Beruflich Dokumente
Kultur Dokumente
CONTENTS
Chapter 1
INTRODUCTION
3-9
Chapter 2
INDUSTRY & COMPANY PROFILE
10-23
Chapter 3
THEORETICAL FRAME WORK OF WORKING
CAPITAL MANAGEMENT
24-47
Chapter 4
48-58
Chapter5
SUMMARY & SUGGESTIONS
59-65
Chapter1
INTRODUCTION
INTRODUCTION
The process of liberalization unleashed by the Indian Government
in July, 1991 has transformed the Indian economy form a universal
looking and regulated economy to a market oriented one with emphasis
on private sector participation.
Indian economy has been experiencing rapid growth as is evident
by the trend in major sectors and economic indices the growth achieved
by Indian economy since the liberalization drive is note worthy
achievement even by standards Indian economy has emerge as the fifth
largest economy in the world. Indias gross domestic product (GDP) at
factors cost has been rising steadily at about 6-7 Since1990-91. Indias
current GCP at official change rate is US $ 351 billion, where as; its GCP
based on purchasing power party method (PPP method as adopted by
United Nations) is US $ 1,665 billion. The GDP per capita has also
increased sharply in recent years increasing the purchasing power of
Indian population.
method is US $ 1,731.
The study is
Observation method
Interview method
Through the questionnaires
The secondary data has been collected from annual report financial
statement and various records and manuals of the company.
annual reports of company. To the extent that the executives cold spare
their time. They gave us the information by the way of small discussions
for the purpose of data collection. Most of the information has been kept
confidential and as such is not passed on, as part Company.
Chapter 2
INDUSTRY & COMPANY PROFILE
Industrial profile
India is vast country and predominantly agricultural and agro based.
While fertilizer manufacturing plants are few, the consumption of fertilizers
spread over a very large number of villagers i.e. .5, 75,000 villages.
Fertilizers manufactured in a few units located at strategic locations are to be
moved and made available in large quotation to the millions of farmers
through a scattered network of about 2.00 lakhs retail out lets at the time of
requirement in an acceptable package and at the minimum possible cost.
The population is likely to increase TO 935 million. Therefore,
production of food grains will have to be increased by production of food
grains will have to be increased by reduction of food grains will have to
be increased by production of food grains will have to be increased by
production of food grains lies only through improving the productivity of
land cultivation
In order to meet the acute shortage of food, government of India
decided to set up a fertilizer plant at SINDRI, which was originally
designed to produce ammonium sulphate in 1951. Between 1960 and
1964 Nagaland, Tomboy, Rourkela units were commissioned.
As per the United Nations conference on environment and
development by the year 2025 A.D the number of months to feed in the
globe will jump by more that 50 % to 8.5 billion resulting population
explosion and land available for growing food is shrinking. In the last 15
years the area of cultivated land per person has dropped to 0.15 hectare
from 0.17 hectare. The logical answer is to stimulate crop growth by
feeding the plants with the needed nutrients i.e. fertilizers.
10
Definition
Fertilizers are chemical substances added to the soil to increase
THE Fertility and there by increase the crop production. In addition to the
conversion of atmospheric nitrogen to assailable nitrogenous compounds,
artificial procures are also used to form Nitrogenous compounds, which
can be used by the plants, along with the nitrogen. Plants also require
other elements such as potassium. Magnesium, manganese, phosphorous,
calcium, iron, Sulphur etc., for healthy growth.
Classification of fertilizers
Natural fertilizers
Artificial fertilizers
Natural fertilizers:
Compost and manure:
The action of soil bacteria in breaking down dead organisms and
the dung of animals into nitrogenous compounds easily assailable by
plants make these dead decaying matter and excreta of animals a very
good source of natural fertilizers.
Artificial fertilizers:
11
When large areas of land are brought under cultivation and when
natural fertilizers are inadequate to compensate and the soil of its rapidly
decreasing nutrients, artificial fertilizers have to bi added to the soil.
Location and plant particulars:
The plant is situated in a 500-acre site at Viskhapatnam, about 5
kilometers from the harbor. The site is leased from Viskhapatnam port
trust for 50 years with renewal options. The company construction
commenced in 1965 and was completed in December 1967. at the
port, Coromandel operates its own bulk cargo raw materials and
unloading fertilizers marketed in the trade name GROMOR Urea
ammonia phosphate 28:28:0, GROMOR NPK 14:35:14 and
ammonium phosphate sulphate
1967
1985
1997
12
Plant capacities
The capacities of the plant at Coromandel fertilizer limited
areas under:
Sulphuric acid 3.65.450MT/YR
Phosphoric acid
1.13.059 MT/YR
64 %
ORISSA
17 %
WEST BENGAL
11 %
MADHYAPRADESH
20 %
CHANDIGARH
4%
OTHERS
2%
Performance (2000-2001):
TURN OVER
Rs 613 CRORES
ROCE
24 %
EVA
POSITIVE
PBT/SALES
11%
PRODUCTION
5.15.000 MT
SALES
5.49.000MT
14
16
Manufacturing plants
The manufacturing process is carried ort at 5 plants of C.F.L.
Ammonia and urea closed in 1998.
Ammonia plant
The ammonia plant has a capacity to produce a capacity to produce
357 tones per day. This plant was designed and Constructed by M/s.
HINDUSTAN PETROLEUM REFINERY, Viskhapatnam.
Urea plant
C.F.L. plant gas an operating capacity of 400 T.P.D based on the
CPIALLIED process the design and construction of which was done by
M/s VULCACINEINNATI OF U.S.A
Sulphuric acid plant
The plant had been designed by CHEMICAL CONSTRUCTION
COMPANY; U.S.A the plant capacity is 900tones of Sulphuric acid per
day.
Phosphoric and plant:
This plant was designed and constructed by M/s DORR-DVIVER,
U.S.A
The original designed capacity of the plant was 255 tones per day
which was increased to 325 tones per day during revamp in the
Year 1975, with the modifications in the recent years the plant capacity
now is 350 tones of phosphoric acid per day.
Complex plant
This plant was designed and constructed by M/s WELLMANORD
COMPANY, U.S.A. the production of complex fertilizers started in
February 1968. The product material so produced by the above process is
17
18
Departments:
Finance department:
The finance department here is headed by the DGM (finance) who
has to report to the vice president finance. The deputy manager (finance
& accounting) assistant manager (finance & accounting) looks after cash,
general accounts. Production accounts & excise with the help of assistant
accountant to reduce his work load.
The assistant manager (cost accounting) is concerned with the
preparation of cost accounting records for the ascertainment and control
of costs relating to the activities associated with the manufacture sales
and distribution of goods and services.
The deputy manager (projects) is concerned with warehouse
accounts & project accounts & capitalization accounting. He has an
assistant manager (stores) & an accounts officer. The clerical staff
facilitates the easy accomplishment of the deputy managers job t hand.
ERD (Employee relations department:
The department is headed by the senior manager (IR & P) he is
being subordinated by a team of personnel officers and office clerks who
assist him in achieving the goals of the organization.
PARTICULARS
Total man days available
45235
19
48285
Average no employed
876
843
83.42
ii.
iii.
R & D function
Marketing activities:
The company sells the finished products mainly in the four states:
A.P, Orissa, West Bengal, and Madhya Pradesh. The sales are through
E.I.D (parry) and rallies India limited one of the promoters of the
company belonging to the company. The credit period allowed to its
customers is 45 to 60 days. It is up to 60 days during the off-season.
The price of the fertilizer was fixed by the FICCI. In the past 92
scenarios, the pricing of fertilizers under went a sea change. The fertilizer
industries were allowed to compete in the open market. The study all was
allowed shall be in the proportion to the phosphorous content in
phosphorus peroxide. These is the pricing policy followed today in the
case of phosphates fertilizers
Distribution department:
At the vizag regional office only distributed is carried out. The
department is divided into transportation, ware housing. Accounting and
bagging.
20
Industrial Relations:
Coromandel has an excellent track record in I.R since its inception.
This is largely due to progressive policies pursued by the company with
regard to labor management. The company provides several schemes and
facilities to its employees, medical and accident insurance scheme
Cafeteria. Uniforms, house building loan scheme, sports and recreational
facilities are some of the benefits enjoyed by the employees of the
company. In addition cooperative house building society, co operative
credit society, cooperative consumers stores have been established to
cater to the needs of employees as a welfare measure.
Man power:
The total strength of the employees in the company is 80 %
Welfare activities:
The company also strives to motivate its employees and create a
sense of belongingness so that the employees of the organization are
committed to achieve the objectives of the organization. In addition to the
salary that is provided to the employees, the employees are given several
benefits. To provide for their overall development and in order to keep
them in good shape. Some of the benefits provided to the employees
include LTA/LTC, canteen facility. Accident insurance scheme, gift
coupon etc., in addition to it, the employees are granted credit sales
through the employees at 15 %interest. To keep the employees in good
humor. The company arranges yearly picnic and weekly movie for the
recreation.
21
22
Chapter 3
Theoretical Frame Work of Working
Capital Management
23
24
almost
700
Coromandel
employees
in
Viskhapatnam
and
Secunderabad.
Gromor 28-28-0 a product of Coromandel is the most advanced
high analyses fertilizers manufactured in India. Coromandel offers free
agriculture advice to the cultivators as a part of its marketing programme
better crop yields in aggregate provide farmers an additional income of
over Rs.30 cores each year by using Gromor.
Every business needs funds for two purposes:
For its establishment
To carry out day to day expenses
Funds are needed for snort term purposes for the purchase of raw
materials/payments of wages and day expenses. These funds are known
as wording capital thus it means the capital required for financing short
term or current assets such as marketable securities. And the are
converted into cash and again current assets are purchased hence it is
known as circulating capital.
25
26
The fixed assets involve long period prospective and therefore, the
concept of time value of money is applied in order to discount the future
cash inflows where as wording capital time horizon is limited one year
and time value of money concept is not considered. The fixed assets
affect long-term profitability of firm while current assets affect short-term
liquidity position. So in wording capital management financial manager
is faced with a decision involving some of the considerations as follows:
What should be total investment in working capital in the firm?
What should be the level of individual current assets?
What should be the different sources of wording capital?
The wording capital management may be defined as the
management firms
Sources and uses of wording capital in order to maximize the
wealth of share holders.
The proper working capital management requires both medium
term planning (up to 3 years) and also the immediate adaptations to
changes arising due to fluctuations in operating levels of firm.
27
28
29
and net working capital, which have equal significance from management
view:
Optimum investment in current assets,
Financing of current assets.
The Need or Objectives of Working Capital
The need for working capital to the day-to-day business activities
cannot be over emphasized. Every business needs some amount of
working capital. The need for working capital arises due to the time gap
between production and realization of cash from sales. There is an
operating cycle involved in the sales and realization cash. There are time
gaps in purchase of raw materials and productions; production and sales;
and sale and realization of cash. Thus working capital is needed for the
following purposes for the purchase of raw materials, components and
spares to pay wages and salaries
1. To incur day to day expenses and overhead costs such as fuel,
power and office expenses etc.
2. To meet selling costs as packing, advertising etc.
3. Maintain the inventories of raw materials work in progress stores
and spares are finished stock.
For studying the need of working capital in a business, one has to
study the business under varying circumstances such as a new concern
as a growing concern and as one, which has attained maturity. A new
concern requites a lot of liquid funds to meet initial expenses like
promotion formations etc... These expenses are called preliminary
expenses and are capitalized.
30
Capital
introduction
growth
High
high
maturity
decline
3
normal
Capital
In introductory stage the amount of working capital is high because
they want to give good publicity to the company. In growth stage they
31
low
require high capital, as they want to expand or develop branches and use
advanced technology. At maturity stage they face bread-even-point stage i.e.,
no loss no profit and it may be hard for the management to develop company
so capital required is normal. At decline stage the capital is low as they may
wind up company due to heavy competition.
Determinants of working capital:
The working capital requirements of a concern depend upon a large
number of factors such as nature and size of business the character of their
operations, the length of production cycles. The rate of stock turnover and
the state of economic situation It is not possible to rank them because all
such factors are of different importance factors generally influencing the
working capital requirements the factors may be external or internal however
the following are the influencing the working capital requirements.
Nature of business:
The working capital requirements of a firm basically depend upon
the nature of its business. Public utility undertakings like electricity, water
supply and railways need very limited working capital because they offer
cash sales only supply services not products and as such no funds are tied
up in inventories and Less investment in fixed assets but have to invest
large amounts in current assets like inventories, receivables and cash as
such they need large amount of working capital.
Size of business scale of operations:
The working capital requirements of a concern or directly influenced
by the size of its business which may be measured in terms of scale of
operations. Grater the size of business unit generally larger will be the
requirement of working capital however, in some cases even a smaller
concern may need more working capital due to high over head chares
32
CASH
FINISHED
GOODS
WORK IN
PROCESS
RAW MATERIAL
33
capital position sets the various policies in the business with respect to
general operations purchasing financing expansion and divided etc.
36
Inventory management
The terms inventory has been referred to as the stock pile
of the other product a firm is offering for sales the components that make
up the product every enterprise needs inventory for smooth running of its
activities it serves as a link between production and distribution process.
The greater the like lag the higher the requirements for inventory it also
provides a cushion for future price fluctuations the investment in
inventories constitutes the most significant part of current assets working
capital in most of the undertakings this, it is very essential to have proper
control and management of inventories the purpose of inventory
management is to ensure availability of materials in sufficient quantity as
and when required and also to minimize investment in inventories the
investment in inventory is very high in most of the undertakings engaged
in manufacturing wholesale and retail trade the amount of investment is
sometimes more in inventory than in other assets in India a study of 29
major industries has revealed that the average cost of material s is 64
paisa and the cost of labor and over head is 36 paisa in a rupee about 90
% of working capital is invested in inventories an efficient system of
inventory management will determine.
a) What to purchase
b) How to purchase
c) From where to purchase
d) Where to store etc.
37
38
39
41
margin
requirement in the case of cash credit facility is 25%. The banks finance
the Remaining 75% of the net current assets. This is known as the
drawing power of the company. In order to obtain the cash credit facility
the company should submit monthly Stock statement to the bank. On the
bases of the stock statement the bank decides the credit limit.
The
company should also prepare the quarterly imitation system (QIS) forms.
43
Discounted amount of the bill. The bill will be payable after not exceed
90 days, Only bill which are discounted during since period will be
discounted. The bill discounting limits interchanging with cash credit
limits for a particular period. At the discretion of the bank subject to
terms and conditions in the sanctioned letter. The bill discounting facility
is provided by the bank against the security of all Current assets of the
company by the way of hypothecation or pledge.
Credit Monitoring Arrangement:
The Reserve Bank of India Regulates the overall credit granted by
the commercial banks to firms.
(CMA) was introduced in October 1988, which the addition of the credit
authorization scheme. Under CMA RBI will over see the sanction of
term loans and working capital limits beyond the level as post sanction
scrutiny.
Non-Fund Based Limits:
Letter Of Credit:
A letter of credit is an arrangement where by a bank help its
customers to obtain credit from its supplier. Letter or credit can be
classified into height or emend Letters of credit and Acceptance credit.
44
Kurnool, Vizag.
West Bengal
Calcutta.
Chattisgarh
Raipur
Madhya praddesh
Bhopal
Orrissa
Bhuvaneswar
46
Chapter 4
Data analysis and interpretation
47
OPERATING CYCLE
DEBTORS CONVERSION
PERIOD
CASH
RAW
MATERIAL
DEBTORS
RAWMATERIAL
CREDIT
SALES
CONVERSION
PERIOD
WORK - IN
PROCESS
PERIOD
WORK IN
PROGRESS
48
FINISHED
GOODS
FINANCIAL HIGHLIGHTS
PARTICULARS
1). Raw material conversion period
1. Raw-material consumption
2. Raw-material consumption per
day
3. Raw material Inventory
4. Raw material holding days
2) Work-in-progress conversion period
1. Cost of production
2. Cost of production per day
3. Work in progress inventory
average
4. Work in progress holding days
3) Finished goods conversion period
1. Cost of goods sold
2. Cost of goods sold per day
3. Finished goods inventory
4. Finished goods holding days
4) Collection Period
1. Credit Sales
2. Credit sales per day
3. Book Debts
4. Book Debts o/s days
5) Payment different period
1. Credit purchases
2. Purchases per day
2011
2012
2013
2014
22369.59 28098.16
61.28
76.98
34943.95
95.73
2633.55
43 days
2888.19
30 days
3478.01
37 days
26924.17 31984.92
73.76
87.62
361.22
346.33
39949.95
109.45
238.63
47914.65
131.27
135.96
5 days
4 days
2 days
38344.55
104.77
6551.37
63 days
49977.62
136.92
5697.20
42 days
49230.24
134.87
6412.42
48 days
57669.11
158
5912.65
37 days
47910.55
131.26
1333.68
10 days
60358.62
165.36
2056.39
13 days
59879.24
164.05
4613.37
28 days
65060.20
178
7353.00
43 days
23159.48 27616.34
63.45
76.66
35626.97
97.60
34695
95
49
2787.59
36 days
34198.49
93.69
1 days
3. Creditors (Average)
4. Creditors o/s days
5681.84
90 days
6756.13
89 days
9224.56
95 days
INTERPRETATION
The above shows that the daily raw material consumptions is
61.28, 76, 98, 95.73.The 93.69 done the years 2011 2012 2013 2014
respectively. The highest being in 2011 and the least being in 2012. The
company has an average inventory of 2633.55 2787.59 2888.19 and
3478.01
for the year 2011, 2012, 2013and 2014 the highest being in
2011 and lowest being in 99. The companys raw material holding days
are 43, 36, 30 and 37 days respectively, the highest in 99 and the lowest
being in 2013. The companys raw material holding days has been
decreasing from the past three years. This shows the effective raw
material management efforts of the company. The cost of production per
day of the company is 73.76, 87.62, 109.45 and 131.27 respectively, the
highest being in 2014 and least being in 99.
inventory holding days is 5, 4, 2 and 1 days for the years 2011, 2012,
2013 and 2014 respectively. There is an increase in the holding days in
the year 99 and decrease in days in 2010.
50
7648
80 days
implement and market. The cost of goods sold per days are Rs.101.77,
136.92, and 158 for the years 2011 2012, 2013-2014.respectively.
2011
Days
43
3
57
10
113
2012
Days
36
4
42
13
95
2013
Days
30
2
48
28
108
2014
Days
37
1
35
44
117
90
23
89
6
95
13
80
37
INTERPRETATION
The table shows that the inventory conversion period is highest in
the year 2011 and least in the year 2012. The receivables conversion
period is 10, 13, 28 and 44 days for the year 2011, 2012, 2013 and 2014.
51
2011
2012
2013
2014
9879.71
10767.50
11166.29
10183.45
1775.54
2337.50
6889.09
7856.45
Sundry debtors
Cash & Bank Balance
Other Current assets
Loans & Advance
Total
690.77
0.31
12892.29
25238.67
627.58
0.32
10095.81
23828.86
508.47
642.06
11299.87
29935.72
606983
24751.76
Current Liabilities
Provision
9981.78
2041.33
8918.73
2513.24
9842.33
1642.91
094.01
2964.65
Total
12023.11
11431.97
11486.24
10058.66
Current Ratio
2.09:1
2.08:1
2.60:1
2.46:1
Inventories
52
RATIO ANALYSIS FROM 2011 TO 2014:QUICK RATIO / ACID TEST RATIO:QUICK RATIO = QUICK ASSETS / CURRENT LIABILITIES
QUICK ASSETS = CURRENT ASSETS INVENTORY
Particulars
2011
2012
2013
2014
Quick assets
15358.91
13061.36
18769.43
14568.31
Current liabilities
12023.11
11431.97
11486.24
10058.66
Quick ratio
1.27:1
1.14:1
1.63:1
1.48:1
Interpretation
The companies quick ratio was sound enough since 2011 but
latter in the year 2012 it was decreased to 1.14:1 and in 2011 it was
further increased and again reduced in 2012 it means that companies
liquidity position was good in comparison to 2010 .the standard ratios is
1:1, the present ratio is 2012is 1.45:1 it is ideal, if it is too high the crash
balance may be idle and if it low there will be no purchase. The quick
ratio in 2012 was further increased when it is compared with 2011. This is
53
Particulars
Raw material consumed
(+) Closing stock
(-) Opening stock
Credit purchases
Average creditors
Creditors turnover ratio
Collection period (days)
2011
22369.59
3028.50
2238.61
23159.48
5681.89
4.07 times
90 days
2012
28098.16
2546.68
3028.50
27616.34
6756.13
4.08 times
89 days
2013
34943.95
3229.70
2546.68
35620.97
9224.56
3.86 times
95 days
2014
34198.49
3726.32
3229.70
34695.11
7648.87
4.54 times
80 days
Working Notes
Creditor turnover ratio = Net worth credit purchases/Average creditors
Collection period
Interpretation
Due to better bargaining raw material purchases and tamely cash
flows has led to decrease in creditors out standing days. Efficiency in
purchasing by availing cash discounts due to proper planning of
54
purchases with respect tot the funds flows. As a result there is a reduction
in credit collection period, which in turn reduces the cost of production
by purchasing raw materials at competitive prices.
Particulars
Sales
Government Subsidies
Net sales
(-)Gross sales
Cost of goods sold
Average Inventory
Inventory Turnover ratio
Inventory collection ratio
2011
34533.83
13376.74
47910.55
9666.00
38244.55
9296.11
4.11:1
89 days
2012
41359.72
18998.90
60358.62
10381.00
4997.62
10323.60
4.84:1
75 days
2013
42746.07
17133.17
5987.24
10649.00
49230.24
10966.89
4.48:1
81 days
2014
47752.20
17307.97
65060.17
7391.06
57669.11
5912.65
9.75:1
37 days
Working Notes
Inventory Turnover ratio = Cash of goods sold / Average Inventory
Inventory collection period = 365 days / Inventory Turnover ratio
INTERPRETATION
The ratio of the company is in 2012 was better when compared
to 2011, the reason behind this being the increase in cost oaf goods sold
as well as average inventory. Again in 2013 the ratio declined due to
decrease in cost of goods sold. There is an increase in ratio due to
increase in raw material holding days.
55
2011
34533.53
13376.72
47910.55
1333.68
35.92 times
10 days
2012
41359.72
18998.90
60358.62
2056.59
29.34 times
12 days
2013
42746.07
1733.17
59879.24
4013.37
12.97 times
28 days
2014
47752.20
17307.97
65060.17
7353.02
8.4 times
43 days
Working Notes
Debtors Turn over ratio = Net credit sales / Average debtors
Debtors collection period = 365 days/ Debtors turnover ratio
INTERPRETATION
The company initially maintained an ideal ratio of (35.92 in the
year 2012bet coming to late periods the ratio was decreased more then the
standard ratio.
considered as bad in next four years he collection period was really good
in 2011 followed by 2014 Since there is a request peruse of pushing
product into the market the debtors are increased compared to the last
year. Fertilizers are basically of two types one organic and the other is
chemical. The 3 types of nutrients required for proper growth of plant are
N.P. and K. It is estimated that India at present needs a minimum of
6,000,000 tones of N per year
1,310,000 tones about 50% of out requirement and the reminder is being
imported from the countries. Fertilizers are classified.
56
Straight Fertilizers
Complex or compound Fertilizers
Mixed Fertilizers
The humble beginning of the India Fertilizer Industry could
be
traced to 1906. When E.I.D. parry limited entered the scene of the first
fertilizer factory in India at Ranipet TamilNadu the next to enter the scene
was Dharmasi Morarji Chemical Company. This established a factory in
1924 at Ambernath in 1946 At Delhi. Coromandel fertilizer limited was
established in the year 1964 at Visakhapatnam near Sriharipuram. It is a
private sector company jointly promoted by M/s international Minerals
and chemical corporations. U.S.A and Madras based Murugappa Group.
The company scared with an initial capital investment of Rs.50 Cores.
The financial Assistance to the company was provided by EXIM bank of
Washington U.S. and Industrial Development Bank of India. The plant
started is production from December 1967. The plant is situated in an
area at a distance of 5km. From the harbor. The site is leased from
Visakhapatnam port t rust for 50 years with renewal options
57
Chapter-5
Summary and suggestions
Bibliography
\
SUMMARY :
Fertilizers are of immense value to mankind. They help the growth
of agricultural produce. India is primarily an agricultural or an agro
based country. Fertilizers may be defined as any material organic or
inorganic material or natural or Synthetic which supplies one or more of
58
the chemical required for plant growth. Fertilizers are basically of two
types one organic and the other is chemical. The 3 types of nutrients
required for proper growth of plant are N, P, and K. It is estimated that
India at present needs a minimum of 6,000,000 tones of N per year,
2,340,000 tones of P2O5
out
countries.
Fertilizers are Classified
1. Straight Fertilizers
2. Complex or Compound Fertilizers
3. Mixed Fertilizers
The humble beginning of the Indian Fertilizer Industry could be traced
to 1906. When E.I.D. Party Limited
fertilizer factory in India at Ranipet Tamil Nadu The next to enter the
scene was Dhamasi Morarji chemical company which established a
factory in 1924 at Ambarnath in Maharastra followed by Delhi cloth Mill
which put a factory in 1946 at Delhi.
Coromandel Fertilizers Limited was established in the year 1964 at
Visakhapatnam near Shriharipuram.
jointly
promoted
by
M/s
international
minerals
and
chemical
SUGGESTIONS:
60
FINDINGS:
61
CONCLUSION:
62
practices
of
Coromandel
Fertilizers
Limited,
In
BIBLIOGRAPHY
63
BOOKS:
HAND BOOKOFINANCIAL MANAGEMENT: Alexander
Hamilton Institute, U.S.A. Indian Reprint 1998.
VAN HOME
Hall
: Financial Management,
64
Finance.