mba-mba-batch no-35
mba-mba-batch no-35
mba-mba-batch no-35
by
ARJUN.S
Register No.41410036
SATHYABAMA
INSTITUTE OF SCIENCE AND TECHNOLOGY
(DEEMED TO BE UNIVERSITY)
Accredited with Grade “A” by NAAC I 12B Status by UGC I Approved by AICTE
JEPPIAAR NAGAR, RAJIV GANDHI SALAI, CHENNAI - 600 119
APRIL 2023
SCHOOL OF MANAGEMENT STUDIES
BONAFIDE CERTIFICATE
This is to certify that this Project Report is the bonafide work of ARJUN S 41410036
who carried out the project entitled “A Study on the Cash Flow Analysis at Tube
Investment India Limited” under my supervision from January 2023 to March 2023.
Dr. BHUVANESWARI .G
Dean – School of Management Studies
I ARJUN S (41410036) hereby declare that the Project Report entitled “A Study on
Cash Flow Analysis at Tube Investment India Limited ” done by me under the
guidance of MR.ROBIN BRAHMA is submitted in partial fulfillment of the
requirements for the award of Master of Business Administration degree.
DATE: 05/05/2023
I would like to express my sincere and deep sense of gratitude to my Project Guide
MR.ROBIN BRAHMA for her valuable guidance, suggestions and constant
encouragement paved way for the successful completion of my project work.
ARJUN.S
TABLE OF CONTENTS
CHAPTER
TITLE PAGE NO.
NO.
ABSTRACT (i)
INTRODUCTION (v)
1.1 .Introduction 1
3.1 Methodology 39
3
39
- Introduction
3.2.Research Design 39
3.3. Sources of Data 39
5.4.Conclusion 63
REFERENCES 64,65
The industry must also contend with issues including fast advancing technology,
shifting laws, and escalating competition. Engineering companies must constantly
adapt and spend in R&D, talent acquisition, and process improvement if they want to
be competitive. Overall, the engineering sector is essential to advancing economic
development and solving some of the most important problems facing the planet.
Tube Investments of India Limited is one of the major players in the country in the
field of engineering and moulding of raw materials into finished products. The
company main field of workings are bicycles, engineering steel tubes ,train rims and
also other steel parts and its relative products. The company is one of the most
reputed company from Murugappa Group that represents India across the world.
i
LIST OF TABLES
ii
LIST OF CHARTS
iii
ABBREVATIONS
II Interest Income
OP Operating Profit
TP Trade Payables
TR Trade Receivables
iv
CHAPTER – 1
INTRODUCTION
v
1.1 INTRODUCTION
This project work will be undertaken in the context of partial fulfillment of MBA. The
process of manufacturing can be termed as the process of creation of producing a
product with the help of machineries, manpower and tools etc. The raw materials are
therefore transformed into finished products. It includes the manufacturing of
products such as steel tubes, strips , automotive and car door frames and also
bicycles.
It holds the largest form of industries and factories that helps to produce and
transform raw materials into finished products. The manufacturing form of industries
or factories provide maximum amount of turnovers. The products are first
engineered and it is then transformed as finished products. Manufacturing industries
are therefore classified under the title of engineering industries.
Management of cash is one of the most important operative area of any business
operating as a working capital directing as a portion from the reality which is mostly
liquid form of current asset. Cash can be determined as a ordinary denomination for
which all the current assets which is to be received and stocks will get finally
regenerated into a cash underscore which is the implications of managing the cash.
For all the firm whatever the size it may be, cash management is one of the most
important aspects of its operations.
A cash flow statement is one of the major financial statements for the purpose of a
planning or for the purpose of the business. The statement can be constructed in
different ways. It may be constructed in the easy format of one page synthesis or
may including various agendas to make a centralized evidence.
A cash flow statement is nothing but maintaining the cash flows of the business and
also evaluating the books of accounts of the firm. The cash flow statements are not
only concentrated with the total sum amount of the flow of cash. Some cash flows
are formatted with period of time. This statements not only predict the remaining
scale of cash at the end of the year but also we can get cash proportion at the end
of the year.
But if the working capital of a firm seems to be inadequate to meet its needs a cash
flows will spotlight liquidity issues that may occur in the upcoming future periods.
Few cash flows plans are developed so that we can effortlessly supervise the quality
of the future predictions. This plan will help us in predicting the flows of monthly cash
for the coming future period and also get into a potential inflow and outflow as we
move forward for the period of time. This process will finally helps to examine the
predictions to potential cash flow and to make alterations to those prepared
projections for the remaining period of the year.
1
1.2 INDUSTRY PROFILE
Engineering
The Murugappa Group is an undisputed leader in light engineering, with a name for
quality, value and reliability. Its companies are preferred suppliers across the globe,
manufacturing a wide range of components and parts for industrial applications,
fitness and mobility solutions.
The engineering sector is the largest of the industrial sectors in India. It accounts for
27% of the total factories in the industrial sector and represents 63% of the overall
foreign collaborations. Demand for engineering sector services is being driven by
capacity expansion in industries like infrastructure, electricity, mining, oil and gas,
refinery, steel, automobiles, and consumer durables.
The development of the engineering sector of the economy is also significantly aided
by the policies and initiatives of the Indian government. The engineering industry
has been de-licensed and allows 100% foreign direct investment (FDI). Additionally,
it has grown to be the biggest contributor to the nation's overall merchandise
exports.
India became a permanent member of the Washington Accord (WA) in June 2014. it
is now a part of an exclusive group of 17 countries who are permanent signatories of
the WA, an elite international agreement on engineering studies and mobility of
engineers.
2
1.3 COMPANY’S PROFILE
Tube Investments of India Limited (TII)
Overview
Bicycles, metal formed goods, and chains are the areas of expertise of Indian
engineering and manufacturing firm Tube Investments of India Limited. It belongs to
the Murugappa Group and has its headquarters in Chennai. As a joint venture firm, it
was founded in 1949 under the name TI Cycles of India Limited.
Highlights
2nd largest bicycle producer in India with 4 million cycles per year; market leader in
the ‘specials’ segment
3
Every second two wheeler in India uses TPI's safety-critical front fork
History
Back home in India, the Group had engaged in businesses like Rubber, Steel
cabinets, Yarn and other traded goods. But the real major industrial opportunity came
soon after Independence. Political Independence spawned Economic Independence:
and AMM Murugappa Chettiar, Dewan Bahadur’s eldest son (and by then, head of
the family) was quick to realise it. His vision was to start a business that would
manufacture a product for the common man which they could sell in large numbers.
4
Thus, in 1949, TI Cycles of India (TICI) was born in collaboration with TI of UK. It was
the Group’s first of many successful Joint Ventures and also its first foray into large
scale manufacturing. Later, as a measure of backward integration two more
companies were formed: Tube Products of India (TPI) in 1955, to make steel tubes
for bicycle frames and TI Diamond Chain (TIDC) in 1960 to make bicycle chains. Over
a period of time these two businesses have moved up the value chain from bicycle
parts to higher technology products.
In 1959, Tube Investments of India (TII) was formed by merging TI Cycles of India and
Tube Products of India. TI Diamond Chain was merged with the parent company, in
2004. In 1962, the company saw a potential to leverage its engineering skills to
address the market for roll formed metal products. So a new unit called TI Metal
Forming was created to realize this potential; to this day it is recognized as the pioneer
in this business.
Meanwhile, the Management was also progressively Indianised. The first Board of
Directors had equal representation from Indian promoters and TI-UK. TI-UK divested
a major portion of its share holdings in two tranches in 1978 and 1985 by mutual
agreement. TI-UK continued to hold a minority shareholding and participated in the
management with a representative in the Board of Directors till 2001. Today TII is an
Indian company with a global outlook.
During the 1990s TII made many bold acquisitions to enhance its presence in its core
businesses. The most notable, was the case of Satavahana chains, a sick BIFR
company that was turned round to a highly profitable unit. Other success stories were
the acquisition of a Japanese Tube plant and a German Chains plant which were re-
erected in Chennai to address the growing export markets. A successful GDR issue
in 1994 increased its financial muscle and accelerated both acquisitions and
expansions. Capacities were increased in all its units to meet the growing customer
demands.
In over six decades of its existence, TII has built significant skills in engineering and
metallurgy, which is fully supported by a central R&D function. A Total Quality
Management approach has ensured a satisfied community of customers and TII is the
preferred supplier in all the markets it operates. TII continues the tradition of financial
discipline and prudence set by the founding fathers. It is this tradition that has earned
TII the unique distinction of uninterrupted dividend distribution since 1954.
5
VALUES OF THE COMPANY
Strong image
recruitment
Turnkey solution
Proximity
Serenity
STOCK MARKET
TII is listed on both NSE and also BSC. The valuations are as follows:
6
Tube Products of India (TPI)
Tube Products of India (TPI) is a steel tubes manufacturer based in India. Tube
Products of India was established in the year 1955 in collaboration with Tube
Products (Old Bury) Limited, UK to produce Electric Resistance Welding (ERW)
and Cold Drawn Welded (CDW) tubes also called as Drawn Over Mandrel tubes.
The manufacturing locations of Tube Products of India are located at:
7
Murugappa Group
Founded in 1900, the INR 547 Billion Murugappa Group is one of India's leading
business conglomerates. The Group has 29 businesses including ten listed
Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies
of the Group include Carborundum Universal Ltd., CG Power and Industrial Solutions
Ltd., Cholamandalam Financial Holdings Ltd., Cholamandalam Investment and
Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd.,
Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry
(India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd.,
Tube Investments of India Ltd. and Wendt (India) Ltd. The Group holds leadership
position in several product lines including Abrasives, Technical Ceramics, Electro
Minerals, Auto Components & Systems, Bicycles, Fertilisers, Sugar, Tea and Spirulina
(Nutraceuticals). The Group has forged strong alliances with leading international
companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan
Advanced Materials, Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG).
The Group has a wide geographical presence all over India and spanning 6
continents. Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster,
Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa
stable. The Group fosters an environment of professionalism and has a workforce of
over 53,000 employees.
8
PRODUCT PROFILE
Products
Industrial Chains
Chains for Industrial Applications, Engineering Class Chains
Industrial Gears
Worm Gearboxes, Helicals, Gears & Pinions and Gear Servicing
9
1.4 NEED FOR THE STUDY
• To make sure that the best investment plan is practiced. As there are variety
of investment opportunities present the best one can be taken off.
• To assess the pattern do that it is beneficial for all the other small company to
follow and execute the plans and male sure that they are also benefitted from
it.
• To choose the best one for the company’s growth.
10
1.7 SCOPE OF THE STUDY
• To understand the pattern of investment provided by TII and make sure that it
is followed up by the smaller company.
• To enhance the growth of the company and also its beneficial products for the
company.
• To understand the new ways of operation in various new areas and also new
sectors.
1. Time: the time period given for the purpose of preparation of project has been
about 12 weeks. The study can be done only for the period of 5 years
2. Finance: as I got a limited financial resource indepth research cant be
undertake.
3. The cash flow statement of 5 years of a firm is used for the purpose of project.
11
CHAPTER – 2
CONCEPTUAL BACKGROUND AND LITREATURE REVIEW
12
2.1 REVIEW OF LITREATURE
1.Güleç, Ö.F. & Bektaş, A. (2019). Cash Flow Ratio Analysis: The Case of
Turkey. Muhasebe ve Finansman Dergisi Ağustos Özel Sayısı, 247-262
Cash flow-based information provides more insights about liquidity, profitability and
financial structure of companies with the other primary financial statements. Hence,
using cash flow ratios together with the conventional financial ratios will contribute to
the financial statement analysis. Since cash flow ratios are not common as much as
the traditional ratios and are still evolving, developing benchmarks and determining
normative values are relatively harder for the assessment of firms. Thus, the main
motivation of this study is to demonstrate the power of the statement of cash flows
by using 8 fundamental cash flow ratios with 10 traditional ratios in the areas of
liquidity, profitability and financial structure.
3.Amrizah Kamaluddin & Norhafizah Ishak & Nor Farizal Mohammed, 2019.
"Financial Distress Prediction Through Cash Flow Ratios Analysis," International
Journal of Financial Research, International Journal of Financial Research, Sciedu
Press, vol. 10(3) The purpose of this study to examine the relationship of cash flow
ratios in predicting financial distress companies, with industrial and consumer
product companies in Bursa Malaysia as the sample. The study on financial distress
is critical as it can lead to bankruptcy, which may adversely affect the economy of
the country. Therefore it is worth exploring any indicators that can identify the
possibility of financial distress in the company.
13
4.(U. Lee et al., 2020)
Once the product performance and attributes are linked based on engineering
models, profit can be obtained through a marketing model that determines demand
based on customer decisions. A discrete choice analysis is a statistical technique
that explores customer decision-making and measures the trade-offs for product
attributes based on the choice data observed from respondents
The purpose of this paper is to interconnect the firm level competitive performance
(competitiveness) to the financial performance of the firms. The goal is to give
evidence on how successful small- and medium-sized enterprises (SMEs) use their
financial performance to support their competitive performance.
The cash flow of a company is a key element for the firm value. The firm value of a
company is depending largely on the ability to generate cash flows. In other words, a
company’s firm value is calculated by using cash flows. Financial performance
analysis helps companies in effective decision-making, planning, and auditing
functions. Traditional ratio analysis uses the statement of financial position (balance
sheet) and the profit and loss statement (income statement) to measure financial
performance.
The outcome of the assessment conducted by Evans et al. [2] on the available
renewable technologies was considered in selecting the combination of RETs to be
included in the HRES. Thus, solar photovoltaic (PV) and wind technologies have
been selected for inclusion in the HRES. These two types of RETs were selected
because, as posited by Evans et al. [2], wind is the most sustainable RET, while PV
is the third most sustainable RET in the world.
8. Samet, M. and Jarboui, A. (2017), "CSR, agency costs and investment-cash flow
sensitivity: a mediated moderation analysis"
The purpose of this paper is to document the relation between investment-cash flow
sensitivity and a firm’s engagement in corporate social responsibility (CSR) activities
in European context. Specifically, this paper aims to empirically examine how CSR
moderates the sensitivity between investment spending and firm internal funds.
14
9. KhusainovaL.Yu. (2021)
At any point in time, a firm can be viewed as a collection of capital coming from
various sources: from investors, creditors, as well as income received as a result of
the firm's activities. These funds are used for various purposes: the acquisition of
fixed assets, the creation of inventories, the formation of receivables, and others.
The article discusses theoretical approaches to the analysis of cash flow, compares
the formation of indicators by direct and indirect method, examines the directions of
cash flow, and explains the essence of cash flows and methods of their assessment.
The study uses both descriptive and inferential statistics to determine the
relationship among the variables. It also employs the series of diagnostic tests to
ensure stability of the time series used as well as to ensure the model meets the
assumption of ordinary list square.The findings reveal that cash flow was observed
to determine insurance firms’financial performance and is statistically significant.
Cash flow from operating activities was observed to significantly increase financial
performance of insurance companies in the period examined. Cash flow from
financing activities was found to increase the financial performance of the sampled
insurance firms, but was not statistically significant. The size of the insurance
company did not increase the financial performance of the insurance firms and was
also not statistically significant.
The paper recommends that managers in insurance firm should regularly change
the extent at which cash is spent to avoid negative cash flow position as well as
15
financial crisis. Adequate investment appraisal is really a concern that insurance
firms need to take into consideration when customers are taking up insurance
coverage. The costs have to be weighed against the benefits accruable thereto.
The Discounted Cash Flow (DCF) method is probably the most extended approach
used in company valuation, its main drawbacks being probably the known extreme
sensitivity to key variables such as Weighted Average Cost of Capital (WACC) and
Free Cash Flow (FCF) estimations not unquestionably obtained.
In this paper we propose an unbiased and systematic DCF method which allows us
to value private equity by leveraging on stock markets evidences, based on a
twofold approach: First, the use of the inverse method assesses the existence of a
coherent WACC that positively compares with market observations; second,
different FCF forecasting methods are benchmarked and shown to correspond with
actual valuations.
We use financial historical data including 42 companies in five sectors, extracted
from Eikon-Reuters. Our results show that WACC and FCF forecasting are not
coherent with market expectations along time, with sectors, or with market regions,
when only historical and endogenous variables are taken into account.
The best estimates are found when exogenous variables, operational normalization
of input space, and data-driven linear techniques are considered (Root Mean
Square Error of 6.51). Our method suggests that FCFs and their positive alignment
with Market Capitalization and the subordinate enterprise value are the most
influencing variables. The fine-tuning of the methods presented here, along with an
exhaustive analysis using nonlinear machine-learning techniques, are developed
and discussed in the companion paper.
16
14. V Mohagheghi, SM Mousavi, B Vahdani - Neural Computing 2017
Credit risk modelling becomes an important part of the daily operations to assess a
borrower’s solvency and liquidity, especially with the increase in the number of
applications to obtain business financing (European Central Bank, 2021). However,
the researchers and business practitioners question the validity and completeness of
the analysis obtained from credit risk modelling based on traditional financial
statements, such as income statements and balance sheets (Jury, 2012). To acquire
17
certain benefits (i.e. additional funding) managers may internally manipulate the
information in traditional accrual-based financial statements.
The researches show plenty of evidence that accounting professionals within the
companies intentionally manipulate the financial records and reports to meet a
specific target (Bhasin, 2016). On the other hand, when financial institutions make
decisions to grant a loan, it is essential for them to determine the exact numerical
value of risk exposure.
Having clear credit risk estimations is not only important to improve decision-making
and its possible financial consequences, but it is also a legal requirement to the
financial institutions set by the controlling institutions (European Bank Authority,
2021). For investors, it is crucial to have a clear analysis of the financial state of their
potential investment, especially foreign direct investment.
The phenomenon of the "megadolar" case that occurred in Enron Corporation and
the profits stated over stated at PT. Kimia Farma caused by earnings management.
Earning management results in reporting on financial statements asymmetry with
the actual situation. This can bring huge losses to shareholders because financial
statements are the main basis for shareholders in conducting business transactions.
Utami (2005) in his research stated that Indonesia is the country with the most rice
earning management. Thus, it is important for investors and shareholders in
Indonesia to look at things that can trigger earnings management and what can
prevent earnings management. In this study the researchers tested the effect of
good corporate governance, free cash flow, and leverage on wealth earning
management and shareholders.
The researcher examines the effect of good corporate governance as a variable that
can prevent earnings management and test free cash flow and leverage as triggers
for earnings management. In this study using a sample of 178 service sector
companies taken through the Yamane method with a sampling method namely
purposive sampling in the 2016-2018 period. Data analysis and hypothesis testing in
this study using the Partial Least Square Path Modeling (PLS-SEM) method.
The results showed that good corporate governance proved to have a significant
negative effect on earnings management while shareholders in wealth had a
significant positive influence. Free cash flow proved to be insignificant to earning
management while shareholder wealth had a significant positive effect. The leverage
variable proved to have a significant negative relationship to earnings management
as well as wealth shareholders.
This paper identifies and explore significant quantifiable cash flow factors influencing
building projects profitability in Ghana. A thorough literature was undertaken to
18
unravel the quantifiable cash flow factors which facilitated design of questionnaire. A
survey with prime focus on large firms registered with the Association of Building
and Civil Engineering Contractors, Ghana was undertaken. A total of 50
questionnaires were received from 63 administered representing 79.36% response
rate with a Cronbach Alpha value of 0.895 and Kappa value of 0.743 respectively
were attained.
One-sample t-test was performed on the rated responses to establish 12 significant
factors. Principal component analysis was subsequently employed to reduce factors
to the most significant components. Prominent variables selected from rotated and
component score matrixes were: wages of labour and staff; progress payment
duration; bank interest rate; and replacement of defective works as significant
variables.
This study was limited to quantifiable cash flow factors and large construction firms
hence, recommended further study with focus on qualitative factors, procurement
types, broader scope of construction firms and other developing countries. The
outcome of this is to aid construction managers effectively manage the significant
cash flow factors to maximize profit.
19
20. A Kustra, S Lorenc - Energies, 2021
The use of geothermal energy to produce heat and electricity has become
increasingly important in recent years. This is mainly due to environmental issues
and the need to ensure energy security. The aim of the article was to analyse and
compare the ability to maintain cash balance of selected geothermal companies in
Poland. The following were taken for verification: Przedsiębiorstwo Energetyki
Cieplnej PEC Geotermia Podhalańska S.A., Geotermia Poddębice Sp. z o.o.,
Geotermia Mazowiecka S.A., Geotermia Pyrzyce Sp. z o.o. and Geotermia
Czarnków Sp. z o.o. The adopted research methodology, combining accrual and
cash recognition, allowed the analysis of the ability to create cash flows and
maintain cash stability in 2016–2019. The study used financial data from the
financial statements of the analysed companies.
The analysis shows that the highest cash flows from assets defined as Free Cash
Flow to Firm FCFF (over PLN 11,318 thousand) and the highest cash flows for
owners Free Cash Flow to Equity FCFE (over PLN 10,005 thousand) are generated
by Geotermia Mazowiecka S.A. At the same time, the balance between cash flows
meeting the inequality FCFF ≥ FCFE + FCD, where FCD Free Cash Flow to Debt,
determines the ability of assets to generate cash covering the current distribution of
capital for its donors.
Consequently, there is an increase in the value of cash resources identified in
investments in the management balance sheet. Such a situation occurred in the
case of Geotermia Poddębice Sp. z o.o. and Geotermia Mazowiecka S.A. The
reverse situation, i.e., FCFF < FCFE + FCD is characteristic for cash imbalance. In
such conditions there is a decrease in cash resources identified in the management
balance. This occurred in PEC Geotermia Podhalańska S.A., Geotermia Pyrzyce
Sp. z o.o. and Geotermia Czarnków Sp. z o.o.
The paper investigates the impact of the statement of cash flows of listed companies
on lending decisions of commercial banks in the context of Vietnam. Survey data for
the research were collected from 160 credit officers of Vietnamese commercial
banks for short-term and long-term lending decisions, whether the cash flow
statement includes complete information or has a lack of information. The cash flow
statement, in which the information on the cash flow is completely contrary to the
profit information on the income statement is examined.
This paper employed T-tests to address the research issues in a market considered
to be ineffective, like Vietnam. The research results show: (1) the information on the
cash flow statement affects both the short-term and long-term lending decisions of
credit officers, and (2) the lack of information on the cash flow statement in both
cases of positive and negative profits affects the comfort and confidence of credit
officers in making decisions. The research findings also indicate that cash flow
statements are important for lending decisions of credit institutions in Vietnam.
20
Therefore, this paper provides a new insight to managers on how to improve the
quality of cash flow statement to meet the needs of lenders.
22. A Dirman - International Journal of Business, Economics and Law, 2020
Cash flow plays a vital role to bring many benefits to the smooth functioning of the
financial system and the economy as a whole. So, it is interesting to study factors
affecting cash flow. This study has examined the impact of intangible assets and
firm-specific factors on cash flow. We have done our empirical analysis of public
firms listed on the Pakistan stock exchange for the years 2009 to 2020. The data
has been collected from the financial statements of automobile sectors which are
listed on public firms on the Pakistan stock exchange (PSX).
Cash flow is most significantly influenced in a positive way by the results that are
expected to be generated by intangible assets. The firm size has a negative and
significant impact on cash flow. The estimated results of firm growth have a
significant and positive impact on cash flow.
The estimated profitability results have a significant and negative impact on cash
flow. The estimated results of earnings volatility have an insignificant and negative
impact on cash flow. The overall results conclude that selected explanatory
variables play an important role in determining the level of cash flow.
A program that keeps record of personal financial details and also mines the data for
insightful analysis is definitely a good day-to-day companion. In this generation,
such tool is inevitable in the financial dealings of any individual or company. In this
study, we developed an easy but highly intuitive method of tracking financial
21
dealings, budgeting and forecasting personal financial expenditure using Microsoft
Excel
Among others, this program can aid in implementing financial strategies designed to
meet specific goals based on percentages in specific categories. From such data,
mathematical models were also developed and prediction was made. With little or
no modification, the Cash flow program presented in this study could be adopted for
use in any type of the organisation where money or any article of business comes in
and goes out in a particular cycle (typical of which is monthly). Results and method
presented here proved to be effective.
To curb financial miss-management, among others, one needs to track his/her
spending. Once a system is in place for tracking money spent, two certainties will
transpire. First, you will spend less money than you would have compared to the
absence of the tracking expenses. Second, you will be developing the discipline
necessary to accumulate true wealth.
This study concerns the use of the critical chain method to schedule the construction
of renewable energy facilities. The critical chain method is recognized as a useful
project management tool, transforming a stochastic problem of uncertainty in activity
durations into a deterministic one. However, this method has some shortcomings.
There are no clear principles of grouping non-critical activities into feeding chains.
Another ambiguity is sizing the feeding buffers with regard to the topology of the
network model and the resulting dependencies between activities, located in
different chains. As a result, it is often necessary to arbitrarily adjust the calculated
sizes of feeding buffers before inserting them into the schedule.
The authors present the new approach to sizing the time buffers in the schedule,
enabling a quick assessment of the quality of a given solution variant and finding a
solution that best meets the established criteria, conditions, and constraints. The
essence of the presented approach is the two-step sizing of time buffers with the
use of deterministic optimization and stochastic optimization techniques.
Taking into account construction management needs, the optimization criteria are
based on the construction project cash flow analysis. The effectiveness of the
presented approach is illustrated by an example of developing a wind power plant
construction schedule. According to the results, the presented approach ensures the
protection of the scheduled completion date of the construction and the stability of
the schedule.
As investment increases in capital projects, financial risks increase, and cash flow
prediction and control become more paramount. Higher risks could hinder project
performance and increase the chances of failure in multiple aspects of a project.
While there are models that aim to assess and forecast risks in the construction
22
industry, none present a technique to include the impact of risks on a project’s cash
flow. Therefore, cash flow forecasts tend to exceed the actual cash flow of a project
due to inaccurate risk assessment.
Thus, this paper presents the Cash Flow Risk Index (CFRI) development process
quantifying the impact of risks on a project’s cash flow from an owner’s perspective.
To that end, the study explored the literature to identify the risk factors that might
impact a construction projects’ cash flow and uncovered 44 factors. The study also
validated and consolidated these factors to build a CFRI via a Delphi exercise, which
reduced the factors from 44 to 36. In further iterations, the 36 factors were also
shared with 32 construction industry professionals to rate their relative importance
on a five-point Likert scale, from which relative importance index and weights were
obtained. As a result, the CFRI was developed to measure the impact of different
risk factors on a typical construction project’s cash flow.
An increase in the number of extreme weather events and gradual shifts in climate
parameters due to a changing climate pose a serious threat to the nation’s roadway
infrastructure. A systematic approach is needed to define risks and assess
consequences of climate change, consider the uncertainties, rank priorities, and
initiate an adaptation strategy in a cost-effective manner.
The objective of this study is to develop a framework that could be used to assess
the impact of climate change on pavements in a rational way using either the net
present value (NPV) or the real option (RO) approach to compare several options
23
and to make the most prudent decision regarding selecting an option and the time of
adopting that option.
The NPV approach will generally go against an investment in cases with high
uncertainty, even if they are very promising, and does not take into account the
flexibility or decisions that could be implemented on the basis of changing
conditions. In contrast, the RO method offers a flexible deferment option when the
uncertainties regarding outcomes are resolved to a certain extent.
A framework with a step-by-step method for evaluating the feasibility of building
roads that are resilient to a changing climate is presented, along with an example.
The worked-out example shows that there could be considerable value in using RO
analysis, and this value can be leveraged to develop better economic policies for
building roads that are resilient to a changing climate.
Many products deteriorate with time and have a maximum lifetime. An expiration
date will be marked. And then the product will no longer be sold after the expiration
date. Thereafter, the demand rate for the deteriorated item will near zero as its
expiration date is due.
Thus, to consider the demand rate incorporates with the expiration date is practical.
Furthermore, as the storage capacity is limited, the retailer needs to rent a
warehouse to store the excess quantities than can be stored. Consequently, to
consider a two-warehouse inventory model is necessary.
Nowadays, the supplier often provides a cash discount or permissible delay in
payments to its retailers, if the order quantity attains a certain amount. Likewise, the
retailer also provides a downstream trade credit period to his customers. In addition,
the cost is usually affected by the present value of time.
For these reasons considered, a supplier-retailer-customer chain model here is
established. The main task of this research is to find the optimal replenishment cycle
and order quantity to keep the present value of the total relevant cost per unit time
as minimum as possible. Numerical examples are performed for illustration and
sensitivity analysis on the expiration date is conducted.
Cash flows are one of the main indicators of liquidity and solvency of the company.
In practice, the Statement of cash flows is very often done as "following document"
to Balance sheet and Income statement.
This is wrong. The statement of cash flows can give the information to its users
about the ability of the company to make cash. The balance sheet and Income
statement, due to their accrual basis, are not saying anything about the cash flows
of the accounting period, and that is why the Statement of cash flows is very
important.
24
A good analysis of this statement can be the basis and support to the process of
decision making both for internal and external users of financial information. In this
paper we are presenting the methodology of the Statement of cash flows report
analysis. The subject of this paper is the analysis of the Cash Flow Statement. The
aim of this paper is to point out the importance of reporting on cash flows and its
information capabilities to users of accounting information.
The study explored cash flow management for enterprise’s business performance.
The study specifically investigated SMEs’ fulfilment of financial obligations through
cash flow management, and determines the influence of cash flow management
strategy on their performance in FCT Abuja. Survey research design was used. Data
were gathered and analysed using the descriptive method and regression analysis.
Findings showed that cash flow management influences the fulfilment of financial
obligations, and that cash flow management strategies influence the performance of
enterprises in Abuja. The study concluded that cash flow is critical to the success of
enterprises.
The study recommended that owners and managers of enterprises in Abuja should
improve on their cash flow management, and that policy makers should incorporate
strategy in management of cash flow framework to enhance improved performance.
Using a sample of mining companies listed on the Indonesia Stock Exchange (BEI)
over the period of 2014–16, this study aims to investigate the relationship of cash
flow analysis and good corporate governance with financial distress. The cash flow
analysis ratio includes CFFO / TL; CFFI / TL; CFFF / TL; CFFO / TR; and CFFO /
CL. Good corporate governance is the composition of the board of commissioners,
the ownership of institutional shares to the total shares, the ownership of shares of
internal parties to the total shares and the composition of the audit committee.
The target of observation in this research is all mining sector companies based on
set criteria. The logistic regression method, G-test and t-test are used to analyse the
relationship between the variables. Our results show that one ratio of cash flow
analysis shows the relationship between cash flow analysis and financial distress.
This study did not find any relationship between good corporate governance and
financial distress. The results of this study contribute to investors and users of
financial statements to consider the company’s financial performance, especially
25
regarding the solvency of the company, because it is able to provide information on
whether the company’s long-term financial condition is healthy.
Using verbal protocol analysis, this study examines how 21 experienced auditors
from four different firms assess the seven key inputs in a discounted cash flow
(DCF) model used by management to value goodwill. The analysis compares the
auditors' processes against a theoretical model derived from an analysis of
accounting and auditing standards and authoritative sources of valuation
methodology and identifies systematic omissions and inaccurate applications of key
audit steps.
It also relates those issues to audit outcomes at the individual input and the overall
goodwill evaluation levels. The study's findings can help regulators, standard setters,
practitioners and academics to better understand the limitations of auditors'
competencies so that they can design strategies for mitigating them.
This study illustrates how to properly apply the discounted cash flow methodology
when assessing and planning energy and chemical manufacturing facilities. These
procedures typically correspond to lengthy, capital-intensive undertakings. Simple
economic criteria, such as profit or production cost, are inappropriate for this form of
decision-making because they undervalue the viability of the analysed plants and do
not account for the time value of money.
27
This study demonstrates how some of the criteria based on discounted cash flows
provide acceptable trade-offs between profitability and long-term cash flow
generation. It is demonstrated how to appropriately rank mutually exclusive
alternatives and how to choose the best option from them because multiple
alternative possibilities are typically reviewed in concurrently.
In this paper we outline how to value private companies and work through a real
case study. The corporate finance and valuation techniques on display can be used
to value any private company or project that is illiquid with little or no market data.
Together with this paper we provide the full background information for the case
study, including consolidated balance sheet, cash flow and income statements and
an Excel workbook with a full valuation breakdown.
Two valuation approaches are presented. The first approach is called ‘multiples’ and
requires we first identify sensible comparable companies with public data and can
serve as a reasonable proxy for our underlying firm or project. Known proxy
enterprise values are converted into multiples of EBITDA and extrapolated to value
the private company or project of interest.
Enterprise value can be measured as a multiple of sales, earnings, EBITDA, EBIAT
and many income factors. Typically practitioners measure enterprise value as a
multiple of EBITDA to exclude sales margin, capital structure, debt and leverage and
other idiosyncratic biases.
28
In this study, we examine whether investments in fixed (identifiable) intangible
assets and tangible assets are sensitive to cash flow and the extent to which this
sensitivity differs for firms with different levels of financial constraints. Using both UK
private and public firms' data, our overall analysis shows strong positive (negative)
effects of cash flow on intangible assets (tangible assets) investments.
When we split the data on the basis of listing status, we observe that cash flow is
positively (negatively) and significantly related to intangible assets (tangible assets)
investments for private firms but not so for public firms. In addition, we further
observe that both public and private firms' investments follow a similar pattern when
we split our data based on the availability of internal funds.
Moreover, we also find that the sensitivity of investment (identifiable intangible
assets) to cash flow is higher for young and large private firms but lower for small
and old ones. Our results remain similar to other econometric specifications, which
account for possible endogeneity issues.
he has completed and proved through studies that for the results of increment in the
functional cashflow the main reason will be day by day spreading capital diminution.
Especially if any diminution in current assets and hike in the current debit will finally
give rise in the cash flow from the operations.
Franklin further noticed that there will be an appreciable diminution in capita1 and all
of manager intentions to encourage from specific margin for the purpose of
functional cashflows. So the manager will aims at diminishing the spreading of the
capital in resect to utilize for fulfilling the appropriate targets of the functional
cashflow.
With this it can also be notified that if there are any of contractual encouragement
made for the purpose of alteration of accounts of a firm and the statement shows
that governing body of cashf1ow is more in common companies. In finding
allowance contracts for managers and their encouragements can be got in the
subject of “Circulating capital”.
29
He constituted a credit entry index with a loaner in a way for managing the flow of
money and for preventing disadvantages. Many of the firms have built an index of
covering of credit in those periods when sales event is falling shortened or
disbursement will be running higher. For the utility of producing an extra liquidity and
management of money for which they are necessary during a down month they
could be used for short period loan.
30
Sometimes cash can be also termed as close money units for example saleable
bonds and time deposits made into a bank. Pandey further noted that management
of a cash is involved with managing the flows of cash inside of a firm and outside of
a firm, cashflows inside a business unit and cash scale lent by company at a period
of supporting of financing of shortfall of excess cash balance.
31
2.2 Theoretical background and review
Cash Flows Statement
The statement of cash flows, also known as a cash flows statement, is one of the
financial documents that provides a clear picture of how changes to the balance
sheet account and gains affect cash and cash equals. The statement will divide the
analysis into three main categories: operating, investing, and financing activities.
This claim is made in reference to or concerned with the movement of money within
and outside of the company. The statement will include the current operating results
as well as any changes to the balance sheet. The statement is highly helpful in
determining the company's short-term viability and, peculiarly, its ability to pay.
Persons and units who are curious about cash flows statement are:
1. Latent borrowers or creditors are those who are interested in learning
about a company's ability to pay back its obligations.
3. Bridge players or prospective employees are the ones who are most
interested in learning whether a company can pay commissions on
schedule.
Cash flows statements take into account the inflow and outflow of the value of cash
and cash equals, and they will exclude any transactions that do not immediately
affect the amount received and all of the payments made. A cash ground
32
examination of three 18 types of activity (operation, financial, and investment), as
well as non-cash activity, is what a cash flows statement is.
Operating Activity:
This comprises displaying, marketing, and transferring the company's products, as
well as collecting customer money. Transporting the product, purchasing raw
materials, creating an inventory, and publicity are all part of the operating activity.
Items which are added back to the net income figure to arrive at cash flows from
operating activities basically includes the following items:
1. Depreciation.
2. Postponed tax.
3. Amortization.
4. Any profit or loss connected with the selling of a non-current assets related cash
flow does not belong to an operative segment.
5.Dividend accepted.
33
Investing Activities:
Financing Activity:
The capital that businesses raise for their transactions and external expansion
constitute all financing activity. This activity excludes financing for the company's
internal operations. The parties who are eager in learning how the firm is spending
its current cash effectively and how successfully a firm can raise funds for its
impending proceedings are all investors and the firms' creditors. The financing
activities part of the cash flows statement helps accurately determine the firm's
liquidity.
Direct Mode
Major classes of gross cash receipts and payments are reported using the direct
approach for constructing a cash flow statement. Dividends may be recorded under
operating activities or investing activities under IAS 7.
The taxes paid are recorded under operating activities if they are directly related to
such operations. Taxes that are aimed at financing or operating activities are
34
described as funding or 20 investing activities. International Financial Reporting
Standards (IFRS) are different from generally accepted accounting principles
(GAAP).
Dividends obtained from an organization's investing activities are classified as an
operating activity, not an investing activity, under GAAP regulations.
Sample format of the cash flow statement with the help of direct method.
Indirect Mode
Using net gain as a starting point, the indirect mode makes improvements for all of
the carry outs from the non-cash based trading. Gain from the asset account is
deducted from the net gain, and the increase in the susceptibility account is added
back to the net gain. By applying a series of additions and subtractions, an indirect
method tries to turn the accumulation basis of net gain into cash flows.
35
Sample format of the cash flow statement with the help of indirect mode.
Cash flow management needs to carry out three important classic tasks:
1. Monitor cash position: current income and expenditure assessment.
2. Management of cash balances: cash has turned to regional areas where a deficit
area and investment of excess cash surplus from profit making activities.
3. Interest rate risk management practices and communication mobility
36
CASH MANAGEMENT CYCLE:
Cash
Collectio
n
Business
Defici Borro
Operatio t w
ns
Surplu Inves
s t
Information
And Control
Cash
Payment
s
37
CHAPTER-3
RESEARCH DESIGN
38
3.1 INTRODUCTION
The project is entitled as “A study on cash flow analysis at Tube Investments India
Limited”. As this is a Company Based Finance project secondary data of the company
that is available in the company’s website is used. The 5 Years balance sheet of the
company is being used for this project.
1. Primary
2. Secondary
PRIMARY:
1. In primary content we will use a fresh form of records which has been used for
first time use and it indicates Germinal records of an institution.
2. In this project the primary data has been taken from the staffs of Tube Investment
India Limited and guide of the project.
3. Information will be collected with the help of auditor of the firm.
4. Observation method was has been used for understanding various tools used in
Logistic Management and their features.
39
SEC0NDARY:
The secondary contents will be majorly interpreted from various web site, publication,
periodical, etc.
40
CHAPTER 4
ANALYSIS AND
INTERPRETATION
41
4.1 Data Analysis and Interpretation:
4.1.1 Table indicating cash flow from operating activities to total cash
flow
INTREPRATION:
From the above table and chart it is understood that the cash flow from operating
activities of the firm is less in the year ending 31st March 2021 with 33.29%.
Cash flow of 664.77 cr and total cash flow 1996.38 cr. the cash flow from
operating activities is more for the year ending 31st March 2020 cash flow is
527.72 Cr cash flow and total cash flow 9 94.67 with 53.05%.
42
4.1.1 Chart indicating cash flow from operating activities to total cash
flow
250
0
200
0
150
0
100
0
50
0
0
201 201 202 202 202
8 9 0 1 2
Cash Total Cash
Flow Flow
Inference:
The cash flow and total cash flow from operations in high in the year 2021
43
4.1.2 Table indicating cash flow from investing activities to total cash
flow
INTERPRETATION:
From the book table and chart it is understood that the cash flow from investing
activities of the firm is less in the year ending 31st March 2028 with 16.48% and
Cash flow of 127.66 cr and total cash flow of 774.18 cr. the cash flow from investing
activities is more for the year ending 31st March 2020 is 1005.51 Cr cash flow and
total cash flow 1996.38 with 50.36%.
44
4.1.2 Chart indicating cash flow from investing activities to total cash
flow.
300
0
250
0
200
0
150
0
201 201 202 202 202
100 8 9 0 1 2
0 Cash Total Cash
Fow Flow
50
0
Inference:
The cash flow and total cash flow from investing in high in the year 2021
45
4.1.3 Table indicating cash flow from financial activities to total cash
flow
INTERPRETATION:
From about table and chart it is understood that the cash flow from financial activities
is less in the year ended 31st March 2022 with 6.33%. The cash flow is 41.65 cr and
total cash flow is 657.87 cr. The cash flow from financial activities is more in the year
ended 31st March 2018 with 33.28 cr the cash flow is 290.81 and total cash flow is
873.79 cr.
46
4.1.3 Chart indicating cash flow from financial activities to total cash
flow
200
0
150
0
100
0
50
0
0
201 201 202 202 202
8 9 0 1 2
Cash Total Cash
flow flow
Inference:
The cash flow and total cash flow from financial activities is high in the year 2021
47
4.1.4 Table indicating cash flow from operating activities
2018 347.41
2019 411.18
2020 527.72
2021 664.72
2022 325.82
INTERPRETATION:
From about table and chart it is understood that the cash flow from financial
activities is less in the year ended 31st March 2022 with 6.33%. The cash flow is
41.65 cr and total cash flow is 657.87 cr. The cash flow from financial activities is
more in the year ended 31st March 2018 with 33.28 cr the cash flow is 290.81 and
total cash flow is 873.79 cr.
48
4.1.4 Chart indicating cash flow from operating activities
Inference:
The cash flow from operating activities is high in the year 2021 with 29%.
49
4.1.5 Table indicating cash flow from investing activities
2018 127.66
2019 134.44
2020 217.54
2021 1005.51
2022 290.40
INTERPRETATION:
From the above table and chart we can say that the cash flow is increasing from the
year 2020 March 31 and 2021 March 31. But due to covid and shut down the cash
flow from investing activities has been decreased in the year 31st March 2022.
50
4.1.5 Chart indicating cash flow from investing activities
Inference:
The cash flow from investing activities is high in the year 2021 with 57%.
51
4.1.6 Table indicating cash flow from financial activities
2018 299.11
2019 254.72
2020 249.41
2021 326.10
2022 41.65
INTERPRETATION:
From the above table, we can say that the cash flow financial activity has been
decreased in the year 2019 from 2018 and further reduced by small margin in 2020
and saw a drastic increase in financial activities in the year 2021 and then there is
sudden and large decrease in the year 2022.
52
4.1.6 Chart indicating cash flow from investing activities
Inference: The cash flow from financial activities is high in the year 2021 with 28%.
53
4.1.7 Table indicating alterations in net cash and cash sales
2018 79.36
2019 17.38
2020 66.05
2021 216.06
2022 101.35
INTERPRETATION:
From the about table and chart we can say that the net cash and cash equals was
80.75 in the year 2018 March 31 but decrease to 22.02 in 2019 March 31. it is again
increased in 2020 it has started to decline in 2021 and for the decrease to 6.23 in
2022.
54
4.1.7 Chart indicating alterations in net cash and cash sales
Inference:
The alterations in net cash and net cash sales is high in the year 2021 with 28%.
55
4.1.8 Table indicating alterations in opening cash and cash equals
2018 9.57
2019 61.18
2020 39.16
2021 21.61
2022 6.97
INTERPRETATION:
In 31st March 2018 the cash and cash equals are 14.36 2019 it's a rapid increase to
61.18 and in 2020 it was reduced to 39.16 and reduced to further to 21.61 in 2021. It
saw an all time low of 6.97 in 2022.
56
4.1.8 Chart indicating alterations in opening cash and cash equals
Inference:
The alterations in opening cash and cash equals is high in the year 2019 with 44%.
57
4.1.9 Table indicating alterations in closing cash and cash equals
2018 69.79
2019 39.16
2020 21.61
2021 6.97
2022 0.74
INTERPRETATION:
In 2018 closing cash balance is 57.08 and there is for the decline in the value 39.16
in 2019, 21.61 in 2020 and 6.97 in 2021 and further it is reduced to 0.74 in 2022.
58
4.1.9 Table indicating alterations in closing cash and cash equals
Inference:
The alterations in closing cash and cash equals is high in the year 2022 with 50%.
59
CHAPTER 5
SUMMARY OF FINDINGS,
CONCLUSION AND SUGGESTIONS
60
5.1 Findings:
1. From the above table and chart it is understood that the cash flow from operating
activities of the firm is less in the year ending 31st March 2021 with 33.29%. Cash flow
of 664.77 cr and total cash flow 1996.38 cr. the cash flow from operating activities is
more for the year ending 31st March 2020 cash flow is 527.72 Cr cash flow and total
cash flow 9 94.67 with 53.05%.
2. From the above table and chart it is understood that the cash flow from investing
activities of the firm is less in the year ending 31st March 2028 with 16.48% and Cash
flow of 127.66 cr and total cash flow of 774.18 cr. the cash flow from investing activities
is more for the year ending 31st March 2020 is 1005.51 Cr cash flow and total cash flow
1996.38 with 50.36%.
3. From above table and chart it is understood that the cash flow from financial activities
is less in the year ended 31st March 2022 with 6.33%. The cash flow is 41.65 cr and
total cash flow is 657.87 cr. The cash flow from financial activities is more in the year
ended 31st March 2018 with 33.28 cr the cash flow is 290.81 and total cash flow is
873.79 cr.
4. From about table and chart it is understood that the cash flow from financial activities
is less in the year ended 31st March 2022 with 6.33%. The cash flow is 41.65 cr and
total cash flow is 657.87 cr. The cash flow from financial activities is more in the year
ended 31st March 2018 with 33.28 cr the cash flow is 290.81 and total cash flow is
873.79 cr.
5. From the above table and chart we can say that the cash flow is increasing from the
year 2020 March 31 and 2021 March 31. But due to covid and shut down the cash flow
from investing activities has been decreased in the year 31st March 2022.
6. From above table we can say that the cash flow financial activity has been decreased
in the year 2019 from 2018 and further reduced by small margin in 2020 and saw a
drastic increase in financial activities in the year 2021 and then there is sudden and
large decrease in the year 2022.
7. From the about table and chart we can say that the net cash and cash equals was
80.75 in the year 2018 March 31 but decrease to 22.02 in 2019 March 31. it is again
increased in 2020 it has started to decline in 2021 and for the decrease to 6.23 in 2022.
61
8. In 31st March 2018 the cash and cash equals are 14.36 2019 it's a rapid increase to
61.18 and in 2020 it was reduced to 39.16 and reduced to further to 21.61 in 2021. It
saw an all time low of 6.97 in 2022.
9. In 2018 closing cash balance is 57.08 and there is for the decline in the value 39.16
in 2019, 21.61 in 2020 and 6.97 in 2021 and further it is reduced to 0.74 in 2022.
5.2 Suggestions
As I found that the companies financial position is very good, but I found some areas
during my analysis which gives a sharp alarm for the firm to have an effective cash
management.
- In order to increase efficiency in the delivery of services and, in turn, increase profit, I
advise the company to develop and implement an effective management strategy.
- For the increase of profit the firm must make an alternative plans.
- The company must diverge its plan into other areas such as EV’s etc.
- The firm should make market research at an regular intervals which could help the firm
in increasing the demand for the sales and services.
- It would be suggested to the firm to replace the fixed assets with the new and modern
and improved technology which helps in reducing the idle capacity and increase the
overall stability and which would help in earning high returns.
- The firm should try to decrease its liability through payback of all the debts which will
results in high interest payment.
- The company should implement innovative advertising strategies to promote its sales
and enhance its reach.
62
- The firm should form a research and development department to update with the
recent trends in global competitive market.
- It is suggested to the firm to increase its fleet to give equal competition to its
competitors.
5.3 Conclusion:
The process of managing financial risk has been going on for a while.
It is necessary to develop and improve new strategies in order to transform the market.
63
REFERENCES
1. Jiang, John Xuefeng. “Beating Earnings Benchmarks and the Cost of
Debt.” The Accounting Review, vol. 83, no. 2, 2008, pp. 377–416. JSTOR,
http://www.jstor.org/stable/30245362.
64
10. Kumar Duari, Nirmal, et al. ‘Inventory Policies for Deteriorating Items
with Maximum Lifetime under Downstream Partial Trade Credits to Credit-
Risk Customers by Discounted Cash Flow Analysis’. Application of Decision
Science in Business and Management, IntechOpen, 4 Mar. 2020. Crossref,
doi:10.5772/intechopen.90689.
1. https://tiindia.com/
2. https://tiindia.com/financial-information/
3. https://en.wikipedia.org/wiki/Tube_Investments_of_India_Limited
4. https://www.encyclopedia.com/history/encyclopedias-almanacs-
transcripts-and-maps/engineering-industry
5. https://www.murugappa.com/engineering/
6. https://www.tubeproductsindia.com/
7. https://www.lendingtree.com/business/cash-flow-analysis/
8. https://www.extension.iastate.edu/agdm/wholefarm/html/c3-14.html
9. https://corporatefinanceinstitute.com/resources/accounting/stateme
nt-of-cash-flows/
10. https://www.moneycontrol.com/india/stockpricequote/auto-
ancillaries/tubeinvestmentsindialtd/TIIND54076
11. https://www.wallstreetmojo.com/cash-flow-analysis/
12. https://www.sciencedirect.com/science/article/abs/pii/S092552
7317302724
13. https://www.sciencedirect.com/science/article/abs/pii/S092552
7319301689
14. https://www.tandfonline.com/doi/abs/10.1080/13657305.2019.16
41572
65
ANNEXURE
BALANCE SHEET
Cash flow statement for the year ended 31-Mar-2018
66
67
Cash flow statement for the year ended 31-Mar-2019
68
69
Cash flow statement for the year ended for the year ended 31-Mar-
2020
70
71
Cash flow Statement for the year ended 31-Mar-2021
72
73
Cash flow statement for the year ended 31-Mar-22
74
75
76