A project report on working capital management with special reference to bagalkot cement industry...

WORKING CAPITAL MANAGEMENT With Special reference to BAGALKOT

CEMENT INDUSTRY LTD”

Babasabpatilfreepptmba.com

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INDEX

S.NO. PARTICULARS

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Executive summary

Introduction

--Industry Profile

--Company Profile

--Product Profile

--Organization structure

Project Details:

WC Management

Cash management

Receivables Management

DATA ANALYSIS

Statement of problem

Objectives of the study

Scope of the study

Methodology of data collection

Sampling design

Limitations of the study

DATA PRESENTATION

Financial ratio analysis




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Chapter 6

Chapter 7

Chapter8

FINDINGS, SUGGESTIONS, and CONCLUSIONS

BIBLIOGRAPHY

Annexure

EXECUTIVE SUMMARY




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The Bagalkot cements and industries ltd was incorporated on 6th

September 1955 it was

started by late shri. A.G.Tendulkar.The Company started its production with installation

of wet process kiln with a capacity of 300TPD in 1960. Initially it was started with one

Kiln, one raw mill and one cement mill as its machinery assets, 1200 strong workforce

and 990 acres of landed property.

The project report on “WORKING CAPITAL MANAGEMENT” is studied in

the “THE BAGALKOT CEMENT INDUSTRY LTD” at Bagalkot for a period of two

months as summer in plant training.

During the study I found that the company is carrying its activity in producing

cement. The company managers have co-operated with me a lot in completing my

summer-in-plant training. They have given me all the information that I need for my

study.

The study is conducted in order to know how the organization is maintaining the working

capital. So as to identify the problems of such a title and give suggestions and

conclusions. In addition to this concept studying the over all organization role of different

department functions of their respective departments, procedures and policies.

The basic objective of the study is to see the liquidity position of the company by

the help of ratio analysis.

The scope of the study is limited to working capital ratios and regarding the liquidity of

the company with whatever basic financial statements. It will help to understand the

company’s liquidity position.

PROJECT TITEL A study on working capital management with special reference to Bagalkot Cement

Industry ltd.




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OBJECTIVES OF THE STUDY

To study efficiency of working capital components in the organization

To know the liquidity position of the company by the help of ratio analysis.

To asses the working capital requirement of the company.

SCOPE OF THE STUDY

Analysis of working capital components in the B.G.K Cement.

Analysis of last five years financial Statements

Evaluation of Financial ratios is adapted to working capital

management.

METHODOLOGY OF DATA COLLECTION

The methodology of data collection pertains to information to how the data is collected

i.e. either from primary sources or secondary sources. It explains the methods utilized

and the instruments used in data collection.

SOURCES OF DATA

The sources of data can be classified in two categories:

Primary sources

Secondary sources

PRIMARY SOURCES

The primary data are collected by the thorough and detailed discussion was

conducted with the Assistant General Manager-Finance and Accounts. And the

discussion.

SECONDARY SOURCES

I used secondary sources also for collecting the data. They are:




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Information from the text sources

Information form the internet sources

Information from the materials provided by the concern

LIMITATIOMS OF THE STUDY

The study is confined only to a period of 5 years

Time Constraint

The study is used on secondary data such as annual reports of the

company.

Findings




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1 liquidity ratios

Current ratios: The current assets ratio as per the stander is 2:1. Through

calculation it is observed that, it has been decreased by 0.52 to 0.49 to 0.40 from

2003 to 2005. And again it decreased to 0.20 in the year 2006 but 2008 it increased to

1.83 but it doesn‟t reach the standard ratio, so it is unfavorable to the company.

2 Quick ratio: the quick ratio of the company has been decreased by continuously i

.e 0.31 to 0.29 to 0.20 to 0.13 from 2003 to 2006 & in 2008 it is slightly increased by

0.69.But it doesn‟t reaches the standard ratio which it is 1:1 it shows that companies

liquidity position of the company is not good, so it is unfavorable to the company.

3 Working capital turns over ratio:

The working capital turn over ratio indicates that working capital is less in

company. The working capital ratio of the company was 1.61% in 2003 & 2004 also

same 1.61 but it was decreases 0.93 to 0.52 to 0.98 times from 2005- 2008

respectively. In the firm there is continuous decrease for 5 year. It has decreased in

working capital turnover ratio so the firm is weak in working capital turnover ratio.

4 According to the statement of changes of working capital, amount is decreased

from year to year up to 2003 to 2006 but there is slight increased in the year 2008.

5 According to the current asset to total asset ratio the company is having less

current asset so better they have increases the current assets.

Conclusion

By analyzing the topic of working capital management in Bagalkot cement industry

ltd. I conclude that the company is having less working capital but in the year 2008

the working capital is increasing. So if the company maintains the constant working




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capital which helps perform the day to day business by increasing the current

assets. And the liquidity position of the company is also not satisfactory.

This project report helped me to get the knowledge on the working capital

utilization for better maintenance of the company.

Suggestions

1. Company need to increase the current assets turn over ratio by increasing in

their current assets.

2. The company needs to increase its current ratio by increasing its current

assets so it helps to maintain standard form 2:1.




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3. Liquidity position of the company is weak hence it should increase

investment in current assets.

4. Company properly has not invested in working capital during last four

years, so company should constantly strive to maintain the working capital.

HISTORY OF CEMENT INDUSTRY:

The history of Cement can be traced to the days of Babylonia and Assyria. The Egyptians

used clay motor in the Pyramids and Romans produced a type of Cement of by

mixing Volcanic Ash with Quicklime which, to this day, is often entirely free from

fissures whenever mankind has undertaken to build with any degree of permanence

and using rock, stone or brick, it has been found that some form of Cement is

an indispensable construction material.




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Before the development of Portland cement the Principal Cements were

Natural Cement and Puzzolan. Natural Cement is made from Cement rock, naturally

occurring limestone that needs only to be burned and pulverized. Puzzolan Cement is a

mixture of slaked lime and granulated blast furnace slag.

The history of Portland cement traces back to 18th Century when a patent

for making of Portland cement was obtained by Joseph, a brick layer of Leeds, England

in 1824. This Cement was called as Portland cement because when it hardened it

produced a yellowish Gray mass resembling in appearance the stone from the famous

quarry of Portland, England. The new Cement did not receive ready acceptance because

of the established reputation of the natural Cements. It was not the until the 1850 that

Portland and by 1860 the industry had developed in the European continent, particularly

in Belguam, Germany and France. The industry was well established in Europe before

the first patent to produce Portland cement was granted in 1872 in the US in the year

1904 Portland Cement entered into India since then it has been one of the major industry

Indian economy constituting a major share.

I remain ever grateful to all respondents for their co-operation

INDUSTRY PROFILE

India is 3rd

largest producer with total production capacity exceeding 102.2 MT,

including mini sector. China & Japan stands first & second in the world in the production

of cement.

It is great centralization & control in cement industry then any other industry in

India. The industry is well diversified over all the states of India.




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Cement plays an important role in the development of the country. Cement is

being used from more than 150 years of construction. The cement consumption

determines the infrastructure strength and development of the nation.

Since the manufacture of cement require huge raw materials like limestone, clay

& gypsum. The industry has been attracted at the point of minimum transportation costs

in relation to raw materials .Lime stone of excellent quality exists in abundance in many

parts of the country.

The history of cement industry in India started when the first plant was set up in

1904 at Chennai (Madras) in their earlier stage.

Now-a-days cement has become the essential unit used for the construction

works. The cement industries have been growing with global competence for quality and

satisfaction of the products.

COMPANY OVERVIEW

Name of the company: Bagalkot cements and industries ltd

(Kanoria groups)

Chairman : Ajay Kanoria




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Board of directors : K.A.Kandelwala

Vinayak Kanoria

D.B.Mundra

Shettar

Location : Bagalkot Dist, Karnataka.

Registered office : Air – India Building 14th

floor, Nariman

Point.

Mumbai-400021

Year of establishment: 6th September 1955.

Products : Bagalkot Shakti

Bagalkot supreme

Website : [email protected]

www.bagalkotudyoglimited.com

MISSION STATEMENTS

a. We will provide products of superior Quality at competitive price and ensures

sustained profitability and growth.

b. We will protect the interest of all concerned Promoters, Shareholders, Customers,

Distributors, Employees, Community.

mailto:[email protected]

http://www.bagalkotudyoglimited.com/




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c. We believe in fair trade practices, principles of integrity standard and strive for

total customer satisfaction, keeping the environment friendly.

d. We believe that our people are the most valuable assets, personal and

organizational growth synonymous.

e. We will treat our people with dignity, look after the safety, welfare of individuals

and their Families.

f. We will be a World Class organization through leadership, in production,

efficiency, cost of leadership by achieving the lowest consumption levels of fuel

energy and raw materials.

g. We will continue to be a moving force in our national progress.

SWOT ANALYSIS

STRENGTH:

It’s more workable in Coastal area.

Abundance of Lime stone (raw material) available in the region.

Its local brand & can be capitalized around Bagalkot surrounding area.

It has a formal technical collaboration with M/S Blue Circle Industries

Ltd., PLC,UK




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A large number of dealers network helps in facilitating better width and

depth of penetration in the market.

WEAKNESS:

Lack of marketing oriented activities or strategies due to more sales

orientation and profit consciousness lags to capture the market.

There are no interactions in the means of meetings and seminars with

Dealers.

Old plant & machinery.

People prefer Brand names like ACC, Vasavadatta, L&T, Rajashree,

OPPORTUNITIES:

The company can look forward for a bigger market by changing the name

of the product.

By utilizing existing dealer’s network and skill force, they can look

forward for more ventures in coastal areas.

THREATS:

Due to more consciousness towards pollution control social groups in the

region will provoke public to stop the production.

Due to environmental problem and global warming there is shortage of

rain in the state, which will effect the generation of power. The company

has to solely depend on its DC.

Compared to other company the technology of the plant is quite old.

PRODUCT PROFILE

PRODUCT OF THE COMPANY




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BCIL’S cement division produces two types of cement namely,

1. BAGALKOT CEMENT (PSC Portland slag cement) it is not having any grade.

Even after final reading on 28th

days, the strength will increase.

2. BAGALKOT SUPREME (OPC Ordinary Portland cement) it is 43-Grade

cement, on 28th

day the final reading is done. Thereafter the strength of the

cement remains the same.

Features of Bagalkot Cement :

Improved soundness

Higher long term strength

Resistance to attack by sea water

No risk on early age of Thermal cracking

Resistance to corrosion proof Reinforcement in concrete

Application of cement:

Bridges & Fly-over

Roads & pathway

Deep Foundation & Marine works

Water storage tanks & Reservoirs

Marine constructions like Ports, Harbors & Jetties

Effluent treatment plants & swages treatment plants

Chemical factories where acids & alkali aggregates are present.

Canal Linings

DEPARTMENTAL OVERVIEW

HUMAN RESOURCES DEPARTMENT

HR FUNCTIONS




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1. Human resource planning:

HR functions analyses jobs, skills, task-present and future project needs and uses

statistical data to plan human resource activity.

2. Recruitment & Placement:

First of all notification is made by Company according to the required vacancy in the

respective units. The further procedure is carried out by HRD (Asit. chakrovorthi)

*Application is accepted according to required norms.

*Srcutinisation is done and call letters are sent to the eligible Candidate.

*Candidates are called for interview.

*Suitable candidates are selected in personal Interview

*After completing the training session successfully and satisfactorily, the trainees are

placed accordingly to their Job specialization.

Special recruitment is conducted for local people whose lands have acquired by

company.

Also recruitment for sc/st candidates is conducted time to time. All the trained

workers are placed in the workshop or offices by the GM of respective shops

according to the organization’s needs with qualified individuals.

3. Induction:

Newly selected candidates are oriented about the organization and its various

aspects, with help of Supervisors under whom they starts working as assistant or

trainees.

4. Training& Development:

Selected candidates are taken as management trainees and given Training according

to their requirement .Besides these new employees. T&D dept also provides

opportunities for learning skills, information and attitude related to job for existing

employees.

5. Performance appraisal:

The performance of employees is monitored by HR department periodically.

7. Compensation & Benefits

Company focuses time productivity & talents through Compensation & Reward.

FINANCE DEPARTMENT




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Finance is the backbone of any Organization and therefore efficient management of

finance leads the organization to the success. The different sections and there

functions are given:

1. MAIN ACCOUNTS: Deals with accounting of official assets, interplant

reconciliation, co-coordinating section for all accounts, MIS etc.

2. PURCHASE ACCOUNTS: Deals with the payments and accounting of supplies,

Bills against purchase order of raw materials.

3. CASH ACCOUNTS: Deals with disbursement and receipt of cash as per bills

passed by the officers of various sections.

4. PLANT EQUIPMENTS A/c: Deals with the accounting of IPO investments in

planning units and is related to project.

5. STORES A/c: Deals with accounting and maintenance of stores ledger, receipts,

balance of receipts.

6. PROVIDENT FUND A/c: Deals with the accounting of provident fund, gratuity

etc.

7. SALES TAX A/c: Deals with the accounting of sales tax matters.

ORGANISATION STRUCTURE

Mktg

Mgr

System

Regional

Manager

Area

Sales

Manager

Sr. Sales

A/C

Mgr

A/C

Officer

Asst

Peons

L&P

Person

al

Officer

s

Security

Officer

Clerk

Clerk

HR

D

Office

rHR

D

R/M

Officer

Mgrs(store

s)

Asst Mgr

Purchase

Officer

Asst

Clerk

VP

(Power)

Mgr Elect

Asst Mgr

Elect

Jr. Engg

Mgr Elect

Mgr DG

Asst Engg

Operator

Mgr

Mgr

Kiln

Burner

Engg

Worker

Sr. Mgr

Mines

Asst Mines

Mgr

Asst Engg

Foreman




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DEPARTMENTAL OVER

PRODUCTION DEPARTMENT

It is the one of the essential unit of the organization, which converts available raw

material into saleable goods. It looks after the production of the cement and without this

department there is no question of running the industry. All the functions like crushing,

kiln, heating, packing all will be taken care by this department.

LABORATORY AND QUALITY CONTROL

He laboratory of BCIL, is well equipped with all modern instruments of testing

cement, here the cement sample is taken for test & is tested on the base of specialization

as recommended by the ISI & cement association of India. The features like setting time,




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compressive strength, color limestone, quality, clinker quality, gypsum, iron & grade of

cement is tested to its satisfaction & the similar process is carried on for all production of

cement tones.

STORE DEPARTMENT

In store department the things, which are required by the various department of

factory, are stored in proper way & in systematic racks. Every item from pin to bag is

stored & made available to the department as & when required so that there won’t to be

any stores manager & is assisted by this staff ever requirement of the employees like

dress etc stored.

ELECTRICAL DEPARTMENT:

It is the department which stores the power so generated in & center of power

supply & thus it regulates the power supply to the department in an economical way.

PRODUCTION PROCESS OF CEMENT PLANT

Cement is manufactured from various methods for eg wet process and dry process.

Bagalkot Cement Industries Ltd., manufacturers cement adopting Dry process method.

Various processes in the production are as follows.

1. Limestone:

The process starts with quarry where the limestone is found. Lime stone is chief

raw materials used. The contents of limestone are calcium carbonate (caco3 98%).




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Lime is formed after heating the limestone & carbon dioxide is released as by

product. Further the limestone has to be processed by reducing them in there size.

This is done by feeding the limestone into the crusher. The limestone is reduced

to the size round about 20-25mm.

2. Stockpile/blending:

The crushed raw materials are stored ready for use in many plants; a buildings

stockpile is used in order to assist in checking any chemical variations in the raw

materials coming from quarries. A stocker builds up a layer upon layer to from

the stockpile.

Depending on area of the quarry it comes from each layer may have slightly

different composition.

3. Raw milling/Ball mill

After milling in the correct proportions the limestone & the shale are fed to a mill

where they are ground to a fine powder called raw meal. In most modern plant, a

closed circuit hall milling system is used.

The ball mill basically a steel tube containing steel balls ranging is size typically

from 90mm downwards. The balls gradually grind the raw materials to a fine

powder. The mill is usually of single chamber design & may be fitted with a

classifying liming.

The lining has the effect of grinding the ball sizes of that the larger balls at the

inlet end when the larger pieces of raw material have to be broken & smaller balls

at the outlet end where the finger grinding takes place

4. Raw meal blending

The raw meal is then conveyed to silos for the future blending. It is essential for

raw meal to be of consistent chemical quality, if problems at the kiln stage are to

be avoided.

The base of the blending silo is divided into segments covered with porous tiles or

canvas blending is achieved by arranging for up to three times as much air to be

blown through one action of the base compared to the others tumbling mixing




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action is imported the raw meal after predetermined mixing time, or when the

technical department is satisfied, that the raw meal is of consistent chemical

composition.

5. Raw meal storage

The raw meal is from blending silo’s blow. It is now ready to be

Introduced to the next stage of the process, the kiln system.

6. Pre-heater (4 stage suspension):

The raw meal passes through a pre-heater. This 4 stages suspension pre-heater is

just one of the many types in use. It consists the 4 stage of cyclones. Hot exhaust

gases from the kiln enter the bottom of the pre-heater column at the stage 4 cycle

one & travel upwards through each of the other stage. The raw meal is fed the gas

dust from the stages 2 cyclone. The meal is immediately picked up by the hot gas

& carried into the stage 1.

This process continues until the meal falls from the stage 4 cyclone & into the

kiln in let chute or hearth. At reaching pre-heat stage, heat from the hot gases is

transferred to the meal. Then gases from the kiln enter the pre-heater at about

1000 degree centigrade & leaves stage 1 at about 350*c the raw meal leaves stage

at about 800*c.

7. Calcinations

At this temperature of 800 c, the calcinations of the calcium carbonate in the raw

meal, that is conversion of cac3 to line has started. About 30% of calcinations will

have take place by the time the raw meal reaches the kiln

8. Dust control electrostatic precipitators:

To prevent dust from the kiln or raw milling system entering the atmosphere, the

gas is passes through electrostatic precipitators. To condition the dust laden gas

using a water spray, either in the preheater or in as external conditioning lower.




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As the dust laden gas enters the chamber in which electrodes & earthed collector

plates by vibrating the collector plates periodically the dust drops into the happer

& is returned with the raw meal to the kiln system.

The cleaned exhaust gas, mainly carbon dioxide nitrogen & water vapor, can then

be safely released into the atmosphere.

9. The kiln:

The partially pre-heated clacinized raw meal is fed to kiln through a steel tube

typically with a length to diameter ratio of 16:01 & in cloned at an angle of about

3*.

It rotates at a speech of 3rpm on a system of rollers & is driven through a

mounted belt around the circumference. The seals at either end of the kiln are

designed to prevent the ingress of cold air & to accommodate expression &

rotation. The kiln is lined refractory bricks & fired either by oil or gas at the lower

end.

If coal is used, it must be pulverized often using a ring roller mill such as this. If

heavy fuel oil is used, it must first be heated to reduce its viscosity & aid

atomization. Raw meal from the pre-heater enters at the end & gradually moves

down that the kiln

Rotates. At firstly of the calcinations takes place so that the feed consists mostly

of lime, silica, alumina & iron all in a hot reactive state.

The hottest part of the kiln is near the tip of the frame. This is the burning zone

where the feed as at temperature of around 1450*c & is in a partially molten state

it is here that the four main constitutes of the feed by chemical reaction from

cement clinker.

10. Clinker:

A mix of complex compounds referred to in cement chemist’s nations as c2s, c3a

and c4af.

11. Grate cooler:




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Another type of cooler is commonly used in the grate cooler. There is an empty

cooler; the reciprocating grate through which air is blown is visible.

As the clinker moves along the grate air cools it & the air itself cools the pre-

heater prior to relating the kiln as secondary combustion air. However, more air is

required for combustion is blown through the gate some of this excess hot air is

used to dry & cool the fired plants after cooling the clinker is stored ready for

grinding into cement.

12. Cement milling:

The mixture of clinker & gypsum now passes to the cement mill. Ordinarily, the

cement ball mill is similar to the raw mill. The cement mill is divided into 2 or 3

chambers by perforated steel diaphragms, each chamber containing a range of ball

sizes, but because cement required finer grinding the smallest balls is smaller than

those in a raw mill.

Classifying lining are often used in the 2nd

chamber mill to separate the ball size.

13. Open circuit milling:

Open circuit milling is often used for ordinary Portland cement (opc). Here the

cement is ground to required fineness in one pass through the mill. Open circuit

mills are generally longer than closed circuit mills for this reason. The ground

cement is conveyed directly away & the mill is vented in a dust filtration system.

14. Closed circuit milling:

In a certain circumstances closed milling can have advantage consuming less

power overall. The closed circuit system is similar classifier to that used raw

milling a separating out the coarse fiction of the mill production & returning it to

the mill for further grinding. This particularly suitable for hardening cement RHC

that has to be ground very finally.

15. Storage:

From milling the system, the cement is often pumped through pipes by what is

basically a screw fed blower. The speed screw delivers the cement into a high




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volume airflow provided by compressors. The air conveys the cement along a

pipeline to storage silos.

16. Dispatch:

Cement is bagged, prior to bulk dispatch by either rail or road. The latest packing

plants are fully automatic. For packing, various types of the bags are used like HDPE,

polythene bags, paper bags.




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PROCESS CHART




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GROWTH OF THE COMPANY

The present Management of Kanoria Group Keeping in view of the good prospect for the

Cement Industry has made many changes. In order to economize the Cost of production,

Management modernized the machinery’s and changed the production process from Wet

to Dry method. As a result, its capacity of production changed from 90 thousands tones/

annum to 3.3 lakh tones/annum. To bring more Technological changes in production the

management reached an agreement with M/s Blue Circle Industries PLC in 1985. Under

the services of BCI, it has been envisaged that the existing capacity 1000TPD will reach

to 1200 to 1500 TPD under existing resources only.

To meet the growing needs of the nation, another Wet process Kiln of 300TPD

was installed. The entire machinery for the two kilns was imported from M/s Krupps of

West Germany. In order to upgrade the capacity of the Kiln and bring operational

improvement, the company entered into a technical agreement with PLC UK, who is one

of the largest operating cement companies in the world.

The chief advantages of this technical agreement with Blue Circle are:-

1. Sustained increased production of cement.

2. Improved thermal efficiency of the Kiln.

3. Energy conservation.

4. Training.

5. Improved method of plant maintenance

In September 1982, to achieve fuel saving, the two wet process Kilns were replaced by a

new 1000TPD dry process Kiln, supplied by ACC Ltd. The precision and care observed

at Bagalkot cements and Industries Ltd., throughout the manufacturing process, reflects

in quality and product which surpasses the specifications laid down by the Indian

Standards Institution (ISI).The cement produced undergoes a number of physical tests

such as Compressive strength, Fineness, Setting time, Soundness etc.




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In order to overcome the chronic power shortage of the state electricity grid,

Bagalkot has installed a Diesel Generator set of 4000Kw capacity from Japan. With the

assistance of M/s Blue Circle BCI Ltd as set up a separate training department in the

company, which caters to complete training needs of the managerial, supervisory &

operating staff? BCI Ltd enjoys a unique distinction of offering cement in a variety of

packing bags viz. jute, & paper bags etc. according to customer needs & preferences.




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INTRODUCTION

MEANING OF WORKING CAPIPAL

FACTORS INFLUENCING WC REQUIMENTS

ESTMATION OF WC REQUIREMENTS

COMPONENTS OF WORKING CAPITAL MANAGEMENT

CASH MANGEMENT

RECIEVABLES MANAGEMENT

INVENTORY MANAGEMENT

INTRODUCTION




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As every enterprise knows that, working capital is the lifeblood and control of nerve

center of the business. Just as circulation of blood is the essential for maintaining

life, working capital is also essential for maintaining the smooth running of the

business.

The importance of working capital management is indisputable; Business

liability relies on its ability to effective management of receivables, inventory, and

payables. By minimizing the amount of funds tied up in current assets. Firms are able

to reduce financing costs or increase the funds available for expansion. Many

managerial efforts are put into bringing non-optimal level of current assets and

liabilities back towards their optimal levels.

Working Capital refers to the amount of capital which is readily available to

an organization that is, working capital is the difference between resources in cash

and readily convertible into cash (current assets) and organizational commitments for

which cash will soon be required (current liabilities).

Thus, working capital involves activities such as arranging the short-term

finance, negotiating favorable credit terms, controlling the movement of cash,

administrating accounts receivables and monitoring the investments also a great deal

of time.

Definition of working capital

Gerstenberg

“Working capital means current assets of company that are changed in the ordinary

course of business from one form to another, ex: from cash to inventories, inventories to

receivables, receivables into cash”

Shubin “Working capital is the amount of funds necessary to the cost of operating the

enterprise. Operating expenses involve investment in current assets, payment towards

overhead and expenses. Investment made in these heads is classified as working capital”.




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J. smith

“The sum of the current assets is the working capital of the business”

’’WORKING CAPITAL = CURRENT ASSETS – CURRENT LIABILITY”

Factors influencing working capital requirements

Nature of business – Important factor that determines requirement of working

capital is nature of business a firm is undertaking. Firm those are engaged in

production and marketing need more working capital compared to the firm

that are in trading or service oriented business. This is because

manufacturing units need more current assets compared to service oriented

units.

Seasonality of operations – Some firms’ products sell only during particular seasons.

For instance, air conditioners sell more during the summer than in the winter. Such firms

have greater working capital requirements during peak seasons and lower requirements

during other seasons. Firms whose sales are not affected by seasons have stable working

capital requirements.

Market conditions – The level of competition existing in the market also influences

working capital requirement. When competition is high, the company should have

enough inventories of finished goods to meet a certain level of demand. Otherwise,

customers are highly likely to switch over to competitor’s products. It thus has greater

working capital needs. When competition is low, but demand for the product is high, the

firm can afford to have a smaller inventory and would consequently require lesser

working capital.

Supply conditions – If supply of raw material and spares is timely and adequate, the

firm can get by with a comparatively low inventory level. If supply is scarce and




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unpredictable or available during particular seasons, the firm will have to obtain raw

material when it is available

Current Assets

Current Assets are resources, which are in cash or will soon be

converted into cash in “the ordinary course of business”.

Current Assets of a firm include –

Cash balances

Accounts receivables

Inventories of: -

- Raw material

- Work-in-progress

- Finished goods

The two major characteristics of current assets are –

They have a short life span. Cash balances are held only for a week or so;

accounts receivables typically are held for duration of 30-60 days and inventories

may be held for 30-100 days.

They are rapidly transformed into other asset forms. Cash is utilized to purchase

raw material. Raw material is converted to work-in-progress, which in turn is

converted to finished goods. Finished goods are sold for cash or credit, which

creates accounts receivables. Accounts receivables are finally realized in cash.

Current Liabilities

Current Liabilities are commitments, which will soon require cash

settlement in “the ordinary course of business”.

The Current Liabilities of a firm include-

1. Bills Payables

2. Sundry creditors/Accounts receivables

3. Accrued/outstanding expenses

4. Dividend payable.




33

CLASSIFICATION OF WORKING CAPITAL

Working capital can be classified on the basis of concept and on the basis of time.

Various types of working capital are as follows

1) On the basis of concept:

Working capital on this basis of concept is classified into

A) Gross working capital: It refers to total investment made in current asset.

Current assets are the asset which can be converted into cash within a short period of

KINDS OF

WORKING

CAPITAL

1. ON THE

BASIS OF

CONCEPT

2. ON THE

BASIS OF

TIME

GROSS

WORKING

CAPITAL

NET

WORKING

CAPITAL

PERMANEN

T OR FIXED

TEMPORAR

Y OR

VARIABLE

REGULAR RESERVE SEASONAL SPECIAL




34

an accounting year. Current assets include cash, debtors, bills receivables and short

term securities etc.

B) Net working capital: It is the difference between current assets and current

liabilities. Current liabilities are those claims of outsiders which are expected to

mature for payment within an accounting year and include creditors, bills payable and

outstanding expenses. Net working capital can be positive or negative. Positive net

working capital will arise when current asset exceeds current liabilities. A negative

net working capital occurs when current liabilities are in excess of current assets.

2) On the basis of time :

Classification of working capital in this case is made on the basis of time for which

investment is required. Kinds of working capital in this category are:

1) Permanent: Some portion of working capital always remains permanent or fixed.

This refers to minimum investment a firm has to make and keep in certain current

assets. Firm has to always maintain minimum cash balance, inventory, debtors etc. as

there current assets are required permanently. They are normally financed through

long term capital.

Such permanent working capital is further classified into

a) regular and b) reserve

a) Regular: regular permanent working capital is used in

Routine business operations.

b) Reserve: reserve working capital refers to some portion of working capital that is

kept as reserve to meet any contingency.

2) Temporary working capital: required of such capital varies or fluctuates depending

on season. Its requirement is not continuous it is normally finance through short term

sources, like overdraft, cash credit and other short term liabilities.

Temporary working capital is further classified into:




35

a) Seasonal working capital: requirement of working capital is based on

particular seasons

ex; winter, summer or festival seasons etc during these seasons there will be

additional demand for the products. To meet out such demand firm has to make

additional arrangement of working capital.

b) Special working capital: requirement of such working capital is necessitated to

meet demands of special occasion’s ex. Occasion of world cup cricket, Olympics,

kumba mela, elections. During these special occasions demand for goods and service

will increase. To meet such special demand firm has to make temporary arrangement

of working capital

ESTIMATION OF WORKING CAPITAL

REQIUREMENTS

Managing the working capital is a matter of balance. The firms must have sufficient

funds on hand to meet its immediate needs. The manufacturing oriented organizations are

the following aspects have to be taken into consideration while estimating the working

capital requirements. They are:

Total costs incurred on material, wages and overheads.

The length of time for which raw material are to remain in stores before

They are issued for production.

The length of the production cycle or work-in-process, i.e., the time

taken for conversion of raw material into finished goods.

The length of sales cycle during which finished goods to be kept waiting

for sales.

The average period of credit allowed to customers.

The amount of cash required paying day-today expenses of the business.

The average amount of cash required to make advance payments

The average credit period expected to be allowed by suppliers.

Time lag in the payment of wages and other expenses.




36

COMPONENTS OF WORKING CAPITAL

The components of working capital are:

Cash management

Receivables management

Inventory management

CASH MANAGEMENT

Cash is the liquid form of an asset. It is the ready money available in the firm or

with the business, essential for its operations. A firm needs the cash for the following

three purposes:

Transaction Motive: The firm must and should keep the funds for transactions like

purchase, sales etc. These activities, which are not known in advance, are not considered

while preparing a cash budget

Precautionary motive: The firm also keeps funds for the safeguard against

uncertainties, which are an integral part of business operations.

Speculative Motive: To tap profits from opportunities arising from fluctuations in

commodity prices, security prices, interest rates etc. The company with surplus cash is in

a better position to exploit such situations.

RECEIVABLES MANAGEMENT

Receivable represents amounts owed to the firm as a result of sale of goods or services

on the ordinary course of business. These are claims of the firm against its customers and

form part of its current assets. These receivables are carried for the customers. The

period of credit and extent of receivables depends upon the credit policy followed by the

firm. The main purpose of maintaining or investing in receivables is to meet competitors,

to increase sales, and to maintain a cordial relationship with the clients.




37

Receivables management is the process of making decisions relating to

investment in trade debtors. However, at the same time, investment in this current asset

involves cost considerations also. Therefore, there is always a risk of bad debts too.

Credit Evaluation

There are three approaches used for credit evaluation. These are:

Traditional Credit analysis

Numerical Credit Scoring

Traditional credit analysis

In the, assessment of the prospective customer is done based on the "five

C's of credit". They are:

Character- Identifies the moral attribute of the customer

Capacity - The customer's ability to meet credit obligations from the operating

cash flow.

Capital - Financial soundness of the customer

Collaterals- The goods pledged by the customers in the form of security

Conditions - The conditions prevailing in the economy.

Numerical credit scoring

The credit rating obtained under the traditional approach is judgmental in nature and

based on the assigned weights, which are subjective in nature. So, a more systematic

approach known as the numerical credit policy is used. Under this method, the factors for

credit evaluation are identified, and weightage is given to each according to their

importance.

INVENTORY MANAGEMENT

Every enterprise needs inventory for smooth running of its activities. It serves as a link

between production and distribution process. There is, generally a time lag between the

recognition of a need and its fulfillment. The greater the time lag, the higher the




38

requirements for inventory. The unforeseen fluctuations in demand and supply of goods

necessitate the need for inventory. Moreover, it provides a cushion for future price

fluctuations.

Inventory is the list of raw materials, work-in-process, or finished goods have

been waiting to be consumed in production or to be sold.

Inventory management involves the control of the current assets, namely raw

materials; work in process and finished goods. The main objective of inventory

management is to minimize the total cost- both direct and indirect, which are associated

with holding the inventories. A reduction in the excessive inventories has a favorable

impact on the company’s profitability.




39

STATEMENT OF PROBLEM




40

This project deals with the study about “Evaluation of Working Capital

requirements” in Bagalkot Cement Industry Limited.

OBJECTIVES OF THE STUDY

To study efficiency of working capital components in the organization

To know the liquidity position of the company by the help of ratio analysis.

To asses the working capital requirement of the company.

SCOPE OF THE STUDY

Analysis of working capital components in the B.G.K Cement.

Analysis of last five years financial Statements

Evaluation of Financial ratios is adapted to working capital

management.

METHODOLOGY OF DATA COLLECTION

The methodology of data collection pertains to information to how the data is collected

i.e. either from primary sources or secondary sources. It explains the methods utilized

and the instruments used in data collection.

SOURCES OF DATA

The sources of data can be classified in two categories:

Primary sources

Secondary sources

PRIMARY SOURCES

The primary data are collected by the thorough and detailed discussion was

conducted with the Assistant General Manager-Finance and Accounts. And the

discussion.




41

SECONDARY SOURCES

I used secondary sources also for collecting the data. They are:

Information from the text sources

Information form the internet sources

Information from the materials provided by the concern

LIMITATIOMS OF THE STUDY

The study is confined only to a period of 5 years

Time Constraint

The study is used on secondary data such as annual reports of the

company.

SAMPLING DESIGN

Sampling unit : Financial Statements

Sampling Size :Last five years financial statements




42




43

RATIO ANALYSIS

INTRODUCTION

The financial statement of a company contains a lot of information about the financial

performance of the company. Financial statements mainly consist of the Balance Sheet

and Profit and Loss Accounts. These statements give the overall picture of the company,

but to analyses each aspect of business extensively, financial ratios are used. The Balance

Sheet and the Statement of Income are essential, but they are only the starting point for

successful financial management. Financial Ratio Analysis derived from Financial

Statements analyses the success, failure, and progress of business.

Ratio Analysis is a very powerful analytical tool useful for measuring the

performance of an organization. The ratio analysis concentrates on the interrelationship

among the figures appearing in the mentioned financial statements. The ratio analysis

helps the management to analyze the past performance of the firm and to make further

projections.

Note: we have used the ratio analysis in this project in order to substantiate the managing

of working capital. For this, we used some of the ratios to get the required output.

Various working capital ratios used by me are as follows:

Liquidity ratios

Turnover/activity ratios

LIQUIDITY RATIOS

The liquidity ratios measure the firm’s ability to meet its short-term (less than one year)

obligations as and when they become due. Liquidity ratios establish a relationship




44

between cash and other current assets to provide a measure of then liquidity of the

organization.

The corporate liquidity has two dimensions namely, quantitative and qualitative

concepts. The quantitative concept includes the quantum, structure and utilizations of

liquid assets and in qualitative concepts, it is the ability to meet all present and potential

demands on cash from any source in manner that minimizes cost and maximize the value

of the form. Thus corporate liquidity is vital facto in business excess liquidity, through a

generator of solvency would reflect lower profitability, deteriorations in managerial

efficiency increased speculation and unjustified expansion, extension of too liberal credit

and dividend policies. Too little liquidity then may lead to frustrations of business

objections, reduced rate of return, business opportunity missed and weakening of morale.

The important ratios to measure the liquidity of a firm are:

A) Current Ratio

B) Quick/Acid Test Ratio




45

1) CURRENT ASSETS TO TOTAL ASSETS RATIO = Current Assets /

Total Assets

Interpretation

An increase in the ratio of current assets to total assets will leads to a increase in

profitability and decrease leads to technical solvency. The ratio’s fluctuating like during

the year 2003 it 0.216% and it is increased to 0.249% and it increased to 0.532% and

0.403% in the year 2007 and 2008 and in the last a slight decreased to 0.1867% in 2008

2) CURRENT LIABILITIES TO TOTAL ASSETS RATIO

Year Current

assets

Total asset Ratio

2002-2003 199735

922175

0.216

2003-2004 221599 887919

0.249

2004-2005 200370 376591

0.532

2005-2006 106758 264602

0.403

2006-2008 135060 723385

0.186

0.2160.249

0.532

0.403

0.186

0

0.1

0.2

0.3

0.4

0.5

0.6

times

2003 2004 2005 2006 2008

year

current asset to total asset ratio

times




46

=CURRENT LIABILITIES

TOTAL ASSETS

Year Current

Liabilities

Total Assets

Ratio

2002-2003 377914 922175 0.409

2003-2004 451021 887919 0.507

2004-2005 499078 376591

1.325

2005-2006 524239 264602

1.981

2006-2008 73665 723385

0.101

Interpretation

Effect of an increase in this ratio of current liabilities to total assets would be

that profitability is decreased and increased the risk. In the above ratio it is increased

from 0.409% to 0.507% from 2003 to 2004 but increase in the year 2005 up to 1.325%

and in the next year again is increased from 1.981% and decreased the year 2008 from

0.101% as compared to last two years.

3) Sales to fixed assets ratio

0

0.5

1

1.5

2

times

2003 2004 2005 2006 2008

year

current liabilities to total asset ratio

Series1




47

This ratio is differ from industry to industry. Increase in this ratio means trading is

slack or mechanization has been used. A decline in this ratio means that debtors and

stocks are increased too much or fixed assets are more intensively used. If current assets

increase with the corresponding increase in profit, it will show that the business is

expanding

Fixed assets to current assets ratio: fixed assets/current asset

Year Fixed asset

Current

asset

Ratio

2002-2003 709638 199735

3.55

2003-2004 653518 221599

2.94

2004-2005 163419 200370

0.81

2005-2006 145042 106758

1.35

2006-2008 588310 135060

4.35

Interpret

3.55

2.94

0.81

1.35

4.35

0

0.5

11.5

2

2.5

3

3.5

44.5

times

2003 2004 2005 2006 2008

year

fixed asset to current asset ratio

Series1




48

The sales to fixed assets ratio is 3.55% in 2003 and it is decreased to 2.94% in 2004 and

it is increased to 0.81% 2005 and 2006 it increased to1.35% and it is increased to 4.35%

in 2008. High ratio indicates favorable to company and low ratio indicates unfavorable to

company.




49

4) Current assets turn over ratio:

This ratio is also known as the investment turnover ratio. This is based on the relation

between the sales and assets of the company.

Current assets turn over ratio= Sales

Current assets

Year Sales Current

assets

Ratio

2002-2003 288341 199735

1.44

2003-2004 371190 221599

1.67

2004-2005 278734 200370

1.39

2005-2006 218403 106758 2.04

2006-2008 60435 135060

0.44

Interpretation

The current assets turn over ratio is 1.44% in 2003 and in further year increased to 1.67%

& decreased in the year 2005 1.39% to 2.04% to 0.4474% in the year 2008.high ratio

indicates favorable to company and low ratio indicates unfavorable to company.

1.441.67

1.39

2.04

0.44

0

0.5

1

1.5

2

2.5

times

2003 2004 2005 2006 2008

year

current asset turnover ratio

Series1




50

Liquidity Ratio

5) Current ratio:

Current ratio is the most common ratio for measuring liquidating being related to

working capital analysis it is also called the working capital ratio. Current ratio expenses

relationship between current assets and current liabilities.

Current ratio= Current assets

Current liabilities

Year current

assets

Current

liabilities

Ratio

2002-2003 199735 377914

0.52

2003-2004 221599 451021

0.49

2004-2005 200370 499078

0.40

2005-2006 106758 524239

0.20

2006-2008 135060 73665

1.83

INTREPRETATION

This ratio indicates higher the current ratio the larger amount of rupees available

per rupee of liability its standard rate is 2 ; 1 the above mentioned. The companies current

ratio is not satisfactory because there is an less amount in current asset than the standard

the firm. Because up to 2003 to 2008 it does not reaches the standard ratio.

0.52 0.49 0.40.2

1.83

0

0.5

1

1.5

2

times

2003 2004 2005 2006 2008

year

current ratio

Series1




51

6) Quick ratio:

Quick ratio is also known as liquid ratio or acid test ratio or near money ratio. It

is the ratio between quick or liquid assets and quick liabilities. As pointed out, the current

ratio in the study of solvency may be sometimes misleading due to high ratio of stock to

current assets.

Quick ratio= Quick assets

Quick liabilities

Quick assets = current assets- inventories

Quick liability= current liability- bank over draft

Year Quick assets

Quick

liabilities

Ratio

2002-2003 118488 377914 0.31

2003-2004 131886 451021 0.29

2004-2005 104048 499078 0.20

2005-2006 72918 524239 0.13

2006-2008 50839 73665

0.69

INTREPRETATION

Here the quick ratio standard is 1:1 were as the considered to a satisfactory for the

financial condition here the companies quick ratio is below one so the quick ratio is not

satisfactory. Because up to 2003 to 2008 it does not reaches the standard ratio.

0

0.2

0.4

0.6

0.8

2003 2004 2005 2006 2008

0.31 0.290.2

0.13

0.69

times

year

quick ratio

Ser…




52

7) Working capital turnover ratio:

It is taken as one of the primary indicators of the short-term solvency of the business. It

establishes the relationship with the net sales. This ratio represents the number of times

the working capital is turned over in course of a year i.e. it measures the efficiency with

which the working capital is being used by the firm.

WORKING CAPITAL TURNOVER RATIO = Net Sales

Net Working Capital

Year Net Sales Net working capital

Ratio

2002-2003 288341 178179

1.618

2003-2004 371190 229422

1.61

2004-2005 278734 298708

0.93

2005-2006 218403 417481

0.52

2006-2008 60435 61395

0.98

Interpretation

The ratio establishes relation between sales and net working capital The working

capital ratio of the company was 1.61% in 2003 & 2004 also same 1.61 but it was

decreases 0.93 to 0.52 to 0.98 times from 2005- 2008 respectively. In the firm there is

continuous decrease for 5 year. It has decreased in working capital turnover ratio so the

firm is unsatisfactory with its working capital turnover ratio. .

1.618 1.61

0.93

0.52

0.98

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

times

2003 2004 2005 2006 2008

year

working capital turnover ratio

Series1




53

CALCULATION OF

WORKING CAPITAL




54

1] Statement of changes in working capital

Particulars

As @ 31/3/03

Amts in

Rs‟000

As @ 31/3/04

Amts in

Rs‟000

Effect of wc

Increase

decrease

A. Current assets

Cash and bank balance

Other current assets

Loans and advances

Inventories

Sundry debtors

Total current assets

B. Current liabilities

Current liabilities

Provisions

Total current liability

Net current assets(A-B)

Increase or decrease in

working capital

Total working capital

14716

6300

36169

81247

61303

199735

367970

9944

377914

-178179

-178179

16680

6300

32726

89713

76180

221599

441154

9867

451021

-229422

51243

- 178179

1964

-

-

8466

14877

-

77

25384

51243

-

76627

-

-

3443

-

-

73184

-

76627

76627




55

Interpretation

The statement shows that the changes in working capital in the year 2002-

2003&2003-2004 it shows how the current assets & current liabilities are changes

in the two years. The different between current assets & current liabilities is net

working capital of the two years. 2003-2004 calculation shows that the working

capital was decreased.





56

Particulars

As @ 31/3/04

Amts in Rs.

„000

As @ 31/3/05

Amts in

Rs‟000

Effect of wc

Increase

decrease

A. Current assets



Loans and advances

Inventories

Sundry debtors



Current liabilities

Provisions




working capital


16680

6300

32726

89713

76180

221599

441154

9867

451021

-229422

-

-229422

9679

63,00

42916

96322

45153

200370

487569

11509

499078

-298708

69286

- 229422

-

-

10190

6609

-

-

-

16799

69286

86085

7001

-

-

-

31027

46415

1642

86085

-

86085




57

Interpretation


2004 to 2004-2005 it show that the working capital was decreased .the cash

& bank balance has decreased to 7001.

And sundry debtor was decreased to 31027.

And current liabilities is increased of rs 46415 & provisions 1642





58

Interpretation

Particulars

As @ 31/3/05

Amts in

Rs‟000

As @ 31/3/06

Amts in

Rs‟000

Effect of wc

Increase

decrease

A. Current assets



Loans and advances

Inventories

Sundry debtors



Current liabilities

Provisions




working capital


9679

63,00

42916

96322

45153

200370

487569

11509

499078

-298708

-

-298708

9217

6300

56818

33840

583

10,67,58

51,72,04

70,35

52,42,39

-417481

118773

-298708

-

-

13902

-

-

-

4474

-

18376

118773

-

141623

462

-

-

62482

44570

29635

-

-

137149

-

141623




59


2005 to 2005-2006 it show that the working capital was decreased .the cash

& bank balance has decreased to 44570.

And sundry debtor was decreased to 31027 & inventory also.

And current liabilities are increased of rs 29635.





60

Interpretation

Particulars

As @ 31/3/06

Amts in

Rs‟000

As @ 31/3/08

Amts in

Rs‟000

Effect of wc

Increase

decrease

A. Current assets



Loans and advances

Inventories

Sundry debtors



Current liabilities

Provisions




working capital


96,79

63,00

4,29,16

9,63,22

4,51,53

20,03,70

48,75,69

1,15,09

49,90,78

-29,87,08

360103

61395

13618

-

34813

84221

2408

135060

66597

7068

73665

61395

61395

3939

-

-

-

-

420972

4441

-

429352

-

429352

-

6300

8103

12101

42745

-

-

69249

360103

429352




61


2006 to 2006-2008 it show that the working capital is increased compare to

last 4 years. So the company is satisfactory with last year.

Findings

1 liquidity ratios

Current ratios: The current assets ratio as per the stander is 2:1. Through

calculation it is observed that, it has been decreased by 0.52 to 0.49 to 0.40 from 2003 to




62

2005. And again it decreased to 0.20 in the year 2006 but 2008 it increased to 1.83 but it

doesn’t reach the standard ratio, so it is unfavorable to the company.

2 Quick ratio: the quick ratio of the company has been decreased by continuously i .e

0.31 to 0.29 to 0.20 to 0.13 from 2003 to 2006 & in 2008 it is slightly increased by

0.69.But it doesn’t reaches the standard ratio which it is 1:1 it shows that companies

liquidity position of the company is not good, so it is unfavorable to the company.

3 Working capital turns over ratio:

The working capital turn over ratio indicates that working capital is less in company. The

working capital ratio of the company was 1.61% in 2003 & 2004 also same 1.61 but it

was decreases 0.93 to 0.52 to 0.98 times from 2005- 2008 respectively. In the firm there

is continuous decrease for 5 year. It has decreased in working capital turnover ratio so the

firm is weak in working capital turnover ratio.

4 According to the statement of changes of working capital, amount is decreased from

year to year up to 2003 to 2006 but there is slight increased in the year 2008.

5 According to the current asset to total asset ratio the company is having less current

asset so better they have increases the current assets.

Suggestions

1. Company need to increase the current assets turn over ratio by increasing in their

current assets.

2. The company needs to increase its current ratio by increasing its current assets so

it helps to maintain standard form 2:1.

3. Liquidity position of the company is weak hence it should increase investment in

current assets.




63

4. Company properly has not invested in working capital during last four years, so

company should constantly strive to maintain the working capital.

Conclusion

By analyzing the topic of working capital management in Bagalkot cement industry ltd. I

conclude that the company is having less working capital but in the year 2008 the

working capital is increasing. So if the company maintains the constant working capital

which helps perform the day to day business by increasing the current asset.

This project report helped me to get the knowledge on the working capital

utilization for better maintenance of the company..




64

BIBLIOGRAPHY

1. Financial Management By M.Y.Khan & P.K.Jain Edition

2. Financial Management BY I.M.PandeEdition




65

ANNEXURE

Balance sheet

Sources of funds 2003 2004 2005

Share shareholders funds

Loan funds

610762

457758

570,077

472636

98,480

495773

Total 1068520 1042,713 594,253




66

Application of funds

Fixed assets

Investments

Current assets loans and advances

Less: current liabilities & provisions

Net current assets

Miscellaneous expenditure

Profit & loss account

709638

12802

199735

377914

(178179)

3971

520288

653,518

12,802

221,599

451,021

(229,422)

2,978

602,837

163,419

12,802

200,370

499,078

(298,708)

2,163

714,577

Total 1068520 1,042,713 594,253

Balance sheet

Sources of funds 2006 2008

Share shareholders funds

Loan funds

98,480

109311

106,476

543,244

--




67

Total 207,791 649,720

Application of funds

Fixed assets

Investments

Current assets loans and advances

Less: current liabilities & provisions

Net current assets

Miscellaneous expenditure

Profit & loss account

145,042

12,802

106,758

524,239

(417,481)

1,481

465,947

588,310

15

135,060

73,665

61,395

--

--

Total 207,791 649,720

A project report on working capital management with special reference to bagalkot cement industry...

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