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Today practicing managers are interested in this subject, because among the most
crucial decisions of the firm are those which relate to finance and understanding of the
theory of financial management, provides them with conceptual and analytical insights to
take those decisions skillfully.
DEFINITION
“Financial management is an area of financial decision making harmonizing
individual motivation and enterprise goals”
-WESTON AND BRIGHAM
Ratio analysis is the starting point for making plans, before using any
sophisticated forecasting ad planning procedures.
Ratio analysis helps to summaries large quantities of financial data and to make
qualitative judgment about the firm’s financial performance. The persons interested in the
analysis of financial statements can be grouped under three heads owners or investors
who are desire primarily a basis for estimating earning capacity. Creditors who are
concerned primarily with liquidity and ability to pay interest and redeem loan within a
specified period. Management is interested in evolving analytical tools the will measure
costs, efficiency, liquidity and profitability with a view to make intelligent decisions.
To find out the financial stability and soundness of the business enterprise.
To assess and evaluate the earning capacity of the business
To estimate and evaluate the fixed assets, stock etc., of the concern
MANAGEMENT
Management of the firm would be interested in every aspect of the
financial analysis. It is their overall responsibility to see that the resources of the
firm are used most effectively, and that the firm’s financial condition is sound.
INVESTORS
Investors who have invested their money in the firm’s shares, are most
concerned about the firm’s earnings. They restore more confidence in those
firms’s that shows steady growth in earnings. As such, they concentrate on the
analysis of the firm’s present and future profitability. They also interested in the
firm’s financial structure to the extent it influence the firm’s ability and risk.
TRADE CREDITORS
Trade creditors are interested in firm’s ability to meet their claims over a
very short period of time. Their analysis will therefore confine to the evaluation of
the firm’s liquidity position.
It is the only device, which can store electrical energy in the form of chemical
energy, and hence it is called as a storage battery.
SMF batteries come under the rechargeable battery category so it can be used a
number of times in the life if a battery. SMF batteries are more economical than nickel
cadmium batteries. These batteries are more compact than the west type batteries. It can
be used at any position, these batteries are very popular for portable power requirement
and space constraint applications.
CLASSIFICATION OF BATTERIES
Batteries are broadly classified into two segments like,
Automotive Batteries
Industrial Batteries.
AUTOMOTIVE BATTERIES
Apart from mopeds all other automobiles including scooter need storage battery.
So automotive batteries are playing pre-dominant role in automobile sector by influencing
customers in the automobile market. Automobile batteries can be further distinguished as
the original equipment (OE) markets as low as 5-6%. OE segment has the advantage of
securing continuous orders and inquiries. This enables manufacturers to streamline
production facilities, plan production schedules and attain certain level of operational
efficiency.
The replacement market, on the other hand, is much larger. The replacement
market is characterized by the presence of large unorganized sector, which constitutes
around 55-60% of the total replacement market. This is possible due to low capital entry
barrier. These players have the advantage of inapplicability of excise duties.
INDUSTRIAL BATTERIES
The industrial battery segment comprises of two main categories. One comprises
of the "Stationary segment" and the second relating to "Motive; Power and Electric
Vehicles". The Motive Power Electric Vehicles segment comprising of Telecom, Railways
and Power Industries have registered a growth in excess of 20% and this trend is likely to
continue in the next 5 years".
The Industrial segment is highly technological intensive and access to high quality
worked-class technology is an important factor and is vital for brand reference.
RECYCLING BATTERIES
Battery acid is recycled by neutralizing it into water of converting it to sodium
sulphate for laundry detergent, glass and textile manufacturing. Cleaning the battery
cases, meeting the plastic and reforming it into uniform pellets recycle plastic. Lead,
which makes up 50% of every battery, is method, poured into slabs and purified.
Exide Industries.
Amara Raja Batteries Ltd.
Standard Batteries.
Amco Batteries.
Tudor India.
Hyderabad Batteries Ltd.
Sealed Maintenance Free (SMF) batteries and Value Regulated Lead Acid
(VRLA) technologies are leading the battery industry in the recent years, and they
preferred choice in various applications such as uninterrupted power supply, emergency
lights, and Security systems and Weighting scales.
TELECOM
The Government's policy to increase the capacity from 10 million to 21 million
lines by 2000 increased the demand for storage batteries considerably the value added
services like radio paging and cellular will increase the demand for storage batteries in
future considerably.
RAILWAYS
In Railways, the demand estimate is based on the annual coach production this
comes to 2500 numbers by Railways itself and 1000 numbers more by various other
segments, replacement demand and annual requirement for railways electrification.
POWER SECTOR
In this sector, the estimated 90 private power projects which are expected to
produce 40,000MV with an approximate capital outlay of Rs. l,40,000crores would keep
the industry's future brighter in the coming years. The demand of VRLA batteries is
COMPANY PROFILE
Amara Raja Batteries Private Limited (ARBL) incorporated under the companies
act, 1956 in 13th February 1985, and converted into Public Limited Company on 6 th
September 1990.
The technocrat entrepreneur Sri Rama Chandra Naidu Galla is the chairman and
managing director of the company. ARBL is the first company in India which
manufactures Value Regulated Lead Acid (VRLA) Batteries. The main objective of the
company is manufacturing of good quality of “Sealed Maintenance Free (SMF)” acid
batteries. the company is setting up to Rs. 1,920 lakhs plant is in 18 acres in Karakambadi
village Renigunta mandal. The project site is notified under “B” category.
The company has the clear cut policy of direct selling without any intermediate.
So they have set up six branches and are operated by corporate operations office located
in Chennai. The company has virtual monopoly in higher A.H.(Amp Hour) rating market
its product VRLA. It is also having the facility for industrial and automotive batteries.
Amara Raja is a 5 ‘S’ company and its aim is to improve the work place
environment by using 5 ’S’ technique which is:
COLLABORATORS
Amara Raja has a strategic tie-up with Johnson Controls Incorporation of USA.
Amara Raja and Johnson Controls Inc. both are having a 26% each share in ARBL and
the remaining is on public share. Amara Raja is a company with commitment to achieve
excellence in all its activities. The company is currently poised on a healthy growth rate
of 2.5% per annum and the present turnover of around 270 crores. Major customers rae
BSNL, VSNL, SIEMENS, and BHEL etc.
MILESTONES OF ARBL
Year Milestone
1997 100 crore turnover
1997 ISO-9001 accreditation
1998 QS-9000 accreditation
QUALITY POLICY
ARBL’s main policy is to achieve customer satisfaction through the collective
commitment of employees in design, manufacture and marketing of reliable power
systems, batteries, allied products and services.
Amara Raja will train, motivate and involve employees at every level to achieve
their aim.
Amara Raja has demonstrated its commitment to offer optimum system solutions
of the highest quality and has become the largest supplier of standby power systems to
core Indian utilities such as the Indian Railways, Department of Telecommunications,
Electricity Boards and major power generation companies. Extensive plans have been
charted out for the future, wherein the company undertakes to become the most preferred
supplier for power back-up systems.
Amara Raja has offered time tested world-class technology and processes
developed on International standards – be it high integrity VRLA systems like Power
Stack and Power Plus or the recently launched high performance UPS battery –
KOMBAT & Amaron Hi-life automotive batteries that are the products of the
collaborative batteries efforts of engineers at Johnson Controls Inc. and Amara Raja.
ARBL comprises of two major divisions viz., Industrial Battery Division and
Automotive battery division. Total strength of ARBL comes around 1350.
ARBL
BatteryDivision(ABD)
ARBL is the first company in India to manufacture VRLA batteries (S.M.F.). The
company has set-up Rs.1920 Lakhs plant in 18 acres in Karakambadi village, Renigunta
Mandal. The project site is notified under ‘B’ category.
CAPACITY
The actual installed capacity of IBD is 4 Lakh cells per annum and utilization
capacity is reached to 3,25,000 cells per annum.
PRODUCTS
Types of VRLA batteries manufactured in IBD are
1. Power Stack
2. Kombat (UPS Battery)
3. Brute
4. Genpro
CUSTOMERS
Amara Raja being the first entrant in this industry had the privilege of pioneering
VRLA technology in India. Amara Raja has established itself as a reliable supplier of
high-quality products to major segments like Telecom, Railways and Power.
COMPETITORS
The major competitors for Amara Raja Batteries products are Exide Industries
Ltd., Hyderabad Batteries Ltd., and GNB.
CAPACITY
With an existing production capacity of 5 Lakh units of automotive batteries, the new
Greenfield plant will now be able to produce 1 million batteries per annum. This is the first
phase in the enhancement of Amara Raja’s production capacity in which the company has
invested Rs.45 crores. In the next phase, at an additional cost of Rs.25 crores, production
PRODUCTS
The products of ABD are
1. Amaron Hi-Way
2. Amaron Harvest
3. Amaron Shield
CUSTOMERS
ARBL has prestigious OEM (original equipment manufacture) clients like FORD,
General Motors, Daewoo Motors, Mercedes Benz, Daimler Chrysler, Maruti Udyog Ltd.,
Premier Auto Ltd., and recently acquired a preferential supplier alliance with Ashok
Leyland, Hindustan Motors, Telco, Mahindra & Mahindra and Swaraj Mazda.
COMPETITORS
Exide, Prestolite and AMCO.
PRODUCTS
1. Conventional chargers
2. Switch Mode Rectifiers[SMR]
3. Integrated Power Supply Systems (Ips).
CUSTOMERS
BSNL, VSNL, SIEMENS, SPCNL, RELIANCE & LG
The unit is having required machinery and equipment like power press break,
mechanical press, could forging machine, thread forming machine, lathe, drilling,
trapping machine etc., to produce the above components These components are Electro-
plated and dispatched to ARBL & ARPSL.
PRODUCT PROFILE
1. Power Stack
2. Kombat(UPS battery)
3. Brute
4. Genpro
INTRODUCTION TO FINANCE
FINANCIAL MANAGEMENT
Financial management is a service activity which is associated with providing
quantitative information, primarily financial in nature and that may be needs for making
economic decision regarding reasoned choice among different alternative courses of
action. Financial management is that specialized function of general management which
is related to the procurement of finance and its effective utilization for the achievement of
common goal of the organization. It includes each and every activity of business.
Financial management has been defined differently by different scholars.
DEFINITION
FINANCIAL ANALYSIS
MEANING
Analysis means to put the meaning of a statement into simple terms for the benefit
of a person. Analysis comprises resolving the statement by breaking them into simple
statement by a process to rearranging regrouping and collation of information.
DEFINITION
According to Myers “financial analysis is largely a study of relation ship among
various financial factors in a business as disclosed by a single set of statements and a
study of the trend of those factors as shown in a service of statements “.
1. Comparative statements.
2. Statements of changes in working capital.
3. Trend analysis.
4. Average analysis.
5. Common size statement.
RATIO ANALYSIS
The Ratio analysis is the most powerful tool of the financial analysis. As stated in
the beginning, many diverse groups of people are interested in analyzing the financial
information to indicate the operating and financial efficiency, and growth of the firm.
These people use ratios to determine those financial characteristics of the firm in which
they are interested
3. HELPS IN COMMUNICATING
The financial strength and weakness of a firm are communicating in a more easy
and understandable manner by the use of ratios. The information contained in the
financial statements is conveyed in a meaning full manner to the one for whom is meant.
Thus ratios help in communicating and enhance the value of financial statements.
4. HELPS IN COORDINATING
Ratios even help in coordination which is of at most importance in effective
business management. Better communication of the efficacy weakness of and enterprice
result in better coordination in the enterprise.
5. OTHER USES
There are so many other uses of the ratio analysis. It is an essential part of the
budgetary control and standard costing. Ratios are of an immense important in the
analysis and interpretation of financial statements as they bring out the strength or
weakness of a firm.
The company did not follow any scientific inventory management system before 2004
and hence there arise a need to devise a system which could considerably reduce the cost
and thus constituting toward profitability. Every firm must maintain adequate inventory
for its smooth running of the business and to sustain the competition.
In Amara Raja Batteries Limited, 85% of raw materials are imported and other B and C
class elements are specially made for them. Lead items and bench quantity for an
imported material is high which around 60 days from the date of order is. Hence adapting
required strategies and techniques to maintain balanced inventory is inevitable to
contribute to bottom line.
LIMITATIONS
The ratio analysis is one of the power full tools to analyze financial statements.
Through ratios are simple to calculate and easy to understand, they suffer from some
serious limitations.
3. PERSONAL BIOS
Ratios are only means of financial analysis and not an end in itself. Ratios
have to be interpreted and different people may interpret the same ratio in
different ways.
RATIO ANALYSIS
Financial analysis is the process of identifying the financial strengths and
weaknesses of the firm by properly establishing relationship between the items of the
balance sheet and profit & loss account. Management should be particularly interested in
knowing financial strengths and weakness of the firm to make their best use and to be
able to spot out financial weakness of the firm to take their suitable corrective actions.
Financial analysis is the starting point for making plans, before using any
sophisticated forecasting ad planning procedures.
STANDARDS OF COMPARISON
The Ratio analysis involves comparison for a useful interpretation of the financial
statements. A single ratio is itself does not indicate favorable or unfavorable condition. It
should be compared with some standard. Standards of comparison are
1. Historical
2. Horizontal
3. Budgeted
4. Absolute
HISTORICAL
Ratios calculated from the past financial statements of the same firm.
HORIZONTAL
Ratios of some selected firms, especially the most progressive and successful
competitor, at the same point of time.
BUDGETED
ABSOLUTE
Absolute standards are those, which become generally recognized as being
desirable regardless of the type of the company, the time ,stage of business cycle or the
objectives of the analyst
MANAGEMENT
Management of the firm would be interested in every aspect of the
financial analysis. It is their overall responsibility to see that the resources of the
firm are used most effectively, and that the firm’s financial condition is sound.
INVESTORS
TRADE CREDITORS
Trade Creditors are interested in firm’s ability to meet their claims over
a very short period of time. Their analysis will therefore confine to the evaluation
of the firm’s liquidity position.
RATIO ANALYSIS
The Ratio analysis is the most powerful tool of the financial analysis. As stated in
the beginning, many diverse groups of people are interested in analyzing the financial
information to indicate the operating and financial efficiency, and growth of the firm.
These people use ratios to determine those financial characteristics of the firm in which
they are interested.
As started earlier. The parties interested in financial analysis are short term and
long term creditors, owners and management. Short-term creditor’s main interest is the
liquidity position or the short-term solvency of the firm. Owners concentrate on the firm’s
profitability and financial condition. Management is interested in evaluating every aspect
of the firm’s performance. In view of the requirement various users of ratios, the ratios
classified into the following four important categories.
A. LIQUIDITY RATIOS
1. CURRENT RATIO
The current ratio is an acceptable measure of the firm’s short term solvency.
Current assets include cash within a year, such as marketable securities, debtors and
inventories. Prepaid expenses are also included in the current assets as they represent the
payments that will not be made by the firm in the future. All the obligations maturing
with in year are included in current liabilities. Current liabilities include creditors, bills
payable, accrued expenses, short-term bank loan, income-tax liability and long-term debt
maturing in the current year.
The current ratio is a measure of the firm’s short-term solvency. It indicates the
availability of current assets in rupees for every one rupee of current liability. A current
ratio of 2:1 is considered satisfactory. The higher current ratio, the greater the margin of
2. QUICK RATIO
Quick ratio establishes a relationship between quick or liquid assets and current
liabilities. An asset is liquid if it can be converted into cash immediately or reasonably
soon without a loss of value. Cash is the most liquid asset, other assets that are considered
to be relatively liquid asset and included in quick assets are debtors, bills receivables and
marketable securities. Inventories are considered to be less liquid. Inventories normally
require some time for realizing into cash. The quick ratio is found out by dividing quick
assets by current liabilities. Generally a quick ratio of 1:1 is considered adequate
3. CASH RATIO
Cash is the most liquid asset; a financial analyst may examine Cash Ratio and its
equivalent current liabilities. Cash and Bank balances and short-term marketable
securities are the most liquid assets of a firm. Trade investment or marketable securities is
equivalent of cash; therefore, they may be included in the computation of cash ratio.
B. LEVERAGE RATIOS
1. DEBT RATIO
Several debt ratios may used to analyze the long-term solvency of a firm. The firm
may be interested in knowing the proportion of the interest-bearing debt in the capital
structure. It may, therefore, compute debt ratio by dividing total debt by capital employed
on net assets. Total debt will include short and long-term borrowings from financial
institutions, debentures/bonds, deferred payment arrangements for buying equipments,
A high ratio means that claims of creditors are greater than those of owner. A high
level of debt introduces inflexibility in the firm’s operations due to the increasing
interference and pressure from creditors.
4. PROPRIETARY RATIO
The total shareholder’s fund is compared with the total tangible assets of the
company. This ratio indicates the general financial strength of concern. It is a test of the
soundness of financial structure of the concern. The ratio is of great significance to
creditors since it enables them to find out the proportion of shareholders funds in the total
investment of business.
C. ACTIVITY RATIOS
1. WORKING CAPITAL TURNOVER RATIO
This ratio measures the relationship between working capital and sales. The ratio
shows the number of times the working capital results in sales. Working capital as usual is
D. PROFITABILITY RATIOS
1. GROSS PROFIT RATIO
Gross profit ratio establishes the relationship between Gross profit and sales. It
indicates the efficiency of production or trading operation. A high gross profit ratio is a
good management as it implies that cost of production is relatively low.
3. RETURN ON INVESTMENT
This ratio indicates the relationship between net profit after interest, tax and
shareholder’s funds. It is calculated by dividing net profit after interest and tax by
shareholder’s funds. Return on investment is very important for the investor. The higher
ratio will be better for the concern. This ratio is very important to the decision-making.
The main aim of the study is to know the financial performance of the Amara Raja
Batteries Limited, Tirupati, Chittoor Dist.
RESEARCH
Any effort which is directed to study of the strategy needed to identify the
problem and selecting of best solutions for better results is known as research
RESEARCH DESIGN
The descriptive form of research method is adopted for the study. The nature and
characteristics of the financial statements of Amara Raja Batteries Limited have been
described in this study.
PRIMARY DATA
Primary data were collected from the financial controller and accounts manager by
the personal discussion with them.
A.LIQUIDIY RATIO
1. CURRENT RATIO:
Current assets
Current assets = ------------------------------
Current liabilities
INTERPRETATION
2. QUICK RATIO
Quick assets
Quick ratio= ------------------------
Current assets
3. CASH RATIO
INTERPRETATION
In all the above years the Cash Ratio is very low. The standard norm for Cash ratio
is 1:2. The company is failed in keeping sufficient cash, bank balances and marketable
securities.
B. LEVERAGE RATIOS
1. DEBT RATIO
Total Debt
Debt Ratio = -------------------------------------
Total Debt + Net Worth
Total Debt = Secured + Unsecured Loans, Net Worth = Share holders Funds
INTERPRETATION
The Debt ratio gives results relating to Capital structure of a firm. The Debt ratio
is 0.36 in the year 2015-16, and it is increased to 0.48 in the year 2016-17, and it is
decreased to 0.41 in the year 2017-18, and again it is decreased to 0.14 in the year 2018-
13 and again it is decreased to 0.12 in the year 2019-20.From the above fluctuating trend
we can say that, the company much not dependence on debt because debt is decreased.
2. DEBT-EQUITY RATIO
Total Debt
Debt-Equity Ratio = ------------------------
Net Worth
Total Debt = Secured + Unsecured Loans, Net Worth = Share holders Funds
INTERPRETATION
The Debt-Equity ratio gives results relating to Capital structure of a firm. The
Debt-Equity ratio is 0.58 in the year 2015-16, and it is increased to 0.95 in the year 2016-
17, and it is decreased to 0.70 in the year 2017-18, it is decreased to 0.17 in the year
2018-19 and it again decreased to 0.14 in the year 2019-20. The company depends on the
debt fund is decreased.
EBIT
Interest Coverage Ratio = -----------------------
Interest
EBIT = Earnings Before Interest and Tax.
INTERPRETATION
Interest Coverage ratio is 22.02 in the year 2015-16, again it is decreased to 10.28
in the year 2016-17, and again it is decreased 5.72 in the year 2017-18. It is increased to
36.60 in the year 2018-19,again it is increased to 151.2 in the year 2019-20.In this
position, outside investors are interested to invest the money in this company.
4. PROPRIETARY RATIO
Shareholder’s Funds
Proprietary Ratio = --------------------------------
Total Assets
INTERPRETATION
During the period 2016-2020, the Proprietary ratios are 0.46, 0.38, 0.45, 0.55,
and0.58. In the year 2019-20 the Proprietary ratio is high.
C. ACTIVITY RATIOS
Net Sales
Working Capital Turnover Ratio = ---------------------------
Working Capital
INTERPRETATION
Working capital turnover ratio is useful to measure the operating efficiency of the
firm. Working capital turnover ratio is 2.72 in the year 2015-16. It increased from the year
2016-17 (2.73) to 2017-18(4.69) but it decreased to 4.48 in the year2019-20.
Net Sales
Current Assets Turnover Ratio = --------------------------
Current Assets
During the period 2016-1, Current Asset Turnover ratios are 1.73, 1.81, 2.49, 2.32
and 2.37. From the year 2015-12, it is increasing, and it is decreased to 2.32 in the
year2018-14, in the year 2019-20 and again it is increased to 2.37.
Net Sales
Fixed Assets Turnover Ratio = ------------------------------------
Net Fixed Assets
INTERPRETATION
Net Sales
Total Assets Turnover Ratio = -------------------------
Total Assets
INTERPRETATION
Net Sales
Debtors Turnover Ratio = ------------------------------------
Average Debtors
INTERPRETATION
D.PROFITABILITY RATIOS
1. GROSS PROFIT RATIO
Gross Profit
Gross Profit Ratio = ------------------------------ x 100
Sales
INTERPRETATION
During the period 2017-14, the Net profits are 7.89, 8.71, 6.12, and 11.39. In the
year 2019-20 ARBL have large amount of profits, but it is decreased to 8.4 in the year
2019-20 .
5. RETURN ON INVESTMENT
INTERPRETATION
During the period 2017-14, Return on Investments are 19.30, 28.32, 19.84, 30.72
and 22.92. Return on Investment is high in the year 2019-20, i.e. 30.72. But it is
decreased to 22.92 in the year 2019-20.
INTERPRETATION
Earning per Share reveals how much income available to the equity share holders.
Earnings Per Share is Rs.41.31 in the year 2015-16, and further it decrease to Rs.16.57 in the
year 2016-17, again it is decrease to Rs.9.42 in the year 2017-18, and it is increased to
Rs.19.56 in the year 2018-19, again it is decreased to 17.34 in the year 2019-20.It gives a
view of the comparative earnings of a firm.
Dividend Per
Year Dividend Number of Shares
Share
39,856,250 11,387,500 3.5
2015-16
39,856,250 56,937,500 0.7
2016-17
68,325,000 85,406,250 0.8
2017-18
247,678,125 85,406,250 2.9
2018-19
222,056,250 85,406,250 2.6
2019-20
INTERPRETATION
During the period 2015-14, Dividend per Share is 3.5, 0.7, 0.8, 2.9 and 2.6 there is
fluctuating year by year. In the year 2018-19 dividend per share is high. After it is
decreased to 2.6 in the year 2019-20.
INTERPRETATION
During the period 2019-14, the Dividend Payout Ratios are 0.08, 0.04, 0.08, 0.14
and 0.14. In the year 2018-19 and 2019-20 the Dividend Payout Ratio is same.
FINDINGS
Company has reached the standard ratio in the present year i.e. 2:1. So the company is
having in a position to repayment of its short term liabilities.
The company is maintaining quick assets over the quick ratio. So the quick assets
would meet the quick liabilities.
By observing the cash ratio the company is failed in keeping the sufficient cash, bank
balances .so the company cash performance is in down position.
The company depended more on the debt fund in previous. Now it is decreased in the
present year.
Interest coverage ratio is high in the present year. So, investors are interested to invest
the money in this company.
Working capital turnover ratio is decreased in the present year. The company should
has effective utilization of working capital.
Debtors turnover ratio is decreased in the present year. So the company reduced its
credit sales and increased its cash sales.
The Gross profit & Net profits are decreased in the present year i.e 2017-18. So the
company should have good control over the operating expenses.
SUGGESTIONS
After the analysis of financial statements, the company status is good because the net
working capital of the company is doubled from the last year’s position
The company is paying high interest rate; it leads to face the problems in future.
The company is utilizing the fixed assets, which majorly help to the growth of the
organization. The company should maintain it perfectly.
ARBL has to increase its Gross profits and Net profits it helps for the diversification
of the company.
CONCLUSION
From the above analysis of the company, I conclude that the company’s financial
position is good because the company’s leverage, activity and profitability positions are
good and the company have to increase its liquidity position for better performance in
future .
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31,
2018.
SOURCES OF FUNDS
Shareholders' Funds
Share capital 170,812,500 170,812,500
WEBSITES
www.amararaja.co.inwww.arbl.com