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INDRODUCTION
BESCOAT
INTRODUCTION
Modern world has made a rapid change in the health and cosmetics field. Rapid changes were occurring in this sector in India and abroad. Today the health sector losses its face as a servicing sector .There are so many company which produces and sells so many medicines and cosmetics in different ways. Day by day the technology is going on changing. The new technology and newly adopted strategies help them to produce variety of product. BESCOAT is one of the most important Drugs and China clay manufacturing company in India. BESCOAT is a partnership firm. This is situated at Madikkai about 6 kilometer away from Kanhangad. The company was established 38 years ago that is in 1973. The firm has two divisions like Pharma Division and Kaolin Division. Mr V K A Karim and Mr C V Mohan are the Managing Directors. They are Engineering Diploma holders. They got their work experience of 40 years in English India clay. The main reason for starting the factory here is the good political condition, availability of water and good transportation facility. Electricity substation is very near to this factory and the company has their own transformer. The communication facilities like telephone, fax, internet etc are all available here. This place got an advantage of urban and rural site too.
BESCOAT
INDUSTRY PROFILE
BESCOAT
INDUSTRY PROFILE
Bescoat is the leading manufacturer of processed China clay (kaolin), which finds application in a plethora of domestic industries via Fiberglass, Ceramic Tiles. Paints, Paper, Rubber, Detergents, Cosmetics, Pesticides, Fertilizer etc. And having a large list of satisfied clientele including MNCs. Among the others Kaolin is the most leading product in this concern. BesTile is recent diversification launched by Bescoat. They manufacture Designer Concrete Floor Tiles, Elevation Tiles and Interlock Paving blocks.
KAOILIN INDUSTRY
Kaolin is versatile white clay used heavily by the paper industry for pulp fillers, whiteners and coatings. It also has small but important applications in paints, inks, ceramics, plastics, construction materials, toothpaste and medicines. Mining and processing operations for kaolin, also known as china clay, are well established in North America (most notably in Georgia, USA), England and Australia, with new operations in Brazil, India, China and Ukraine. Established mines, some more than a century old, are challenged to increase yields and quality to remain competitive. Newer mines face processing and shipping challenges for export markets. At the same time, kaolin producers worldwide find themselves under pressure from the paper industry, which consumers some 85 percent of the kaolin industrys output, to deliver raw material meeting tighter specifications to maximize mill efficiency and product offerings. As a leading supplier of specialty chemicals to the global kaolin industry, Cytec understands its customers operations, needs and competitive pressures. Because kaolin occurs in a variety of physical and chemical forms, producers are faced with customizing their mining and Processing operations to best match the characteristics of each deposit. Thats where Cytecs customization expertise comes Kaolinite, the principal mineral in china clay, has the commonly accepted composition of 2H2o.Al2o3.2sio2.
BESCOAT
Kaolin clays are generally found as sedimentary deposits formed by the weathering of feldspathic rocks. The kaolinite is almost invariably associated with impurities such as iron oxides, rutile, silica, feldspar, mica, sulfides and organic matter. For most applications, these impurities have to be removed from the kaolin clay to produce useful end product. Processed kaolin clays can be divided into two broad categories: a) Dry-processed clays of low to medium purity, for use in relatively low -cost applications such as ceramics and other structural materials. b) Wet-processed kaolin of high purity and brightness, used mainly as filler and coatings in high-grade paper, and also in paints and plastics. Low-grade clays are produced employing relatively low-cost dry Processing methods, including air floatation, sizing and some magnetic separation and froth flotation. On the other hand, high-grade clays are generally produced by employing advanced, state-of-the art technologies, including mostly wet processes, from advanced high gradient magnetic separation to froth flotation and selective flotation and selective flocculation techniques.
Global demand for Kaolin is forecasted to grow nearly two percent per year to 25 million metric tons in 2013. Over the forecast period, demand for kaolin in paper production is expected to improve, offsetting an expected slowdown in the ceramics market. In general, kaolin demand in advanced economies is projected to recover from the declines of the 20032008 periods, while demand in the faster growing emerging markets will decelerate.
Developing countries are becoming increasingly important to global kaolin demand. In 2008, the advanced economies of Japan, the US and Western Europe accounted for slightly more than one-half of kaolin consumption, down from two-thirds just ten years earlier. Given
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strong demand gains in the emerging markets of Asia, the developing countries are expected to account for the majority of global kaolin demand in 2013.
Many opportunities exist for mineral pigment producers in the Asian region. The challenge seems to be in the finding of suitable regional Kaolin resources, providing it up and perhaps establishing a joint venture with the owner of the land involved .Next is the confirmation of regional specifications needed to be able to refine the products so that these are suitable for consumption by existing and future customers. This is a major challenge as the buyers are often used to paying far lower prices than the new operation will be asking. However when the buyers see the benefit of reduced rejects, in the case of ceramics, and higher value products for the auto industry, and then the value will be accepted.
Market Demand
Market demands sometimes impact the Kaolin industry adversely. For example, the majority of paper manufacturers use high speed blade coaters. To improve the efficiency and throughput rates of these machines, as manufacturers are constantly seeking to increase operating speeds. This places a demand on the Kaolin industry to provide Kaolin products with rheological properties compatible with higher machine speeds. Since there is no technology for lowering the viscosity of Kaolin, theology can only be improved by blending ores, which has its economic and inherent limitations. Controlling rheological properties by blending crude ores or finished product is costly because it requires additional systems, labour and energy. In addition, the producer must operate and maintain more than one mine.
BESCOAT
PHARMACEUTICAL INDUSTRY
The Indian pharmaceutical industry is the worlds second largest by volume and is likely to lead the manufacturing sector of India. Indias bio-tech industry clocked a 17 percent growth with revenues of Rs.137 billion ($3 billion) in the 2009-10 financial year over the previous fiscal. Bio-pharma was the biggest contributor generating 60 percent of the industrys growth at Rs.8,829 core, followed by bio-services at Rs.2,639 core and bio-agriculture at Rs.1,936 core . The first pharmaceutical company are Bengal chemicals and pharmaceutical works, which still exists today as one of 5 government-owned drug manufacturers, appeared in Calcutta in 1930. For the next 60 years, most of the drugs in India were imported by multinationals either fully-formulated or bulk form. The government started to encourage the growth of drug manufacturing by Indian companies in the early 1960s, and with the Patents Act in 1970, enabled the industry to become what it is today. This patent act removed composition patents from food and drugs, and though it kept process patents, these were shortened to a period of five to seven years. The lack of patent protection made the Indian market undesirable to the multinational companies that had dominated the market, and while they streamed out, Indian companies started to take their places. They carved a niche in both the Indian and world markets with their expertise in reverse-engineering new processes for manufacturing drugs at low costs. Although some of the larger companies have taken baby steps towards drug innovation, the industry as a whole has been following this business model until the present.
BESCOAT
According to the study titled The Globalization of Innovation pharmaceuticals, can India and China cure the global pharmaceutical by US Foundation, increasing research and based Ewing Marion Kauffman development initiatives in the pharmaceuticals has made
India a more mature place for drug discovery activities than China. The report stated that Indian Companies are playing an important role in early drug discovery processes due to their substantial experience in the field of generic drugs. The study also holds India as a more established venue for chemistry and drug discovery development than China.
Interlocking floor tiles are easy to install. They have a unique joining system that helps the tiles to be laid very easily and quickly on any firm surface and flat surface. This can be done using small and common tools like a utility knife, mallet and other similar tools. These can be easily installed by just overlapping and tapping. These tiles look very elegant and are generally very durable. They have a unique hidden, patented and water locking system. They are generally 6.5 millimetres thick which makes it even more durable. It can also be used on rough surfaces, uneven floors. This helps in providing a cushioned surface. You can comfortably work on them. These interlocking floor tiles are resistant to fire and various chemicals. They can be used for both industrial as well as residential purposes.
POPULAR USE
These interlocking floor tiles are mainly used for renovating and remodelling purposes in garages. This would be the best way to give your garage a very gorgeous, elegant and hence improve the overall appearance of the garage. They can be very comfortably and easily installed over things like cracks, sub flooring and stains. They can also be used over other
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flooring. These interlocking floor tiles are very durable and provide a very good look to the garage.
BESCOAT
COMPANY PROFILE
COMPANY PROFILE
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Business Type Manufacturer Exporter Distributor Main Item/Product Light Kaolin.IP/BP/USP Representative/CEO's Name V.K.A.Karim No. of Employees 80 to 89 Net Revenue LESS THAN 10,000 US$ Main Bank Syndicate Bank / Kanhangad Company Dimension Small, Co-Partner, Audit Stock Market Name: albatross.
Trade Category 2507 Kaolin, Other Kaolinic Clays Main Target Region Asia Founded Date 3/1973 Annual Revenue 10,001 to 50,000 US$ Annual Export Rate 10 to 20% ParentCompany Bescoat Safety/Quality Approvals GMP, TSE/BSE
MILESTONES
1973 : manufacture of china clay
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1978
1984 1985
: commissioned pharma manufacturing unit and launched drugs : Started Albatross superstockistership and Wholesale distribution of Pharmaceuticals
1997
2000
: direct export division started import export Code (IEC) No 1004004036 Take over of southern clays and minerals pvt Ltd. Nileshwar a unit established in 1973 for mining and processing of china clay.
2002
: started Travancore clays and minerals at Trivandrum for manufacturing of Air Floated Kaolin
2003 2005
: logistics division with a fleet of trucks : commissioned BESCOAT clays pvt ltd at Trivandrum for 2009 Manufacturing of Specialty air floated Kaolin
2009
: commissioning of two sophisticated plans for manufacturer of designer Concrete Floor tiles, elevation tiles, interlocking Paving blocks in various latest Models and attractive colors.
PRODUCTLINE
BESCOAT
Allopathic medicines Contraceptives Designer floor and elevation tiles Interlocking paving blocks
PLANT LAYOUT
In BESCOAT pharmaceuticals, process layout is adopted. Major utility in pharma division are electricity and liquefied petroleum gas. All materials are moved by man power. Machines installed are semi automatic and predictive maintenance is adopted for the same.
DEALER NETWORK
BESCOAT Present in more than 35 cities or towns all over the country.
MEMBERSHIP
I. Pharmaceuticals export promotion council (PHARMAEXCIL) , set up by the Ministry of Commerce and Industry, Government of India II. All India drug manufacture association-IDMA BES TILE KAOLIN BES PHARMA III. All India small drug manufacturers association AISDMA IV. Kerala pharmaceuticals manufactures association KPMA Nasmin syrup Designer floor & Paracetamol syrup Betamol elevation tile Kaolin BP Bescof Inter locking Kaolin USP To go further by expanding and diversifying the concern by ensuring the quality of Bentacid Bescitral Paving Stones products and to grab any opportunity to meet with bigger challenges. Keltrim suspension Bescopet MISSION Salfen Hexal Nasmin P To provide quality Nasmin Pat proper time. products Plus Bescotes M Bescopet F Nasmine drops Reliefen PRODUCT PROFILE Acietral Nasmine plus syrup Bescosal Besprot Betamol Plus AlbeHexal Nasmin P Centre for MBA, Nileshwar 13 Nasmin P Plus Bescofer - M Kaolin Light IP VISION
BESCOAT
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3. To study the Organizational structure. 4. To study the products of the Company. 5. To understand the flow of the authority and responsibility of BESCOAT. 6. To assess the Marketing effort adopted by the Company. 7. To provide the company, suggestions based on the study conducted. 8. To have an in depth study of financial management by the company through working capital management 9. To identify the opportunities, threats, strength and weakness of the company.
LIMITATION
1. The company records which are of confidential in nature were not provided.
2. Many of their financial audits are yet to be punished and this limited to the collection of
Data. 3. Since a face to face interview was conducted, there is a chance of biasing. 4. The busy schedule of the department heads restricted collection of detailed information. 5. Because of the time constraint a detailed study was not possible. 6. The study is mainly based primary data; therefore it is subject to another limitation. 7. As per requirements and necessity the data has been grouped and sub grouped.
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8. These study findings will apply only for Bescoat Pharmaceuticals, Ambalathukara.
ORGANIZATIONAL STUDY
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ORGANIZATIONAL STRUCTURE
An organization is like a tune, it is not constituted by the individual sounds but by relation between them Peter F Drucker
Modern organization require large aggregate of people working together to produce its goods and services efficiently. Organization is the grand strategy created to bring order out of chaos when group work together. Organizational structure is a hierarchical arrangement which includes the ultimate decision maker at the top. A clear understanding of organizational chart will enable employs to bring the issue before the right person in the hierarchy. Organizational structure reveals vertical operational responsibilities and horizontal linkages and may be represented by an organizational chart. The complexity of organization structure is often proportional to it size and its More recent forms of organization structure include the flat, network, geographic dispersal.
metrics and virtual organizations. These forms become more prevalent during the last decades of the 20th century as result of the trend towards restructuring and downsizing and downsizing and developments in the tele - communication technology. Organization Structure is the frame work that defines the reporting relationship between different positions within the organizations facilitates the delegation of authority, allocation of resources and decision making within the organization. An organization assumes the OS depending on its area and methodology and operations structure spells out the roles and reporting structure between employs at different positions in an organization.
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Organization Structure facilitates the organization working as cohesive social entity and there by helps in realizing the organizational goals. Organization follows vertical administrative functions and horizontal tasks, areas and processes or projects.
PARTNER
CEO
PHARMA KAOLIN PRODUCTION MANAGER PRODUCTION MANAGER PRODUCTION MANAGER SUPERVISOR FORMAN SUPERVISOR TILE
CHAR Centre for MBA, Nileshwar SKILL FITTER GE MEN WOR KER MEN
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MALE WORKERS
FEMALE WORKERS
BESCOAT
PRODUCTION DEPARTMENT QUALITY CONTROL DEPARTMENT MARKETING DEPARTMENT FINANCE DEPARTMENT HUMAN RESOURSE DEPARTMENT
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PRODUCTION DEPARTMENT
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PRODUCTION DEPARTMENT
It refers to the application of management principles to the production function in a factory. In other words , production management involves application of planning , organizing , directing and controlling to the production process .The production department has been divided into two, store room and dispensing room.
MANAGING PARTNER
PARTNER
CEO
PRODUCTION MANAGER
SKILLED WORKERS
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The dispensing room of Bescoat Pharmaceuticals can be divided into the following divisions. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Water treatment plant Bottle washing area Quarantine area Raw material storage area Dispensing room Manufacturing and processing unit Filling and setting area Overprinting area Labeling area Finished product area
STORE ROOM
Here in Bescoat, all the raw materials are Kept in the first division and labeled as UNDER TEST in Quality Control Department. If the samples are approved for use and kept it in the second division. In this room two weighing balance one small balance (up to 5 kg) and another large balance (up to 100 kg )
DISPENSING ROOM
The required quantity of raw material are weighted and taken for formulation here. The equipments used here are a. HOMOGENIZER Homogenizer has a 4 hp motor and used for large scale mixing. b. DE- MINERALIZING WATER PLANT Used to remove mineral iron from water. Here purified drinking water is passed through exchange recipe which consist of four portions. First sand filter then carbon filter and
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followed by softener. Effluent water is removed and drained from here. Filter water is again goes under the process of Reverse Osmosis. Purified water after Reverse osmosis is moved through mixed bed to ultra- violet light treatment for bacterial free. Output water after the ultra violet treatment is further moved for the production process. c. NON-JACKETED SYRUP TANK WITH STIRRING BAR Non jacketed syrup tank with stirring bar is used for making syrup. d. COLLOID MILL Colloid mill is mainly used for making suspensions. A homogeneous mixture is obtained from this. The suspended paste is passed through colloidal range by passing through the mill. e. FILTER PRESS Mainly used to purify the preparations from foreign particles. This consists of seven plates and propylene filter pad a vacuum pressure is applied here. High- flow aid is also used for this purpose. f. MIXING AND STORAGE TANKS Tanks are of various capacities such as 500,200,100 liters and are made of stainless steel used for mixing the concentrates, flavors and preservatives. The products are stored in the storage in the storage tanks and this is labeled with specific batch number, manufacturing date and expiry date along with flavoring syrup agents. From this tank samples are taken for the test to the Quality Control Department. Only after getting the necessary approvals it is taken to the next section.
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g.
BOTTLE WASHING PLANT The bottles used for filling the product are washed with soap water and dried in the
hot air tray dries for two to three hours at eighty degree Celsius. h. FILLING AREA After passing all the test the finished products are filled in bottles through volumetric liquid filling machine or double headed filling machine. Volume is adjusted and bottles are sealed using semi automatic sealing machine. i. LABELING AND PACKING AREA Sealed bottles are labeled and packed in suitable cartons, shipment boxes and stored in finished goods store room. j. RE- PRINTER Re- printer is used for printing the manufacturing date, expiry date, batch number etc on the label and cartons. Manual and semi automatic printing machine are used for this.
MANUFACTURING PROCESS
Normally 50% of syrups are prepared for a particular batch of production. Half the weight of sugar is boiled with D M water dissolved by stirring. Followed by the adding of flavors and preservatives. The already syrup is passed through nylon cloth for filtration and again through filter press to adjust final volume of purification, ie i. ii. iii. Before manufacturing operations, the equipments and the area should be thoroughly Approved raw materials are dispensed accurately and transferred to manufacturing area. Collected 100 liters of dimineralised water, heat to boil add methyl paraben sodium, propel
paraben sodium add check for dissolution add sucrose and sorbitol.
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Collect 100 liters of dimineralised water and mix with CMC and powdered stercula to get a Mill paracetamol and add to main tank, stir for thirty minutes. Add color and flavors. PH adjusted in between 5-6
SUSPENSION
Suspensions are biphasic liquid dosage form which contains active ingredients suspended uniformity throughout like carboxyl methyl cellulose and tragacanth are used. The active ingredients are first soaked in water and separately milled and added to the tank. Then the flavoring and coloring agents are added. Finally volume is adjusted with vehicles.
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The word quality refers to the degree of excellence of a product. In other words the quality of a product means the degree of excellence of the characteristics it possesses. It is the relative term, like high, low or inferior grade or in terms of conformity with certain specification. The word control is used to denote the setting standards measuring the performance and taking the corrective actions. Those activities which assure the quality creation is performed in such a manner that the resulting product will in fact performs its intended function. When used in this sense quality control can be divided into two fundamental endeavors. Assurance that the product characterized select will achieve the intended result and assurance that, items produced contain the specified characteristics. Quality Control deals with the determination of quality standards and measurement and control necessary to see that the established standards are maintained and practiced.
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STRUCTURE OF QC DEPARTMENT
MANAGING PARTNER
PARTNER
CEO
QC MANAGER
Chemist
Microbiologist
LAB ASSISTANT
In Bescoat the QC department analysis the quality of both pharma and kaolin division. QC Manager is the head of the department and is followed by the chemist and micro biologist.
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drying. In this, processed chemical mixing is done. This process will continue till the output will get the approved mark by the quality control department, then it send for packing. If it gets the unapproved mark, then it again sends to processing and drying. In this, processed chemical mixing is done. This process will continue till the output will get the approved mark.
principle that when radiation is passed through the solution. A part of its absorbed by the solution and emerging radiation is less than they entered; the estimation can be done in the visible range.
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Hot air oven Hotair oven is used to dry the material. This is proved with thermostat which can be adjusted according to the temperature needed. Muffle furnace This is used to find loss on ignition, sulfated ash etc. Desiccators This is used to cool the sample without interference of moisture. Karl filcher titrator (automatic) This is sample instrument used for determining water content electrometrically. Higher level of water will spoil the Pharmaceuticals. P H Meter It helps to find the P H of preparations. Abbes Refractometre It is used for the measurement refractive index. The refractive index of a substance with reference to the air is that of the sine of the angle of incidents to the sine of angle of refraction of a beam of light passing from air into the substances. Polari meter It is used to determine the optical rotator, sugar etc.
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TLC Apparatus Used to determine particular ingredient. Micro biology lab The Quality department also runs the micro biology lab. The lab is well equipped with modern sophisticated instrument to carryout different microbiological tests. The lab performs the following routine test as part of Quality control. 1. 2. 3. 4. 5. 6. Total fungi colony Total bacterial colony E-coli Salmonella species Pseudomonas Acruginosa Staphylococcus Aureus Some equipment used in microbiology lab is 1. 2. 3. 4. 5. 6. Laminar air flow Incubator B O D (Biological Oxygen demand) Hot air oven Colony counter Autoclaue
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MARKETING DEPARTMENT
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MANAGING PARTNER
PARTNER
CEO
MARKETING MANAGER
AREA MANAGER
MARKETING REPRESENTATIVES
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MARKETING DEPARTMENT
Marketing touches every aspects of our lives from our very birth to our death. Our entire life our life style and our existence are continuously affected by marketing. If we examine our daily life, commencing from getting up from bed in the morning to the time we go to the bed in the night, we observe that we use a number of product and services and are get up from our bed in the morning, may be with the help of a alarm clock. Then we brush and paste. After that we wash our face and wipe it with a towel manufactured by a reputed textile mill. Next, we drink a up of tea prepared well known brand say, AVT Premium. We use gust stone, say, BPL Sanyo to prepare tea. Many types of utensils are used to prepare tea. Then use wear dresses manufactured by well known textile mill. Then we leave our home for office/factory/firm by cycle, or 2 wheeler or car. Thus our activities go on for the whole day using several types of goods manufactured by different companies. Marketing is the process of discovering translating consumer needs and wants into product and service specification creating demand for this product and service then in terms expanding this demand. Marketing means creation and retention of customers and satisfaction of the human needs of the society. Marketing is a dynamic processing involving a set of interdependent activity in the flow of a commodity from the producer into the customer concentration, dispersion and equalization are the activities involved in marketing process. DEFENITION AMA defined marketing as Marketing is the process of planning and executing the conception. Pricing, promotion and distribution of ideas, goods and service to create exchange that satisfy individuals organizational goals.
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PHARMACEUTICAL DIVISION
Bescoat has separate marketing agency for pharmaceutical product called Albatross. All marketing activities of liquid orals are done here. Nasmine is their leading product. For the sale of Bescoat pharmaceuticals product they appoint medical representatives. They are the main marketing tool of Bescoat pharmaceuticals. Stock availability to the chemist must be ensured by the medical representatives. Medical representatives give the information about the medicine to the doctors and they provide feedback about the product to the marketing manager. The channel of distribution of bescoat is super stockiest. The liquid orals are consumed only after the prescription of doctors; therefore doctors are the major consumers of Bescoat pharmaceutical product. The manufacturer gave their product to distributors. Distributors are the wholesalers of the medicine. These distributors distribute medicine to the chemist. The chemist or medical shop keepers are the retailers of the medicine. From these retailers the medicine came at the hand of end consumers, i.e. patients through the prescription of a doctor. Following chart clearly describes these distribution networks.
DISTRIBUTION NETWORK
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Manufacture
DISTRIBUTOR
MEDICAL SHOP
PATIENT
PRICING POLICY Some pharmaceuticals come under the category of essential commodity. The price that kind of product is fixed by the Central Government. So no firm can charge the price above that. For some medicines prices charged by the National Pharmaceutical Pricing Authority. Bescoat adopt cost plus pricing policy with regard to the competitors pricing. SALES PROMOTIONS Promotional activities are done through the sales executives. The company provides incentives, free samples and commission to the Executives. The companies provide gift and medical seminars to the Doctors.
BESCOAT
Packing of pharmaceuticals product is in accordance with Drugs and Cosmetics Act. Bescoat purchases packing materials from Hindustan Commercial Corporation. They use descriptive and attractive labels which are brought from Chennai. COMPETITION Pharmaceuticals are having high competition in the market. Their main competitors are;
Ranbaxy Pharmaceuticals Cipla Pharmaceuticals Glaxo Pharmaceuticals Med lab Pharmaceuticals Torrent Pharmaceuticals KAOLIN DIVISION Kaolin is an industrial product. Bescoat produces Kaolin of different grades. They
produce according to the consumer needs. Kaolin is mainly used by the industries like pharmaceuticals, cosmetics, paints, fiber glass, detergents and soaps, pesticides and incetieds, rubber and ceramics. Marketing of Kaolin is done on the basis of order placed by the customers. The major customers of Bescoat Kaolin are pesticides industries like BASF, Bayeis India, AVETITER Crop Science, Nagargun agrichen, Indofil chemicals and other companies like Johnson and Johnson, Regency ceramics, Goa fibre Glass Company and Bimani glass fibre limited.
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Pakistan Brazil Philippines UAE South Africa COMPETITION The Kaolin has only limited competition because of its rare consumption. The major competition is English Indian Clays Trivandrum. TILES DIVISION Bes Tile is a new venture of Bescoat. Day by day the demand for the tile is increasing. At present tile is available plenty in the market, so that Bes Tile is facing tight competition. BesTile is marketed both directly and through retail shops. The company provides its tile to the customers according to the order. BesTile is marketed through major retailers like ABC Payyannur, Gloria Kanhangad and Salman Kasargod. COMPETITORS BesTile is facing high competition in the market .As the demand for the tile is increasing day by day, the tile manufacturers are also increasing. So that competition is also high.
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FINANCE DEPARTMENT
FINANCE DEPARTMENT
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Finance is the life blood of every business activity. Without adequate finance we cannot the function the day to day activities of business. Financial department is concerned with planning and controlling of financial resources of the firm. This department comes under the non operational department of Bescoat. The management looks forward to this department continuously as it has very important functions. All transactions, purchase and sales, income and expenditure, receipt and payments are dealt here.
MANAGING PARTNER
PARTNER
CEO
ACCOUNTS MANAGER
ACCOUNTS OFFICER
ACCOUNTANT
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BESCOAT
In simple sense human resource management means employing people, developing them, utilizing, maintaining and compensating their service in tune with the job and organizational requirement.The success of every organization depends on the effective utilization of manpower. Without the productive utilization of human resources other factors are worthless and unproductive. Bescoat believes that the employees are the strength of the organization and follows soft HR policies. MANPOWER PLANNING Manpower planning simply means, planning of an organization about, how it can move from current manpower position. It is nothing but placing the right person at the right position at the right time. It involves the identification of vacancies seeking of potential applicants evaluating the performance, rewarding or punishing and keep them motivating. RECRUITMENT Recruitment is the first stage in manpower planning. It is the process of searching for prospective employees and stimulating them to apply before the jobs in the organization. For the post like managers recruitment is done through advertisement in news papers. After recruitment the next stage is selection. The Board of Directors appoints the managers and efficient staffs after conducting personnel interview considering the education qualification and experience.
TRAINING Bescoat provides training to the newly recruited employees. Seniors are appointed for giving training. PROMOTION
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Promotion means movement of an employee from a lower position to a higher position, which increases the status, salary, responsibility etc. In Bescoat promotion is done on the basis of seniority. For promotion the employee should work more than 180 working days in a year. SAFETY MEASURE Bescoat provides all statutory provisions to the workers. Bescoat provides the following equipments to the workers.
Spectacles Caps Gloves Chapels Uniforms Mask First aid facility Fire fighting equipments are kept in different part of the workplace.
ACCIDENTS In Bescoat accident rates are very low. In pharma division accident are occur because of the careless handling bottle. In Kaolin division accidents occurs on because of the careless handling of machines and handling equipments. In case of any accident Bescoat bears the hospital expenses.
WORKING DAYS AND WORKING HOURS The Bescoat works from Monday to Saturday. Minimum working days in a year are 240. The employees are getting 12 extra leaves apart from the normal. The working hours are from 8.30 am to 5.30pm. The idle time is one and half hour with one hour lunch break and two intervals of 15 minutes.
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ABSENTEEISM AND LABOUR TURN OVER Absenteeism and labour turn over are comparatively low in Bescoat. The organization is providing better treatment and peaceful working condition to the employees. So that employees are satisfied with their job. WAGES AND SALARY Every employee will get a starting salary of Rs 2000 and annual increment. WELFARE FACILITY Bescoat provides welfare facilities like canteen, drinking water, toilet facility and dress changing room for male and female. The following benefits are provided to the employees
Medical allowances Sickness allowances Financial allowances Disable allowances Cash award provided for excellent student of employees House rent for managers Festival leaves
PERFORMANCE EVALUATION The management believes that efficiency is not the effort but the result. There is no specific yardstick for evaluating an employee. They are evaluated by observing sharpness in decision making and productivity. GRIEVANCES
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Grievances are the sufferings and problems of an employee in a labor management relation. There are no special grievance cell for Bescoat. The employees can express their grievances to the manager or directly to the Managing Director. TRADE UNION There are two trade unions in Bescoat. Bescoat Employees Association is the first trade union and it was started in the year 1980. It was started with 10 members. This union is not related to any political party or other trade union. CITU is another trade union existing here. PENSION, PF AND RETIREMENT BENEFITS Bescoat provide pension, PF and retirement benefit depending on the year of service. The retirement age is 58. Bescoat provides compensation to voluntary retirement because of unhealthy situation. INSURANCE Bescoat have a group insurance scheme in which the injured persons get financial assistance. PERSONNEL RECORDS Personnel records of all employees are kept here by the managers till their retirement.
To assess the financial stability of Bescoat Company through analyzing the working capital management.
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SECONDARY OBJECTIVES:-
To analyses the condition those affect the working capital of the company.
Time Limitation: - Only 30 days are used to analyze the financial condition of the company Limited Data:- Limited to the data available from the company only hence it cannot generalize.
RESEARCH METHODOLOGY:-
Primary Data: - Primary Data is collected from the company and the accounting details are also taken. Secondary Data:-Data given by the company like Trial Balance, Profit and Loss A/C and Balance sheet.
TOOLS USED
Ratio Analysis Fund Flow Statement Cash Flow Statement
RATIO ANALYSIS
Liquidity Ratio or Short Term Solvency Ratio
1. Current Ratio 2. Quick Ratio 3.Absolute Liquidity Ratio Leverage Ratio or Long Term Solvency Ratio
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a. b. c. d.
Debt to equity Ratio Capital Gearing Ratio Proprietary Ratio Solvency Ratio Activity or Turnover Ratio Working Capital Turn Over Ratio Inventory Turn Over Ratio Debtors Turnover Ratio Creditors Turnover Ratio Current Asset to Ratio Fixed Asset to Ratio Total Asset to Ratio FUNDFLOW STATEMENT CASHFLOW STATEMENT Working capital refers to the investment by the company in short term assets such as
a. b. c. d. e. f. g.
cash, marketable securities. Net current assets or net working capital refers to the current assets less current liabilities. Symbolically, it means,
DEFINITIONS OF WORKING CAPITAL: The following are the most important definitions of Working capital: 1) Working capital is the difference between the inflow and outflow of funds. In other words it is the net cash inflow.
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2) Working capital represents the total of all current assets. In other words it is the Gross working capital, it is also known as Circulating capital or Current capital for current assets are rotating in their nature. 3) Working capital is defined as the excess of current assets over current liabilities and provisions. In other words it is the Net Current Assets or Net Working Capital. IMPORTANCE OF WORKING CAPITAL Working capital may be regarded as the lifeblood of the business. Without insufficient working capital, any business organization cannot run smoothly or successfully. In the business the Working capital is comparable to the blood of the human body. Therefore the study of working capital is of major importance to the internal and external analysis because of its close relationship with the current day to day operations of a business. The inadequacy or mismanagement of working capital is the leading cause of business failures. To meet the current requirements of a business enterprise such as the purchases of services, raw materials etc. working capital is essential. It is also pointed out that working capital is nothing but one segment of the capital structure of a business. In short, the cash and credit in the business, is comparable to the blood in the human body like finance s life and strength i.e. profit of solvency to the business enterprise. Financial management is called upon to maintain always the right cash balance so that flow of fund is maintained at a desirable speed not allowing slow down. Thus enterprise can have a balance between liquidity and profitability. Therefore the management of working capital is essential in each and every activity.
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Gross working capital: - It is referred as total current assets. It focuses on optimum investment in current assets.Excessive investments impair firm s profitability, as idle investment earns nothing. Inadequate working capital can threaten solvency of the firm because of its inability to meet its current obligations. Therefore there should be adequate investment in current assets. Financing of current assets: Whenever the need for working capital funds arises, agreement should be made quickly. If surplus funds are available they should be invested in short term securities. NET WORKING CAPITAL Net Working Capital defined by 2 ways, Difference between current assets and current liabilities NET WORKING CAPITAL= CURRENT ASSETS - CURRENT LIABILITIES Net working capital is that portion of current assets which is financed with long term funds. If the working capital is efficiently managed then liquidity and profitability both will improve. They are not components of working capital but outcome of working capital. Working capital is basically related with the question of profitability versus liquidity & related aspects of risk.
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must be NWC. For evaluating NWC position, an important consideration is tradeoff between probability and risk. The term profitability is measured by profits after expenses. The term risk is defined as the profitability that a firm will become technically insolvent so that it will not be able to meet its obligations when they become due for payment. The risk of becoming technically insolvent is measured by NWC. If the firm wants to increase profitability, the risk will definitely increase. If firm wants to reduce the risk, the profitability will decrease. WORKING CAPITAL CYCLE: A firm requires many years to recover initial investment in fixed assets. On contrary the investment in current asset is turned over many times a year. Investment in such current assets is realized during the operating cycle of the firm. DIMENSIONS OF WORKING CAPITAL
Time Money Each component of working capital (namely inventory, receivables and payables) has
two dimensions ... TIME and MONEY. When it comes to managing working capital - TIME IS MONEY. If you can get money to move faster around the cycle (e.g. collect dues from debtors more quickly) or reduce the amount of money tied up (e.g. reduce inventory levels relative to sales), the business will generate more cash or it will need to borrow less
money to fund working capital. As a consequence, you could reduce the cost of bank interest or you'll have additional free money available to support additional sales growth or investment. Similarly, if you can negotiate improved terms with suppliers e.g. get longer credit or an increased credit limit; you effectively create free finance to help fund future sales. It can be tempting to pay cash, if available, for fixed assets e.g. computers, plant, vehicles etc. If you do pay cash, remember that this is now longer available for working capital. Therefore, if cash is
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tight, consider other ways of financing capital investment - loans, equity, leasing etc. Similarly, if you pay dividends or increase drawings, these are cash outflows and, like water flowing downs a plughole, they remove liquidity from the business OPERATING CYCLE The working capital cycle refers to the length of time between the firms paying the cash for materials, etc., entering into production process/stock & the inflow of cash from debtors (sales), suppose a company has certain amount of cash it will need raw materials. Some raw materials will be available on credit but, cash will be paid out for the other part immediately. Then it has to pay labor costs & incurs factory overheads. These three combined together will constitute work in progress. After the production cycle is complete, work in progress will get converted into sundry debtors. Sundry debtors will be realized in cash after the expiry of the credit period. This cash can be again used for financing raw material, work in progress etc. thus there is complete cycle from cash to cash wherein cash gets converted into raw material, work in progress, finished goods and finally into cash again. Short term funds are required to meet the requirements of funds during this time period. This time period is dependent upon the length of time within which the original cash gets converted into cash again. The cycle is also known as operating cycle or cash cycle. Working capital cycle can be determined by adding the number of days required for each stage in the cycle. For example, company holds raw material on average for 60 days, it gets credit from the supplier for 15 days, finished goods are held for 30 days & 30 days
credit is extended to debtors. The total days are 120, i.e., 60 15 + 15 + 15 + 30 + 30 days is the total of working capital. Thus the working capital cycle helps in the forecast, control & management of working capital. It indicates the total time lag & the relative significance of its constituent parts. The duration may vary depending upon the business policies. In light of the facts discusses above we can broadly classify the operating cycle of a firm into three phases viz.
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Acquisition of resources. Manufacture of the product and Sales of the product (cash / credit).
First and second phase of the operating cycle result in cash outflows, and be predicted with reliability once the production targets and cost of inputs are known. However, the third phase results in cash inflows which are not certain because sales and collection which give rise to cash inflows are difficult to forecast accurately. Operating cycle consists of the following:
Conversion of cash into raw-materials; Conversion of raw-material into work-in-progress; Conversion of work-in-progress into finished stock; Conversion of finished stock into accounts receivable through sales; Conversion of accounts receivable into cash.
In the form of an equation, the operating cycle process can be expressed as follows: Operating cycle = R+W+F+D+C
R = Raw material storage period W = Work in progress holding period F = Finished goods storage period D = Debtors collection period C = Credit period availed
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Operating cycle for manufacturing firm: The firm is therefore, required to invest in current assets for smooth and uninterrupted functioning.
WIPCP - Work in Progress Conversion Period FGCP ICP RCP - Finished Goods Conversion Period - Inventory Conversion Period - Receivables Conversion Period
Payables (PDP) - Payables Deferral Period NOC GOC - Net Operating Cycle - Gross Operating Cycle
Here, the length of GOC is the sum of ICP and RCP.ICP is the total time needed for producing and selling the products. Hence it is the sum total of RMCP, WIPCP and FGCP. On the other hand, RCP is the total time required to collect the outstanding amount from customers. Usually, firm acquires resources on credit basis. PDP is the result of such an incidence and it represents the length of time the firm is able to defer payments on various resources purchased.
The difference between GOC and PDP is known as Net Operating Cycle and if Depreciation is excluded from the expenses in computation of operating cycle, the NOC also represents the cash collection from sale and cash payments for resources acquired by the firm and during such time interval between cash collection from sale and cash payments for resources acquired by the firm and during such time interval over which additional funds called working capital should be obtained in order to carry out the firms operations. In short, the working capital position is directly proportional to the Net Operating Cycle.
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temporary working capital is fluctuating- sometimes increasing and sometimes decreasing. However, the permanent capital is difference between permanent and temporary working capital can be depicted through figure. DETERMINANTS OF WORKING CAPITAL
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There are no set rules or formula to determine the working capital requirements of firms. A large number of factors, each having a different importance, influence working capital needs of firms. Also, the importance of factors changes for a firm over time. Therefore, an analysis of relevant factors should be made in order to determine total investment in working capital. The following is the description of factors which generally influence the working capital requirements of firms.
Nature of Business Sales and Demand Conditions Technology and Manufacturing Policy Credit Policy Availability of Credit Operating Efficiency Price Level Changes
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Existing cash reserves Profits (when you secure it as cash!) Payables (credit from suppliers) New equity or loans from shareholders Bank overdrafts or lines of credit Term loans LONG TERM SOURCES
ISSUE OF SHARES DEBENTURES LOANS FROM OTHER FINANCIAL INSTITUTIONS SHORT TERM SOURCES
DATA ANALYSIS
Ratio analysis
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Liquidity ratio ( short term solvency ratio) Current ratio Quick ratio / acid test ratio Super liquidity ratio /absolute Quick Ratio
CURRENT RATIO Year Cash &Bank 2003- 2004 2004-2005 2005-2006 2006-2007 2007-2008 196,540.00 362,780.00 456,922.00 374,310.00 644,569.00 Bills Receivable 345,260.00 363,210.00 512,723.00 360,480.00 585,720.00 Sundry Debtors 2,945,670.00 2,771,244.00 2,888,720.00 2,918,870.00 3,181,730.00 Closing Stock 1,425,910.00 1,489,215.00 1,573,675.00 1,611,780.00 1,754,200.00
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Year 2003 - 2004 2004- 2005 2005- 2006 2006-2007 2007- 2008
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Total Current Total Current = Total current assets/Total current liability Assets Liability
Total current asset = Cash/ bank+ bills receivable+ sundry debtors + 2003- 2004 4,913,380.00 2,846,792.00 closing stock 2004- 2005 4,986,449.00 3,012,266.00 Total current liability = Sundry creditors+ bills payable+ bank over draft 2005- 2006 2006- 2007 2007-2008 5,432,040.00 5,265,440.00 6,166,219.00 3,125,262.00 3,243,970.00 3,634,754.00
QUICK RATIO
Year
Closing stock
Quick asset
2007- 2008
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Year
Bank Overdraft
Quick liability
QUICK RATIO
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= =
Quick assets/Quick liability Total current asset Closing stock Total Current liability Bank over draft
Quick Liability =
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Year
Quick Asset
Sundry Debtors
Year
Current Liability
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= Absolute Quick Asset /Absolute Quick Liability = Quick Asset- Sundry Debtors
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Debt to equity ratio Capital gearing ratio Proprietary ratio Solvency ratio
Year
Loans &Advances
8% debentures
2003- 2004 2004- 2005 2005- 200 Capital accounts 2006- 2007 5,000,000 2007-2008 5,000,000 5,000,000 5,500,000 5,500,000
2,448,310.00 2,648,310.00 2,658,650.00 Reserves & Surplus2,958,650.00 326,810.00 2,858,650.00 687,803.00 807,931.00 924,476.00 1,137,495.00
2,100,000.00 1,500,000.00 1,500,000.00 Debt to Equity Ratio 1,200,000.00 1,300,000.00 0.85 0.73 0.72 0.65 0.63
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Outsiders Fund/ shareholders fund Debentures, long term loans, current liability Equity share capital, Preference share capital, Reserves & surplus
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Capital accounts
= Fixed Income Bearing Fund/ Equity shareholders Fund = Preference Share capital, debentures, long term loans
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PROPREITORY RATIO
Year
Capital accounts
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Year
Fixed Assets
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= =
Shareholders fund/Total asset Current asset, fixed asset, investment & Deposits
Shareholders fund
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Year
Fixed asset
SOLVENCY RATIO
8% debentures
3,243,970 3,634,754
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= Total Asset/ Outsiders Fund = Current Asset, Fixed Asset, Investment & Deposit = Debt, long term loans, current liability
Working capital turnover ratio Inventory stock ratio Debentures turnover ratio Creditors turnover ratio Fixed asset turnover ratio Total asset turnover ratio
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WORKING CAPITAL TURN OVER RATIO Working Capital Year Net sales Working Capital 2003- 2004 2004- 2005 2005- 2006 2006- 2007 2007-2008 20,005,730.00 20,948,759.00 22,257,738.00 26,265,960.00 28,744,450.00 1,591,588.00 1,694,183.00 1,921,778.00 1,526,470.00 2,126,465.00 12.57 12.37 11.58 17.21 13.52 turnover Ratio
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year
Net Sales
Gross Profit
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year 2003- 2004 2004- 2005 2005- 2006 2006- 2007 2007-2008
= Cost of goods sold/Average stock = Net sales Gross profit = Opening stock + closing stock/2
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Debtors year Credit Sales Bills Receivable 2003- 2004 2004- 2005 2005- 2006 2006- 2007 2007-2008 20,005,730.00 20,948,759.00 22,257,738.00 26,265,960.00 28,744,450.00 345,260.00 363,210.00 512,723.00 360,480.00 585,720.00 Sundry Debtors 2,945,670.00 2,771,244.00 2,888,720.00 2,918,870.00 3,181,730.00 Turnover Ratio 6.08 6.68 6.54 8.01 7.63
= Credit sales/ Sundry Debtors + Bills Receivable =Total asset Cash sales
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Years
Credit Purchase
Sundry Creditors
Bills Payable
= =
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Year
Net Sales
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Year
Fixed Asset
Net Sales
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TURNOVER TO TOTAL ASSET Turnover Year Total Current Asset 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 4,913,380.00 4,986,449.00 5,432,040.00 5,265,440.00 6,166,219.00 1,463,380.00 1,486,780.00 1,586,780.00 2,086,780.00 1,686,780.00 6,820,152.00 6,655,150.00 6,458,023.00 6,969,876.00 6,982,900.00 20,005,730 20,948,759 22,257,738 26,265,960 28,744,450 1.52 1.60 1.65 1.83 1.94 Investment & Deposit Fixed asset Net Sales to Total Assets
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INTERPRETATION On the evaluation of the financial statement of Bescoat company from 2003-2008. Its performance is revealed as follows.
RATIO ANALYSIS
LIQUIDITY RATIO (SHORT TERM SOLVENCY RATIO) CURRENT RATIO Though the current ratio has not reached at the ideal level 2:1. Its performance in the year 2005-2006 (1.74:1) has been improved as compared to the earlier years. It is evident from the ratios given in the above analysis. QUICK RATIO The quick ratios of various years starting from 2003-2004 to 2007-2008 are above the standard quick ratio of 1:1. That is, it is 1.38:1 in the year 2007-2008 as compared to the quick ratio of 1.24:1 in the year 2006-2007. Though the current ratio are not satisfactory, in all
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the given years of quick ratios are quite satisfactory. It is also evident from the above given analysis. SUPER LIQUIDITY RATIO (ABSOLUTE QUICK RATIO) Generally 1:2 is taken as the ideal super liquidity ratio. But on the evaluation of during the various years as have been done in the above cases, the absolute quick ratios are not satisfactory as compared to the ideal. But on overall basis the state of super liquidity ratio has been improved. LEVERAGE RATIOS ( LONG TERM SOLVENCY RATIO) DEBT TO EQUITY RATIO Debt to equity ratio is a measure of long term solvency of a firm. In the case of Bescoat company. Debt to equity ratio is reducing year by year. It can be taken as positive sign, because a decrease in the Debt to Equity Ratio shows the ability of a firm to repay its debts obligations well as increase in the cash accruals. On the other hand an increase in the
ratio shows high borrowing of the company. Another version of high debt to equity ratio is that it helps magnify the return available to the equity shareholders, the owners of the company. CAPITAL GEARING RATIO When the long term solvency of Bescoat company is evaluated from 2003-2004. It reveals that the equity shareholders fund is higher as compared to fixed income bearing funds. So the co is said to be in a low geared position. It is safer position as it does not raise much threat from the outsiders against the company. But the company has grows, it can turn to the higher geared position. That is the proportion of fixes income bearing fund to the total capital can be increased. PROPREITORY RATIO
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Generally, a higher proportion ratio is an indication of the strong financial position. In the case of Bescoat company the proprietary ratios shows as a whole an increased trend during the 5 years. It is clear from the given above analysis. SOLVENCY RATIO From the analysis of solvency ratio of Bescoat company, its shows a favorable position. It is because the lower the solvency ratio the better the position is. In other words when the ratio shows a declining trend, it shows that the shareholders contribution is high towards the total asset as compared to the contribution made by the outsiders. It is also clear from the above analysis. ACTIVITY RATIOS (TURNOVE RRATIOS ) Activity ratios of Bescoat Company show how effectively its resources are being utilized.
WORKING CAPITAL TURNOVER RATIO Working capital turnover ratio shows a more steady position in the 5 years. Generally higher the working capital turnover ratio the higher the efficiency and vice versa. In the case of Bescoat company doesnt show much more improvement in the utilization of working capital expect one year the performance is satisfactory. INVENTORY TURNOVER RATIO The inventory turnover ratio of Bescoat Company shows an increment in year by year, so it is satisfactory for the company. As a general view point the higher the ratio shows better position and vice versa. From the analysis of Bescoat Company it is clear that there is an increase in the stock year by year. It may increase the holding cost of the inventory. Therefore it is advisable to introduce better techniques like JIT, ABC analysis.
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DEBTORS TURNOVER RATIO Debtors turnover ratio is an indicator of the speed with which cash is collected from the debtors. A higher debtors turnover ratio (lower collection period) is a good sign. But the position of Bescoat company management is satisfactory. From the analysis of performance it is evaluated that the company should frame suitable credit and collection policies and there finally implementation with a view to ensure better receivable management. It is possible to reduce various cost like capital cost, default cost (bad debts), collection cost, administration cost etc. Hence it will ensure better capital management. CREDITORS TURNOVER RATIO Creditors turnover ratio shows how many times in a year the payment is made to the creditors. As a general policy company makes earlier collection and delayed payments. From the analysis it is clear that the companys average payment period is around two and half month while scheduling the payment to creditors of the company it should be matched
with the receipts, otherwise it is adversely affect goodwill and reputation of the company. As a part of working capital Management of creditors is also very significant. TURNOVER TO CURRENT ASSET RATIO Over the years the turnover to current asset ratio of Basecoat company shows only a slight increase from the analysis. It is revealed that it is due to the increase in total current asset corresponding to the increase in sales through proper management. It is divisible for the company to improve the position. TURNOVER TO FIXED ASSET RATIO The turnover to fixed asset ratio of Bescoat Company doesnt show a quite satisfactory result. It shows an average of 4.25 of the years the company should day to better the position in the case of sales.
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TURNOVER TO TOTAL ASSET Turnover to total asset of the company shows an average of 1.75 times, the ratio is not good from the evaluation. The company should try to speed up the amount of sales to improve its position in the market and thereby to improve the position of working capital. FINDINGS AND SUGGESTIONS Here the companys ratio analysis quite satisfactory for the company. So the finding and suggestion of the company are as follows. In the analysis of liquidity there are three ratios like Current ratio, Quick ratio, Absolute Quick ratio. The idle current ratio is 2:1. The company had only 1.73:1. The company is not satisfactory in the companys account current liability is more. So the reducing current liability is better suggestion for the company. Debt to Equity ratio shows the position of the company in better way. The ratio shows decreasing trend that means the outsiders fund reduces and shareholders fund increases. The capital gearing ratio also shows the reducing trend. Activity ratios are related on the basis of turnover of sales. So it also called turnover ratio. These ratios are calculated on the basis time. The working capital turnover ratio shows an increasing trend in various years. It shows a higher efficiency of firm. Fund flow analysis is a tool used to evaluate the changes in the performance of a business in between two balance sheet date of consecutive years. The cash flow statement shows increase cash from operation in first year and third year and decrease in second year and fourth year. In the
companys analysis, there are three types of ratios mainly liquidity, leverage, and activity ratios.
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CONCLUSION In short from the analysis it is clear that the overall performance of the Bescoat company is quite satisfactory. However it is required to take drastic step for better cash management; receivable management and inventory management as a part of better working capital management. BIBLIOGRAPHY BOOKS I M PANDEY Financial Management Theory and Practices K. ASWTHAPPA Human Resource Management-text and cases WEBSITES
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1. 2. 3.
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