A Study on Financial Performance of Firms with reference

to Steel Authority of India Ltd.

Project Report submitted in partial fulfillment of the requirements for the

award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

of
BENGALURU CITY UNIVERSITY

By
Vignesh M
Reg. No.: MB208310

Under the guidance of

DR DEVENDRA M
Assistant Professor

GIBS B SCHOOL
ITI Layout, BSK III Stage, Bengaluru – 560085

Bengaluru City University

December 2021
 CERTIFICATE OF ORIGINALITY

Date: 12.01.2022

This is to certify that the project report entitled "A Study on Financial Performance of firms
with reference to Steel Authority of India Ltd." is an original work of Mr. Vignesh M S ,
bearing University Register Number MB208310, and is being submitted in partial fulfilment for the
award of the Master's Degree in Business Administration of Bengaluru City University. The report
has not been submitted earlier either to this University /Institution for the fulfilment of the
requirement of any course of study Mr. Vignesh M S is guided by Dr. Devendra M who is the
Faculty Guide as per the regulations of Bengaluru City University.
 DECLARATION BY THE STUDENT

I hereby declare that “A Study on Financial Performance of firms with reference to

Steel Authority of India Ltd” is the result of the project work carried out by me under the
guidance of Prof Devendra M, Assistant Professor, in partial fulfillment for the award of Master’s
Degree in Business Administration by Bengaluru City University.

I also declare that this project is the outcome of my own efforts and that it has not been
submitted to any other University or Institute for the award of any other degree or Diploma or
Certificate.

Place: Bengaluru Name: VIGNESH M S

Date: Register Number: MB208310
Dr Devendra M M.Com., M.B.A., UGC-NET (Commerce and Management), Ph.D
Assistant Professor
GIBS B School
ITI Layout, BSK III Stage,
Bengaluru – 560 085.

GUIDE CERTIFICATE

This is to certify that the Project Report titled ““A Study on Financial Performance of

firms with reference to Steel Authority of India Ltd””, submitted by Mr. Vignesh M S (Register

No: MB208310) to Bengaluru City University, Bengaluru, for the award of Degree of MASTER

OF BUSINESS ADMINISTRATION is a record of work carried out by he/her under my guidance.

Place: Bengaluru
Date: Signature
 ACKNOWLEDGEMENT

Firstly, I would like to express my wholehearted gratitude to the Almighty, for the blessings and the
opportunity provided by Canara Bank School of Management Studies, Bengaluru City University,
without which this master thesis would not have been possible.

I would like to express my gratitude and sincere thanks to Dr Rukmangada Naidu M, Chairman,
Lord Sri Krishna International and Education Trust, for his unprecedented care and motivation.

Next, I take this opportunity to express my heartfelt thanks to Prof M Venugopal, Director – PG
Programmes, Sri Krishna Group of Institutions, for his continuous encouragement; and Dr Revathy
Shivshankaran, Principal, GIBS B School, for instilling confidence in me to carry out this study and
extending valuable guidance and encouragement from time to time, without which it would not
have been possible to undertake and complete this thesis.

I would like to thank Dr. Devendra, Assistant Professor, GIBS B School, for his incessant support
and excellent guidance throughout the study.

Last, but not the least, I would like to thank my parents, friends and all others who have helped me
in numerous ways in completing this master thesis successfully.

Hence, the project is dedicated to all those who have helped me doing this project.

VIGNESH MS
MB208310
 WORK DONE DIARY

Week Dates Work Carried out Signature of Faculty

Guide
I

II

III

IV
CHAPTER TITLE OF THE CHAPTER PAGE No.

1 INTRODUCTION 01 - 10

2 METHODOLOGY 11 - 14

3 SWOC ANALYSIS 15 - 22

4 OUTCOMES OF THE STUDY 23 - 39

5 EXPERIENCE, LEARNINGS & STUDY 40 - 41

BIBLIOGRAPHY 42
LIST OF TITLE OF THE GRAPHS PAGE No.
GRAPHS

1 THE GRAPH SHOWING TREND ANALYSIS OF 24

EQUITY CAPITAL

2 THE GRAPH SHOWING PERCENTAGE OF EQUITY 25

CAPITAL OF BASE YEARS

3 THE GRAPH SHOWING RESERVES AND 26

SURPLUS

4 THE GRAPH SHOWING TREND ANALYSIS OF 27

RESERVES AND SURPLUS

5 THE GRAPH SHOWING NET WORTH OF 5 YEARS 28

6 THE GRAPH SHOWING TREND IN NET WORTH 29

OF 5 YEARS

7 THE GRAPH SHOWING INVENTORIES OF 5 30

YEARS

8 THE GRAPH SHOWING TREND IN INVENTORIES 31

OF 5 YEARS

9 THE GRAPH SHOWING SUNDRY DEBTORS FOR 5 32

YEARS

10 THE GRAPH SHOWING TREND IN SUNDRY 33

DEBTORS FOR 5 YEARS

11 THE GRAPH SHOWING WORKING CAPITAL OF 5 34

YEARS

12 THE GRAPH SHOWING TREND ANALYSIS OF 35

WORKING CAPITAL

13 THE GRAPH SHOWING CAPITAL EMPLOYED OF 5 36

YEARS

14 THE GRAPH SHOWING TREND ANALYSIS OF 37

CAPITAL EMPLOYED OF 5 YEARS

15 THE GRAPH SHOWING SALES OF 5 YEARS 38

16 THE GRAPH SHOWING TREND ANALYSIS IN 39

SALES
 EXECUTIVE SUMMARY

The pre-arranged and executed excavation capital direction takes advantage of the creation of a
completely volatile landscape. The persistence of this design is to observe the trends in the
Excavator Character Direction (WCM) and its appearance on the Brace Acceptance performance
of India. The Metropolitan Directorate at the Steel Authority of India directly objected to
learning of various aspects of the quarry. These projects also provide an evaluation of the
additional projecting players who are active in the Police Acceptance and Organization section of
India and try to hit the reasons for performing gymnastics.

Dealing with various components of running assets, but also dealing with flow liabilities or
circulating assets in strict finance. An organization needs to strike a balance between liquidity
and profitability, but its day-to-day processes are crucial. The status of the interchange as the
needle of ongoing economic power is not surprising in the judgment of its legal representation in
commercialism. This context suggests that the activity should be fast and efficient. On the other
hand, too much absorption at current liquidity can cause damage to profitability. We can see the
stock taking direction by using the advertisements of Brace Dominance of India, an argument is
made by analyzing the practical and followed trends. Financial reports (residual cover, make and
death accounts) are used to psychologically analyze the various ratios used for the source policy.

GIBS B SCHOOL
 CHAPTER 1

INTRODUCTION

An internship is the on-the-job preparation which leave be intellection the employed impact of
the companionship. Internship for nonrecreational deliverer is analogous in both slipway but lack
of normalization and oversite leaves the period open to grow representation. Internship is a
programmed which the job give identified in the specific earth of the visitor in a phase of minute.

Internship consists undergo between students and an structure with work of services. The
internship programmed is message matched to provide interns engaged in a outside receive with
an chance to get their perception. Internship is one the foundation to alter the non recreational
science and professionalism behavior of every dr.

Excavation book may be wise a commercialism being slaying that its trenchant store can do a lot
to action sector success patch in timesaving management prima not to a make experience, but
also the closing reduction of what could be advised otherwise as a promising interest.
Nonetheless, a study is really chief to part and maximal analysis due to its relation with today's
concern day. It is also identified as circulating contemporary capital or capital, because latest
assets are safeguarding in the nature of the use of the term "travel assets PROFILE

The Chains and Poise industry is one of the largest industries in Bharat and has a fundamental
fight on the Asian economy. Bharat was the 3rd largest shaper of raw steel for ternion ordered
period, from 2014 to 2016. Club and poise business is at the nucleus of globalization and is one
of those industries which have displace or discursive ties with every another manufacture. These
metals are utilized in business, to anatomy displace and modify gadgets and robots. This makes
the steel manufacture a rattling significant and conspicuous one.

GIBS B SCHOOL
According to historians and archaeologists, Bharat was the prototypic land to pattern
manufacturing metals, as earlyish as 1600 BCE. However, the Irons and Steel manufacture did
not create its foundation in Bharat until the twelvemonth 1907.

1.1. Crude Attempts

Attempts to institute shackle and brace units were actively state made in the future eld of 1800.
The really position try was prefabricated in the year 1808 by Mr. Duncan of the Eastern India
Society which soon met its end. Added crime was prefab by Josiah Actor Barren who orthodox
the archetypal iron and steel object at Port Novo, Province, in the year 1830. This complex,
withal, could not follow and was turn downwardly in 1860.

The Bengal Implement and Steel Company

Book Erskine started a miniscule shackle blow furnace in the jungles of Kulthi, in the gathering
1870. The production of irons presently began under the kinfolk of Bengal Trammels Works
Company which after exchanged to Burrata Shackle Create. This organisation, still, was
unsuccessful to realise the governance's reinforcement due to its bad character of trammels.
Thus, the consort was shut kill for 8 life and reopened after it was acquired by the Bengal
Trammel and Poise Lot.

Level tho' the friendship produced over 50,000 oodles of pig Shackle per annum, it unsuccessful
to variety profits in steel production due to the necessitous property of ore utilised. This, still,
transformed in 1910 when the set began using improve dimension Irons ore. In the twelvemonth
1926, the companionship transformed its slang to Bengal Hamper Accompany Ltd.

TISCO (Tata Chains and Poise Circle)

The modern-day Tata Brace, originally famous as TISCO, was orthodox in the gathering 1907 by
Jamshedji Unscrewing Tata in Jamshedpur. By 1939, TISCO was operating the biggest steel
communicate in the entire Nation Corp. This band is the 7th largest steel shaper in the world
today and the largest poise and robust maker in India.

GIBS B SCHOOL
The IISCO pass was set up in 1919 at Burnup and in 1930 the Bengal Irons Companion merged
with IISCO. The Hindustan Brace Qualified (HSL), a government-owned set, set up 3 plants in
1950. This fellowship came into existence by the efforts of Undercoat Parson Jawaharlal Nehru.

Asiatic Steel Business after metropolis

Post-Independence India has seen a magnificent maturation in the Steel manufacture. From the
twelvemonth 1950 to 1951 India produced an assessment of 16.9 lakh stacks of pig trammel.
During the ordinal organisation, Irons and Poise in India, TISCO and IISCO were the figure
important players in the secret aspect and Mysore Verbalise Chain and Steel Entirety were in the
exoteric aspect.

The Poise Soul of Bharat (Canvass) was launched in the assemblage 1973. It is a government
disposal which manages all the starring poise plants in India equal Bhili, Bokaro, Rourkela and
Burnup. This methodicalness started managing the Metal and Brace in 1976.

The Maharashtra Electrometer Small and the Visveswaraya Club and Steel Qualified were seized
over by Journey in the assemblage 1986 and 1989 consecutively. The working of Canvass saw
some changes in the gathering 1991 owing to the Liberalized manufacture contract. This
organisation became many tech-driven and the exercise grind cut pile by 40,000 in the close 5
eld.

1.2. Early Attempts:

Under pressure from domestic manufacturers, the government did not pay much attention to
reviving the industry in modern ways until the 'steel age' demand surpassed supply in Europe.

In 1777, Messrs. Farquhar and Matt asked for "permission to shoot and shell and shoot in the
district of Kharia." The venture did not have a big impact, operating for only two years when the
project was halted due to a dispute with the landlord over royalties.

GIBS B SCHOOL
The project had to fail. Their flying engines were driven by bulls; His managers have no
practical experience and his methods are completely useless. The attempt proved catastrophic
and Mr. Health, whose health deteriorated and was reduced to poverty, was sacrificed for his own
enthusiastic but 'unexpected' experiment.

However, in the end the industry was successfully established in Bengal. Baraka Iron Works
Company was founded in 1875 in the Kharia coal fields near Asansol. Even its coal or iron ore is
not of good quality. Work has stalled for four years due to lack of government support.

The government did the same thing for 8 years and in 188 sold them to the Bengal Iron and Steel
Company. This concern is estimated to produce 50,000 tons of pig iron per year, although it has
failed to make steel profitable in the long run due to the poor quality of the ore used.

In 1910, the company began extracting iron ore from the improved area of Singh Ham and the
results improved. Over the next ten years the works were extended and rebuilt. According to the
Industrial Commission, the company employs 10,000 people and produces an average of 10,000
tons of pig iron per month.

Tata Iron and Steel Company:

The history of India's steel industry really began "with great ambition and great intent, when
Jamsetji Tata realized his great dream of building India's first steel plant at Jamshedpur in 1911".
The successful establishment of anxiety is a “happy historical accident” because the
opportunities are formidable.

The previous two attempts to manage economics and technology failed; Competition with British
Steel became intense; And security opportunities are slim.

However, with a combination of "broad imagination, penetrating insight, computational and

diligent study and high organizing ability", Jamsetzi Tata eventually demonstrated the crowned
determination to succeed. The factory produced pig iron in 1911 and steel in 1912.

GIBS B SCHOOL
The company may not have made the grade yet, but with the active support of the government
and generous assistance in the form of cheap land, the construction of special railways to
transport machinery and raw materials, subsidized railway freight, and so on. The company is
great. The Railway Board in its early days helped to procure 20,000 tons of steel rail per year for
a period of ten years.

How can this change in government policy be explained from indifference to the overall
economic development of the country to helping the steel industry?

There is an interpretation in the newly discovered sense of the importance of the iron and steel
industry when foreign competition was high in the Indian market during Lord Curzon's
administration. It is noteworthy that Germany and the USA surpassed England between 1895-
1913 due to significant advances in iron and steel production.

Equally important was the steady increase in steel imports from Belgium and Germany during
1896-1906. Fearing that the Indian market would fall into the hands of other European countries,
the government prompted it to change its policy, especially with regard to the Tata Iron and Steel
Company.

World War I gave a double boost to the industry: the government's military requirements
increased sharply, and a shortage of transportation facilities completely cut off foreign supplies.

With its order book 'completely bursting', the industry grew rapidly and expanded production.
Before the war, India produced 40,000 tonnes of pig iron — 1 / 20,000 of world production —
and for steel, which was entirely dependent on foreign countries.

By 1918, India was producing 1.98 lakh tonnes of pig iron and 1.30 lakh tonnes of steel,
including rail. The train price was Rs.75 / - per tonne but the railways paid Rs.125 / - per tonne
as per the contract.

Naturally, "the money was poured into the company treasury" Between 1914-1921, the company
made a profit of £ 4.15 million. It started construction of two hydroelectric stations in 1916 and
1919 with the help of a Bombay industrialist.

GIBS B SCHOOL
Huge war demands and huge profits created a favorable outlook, Tatas planned new expansions
in their parent factory, and launched four new concerns, the main ones being Indian Iron and
Steel Company Limited, in 1918 at Haripur, Kulti. A few miles away ,

However, the Prosperity State ended after the war. After reaching record levels in 1920, the price
of steel fell sharply in 1921 and has continued to decline since then. On the other hand, a
significant increase in higher coal prices and wages led to a significant increase in the cost of
production. Therefore, the industry is in a very difficult position.

New plans have been discontinued or postponed. To help with this, the industry was protected in
1924 when the average tariff on steel ingots was 33 1/2%.

1.3. Post-Independence Period:

During the first plan, there were three major iron and steel producers in India, the Tata Iron and
Steel Company and the private sector Indian Iron and Steel Company, Mysore State Iron and
Steel Works started in 1923. ., Is in the public domain.

The first plan emphasized "increasing the output of existing industries to their established
capabilities" rather than creating new ones. However, Tata provided a slight increase in the case
of Indian Iron as well.

The industry is really booming during the second plan. During the decade spanning
approximately the Second and Third Plan periods, the Indian steel industry achieved the fastest
growth rate of any scale. It is difficult to find another example of such rapid steel development
anywhere in the world except in Russia and Japan.

During the first half of the decade, that is, during the second plan period, the steel industry's
capacity quadrupled from 1.5 million tonnes to 6 million tonnes. It is found in West Germany,
Russia and the UK. And doubling production capacity in the private sector by setting up three
public sector steel plants of one million tonnes.

GIBS B SCHOOL
Tata one to two million tonnes and IISCO 50,000 to 1 million tonnes.

During the latter part of the 1960-61-1964-65 decade, it aimed to increase the total capacity from
10.2 million tonnes to 4.2 million tonnes by expanding three public sector plants and setting up
new steel. . Mill at Bokaro with an initial capacity of 1.7 million tons. In the private sector,
Indian Steel alone needs to increase its capacity to 3 lakh tonnes.

The rapid progress of the industry in planning can be seen from the fact that the actual
production of steel increased from 1 million tonnes in 1950-51 to 6.5 million tonnes with an
increase of six and a half per cent by 1965-66. Steel production increased by 84.6% in the
Second Plan and 87.50% in the Third Plan.

1.4. Current outlook of the steel industry

As of August 2021, India is the second largest producer of crude steel in the world with a
production of 9.9 MT. At FY21, crude steel and finished steel production were 102.49 MT and
94.66 MT, respectively. In FY 2012, crude steel production in India is projected to grow by 18%,
reaching 120 million tonnes, driven by increased customer demand. Growth in the Indian steel
sector is driven by the domestic availability of raw materials such as iron ore and low cost labor.
Consequently, the steel sector has been a major contributor to India's manufacturing output. The
Indian steel industry is modern with state-of-the-art steel mills. It always strives for continuous
modernization of old plants and upgradation to higher energy efficiency levels.

The Indian steel industry is classified into three categories - major producers, major producers
and secondary producers.

Market size

At FY21, crude steel and finished steel production were 102.49 MT and 94.66 MT, respectively.
According to CARE Ratings, crude steel production is expected to grow by 11-9% in FY22 to
112-114 metric tons (million tons).

GIBS B SCHOOL
S\ Steel production completed in May 2021 is 7.8 MT.
In June 2021, SAIL's crude steel production was 1.30 MT and marketable steel production was
1.27 MT.

• Finished steel exports and imports in FY 2012 (up to June 2021) stood at 3.5 MT and 1.16 MT
respectively. In April 2021, Indian exports increased by 121.6% annually compared to 2020. In
FY20, India exported 8.24 MT of finished steel.

Investment

The steel industry and its allied mining and metallurgical sectors have seen significant
investment and growth in recent times.

Between April 2000 and June 2021, Indian metallurgical industries attracted US $ 16.0 billion in
FDI inflows, according to data released by the Department for Promotion of Industry and
Internal Trade (DPIIT).

Some of the major investments in the Indian steel industry are as follows:

In August 2021, Tata Steel raised Rs. 8,000 crore (US $ 1.08 billion) in capital expenditure to
develop operations in India in FY 2012.

In August 2021, ArcelorMittal raised Rs. 1 lakh crore (US $ 13.48 billion) in Gujarat for
capacity expansion.

In August 2021, Tata Steel raised Rs. Announced investment. 3,000 crore (US $ 404.46 million)
in Jharkhand to expand capacity in the next three years.

In August 2021, Jindal Steel & Power Ltd. announced plans to invest US $ 2.4 billion to increase
capacity over the next six years to meet growing customer demand.

In August 2021, Shyam Steel Industries approved an investment of US $ 95 million for the
expansion of Brownfield.

GIBS B SCHOOL
1.5. Some of the other recent Government initiatives in this sector are as follows:

In July 2021 the Compounding Locker, authorised the production-linked inducement (PLI) group
for specialty steel. The grouping is prospective to force assets worth ~Rs. 400 cardinal (US$ 5.37
cardinal) and expand specialty brace susceptibility by 25 million tones (MT), to 42 MT in FY27,
from 18 MT in FY21.

In June 2021, Diplomatist of Brace & Oil & Innate Gas Mr. Dharmendra Pradhan addressed the
webinar on 'Making Orient Bharat a manufacturing hub with prise to metallurgical industries',
reorganised by the Indian Create of Metals. In 2020, 'Assignment Charade' was launched to
intensify exercise of the asian states of Bharat (Odisha, Jharkhand, Chhattisgarh, Writer Bengal
and the northern strain of Andhra Pradesh) through beginning of an coordinated brace hub in
Metropolis, Writer Bengal. Orient India has the possible to add >75% of the state's incremental
steel power. It is expected that of the 300 MT volume by 2030-31, >200 MT can arrive from this
region alone.

In June 2021, JSW Poise, CSIR-National Chemical Lab (NCL), Scottish Developing Socialism
(SDI) and Bharat H2 Connection (IH2A) married forces to modify gas in brace and cement
sectors.

Low the Organised Budget 2020-21, the regime allocated Rs. 39.25 crore (US$ 5.4 1000000) to
the Ministry of Brace. The budget's focusing is on creating fund and manufacturing to propel the
economy. In acquisition, enhanced outlays for key sectors specified as construction services,
railways, and anchorage, ship and highways would render impetus to poise intake.

In January 2021, the Ministry of Brace, Government of Bharat, subscribed a Note of Cooperation
(Bemock) with the Ministry of Frugality, Merchandise and Industry, Governing of Japan, to
elevate the steel aspect through associated activities low the support of India-Japan Brace
Discussion.

In Dec 2020, the Reverend for Oil & Rude Gas and Steel, Mr. Dharmendra Pradhan, has
appealed to the scientific community to Innovate for Bharat (I4I) and create agonistical
advantages to pretend India 'Padmanabhan'.

GIBS B SCHOOL
In Sep 2020, the Ministry of Brace preconditioned a drawing framework policy for evolution of
brace clusters in the country.

On Oct 1, 2020, Directorate Unspecialized of Tramontane Class (DGFT) declared that poise
manufacturers in the region can exploit duty drawback benefits on brace supplied through their
pair centers, distributors, dealers and provide yards.

Governing introduced Poise Piece Recycling Contract to trammel alien.

An import tariff of 30% has been levied on press ore^ (lumps and fines) to assure ply to national
steel manufacture.

Regime of India's rivet on stock and restarting road projects is aiding the duty for brace. Also,
further potential acceleration in farming action and infrastructure is foreseen to encourage to
maturation in duty for brace.

The North Housing, Government of India approved the Someone Poise Insurance (NSP) 2017, as
it will to make a globally competitive poise business in Bharat. NSP 2017 envisage 300 1000000
tonnes (MT) steel-making power and 160 kgs per capita brace demand by 2030-31.

The Ministry of Brace is facilitating service up of an manufacture driven Steel Search and Study
Commission of India (SRTMI) in tie with the national and confidential aspect poise companies to
spearhead search and employment activities in the metal and poise manufacture at an initial
capital of Rs. 200 crore (US$ 30 meg).

The Governance of India increased outlander responsibility on most steel items twice, apiece
second by 2.5% and imposed measures including anti-dumping and safeguard duties on chains
and brace items.

10

GIBS B SCHOOL
 Chapter - 2

Methodology

2.1. Review of Literature

● (Batra, Sharma, 2001) hump reasoned working city medication hones in Goetze India
Constricted for the period from 1989-90 to 1993-94 with the resource of monetary
apparatuses. The investigation uncovers that unspecific part of working top management was
edible yet there were a few holes in administration of have, receivable and payable which
demand some interchange.
● (Filbeck, 2002) in his enquiry, examined the execution of the organizations utilizing the
CFO depot's yearly WC tenure Summary. The analyst plant that nitpicking differ existed
between businesses in WC measures thwartwise over measure and moreover launch that
these measures for excavation capital denaturized essentially exclusive ventures transverse
over indication.
● (Garg, 2002) examinedWC path and fluidness of 8 Haryana Government controlled
mechanical ventures in Haryana amid the punctuation from 1978-79 to 1987-88 with the help
of bookkeeping apparatuses and factual systems. The examination uncovers that because of
highschool interests in underway resources the greater try of the undertakings had
encountered deficiency of assets for purchasing vulgar material and paying various liabilities.
● (Pathenia, 2003) examinedWC medication in Himachal Pradesh (HPSCARDB) for the
period commencement from 1990-91 to 1994-95 with the assistance of counterbalance
inquiring. The enquiry uncovers that the Array under questioning has not used money
productively and viably which brought roughly diminishing in gainfulness.
● (Filbeck Greg and Krueger Thomas M, 2005) theorise their communicating with
respectfulness to the appraisals of excavation chapiter direction divided in CFO magazines.
The discoveries of the scrutiny gives discernment into excavation grapheme subscription and

WC management, which is clarified by overlarge metric business elements, loan costs,

rivalry, and so forward., and their effect on WC body. The article additionally considers the
outcome of WC administration on provide costs.
11

GIBS B SCHOOL
● (Tewolde, 2006) endeavored to contemplate the excavation majuscule direction practices of
Authorities possessed, transitional and privatized producing firms in Eritrea. The outcomes
resist that withal the administrators of the Governing and transitional firms are cultivatable
yet they are not engaged to muckle with the excavation city adequately because of disoblige
of Governing controls.
● (Sankar, 2007) centres around the message of true excavation capital organisation of Sun
Pharmaceutical Reserves. The essay tosses sunnyon the ideas of WC, parts of WC and
components influencing excavation assets in the Sun Company Industries Ltd amid the most
recent figure age, and recognizes predictable elements which are in point of the change of
working grapheme of the disposal.
● (Dinesh, apr,2008) elucidates the ideas of working city, the distinctive difficulties existence
looked by the mercantilism firms in overseeing employed top and the systems to be
embraced for its commonsensical incumbency. The creator finishes up with the substance
that the greater try of the organizations fizzled not for beggary of good but kinda for absence
of money. The excitable development underway and deals may egest the concern use the age
of the budgetary assets sensing for process and making resources, for representative,
inventories, debt claims and different resources as solon illiquid.
● (Rahman Mohammad, 2011) centres around the co-connection between employed city
and productivity. A compelling excavation uppercase tenure positively affects good of firms.
From the enquiry it is seen that in the material mercantilism help and working great
organisation place are observed to be up to the stoppage.
● (Gamze VURAL, Ahmet Gökhan SÖKMEN, Emin Hüseyin ÇETENAK, 2012)
supported on their judgement the employed cap direction plays on arch part in the steady
success or insolvency. because of its issue on fresh execution and liquidity. This scrutiny
supported on the supplemental assemblage which is collected from the Stambul gillyflower
commutation activity for the period 2002-09.
● (Akoto Richard K., Vitor Dadson A. and Angmor Apostle L, 2013) nearly mull the
connexion between WC direction strategies and aid of the thirteen prerecorded assembling
band in Ghana. Toward decorativeness of inquiry, an essentially unfavorable shape amongst

12

GIBS B SCHOOL
 goodness and records receivable days is saved to live. Productivity is essentially
unquestionably stirred by the firmly?s money alteration cycle (CCC), modern resources
proportion and prevalent ingeniousness turnover.
● (carpenter jisha, 2014) nearly looks at the investigating of WC direction in Ashok brothers
and calls attending to that the liquidity and gainfulness condition of the structure isn't
consistent, and should mortal been secure with a specialised end content to screw the ability
to provide its commitments in minute.
● (Madhavi, 2014) makes an claim work of the co-connection between liquidity relation and
aid of the paper processes in AP. It has been watched that uneconomic employed book
establishment has a unfavorable belief on gainfulness and liquidity business of the press.

2.2. RESEARCH DESIGN

STATEMENT OFTHE PROBLEM

Working capital is having direct relation with fund flow analysis of the concerned. These
techniques help us on technical judgment making process in utilizing working capital. In the
company more than 70% of the total investment is in working capital. In this contest cost
reduction is very important aspects in company where that should be analyzed in RW, WIP, and
FG where all cost will be determined. The above scenario explains profitability and goal
satisfactions are the two main aspects over which financial discipline should be cautions. The
problem taken for the study is working capital management.

NEED OFTHE STUDY

This study is a practical component in academics studies which gives the practical norms and
activities of WCM. Need for the working capital management to analyze the inheritance of
current assets and current liabilities. And also, to study the firm position, performance and
financial scale of steel authority of India by adopting financial tools.

13

GIBS B SCHOOL
OBJECTIVES

● To determine the financial performance of the company.

● To study trends of managing working capital.
● To analysis the amount of working capital employed by steel authority of India.
● To study the ups and downs in the positions of working capital.

SCOPE OFTHE STUDY

The study covers a period ranging from 2017 to 2021. This because ratios may not prescribe
standards. Under this situation we are also constrained to stress the trends over a period span of 5
years which has been considered. Though the project is designed to analyze working capital from
the of view of management aspects, it speaks in general about soundness profitability of the firm,
this will help to the different parties having different interest in the business.

RESEARCH METHODOLOGY

Information has collected from both the primary and secondary data source. This project is
planned or designed mainly based on the data provided in annual reports for the company for the
years 2017-18 to 2020-2021 which it will be acting as a secondary data, other data required for
the study was directly obtained from the concerned officials which it has said to be primary data
for the study. Research design used in a study is in analytical in nature.

LIMITATIONS OF THE STUDY

• Working capital management is very wide approach to analyze and very difficult to
summarize.
• This study is done only the basis of supplied data
• It is very difficult make interpretation and conclusion which creates variations in
calculations, due to the lack of information where company was not willing to give
confidential documents.

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 Chapter - 3

SWOC ANALYSIS

Steel Authority of India Limited - A Maharatna

Poise Dominance of India Modest (Sheet) is one of the largest steel-making companies in Bharat
and one of the Maharatnas of the region's Midway Exoteric Sphere Enterprises.

Navigate produces iron and poise at team mainstreamed plants and tierce primary poise plants,
settled primarily in the orient and bifocal regions of India and situated adpressed to municipal
sources of raw materials. Navigate manufactures and sells a panoptic straddle of poise products.

Ownership and Direction

The Polity of India owns nearly 65% of Journey's justness and retains voting criterion of the
Circle. Yet, Travel, by worth of its 'Maharatna' status, enjoys momentous operational and
business autonomy

Dealings
Strategically Set United Dealing with Way to Ingeniousness Assumption Including Greatest
Landbank, Unfree Mines.

Fluid Mix & Marketing

Distributed Production Mix Fostered by Alcoholic Marketing and Distribution Scheme

Direction Squad
Older Management Group Substantiated by Noticeable Action Aggroup

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 Integrated Steel Plants

Plant Location Products

Rails (13/26m), Long Rails, (65-260m), Blooms, Billets, Slabs,

Bhilai Steel
Chhattisgarh Channels, Joists, Angles, TMT Rebars, Wire Rods, Crane Rails,
Plant
Plates, Pig iron & Coal Chemicals

Durgapur Steel Blooms, Billets, Joists, Narrow Slabs, Channels, Angles, TMT
West Bengal
Plant Rebars, Wheels & Axles, Pig iron & Coal Chemicals

Plate Mill Plates, HR Plates, HR Coils, Slabs, CR Sheet/ Coil,

Rourkela Steel
Odisha Galvanised Sheets (plain & Corrugated), ERW Pipes, Spiral
Plant
Weld pipes, CRNO, Pig iron & Coal Chemicals

Hr Coils, Slabs, HR Sheets. Plates, CR Coils. Sheets, GP

Bokaro Steel
Jharkhand Sheets. coils, GC Sheets, Galvanealed Steel, HRPO, Pig iron &
Plant
Coal Chemicals

Wire rods, Bars & Rebars, Joists, Channels, Angles, Blooms,

IISCO Steel
West Bengal Billets, Universal & Special section (Z-bar, MS Arch), Pig iron
Plant
& Coal Chemicals

Special Steel Plants

Steel Plant Location Products

Salem Steel Cold Rolled Stainless Steel, Hot Rolled Carbon & Stainless
Tamil Nadu
Plant Steel Products, Micro-Alloyed Carbon Steel

Alloy Steel Squares & Rounds, Wear Resistant Plates, Forgings,

Alloy Steels
West Bengal Carne Wheels, Forged Rolls/ Plaets, Special Quality Slabs &
Plant
Stainless Setel Slabs (low Ni, 300 & 400 series)

Visvesvaraya
Iron & Steel Karnataka High Quality Rolled & Forged Alloy & Special Steel Products
Plant

Ferro Alloy Plant

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Steel Plant Location Products

Chandrapur
Ferro Alloy
Maharashtr High/ Medium/ Low carbon Ferro-Manganese, Silico-
Plant
a Manganese

Central Marketing Organization

Move's marketing set-up, the ISO 9001:2015 certificated Amidship Marketing Orderliness, is
India's largest progressive marketing set-up. CMO is primarily causative for marketing of brace
items, including carbon, impureness and specific poise products, as asymptomatic as stainless
brace produced by the poise plants of Navigate.

Hardcover by a forceful ERP grouping, CMO's cloth of Furcate Sales Offices, Warehouses
(Departmental & CA yards) helmeted with mobile touching systems, and Client Representative
Offices answer in a synchronal demeanour to pass quality Navigate steel to every structure of the
land.
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Flatbottomed as Sheet strengthens India by involved in animated projects of general standing, it
is working towards empowering the shrimpy brace consumer in device areas of the region by
making Voyage poise forthcoming through the company's ever-widening supplier and dealer
scheme. Apna Voyage shops crosswise the land hold emerged as the preferred end for littlest
consumers of calibre steel.

To secure further perception of property poise products in the state's hinterland, Sheet has
introduced a Hobnailed Concern Scheme. Already, poise rebars and roofing materials beingness
provided by Move's homespun dealers in different blocks and talukas of the country are adding
peer dimensions to bucolic lifestyles. This strategic initiatory is also primary in scope of the fact
that farming expenditure of steel in the land is projecting to farm multiple. SAIL has the state's
largest brace retail cloth today, giving appearance to the visitor's long-term impersonal of
providing a wide hypothesis for repose of procurance and render of intrinsic brace items for the
Considerable consumer communicating along with creation and portion speciality, confidential
monitoring of say servicing and feedback psychotherapy finished a Client Spirit Finger are
secure norms at CMO. The customer-friendly attack of CMO is supported by applied after-sales
bringing. Finished the transmute of Key Declare Direction, CMO provides single- window
copulate to key customers crossways the country for every concern transaction from enquiry to
prescript engagement, magnitude following to exploit, and symmetric consultancy and after-sales
Global Job Division

Global Dealing League (ITD) - an ISO 9001:2015 authorized organization of Canvass's Centrical
Marketing Administration at New City - undertakes exports of Mild Poise products and Pig Irons
produced by Sheet's quint embedded brace plants. E'er prepared to supply the demanding
demands of CMO's international customers, ITD maintains a uncommunicative contact with
customers as wellspring as production units to cater to the customised requirements of its
socialism customers, in damage of caliber, amount and sizes.

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ITD has successfully accepted the form lingo Navigate globally by supplying Rails, Structurals,
Distributor products, Message Rods, Re-bars, Plate Grinder Plates, Hot Pronounceable Coils,
Hot Rolling Plates / Sheets, Snappy Rolled steels, Galvanised steels, Icy Coiled Non-Oriented
(CRNO) coils, Unsullied Poise sheets/coils, Chequered Plates, Slabs, Billets, Blooms and Pig
Trammels, besides cut-to-size Hot Trilled and Inhuman Rolling materials in all continents. Most
products are plastered by demanding certifications specified as CE mark, TUV and 'U' deface
required by disenchanted end uses in European markets.

Journey products human berthed successfully at Japan, Dishware, Peninsula, Island, Warfare,
Philippines, Island, Malaya, Thailand, Indonesia, Australia, Mexico, Aggregation (UK, Frg,
France, Belgique, Italia, Espana, Netherlands, Portugal), Soudan, Oman, UAE, and numerous
much, as advantageously as in neighbouring countries much as Burma, Bangladesh, Sri Lanka
and Nepal.

The company has the distinction of being India’s second largest producer of iron ore and of
having the country’s second largest mines network.

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3.2. Products
WIDEST RANGE OF STEEL PRODUCTS
With an unmatched range of mild steel, both in long and flat categories, as well as a wide variety
of special and stainless steels. Identify steel that meets your requirements in these pages. Require
an unusual product or an altogether new product? SAIL delivers customized steel. A nation-wide
spread of Sales offices, Warehouses, Dealers and a team of seasoned Application Engineers
ensure swift and satisfactory fulfillment of steel requirement in any corner of the country at any
time.

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 21

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3.3. SWOC Analysis of SAIL Steel Authority of India SAIL Steel Authority of India
Strengths

1. Strong employee workforce with over 130,000 employees

2. Technical & managerial expertise in the industry
3. Strong raw material supply chain management
4. Strong financial resources owing to being a Govt enterprise
5. It has an annual production of over 13million tonnes
6. Partnerships with NTPC, Bokaro Steel etc has strengthened its market position

SAIL Steel Authority of India Weaknesses

1. Govt and political intervention affects operational efficiency
2. Higher profit margins are not allowed

SAIL Steel Authority of India Opportunities

1. Expansion & growth
2. Globalization with tie-ups with international players
3. Mergers & Acquisitions

SAIL Steel Authority of India Challenges

1. Change in Government policies & economy trend
2. Emerging & existing private sector players
3. Technological developments in outside world

SAIL Steel Authority of India Competitors

Below are the top 3 competitors of SAIL Steel Authority of India:
1. TATA Steel
2. JSW Steel
3. ISPAT Industries

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 Chapter-4

DATA ANALYSIS AND INTERPRETATION

The reasoning is carried out using tools similar perceptiveness analysis and ratio reasoning. The
accumulation for this analysis is obtained from the quintet previous period reports of the
accompany, i.e., from the old period 2017-18 to 2019-20.

Assemblage reasoning has been segmental into two sections:

o Section A : dealing in discernment psychotherapy
o Section B : treatment in ratio psychotherapy

Division A: Dealing In Discernment Analysis

Inclination psychotherapy is a framework of financial management maturate out the ontogenesis
and remaining pivotal aspects relating to changes the takes abode in an activity. In cordate
language, this method of direction is the musing of % relation that each fact of financial
statement has to be the synoptic fact in the base year.

One the superlative vantage of appreciation is that it focuses attending on the subtle problems
featured by a care in achieving its point and substance. For the use of conniving tendency
analysis, the 2012-2013 is confiscated as the basic period and therefore is moot to be 100% in the
all the cases and the maturation in this period is shown as 0.
Excavation notes

o Working capital= CA - CL.

o Capital working = Net impediment (+) employed grapheme (+) delayed tax quality
o Net worth = paid-up uppercase (+) unfixed force and superabundance (+) assets payment
(-) mixed outlay not graphic off.

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EQUITY CAPITAL

4.1. TABLE : TREND ANALYSIS OF EQUITY CAPITAL

RS. IN LAKHS

EQUITY CAPITAL
% TRENDS W.R.T GROWTH RATE
YEARS EQUITY CAPITAL BASE YEAR W.R.T BASE YEAR
2016-2017 4177.22 100 0

2017-2018 4177.22 100 0

2018-2019 4177.22 100 0

2019-2020 4177.22 100 0

2020-2021 4177.22 100 0

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4.2. TREND ANALYSIS OF EQUITY CAPITAL

INTERPRETATION:
It can be noticed that trend analysis in equity is constant in all the 5 years the company has not
given or subscribed any equity. The equity capital amount is constant for all the 4 years i.e., Rs
4177.22 lakhs.

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RESERVES AND SURPLUS

4.2. Table: TREND ANALYSIS OF RESERVES AND SURPLUS

RS. IN LAKHS

RESERVE AND SURPLUS

% TRENDS W.R.T GROWTH RATE
YEARS RESERVE AND SURPLUS BASE YEAR W.R.T BASE YEAR
2016-2017 203826.13 100.00 0.00
2017-2018 203806.71 99.99 -0.01

2018-2019 203498.39 99.84 -0.16

2019-2020 206758.96 101.44 1.44

2020-2021 205373.31 100.76 0.76

4.3: Graph: RESERVES AND SURPLUS OF 5 YEARS

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GRAPH 4.4: TREND ANALYSIS OF RESERVES AND SURPLUS

INTERPRETATION;
The trend in reserves and surplus has been fluctuating over the years. The trend in 2016-17as
observed is at 99.99 i.e., decreased by 00.01% with respect to the base year 2015-16 trend.
The trend in 2017-18is 99.84 i.e., 0.16% decreased with respect to the base year 2015-16. The
trend in 2018-19the trend is increased by 1.44% with respect to the base year. The trend analysis
of 2020-21also increased by 0.76% compare to the base year 2015-16.

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NET WORTH
TABLE- 4.3: TREND ANALYSIS OF NET WORTH

RS. IN LAKHS

NET WORTH
% TRENDS GROWTH RATE
YEARS NET WORTH WRT BASE YEAR WRT BASE YEAR
2016-2017 195719.17 100.00 0.00

2017-2018 197654.26 100.99 0.99

2018-2019 198965.06 101.66 1.66

2019-2020 202688.81 103.56 3.56

2020-2021 202790.76 103.61 3.61

4.5 : NET WORTH OF 5 YEARS

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4.6 : TREND IN NET WORTH

INTERPRETATION;
The Trend in net worth as been fluctuated over the years. The trend in 2016-17as observed is at
100.99% with increase of 0.99% in base year 2015-16. The trend in 2017-18raised to 101.66%
that is increased by 1.66% in base year 2015-16. Again, in the year 2018-19the trend is increased
by 3.56% in base year 2015-16. The trend in 2020-21is 103.61% that is 3.61% in the base year
2015-16.

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INVENTORY
TABLE 4.4: TREND ANALYSIS OF INVENTORY
RS. IN LAKHS

INVENTORY
% TRENDS W.R.T GROWTH RATE
YEARS INVENTORY BASE YEAR W.R.T BASE YEAR
2016-2017 245619.92 100.00 0.00

2017-2018 215210.29 87.62 -12.38

2018-2019 192119.78 78.22 -21.78

2019-2020 169631.83 69.06 -30.94

2020-2021 197445.58 80.39 -19.61

GRAPH 4.7: INVENTORIES OF 5 YEAR.

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4.8: TREND IN INVENTORIES

INTERPRETATION:

There is a variation in the trend during the 5 years as far as inventories is considered. Maximum
amount of trend can we see in the base year 2015-16.
There is a variation in the year in the 2016-17with value of 87.62% which is decreased by
12.38% with respect to the base year.
there is slight down in the next few years that is in 2017-18decreased by 21.78% and next year
2018-19decreased to 69.06% that is down by 90.94%.
there is slight rise in trend compare to previous year but in the year 2020-21 80.39% decreased
by 19.31% with respect to base year 2015-16.

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SUNDRY DEBOTRS
TABLE 4.5: TREND ANALYSIS OF SUNDRY DEBTOR.
RS. IN LAKHS

SUNDRY DEBOTRS
% TRENDS WRT GROWTH RATE
YEARS SUNDRY DEBOTRS BASE YEAR WRT BASE YEAR
2016-2017 86151.14 100.00 0.00

2017-2018 97736.19 113.45 13.45

2018-2019 99169.65 115.11 15.11

2019-2020 120805.1 140.22 40.22

2020-2021 143037.35 166.03 66.03

GRAPH 4.9: SHOWING SUNDRY DEBTORS OF 5 YEARS.

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GRAPH 4.10: TRENDS IN SUNDRY DEBTORS

INTERPRETATION:

There is fluctuation the trends of sundry debtors. The trends in 2016-17has risen to 113.45%
which is 13.45% respect to the base year2015-16.

The trends in 2017-18which are 115.11% increased by 15.11% with respect in base year 2015-
16.

In 2018-19the sundry debtors’ trends was 140.22% which is 40.22% increase compared to the
base year 2015-16.

There is a lot of changes in the trends in the year 2020-21that is 166.03% which is 66.03%
increase with respect to the base year 2015-16.

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WORKING CAPITAL

TABLE 4.6: TREND ANALYSIS OF WORKING CAPITAL.

RS. IN LAKHS

WORKING CAPITAL
% TRENDS WRT GROWTH RATE
YEARS WORKING BASE YEAR WRT BASE YEAR
CAPITAL
2016-2017 206756.21 100.00 0.00

2017-2018 198422.44 95.97 -4.03

2018-2019 196967.2 95.27 -4.73

2019-2020 201395.25 97.41 -2.59

2020-2021 212666.06 102.86 2.86

GRAPH 4.11: SHOWING WORKING CAPITAL OF 5 YEARS

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GRAPH 4.12: TREND ANALYSIS OF WORKING CAPITAL

INTERPRETATION:
Variable trend is observed in the working capital trend over the years. There is no growth in first
3 year. The trend in 2016-17was 95.97% which is 4.03% net decreased in trend with respect to
the base year 2015-16.

The trend in 2017-1895.27% again the trend was down by 4.73% net decreases by compare to
base year.

The trend in the year 2018-19has shown little improvement compare to previous year but
compare to base year 2.59% was decreased.

The trend in 2020-21has improved to a great extent when compared to the previous year a record
a value of 102.86% which is a 5.45% net increased and compared to base year 2012- 13 net
increased by 2.86%.

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CAPITAL EMPLOYED

TABLE 4.7: TREND ANALYSIS CAPITAL EMPLOYED.

RS. IN LAKHS

CAPITAL EMPLOYED
CAPITAL
YEARS EMPLOYED % TRENDS WRT BASE YEAR GROWTH RATE WRT BASE YEAR

2016-2017 270384.05 100.00 0.00

2017-2018 258296.77 95.53 -4.47

2018-2019 253976.05 93.93 -6.07

2019-2020 265768.82 98.29 -1.71

2020-2021 280869.63 103.88 3.88

GRAPH 4.13: SHOWING CAPITAL EMPLOYED OF 5 YEARS

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GRAPH 4.14: TREND ANALYSIS IN CAPITAL EMPLOYED

INTERPRETATION:
The trends in the capital employed variable over a year. The trend in 2016-17was 95.53% which
is decreased by 4.47% with regards to the base year.

The trend in 2017-18has 93.93% decreases by 6.07in base year 2015-16.

The trend in 2018-19has 98.29% which is increased by 4.36% respect to the previous year that is
2016-17. And compare to base year 2015-16 the trend is decrease by 1.71%.

In the year 2020-21has recorded with an increasing trend with respect to the previous and base
year which is 103.88% that is 3.88% increased with respect to base year 2015-16 and 5.59% to
previous year 2015-16

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SALES

TABLE 4.8: TREND ANALYSIS OF SALES

RS. IN LAKHS

SALES
% TRENDS WRT GROWTH RATE
YEARS SALES BASE YEAR WRT BASE YEAR
2016-2017 328977 100.00 0.00
2017-2018 326220 99.16 -0.84

2018-2019 312965 95.13 -4.87

2019-2020 342602 104.14 4.14

2020-2021 293698 89.28 -10.72

GRAPH 4.15: SHOWING SALES OF 5 YEARS

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GRAPH 4.16: TREND IN SALES

INTERPRETATION:

The Trend in sales for 5 consecutive years appears to be decreasing and increasing trend which
depicts the healthy growth of the organization over the year. The trend was decreased in the year
2016-17by 0.84% with respect to the base year.

And in 2017-18which is 95.13% decreased by 4.87% with regards to base year 2015-16.

The sales trend in 2018-19has 104.14% which is increased by 9.01% with respect to previous
year and 4.14% respect to base year 2015-16.

In the year 2020-21the sales trend is completely down compare to previous year that is 14.86%
and 10.72% with respect to the base year 2015-16.

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 CHAPTER 5

EXPERIENCE, LEARNINGS & CONCLUSION

WC management, which is clarified by overlarge metric business elements, loan costs,

rivalry, and so forward., and their effect on WC body. The article additionally considers the
outcome of WC administration on provide costs.

● The equity capital has been constant for 5 years from 2015-16 to 2020-21hence it is said as
the company as not called for shares or debentures.
● Reserves and surplus have seen growth to maximum 1.44% in the year 2018-19W.R. T base
year. Which is really bull for the firm to use this fund when requires.
● The net worth of the firm has been increasing year by year from the base year that shows the
management is slowly increasing the firm goodwill.
● The inventory of the firm is rapidly decreased W.R.T to base year which means we can see
there is increase in sales year by year.
● There is a high peak in debtors of 66% with respect to the base year. The prompt payment
and liquidity of cash is good from year to year.
● The trends in growth of working capital of the company for first 3 year was low with respect
to base year. Trend in 2020-21as increased as a result in sundry debtors, inventory, loans and
advances, current liabilities and decrease in case and bank balances.
● Capital employed trend as some fluctuation with the net increase of 3.88% during the 2020-
21W.R. T to base year depicting there is no healthy trend of employing minimum capital to
attain maximum sales and revenue.
● Sales are fluctuating year by year but in the year 2020-21the sales volume is completely
down fall with respect to previous and base year it shows the there is no stability.
● We can see that the trend of receivable management is consistent. It shows that there is better
working capital management.
● The company has maintained liquidity of the firm which is satisfactory as for as quick ratio is
concern.

GIBS B SCHOOL
● We can find that there is an increase of sale by clearing the inventory and company is trying
to achieve their goals but in the 2020-21there is down fall in sale compare to previous year.

● We can see that there is better utilization of fixed assets in all the year.
● Capital employed ratio depict the economical usage of working capital to the most which is
the most important factor for a firm to attain its organizational objective.

5.1 EXPERIENCE

● The company need to plan to increase the share capital to meet the expenses and to have a
better profit margin for the shareholders.
● The company should attain a proper plan to recovery the debt.
● The firm need to increase the liquid assets cash, trade receivables and marketable securities
to make smooth and proper working capital.
● The company need to concentrate to increases sales and achieve the goals.
● The management of steel authority of India should take necessary measure in order to see
that all the resources like 5M’s are utilized at optimum level.

5.2 CONCLUSION

A case study without conclusion will be like a formal wear without shoes. as mentioned, a
working capital in steel authority of India is satisfactory. The profits have increased in the year
2020-21thus we can find company has a growing trend and making very sound financial
performance.

Working capital has so for being looking at as the driving seat for financial heads. By studying
the working capital management at steel authority of India one can know the growth and
prospectus of the company.Thus, we can conclude the study by analyzing steel authority of India
is a good model for every public ltd company.

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BIBLIOGRAPHY

● http://www.STEEL AUTHORITY OF INDIA india.com/

● http://STEEL AUTHORITY OF INDIA india.com/old site/old site
● http://www.moneycontrol.com/india/stockpricequote/infrastructure-general/STEEL
AUTHORITY OF INDIA /bem03
● https://en.wikipedia.org/wiki/bharat_earth_movers
● https://www.edupristine.com/blog/ratio-analysis-ratios-formulae
● Annual reports from the year 2015-16 to 2016-17

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