Professional Documents
Culture Documents
RESEARCH PROBLEM
Analyze the Working Capital of ITI Ltd. in Last 5 Years to measure the working capital
performance of company with respect to other firms and overall industry.
SITUTATION ANALYSIS
MODEL DEVELOPMENT
2) FINANCIAL VARIABLES:
Current Assets, Current Liabilities, Net Working Capital, Sales, Working Capital Turnover
Ratio, Current Ratio, Quick Ratio, Debtors turnover days Ratio, Creditors Turnover Days
Ratio, Inventory turnover days Ratio, Cash to Current Assets Ratio.
RESEARCH TYPE
Exploratory Research- The research is concerned with discovering the general nature of
Working Capital and the various variables related to it.
To apply analytical tools and techniques to financial statements to obtain useful information to
aid decision making.
Time-Trend Analysis- Used to see how the firms performance is changing through time
Benchmark Analysis.
Financial Ratio Analysis
Financial Statements
Ratio Analysis
Current Assets
Current Liabilities
Sales
1.3
POPULATION
Selected Telecommunication Companies of India.
SAMPLE FRMAE
Research Company- ITI Ltd.
SAMPLING UNIT
The Research included 1 national company with its other units
SAMPLING METHOD
Judge mental Sampling
SAMPLE SIZE
One company
ETHICS OF RESEARCH
The research includes only those data and information which are either non- confidential in
nature or used by taking prior information to respective organization.
No malpractices and incorrect use of any tool and techniques have been done by the researcher.
LIMITATION OF RESEARCH
1) The Data has been restricted to available data from secondary data (annual reports, various
journals, Data Sheets, publications etc.)
2) The authenticity of data is subject to errors and omissions.
3) The number of telecommunication companies involved is among top companies of the world,
which might not be a fair indicator of the total sector as a whole.
4) The Results are not on a standalone basis as it includes the various subsidiaries which the
company has.
Window dressing techniques can make statements and ratios look better.
There is no underlying theory, so there is no way to know which ratios are most relevant.
Often, different ratios give different signals, so it is difficult to tell, on balance, whether a
company is in a strong or weak financial condition.
CHAPTER-02
Indias first Public Sector Unit (PSU) - ITI Ltd was established in 1948. Ever since, as a
pioneering venture in the field of telecommunications, it has contributed to 50% of the present
national telecom network. With state-of-the-art manufacturing facilities spread across six
locations and a countrywide network of marketing/service outlets, the company offers a
complete range of telecom products and total solutions covering the whole spectrum of
Switching,
Transmission,
Access
and
Subscriber
Premise
equipment.
ITI joined the league of world class vendors of Global System for Mobile (GSM) technology
with the inauguration of mobile equipment manufacturing facilities at its Mankapur and Rae
Bareli Plants in 2005-06. This ushered in a new era of indigenous mobile equipment
productionin the country. These two facilities supply more than nine million lines per annum to
both
domestic
as
well
as
export
markets.
The company is consolidating its diversification into Information and Communication
Technology (ICT) to hone its competitive edge in the convergence market by deploying its rich
telecom expertise and vast infrastructure. Network Management Systems, Encryption and
Networking Solutions for Internet Connectivity are some of the major initiatives taken by the
company.
Secure communications is the company's forte with a proven record of engineering strategic
communication networks for India's Defence forces. Extensive in-house R&D work is devoted
towards specialized areas of Encryption, NMS, IT and Access products to provide complete
customized
solutions
to
various
customers.
Shares distribution
Government of India-92.7%
Public-7.3%
Corporate Office
ITI DOORWANI BHAWAN NAGAR
BANGLORE-560016
INDIA
PH: 080-25614466
FAX: 080-25617525
QUALITY SYSTEM
ISO 9001:2000
ISO 14001:2004
Manufacturing Units
Bangalore (Karnataka)
Naini (UP)
Rae Bareli (UP)
Mankapur (UP)
Palakkad (Kerala)
Srinagar (J&K)
Regional Offices
New Delhi
Bangalore
Kolkata
Lucknow
Mumbai
Chennai
Hyderabad
Bhubaneswar
Bhopal
Ahmadabad
Kochi
10
11
2.3 Collaboration
France
China
GSM Infrastructure
CDM Infrastructure,
Alphion,
USA
G-PON
SemIndia,
India
ADSL-CPEs
Huawei,
China
Tekelec Inc,
USA
SSTP
Midas Communications,
India
EDWASEqpt
India
IFWT
Tejas Networks
India
SDH Optical
Xalted,
India
STM-64
Mobi,
China
12
Ericson
Modi-alcatel
Lucent Technologies
Punwire
BPL
ZTE
FIBCOM
Seimens Nokia
Tezas
BEL
PUNCOM
XALTED
ICOM
13
Radio Equipment
Optical Equipment
14
CHAPTER -03
15
Nature of business
Production policy
Credit Policy
Inventories Policy
Market Condition
Policy of supply
16
CAPITAL ASSETS
CURRENT ASSETS
CASH
ACCOUNTS
RECEIVABLE
WORKING CAPITAL
MANAGEMENT
INVENTORY
CAPIATL BUDGETING
17
1) Short Life Span- Current Assets have a short life span. Cash balance may be held idle for a
week or two, Accounts Receivable may have a life span of 30 to 60 days, and inventories may
be held for 30 to 100 days. The life span of current assets depends upon the time required in
the activities of procurement, production, sales, and collection and the degree of
synchronization among them.
2) Swift Transformation into other Assets- Each current asset is swiftly transformed into other
asset forms: Cash is used for acquiring raw materials, Raw Materials are transformed into
finished goods, Finished goods generally sold on credit, are converted into Accounts
Receivable and finally accounts on realization generate cash.
CASH
ACCOUNTS
RECEIVABLE
RAW MATERIAL
WORK IN PROCESS
18
The short life span of working capital components and their swift transformation from one
form into another has certain implications:
1) ADEQUATE LIQUIDITY- If a firm lacks sufficient cash to pay its bill when due, it will
experience continuous problem. The most important goal is to achieve adequate liquidity for
conducting day-to-day operations.
2) MINIMIZATION OF RISK- In selecting its sources of finance, payable and other short term
liabilities may involve relatively low costs. The firm must ensure that these near term
obligations do not become excessive compared to the current assets on the hand to pay them.
The matching of assets and liabilities among current accounts is a task of minimizing the risk
of being unable to pay bills and other obligations.
3) CONTRIBUTION IN MAXIMIZING FIRMS VALUE- The firm holds working capital for the
same purpose as it holds any other assets, that is to maximize its present value of common
stock and value of the firm. The investment of excess cash, minimization of inventories,
speedy collection of receivables, and elimination of unnecessary and costly short term
financing all contribute to maximization of the value of the firm.
19
1) NATURE OF BUSINESS:
The working capital requirement of a firm is closely related to the nature of its business. A
service firm like an electricity undertaking or a transport corporation, which has a short
operating cycle and which sells predominantly on cash basis, has a modest working capital
requirement. On the other hand, a manufacturing concerns like a Steel producing company,
which has a long operating cycle and which sells largely on credit, has a very substantial
working capital requirement.
2) SEASONILITY OF OPERATIONS:
Firms which have marked seasonality in their operations usually have highly fluctuating
working capital requirements. For example, consider a firm manufacturing ceiling fans. The
sale of ceiling fans reaches a peak during the summer months and drops sharply during the
winter period. The working capital need of such a firm is likely to increase considerably in
summer months and decrease significantly during the winter period. On the other hand firm
manufacturing a product like lamps, which have fairly even sale round the year, tends to have
stable working capital requirements.
3) MARTKET CONDITIONS
The degree of competition prevailing in the market place has an important bearing on working
capital needs. When competition is high, a large inventory of finished goods is required to
promptly serve customers who may not be inclined to wait because other manufacturer are
ready to meet their needs.
20
4) PRODUCTION POLICY
A Firm marked by pronounced by seasonal fluctuation in its sales may pursue a production
policy which may reduce the sharp variation in working capital requirements. For example a
manufacturer of ceiling fans may maintain a steady production throughout the year rather than
intensify the production activity during the peak business season. Such a policy may dampen
the fluctuation in working capital requirements.
5) CONDITIONS OF SUPPLY
The inventory of Raw materials, spares, and stores depends on the conditions of supply. If the
supply is prompt and adequate, the firm can manage with small inventory. However, if the
supply is unpredictable and scant then the firm to ensure continuity of production, would have
to acquire stocks as and when they are available and carry larger inventory on an average.
21
CHAPTER -04
22
4.1 SECTION-1
WORKING CAPITAL
Working capital refers to the excess of current assets over current liabilities .Working capital
also known as fluctuating capital because it is used for meeting the day to day expenses of the
business .Inadequacy of working capital lead to temporary insolvency.
23
ITI NAINI
ITI Ltd.
2003-04
738
97
2004-05
840
122
2005-06
750
118
2006-07
106
44
2007-08
-44
145
1000
800
600
ITI NAINI
400
ITI Ltd.
200
0
-200
2003-04
2004-05
2005-06
2006-07
2007-08
Figure 1.1
24
Observation:
From the above table and graph it has been found that the working capital of the company
decreases year by year .
In the year 2004-05 working capital was maximum for ITI Naini.
The main reason of decreasing working capital was the terms and conditions imposed by the
top management to regulate the company.
ITI is a govt. organization this was the main reason in the low working capital.
In the year 2007-08 working capital was in (-ve ) value because all the sundry debtors has been
revaluated and its account has been closed in the balance sheet of this year.
25
CURRENT ASSETS
Current assets is balance sheet account that represents the value of assets that are personally
expected to be converted in to cash within one year in the normal course of business and other
liquid assets that can be readily converted into cash.
In current assets we have taken only the three points they are as follows.
Inventory
Debtors
Cash, bank & others
26
Years
Sales
Current
Assets
Inventories
Debtors
Cash Bank
2003-04
116
222
92
128
1.3
2004-05
73
186
77
108
.92
2005-06
139
195
43
150
1.90
2006-07
91
169
44
125
.38
2007-08
117
108
34
45
0.30
Years
Sales
Current
Assets
Inventories
Debtors
Cash Bank
2003-04
1257
2094
638
1189
267
2004-05
1389
2421
553
1420
448
2005-06
1749
2596
412
1662
219
2006-07
1818
2531
425
1708
37
2007-08
1039
2550
370
1825
14
27
INVENTORY
We can see the trend of inventory by the help of the financial data. With the help of inventory
we can analyze the working of the organization.
Table 1. 4
YEARS
CONTRIBUTION
OFINVENTORY IN THE
CURRENT ASSETS OF
ITI NAINI
CONTRIBUTION
OFINVENTORY IN THE
CURRENT ASSETS OF
ITI Ltd.
2003-0
41%
13%
2004-05
40%
19%
2005-06
22%
20%
2006-07
19.8%
19.6%
2007-08
31.5%
14.50%
50%
40%
CONTRIBUTION
OFINVENTORY IN THE
CURRENT ASSETS OF ITI
NAINI
30%
20%
CONTRIBUTION
OFINVENTORY IN THE
CURRENT ASSETS OF ITI
Ltd.
10%
0%
2003-04 2004-05
2005-06
2006-07
2007-08
Figure1. 2
28
Observation:
If we look at the contribution of inventory in the current assets then it is not satisfactory. It is
very high than idle conditions. There are basic reasons which are responsible for this position
of inventory in ITI Ltd., they are as follows.
29
YEARS
CONTRIBUTION
OF
DEBTORS
IN THE
CURRENT ASSETS OF
ITI NAINI
CONTRIBUTION
OF
DEBTORS
IN THE
CURRENT ASSETS OF
ITI Ltd.
2003-04
58%
57%
2004-05
59%
59%
2005-06
77%
73%
2006-07
73.5%
79%
2007-08
41.6%
71.5%
80%
60%
40%
CONTRIBUTION OF DEBTORS IN
THE CURRENT ASSETS OF ITI NAINI
20%
CONTRIBUTION OF DEBTORS IN
THE CURRENT ASSETS OF ITI Ltd.
0%
2003-04 2004-05
2005-06
2006-07
2007-08
Figure1. 3
Observation:
As it has said that ITI is a govt. organization and its main customer is B.S.N.L.& MTNL and
both are also public sectors due to which there is not any hard and fast rule for the payment of
the money, thats why the contribution of debtors is high in the current assets.
30
YEARS
CONTRIBUTION
OF
CASH & BANKAND
OTHER ASSETS IN THE
CURRENT ASSETS OF
ITI NAINI
CONTRIBUTION
OF
CASH &BANK AND
OTHER ASSETS IN THE
CURRENT ASSETS OF
ITI Ltd.
2003-04
1%
30%
2004-05
1%
22%
2005-06
0.97%
10%
2006-07
0.22%
1.7%
2007-08
1%
0.55%
31
CURRENT LIABILITIES
Current liabilities are company debts or obligation that are due within one year .Current
liabilities appear on the companys balance sheet and include short term , account payable ,
accrued liabilities and other debts.
Essentially, these are bills that are due to creditors and suppliers within a short period of time.
Normally, companies withdraw or cash current assets in order to pay their liabilities.
YEARS
CURRENT
LIABILITIES
PROVISION
TOTAL
2003-04
162
11
173
2004-05
99
14
113
2005-06
82
43
125
2006-07
128
53
181
2007-08
120
32
152
200
150
100
Total Liabilityof ITI NAINI
50
0
2003-04 2004-05
2005-06 2006-07
2007-08
32
Figure 1. 4
Years
Liabilities
2003-04
1356
2004-05
1581
2005-06
1846
2006-07
2425
2007-08
2305
2004-05
2005-06
2006-07
2007-08
Figure1.5
33
4.2
RATIO ANALYSIS
34
RATIO ANALYSIS
In this summer project all the ratios are not calculated because ITI not a profit making
company. Due to which the calculation of some ratios is not reasonable.
By the calculation of the entire ratio we can analyze the present financial situation of any
company. Thats why the ratios are major tool in the determination of financial analysis of any
company.
35
YEARS
CURRENT
ASSETS
CURRENT
LIABILITIES
CURRENT RATIO
2003-04
222
173
1.28
2004-05
186
113
1.65
2005-06
195
125
1.56
2006-07
169
181
0.53
2007-08
108
152
0.71
CURRENT RATIO
1.8
1.6
1.4
1.2
1
CURRENT RATIO
0.8
0.6
0.4
0.2
0
2003-04
2004-05
2005-06
2006-07
2007-08
Figure 2.1
36
YEARS
CURRENT
ASSETS
CURRENT
LIABILITIES
CURRENT
RATIO
2003-04
2094
1356
1.55
2004-05
2421
1581
1.53
2005-06
2596
1846
1.41
2006-07
2531
2425
1.04
2007-08
2550
2304
0.97
CURRENT RATIO
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
CURRENT RATIO
2003-04
2004-05
2005-06
2006-07
2007-08
Figure 2.2
37
38
Quick ratio is a stringent test that indicates whether a firm has enough short term assets to
cover its immediate liabilities without selling inventories. The acid test ratio is far more
strenuous than the working capital ratio, primarily because the working capital allows for the
inclusion of inventory and other assets.
Quick ratio = (cash + receivable +short term investments)/current liabilities
The companies with ratio less than 1 cant pay their current liabilities and should be looked at
with extreme caution. Furthermore if the quick ratio is much lower than working capital ratio
then it means there is large amount of inventories in the working capital of the company as in
the case of retail stores.
39
Years
Debtors
Cash
Bank
2003-04
128
1.3
2004-05
108
2005-06
& Quick
Assets
Current
Liabilities
QUICK
RATIO
129
173
0.75
0.92
109
113
0.965
150
1.91
152
125
1.2
2006-07
125
0.31
125.38
181
0.69
2007-08
45
0.30
75
152
0.50
1.2
1
0.8
0.6
QUICK RATIO
0.4
0.2
0
2003-04
2004-05
2005-06
2006-07
2007-08
Figure2.3
40
Years
Debtors
Cash
Bank
2003-04
1189
267
2004-05
1420
2005-06
& Quick
Assets
Current
Liabilities
Quick
Ratio
1456
1356
1.07
448
1868
1581
1.18
1662
522
2184
1846
1.18
2006-07
1708
37
1745
2425
0.72
2007-08
1825
14
0.48
Quick Ratio
1.2
1
0.8
0.6
Quick Ratio
0.4
0.2
0
2003-04
2004-05
2005-06
2006-07
Figure2.4
41
The other reason is debtors the unit is very high. Debtors are not in the form of bills
receivables . Unit has debtors older than one year . these are the reason for current and cash
ratio of ITI is being low.
42
PROFITABILITY RATIO
1. Return on Assets
The profitability ratio is measured in terms of relationship between net profits and assets
employed to earn that profit . The ratio measures the profitability of the firm in terms of assets
employed in the firm.
Years
Avg.Total
Assets
2003-04
(13637)
162
(84)
2004-05
(11165)
172
(65)
2005-06
(12583)
137
(91.9)
2006-07
(9921)
88
(113)
2007-08
(16131)
127
(127)
43
Years
Profit % on sales
2003-04
(116.85)
2004-05
(152.6)
2005-06
(90.07)
2006-07
(107.56)
2007-08
(136.22)
Profit % on sales
0
-20
2003-04
2004-05
2005-06
2006-07
2007-08
-40
-60
Profit % on sales
-80
-100
-120
-140
-160
Figure2.6
44
45
3.RETURN ON INVESTMENTS
RETURN ON INVESTMENTS OF ITI Ltd. NAINI
Table 2.7
Years
RETURN ON INVESTMENT
2003-04
(117.38)
2004-05
(79.25)
2005-06
(44.51)
2006-07
(53.58)
2007-08
(171.53)
RETURN ON INVESTMENT
0
-20
2003-04
2004-05
2005-06
2006-07
2007-08
-40
-60
-80
RETURN ON INVESTMENT
-100
-120
-140
-160
-180
Figure2.7
46
Observation of ROI
As the company is running into losses so, it has negative return on investment.
The return on investment was increasing till the year 2003-04 and after that it started
decreasing. But still it is running
It is clearly visible that the company is unable to have income on the investments. This in a
way makes the investments a useless venture which never bears profits.
47
Years
2003-04
(103.14)
(684)
2004-05
(72.24)
(296)
2005-06
(101.63)
(426)
2006-07
(66.46)
(364)
2007-08
(58.06)
(296)
0
2003-04 2004-05 2005-06 2006-07 2007-08
-100
-200
-300
-400
-500
-600
-700
Figure2.8
48
1. CAPITAL TURNOVER
This ratio measures the firms ability of generating sales per rupee of long term investment .
The higher the ratio , the more efficient the utilization of owners and long term creditors
funds.
Table 2.9
Years
Capital Turnover
2003-04
2004-05
.52
2005-06
.49
2006-07
0.56
2007-08
1.26
Capital Turnover
1.4
1.2
1
0.8
Capital Turnover
0.6
0.4
0.2
0
2003-04
2004-05
2005-06
2006-07
2007-08
Figure2.9
49
Observation:
In the initial years the capital turnover of the ITI Naini unit depicts that the company was
generating sales revenues equivalent to the amount of capital and long term borrowings
But in the latter year it is clear that ITI Naini unit is being unable to generate as much sales
revenue as is the owners and long term funds invested in the company\
And it can be said that revenue generating capacity of the ITI Naini unit is declining gradually
year by year.
50
Years
Sales
Fixed Assets
Ratio
2003-04
116
54
2.15
2004-05
73
109
0.67
2005-06
139
155
0.90
2006-07
91
131
0.70
2007-08
118
131
0.90
Ratio
2.5
2
1.5
Ratio
1
0.5
0
2003-04
2004-05
2005-06
2006-07
2007-08
Figure2.10
51
Observation
In the initial three years till the year 2004 it can be said that the fixed assets were utilized as to
obtain sufficient sales revenue.
But in the later year, the fixed assets were either underutilized or they were not sufficient
enough to generate adequate sales revenue.
From the above data ITI is not increasing its fixed assets due to joint venture process between
values.
52
W.C.Turnover Ratio
Table 2.11
Years
2003-04
1.1951
1.7125
2004-05
0.5966
1.6397
2005-06
1.1746
2.3562
2006-07
0.583
0.00488
2007-08
-0.373
1.208
53
2.5
2
1.5
0.5
0
2003-04 2004-05 2005-06 2006-07 2007-08
-0.5
Figure2.11
Observation
In the year 2003-04 the working capital turnover ratio of the plant decreased . This decrease
occurred due to the large decrease in sales and small decrease in the amount of working capital
of the plant.
In the year 2004-05 the working capital turnover ratio of the plant decreased again but
sharply..
This working capital again decreased in next years and years.
54
CHAPTER-05
55
5.1Findings of Project
After deep analysis and observation it is concluded that considering the future prospect of ITI
Ltd., today is a market driven , customer obtain company which is maintaining its technology
leadership . The company is moving towards 21st century bracing itself to face the challenge of
the future. The company has to sustain its position in the increasingly competitive environment
. As a large telechom company aspiring to be global leader it has to stand on its own in a
market strongly influenced by WTO agreement. The national task force on IT has made path
breaking recommendation in the recent report. With this view companies new thrust areas will
be IT products/ solutions and internet products /solutions.
The ratio of the company indicates that ITIs liquidity position is not sufficient.
According to the rule of thumb i.e. 2:1 , the currency ratio of ITI is low which reflects
their inability to pay short term liabilities which thereby affects the credibility of the company.
A continous default on its part may create hindrances in its day to day operations.
Leverage ratio of the company reflects that the loans of the company are sufficient in
terms of total assets , due to which equity is also sufficient.
Turnover ratios are reflecting lower inventory turnover , it is ratio of cost of goods
sold to average inventory . lower ratio is the indicator of inefficient inventory management. It
is suggested that efforts should be made in reducing the average collection period however the
company has a task force in respect of reducing its account recievables.
Profitability ratios give some yardsticks to measure profits in relative terms, either
with reference to sales or assets or capital employed.
The time analysis and inter unit comparison reflects that the Naini unit is undergoing
through losses, but the unit is trying to recover the losses and is taking preventive steps
through various schemes such as VRS that is voluntary retirement sheme for reducing the
excessive man power which is successful to a great extent.
56
Lengthy processing
High inventory
2. Labors
Large workforce
Lack of co-ordination
57
Overheads:
Overhead absorption rate was calculated was in 1988-89 many years back and being
revised yet .
Overhead percentage is applied on single factor i.e. direct labour for computing the
overhead allocation which is in many cases imprecise, incorrect and arbitrary .
Generally overheads cost is not covered in the price quoted in the tendor .
4. Other problems
Maachine hour rate is not used even though it is essential for the machines which are
expensive like CNC machine .
Mismanagement
Weak co-ordination
Lack of funds
58
DESIGN
Standardization of methods
59
Overheads
System analysis
MARKETING
Market research
Advertising
Sales
Ware housing
Packing
Distribution
60
5.4 SUGGESTIONS
Based on the various findings that are mentioned earlier the following recommendation are
suggested.
1.
Profit is the resultant of two varying factors viz . sales and cost . The larger the gap between
the two factors the larger is the profit .The profit can be maximized either by increasing the
sales or by reducing and cost cutting down the cost. Avenues have therefore to explored and
methods are to be devised to cut down the expenditure and therby reduce the cost of the
products.
Reduction in cost /unit may be effective in manyways
By reducing the expenditure when the volume of output remains constant
By increasing the production viz. increasing the output and maintaining the same level of
expenditure
2. ADMINISTRATION
Rearranging 2the office scrutinizing the effectiveness of the existing staff.
Reasonability of certain expenses, for ex . telephone overtime wages use of company car
travelling etc.
Checking possible misuse and corruption by appointing vigilance inspector
61
3.FINANCE
Better utilization of fixed assets employed
Disposal of fixed assets which can not be economically employed and reinvestment of the said
funds in a more profitable channel
No acquisition of fixed assets of doubtful use or where chances of obsolescences are high
Better inventory control through the use of techniques like ABC analysis.
Better credit control
Increase productivity employing fully existing fixed and working capital
4) COST CONTROL
CONTROL OF LABOUR COST: this is kept constant under control by keeping a constant
watch on the utilization efficiency of direct labour
62
6) PROPER CO-ORDINATION
There is very low proper co-ordination between the employees of ITI, for this there should be
proper arrangement for motivational programmed like games , cultural programme etc.
8) PROPER ADVERTISING
Because it is an government organization thats why it does not give weight to advertising
.Due to which customers are not more aware of its products. And its competitors get benefit
of this point .So the top management must be concerned about the advertising of ITI.
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CHAPTER-06
Conclusion
From the analysis of working capital we have find that the working capital is not enough to
meet its daily requirement. All the ratios show a negative result. This was the reason that
Indian government has tried many times to disinvestment it. Although it is the first PSU after
independence, earlier it has given very good result but from last ten years it is not giving
satisfactory results. There are many reasons behind it. Some government policies are against
it. Employees are not so much active; due to loss making company intellectual professionals
dont want to work there. For the regular working government of India always give grants to
the company, despite that it is not covering the loss due to its poor management. Indian
government is also thinking about the joint venture of the company with Alcatel
telecommunications which is a France based company.
Finally we can hope that it will make profit and make vital role in Indian
telecommunication industry.
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CHAPTER-07
BIBILIOGRAPHY
References
www.iti.com
www.projectparadise.com
www.google.com
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