My Final IB PROJECT REPORT-Brijesh Mandani. (1)

8/9/2019 My Final IB PROJECT REPORT-Brijesh Mandani. (1)

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SUMMER INTERSHIP PROJECT

ON

WORKING CAPITAL IN INTERNATIONAL BUSINESS

AT

CADILA PHARMACEUTICAL LIMITED

SUBMITTED BY:

…………………….

SUBMITTED TO:

UNIVERSITY OF PUNE

GUIDED BY:

PROF:

PUNE – 411001

2014


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A!"#$%&'(&)&"*

Words are indeed indebted to convey our deep sense of gratitude to all

those ho have helped us in co!pleting this su!!er pro"ect to the best of our

ability# $eing a part of this pro"ect has certainly been a uni%ue and a very

productive e&perience on our part#

' ould li(e to than(s !y internal guide and pro"ect coordinator)

********##hose guidance in !y pro"ect or( hich as of such a great

learning e&perience# +e ac%uainted !e ith practical aspects pro"ect financing and

or(ing capital#

' ould li(e to than(s to our ,irector Prof# ******* and also to +-,

*********##) and all the faculties of *******##college for their

valuable guidance) (een interest) co.operation) inspiration / of course !oral support for

co!pleting !y pro"ect#

Na!e ***********

ign

#


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PREFACE

3his pro"ect or( is an integral part of the 3$$5 progra!# 3he !ain ob"ective of

the pro"ect is to or( in the organi6ation and gain the valuable (noledge of

!anage!ent s(ills that ill be useful in the future career building#

3he purpose is to study ho an organi6ation functions and ho to apply our

acade!ic (noledge in the corporate life# 5s a practical point of vie 7edila

Phar!aceutical 8i!ited) hich is one of the leading phar!aceutical co!panies in 'ndia)

has provided us such a great opportunity of pro"ect in their organi6ation# 't helps us to get

better understanding and or(ing of various theories of financial !anage!ent#

We have prepared the pro"ect report) hich contains folloing parts

19 3o study Wor(ing capital 5ssess!ent / :a&i!u! Per!issible $an( ;inance#

29 3o study the various for!s of 7:5 < 7redit :onetary 5ssess!ent 9 data for the

purpose of availing $an( ;inance prescribed by =eserve $an( of 'ndia#

9 3o find out the ratio related the 7:5#

We learned a lot fro! this training about the corporate life) hich ill be useful

to us in future# $ut as there is one li!itation that e can>t disclose all the financial and

other infor!ation about 7edila Phar!aceutical as per the co!pany policy) e have not

shon all the data in the pro"ect report


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DECLARATION

') M+. ………………………………, a student of A%%-"- I"*/**& # M-"-(&)&"*

S/&"&) P"&1 here by sole!nly declare that the pro"ect titled) ?W-=@'NA 75P'358 'N

'N3E=N53'-N58 $U'NE ith CADILA PHARMACEUTICAL LTD. :y original or(

as all the infor!ation) facts and figures procedures in this report are based on !y on e&perience

and study during !y su!!er training#

;urther ' also declare that ' have tried to !y best to co!plete this pro"ect ith al!ost sincerity)

honesty and accuracy# Even then if any !ista(e or error has found in this) ' shall !ost hu!bly

re%uest to reader to infor! those error# 5ny suggestions regarding this pro"ect ill be !ost

elco!e#

,ate .

Place . Pune


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T-3%& # #"*&"*

S&+/-% "#. P-+*/%-+

P-(&.

N#.

1E&*/5& S))&+6

7

2I"*+#'*/#"

8

9 C#)-"6 P+#/%&17

; L/*&+-*+& R&5/&$24

7 R&&-+< M&*7

12 C#"%/#">=

19 B/3%/#(+-

A""&+&


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E?ECUTIVE SUMMARY


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O3@&*/5& # P+#@&* R&#+*

19 3o study Wor(ing capital re%uire!nts/ :a&i!u! Per!issible $an( ;inance#

29 3o study the various for!s of 7:5 < 7redit :onetary 5ssess!ent 9 data for the

purpose of availing $an( ;inance prescribed by =eserve $an( of 'ndia#

9 3o find out the ratio related the 7:5#


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INTRODUCTION TO CADILA

PHARMACEUTICALS


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7adila Phar!aceuticals 8td# is one of the largest privately held phar!aceutical

co!panies in 'ndia) head%uartered at 5h!edabad) in the state of Au"arat# -ver the last

five decades) it has been developing and !anufacturing phar!aceutical products and

selling and distributing these in over B0 countries around the orld# 5n integratedhealthcare solutions provider ith phar!aceutical product bas(et) it caters to over B0

therapeutic areas that include cardiovascular) gastrointestinal) analgesics) hae!atinics)

anti.infective and antibiotics) respiratory agents) ant diabetics and i!!unological# 3he

co!pany focuses on providing high %uality) appropriately priced products to its

custo!ers and supports all these ith dedicated custo!er service# 7adila Phar!aceuticals

has a !ulticultural) !ultilingual and !ultinational or(force of !ore than four thousand

e!ployees including over to hundred people outside 'ndia in forty.nine countries of

5frica) 7') Gapan and U5#

3he co!pany has one of the best =esearch and ,evelop!ent


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V//#"

I-ur vision is to be a leading phar!aceutical co!pany in 'ndia and to beco!e a

significant global player by providing high %uality) affordable and innovative solutions in

!edicine and treat!ent#I


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M//#"

IWe ill discover) develop and successfully !ar(et phar!aceutical products to

prevent) diagnose) alleviate and cure diseases#

We shall provide total custo!er satisfaction and achieve leadership in chosen

!ar(ets) products and services across the globe) through e&cellence in technology) based

on orld.class research and develop!ent#


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International Business

'n line ith our vision to be significant global player by 2010 5#,#) 7adila Phar!aceuticals

is fast e!erging as a true 'ndian !ultinational#

5s part of our strategy) e have holly oned subsidiaries) "oint ventures) strategic

alliances) contract !anufacturing) on !ar(eting offices in 4 countries and have significant

presence in over 4C countries across the globe# -ur business revolves around the e&ports of

for!ulations) bul( actives) hospital disposables) veterinary for!ulations and phar!aceutical

!achinery !anufacturing#

$esides a significant presence in the 5!ericas) 7' 7ountries) 5frica) 7entral and outh.

East 5sia) -ceanic 7ountries) Gapan) :iddle East and Europe) the co!pany has offices in

U5) Gapan) @enya) Nigeria) =ussia) @a6a(hstan and U(raine# 3he 'nternational $U plans

to e&pand operations to !ore than 100 countries by 2010#

3he focus is on building brands in the folloing therapeutic seg!ents

• 5nti.'nfective

• Aastrointestinal

• 5nalgesicJ5nti.infla!!atory

• 7ardiovascular

• =espiratory

• -phthal!ology

• $io.technical Products


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5lliances e&ist ith regional !a"ors in the for! of 'nternational !ar(eting) "oint ventures

and contract !anufacturing# :ore such collaborations are underay to e&pand supply chain

netor( and facilitate e&tensive !ar(et coverage# 5n ultra.!odern for!ulations

!anufacturing facility confor!ing to the e&acting standards of W+-.A:P) U;,5):+=5U@) :77.outh 5frica) 3A5.5ustralia) 5NK'5. $ra6il) EU A:P) '- F002 and

Gapanese A:P is a value.addition to the 'nternational $U in fle&ing its !uscles in the

overseas arena# 3his $U has been honoured ith the 7he!e&cil 5ard) 2000.01 and Niryat

hree 5ard fro! ;'E-) for the year 2001.02#

With its basic philosophy of giving the best to the orld at an affordable price) 7adila

Phar!aceuticals continues to !a(e a difference in the lives of !illions) hile carving a niche

for 'ndian Phar!aceuticals e&ports) globally#

http://www.karnavatiengineering.com/http://www.cro.cadilapharma.com/


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C#"/'&+-*/#"

• 3he !a"or influence on the e&change rate is the supply and de!and of !oney#

When co!panies buy services and products fro! other countries) they !ust first

e&change their national currency for the currency of the country providing the product or

service# 3he price of that !oney is) effectively) the e&change rate# 3herefore) hen the

de!and for the !oney of a certain country goes up) its price generally rises accordingly#

E&*

• When the de!and and price of one currency rises) it often causes a depreciation in

another currency# ;or e&a!ple) if the United tates begins to buy a large a!ount of

products fro! Gapan) the de!and increases and so does the price of yen# 5t the sa!e

ti!e) !ore U## dollars are put in the international !ar(et to buy the yen that allo the

purchase of the products# 3his rise in the supply of U## dollars causes the! to drop in

price) or to depreciate#


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COMPANY PROFILE


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JOURNEY OF THOUSAND MILES BEGINS WITH ONE FOOTSTEP

O" 19*


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3hey have started E&port -riented Unit at @andla# 3hat unit as inaugurated

by Pri!e :inister hri!ati 'ndira Aandhi and as visited by !any central !inisters#

'n 1FF2 sale of 7adila gre to crores# o to have s!ooth ad!inistration and

distribution in all part of 'ndia) it as decided to appoint 7/; 5gents


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5ny re%uire!ent raised by factory ere produced by co!pany itself i#e# :achinery)

7orrugated $o&es) Printing etc# 7adila has developed :achinery !anufacturing unit

?CADMACL# 75,'85 has developed corrugated bo& !anufacturing unit ?CORPACL#

7adila has developed printing press ?PRINTORIUML# :ostly all units hich they havedeveloped have on national aards and E#+* A$-+'.

B6 *


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• +e! up. he!oglobin 3onic#

• 7atenol – 5nti +yper 3ension#

• Envas

• 5ciloc

3hey have launched hu!an rabies vaccine ?KE=-=5$L) ith collaboration ith

;rench co!pany#


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O+ O&+-*/#"

E/*/"(

7' – =ussia) U(raine) 8atvia) $elarus) 8ithuania) @a6a(hstan) Aeorgia) 5r!enia):oldova) U6be(istan

5frica – 5) @enya) Nigeria) :auritius) Mi!babe) Ma!bia) =,7) 7a!eroon)

'K7) 3an6ania) Uganda) Ethiopia) udan) :o6a!bi%ue and ;ranco for countries#

outh.East 5siaJPacific – ri 8an(a) 3hailand) Kietna!) :yan!ar) :aldives)

Philippines) :acau) ingapore) :aldives) ;i"i) Papua Ne.Auinea) Ne Mealand

5ustralia) 3aian#

:iddle East.-!an) e!en) $ahrain) 'ran) 'ra%) Egypt) yria#

North 5!erica – U5) 7anada#

Europe – ,en!ar() +ungary) ;rance $ulgaria#

8atin 5!erica – $ra6il) West 'ndies) ,o!inican =epublic) :e&ico#

;ar East – Gapan) outh @orea#

F*+& P%-"


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audi 5rabia 5lbania

5ngola 7hile

Estonia Kene6uela

76ech =epublic 7olu!bia

=o!ania Paraguay lova(ia +ong @ong

lovenia 7hina

$osnia Gordan

7roatia 8ebanon

ugoslavia

G+# C#)-"/&

1# 7asil 'ndustries 8i!ited


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CHEMICAL FROMULATION CHEMICAL

DOMESTIC INTERNATIONAL


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Literature Review


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THE IMPORTANCE OF WORKING CAPITAL FINANCE

T


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B/"& U& # W#+!/"( C-/*-%

Gust as or(ing capital has several !eanings) fir!s use it in !any ays# :ost

funda!entally) or(ing capital invest!ent is the lifeblood of a co!pany# Without it) a

fir! cannot stay in business# 3hus) the first) and !ost critical) use of or(ing capital is

providing the ongoing invest!ent in short.ter! assets that a co!pany needs to operate# 5

business re%uires a !ini!u! cash balance to !eet basic day.to.day e&penses and to

provide a reserve for une&pected costs# 't also needs or(ing capital for prepaid business

costs) such as licenses) insurance policies) or security deposits# ;urther!ore) all

businesses invest in so!e a!ount of inventory) fro! a la fir!>s stoc( of office supplies

to the large inventories needed by retail and holesale enterprises# Without so!e a!ount

of or(ing capital finance) businesses could not open and operate# 5 second purpose of

or(ing capital is addressing seasonal or cyclical financing needs# +ere) or(ing capital

finance supports the buildup of short.ter! assets needed to generate revenue) but hich

co!e before the receipt of cash# ;or e&a!ple) a toy !anufacturer !ust produce and ship

its products for the holiday shopping season several !onths before it receives cash

pay!ent fro! stores# ince !ost businesses do not receive prepay!ent for goods and

services) they need to finance these purchase) production) sales) and collection costs prior

to receiving pay!ent fro! custo!ers# ;igure B#1 illustrates this short.ter! cash flo and

financing cycle#

5nother ay to vie this function of or(ing capital is providing li%uidity# 5de%uate

and appropriate or(ing capital financing ensures that a fir! has sufficient cash flo to

pay its bills as it aaits the full collection of revenue# When or(ing capital is not

sufficiently or appropriately financed) a fir! can run out of cash and face ban(ruptcy#

5 profitable fir! ith co!petitive goods or services can still be forced into

ban(ruptcy if it has not ade%uately financed its or(ing capital needs and runs out of

cash#


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Wor(ing capital is also needed to sustain a fir!>s groth# 5s a business gros) it

needs larger invest!ents in inventory) accounts receivable) personnel) and other ite!s to

reali6e increased sales# Ne facilities and e%uip!ent are not the only assets re%uired for

grothH fir!s also !ust finance the or(ing capital needed to support sales groth# 5final use of or(ing capital is to underta(e activities to i!prove business operations and

re!ain co!petitive) such as product develop!ent) ongoing product and process

i!prove!ents) and cultivating ne !ar(ets# With fir!s facing heightened co!petition)

these i!prove!ents often need to be integrated into operations on a continuous basis#

7onse%uently) they are !ore li(ely to be incurred as s!all repeated costs than as large

infre%uent invest!ents# 3his is especially true for s!all fir!s that cannot afford the cost

and ris(s of large fi&ed invest!ents in research and develop!ent pro"ects or ne

facilities# -ngoing invest!ents in product and process i!prove!ent and !ar(et

e&pansion) therefore) often !ust be addressed through or(ing capital financing#


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5= converted

to cash

75+

7-88E73

577-UN3=E7'EK5$8E

58E-=,E=

7ashconverted to prepaide&penses andinventory

,E8'KE=A--, -=E=K'7E

P=-,U7EA--, -= E=K'7E

Aoods or ervicesconverted to 5ccounts=eceivable


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C-< F%#$ -"' *


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hort.ter! financing is also preferable since it is usually easier to obtain and priced

loer than long.ter! debt#

Wor(ing capital financing is a (ey financing need and challenge for s!all fir!s# 5sdiscussed in 7hapter 2) s!all businesses have less access to long.ter! sources of capital

than large businesses) including li!ited access to e%uity capital !ar(ets and feer

sources of long.ter! debt# 3hus) !any s!all fir!s are heavily dependent on short.ter!

debt) !uch of hich is tied to or(ing capital#1 +oever) li!ited e%uity and reliance on

short.ter! debt increases the de!and on a fir!>s cash flo) reduces li%uidity) and

increases financial leverage all of hich heighten the financial ris(s of e&tending credit#

7onse%uently) s!all fir!s !ay have trouble raising short.ter! debt hile at the sa!e

ti!e facing obstacles to securing the longer.ter! debt necessary to i!prove their

financial position and li%uidity) and lessen their credit ris(#


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ASSETS LIABILITIES AND

OWNERS

CAPITAL

7U==EN38'5$'8'3'E


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POSITIVE NET WORKING CAPITAL REUIRES LONG TERM

FINANCING

F#+) # W#+!/"( C-/*-% F/"-"/"(

Wor(ing capital financing co!es in !any for!s) each of hich has uni%ue ter!s and

offers certain advantages and disadvantages to the borroer# 3his section introduces the

five !a"or for!s of debt used to finance or(ing cap.ital and discusses the relative

advantages of each one#2 3he purpose of this infor!ation is to provide insight into the

different ays in hich debt can be structured and prepare practitioners to choose and

structure a debt tool best suited to a fir!>s financial situation and needs# 3able B#1

su!!ari6es the !a"or features of the five or(ing debt tools described belo#

L/"& # C+&'/*

5 line of credit is an open.ended loan ith a borroing li!it that the business can dra

against or repay at any ti!e during the loan period# 3his arrange!ent allos a co!pany

fle&ibility to borro funds hen the need arises for the e&act a!ount re%uired# 'nterest is

paid only on the a!ount borroed) typically on a !onthly basis# 5 line of credit can be

either unsecured) if no specific collateral is pledged for repay!ent) or secured by specific

assets such as accounts receivable or inventory# 3he standard ter! for a line of credit is 1

year ith reneal sub"ect to the lender>s annual revie and approval# ince a line of

credit is designed to address cyclical or(ing capital needs and not to finance long.ter!

assets) lenders usually re%uire full repay!ent of the line of credit during the annual loan

period and prior to its reneal#


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3his repay!ent is so!eti!es referred to as the annual cleanup#

3o other costs) beyond interest pay!ents) are associated ith borroing through a lineof credit# 8enders re%uire a fee for providing the line of credit) based on the line>s credit

li!it) hich is paid hether or not the fir! uses the line# 3his fee) usually in the range of

2B to 100 basis points) covers the ban(>s costs for underriting and setting up the loan

account in the event that a fir! does not use the line and the ban( earns no interest

inco!e# 5 second cost is the re%uire!ent for a borroer to !aintain a co!pensating

balance account ith the ban(# Under this arrange!ent) a borroer !ust have a deposit

account ith a !ini!u! balance e%ual to a percentage of the line of credit) perhaps 10O

to 20O# 'f a fir! nor!ally !aintains this balance in its cash accounts) then no additional

costs are i!posed by this re%uire!ent# +oever) hen a fir! !ust increase its ban(

deposits to !eet the co!pensating balance re%uire!ent) then it is incurring an additional

cost# 'n effect) the co!pensating balance reduces the business>s net loan proceeds and

increases its effective interest rate# 7onsider a line of credit for 1 !illion at a 10O

interest rate ith a 20O co!pensating balance re%uire!ent# When the co!pany fully

dras on the line of credit) it ill have borroed 1 !illion but !ust leave 200)000 on

deposit ith the lender) resulting in net loan proceeds of 00)000# +oever) it pays

interest on the full 1 !illion dran# 3hus) the effective annual interest rate is 12#BO

rather than 10O s interest is 100)000 or 12#BO of the 00)000 in net

proceeds9# 8i(e !ost loans) the lending ter!s for a line of credit include financial

covenants or !ini!al financial standards that the borroer !ust !eet# 3ypical financial

covenants include a !ini!u! current ratio) a !ini.!u! net orth) and a !a&i!u! debt.

to.e%uity ratio#

3he advantages of a line of credit are tofold# ;irst) it allos a co!pany to !ini!i6e

the principal borroed and the resulting interest pay!ents# econd) it is si!pler to

establish and entails feer transaction and legal costs) particularly hen it is unsecured#


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A#"* R&&/5-3%&

5ccount receivables are generated hen a fir! offers credit to its custo!ers# 3he

first thing that need to be addressed hen establishing a credit policy is to set the

standards by hich a fir! is "udged in deter!ining hether or not credit ill be

e&tended# 3here is hat>s @non as the B 7s of credit

1# 7haracter . the illingness of the borroer to repay the obligation2# 7apital – the capability of the borroer to earn the !oney to repay the

obligation# 7apital – sufficient assets available to support operations


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7o!petitors ill respond very %uic(ly to a change in price# +o !any ti!es have

e seen the clai!s that ?We ill !eet or beat any advertised priceLQ 5 change in credit

policy) on the other hand) is a !ore subtle !eans of co!peting for custo!ers and one that

the co!petition ill not necessarily respond to# 'n fact) !any fir!s base their business oneasy credit# +o !any ti!es have e seen the advertise!ents here they tell us ?Aood

creditQ $ad creditQ No creditQ We don>t careRL-f course) these fir!s ill have larger bad

debt e&penses and larger financing costs) etc# -bviously) they ill also need to have

higher prices


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S


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8oans co!e in a variety of shapes# 5 si!ple loan re%uires that the fir! !aintain a

non. interest.bearing account at the ban(# While co!pensating balances are not used as

!uch as they have been in the past) they are still encountered fre%uently#

3he true cost of debt of any loan is the internal rate of return beteen hat you

receive and hat you have to pay bac(# uppose e use our calculators and deter!ine the

'== of this interest add.on loan# We deter!ine that the '== is 1#2O# $ut re!e!ber that

he is 1#2O per !onth# Using si!ple interest) 1#2OS12 T 14#4O annual rate of interest#

S&+/*6 #+ B-"! L#-"

$an(s li(e so!e sort of collateral for loans to ensure repay!ent of the loan) at

least in part# 3he preferred collateral for ban( loans is accounts receivable# 3he reason) of

course) is that collecting !oney is hat ban(s do# 3ypically) a ban( ill loan up to DB.

0O of the receivables that are not over C0 days# 3here are to ays to obtain financing

ith receivables

S&+/*/& L#-"

5 borroer can pledge their inventories of securities of another co!pany


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8i(e !any other activities of the ban(s) !ethod and %uantu! of short.ter! finance

that can be granted to a corporate as !andated by the =eserve $an( of 'ndia till 1FF4#

3his control as e&ercised on the lines suggested by the reco!!endations of a study

group headed by hriPra(ash3andon#

3he study group headed by hriPra(ash3andon) the then 7hair!an of Pun"ab

National $an() as constituted by the =$' in Guly 1FD4 ith e!inent personalities dran

fro! leading ban(s) financial institutions and a ide cross.section of the 'ndustry ith a

vie to study the entire ga!ut of $an(s finance for or(ing capital and suggest ays for

opti!u! utili6ation of $an( credit# 3his as the first elaborate atte!pt by the central

ban( to organi6e the $an( credit# 3he report of this group is idely (non as 3andon

7o!!ittee report#M#* 3-"! /" I"'/- &5&" *#'-6 #"*/"& *# %##! -* *


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$an(s can or( out the or(ing capital gap) i#e# total current assets less current

liabilities other than ban( borroings


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Under this !ethod) the borroers contribution fro! long ter! funds ill be to

the e&tent of the entire 7-=E 7U==EN3 5E3) hich has been defined by the tudy

Aroup as representing the absolute !ini!u! level of ra !aterials) process stoc()

finished goods and stores hich are in the pipeline to ensure continuity of production and

a !ini!u! of 2BO of the balance current assets should be financed out of the long ter!

funds plus ter! borroings#

MPBF M&*


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T&"'#" II )&*


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C+&'/* M#"&*-+6 A&)&"*

W


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W#+!/"( C-/*-% A&)&"*

5ny enterprise hether industrial) trading or other ac%uires to types of assets to

run its business as has already been e!phasised ti!e and again# 't re%uires fi&ed assets

hich are necessary for carrying on the productionJbusiness such as land and buildings)

plant and !achinery) furniture and fi&tures etc# ;or a going concern these assets are of

per!anent nature and are not to be sold# 3he other type of assets of assets re%uired for day

to day or(ing of a unit are (non as current assets hich are floating in nature and (eep

changing during the course of business#

3he total current assets ith the fir! !ay be ta(en as gross or(ing capital

hereas the net or(ing capital ith the unit !ay be calculated as under

Net Wor(ing 7apital T 7urrent 5ssets . 7urrent 8iabilities


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3he assess!ent of or(ing capital !ay involve to aspects as under

• 3he level of current assets re%uired to be held by any unit hich is ade%uate for its

day to day functioning) and

• 3he !ode of financing of these current assets#

,ifferent for!s adopting different techni%ues is thus in circulation for assess!ent of

or(ing capital depending upon the si6e and category of pro"ects as under


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• Product !i&) and sales channels

• =egulatory and financial covenants

• trength in the value chain

• -rgani6ational revie of the !anage!ent of or(ing capital through policies)

processes) syste!s) people and !etrics

F/"-"/-% M-"-(&)&"*

3he !anage!ent of the finances of a business J organi6ation in order to achieve

financial ob"ectives ta(ing a co!!ercial business as the !ost co!!on organi6ational

structure) the (ey ob"ectives of financial !anage!ent of the co!pany is to

• 7reate ealth for the business

• Aenerate cash) and

• Provide an ade%uate return on invest!ent bearing in !ind the ris(s that the

business is ta(ing and the resources invested#1 F/"-"/-% P%-""/"(

:anage!ent need to ensure that enough funding is available at the right

ti!e to !eet the need of the business# 'n the short ter!) funding !ay be needed

to invest in e%uip!ent and sto(es) pay e!ployees and fund sales !ade on credit# 'n the !ediu! and long ter!) funding !ay be re%uired for signification

additions to the productive capacity of the business or to !a(e ac%uisitions#

2F/"-"/-% C#"*+#%

;inancial control is a critically i!portant activity to help the business

ensure that the business is !eeting its ob"ectives# ;inancial control addresses

%uestions such as• 5re assets being used efficientlyQ

• 5re the businesses assets secureQ

• ,oes !anage!ent act in the interest of shareholders and in accordance ith

business rulesQ


46/85

P a g e | 4C

2 F/"-"/-% D&//#")-!/"(

3he (ey aspects of financial decision.!a(ing relate to invest!ent) financing and

dividing

• 'nvest!ent !ust be financed in so!e ay –hoever there are alays financing

alternatives that can be considered# 5 (ey financing decision is hether profits

earned by the business should be retained rather than distributed to shareholders

via dividends# 'f dividends are too high) the business !ay be starved of reinvest in

groing revenues and profit further#

B/"& M-+!&*/"( C


47/85

P a g e | 4D

calculated as ++&"* -&* !inus ++&"* %/-3/%/*/&.

T


48/85

P a g e | 4

• 3he chain starts ith the fir! buying ra !aterials on credit#

• 'n due course this stoc( ill be used in production) or( ill be carried out on the

stoc() and it ill beco!e part of the fir!>s or( in progress


49/85

P a g e | 4F

FACTORS DETERMINIG WORKING CAPITAL

19 Nature of the 'ndustry29 ,e!and of 'ndustry9 7ash re%uire!ents49 Nature of the $usinessB9 :anufacturing ti!e

C9 Kolu!e of salesD9 3er!s of purchase and sales9 'nventory 3urnover F9 $usiness 7ycle109 7urrent 5ssets re%uire!ent119 Production 7ycle129 7redit control19 'nflation or Price level changes149 Profit planning and control1B9 =epay!ent ability

1C9 7ash reserves1D9 -peration efficiency19 7hange in 3echnology1F9 ;ir!>s finance and dividend policy209 5ttitude toards ris(

THE WORKING CAPITAL CYCLE


50/85

P a g e | B0

OPERATING CYCLE

INTRODUCTION OF WORKING CAPITAL MANAGEMENT

Wor(ing capital refers to the fir!>s invest!ent in short.ter! assets s current assets and its current liabilities# Wor(ing capital

!anage!ent involves ad!inistering to both short.ter! assets and short.ter! liabilities#

5ssets and liabilities !ust be !atched and coordinated in order to (eep costs to a

!ini!u! and to control ris(s# Aenerally that is groing over ti!e) and then its assets can

be deco!posed into three categories – fi&ed assets) per!anent current assets and


51/85

P a g e | B1

fluctuating current assets#

;i&ed assets should be financed long.ter!) either e%uity or long.ter! debt) since the

assets are long.lived and need financing for a long period of ti!e# 3he current assets can

be bro(en don into to portions) per!anent current assets) and fluctuating current

assets# 3he per!anent current assets represent base level of inventories) receivables) etc#)

that ill alays be on hand# 3he fluctuating current assets represent the seasonal build.

ups that occur) such as inventories before 7hrist!as and receivables after 7hrist!as# 3he

fluctuating current assets levels should be financed short.ter! since e don>t ant to pay

financing charges all year if e only need the !oney for a four.!onth period#

D&/"/*/#" # W#+!/"( C-/*-% M-"-(&)&"*

?Wor(ing capital !anage!ent is concerned ith current assets and current liabilities and

their relationship to the rest of the fir!# Wor(ing capital policies affect the future returns

and ris( of the co!panyH conse%uently) they have an ulti!ate bearing on shareholder

ealth#L

E


52/85

P a g e | B2

'n Gune 1FF) the U## stepped into the foreign currency !ar(et) using billions of U##

dollars to buy Gapanese yen in an atte!pt to stabili6e its value# :e&ico faced a currency

crisis in 1FF4# 5rgentina faced such a crisis in 2002# Why should e care about currency

values of other nationsQ

+o do currency values affect us) the de!and for the products e produce) and the prices

of the products e buyQ


53/85

P a g e | B

R&&-+< M&*


54/85

P a g e | B4

=esearch refers to the syste!ic !ethod consisting of identifying the

proble!) a hypothesis) collecting the facts) analy6ing the facts and reaching the certain

conclusion either in for! of solution toards the concerned proble! or for so!e

theoretical for!ulation# 3he study is based on the facts collected by 5nnual =eports and'nternet#

R&&-+< D&/(":

+ere in this pro"ect) ' have adopted the ,escriptive research approach#

D&+/*/5& R&&-+<

5s the na!e suggests) descriptive research is concerned ith describing !ar(et

characteristics andJor !ar(eting !i& characteristics# 3ypically) a descriptive studyspecifies the nu!ber and si6e of !ar(et seg!ents) the alternative ays in hich products

are currently distributed) listing and co!parison of the attributes and features of

co!petitive products) etc#

3his type of study can involve the description of the e&tent of association beteen

variables# ;or e&a!ple) the researcher !ay observe that there is an association beteen

the geographical location of consu!ers and their tendency to consu!e red !eat# Note

that the researcher is able to describe the relationship rather than e&plain it# Nonetheless

if the relationship beteen the to is fairly stable this descriptive infor!ation !ay be

sufficient for the purposes of prediction# 3he researcher !ay) for e&a!ple) be able to

predict ho fast the per capita consu!ption of red !eat is li(ely to rise over a given ti!e

period#

3he principal difference beteen e&ploratory and descriptive research is that) in the case

of the latter) specific research %uestions have been for!ulated before the research is

underta(en# When descriptive research is conducted the researcher !ust already (no a

great deal about the research proble!) perhaps because of a prior e&ploratory study) and

is in a position to clearly define hat heJshe ants to !easure and ho to do it#


55/85

P a g e | BB

R&&-+< -"' D&5&%#)&"*

=esearch often refers to basic e&peri!ental researchH develop!ent refers to the

e&ploitation of discoveries# =esearch involves the identification of possible che!ical

co!pounds or theoretical !echanis!s# 'n the United tates) universities are the !ain

provider of research level products# 'n the United tates) corporations buy licenses fro!

universities or hire scientist directly hen econo!ically solid research level products

e!erge and the develop!ent phase of drug delivery is al!ost entirely !anaged by private

enterprise# ,evelop!ent is concerned ith proof of concept) safety testing) and

deter!ining ideal levels and delivery !echanis!s# ,evelop!ent often occurs in phases

that are defined by drug safety regulators in the country of interest#

'n a challenging !ar(et environ!ent after !anufacturing no co!panies are

eyeing to reduce the develop!ent cost here =/, need to "ustify its e&istence as an

independent profit center ith increased productivity and reduced operational costs# 3his

can only be achieved through collaboration and trade.offs# ;or!ation of hori6ontal

collaborative netor( is challenging because it incorporates the issues of adaptability)

security) cultural difference) varying standards) trust and onership# Alobali6ation is

pushing =/, to concentrate on global design approach ith the design fle&ibility here

products can be tailored as per different geographic !ar(ets#

pread over !ore than 1) 0B)000 s%# ft# area) 7adila Phar!aceuticals> =/,

facilities) recogni6ed by the ,epart!ent of cience / 3echnology) Aovern!ent of 'ndia)

are !anned by a 1B0.strong scientists> pool#

5 centrali6ed uality 7ontrol / 5nalytical =esearch 8aboratory has been set up to

!eet the do!estic and international %uality standards# 3he 7o!pany has e&panded

operations by building further on already e&isting set.up by investing in ne pre!ises) to


56/85

P a g e | BC

include !odern) state.of.the.art a!enities# -ne of the fe co!panies in the country

carrying out collaborative research) 7adila Phar!aceutical taps the best scientific talent

in the country and collaborations ith !ore than 0 leading =esearch and ,evelop!ent

centers in 'ndia#


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P a g e | BD

Data Analysis andData Interpretations


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P a g e | B

RATIO ANALYSIS

1. W#+!/"( -/*-% +-*/#

W#+!/"( -/*-% +-*/#:

I"5&"*#+6 R&&/5-3%& P-6-3%&

N&* S-%&

't indicates relationship beteen inventory a!ount of current assets and current

liabilities in the organi6ation# 'f ratio increases year than it sho that the co!pany can

!eet its daily e&penses and ill not suffer fro! crises#

2008-09 2009-10 2010-11 2011-12 2012-13

Inventory 8,811 14,257 14,211 18,081 23,381

Receivable 17,763 19,324 23,980 31,174 40,526

Payable 31,006 37,259 31,408 25,709 20,177

I"*&++&*-*/#": 5fter year and year organi6ation groth rapidly and as inventory and receivable

increase as payable decrease so organi6ation should not face crises proble!#


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P a g e | BF

2. CURRENT RATIO

7urrent ratio also @non as or(ing capital ratio is a !easure of general li%uidity

and its !ost idely used to !a(e the analysis of short ter! financial position or li%uidity

of a fir!# 't is defines as the relation beteen current assets and current liabilities thus)

C++&"* +-*/# C++&"* -&* C++&"* %/-3/%/*/&

2008-09 2009-10 2010-11 2011-12 2012-13

Current assets 47,702 60,114 60,114 60,614 60,814

Current liabilities 20,359 30,406 34,326 56,116 63,682

3he to co!ponents of ratio are1# 7urrent assets2# 7urrent liabilities

7urrent assets include cash) !ar(etable securities) bills receivable sundry

debtors) and or( in progress# 7urrent liabilities include outstanding e&penses) bills

payable) dividend payable etc#


60/85

P a g e | C0

I"*&++&*-*/#": Every year current liabilities increasing !ore than current assets so

current ratio ill goes don and organi6ation re%uires !ore capital# o organi6ational to

!aintain that balance for avoiding financial proble!s#


61/85

P a g e | C1

9.W#+!/"( -/*-% *+"#5&+ +-*/#

3his ratio establishes a relation beteen net sales and or(ing capital#

3he or(ing capital is ta(en as

W#+!/"( -/*-% ++&"* -&* ++&"* %/-3/%/*/&

W#+!/"( -/*-% *+"#5&+ +-*/#:

N&* S-%&

W#+!/"( C-/*-%

2008-09 2009-10 2010-11 2011-12 2012-13

et !ales 62,002 70,279 94,117 1,22,202 1,58,863

"or#in$ ca%ital 30,308 30,035 29479 32500 39954

O3@&*/5&:

3he ob"ective of or(ing capital turnover ratio is to indicate the velocity of the

utili6ation of net or(ing capital# 3his ratio indicates the nu!ber of ti!e the or(ing

capital is turned over in the course of a year#


62/85

P a g e | C2

I"*&++&*-*/#": :ost of organi6ation ants to get groth as above condition because it

sells !ore in !ini!u! capital invest!ent#


63/85

P a g e | C

4. F/&' -&* *+"#5&+ +-*/#

3his ratio establishes a relation beteen net sales and fi&ed assets#-b"ective

3he -b"ective of co!puting this ratio is to deter!ine the efficiency ith hich

the fi&ed assets are utili6ed#

F/&' -&* *+"#5&+ +-*/#:

N&* S-%&

N&* *#*-% /&' -&*

2008-09 2009-10 2010-11 2011-12 2012-13

et !ales 62,002 70,279 94,117 1,22,202 1,58,863

et total assets 42,341 53,105 50719 48834 46649

3he for!ula is useful in analy6ing groth co!panies to see if they are groing

sale in proportion to their assets bases# 3he fi&ed assets turnover ratio really has little

!eaning e&cept hen it is put in the conte&t of industrial average>s) and consideration is

!ade hether ne capital e&penditures recently underta(en ere such that they could

s(e the ratio#


64/85

P a g e | C4

I"*&++&*-*/#": 3his ratio helps to (no i#e# groing sells )according to its assets


65/85

P a g e | CB

;, G+# P+#/* R-*/#

3his ratio !easures the relationship beteen gross profit and net sales#

-b"ectives

't is calculated to (no

1# Whether the business is in a position to !eet operating e&penses or not2# +o !uch the share holders can get after !eeting such e&pensesQ

G+# +#/* +-*/#:

G+# +#/* 100

N&* S-%&

2008-09 2009-10 2010-11 2011-12 2012-13

&ross %ro'it 19429 23422 24116 33768 44878

et !ales 62,002 70,279 94,117 1,22,202 1,58,863

Aross Profit =atio provides guidelines to the concern hether it is earning

sufficient profit to cover ad!inistration and !ar(eting e&penses and is able to cover its

fi&ed e&penses# 3he gross profit ratio of current year is co!pared to previous years> ratios

or it is co!pared ith the ratios of the other concerns# 3he !inor change in the ratio fro!

year to year !ay be ignored but in case there is big change) it !ust be investigated# 3his

investigation ill be helpful to (no about any departure fro! the standard !ar(.up and

ould indicate losses on account of theft) da!age) bad stoc( syste!) bad sales policies

and other such reasons#


66/85

P a g e | CC

7. N&* P+#/* R-*/#

3his ratio !easures the relationship beteen net profit and net sales#

-b"ectives

3o deter!ine the overall profitability due to various factors such as operational

efficiency) trading on e%uity) etc#

N&* +#/* +-*/#:

N&* +#/* 100

N&* -%&

2008-09 2009-10 2010-11 2011-12 2012-13

et Pro'it 5,064 5,539 3,274 6,836 10,801

et !ales 62,002 70,279 94,117 1,22,202 1,58,863

'n order to or( out overall efficiency of the concern Net Profit ratio is calculated# 3his

ratio is helpful to deter!ine the operational ability of the concern# While co!paring the

ratio to previous years> ratios) the incre!ent shos the efficiency of the concern#


67/85

P a g e | CD

I"*&++&*-*/#":'t shos heather organi6ation earning sufficient or not and it

helps to share holders for !a(e decision about investing capital on the

organi6ation#


68/85

P a g e | C

F/"'/"(


69/85

P a g e | CF

T# ; F-*#+ A&*/"( E


70/85

P a g e | D0

other !a"or currencies based on these top B factors#

U## dollar %uarterly strength table

1. I"*&+&* R-*&

I$ench!ar(I interest rates fro! central ban(s influence the retail rates financial

institutions charge custo!ers to borro !oney# ;or instance) if the econo!y is under.

perfor!ing) central ban(s !ay loer interest rates to !a(e it cheaper to borroH this

often boosts consu!er spending) hich !ay help e&pand the econo!y# 3o slo the rateof inflation in an overheated econo!y) central ban(s raise the bench!ar( so borroing is

!ore e&pensive#

'nterest rates are of particular concern to investors see(ing a balance beteen yield

returns and safety of funds# When interest rates go up) so do yields for assets

deno!inated in that currencyH this leads to increased de!and by investors and causes an

increase in the value of the currency in %uestion# 'f interest rates go don) this !ay lead

to a flight fro! that currency to another#

O//-% &#"#)/ /(+&

5ccess !ore than 1B0 econo!ic figures fro! the orlds !a"or !ar(ets# 8atest figures

are graphed against years of previous econo!ic data#

2. E)%#6)&"* O*%##!

http://fxtrade.oanda.com/analysis/USD-strength-tablehttp://fxtrade.oanda.com/analysis/economic-indicators/rateshttp://fxtrade.oanda.com/analysis/USD-strength-tablehttp://fxtrade.oanda.com/analysis/economic-indicators/rates


71/85

P a g e | D1

E!ploy!ent levels have an i!!ediate i!pact on econo!ic groth# 5s une!ploy!ent

increases) consu!er spending falls because "obless or(ers have less !oney to spend on

non.essentials# 3hose still e!ployed orry for the future and also tend to reduce

spending and save !ore of their inco!e#

5n increase in une!ploy!ent signals a slodon in the econo!y and possible

devaluation of a countrys currency because of declining confidence and loer de!and# 'f

de!and continues to decline) the currency supply builds and further e&change rate

depreciation is li(ely# -ne of the !ost anticipated e!ploy!ent reports is the U## Non.

;ar! Payroll


72/85

P a g e | D2

5 countrys balance of trade is the total value of its e&ports) !inus the total value of its

i!ports# 'f this nu!ber is positive) the country is said to have a favorable balance of

trade# 'f the difference is negative) the country has a trade gap) or trade deficit #

3rade balance i!pacts supply and de!and for a currency# When a country has a trade

surplus) de!and for its currency increases because foreign buyers !ust e&change !ore of

their ho!e currency in order to buy its goods# 5 trade deficit) on the other hand) increases

the supply of a country>s currency and could lead to devaluation if supply greatly e&ceeds

de!and#

;. C&"*+-% B-"! A*/#"

With interest rates in several !a"or econo!ies already very lo


73/85

P a g e | D

LIMITATION


74/85

P a g e | D4

3hey>re on ;ace boo() but*##

3hey don>t allo users to co!!ent on their content#

3hey don>t allo users to share their content as li(e their or(ing capital data# o that

inveteracy not ta(e proper decision to be share holder of that organi6ation# 3he

Phar!aceutical industries use of gifts to physicians for !ore sales and less capital

invest!ent#

3he grouping of different ite!s in the balance sheet also created hindrances for

us) as it is very difficult to identify hich ite! is clubbed ith hich head# $ut

than(s to the accounts personnel ho !ade it easy to understand these

clubbing# 5nother li!itation is the un – audited state!ents) hich lead to difference in

the infor!ation of annual reports and !onthly state!ents Nearly D0O of 'ndian population is residing in rural 'ndia# +oever) the

!odern phar!aceutical products) neer drugs) technology are yet to reach this

vast sector# o its affect to organi6ation>s financial situation or capital

invest!ent#


75/85

P a g e | DB

#

SUGGESTION


76/85

P a g e | DC

3hey have to give proper infor!ation about their financial position or or(ing

capital re%uire!ent for influencing to invest !oney to share holders# 5s e are !ar(et leaders in our product and though the nu!ber of co!petitors are

high) e can as( for early pay!ents because of our consistent high %uality of

products# 3hus reducing the invest!ents in receivables ;or the capital invest!ent in phar!aceutical business) the !ar(eting staff needs

good co!!unication s(ills# < 7orporate co!!on9 3here is stiff co!petition in phar!aceutical business accordingly every

phar!aceutical co!pany has to spend !ore on advertise!ents and sales

pro!otion e&penses# 3o !ini!i6e this co!pany can go for brand building / 7=

activities## 3otal uality :anage!ent concept in ?Phar!aceutical 'ndustryL ill help survive

phar!aceutical co!panies in today>s co!petition# +ence the co!pany should

internali6e 3: / i& sig!a process#


77/85

P a g e | DD

CONCLUSION


78/85

P a g e | D

3he training at 7adila Phar!aceutical 8i!ited Was !e!orable e&perience ' a!

fortunate to get opportunity to (no about the or(ing and functioning of the

co!pany# 3he !anage!ent had a positive attitude toards us and they tried best

to provide !e ith proper guidance and co!pleted infor!ation# ' sho each andevery unit co!pletely# 3he unit people ere very heritable and this encouraged

or(ing#

3he supervisor unit co.ordination is si!ply versatile hich a result of bright future

is there co.ordinate beteen or(ers and staff# 3he future is clear of the unit

because of its effective !anage!ent#

'ncreasing turnover and high %uality of its products so after observing such

!atters# ' can say that the co!pany has best delight) bright future for co!ing

years#


79/85

P a g e | DF

B/3%/#(+-


80/85

P a g e | 0

W&3/*&


81/85

P a g e | 1

ANNE?URE


82/85

P a g e | 2

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

FORM – II

OPERATING STATEMENT

(Rs. In Lacks)Sr.

No.

Particular 2

!"

#

2

#"

$

2$"

$$

2$$

"$2

2$2

"$%

Ac&

'a

Ac&

'a

Pro*

s*ona

Pro+

,c&,

-

Pro+

,c&,

-

01 Gross Sales

a. Domestic Sales 59,670

69,168

90,165

1,19,709

1,55,621

b. Export Sales 3,2

88

1,7

78

5,755 4,98

8

6,48

4

To&a 2/

#01

1/

#

#0/#2

$/2/

#

$/2/

$0

02. Less Excise !"t# 955 667 1,803 2,49

4

3,24

2

03 N,& Sa,s ($ " 2) 2/2

1/21#

#/$$1

$/22/22

$/0!/!%

04. $ a%e rise &'( or )all &*( i+ +et sales as compare! to preio"s

#ear &a++"ali-e!(

* 13.

35

$

33.92

$

29.8

4$

30.0

0$

Cos& o3 Sa,s

5 a/ materials &i+cl"!i+% stores

oter items "se! i+ te process o)m)%.(

30,

720

38,

279

51,76

4

67,2

11

87,3

75

mporte! 12,

073

15,

338

20,70

6

26,8

85

34,9

50

+!i%e+o"s 18,

647

22,

940

31,05

9

40,3

27

52,4

25


83/85

P a g e |

ii. ter Spares 163 157 141 183 238

mporte! * * * * *

+!i%e+o"s 163 157 141 183 238

iii. o/er a+! "el 639 667 847 1,10

0

1,43

0 i. Direct Labo"r & /a%es

Salar#(

/8,

658

9,4

37

12,23

5

18,3

30

23,8

29

. ter ma+")act"ri+%

expe+ses

1,8

10

1,8

18

1,882 2,44

4

3,17

7

i. Depreciatio+ 1,1

52

1,6

77

2,385 2,38

5

2,38

5

ii. S"b*total &i to ( 43,

142

52,

034

69,25

6

91,6

54

1,18,

435 iii. !! pe+i+% Stoc*

i+*process

494 344 1,154 1,30

0

1,75

0

iii. S"b*total &ii ' iii( 43,

636

52,

378

70,40

9

92,9

54

1,20,

185

ix. De!"ct losi+%

Stoc*i+*process

344 1,1

54

1,300 1,75

0

2,25

0

x. ost o) ro!"ctio+ 43,

292

51,

224

69,10

9

91,2

04

1,17,

935xi. !! p. Stoc o)

)i+ise! %oo!s

6,5

35

7,2

54

11,62

2

10,7

30

13,5

00

S"b*total &x ' xi( 49,

827

58,

478

80,73

1

1,01,

934

1,31,

435

xii. De!"ct l. Stoc o)

)i+ise! %oo!s

7,2

54

11,

622

10,73

0

13,5

00

17,4

50

4***. S"b*total &:otal osto) Sales(

2/01%

/!01

1/$

!!/%

$/$%/#!0

06. Selli+%, %e+eral a+!

a!mi+istratie

expe+ses

9,5

98

10,

896

14,11

8

18,3

30

23,8

29

07. S"b*total & 5 ' 6( 52, 57, 84,11 1,06, 1,37,


84/85

P a g e | 4

171 753 8 765 814

08. perati+% ro)it

e)ore +terest & 3 * 6(

9,8

31

12,

526

9,999 15,4

38

21,0

49

09. +terest i+a+cial ar%es 3,7

39

5,0

78

6,043 5,09

7

3,85

1 +terest o+ :erm Loa+ 1,5

91

1,6

48

4,543 3,29

7

2,05

1

+terest o) ;. . Loa+ 2,1

48

3,4

30

1,500 1,80

0

1,80

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My Final IB PROJECT REPORT-Brijesh Mandani. (1)

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