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A
Project Repot
On
Working Capital Management and profitability analysis of Tamboli Casting
Ltd. Within time frame of 2007 to 2010
At
BHAVNAGAR
Under the Guidance of
Mr. HARSHADBHAI PATEL
Under the Guidance of
Ms.ARPITA VAGHELA
Institution
Submitted to
Gujarat Technological University - Ahmedabad
Prepared By:
DIPALI H. SHAH
M.B.A. Sem. II,Seat No013916
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K. K. Parekh Institute of Management Student Amreli
Dr. Jivraj Mehta Vidhya Vihar Campus Lathi road Amreli
Ph: (02792) 223509 fax: (02792) 223509
E-mail: [email protected]
Web: kkpimsamreli.com
DIRECTORS RECOMMENDATION
TO,
The Registrar
Gujarat Technological University
Ahmedabad
Subject: MBA Summer Training Project Report
Respected Sir,
I am recommending the Summer Training Project entitled- Working capital
Management and profitability analysis of Tamboli Casting Ltd. Within time frame of
2007 to 2010 prepared by DIPALI H. SHAH at Tamboli Casting Ltd.
BHAVANAGAR as the partial fulfillment of the University requirement for the
award of MBA degree of Gujarat Technology UniversityAhmedabad.
Date: - Thanking You,
Place: - Amreli Yours Faithfully
Director
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S T U D E N T D E C L A R A T I O N
I the undersigned student DIPALI H. SHAH of K. K. Parekh Institute of
Management Studies Amreli M.B.A. II Semester, hereby declare that, the
project onWorking Capital Management and profitability analysis of Tamboli Casting
Ltd. Within time frame of 2007 to 2010 is my own work.
In the partial fulfillment of Master Degree of Business Administration, I had
undergone project work at ---- Tamboli Casting Ltd.under the guidance ofJASMIN
MADAM K. K. Parekh Institute of Management Studies Amreli and submitted to
Gujarat Technological University, Ahmedabad.
This project work is my original work and has not been submitted to any where
earlier.
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PREFACE
Whatever I have learn and I will learn in theories and books may or may not be
directly useful to me but, to make that knowledge applicable and usable I need to go
through practical aspect which I will gain through this project.
Out of the two learning methods practical learning is very effective and efficient and
leads to the better understanding of the subject. Whenever the matter is concern
about management we must go to words prediction and result that can be possible
only practical aspect.
Being a student of management i.e. MBA and doing specialization in finance I find
the need to understand the market trend closely. So, that I can judge what is the
actual position of the market in this competition era. I have to touch the practical
aspect and to understand what is the different between practical knowledge and
what I have in theories, so that I divert my knowledge to wards reality and make thetheoretical knowledge applicable in practical life.
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ACKNOWLEDGEMENT
The work presented here is not a single effort as each and every person associated
with this project has contributed in the successful accomplishment of this piece of
work and is being thanked for their efforts.
First of all I would like to thanks DR. Vishal patidar , my project guide Ms Arpita
vaghela & Chairman of Tamboli casting ltd. Mr.Bipinbhai Tamboli and also my
Family, Friends and colleagues and the respondents. And my college K.K.PAREKH
INSTITUTE OF MANAGENET STUDIES AMRELI. for giving me such a great
opportunity for learning and developing our self during the project and helping me
extensively in our problems regarding the project and giving us their guidance on the
subject. We sincerely appreciate their cooperation and support.
Finally, we would like to thank all those people who have directly or indirectly
helped us and guided us for our project.
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EXECUTIVE SUMMARY
While any research is to be done there is an executive summary. Executive
summary is very important from this you create the right and a good impression.
From the executive summary reader can get enough information to know what is
the subject contains from that a person get the idea about what type of research
study is done. Executive summary contains what is the problem behind the subject,
what is the project about, and what is the conclusion part. Reader can get all the
highlight of the report without seeing other content.
As my topic is Working capital and Profitability Analysis of
Tamboli Casting Ltd, The Profitability is one of the main Objective of any of the
business. And to measure profitability working capital plays a most important role.
The Research is created for to check how the working capital management affects
the profitability of the firm is it positive affects or negative for that various stastical
tools have been used. The study seems important to the company that research is
conducted. Finally the subject is more practical nature rather then brings out fact of
the Research.
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INDEX
NO. NAME OF CONTENT PAGE NO.
1 OVERVIEW OF INVESTMENT CASSTING INDUSTRY 11.1 Investment casting 1
1.2 History 1
1.3 Steps 2
1.4Definition
3
2 COMPANY PROFILE 42.1 Organization Chart 6
2.2 SWOT Analysis 7
2.3 Recognition & Achievement 8
3 GENERAL INFORMATION 10
4 STUDY OF FOUR FUNCTIONAL AREAS 12
4.1 PRODUCTION DEPARTMENT 13A. What is Investment Casting 14
B. Process 16
C. Manufacturing Facilities 16D. Machining Facilities 22
E. Value added Process 23
F. Quality Control 25
J. Process: Research & Development 27
4.2 MARKETING DEPARTMENT 28A. Objective 29
B Activity 29
4.3 HUMAN RESOURCE DEPARTMENT 31
A. Information 32B. Manpower Planning 32
C. Induction Training 33
D. In house Training 34
E. Performance Appraisal 35
F. SHEQ Policy 36
4.4 FINANCE DEPARTMENT 37
A. Introduction 38
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B. Financial Hierarchy of TCL 39
C. Financial Planning 40
5. RESEARCH METHODOLOGY 415.1 Introduction 41
5.2 Literature Review 42
A. Review of Literature 42
B. Review of Research 44
5.3 Define the problem 46
5.4 Objective of the study 47
5.5 Limitations of the study 48
5.6 Research design 49
5.7 Rational Of the Study 505.8 Variable/Tool 51
5.9 Hypothesis Testing 53
5.10 Data collection 54
5.11 Analysis used in the study 57
5.12 Data analysis 58
5.13 Descriptive Analysis 58
5.14 Quantitative Analysis 63
5.15 Findings 74
5.16 Suggestions 75
5.17 Conclusion 76
6. Appendix 77
7. Bibliography 81
1. OVERVIEW OF INVESTMENT CASTING INDUSTRY
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1.1 Investment casting:
In industry investment casting and the lost wax process are terms used synonymously. It is
for very obvious and logical reasons that this process has been given these titles. It is
named the lost wax process because the wax from which the patterns are made is lost or
melted during the casting process The title investment casting comes from the process
deemed as investing. When a pattern is invested it is encased in a flask or a shell made of
slurry and refractory material.
During investment casting both the pattern and the mold are destroyed. The pattern is melted
out in order to pour the melted metal into the cast. The cast is later destroyed when it isbroken away to release the artifact the artifact. While this sounds wasteful it is also very
beneficial to those who wish to make one of a kind artifacts or objects with special
specifications.
1.2 History
The history of investment casting is very illusive. According to Johnson (1955), Authorities
are not certain where or when it started, but both ancient Egypt and ancient China have
provided museum pieces that could only have been fabricated by this method, thus giving
authentic evidence that the process was used successfully several thousand years ago .
Another author, Richard L. Little (1977), however would argue that the lost wax process
began with the early settlers along the Mediterranean. Although both authors point toward
the Mediterranean as being a point of origin for this process, neither one could provide a
specific date for its birth.
Investment casting may be called the lost wax process because of its unique way of creating
artifacts, but it was also for a long time a lost process. For some unknown reason this
process was unused and forgotten in the western civilization until its rediscovery during the
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Italian Renaissance (Little,1977)It existed in china for centuries, and Cellini employed a
form of it in Italy in the sixteenth century (Black, DeGarmo, and Kohser,1984,). From that
point on investment casting was more commonly used for art and small special tasks.
Dentists have also used the process since the turn of the century. It did not, however, come
into common industrial use until World War II when high quality jet turbine blades and
supercharger buckets for aircraft engines were in great demand (Wright,1999,). Since then
investment casting has become an important part of industry due to its ability to create
unique parts with complex shapes and extremely fine surface details.
1.3 Steps
Investment casting involves the following steps:
1. Produce a master pattern.
2. From the master pattern, produce a master die.
3. Produce the wax patterns.
4. Assemble the wax patterns to a common wax sprue.
5. Coat the cluster with a thin layer of investment material.
6. Produce the final investment around the coated cluster.
7. Vibrate the flask to remove the entrapped air and settle the investment material aroundthe cluster.
8. Allow the investment to harden.
9. Melt or dissolve the wax pattern to permit it to run out of the mold.
10. Preheat the mold preparatory to pouring.
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D.MACHINING FACILITIES
1.CNC & Conventional Machining:
In-house CNC Machines (Turning Centers & VMCs) from DECKEL MAHO- Germany and
Mazak- Japan, Zoller Tool Presetter, Haimer shrink fit technology for tool holders,
Conventional machine like Lathes, Broaching Machine, Drilling Machine and dedicated
vendors for conventional machining like drilling, tapping, milling, grinding, honing, lapping
etc.
Machining
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4.4 FINANCEDEPARTMENT
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5. RESEARCH METHODOLOGY
5.1 INTRODUCTION:
RESEARCH:
Research can be defined in simple word as systematized effort to gain new knowledge. And
broadly it can be defined as A careful investigation or inquiry especially through search for
new facts in any branch of knowledge.
RESERCH METHODOLOGY:
Basically research methodology is the method one employs to drive data or information
from the available source.
Research Methodology is a way to systematically solve the problem. It can be understood as
a science of studying how research is done systematically. It is necessary to know not only
the research methods but also its methodology.Resercher also need to know the criteria by
which they can decide that certain techniques and procedures will be applicable to certain
problems and others will not.
5.2 LITERATURE REVIEW:
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5.3 DEFINE THE PROBLEM
Working Capital Management and profitability analysis of TamboliCasting Ltd. Within timeframe of 2007 to 2010
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Interview:
Interviewing is a technique that is primarily used to gain an understanding of the underlying
reasons and motivations for peoples attitudes, preferences or behaviour. Interviews can beundertaken on a personal one-to-one basis or in a group. They can be conducted at work, athome, in the street or in a shopping centre, or some other agreed location.
observation
Observation involves recording the behavioral patterns of people, objects and events in asystematic manner. Observational methods may be:
structured or unstructured
disguised
natural
personal
mechanical
In the TCL the both method were used for data collection interview had been organized forauditor and manager.
2. Secondary Data:
Secondary sources are interceptions of primary data. Published data and the data
collected in the past or other parties are called secondary data.
Encyclopedias, textbooks, handbooks, magazine and newspaper articles, and most
newscasts (nearly all reference materials) are considered secondary information sources.
There are mainly Two type of sources:
a. External source
b. Internal source
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I have performed two types of analysis, descriptive and quantitative. The results of these two
types of analysis are discussed in this section.
5.13 DESCRIPTIVE ANALYSIS
Descriptive analysis shows the average, and standard deviation of the different variables of
interest in the study. It also presents the minimum and maximum values of the variables
which help in getting a picture about the maximum and minimum values a variable canachieve.
Calculation for components:
1. Net Operating Profitability:
Operating Income + DepreciationNet Operating Profitability = ----------------------------------------
Total assetFinancial asset
YEAR CALCULATION ANSWER
2006-07 19587061 + 6942347----------------------------------------
15343557435287642
0.22
2007-08 46317841 + 9388405----------------------------------------
23084679060833873
0.33
2008-09 12707023 + 11941154----------------------------------------
27355893956780241
0.11
2009-10 26574881 + 19274596----------------------------------------
32134204749533483
0.17
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2.Average Collection Period:
Account receivableAverage Collection Period = ---------------------------------------- * 365
Sales
YEAR CALCULATION ANSWER
2006-07 51605248---------------------------------------- * 365
11350551
166 Days
2007-08 58161057---------------------------------------- * 365
216712689
98 Days
2008-09 48940192---------------------------------------- * 365
310579010
58 Days
2009-10 51692831---------------------------------------- * 365
176349123
107 Days
3. Account Payable in Days:
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For Average Payment Period (APP)
t = 0.43 4 - 2
1-(0.43)2
= 0.67
tC = 2.92
There is no relationship between Average payment period and Net Operating profitability
analysis so null hypothesis is accepted
For Inventory Turnover In Days (ITID)
t = 0.28 4 - 2
1-(0.28)2
= 0.41
tC = 2.92
There is no relationship between Inventory Turnover in days period and Net Operating
profitability analysis
so null hypothesis is accepted.
For Cash Conversion Cycle (CCC)
t = -0.59 4 - 2
1-(-0.59)2
= -1.03
tC = 2.92
There is no relationship between Cash Conversion Cycle and Net Operating profitability
analysis so null hypothesis is accepted.
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Regression Results are:
Average Collection Period (ACP):
x = 4284
= 107.25
y = 0.834
= 0.2075
ssxy = 4.41 ssyx = 5962.75
b = 4.415962.75
= 0.0007
A = 0.2075+107.25(0.0007)
= 0.1324
= 0.1324 + 0.0007X
Average Payment Period (APP):
x = 2394
= 59.75
y = 0.834
= 0.2075
ssxy = 3.91 ssyx = 3138.75
b = 3.913138.75
= 0.0012
A = 0.2075+59.75(0.0012)
= 0.135
= 0.1358 + 0.0012X
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Inventory Turnover In Days (ITID):
x = 1165
4= 291.25
y = 0.834
= 0.2075
ssxy = 8.75 ssyx = 37727.75
b = 8.7537727.75
= 0.0002
A = 0.2075+291.25(0.0002)
= 0.149
= 0.149 + 0.0002X
Cash Conversion Cycle (CCC):
x = 1355
4= 338.75
y = 0.834
= 0.2075
ssxy = -18.70 ssyx = 39162.75
b = -18.7039162.75
= 0.00047
A = 0.2075+338.75(0.00047)
= 0.05
= 0.05+ 0.00047X
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5.15 FINDINGS:
The results show that there is a positive relationship between average collection
period and net operating profitability. As similar relationship shows average payment
period and inventory turnover in day. And there is negative relationship between cash
conversion cycle and net operating profitability. It means that the cash conversion
cycle increases it will lead to decreasing profitability of the firm, and managers can
create a positive value for the shareholders by reducing the cash conversion cycle to a
possible minimum level.
The results show that any of the elements of working capital independently does not
affect the profitability of the firm.
In a casting industry working capital cycle was found almost fix for that reason
visible effect would be largely missing at one independent variable.
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5.17 CONCLUSION
Tamboli casting Ltd. has large amounts of cash invested in working capital. It can therefore
be expected that the way in which working capital is managed will have a significant impact
on profitability of firm. I have found a significant positive relationship between net operating
profitability and the average collection period, inventory turnover in days, average payment
period and negative in cash conversion cycle for a sample of Tamboli casting Ltd. These
results suggest that company can create value for their shareholders by reducing the number
of days accounts receivable and inventories to a reasonable minimum level. The positive
relationship between accounts payable and profitability is consistent with the view that theyhave good management at APP. It can be improve also.
Regarding our hypotheses, I conclude that the all null hypothesis (H0) that all are accepted.
No elements of working capital significantly affect (independently) the profitability of TCL.
Regarding the regression that has been applied the regression co-efficient are too low to
affect the dependent variable. The result can be more realistic if multiple regressions have
been used but because of technical limitations it cant apply.
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6. APPENDIX
Balance sheet
Particulars As at
31.03.10
As at
31.03.09
As at
31.03.08
As at
31.03.07
SOURCES OF FUND
Share holder fund
Share capital 29000000 29000000 29000000 29000000
Reserves & surplus 112574504 95592622 46052136 12972260
Total 141574504 128592622 75052136 41972260
Secured Loans 97072366 69166056 73930196 31842364
Unsecured Loans 53600000 53600000 53600000 52900000
Deferred Tax Liability 6561082 5645312 4520000 3315000
TOTAL 298807952 257003990 207102332 130029624
APPLICATION OF
FUND
F ixed Assets
Gross Block 185329442 159087743 107288131 61365156
Less- Depreciation (47588163) (28313566) (16372413) (6987480)
Net Block 137741279 130774177 90915718 54377676
Capital Work in Progress 39652169 - - -
Cur rent assets, Loan &
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Advance
Inventories 45051374 33053897 58885801 33434175
Sundry Debtors 51692831 49840192 58161057 51605248
Cash & Bank Balance 4482109 23723574 1948072 1853467
Loan & Advance 42722285 37067099 20936142 12165008
Total 143948599 142784762 139931072 99057898
Less-Current Liability &
Provision
Liabilities 16720788 10392799 23744458 23405950
Provisions 5813307 6162150
Net current asset 121414504 126229813 116186614 75651948
Miscellaneous Expenditure
(to the extent not written
off)
TOTAL 298807952 257003990 207102332 130029624
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Profit & loss:
Particular 2009-10 2008-09 2007-08 2006-07
INCOME
Sales & Operating Income 176349123 3105790
0
21671268
9
1592.00
Other Income 1103817 703045 188735 11335051
Total 177452940 3112825 2169014 11381408
EXPENSES
Change in inventory -4891572 2508352 -2229773 -21241635
Materials and manufacturing exp. 94766223 1586143 14979077 95979181
Administrative and other exp. 41278812 4293603 33702114 12547084
Interest 6993503 6570700 3846189 1415373
Depreciation 19724596 1194114 9388405 6942347
Total 157871562 2451452 17442972 95642350
Profit before tax for the year 19581378 6613633 42471672 18171688
Less- Current tax 2295000 7575000 4865000 170000
Less-Deferred Tax 915770 1125312 1205000 3315000
LessFringe benefit tax 0.00 165000 100000 18000
Profit after taxation 16370608 5727101 36301672 14668688
Add - Prior Period adjustments 4129 1615 171059 0
Amount available for appropriation 16374737 5727266 36472731 14668688
Appropriation:
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Dividend 2900000 3190000 2900000 1450000
Corporate dividend tax 492855 542140 492855 246428
General reserve 12981882 5354046 33079876 12972260
Balance Carried To Balance sheet 0 0 0 0
Earning per share (basic/Diluted) 5.65 19.75 12.58 5.58
Nominal value of share 10 10 10 10
NOP: Net Operating Profitability
ACP: Average Collection Period
ITID: Inventory Turnover in Days
APP: Average Payment Period
CCC: Cash Conversion Cycle
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