NOPAT from the year 2002-03 to 2003-04 but it had not actually added to the share holder wealth.
• In the year 2004-05 the company had positive EVA in 22.32 crore and NOPAT 83.13 crore which shows that a company had given true and fair consideration to its share holders there by increasing their wealth.
• In the year 2005-06 & 2006-07 the co. had positive EVA of 62.05 crore and 101.25 crores NOPAT of Rs. 98.06 crores and 105.4 crores which shows a remarkable achievement in satisfying its shareholders.
• Following are the main reasons behind such an increment of EVA in year 2006-07 over 2005-06:
a. They have not declared any dividend in the current financial year.
b. And also they have not taken any term-loans so they haven’t paid any interest.
CONCLUSION
EVA as one of the best performance measurement and controlling tool is fairly simple but still measures well the ultimate aim of the company.
It reveals the actual financial performance of the company that is increase or decrease in the shareholders wealth.
.As shown in table 1.1 the company is having increasing NOPAT but negative EVA which means despite of increase in its profits the company is not adding anything the shareholders wealth.
So RSMML should adopt this method of calculating EVA because if shareholders wealth is increasing it will increase their faith in the company thereby resulting an increase in the market value of the company.
SUGGESSIONS
. In order to improve EVA the company should increase its revenue from the assets already in business without investing new capital.
.The company should invest additional capital and built the business so long as its expected return on new investments the cost of capital.
.The company should release capital from existing operations by selling assets that are worth more to others.
.The company must incorporate EVA in its decision making process.
LIMITATIONS
As RSMML is a semi government organization and it has to follow certain rules and regulations, my suggessions to calculate the EVA of suggessions to calculate the EVA of the company every year may not be adopted by in its routinepractices.
.Since RSMML is not calculating .EVA presently,its staff and other officials arei in aware of the benefit of so EVA it is a difficult to create awareness about EVA amongst the staff and implement this new method of measuring the actual financial performance of the company.
BIBLIOGRAPHY
Kishore , Ravi M., 2006, Financial Management
Khan and Jain, 2005, Financial Management
http://www.google.com/
"Research is an organized and systematic way of finding answers to questions."
SYSTEMATIC because there is a definite set of procedures and steps which you will follow. there are certain things in the research process that are always done in order to get the most accurate results.
ORGANIZED in that there is a structure or method in going about doing research. It is a planned procedure, not a spontaneous one. it is focused and limited to a specific scope.
FINDING ANSWER is the end of all research whether it is the answer to a hypothesis or even a simple question, research is successful when we find answers. Sometimes the answer is no but still it is an answer.
QUESTIONS are central to research. if there is no question then the answer is of no use. Research is focused on relevant, useful and important questions. Without a que., research has no focus, drive or purpose.
OBJECTIVES OF RESEARCH
Taking the system requirements into account. My study covers the following must identify the objective of research:
. Comparative analysis of EVA of past 5 years of the organization.
. to prove EVA as one of the efficient system of internal control in the organization.
RESEARCH DESIGN
Research design constitutes the blue print for the collection, measurement and analysis of data. As such the design includes an outline of what the researcher will do from writing the hypothesis and its operational implications to the final analysis of data.
DATA COLLECTION
For research we need two type of data:
PRIMARY DATA : The data which are collected from the field under the control and supervision of an investigator. This type of data is generally collected for the first time.
In my research there is no requirement of primary data.
SECONDARY DATA: If data are collected from journals, magazines, annual reports of companies, etc. then such data are called as secondary data.
In order to achieve my objectives secondary data are utilized for the purpose of doing various calculations. In each of these source of data, the process of data collection has already be done by the respective organization.
In secondary data i needed the financial data of the company. So the sources of data collection for the purpose of my research are:
. Annual report of the organization
. Balance sheet of the organization
.Profit and loss account
.Website of the organization
DATA ANALYSIS
Working and calculations :
1. Cost of Equity (Ke) = Dividend +Growth Rate
(Market Price- Floatation cost)
2. Market Price = Share holders Fund
No. of Shares
3. Dividend = Amount available for dividend
No. of Shares
4. Floatation cost = Issue of Expenses
No. of Shares
5. Growth rate = Current year sales – previous year sales x 100
Previous year sales
6. Cost of debts (Kd) = Interest (1-tax) + Redeemable value- Net proceed
No. of years
(Redeemable value + Net proceed )
2
7. Weighted Average cost of capital = Products x 100
Amount
8. Economic Value Added = Net operating profit after tax – (Capital x Weighted
Average cost of capital)
9. Reserve and surplus = Interest (1- tax) (1-Before tax)
Market price
2007
Cost of equity = 1 + 2.3%
[46.72 -.005]
= 1 + 2.3%
46.715
= 4.44%
Market price = 775515000+ 3878256909
775515000
= 4653771909
775515000
= 46.72
Dividend = 77551500
77551500
= 1
Flotation cost = 350500
75280212
= .005
Growth rate = [5308819416 – 5186145188] x 100
5186145188
= 2.3%
Cost of debt = 110000[ 1 - .3366] + [1000000 – 994444] / 6
[ 1000000 +994444] /2
= 7.41
Kd = 105000[ 1- .3366] +[ 1000000 – 994444] / 7
[1000000 + 994444]/2
= 7.06
Unsecured loans = 4%
Reserves & surplus = 9.28%
WEIGHTED AVERAGE COST OF CAPITAL [WACC]
Particular
Amount
Cost of capital
Product
Equity
775515000
4.44%
34432866
Debenture
99999800
7. 41%
7409985.18
Debenture
85714400
7.06%
6051436.64
Reserves & surplus
3878256909
9.28%
359902241.15
Unsecured loans
132904368
4%
5316174.72
TOTAL
4972390477
413076704.04
Weighted average cost of capital = Product x100
Amount
= 413076704.04 x 100
4972390477
= 8.30%
Net profit after tax = 1030324448
Add debenture [Application = 23663714
Money for debenture]
TOTAL = 1053988162
Economic value added
= 1053988162 – [4972390477 x 8.30%]
= 1053988162 – 412708409.59
= 1012779752.412006
1. Cost of Equity (Ke) = 2 + 5%
(46.70-.005)
= 2 + 5%
46.695
= 9.28%
2. Market Price = 775515000+284555554
775515000
= 3621070562
775515000
= 46.70
3. Dividend = 155103000
775515000
= 2.00
4. Floatation cost = 350500
775515000
= 0.005
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3366) + (1000000- 994444)
6
(1000000+994444)
2
= 7.41%
(ii) Kd = 105000 (1- 0.3366) + (1000000- 994444)
7
(1000000+994444)
2
= 7.06%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 9.28%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 775515000 9.28% 71967792
Debenture 133333200 7.41% 9879990.12
Debenture 114285800 7.06% 8068577.48
Reserve and surplus 2845555564 9.28% 264067556.3
Unsecured Loans 132904368 4% 5316174.72
4001593932 359300090.60
Weighted Average cost of Capital = 359300090.60 x 100
4001593932
= 9%
Economic value Added
= 980647900- (4001593932 x 9%)
= 980647900 – 360143453.80
= 620504446.20
2005
1. Cost of Equity (Ke) = 2.06 + 11%
(37.86-0.005)
= 2.06 + 11%
37.856
= 9.28%
2. Market Price = 75280212+284555554
75280212
= 2849881657
75280212
= 37.86
3. Dividend = 155103000
75280212
= 2.06
4. Floatation cost = 350500
75280212
= 0.005
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3659) + (1000000- 994444)
6
(1000000+994444)
2
= 7.09%
(ii) Kd = 105000 (1- 0.3656) + (1000000- 994444)
7
(1000000+994444)
2
= 6.76%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 20.44%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 75280212 20.44% 158515266
Debenture 16666600 7.09% 11816661.94
Debenture 142857200 6.76% 9657146.72
Reserve and surplus 2074366657 20.44% 424000544.56
Unsecured Loans 169008864 4% 6760354.56
3378414321 613749973.70
Weighted Average cost of Capital = 613749973.70 x 100
3378414321
= 18%
Economic value Added
= 831344812- (3378414321 x 18%)
= 831344812– 608114577.70
= 223230234.30
2004
1. Cost of Equity (Ke) = 2. + 11%
(33.40-0.005)
= 2 + 11%
33.395
= 17%
2. Market Price = 2252637880
67441500
= 33.40
3. Dividend = 134883000
67441500
= 2
4. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
5. Cost of Debts (Kd) = 110000 (1- 0.3570) + (1000000- 994444)
6
(1000000+994444)
2
= 7.20%
(ii) Kd = 105000 (1- 0.3570) + (1000000- 994444)
7
(1000000+994444)
2
= 6.85%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 17%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 674415000 17% 114650550
Debenture 200000000 7.20% 14400000
Debenture 171428572 6.85% 11742857.18
Reserve and surplus 477122880 17% 251110889.60
Unsecured Loans 191634198 4% 47665367.92
3764600650 442584664.60
Weighted Average cost of Capital = 442584664.60 x 100
3764600650
= 11.76%
Economic value Added
= 338158975- (3364600650 x 11.76%)
= 338158975-442717036.40
= (104557061.40)
2003
1. Cost of Equity (Ke) = .54 + 14%
(32.44-.005)
= .54 + 14%
32.435
= 15.66%
2. Market Price = 2018352508
62227085
= 32.44
3. Dividend = 33720750
62227085
= 0.54
5. Growth Rate = 51186145188- 4968818150 x 100
4968818150
= 5 %
6. Cost of Debts (Kd) = 110000 (1- 0.3675) + (1000000- 994444)
6
(1000000+994444)
2
= 7.00%
(ii) Kd = 105000 (1- 0.3675) + (1000000- 994444)
7
(1000000+994444)
2
= 6.74%
iii . Unsecured Loan = 4%
iv . Reserve and Surplus = 15.66%
Weighted Average Cost of Capital (WACC)
Particular Amount Cost of Capital Product
Equity 674415000 15.66% 105613389
Debenture 200000000 7.00% 14000000
Debenture 200000000 6.74% 13480000
Reserve and surplus 1343937508 15.66% 210460613.70
Secured Loan 156960179 6% 9417610.74
Unsecured Loans 1269992064 4% 50799682.56
3895304751 406771295.90
Weighted Average cost of Capital = 406771295.90 x 100
3895304751
= 10.44%
Economic value Added
= 263922265- (3895304751 x 10.44%)
= 263922265– 406669816
= (142747551)
TABLE 1.1
YEAR
Ke (%)
WACC (%)
NOPAT (Rs. Crore)
EVA (Rs. Crore)
2002-03
15.66
10.44
26.39
(14.20)
2003-04
17.00
11.76
33.81
(10.45)
2004-05
20.44
18.00
83.13
22.32
2005-06
9.28
9.00
98.06
62.05
2006-07
4.44
8.30
105.40
101.28
Above table represent the cost of equity , weighted average cost of capital, NOPAT and EVA for 5 years .
In the year 2003 cost of equity is 15.66% , WACC is 10.44%, NOPAT is 26.39crore and EVA is 14.20 crore, which is negative
In the year 2004 cost of equity 17% , WACC 11.76%, NOPAT 33.81crore and EVA is 10.45 crore, which is negative.
In the year 2005 cost of equity is 20.44%, WACC is 18%, NOPAT is 83.13crore and EVA is 22.32 crore , which is positive .
In the year 2006 cost of equity is 9.28%, WACC is 9.00%, NOPAT is 98.06crore and EVA is 62.05 crore , which is positive.
In the year 2007 cost of equity is 4.44% , WACC 8.30 %, NOPAT is 105.40 crore and EVA is 101.28 crore.
CHAPTER 5
CHAPTER 5
FINDINGS , CONCLUSION AND LIMITATIONS OF THE STUDY
FINDINGS
• The company had negative EVA in the year 2002-03 & 2003-04 and increase NOPAT from the year 2002-03 to 2003-04 but it had not actually added to the share holder wealth.
• In the year 2004-05 the company had positive EVA in 22.32 crore and NOPAT 83.13 crore which shows that a company had given true and fair consideration to its share holders there by increasing their wealth.
• In the year 2005-06 & 2006-07 the co. had positive EVA of 62.05 crore and 101.25 crores NOPAT of Rs. 98.06 crores and 105.4 crores which shows a remarkable achievement in satisfying its shareholders.
• Following are the main reasons behind such an increment of EVA in year 2006-07 over 2005-06:
a. They have not declared any dividend in the current financial year.
b. And also they have not taken any term-loans so they haven’t paid any interest.
CONCLUSION
EVA as one of the best performance measurement and controlling tool is fairly simple but still measures well the ultimate aim of the company.
It reveals the actual financial performance of the company that is increase or decrease in the shareholders wealth.
.As shown in table 1.1 the company is having increasing NOPAT but negative EVA which means despite of increase in its profits the company is not adding anything the shareholders wealth.
So RSMML should adopt this method of calculating EVA because if shareholders wealth is increasing it will increase their faith in the company thereby resulting an increase in the market value of the company.
SUGGESSIONS
. In order to improve EVA the company should increase its revenue from the assets already in business without investing new capital.
.The company should invest additional capital and built the business so long as its expected return on new investments the cost of capital.
.The company should release capital from existing operations by selling assets that are worth more to others.
.The company must incorporate EVA in its decision making process.
LIMITATIONS
As RSMML is a semi government organization and it has to follow certain rules and regulations, my suggessions to calculate the EVA of suggessions to calculate the EVA of the company every year may not be adopted by in its routinepractices.
.Since RSMML is not calculating .EVA presently,its staff and other officials arei in aware of the benefit of so EVA it is a difficult to create awareness about EVA amongst the staff and implement this new method of measuring the actual financial performance of the company.
BIBLIOGRAPHY
Kishore , Ravi M., 2006, Financial Management
Khan and Jain, 2005, Financial Management
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