“Organisational study & Financial Statement Analysis” of IREL (INDIA) Limited

MBA (HR & FINANCE), 3RD SEMESTER, 2ND YEAR (2020-2022)

GUIDED BY
Internal guide
DR. ANUBHAB PATTNAIK
External guide
DISHA COLLEGE OF MANAGEMENT AND
TECHNOLOGY
BERHAMPUR, ORISSA – 761008, INDIA
MR. KAIBALYA PRASAD DASH
Manager (Production & accounts finance)
IRE(INDIA) LTD, MATIKHALO, ORISSA, INDIA
 ACKNOWLEDGEMENT

First of all I thank Mr. Kaibalya Prasad Dash (Manager, production &
accounts). For extending their kind support and co-operation for the
completion of my project successfully and therefore obliged to them for
enlighten me time and again, resulting successful completion and
submission of this report.
Since thanks Mr. Kaibalya Prasad Dash (Manager, production &
accounts) IRE,(INDIA) LTD. for his guidance and supervision by spending
his valuable time for completion of this project.
At Last I thank my college professors, principle and other teachers for
encouraging, inspiring, co-operating & being supportive during this
project.

Name :- SHRADDHA SUMAN BHATTA

MBA 3RD Semester
REGISTRATION NO:-2006389074
DECLARATION:-
I hereby declare that the organization study report entitled
“An Organization Study at “IREL (India) Limited-OSCOM” has
been prepared by me under guidance of Mr. Kaibala Prasad Das
(Manager (Prod Acct) -IREL, OSCOM) and Dr.Anubhab Pattnaik
in partial fulfillment of the requirements for the Degree of
MASTER OF BUSINESS ADMINISTRATION (MBA) course of Disha
College Of Management & Technology, during the academic
year 2020-22.
I further declare that this internship report on afore said
subject is a result of my own endeavor and has not been
presented for the award Degree/ Diploma of any other
institution, board/ university for the fulfillment of course of

study.

SHRADDHA SUMAN BHATTA

Dt-21ST March 2022
REGISTRATION NO:- 2006389074
PREFACE:-
In India the public sector has been convinced as a catalyst for development
and counter-veiling force to offer effective competition to private sector and
thereby prevent a business that sector. The major objective of the public sector is
that of prevention of the concentration of economic power and the achievement of
social justice. Rare earths shares, the valuable assets of the economy of the nation.
Its exploration, extraction, and marketing are strategic. It is most vital for
establishment and development of trade, commerce and industry. It contributes
significantly towards foreign exchange earning and saving our national wealth. It
provides direct and indirect employment to large no. of people. The operational
efficiency of an organization depends to a large extent on its employees who are to
be considered a part of the assets

Therefore, public sector enterprises, now-a-days, have to lay emphasis on its

employees(Human Research).The human resource functions like acquisition,
development, retention and retirement must be carried out effectively for smooth
and efficient functioning of the organization.

The present study attempts an in-depth analysis of FINANCIAL

STATEMENT ANALYSIS IN IRE (India)Ltd, MATIKHALO (ORISSA), an
important public sector undertaking of the Government of India which undertakes
the responsibility of exploration, extraction and marketing of Rare Earths. So, in
this connection, efficient management of human resources in this core sector is
virtually necessary which promotes the researcher under IRE (India) Ltd.
Mathikhalo (Orissa) for study.
Chapter Contents
No

1. INTRODUCTION

2. COMPANY PROFILE
a. Introduction
b. Location
c. The facilities of OSCOM
3. POLICIES OF THE COMPANY

4. FINANCIAL STATEMENTS

5. ANALYSIS & INTERPRETATION

6. CONCLUSION

7. BIBILIOGRAPHY
 CHAPTER-1

INTRODUCTION

CHAPTER - I
 INTRODUCTION:
The new economic policy adapted by the Govt. of India is an attempt to
integrate India's economic order with global economy. With the passage of time
industrial revolution came into existence, which demanded the process of
mechanization data to high technology progress. The prime objective of industrial
revolution is to bring about healthy and cordial relationship between the
management and government.
The strength of the industry depends on its financial resources and the inter
relationship of financial department. Finance department is an asset of an
organization. They became problems if the industry does not manage properly.
Management the term itself refers to the mastering of physical and human
resource to carry on planned objectives and control performance in order to ensure
that what is done, what is expected and so realize the objective of an establishment.
In other words it is a distinct process consists of planning, organizing, actuating
and controlling performance to determine and accomplish objectives by the use of
people and resources. It involves organized activities where a group of people are
involved in working towards a common objective. This process involves decision,
evaluation and selection of alternatives in a complex environment to get things
done by others. The quality of alternatives which a manger selects in each case
determine the organization's performance and the entire future of the organization
rests on the degree to which the right decision are made by the managers.

My present study is confined to IRE Ltd .OSCOM has the pride of being the
location of Orissa. It is the largest leading mining corporation over the country. In
this context, the present study aims at getting practical knowledge regarding
inventory management, Financial Statement and Industrial Relation at OSCOM,
which helped me a lot to acquiring more practical knowledge.
 PURPOSE OF THE STUDY:
The main purpose of the study at IRE Ltd was to have an overall idea about the
organizational function, the various factors that are operating in the organization
and thereby gain on the short training and experience regarding the financial
status carried by function to prepare me as a future manager. The objectives of
the study are:

To gain the overall idea about the organization.

To gain a practical knowledge on the performance of the organization.

To interact with different departments of an organization.

SCOPE OF THE STUDY:

To study and to know about organizational structure along with their day to day
function, I had to cover the following departments at IRE Ltd.
Department of finance
Department of audit
Department of central stores
Department of purchase
Department of project
Department of technical services
Department of bills
Department of stock

IMPORTANCE OF THE STUDY:

There are five prime factors seen in an industrial Organization. They are
described as the five "M"s
 • MAN
• MONEY
• MATERIAL
• MACHINERY
• MANAGEMENT

From among these five "M" s the foremost one is financial management.
Finance department is more valuable than other resources in an organization. I
learned a lot about the balance sheet in theory but without practical in the field, the
theory has no valuable. So in order to experience in the field I studied about the
financial status diagnosis at IRE Ltd which helped me in acquiring more practical
knowledge. The importance of this study is that it helped me in understanding
about inventory management and control in great detail. Also helped me in
acquiring more practical knowledge.

TECHNIQUE OF THE STUDY:

The information collected during my seven weeks under study programmer
at IRE Ltd from official document, records manuals of different departments and
sections of the organization and also through observation of the organization.
Some information is collected directly through personal meet and some are from
official documents, journals, newspapers, available annual report.

METHODOLOGY:
For any kind of investigation, the methodology aspect has got a special
significance. It involves formulation & application of the research designs in such
a way that the condition of collection & analysis of the data enables us to answer
the specific questions posed under the object of the study. So, in this study a
sincere attempt was under taken to learn how an appraisal for a project report is
done.

SELECTION OF THIS COMPANY & TOPIC:

 As the summer training is the part of our curriculum, I was given a chance
to choose the organization & the topic for the project.

RESEARCH DESIGN:
In my research work, I have adopted diagnostic type of research design
because it will help me for description, classification & explanation of the topic &
above all it will help me for the future prediction.

SOURCES OF DATA COLLECTION:

The information was collected only from the secondary sources. For the
study, secondary sources are used.

Secondary data:
The secondary sources of data include official records, various
publications of the organizations and annual reports audited financial statement
and company websites. Sources are:
▪ Official documents and records
▪ Annual report
▪ Journal and publications of IRE Ltd.
▪ Discussion with personnel
▪ Guidance of departmental heads
▪ Manuals of different department
Services rules of the organization
The information were collected during my study programme for about a
period of 30 days from official documents, records, company rule of IRE Ltd,
material from different department and sections of the organization and also
through observation and discussion with officers of various departments of the
organization.
Place of the study:
The total project work was carried out in finance department of IREL (Chatrapur,
Matikhalo) Ganjam.

Data and methodology:

 The data that are present in this have been taken from secondary sources. The data
of IREL Chatrapur, matikhalo) Ganjam for the year 2010-11, 201112,2012-
13,2013-14 used in this report have been taken from financial statements i.e. The
PROFIT & LOSS ACCOUNT BALANCE SHEET for the relevant years. The
procedural details have been collected from the respective manuals, booklets etc.
For analyzing the performance of working capital management. Simple
mathematical tools like percentage, average, ratio have been used in this project
work. To know the financial performance of this division, calculation of operating
cycle. Earnings before interest and taxes have been calculated.

LIMITATION OF THE STUDY:-

Limitation of the study:
The time period was too short to gain some practical and over all knowledge. As
the executives are busy at their works, so they could not afford much time for
discussion. And the other limitations are as below:
▪ The study is limited to four financial years from 2010-2014 performance of
the IREL.
▪ The data used in this study have been taken from balance sheet and their
related schedules of IREL, as per the requirement and necessity; some data are
grouped and sub-grouped.
▪ The study has been conducted within the boundaries of IREL
▪ Due to the absence of some of the primary data this had been done mostly with
the secondary data.
CHAPTER-2

COMPANY
PROFILE
 IREL (INDIAN RARE EARTHS LIMITED) AT GLANCE:
(A FRONT RUNNER IN ATOMIC ENERGY)
INTRODUCTION
GROWTH OF IREL
UNITS OF IREL
IREL (OSCOM), MATIKHALO IREL PRODUCTIONS
RESERVES
INTRODUCTION:
The Indian Rare Earths Limited (IREL) is a public sector undertaking under the
department of atomic energy of the government of India since 1952 which is
concerned' with the extraction of Rare Earths minerals. It was registered as a
private company on 15' august 1950 with an authorized capital of RS. 1 crore
only.lt is an ISO 9001, ISO 14001 and OHSAS 18001 certified company.
Indian Rare Earths Ltd (IREL) was incorporated on august 18, 1950 as a private
limited company jointly owned by the Government of India and the Government of
Travancore, Cochin subsequently in year 1963; it became a fully fledged
government of India undertaking under the administrative control of department of
atomic energy.
IREL is a pioneer in the field of mining and processing of beach sand minerals
such as illuminate, Rutile, Zircon, Monazite, Garnet and Sillimanite etc. It is
operating three mining and mineral processing units viz, At Chavara (Kerala),
Manavalakurchi (Tamil Naidu) and Chatrapur (Orissa). It is also operating a
chemical plant, rare earth division at Udyogamandal (Kerala) for processing
monazite and producing rare earths compounds with several diversification plans
in progress, including modernization of existing plant and machinery, the
company is poised for further growth from its current level of sales turnover of
approx.Rs.2900 Million with foreign exchange earnings of approx.Rs.1000
Million.
The management of the company is interested with a group of highly qualified
and experienced directors down from different field's technical marketing finance
R&D and mining aspects of its operations.
 Established as Rare Earths Company, beach sand minerals business continued to
be the main stay of IREL and is expected tt, remain so in the current changing
environment of liberalization which has promoted global participation and entry
private entrepreneurs' into the field of beach sand minerals.

GROWTH OF MATERIAL:
The IREL started its commercial operation with commissioning of rare earths
chemical plants (RECP) in 1952 at the industrial belt of udyogmandal near the
harbor city of Cochin in Kerala. It also operates a mineral division (MD) with
headquarter at Qulin and rare earths division with the head quarter and plant at
Always (Both are in Kerala). The mineral division (MD) plants (MSSP) one at
Manabarlakurchi, Tamil Nadu and other at Chaw are, Kerala. A Thorium plant at
Tomboy and the Odisha sand complex (OSCOM) at Matikhalo, Odisha.

UNITS OF IREL:
CHAVARA:
Located 10km north of Kollam, 85 km from Thiruvananthapuram
capital of Kerala and 135 km by road from Cochin is perhaps blessed with the
Best mineral sand deposit of the country. The plant operates on a mining area
containing as high as 40% heavy minerals and extending over a length of 23 km in
the belt of Neendakara and Kayamkulam. The deposit is quite rich with respect to
Limonite, Rutile and Zircon and the mineral-illuminate happens to be of weathered
variety analyzing 60% TiO2. The Present-annual production capacity of Chavara
unit engaged in dry as well as wet (dredging/up-graduation) mining and minersl
separation stands at 1,54,000 of Ilmenite, 9500t of Rutile, and 14,000 of Zircon
and 7000t of Sillimanite.
This plant is located in Kollam district of Kerala state. It is located at a
distance of 15 km from Kollam.

MANAVALAKURCHI:

Plant is situated 25 km north of Kanyakumari (Cape Comorin), the

southernmost tip of the Indian sub-continent. All weather major seaports Toticorin
and the nearest airport at Thiruvananthapuram are equidistant, abut 65 km from the
plant site. Nagercoil at a distance of about 18km from the plan is the closest
railway station. MK plant annually produces about 90,000 Ilmenite of 55%. TiO2
grade, 3500t Rutile and 10,000 Zircon in addition to 3000t Monazite and 10,000t
Gamete based primarily on beach washing supplied by fishermen of surrounding
five villages. IREL has also mining lease of mineral rich areas where in raw sand
can be made available in large quantities through dredging operation. In addition to
mining and minerals separation; the unit has a chemical plant to add value to
Zircon in the form of Zircon frit and other Zirconium based chemicals in limited
quanitities.
This plant is located at the Arabian Sea Coast of Kanyakumari district in
Tamilnadu state.

ORISSA SANDS COMPLEX (OSCOM):

The mineral belt running over a coastal length of nearly 18km with a total
area of over 26sq.km/ between Gopalpur in the South and Rushikulya River in the
north is estimated to contain about 230 million tons of raw sand with 20-25%
heavy minerals and is expected to last for about 100 years. To exploit these natural
resources, IREL has built an integrated industrial complex, unknown as
OSCOM(Orissa Sands Complex) near Matikhalo village about 8km South of
Chatrapur town (ORISSA) in the year 1984.
RARE EARTH DIVISION (UDYOG MANDAL):
RED is an exclusively value adding chemical plant wherein the mineral
Monazite produced by MK, is chemically treated to separate Thorium as
Hydroxide upgrade and rare earths in its composite chloride form. It is located on
the banks of river Periyar at a distance of 12km by road from Cochin. This plant
was made operational way back in 1952 to take on processing of 1400t of
Monazite every year. However over the years, the capacity of the plant was
gradually augmented to treat about 3600t of Monazite. Elaborate solvent
Henceforth, RED proposes to treat this hydroxide upgrade rather than fresh
Monazite to convert thorium into pure oxalate and rare earth as two major fractions
namely Ce oxide and Ce oxide free rare earth chloride.
IREL (OSCOM), MATIKHALO:

Atomic minerals division of IREL had carried out investigation during 1958
and found out extreme sand deposit over a stretch of 150km along the coast of Bay
of Bengal of South Orissa o the several deposits located, the one close to village
Matikhalo near Chatrapur is the most extensive single deposits of the highest
content of heavy mineral. To exploit these natural resources IREL established a
mineral sand complex near to the village Matikhalo which was named as OSCOM
(Orissa Sand Complex) with total capital outlay of over Rs.135 crores established
in 1976. It started its commercial production in October 1986.
It is the leading producer of beach sand minerals and rare earth chemicals
in the country such as :
• Ilmenite
• Rutile
• Zircon
• Monazite
• Sillimanite
 • Garnet
A thorium plant for production of thorium nitrate and thorium nitrate is also
working at OSCOM. A Zirconia plant for production of various grades o Zirconia
and its products is also functioning at OSCOM. OSCOM is a profit making unit of
IREL with a sales turnover of about Rs. 1400-1500 million.

USES OF MINERALS OF OSCOM, IREL:

GARNET:
It is used in the manufacturing if abrasives, grinding wheels for polishing
glass/TV tubes, as sand blasting media in water filtration, water jet cutting and in
antiskid surface and alternate to granite floor tiles, cleaning pipes. It is also used
for forester and polishing of picture tubes. The chemical composition of this
mineral is that it is a complex silicate mineral.
ILMENITE:
It is used in the manufacture of titanium dioxide (a white pigment), which
is used in the paint plastic and rubber industries and also for the manufacture of
titanium alloys. The chemical composition of Ilimenite is TiO2(50%) and Fe
oxides (47%).
ZIRCON:
It is used in foundries, ceramics and refractory, also used in the
manufacture of Zirconium chemicals/metal and an alloy in nuclear applications. It
is used in nuclear reactor. The chemicals composition of this mineral is
65%ZrO2+33%SiO2.
RUTILE:
It is used in coating of welding electrodes for the production of titanium
dioxide and titanium tetrachloride, used for the production of titanium
metal/sponge. It is used for making paint warmish, automobile shipping industry.
The chemical composition of this mineral is 94%Tio2.
MONAZITE:
It is used as raw material for production of rare earths, thorium and
uranium compounds. It is used in aerospace industry and in high technology
industry. The chemical composition of this mineral is (Ce,La,Y,Th)Po 4 (Uranium
0.03%).
SILLIMANITE:
It is used in the manufacture of high temperature refractories. It is used in
steels, glass industry and cement industry for hest treatment. The chemical
component of this mineral is 65%ZrO2+33%SiO2..

USES OF BEACH SAND:

Ilmenite & Rutile:
As TiO2 white pigment for:
• Paints/Varnishes
• Plastic
• Paper
• Rubber
• Printing Ink
• Coated Fabric Textiles
• Cosmetics, Sun Protection creams
As titanium sponge/metal:
• Different alloys
• Aerospace industry
• Surgical equipments
• Electrical turbine tubing
• Bullet proof vests
• Welding electrodes

Zircon:
• Ceramics
• Foundry
• Refractory
• Computer monitors
• Television screen
• Yttrium Zirconia for oxygen sensors
• Cutting tools
• Scratch resistant bracelets
• American diamond
• Nuclear reactors in alloy form
Sillimanite:
• High grade refractory bricks
• High alumina refractory.
• Steel and glass industries.
• Cement kilns.
• Heat treatment furnaces etc.
Garnet:
• Sand blasting
• Abrasives
• Water filtration
• Water jet cutting
• Cleaning of casings/pipes in petroleum industry
• Oil wells
As powder for:
• Ceramics
• Glass polishing and anti skid surfaces
• Polishing of picture tubes

USES OF RARE EARTH

 RARE EARTH CHLORIDES:
These are used in the manufacture of misch metal, used for making lighter flints, in
the production of catalysts for cracking petroleum, in the manufacture of metallic shops
which find use as driers in paints, as starting material for the production of pure rare
earths and rare earth compounds, for the removal of organic impurities and
decolourisation of paper mill effluents, and in the manufacture of special ferrous
casting.
RARE EARTH FLUORIDES:
These are used in the manufacture of arc carbon electrodes to increase the arc
intensity, rare earth alloys, production of nodular cast iron special steels.
RARE EARTH OXIDES:
These are used in the arc carbon industry to increase the arc intensity by factor
10; the emitted light is identical to natural sunlight, used for glass polishing in optical
glass composition and refractory materials.
CERIUM OXIDE:
It is used in the polishing of optical lenses, plate, glass, television tube, face plates;
prism etc. lt also finds application in the solid state devices, ultra violet Absorption
glass, radiation protective glasses, decolonization etc.
CERIUM HYDRATE:
It is used in the manufacture of polishing composition in the decolurisation of
glass, as pacifiers, as ingredients in the ultraviolet absorbers in special glasses, as
catalyst component of paint and printing ink drivers, as an alloying agent for gaining
growth control and in ferrous metallurgy.
GADOLINIUM:
It is used in the manufacture of gadolinium-gallium-gamete(GGG)
substrates per magnetic bubbles also used in the nuclear reactors as a neutron
absorbers, medical imaging, nuclear industry(neutron absorption),optical magnetic
records, ceramics for electronics, glass lasers, single crystal scintillate.
TRISODIUM PHOSPHATE:
Widely used as decaling and degreasing agent in hollers as in filler in the
manufacturer of detergent powders to improve classification of sugarcane juice
and to decrease the quality at molasses also used in textile, paper and food
industry for cleaning.
EUROPIUM OXIDE:
 It is used as an activator for preparing phosphorus for colour TV tubes
and fluorescent lights.
TERBIUM:
It is used in luminescence applications.
DYSPORIUM:
Used in lumniscence, phosphorus applications for nuclear industry ceramics.
HOLMIUM:
Has an application in nuclear industry.
ERBIUM:
Applications in nuclear reactors, ceramics, glass colouring, optic fibre,
medical application and lasers.
THORIUM NITRATE AND THORIUM OXIDES:
Used in gas mantle industry and for starters in fluorescent tubes, and for
making fuel elements for nuclear reactors.
RESERVES:
In the OSCOM site reserve of rare sands is 230 million Tones. Heavy
minerals content is 15-20%of which
Ilmenite 65%
Garnet is 17%
Sillimanite is 7%
Rutile is 3%
Zircon is 3%
Monazite is 2%
Quartz and other is 3%
Integrated management system at IREL (OSCOM):

❖ISO 9000-2008 SINCE 1998(Quality)

❖ISO 14001-2004 SINCE 2004(Environment).
❖OHSAS 18001-2007 since 2005(Occupational health and safety performance).
QUALITY SYSTEM (OSCOM):
➢ To get certification on OHSAS 18001 -2007.
➢ To get certification on environment system 14001-2004(New unit).
 STYLE OF MANAGEMENT:
➢ Primarily, the organization of OSCOM believes in the democratic style of
management.
➢ However, in many occasions, the organization also adopts the participative
style of management.
SECTION WISE MAN POWER STATEMENT
➢ CATEGORY-WISE MAN POWER STATEMENT

CATEGORIES GRAND TECHNICAL NON- SKILLED UNSKILLED

TOTAL TECHNICAL
EXECUTIVE 119 76 43 255 0
NON- 250 154 96 0 114
EXECUTIVE
TOTAL 369 119 250 255 114

➢ TRADE UNION:
➢ At present, rare earths employees union is the one and only trade union
operating in the organization of OSCOM. It is affiliated to INTUC. It is a
recognized union. The union was established on 1' may 1980. This union has been
registered under the Trade Union Act, 1926. It was registered on 11' September
1980 under the name and style of Rare Earths Employees having registration
number of 1298/80.90% of the employees are member of the union. Arun Kumar
Nahak as the president of the existing union. Thus, there is always internal
leadership.
➢ So far as the officers of the union are concerned. The activities of the union
are confined within the organization only.

ENVIRONMENTAL POLICY:
OSCOM has its own pollution control. The organizational so has its own
environment development policy. With regard to environment development,
OSCOM has received different awards trophy in the form of shield from
different bodies. OSCOM has also received the inter unit best

DIRECTION LATITUDE LONGITUDE

Environmental/greenery award from the CMD (Chairman cum Managing

Director).

SANDS COMPLEX (OSCOM):

• LOCATION
• ACCESSIBILITY
• IMPACT ON ENVIRONMENT
• MINERAL PROCESSING
• MINERAL SEPARATION PLANT (MSP)
• PRODUCTS OF IREL
• AREAS OF OPERATION
• EXCERISABLE OPERATIONS
• MISSION OF IREL
• CORPORATE OBJECTIVE
• NEW PERFORMANCE APPRAISAL SYSTEM
• FUTURE VISION
ORISSA SANDS COMPLEX (OSCOM) MINE:
(INDIAN RARE EARTHS LIMITED)

LOCATION:
The Chatrapur deposit is situated along the eastern coast in Ganjam district
of Orissa state (toposheet no: 74a/15 and 74e/3). The area is bound on the four
sides by Rushikulya River on the northeast, the coastline of Bay of Bengal on the
south-east, Kandla River (Gopalpur creek) on the north-west. The coordinates of
the area along the coast are as follows:
 North-East 19°21' 30" 84° 03' 23"

Central Portion 19° 18' 33" 84° 58' 36"

South-West 19° 15' 38" 84° 55' 00"

ACCESSIBILITY:
Railway:
The broad gauge main line of South Eastern Railway connecting Howrah and
Madras passes through Chatrapur railway station at a distance of 9.0 Kilometers
from the plant. The major railway station is Berhampur at a distance of 22.0
kilometers from the plant. Private railway siding linked with Chatrapur railway
station is available up to loading platform inside the mine premises.
Road:
There are two all weather roads connecting plant site to NH-5 (Calcutta and
Madras). One road of 4.0 kilometers length connects directly to NH-5 at kaliabali
village and the other of 5.0 kilometers length at Chatrapur.

Airport:
The nearest airport is at Bhubaneswar at a distance of 150 kilometers by road.
From Bhubaneswar flights are available to Calcutta, Vishakhapatnam, Hyderabad,
Mumbai etc.

Sea port:
The nearest all weather sea port is at Paradeep approximately 250 kilometers
away by road from the plant. Calcutta, Madras and Vishakhapatnam are the other
major ports with suitable road and rail connection. The Gopalpur port adjacent to
plant is presently working as seasonal port and is under development as an all
weather port.

IMPACT ON ENVIRONMENT:
The mining and processing activities in OSCOM mine are completely wet
method and generation of dust during handling and transport is completely
eliminated. The maintenance of haul road and regular sprinkling of water in the
haul road does not arise as the transport of the product is done in slurry form
through the pipelines. The entire mining operation is free from air pollution. More
over all the equipment installed in the mining unit are either electric or hydraulic
power operated and they produce very less noise compared to the conventional
mining equipment which is diesel power operated and are noisy. Hence, chances
of noise pollution in the environment are greatly reduced.

QUALITY AND ENVIRONMENT MANAGEMENT:

IREL, OSCOM has been an ISO 9001 Company since 1998 and ISO 14001
since 2002. It has an excellent system of quality management to meet the needs of
the customers. The analytical laboratory is well equipped. With modern
sophisticated instruments and equipments like XRF, XRD, Atomic
Absorption Spectrophotometer, UV-Vis Spectrophotometer, Orion Specific Ion
Analyzer, Microwave Digester, Particle size Analyzer, pH meters, High
Temperature Furnace, Thermo Gravimetry Differential Scanning Calorimeter(TG-
DSC), Surface area Analyzer, BOD Incubator, Precision Balances, Pycnometer,
Bomb Calorimeter, Carbon Sulphur determination Apparatus, Viscometer Flash
Point meter, Moisture Analyzer Resizable Dust Sampler, round the Clock weather
Monitoring station etc.
Laboratory provides round the clock backup services to all process plants and
utility services to produce quality products. The well equipped environmental
laboratory of Technical services Dept. Regularly monitors effluents, stack gases &
ambient air quality.

OSCOM Environmental Policy:

We are a leading producer of beaches and minerals and associated value
added products committed to demonstrate excellence in environmental
performance on a continued basis.
Objectives:
 Pollution control and legal complaint and endeavor for continual
improvement towards pollution prevention and compliance with applicable
environment regulation.

Resource Conservation:
Pursuit of technological excellence and monitor process/ operational practices
to minimize source consumption in particular in raw sand, water, furnace oil,
electricity and control waste generation.
Training and Competence:
Strength awareness, skills and competence of our employees and contractor
personnel to care for prevention of the environment.
We shall make this policy available to all over employees and interacted party.
LOCATIONAL ADVANTAGES:
The location of the factory has got many advantages like Transport, Electric,
Manpower and water etc. The factory gets its raw material (sand) form the sea.
The factory also gets its power and water supply easily. One more advantages
communication: N.H. Roads 5km away from the factory.

MINERAL PROCESSING:
Dredge and Wet Up gradation Plant (DWEP):
This is the mining plant and comprises of three floating structures, dredge
unit, the surge bin unit and the up gradation unit. The floating units are inter-
connected with one another by flexible hinged joints. All these units float in a
pond, which is artificially created by excavating at a suitable location. As the
dredge advances in a pre-determined dredge path, the dredge pond gradually
moves in the direction of cutting and thereafter occasionally water is added in the
pond to compensate for the losses due to evaporation.

Heavies Up gradation Unit (HUP):

The up gradation unit consists of various equipments like pumps, spiral and
tank of various capacities to collect minerals of different spiral circuits. Most
important equipment of the up gradation unit is the spiral. Spirals use the gravity
Separation technique for separation of heavy minerals from the rest of the sand
mixture. A number of stage separations are necessary to obtain the desired grade of
the product with higher recovery of heavy minerals. A number of spiral circuits
with different types of spirals are installed for this purpose.
The spiral circuits are tested at regular intervals for proper metallurgical
balance to ensure that the desired grade and recovery is achieved on continuous
basis. Various instrumentation systems with automatic for monitoring the feed
rate, density of the feed etc. so that spirals are also adjusted from time to time to
ensure better grade and recovery of the heavy minerals in the concentrate.
The output produced is collected in a bin and is pumped to mineral
separation plant located at a distance of about 6kms.(approx.) through 150mm
diameter pipelines in the form of slurry. A number of booster pumps have been
installed along the pipeline at an interval of about 600m for pumping output
without any blockage due to drop in pressure. Processing of mineral is done in
MSP (Mineral Separation Plant).
Mineral Separation Plant (MSP):
The heavy mineral concentrate obtained from dredge & wet concentrator
plant is spread to the concentrator upgradation plant(CUP) which consists of
several circuits of spirals and wet tables for further up gradation of heavy minerals
to 95 to 97%. Thereafter the CUP concentrate is fed to MSP for separation of
individual minerals. The separation of individual minerals is done based upon
their physical properties. The heavy mineral concentrate mixture which is fed to
MSP contains Ilmenite(65-68%), Rutile(2.5-3%), Zircon(2.5-3%), Monazite(1.5-
2%),Sillimanite(8-12%), Garnet(12-16%). The physical properties of the above
minerals are as follows

PRODUCT PROPERTIES SPECIFIC

MINERAL
GRAVITY
Ilmenite Conducting and strongly magnetic 4.54
Rutile Conducting and non magnetic 4.25
Zircon Non-conducting and non magnetic 4.68
Monazite Non-conducting and weakly magnetic 5.25
Sillimanite Non-conducting and non magnetic 3.25
Garnet Non-conducting and moderately magnetic 4.11

THORIUM PLANT:
This plant processes thorium oxalate, produced, at the Rare Earths
division of IRE, Udyogamandal. The process is based on solvent extraction
techniques to produce thorium nitrate (Mental grade), thorium oxide etc. Sodium
Nitrate solution is by product of this plant.

ZIRCONIA PILOT PLANT (ZPP):

A pilot plant for producing high pure zirconium oxide and various other
products like calcia/magnesia/ceria/yttria stabilized Zirconia, other zirconium
chemicals was commissioned in the year 2000.

TECHNICAL SERVICES DIAGRAM

TECHNICAL
SERVICES

R & D CHEMICAL &

MINERALS ZPP

QC & PC SAMPLES ENVIRONMENTAL INCOMING

OF MSP MATERIAL
QC & PC SAMPLES AND POLLUTION
& MONITORING ANALYSIS
OF TP
DWUP
PROCESS OF ZIRCONIA PLANT OPERATION:

A Spray
Drying Unit has been added to this plant in January, 2005 for producing non-
agglomerated, narrow size range, and spherical powder controlled conditions.

Dr

ed

ge

and wet up-gradation plant (DWUP):

 Activities:
▪ Dredging
▪ Clearing and sizing
▪ Rejecting unwanted minerals and up-gradation
Capacity:
▪ Sand mining capacity in slurry form is 500 meters per hr with dredging
▪ Depth of around 6mts.
Machineries:
▪ Dredge consists of:
▪ Bucket wheel Cutter used for cutting the sands
▪ Ladder lifter-Helps to place the cutter
▪ Side winch
▪ Spuds
▪ Man pump

Trammel:
▪ It is a revolving screen used for removing unwanted materials
Specification-2557 Pd
Head feed bin:
▪ Used to maintain sand and water ratio 7

▪ Used to store
▪ Slurry and uniforms supply
▪ Capacity 21 L cubic mt.

Spirals:
▪ It is an up-gradation device totally made in fibre glass.

Stages:
▪ Rougher, Sub rougher, cleaner, releaser consist of 144, 96, 72 spirals
respectively.
▪ SUPPLEMENATRY MINING PLANT (SMP) :
 ➢ As like DWUP it is another plant for mining with a capacity of 150 times/hr.
➢ It is installed in OSCOM in 2002 unlike DWUP its dredge unit is only
floating unit where as its up-gradation unit is fixed on land.
➢ The output of DWUP and SMP transfers upgrading plant (HUP) through
pumps.
➢ HUP is installed nearby mineral separation 97% and send that to MSP.
➢ Up-gradation of minerals are possible only of Having higher specific
gravity s compared to rejected minerals known as quartz.

Products:
❖ Ilmenite
▪ brown Ilmenite
▪ Ilmenite 'MK' grade
▪ Ilmenite 'OR' grade
▪ Ilmenite 'Q' grade
1. Mainly used in the manufacture of Titanium dioxicle (a white pigment) this is
used in paints, rubbers, textiles etc.
2. It is used as raw material for manufacture of Titanium alloys which is used in
aerospace and chemical industries.
3. Used for production of synthetic Rutile.

❖ Garnet
▪ Garnet 'MK' grade (normal)
▪ Garnet 'OR' grade
1. It is used in the manufacture of abrasives, grinding wheels, for polishing
glass/TV tubes, as sand blasting media, in water filtration, water jet cutting.

❖ Monazite
'MK'Grade
1. Extraction of Thorium concentrates and earths compounds used in various
chemical and electronic industries.
 2. Used for the manufacture of Thorium Nitrate used in gas mantels.
3. It is also a source of Thorium and Uranium in nuclear reactors.
❖ Rutile
▪ Rutile 'MK' grade
▪ Rutile 'OR' grade
▪ Rutile 'Q' grade
It is used for coating of wielding electrodes and also for the production of
Titanium Dioxide and Titanium Tetrachloride used for the production of Titanium
material sponge.

❖ Sillimanite
▪ Sillimanite 'OR' grade
▪ Sillimanite 'Q' grade
It is mainly used in the manufacture of high temperature refractory and insulators.

❖ Zircon
▪ Zircon sand 'MK' grade
▪ Zircon sand 'Q' grade
▪ Zircon 'OR' grade
1. It is used in foundries, ceramics and refractory
2. It is used as the raw material for the manufacture of zirconium oxide, its
compound metal and alloys of zirconium which find application in many chemical
electronic and nuclear industries.
▪ Garnet 'MK' grade (normal)
▪ Garnet 'OR' grade
1. It is used in the manufacture of abrasives, grinding wheels, for polishing
glass/TV tubes, as sand blasting media, in water filtration, water jet cutting.

❖ Monazite
'MK'Grade
1. Extraction of Thorium concentrates and earths compounds used in various
chemical and electronic industries.
 2. Used for the manufacture of Thorium Nitrate used in gas mantels.
3. It is also a source of Thorium and Uranium in nuclear reactors.
❖ Rutile
▪ Rutile 'MK' grade
▪ Rutile 'OR' grade
▪ Rutile 'Q' grade
It is used for coating of wielding electrodes and also for the production of
Titanium Dioxide and Titanium Tetrachloride used for the production of Titanium
material sponge.

❖ Sillimanite
▪ Sillimanite 'OR' grade
▪ Sillimanite 'Q' grade
It is mainly used in the manufacture of high temperature refractory and insulators.

❖ Zircon
▪ Zircon sand 'MK' grade
▪ Zircon sand 'Q' grade
▪ Zircon 'OR' grade
1. It is used in foundries, ceramics and refractory
2. It is used as the raw material for the manufacture of zirconium oxide, its
compound metal and alloys of zirconium which find application in many chemical
electronic and nuclear industries.
❖ Zirflor (zircon flour)
Used in the foundries for high temperature castings and for manufacture of zirconium
opacifier.
❖ Zircon opacifier:
It is used as an opacifier in ceramics.
Units Products Capacity
 Ilmenite 2875 t/annum
Orissa sands

Complex Rutile 31000 t/annum

(oscom) Zircon 36000 t/annum
Sillimanites 86000 t/annum
Garnet 65000 t/annum

AREAS OF OPERATION:
➢ Mining of beach sand minerals
➢ Separation of following 6 heavy minerals
(1) Ilmenite (2) Rutile (3) Zircon
(4) Monazite (5) Sillimanite (6) Garnet
EXCERISABLE OPERATIONS:

➢ Value addition on ZIRCON by chemical processing

➢ Value addition on ILMENITE by chemical processing
➢ Chemical processing of MONAZITE TO TH. CONC. & RECL Separation of
individual RE SALTS
➢ Production of mantle GR. THORIUM NITRATE.

MISSION OF IREL:
To harness beach sands in an environmentally and socially responsible
manner for efficiently producing minerals and their traditional and innovative value-
added products of world-class quality, that are used to make increasingly superior/novel
products required by customers.
To play a dominant role in developing domestic rare earths market by producing
and/or marketing the quality value-added products to realize maximum potential of
rare earths in a range of applications.
 To built a professional, creative and committed workforce and nature an
environment that fosters learning, sharing and development.
To emerge as an international leader in the area of mining & separation of beach
sand minerals as well as production of value added materials.

CORPORATE OBJECTIVE:
1. To optimize the extraction of heavy minerals
2. To enable the company in optimum utilization of resources.
3. To maintain financial soundness of the company by managing the financial
operation in accordance with good commercial utilities practices.
4. To develop appropriate commercial policy leading to remunerative tariffs
and minimum receivables.
5. To function as responsible citizen and discharge social responsibility in
respect of environment protection and rehabilitation.
6. To adopt human resource development policy trading to creation of a team of
motivated and component power professionals.
7. To develop research and development for achieving improved plants
reliability.

NEW PERFORMANCE APPRAISAL SYSTEM:

➢ The process is to be transparent and objective.
➢ Evaluation against specific mutually agreed targets (KRAs) and time
schedules.
➢ Assess managerial/leadership skills under performance and potential
parameters. For executives up to manager level, higher weight age given for
performance factor. For sr. managers and above, potential factor has higher weight
age.

OSCOM governed under various act and Rules:

❖ Mines act 1957
❖ Mines and Mineral development Act: 1957
 ➢ Mines concessional rule
➢ Mines conservation & development rule
❖ Automatic energy factories Rule : 1996

Various department of OSCOM:

➢ Production department: mining, mineral separation plant, thorium plant.
➢ Service department: utility central workshop, central store auto cell, fire
station, security, medical health physics unit, ware housing.
➢ Administration department: human resources, internal audit, purchase
market.
➢ Technical & research department: safety and training, technical service
project cell.

FUTURE VISION
➢ New business policy adoption.
➢ Expanding the capacity.
➢ Break through R&D innovative technology etc.
To be a leading supplier of beach sand minerals from Asia by supplying 10%
of the world demand for beach sand minerals over the next 7-10 year. It would be
achieved by maximum utilization of existing capacity, new capacity addition, and
capturing major portion of the incremental growth in the global TiO 2 feedback
demand and by developing competitive value added Zircon, Rutile, Sillimanite &
Garnet products that make handsome contribution to revenue & profits.
To become the preferred rare earth products supplier (Producer/marketer) for
domestic customer to ensure long-term sustenance and profitability of rare earths
business and to achieve adequate efficiency in Monazite processing as long as it is
necessary worthwhile.
 CHAPTER-3

POLICIES OF
THE COMPANY
POLICIES OF THE ORGANISATION:
Safety & Environment
Mining & Mineral
Strategic Value
Non Strategic Value
Recovery of Uranium Value.

Safety and Environment:

IREL is committed to provide a safe and healthy environment for the
protection and well being of the employees and the general public by means of
safe and healthy system of work. Safety is given paramount consideration right
from the conceptual stage of all the projects, modifications / expansions and day-
to-day operations. The company is of the firm belief that accidents are
preventable and the creation of safe and healthy working conditions is as
important as production. The company follows the philosophy of maintaining a
harmonious relationship with the environment by adopting suitable technology in
different areas of operation and to implement the measures to protect the
environment.
 Mining and Mineral Separation:
Mining of raw beach sand containing the six heavy minerals and
separation of the later in adequate purities happen to be the common activity of all
the three Mineral Division namely Chavara, MK and OSCOM. As per as mining
practice is concerned, they do differ from one division to other. For example at
MK, all the raw sand required to operate the plant at its full capacity is collected
by the fisherman of surrounding village from nearby beaches and supplied to the
unit at a cost. In the case of OSCOM, the entire mining operations involves
dredging of the mineral deposits on much larger scale (500 t/hr) augmented by
smaller sized (-100) supplementary. The heavy mineral rich sand feed either in the
form of beach washings or dredge concentrate is subjected to final concentration
in a facility provided with a host of spirals to enrich the feed with 97-98% heavy
minerals. Such upgraded material is next dried in a fluid bed drier to take on the
separation of individual minerals/ores by taking advantage of the difference in
their electrical, magnetic properties as well as specific gravity.

Strategic Value Addition:

Recovery from thorium value chemical processing of monazite to
separate the contained thorium value (-8% Tho2) in the form of thorium
hydroxide concentrate happen to be the most fundamental value addition activity
of the company carried out for last 50 years or so. In the recent time Thorium is
separated as its pure oxalate form. A part of it is taken to OSCOM for its further
processing by solvent extraction to produce about 150-200 TPA of its thorium
nitrate for is mantle application. A small part of the purified thorium Nitrate is
covered to nuclear grade thorium oxide powder to meet the requirement of
Bhabha Atomic Research centre (BARC) and Nuclear Fuel complex (NFC) for
developing thorium based fuel for our nuclear reactors.

Recovery of Uranium Value:

 In recent time IREL has got engaged through its Rare Earths Division, in
activity involving recovery of uranium value present in Indian monazite in the
form of nuclear grade ammonium diuranate (ADU) to supplement the indigenous
supply scenario for uranium as required in the Indian Nuclear Power
programmed. In addition to monazite, RED has developed facilities for recovering
uranium value from other secondary resource as well.

Non Strategic Value Addition:

The first non-strategic value addition activities of IREL in tonnage
quantities was concerned with production of composite rare earth chloride, oxide
and fluoride to start and later separation of 99.9% pure oxide of individual rare
earths like Ce, La,Nd and Pr by multistage solvent extraction and fractional
precipitation techniques. Oxides of these metals in higher purities are also
prepared by RED in kilogram quantities using ion exchange technology.
The most talked about value addition activity of IREL is setting up of a
Chemical plant at OSCOM consisting of a Synthetic Rutile Production unit an Acid
Regeneration Unit. The SR facility is equipped with two roasters, two claimers,
sixteen digesters for carrying out reduction of limonite, leaching of reduced
limonite with concentrated hydrochloric acid. The leached liquor is treated in the
AR unit to regenerate 20% grade HCI for its recycle and reject iron as fine iron
oxide powder. The SR unit was stopped in 1997 as it was not financially viable.
The company now intends to use the roasters and coalminers for the production of
partially value added materials like reduced and metalized ilmenite.

Safety and training:

 OSCOM has a fully fledged safety and Training Department to implement
the safety and training policy of the company and to comply with the statutory
requirement in coordination with various departments. Safety and Environmental
Committee-is constituted by giving due representation to workmen and the
committee deliberates regularly on various safety & environment issues.
Department takes active role in arranging housekeeping competitions, display of
safety posters, slogans, etc. Safety weeks are celebrated to promote the safety
awareness among the employee. Safety manual are printed in regional languages
and distributed to all employees, safety audit are also conducted regularly.

Health physics unit-barc:

Health physics Unit of Bhabha Atomic Centre is located at site to look after
health physics aspects of the employee.

Research and development and technical services:

IREL is looking forward of synchronizing the present with the future
development. Mineral beneficiation and chemical process development
laboratories are actively engaged in process optimization and development of
new competitive products, such as Yttrium and ceria-stabilized Zirconia for
special.
Application in structural ceramics, electronic components and making artificial
diamond.
R&D Mineral processing Laboratory is equipped with an array of mineral
beneficiation and value addition equipment such as:
1. Moving bed plasma dissociation furnace and static plasma furnace for R&D
studies on melt separation of metalized illmenite into titanium slog and iron metal.
2. Plasma furnace for dissociation of zircon mineral into zirconium oxide and
silica.
3. Rotary tubular furnace for studies on reduction and metallization of silica.
 4. Floated density separator and spiral test-rig separator for mineral up gradation
studies.
5. Flotation cell for studies on flotation of minerals like sillimanite, monazite
etc.
6. Electrostatic and magnetic separators, iso-dynamic magnetic separators for
mineral beneficiation studies.
7. R&D studies have contributed immensely for optimizing the flow sheets of
DWUP, HUP and mineral separation plan for achieving enhanced production and
high level of recovery.

Technical library:
The 'technical services department maintains a library to disseminate
technical information to scientific and plant operating personnel.
ECOLOGY: Restoration of natural environment after mining is being carried
out from 1984 onwards. Afforestation programmes are being successfully
implemented in mined out areas. Various species of tree like casuarinas, cashew,
cassia, Fistula, Eucalyptus, sacra indicia etc, are planted in the plant premises,
mined out areas and housing colony. IREL is taking steps to protect the coastal
line and is working in liaison with several concerned expert agencies in this regard
and a systematic plantation programme is being carried out in order to have a thick
green belt along the sea coast. Experimental plantation with species such as jojoba
and cinnamon are also being tried at site.

Employee welfare:
OSCOM Unit provides direct employment to more than 1200 persons
besides indirect employment to few hundreds. The welfare of employees and the
members of their family are given utmost importance to have an overall healthy
growth. Medical services with a health care centre provide preventive, curative
and promotional healthy care to employees, members of the family and also to-1
the people of neighboring villages. Housing colony provided with English
medium and Local Language schools, Recreation centre, Play Ground, Marketing
centre etc. makes the environmental lively.
Quality, environment, occupational, health and safety

policy:
As a leading producer of beach sand minerals and association value added
products. We demonstrate continual improve in Quality, Environment,
occupational health and safety performance.

We are committed to:

➢ Customer satisfaction
➢ Optimal utilization of resources, prevention and control of pollution and
minimization of risk
➢ Comply with relevant legal and other requirements
➢ Set and review the objectives and targets periodically
➢ Improve awareness among all employees and contract personnel through
training.
This policy shall be made available to our employees, public and all interested
parties working for or on behalf of our organization.

Salient features:
➢ 70% of employees are localities of Ganjam district and rests are from other
part of the country.
➢ OSCOM take local villagers as contract basis employee for gardening work
planted over the mine out area and loading the railway track regularly.
➢ IREL OSCOM provides school facility for Oriya and English to the local
villagers.
➢ OSCOM provides school facility for Oriya and English to the local villagers.

Area of operation:
 ➢ Mining of beach sand minerals.
➢ Separation of six heavy minerals.
➢ Value addition on zircon.
➢ Value addition on hematite.
➢ Chemical processing on magnetite, the concentration reel
➢ Production of ADU/NG thorium nitrate

ORGANISATION CHART, OSCOM

Head, OSCOM

DGM DGM
DGM DGM GM SM
GM (S&T) DGM (Maint)
(HRM) (Fin) (Material) (Mining)
(Medical) i/c-Fire, (Pdn) I/c-Civil
i/c-Project, Vig.

SM SM
SM SM M M
(Elect) (TP) SO
(Mkt) (IA) (TS) (MIS)
i/c-Inst i/c-Boiler Co-ord,
Centre
BBSR

M
SM SM M DM M
Kolkata
(Purchase) (Stores) Auto TP Mech
Office

Time Office Welfare/Estate Official Language IR PRO RTI/legal security Establishment

Security
ORGANISATIONAL CHART, IREL
ORGANISATION CHART, IREL
BOARD OF DIRECTORS

Chairman-cum-Managing Director

Chief
Director (Finance) Director Director Company
Vigilance
i/c-HRM (Technical) (Marketing) Secretary
Officer
 CHAPTER-3

FINANCIAL
STATEMENTS
FINANCIAL STATEMENT
INTRODUCTION:-
Accounting is the process of identifying measuring and communicating
economic information to permit informed judgments and decisions by users of the
information. It involves recording, classifying and summarizing various business
transactions. The end product of business transactions are the financial statement
comprising the primarily the position statement or the balance sheet and income
statement or the profit and loss account. These statements are the outcomes of
summarizing process of accounting and are therefore the sources of information on
the basis of which conclusions are drawn about the profitability and the financial
position of the concern.

MEANING OF THE FINANCIAL STATEMENT:-

A financial statement is a collection of data organised according to logical

and consistent accounting procedure. Its purpose is to convey an understanding of
some financial aspects of a business firm. The term financial statement generally
refers to two statements: i) the position statement or the balance sheet and the
income statement or the profit and loss account. These statements are used To
convey management and other interested outsiders the profitability and the financial
position of a firm.
 According to John Myer, "The financial statement are composed of data which are
the result of a combination of (I) records facts concerning the business transactions
(2) Conventions adopted to facilitate the accounting technique (3) postulates, or
assumptions made to and (4) personal judgement used in the conventions and the
postulates."

OBJECTIVE OF FINANCIAL STATEMENTS:-

➢ To provide reliable financial information about economic resources and
obligations of a business firm.
➢ To provide other 'seeded information about changes in such economic
resources and obligations.
➢ To provide reliable information about changes in net resources (resources
less obligations) arising out of business activities.
➢ To provide financial information the assists in estimating the earning
Potentials of business.
3,

➢ To disclose, to the extent possible other information related to the financial

statements that is relevant to the needs of the users of statements.

TYPES OF FINANCIAL STATEMENTS:-

Financial statements most include:-
➢ A balance sheet
➢ An income statement
➢ A statement of changes in owner's account and
➢ A statement of changes in financial

Balance Sheet
 The American Institute of certified Public Accountants defines Balance
sheet as, "A tabular statements of summary of balances (debits and credits) carried
forward after an actual and constructive closing of books of accounts and keep
according to principles of accounting." The purpose of the balance sheet is to
show the resources that the company has, i.e. its assets, and from where those
resources come from, i.e. its liabilities and investments by owners and outsiders.

Income statement (Profit and Loss Account)

An income statement is prepared to determine the operational position of the
concern. It s a statement of revenues earned and the expenses incurred for earning
more than the income then there will be a Into . The income statement is prepared
for a particular period, generally a year.
Statement of Changes in Owners' Equity (Retained

Earnings)
The term owner equity refers to the claims of the owners of the business
(shareholders) against the assets of the firm. It consists of two elements;
(i) paid-up share capital, i.e. the initial amount of funds invested by the
shareholders: and (ii) retained earning reserves and surplus representing
undistributed profits.

Statement of changes in financial position

The statement of changes in financial position may take any of the following two
forms:

➢ Funds Flow Statement

The funds flow statement is designed to analyze the changes in the financial
condition of a business enterprise between two periods. This statement will show
the sources from which the funds are received and the uses to which these have
been put.
 ➢ Cash Flow Statement

A statement of changes in the financial position of a firm on cash basis is

called Cash Flow Statement. It summarizes the causes of changes in cash position
of a business enterprise between dates of two balances sheets. The statement is
very much similar to the statement of changes in working capital, i.e. Funds Flow
Statement.

LIMITATIONS OF FINANCIAL STATEMENTS:-

The financial statements suffer from the following limitations:
➢ Only interim reports

These statements do not give a final picture of the concern. The data given in
these statements is only approximate. The actual position can only be determined
with the business is sold or liquidated. His allocation expenses and incomes will
depend upon the person judgement of the accountant. The existences of contingent
assets and liabilities also make the statements imprecise. So financial statements
do not give the final picture and they are at the most interim reports.

➢ Do not give exact position

The financial statements are expressed in monetary values, so they appear
to vive final and accurate position. The value of fixed assets in the balance sheet
neither represents the value for which fixed assets can be sold nor the amount
which will be required to replace these assets. The balance sheet is prepared on
presumption of a going concern. The concern is expected to continue in the
future. So fixed assets are shown at cost less accumulate depreciation. There are
certain assets in the balance sheet such as preliminary expenses. Goodwill
discount on issue of shares which will realize nothing at the time of liquidation
though they are shown in the balance sheet.

➢ Impact of non-monetary factors ignored

 There are certain factors which have a bearing on the financial position and
operating result of the business but they do not become a part of these statements
because they cannot he measured in monetary terms. Such factors may include the
reputation of the management, credit worthiness of the concern, sources and
commitments for purchases and sales,
Co-operation concern, sources and commitments for purchases and sales, co-
operation of the employees etc.

➢ No precision

The precision of financial statement date is not possible became the statements
deal with matters which cannot be precisely stated. The dates are recorded by
conventional procedures followed over the years. Various conventions, postulates,
personal judgements are used for developing the data.

MEANING AND CONCEPT OF FINANCIAL ANALYSIS

The term "Financial Statement Analysis" includes both 'Analysis' and
'interpretation'. A distinction should, therefore, be made between the two terms.
While the term 'Analysis' is used to mean the simplification of financial data by
methodical classification of the data given in the financial statements, interpretation
means explaining the meaning and significance of the data so simplified. However,
both analysis and interpretation are interlined and complimentary to each other
analysis is useless without interpretation and interpretation without analysis is
difficult or even impossible. Most of the authors have used the term 'analysis' only to
cover the meaning of both analysis and interpretation as the objective of analysis is
to study the relationship between various items of financial statements by
interpretation. We have also used the term 'Financial Statement Analysis' or simply
'Financial Analysis' to cover the meaning of both analysis and interpretation.

TYPES OF FINANCIAL ANALYSIS

According to material used, financial analysis can be of two types:
 a) External analysis
b) Internal analysis
On the basis of modus operand; According to the method of operation followed
in the analysis can also be of two types.
a) Horizontal analysis
b) Vertical analysis

Horizontal Analysis
Horizontal analysis refers to the comparison of financial data of a company
for several years. The figures for this type of analysis are presented horizontally
over a number of columns. These figures of the various years are comparing with
standard or base year. A base year is a year chosen as beginning point. This type
of analysis is called "Dynamic Analysis" as it is based on the data from year to
year rather than on data of any one year.

Vertical Analysis
Vertical analysis is refers to the study of relationship of the various items in
the financial statements of one accounting period. In this types of analysis the
figure from financial statement of a year are compared with a base selected from
the same year's statement. It is also known as "Static Analysis".

METHODS OR DEVICES OF FINANCIAL ANALYSIS

Comparative statements
➢ Trend analysis
➢ Common size analysis
➢ Funds flow analysis
➢ Cash flow analysis
➢ Ratio analysis
➢ Cost-volume profit analysis

Comparative Statement
The comparative financial statements are statements of financial position at
different periods of time. From practical point of view, generally, two financial
statements are prepared in comparative form for financial analysis purposes. The
comparative statements may show in:-
➢ Absolute figures
➢ Changes in absolute figures i.e. increase or decrease in absolute figures
➢ Absolute data in terms of percentages
➢ Increase or decrease in terms of percentages
The two comparative statements are:-
➢ Balance sheet
➢ Income statements

➢ Comprehensive Balance Sheet

"The comprehensive balance sheet analysis is the study of the trend of the same
items, group of items and computed items in two or more balance sheets of the
same business enterprise on different slates. The changes in periodic balance
sheet items reflect the conduct of a business. The changes can be observed by
comparison of balance sheet at the beginning and at the end of a period and these
changes can help in forming an opening about the progress of an enterprise.
While interpreting comparative balance sheet the interpreter is expected to study
the following aspects:
➢ Current financial position and liquidity position of the business
➢ Long-term financial position of the business
➢ Increase or decrease in terms of percentages
The two comparative statements are
➢ Balance sheet &
➢ Income statements

➢ Comprehensive Balance Sheet

 "Comprehensive balance sheet analysis is the study of the trend of the same
items, group of items and computed items in two or more balance sheets of the
same business enterprise on different slates. The changes in periodic balance
sheet items reflect the conduct of a business. The changes can be observed by
comparison of balance sheet at the beginning and at the end of a period and these
changes can help in forming an opening about the progress of an enterprise
.While interpreting comparative balance sheet the interpreter is expected to study
the following aspects :
➢ Current financial position and liquidity position of the business
➢ Long-term financial position of the business
 CHAPTER-5
ANALYSIS
INTERPRETATION
Trend analysis:
The financial statements may be analyzed by computing trends of series of
information. This method determines the direction upwards or downwards and
involves the computation of the percentage relationship that each statement item
bears to the same item in base year. The information for a number of years is
taken up and one year, generally the first year is taken as a base year. The figures
of the base year are taken as 100 and trend ratios for other year are: Calculated on
the base of base year. The analyst is able to see the trend of figures whether
upward or downward.
YEAR 2017-18 2018-19 2019-20 2020-21

(in lakhs) (in lakhs) (in lakhs) (in lakhs)

SALES 57488.30 76962.45 103874.10 97413.17

YTY Growth in Base 33.87% 34.96% -6.22%
Sales %
PBT 12385.23 20061.52 40294.41 41510.78
YTY Growth in Base 61.98% 100.85% 3.23%
PBT %
Investment 72949.72 79993.58 95701.05 116715.77
(Capital + Reserve
& Surplus)
YTY Growth in Base 9.65% 19.63% 21.95%
Investment %
Return on Capital 88506.72 95786.77 112735.57 132701.29
employed
 YTY Growth in Base 8.22% 17.69% 17.71%
Return on Capital
Employed %
INTERPRETATION:
1. Assume that the base year 2017-18 which is 100
2. The trend shows that as sales have been increased from year over year. So
we can expect rise in trend of sales in coming years.
3. Compared to the year 2017-18 profit 12385.23 increased from the current
year whose profit is 2020-21 41510.78
4. The Return on capital employed has been increased.

RATIO ANALAYSIS-THE THEORITICAL CONCEPT

We fall sick or we are weak, we consult the doctor to know about the cause
and take preventive measure to cure. That is the way doctor plus different therapy
to know about the same fashion in order to know financial health status or strength
and weakness a financial manager puts different. Ratio analysis is one of them. The
method of expressing items which are related to each other are for the purpose of
financial analysis referred to as ratio analysis.
What the ratio does is that they reveal the relationship in a more
meaningful way to draw conclusion from them. The relationship of ratio analysis
lies in the fact that it makes related information comparable of sight figure by itself
has no significance but when expressed in quantitative terms offer related figure it
yield significant inference. As quantitative tools it enables to draw quantitative
answers to the question such as: Are the net profit adequate? Are the assets being
used efficiently? Is the firm solvent? Can the firm meet its obligation? And so on.
Though ratio analysis is a useful technique or tools to raise pertinent
question on a number of management issues provide bases or to clues to
investigate such issue in detail, it has some series demerit which sometimes
mislead the analyst to interpret wrongly some of the drawbacks are
 • Because of different situation of one company over years
• Price level changes
• The ratios calculated at a point of time are less defective and informative as
they suffer from short term changes
As the ratios are generally calculated from the part of financial statement and
these are not indicators of future. Generally, a business entity would like to analyze
four important financial dimensions. These are:
LIQUIDITY
Which measure the firm’s ability to meet current obligation & are
establishing relationship current asset & current liability?
ACTIVITY
This reflects the firm efficiency in utilizing its asset generating sales & is
calculated by establishing relationship between profit figures on one hand and sales
& assets on the other hand.
Different balance sheet ratios that can be drawn from the balance sheet available
for analyzing here.

LIQUIDITY RATIOS:

➢ CURRENT RATIO
Current ratio may be defined as the relationship between current asset and
current liabilities. The ratio is otherwise known as working capital ratio is measure
of general liquidity and is not widely used to make the analysis of short -term
financial position of liquidity of a firm.
CURRENT RATIO = CURRENT ASSETS

CURRENT LIABILITIES
 A relatively high current ratio is an indicator that the firm is liquid and has
the ability to play its current obligation in times as and when they became due. A
ratio equal or nearer to the rate of thumb 2:1, is considered to be satisfactory.
Current asset: Current liabilities:

Inventory Trade payable

Trade receivable Short term provision
Cash& bank balance Other current liability
Short term loan & advances
Other current assets
Table depicting information about current ratio:
Year Current assets Current Current ratio
liability
2017-18 69603.16 20873.46 3.33
2018-19 85098.08 27600.57 3.08
2019-20 99925.69 33025.79 3.02
2020-21 119379.91 37654.47 3.17

Analysis and interpretation:

The recommend current ratio for the normal business practice is 2:1. However
in case of IREL it is observed that the current ratio is more than 2:1 for the last 4
years which show that the current position or liquidity position of IREL is as per
standard.

ACID TEST RATIO

It is the relationship between quick or liquid asset & current liability. An asset
is the liquid if it can be converted into cash within a short period without any loss
of value.

Liquid assets:
 Liquid assets=

Sundry debtors + Cash & Bank balances + loan &

advances
Cash in hand
Cash in bank
Bills receivable
Sundry debtors
Marketable securities
Temporary investment

Liquid ratio= liquid asset/current liabilities

Quick or liquid ratio

Table depicting information about liquid ratio
Year Liquid asset Current liabilities Liquid ratio
(rs. in lakhs) (rs. in lakhs)

2017-18 43128.25 20873.46 2.06

2018-19 62267.08 27600.57 2.25
2019-20 72177.59 33025.79 2.18
2020-21 86669.80 37654.47 2.30

Analysis and interpretation:

The recommended current ratio for normal business practice is 1:1. However in
the case of IREL it is observed that current ratio is more than 1:1 for the last 4
years which shows that current position or liquidity position in IREL is as per
standard.

EFFICIENCY RATIO:
 Efficiency ratio measures the efficiency or effectiveness with which a firm
manages its resources the ratios are also called turnover ratio because they indicate
the speed with which asset are converted into sales. The efficiency ratio is of three
types such as:
1. Inventory turnover ratio
2. Debtor’s turnover ratio
3. Creditors turnover ratio
4. Working capital turnover ratio

INVENTORY/STOCK TURNOVER RATIO:

It measures how fast the inventory is moving through the firm and
generating the management of inventories for certain reason as it unnecessarily
blocks capital which can otherwise be profitably used somewhere else.
Inventory turnover ratio can be calculated by dividing the cost of goods
sold by average inventories at cost
Inventory turnover ratio=

Cost of goods sold/ Average inventory at cost

Cost of goods sold= Sales - Gross profit

The inventory turnover ratio may be calculated without cost of goods sold it can
be calculated by taking the net sales into consideration
Inventory turnover ratio= net sales/ inventory

The table depicting information about Inventory turnover ratio:

 Years Sales Inventory ITR
2017-18 57488.30 14127.93 4.06
2018-19 76962.45 16136.59 4.77
2019-20 103874.10 15094.10 6.89
2020-21 97413.17 21076.71 4.62

Analysis and interpretation:

The inventory turnover ratio in the year 2018 was 4.06 which indicate 4.06
times in a year. The inventory of IREL is converted into receivable or cash.
However, in 2019 ratio was increased to which indicate times in a year the
inventory of the firm is converted into receivable or cash. The inventory turnover
ratio in the year 2020 was 6.89 which indicate that 6.89 times in a year. In 2021 the
inventory turnover ratio is increased to 4.62.

DEBTORS TURNOVER RATIO:

This type of ratio is based upon sales a concern may sell goods on cash as well as
on credit. Debtors mean ordinary debtors and bills receivable. The higher the
values of debtor’s turnover the more liquid are the debts. The lower the values of
debtor’s turnover the less liquid are debts.
Debtor’s turnover = Net sales/sundry debtors

Table depicting information about debtor’s turnover ratio:

Analysis and interpretation:

The debtor’s turnover ratio increases due to increase in sales

Year Sales Sundry Debtor’s

debtor’s turnover ratio
2017-18 57488.30 717.10 80.16
2018-19 76962.45 1731.65 44.44
2019-20 103874.10 3154.19 32.93
2020-21 97413.17 2075.53 46.93
 WORKING CAPITAL TURNOVER RATIO:
Working capital is directly related with sales. Working capital is the excess of
current asset over current liabilities.

Working capital = Total current asset - Total current liability

Working capital turnover ratio indicates the turnover of the utilization of

net working capital. Sales in respect of working capital are turned over in course of
a year. This ratio measures the efficiency with which the working capital is being
used by a firm. Making of a comparative and trend analysis can at best use this
ratio for different firms in some industry and for various periods.
Table depicting information about working capital:
Year Sales Net working Working capital
capital turnover
2017-18 57488.30 48729.70 1.17
2018-19 76962.45 57497.51 1.33
2019-20 103874..10 66899.90 1.55
2020-21 97413.17 81725.44 1.19

Analysis and interpretation:

A higher ratio indicates efficient utilization of working capital and a low
ratio indicate otherwise. But a very high working capital turnover ratio is not a
good situation for any firm and hence must be taken while interpreting the ratio.

PROFITABILITY RATIO:
The main aim of the business undertaking is to earn profit. Profit earning is
considered essential for survival of the business. A business needs profit not only
for its existence but also expansion and diversification. Profitability ratios are
calculated to test the efficiency of management and control. The various types of
profitability ratios are
Gross profit = sales - cost of goods sold
It includes:
1. Gross profit ratio
2. Net profit ratio
3. Expenses ratio
4. Cost of goods sold ratio

1. GROSS PROFIT RATIO:

Gross profit ratio measures the relationship of gross profit to net sales and is
usually represented to net sales as a percentage. Gross profit can be calculated by
dividing the gross profit to net sales.

Table depicting information about gross profit:

Year Gross profit Sales Gross profit
ratio
2017-18 12385.23 57488.30 0.21
2018-19 20061.52 76962.45 0.26
2019-20 40294.41 103874.10 0.38

2020-21 41510.78 97413.17 0.62

Analysis and interpretation:

By analyzing the gross profit of IREL we can see above that the ratio may be
compromised. The gross profit ratio is not satisfactory in all the subsequent years.

2. COST OF GOODS SOLD RATIO:

 Cost of goods sold ratio measures the relationship of cost of goods sold to
the net sales and it is usually represented as percentage. Cost of goods sold can be
calculated by dividing the cost of goods sold to net sales.
Cost of goods sold ratio= Cost of goods sold / net sales

Cost of goods sold= net sales – gross profit

Table depicting information about cost of goods sold ratio:

Year Cost of Goods Sales Cost of Goods

sold sold ratio

2017-18 45103.07 57488.30 0.78

2018-19 56900.93 76962.45 0.73
2019-20 63579.69 103874.10 0.61
2020-21 55902.39 97413.17 0.57

Analysis and interpretations

By analyzing the cost of goods sold ratio of IREL we can see the above that the
ratio may be compromised. The Cost of goods sold ratio is not satisfactory in all
the subsequent years.

3. NET PROFIT RATIO:

It indicates the relationship between net profit and sales. It establishes the
efficiency of the management in manufacturing, selling, administrative & other
activity of the firm. This ratio measures overall firm’s profitability and is
calculated as:
 Net profit ratio= Net profit/Sales*100

Table depicting information about net profit ratio:

Year Net profit Sales Net profit ratio
2017-18 8211.23 57488.30 14.28
2018-19 11751.93 76962.45 15.26
2019-20 29175.91 103874.10 28.08
2020-21 31568.85 97413.17 32.40

Analysis and interpretations

According to the year 2017-18 the net profit (rs. In lakhs) is 8211.23 whose ratio
% is 14.28 is increased from the year 2019-20 & whose ratio is 28.08%. In the year
2020-21 the net profit is increased whose ratio is 32.40% which is satisfactory.

4. EXPENSES RATIO:
There are many expense ratios such as factory expenses to sales,
administrative expenses to sales, sales expenses to sales or any other individual
expenses to sales. The expense ratio indicates portion of net sales which is
consumed by the various operating expenses, the lower the ratio greater the
profitability. The higher the ratio, the lower is the profitability.
The expenses ratio is given below:

Years Cost of goods Net sales Expenses ratio

sold
 2017-18 45103.07 57488.30 78.45
2018-19 56900.93 76962.45 73.93
2019-20 63579.69 103874.10 61.20
2020-21 55902.39 97413.17 57.38

Analysis and interpretation:

According to the whole years interpretation of expense ratio of the year 2017-18
the cost of goods sold 45103.07 & net sales 57488.30 whose ratio % is 78.45 for
2018-19 the cost of goods sold 56900.93 & net sales is 76962.45 whose ratio % is
73.93 which is decreased from the year 2019-20 & 2020-21 the cost of goods sold
is 63579.69 & 55902.39 whose net sales is 103874.10 & 97413.17 whose ratio %
is 61.20 & 57.38.

PROPRIETARY RATIO:

This ratio establishes the relationship between shareholders fund to total assets
of the firm. It is an important ratio for determining the solvency of the firm. The
components of this ratio are shareholders fund or proprietors fund and total assets.
The shareholders fund is equity share capital, preference share capital,
undistributed profits, reserves and surplus. Out of this amount accumulated losses
should be deducted. The total asset on the other hand denotes total resource of the
concern. The ratio can be calculated as
Proprietary ratio= Shareholders fund/Total assets*100

Table depicting information about proprietary ratio:

 Years Shareholder’s Total assets Proprietary
fund ratio
2017-18 72949.72 109380.18 66.69
2018-19 79993.58 123387.34 64.83
2019-20 95701.05 145761.36 65.65
2020-21 116715.77 170355.76 68.51

Analysis & interpretation:

As proprietary ratio represents the relationship of owner’s fund to total assets,
higher the ratio or the share of the shareholders in the total capital of the company,
better is the long -term solvency position of the company.
This ratio indicates the extent to which the assets of the company can be lost
without affecting the interest of the creditors of the company.
According to the whole years interpretation of proprietary ratio of the year 2017-
18 the shareholders fund was 72949.72 & total assets 109380.18 whose ratio is
66.69% for the year 2018-19, the shareholders fund 79993.58 total asset is
123387.34 whose ratio 64.83% for the year 2019-20 the shareholders fund
95701.05 and the total assets is 145761.36 whose ratio is 65.65% and for the year
2020-21 shareholders fund 116715.77 and total asset 170355.76 whose ratio is
68.57%.

Solvency ratio:
This ratio is a small variant of equity ratio can be simply calculated. This ratio
indicates the relationship between the total liabilities to the outsiders to total assets
of the firm can be calculated as follows:
Solvency ratio= total liabilities to outsiders/total assets.

Table depicting information about total solvency ratio:

 Year Total liabilities Total assets Ratio
2017-18 109380.18 109380.18 1
2018-19 123387.34 123387.34 1
2019-20 145761.36 145761.36 1
2020-21 170355.76 170355.76 1

Analysis and interpretation:

Generally, lower the ratio of total liabilities to total assets more satisfactory
or stable is the long- term solvency position of the firm.
From all the above ratio we conclude that:
1. Company is having good and sound financial position.
2. Company doesn’t have any debt.
3. Company’s expenses ratio decreases since last four years.
4. Company’s financial statements are clear and precise can be understood
clearly.
5. Company’s long-term financial viability is sound.

Conclusion:
A study is composed of aims, objectives, reading, observing, analyzing, findings
and conclusions. A conclusion is highly essential for any study as it encloses the
entire study in a single nutshell. It is that vitamin capsule which includes all the
aspect of the study process. When it turns to have a working experienced in an
organization and putting them in a boundary i.e the project work it is very much
essential to know the exact working culture of that organization. To do so ground
level understanding, dedication, sincerity, regularity are highly essential.
After going through the balance sheets from 2017-18 annual reports
from 2017-18 and various activities of the organization i.e IRE LTD, Chatrapur,
Matikhalo, I found many positive ideas of the organization. As the organization is
running with a handsome profit for last few years, hence it is a quite difficult task
to suggest any other things those are practiced by the organization. But there are
few areas which need consideration for the betterment of the organization. These
changes or applications may increase the profitability and efficiency of the
organization.
IREL Ltd is a public sector undertaking under the ministry of defense
of India. Profit maximization is not its prime motive hence recommendation from
the effective management of working capital at IREL is given below because its
financial conditions having some limitations:
• IREL should set standard planning for stock, debtor, and creditor. In the
ever-changing environment and political scenario the quality standards must be of
a global one.
• Install an understanding amongst the staff about the working capital
management produces profit.
• Inventory management is a great concern for IREL especially stores and
spares. The purchase manager should take certain steps for proper procurement of
inventories.
• Vision of the organization is adaptation of new business policy
• Explanation of plant capacity
• To do R&D and get new technology
I have done analysis of financial statement at IREL which helped me to
understand the financial position of this organization in practical sense.
This confidentiality nature of IREL through limited my scope of study; the
available data has given me understanding of the financial statement and analysis
of financial condition of IREL.

FINDINGS & SUGGESTIONS

 ✓ The main input for the production are the sea bed minerals i.e illuminate,
rutile, zircon, monazite etc. as availability of these things are very limited and
purification and extraction is very expensive, hence the main motto of the
organization should be getting maximum return from the input of the capital. The
goal may be achieved by:
1. Implementing higher technology
2. Maximum use of skilled workforce

3. Using modern equipment

✓ Ratio analysis shows that the plant is lacking in using the current asset at the

most optimum level. Every year it is observed that there is a deviation from the

standard thumb rules for ratio analysis.

✓ The administration may take a little bit more risk to utilize the cash to make

the best use of it to achieve the optimum profit which includes utilizing cash to

increase the production capacity, extending the plant capacity and strength.

✓ It is observed that the stock level maintained in the plant is much higher than

the requirement in the last five consecutive years. Hence the authorities should take

some serious step to either minimize the stock level or raw materials by reducing

the inputs for the soul of main product i.e the Thorium or utilize the inventory to

maximum level to get more profit and special care must be taken to avoid handling

loss and circumstantial loss.

✓ From 2017-18 the net profit is increasing continuously and the percentage

respectively, but could be increased if production can increase as thorium is one of

the most valuable things now-a-days.

 To conclude my observation here this much I would like to say that the

purchasing man of the future will be competent in anticipating solutions of

material problem. He must be bold and courageous fair in negotiations with

vendors. Most important he will have to stay on his toes to live up to his role as

innovator for his company. He will have to be increasingly effective in negotiating

with people both in and out of his company. New concept of organization may

evolve with time, and with new experience but the function of purchasing is so

basic that whether computerized or staffed by new specialist with titles still

unknown the job will remain the same. Day-to-day operations and techniques may

change but the goal will be with us. Thus, the purchasing may do a great deal of

job and the man who controls them can only win for the future in Rudyard

Kipling’s words.

“The man who wins is the man who thinks he can?”

Bibliography

WEBSITES:
(a) www.google.co
(b) www.irel.co.in
REFERENCE:
(a) Annual manual of IRE (INDIA) LTD
(b) Advance accountancy by S.P JAIN & K.L NARANG
(c) Financial accounting by Sharma & Gupta, Kalyani publications
(d) Management accounting by Sharma & Gupta, Kalyani publication
Annual reports of IREL
• 2017-18
• 2018-19
• 2019-20
• 2020-21