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INTRODUCTION
1. INTRODUCTION
DEFINITION:
CONCEPT OF BUDGET:
organization .
OBJECTIVES OF A BUDGET:
Budgets
serve
as
means
of communication. The
organization
because
RESEARCH METHODOLOGY
The primary data needed for the project analysis has been collected through
unstructured interviews and discussions conducted with the finance department.
The secondary sources of data are annual reports, brochures and web resources. A
case study approach has been used for the study of capital budgeting at MSN
Laboratories.
LIMITATIONS
The study was conducted with the data available and analysis was made
accordingly.
Due to the confidential financial records, the data is not exposed so the
Since the study is based on the financial data that are obtained from the
ASSUMPTIONS
Sales and operational levels have been assumed to evaluate the investment
proposal of manufacturing NEW DRUG 30 in MSN Laboratories.
CAPITAL BUDGETTING PROCESS
The process of capital budgeting involves generally the
following steps:-
1.
But projects don't simply walk into corporate headquarters. he firm must
have some system for seeking or generating investment opportunities.
Identifying investment opportunities is not necessarily the task of the
financial managers.
2.
3.
4.
PROJECT TRACKING:
5.
REPLACEMENT
DIVERSIFICATION
EXPANSION
MISCELLINIOUS
Payback period
profitability index
TRADITIONAL/NON-DISCOUNTING TECHNIQUES:
ACCEPTANCE RULE:
This method will accept all those project whose ARR is higher than
the minimum rate established by the management and reject those project
which have ARR less than the minimum rate. This method would rank a
project as number as project as number one of it has higher ARR and
lowest rank would be assigned to the project with lowest ARR.
PARIECULARS
Cash/revenue
---
---
---
---
Cash ---
---
---
---
(-)
operating
CIBT
---
---
---
---
(-)
Depreciations
---
---
---
---
Taxable income
---
---
---
---
---
---
---
---
(+)
Depreciations
---
---
---
---
CIAT
---
---
---
---
(+)
value
year
---
---
---
---
---
---
10
If
And you
NPV>0
The
investment
is Accept the project
expected to increase
share holder wealth.
NPV<0
The
investment
is Reject the project
expected to decrease
share holder wealth.
NPV=0
The
investment
is Should
indifference
expected not to change between accepting &
share holder wealth.
rejecting the project.
If
And you
IRR>1
The
investment
is Accept project
expected to increase
shareholder wealth.
IRR<1
The
investment
is Reject project
expected to decrease
the shareholder wealth.
IRR=1
If
And you
P1>1
accept
the
P1<1
reject
the
P1=1
values are compounded, and in the later they are discounted. Both the
method wills the same results. The same interest rates are used for both
discounting and compounding.
CHAPTER-2
REVIEW
OF
LITERATURE
14
REVIEW OF LITERATURE
Measuring the benefits and costs associated with each alternative option in
investors of the firm and the return promised by the proposal, and
15
The future benefits will occur to the firm over a series of years
(I.M.Pandey 2005,p141)
2.1.2
16
Pay-back period
17
2.3.1
Traditional Techniques
ARR =
* 100
ACCEPT-REJECT RULE:
With the help of the ARR, the financial decision maker can decide whether
to accept or reject the investment proposal. As an accept-reject criterion, the actual ARR
would be compared with a predetermined or a minimum required rate of return or cut-off
rate.
many years will it take for the cash benefits to pay the original cost of investment,
normally disregarding salvage value? Cash benefits here represent CFAT ignoring interest
payment. Thus the pay back method measures the number of years required for the CFAT
to pay back the original outlay required in an investment proposal.
Investment
PB =
Constant annual cash flow
ACCEPT-REJECT CRITERION:
The payback period can be used as a decision criterion to accept or reject
investment proposals. One application of this technique is to compare the actual pay back
with a predetermined pay back that is the pay back set by the management in terms of the
maximum period during which the initial investment must be recovered. If the actual
payback period is less than the predetermined pay back, the project would be accepted; if
not it would be rejected.
2.3.2
take into consideration the time value of money while evaluating the cost and
benefit of a project.
19
NPV =
ct
(1 r )
t 1
- Initial investment
Secondly, the present value of cash inflows and cash outflows should be
Finally, the present value of cash outflows is subtracted from present value
NPV>ZERO (accept)
NPV<ZERO (reject)
NPV=ZERO (indifferent)
20
Investment =
ct
(1 r )
t 1
Where
21
ACCEPT-REJECT CRITERION
The use of the IRR, as a criterion to accept capital investment decisions,
involves a comparison of the actual IRR with the required rate of return also known as the
cut-off rate or hurdle rate. The project would qualify to be accepted if the IRR(r) exceeds
the cut-off rate (k).If the IRR and the required rate of return are equal, the firm is
indifferent as to whether to accept or reject the project.
22
PI =
This method is also called as benefit cost ratio because the numerator measures
benefit and the denominator cost. More appropriate description would be present
value index.
ACCEPT-REJECT CRITERION
Using the B/C ratio or the PI, a project will qualify for acceptance
if its PI exceeds one. When PI equals 1; the firm is indifferent to the project.
When PI is greater than, equal to or less than 1, the net present value is greater
than, equal to or less then zero respectively. I n other words, the NPV will be positive
when the PI is greater than 1; will be negative when the PI is less then one. Thus, the
NPV and PI approaches give the same result regarding the investment proposals.
(I.M.Pandey 2005,p143-152)
PI>1 (ACCEPT)
PI<1 (REJECT)
PI=1 (INDIFFERENT)
23
It may be logically stated that much of a choice of the technique depends upon
the situational factors particularly the firm, the funds availability and the relative
importance of a decision etc. Moreover, different firms and different finance managers
may have different acceptance standards. As the circumstances surrounding may vary
over a wide range, any attempt to prescribe the best technique will be futile. However
the following generalization can be made.
The Payback technique ignore the time value of money, the timings of the
cash flows and also the cash flows occurring after the payback period and hence it fails to
be a sound technique. It is uncommon for firms to make capital budgeting decisions
solely on the basis of PB technique. However, firms are likely to employ the PB
technique as the secondary rule either (i) as a constraint in decision making or (ii) as a
way to choose between projects that score equally well on the primary decision rule
The ARR technique would have been a good evaluation
technique if the objective had been profit maximization instead of wealth maximization.
It also ignores the time value of money, timings of return besides ignoring the cash
generations by tax shield of depreciation etc. Only in a case, when the firm is looking for
a return from an investment in terms of profits contributed, the ARR may be applied.
The PI technique can be appropriately used by those firms,
which, in view of the funds constraints, are looking for proposals, which will contribute
more per rupee spent. Also the finance manager can use the PI technique when he wants
to evaluate the effect of future cash flows. However, since the PI technique does not
consider the absolute accruals to the firms wealth by a proposal, it fails to be in line with
the objective of the wealth maximization.
24
Both the basic discounted cash flow techniques ie the NPV and the IRR
impliedly enhance the wealth of the shareholders. These techniques are best suited for
firms, which are working for the objective of wealth maximization, since these techniques
recognize the contribution generated by a proposal towards the wealth. These techniques
can be applied only if the firm is looking for the benefits being brought by the proposal to
the firm.
In particular, the NPV technique is most appropriate for firms
trying for the wealth maximization, by undertaking those projects which are expected to
generate maximum additional [present values. The NPV technique is also suitable to hose
firms, which are interested in ranking of various proposals in order of addition expected
from these proposals. The NPV is the most clear indication of the additional value created
by a proposal. The NPV technique seems to be the most in line with the objective of
wealth maximization. As per the NPV technique, the value of the firm should increase as
it continues to add further projects with NPVs. The firm should take as many projects
with the positive NPV as possible
Obviously, none of the criteria is applicable to all the situations all the
time. A firm needs to use more than one criterion in evaluating any set of capital
budgeting proposals. It may rank different proposals as per the NPV technique but the
benefit per rupee invested (PI technique) may also be considered.(R.P.Rustagi 2005,
p436-437)
25
CHAPTER-3
COMPANY PROFILE
26
THE COMPANY
28
29
would be the most important step. As Lao Tzu wrote a long time ago, Even a 1000 mile
journey starts with a single step.
3.1 Business
MSN is a vertically integrated, global pharmaceutical company
with proven research capabilities and presence across the pharmaceutical value chain. We
manufacture Active Pharmaceutical Ingredients and Finished Dosage forms and market
them globally, with a focus on United States, Europe, India and Russia. In addition, the
drug discovery arm of the company conducts basic research in the areas of diabetes,
cardiovascular, inflammation and bacterial infection.
3.2 Board Of Directors
MSN has a board comprising of eminent individuals from diverse
fields. The board acts with autonomy and independence in exercising strategic
supervision, discharging its fiduciary responsibilities, and in ensuring that the
management observes the highest standards of ethics, transparency and disclosure.
Our Directors are experts in the diversified fields of medicine,
chemistry and medical research, human resource development, business strategy, finance
and economics. They review all information relating to significant business decisions,
including strategic and regulatory matters. Every member of the board, including the nonexecutive directors, has full access to any information related to the company.
Committees appointed by the board focus on specific areas, and take
decisions within the authority delegated to them by the board. The committees also make
specific recommendations to the board on various matters from time-to-time.
30
31
The CII "Southern Region Leadership Excellence Award" is won by MSN for the
year 2005.
5The CII "National Award for 'Excellence in Water Management" for the
The Generics Unit of MSN achieves the new ISO 14001:2004 standard on
32
CHAPTER-4
DATA ANALYSIS
&
INTERPRETATION
33
Disadvantages:
block.
100%.
manufacturer
34
Process development to offer low cost New Drug 30 formula with Fluid
materials.
Low Capital Investment:
OPERATIONAL
REQUIREMENTS
OF
THIS
PROJECT
ON
EXECUTION:
The job involves key operations like manual drug coating and operation of
resources.
35
Quality Assurance and Regulatory affairs has given clearance for such a
Need for any specific licenses to sell New Drug 30 need to be verified
from Unit-III , however we are doing this activity from Unit-II currently.
RM cost Rs./ kg
485
Rs/ month
Labour
100,833
Utilities
595,620
41,667
Depreciation
166,667
Interest
162,000
1,066,787
Investment
2160
36
Operation Level
Sale Price Rs per Kg
(3)
RM Cost Rs per Kg
(4)
850
800
750
700
485
485
485
485
485
27.00
25.50
24.00
22.50
21.00
(5)
14.55
14.55
14.55
14.55
14.55
(6)
12.45
10.95
9.45
7.95
6.45
(7)
1.07
1.07
1.07
1.07
1.07
(8)
11.38
9.88
8.38
6.88
5.38
(9)
136.56
118.56
100.56
82.56
64.56
Investment
21.60
21.60
21.60
21.60
21.60
(10)
Table 1: Computation of Net Income Per Annum for 30 Tons per Month
37
Operation Level
Sale Price Rs per Kg
(3)
RM Cost Rs per Kg
(4)
850
800
750
485
485
485
485
485
18.00
17.00
16.00
15.00
14.00
(5)
9.70
9.70
9.70
9.70
9.70
(6)
8.30
7.30
6.30
5.30
4.30
(7)
1.07
1.07
1.07
1.07
1.07
(8)
7.23
6.23
5.23
4.23
3.23
(9)
86.76
74.76
62.76
50.76
38.76
Investment
21.60
21.60
21.60
21.60
21.60
(10)
38
700
850
800
750
700
136.56
118.56
100.56
82.56
64.56
10.8
10.8
10.8
10.8
10.8
1264
1098
931
764
598
ARR =
39
Interpretations
The ARR more than the pre-specified rate of return is accepted. The
company requires a rate of return of 20%. Therefore, ARR of the project, which is
greater than 20% as specified by management, is accepted but most viable is at a
price of Rs.900 with respect to quantity of 30 Tns per month or 360 Tns per
annum
40
850
800
86.76
74.76
62.76
10.8
10.8
10.8
803
692
ARR [(1)/(2)*100]
581
750
50.76
10.8
470
700
38.76
10.8
359
ARR =
* 100
PAYBACK PERIOD
(Rs in Mns)
Operation Level
900
850
(1) Investment
21.6
21.6
136.56
118.56
0.16
0.18
Investment
PB
=
Constant annual cash flow
42
800
21.6
750
700
2 1.6
21.6
100.56
82.56
64.56
0.21
0.26
0.33
Interpretations
The Payback Period calculated for a project is to be compared with some
predetermined target period and Payback Period less than the target period is
accepted. Therefore, target period is 3 years and project less than that is accepted
but the viable is at Rs.900 with respect to the quantity of 30 Tns per month or 360
Tns per annum.
43
PAYBACK PERIOD
(Rs in Mns)
Operation Level
Sale price Rs per kg
850
800
750
700
(1) Investment
21.6
21.6
21.6
21.6
21.6
86.76
74.76
62.76
50.76
38.76
0.25
0.29
0.34
0.43
0.56
Investment
PB =
Constant annual cash flow
44
Interpretations
The Payback Period calculated for a project is to be compared with some
predetermined target period and Payback Period less than the target period is
accepted. Therefore, target period is 3 years and project less than that is accepted
but the viable is at Rs.900 with respect to the quantity of 20 Tns per month or 240
Tns per annum.
45
(Rs
900
850
800
750
3.8
3.8
136.56 118.56
3.8
100.56
700
5years
3.8
3.8
82.56 64.56
518.93
450.53
21.60
21.60
428.93
382.13 313.73
21.60
21.60
21.60
360.53 292.13
223.73
Table 7: Net Present Value for 30 Tons per Month, Project Life-5 Years
NPV=
NPV =
ct
(1 r )
t 1
46
245.33
- Initial investment
Graph 5: Net Present Value for 30 Tons per Month, Project Life-5 Years
Interpretations
NPV shows present value of the project. The project is accepted if its NPV
is positive and rejected if NPV is negative. Therefore, NPV of 30 Tns per month
or 360 per annum for project life of 5years is showing positive and viable is at a
price of Rs.900 where NPV is Rs.497.33 millions.
47
(Rs
900
850
800
750
700
6.17
6.17
6.17
6.17
136.56 118.56
100.56
842.58
731.52
620.46 509.40
21.60
21.60
21.60
21.60
709.92
598.86
487.80
6.17
82.56 64.56
Table 8: Net Present Value for 30 Tons per Month, Project Life-10 Years
NPV=
NPV =
ct
(1 r )
t 1
48
- Initial investment
398.34
21.60
376.74
Graph 6: Net Present Value for 30 Tons per Month, Project Life-10 Years
Interpretations
NPV shows present value of the project. The project is accepted if its NPV
is positive and rejected if NPV is negative. Therefore, NPV of 30 Tns per month
or 360 Tns per annum for project life of 10years is showing positive and viable is
at a price of Rs.900 where NPV is Rs.820.98 millions.
49
(Rs
900
850
800
750
700
3.8
3.8
3.8
3.8
86.76
74.76
62.76
50.76
5years
3.8
38.76
329.69 284.09
21.60
238.49
21.60
21.60
308.09 262.49
216.89
Table 9: Net Present Value for 20 Tons per Month, Project Life-5 Years
NPV=
NPV =
ct
(1 r )
t 1
50
- Initial investment
192.89
21.60
171.29
147.29
21.60
125.69
Graph 7: Net Present Value for 20 Tons per Month, Project Life-5 Years
Interpretations
NPV shows present value of the project. The project is accepted if its NPV
is positive and rejected if NPV is negative. Therefore, NPV of 20 Tns per month
or 240 per annum for project life of 5years is showing positive and viable is at a
price of Rs.900 where NPV is Rs.308.09 millions.
51
900
850
800
750
(Rs
700
6.17
6.17
86.76
74.76
535.31
461.27
387.23
313.19
239.15
21.60
21.60
21.60
21.60
21.60
439.67 365.63
291.59
6.17
6.17
62.76 50.76
6.17
38.76
Table 10: Net Present Value for 20 Tons per Month, Project Life-10 Years
NPV=
NPV =
ct
(1 r )
t 1
52
- Initial investment
217.55
Graph 8: Net Present Value for 20 Tons per Month, Project Life-10 Years
Interpretations
NPV shows present value of the project. The project is accepted if its NPV
is positive and rejected if NPV is negative. Therefore, NPV of 20 Tns per month
or 240 per annum for project life of 10years is showing positive and viable is at a
price of Rs.900 where NPV is Rs.513.71 millions.
53
(Rs in
Mns)
Operation Level
900
850
800
750
700
Investment
-21.60
-21.6
-21.6
-21.6
-21.6
136.56
118.56
100.56 82.56
64.56
136.56
118.56
100.56 82.56
64.56
136.56
118.56
100.56 82.56
64.56
136.56
118.56
100.56 82.56
64.56
100.5
5
136.56
118.56
82.56
IRR
632%
549%
465%
382%
64.56
299%
Table 11: Internal Rate of Return for 30 Tons per Month, Project Life-5 years
IRR
= Investment =
t 1
54
ct
(1 r )
Graph 9: Internal Rate of Return for 30 Tons per Month, Project Life-5 years
The project is accepted if IRR is more than the minimum rate, which is 9%
for this project. Thus, the project at a sale price of Rs.900 is getting greater than
40%, which is more than the minimum rate of return of 9% at a quantity of 30 Tns
per month or 360 Tns per annum for project life of 5yearS
55
(Rs in
Mns)
Operation Level
900
850
800
750
700
Investment
-21.60
-21.6
-21.6
-21.6
-21.6
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
136.56
118.56
100.56
82.56
64.56
10
136.56
118.56
100.56
82.56
64.56
IRR
632%
549%
466%
382%
299%
Net Income
10years
per
annum
for
Table 12: Internal Rate of Return for 30 Tons per Month, Project Life-10 Years
IRR
= Investment =
t 1
56
ct
(1 r )
Graph 10: Internal Rate of Return for 30 Tons per Month, Project Life-10 Years
Interpretations
The project is accepted if IRR is more than the minimum rate which is 9%
for this project. Thus, the project at a sale price of Rs.900 is getting greater than
40% which is more than the minimum rate of return of 9% at a quantity of 30 Tns
per month or 360 Tns per annum for project life of 10years.
57
(Rs in
Mns)
Operation Level
900
850
800
750
700
Investment
-21.6
-21.6
-21.6
-21.6
-21.6
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
IRR
402%
346%
290%
234%
178%
: Internal Rate of Return for 20 Tons per Month, Project Life-5 Years
IRR
= Investment =
ct
(1 r )
t 1
58
Graph 11: Internal Rate of Return for 20 Tons per Month, Project Life-5 Years
Interpretations
The project is accepted if IRR is more than the minimum rate, which is 9%
for this project. Thus, the project at a sale price of Rs.900 is getting greater than
40%, which is more than the minimum rate of return of 9% at a quantity of 20 Tns
per month or 240 Tns per annum for project life of 5years.
59
(Rs in
Mns)
Operation Level
900
850
800
750
700
Investment
-21.6
-21.6
-21.6
-21.6
-21.6
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
86.76
74.76
62.76
50.76
38.76
10
86.76
74.76
62.76
50.76
38.76
IRR
402%
346%
291%
235%
179%
Net Income
10years
per
annum
for
Table 13: Internal Rate of Return for 20 Tons per Month, Project Life-10 Years
IRR
= Investment =
ct
(1 r )
t 1
60
Graph 12: Internal Rate of Return for 20 Tons per Month, Project Life-10 Years
Interpretations
The project is accepted if IRR is more than the minimum rate, which is 9%
for this project. Thus, the project at a sale price of Rs.900 is getting greater than
40%, which is more than the minimum rate of return of 9% at a quantity of 20 Tns
per month or 240 Tns per annum for project life of 10years.
61
900
850
800
750
700
5 years
3.8
3.8
3.8
136.56 118.56
82.56
64.56
3.8
21.6 21.6
3.8
100.56
382.13
21.6
313.73 245.33
21.6
21.6
24.0
PI [(4)/ (5)]
20.86
17.69
14.52
Table 14: Profitability Index for 30 Tons per Month, Project Life-5 Years
62
11.36
Graph 13: Profitability Index for 30 Tons per Month, Project Life-5 Years
Interpretations
PI is 24.02, which is more than 1 and also NPV is positive hence the
project is more viable at a sale price of Rs.900 with respect to the quantity of 30
Tns per month or 360 per annum for a project life of 5years.
63
900
850
800
750
700
6.17
6.17
6.17
6.17
6.17
136.56
118.56
100.56
82.56
64.56
620.46
509.40
398.34
(5)
21.6
21.6
21.6
21.6
39.01
33.87
28.72
23.58
Table 15: Profitability Index for 30 Tons per Month, Project Life-10 Years
64
21.6
18.44
Graph 14: Profitability Index for 30 Tons per Month, Project Life-10 Years
Interpretations
PI is 39.01 which is more than 1 and also NPV is positive hence the
project is more viable at a sale price of Rs.900 with respect to the quantity of 30
Tns per month or 360 per annum for a project life of 10years.
65
900
850
800
750
700
3.8
3.8
3.8
3.8
3.8
86.76
74.76
62.76
50.76
38.76
284.09
238.49
192.89
147.29
(5)
21.6
21.6
21.6
21.6
21.6
15.26
13.15
11.04
8.93
6.82
Table 16: Profitability Index for 20 Tons per Month, Project Life-5 Years
66
Graph 15: Profitability Index for 20 Tons per Month, Project Life-5 Years
Interpretations
PI is 15.26 which is more than 1 and also NPV is positive hence the
project is more viable at a sale price of Rs.900 with respect to the quantity of 20
Tns per month or 240 per annum for a project life of 5years.
67
900
850
800
750
700
6.17
6.17
6.17
6.17
6.17
86.76
74.76
62.76
50.76
38.76
461.27
387.23
313.19
239.15
(5)
21.6
21.6
21.6
21.6
21.6
24.78
21.36
17.93
14.50
11.07
Table 17: Profitability Index for 20 Tons per Month, Project Life-10 Years
68
Graph 16: Profitability Index for 20 Tons per Month, Project Life-10 Years
Interpretations
PI is 24.78 which is more than 1 and also NPV is positive hence the
project is more viable at a sale price of Rs.900 with respect to the quantity of 20
Tns per month or 240 per annum for a project life of 10years.
69
CHAPTER- 5
FINDINGS
&
CONCLUSIONS
70
SUMMARY
71
FINDINGS
The following are the findings during the study of the project:
return expected is 20%. The project showing ARR greater than 20% is
accepted with respect to operation level 30 Tons or 20 Tons or 10 Tons per
month variation in sales price.
Pay Back Period: The project is accepted when Pay Back is less than 3
years which is standard payback period set by the management. The project,
which gives lesser payback period among difference in sales price and
quantity to be produced, is accepted and it is at price of Rs.900 whether the
quantities are 30 Tons or 20 Tons or 10 Tons.
Net Present Value: The net income of the project is discounted at the
minimum required rate of return 9% and NPV is positive for different sales
price and at different operational levels.
Profitability Index: The project showing PI more than 1 and also where
consideration.
72
CONCLUSIONS
NPV of the project is considered as better because of its higher Net Present
Value.
The IRR of the project is giving more than 40% Rate of Return whatever
The PI more than 1 and where project shows NPV as positive is given first
preference.
The company has to sell at lesser price for more quantity produced and sell
73
CHAPTER-6
BIBLIOGRAPHY
74
BIBLIOGRAPHY
Books
R.P. Rustagi, (2005), Financial Management Theory, Concepts and Problems
(Incorporating the Emerging trends in Indian Capital Market) (Second
Revised Edition), Galgotia Publishing Company, New Delhi
Prasanna Chandra, (2006), Financial Management Theory and Practice (Sixth
Edition), Tata McGraw-Hill, New Delhi
I. M. Pandey, (2005), Financial Management (Ninth Edition), Vikas Publishing
House Private ., New Delhi
V.K. Saxena & C.D Vashist, (2002), Cost and Management Accounting, Sultan
Chand & Sons, New Delhi
a. Web Sites
www.msnlabs.com
www.wikipedia.org/wiki/capital_budgeting
www.studyfinance.com
www.netmba.com/finance/capital/budgeting
www.eximfm.com/training/capitalbudgeting.doc
www.investorwords.com
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