Performance Evaluation of Andhra Pradesh State Finance

Performance Evaluation of Andhra Pradesh State Finance

Corporation (APSFC)

*Mr. P. Siva Reddy& **Prof. S. Vijaya Raju

*Mr. P. Siva Reddy, Asst.Prof, SMS Dept, Lakireddy Bali Reddy College of Engineering,, and Research Scholar,

Acharya Nagarjuna University, Guntur. E-mail: [email protected] Mobile: 98855 55984

**Prof. S. Vijaya Raju, M.B.A, Ph.D.(Retd) Dean Faculty of Commerce & Management Studies,

Acharya Nagarjuna University, Guntur.

A B S T R A C T

The MSME sector, an engine for Indian Economic Development, contributes 28.77 per cent in

GDP, accounts for 45 per cent of the manufacturing output, and 40 per cent of the total exports of Indian

Economy. This sector is estimated to employ about 59 million persons in over 26 million units through

the country. The potential demand for MSME finance is estimated at $8. 9 trillion, compared to the

credit supply of $3.7 trillion. The finance gap of MSMEs in developing economies is valued at $5.2

trillion which is equivalent to 19 per cent of GDP. Besides, there is an estimated $2.9 trillion potential

demand for finance from informal sources as equivalent to 10 per cent of the GDP. Globally 65 million

formal MSMEs are credit constrained representing 40 per cent of MSMEs in 128 reviewed countries.

There are many lenders working to feed financial and capital requirement for SMEs like SFCs, MSME,

Pradhan Mantri Mudra Yojana (PMMY), SIDBI Make in India Soft Loan Fund for MSMEs

(SMILE),Venture Capital Funds, IDBI, all commercial banks and NBFCs, etc. Among the all, State

Finance Corporations (SFCs) are the major players, funding to SMEs and providing capital to SMEs.

APSFC has been offering financial assistance and other kinds of support to the SMEs to expand

employment and encourage new units.

Small and Medium Enterprises (SMEs) are levers and catalysts of growth, play a key role in

transiting economy towards growth stimulus. The State Finance Corporation (SFC) Act, 1951, was

enacted with the object of providing medium and long-term financial assistance to SMEs, ensure

economic growth with accent on balanced regional growth and widening of the entrepreneurial base

through encouragement of new entrepreneurs in the country. The State Financial Corporations (SFCs)

are State-Level Financial Institutions play a vital role in the development of SMEs in the respective

States in tandem with national priorities.

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Vol XII Issue XI 2019

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http://pjrpublication.com/1

APSFC- The Catalyst of Growth

India embarked on a journey of economic liberalization, opening its doors to

globalization and market forces (McKinsey, 2018) and emerged as the Fastest Growing Major

Economies and the Wealthiest Economies (W10) (Business Today, 2018) in the world with a

focus on employment, education and agriculture in the medium-term. Real GDP growth to

clock 6.75 % this Fiscal (2017-18) and the growth projection at 7- 7.5 % in the FY 2018-19

and it would be 5-trillion economy from the disruptions related to the implementation of GST

and Demonetization.1 Once the impact of transient factors wanes, the economy heralds better

prospects in Financial Year 2019. Some of the headwinds inter alia include backlash against

globalization, anemic pace of credit growth, the slowdown in the rural economy, the sluggish

growth in manufacturing and private sector services, retaining human capital talentum, coping

with climate change etc.,2 Yet, India’s macro-story is expected to continue to become more

attractive. The Financial, Fiscal and Tax Reforms initiated by the Govt., Of India has

underpinned India’s long-term growth potential exclusively the push to SMEs creating $ 21 bn

Unicorns would lead to a 1 per cent growth in the economy. Thus, the Indian Economy is

expected to become even more resilient, thus giving sufficient operational comfort and cushion

to investors.

Small and Medium Enterprises (SMEs) are levers and catalysts of growth, play a key

role in transiting economy towards growth stimulus. The State Finance Corporation (SFC) Act,

1951, was enacted with the object of providing medium and long-term financial assistance to

SMEs, ensure economic growth with accent on balanced regional growth and widening of the

entrepreneurial base through encouragement of new entrepreneurs in the country. The State

Financial Corporations (SFCs) are State-Level Financial Institutions play a vital role in the

development of SMEs in the respective States in tandem with national priorities.

In pursuant to the above, Andhra Pradesh State Financial Corporation (APSFC),

a State-Level Development Financial Institution (DFI), was established in 1956 for promoting

Small and Medium Enterprises (SMEs) in the State of Andhra Pradesh under the provisions of

the State Financial Corporation' (SFC) Act,1951, with a prime focus on infusing

1. Kovvali,B P & S. R. Podapala (2018)., GST Accounting- The New Wave of Accounting, AIMS

Journal of Management, Excel India Publishers, pp:29-32. (ISBN:978-93-88237-03-1).

2. P. Siva Reddy (2018)., Human Capital Talentum Analytics, Journal of SDMIMD, Mysuru. (ISBN:

978-93-83302-35-2 ).

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entrepreneurial spirit among entrepreneurial class.3 It also provides term loans, working capital

term-loans, and special-seed capital assistance to SMEs thereby contributing Balanced

Regional Development (BRD) of the State of Andhra Pradesh.4

Globalization and trade liberalization have ushered new opportunities as well as

challenges for SMEs in developing and transition economies. To add some woes, due to their

size, SMEs are constrained by non-competitive real exchange rates, limited access to finance,

cumbersome bureaucratic procedures in setting up, operating and growing a business, poor

infrastructure, lack of effective institutional structures etc.,5 To address the afore cited

maladies, enabling a holistic environment for the development of SMEs, the comprehensive

study on financial as well as operational performance of APSFC is imminent, significant and

dire need keeping in view the sanctions, disbursements, and recoveries of APSFC to SMEs in

the Unified State of Andhra Pradesh in general and Sun Rise State of Andhra Pradesh in

specific.

Need for the Study

In order to provide medium and long-term credit to industrial undertakings, Industrial

Financial Corporation of India (IFCI) was set-up under the Industrial Finance Corporation Act,

1948.6 The main objective of the IFCI was to provide credit to industrial undertakings, which

fall outside the normal banking activity. The desirous intentions of State Governments to

supplement the activities of IFCI, the State Financial Corporation Act, 1951, was passed to

empower financial assistance to MSMEs, and also providing loans to Sole Trading Concerns,

Partnership Firms, Private and Public Limited Companies. At present, there are 19 State

Financial Corporations in India. Out of these 18 were set up under the State Financial

Corporations Act (SFCs), 1951. However, the Tamil Nadu Industrial Investment Corporation

Ltd. established in 1949 under the Companies Act as Madras Industrial Investment

Corporation, also functioning as an SFC.

3. Dangwal, R.C. (1989). “Institutional Financing & Industrialization.” Deep and Deep Publications,

New Delhi.

4. Singh, S.P., Arora, A., Anand, M. (1991). “Performance Evaluation of SFCs-A Comparative Study

of PFC and HFC.” Prajnan, 20(3).

5. Prof. V. Narasimha Rao, (2018)., Role of Andhra Pradesh State Finance Corporation (APSFC) in

the Growth of Micro, Small and Medium Enterprises (MSMES) in Andhra Pradesh – A Study,

IJMS.

6. The State Financial Corporations Act, 1951, The Arrangements and Sections

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The Study entitled ‘Performance Evaluation of Andhra Pradesh State Finance

Corporation (APSFC)’ evaluates the Financial as well as Operational performance of SFCs

in India in general and the Andhra Pradesh State Finance Corporation (APSFC) in specific

during 2008-09 to 2017-18. The Sun Rise State of Andhra Pradesh encourages andhrapreneurs

to start-up SMEs, thereby making Andhra Pradesh the future startup capital of India. SMEs are

engines of economic growth and barometers of economic prosperity and progress. The study

is diagnostic, innovative and empirical in nature. The uneven development of SMEs and

untimely distribution of loans and advances to SMEs spurs balanced regional growth across

different States and Regions. The Financial Performance of SFCs in India does not cut

impressive picture and their Operational Performance is in red.

Hence, an attempt has been made to evaluate the Financial as well as Operational

Performance of SFCs in India in general and Andhra Pradesh prior and post-bifurcation in

specific with a focus on SMEs. The study aims at offering suggestions to APSFC to encourage

SME - Start Ups, SME-Financing, inculcating Andhrapreneur - Cult, and infusing

entrepreneurial spirit in the Sun Rise State of Andhra Pradesh.

Review of Literature

L M Bhole and JitendraMahakud (2017) evaluated the issues and intricacies of SFCs

functioning in India. They opine SFCs promote SMEs of the States and also ensure Balanced

Regional Development, higher investment, more employment generation and broad ownership

of industries. SFCs operate as Regional Developmental Banks and assisting SMEs for their

modernization, technology up gradation and increase the scope and coverage their assistance.

The resources of SFCs come from: a) Share Capital, Reserves, Bond Issues, Loans from RBI

and State Governments; b) Re-Finance from RBI; c) Fixed Deposits from State Governments;

d) Local Authorities and General Public; e) Assistance from IDA.

They criticize that SFCs charge higher rates of interest and hard terms of conditions,

limited and inadequate financial resources, ever increasing magnitude of over dues due to

delaying implementation of projects and bias in sanctioning of loans to SMEs.

N. Ravi Babu, M. Shankar and G. Sunanda (2015) observed variations in financial

assistance provided to the three regions in the earlier A.P. The formal capital region (unified

Aundhra Pradesh) has been provided major share of the total finance neglecting the districts in

the periphery. And suggested linking the borrowing power with equity as per the provisions of

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the SFC Act helps the potentiality of the Corporation in lending operations. A high degree of

debt component in capital structure increases the risk and may lead to financial distress in

adverse times. A high cost of funds employed makes it very difficult to improve the profitability

of the Corporation. However, it has helped SMEs in all the regions and the issue of

development of the backward regions has been addressed.

C. Viswanatha Reddy (2013) examined that number of applications sanctioned with applied

amount, flow of assistance in terms of sanctions and disbursements, flow of assistance to the

small scale sector, Recovery performance of the Corporation, Income and expenditure,

Operating and net profit, Growth in net worth, Capital adequacy ratio, Asset quality and

reduction of NPAs, Cost of borrowings and return on average assets. At the end of the analysis,

some viable and useful suggestions are offered to tone up the overall performance of the

Corporation for Industrial development in Andhra Pradesh.

Database and Methodology

The study is empirical and explorative in nature. It is based on both the primary and

secondary data. The sources of secondary include the office records, annual reports,

performance and review reports of the SFCs in India and APSFC in specific. In addition, the

published and unpublished data from the sources like Comptroller and Auditor General (CAG),

Ministry of Statistics and Programme Implementation (MOSPI), State Finance Commission -

Government Of India form the basis of secondary data. The published articles from the standard

journals and the literature from reputed books, unpublished dissertations constitute the

secondary data.

Objectives of the Study

The main objective of the study is to evaluate the performance of State Finance

Corporations (SFCs) in India in general and the Andhra Pradesh State Finance Corporation

(APSFC) in specific. The other objectives include:

1. - to examine the Financial Position as well as Operational Performance of APSFC

during 2007-2017;

2. - to elucidate the disbursements, sanctions and out-standings of APSFC to SMEs

in Andhra Pradesh in general and on the Districts AP specific;

3. - to elicit the responses of ‘First-Gen Entrepreneurs’ and provide analytics on

APSFC- SME Financing;

4. - to suggest measures for nurturing Entrepreneurship and encouraging First

Generation Entrepreneurs in the Sunrise State of Andhra Pradesh.

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The Operative and Financial Performance Evaluation of APSFC

Financial performance analysis is the process of determining the operating and financial

characteristics of a firm from accounting and financial statements.7 The goal of such analysis

is to determine the efficiency and performance of firm’s management, as reflected in the

financial records and reports.8 performance is the indicator how efficiently the organization

is managed and how effectively and efficiently the human and other resources are utilized

in the firm. There are two types of firm performance financial and non-financial.9Financial

performance measurement is based on many decisions such as executive compensation, stock

prices, stock risk, decisions related to investment, and many other cases.10 The management

should be particularly interested in knowing the financial weakness of the firm to take suitable

corrective actions. The future plans of the firm should be laid down in view of its financial

strengths and weaknesses. Thus, financial analysis is the starting point for making plans before

using any sophisticated forecasting and planning procedures.

The Financial Analytics of APSFC

The APSFC as premier state level financial institution, as an integral part of the

development financing system in the country has gained prominence for playing its role in the

achievement of rapid and high quality industrial growth in the state.11 It offers a package of

assistance to the entrepreneurs to enable them to translate their project ideas into reality.12 It

has been continuously doing its best in every possible area of its operations to retain its premier

position among the SFCs in the country.13

7. Athma, P., & Lakshmi, N.R., (2012) APSFC: Performance since inception, Asian Journal of

Research in Banking and Fiance, Vol.2, No.6.

8. Bhunia, Amalendu & Somnath Mukhuti, Sri & Roy, Sri Gautam. (2011). Financial Performance

Analysis-A Case Study. Current Research Journal of Social Sciences.

9. Ali Matar & Bilal (2018)., Determinants of Financial Performance In the Industrial Firms, Research

Gate.

10. Chashmi NA and Fadaee M (2016)., Impact of Financial Performance and Growth Opportunities

on Success or Failure of Companies: Evidence from Tehran Stock Exchange, Journal of

Accounting and Marketing.

11 . C. V Reddy & C N Reddy (2003)., APSFC- ROOF Model Profitability’ Banking Finance, Vol.

XVI, No.6, pp:3-8.

12. Bhat, A.R., (2012)., Financial Statement Analysis of APSFC, Arth Prabhand: A Journal of

Economics and Management, VOl.1, No.7, pp:10-15.

13. Financing of Small Scale Units by APSFC- A Study (June 1995) SEDME.

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Sanctions and Disbursements of APSFC

The APSFC has posted brilliant performance in its business operations with

improvement in the key operational areas of sanctions and disbursements during the study

period. The data relating to sanctions and disbursements dealt on 31st March of every year

shown in Table 1.

Table-1: APSFC – Sanctions & Disbursements

SANCTIONS & DISBURSEMENTS (Rs. In Crores)

S. NO YEAR SANCTIONS DISBURSEMENTS Change in % Not

Disbursed

1 2008-09 885.67 685.7 0 199.97

2 2009-10 1052.38 707.99 3.3 344.39

3 2010-11 1386.38 904.35 27.7 482.03

4 2011-12 1368.82 936.89 3.6 431.93

5 2012-13 1430.12 951.41 1.5 478.71

6 2013-14 1315.34 882.76 -7.2 432.58

7 2014-15 694.59 673.86 -23.7 20.73

8 2015-16 1261.99 758.11 12.5 503.88

9 2016-17 999.5 728.52 -3.9 270.98

10 2017-18 1031.87 713.42 -2.1 318.45

Source: Annual Reports of APSFC; 2008-09 to 2017-18

Result-1: Correlation between Sanctions and Disbursements

CORRELATION BETWEEN SANCTIONS AND DISBURSEMENTS

Mean Std. Deviation N Pearson

Correlation Sig. (2-tailed)

SANCTIONS 1142.6660 246.07346 10 0.908 0.0001

DISBURSEMENTS 794.3010 110.99505 10

Source: Table-1.

The above table provides an opportunity of critical assessment of the functioning of the

Corporation. The disbursements of the APSFC as percentage of the amount sanctioned reveal

in a fluctuating trend. Undisbursed amount is higher in the year of 2015-16 and it is low in

2014-15. The result 1 table reveals that is a significance relation between sanctions and

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disbursements of loans by APSFC during the study period. The two tailed test showing the

level of significance 0.0001 between sanctions and disbursements.

Recovery Performance of APSFC

Recovery of funds distributed among industrial units as per schedule is one of the key

operational performances of the APSFC, as it directly affects resource mobilization required

for the further lending activities. Further, regular periodical and prompt recovery of funds from

the borrowers makes the SFCs to maintain liquidity resulting in the improvement of the

profitability. On the other hand, poor recovery results in the mounting up of overdue.

Therefore, the emphasis should be necessary on better recovery performance in the APSFC to

achieve better operational results and consequent generation of high profitability.

Table-2: Recovery performance of APSFC

RECOVERY PERFORMANCE (Rs. In Crores)

S.

NO YEAR PRINCIPAL INTEREST TOTAL Change in %

1 2008-09 449.25 208.83 658.08 0

2 2009-10 528.04 257.08 785.12 19.3

3 2010-11 614.48 287.9 902.38 14.9

4 2011-12 636.14 330.33 966.47 7.1

5 2012-13 619.31 369.68 988.99 2.3

6 2013-14 668.14 408.3 1076.44 8.8

7 2014-15 776.76 437.26 1214.02 12.8

8 2015-16 857.31 416.07 1273.38 4.9

9 2016-17 778.31 396.45 1174.76 -7.7

10 2017-18 844.91 374.01 1218.92 3.8


Principal Recovery CAGR= 6.52

Interest Recovery CAGR= 6.000

Total Recovery CAGR= 6.3578

Principal recovery is higher than recovery of interest during the study period. The

Compounded Annual Growth rate of Principal recovery is 0.52 per cent higher than the interest

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recovery of APSFC. It is showing that more focus should be there on interest recovery practices

too.

Income and expenditure of APSFC

Income is the amount of money a person or organization received over a period of time

either as payment for work, goods, or services, or as profit on capital. Expenditure is the

spending of money on something, to acquire resources or to make the resource to perform the

work. If the income is greater than the expenditure, the result would be the net profit and vice-

versa. The data relating the income and expenditure of the Corporation over the study period

is provided in Table 3.

Table-3: Income and expenditure of APSFC during the study period

INCOME & EXPENDITURE (Rs. In Crores)

S.

NO YEAR INCOME EXPENDITURE PROFIT Change in %

1 2008-09 237.53 192.95 44.58 0

2 2009-10 288.17 188.52 99.65 123.53

3 2010-11 322.43 222.15 100.28 0.63

4 2011-12 368.02 222.12 145.9 45.49

5 2012-13 411.36 313.27 98.09 -32.77

6 2013-14 453.4 359.82 93.58 -4.60

7 2014-15 477.71 396.76 80.95 -13.50

8 2015-16 481.54 428.79 52.75 -34.84

9 2016-17 443.97 384.08 59.89 13.54

10 2017-18 438.56 348.21 90.35 50.86


Income- CAGR= 6.324

Expenditure CAGR= 6.085

Profit CAGR= 7.32

The growth rate of Profit is higher than its income level during the study period. It

indicates the good performance levels of APSFC in many dimensions. Profitability is one of

the key factors, to measure performance of any business unit in general. Hence, the

performance of APSFC is presumed to be good.

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Performance in certain key areas of Operations

The financial ratio income per employee is a measure of management efficiency.

Operating profit per employee takes the organization’s operating profit from the income

statement and divides it by the number of employees needed to produce that income. Operating

income is considered a superior measure since it looks at labor costs and it’s not affected by

non-operating or onetime adjustments to net income. Net income per employee or revenue per

employee is a company’s net income divided by the number of employees; however the

numbers are directly comparable when comparing firms of very similar nature.

Table-4: Key parameters

Performance in certain Key Parameters (Rs. In Lakhs)

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 CAGR

Per Employee operating

profit 8.35 19.28 20.04 24.06 23.81 23.22 22.3 15.93 19.44 33.1 14.77

Per Employee net profit 8.02 13.09 13.52 14.66 15.38 9.96 10.62 12.79 17.56 21.51 10.37

Per Employee sanctions 165.86 203.56 278.39 293.74 347.12 326.39 191.34 381.26 324.51 377.97 8.59


Result-2: Correlation Between Per Employee Sanctions and Per Employee Operating Profit

Correlation Between Per Employee Sanctions and Per Employee Operating Profit

Mean Std. Deviation N Pearson

Correlation Sig. (2-tailed)

Per Employee

Sanctions 289.0140 77.88912 10

0.54 0.107 Per Employee

Operating Profit 20.9530 6.34479 10

Source: Table 4.

The data provided in the above table witness that there is no significance relation

between per employee sanctions and operating profit, the level of significance is low between

per employee sanctions and per employee operating profit. The implied meaning is that the

operating expenses are higher to the institute.

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Result-3: Correlation Between Per Employee Sanctions and Per Employee Net Profit

Correlation Between Per Employee Sanctions and Per Employee Net Profit

Mean Std. Deviation N

Pearson

Correlation

Sig. (2-

tailed)

Per Employee

Sanctions 289.0140 77.88912 10

0.646 0.044 Per Employee Net

Profit 13.7110 3.89597 10

It is observed that there is a significance relation between per employee sanctions and

net profit, the level of significance is high between per employee sanctions and per employee

net profit.

Asset Quality of APSFC

Financial institutions are concerned with their loans since that provides earnings for the

bank or institution. Loan liquidity and asset quality are two terms with basically the same

meaning. Government bonds and T-bills are considered as good quality loans whereas junk

bonds, corporate credit to low credit score firms, etc., are bad quality loans. A bad quality loan

of higher profitability becoming a non-performing asset with no return. Non-performing assets

is a classification used by financial institutions that refer to loans that are in jeopardy of

difficult. Once the borrower has failed to make interest or principal repayment for 90 days, the

loan is considered to be a non-performing asset. NPAs are problematic for financial institutions

since they depend on interest for income. The data relating to the gross NPAs of the

Corporation over 10 years is given in Table 5.

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Table- 5: Asset Quality & NPA Management

Asset Quality & NPA Management (Rs. In Crores)

S. NO YEAR STANDARD ASSETS NPAs Per cent

1 2008-09 1561.31 112.86 7.23

2 2009-10 1749.25 116.25 6.65

3 2010-11 2056.75 92.57 4.50

4 2011-12 2284.66 131.54 5.76

5 2012-13 2553.97 161.45 6.32

6 2013-14 2682.74 244.03 9.10

7 2014-15 2443.81 275.49 11.27

8 2015-16 2267.44 254.17 11.21

9 2016-17 2179.9 203.4 9.33

10 2017-18 2001.3 204.57 10.22


It is observed from the above table the NPAs are in increasing trend with proportionate

to standard assets for the study period. The proportionate is higher in the year 2014-15 with

11.27 per cent of standard assets and lower in 2010-11 with 4.50 per cent. Hence, the

Corporation must take right measures and proper policies to manage NPAs in better way.

Result-4: CORRELATION BETWEEN STANDARD ASSETS AND NPA'S

CORRELATION BETWEEN STANDARD ASSETS AND NPA'S

Mean

Std.

Deviation N

Pearson

Correlation

Sig. (2-

tailed)

STANDARDASSETS 2178.1130 348.99981 10 0.617 0.057

NPA'S 179.6330 65.64009 10

Source: Table 5.

The data provided in the above table says that there is no correlation between standard

assets and NPAs. The level of significance between standard assets and NPAs is low.

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Findings & Conclusion:

From the study of the operations of the APSFC, it is noticed that it occupies a premier

place among all the SFCs in its lending operations. The sanctions and disbursements made by

it have more volatile during the study period. It is due to constraints in resource mobilization

and poor recovery performance. The percentage of sanctions and disbursements of SFC shows

ups and downs during the study period.

Recovery performance of the APSFC is good and continuously increasing during the

study period. It reveals that the recovery policies, strategies and plans are good, and

implementing correctly by the corporation.

There are huge fluctuations in profits (both operating and net profits) during the study

period of the Corporation. It shown high volatilities in its profitability in the said period. Per

employee operating profit and net profit are good during the study period.

The proportionate and volume of non-performing assets are in increasing trend during

the study period. Due to many issues the amount of overdues increased and resulted in higher

bad debts and also resulted in increasing of non-performing assets.

Bibliography

Books

Dr. Maturi Balakrishna Rao & Dr. T. Sreekrishna, MSME (2018)., KEY Publications, Guntur, Andhra

Pradesh.

L M Bhole and JitendraMahakud (2017)., Financial Institutions and Markets: Structure, Growth &

Innovations, 6th Edition, McGrawHill Education, Chennai.

K. V. Ramana Reddy (2006)., Role of state finance corporations in development: a study of Anantapur

District, A.P., Hyderabad Publications, Hyderabad.

Girish Kumar Patra, & Prakash Ch Misra (2003)., Institutional Financing for Small-scale Industries,

Discovery Printing House, New Delhi.

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Articles

R.V. Sankara Rao (2018)., A Study on Financial Performance of APSFC, International Journal of

Research and Scientific Innovation (IJRSI) | Volume V, Issue VI, ISSN 2321–2705 , pp-111-114.

V. Narasimha Rao (2018)., Role of APSFC in the Growth of MSMEs in Andhra Pradesh, International

Journal of Management Studies, ISSN 2231-2528, pp- 19-25.

Singh S & Minakshi P (2017). Unleashing the growth potential of Indian MSMEs. Comparative

Economic Research, 20(2), 35-52

Nukapongu Ravibabu & Sadhu Kamal (2015)., Analysis of Region wise Financing to SMEs by APSFC

in Andhra Pradesh, SEDME Journal, Volume 42. No.1.

References

Brajaballav Kar & Shyama Prasad (2015)., Revisiting the Role of State Financial Corporations for

Entrepreneurship Finance in India: 'Phoenix'or a 'Swan Song'? Siddhant Volume 15, Issue 1, pp-

32-39.

C. Viswanatha Reddy (2013)., Operational and Financial Performance of Andhra Pradesh State

Financial Corporation (APSFC): An Overview, Indian Journal of Finance, Mar, p.p. 5-18.

Dr. N Suseela Bharathi, Dr. R Vijaya Bhaskar (2014)., Entrepreneur Development Through APSFC,

Blue Ocean Research Journals, Vol. 3.

N. Ravi Babu, M. Shankar and G. Sunanda (2015)., Analysis of Region-Wise Financing To SMEs By

APSFC, Journal of Small Enterprises Development, Management & Extension (SEDME), p.p. 55-73.

URL

www.apfinance.gov.in www.sebi.gov.in www.financeindia.org

www.smeindia.com www.mofpi.nic.in https.msme.gov.in

www.rbi.org www.apindustries.gov.in www.apiic.in

www.dcmsme.gov.in www.sidbi.in

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http://www.apfinance.gov.in/

http://www.sebi.gov.in/

http://www.financeindia.org/

http://www.smeindia.com/

http://www.mofpi.nic.in/

http://www.rbi.org/

http://www.apindustries.gov.in/

http://www.apiic.in/

http://www.dcmsme.gov.in/

http://www.sidbi.in/

Documents

Performance Evaluation of Andhra Pradesh State Finance