working capital management

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Working Capital Management
And
Comparative study of working capital with
TATA STEEL, JSPL & SAIL
For the partial fulfillment of the requirement for the award of
Master of Business Administration
Galgotias University
By
Subendu Choudhary
MBA 3rd
Semester
School of Business
(2017-2019)
Under the guidance of
Shri: Vivek Sinha Dr./Prof.:Rakhi Singh
Designation: Head of Financial Accounts Designation: Asst. Professor
Organization: TATA STEEL LTD SoB, GU, GBN
JULY,2018

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Working Capital Management
And
Comparative study of working capital with
TATA STEEL, JSPL & SAIL
By
Name: Subendu Choudhary
Under the guidance of
Shri: Vivek Sinha Dr./Prof.:Rakhi Singh
Designation: Head of Financial Accounts Designation: Asst. Professor
Organisation: TATA STEEL LTD SoB, GU, GBN
JULY, 2018

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Certificate of Approval
The following Summer Internship Project Report titled "WORKING CAPITAL
MANAGEMENT" is hereby approved as a certified study in management carried out and
presented in a manner satisfactory to warrant its acceptance as a prerequisite for the award of
Master of Business Administration for which it has been submitted. It is understood that by
this approval the undersigned do not necessarily endorse or approve any statement made,
opinion expressed or conclusion drawn therein but approve the Summer Internship Project
Report only for the purpose it is submitted to the Summer Internship Project Report
Examination Committee for evaluation of Summer Internship Project Report.
Name Signature
1. Faculty Mentor: RAKHI SINGH ___________________
2. Industry Mentor: VIVEK SINHA ___________________
(Mr. IMTIAZ AHMED for Mr.Vivek Sinha)

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Certificate from Summer Internship Project Guides
This is to certify that Mr.SUBENDU CHOUDHARY, a student of the Master of Business
Administration has worked under our guidance and supervision. This Summer Internship
Project Report has the requisite standard and to the best of our knowledge no part of it has
been reproduced from any other summer Internship project, monograph, report or book.
Faculty Mentor: RAKHI SINGH Industry Mentor :VIVEK SINHA
Designation: Asst. Professor Designation: Head of financial Acccounts
SoB, GU, GBN Organization: TATA STEEL LTD
Address: Jamshedpur
Date: 19th
July2018 Date: 19th
July2018

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Executive Summery
This internship is a bridge between the institute and organization. This training program is
designed to give the future manager a feel about the corporate happenings and work culture
of an organization. These real life situations are entirely different from the stipulated exercise
enacted in an artificial environment inside the classroom and it is precisely because of this
reason that this summer training program is designed, so that managers of tomorrow get ideas
about the real time business operations.
The summer internship program helps us to apply our theoretical knowledge into the practical
field. Working capital is the most important part of the current assets of an organization.
Management of working capital is important because it has a direct impact on the financial
resources of the organization. Excess investment on the part of inventory is not viable
because the funds then will be held up in inventories and will not be available for other
important segment of the business. Less investment is also detrimental because the company
might face a huge problem in fulfilling the requirement of the business. Therefore, proper
working capital management is very essential for an organization.
This project explains in details of working capital management and how it is operated in an
organization. Various ratio analysis have been taken out on the basis of the data provided so
as to find out the trends of working capital requirements in TATA STEEL LIMITED, a
leading manufacturer of the steel in the world. A brief study of Indian steel has been carried
out with a comparative analysis between TATA, JINDAL and SAIL. Thus analysis studies
the different techniques used by different companies and how effective those prove in this
competitive environment.

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Acknowledgement
This project bears the imprint of many people who have assisted me in the successful
completion of this report. I gratefully acknowledge the contribution of all the people
who took active part and provided valuable support to me during the course of this
project.
To begin with, I would like to offer my sincere thanks to “TATA STEEL LIMITED”
for giving me an opportunity to do my summer internship with the esteemed
organization.
With due reverence, I acknowledge the valuable support of “Mr. VIVEK SINHA,
Head (Finance & Accounts), for giving me the opportunity to do my summer
internship under his guidance. My acknowledgment also goes to “Mr. IMTIAZ
AHMED”, for his guidance, support and valuable suggestions during the internship.
My heartfelt gratitude also goes to the entire staff and employees of Finance and Accounts
Department for the co-operation and willingness to answer all my queries, and provide
valuable assistance.
I also sincerely thank “Prof. RAKHI SINGH”, my faculty mentor at Galgotias University,
who provided valuable suggestions, shared her rich corporate experience, and helped me
script the exact requisites.
Above all I want to thank Almighty God for all his blessings for the completion of my project
and my family who have been supporting me throughout the period of the project.
SUBENDU CHOUDHARY
ADM NO-17GSOB201042.
MBA (2017-19)
GALGOTIAS UNIVERSITY, UP

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Table of content
S.No Particulars No of pages
I Company profile 9-22
II Internship Profile 24-28
III Key Observation 30-32
IV Learning and value addition 34-35
V Best practices and bench mark study 37-63
VI Recommendation and suggestions 65
VII Bibliography 66

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Tata Steel Limited
Tata Steel Limited (formerly Tata Iron and Steel Company Limited (TISCO) is an Indian
multinational steel-making company headquartered in Mumbai, Maharashtra, India, and a
subsidiary of the Tata Group. It was the 12th largest steel producing company in the world in
2012, with an annual crude steel capacity of 23.8 million tonnes, and the largest private-
sector steel company in India measured by domestic production.
Tata Steel has manufacturing operations in 26 countries, including Australia, China, India,
the Netherlands, Singapore, Thailand and the United Kingdom, and employs around 80,500
people. Its largest plant is located in Jamshedpur, Jharkhand. In 2007 Tata Steel acquired the
UK-based steel maker Corus which was the largest international acquisition by an Indian
company till that date.
It was ranked 67th
in the 2016 Fortune Global 500 ranking of the world's biggest
corporations. It was one of the most valuable Indian brands of 2016 as per Brand Finance.
On February 12, 2012 Tata Steel completed 100 years of steel making in India.
(en.wikipedia.org/wiki/Tata_Steel, 2018)

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Company mission and vision
MISSION
Consistent with the vision and values of the founder Jamsetji Tata, Tata Steel strives to
strengthen India’s industrial base through effective utilization of staff and materials. The
means envisaged to achieve this are cutting edge technology and high productivity,
consistent with modern management practices.
Tata Steel recognizes that while honesty and integrity are essential ingredients of a strong
and stable enterprise, profitability provides the main spark for economic activity.
Overall, the Company seeks to scale the heights of excellence in all it does in an
atmosphere free from fear, and thereby reaffirms its faith in democratic values.
VISION
In 19th
century the founder of Tata Steel, Jamshedji Nusserwanji Tata who was a visionary
leader had a vision of making India a self-dependent country. For the fulfillment of his
vision, he had devoted his entire energy and effort for building an industrial enterprise in
India that would provide economic freedom to the country.
Even before the Existence of the Tata Steel, the founder had a vision that the business unit
should follow few principals for common good including transparent business practices,
adopting ethical value system, supported by good governance, welfare of the workforce etc.
His vision is not only restricted to the steel work but also for the establishment of the planned
city with a lot of greenery around where the productive workforce would reside.
In the later years, the vision of founder was taken forward by the generation leader’s very
successfully and giving their motivation to the company’s growth. The strategic vision of the
company is to improve the quality of life of the employee and to improve the businesses they
are operated in to realise this vision. The company has formulated different strategies-:
• To be the lowest cost producer of the steel
• Achieve a makeover from community sellers to the brand sellers.
• Sustain growth
• Enhance relationship with suppliers and customers.

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The Tata Steel Group’s vision is to be the world’s steel industry benchmark in “Value
Creation” and “Corporate Citizenship” through the excellence of its people, its innovative
approach and overall conduct. Underpinning this vision is a performance culture committed
to aspiration targets, safety and social responsibility, continuous improvement, openness and
transparency.
In 2008, Tata Steel India became the first integrated steel plant in the world, outside Japan, to
be awarded the Deming Application Prize 2008 for excellence in Total Quality Management.
In 2012, Tata Steel became the first integrated steel company in the world, outside Japan, to
win the Deming Grand Prize 2012 instituted by the Japanese Union of Scientists and
Engineers. (Tata Steel Vision, Mission, Values & Objectives)

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History
Tata Iron and Steel Company was founded by Jamshedji Tata and established by Dorabji
Tata on 26 August 1907, as part of his father Jamshedji's Tata Group. By 1939 it operated the
largest steel plant in the British Empire. The company launched a major modernization and
expansion program in 1951. Later in 1958, the program was upgraded to 2 million metric
tonnes per annum (MTPA) project. By 1970, the company employed around 40,000 people at
Jamshedpur, with a further 20,000 in the neighbouring coal mines. In 1971 and 1979, there
were unsuccessful attempts to nationalise the company. In 1990, it started expansion plan and
established its subsidiary Tata Inc. in New York. The company changed its name from
TISCO to Tata Steel in 2005.
Tata Steel on Thursday, 12 February 2015 announced buying three strip product services
centres in Sweden, Finland and Norway from SSAB to strengthen its offering in Nordic
region. The company, however, did not disclose value of the transactions.
In September 2017, ThyssenKrupp in Germany and Tata Steel announced plans to combine
their European steelmaking businesses. The deal will structure the European assets as
Thyssenkrupp Tata Steel, a 50-50 joint venture. The announcement estimated that the
company would be Europe’s second-largest steelmaker.
TISCO completes a ten-year, $1.5 billion modernization program. Key Dates:
1907:Tata Steel is established by Jamsetji Tata.
1924On the brink of disaster, Sir Dorabji Tata pledges his personal fortune to secure bank
loans to keep the company afloat.
1939:By now, TISCO operates as the largest steel plant in the British Empire.
1951:A Modernization and Expansion Program (MEP) is launched.
1955:The MEP is upgraded to the Two Million Ton Project (TMP).
1970:TISCO employs 40,000 people at Jamshedpur and 20,000 workers in neighboring coal
mines.
1978:The Indian government forces TISCO into modernization efforts.
1989:The Tata Group doubles its stake in TISCO to thwart takeover attempts.
1990:TISCO begins expanding and establishes subsidiary Tata Inc. in New York.
1996:The company begins a joint venture with Inland International to build a steelworks
facility in India.
1998:TISCO records a 61 percent decline in net income due to a downturn in the steel
industry.
2000: TISCO completes a ten-year, $1.5 billion modernization program
(Press, 2002)

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The thought behind the Tata 150 logo
The Tata group was set up in 1868 by Jamsetji Tata with a vision that placed the community
at the core of its purpose.
Over the last 150 years, the foresight, courage and transformative impact of the group have
propelled it into becoming a global powerhouse, while community continues to be at the
heart of everything the group does.
The logo represents the group's vision of a brilliant tomorrow.
While the Tata logo itself symbolises the trust that the group has earned through 150 years of
service, the colours represent the youthful energy and potential the group sees in the future.
150 circles in the logo create a graphic representation of a global community bound together
by the ideals of the group.
While the 150 itself is slanted to indicate a forward-facing outlook. (The thought behind the
Tata 150 logo - Tata Sons - Tata group)

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SENIOR MANAGEMENT OF TATA STEEL
Board of Directors
Ms. Mallika Srinivasan Independent Director
OP Bhatt Independent Director
Mr. Aman Mehta Independent Director
Mr. Deepak Kapoor Independent Director
Dr. Petrus Blawuhoff Independent Director
Mr. Saurabh Agarwal Non-Executive Director
Mr. TV Narendran CEO & Managing Director
Mr. Koushik Chatterjee Executive Director & Chief Financial
Officer
RATAN NAVAL TATA
Emeritus Chairman of Tata Sons
MR. NATARANJAN CHANDRASEKARAN
Chairman of Tata Sons

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IRON & STEEL INDUSTRY HISTORY, GROWTH
AND
DEVELOPMENT IN INDIA:
Steel is one of the top manufactured products of the world. It contributes to about 1661.5
million tonnes and showing a growth of over 1.2% in 2013. (Source: World Steel Association
or WSA) Nearly 67% of this was contributed to by Asia. China's share was 49.2%. China
remained the world’s largest crude steel producer in 2014 (823 mt) followed by Japan (110.7
mt), the USA (88.3 mt) and India (83.2 mt) at the 4th position. The history of the modern
steel industry began in late 1850s, but since then steel has been basic to the world's industrial
economy. Indian players like Tata Steel, SAIL and many others have gone global due to the
steel industry's growing rapidly and reaching new heights. Steel is an important indicator to
analyse the economic development of a country. The steel industry is highly scientific and
technology oriented. Technological advancement is very important for the overall health of
the steel industry.
GLOBAL SCENARIO
Steel, the recycled material is one of the top products in the manufacturing sector of the
world.
The Asian countries have their respective dominance in the production of the steel all over
the world. India being one among the fastest growing economies of the world has been
considered as one of the potential global steel hub internationally. Over the years, particularly
after the adoption of the liberalization policies all over the world, the World steel industry is
growing very fast.
Steel Industry is a booming industry in the whole world. The increasing demand for it was
mainly generated by the development project that has been going on along the world,
especially the infrastructural works and real estate projects that has been on the boom around
the developing countries. Steel Industry was till recently dominated by the United Sates of
America but this scenario is changing with a rapid pace with the Indian steel companies on an
acquisition spree. In the last one year, the world has seen two big M&A deals to take place:-
• The Mittal Steel, listed in Holland, has acquired the world's largest steel company called
Arcelor Steel to become the world's largest producer of Steel named Arcelor-Mittal.

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• Tata Steel of India or TISCO (as listed in BSE) has acquired the world's fifth largest steel
company, Corus, with the highest ever stock price.
It has been observed that Steel Industry has grown tremendously in the last one and a half
decade with a strong financial condition. The increasing needs of steel by the developing
countries for its infrastructural projects have pushed the companies in this industry near their
operative capacity.
The most significant growth that can be seen in the Steel Industry has been observed during
the period 1960 to 1974 when the consumption of steel around the whole world doubled.
Between these years, the rate at which the Steel Industry grew has been recorded to be 5.5
%. This roaring market saw a phase of deceleration from the year 1975 which continued till
1982. After this period, the continuous fall slowed down and again started its upward
movement from the early 1990s.
World Steel Industries are undergoing a booming phase with all sorts of Mergers and
Acquisitions taking place all around the world. The key market players are now subjected to
fierce competition from the new companies from developing economies. From the early
1990s, China and South Korea have emerged significantly in the World Steel Industries. In
the very recent years India is also on a winning streak in terms of M&A. First of all, it was
NRI Laxmi Mittal's Mittal Steel (listed in Netherlands) to acquire Arcelor, many times
greater than it. Then came the Indian big shot TATA Steel to acquire Corus, the fifth largest
steel company in terms of production capacity. Thus, it is being observed that World Steel
Industries is going at a very competitive pace and time where the OECD (Organization for
Economic Cooperation and Development) countries don't have their monopoly on the steel
market.
Road ahead
India is expected to become the world's second largest producer of crude steel in the next 10
years, moving up from the third position, as its capacity is projected to increase to about 300
MT by 2025. Huge scope for growth is offered by India’s comparatively low per capita steel
consumption and the expected rise in consumption due to increased infrastructure
construction and the thriving automobile and railways sectors.

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INDIAN SCENARIO
India was the world’s third-largest steel producer in 2016. The growth in the Indian steel
sector has been driven by domestic availability of raw materials such as iron ore and cost-
effective labour. Consequently, the steel sector has been a major contributor to India’s
manufacturing output.
The Indian steel industry is very modern with state-of-the-art steel mills. It has always strived
for continuous modernisation and up-gradation of older plants and higher energy efficiency
levels.

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Location of Operations
INDIAN OPERATIONS
Tata Steel founded India’s first industrial city, now Jamshedpur, where it established India’s
first integrated steel plant in 1907. The Jamshedpur Works currently comprises of a 9.7 mtpa
crude steel production facility and a variety of finishing mills.
Two new Greenfield steel projects are planned in the states of Jharkhand and Chhattisgarh.
Kalinganagar project is underway; it is set to augment production capacity to 6 MnTPA by
the end of second phase.
Mines and collieries in India give the Company a distinct advantage in raw material
sourcing. Iron Ore mines are located at Noamundi (Jharkhand) and Joda (Odisha) both
located within a distance of 150 km from Jamshedpur. The Company’s captive coal mines are
located at Jharia and West Bokaro (Jharkhand).
European Operations
Tata Steel Europe (erstwhile Corus) has a crude steel production capacity of 18 mtpa. Tata
Steel Europe has manufacturing operations in Western Europe, plants in UK, Netherlands,

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Germany, France and Belgium, backed by a sophisticated global network of sales offices and
service centers.
South East Asian Operations
Tata Steel started its operations in SEA in 2004 with investments in NatSteel Singapore (Tata
Steel Singapore) and Millennium Steel (Tata Steel Thailand).With over 40 years of Steel
making experience, Tata Steel Singapore is one of the most prominent steel producers in the
Asia Pacific region. It caters to the growing construction industry through its manufacturing
presence in Singapore, Thailand, China, Malaysia, The Philippines and Australia. Tata Steel
Thailand is the largest producer of long steel products in Thailand.
JOINT VENTURES AND SUBSIDIARIES:
• Tata Steel Europe
• NatSteel Holding
• Tata Steel Thailand
• Tinplate Company of India
• Tayo Rolls
• Tata Ryerson
• Tata Refactories
• Tata Sponge Iron
• Tata Metaliks
• Tata Pigments
• Jamshedpur Injection Powder
• TM International Logistics
• Mjunction Services
• TRF
• Indian Steel and Wire Products

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Competitors of TATA STEEL
Name last prise market cap. sales turnover net profit total assets
JSW Steel 318.3 76940.13 64975 4625 57331
Tata steel 563.2 67816.01 59160.79 4169.55 89028.67
SAIL 78 32218.1 57558.46 -481.71 74909.58
JINDAL(Hisar) 145.15 3424.59 9258.67 395.7 4105.66
Manaksia steel 28.95 191.17 493.5 16.66 219.83
Steel Exchange 22.1 167.93 922.09 -170.13 1099.52
Visa Steel 9.95 115.21 1602.8 -145.62 2191.48
Products And Brands:
Tata Steel’s Jamshedpur Works produces hot and cold rolled coils and sheets, galvanized
sheets, tubes, wire rods and construction rebars. To differentiate its premium quality steel
products, Tata Steel has introduced brands such as:
• Tata Steelium (the world’s first branded cold rolled steel)
• Tata Sahaktee (galvanizes corrugated sheets)
• Tata Tiscon ( re-bars)
• Tata Agrico (hand tools and implements)
• Tata Wiron (galvanized wire products)
• Tata Pipes (pipes for plumbing, irrigation and plant processe)
• Tata Structura ( contemporary construction material)
Apart from these product brands, the company also has in its fold a service brand called ‘steel
junction’.
KEY MARKET SECTORS:
Tata Steel offers added value to customers in every market sector through their wide array of
products in – Automotive, Engineering, Energy and Power, Rail, Construction,
Packaging, Aerospace, Defence and Security, Consumer Goods, Lifting and Excavation,
Ship Building.

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INSPIRING STEEL FACTS:
➢ 1 in every 2 cylinders in India is made from Tata Steel HR coil.
➢ Nearly all the 1p, 2p, 5p and 10p coins in the UK are made from steel made at Port
Talbot plant.
➢ 75% of Singapore’s scrap is consumed and recycled by NatSteel.
➢ Almost every model in automotive has some steel from Tata Steel.
➢ 50% of UK car makers fulfil their steel requirements from Tata Steel UK.
➢ Nearly every Gillette blade worldwide contains Tata Steel Chrome.

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SWOT Analysis
SWOT analysis is an examination of the Strength, Weakness, Opportunities and Threats faced by
a company during its phase of operation. A SWOT analysis is important for Tata Steel to
evaluate its current position and formulate strategies to tackle its competitors.
SWOT Analysis
Strength 1. Raises over 14 million tonnes of ores from its captive collieries, iron ore mines
and quarries
2. Adaptability of company in the fast changing environment
3. Excellent integration with Corus which has more than 2000 metallurgists
4. Control over raw materials
5. Economies of scale
6.Strong backing of Tata brand name
7. Operations in 26 countries and a commercial presence in over 50 countries
Weakness 1. Operational efficiency are not as good as international leaders
2. Slightly lagging in technological front
Opportunity 1. Newer technologies- The Corex process, The Hismelt process, Direct iron ore
smelting
2. Public private partnership
3. Acquisition of coal blocks in Asia, Africa etc.
Threats 1. Rising coking coal prices
2. India is plagued with violent agitation against land acquisition
3. Government & regulatory norms & International competition.

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INTERNSHIP PROFILE

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I Details of Industry mentor
A- Name-Mr.Vivek Sinha
B- Designation-Head of financial accounts
C- Department-Financial Accounts
D- Location-Jamshedpur India
E- Contact-9234560764
F- email- ID-
G- Phone-
II Location of Internship- Jamshedpur
III Detail of Task – Type Desk, Individual
IV Time frame: Duration 5weeks/office time 9am to 5pm
Week 01 Weekly Summary
12 June, 2018
To
18June, 2018
• Brief intro about the company by Mr. Shakil Ahmed (in charge of training
and development program SNTI)
• Attendance was taken Works entry pass for vacation trainee -2018 was
given.
• Safety declaration form was given to be filled
• Motivation speech my Mr.Gaurav Arora
• Small discussion on challenges faced by the fresher’s in current market
situation
• Briefing about the various program carried on by SNTI apart from training
and development of student.
• Biometric and other formalities were carried out.
19 June, 2018
To
25 June, 2018
• RFID was given by SNTI.
• Gate pass was given, baring GP NO-TSP/267774/0618
• Was instructed to get laptop permission from head security (works).
• Briefed about the working area, timing, safety.
• Financial report of Tata steel for last 5 years was provided to me.
• Instruction was given to go through the report.
• Assignment
Prepare financial ratios.
Proceed with project report.
26 June, 2018
To
2 July, 2018
• Assignment
Balance sheet preparation in excel, for last 5yrs.
P/l account in excel, for last 5 yrs.
Accordingly prepare cost sheet.

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03 June, 2018
To
09 July, 2018
• Assignment
Balance sheet preparation in excel, of last 5yrs,for Jindal and SAIL.
P/l account in excel, of last 5yrs, for Jindal and SAIL.
Ratio analysis.
10 June, 2018
To
16 July, 2018
• Assignment
Preparation of comparative analysis of TATA STEEL, JSPL and SAIL

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Work Description
I did my internship from Tata Steel which lasted from 12th June to 19th
July. The internship
followed 5 weeks’ schedule. The working hours were from 9:00 am to 5:00 pm.
Roles and Responsibilities:
The following were the roles and responsibilities handled during the internship.
I Started internship in Tata Steel under the instruction and guidance of Senior Accounts
Manager at finance department.
I was asked to first download the annual report of Tata Steel for financial year 2017-2013 and
then asked to download the annual report of its competitors SAIL and JSW Steel for financial
year 2017-2013.
Description of tasks handle
• I was asked to calculate the Working Capital of Tata Steel and SAIL and Jindal Steel
to do a comparative study.
• Then I calculated the ratios of all the three companies to see which company has
performed better.
• I was asked to make analysis of performance of Tata Steel and its competitors.
• I was asked to compare and comment on the performance of Tata steel, SAIL and
Jindal.
After that I was asked to make a report in Excel sheet regarding Tata Steel and other
Companies

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KEY CHALLENGES FACED WHILE DOING THE TASK
Any job will have challenges, but after 5 weeks of my own internship experience this are
some challenges faced during my internship schedule.
1. Not Enough Work
There’s not enough work assigned to you. You’re bored, underutilized, strumming your
fingers at your desk.
What to do: To ask employees if they have a moment to chat and give you an overview on
their role in the office. As an intern you are there to learn about the profession, and if they
have a conscience, they will comply. Once you’ve got them talking about their work, try to
see where you could fit in..
2. Too Much Work
Because interns are just glad to get a foot in the door, some work places may take advantage
of young workers by giving them very long hours of dull, repetitive work. However, from my
observations, this seems to be less of an intern problem and more the experience of entry-
level assistants in the legal, corporate, and banking world.
What to do: Keep your long-term career goals clearly in mind to make it all feel worth the
effort.
3. Afraid to Ask Questions
All of a sudden, there’s an influx of work, and you finally have the chance to prove yourself!
But, you’re not sure about things, You may feel the pressure to be an independent and self-
sufficient worker, but it’s so much better to clarify uncertainties!
What to do: Never assume something's right. Always check if you’re not sure. You will
avoid silly mistakes and crumbly bridges.
4. Supervisors forget that you’re New to the Field
Your supervisor gives you a project, but the directions don't quite make sense to you, or
you're having trouble seeing the bigger picture. This goes along with “don’t assume.” Ask,
ask, ask! It’s your right as an intern and it’s their duty as a supervisor! They will be
impressed that you care about doing it right the first time or learning more about the overall
field.
What to do: Even if you think you’ve got all the directions right, a good practice is to repeat
back to them the details of the project to make sure you’re on the same page.
5. Un – paid internship
It is very difficult to find an internship and hence students tend to end up getting intern where
they are not paid but have to do a lot of work.
But they should not feel dis hearten from this fact and should keep focusing on the learning
they are receiving from the supervisor and work accordingly.

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6. Voiding internship agreement
This problem has not been faced by me but it is a common problem with interns, some
organization has committed to pay certain sum of money as a stipend to the intern but at the
time of induction they added a clause by saying target based job hence making it difficult for
the intern to work.
7. A New Lifestyle
For a college graduate, you may be getting used to a new lifestyle that can be quite jarring.
Instead of waking up at ten and going to a few classes a day, you’re sitting at a desk 9 to 5.
You might be living at your parents' place to save money. The hours and the new living
situation clearly make socializing more difficult than before.

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LEARNING & VALUE ADDITION

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An internship is:
• A structured work experience related to a student's major and/or career goal
• An experience that should enhance a student's academic, career, and personal
development
• Supervised by a professional in the field
• An experience that can be one academic term (summer, spring, fall) or multiple
academic terms in length
• Paid or unpaid, part-time or full-time
• An experience that is mutually agreed upon by the student, supervisor and/or faculty
member
• Meets registration requirements of academic internship course
• Depending on the field the experience might also be called a practicum
Benefits of an Internship
One of the recurring themes in any entry level job search is lack of experience. "Where do I
get experience if no one is willing to hire me?" The answer is simple: Get an internship!
Students planning to enter the permanent workforce should complement their academic
preparation with a range of other experiences, such as study abroad, community service,
undergraduate research experiences, participation in sports and other student organizations,
membership in pre-professional organizations, and internships.
An internship offers you the chance to learn by doing in a setting where you are supervised
by a work-place professional and have the opportunity to achieve your own learning goals,
without the responsibilities of being a permanent employee.
An internship also offers you the opportunity to work with someone who can become a
mentor for you - not only in the internship but throughout your career.
1-Career Exploration
Learn about a career field from the inside and decide if this is the right career field for
you
Work alongside a professional in your chosen career area
Observe the workplace and see if it matches expectations
2-Leadership and Skill Development
Learn new skills and add to your knowledge base while gaining confidence in your
abilities
Opportunity to practice communication and teamwork skills
Gain industry knowledge first hand from an organization and professionals

35 | P a g e
Provide evidence that you have initiative, are reliable, and have a sense of
responsibility
Apply some of the ideas learned in school and provide a bridge between school and
the professional world
Achieve a sense of accomplishment by contributing to an organization.
3-Networking and Establishing Mentors and References
Meet new people and practice networking skills while establishing a network of
professional contacts, mentors, and references
Open to door to advice on the next steps to take on your career path
4-Resume Enhancements
Gain valuable experience and accomplishments to add to your resume and/or enhance
your application to graduate school
Create an advantage over other job or graduate school applicants
Potential for a full-time job offer at the end of the internship based on your
performance.
5-What it’s like to be an Employee
Internship provides you a practical Knowledge of a work place before becoming a
permanent employee.
Punctuality like a employee
Work place code and conduct that need to be followed.
6-How to Figure out what work to Prioritize
There will be times where more than one works are to be dealt at the same time we
have to prioritize which has to be done 1st
and the other 2nd
.
7-How to ask for feedback you can use
As an intern we are cautious enough to ask question thinking this question may have
no sense but question needed to be asked and feedback is important this shows the eagerness
to work and learn. Feedback leads to improvement and correction and developing knowledge.
8-How to talk to people in different situation
9-Improved on my skills in excel

36 | P a g e
BEST PRACTICES
AND
BENCHMARK STUDY

37 | P a g e
TATA STEEL
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in
India, comprising over 100 independent operating companies. The group operates in more
than 100 countries across six continents, with a mission 'To improve the quality of life of the
communities we serve globally, through long-term stakeholder value creation based on
Leadership with Trust'.
Tata Sons is the principal investment holding company and promoter of Tata companies.
Sixty-six percent of the equity share capital of Tata Sons is held by philanthropic trusts,
which support education, health, livelihood generation and art and culture. In 2016-17, the
revenue of Tata companies, taken together, was $100.39 billion. These companies
collectively employ over 695,000 people.
Each Tata company or enterprise operates independently under the guidance and supervision
of its own board of directors and shareholders. There are 29 publicly-listed Tata enterprises
with a combined market capitalization of about $130.13 billion (as on March 31, 2017). Tata
companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services,
Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata
Communications and Indian Hotels.
Many Tata companies have achieved global leadership in their businesses. For instance, Tata
Communications is #1 international wholesale voice provider and Tata Motors is among the
top ten commercial vehicle manufacturers in the world. Tata Steel is among the top fifteen
best steelmakers and TCS is the second largest IT services company in the world by market
cap and profit. Tata Global Beverages is the second-largest tea company in the world and
Tata Chemicals is the world’s second-largest manufacturer of soda ash. Employing a diverse
workforce in their operations, Tata companies have made significant local investments in
different geographies.
The Tata trusts, majority shareholders of Tata Sons, have endowed institutions for science
and technology, medical research, social studies and the performing arts. The trusts also
provide aid and assistance to non-government organizations working in the areas of
education, health care and livelihoods. Tata companies themselves undertake a wide range of
social welfare activities, especially at the locations of their operations, as also deploy
sustainable business practices.
Going forward, Tata companies are building multinational businesses that seek to
differentiate themselves through customer-centricity, innovation, entrepreneurship,
trustworthiness and values-driven business operations, while balancing the interests of
diverse stakeholders including shareholders, employees and civil society. (The Tata group to
be title sponsor of Asia's most prestigious marathon)

38 | P a g e
Balance sheet TATA STEEL
2017 2016 2015 2014 2013
ASSETS
NON-CURRENT ASSETS
Tangible Assets 71,778.97 24,901.24 25,071.38 24,064.43 24,650.54
Intangible Assets 788.18 527.35 177.14 201.32 224.51
Capital Work-In-Progress 6,125.35 26,982.37 23,036.67 18,509.40 8,722.29
Intangible Assets Under Development 38.61 0 0 0 0
Fixed Assets 78,731.11 52,410.96 48,285.19 42,775.15 33,597.34
Non-Current Investments 8,355.90 52,360.42 52,164.24 52,318.56 49,984.80
Long Term Loans And Advances 211.97 3,787.88 3,166.77 4,080.07 6,574.15
Other Non-Current Assets 4,069.00 227.4 211.75 302.03 190.04
Total Non-Current Assets 91,367.98 108,786.66 103,827.95 99,475.81 90,346.33
CURRENT ASSETS
Current Investments 5,309.81 4,320.17 1,000.08 2,343.24 434
Inventories 10,236.85 7,083.81 8,042.00 6,007.81 5,257.94
Trade Receivables 2,006.52 632.8 491.46 770.81 796.92
Cash And Cash Equivalents 970.31 1,014.67 478.59 961.16 2,218.11
Short Term Loans And Advances 27.14 1,243.48 1,781.77 1,299.20 2,207.83
Other Current Assets 1,546.80 126.56 55.27 182.38 615.8
Total Current Assets 20,097.43 14,421.49 11,849.17 11,564.60 11,530.60
Total Assets 111,465.41 123,208.15 115,677.12 111,040.41 101,876.93
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 971.41 971.41 971.41 971.41 971.41
Total Share Capital 971.41 971.41 971.41 971.41 971.41
Reserves and Surplus 48,687.60 69,505.31 65,692.48 60,176.58 54,238.27
Total Reserves and Surplus 48,687.60 69,505.31 65,692.48 60,176.58 54,238.27
Total Shareholders Funds 49,659.01 70,476.72 66,663.89 61,147.99 55,209.68
Hybrid/Debt/Other Securities 2,275.00 2,275.00 2,275.00 2,275.00 2,275.00
NON-CURRENT LIABILITIES
Long Term Borrowings 24,694.37 23,457.77 23,900.37 23,808.09 23,565.57
Deferred Tax Liabilities [Net] 6,111.27 2,179.83 2,250.41 2,038.98 1,843.74
Other Long Term Liabilities 3,644.69 842.66 1,087.74 983.52 380.87
Long Term Provisions 2,024.74 2,888.18 2,875.92 1,905.05 2,113.42
Total Non-Current Liabilities 36,475.07 29,368.44 30,114.44 28,735.64 27,903.60
CURRENT LIABILITIES
Short Term Borrowings 3,239.67 5,261.02 34.88 43.69 70.94
Trade Payables 10,717.44 7,706.13 5,801.98 8,263.61 6,369.91
Other Current Liabilities 8,398.62 6,115.81 9,111.52 8,671.67 8,503.54
Short Term Provisions 700.6 2,005.03 1,675.41 1,902.81 1,544.26
Total Current Liabilities 23,056.33 21,087.99 16,623.79 18,881.78 16,488.65
Total Capital And Liabilities 111,465.41 123,208.15 115,677.12 111,040.41 101,876.93
(www.moneycontrol.com/financials/tatasteel/balance-sheet/TIS)

39 | P a g e
(www.moneycontrol.com/financials/tatasteel/profit-lossVI/TIS#TIS)
profit and loss of TATA STEEL
2017 2016 2015 2014 2013
INCOME
Revenue From Operations [Gross] 52,564.93 42,290.64 46,226.08 45,869.55 41,843.27
Less: Excise/Sevice Tax/Other Levies 5,267.94 4,475.95 4,792.26 4,598.31 4,117.81
Revenue From Operations [Net] 47,296.99 37,814.69 41,433.82 41,271.24 37,725.46
Other Operating Revenues 696.03 395.65 351.18 439.79 473.97
I Total Operating Revenues 47,993.02 38,210.34 41,785.00 41,711.03 38,199.43
II Other Income 414.46 3,890.70 582.78 787.64 902.04
III Total Revenue 48,407.48 42,101.04 42,367.78 42,498.67 39,101.47
IV EXPENSES
a Cost Of Materials Consumed 12,496.78 9,700.01 11,707.83 9,677.71 9,877.40
b Purchase Of Stock-In Trade 881.18 991.54 688.32 352.63 453.34
c Changes In Inventories Of FG,WIP And Stock-In Trade -1,329.65 142.97 -745.17 -155.18 -404.6
d Employee Benefit Expenses 4,605.13 4,324.90 4,601.92 3,673.08 3,608.52
e Finance Costs 2,688.55 1,460.27 1,975.95 1,820.58 1,876.77
f Depreciation And Amortisation Expenses 3,541.55 1,933.11 1,997.59 1,928.70 1,640.38
g Other Expenses 19,681.15 16,438.06 16,109.99 16,375.81 14,414.66
Less: Amounts Transfer To Capital Accounts 217.52 598.89 586.69 1,029.92 876.13
Total Expenses 42,347.17 34,391.97 35,749.74 32,643.41 30,590.34
V Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax(III-IV)
6,060.31 7,709.07 6,618.04 9,855.26 8,511.13
VI Exceptional Items -703.38 -1,582.55 1,890.85 -141.76 -674.53
VII Profit/Loss Before Tax
5,356.93 6,126.52 8,508.89 9,713.50 7,836.60
VIII Tax Expenses-Continued Operations
a Current Tax 1,400.54 1,433.06 1,908.60 3,098.02 1,770.54
b Less: MAT Credit Entitlement 0 152.17 117.21 0 399.84
c Deferred Tax 511.84 -55.32 278.38 203.29 1,402.93
IX Total Tax Expenses 1,912.38 1,225.57 2,069.77 3,301.31 2,773.63
X Profit/Loss For The Period(VII-IX) 3,444.55 4,900.95 6,439.12 6,412.19 5,062.97

40 | P a g e
Working Capital
Interpretation: The working capital of Tata Steel for the last five years has shown a negative
figure. This is a very risky situation for the company. This indicates that company do not
have sufficient current assets to pay off its current liabilities.
Here the current investment has been decreasing year after year. Though fluctuation in
inventories is not that drastic but it has increased from 2016 to 2017. Trade receivable has
increased indicating more than credit sales.
Looking at the liabilities side we can see that the short term borrowing has increased
drastically in 2016 and decreased again in 2017 which resulted in an increase in the overall
current liabilities. Over the years the trade payable is much more than trade receivables.
This means that company is purchasing on credit but selling on cash which is good. This
is the reason that company’s overall current asset is lower than its current liabilities. Thus
negative working capital.
Current Ratio
CURRENT ASSETS 20,097.43 14,421.49 11,849.17 11,564.60 11,530.60
CURRENT LIAB 23,056.33 21,087.99 16,623.79 18,881.78 16,488.65
CURRENT RATIO=current
assets/current liab 0.87 0.68 0.71 0.61 0.70
-10,000.00
-5,000.00
0.00
5,000.00
10,000.00
15,000.00
20,000.00
25,000.00
2017 2016 2015 2014 2013
current assets
current liab
working capital=current assets-
current liabilities
YEAR 2017 2016 2015 2014 2013
working Capital -2,958.90 -6,666.50 -4,774.62 -7,317.18 -4,958.05
2017 2016 2015 2014 2013

41 | P a g e
Interpretation: Current ratio is calculated to know the short term solvency of the company
and is worked out by dividing the aggregate of current assets by the aggregate of current
liabilities. As per the standard ratio rule, the current assets ratio should be 2:1 which is said to
be ideal for the company.
In the last 5 years’ company has not achieved the ideal ratio of 2:1. This means that there is
0.87,0.68, 0.71, 0.61, 0.70 current assets for 1 current liability.
The main reason for this is trade payable. But the company is in a better position as trade
payable is more than trade receivable indicating company is purchasing in credit but selling
in cash.
Quick Ratio
2017 2016 2015 2014 2013
LIQUID ASSETS 9,860.58 7,337.68 3,807.17 5,556.79 6,272.66
CURRENT LIAB 23,056.33 21,087.99 16,623.79 18,881.78 16,488.65
CURRENT ASSETS 20,097.43 14,421.49 11,849.17 11,564.60 11,530.60
INVENTORIES 10,236.85 7,083.81 8,042.00 6,007.81 5,257.94
QUICK RATIO 0.49 0.51 0.32 0.48 0.54
0.00
0.20
0.40
0.60
0.80
1.00
2017 2016 2015 2014 2013
CURRENT RATIO
CURRENT RATIO=current
assets/current liab
0
0.2
0.4
0.6
2017 2016 2015 2014 2013
QUICK RATIO
QUICK
RATIO=liquid
assets / current…

42 | P a g e
Interpretation: Quick asset measures the most liquidity of the company against the current
liabilities. Here we exclude the inventories and prepaid expenses from the current assets as
both of them have less liquidity than other current assets. The ideal quick ratio is 1:1.
Here if we just analyze the ratios it can be concluded that company is not performing well as
its quick assets year after year is less than its current liabilities. But the reason for this is trade
receivables and trade payable.
Cash Ratio
2017 2016 2015 2014 2013
Cash And Cash Equivalents 970.31 1,014.67 478.59 961.16 2,218.11
CURRENT LIAB 23,056.33 21,087.99 16,623.79 18,881.78 16,488.65
CASH RATIO 0.04 0.05 0.03 0.05 0.13
Interpretation: A cash ratio of 1.00 and above means that the business will be able to pay all
its current liabilities in immediate short term. Therefore, creditors usually prefer high current
ratio. But businesses do not plan to keep their cash and cash equivalent at a level with their
current liabilities. This is because of using the portion of ideal cash to generate profits in
future.
In the analysis of last five years’ data, the cash ratio is less than ideal ratio. This shows that
company do not have sufficient liquid cash to pay off its current liabilities.
Inventory turnover Ratio
2017 2016 2015 2014 2013
revenue from operation 47,993.02 38,210.34 41,785.00 41,711.03 38,199.43
average inventory 8660.33 7562.905 7024.905 5632.875 2628.97
IVR 5.54 5.05 5.95 7.40 14.53
0
0.05
0.1
0.15
2017 2016 2015 2014 2013
Cash Ratio
cash ratio=cash and cash
equiv./current liab

43 | P a g e
Interpretation: Inventory turnover ratio is computed to know the inventory level in the
organization. Every firm maintains certain level of inventory to meet the future requirement
of the company. But the level of inventory should not be too high or too low. The inventory
turnover ratio measures the number of times a company sell its inventories during the year.
In the above table the ratio is increasing and decreasing but in different proportion from year
2013 to 2017. The maximum ratio is in the year 2013. It indicates a high turnover leads to
increased sales and the company is efficiently managing and selling its inventory and thus
increases the profitability of the firm.
Amount Receivable Turn Over Ratio
2017 2016 2015 2014 2013
Net credit sales 53,260.96 38,210.34 41,785.00 41,711.03 38,199.43
average Account receivable 1569.845 812.315 631.135 783.505 850.5
Account receivable 2,006.52 1,133.17 491.46 770.81 796.2
AMT receivable turnover ratio 33.93 47.04 66.21 53.24 44.91
0
2
4
6
8
10
12
14
16
2017 2016 2015 2014 2013
Inventory turn over ratio
Inventory turn over ratio=Net
Sales/Avg.Inventory
0
20
40
60
80
2017 2016 2015 2014 2013
AMT receivable turn over ratio
AMT receivable turn over
ratio=net cr.sales/avg accounts
receivable

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Interpretation: Accounts receivable turnover is an efficiency ratio or activity ratio that
measures how many times a business can turn its accounts receivable into cash during a
period.
Since the receivables turnover ratio measures a business’ ability to efficiently collect
its receivables, it only makes sense that a higher ratio would be more favorable. Higher ratios
mean that companies are collecting their receivables more frequently throughout the year.
From the above analysis of 5ys it is clear that the rate of collecting receivable has decreased
over 2015 to 2017.As the credit sales have increased in a greater rate but the collection have
been less as compared to credit sales.
Assets turnover ratio
2017 2016 2015 2014 2013
SALES 47,993.02 38,210.34 41,785.00 41,711.03 38,199.43
TOTAL ASSETS 111465.4 123208.2 115677.1 111040.4 101876.9
AVERAGE TOTAL ASSETS 117336.8 119442.6 113358.8 106458.7 50938.47
assets turnover ratio 0.41 0.32 0.37 0.392 0.75
Interpretation: The ratio measures the ability of an organization to efficiently produce
sales, and is typically used by third parties to evaluate the operations of a business.
Ideally, a company with a high total asset turnover ratio can operate with fewer assets
than a less efficient competitor, and so requires less debt and equity to operate.
From the above analysis it could be concluded that, higher the ratio indicates that the
company is utilizing all its assets efficiently to generate sales and Companies with low profit
margins tend to have high asset turnover.
0
0.2
0.4
0.6
0.8
2017 2016 2015 2014 2013
Total assets turnover ratio
Total assets turnover ratio=Net
Sales/ Avg Total Assets

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Raw Material Consumption Period
2017 2016 2015 2014 2013
approx. 114 days 87 days 101 days 75 days 62days
raw material inventory 3898.99 2,368.61 3,265.19 2,035.78 1,685.99
raw material consumed 12,496.78 9,700.01 11,707.83 9,677.71 9,877.40
Raw material conversion period 113.8798 89.12802 101.7946 76.78053 62.30246
Interpretation: Raw material conversion period is the time period between receiving the
raw material and sending them for production. It is the period of stocking the raw materials
for usage. So higher the ratio lower will be the profit. In the above chart raw material
conversion period lies between114 to 62 days for the last five years. In 2013 it is 62 days
which is lowest and so it is good for the company. But in 2017 it is 114 days which is not
good for the company because higher the ratio the lower will be the profit. So company
should try to reduce it.
0
20
40
60
80
100
120
2017 2016 2015 2014 2013
Raw material consumption period
Raw material consumption
period=(Avg Raw Material/Raw
Material consumed)*360

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Jindal Steel and Power Limited (JSPL)
JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and
infrastructure sectors. Part of the US $ 18 billion OP Jindal Group this young, agile and
responsive company is constantly expanding its capabilities to fuel its fairy tale journey that
has seen it grow to a US $ 3.3 billion business conglomerate. Led by Mr Naveen Jindal, the
youngest son of the legendary Shri O.P. Jindal, the company produces economical and
efficient steel and power through backward and forward integration.
From the widest flat products to a whole range of long products, JSPL today sports a product
portfolio that caters to markets across the steel value chain. The company produces the
world's longest (121-meter) rails and it is the first in the country to manufacture large-size
parallel flange beams.
JSPL operates the largest coal-based sponge iron plant in the world and has an installed
capacity of 3 MTPA (million tonnes per annum) of steel at Raigarh in Chhattisgarh. Also, it
has set up a 0.6 MTPA wire rod mill and a 1 MTPA capacity bar mill at Patratu, Jharkhand, a
medium and light structural mill at Raigarh, Chhattisgarh and a 2.5 MTPA steel melting shop
and a plate mill to produce up to 5.00-meter-wide plates at Angul, Odisha.
An enterprising spirit and the ability to discern future trends have been the driving force
behind the company's remarkable growth story. The organisation is wedded to ideals like
innovation and technological leadership and is backed by a highly driven and dedicated
workforce of 15000 people.
JSPL has been rated as the second highest value creator in the world by the Boston
Consulting Group, the 11th fastest growing company in India by Business World and has
figured in the Forbes Asia list of Fab 50 companies. It has also been named among the Best
Blue Chip companies and rated as the Highest Wealth Creator by the Dalal Street Journal.
Dun & Bradstreet has ranked it 4th in its list of companies that generated the highest total
income in the iron and steel sector. Alongside contributing to India's growth story the
company is driving an ambitious global expansion plan with its sights set on emerging as a
leading transnational business group. The company continues to capitalise on opportunities in
high growth markets, expanding its core areas and diversifying into new businesses. In Oman
(Middle East), the company has set up a US $ 500 million, 1.5 MTPA gas-based Hot
Briquetted Iron (HBI) plant. It has now added a 2 MTPA integrated steel plant.
In Africa, the company has large mining interests in South Africa, Mozambique, Namibia,
Botswana and Mauritania and is expanding into steel, energy and cement. In Australia, the
company is investing in greenfield and brownfield resource sector companies and projects to
supplement its planned steel and power projects in India and abroad. In Indonesia, the
company has invested on the development of two greenfield exploration assets. It is also
exploring investment opportunities in the power and infrastructure sector in Indonesia.
The company endeavours to strengthen India's industrial base by aiding infrastructural
development, through sustainable development approaches and inclusive growth. It deploys
its resources to improve infrastructure, education, health, water, sanitation, environment and
so on in the areas it operates in. It has won several awards for its innovative business and
social practices. (jindal-steel-power-limited)

47 | P a g e
Balance Sheet of Jindal Steel & Power
2017 2016 2015 2014 2013
ASSETS
NON-CURRENT ASSETS
Tangible Assets 41,402.38 42,939.94 27,134.69 18,192.32 14,142.18
Intangible Assets 73.5 83.37 80.39 67.01 14.01
Intangible Assets Under Development 24.58 32.75 30.35 22.92 17.82
Other Assets 0.14 0.14 0 0 0
Fixed Assets 49,005.25 48,709.19 30,778.20 29,922.50 25,640.13
Non-Current Investments 1,485.25 1,476.94 1,486.96 1,350.52 1,330.72
Long Term Loans And Advances 0 0 2,315.91 1,615.71 1,225.46
Other Non-Current Assets 882.19 965.25 1.08 0.63 0.55
CURRENT ASSETS
Current Investments 0 0 1,000.00 0 0
Inventories 1,886.97 2,439.06 3,720.03 3,936.25 3,598.52
Trade Receivables 797.2 830.86 1,321.27 1,460.96 1,426.13
Cash And Cash Equivalents 146.17 331.94 288.97 762 36.77
Short Term Loans And Advances 787.5 804.01 4,504.04 6,543.65 5,943.54
Other Current Assets 5,126.28 5,039.50 753.77 557.44 608.11
Total Assets 60,116.81 60,596.75 46,170.23 46,149.66 39,809.93
SHAREHOLDER'S FUNDS
Equity Share Capital 91.5 91.49 91.49 91.49 93.48
Total Share Capital 91.5 91.49 91.49 91.49 93.48
Total Share holders Funds 21,766.20 23,065.67 12,511.21 13,064.33 12,348.07
Deferred Tax Liabilities [Net] 3,983.63 4,452.73 1,658.59 1,345.46 1,214.96
Other Long Term Liabilities 3,537.62 290.7 244.52 695.11 560.58
Long Term Provisions 37.6 27.81 31.89 19.59 20.94
CURRENT LIABILITIES
Short Term Borrowings 7,759.46 7,503.47 7,607.63 9,146.13 7,640.02
Trade Payables 2,387.56 1,947.84 1,443.02 1,637.34 628.2
Short Term Provisions 38.55 38.47 92.88 3,265.97 2,951.85
Total Capital And Liabilities 60,116.81 60,596.75 46,170.23 46,149.66 39,809.93
(www.moneycontrol.com/financials/jindalsteelpower/balance-sheet/JSP)

48 | P a g e
Profit & Loss account of Jindal Steel & Power
2017 2016 2015 2014 2013
INCOME
II Other Income 8.88 23.47 296.44 146.85 159.28
IV EXPENSES
b Purchase Of Stock-In Trade 132.04 241.36 284.69 273.31 286.58
c Changes In Inventories Of FG,WIP And Stock-In
Trade
332.3 296.53 -153.72 386.03 -148.2
d Employee Benefit Expenses 531.6 553.82 650.52 552.32 447.89
e Finance Costs 2,280.40 2,646.48 2,048.20 1,083.63 820.77
g Other Expenses 5,568.39 5,166.48 5,240.64 5,307.79 5,486.68
Less: Inter Unit / Segment / Division Transfer 601.07 1,073.82 709.02 0 0
Total Expenses 15,313.96 15,049.98 13,518.43 13,090.23 12,885.48
V Profit/Loss Before Exceptional, ExtraOrdinary
Items And Tax (III-IV)
-1,456.98 -2,330.07 168.36 1,600.64 2,228.50
VI Exceptional Items
0 0 -807.77 0 0
VII Profit/Loss Before Tax -1,456.98 -2,330.07 -639.41 1,600.64 2,228.50
Current Tax 0 0 0 308.2 488.8
Less: MAT Credit Entitlement 0 0 665 130.01 0
Deferred Tax -470.53 -911.54 369.53 0 147.15
Other Direct Taxes 0 0 0 130.5 0
Tax For Earlier Years 0 0 -33.26 0 0
Total Tax Expenses -470.53 -911.54 -328.73 308.69 635.95
Profit/Loss For The Period(VII-IX) -986.45 -1,418.53 -310.68 1,291.95 1,592.55
(www.moneycontrol.com/financials/jindalsteelpower/profit-lossVI/JSP#JSP)

49 | P a g e
Working Capital
2017 2016 2015 2014 2013
working Capital -5,643.76 -6,902.90 -1,628.52 -4,244.09 -2,191.39
Interpretation: The working capital of JSPL for the last five years has shown a negative
figure. This is a very risky situation for the company. This indicates that company do not
have sufficient current assets to pay off its current liabilities.
Here the current investment, inventories, trade receivable has been decreasing year after year.
Looking at the liabilities side we can see that the short term borrowing and trade payable has
increased. Hence having a negative working capital.
RATIO ANALYSIS
Current Ratio
2017 2016 2015 2014 2013
CURRENT RATIO 0.61 0.58 0.88 0.76 0.84
-10,000.00
0.00
10,000.00
20,000.00
2017 2016 2015 2014 2013
Working Capital
total current asets
total current liab.
working capital= current assets
- current liab.
0
0.2
0.4
0.6
0.8
1
2017 2016 2015 2014 2013
Current Ratio
Current Ratio=current assets /
current liab.

50 | P a g e
Interpretation: In the above graph and table, the current ratio of Jindal Steel and Power Ltd
have gone down year by year. The main reason for the decrease in current ratio is the value of
current assets is less than the current liabilities.
In the last five years, the current asset has increased in the subsequent years but the rate of
increase is less as compared to current liabilities. So the ratio is less year by year and it is not
good for the company as it is showing the company’s inability to pay its liabilities.
Quick Ratio
2017 2016 2015 2014 2013
LIQUID ASSETS 6,857.15 7,006.31 7,868.05 9,324.05 8,014.55
CURRENT LIAB 14,387.88 16,348.27 13,216.60 17,504.39 13,804.46
CURRENT ASSETS 8,744.12 9,445.37 11,588.08 13,260.30 11,613.07
INVENTORIES 1,886.97 2,439.06 3,720.03 3,936.25 3,598.52
QUICK RATIO 0.78 0.74 0.68 0.70 0.69
Interpretation: Quick asset measures the most liquidity of the company against the current
liabilities. Here we exclude the inventories and prepaid expenses from the current assets as
both of them have less liquidity than other current assets. The ideal quick ratio is 1:1.
Here if we just analyze the ratios it can be concluded that company is not performing well as
its quick assets year after year is less than its current liabilities. But the reason for this is trade
receivables and trade payable. As trades payable is significantly much more than trade
payable.
Cash Ratio
2017 2016 2015 2014 2013
Cash And Cash Equivalents 146.17 331.94 288.97 762 36.77
CURRENT LIAB 14,387.88 16,348.27 13,216.60 17,504.39 13,804.46
CASH RATIO 0.01 0.02 0.02 0.04 0.002
0.6
0.65
0.7
0.75
0.8
2017 2016 2015 2014 2013
Quick Ratio
Quick Ratio=liquid assets/ current
liab

51 | P a g e
Interpretation:
The ideal cash ratio of a company should be 1.00 and above showing the ability of the
company to pay the current liability in immediate short term. From the above analysis it
shows that company does not have sufficient cash to pay of immediate current liability and
the ratio has constantly decreased over the years and needs improvement.
Inventory Turnover Ratio
2017 2016 2015 2014 2013
revenue from operation 13,848.10 12,696.44 13,390.35 14,544.02 14,954.70
IVR 6.40 4.12 3.50 3.86 8.31
INTERPRETATION
Inventory turnover ratio (ITR) is an activity ratio and is a tool to evaluate the liquidity of
company’s inventory. It measures how many times a company has sold and replaced its
inventory during a certain period of time.
0
0.01
0.02
0.03
0.04
0.05
2017 2016 2015 2014 2013
Cash Ratio
Cash Ratio=cash and cash
equivalent / current liab
0
2
4
6
8
10
2017 2016 2015 2014 2013
Inventory turnover ratio
Inventory turnover ratio=revinue
from operation / avg inventory

52 | P a g e
From the above table and graph it is clear that the company is working toward improvement
of inventory movement from 2015 onwords.A higher ITR shows better inventory
management of the company and more profitability.

53 | P a g e
Steel Authority of India Limited (SAIL)
Steel Authority of India Limited (SAIL) is an Indian state-owned steel making company
based in New Delhi, India . It is a public sector undertaking, owned and operated by
the Government of India with an annual turnover of INR 44,452 Crore (US$ 6.83 Billion)
for fiscal year 2016-17. Incorporated on 24 January 1973, SAIL has 76,100 employees (as of
01-Jun-2018). With an annual production of 14.38 million metric tons, SAIL is the largest
steel producer in India and one of the largest steel producers in the world .The Hot Metal
production capacity of the Company will further increase and is expected to reach a level of
50 million tonnes per annum by 2025.Shri P.K Singh is the current Chairman of SAIL.
SAIL operates and owns 5 integrated steel plants
at Bhilai, Rourkela, Durgapur, Bokaro and Burnpur(Asansol) and 3 special steel plants
at Salem, Durgapur and Bhadravathi. It also owns a Ferro Alloy plant at Chandrapur. As a
part of its global ambition, the company is undergoing a massive expansion and
modernisation programme involving upgrading and building new facilities with emphasis on
state of the art green technology. According to a recent survey, SAIL is one of India's fastest
growing Public Sector Units. Besides, it has R&D centre for Iron & Steel (RDCIS), Centre
for Engineering and Technology (CET), Management Training Institute (MTI) and SAIL
Safety Organisation (SSO) located at Ranchi capital of Jharkhand.
As of 31-Mar-2015, SAIL has 93,352 employees, as compared to 170,368 (as of 31-Mar-
2002). There has been a continuous reduction of headcount over the past few years due to
enhanced productivity and rationalised manpower.
The total requirement of its main raw material, iron ore, is met through its captive mines. To
meet its growing requirement, capacities of existing iron ore mines are being expanded and
new iron ore mines are being developed. In addition, new iron ore deposits in the states
of Rajasthan, Chhattisgarh, Madhya Pradesh, Maharashtra, Odisha and Karnataka are being
explored. Around 24% of its coking coal requirements are met from domestic sources, the
remaining through imports. For improving coking coal security, the Company is also making
efforts for development of new coking coal blocks at Tasra and Sitanalla.
SAIL produced 13.9 million tonnes of crude steel by operating at 103% of its installed
capacity, which is an increase of 1% over the previous year. It also generated 710 MW of
electricity during FY2014-15. (sail.com)

54 | P a g e
Balance Sheet of Steel Authority of India
2017 2016 2015 2014 2013
ASSETS
NON-CURRENT ASSETS
Tangible Assets 48,762.03 44,378.87 34,658.40 25,256.52 15,234.63
Intangible Assets 1,522.58 1,546.20 1,510.21 1,514.13 1,542.77
Other Assets 0.86 0.88 0 0 0
Fixed Assets 73,560.86 70,853.17 65,364.43 60,421.19 52,668.25
Non-Current Investments 1,395.48 1,291.75 919.07 720.2 718.36
Deferred Tax Assets [Net] 4,005.84 1,799.80 0 0 0
Long Term Loans And Advances 453.52 449.95 4,507.25 3,794.32 3,165.17
Other Non-Current Assets 1,561.22 1,746.95 53.83 135.43 50.7
CURRENT ASSETS
Inventories 15,711.35 14,679.53 17,736.37 15,200.82 16,008.21
Trade Receivables 2,921.69 3,143.49 3,192.00 5,481.98 4,424.18
Cash And Cash Equivalents 289.09 297.96 2,305.24 2,855.95 3,850.35
Short Term Loans And Advances 61.47 64.09 3,056.33 1,160.51 990.69
OtherCurrentAssets 6,578.95 6,013.58 2,192.35 2,191.49 2,342.55
Total Assets 106539.47 100340.27 99,326.87 91,961.89 84,218.46
SHAREHOLDER'S FUNDS
Equity Share Capital 4,130.53 4,130.53 4,130.53 4,130.53 4,130.53
Total Share Capital 4,130.53 4,130.53 4,130.53 4,130.53 4,130.53
Total Shareholders Funds 36,009.06 39,195.90 43,504.78 42,666.35 41,024.64
Deferred Tax Liabilities [Net] 0 0 2,395.19 2,040.46 1,728.53
Other Long Term Liabilities 1,524.58 1,692.13 1,239.22 1,381.30 1,271.12
Long Term Provisions 3,593.94 3,271.65 3,705.34 3,901.28 4,204.16
CURRENT LIABILITIES
Short Term Borrowings 19,813.04 15,574.86 14,195.16 10,634.48 8,015.02
Trade Payables 5,219.20 4,002.71 3,606.38 3,205.34 3,322.04
Short Term Provisions 2,914.77 2,642.65 2,638.71 2,021.95 2,512.70
Total Capital And Liabilities 106539.47 100340.27 99,326.87 91,961.89 84,218.46
(www.moneycontrol.com/financials/steelauthorityindia/balance-sheet/SAI)

55 | P a g e
Profit & Loss account of Steel Authority of India
2017 2016 2015 2014 2013
INCOME
II Other Income 535.61 594.67 1,020.78 881.41 964.44
IV EXPENSES
b Purchase Of Stock-In Trade 0 0 0.48 0.78 3.21
c Changes In Inventories Of FG,WIP And
Stock-In Trade
120.63 540.61 -1,408.12 894.63 -2,016.09
d Employee Benefit Expenses 8,947.83 9,714.97 9,736.33 9,578.51 8,637.20
e Finance Costs 2,527.82 2,300.45 1,454.23 967.64 747.66
g Other Expenses 14,220.21 14,540.44 14,205.32 13,035.06 12,160.81
Total Expenses 49,622.14 46,654.05 44,284.42 45,464.47 42,134.25
V Profit/Loss Before Exceptional,
ExtraOrdinary Items And Tax
-4,634.12 -7,007.50 2,447.14 2,115.35 3,428.45
VI Exceptional Items -216.74 0 0 959.12 -229.32
VII Profit/Loss Before Tax -4,850.86 -7,007.50 2,447.14 3,074.47 3,199.13
a Current Tax 0 0 499.15 683.26 1,057.96
b Less: MAT Credit Entitlement 0 0 499.15 520.11 0
c Deferred Tax -2,032.76 -2,909.55 282.76 331.97 12.44
d Tax For Earlier Years 15.14 -76.51 -16.53 112.95 -0.09
IX Total Tax Expenses -2,017.62 -2,986.06 266.23 608.07 1,070.31
X Profit/Loss For The Period(VII-IX) -2,833.24 -4,021.44 2,092.68 2,616.48 2,170.35
(www.moneycontrol.com/financials/steelauthorityindia/profit-lossVI/SAI#SAI)

56 | P a g e
Working Capital
2017 2016 2015 2014 2013
working Capital -20773.8 -14506.8 -5974.49 -1449.53 5111.52
Interpretation: In the graph and the table above, the Net working capital of SAIL has been
fluctuating every year. Working capital has been –ve for the last five year.
Under current assets inventories have declines significantly from 2015; Trade payable has
decreased from 2016 leading to a overall decline in current assets.
Under current liability trade payable and short term borrowing have increased over the years
leading to overall increase in current liability and hence showing a negative working capital.
RATIO ANALYSIS
Current Ratio
2017 2016 2015 2014 2013
CURRENT RATIO 0.55 0.63 0.83 0.95 1.23
-30,000.00
-20,000.00
-10,000.00
0.00
10,000.00
20,000.00
30,000.00
40,000.00
50,000.00
2017 2016 2015 2014 2013
current assets
current liab
working capital=current assets -
current liab
0
0.5
1
1.5
2017 2016 2015 2014 2013
Current Ratio
Current ratio=current assets
/current liab

57 | P a g e
Interpretation: The current ratio measures the ability of an organization to pay its bills
in the near-term. It is a common measure of the short-term liquidity of a business. Since
the ratio is current assets divided by current liabilities, the ratio essentially implies that
current liabilities can be liquidated to pay for current assets. A current ratio of 2:1 is
preferred.
From the above table and graph it is clear that the company ratio is less than 1 from the
year 2014 to 2017 showing its in ability to pay current liability.
Quick Ratio
2017 2016 2015 2014 2013
LIQUID ASSETS 9,839.26 9,498.53 10,745.92 11,689.93 11,607.77
CURRENT LIAB 46,324.41 38,684.88 34,456.78 28,340.28 22,504.46
CURRENT ASSETS 25,550.61 24,178.06 28,482.29 26,890.75 27,615.98
INVENTORIES 15,711.35 14,679.53 17,736.37 15,200.82 16,008.21
QUICK RATIO 0.385089 0.392857 0.377284 0.434719 0.420328
Interpretation: The quick ratio or acid test ratio is a liquidity ratio that measures the ability
of a company to pay its current liabilities when they come due with only quick assets. Here
we exclude the inventories and prepaid expenses from the current assets as both of them have
less liquidity than other current assets. The ideal quick ratio is 1:1.
From the above table and graph it is clear that quick ratio is less than 1 throughout the 5 years
but its fluctuating and has declined year after year.
Cash Ratio
2017 2016 2015 2014 2013
Cash And Cash Equivalents 289.09 297.96 2305.24 2855.95 3850.35
CURRENT LIAB 46,324.41 38,684.88 34,456.78 28,340.28 22,504.46
CASH RATIO 0.006241 0.007702 0.066902 0.100774 0.171093
0.34
0.36
0.38
0.4
0.42
0.44
2017 2016 2015 2014 2013
Quick ratio
Quick ratio=liquid assets/current
liab

58 | P a g e
Interpretation: The cash ratio is the ratio of a company's total cash and cash
equivalents (CCE) to its current liabilities. This information is useful to creditors when
deciding how much debt they would be willing to extend to the asking party. The ideal cash
ratio should be 1.00and above.
From the above analysis it is clear that the cash ratio is less than 1 for the last 5 years and
there is no sufficient cash to pay of immediate current liability.
2017 2016 2015 2014 2013
revenue from operations 44,452.41 39,051.88 45,710.78 46,698.41 44,598.26
IVR 2.925378 2.409427 2.775633 2.992622 5.571923
Interpretation: The inventory turnover ratio is an efficiency ratio that shows how effectively
inventory is managed by comparing cost of goods sold with average inventory for a period.
This measures how many times average inventory is “turned” or sold during a period.
From the graph and table it is clear that the company is trying to improve its inventory
turnover ratio. In 2013 it was max and subsequently declined in 2015 and 2016 but has
started to improve in 2017.the main reason behind this is the sales have declined in 2016 and
is again picking up and the average inventory have declined as compared to 2015 showing a
better inventory turnover ratio in 2017.
0
0.05
0.1
0.15
0.2
2017 2016 2015 2014 2013
Cash Ratio
Cash Ratio=cash and cash
equivalent/current liab
0
1
2
3
4
5
6
2017 2016 2015 2014 2013
Inventory turnover ratio=Revinue
frm operation/avg inventory

59 | P a g e
Comparative Analysis of TATA STEEL, JSPL and SAIL
Working Capital
TATA STEEL JSPL SAIL
2017 -2958.90 -5,643.76 -20773.8
2016 -6666.50 -6,902.90 -14506.8
2015 -4774.62 -1,628.52 -5974.49
2014 -7317.18 -4,244.09 -1449.53
2013 -4958.05 -2,191.39 5111.52
Interpretation: Net working capital shows the difference between the current assets and
current liabilities.
Here when we compare the net working capital of Tata Steel, Jindal power and steel and
SAIL then we can conclude that SAIL was performing much better than Jindal and Tata for
the year 2013 i.e., SAIL had enough working capital to manage its business. Its current assets
were more than its current liabilities.
But from the year 2015 onwards the scenario starts to change. In 2015, Jindal has better
working capital then Tata Steel and SAIL. Though all the three companies had negative
working capital. Now in the current year Tata Steel had better working capital than the other
two.
-25,000.00
-20,000.00
-15,000.00
-10,000.00
-5,000.00
0.00
5,000.00
10,000.00
2017 2016 2015 2014 2013
working capital TATA STEEL
working capital JSPL
working capital SAIL

60 | P a g e
In the year 2017, 2016 and 2015 all the three company Tata Steel, Jindal power and steel and
SAIL had negative working capital. This is very risky situation for the companies and they
should work towards improving their working capital.
In case of Tata Steel, the reason for negative working capital was that its trade payable was
more than its trade receivables thus the current liabilities were high. This is good because
company is purchasing on credit but is selling in cash.
RATIO ANALYSIS
Current Ratio
2017 0.87 0.61 0.55
2016 0.68 0.58 0.63
2015 0.71 0.88 0.83
2014 0.61 0.76 0.95
2013 0.70 0.84 1.23
Interpretation: Current ratio shows the ratio of current assets divided by current liabilities of
the different companies.
In the above graph and table Tata Steel is being compared with Jindal Power and Steel and
SAIL. In the year 2013 SAIL has maintained current ratio above 1 that is 1.23 . The ideal
current ratio is 2:1 which means that for every current liabilities there should be 2 current
assets. Though none of the year all the three companies have been able to maintain an ideal
ratio.
In 2015, Jindal has better ratio than other two with ratio 0.88.
It is only in the current year that Tata Steel has done slightly better than SAIL and Jindal. Its
ratio was 0.87 as compared to 0.61 of Jindal and 0.55 of SAIL. The reason for Tata Steel low
current ratio could be because of low trade receivables but high trade payables.
0.00
0.50
1.00
1.50
2017 2016 2015 2014 2013
Current Ratio
TATA STEEL
JSPL
SAIL

61 | P a g e
Quick Ratio
2017 0.49 0.78 0.39
2016 0.51 0.74 0.39
2015 0.32 0.68 0.38
2014 0.48 0.70 0.43
2013 0.54 0.69 0.42
Interpretation: In the above graph and table, quick ratio of three companies for the last five
years has been compared. If we look at SAIL then we can conclude that SAIL has been
declining over the years.
Jindal power and steel was fluctuating but has almost been consistent. In 2013 Jindal’s quick
ratio was 0.69 then it increased to 0.78 in the year 2017.
For Tata Steel, in the year 2013 quick ratio was 0.54. In 2015 it decreased to 0.32. So after
2015 it has again started to increase.
Now here we can conclude that Jindal Steel and Power has a better quick ratio than other two
over the past five years. Though none of the company in any of the year was able to attain the
ideal quick ratio of 1:1 but Jindal performed better than others.
Cash Ratio
2017 0.04 0.01 0.01
2016 0.05 0.02 0.01
2015 0.03 0.02 0.07
2014 0.05 0.04 0.10
2013 0.13 0.00 0.17
0.00
0.20
0.40
0.60
0.80
1.00
2017 2016 2015 2014 2013
Quick Ratio
TATA STEEL
JSPL
SAIL

62 | P a g e
Interpretation: Cash ratio determines the cash balance that is available with the company in
the current year. Company has to maintain some level of cash balance to be used at the time
of need.
If we compare the three company’s ratio of last five year, then we can see that the ratio of
SAIL from 2013 to 2015 is good.
In the year 2013 this ratio for Tata Steel was the highest 0.13 as compared to Jindal 0.001 and
SAIL 0.17. But in next year it fell down. In the year2016 it recovered and increase to
0.05.and again declined in 2017 to 0.04.
Jindal steel and power has been fluctuating throughout the five years.
SAIL cash ratio has been decreasing over the years.
Here we can conclude that Tata steel is doing better than other two companies though it is
also not performing as per the ideal ratio.
2017 5.54 6.40 2.93
2016 5.05 4.12 2.41
2015 5.95 3.50 2.78
2014 7.40 3.86 2.99
2013 14.53 8.31 5.57
0.00
0.05
0.10
0.15
0.20
2017 2016 2015 2014 2013
Cash Ratio
TATA STEEL
JSPL
SAIL

63 | P a g e
Interpretation: Every company has to maintain some level of inventory of finished goods so
as to be used at the time of need in the business. But the level of inventories should not be too
high as well as too low.
In the above graph and table, the inventory turnover ratio of Tata Steel is highest as compared
to Jindal and SAIL in 2013 and has declined after that.
0.00
5.00
10.00
15.00
20.00
2017 2016 2015 2014 2013
TATA STEEL
JSPL
SAIL

64 | P a g e
RECOMMENDATION
AND
SUGGESTION

65 | P a g e
FINDINGS AND RECOMMENDATION
After going through all the information collected and ratio calculations, the
following is my findings and recommendation for TATA STEEL:
MAJOR FINDINGS:
➢ Net Working Capital of Tata Steel is negative for all 5 years because of which its
Working Capital Turnover ratio is also negative. As it is a giant company
negative working capital is not always bad because they are able to bargain very
well with their suppliers because of their strong brand name and they have the
muscle power of bulk demand.
➢ Tata Steel is selling more in cash and buying more in credit which is a good
strategy by the company. It shows the credit worthiness of the company is good.
➢ The ideal current ratio is 2:1 and for Tata Steel it is 0.87. Tata Steel’s current
ratio has improved as compared to SAIL and Jindal Steel & Power in the current
year.
➢ The ideal quick ratio is 1:1. However none of the company was able to maintain
the standard ratio. Though in the year 2016-17 it can be said Tata Steel is in an
improvement stage as compared to past 4 years. And the liquidity position of the
company is not that strong.
RECOMMENDATION
After going through all the information collected and ratio calculations, I would go for the
following recommendations:
The financial ratios need a change to an extent.
➢ Advance payment should be avoided or else should be made against securities.
➢ Maintenance of cash and bank balances should be improved so that fluctuations in
net working capital could be avoided.
➢ There should be proper co-ordination between working capital group and its related
department i.e. debtors, inventory etc.
➢ Tata Steel needs to invest on digitalization and Robotics thus reducing paper works
and excessive man force.
➢ Before acquisition proper analysis should be done.
➢ Labour factor should be hired locally to increase employment opportunity of that area
fixed cost as well.

66 | P a g e
Bibliography
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steel-power-limited.html
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en.wikipedia.org/wiki/Tata_Steel. (2018, july 3). Retrieved july 10, 2018, from wikipedia:
https://en.wikipedia.org/wiki/Tata_Steel
Press, S. J. (2002). company-histories. Retrieved july 12, 2018, from www.fundinguniverse.com:
http://www.fundinguniverse.com/company-histories/tata-iron-steel-co-ltd-history/
Tata Steel Vision, Mission, Values & Objectives. (n.d.). Retrieved july 10, 2018, from Tata Steel.com:
http://www.tatasteel.com/corporate/our-organisation/vision-mission-values/
The Tata group to be title sponsor of Asia's most prestigious marathon. (n.d.). Retrieved july 15,
2018, from tata.com: http://www.tata.com/aboutus/sub_index/Leadership-with-trust
The thought behind the Tata 150 logo - Tata Sons - Tata group. (n.d.). Retrieved july 15, 2018, from
tata steel.com: http://www.tata.com/htm/tata-150-logo.htm
www.moneycontrol.com/financials/jindalsteelpower/balance-sheet/JSP. (n.d.). Retrieved july 15,
2018, from moneycontrol.com:
https://www.moneycontrol.com/financials/jindalsteelpower/balance-sheet/JSP
www.moneycontrol.com/financials/jindalsteelpower/profit-lossVI/JSP#JSP. (n.d.). Retrieved june 28,
https://www.moneycontrol.com/financials/jindalsteelpower/profit-lossVI/JSP#JSP
www.moneycontrol.com/financials/steelauthorityindia/balance-sheet/SAI. (n.d.). Retrieved june 27,
https://www.moneycontrol.com/financials/steelauthorityindia/balance-sheet/SAI
www.moneycontrol.com/financials/steelauthorityindia/profit-lossVI/SAI#SAI. (n.d.). Retrieved june
26, 2018, from moneycontrol:
https://www.moneycontrol.com/financials/steelauthorityindia/profit-lossVI/SAI#SAI
www.moneycontrol.com/financials/tatasteel/balance-sheet/TIS. (n.d.). Retrieved july 17, 2018, from
moneycontrol.com: https://www.moneycontrol.com/financials/tatasteel/balance-sheet/TIS
www.moneycontrol.com/financials/tatasteel/profit-lossVI/TIS#TIS. (n.d.). Retrieved july 15, 2018,
from moneycontrol.com: https://www.moneycontrol.com/financials/tatasteel/profit-
lossVI/TIS#TIS

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