WCM Project REport MKS
WCM Project REport MKS
WCM Project REport MKS
On
“Working Capital
Management Of
Central Coalfields Ltd.”
INTERNSHIP – FINANCE
Submitted by: MRADUL KUMAR GUPTA
Roll No 0211BBA051
Session: 2021-24
CERTIFICATE
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ACKNOWLEDGEMENT
I have immense pleasure in the successful completion of this report work titled
"Working Capital Management of Central Coalfields Limited." I ’am using this
opportunity to express my gratitude to everyone who supported me throughout this
Internship.
My special thanks to the General Manager of Finance Department for granting me the
opportunity to serve as a finance intern at this very prestigious company. I’ am also
thankful to Mr. K.K. Biswas for his aspiring guidance, invaluably constructive criticism
and friendly advice during the internship. I’ am sincerely grateful to him for sharing his
truthful and illuminating views on a number of issues related to the report.
I would also like to thank my friends and family who provided me with the facilities
being required and conductive conditions for this report work.
Thank You.
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INDEX TABLE
I Introduction 5-22
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PART-I
INTRODUCTION
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CAPITAL
Introduction:
Capital is the keynote of economic development. In this modern age, the level of
economic development is determined by the proportion of capital available.
Meaning:
In the ordinary sense of the word Capital means initial investment invested by
businessman or owner at the time of commencing the business.
Definition:
Capital is a factor of production with a specific, changeable value attached to it that could,
potentially, provide its owner with more wealth. It is an abstract economic concept, and, as
such, has many different definitions and classifications, but the unifying feature of capital is
that it has a certain value, so it in itself is a type of wealth, and it has the potential of
generating more wealth.
Features:
Capital has the following features.
1. Capital is a man made.
2. Capital is a perishable.
4. Capital is a mobile.
6. Capital is a scarce.
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There is operative aspects of working capital i.e. current assets which is known as funds also
employed to the business process from the gross working capital Current asset comprises cash
receivables, inventories, marketable securities held as short term investment and other items
nearer to cash or equivalent to cash. Working capital comes into business operation when
actual operation takes place generally the requirement of quantum of working capital is
determined by the level of production which depends upon the management attitude towards
risk and the factors which influence the amount of cash, inventories, receivables and other
current assets required to support given volume of production.
Working capital management as usually concerned with administration of the current assets as
well as current liabilities. The area includes the requirement of funds from various resources
and to utilize them in all result-oriented manner. It can be stated without exaggeration that
effective working capital management is the short requirement of long-term success.
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.
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Meaning:
Working capital means the funds (i.e.; capital) available and used for day-to-day operations
(i.e.; working) of an enterprise. It consists broadly of that portion of assets of a business which
are used in or related to its current operations. It refers to funds which are used during an
accounting period to generate a current income of a type which is consistent with major
purpose of a firm existence.
Definitions:
According to Weston & Brigham
“Working capital refers to a firm’s investment in short-term assets cash, short term
securities, accounts receivables and inventories.
Calculation
The key components of working capital are current assets and current liabilities.
Once you have determined the total value of current assets and current liabilities, you can apply
the below formula to calculate working capital
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Need:
5. Working capital is required for repairs & maintenance both machinery as well as
factory buildings.
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Understanding:
The primary purpose of working capital management is to enable the company to maintain
sufficient cash flow to meet its short-term operating costs and short-term debt obligations.
A company's working capital is made up of its current assets minus its current liabilities.
Current assets include anything that can be easily converted into cash within 12 months,
highly liquid assets such as cash, accounts receivable, inventory, and short-term
investments. Current liabilities are any obligations due within the following 12 months.
These include accruals for operating expenses and current portions of long-term debt
payments.
Working capital management commonly involves monitoring cash flow, current assets,
and current liabilities by ratio analysis of the key elements of working capital, including
the working capital ratio, collection ratio, and inventory turnover ratio.
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Requirement:
Working capital management helps maintain the smooth operation of the net operating cycle, also
known as the cash conversion cycle (CCC)—the minimum amount of time required to convert net
current assets and liabilities into cash.
Working capital management can improve a company's cash flow management and earnings
quality through the efficient use of its resources. Management of working capital includes
inventory management as well as management of accounts receivable and accounts payable.
Working capital management also involves the timing of accounts payable (i.e., paying suppliers).
A company can conserve cash by choosing to stretch the payment of suppliers and to make the
most of available credit or may spend cash by purchasing using cash— these choices also affect
working capital management.
Objectives:
Effective management of working capital is means of accomplishing the firm’s goal of
adequate liquidity. It is concerned with the administration of current assets and current
liabilities. It has the main following objectives-
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The Working Capital Cycle for a business is the length of time it takes to convert the
total net working capital (current assets fewer current liabilities) into cash. Businesses
typicality manage this cycle by selling inventory quickly, collecting revenue from
customers quickly, and paying bills slowly to optimize cash flow.
Working capital management helps maintain the smooth operation of the net
operating cycle, also known as the cash conversion cycle (CCC)—the
minimum amount of time required to convert net current assets and liabilities
into cash.
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1. Nature of Business:
The Nature of the business effects the working capital requirements to a great extent. For
instance, public utilities like railways, electric companies, etc. need very little working capital
because they need not hold large inventories and their operations are mostly on cash basis, but
in case of manufacturing firms and trading firms, the requirement of working capital is
sufficiently large as they have to invest substantially in inventories and accounts receivables.
2. Production Policy:
The production policies also determine the Working capital requirement. Through the
production schedule i.e., the plan for production, production process etc.
3. Credit Policy:
The credit policy relating to sales and affects the working capital. The credit policy influences
the requirement of working capital in two ways:
a. Through credit terms granted by the firm to its customers/buyers.
b. Credit terms available to the firm from its creditors.
The credit terms granted to customers have a bearing on the Magnitude of Working capital
by determining the level of book debts. The credit sales results are higher book debts and
higher book debt means more Working capital.
On the other hand, if liberal credit terms are available from the suppliers of goods [Trade
creditors], the need for working capital is less.
4. Changes in Technology:
Technology used in manufacturing process is mainly determined need of working capital.
Modernize technology needs low working capital, whereas old and traditional technology
needs greater working capital.
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The relevant cost of determine work in process inventory are the proportionate share of cost of
raw material and conversion costs (labours and Manufacturing over Head cost excluding
depreciation) In case, full until of raw material is required in the beginning the unit cost of
work is process would be higher, i.e., cost of full unit + 50% of conversion cost compared to
the raw material requirement. Throughout the production Cycle, working process is normally
equivalent to 50% of total cost of production. Symbolically,
Working capital required to finance the finished goods inventory is given by factors
summed up as follows: -
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Budgeted Cost of Goods Produced Finished Goods
Production x per unit (excluding x Holding Period
(in units) depreciation) (months/days)
12 months/ 52 weeks / 365days
4. Debtors:
The working capital tied up in debtor should be estimated in relation to total cost
price (excluding depreciation) symbolically,
The Working Capital needs of business firms are lower to the extent that such needs are
met through the Current Liabilities (other than Bank Credit) arising in the ordinary course of
business. The Important Current Liabilities in this context are Trade-Creditors, Wages and
Overheads: -
1. Trade Creditors:
The Funding of Working Capital from Trade Creditors can be computed with the help
of the following formula: -
Budgeted Yearly Raw Material Credit Period
Production x Cost x Allowed by creditors
(In units ) per unit (months/days)
12 months / 52 weeks / 365days
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It is a key indicator of a company's financial health as it demonstrates its ability to meet its
short-term financial obligations. Although numbers vary by industry, a working capital ratio
below 1.0 generally indicates that a company is having trouble meeting its short-term
obligations. That is, the company's debts due in the upcoming year would not be covered by
its liquid assets. In this case, the company may have to resort to selling off assets, securing
long-term debt, or using other financing options to cover its short-term debt obligations.
Working capital ratios of 1.2 to 2.0 are considered desirable, but a ratio higher than 2.0 may
suggest that the company is not effectively using its assets to increase revenues. A high ratio
may indicate that the company is not managing its working capital efficiently.
1. Interest Coverage Ratio- The interest coverage ratio measures how many times a
company can cover its current interest payments with its available earnings. In other words,
it measures the margin of safety a company has for paying interest on its debt during a
given period. The interest coverage ratio is calculated as follows:
Interest Coverage Ratio=Interest Expenses EBIT where:
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3. Equity Ratio- The equity ratio, or equity-to-assets, shows how much of a company is
funded by equity as opposed to debt. The higher the number, the healthier a company is.
The lower the number, the more debt a company has on its books relative to equity. The
shareholder equity ratio is calculated as follows:
Companies typically measure how efficiently that balance is maintained by monitoring the
inventory turnover ratio. The inventory turnover ratio, calculated as cost of goods sold divided by
average balance sheet inventory, reveals how rapidly a company's inventory is being used in sales
and replaced. A relatively low ratio compared to industry peers indicates a risk that inventory
levels are excessively high, while a relatively high ratio may indicate inadequate inventory
levels.
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1. Gross Profit Ratio- Gross Profit Ratio is a profitability ratio that measures the
relationship between the gross profit and net sales revenue. When it is expressed as a
percentage, it is also known as the Gross Profit Margin.
Gross Profit Ratio = Gross Profit/Net Revenue of Operations × 100
2. Net Profit Ratio- Net profit ratio is an important profitability ratio that shows the
relationship between net sales and net profit after tax. When expressed as percentage, it is
known as net profit margin.
Net Profit Ratio = Net Profit after tax ÷ Net sales Or
Net Profit Ratio = Net profit/Revenue from Operations × 100
4. Operating Profit Ratio- Operating profit ratio is a type of profitability ratio that
is used for determining the operating profit and net revenue generated from the operations.
It is expressed as a percentage.
Operating Profit Ratio = Operating Profit/ Revenue from Operations × 100
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KEY TAKEAWAYS
Working capital management requires monitoring a
company's assets and liabilities to maintain sufficient
cash flow to meet its short-term operating costs and
short-term debt obligations.
Working capital management involves tracking various
ratios, including the working capital ratio, the collection
ratio, and the inventory ratio.
Working capital management can improve a company's
cash flow management and earnings quality by using its
resources efficiently.
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PART-II
Industry Profile
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(A)
COAL INDUSTRY
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Introduction:
Coal mining in India has a long history of commercial exploitation covering nearly 240 years
at places close to coal regions in the eastern part of the country.
In 1774, Summer & Heatley applied to the East India Company to raise coal in Raniganj
coalfield along the Western bank of river Damodar. However, coal mined did not receive
adequate attention due to its inferior quality as compared to British coal.
Pre-Independence Era:
The abolition of monopoly of East India Company in 1813 paved the way for rapid
development of private commercial enterprises. The first joint stock coal company, Bengal
Coal Company Limited, was registered in 1843.
From a level of output of only about 400 tonnes per annum during the period 1815- 1823, it
reached a level of 91,000 tonnes during 1846. By this time demand of coal was picking up due
to introduction of steam engines. Coal mining activities received a renewed thrust with the
setting up of a rail link between Howrah and Raniganj in 1853.
After 1774, for about a century the growth of Indian coal mining remained sluggish for want
of demand but the introduction of steam locomotives in 1853 gave a boost to it. Within a short
span, production rose to an annual average of 1 million tonne and India was producing about 6
million tonnes of coal per year by 1900 and 18 million tonnes per year by 1920.The
production got a sudden boost from the First World War but went through a slump in the early
thirties. The production reached a level of 29 million tonnes by 1942 and 30 million
tonnes by 1946.
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Since 1920, a number of commissions and committees made observations on the question of
conservation of coal, safety of mines, etc. which led to introduction of regulations and control
of the coal industry in India.
An Overview
India ranks third amongst the coal producing countries of the world in terms of annual coal
production. However, in respect of coal resources, it is endowed with less than one percent of
world coal resources. Of the 303 billion tonnes of Indian coal resources up to a depth of 1200
metres, about 123.2 billion tonnes fall under proved or confirmed category. This constitutes
about five percent of the world proved coal resources.
When India gained its independence in 1947, the coal production was nearly 30 million tonnes
per year and the coal mining operation was primarily in the private sector. Till 1971-73 the
coal mining operation remained primarily in the private sector and the production had come
up to a level of nearly 72 million tonnes per year only. The entire coal industry in India was
nationalised during 1972-73 and then on massive investments were made by the Government
of India in this basic infrastructure sector. India now ranks as the third largest coal producer of
the World next only to China and USA.
Mining depths in Indian coalfields are quite shallow, barring a few mines in Jharia and
Raniganj coalfields. Major share of coal resources lies at a depth of less than 300 metres.
About 87 percent of coal resources lie within the depth range of 600 metres. However, in most
of the coalfields, exploration work beyond 600 metres depth is yet to be taken up. It is
expected that the resource figures will improve considerably, with increased depth of
exploration.
Deposit characteristics vary widely from coalfield to coalfield. In some areas like Jharia and
Raniganj coalfields, high concentration of super imposed seams (as much as 40 in number)
poses great challenge to mining operations.
Geological inconsistencies like faults, folds, washouts etc, common in most of the coalfields,
tend to reduce the mining potential of deposits. Intrusions such as dykes and sills often lead to
operational problems and quality deterioration. Nearly all Indian Coal seams are prone to
spontaneous heating. The incubation period varies widely from 2 to 12 months. However,
compared to gas emission in other parts of the world, the coal seams in India are less gassy.
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Formation of SCCL
In 1945, the Singareni Collieries Company Limited (SCCL) became the first Government
owned coal company in India. In that year Government of Nizam of Hyderabad bought all the
shares the company and brought the company under India Trust Fund of the Nizam
Government.
The company actually started production in 1889 at Yellandu area of present Andhra Pradesh
and sixty thousand tonnes of coal was produced in that year.
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Introduction of steamlocomotives
1853
Formation of SCCL
1945
Post-Independence Era
After Independence, the country embarked upon the five-year development plans to improve
economic condition of the people. At the beginning of the first Plan, annual production went
up to 33 million tonnes.
During the first Plan period itself, the need to increasing coal production efficiently by
systematic and scientific development of the coal industry was being felt.
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Formation of NCDC
In 1956, National Coal Development Corporation (NCDC) came into existence in the public
sector as Government-owned Company in pursuance of the Industrial Policy Resolutions of
1948 and 1956 of the Government of India. It was started with a nucleus of 11 old state
collieries (owned by the Railways) with total annual production of 2.9 million tonnes of coal.
This was the first major step towards planned development of Indian coal sector.
From its very beginning, NCDC addressed itself to the task of increasing coal production and
developing new coal resources, besides introducing modern and scientific techniques of coal
mining.
Along with the Singareni Collieries Company Limited (SCCL) which was already in
operation since 1945 and which became a government company under the control of
Government of Andhra Pradesh in 1956, India had two Government coal companies at that
time.
Formation of BCCL
1971
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With dawn of the Indian independence a greater need for coal production was felt in the First
Five Year Plan. In 1951 the Working Party for the coal Industry was set up which included
representatives of coal industry, labour unions and government which suggested the
amalgamation of small and fragmented producing units. Thus, the idea for a nationalized
unified coal sector was born. Integrated overall planning in coal mining is a post-
independence phenomenon. National Coal Development Corporation was formed with 11
collieries with the task of exploring new coalfields and expediting development of new coal
mines.
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COKING COAL:
These coals, when heated in the absence of air, form coherent beads, free from volatiles, with
strong and porous mass, called coke.
These have coking properties
Mainly used in steel making and metallurgical industries
Also used for hard coke manufacturing
SEMI-COKING COAL:
These coals, when heated in the absence of air, form coherent beads not strong enough to be
directly fed into the blast furnace. Such coals are blended with coking coal in adequate
proportion to make coke.
These have comparatively fewer coking properties than coking coal
Mainly used as blend-able coal in steel making, merchant coke manufacturing and
other metallurgical industries
NON-COKING COAL:
These are coals without coking properties.
Mainly used as thermal grade coal for power generation
Also used for cement, fertilizer, glass, ceramic, paper, chemical and brick
manufacturing, and for other heating purposes
MIDDLINGS:
Middlings are by-products of the three-stage coal washing / beneficiation process, as a fraction
of feed raw coal.
Used for power generation
Also used by domestic fuel plants, brick manufacturing units, cement plants,
industrial plants, etc.
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REJECTS:
Rejects are the products of coal beneficiation process after separation of cleans and
/ or middlings, as a fraction of feed raw coal.
Used for Fluidized Bed Combustion (FBC) Boilers for power generation, road
repairs, briquette (domestic fuel) making, land filling, etc.
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Formation of Coal
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Uses of Coal
Coal is a very widely used natural resource because of its unique characteristics.
Because of its affordability, it is used in several countries for electricity and power
generation.
Generally, powdered coal is used to create steam, which in turn generates electricity
with high pressure.
Coal also serves as a raw material in the making of several things like steel and iron,
which we use in our everyday lives.
Coal is available easily in countries like India and China and is used by many
households, especially in rural areas, for activities like cooking.
The growing need for energy in the transport sector is being addressed by coal-
based electricity and other coal-derived fuels. Apart from fuels, coal is also an
important raw material for manufacturing transport infrastructure such as
aluminium, cement, and steel.
Electricity Production: Coal is commonly used in thermal power generation, which
aids in the generation of energy. Powdered coal is burned at a high temperature, turning
water into steam in the process. In a strong magnetic field, this steam is used to turn
turbines at high speeds. Then, and only then, is electricity generated.
Steel Manufacturing: Coal is used indirectly to create steel in the steel industry.
Coal is baked in furnaces to produce coal coke in this process. Manufacturers utilise
coal coke to smelt iron ore into iron and make steel after this is generated. In the
meantime, ammonia gas is recovered from coke ovens and utilised to make nitric acid,
ammonia salts, and fertilisers.
Industries: Coal is used in a variety of sectors to make a variety of products. Cement,
paper and aluminium manufacturing, chemical and pharmaceutical manufacturing are
just a few of the industries that use coal. Chemical businesses rely on coal for a variety
of raw materials such as benzol, coal tar, sulphate of ammonia, creosote, and so on. The
majority of industries rely on coal as a source of energy.
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(B)
COMPANY PROFILE
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Washeries 5 Washeries
4 Coking Coal Washeries (Kathara, Rajrappa,
Kedla & Sawang)
1 Non-Coking Coal Washeries (Piparwar)
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Type Public
Products Coal
Net income
centralcoalfields.in
Website
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VISSION
To emerge as a National player in the Primary Energy Sector, committed to
provide energy security to the Country, by attaining environmentally and Socially
Sustainable Growth, through best practices from Mine to Market.
MISSION
The Mission of Central Coalfields Limited (CCL) is to produce and market the
planned quantity of Coal and Coal products efficiently and economically in Eco-
Friendly manner, with due regard to Safety, Conservation and Quality.
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OBJECTIVES
To maintain high standards of Safety and strive for an accident-free mining of Coal.
To undertake detailed exploration and plan for new Projects to meet the future Coal
demand.
To improve the quality of life of employees and to discharge the corporate obligations
to Society at large and the community around the Coalfields in particular.
To provide adequate number of skilled manpower to run the operations and impart
technical and managerial training for up gradation of skill.
To enhance the CSR activities specifically in the field of Health, Sanitation and
Drinking Water in the Surrounding villages.
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PART-III
COMPANY
OPERATIONAL
&
FINANCIAL
STATISTICS
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PART-IV
PROJECT
OBJECTIVE
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Objectives:
2) Through the net profit ratio and other profitability ratio, understand the
4) To know the liquidity position of the company by using the current ratios.
5) To find out the utility of financial ratio in credit analysis & determining the
Inventory is one of the important components of working capital of many businesses. The
term inventory includes:
Raw materials are the inputs used to manufacture goods that turn into finished products after
some processing. On the other hand, finished goods are the products that are ready for sale.
Various techniques are used by a business to determine optimum level of inventory. These
include:
2. Cash Management
Cash is the most liquid of all current assets. All the current assets like receivables and
inventory get converted into cash eventually. Hence, cash management is of utmost
importance. Furthermore, cash management is an important component of working capital
management.
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Cash includes coins, currency, drafts, cheques and bank deposits. Furthermore, it also includes
marketable securities as these get easily converted into cash. So, cash is an important
component of current assets. Therefore, a business should have an adequate amount of current
assets at all times. It means that cash should neither be inadequate nor in excess. This is
because inadequate cash would hold production. Whereas excessive cash will remain idle and
impact the profitability of the business.
Thus, a business needs to manage cash in order to manage its working capital. Now, the basic
objectives behind cash management are:
Hence, a business can follow the following strategies in order to manage cash efficiently:
Business can prepare cash budgets in order to project cash flows. Cash budgets can help
a business to plan and control the use of cash.
A business needs to determine an optimum level of cash balance by comparing risk
with profitability. Various methods are used to determine optimum level of cash.
The business can plan for the utilization of the available cash resources. Thus, a
business can focus on either increasing cash inflows or reducing cash outflows.
Accounts receivable refers to the debtors arising on account of selling goods on credit to
customers. A business needs to sell goods on credit in order to expand its sales and attract
customers. However, there is an element of risk involved in undertaking credit sales. This
risk refers to the risk of bad debts. Hence, a business needs to manage its accounts
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receivable in order to improve its overall return on such receivables.
Thus, excessive investment in accounts receivable increases sales. But leads to high risk of
bad debts. Whereas, inadequate amount of investment in accounts receivable reduces sales
as well as the risk of bad debts. Hence, a business must compare costs with benefits of
maintaining accounts receivable in order to manage receivables effectively. There are
certain practices that a business can follow to manage its accounts receivable:
laying out credit policy clearly to extend credit to customers. This includes setting
credit standards, credit terms, offering discounts and analysing credit risk of
customers.
following a credit collection policy that helps a business to collect payments that
become due.
monitoring the accounts receivable on a constant basis to determine whether the
customers are paying according to the credit terms.
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PART-V
DATA
COLLECTION
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Data Collection
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S ECONDARY DATA:
The secondary data are those which have already collected and stored. Secondary data easily
get those secondary data from records, annual reports of the company etc. It will save the
time, money and efforts to collect the data.
The major source of data for this project was collected through annual reports, profit and loss
account of 5-year period from 2006-2010 & some more information collected from internet
and text sources.
DATA REFERENCE:
CCL Annual Report 2021-22
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PART-VI
DATA ANALYSIS
&
INTERPRETATION
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A. INVENTORY DATA
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A company’s working capital includes inventory and increases in inventory make working
capital increase. Working capital is calculated as the difference between company’s
current assets and current liabilities. Inventory is classified as part of the current assets
since there is an expectation that this asset is going to be consumed and produce economic
benefits within a year. From the above figure, we can see that in year 2018 and 2020 there
is a fall in inventory. Whereas there is a rise in inventory in 2019 and 2021. The %
decrease in inventories is around 35.64% and 8.89% in 2018 and 2020 respectively.
However, the above analysis is not sufficient to evaluate the qualitative efficiency of
inventory management.
This is a shortcoming of the above analysis. In order to avoid this bottleneck, the
following ratios are computed and studied during the study period.
Inventory Turnover
This ratio indicates the number of times the inventory is replaced during the
financial year. It reflects the degree of liquidity of the firm and it shows how
effectively the executive in charge of maintaining the inventory level
performs the task. Generally, a high inventory turnover ratio is indicative of
good inventory management, whereas a low inventory turnover ratio signifies
over investment in inventory or excessive inventory levels warranted by
production and sales activities, or slow moving or obsolete inventory.
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Inference
According to the above table, it is observed that there had been a stable trend from
2018-2021 but in year 2017 the Inventory Turnover Ratio decreased to 4.97. Inventory
Turnover Ratio increased from 4.79 times to 8.36 times.
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Inventory Holding Ratio (in days) = 365/Inventory Turnover Ratio
Inference
The Inventory Holding Ratio of year 2019-20 (38.7 days) is the lowest and it indicates
the reduction of carrying cost which proves the effectiveness of a good system of
inventory management. But in year 2020- 21 it increased again to 43.66 days. The
management of the company needs to continue with the policy that they have followed
in 2019-20 in future to maintain a good system of inventory.
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Inference
From the above table it can be said that this Inventory to Total Current Assets Ratio was
0.28 in 2016-17 and then decreases to 0.14 in year 2020-21 which shows a better control
of the inventory by the management of CCL.
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PART-VII
FINDINGS &
CONCLUSION
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Reduce potential theft by employees by restricting access to product areas to those who
absolutely need to be there.
Reduce spoilage losses by staying on top of inventory count practices. To cycle older
stock forward when shelving inventory.
Disclaimer
In this report only one aspect of Working Capital Management i.e. Inventory
Management has been taken up due to shortage of time and the other two aspect viz,
debtor’s management & cash Management kept out of the project analysis domain.
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PART-
VIII
BIBLIOGRAPHY
TEXT BOOKS
M.Y. Khan / P.K Jain, Financial Management Text, Problem’s Cases, 5TH Edition, Tata McGraw –Hill Publishing Company Limited, New Delhi, 2007.
www.google.com
www.wikipedia.org
www.transtutors.com
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