INDUSTRY PROFILE

INDUSTRY OVERVIEW
The total Indian storage battery market is approximately estimated at US$ 500 Million with the automotive battery segment contributing 60 to 65 percent of the overall market value. In terms of volumes, the overall consumption of automotive batteries could be around 6.3 million units with the OE segment comprising around 1.2 to 1.3 million units per annum, according to an interview with the Executive Vice President of ARBL that was published on the website chennaibest.com. The late 1990s also saw a surge in the sales of the passenger car segment for around 2 years due to certain factors like the software boom, lowering of interest rates, etc. - which increased the overall sales of batteries. The automotive sector did not see any significant growth during the early part of the new millennium and is slowly showing signs of growth during this financial year. This factor also adds to the demand in the aftermarket as more number of cars was sold around 2 to 3 years back which is generally the life of a lead acid battery. The replacement automotive battery market is expected to grow at a healthy rate in the coming years.

ROLE OF TECHNOLOGY
With the advent of newer more advanced technologies, the consumer is getting the best of both worlds; a superior product at an affordable price. ARBL sells its automotive

battery under the brand name Amaron which is the country's first Zero Maintenance Free Automotive battery while the competitors had only maintenance free batteries that needed topping up of distilled water. Today, all the leading manufacturers are also offering a similar product with focus shifting towards offering a technologically superior product. Amaron was also the first to talk about what goes into making a great product. It spoke of having silver inside which is used as an alloy mix that actually increases the battery life and this was the first attempt by any battery manufacturer to educate the consumers.

DISTRIBUTION
For the success of any aftermarket product, availability of the same is as important as the product quality and competitive pricing which go a long way in increasing the visibility and creating a network across markets. Here again, the leading automotive battery manufacturers became aggressive in extending their reach to the nooks and corners of the
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country and also moved away from the traditional distribution network and instead appointed dealers and distributors who were the first timers to the battery business like service outlets of some of the automobile majors like Maruti, Hyundai, Telco, Ashok Leyland, Hindustan Motors etc, roadside mechanics and lube shops etc., which went a long way in increasing the reach and visibility. There has been certain uniqueness that has been brought into the business by establishing exclusive outlets with some flashy names like "Pitstops" and "Terminals" which was never seen earlier in this industry. All this, resulted in taki.

GLOBAL SCENARIO
Global Opportunities for Advanced Battery Technologies in Automotive

Applications, 1998 to 2008 is a multi client report designed specifically to provide subscribes with an accurate and independent assessment of emerging opportunities in the automotive battery industry. In addition to providing invaluable information and insights into developments in starting, lighting, and ignition (SLI) technology, the report focuses specifically on opportunities emerging from electric vehicles and hybrid electric vehicles. The report provides material suppliers, advanced battery companies, automotive original equipment manufacturers, investors, and others with an excellent resource to build soil, strategic plans and respond to competitive forces, emerging technologies, and evolving market needs. Specifically, the report assists subscribers in growing their business by providing the following:

FEATURES
Identification of the issues and timing for large scale commercial implementation of advanced battery technology in the global automotive industry. 1.Unbiased global scenario forecasts of commercial systems to 2003 and 2008. 2.Forecast of material requirements for advanced batteries. 3.Profiles of companies those are active in this field.

BENEFITS
Identification of emerging business opportunities for advanced batteries 1.New SLI technologies
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2.HEVs 3.EVs 4.Competitive intelligence for use in bench marking 5.A resource for screening potential merger and acquisition candidates

THE BUSINESS
Revenues for the global battery market reached an estimated $30 billion in 1998.SLI and related secondary battery applications represent approximately one-half of the overall revenues and are mostly utilized in automotive applications. High-performance secondary batteries used in such applications as portable electronics represent approximately 15% of the overall battery market. These high-performance secondary batteries have the fastest growth rates, at over 10% a year. Primary batteries represent the remaining one-third of battery industry revenues.

HOW BATTERY WORKS

When you place the key in your cars ignition and turn the ignition switch ON a signal sent to the battery. Upon receiving the signal, the battery takes energy that it has been strong in chemicals form and releases it as electricity power is used to crank the engine. The battery also release energy to power the cars light and others accessories. It is the only device, which can store electrical energy in the form of chemical energy, and science it is called as a storage battery.

SEALED MAINTENANCE FREE (SMF) BATTERY

Sealed maintenance free (SMF) batteries technologies are leading the battery industry in the recent years in automobile and industry battery sector around the globe. SMF batteries come under the rechargeable battery category so it can be used a number of times the life of a battery. SMF batteries are more economical than cadmium batteries. These batteries are more compact then the wet type batteries. It can be at any position, these batteries are very popular for portable power requirements and space constraint applications. The replacement market, on the other hand, is much longer. The replacement market is characterized by the presence
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of large unorganized sector, which constitutes around 55-60% of the total replacement market.

INDUSTRIAL BATTERIES
Industrial batteries can be basically classified into two main categories: 1. 2. AUTOMOTIVE BATTERIES STATIONARY BATTERIES

The automotive batteries are used in electric vehicles and forklifts. The stationary batteries used in Telecom, Railway and power industries have Registered a growth in excess of 20% and this trend in likely to be continuing in the next 5 years.

RECYCLING OF BATTERIES
Battery acid is recycled neutralizing it into water of converting it to sodium soleplate for laundry manufacturing. Cleaning the battery cases, melting the plastics and reforming it into pellets recycle plastic. Lead, which makes up 50% of every battery, is melted, poured into slabs and purified.

PROSPECTUS OF SMF\ VRLA BATTERIESD IN INDIA

The following factors are influencing demand of VRLA technology batteries. Entry of multinationals in telecom industry. DOTS policy decision to upgrade the overall technology base.

TELECOM The government policy to increase the capacity from 10 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.

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RAILWAY In railways, the demand estimate is based on the annual post production which comes to 2500 numbers by railways itself and 1000 numbers more by various other segments, plus replacements demand and annual requirements for railway electrification.

POWER SECTOR In power sector the estimated 90 private power projects which are expected to produce 40000 MV with approximate capital outlay of Rs. 1, 40,000 crores would keep The industry figured brighter in the coming years. The demand for VRLA batteries is Increased due to its performance over the conventional batteries. So it is more acceptable To the cons.

VALUE REGULATED LEAD ACID BATTERIES In the recent years in automobiles and industry battery sector around the globe VRLA batteries have become the preferred choice in various applications such as uninterrupted power supply, emergency lights, security systems and weighting scales. VRLA batteries are leak- proof, explosion resistant and having life duration of 15-20 years. These batteries withstand the environment conditions due to high technology, in built in the batteries. Each cell is housed in a power coated steel tray making them convenient to transport and installation. So transit damages are minimized in case of these batteries.

AMARA RAJA GROUP OF COMPANIES

1. 2. AMARA RAJA BATTERIES LIMITED (ARBL), karakambadi, Tirupathi. AMARA RAJA POWER SYSTEMS PVT.LTD (ARPSPL), Karakambadi, Tirupathi. 3. MANGAL PRECISION PRODUCTS PVT LTD (MPPL), karakambadi, Tirupathi. 4. MANGAL PRECISION PRODUCTS PVT LTD (MPPL), petamitta, chittoor.

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5.

AMARA RAJA ELECTRONICS PVT. LTD (AREPL), Dighavamagham, Chittoor.

ENVIRONMENTAL PROGRAMS
Advancement for ISO-14001 Certification. Health monitoring and industrial safety program. Both personnel and industrial programs. Start-up of environment management system (EMS) implementation Programs. Nil discharges and lowest emission awareness and implementation program.

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COMPANY PROFILE

BACKGROUND AND INCEPTION OF THE COMPANY

AMARA RAJA BATTERIES LTD Amara Raja Batteries Limited (ARBL) Company incorporated under the companys act, 1956 in 13th February 1985 and converted into public limited company on 6th September 1990. ARBL is the first company in India to manufacture VRLA (value regulated lead acid) Batteries. The main objective of the company is manufacturing of good quality of SEALED MAINTENANCE FREE lead acid batteries (SMF). The company was set up with Rs.1920 lakhs in 18 acres area near 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. Mr. Galla Rmachandra Naidu, chairman who is an NRI having engineering background promoted AMARA RAJA BATTERIES LTD. in 1985 at Karakambadi Village near Tirupathi. He also seeded HARSHA ELECTRONICS Pvt. Ltd. in 1990 at Karakambadi Village near Chittoor and AMARA RAJA ELECTRONICS Ltd. in 2000 at Diguvamagham

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village near Chittoor. Before embarking on this venture he worked as senior project engineer with M/S Sergeantand Lundy, USA (power consultants) for about 20 years. Prior to this, he worked as an Electrical Engineer for US Steel Corporation for about 3 years. In 1989, ARBL has entered into Industrial Battery market with Technical alliance with GNB Batteries, USA to promote advanced Maintenance Free Valve Regulated Lead Acid (MF-VRLA) batteries prior to setting its own facilities ARBL Imported the product in semi-Knocked down condition. In September 1990, it was converted into a public limited company and its IPO (Initial Public Offer) in January 1991 aggregating Rs.59.5Million. It was formed to manufacture Maintenance-free, sealed lead acid batteries in which commercial production commenced from May 1992. Despite its initial technical support from GNB Batteries, during the financial year 1998 ARBL ceded a 23.7% stake to Johnson Controls Inc. USA, at a premium of Rs.75 per share to cement a financial and technical tie-up to foray into Automotive Batteries. Besides having overall control of the company as the chairman Mr.R.N.Galla. His son, Mr. Jayadev Galla, who is acting as a managing director of the company, has worked earlier with GNB Battery Technologies, USA as an International Sales Executive.

NATURE AND BUSINESS CARRIED

ARBL comprises of two major divisions viz, Industrial Batteries Division (IBD) Automotive Batteries Division (ABD) Small Batteries Division (SBD)

INDUSTRIAL BATTERY DIVISION (IBD) Amara raja has become the benchmark in the manufacture of industrial batteries. India is one of the largest and fastest growing markets for industrial batteries in the world and Amara raja is leading the front with an 80% Market share for stand by VRLA batteries. It is having the facility for producing plastic components required for industrial batteries. INCORPORATION: ARBL is the first company in India to manufacture VRLA batteries. The company has setup of Rs. 1920 lakhs. Plants in 18 acres in karakambadi village, near Tirupati.
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ARBL was established in the year 1985 as private limited and then it has been changed into public limited company with the advent of GNB industrial batteries USA, for manufacturing sealed value regulated.

CAPACITY The actual installed capacity of IBD is over 4, 00,000 cells per annum and utilization capacity is reached over 3, 50,000 cells per annum.

AUTOMOTIVE BATTERY DIVISION (ABD) ARBL inaugurated its new automotive plant at karakambadi near Tirupati. On September 2001 this plant part of the most completely integrated battery manufacturing facility in India with all critical components including plastics sourced in house from existing facilities on site. This gives Amara raja is having complete control own inventory and product quality in this project, Amara raja strategic alliance partners Johnson Controls USA have closely worked with their Indian counterparts to put together the latest advances in manufacturing technology and plant engineering. It is also having the capacity for producing plastic components required for automotive batteries. CAPACITY Amara Raja has a replacement Battery Brand Amaron hi-life. ARBL has a Capacity for manufacture of around 1,000,000 units at its facility at Tirupati with an Investment of US $ 10.00 million. A Greenfield project is planned at the same site with an additional

investment of US $6 million to augment capacity to 2 million batteries. The Amaron hi-life battery is a product of the collaborative efforts of engineers at Johnson Controls Inc. and Amara Raja.

MISSION, VISION AND HISTORY MISSION

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Mission, mantra, way of thinking, philosophy, what we live for call it what you want, youll find it below.To transform our spheres of influence and to improve the quality of life by building institutions that provide better access to better opportunities, goods and services to more peopleall the time.

INTRODUCE LATEST GENERATION TECHNOLOGIES: Adapt these technologies to suit the operating environment Develop and manufacture globally competitive, customer-focused products of worldclass quality. VISION In January 2007, ARBL announced expansion plans to invest Rs.84 corers to set up the combined manufacturing capacity of 3.2 million units for 2-wheeler batteries and small VRLA batteries for UPS applications. Currently 1 million units combined capacity is ready and will scale up to 3.2 million units by FY 2010. Responsibly introduce these products into relevant markets. Provide world-class customer support.

PRODUCT PROFILE
AUTOMOTIVE BATTERY PRODUCTS:
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FOUR-WHEELERS BATTERIES
1. AMARON HI-WAY Amaron hi-way truck batteries-lasts long,Really long Amaron hi-way truck batteries, brought to You by Amara Raja Batteries Limited (ARBL), the largest manufacturer of Stand-

2. AMARON PRO HI-LIFE Amaron PRO hi-life batteries design features and benefits Longest life thanks to the reformulated Advanta paste recipe. Zero maintenance high heat technology, premium silver alloys for a low-corrosion and no top-ups experience. Highest cranking power largest intercell welds, 19mm lugs. Amaron harvest Types of Harvest tractor batteries 75 Ah TRA 500 D31R/L 90 Ah TRA 600 H29R/L

3. AMARON SHIELD The new Amaron shield, with an unheard of 24 months warranty. A product of Amara Raja Batteries Limited, Amaron shield is a result of a partnership between the Amara Raja Group and Johnson Control Inc, USA, the global leader in interior experience, building efficiency and power solutions.Amaron shield design features and benefits Long life the robust plate design and a ribbed container provide extra strength and improved resistance to corrosion.

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4. AMARON GOES: Amaron go batteries design features and benefits Long life thanks to the reformulated advantages paste recipe. Maintenance free High heat technology, premium silver alloys for a low-corrosion and no top-ups experience. Factory fresh wet shipped and ready to fit.

5. AMARON OPTIMA Optima yellow top: deep cycle batteries for extreme applications Optima blue top: for twice the life of traditional marine and RV batteries. Optima red top: the battery that withstands the most vibrations

O.E.Customer

Model Number

Rating

Hyundai(Santro) Maruthi Udyog Ltd(Wagon R) Maruthi Udyog Ltd(Swift) GMIL(Taveras) GMIL(Optra) Ashok Leyland(Goods) Ashok Leyland(Passenger) Ashok Leyland(Goods) MandM(Scor/Comm/Marshall) MandM(Bolero)

38B20R 38B20l 38B20R 80D26R 55D23R 75D31R HCVX00D04R HCV500D31R 65D26R 75D31L

12V35Ah 12V35Ah 12V35Ah 12V60Ah 12V55Ah 12V75Ah 12V150Ah 12V80Ah 12V65Ah 12V75Ah

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MandM(Champion) MandM(Tractors-All Types) HONDA(City) HONDA(Accord) TELCO(Ace-Cub) TELCO(207DI/Sumo/Variants) TELCO(Safari-CRDI) TELCO(Telco709/907) TELCO(1613) TELCO(1313/1512) SWRAJ MAZDA(Truck) HML-Kolkata(Ambassador-D) HML-Kolkata(Ambassador-P) HML-Chennai(Lancer-P) HML-Chennai(Lancer-D) EICHER Tractors(for available models) INTERNATIONAL Tractors

48D26R TRA500D31L 34B19L 55B24L 38B20L 75D31R 95D31R HCV700H29R HCV800D04R HCVX00D04R 75D31R 75D31R 55D26R 38B20L 95D31L TRA500D31R

12V50Ah 12V75Ah 12V32Ah 12V60Ah 12V35Ah 12V75Ah 12V80Ah 12V100Ah 12V120Ah 12V150Ah 12V75Ah 12V75Ah 12V60Ah 12V35Ah 12V80Ah 12V75Ah

TRA500D31R

12V75Ah

TWO WHEELERS:

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Applications:

Vehicle manufacturer Bajaj Bajaj

Scooters

Battery type

Bajaj Bravo Saffire, sprit,wave

AP-ATX2.5L AP-ATX5L

TVS

Scooty ES,Scooty pep,spectra

AP-ATX5L

Herohonda

Pleasure, Street

AP-ATX5L

Suzuki Kinetic honda

Access 125 Kinetic hondaDX,Zx

AP-ATX5L AP-ATX5L

Kinetic

Nova 135,Nova EX,Blaze

AP-ATX9

INDUSTRIAL BATTERY DIVISION

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Amara Rajas Power Stack is a high performance battery designed to meet the demands of a wide range of industrial applications. The power stack range is modular in structure and is capable of accommodating a wide spectrum of capacities depending on the application. Major application areas include telecommunications, power utilities, railways, defence, and other heavy industries.

The advantages of power stack at a glance: The advantages of power stack at a glance Design floats life of 20 years Proven performance in harsh tropical conditions Deep discharge capabilities

Quanta is not just another UPS battery, it is a UPS battery with a back-up for a back-up.UPS attery is further backed by the world renowed technology that others cannot provide you with. Put simply, Quanta is the product of fail-safe, fool-proof battery technology, produced and tested in our premier manufacturing facility and provides several firsts for a battery of its kind.

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THE ADVANTAGES OF QUANTA AT A GLANCE Unique heavy-duty, corrosion-resistant alloy for positive grids, to increase cyclic life in a tropical environment. Lower internal resistance for superior high-discharge performance. Interchange, a patented paste recipe for excellent charge acceptance. Aesthetically designed with a rugged Flappon terminal protector that prevents shorts Compact, lightweight, factory-charged, explosion-resistant and environment friendly clean and sleek looks. Apart from the technology itself, helping us meet our stringent quality norms is our QS 9000 accredited manufacturing plant.

POWER CON POWER CONTROL: They provide back-up critical installations in power generating units and provide back-up power for transmission and distribution sub-stations like:

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North Chennai thermal power station ARBL is an approved vendor for NTPC/NHPC and power Grid Corporation.

OIL and GAS 1. ARBL provides integrated solutions for renewable energy back-up power for ONGCs offshore platforms. 2. 3. The island of Lakshadweep is powered through Amara Raja Power Systems. They also provide back-up power for low power transmitters for Doordarshan.

MOTIVE POWER ARBL is the countrys first manufacturer of maintenance-free traction batteries used in Forklifts and Pallet trucks. DEFENCE ARBL introduced new technologies for back-up power in defence, police and paramilitary communication systems. UPS and EPABX ARBL is the preferred suppliers for all leading UPS back-up manufacturers like APC, Numeric, DB power, AP Lab, Electronics and Controls etc. our UPS batteries are the fastest growing battery brand since its launch in July 2002 with a nation-wide footprint of sales and service points and over 3,00,000 batteries in use at over 10,000 customer sites. RAILWAYS ARBL pioneered the use of maintenance-free batteries in the Indian Railways. Over 50% of Indian Railways two and three tier self-generation Air-conditioned coaches are powered by ARBL.

AREA OF OPERATION

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Regional Leading battery manufacturer Amara Raja Batteries Limited launched Amaron pit shop in Kakinada and Rajamundry today. With these the total number of pit shops in Andhra Pradesh will grow to 14. The complete range of Amaron automotive batteries, the most popular product from ARBL, will be available at the pit shop. Amaron pit shop is an innovative concept pioneered by Amara Raja in the automotive battery industry. National The Company currently has a pan-India sales and service network with 152 franchisees, 120 pit shops and over 15000 active retailers.

Ownership pattern: Shareholding of promoter and promoter group Indian Foreign Public shareholding Institutions Non-institutions Atlas Manufacturer of Lead Acid Batteries from 32 180Ah Total number of employees 51- 100 Location details Punjab Ludhiana transport nagar Ludhiana Punjab State 20.5427% 31.5187% 15.1278% 32.8106%:

HIGHLIGHTS
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 Amaron TM is the preferred supplier to Daimler Chrysler, Ford and General Motors Automotive product of the year 2000 by overdrive Excellence in Environmental management in 2002 by AP Pollution Control Board Creative Advertiser of the year 02 by ABBY Ford World Excellence Award Ford Q1 Award ISO - 9001 in 1997.RWTUV QS 9000 in 1999.RWTUV ISO/TS 16949 in 2004.RWTUV Quality benchmarks Best business practices as per JCI ISO 14001 in 2002..RWTUV Part of the worlds largest battery manufacturing alliance- Johnson Controls Inc., USA Largest manufacturer of standby VRLA batteries for industrial application in India Auto CAD for sheet metal design Largest and dominant market leader of standby batteries in Railways, Telecom, power generating stations in India One of the largest (designed for producing 2.5 million batteries p.a) and most modern automotive battery plants in Asia Highly automated (oxide preparation to finishing; all processes and operations are automated) Part of Amara Rajas highly integrated battery complex (most components are built in-house)

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Workflow model:
FIGURE1.6.1: AMARA RAJA WORK FLOW MODEL:
Oxide plant Grid casting

Plate Preparation

Assembly

Formation

Finishing

Dispatching

FUTURE GROWTH AND PROSPECTUS

The company has plans of expanding its battery manufacturing capacity a robust 50% from 3.6 million units per annum to 5.4 million units per annum. The company intends to make an investment of Rs 882 million for the expansion.

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The company plans to expand the capacity of the industrial battery division, which would incur a capital expenditure of Rs 650 million. The company would be investing Rs 1,134 million in setting up a facility at Tirupati for the manufacture of two wheeler and small VRLA batteries. The proposed Share value investment would be spread over three years. The capacitys facility would increase to 5.74 million units Share value.

AWARDS: The spirit of excellence awarded by academy of fine arts, Tirupathi.

Best entrepreneur of the year 1998 awarded by Hyderabad management association

Industrial economist business excellence awards 1991 awarded by the industrial economist, Chennai.

Excellence award Institution of economic studies (New Delhi).

Udyog ratton award Institution of economic studies (New Delhi). Apart from the investments we make in getting the best

people, we also make it a point to provide them with the best Manufacturing, Engineering and Service facilities.
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World-class integrated facility. Oxide manufacture to finished battery dispatch in one complex. Automation at every possible process and in all critical areas. Fully furnished in-house plastic injection molding. Govt. approved RandD Center for battery.
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Full fledged calibration and chemical labs to correct instruments and check material purity.

Only Industrial Battery Plant to get certified for QS-9000. SPC and SQC techniques for every process. Vibration Test facility up to 3G. Environment chambers to test the systems at sub zero and elevated temperatures. Futuristic ambience. State-of-the-art technology. Collection centre for Scraped batteries. Ultra modern Sheet Metal fabrication facility with CNC machines robotic welding equipment.

Test facilities to check the raw material to Parts Per Billion Level. PPAP and APQP procedures for product development.

Exhibitions:Exhibitions Office expo Held at Mumbai. Indian Express Technology Senate 2010 Active Material Chemically active compounds in a cell or battery that convert from one composition to another while producing current (electrical energy) or accepting current from an external circuit. Battery Polarity A battery has two poles or posts. The positive battery post is usually marked POS, P, or + and is larger than the negative post which is usually marked NEG, N, or -. The polarity of the charger and the battery must always match to avoid damage to the battery and charger.
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 Cell The basic electrochemical current-producing unit in a battery consisting of a set of positive plates, negative plates, electrolyte, separators and casing. There are six cells in a 12-volt lead-acid battery. Container The polypropylene or hard rubber case which holds the plates, straps and electrolyte. Cover The lid for the case/container. Electrolyte A solution of sulfuric acid and water which conducts current through the movement of ions (charged particles in the electrolyte solution) between positive and negative plates. It supplies sulfate ions for reaction with the active material of both positive and negative plates. Grids A lead alloy framework that supports the active material of a battery plate and conducts current Ground The reference potential of a circuit. In automotive use, the result of attaching one battery cable to the body or frame which is used as a path for completing a circuit in lieu of a direct wire from a component. Today, over 99% of autos use the negative terminal of the battery as the ground Intercell connections Connections between the straps of two cells, positive of one cell to the negative of the next. Open Circuit Voltage (O.C.V.) The voltage of a battery when it is not delivering or receiving power. It is 2.11 volts for a fully charged battery cell. Plates

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Flat, typically rectangular components that contain the active material and a mechanical support structure called a grid, which also has an electrical function, carrying electrons to and from the active material. Plates are either positive or negative, depending on the active material they hold. Separators Porous plastic, electrically insulating sheets which allow transfer of ions between plates, but prevent physical contact between plates and resulting electronic conduction State of Charge Use this chart to determine the State of Charge for a Deep Cycle Battery

State of Charge 100% 75% 50% 25%

Specific Gravity 1.265 1.225 1.19 1.155

Voltage - 12 Volt Battery 12.7 12.4 12.2 12.1

Straps Lead alloy castings that connect a number of same polarity plates together in a cell and carry current Terminals The electrical connection from the battery to the external circuit. Each terminal is connected to either the first (positive) or last strap (negative) in the series connection of cells in a battery. BIC Vents
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Components that allow gasses to exit the battery while retaining the electrolyte within the case. Can be permanently fixed to the cover or removable, depending on battery design

NEED FOR THE STUDY

The main purpose behind this project is to know how debts were procured by Amara Raja batteries Limited. The study is on internal financing pattern of the debtors receivables relating to the wing of cash management to achieve more customers with better excellence of policies relating to domestic economy of the company. Therefore, clear analysis is to be made to know the reasons and find out the measures to be taken to make the organization more successful in acquiring debt amounts from its customers.

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SCOPE OF THE STUDY

The current study is undertaken for the purpose of analyzing receivables management of Amar Raja batteries Ltd, which is situated at Tirupati, Andhra Pradesh. An extensive study is done on the blocking up of receivables and its retaining activities, and the factors determining these receivables. The study concentrates on the liquidity position of the firm, and a brief study is made on the techniques used by the firm for collection.

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OBJECTIVES OF THE STUDY

The main objective of the current study is to know the company performance towards receivables action executing in ARBL. The prime objective is to analyze and evaluate the receivables management and its performance in ARBL.

The following were the objectives of study were: To know how the receivables were managed. To analyze to what extent they were offering credit. To know who were the major defaulters. To know how much extent of cash is blocked as bad debts.

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LIMITATIONS

1.

The data used is gathered mainly through secondary sources and no independent Verification has been done on the same.

2. 3.

Only five years financial reports have been considered i.e., from 2005 to 2009. And the total statements are given as secondary sources and they dont provide to go through scrutiny of those statements.

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REVIEW OF LITERATURE
INTRODUCTION
Finance is aptly described as the lifeblood and nerve centre of any business. It is just as the circulation of blood, an essential system in the human body to keep and alive. Finance is vital input for the smooth functioning of the business. Every business enterprise irrespective of its size and nature needs finance to carry on its operations and achieve its target.

FINANCIAL MANAGEMENT: Definition:

Business finance can broadly define as activity concerned with planning, organizing, controlling and administration of funds used in business.

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Financial management as an application of general managerial principles to the area of decision-making. Working capital refers to a firms investment in short-term assets viz, cash, short-term securities. Current assets are to be managed in an efficient manner. Receivables represent an important component in current assets of a firm. Management of receivables is having more significance in order to avoid blockage of funds in receivables.

RECEIVABLES MANAGEMENT
The term receivable is defined as debt owed to the firm by customers arising from sale of goods or services in the ordinary course of business. Receivables management is also called trade credit management. Thus, accounts receivable represent an extension of credit to customers, allowing them a reasonable period of time in which to pay for the goods received.

These receivables come under current assets as they sooner are converted into cash. Accounts receivables are the second most liquid form of assets of the firm. Skill full

administration of the receivables management is therefore of prime importance to the business. The very reason of credit sales is to expand sales volume. Trade credit is

considered as an essential marketing tool, acting as a bridge for the movement of the products through production and distribution stages to the customers.

DEFINITION OF ACCOUNTS RECEIVABLE MANAGEMENT: ACCOUNTS RECEIVABLES:

Receivables represent amount owed to the firm as a result of sale of goods or services in the ordinary course of business

RECEIVABLES MANAGEMENT:

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Receivables management is the process of making decisions relating to investment in trade debtors A firm investment in accounts receivable depends upon volume of credit sales and collection period. The three major areas involved in accounts receivables management includes credit policy, credit terms and collection policies.

CREDIT POLICY
The credit policy of a company is considerably influenced by the practices followed by the industry. The credit policy of a firm provides the framework to determine, 1. 2. Whether or not to extend a credit to customer and How much credit to extend.

The credit policy decision of a firm has a two broad dimensions: 1. 2. Credit standards Credit analysis

CREDIT STANDARDS
The term credit standards represents the basic criteria for the extension of credit of customers. Our aim is to show what happens to the trade-off when standards are relaxed or, alternatively, tightened. The tradeoff with reference to credit standards are: The collection costs The average collection period Level of bad debt losses Level of sales

CREDIT ANALYSIS
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Besides establishing credit standards a firm should develop procedures for evaluating credit applicants. The second aspect of credit policies is credit analysis and investigation. The two basic steps that are involved in the credit investigation process are: Obtaining credit information Analysis of credit information

Credit information can be obtained by both internal and external sources. Internal sources include various forms and documents that are filled by the customers, records of the firm. External sources to assess the credit worthiness of the customers are published financial statements of the customers, bank references, trade references, credit bureau

reports.Information gathered can be analyzed by both qualitatively and quantitatively.

CREDIT TERMS
The second decision in accounts receivables management is the credit terms. After the credit standards have established and the credit worthiness of the customers has been assessed, the management of a firm must determine the terms and conditions of which trade credit will be made available. The stipulations under which goods are sold on credit are referred to as credit terms.

CREDIT TERMS HAVE THREE COMPONENTS 1. CREDIT PERIOD

In terms of the duration of time for which trade credit is extended during this period the overdue amount must be paid by the customer. A firms credit period may be governed by the industry norms. But depending on its objective, the firm can lengthen the credit period.

2.

CREDIT DISCOUNT

If any, which the customer can take advantage of, that is, the overdue amount will be reduced by this amount. The firm uses cash discount as a increase in sales and accelerate collections from customers.

3.

CREDIT DISCOUNT PERIOD

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Which refers to the duration during which the discount can be available of these terms are usually.

COLLECTION POLICIES
The third area involved in the accounts receivables management is collection policies. They refers to the procedures followed to collect account receivables when, after the expiry of the credit period, they become due. These policies cover two aspects.

1.

DEGREE OF COLLECTION EFFORT

To illustrate the effect of the collection effort, the credit policies of a firm may be

categorized into Stringent/Light Lenient

The collection policy would be tight if very rigorous procedures are followed a tight collection policy has implications which involve benefits as well as costs.

2. TYPES OF COLLECTION EFFORTS

The second aspect of collection policies related to the steps that should be taken to collect over dues from the customers. The steps usually taken are Letters, including reminders, to expedite payment. Telephone calls for personal contact. Personal visits. Legal action.

1. The aim should be to collect as early as possible; genuine difficulties of the customers should be given due consideration. 2. The management of receivables involves crucial decision in 3 areas credit policies, credit terms, collection policies.

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1.

The objective of receivables management therefore is to have a trade-off between the benefits and costs associated with the extension of credit.

What actually credit will create? 1. 2. 3. 4. 5. 6. Company position. Protection from competition. Buyer states and Requirements. Dealer Relationship. Transit Delays. Industrial practice

CREDIT POLICY AND PRACTICES AT AMARA RAJA POWER SYSTEMS LTD.

The sales of the company Amara Raja power systems ltd go on cash as well as credit terms. The trading division of the ARPSL sells its products, which it receives from the factories on a credit period of 45 days, through the branches of the company located all over the country.

CREDIT POLICY

Credit Standards

Credit Terms

Collection

Cash Discount

It is careful analysis

Specified

Lower collection

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Risk

of the Duration versa.

influences lower investment in Receivables and Vice-

CREDIT STANDARDS CREDIT STANDARDS ARE CRITERIA TO DECIDE THE TYPES

Customers to whom goods could be sold on credit. If a firm has slow paying customer its investment in accounts receivables will increase, the firm will also be exposed to higher risk of default.

CREDIT TERMS
Specify duration of credit and terms of payment by customers, investment in accounts receivables will be high if customer are allowed extended time period for making payment.

COLLECTION EFFORTS
Collection effort determine the actual collection period. The lower the collection the lower the investment in accounts receivables and vice-versa.

CREDIT POLICY AND PRACTICES AT AMARA RAJA BATTERIES LTD. The sales of the company Amara Raja batteries ltd go on cash as well as credit terms. The trading division of the ARBL sells its products, which it receives from the factories on a credit period of 45 days, through the branches of the company located all over the country. GOALS OF THE CREDIT POLICY

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Stringent credit policy

Leninent credit

policy

Less credit to customer as a Results decrease in sales

More credit to customer as it leads to increase in sales.

If there is any changes in credit policy there will be change in the 1. Volume of credit sales. 2. Default risk (or) Bad debts. 3. Costs. 4. Average collection period. Looks for the period of presence of the customer in the business. 1. RAILWAYS 2. TELECOM 3. SERVICE OR SPARES Looks for the character of the customer i.e., his willingness to pay the moral factor is of considerable importance in credit position. Looks for his ability to pay is evaluated by his financial position and the bank guarantee given by him. Based on the above factors the company analyses the customers and determine the credit limit to them. Every six months the company goes for the review of the customers.When a customer is found to be regular in paying the dues within 30 days the company may go for increase in the credit limit for the customer. In a small way, the new customers are taken into consideration and given the credit.

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OUTSTANDING DAYS MORE THAN 300 DAYS BETWEEN 180 DAYS BETWEEN 90-180 DAYS BETWEEN 0-90 DAYS COLLECTION PROCEDURES

DEBTS CATEGORY DISPUTES BAD DEBTS DOWBTFUL DEBTS GOOD DEBTS.

The company follows a system of centralized control and decentralized collections. The company does not employ any collection agency for its collection activities. The trading division receives a statement of sales and outstanding daily from all the branches in the country, to initiate appropriate actions. the sales offices are engaged in collection activity and the collection is done through CMP account and through Bank cheques.

MONITORING BOOK DEBTS The company classifies its book debts based on the number of outstanding days in the given following way:

CLASSIFICATION OF CUSTOMER ACCOUNTS

An analysis of collection from aspects of accounts provides a useful measure of the potential loss in the various customer classifications. Customer accounts may be classified in various categories. 1. 2. Prime or excellent large. Well-established firms. Good firms that are not large and have not yet established excellent credit reputations. 3. 4. Restricted: firms that are limited to a definite credit line and Marginal high risk accounts which must be watched.

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RESEARCH METHODOLOGY

Methodology refers to the way adopted for collecting information for the purpose of drawing inferences. Methodology plays a vital role in the analysis of the study. Methodology is the science of system and a method of conducting a research work.

DATA COLLECTION
The study is depends on primary and secondary data from various sources:

PRIMARY DATA
First hand information was collected from experts of finance department, on their course of actions towards collections.

SECONDARY DATA
The Secondary data that is required for the studies is collected from the Schedules, past notes, Budgets, through company websites and other statements provided by Finance Department of AMARA RAJA BATTERIES LIMITED.

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DATA ANALYSIS AND INTREPRETATION

ANALYSIS FRAME WORK
CLASSIFICATIONS OF COLLECTION OPERATIONS: Preparation of Aging Schedules. Credit Sales to Accounts Receivables Statement. Collections to Accounts Receivables Statement. The whole calculation part data has provided by the employees of Finance Department as secondary source of data and there was no scope has given me to look into original statements. when we step into the organization, we will see a wall hanger consists of A LITTLE FROM EVERYONE CAN SAVE A LOT.

ANALYSIS OF AGING SCHEDULE

The company prepares monthly aging schedule to monitor its book debts. The debts outstanding are broken down into branch wise entries. The aging schedules for the past two years have been thoroughly analyzed to come out with average outstanding days of the book debts in the company is as follows overdue less than 30 days, 301to 60 days, 61 to 90 days, 91 to 180 days, 181 to 300days, 301 to 365 days and above 365 days respectively. These reports are prepared especially for the extended over due accounts. The basic reason is to develop a file of customers who require special attention either in the form of statements, letters or other collection activity.

RECEIVABLES MANAGEMENT
Accounts receivables are the second most liquid form of assets of the firm. the receivables come into being as credit sales and constitute as one of the largest assets. Skill full administration of the receivables management is therefore of prime importance to the business. The very reason of credit sales is to expand sales volume. If the company is very
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strict in granting credit to customers many sales may be lost that would other wise contribute to the profits of the firm. Before going to quote the credit aspiration and credit practices at Amara Raja Power systems Ltd.,

AGING SCHEDULE FOR THE YEAR 2006-2007

Outstanding period

Outstanding Receivables (values millions) in

% of total outstanding receivables

Not due 0-30 31-60 61-90 91-180 >181 Total

469.8012 183.1254 51.91992 39.46501 42.27981 107.741 894.3394

52.53% 20.47% 5.80% 4.41% 4.75% 12.04% 100%

INTERPRETATION: During the year 2006, the total outstanding receivables were Rs. 89,43,39,436.out of which 52.53%were not due, 20.47% receivables were collected within 30 days, 5.80% were collected in between 31 days to 60 days, 4.41% were collected in between 61 days to 90 days, 4.75% were collected in between 91 days to 180 days. The remaining 12.04% receivables are taking more than 180 days.

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AGING SCHEDULE FOR THE YEAR 2007-2008

Outstanding period

Outstanding Receivables (values in millions)

of

total

outstanding receivables 64.29% 20.37% 6.67% 1.86% 2.57% 4.24% 100%

Not due 0-30 31-60 61-90 91-180 >181 Total

964.4896 305.6534 100.0078 28.03069 38.60705 63.2061 1499.995

INTERPRETATION: During the year 2007, the total outstanding receivables were Rs. 1499.9945.out of which 64.29% were not due, 20.37% receivables were collected within 30 days, 6.67% were collected in between 31 days to 60 days, 1.86% were collected in between 61 days to 90 days, and 2.57% were collected in between 91 days to 180 days. The remaining 4.24% receivables are taking more than 180 days

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AGING SCHEDULE FOR THE YEAR 2008-2009

Outstanding period

Outstanding Receivables (values in millions)

of

total

outstanding receivables 68.67% 15.00% 9.59% 2.65% 2.23% 1.86% 100%

Not due 0-30 31-60 61-90 91-180 >181 Total

1575.899203 344.441876 220.253459 60.789668 50.757638 42.653695 2294.795539

INTERPRETATION: During the year 2008, the total outstanding receivables were Rs. 2294.795539.out of which 68.67% were not due, 15.00% receivables were collected within 30 days, 9.59% were collected in between 31 days to 60 days, 2.65% were collected in between 61 days to 90 days, and 2.23% were collected in between 91 days to 180 days. The remaining 1.86% receivables are taking more than 180 days

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AGING SCHEDULE FOR THE YEAR 2009-2010

Outstanding period

Outstanding Receivables (values in millions)

% of total outstanding receivables 63.21% 21.79% 5.10% 1.86% 5.50% 2.54% 100%

Not due 0-30 31-60 61-90 91-180 >181 Total

1330.159216 458.478599 107.351757 39.204061 115.701735 53.129750 2104.025117

INTERPRETATION: During the year 2009, the total outstanding receivables were Rs. 2104.025117.out of which 63.21% were not due, 21.79% receivables were collected within 30 days, 5.10% were collected in between 31 days to 60 days, 1.86% were collected in between 61 days to 90 days, and 5.50% were collected in between 91 days to 180 days. The remaining 2.54% receivables are taking more than 180 day

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AGING SCHEDULE FOR THE YEAR 2010-2011

Outstanding period Not due 0-30 31-60 61-90 91-180 >181 Total

Outstanding receivables (values in millions) 2454.819509 253.421334 77.894670 74.253838 96.170672 106.878237 3063.438260

% of total outstanding receivables 80.13% 8.28% 2.54% 2.43% 3.14% 3. 48% 100%

INTERPRETATION: During the year 2010, the total outstanding receivables were Rs. 3063.438260.out of which 80.13% were not due, 8.28% receivables were collected within 30 days, 2.54% were collected in between 31 days to 60 days, 2.43% were collected in between 61 days to 90 days, and 3.14% were collected in between 91 days to 180 days. The remaining 3.48% receivables are taking more than 180 days.

AGING SCHEDULE FOR THE YEAR 2011-2012

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Outstanding period Not due 0-30 31-60 61-90 91-180 >181 Total

Outstanding receivables (values in Rs) 2763.303510 230.207653 37.077483 20.680178 152.874655 50.640884 3254.784364

% of total outstanding Receivables 84.90% 7.07% 1.14% 0.63% 4.70% 1.56% 100%

INTERPRETATION: During the year 2011, the total outstanding receivables were Rs. 3254.784364. Out of which 84.90% were not due, 7.07% receivables were collected within 30 days, 1.14% were collected in between 31 days to 60 days, 0.63% were collected in between 61 days to 90 days, and 4.70% were collected in between 91 days to 180 days. The remaining 1.56% receivables are taking more than 180 days.

SALES CHART

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YEAR
2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

SALES (values in millions)

7451.03 13499.87 15839.54 16910.83 20764.82

SALES (values in millions) 25000 20000 15000 10000 5000 0 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 7451.03 13499.87 SALES (values in millions) 15839.54 16910.83

20764.82

INTERPRETAION In the year 2006 and 2007 the total sales are 7541.03 and 13499.87 but in the year 2008 the total sales increased to 15839.54 and the sales are increased to 16190.83 and 20764.82 in the corresponding years of 2009 and 2010.

DEBTORS CHART

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YEAR
2006-07 2007-08 2008-09 2009-10 2010-11

DEBTORS(values in millions)
3500.19 5975.96 5259.90 6310.62 7418.67

DEBTORS (values in millions) 8000 7000 6000 5000 4000 3000 2000 1000 0 2006-07 2007-08 2008-09 2009-10 2010-11 3500.19 DEBTORS (values in millions) 5975.96 5259.9 6310.62 7418.67

INTERPRETATION In the year 2007 and 2008 the total debtors are 3500.19 and 5975.96 but in the year 2009 onwoards the total debtors increased to 5259.20 and the debtors increased to 6310.62 and7418.67 in the year corresponding years of 2010 and 2011.

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1)

DEBTORS TURNOVER RATIO

NET CREDIT SALES DEBTORS TURNOVER RATIO = -------------------------------AVERAGE DEBTORS

Opening debtors + closing debtors AVG DEBTORS = ---------------------------------------------------2

Year

Sales (values in Rs)

Average debtors (values in Rs)

115832767 1,862,113,498 2,171,587,530 2,250,723,877 2,739,789,325

Debtors turnover ratio

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

7,451,032,998 13,499,867,499 15,839,540,521 16,910,837,433 20,764,827,109

6.43 7.24 7.29 7.51 7.57

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Debtors turnover ratio 7.8 7.6 7.4 7.2 7 6.8 6.6 6.4 6.2 6 5.8

7.51 7.24 7.29

7.57

Debtors turnover ratio 6.43

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

INTERPRETATION: During the year 2006-07, the debtors turnover is 6.43 times. In the year 2007 it was slightly increased, but in the year 2008-09and2009-10 it was increased to 7.29 times and 7.51 times and 2010- 2011 was increased to 7.57 respectively. Overall it is in increasing trend.

2) DEBTORS COLLECTION PERIOD (in days)

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365 days DEBTORS COLLECTION PERIOD = ------------------------Debtors turnover ratio

Year

Debtors turnover ratio (values in Rs)

Debtors collection period

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

6.43 7.24 7.29 7.51 7.57

56.76 50.41 50.06 48.60 48.21

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Debtors collection period 58 56 54 52 50 48 46 44 42 20062007 20072008 20082009 20092010 20102011 50.41 50.06 48.6 48.21 Debtors collection period 56.76

INTERPRETATION
During the year 2006-07, the debtors collection period 56.76 times. In the year 2007-08, it was slightly decreased, but in the year 2008-09and2009-10 it was decreased to 50.06times and 48.60 times and respectively. Overall it is in decreasing trend. 2010- 2011 was increased to 48.21

3) DEBTORS AS PERCENTAGE OF SALES

DEBTORS

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DEBTORS AS PERCENTAGE OF SALES= --------------------- x100 NET SALES

Year

Debtors (values in Rs)

Net sales (values in Rs)

Debtors percentage sales

as of

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

1,459,544,977 2,264,682,019 2,078,493,040 2,422,954,714 3,056,623,935

5,958,016,404 10,833,256,904 13,177,230,047 14,652,096,705 17,611,206,751

2.44 0.20 0.15 0.16 0.17

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Debtors as percentage of sales 3 2.5 2 1.5 1 0.5 0 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 0.2 0.15 0.16 0.17 Debtors as percentage of sales 2.44

INTERPERTATION
During the year 2006-07, the debtors as percentage of sales 2.44 times . In the year 2007-08, it was slightly decreased, but in the year 2008-09and2009-10 it was Increased to 0.15 times and 0.16 times. And 2010- 2011 was increased to 0.17 respectively.

4) DEBTORS AS PERCENTAGE OF CURRENT ASSETS

DEBTORS
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Debtors As Percentage Of Current Assets = -------------------------- x100 CURRENT ASSETS

Year

Debtors (vales in Rs)

Current assets (values in Rs)

Debtors as percentage of current assets

2006-2007 2007-2008 2008-2009 2009-2010 2010-2011

1,459,544,977 2,264,682,019 2,078,493,040 2,422,954,714 3,056,623,935

3,500,193,294 5,975,961,025 5,259,900,816 6,310,628,185 7,418,670,474

41.69 37.89 39.51 38.39 41.20

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Debtors as percentage of current assets 42 41 40 39 38 37 36 35 2006-2007 2007-2008 2008-2009 2009-2010 2010-2011 37.89 39.51 38.39 Debtors as percentage of current assets 41.69 41.2

INTERPRETATION: During the year 2006-07, the debtors as percentage of current asset 41.69 times .In the year 2007-2008 It was slightly decreased, but in the year 2008-09and2009-10 it was decreased to 39.51 times and 38.39 times and 2010- 2011 was increased to 41.20 respectively.

FINDINGS

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1.

The credit worthiness and credit limit of customer is determined by the character and financial position of a customers and period of presence in the business.

2.

The transactions with the new customers will be on cash terms, with due course of time, credit will be given to them.

3.

The company follows the classification of debts into three categories namely debts outstanding for less than 30-90 days are considered to be GOOD, for 90-180 days are considered to be DOUBTFUL and > 181 days are considered to be DISPUTES, >365 days are considered to be bad debts.

4.

The sales of the company on both cash and credit terms. Out of the sales generated 60% are of cash and 40%are of credit basis.

5.

From the analysis it is found that Tirupathi branch performance is good when compared with other branches.

SUGGESTIONS

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1.

The company Structured frame work of bank Guarantee Limits must be done by the company to which extent the company may give credit limit to its customers.

2.

Implementation of special package of SAP, that which can improve the cash and credit management procedure in a better manner regarding to ACCOUNTS RECEIVABLES.

3. 4.

Granting cash discount will be better to encourage regular payments. The payments are delayed due to wrong billing; delayed billing etc., the billing system should be improved. (Reasonable time).

5.

If any customer is habitually defaulter in making payments, guarantee must be taken.

6.

If credit period is increased the company can increase its sales.

CONCLUSION
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The receivable management systems followed by Amara Raja batteries Ltd shows good position. It gives to clear idea to the management to take decision. .The company is reduced its bad debts .it can get extra receivables. If credit period is increased, the collections can increases in sales. Overall the financial performance of the company is good. And it has to take necessary steps to further growth of the company.

BIBLIOGRAPHY
TEXT BOOKS :

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AUTHOR NAME L.M. PANDEY

TITLE OF THE BOOK Financial Management

PUBLICATIONS Vikas Publishing House Pvt. Ltd

PRASANNA CHANDRA

Financial Management

McGraw-Hill Publisher, New Delhi-2002

M.Y. KHAN AND P.K. Financial Management JAIN

Tata MC-Graw Hill Co.Ltd.

WEB SITE : www.amararajabatteries.com www.google.co.in

BALANCE SHEET
(Rs. in Million) Particulars SOURCES OF FUNDS Share Capital Mar 2011 170.81 Mar 2010 170.81 Mar 2009 170.81 Mar 2008 113.88 Mar 2007 113.88

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Share warrants & Outstandings Total Reserve Shareholder's Funds Secured Loans Unsecured Loans Total Debts Total Liabilities APPLICATION OF FUNDS : Gross Block Less: Accumulated Depreciation Less: Impairment of Assets Net Block Lease Adjustment A/c Capital Work in Progress Pre-operative Expenses pending Assets in transit Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Other Current Assets Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets / Liabilities Total Assets Contingent Liabilities

0.00 6288.46 6459.27 240.44 710.02 950.46 7409.73 5387.56 2236.69 0 3150.87 0 375.41 0 0 160.76

0.00 5265.61 5436.43 272.95 638.95 911.89 6348.32 4911.07 1853.81 0 3057.26 0 226.89 0 0 160.76

0.00 3885.05 4055.86 2078.32 780.39 2858.71 6914.57 4270.94 1457.69 0 2813.24 0 396.04 0 0 470.99

0.00 3217.14 3331.01 2266.55 896.08 3162.62 6493.64 3105.84 1217.33 0 1888.51 0 657.41 0 0 162.01

0.00 2322.78 2436.66 1074.87 332.21 1407.08 3843.74 2577.79 1009.48 0 1568.30 0 61.67 0 0 161.94

2846.97 3056.62 402.08 25.47 1087.53 7418.67

2175.72 2422.95 624.67 9.28 1077.99 6310.63

1608.27 2078.49 702.85 7.86 862.43 5259.90

1943.34 2264.68 511.45 8.01 1248.48 5975.96

921.71 1459.54 256.00 3.11 859.82 3500.19

1918.89 1572.15 3491.04 3927.63 0 -204.93 7409.73 1076.92

1656.39 1534.47 3190.86 3119.77 0 -216.35 6348.32 1021.62

1137.97 705.12 1843.09 3416.81 0 -182.51 6914.57 890.57

1027.37 993.37 2020.74 3955.22 0 -169.51 6493.64 803.54

735.30 576.97 1312.27 2187.92 0 -136.09 3843.74 454.42

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Share Capital

17.08

17.08

17.08

11.39

11.39

11.39

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Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Less:Impairment of Assets Net Block Lease Adjustment Capital Work in Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liability Net Deferred Tax Total Assets Contingent Liabilities

628.85 645.93 24.04 71 95.04 740.97 538.75 223.67 0 315.08 0 37.54 16.08

526.56 543.64 27.29 63.9 91.19 634.83 491.1 185.38 0 305.72 0 22.69 16.08

388.51 405.59 207.83 78.04 285.87 691.46 427.09 145.76 0 281.33 0 39.6 47.1

321.71 333.1 226.66 89.61 316.27 649.37 310.58 121.73 0 188.85 0 65.74 16.2

232.28 243.67 107.48 33.22 140.7 384.37 257.78 100.95 0 156.83 0 6.17 16.19

189.9 201.29 18.9 21.64 40.54 241.83 190.71 86.36 NA NA 0 4.82 32.01

284.69 305.66 40.21 111.3 741.86

217.57 242.29 62.47 108.73 631.06

160.83 207.85 70.28 87.03 525.99

194.33 226.47 51.15 102.99 574.94

92.17 145.95 25.6 86.3 350.02

57.2 85.65 20.52 64.68 228.05

191.88 157.22 349.1 392.76 0 3.06 23.55 -20.49 740.97 84

165.64 153.45 319.09 311.97 0 6.95 28.58 -21.63 634.83 94.66

113.8 70.51 184.31 341.68 0 9.07 27.32 -18.25 691.46 68.68

102.74 76.67 179.41 395.53 0 4.57 21.52 -16.95 649.37 41.69

73.53 57.7 131.23 218.79 0 3.23 16.84 -13.61 384.37 33.96

67.39 48.01 115.4 112.65 0 2.51 14.51 -12 241.83 25.72

SOURCES OF FUNDS

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PROFIT AND LOSS ACCOUNT

Particulars INCOME : Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income EXPENDITURE : Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Administration Expenses Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised

11-Mar
2,076.48 315.36 1,761.12 9.6 28.31 1,799.03 1,188.17 48.34 77.49 36.68 170.92 12.33 0 1,533.93 265.1 2.39 262.71 41.71 221 74.04 0 -1.14 148.1 0.32 147.78 0 378.63 0 60.62 466.11 39.28 0 230 16.58 16.58 75.64

10-Mar
1,690.36 225.87 1,464.49 17.01 36.46 1,517.96 916.1 32.08 62.37 28.77 157.09 16.08 0 1,212.49 305.47 7.92 297.55 42.94 254.61 84.2 0 3.38 167.03 7.92 159.11 0 257.28 0 45.68 378.63 24.77 0 145 19.07 19.07 63.66

9-Mar
1,579.41 266.23 1,313.18 8.06 -15.34 1,305.90 853.82 24.93 51.61 23.37 124.38 50.48 0 1,128.59 177.31 20.1 157.21 34.56 122.65 40.2 0.67 1.3 80.48 -0.02 80.5 0 192.84 0 16.04 257.28 6.83 0 40 9.29 9.29 47.49

8-Mar
1,349.99 266.66 1,083.33 5.64 58.21 1,147.18 763.5 22.57 40.81 18.31 106.35 10.83 0 962.37 184.81 14.43 170.38 24.45 145.93 47.63 0.6 3.34 94.36 -0.01 94.37 0 112.58 0 14.1 192.84 3.99 0 35 16.45 10.97 58.49

7-Mar
745.1 150.72 594.38 9.77 18.18 622.33 393.9 14.9 26.6 12.11 70.67 11.23 0 529.41 92.92 4.73 88.19 17 71.19 22.2 0.34 1.61 47.04 -0.03 47.07 0 74.9 0 9.36 112.58 3.99 0 35 40.71 5.43 213.93

6-Mar
445.83 82.58 363.25 7.25 4.16 374.66 223.4 8.89 20.73 8.6 50.66 7.53 0 319.81 54.85 2.83 52.02 14.7 37.32 13.88 NA -1.09 23.84 -0.11 23.95 0 56.69 0 5.63 74.9 2.85 0 25 20.58 2.74 176.73

Total Expenditure Operating Profit Interest Gross Profit Depreciation Profit Before Tax Tax Fringe Benefit tax Deferred Tax Reported Net Profit Extraordinary Items Adjusted Net Profit Adjst. below Net Profit P & L Balance brought forward Statutory Appropriations Appropriations P & L Balance carried down Dividend Preference Dividend Equity Dividend % Earnings Per Share-Unit Curr Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr

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