ACC 691 Milestone One Guidelines and Rubric Overview: The final project for this course is the creation of a financial statement fraud case study. You will use a fraud case from a real-world situation. You are encouraged to put yourself in the place of the auditor as well as the stakeholders. You will consider the theoretical models of fraudulent behavior, evaluate internal controls, assess fraud risk factors, and apply prevention and detection techniques.

ACC 691 Milestone One Guidelines and Rubric
Overview: The final project for this course is the creation of a financial statement fraud case study. You will use a fraud case from a real-world situation. You are
encouraged to put yourself in the place of the auditor as well as the stakeholders. You will consider the theoretical models of fraudulent behavior, evaluate
internal controls, assess fraud risk factors, and apply prevention and detection techniques. You will also analyze the overall responsibilities of the auditors to
organizational stakeholders while considering applicable auditing standards.
Prompt: In this milestone, you will draft two sections (Sections I and II) of the final project in one coherent paper regarding the fraud case Crisis at the Mill:
Weaving an Indian Turnaround. You will introduce the subject of your case and describe the fraud scheme type. You will also analyze the type of fraud scheme
by explaining the process behind which this fraud was carried out and the breakdown of the internal controls that took place. You will also discuss the risk
factors in assessing this type of fraud, the potential procedures and methods that could be used to assess the risk of this fraud type, the professional
responsibilities of the auditors, and the evidence needed to prove the fraud.
Specifically the following critical elements must be addressed:
I. Introduction: What company is the subject of the case? Describe the type of fraud that occurred. II. Analysis of Fraud Scheme Type
A. Explain the process behind how frauds of this type are carried out. Provide a specific example illustrating fraud of this type.
B. In this type of fraud scheme, how and where do internal controls break down? Provide examples of specific internal controls needed to reduce
this type of fraud.
C. What are the risk factors when assessing this type of fraud? Consider classifying the risk factors using the theoretical model such as the Fraud
Triangle.
D. How can analytical procedures and other detection methods be applied to assess the risk of this type of fraud? Provide specific examples of the
analytical procedures and what they indicate.
E. Discuss the professional responsibilities of auditors in detecting fraud. What sort of impact can an audit have on an organization?
F. What evidence is needed to prove the fraud? Why? To guide your review of evidence, please review the article The Basics of Evidence for Fraud
and Corruption Investigators. Rubric
Guidelines for Submission: This portion of the case study analysis should be 4–5 pages, double spaced, with one-inch margins, 12-point Times New Roman font,
and APA 6th edition formatting.
Instructor Feedback: This activity uses an integrated rubric in Blackboard. Students can view instructor feedback in the Grade Center. For more information,
review these instructions.
Critical Elements
Introduction Proficient (100%)
Describes the subject of the case and
the type of fraud that occurred Analysis of Fraud
Scheme Type: Process Comprehensively explains the process
behind how frauds of this type are
carried out and provides an example
illustrating fraud of this type Analysis of Fraud
Scheme Type: Internal
Controls Evaluates how and where internal
controls break down in terms of the
type of fraud scheme within the case
study and provides examples of
specific internal controls needed to
reduce this type of fraud Analysis of Fraud
Scheme Type: Risk
Factors Describes the risk factors when
assessing the type of fraud within the
case study Analysis of Fraud
Scheme Type:
Procedures and
Methods Explains how analytical procedures
and other detection methods could be
applied to assess the risk of the type of
fraud within the case study and
provides specific examples of the
analytical procedures and what they
indicate Needs Improvement (75%)
Describes the subject of the case and
the type of fraud that occurred but
description is cursory or contains
inaccuracies
Explains the process behind how
frauds of this type are carried out but
does not provide an example
illustrating fraud of this type or
explanation is cursory or contains
inaccuracies
Evaluates how and where internal
controls break down in terms of the
type of fraud scheme within the case
study but does not provide examples
of specific internal controls needed to
reduce this type of fraud or evaluation
is cursory or contains inaccuracies
Describes the risk factors when
assessing the type of fraud within the
case study but description is cursory or
contains inaccuracies
Explains how analytical procedures
and other detection methods could be
applied to assess the risk of the type of
fraud within the case study but does
not provide specific examples of the
analytical procedures and what they
indicate or explanation is cursory or
contains inaccuracies Not Evident (0%)
Does not describe the subject of the
case and the type of fraud that
occurred Value
11 Does not explain the process behind
how frauds of this type are carried out 13 Does not evaluate how and where
internal controls break down in terms
of the type of fraud scheme within the
case study 13 Does not describe the risk factors
when assessing the type of fraud
within the case study 13 Does not explain how analytical
procedures and other detection
methods could be applied to assess
the risk of the type of fraud within the
case study 13 Analysis of Fraud
Scheme Type:
Professional
Responsibilities Comprehensively discusses the
professional responsibilities of
auditors in detecting fraud and the
sort of impact an audit can have on an
organization Analysis of Fraud
Scheme Type: Evidence Describes what evidence is needed to
prove the fraud and supports response Articulation of
Response Submission has no major errors related
to citations, grammar, spelling, syntax,
or organization Discusses the professional
responsibilities of auditors in detecting
fraud but does not discuss the sort of
impact an audit can have on an
organization, or discussion is not
comprehensive or contains
inaccuracies
Describes what evidence is needed to
prove the fraud but description is
cursory or contains inaccuracies or
does not support response
Submission has major errors related to
citations, grammar, spelling, syntax, or
organization that negatively impact
readability and articulation of main
ideas Does not discuss the professional
responsibilities of auditors in detecting
fraud 13 Does not describe what evidence is
needed to prove the fraud 13 Submission has critical errors related
to citations, grammar, spelling, syntax,
or organization that prevent
understanding of ideas 11 Total 100%

For the exclusive use of R. Hershberger, 2017.
IN1030 Crisis at the Mill: Weaving an
Indian Turnaround
Alvarez & Marsal Winner
“Indian Management Issues and Opportunities” category
EFMD Case Writing Competition 2015 06/2016-6069
This case was written by Sankar Krishnan and Nikhil Shah from Alvarez & Marsal under the guidance of Anne-Marie
Carrick, Research Associate, and Claudia Zeisberger, Affiliate Professor of Decision Sciences and Entrepreneurship
& Family business, both at INSEAD. It is intended to be used as a basis for class discussion rather than to illustrate
either effective or ineffective handling of an administrative situation.
Additional material about INSEAD case studies (e.g., videos, spreadsheets, links) can be accessed at
cases.insead.edu.
Copyright © 2015 INSEAD
COPIES MAY NOT BE MADE WITHOUT PERMISSION. NO PART OF THIS PUBLICATION MAY BE COPIED, STORED, TRANSMITTED, REPRODUCED OR DISTRIBUTED IN
ANY FORM OR MEDIUM WHATSOEVER WITHOUT THE PERMISSION OF THE COPYRIGHT OWNER.
This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. Phone call, November 2010:
To: Sankar Krishnan, Managing Director at the global professional services firm Alvarez &
Marsal (A&M)
From: Steve Cohen, Managing Director of Alvarez & Marsal’s North American Commercial
Restructuring practice
Steve Cohen: Sankar, I’ve just received some worrying news from Sapphire Capital (SC). You
know the firm? It’s one of our large US-based distress private equity fund clients. We have
advised them on several engagements. One of their Indian portfolio companies has some
serious issues. It seems the top management may have been involved in some irregular
activities and the company is in a crisis. That’s all the information I have at the moment, but
they seem very nervous.
Sankar Krishnan: Yes, I know SC. This sounds serious. We need to organize a call with the
fund and with Nikhil to discuss what steps we should take next. Nikhil is on vacation with his
family, but from the sound of it we can’t wait. Let’s speak tomorrow at 8.30am. I’ll call Nikhil
if you can organize getting the SC people together? Allegations…
When Sankar Krishnan and Nikhil Shah, Senior Director at A&M, called Steve Cohen the
next day, they found that the fund’s entire leadership team, including the chairman,
investment committee members, general counsel and CFO were part of the discussion. They
explained that the situation was indeed grave. A&M’s team was quickly brought up to date
with events.
The portfolio company in question was a leading woollen textile manufacturer and exporter,
WoolEx Mills, with operations based in Northern India. The company had been growing, with
a turnover of INR 8,000 million but a bottom line in the red. However, it had been profitable
at the operating level. Its products were sold not only in India but worldwide through
distribution channel partners and retail stores.
The situation had been brought to Sapphire Capital’s attention a few weeks earlier when a
former employee had contacted them. He informed the fund that he had witnessed irregular
activities during his time at the company, allegedly involving the senior management.
However, the employee had since been fired for underperforming.
This meant the fund would have to tread carefully and investigate discretely – particularly if
the accusations proved to be unfounded. The fund was in a tricky position as they owned
almost the entire portfolio company, if the allegations were upheld it would call into question
Sapphire Capital’s credibility and ability to manage its investments. There was no time to
waste.
The fund’s first step was to hire a corporate investigations firm to run a preliminary check
into the claims. The detectives met covertly with ex-employees, clients and suppliers before Copyright © INSEAD 1 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. they presented Sapphire Capital with their final report. They concluded that there was indeed
substance to the accusations, but to gain definitive proof inside access to the company’s
operations was required. For this, the fund called upon the help of A&M. The Groundwork
Sankar and his team quickly evaluated the alternatives for handling the situation. The top five
members of WoolEx Mills’ senior management team were reportedly involved in irregular
activities that had led to shareholder losses. The A&M team would need to proceed with
caution as it was unclear who was trustworthy at WoolEx Mills. Even a minor leak to the
press of the investigation would be catastrophic – evidence could be destroyed that was
crucial for the forensic investigation they had to carry out. The A&M team was almost
working in the dark as they were not even given access to the investigator’s report – all they
knew was there had been some irregularities that needed further examination.
Over the following week, the team, led by Sankar, spoke daily with Sapphire Capital’s
investment committee and general counsel for three hours. They drew up a plan of action for
the intervention and eventual takeover of the company’s operations by the A&M team. Each
step of the plan’s execution was discussed in minute detail to ensure that it was carried out as
smoothly as possible. Sankar assembled two teams: an interim management team to take over
management; and a forensic team to conduct investigations made up of members from
A&M’s New York and Chicago offices. Action…
Just seven days later, WoolEx Mills’ CEO and CFO were invited to Sapphire Capital’s
Mumbai offices for what they believed was a regular board meeting. It was of utmost
importance that they not find anything suspicious about the fund’s request for a meeting. The
heads of manufacturing, sourcing and sales departments were also asked to participate via
video conference – the two latter executives were suspected of being in collusion with the
CEO and CFO. They were due to attend the meeting at a Reliance Web World office, a
facility that provided video conference services in the city of Amritsar, where the company’s
headquarters and manufacturing plant were located. Unknown to these executives, Sankar and
Nikhil, along with the other A&M team members, were sitting in the room adjacent,
observing the video conference.
The video conference began as planned. The chairman rose from his chair in the meeting
room and announced the suspension of the CEO and CFO forthwith. The two senior
executives were visibly stunned – they had not been expecting this coup.
Back in Amritsar, the A&M team burst into the conference room from the office next door
and informed the senior executives of the allegations against them. They were served with a
suspension order from the board, with a final decision to be taken pending further
investigation. All suspended parties were asked to hand over their mobile phones and laptops.
The three executives in the conference room were separated and interviewed individually by
an assigned A&M team member – Sankar, Nikhil and Al Lakhani, who led the forensics team.
They were informed of the board’s decision to bar them from the company’s offices until Copyright © INSEAD 2 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. further notice. Next they were given an opportunity to provide their own version of events.
One of them almost broke down in tears. They all denied the charges levelled against them. The Takeover
Following these dramatic events, the A&M team headed to the WoolEx Mills’ campus where
both its headquarters and manufacturing plant were located. The chairman of the board had
informed the company’s HR & administrative heads of the imminent replacement of the top
management team, asking them to ensure that the security guards co-operate fully with the
incoming A&M team. Despite these precautions, the experienced A&M team brought their
own security guards in case of any trouble.
Upon arrival, the A&M team took full possession of all personal computers, servers and other
electronic devices that would be key for their forensic investigation into the alleged
irregularities. All these items were locked up, with three guards in place to ensure their
safekeeping. The chairman of the board then sent a company-wide communication explaining
the change of management; describing the new management team; and requesting the cooperation of all employees during the investigation.
The new management team consisted of Sankar as the CEO, Nikhil as CFO, Nikhil Khanna,
another A&M Senior Director, as Head of Manufacturing & Sourcing, and Neil Agarwal, a
person affiliated with the fund, as Head of Sales. New Day, New Team
The following day, the new team called a meeting with WoolEx Mills’ top 25 employees,
with the chairman of the board participating by phone. Sankar informed them of the change of
regime and expressed his intention to work alongside them to ensure that the business ran
smoothly. He also made it clear that there was now an ‘open door’ policy – all employees
could come forward and disclose information that might be of help for the new management
to “clean up” the company. Such information, he assured them, would be treated
confidentially.
Meanwhile the forensics team set to work. They began with the electronic data analysis,
interviewed key people, and carried out a forensic accounting review of the books.
The interim management team also began looking at how to restructure operations. They
considered what the different roles and responsibilities would be for each department’s key
personnel – what issues they faced in their respective functions – with the express goal of
turning the situation and the company around as fast as possible. The Challenges Ahead
The challenges the interim management team faced were daunting. They included a
workforce of more than 2,200 employees, mounting costs of raw materials, old plant
equipment that was responsible for manufacturing efficiencies declining to 50% of optimal Copyright © INSEAD 3 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. levels, rising accounts receivable and inventory levels, a tired brand, and unclear procurement
processes – plus not really knowing what the real impact had been of the previous
management’s irregularities. It was paramount for the team to maintain customer confidence
while resolving these issues.
The new CEO had to ensure that all stakeholders (“good” employees, customers, vendors,
lenders and the owners) were aligned with the turnaround, while any unethical employees
were replaced – all to be undertaken without disrupting the business. The Textile Company
Production Process
WoolEx Mills imported raw materials (called “tops”)
typically from Australia or South Africa. Tops came from
fine quality wool, combed and weeded to free it from any
defects, and then sent to the dye-house where it was treated
to obtain the required colour and shade, and dried. Dyed
tops were sent to the spinning unit for conversion to yarns.
The desired fineness of the finished fabric depended on the
fineness and quality achieved in the spinning unit. Spinning
was a critical part of the process as it established the
flexibility and elasticity of the fabric.
These yarns then moved on to the weaving unit, where a number of power looms wove them
into a fabric based on designs that were pre-fed into the looms. The fabric from the weaving
unit then went to the finishing section, where the fabric achieved its desired finish and texture.
After this last process, the fabric underwent several quality checks before it was sent to the
finished goods warehouse.
Creating a fine woollen fabric involved tight controls on quality at all stages. Mandatory to
the production of a high-quality fabric was state-of-the-art machinery maintained at the
highest standards, and a close control of the manufacturing process with inspections at all
stages. Unlike many price-conscious consumers in India, the company’s direct customers
were major distributors and large retailers who carried out rigorous quality checks on
incoming shipments. Its export customers imposed even more stringent quality standards.
The textile and apparel industry operated on a two-season basis, with the design departments
beginning work well in advance on new designs for the forthcoming season. Prototypes were
developed and sent to all the major distributors for their input in the hope of obtaining orders.
Once orders were confirmed, they were integrated into production plans that were generated
in a pre-determined production cycle.
Raw Material
Wool was one of the company’s key raw materials. India boasted the third largest sheep
population in the world. However, the average yield per sheep was approximately 0.9kg
compared to the global average of over 2.4kg. From this yield, 85% of Indian wool was of a Copyright © INSEAD 4 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. coarser grade and thus unsuitable for the organized
fabric manufacturing industry (Exhibit 1 gives an
overview of the industry). Fine quality wool
production in India was insufficient to meet the
organized woollen industry’s needs and thus
depended largely on raw material imports. Most of
the fabric grade wool in India was imported from
Australia, New Zealand and South Africa.
Dyes were the other key raw material. The production team from A&M believed that savings
of 5-10% could be achieved if they changed vendors. One of the allegations against the
management was that they took kick-backs from vendors, so replacing them would get rid of
“bad” vendors.
A number of trials were carried out in the dye-house, with a goal to institutionalize new dyes.
The introduction of new systems or suppliers was made more complicated by the background
of irregularities in the existing sourcing practices.
Sales
Even though the company’s brand was well known throughout India, WoolEx Mills did not
command premium prices. It was widely believed that its products were of inferior quality to
its competitors. Its major customers in India were the large multi-brand distributors who sold
its products to multi-brand retailers. As a result, the company required few showrooms.
Exports accounted for approximately 20% of its revenues, with leading names in the fashion
industry from the USA, Europe and Japan among its customers.
Operations
Sankar and Nikhil discovered there were some serious quality issues that needed to be
addressed urgently. This came to light one morning in March 2011 when the head of sales
received an email from the company’s main export customer in Japan complaining about the
quality of the latest shipment. The Japanese customer was threatening to ask for a credit note
of approximately 40% of the value of the invoice. On questioning the head of quality, Sankar
and Nikhil realized that this case was not unusual. In the past, the company had received
credit notes for quality issues from other export customers, but a credit note for 40% of the
invoice value was unheard of. The issue of quality thus became another priority for the A&M
team.
The company’s quality issues could be attributed to two main things. 1) WoolEx Mills was
not up-to speed with the technological advances in the industry and was using outdated, old
equipment. 2) The company’s manufacturing processes were not designed to produce the
high-quality fabrics that were now being demanded in the industry.
Financial Position of the Company
Nikhil Shah, the new CFO, discovered several issues in the company’s finances. The accounts
receivable were high and outdated on a month-by-month basis. Customers paid invoices with
an average of 130 days delay, leading to cash flow issues. In addition, some of the discounts Copyright © INSEAD 5 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. given were not recorded in the firm’s books, and no credit notes were issued. The budgeting
process was not carried out in a detailed manner. There were several loopholes in the costing
process and the Management Information System (MIS) was being maintained manually.
The price of the high-quality fine wool imports from Australia and South Africa that the
company so heavily relied upon had increased from September 2010 to March 2011 by over
65%. This severely constrained profitability and cash flows. Raw material purchases were
generally made through advanced payments and accounted for 50% of the selling price. Other
major purchase items included dyes, chemicals and consumables that accounted for 10% of
sales.
Nikhil soon realized that the company did not follow any scientific inventory management or
ordering practices. One example was the coal for firing a steam boiler that was stocked
unnecessarily six months in advance, thus blocking working capital. There was a need to
define ordering procedures for critical purchases. Large domestic customers were contributing
to higher sales outstanding. Irregularities in sales practices with some customers contributed
to high outstanding receivables. These, together with irregular payables management, were
damaging the company’s liquidity.
Given all the above issues, reducing the high working capital through cash flow forecasting
was the primary focus for the CFO, as well as strengthening the checks and controls within
the finance function.
Capital Expenditure Plan
The company used old and outdated equipment. About two thirds of the looms in operation
broke down frequently. Poor maintenance also contributed to losses in manufacturing
efficiencies and contributed to the quality issue. There was an urgent need to upgrade these
looms with superior technology, but the capital expenditure required had regularly been
postponed.
Critical testing equipment was also amiss in the quality lab. The design function had
antiquated looms for the manufacture of prototype fabrics for new designs. Some immediate
requirements in the dye-house and finishing section had been overlooked in the capital
expenditure plans. Even though an ERP package was installed in the company, it was not used
to its full potential. The plant’s structures required immediate repairs – the poor state of
infrastructure became clear when the entire plant was flooded after a heavy day of rain during
the monsoon. Setting the Stage for Turnaround
The situation was critical, the issues were multifaceted, and there was a pressing need to
improve performance. Following the team’s initial investigations, they cited three main areas
that had to be addressed: improvement of the working capital and liquidity position;
enhancement of manufacturing efficiency; and cutting rejection rates – all aimed at improving
efficiency and quality together with general cost reduction. Copyright © INSEAD 6 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. Discussion Points
Put yourself in the shoes of Shankar and Nikhil and develop a plan of action for the interim
managers in the role of finance & operations.
Where do you see the opportunities to improve the performance of the firm?
How would you handle the sensitivities around the accusations of malpractice by (former)
senior management?
Finally, what would be the key ingredients to make this a successful turnaround? Copyright © INSEAD 7 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. Exhibit 1
Industry Background
The Indian woollen textiles sector is relatively small compared to the country’s cotton, man-made
fibre textiles and clothing industry. It is estimated to be worth approximately Rs. 100 bn. The industry
is dominated by a large number of “unorganized” players on a small scale. These are small knitting
units, power loom units, carpet manufacturers and dyeing houses. The remainder of the industry is
made up of the “organized” sector – large integrated textile mills, combing units and spinning units.
There are only a handful of large integrated woollen textile mills in India. These mills manufacture
mostly finished fabric that is sold to the domestic and export markets. Some of the mills also sell
apparel and garments. A few have gained a reputation as quality manufacturers of woollen textiles and
their products are exported worldwide. The woollen fabric industry is dominated by one large player
that controls more than 65% of the market. Historically the market has grown at a rate of 9% in the last
two years, and is expected to sustain these growth rates.
Due to the small number of players in the organized segment in India and the specialized nature of
equipment required for manufacturing woollen fabrics, the industry is dependent on imported
machinery and equipment. Most of the looms and other equipment are imported from European
countries, USA and Japan. Appendix 1
Income Statement (in INR millions) FY09
Mar-09 FY10
Mar-10 Month of
Nov-10 FY to date
Nov-10 Income
Sales and job work
Other income
Total Income 1,597.3
16.4
1,613.6 1,598.8
35.1
1,633.9 99.0
10.9
109.9 1,222.7
26.8
1,249.5 Expenditure
Cost of Goods Sold
Employee Cost
Other Expenses
Total Expenditure (596.3)
(249.6)
(540.9)
(1,386.9) (625.2)
(236.2)
(527.9)
(1,389.3) (21.2)
(22.2)
(52.4)
(95.8) (504.1)
(173.8)
(386.5)
(1,064.4) 226.8
14.1% 244.7
15.0% 14.1
12.8% 185.1
14.8% (131.5)
(60.4) (135.8)
(50.4) (11.3)
(3.7) (91.6)
(31.6) 34.8 58.4 (0.9) 61.8 (6.6) (10.2) — (11.1) 28.2 48.2 (0.9) 50.7 1.7% 3.0% (0.9%) 4.1% EBITDA
as % of Income
Depreciation
Finance Charges
Profit Before Tax
Provision for tax
Profit After Tax
as % of Income Copyright © INSEAD 8 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. Appendix 2
Balance Sheet (in INR millions) FY09
Mar-09 FY10
Mar-10 As on
Nov-10 LIABILITIES
Shareholder’s Funds
Share Capital
Reserves and Surplus
Loan Funds
Secured Loans
TOTAL LIABILITIES 1,356.7
560.7 1,356.7
609.0 1,356.7
670.8 395.7 272.3 223.6 2,313.2 2,237.9 2,251.1 2,120.0
648.7
1,471.3
8.1
1,479.5 2,168.7
784.5
1,384.2
6.4
1,390.6 2,172.1
875.8
1,296.2
63.7
1,359.9 0.0 0.0 0.0 513.0
579.9
55.4
31.6
0.3
1,180.2 478.6
651.4
52.4
46.3
1.8
1,230.6 666.0
663.8
53.2
77.7
-1,460.7 318.8
27.7
346.6 366.1
17.1
383.2 544.8
24.7
569.5 ASSETS
Fixed Assets
Gross Block
(less) Acc Depreciation
Net Block
Capital WIP
Fixed Assets
Investments
Current Assets
Inventories
Sundry debtors
Cash and bank balances
Loans and advances
Other current assets
Current Assets
Less: Current Liabilities and Provisions
Current liabilities
Provisions
Current Liabilities and Provisions
Net Current Assets
TOTAL ASSETS Copyright © INSEAD 833.7 847.3 891.2 2,313.2 2,237.9 2,251.1 9 This document is authorized for use only by Rebecca Hershberger in ACC-691 Detection/Prevention 17TW4 taught by Lindsay Conole, Southern New Hampshire University from February
2017 to June 2017. For the exclusive use of R. Hershberger, 2017. Appendix 3
Cash Flow Statement (in INR millions)
A Cash Flow from Operating Activities
Net Income (Loss)
Adjustments
Depreciation & Amortisation of Fixed Assets
Loss / (Gain) on sale of fixed assets

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