H.O. D. Dept.

of Commerce,
G.M. College (Autonomous) Sambalpur.

CERTIFICATE

This is to certify that Rikesh Agrawal bearing

Roil N0-8321 a student of Master of Commerce (M.
COM) degree G.M College Sambalpur has under
gone his dissertation entitled "WORKING CAPITAL
MANAGEMENT IN BARGARH CO-OPERATIVE SUGAR
MILL, BARGARH" under my guidance and strict
supervision. This Dissertation is an original to the
best of my knowledge and belief and I recommend
the dissertation for evolution.

Mr. R.K. Rath

 DECLARATION

I hereby declare that the project entitled

"WORKING CAPITAL MANAGEMENT IN BARGARH
CO-OPERATIVE SUGAR MILL BARGARH", Submitted
by me to the Department of Commerce, G.M
College (Autonomous), SBP, in partial fulfillment of
the requirement for "Master of Commerce" is a
product of my own.

I further state that this project is authentic and

has not been submitted earlier to this institution or
any other institution. No part of this report have
been reproduced earlier elsewhere for any purpose.

Rikesh Agrawal
Department Of Commerce
G.M. College (Autonomous) Sambalpur
 ACKNOWLEDGEMENT
In putting together this study paper, I have
received invaluable assistant and guidance of a
number of people with out whom this study would
have been an impossible task to undertake. I wish
to express my appreciation and gratitude to them.

At the outset I express my deep sense of

gratitude to R.K. Rath, H.O.D. Dept of Commerce,
for his constant supervision, guidance, academic
help and cooperation provided to me during my
dissertation work.

Last but not the least, I would like to thank my

parents, brother and friends without whom the
project would not be come into the real picture.

Rikesh Agrawal
 CONTENTS

SI. Chapter Subject

No.

I Introduction, Methodology of the study, objective

of the study, limitation.

1. Information on the visit of the Bargarh

Co-operative, Sugar Mills Ltd.

2. Meaning & concept of working capital

management, current assets, current liability.

3. Importance, Types, Policies, Inadequacy &

Excessive working capital.

4. Measurement of working capital, (1) Ratio

Analysis (2) Funds Flow Analysis

5. Ratio Analysis and Funds flow analysis

6. Finding, suggestion, conclusion and bibliography

 INTRODUCTION
This project titled "Working Capital management in Bargarh co-operative
sugar mill; Bargarh" is prepared for submission to Gangadhar Meher.
(Autonomous) College, Sambalpur for the dissertation.

The objective of the study is to find working capital position, needed &
analysis of Bargarh co-operative Sugar Mill, Bargarh.

For this study I have used :

1. Short term Assets & Liabilities analysis.

2. Ratio Analysis of short term Assets & Liabilities.

3. Working Capital calculation on Gross & Net basis.

4. Working Capital Forecast.

5. Working Capital Estimation based upon Operating Cycle.

• Inventory Analysis

• Receivable Analysis

• Cash Requirement Analysis

METHODLOGY OF THE STUDY
Type of study Exploratory

Data Sources:

Secondary

• Balance sheet of Bargarh co-operative Sugar Mill, Bargarh.

• Profit and loss account of co-operative Sugar Mill, Bargarh.

• Inventory lists.

• Internet.

• Magazines.

Primary

• Staff of Bargarh Co-Operative Sugar Mill, Bargarh.

Data used : secondary

Data collection method : observation, interview.

Analysis technique : analytical procedure.

Objectives of the study
Objectives are the end results towards which activity is aimed; the end
result to achieve. No enterprise or an organization can accomplish its task
until it has some defined objectives to achieve.

Likewise no research work can be carried out and unless it has some
objectives. The objectives of my research study are based on the criteria
which are follows

• The primary objective accomplishes the requirement for the

partial fulfillment of the M. COM program.

• The objective of the study is to gain practical knowledge about

working capital in the area of FINANCE.

• To know the current short term financial health of the organization.

• To achieve knowledge about the industrial sector.

• To achieve exposure in the corporate world.

• To know what is the long term requirement of WIC for the industry
LIMITATION
Where there is a scope there are certain limitations which an initiator has to
keep in mind.

1. The mill was only a grinding unit so could not do any project
budgeting, leverage analysis, equity analysis etc.

2. The Ultra Tech has been from L&T for the recent three years, so we
could not make proper forecast taking much more previous years.

3. There where not proper transportation or communication facilities, so

we faced many Problems

4. There was not a marketing department so faced problem while

collection data regarding receivables management.
CHAPTER - 1
INTRODUCTION: - The Bargarh co-operative sugar Mill was registered on
25.7.1956 for establishment of a sugar Mill of 1250 tons capacity per day in
Hirakud command Area.)The state Government however obtained a letter of
Intent in favour of the Society on 10.8.1965. Consequence to the receipt of
letter of Intent. The regular Industrial Licenses was issued on 14.8.1966 to
the Society. After the erection was completed the mill started its commercial
crushing in the year 1974-75. But the Mill could not attain the crushing of
even one lakh ton of sugarcane since inception during its 18 year of
functioning, due to reduced plantation coverage in Hirakud layout area, High
jaggery prices and apathy towards cultivation of sugarcane by local
cultivators

Therefore, it could not be considered as a viable unit by the Government of

Orissa and the management of the Bargarh coop sugar Mills Ltd was
handed over to M/S.Ponni Sugars and Chemicals Ltd.for a period of 16 year
with effect from 31.8.1991. As the ponni sugars and chemicals failed to pay
the contractual dues in time, the termination of management of the Mill after
restoration of the cooperative management is furnished below.
SUGAR
SLNO. SEASON CANE CRUSHE IN M.T BAGGED IN RECOVERY % AGE.
QNTLS.
1 2000-2001 1,22,975 1,07,316 8.72
2 2001-2002 60,849 59,608 9.84
3 2002-2003 58,782 56,608 9.64
4 2003-2004 50,190 45,645 9.06
5 2004-2005 1,03,693 91,970 8.91
6 2005-2006 1,15,192 96,853 8.37
7 2006-2007 69,913 63,809 9.14
8 2007-2008 39,878 36,176 9.19
 • It has been estimated to crush 70,000 M.Ts of cane during 2008-09
crushing season.

The trend of availability of sugarcanes for the mill shows that excepting for 6
year, where in the factory has exceeded crushing of more than lakh ton of
sugarcane, the availability of canes has not been in uniform.

The Mill have reached a situation where by the entire cost of management
and working capital is being met by its own generation of recourses and
have also been able to repay Government loan from the financial year
2004-05 and 2005-06 and also have repaid Rs.20.00 lakhs i.e. principal
Rs.59.00 lakhs and interest Rs. 16.00 lakhs towards Government loan till
date.

Cane price hiked to Rs. 900.00 per ton for the crushing season 2008-
2009 .with certain other incentives declared by the Mill the grower would get
from minimum Rs. 940.00 per M.T. to the maximum of Rs. 1020.00 per M.T
of cane delivered to the factory.

Development of irrigation infrastrucres like mini LIPs on Riverbanks and

main canal. The Mill has already installed 6 nos of new L.I.Ps till date.

As a order by the A.P.C Govt, of orissa during last vist to9 Bargarh the Mill
have surveyed all the pani panchayatsmeant for rabbi 2005-2006 with
active cooperation and joint visit with OLIC officials of Bargarh.

PLAN FOR ENHANCEMENT OF CAPACITYY UTILISATION OF SUGAR

FACTORIES.

It is seen that by 33 years of its functioning, the machineries of the plant

have become obsolete and old and not functioning to its rated capacity.
A proposal for repair/ replacement of the old, machineries of the Mill has
been submitted to the Western Orissa Development Council But the same
proposal has not yet been considered by them through Govt, of Orissa.
CHAPTER-2
Meaning:-working capital is the flash and blood of the industry and the
management of working capital has got a separate entity as against
different decision making issues concerning current assets individually
again, it can be said that it is the nerve center of all types of business .A
manufacturing concern is sure to collapse without an adequate supply of
raw materials to process or with out cash to meet the wage bill or without
the capacity to wait for the market for its finished product or without the
ability to grant credit to its costumers such uncertainties can be avoided with
adequate and proper allocation of fund for working capital .

The problem of working capital management has got a separate entity in the
modern day world and is a challenging task in the hands of financial
management .The working capital of a business enterprise can be said, in a
simple way, to be that portion of its total financial resource which is put to a
variable operative purpose. The facilities that are necessary to carry on the
productive activity and represented byt fixed asset investment a battle term
is non-current investment are to be operated by working capital. Though
inflation have been controlled to so men extent is a result of a series of
stringent measure and polices laid down by the government, on the contrary
it creates other problem, such as, recession in demand full in the investment
withdraw of expansion programmed and aggressive credit policy of the bank
most manufacturing units, now are grasping for breath in their effort to
maintain production and remain solvent in the business world. Only more
effective management of working capital can ensure survival under the
circumstances, especially because lay-offs and closures have also to be
avoided
In the current atmosphere of tight money policy, of the ability of a business
concern to maintain and improve profitability depend extremely upon its
efficiency of managing working capital. The financial management found it
difficult for judging the efficiency of a business concern without analyzing
the vary concept of working capital. Thus a study of working capital
management of greater significant to internal as well as external analyses
,as it is one of the internal and vary foundation overall corporate
management.

Generally speaking, working capital management usually is consider to

involve in de4ciding upon the administration and composition of current
assets and current liabilities and how to finance those assets. Determines
the appropriate levels of current assets and current liabilities, which
determine the level of working capital, involves fundamental decision with
respect to the firms' liquidity and maturity position of its debt. In term, these
decision are influenced by a trade-off between profitability and risk. The
greater relative preposition of liquid assets, the less the risk of running out
of resolution of the trade-off between risk and profitability with respect to
these decisions depends upon the risk preferences of management. The
assumption of the financial; management. Suggests that, a low proportion of
current assets to total assets and high proportion of current liabilities to total
liabilities

This strategy, of-course, will result in a low level of working capital off-
setting the profitability of this strategy is the risk to the firm, i.e. probability of
technical insolvency.

Today working capital management has acquired vary great significant in

view of the credits squeeze imposed and insisted only by reserve bank of
India with all the advisory and regulating power at its command and also
due to the innumerable practical problem created by some of the theoretical
recommendation made by tendon commits

CONCEPTS:-
A study of working capital is of major important to internal and external
analysis because of its close relationship to current day-to-day operation of
a business. Inadequacy or mismanagement of working capital is one of the
leading courses of business failures

There are several definition quoted by various authers of which the two
definitions of working capital that appear to have generally accepted usage.

(1) Working capital is the amount of the current assets. This concept is
called as gross working capital or simple working capital concepts.
This interpretation is quantitative in character, since it represent the
total amount of funds used for current operation purposes, from the
management point view .In this case, current asset includes cash,
short term creditors, bills receivables, stock of raw materials and
supplies needed for manufacture ,stock of finished goods waiting
sale, semi-finished items or components that will soon emerge as
final products, sundry debtors representing pending collection
against credit sales and short term investment if any.

(2) The term net working capital refers to the incases of current assets
over current liabilities, the amount of current assets that term
supplies by long term creditors and the shareholder. In other
words, working capital represents the amount of the current assets
that have been supplied by current short-term creditors. This
 definition is qualitative in a characters, since its shows the possible
availability of financial soundness or margin of protection for
current creditors and' future current operations.

"Working capital is the capital in current use in the operation of a

business .The excess of current assets over current liabilities net
current assets "

"Working capital represents the portion that circulates from one

from to another in the ordinary conduct of the business."

The accounting principles Board of the American institute of certified public

Accountants U.S.A defined as," working capital, sometimes called net
working capital is represented by the excess of current assets over current
liabilities and identifies the relatively liquid portion of total enterprise capital
which constitutes margin or buffer for marching obligations with on the
ordinary operating cycle of the business."

Brach has used the term "working assets "for these assets which are
needed for excising operations to include stock of raw materials, work in
progress, stock of finishing products, amount owing by customers and cash
cushion .

Dewing brings out this important fact in clear relief with an apt analogy, if
the fixed capital of the business can be likened to a mill, the current capital
is the sprits the mill grind. The business is the mill and the grist together .

The needs to be emphases that working capital structure of the business

and constitutes an inter weaving part of total integrated business systems.
To understand the integrated whole, it is essential to get to know well the
individusial parts. It is in this sense justified to focus on current assets and
current liabilities only.

NET WORKING CAPITAL=CURRENT

ASSETS- CURRENT LIABILITIES

Current assets:-

Current assets by A/C definition are an asset normally converted into cash
with in one year .working capital management usually is considered to
involve the administration of these assets.

The committee on Accounting producer of the AICPA Accounting research

Bulls tine No.43 (1953).stated that "for accounting purposes, the term
'current assets' is used to designate cash or other assets or research
commonly identified as t5hose which are reasonably expected to be
realized in cash or sold or consumed during the normal operating cycle of
the business

The 'normal operating cycle' may be define as the average time intervening
between the expenditure for merchandise for merchandise or for material
and labour for the production of finished goods and in collection of cash
from sales.

The basics underlying difference between current and non-current assets is

the frequency of opportunity for management decision relative to
recommitment of capital to other uses .This opportunity arises when an
assets is converted into cash Current assets are converted into cash with
far greater frequency than are non-current assets As such cash incomes
available for payments of liabilities to the extent that management decides
not to reinvest the capital in some form of assets.

Current assets consist, in general, of such as:-

1. Cash available for current operations and other corporate purpose.

2. Marketing securities or other temporary invested of cash which

normally will be available for current operate one or for use in
emergencies.

3. Inventories including raw materials, work-in progress, finished

goods, factory supplies and ordinary maintenance materials, loose
tools and spare parts.

4. Trade accounts, loans and acceptance available trade debtors and

others are including pre-payments.

5. Receivable from officers, Employees, Affiliates and others if

collectible in the ordinary course of business with in one year.

6. Installment or deferred account and notes receivable if they

conform generally to normal trade practices and term with in the
industry.

7. Prepaid expenses such as insurances, interest, rents, taxes,

royalties, current payment for advertising service not yet received
and operating supplies.

8. Investment in government securities, semi-government, securities,

industrial securities and others including private deposited.
Current Assets items should be listed in the balance sheet according to their
liquidity, i.e. in the order in which they normally will be converted into cash.
The usual orders of presentation of current assets are.

1. special deposits for payment of interest and divided(for current use)

2. Cash on hand and of cash

3. Temporary investments of cash

4. Notes receivables

5. Accounts receivables.

6. Accrued revenue receivables.

7. Inventories.

8. Prepaid expenses.

Current Liabilities :-

"A current liabilities is an obligation that normally will require withy in

approximately one year of the balance sheet days the use of the current
assets or the creation of other current liabilities.'

(AICPA, Accounting research & Terminology Bulletine final edition, Network,

1961,)

The classification of current liabilities is also intended to include:-

1. Obligations for item which have entered into the operation cycle,
such as payables incurred in the acquisition of materials and
supplies to be used in the production of goods or in providing
services to be offered for sale.
 2. Debts which arise from operation directly related to the operating
cycle.

3. Borrowing other than those against own debentures and other

mortgages from banks and financial institutions, public deposits
loans etc.and deferred payment liabilities.

4. Trades dues and other current liabilities.

5. Provision for taxation(net of advance of income Tax) and other

current provisions.

The usual order of representation of current liabilities in the balance sheets

is:-

1. Borrowings:

a. From banks other than those against own debentures and

mortages.

b. Other borrowings such as public deposits, loans etc,other

than those against own debentures and other mortages and

deferred payment liabilities

2. Trade due and other current liabilities

a. Sundry creditors or trade creditors.

b. Others including advances received.

3. Provision:-

a. Taxation.

b. Other current provisions.

CHAPTER-3
IMPORTANCE:

The importance of the working capital in any concern cannot be over

emphasized plant and machinery, land and other building and other fixed
assets, funds would not be required for carrying on day to day activities.

A manufacturing concern is Sure to without an adequate supply of raw

materials to process or with out cash to meet the wage bill or without the
capacity to wait for the market for its finished products or without the ability
to grant credit to this costumer .Thus it can be commented that ,working
capital is the nerve centre of all types of business .The adequacy of working
capital contributes a lot in raising the credit standing of a concern ,because
of the better term on goods purchased ,reduced cost of production on a
account of the receipt of cash discount ,favorable, rate of interest ,on bank
loan ,etc secondly a company with sufficient working capital is always in a
position to take the advantage of any favorable opportunity either to
purchased raw materials or to execute a special order or to wait for better
market position. Thirdly, the general moral of the management of a
corporation is enhanced by its financial soundness. The ability to meet all
reasonable demand for cash without inordinate delay is a great
psychological factor to improve the around efficiency of business and to
create self-confidence in the person at. the helm of affairs in the company.
Finally during slumps the demand for working capital for instead of coming
down shoot up. On the contrary at the depression period, the demand for
working capital declines. In the period of boom, a large amount of fund is
locked up in the inventories as well as book debts. Concerns having ample
of sources can tide over that period of depression.
PARMANENT AND VARIABLE WORKING CAPITAL:-

The operating cycle is a continuous one and therefore the need for current
assets is felt constantly .But the magnitude of current assets needed is not
always 6the same ,it increases or decreases over time. However, there is
always a minimum level of current assets which is continuously required by
firm to carry on its day - day business operation .This minimum level of
current level of assets referred to as permanent or fixed working capital.
Depending upon the changes is production and sales, the need for working
capital over and above the permanent working capital, will fluctuate. For
example, extra inventory of finished goods will have to be maintained to
separate the peak period of sales and investment in receivable may also
increase during such period. On the other hand, investment in raw material,
work-in-progress and finished goods will fall if the market is slack.

The extra working capital, thus needed to support the changes production
and sales activities, is called fluctuating or variable or temporary capital.

Both kind of working capital are necessary to facilities production and sales
through the operating cycle, but the firm to meet liquidity requirements that
will cost only temporarily creates temporary working capital.

Permanent Working Capital

Working Capital

Variable working capital

POLICIES:-

A firm, which keeps a large amount of current assets liquidity but it certainty,
suffers from the point of view of profitability, as funds will remain idle and
earn no profit .on the other hand; a firm, which keeps low currents assets,
gets benefit of high profitability but suffers from poor liquidity.

Thus ,the level of currents assets can be measured by relating current

assets to fixed assets .Dividing currents assets, higher CA/FA ratio means
an aggressive currents assets liquidity and lower CA/FA ratio means an
aggressive assets policy. Other things assuming constant, a conservation
policy indicates higher risk and poor liquidity. The current assets policy of
the most firm may fall between policies .The currents assets policy of the
most firm may fall between the two extreme policies. The alternative current
policy may be show with the help of figures

From the above, liquidity is high when 'A' is followed through the profitability
is low. The reverse Happen when 'C is followed. But the position 'B' is and
average policy of the two. This relationship is called profit ability-liquidity
tangle or risk-return tangle.
A way of looking at the risk return trade-off is to determine the cost of
maintaining a particular level of current assets. There arc two types of costs.

1. Cost of liquidity:- It is the cost for maintaining high

current assets which causes low return on assets. Thus cost of
liquidity increased with the increases in current assets.

2. Cost oft liquidity: - It is the cost of holding in

sufficient current assets .Due to low amount of current assets,
the firm has to borrow funds from outside sources to meet
obligations in short time. Similarly, low level of stock may turn
out a customer as the order can't be executed in proper time.
Cost of liquidity decreases in the level of current assets .

The optimum level will be fast of the liquidity and cost of illiquidity are
minimum as shown in the figure above. From the figure it may be found that
'op' will be the optimum level where the cost will be minimum .

INADEQUACY & EXCESSIVE WORKING CAPITAL:

To have a better business operation, the firm should maintain a balanced
working position, and to enable the concern to conduct its business most
economically and without financial stringency. Both excessive as well as
inadequate working capital position are dangerous from the firm's point of
view. So a balance must be maintained between these two excessive
working capital indicate idle founds which earn no profits for the firm. On the
contrary, paucity of working capital not only hampers profitability but also
results in production interruption and inefficiencies. More specifically, the
danger of excessive working capital is as follows:-

1. It results in unnecessary accumulation of inventories, as such; ther

is every every chance of inventory mishandling, wastage, pilfeage,
and Iossess.

2. It is an indication of defecti9ve credit policy and stock collection

period, which may result in higher incidence of bad-debts.

3. Excessive working capital makes management complacent which

degenerates into ,managerial inefficiency.

4. There arise tendencies of accumulating inventories to make

speculative profits to grow, which may tend to make liberal dividend
policy and difficult to cope with future when the firm is unable to
make speculative profits.

On the contrary, inadequate working capital is also bed and has the
following dangers :-

1. It becomes difficult for the firm to undertake profitable projects for

non availability of the working capital funds. Thus, it can be said
that inadequate working capital stagnates growth.
 2. It become difficult rather impossible in the part of management to
implement operating plans and to achieve the firms profits object.

3. The rate of return on investment slumps, because the fixed assets

are not efficiently utilized for the lack of fund.

4. operating inefficiencies creep in when it becomes difficult even to

meet day to day commitments

5. due to paucity of working capital funds the firm unable to avail

attractive credit opportunities and losses its goodwill.

Therefore, it can be concluded that, efficient management should maintain a

right amount of working capital on a continuous basis for the proper
functioning of the business enterprise. Sound financial and statistical tools
and techniques, supported by exported, should be used to predict the
quantum of working capital needed at different time periods.

DETERMITANTS OF WORKING CAPITAL:-

The amount of working capital requirement, for proper functioning of a

business enterprise is affected by various factors. So to say, there are no
such rules or formula to determine the working capital requirements of firm.
The importance of the factors changes for a particular firm over time. Thus
an analysis of the relevant factors should be made in order to determine the
total business investment in working capital. The following is the description
of factors, which generally influence the working capital position of firm.

1. The general nature or types of business:

This is one the basic factor which influence the working capital
requirement of the firm .The working capital required by the public utility
is relatively low because investment in inventories and receivables are
rapidly converted into cash. The working capital of public utilities and
railroads constitutes only a relatively small percentage of the total
assets .An outstanding characteristic of these industries is the heavy
investment and equipment used in performing service for the public.

2. The time required to manufacturing :

The amount of working capital carries directly to the period of time

elapsing from the date on which the raw materials or finishing goods are
purchased to the date on which the goods are sold to the customer
.Therefore the larger the time span required for the manufacturing of the
finished goods, the larger the amount of working capital requirement will
very depending upon the volume of the purchases and the unit cost of
the goods sold.

An extended manufacturing time span means a large tie-up of funds in

inventories. Thus if there are alternative ways of manufacturing a
products, the process with the shortest manufacturing cycle should be
chosen. Once a manufacturing process has been selected it should be
ensures that manufacturing cycle is comp-lets at all the specific period
which requires proper planning and co ordination at all level of activity
.Any delay in manufacturing process will result in accumulation of work in
process and waste in time.

3. Terms of purchase and sales :-

The working capital requirements of business are affected by the term of

purchase and sale .The more favorable the credit terms on which
purchases are made, the more invested in inventory, i.e. the creditors
finance the inventory for a shorter or longer period of time .when
payment amount for merchandise is required within a short time after its
delivery, a larger amount of cash is necessary to finance a given volume
of business .purchases may or may not be self-financed. On the other
hand ,the business may expend loner credit term to customer then it
receives from creditors .The more liberal the credit term granted to
customer ,the larger the amount of working capital that will be
represented by receivable .In establishing credit terms it is necessary to
consider prevailing trade practices local economics condition and meet
the business fluctuations.

4. the turnover of inventories

the greater the number of times that the inventories are sold and
replaced the lower the amount of working capital that will be required.
Effective inventory control is necessary to maintain adequate amounts
kinds are quality of goods to regulate the investment in inventory .An
efficient inventory and merchandise system result in a figure rate of
turnover of inventory .The more rapid the inventory turnover the less risk
of loss due to decline changes in demand or changes in style consumers
and also there is less involves in carrying the inventory,.

5. Turnover of receivables

The working capital requirement depend upon the period of time

necessary to convert receivable into cash .The less time required
effective control of receivable is accomplished by wise administration of
policies relating to credit extension term of sales establishment of
customer maximum credit and collections.

6. The business cycle :

In period of prosperity business activity is expended and there is a
tendency for business to purchase good in advance of there current in
order to take advantage of lower prices and to more certain of adequate
inventories. In this event a larger of working capital is required.

7. The degree of risk of possible value decline in current assets

A decline in the real value in comparison with the book value of

marketable securities inventories and receivable will result in decreased
working capital .Consequently the greater the risk of such loss the larger
the amount of working capital which should be available in the interest of
maintaining the company's credit. To meet such contingencies and there
by prevent possible disaster the comp-any may maintain a relatively
larger amount of cash of temporary investments.

8. Whether the sales are uniform through out the year or the
seasonal

Many business have a more or less uniform or less uniform of sales from
month to month where as other business seasonal in nature have a
concentration of sale during a few months each year .The concern
having a seasonal business requires & maximum amount of working
capital for relatively short period of time .If the goods are manufactures
will gradually increase during the month of preparation for selling
period .A business having a seasonal demand for its merchandised has
an excess of working capital during the period of least sales activity
.Many business have diversified their product lines to solve the problem
of seasonal variation .This may accomplish a more effective utilization of
working capital reduce employee turnover and spread overhead cost.

9. Growth and expansion activates

The working capital needs of a concern increases as its selling activity
increase or acquires fixed assets .It is difficult to determine precisely the
relationship between volume of sales and the working capital needs. The
critical fact however is that the need for increased corking capital funds
does not follow growth in business activities but precedes it. Thus it is
necessary to make advantage planning of working capital for a growing
firm on a continuous basis.

10. Operating Efficiency

This concept relates to the optimum utilization of recourses at minimum

cost .The firm will be effectively contributing to its working capital if it is
efficient in controlling the operating cost. The use of working capital is
improve and the pace of the cash cycle is accelerated with operating
efficiency .Better utilization of resources impresses of material or the
wage of labour may not fall with in the jurisdictions of the materials labour
and other resources .

11. other factors

In addition to the above factors absence of proper co¬ordination in

production and distribution policies in a company results in high demand
for working capital Secondly the absence of specialization in a
distribution of products may enhance the need of working capital for a
concern as it will have to maintain an elaborate organization of its own
for marketing goods. Thirdly due to lack of proper transportation facilities
stock of raw material and other accessories. Fourthly the import-export
policy of the government may also affect the requirement of the working
capital.
CHAPTER- 4
MEASURMENT OF WORKING CAPITAL

Financial analysis is the process of identifying the financial strengths and

weakness of the firm by properly establishing relationship between the
items of the balance sheet and the profit and loss account. And ratio
analysis is a power full too of financial analysis. The term ratio analysis can
be said simply as one no esoeressed in term of another. It is expression of
relation spelt out by divine one figure in another and is said to be a
statistical yardstick

The financial statement prepared by a business consists mainly of the profit

and loss account for specified period and the balance sheet as on a
specified date. Working capital balance are measure from such
statement .Specifically the working capital of going concern has a positive
value but often uses of working capital exceeds the sources of working
capital in certain periods.

A.RATIOANALYSIS:-

Various ratio and percentage are used for analyzing and interpreting the
current financial position of a business. This approach to the analysis of
financial statement is of value to both insiders and outsiders (such as
creditors particularly short term creditors ,share holder debenture holders
etc.)

The management is vitally concern with ratio analysis of working capital to

check efficiency with which working capital is being employed in the
business
The ratio analysis of working capital can be used by management as a
means of checking upon the efficiency with which working capital in being
used in enterprise. The most important and vital ratio of working capital
management can be summarized as follows

a) CURRENT RATIO

A commonly used ratio analysis financial statement is the current ratio,

which gives a crude measure of current liability. This, ratio is otherwise
known as 'working capital ratio ' or 'solvency ratio' or '1 or 2 ratio *. It
expresses the relationship between the current assets and current
liabilities .It can be computed by dividing assets with current liability thus

CURRENT RATIO : CURRENT ASSETS

CURRENT LIABILITIES

b) ACID-TEST RATIO

A second testing device for the working capital position has been evolved
by the name of acid-test ratio, which measure immediate solvency and also
supplement the current ratio.

To compute this ratio, it is necessary to arrangement the current assets into

two groups -

(1) cash and stock or relatively liquid assets such as receivables and
temporary investment which are immediately available for the payment of
current liabilities and (2) the liquid assets .such as inventories and prepaid
expenses which will normally require some for their realization into cash.

This ratio analysis is established by comparing the quick assets and current
liabilities thus
 QUICK ASSETS
ACID TEST RATIO = CURRENT LIABILITIES

Acid test ratio is most rigorous test of liquidity of a firm and gives a better
picture of the firm's ability to meet its short- term debts out of short term
assets.

b) CASH TO CURRENT ASSETS:

The above ratio represents the relation ship between the cash and the
current assets as a whole. If most of the current assets are made up of cash
alone the profitability of an organization decrease because cash by itself
does not yield profit.

c) TURNOVER OF WORKING CAPITAL

To test the efficiency with which net working capital is utilized, we are
required to use the ratio of net sales to working capital or the turnover of
working capital. The turnover shows the number of rupees of net sales the
business obtained for each rupee of working capital, which was not financed
by current creditors. The above ratio can be computed by dividing net sales
with working capital. Thus.

NET SALES .
TURNOVER OF WORKING CAPITAL= WORKING CAPITAL

It has been argued that, as sales volume increases, the investment in

inventory and receivables increases and therefore a larger amount of
working capital is necessary. The relationship between net sales and
working capital reflects the extend to which the business is operating on a
small or a large amount of working capital in relation to sales.
A high turnover of working capital may be result of inventories and
receivables, which required a relatively low amount of working capital. On
the contrary a high turn over of working capital may reflect and inadequacy
of working capital and low turnover of inventory and receivable. An excess
of current liabilities, which may mature before inventories, may accompany
an inadequacy of working capital and receivables are converted into cash.

A low turnover of working capital may be a result of an excess of net

working capital, a low turnover of inventories and receivable, or a large cash
balance and investment of working capital in the form of temporary
investments. Heavy investments in inventories may have been made in
anticipation of higher future prices or shortage of materials or merchandise.

The larger the net sales as compared to the working capital, the less
favorable the situation is likely to be if the resultant working capital turnover
has been made possible by the use of an excess amount of current credit.
The real danger lies in the possibility of a decline in the sales due to
unforeseen circumstances, such as collection of orders, floods, fires,
storms, strikes, depression and competition. Inventories may be
accumulated even though sales have been materially reduced. In such an
event, liabilities increases and sufficient funds are not realized through sales
to liquidate them when they are due.

The working capital turnover ratio is a composite of number of relationship

each one of which would be analyzed carefully and accurately by the
analyst, to account for changes from year to year or between companies or
industries as a whole.

e) TURNOVER OF CURRENT ASSETS; -

The working capital, to be used efficiently and profitably, can be measured
by establishing the following three relationships-

1. Turnover of current assets(the number of items that the average

current assets were used in paying costs and expenses)- divide the
total of the cost of goods sold, operating and other expenses and
income taxes by the average total current assets.

2. Rate of profit on average current assets- divide net income by

average current assets.

3. Rate of profit per turnover of average current assets -divide rate of

profit on average current assets by number of turnover of current
assets.

f) INVENTORY TURNOVER RATIO.

Inventory turnover ratio, also known as stock turnover ratio, usually

established relationship between the costs of goods sold during a given
period and the average amount of inventory outstanding during that period
and it indicates the efficiency of the firms inventory management. Thus

INVENTORY TURNOVER RATIO= COST OF GOODS SOLD

AVERAGE INVENTORY

The above relationship refers to the number of times the inventories were
sold and replaced during the accounting period. The inventory turnover ratio
is best expressed through the above relationship. But ratio of sales to
inventory may be used as a substitute for the ratio of cost of goods sold to
average inventory, as cost of goods sold figure is not available from the
financial date. Thus the formulae can be summarized as -
INVENTORY TURNOVER RATIO= NET SLALES .
AVERAGE INVENTORY AT COST

Though the above expression serve as an approximate measure of

turnover, the analyst should always be conscious of the fact that it is only a
rough approximation. Over and above and above these, firms, like
departmental stores customarily valuing their inventories at selling prices,
and using the so called retail method for the purpose, compute inventory
turnover, as the ratio between net sales and average inventory at selling
prices. Thus the formulae can be summarized as.

The above turnover is a valuable measure of selling efficiency and inventory

quality. In the expression cost of goods sold/average inventory the cost of
goods sold figure is computed by subtracting closing inventory from the total
of the pepping inventory and the manufacturing cost (including cost of
purchase).and the average inventory figure. Used in the denominator is the
average of the opening and closing inventories

The above relationship of goods and average inventory expose the

frequency with which average level of inventory investment is turned over
through operations. The higher the inventory turnover the larger the amount
of profit the smaller the amount of working capital tied up in inventory and
the more current the merchandise stock. More over a firm with a higher
turnover has a great competitive advantage as it can afford to sell its
merchandise at lower prices because increase sales volume may yield a
larger total profit even though the margin of profit per unit is slightly less.

On the contrary a low inventory turnover may be to a variety of reasons like

poor merchandise ,over valuation of closing inventory ,a larger stock of
unsaleable goods over buying an anticipated future increase in sales etc. In
this last case the low inventory may be desirable in term of its effects on
sales and profits .On the other hand a substantially higher rate of inventory
turnover may disclose conservative pricing of closing inventory, inventory
for a required sales a contemplated reduction on sales etc. It is thus worth
nothing that inventory that a high inventory may not by itself be desirables.

G.DEBTORS TURNOVER AND COLLECTION PERIOD-

The debtor's turnover ratio otherwise known as "receivables turnover ratio"

or collection ratio" or "Book debts to sales ratio", matches net credit sales of
a concern to recorded debtors. However this is not immediately apparent
from the debts ratio and therefore it has to supplement by average
collection period.

A firm sells goods on credits and cash basis .When the firm extends credits
to customer's book debts are created in the firm account. Debtors are
expected to be converted into cash over period and therefore are included
in current assets .The debtors turnover measures the relationship between
credit sales during a particular accounting period and the a average
receivable outstanding during the period. This ratio is expressed in the
following steps-

a) Calculation of daily sales-This is obtained by dividing number of working

day during a year into net credit sales for the year thus-

DAILY SALES= NET SALES___________

NO. OF WORKING DAYS
b) Calculates of average collection period -This can be obtained by dividing
sales per day as arrived at step 'a' above into the amount of trade debtors.
These quotients represent the number of day sales tied up in receivable,
thus-

AVERAGE COLLECTION PERIOD= TRAIL DEBTORS

SALES PER DAY

C) Calculation of Debtors turnover ratio-This can be achieved by dividing
sales with average total debtors

DEBTORS TURNOVER RATIO SALES__________

AVERAGE TOTAL DEBTORS

A quicker way of obtaining these very results is to calculating the

percentage of receivables to sales for the period and to apply this
percentage to the number of working days in the year. Usually for this
purpose the number of days in 360 instead of 365.In order to concentrate
upon credit policy cash transactions should be executed from net sales in
computation this ratio .A firm selling both for cash and on credits represents
a problem and the credits sales should be separated from the cash ratio. It
is required in this connection to kept in view that the term trade debtors for
the purpose of this ratio is used in a comprehensive sense and also include
the amount of bills receivable along with book debts at the end of the
accounting year.

B. FUNDS ANALYSIS-

A balance sheet being a photograph of the company ever changing financial

status and pronounce that the company is financially well and strong. The
financial executive must know the funds serve this end. The operation of the
business enterprise involves back into cash form. The selection of means to
raise funds together with the association of uses has a strong bearing on
the soundness of financial programmed of a business firm .It is inoperative
to review the record of the past as to the sources and uses of such funds.

SOURCES OF FUNDS

1. Decreases in assets by sales, depreciation better control of

inventory and sundry debtor's reduction of cash balances.

2. Increase in liabilities addition to current liabilities and provisions

increases in long-term debtor's issues of debentures.

3. Increase in net worth addition to resources and surplus sales of

additional shares retention of earnings.

USES OF FUNDS-

1. Increase in assets by addition to fixed assets building up of

inventory policy up of sundry debtor's addition to investment.

2. Decrease in liabilities as by pay off longer or short term loan,

reduction of creditors

3. Decrease in net worth incurring of losses withdrawal of funds from

business dividing payment in period of no or low profits.

The specimen of preformed of funds flow statement can be represented as

below-

SOURCES USES
A. Issue of Share Capital A. Payment of Share Capital
B. Issue of Debenture B. Payment of Institutional Loans
C. Institutional loans C. Payment of Debentures
D. Sales of investments D. Purchase of Investment and
other fixed assets
E. Trading Profit and Fund from E. Non-Trading payments e.g.
Operations payments of dividends.
F. Non-trading item e.g. Dividend
received.
CHAPTER- 5
SATEMENT OF ASSETS AND CURRENT LIABILITIES OF SUGAR MILL
CO-OP BARGARH:-

2006-2007 2007-2008 2008-2009

CURRENT ASSETS (in lakh)
(in lakh) (in lakh)
Inventories 1119.48 742.92 790.57

Sundry Debtors 77.70 82.55 59.84

Cash & Bank
Balance 38.82 96.16 80.91

Investments 23.51 23.48 24.63

Loans & Advances 359.42 388.06 403.04

Total of C.A 1618.93 1333.17 1358.99

CURRENT, 2006-2007 2007-2008 2008-2009

LIABILITIES (In Lakh.) (in Lakh.) (in Lakh)

Current liabilities &

provision 189.33 143.85 207.97

Sundry creditors 129.87 129.95 129.95

Total of C.L 318.66 273.8 337.92

The above table shows the position of current assets and current liabilities
during the period of 2007-2009.
1) CURRENT RATIO:-

CURRENT CURRENT WORKING CURRENT

YEAR ASSETS (A) LIABILITES CAPITAL RATIO
(in Lakh) (B) (in Lakh. A-B(in lakh) A/B(in Lakh)

2006-2007 1618.93 318.66 1300.27 5.08

2007-2008 1333.17 273.8 1059.37 4.86

2008-2009 1358.99 337.92 1021.07 4.02

From the above current ratio table it is found that the current assets of the
company have been decreased regularly where as the current liabilities
decreased during 2006-2007 to 2007-2008 and increased during 2008-
2009. The above table provides a clear picture of annual change assets and
current liabilities as well as the current ratio.

The current ratio is decreased gradually .The fluctuations in the current ratio
raised due to fluctuations in current assets and current liabilities .The
average current ratio of the concern is 4.65 which is more solvency position
of the firm during accounting period. Thus it can be concluded that the
concern has higher favorable current ratio.
2) QUICK OR ACID-TEST RATIO:-(Rs . In lakhs)

CURRENT QUICK CURRENT QUICK

INVENTORY
YEAR ASSETS ASSETS LIABILITES RATIO
(B) A-B=C C/D
(A) (D)

2006-2007 1618.93 1119.48 499.45 318.66 1.567

2007-2008 1333.17 742.92 590.25 273.8 2.156

2008-2009 1358.99 790.57 568.42 337.92 1.628

The above given table relates to the data regarding quick ratio, which is a
tool of finding out the liquidity position. The usual form of ratio is 1:1 i.e. for
every rupee of current obligation there must be rupee worth of quick ratio
assets.

In the present study the inventory level is increased continuously as the

current assets and current liabilities are also increasing in the same rate.

The quick ratio has been increased from 2006-2007 to 2007-2008 and
again decreased in 2008-2009. The average ratio is 1.784 which is
favorable one and shows a good liquidity position of the concern .The cause
of decrease in quick ratio in 2008-2009 is due to the fluctuation of current
assets, current liabilities and inventory level.
3) INVFENTORY TURNOVER RATIO (In lakhs):-

AVERAGE INVENTORY
INVENTORY SALES
YEAR INVENTORY TURNOVER
OPENING CLOSING (B) RATIO=A/B
(A)

2006-2007 1306.28 1119.48 1212.88 1628.43 0.74

0.68
2007-2008 1119.48 742.92 931.20 1367.72
/

2008-2009 749.92 790.57 770.24 913.30 0.84

The above table shows clearly cut picture of annual changes of sales and
average inventory during the period and it also show the inventory turnover
ratio of the concern.

The inventory turnover ratio fluctuates between 0.68 to 0.84 due to the
fluctuates in the level of inventory and sales. The average inventory
turnover ratio is 0.75.

Thus it can be concluded that the company does not hold excess stock of
inventory than actually required. The high inventory turnover also indicates
losses due to absolesence, depletion and shortage etc. The level of
inventory justifies its necessity to attain the desired result.
4) CASH TO CURRENT ASSETS:-( Rs.In lakhs)

CASH CURRENT
CURRENT
YEAR • CASH(A) ASSETS
ASSETS(B) RATIO=A/B

2006-2007 38.82 1618.93 0.02398

2007-2008 96.16 1333.17 0.07213

0.05954
2008-2009 80.91 1358.99
....

The above table show that current assets are decreasing in faster rate but
the cash level increasing year to year. The above ratio fluctuates from
0.02398 to 0.05954 during the period of 2007-2009.The average ratio is
0.05288

The above indicates that the concern used its surplus funds efficiently as
cash holding is unprofitableness hence maintenance of heavy amount of
cash unduly disrupts the concern is good will and indicates an inefficient
management .Thus by marinating a low ratio it can be stated that the
concern has efficiently used its cash balances.
5) DEBTORS TURNOVER RATIO TABLE:- ( Rs. In lakhs)

DEBTORS AGE OF
SALES DEBTORS DAY IN A TURNOVER
YEAR RECEIVABLES
(A) (B) YEAR(c) RATIO
C/D=E
A/B=D

2006-2007 1628.43 77.70 360 20.96 17.17

2007-2008 1367.72 82.55 360 16.57 21.73

2008-2009 913.30 59.84 360 15.26 23.59

The above table clearly indicates the debtor's turnover ratio, which
fluctuates between 20.96 to 15.26 during the period. The average collection
period is 18 days, which indicates that the concern follows a concern,
follows a conservative and efficient credit collection policy.

Due to the fluctuation in sales and debtors during the years the ratio also
changes .The ages . of receivables fluctuates between 17.17 to 21.73 and
the average is fond to be 20.83. The average debtors turnover ratio is 17.59
which is favorable .it concluded that debtor's turnover ratio is favorable to
the concern. This ratio is an important supplementary check of current ratio.
6) CURRENT ASSETS TO FIXED ASSETS RATIO TABLE (Rs. In lakhs)

CURRENT FIXED ASSETS RATIO

YEAR ASSETS(CA) (FA) CA/FA

2006-2007 1618.93 166.60 9.72

2007-2008 1333.17 195.45 6.82

2008-2009 1358.99 194.30 6.99

The above table shows that the current assets decreased year by year but
fixed assets of the concern increased .The ratio of current assets to fixed
assets fluctuates between 6.82 to 9.72 luring the period and marinating an
average of 7.84 times.

The above shows the various levels of current and fixed assets with their
ratio which indicates, an efficient management of assets level in the
concern.
8) INVENTORY TO WORKING CAPITAL RATIO TABLESU:- (Rs. In lakhs)

WORKING
YEAR INVENTORY(A) CAPITAL(B) RATIO (A/B=C)

2006-2007 1119.48 1300.27 0.86

2007-2008 742.92 1059.37 0.70

2008-2009 790.57 1021.07 0.77

Despite of some fluctuations level gone up from first year to third year.
There is a norm that inventories are needed to have greater sales but in
case it should exceeded the net working capital capital .But during the
above given three years the inventory level exceeded the working capital
level. The ratio between the two variables fluctuates between 0.70 to 0.86
with average of 0.77.

Since averagely the Inventory level is less than the working capital hence it
can be admitted that the concern is maintaining efficient inventory level and
run smoothly.

7) WORKING CAPITAL TURNOVER RATIO TABLE (Rs.In lakhs)

 CURRENT SALES/
CURRENT WORKING SALES
YEAR LIABILITES WORKING
ASSETS(A) CAPITAL (D) .
(B) CAPITAL

2006-2007 1618.93 318.66 1300.27 1628.43 1.25

2007-2008 1333.17 273.8 1059.37 1367.72 1.29

2008-2009 1358.99 337.92 1021.07 913.30 0.89

The above table shows the relationship between working capital and sales
and the ratios of sales to working capital. During the period of study the
working capital shows an decreasing trend and sales figure shows a steer
rise .The ratio between sales to working capital range between 0.89 to 1.29
and the ratio in average by 1.14.

As the sales are larger in comparison to working capital it shows favorable

position and indicates a favorable turnover of inventories and receivables. It
is said that the high turnover of the ratio may be result of favorable turnover
of inventories or may reflect an inadequacy of working capital with low
turnover. But our former test indicates an excessive working capital.

Hence to conclude the concern marinating a better position with regard to

sales and working capital.
COFFICICENT OF CORRELATION:-

WORKING
YEAR INVENTORY CAPITAL SALES

2006-2007 1119.48 1300.27 1628.43

2007-2008 742.92 1059.37 1367.72

2008-2009 790.57 1021.07 913.30 .

The above table presented the correlation between inventory and working
capital as well as of inventory and sales.

From the analysis it is found that the inventory and working capital is
positively correlation where as the inventory and sales shows that they are
positively correlated with high degrees.

The coefficient of correlation between inventory and working capital is found

to be 0.77 and that of inventory and sales to be 0.75 respectively
 SATEMENT OF FUNDS FLOW ANALYSIS

2006-07 2007-08 2008-09

Total Current Assets 1618.93 1333.17 1358.99

Total Current
318.66 0273.8 0337.92
Liabilities

1300.27 1059.37 1021.07

Decrease in Working
0240.9 0038.3
Capital

1059.37 1021.07 1021.07

CONCLUSION
The management of working capital in an organization is related just as
blood relates to human being. As with out proper co-ordination and control
by various human organs relates to its living. Similarly the management of
fund is of so vital importance which no organization can service in the
business in the world.

The management of working capital is so vital importance that which can

not be simply over looked by the financial management but is a challenging
task, it is the integral and very foundation of business concern and its mis-
management may cause a failure to achieve the objectives of business.
Generally these are two concepts of working capital which are known as
grass concept and net concept. In the Gross concept, the totals of current
assets are known as working capital. In the other hand the difference
between current liabilities is known as Net concept.

The importance of working capital can not be described in a single sentence

because of its wider scope and use. These arise difficulties in case of
excessive or inadequacy must take in to accounts while preparing the fund
requirements. Generally there are determinant to find out the proper
requirements of organization.

To measure the working capital of business concern there is availability of

various ratios to judge its strength and weakness. Funds flow analysis is
also of very crucial.

In the preparation of the above project report I analyzed the data relating to
Bargarh cooperative sugar Mill for the period of 2007 to20079. During the
study I found that the current assets and net working capital is continuously
decreasing which has been shown in the above tables.

Thus it can be suggested that concern it running efficiently during the period
of study. But the position would not provide all the crucial suggestion
because it dose not reveal the other internal analysis. Hence I analyzed
various financial ratio to judge the concern's efficiencies.

During the analysis, I found that average current ratio is 4.65 which is
sufficiently higher and more favorable in comparison other sugar Mill. It can
be suggested that the value of current assets of the concern is reduced to
half of its value and them also the concern is able to meet its current
obligations which shows the higher safety margin for short term creditors.
Though the concern maintains a higher current ratio and runs smoothly, it is
unnecessary from the management point of view.

The average quick ratio of the concern is 1.748 which is favorable one and
shown a good liquidity position of the concern. The average inventory
turnover ratio is 0.75 which indicates a favorable inventory management
system. The higher inventory turnover ratio with increasing sales indicates
that the concern maintains the required amount of inventories depending
upon its sales. This shows the concern incurred loss carrying works to
maintain the inventory level.

The average of cash to current assets is 0.05288 which indicates that the
concern used its surplus funds efficiently as cash holding is unprofitable
ness. Hence by marinating a low ratio it can be stated that the concern has
efficiently used its cash balances.

The current asset to fixed assets ratio shows an efficient management of

assets by the concern which shows an average ratio of 7.84.
The ratio of sales to working capital shows an average ratio of 1.14 which is
very significant it shows that the net sales are low in comparison with net
working capital without expending current credit. Hence it suggests that the
concern is smoothly operating.

The funds flow statement presented in this report shows the various
sources and applications of working capital of the concern.

Finally, I can conclude here that the management of working capital during
my period of study is satisfactory. But the Mill should maintain the policy of
using a low current ratio and quick ratio with out losing opportunity of
inventory the surplus in short-term marketable securities and Government
bonds. There are also symptoms of over trading and under-trading by
maintain thick inventory turnover ratio and higher current ratio respectively.
Management of the concern is satisfactory and it should take further steps
for expansion and growth in all respects due to vital importance of its
products in internal and well and external markets.
BIBLIOGRAPHY
1. Working capital management by - V.E. Ramamoorthy (FMH
Publication, Madras)

2. Working Capital management by - Breakneck William.

3. Financial Management by - I.M. Pandey

4. Banking & Working Capital Finance By - L.C. Gupta.

 A
DISSERTATION
ON
“WORKING CAPITAL MANAGEMENT IN BARGARH
CO-OPERATIVE SUGAR MILL, BARGARH”
Submitted to
The Department of Commerce
Gangadhar Meher (Autonomous) College
Sambalpur
In partial fulfillment of the
requirement for the Award of
Degree of Master of Commerce
(M.Com)

2010-2011

Under the Guidance of Submitted

By
Mr. R.K. Ratha Rikesh
Agrawal
H.O.D. Commerce College Roll - 8321
G.M. College (Autonomous)
Sambalpur – 768004
 DEPARTMENT OF COMMERCE
GANGADHAR MEHER (AUTONOMOUS) COLLEGE,
SAMBALPUR, ORISSA - 768004