source of capital

8/8/2019 Source of Capital

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Chapter 1

SAMVARDHANA MOTHERSON GROUP

The Samvardhana Motherson Group is a focused, dynamic and progressive group providing

customers with value added products, services and innovative solutions.

The Group has a diversified product range to serve multiple industries, with automotive industry

being the main industry served.

The Group business portfolio comprises electrical distribution systems (wiring harnesses), automotive

rearview mirrors, polymer processing, injection moulding tools, elastomeric processing, modules and

systems, machined metal products, cutting tools, IT services, design engineering, CAE services, sunroofs,

vehicle air conditioning systems, lighting systems, cabins for off-highway vehicles, cutting tools and thin

film coating metals.

The Group has invested in technologies that provide manufacturing support, including

compressors, paint coating equipment, auxiliary equipment for injection moulding machines,

sales, installation and servicing of industrial robots and automotive manufacturing engineering

services.


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Group Mission

Insure customer delight

Involve employees as partners in progress

Set new standards in good corporate citizenship

Enhance shareholder value

Group Vision

To be a globally preferred solutions provider

Historical milestones of the group

1977

First Cable factory started

1975

Motherson was founded

1983 Technical agreement with TokaiElectric Co. (Now SumitomoWiring Systems - Japan) for WiringHarness


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1986

Joint Venture with SumitomoWiring Systems Japan

1989

Injection Moulding

1992

Cutting Tool Manufacturing

1994

Tool Room for small and Medium

sized Molds (upto 650 Tons)

1995

Cockpit Assemblies Automotive Mirrors

1997

Blow Moulding

1998

Rubber Injection Moulding


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1999

First Overseas office established

(Austria)

2ooo

IT and Design Company Representative office at Singapore

2oo1

Liquid Silicon Rubber InjectionMoulding

Machined Metal Components

2oo2

Wiring Harness manufacturing atSharjah

Design Center at Ireland

2oo3

Offices in USA & UK established Tool Room at Sharjah

Automotive Sunroofs


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2oo4

European Headquarters atGermany

Sheet Metal Die design

2oo5

Injection Moulding and Metal Machining inGermany.

Joint Venture for:-

o

Environment Management Systemo Industrial Robotso Automotive Manufacturing Engineering

Plastic Moulding and Metal Machining atGermany

2oo6

Wiring Harness Manufacturing in UK Bus Air-conditioned System Auxiliary Equipment for Injection Moulding

Machines Cabins for off road vehicles in India

2oo7

Rubber parts Manufacturing in Australia Joint Ventures for:-

o

HVAC Systems, Meterclusters,Body Control Modules andCompressors

o Bimetal BandSawso Transport and stationary

Refrigeration systemo Thin Film coating metals


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2oo8

JV forLighting systems, Pedal Box Assembly

and Air Intake Manifolds JV forPrecision machined metal components

2oo9

Visiocorp becomes a pat of SamvardhanaMotherson group and renamed Samvardhana

Motherson Reflectes (SMR) Gear Cutting tool manufacturing through a

new venture Motherson Advanced toolingsolutions.

Polymer Compounding


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Some major subgroups of the Company

AES (India) Engineering Limited

AES (India) Engineering Ltd. is a joint venture between Samvardhana Motherson Group andAutomotive Engineering Services Co. Ltd. (Japan) (AES) for providing services that include

Manufacturing Engineering, Consultation, Project Management and Turnkey Supplies to the

automotive industry.

AES is a global player in the automotive engineering field, providing services to major

automotive companies worldwide. AES (India) is positioned as an extension of AES global

operations in the Indian automotive market.

Services are provided in the areas ofPlant Layout & Logistics, Prototyping, Process Planning,

Simulation, Conceptual & Detail Engineering, Turnkey equipments supply etc.

Product/Services

Areas of shop coverage

Dress/Dies, Body, Paint and assembly shop in vehicle assembly plant.

Engine/Transmission machining and assembly line in power train manufacturing plant.

Services

Simultaneous Engineering

Logistics Planning

Procurement of Machinery and Equipment

Installation of equipment

Launching support

Quality build up activities

Coaching of manufacturing staffs/operators

Continuous Improvement Kaizen (Covering parts)

Program management

Digital engineering


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Magneti Marelli Motherson Auto System Ltd.

Magneti Marelli Motherson Auto System Limited is a joint Venture between Samvardhana

Motherson Group and Magneti Marelli, Italy.

Product range includes:

Automotive Lighting

Head Lamps

o Xenon

o Projection/Reflection Halogen

o Advanced front lighting system

o

LED-technology

o Infrared Emitters

RearLamps

o CHMSL

o LED-technology

o Rear reflectors

o License plate combi

Auxiliary Lamps, other products

o Fog lamps

o Turn signals

o Door reflectors

o Side markers

POWERTRAIN

Air Intake Module including

o Air Intake Manifold

o Throttle body

o Fuel rail

o Injectors


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LPG/CNG Intake Module including

o Air intake manifold

o Fuel rail

o LPG/CNG injectors

o Pressure regulator

PEDAL BOX MODULE

Main features:

o Brake and Clutch Pedal with release device

o Quick Fit device for connecting Brake Pedal to Servo Brake Push Rod

o CMC assembled on Pedal Box

o Pedal Box with Electronic Throttle Control (ETC)

ETC Pedal program

o Integrated sensor and pedal unit

o Individual adaptation of pedal forces

o Dual output signal for redundant operation

o Non-contacting sensor technology

o Optional kick down feature


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Motherson Sumi System Limited (MSSL)

Motherson Sumi Systems Limited (MSSL) is the flagship company of the

Samvardhana Motherson Group and was established in 1986. It is a joint

venture between Samvardhana Motherson Group and Sumitomo Wiring Systems (Japan). MSSL

is a focused, dynamic and progressive company providing customers with innovative and value-

added products, services and solutions.

The Company is listed at the stock exchanges since 1993. The recent acquisition of mirror

business from Visiocorp (now renamed as Samvardhana Motherson Reflectec) has helped MSSL

evolve as one of the worlds leading automotive mirror manufacturer. The Company is Indias

largest manufacturer of automotive wiring harnesses and mirrors for passenger cars. It is also a

leading supplier of plastic components and modules to the automotive industry.

MSSL facility in Noida MSSL facility in Bangalore

Over the years MSSL has collaborated with global technology leaders and has further leveraged

its competency in existing areas to create products fulfilling the technical needs of its customers.

MSSL and its joint ventures have invested in state-of-the-art technologies and infrastructure to

ensure superior efficiencies & total customer satisfaction.

MSSL is strengthening its position as a globally preferred solution provider by offering end-to-

end solutions encompassing designing from basic data to prototyping, tooling, molding,

assembly and integrated modules. The ability to provide this end-to-end solution in each product

category and combine these solutions in the form of full system solutions has enabled the

Company to evolve as a preferred supplier. These solutions are supported by the flexibility to


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supply from any of the alternative manufacturing bases and logistic models best suited to

customer requirements.

MSSL has developed a network of manufacturing bases, design centers, logistics centers,

marketing support and sourcing hubs across a diversified geographical base. MSSL has presence

in 21 countries which includes India (Noida , Gurgaon, Manesar, Faridabad , Pune, Bengaluru,

Chennai, Kandla, Lucknow & Puducherry), UAE., Sri Lanka, Singapore, China, South Korea,

Japan, Germany, UK., Czech Republic, Austria, Hungary, Italy, Spain, France, Ireland, U.S.A,

Mexico, South Africa, Australia & Mauritius to provide timely and quality delivery its customers

worldwide. MSSL has manufacturing bases across five continents - Asia, Europe, North

America, Africa and Australia to support its customers. MSSLs diverse global customer base

comprises of almost all leading automobile manufacturers globally.

Product Range

It has been MSSLs Endeavour to constantly add new products in its product line with the

objective of emerging as a single-service interface for multiple customer needs. MSSL has 9 JV

partners with over 14 collaborations. The Company has collaborated with technology leaders in

their respective fields to bring relevant technologies for the products required by its customers.

MSSLs diversity of product range coupled with the depth within each product portfolio, has

helped the company garner leadership in its area of operations.


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Chapter 2 Introduction to company

Motherson Automotive Technologies & Engineering (MATE), a division of Motherson Sumi

Systems Ltd (MSSL), specializes in large size injection moulding, blow moulding, compression

moulding and vacuum forming, which are supported by post moulding operations. MATE

manufactures a wide range of plastic components for the automotive and the non-automotive

industry.

Manufacturing Capabilities

Injection Moulding machines from 40 ton to 3200 ton capacity.

Gas Injection Moulding facility.

State-of-the-art Blow Moulding machines

Compression Moulding facility

Post moulding Operations

o Product Finishing with fabric Upholstery and Vinyl Lamination

o Robotic Trimming Operations

o Ultrasonic Welding

o Hot plate welding

o Painting

o Silk screen printing

o Auto screen printing

o Pad printing

In house tool maintenance


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Product Range

Blow Molded Components

Heating, Ventilation and Air Conditioning Ducts

Engine and Air Intake Ducts

Wind Shield WasherBottles

Radiator Reservoir Tanks

Plastic Fuel Tanks (2-Wheelers)

Resonator/Pipe Air Intake

Arm Rests

Bellows

Body styling kit-spoilers

Injection molded components

Interior/Exterior Trims and parts

Scuff plates

Auto A.C components

Mirror housings

Under bonnet parts

Structured plastic components

Inside handles

Body colored painted parts

Modules

IP Module

Door Trims

Floor console Module

Bumper Modules

Air Cleaners


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Products and services

Wire harness

MATE is the largest manufacturer of integrated wiring harness in India, the SamvardhanaMotherson group holds over 65% share of the Indian passenger car wiring harness market.

The group manufactures wiring harnesses for the entire cross-section of the automotive industry-

from passenger cars to commercial vehicles, two wheelers and three wheelers, multi utility

vehicles, farm, material handling equipment and off-the-road vehicles. The group also

manufactures specialized wiring harnesses for white goods, office automation, medical

diagnostic equipment, electrical and electronic equipment.

Designing and developing wiring harnesses from first principle concepts on latest design

software, the group provides total solutions in wiring harness manufacturing.

The group has complete backward integration for manufacturing critical wiring harness

components.

In-house capability for design and manufacturing of applicators, jigs, assembly boards and

circuit checking boards enable process design control and flexibility.

The Engineering Capabilities for Wiring Harness

Process Design & Development

o In-house capability of process design and validation

o Designing & manufacturing of Jigs & Fixtures

o Applicator design & manufacturing

o Design & manufacturing of circuit checking & assembly boards

Tooling design for wiring harness process equipment, testing and assembly equipment.


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Electrical Distribution System - Products

Cable & Harness

o Wiring harness

o

Lead wire

o Battery cable

o Flat cable harness

o High tension cords (Engine cables)

Wiring harness components

o Wired

o

Terminals

o Connectors

o Caps and sleeves

o Clamps and binders

o Fuse boxes

Modules with integrated wiring harnesses

Injection Moulding

Tool design & manufacturing capabilities of the group is a key to its ability to provide full system

solutions. The group has collaborations with Sumitomo Wiring Systems, Japan and Center Tooling,

Australia for tool design & manufacturing.

The tool rooms specialize in high precision, multi cavity, small, medium and large size tools capable of

running on injection moulding machines upto 3200 tones.

Tool manufacturing is done on state-of-the-art CNC machines. In-house proving & tryout facilities on

injection moulding machines are in tandem with tool manufacturing facilities.


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The complete range of services from tool design to tool manufacturing and injection moulding under one

roof make the group a Total Tooling Solutions provider.

Precision Metal Machining

The Samvardhana Motherson Group Specializes in high precision machined metal components

and assemblies mainly for Automotive and IT Hardware industries, Microscopes and engineering

applications.

The group has manufacturing bases in India and Germany. The facilities include state-of-the-art

CNC machines coupled with highly customized special purpose machines for intricate

machining requirements. The machined metal components are supplied to customers across theworld, especially to Europe and USA.

Product range

Fuel pump parts

Plastic and metal combined parts

Capstone working turning, milling parts

Cubic parts

Sub assemblies with plastics and coatings

Machined extruded aluminum shapes

Docking plates

Parts for microscopes

Heat sinks for computer processors


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Plastic Moulding

Plastic Injection Moulding

The group manufactures a wide range of injection molded plastic

components and assemblies for automotive, electrical, electronics,

medial diagnostics and other industries. The group specializes in

high precision, surface critical, assembly-oriented components and

assemblies.

Injection moulding operations are augmented by complete post

moulding processes and special customized lines for plastic-plastic,plastic-rubber and plastic-metal assemblies.

The moulding technologies include:

Plastic injection moulding

Gas assisted injection moulding

2k moulding

Insert moulding

Inmold lamination

Blow moulding

Blow moulding products cover a wide range of components &

assemblies for the automotive industry, which include heating,

ventilation and air conditioning ducts, bottles & reservoirs,

spoilers and 2-wheeler fuel tanks.

The range also extends to components for office automation

and other industries. the facilities are supported by robotic

trimming and assembly operations.


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Post moulding operations

Ultrasonic welding

Vibration welding

Screen printing

Curve printing

Hot plate welding

Body color matched painting

Robotic welding

Rubber Moulding and Extrusion

The group manufactures extruded rubber components and has in-

house rubber mixing facilities. It has the largest non-tire related

rubber mixing plant in Australia currently having 1900 material

formulations which include 15 different polymers.

Injection molded rubber components

The rubber injection moulding facilities of the group support the

automotive and other industries with a wide range of rubber

components such as: grommets, boots, bellows, gaskets, seals,

water strike back valves, damper rings, nozzles, rubber to

plastic & rubber to metal products.

The facilities are supported with cryogenic de-flashing, in-house

tool maintenance and complete in-house testing facilities.


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Liquid Silicon Rubber Components

Liquid silicon rubber injection moulding operations manufacture components for an extensive

range of applications which include:

Automotive

Frame and plug sealing, anode caps, keypads, switch covers, central locking

system membranes.

Kitchen Appliances

Measuring & Control Technology

Steam iron seals, diffuser heads, dishwasher seals, vacuum cleaner flaps.

Medical Equipment

Seals, injection plungers, wart caps, soother nipples, oxygen bellows, catheters and catheter

holders.

Injection & Compression Molded Products

Silent bloc Industrial Mountings and couplings.

Auto & TruckSuspension Components.

Wheel Chocks.

High Precision Molded Products.

Molded RubberBrake Components.

Rolling StockBogie Rubber & Metal Components

Bonded Components

Suspension bushes

Engine and transmission variants

Bump stops

Large engine gaskets


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Extruded rubber Profiles

Weather strips

Glass run

Boot and hood seals

Tank Flares


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SKH Metals LTD.

SKH Metals, formerly known as Mark Auto Industries, was established in 1986 as a joint

venture company setup by Maruti Suzuki India Limited, the largest car manufacturer in India, to

cater to its requirements of Fuel tanks and other sheet Metals parts. In 2005, the company was

taken over by the Krishna Maruti Group and renamed S.K.H Metals Ltd. Since then under the

leadership of its new Managing Directors Mr. Sunandan Kapur, the company has broadened its

horizons to become a reckoning force within the industry.

Krishna has two brands in the groups i.e. Krishna representing Auto Interiors and S.K.H Metals

representing metal parts. Krishna has a total 10 manufacturing facilities (product specific) in the

National Capital Region (Gurgaon). All the manufacturing facilities are TS-16949 certified and

they have won the coveted Deming Prize (Total Quality Management) at their seating Division

(the youngest and the first seating company in the world to receive this prestigious prize). There

consolidated Group Turnover for the current financial year is $191 Million and they are targeting

$ 261 Million for Financial year 2007-2008.

S.K.H Metals Ltd. Started as Mark Auto Industries as a joint venture between Maruti and three

promoters after that in 1987 Plant one Commissioned and 1995 plant second commissioned.

Maruti takeover of mark auto industries in 2001 and In February 2005 Mark Auto acpuired by

Krishna Group and In 2006 Company renamed as S.K.H Metals after that 2007-08 it growth was

increasing day by day it revenue in 2007-08 reachs to Euro 60 Mio and in 2008-09 it is Euro 85

Mio it is expected that it will give revenue of Euro 185 Mio in 2011-2012. It is planning to

extend it product

Fuel Tanks

Axle Housings Catalytic Converters (Hot End) (JV with Magnetic Marelli)

Exhaust Assembly (Cold End) (JV with Magnetic Marelli)

Gear shifter assembly (JV with Sila)

A Diverse range ofStampings and Welded assemblies.

Rear Axle & Suspension Parts (Subject to Business award)


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S.K.H METALS Ltd. PRODUCTPARTICULLAR

Fuel tank

Exhaust system


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Stampings and Assemblies

Welded Assemblies

Axle Housings


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Chapter 3 Source of capital

Capital

Before knowing about the different sources of capital, one must know what capital is. The wordcapital used in connection with a company has several different meanings.

Types of Capital:

i.Authorized, registered or nominal capital.This is the amount of capital with which the company intends to get itself registered. This is the

amount of share capital which the company is authorized to issue. Nominal capital is divided into

shares of a fixed amount. It must be set out in the memorandum of association. It can be

increased or decreased by following the prescribed procedure.

ii.Issued capitalIt is that part of nominal capital which is actually issued by the company for public subscription.

A company need not issue the entire authorized capital at once. It goes on raising the capital as

and when the need for additional funds is felt. The difference between the nominal and the issued

capital is known as unissued capital. Where the whole of authorized capital is offered to thepublic, the authorized and issued capital will be the same.

iii. Subscribed capitalIt is the amount of the nominal value of shares which have actually been taken up by the public. It is that

part of the nominal capital which has actually been taken up by shareholders who have agreed to give

consideration in kind or in cash for shares issued to them. Where shares issued for subscription are wholly

subscribed for, issued capital would mean the same thing as subscribed capital


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iv. Called up capitalThe amount due on the share subscribed may be collected form the shareholders in installments at

different intervals. Called up capital is that amountofthenominal valueof shares subscribed for which

the company has asked its shareholders topay by means of calls or otherwise.

v.Paid-up capitalPaid up capital is thatpartofthe capital which is actually paid upby the members Is known as thepaid

up capital. Inother words, paid up capital represents thetotalpayments madeby the shareholders to

the company in responsetothe calls madeby the company.


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Need of capital

There is more than one way to skin a cat. We'd better remember this old adage when business

needs more inventory, personnel, and facilities. As business grows, so does need for more and

more capital. There are more than one way and more than one place to raise the money you need.

Causes of Additional Capital requirement

There are many factors that can create a need for additional capital. Some of the more common

are as follows:

Sales growth requires inventories to be built to support the higher sales level.

Sales growth creates a larger volume of accounts receivable.

Growth requires the business to carry larger cash balances in order to meet its current

obligations to employees, trade creditors, and others.

Expansion opportunities such as a decision to open a new branch, add a new product, or

increase capacity.

Cost savings opportunities such as equipment purchases that will lower production costs

or reduce operating expenses.

Opportunities to realize substantial savings by taking advantage of quantity discounts onpurchases for inventory, or building inventories prior to a supplier's price increase

Seasonal factors, where inventories must be built before the selling season begins and

receivables may not be collected until 30 to 60 days after the selling season ends.

Current repayment of obligations or debts may require more cash than is immediately

available.

Local or national economic conditions which cause sales and profit to decline

temporarily.

Economic difficulties of customers that can cause them to pay more slowly than

expected.

Failure to retain sufficient earnings in the business.

Inattention to asset management may have allowed inventories or accounts receivable to

get out of hand.


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Factors affecting Type of financing

Availability of funds.

Assets of the venture.

Prevailing interest rates.

All financing requires some level of equity.

o Amount of equity will vary by nature and size of venture


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There are many ways in which one can arrange capital for the business. But this entire source

comes under two categories. These two categories are as followed: -

i. Internal Source of funding

ii.

External Source of funding

1. Internal SourceInternal sources are those generated from or within the business itself. The most important

internal source is profit, or more accurately, cash flow. The amount available, of course, is a

function of how much is generated and retained in the business.

Following are some of the Internal Sources of capital

i. Profits/Retained earningsRetained earnings refer to the portion of net income which is retained by the corporation rather

than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that

loss is retained and called variously retained losses, accumulated losses or accumulated deficit.

Retained earnings and losses are cumulative from year to year with losses offsetting earnings.

Retained earnings are reported in the shareholders' equity section of the balance sheet.

Companies with net accumulated losses may refer to negative shareholders' equity as a

shareholders' deficit. A complete report of the retained earnings or retained losses is presented in

the Statement of Retained Earnings orStatement of retained losses.

ii. Sale of assets and little-used assetsMany businesses have non-productive assets that can be liquidated (sold or collected) to provide

capital for short-term needs. Fixed assets can be sold to free cash immediately. For example, a

company automobile might be sold and provide cash of Rs. 5,000 or Rs. 8,000. Owners and

employees can be compensated on an actual mileage basis for use of their personal cars on

company business. Or if an automobile is needed on a full-time basis, a lease can be arranged so

that a vehicle will be available. Other assets such as loans made by the business to officers or

employees, investments in non-related businesses, or prepaid expenses should be analyzed


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closely. If they are nonproductive, they can often be liquidated so that cash is available to meet

the immediate needs of the business.

iii. Working capital reductionA non-recurring source of internally generated capital may be found by wringing out cash tied up

in the balance sheet. This might include selling some machinery or equipment that is not

necessary or is too expensive, or the unlocking of cash tied up in working capital. Here is Savvy

Companys working capital:

Cash Rs. 1,000,000

Accounts Receivable Rs. 5,000,000

Inventory Rs. 3,000,000

Total Current Assets Rs. 9,000,000

Accounts Payable Rs. 2,000,000

Other Current Liabilities Rs. 2,000,000

Total Current Liabilities Rs. 4,000,000

Working Capital Rs. 5,000.000


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As can be seen, Savvy has Rs. 5,000,000 tied up in working capital (current assets minus current

liabilities). However, if the business institutes practices that allow it to maintain less inventory

and collect more rapidly on receivables, for example, cash can be generated (tax free).

For example, lets say that by devising and instituting some new policies, Savvy is able to

support the current level of annual revenue with just Rs. 4,500,000 in receivables (because they

collect more quickly) and Rs. 2,000,000 in inventory (because they become able to turn

inventory more quickly), working capital can be reduced to Rs. 3,500,000 Rs. 1,500,000 in

cash is generated.

iv. Extended or discounted payment terms suppliers.A planned program of trade credit extensions can often help the business secure extra capital that

it needs without recourse to lenders or equity investors. This is particularly true whenever the

capital need is relatively small or short in duration.

A planned approach should involve the following:

y

Take full advantage of available payment terms. If no cash discount is offered and payment isdue on the 30th day, do not make any payments before the 30th day.

y Whenever possible, negotiate extended payment terms with suppliers. For example, if a

supplier's normal payment terms are net 30 days from the receipt of goods, these could be

extended to net 30 days from the end of the month. This effectively "buys" an average of 15

extra days.

y If the business feels that it needs a substantial increase in time, say 60 to 90 days, it should

advise suppliers of this need. They will often be willing to accept it, provided that the

business is faithful in its adherence to payment at the later date.

y Consider the effect of cash discounts and delinquency penalties for late payment. Frequently,

the added cost of trade credit may be far more expensive than the cost of alternate financing

such as a short-term bank loan.


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y Consider the possibility signing a note for each shipment promising payment at a specific

later date. Such a note, which may or may not be interest-bearing, would give the supplier

evidence of your intent to pay and increase the suppliers confidence in your business.

v. Reducing StockingThe business can finance new activities or pay-off debts by selling its assets such as property,

fixtures & fittings, machinery, vehicles etc.

It is often used as a short term source of finance (e.g. selling a vehicle to pay debts) but could

provide more longer term finance if the assets being sold are very valuable (e.g. land or

buildings)

If a business wants to use its assets, it may considersale and lease-backwhere it may sell its

assets and then rent or hire it from the business that now owns the assets. It may mean paying

more money in the long run but it can provide cash in the short term to avoid a crisis.

vi. Trade creditsUnlike you and me, a business does not normally pay for things before it takes possession of

them. Instead, it will usually place an order for supplies / inputs and will pay after receiving the

items. It is good practice to pay quickly (often within one month) as this will help the business

develop a good relationship with its suppliers.

This source of finance appears on the balance sheet as trade credit. This method of deferring

(delaying) payment to a future date is a form of very short term borrowing and helps with the

problems of the cash cycle identified in the work on liquidity.

Some other sources of internal capital are:-

Trade credit

Cost reduction

Shortening bills receivable period


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2. External Source of CapitalThis is finance that comes from outside the business. It involves the business owing money to

outside individuals or institutions

Internal sources of finance are available to the firm, but these may be more limited in scope and

for large projects, the firm may be forced to turn to banks or other institutions (external sources)

to help them rise sufficient funding. The main external sources are:-

i. Financing by debtBeyond the initial stages, startups can resort to financing by way of debt. The term debt usually

signifies a short- or long-term line of credit. The lenders can be banks, venture capitalists, or

bodies which specialize in providing credit. The borrower receives the right to use the money for

a pre-determined period of time in consideration for the payment of interest. The terms of the

loan are set in the loan agreement. To guarantee the repayment of the debt and the interest, the

loan is backed by the cash flow itself (an unsecured loan) or collateral (a secured loan).

An unsecured loan is given when the creditor ascertains that the company's cash flow will suffice

to pay the interest and the principal. Common indicators for measuring the borrower's ability to

repay the debt are his or her EBIT and leverage (debt/equity ratio). A secured loan is typically

guaranteed by a marketable asset. Financing by debt (without an equity component) is usually

inaccessible to early-stage startups, which are based on high-risk growth and which lack many

tangible assets, unless their startups have a good chance of securing long-term contracts with

customers. At later phases of the company's life cycle, it becomes easier to resort to financial

instruments containing a significant debt component. The types of financing by debt that startups

commonly use are as follows:-

Mezzanine loans- As mentioned above, startups face difficulties in securing traditional

financing from banks. A popular solution is the "mezzanine loan." This type of investment lies

between debt and equity (hence the name). The incentive for entrepreneurs to use this instrument


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could be their desire to avoid dilution, on the one hand and an inability to obtain ordinary bank

loans, on the other hand. From the investors' point of view, this loan offers a higher degree of

security than an ordinary investment in equity since their right is senior to that of the

shareholders.

The main source for mezzanine loans are commercial banks, insurance companies, and

specialized entities which are associated with banks, although mezzanine loans are also offered

by several funds which specialize in this type of loan. Mezzanine loans are generally given only

to companies that have already started or are about to start making sales, since the repayment of

the loan depends on the company's ability to generate cash flows. The criteria used by lenders to

screen investments are similar to those used by venture capital funds.

Generally, the securities issued in this type of investment are either high-yield convertible

debentures or are accompanied by an equity kicker in the form of warrants. The rate of interest

could be more than 10% above similar loans and range between 15% and 30% with the actual

interest rate depending to a large extent on the equity component of the loan and naturally on the

perceived risk of the loan. If the company is expected to have a negative cash flow in the first

stages after the loan is granted, the payment of interest might be deferred for several years after

the debenture is issued, with the interest accumulating during the first period. If the company

defaults on its payments, the terms of the debenture could provide for changes in the loan terms.

Such changes may include: accelerate the debenture's maturity; increase the interest rate; add

warrants for additional shares (or a discount in the conversion price in the case of convertible

debentures); add rights to control the board of directors, or add rights to force an issuance or sale

of the company.

Bridge loan- A bridge loan is typically a loan (for less than one year), designed to provide

the company with sufficient funds to finance its current activities, pending an investment round

that is expected to take place at a forthcoming time. Bridge loans are common at times close to

IPOs from various financial institutions and are also common as a mechanism for funding

between financial rounds, without the need to set valuation.


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Other uses of debt- In the various stages of a startup's life cycle, the company may use

other sources of debt financing. For instance, many companies enable the long-term leasing of

most of the equipment required by the company. The company may also obtain short-term loans

for working capital needs, or obtain a line of credit from banks to be used as required.

ii. EquityEquity capital is the longest term financing available to a business. In fact, its considered

permanent (no repayment term). Yes, equity capital comes with no payment obligation and

monies only flow to the equity holders when all other obligations have been met. This means that

equity capital is the most risky. If the business does not succeed and must be liquidated, the

equity holders only get what is left over (if any).

Equity capital is the most expensive form of capital. This makes sense when you consider the

risk. For example, a loan (debt financing) today might charge an annual rate of seven or eight

percent. Try to sell an equity stake in your business and investors might demand well north of

30%. Now, if the terms of the equity sale require a return, its not really a pure equity position.

When we say, demand well north of 30%, we mean the investor must believe he will earn it

(their hurdle rate) or he wont invest.

Equity capital is illiquid (hard to sell). Unlike trade credit or a bank loan, which can be replaced

easily with another supplier or lender, equity is not easy to sell or exchange. This is another

reason for the higher rate of return compensation for the risk inherent in the illiquidity.

Many businesses dont earn a return for their investor(s). This is common in small businesses

where the equity holder (owner) is also the full time manager. The owner will pay himself or

herself a salary (wage for his or her contribution of time and talent) and there will be little or no

profit left over. If equity distributions are made, its allocated on a pro-rata basis (i.e. accordingto ownership percent), unless there is more than one class of stock (rare in a small business).

Equity is the foundation of a business capital structure. The way a business is financed is

referred to as its capital structure. Another way to understand capital structure is to identify the

source of the money. The most important piece is the equity. If the equity contribution is


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sufficient, other types of capital providers might be willing to contribute capital (money) to your

business. For example, if you need Rs. 5,000,000 in equipment, a lender will typically not lend

you Rs. 5,000,000. After all, tangible assets decline in value over time and, given that lenders

charge fairly low rates of interest, they cant afford a lot of risk (lost principle). Lenders need a

cushion. They want you to contribute, say, 20 percent of the purchase price with equity. Then

they will lend the other 80 percent. If you default on the loan, they will get the entire piece of

equipment and your equity will be lost. Just as the equity serves as a cushion for the lender on

the equipment loan, the overall level of equity in the business serves as a cushion for all non-

equity contributors of capital.

Does all this sound unfair? Before you, the equity holder, get too uncomfortable, consider that

the trade creditor earns no interest. The debt capital provider just gets a few percentage points ininterest and some fees. You, the equity holder, can earn as high a return as you are able to

muster. There is no limit to your upside.

Equity is also unique in that the holders of equity dictate how the business is managed. They, in

effect, are the people who determine the other capital sources. Therefore, equity is the most risky

capital, but the holders of it have the most influence in how the business is managed.

Finally, growing companies consume cash. Its just the way it works.S

ales and profit growthfollow expenditures such as: the hiring of additional employees; the purchase of more inventory,

materials and equipment; the leasing of a larger facility, etc. And, as we discussed above,

creditors (debt and trade credit) dont want to finance 100 percent. So, growing businesses need

a continuous supply of equity capital internal generated cash or equity obtained from investors.


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iii. Personal savingsThis mainly applies to sole traders and partnerships. Owners may use some of their own money

as capital to invest in the business. For instance, a person may be made redundant by a company

that needs to reduce in size. They would receive redundancy payment that they might use to start

their own business.

This is considered an external source as it is assumed that the money lent to the business will be

paid back to the private individual in the future, possibly with an extra amount to compensate the

individual for the help they gave. It can be a short or long term source of finance, depending

upon the amount invested and the decision of the person using their savings.

iv. Commercial banksIT tends to consider two types of finance that banks offer to businesses, overdrafts and loans.

If a business spends more money than it has in its bank account, we say that it has become

overdrawn. Businesses will often have an arrangement with the bank whereby the bank will pay

the extra money provided the business will pay them back in a fairly short period of time, with

interest. This is a short termsource of finance and is useful for small amounts. It is often used for

buying supplies / inputs.

A bank loan is a long term source of finance and will often be for much larger sums of money. A

loan is useful for a business that is starting up or looking to grow. Loans are often used to buy

fixed assets (see balance sheets) such as machinery and vehicles. A business will pay the bank

back each month in installments and will also pay an interestcharge.

Interest-Banks is providing a service by lending money in the form of overdrafts and loans and

banks will charge for this service (they want to make a profit too). When a business takes a loan,

it will agree to pay it back over a period of years but it will also pay an extra charge. This charge,

called interest, is a percentage of the value of the loan.


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The interest rate is set by the Bank of England and it varies. Higher the interest rate, greater the

percentage of the loan that the business must repay. In other words, if the Bank of England raises

interest rates, a business with a loan will find it has to pay the bank more each month as it pays

off its debt. Likewise, a fall in interest rates will mean that the business will have lower costs

(and therefore more profit). The interest rate is an example of an external constraint - something

outside the business' control that can seriously affect the business' performance.

v. DebentureThis is a form of long termloan that can be taken out by a public limited company for a large sum and it

will be paid back over several years. It is usually borrowed from specialist financial institutions.

vi. Leasing and hiring purchaseLeasing involves business renting equipment that it may use for several years or months but

never own. It will have a contract with a company who may come in to repair and service the

product. The deal may also involve the product being replaced with a new model every so often.

Businesses often lease equipment such as photocopiers.

Hire purchase involves paying for equipment in installments. The business will not own the item

until all the payments have been made. It usually works out more expensive to buy an item on

hire purchase than paying all at once but it does mean that the business doesn't have to spend a

large amount of money at once.


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The process of Internal and External sources can also be classified as:

Sources of finance

1. Share holders fund Equity share capital

Equity share

Preference share

Reserves and surplus

Retained earning

Capital Reserve

Capital Redemption reserve

2. Loan fund Secured Loans

Mortgage

Dept consolidation

Unsecured Loans

Credit card

Bank overdraft

Personal loan


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Chapter 4 RESEARCH METHODOLOGY

OBJECTIVEOF STUDY

The following are the main objective which has been undertaken in the present study:

1. To determine the amount of capital requirement and to calculate various ratios relating to

source of capital.

2. To make an item wise study of the components of the source of capital.

3. To suggest the steps to be taken to increase the efficiency in management of source of

capital.

4.

To make the comparative analysis of financial ratio of the MATE and SKH.

Primary Objective: -

The prime objective of this study is to find out different sources of capital inflows of the

company, and to find out the best source through which upcoming needs of capital could be

fulfilled.

Secondary Objective: -

To know which source is more efficient for capital generation.

To make use of comparative study to suggest the company which is more feasible source

where company can have more funds for future uses.

TYPESOF RESEARCH:

Descriptive Research:

Descriptive study is a fact- finding investigation with adequate interpretation. It is the

simplest type of research. It is more specific than an explanatory study, as it has focus on

particular aspect of the problem studied. It is designed to get descriptive information and provide

information for formulating more sophisticated studies. Data are collected by using one or more

appropriate method, observation, interviewing.


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DATA COLLECTION

There are two types of data collection methods available.

1. Primary data collection

2. Secondary data collection

1) Primary data

The primary data is that data which is collected fresh or first hand, and for first time which is

original in nature. Primary data can collect through personal interview, questionnaire etc. to

support the secondary data.

2) Secondary data collection method

The secondary data are those which have already collected and stored. Secondary data easily get

those secondary data from records, journals, annual reports of the company etc. It will save the

time, money and efforts to collect the data. Secondary data also made available through trade

magazines, balance sheets, books etc.

This project is based on primary data collected through personal interview of head of account

department, head ofSQC department and other concerned staff member of finance department.

But primary data collection had limitations such as matter confidential information thus project

is based on secondary information collected through five years annual report of the company,

supported by various books and internet sides. The data collection was aimed at study of working

capital management of the company.

Project is based on

1. Annual report of Motherson Automotive Technology and Engineering 2008, 2009 and 2010.

2. Annual report of SKH Metals 2008, 2009 and 2010.


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LIMITATIONSOF STUDY

Following limitations were encountered while preparing this project:

1) Limited data:-

This project has completed with annual reports; it just constitutes one part of data collection i.e.

secondary. There were limitations for primary data collection because of confidentiality.

2) Limited period:-

This project is based on three year annual reports. Conclusions and recommendations are based

on such limited data. The trend of last three year may or may not reflect the real and true picture

of the sources of funds collected by the company

3) Limited area:-

Also it was difficult to collect the data regarding the competitors and their financial information.

Industry figures were also difficult to get.


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Chapter 5 Data Analysis and Findings

1. Current Ratio:The current ratio measures the ability of the firm to meet its current liabilities from the current

assets. Higher the current ratio, greater the short-term solvency (i.e. larger is the amount of

rupees available per rupee of liability).

Current ratio= Current Assets / Current Liabilities

MATE

Rs. In Million 2010 2009 2008

Current Assets 78517 77783 73028

Current Liabilities 28948 27434 21996

Current Ratio 2.71 2.83 3.32SKH Metals

Rs. In Lack 2010 2009 2008

Current Assets 1643556512 1741527593 981970741

Current Liabilities 1282839825 1056075395 671551795

Current Ratio 1.28 1.64 1.46

0

0.5

1

1.5

2

2.5

3

3.5

2010

2009

2008

2.712.83

3.32

1.281.64

1.28

MATE SKH Metals


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Interpretation:-

By observing above given chart it can be said that company is doing a good business as its

current ratio is more then 2. A good ratio is 2:1, but in case of MATE the ratio is more than two

in all given years. The company's should try to reduce its current ratio to 2:1 as it hampers the

profitability of the organization. It indicates that company has good short-term financial strength.

Where as SKH METALS also doing well and maintaining Current Ratio over 1.

Both the companies are doing well but MATE has a betterShort-Term financial strength.

By observing graph and previous years performance it can also be stated that MATE has a

decline in Current Ratio where as SKH Metals has ups and downs in the same. This is the area

where company has to look more seriously.


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2. Debt-to-Equity Ratio:The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion

of shareholders' equity and debt used to finance a company's assets. Closely related

to leveraging, the ratio is also known as Risk, Gearing orLeverage. The two components are

often taken from the firm's balance sheet or statement of financial position (so-called book

value), but the ratio may also be calculated using market values for both, if the company's debt

and equity are publicly traded, or using a combination of book value for debt and market value

for equity financially.

Debt Equity ratio = Total Debt / Total Equity

MATE

Rs. In Million 2010 2009 2008

Total Equity 172963 124180 95077

Total Debt 83286 73686 49034

Debt-Equity Ratio 0.48 0.59 0.51

SKH Metals

Rs. In lack 2010 2009 1008

Total Equity 628168836 420938158 347129576

Total Debt 2056401280 2214920078 983394042

Debt-Equity Ratio 3.27 5.26 2.83

0

2

4

6

Mate SKH Metals

2010 0.48 3.27

2009 0.59 5.26

2008 0.51 2.83

Debt-Equity Ratio


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Interpretation:-

With the given Profit and Loss account of the company, if we calculate the Operating Profit

Margin (OPM) of MATE we get the OPM as 19.9%, 20% and 16% in 2008, 2009 and 2010

respectively.

Formula for Deriving OMP is:

Operating Profit / Net Income

And if we take the alternate route to find the Operating Profit Margin, the formula is;

EarningBefore Interest and Tax / Net Sales

Looking at the graph, we can say that the company can employee more debt, in case if it wants to

expend its business, as its debt equity ratio is more then 1 and operating profit margin is above

16 % in the three years.


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3. Debt-to-Asset Ratio: The Debt / Asset ratio shows the proportion of a companys assetswhich are financed through debt. If the ratio is less than one, most of the company's assets are

financed through equity. If the ratio is greater than one, most of the company's assets are

financed through debt. Companies with high debt/asset ratios are said to be "highly leveraged,"

and could be in danger if creditors start to demand repayment of debt.

Debt-Asset Ratio = Total Debt / Total Assets

MATE

Rs. In Million 2010 2009 2008

Total Debt 83286 73686 20554

Total Assets 269486 209124 157430

Debt-Asset Ratio 0.31 0.35 0.31

SKH Metals

Rs. In Lack 2010 2009 2008

Total Debt 2056401280 2214920078 983394042

Total Assets 4137548639 3836535478 2110116856

Debt-Asset Ratio 0.49 0.57 0.46

0

0.1

0.2

0.3

0.4

0.5

2010

20092008

0.31 0.35

0.31

0.49

0.350.46

MATE SKH Metals


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4. Division of Share capital According to its allocation.In Million

Share capital FY 08 FY 09 FY 10

Equity Capital 775 785 845

Preference Capital 153 258 381

Interpretation:-

Equity share has a larger stake in the total issue of shares.

Company has consistently issued equity and preference shares in the public according to its

norms.

From the above chart it could be understood that equity capital is preferred by the Company.

0

100

200

300

400

500

600

700

800

900

Equity Preference

FY 08

FY 09

FY 10


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5. Share of R&S in the total source.

In Million FY 08 FY 09 FY 10

Reserve and Surplus 95077 123137 171737

Total FUNDS 145097 197866 256249

Interpretation:-

As we can see from the past, the company uses its reserves and surplus for the main source of

funding. The role of reserves and surplus is constantly increasing which means company is more relying

on the profits it make for its source of financing.

It is also helpful in caring out its day-to-day expenses.

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Reserve and Surplus

FY 08

FY 09

FY 10


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6. Secured Loans of the Company.

In million

Secured Loans FY 08 FY 09 FY 10

Debentures 12580 35612 35612

Loans from Bank 7500 9565 12586

Loan from Mother Co. 8400 38055 13856

Interpretation:-

As we can see in the graph, Debentures have gone up from 2008 to 2009 by 23032 and remain

constant in the financial year 2010.

Loan from bank has constantly increasing because of increasing in business.

The company also acquires loan form the Mother company at chipper rate because of increase in

demand of plastic products from Honda Siel.

0

5000

10000

15000

20000

25000

30000

35000

40000

Debenture Bank Loan Loan from Mother Co.

FY 10

FY 09

FY 08


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7. Unsecured Loans

In Millions

Unsecured Loans Bonds Short-Term Loan

FY 08 15350 5204

FY 09 3650 5934

FY 10 10250 10982

Interpretation:-

As we can understand from the graph, company has preferred fixed deposit more then Short-term loans in

the financial year 2008.

In financial year 2009, company short term loan over wheeled fixed deposits, and the same was continued

in the financial year 2010.

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

FY 08 FY 09 FY 10

Bonds

Short-Term Loan


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8. Total share of Shareholders fund in Capital

In million

Shareholders Fund FY 08 FY 09 FY 10

Share Capital 986 1043 1226

Reserve and Surplus 97077 123137 171737

TOTAL 98063 124180 172963

Interpretation:-

As shown in the table above, reserves and surplus have always been the best source of financing

the business.

As the chart shows, Share capital is only 1% of the total shareholders fund whereas reserve and

surplus have the 99% stake in shareholders fund.

1%

99%

FY 10Share Capital Reserve and Surplus


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9. Total share of secured and unsecured Loan in Loan funds.

In Million

Loan Funds FY 08 FY 09 FY 10

Secured Loans 28480 64102 62054

Unsecured Loans 20554 9584 21232

TOTAL 49034 74686 83286

Interpretation:-

As shown in the above table, we can say that the company prefers Secured loans instead of unsecured

loans.

As we can see from the chart, 25 percent of the total loans taken by the company were unsecured and the

rest 75% were secured.

75%

25%

FY 10

Secured Loan Unsecured Loan


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10.Total share of Share holders fund and Loan fund.

In Million FY 2010

Share Capital 1226Reserves and Surplus 171737

Secured Loans 62054

Unsecured Loans 21232

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Share Capitalreserves and

Surplau Secured Loans

Unsecured

Loans

Share Capital, 1226

reserves and

Surplau, 171737

Secured

Loans, 62054

Unsecured

Loans, 21232


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Observation: -

Here in this table, I have tried to show the share of each individual source and its total share in

the capital. The first graph shows the total funding of each source in Rs. And the second chart

shows the total share of each source in percentage.

However it can be observed from the table that reserves and surplus is the biggest funding source

with the company, from the given all four Sources it is the most trusted and easy way of

financing.

The total share ofShare capital and unsecured loans is 1% and 8% respectively, whereas secured

loans has 24% share in the funds available for the company.

Reserves and surplus has the most stakes in all of the four sources with 67%.

1%

67%

24%

8%

FY 2010

Share Capital reserves and Surplau Secured Loans Unsecured Loans


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CHAPTER6 CONCLUSION

After studying the components of sources of capital management system of MOTHERSON

AUTOMOTIVE TECHNOLOGY AND ENGINEERING, It is found that the company has asound and effective policy and its performance is very well even in this bad recession situation,

company has managed the funds from different sources. Company is competing well at the

domestic level by fulfilling the desired demand from the company. It is among the low cost

producers of automotive parts in the India only because of its proper management of finance,

specially the short term finance known as the managing capital.

The company is a matured one and it has contributed well in the countries growth and

development and will also continue to perform and contribute to the whole nation. In conclusion,

I can say that the companies management is an effective one and knows well the management of

finance, its sources of capital management system is very good because of which only the

company has got the status of HONDA company.


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Chapter 7 SUGGESTIONS

The year 2009-10 company has lower percentage in Source of Capital as compared to earlier

years. The company must increase its Equity capital and Loan funds. The greater the margin, the

better will be the liquidity of the firm.

The Company should maintain the low level of creditors because the company can pay

them easily whenever required.

The company should maintain a proper inventory management system, so the

unnecessary blockage of money can be avoided.

There should have adequate cash and bank balance with the company to meet short-termor daily basis requirements of money. The company has low cash and bank balance in the

year 2009 -10 as compared to last years.

As we have already seen the Debt-Equity ratio of the company is much more than what it

required. If the company can lower its Debt-Equity ratio near to 2:1, the company would

be able to use more financial leverage to increase the return of the Equity Shareholders.


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CHAPTER8

BIBLIOGRAPHY

Websites:-

www.motherson.com

www.wikipedia.com

www.google.com (Search Engine)


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MOTHERSON AUTOMOTIVE TECHNOLOGY AND ENGINEERING

PROFIT AND LOSS ACCOUNTyear ending 2008, 2009 and 20010

Rs. In Million FY10 FY09 FY08

Income

Gross Sale 210219 199210 124764

Less: Excise duty 18209 16071 10799

Net Sales &Operating Revenue

192010 183130 113965

Other Income 4929 3700 2439

196940 186830 116404

Expenditure

(Increase)/Decrease in

Stock

-1370 -4425 -10338

Raw materialconsumed and Goodspurchased

159370 110783 66033

Payments to andprovision foremployees

6212 5196 4628

Other operatingexpenses

143788 31426 27591

Interest and financecharge

2806 2424 2252

Depreciation andImpairment 5878 6380 5211

166684 151784 95377

Profit before

extraordinary item

and tax

30256 35046 21027

Extraordinary item - - -30Profit before tax 30256 35046 21027

Provision for currenttax

6064 9841 3241

Provision for deferred

tax

876 -551 1159

FBT 114 113 101

Provision for deferredtax for earlier yearswritten back

- - -

Net Profit 28609.39 25643 16556


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BALANCESHEETyear ending 2008, 2009 and 20010

Rs. In Million FY 10 FY 09 FY 08

Sources of fund

Shareholders fundShare Capital 1226 1043 986

Reserves and Surplus 171737 123137 95077

Loan Funds

Secured Loan 62054 64102 28480

Unsecured Loan 21232 9584 20554

Deferred TaxLiability(Net)

13237 11258 12333

Total 270881 209124 157430Application of funds

Fixed Funds

Gross Block 126085 112526 104183

Less: depreciation andImpairments

46368 42459 36355

Net Block 78093 70067 67828

Capital work inprogress

11198 14764 8329

89292 84831 87157

Investments 141080 86753 39713

Current asset, loanand advances

Inventories 50979 43153 40951

Sundry debtors 15650 15045 12484

Cash and bankbalance

1470 6655 9173

Other current asset,loan and advances

10418 12930 10420

78517 77783 73028

Less: Currentliabilities and

provision

28948 27434 21996

Provision 9060 12841 9532

38008 40275 31528

Net current asset 40509 37508 41500

Misc expenditure - 32 60

Total 270881 209124 157430


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BALANCESHEET SKH Metals as on 31st

March (Rs. In Lakhs)

Particulars

2008 2009 2010

Sources of funds

Shareholders fund

Share capital 54300000 54300000 54300000

Reserve and surplus 292829576 366638158 573868836

Sub Total 347129576 420938158 628168836

Loan Funds

Secured Loans 969967830 2012898970 2006401280

Unsecured Loans 13426212 202021108 50000000

Deferred Tax Liability 90658186 128050379 143117599

Sub

Total

1074052228

234

297045

7

2199518879

Total 1421181804 2763908615 2827687715

Application of Funds

Fixed Assets

Gross Block 1373378562 2462591634 2661313801

Less: accumulated Depreciation 527895377 627301861 767294226

Net Block 845483185 1835289773 1894019575

CapitalWork-in-Progress 232671238 190185752 539782651

Pending allocation to fixed assets 22273037 ------------- -------------

Sub Total 1100427460 2025475525 2433802227

Investments 25014360 69532360 60189900Current assets, loans & advances

a) Inventories 364984656 687512274 596254298

b) sundry debtors 455568802 675529256 522789700

c) cash and bank balance 1570639 40340520 46774315

d) Interest accrued 11105 2315164 959195

e)Loan & Advances 159835538 335830379 476779005

Sub Total 981970741 1741527593 1643556512

Less:

a)Current Liabilities 671551795 1056075395 1282839825

b) Provision 17383257 16551468 27021099Sub Total 688935052 1072626863 1309860924

Net Current Assets 293035689 668900730 333695588

source of capital

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