Working Capital Management

WORKING CAPITAL MANAGEMENT
1. INTRODUCTION ABOUT INDUSTRY ENGINEERING INDUSTRY The Engineering sector is the largest in the overall industrial sectors in India. It is a diverse industry with a number of segments, and can be broadly categorized into two segments, namely, heavy engineering and light engineering. The engineering sector is relatively less fragmented at the top, as the competencies required are high, while it is highly fragmented at the lower end (e.g. unbranded transformers for the retail segment) and is dominated by smaller players. The engineering industry in India manufactures a wide range of products, with heavy engineering goods accounting for bulk of the production. Most of the leading players are engaged in the production of heavy engineering goods and mainly produces high-value products using high-end technology. Requirement of high level of capital investment poses as a major entry barrier. Consequently, the small and unorganized firms have a small market presence. The light engineering goods segment, on the other hand, uses medium to low-end technology. Entry barrier is low on account of the comparatively lower requirement of capital and technology. This segment is characterized by the dominance of small and unorganized players which manufacture lowvalue added products. However, there are few medium and large scale firms
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which manufacture high-value added products. This segment is also characterized by small capacities and high level of competition among the players. The engineering industry is the largest segment of the overall Indian industry. The engineering industry can be divided into electrical and nonelectrical segments. The electrical segment depends upon the investments in power industry, while the prospects of the non-electrical segment are driven by industrial investment.
Engineering equipment finds demand in sectors like cement, steel, power, chemicals and petrochemicals, all of which have been adversely affected by the general slowdown in the Indian economy in the past. Indian manufacturers are capable of catering to most of the customers needs. There may be a supply constraint in some cases. For example, India has an installed capacity of 7000 MW in turbines. Some Indian manufacturers like BHEL and Larsen & Toubro have made a mark in the international markets, while some of the Indian arms of multinationals are a global base for outsourcing products and services including R&D. GROWTH OF THE INDUSTRY India is the fourth largest market in the world in terms of installed wind power capacity. In terms of new capacity added in 2006 it was third in the world. A good local production base for wind turbines now exists in the country, with 15 manufacturing companies active in this sector. Suzlon Energy Ltd, based in Mumbai, is the world's fifth largest wind turbine
generator company, and the largest in India (it is estimated to have over 50% of market share) and Asia, and the company reported record growth for the financial year ended 31 March 2007. Overseas sales accounted for around 48% of total sales during this year. Leading wind turbine blade manufacturer LM Glass fiber has two factories for manufacturing blades in India and it opened a new R&D Centre in Bangalore in May, joining its existing R&D Centers in Denmark and the Netherlands. The Indian Centre, which will employ more than 40 engineers by the end of the year, will specialize in finite element method (FEM), computational fluid dynamics (CFD) and computer-aided design (CAD) for product development. China is undoubtedly the powerhouse of the Asian region, but with a population of 1.1 billion (second only to China) and a booming economy, India is also attracting a lot of attention. India's gross domestic product (GDP) growth rate is around 8.5% (2006), lab our costs are low, the country has a strong base of skilled IT professionals, and English is widely spoken in the business world. Not surprisingly many foreign investors and companies are planning to, or have already, set up production units in India. In this environment the Indian composites industry has been faring well, registering a 25-30% annual growth rate over the last three consecutive years, more than twice that of general industrial growth and three times that of GDP. This is according to consultant Dr N.G. Nair, of NGN Composites, Chennai. Nair is also founder of the FRP Institute, a society which aims to
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bring together all those who are concerned with fiber reinforced plastic (FRP) composites in India. Indian manufacturers of composite products are generally small- to mediumsized companies, Nair told Reinforced Plastics. There are about 300 medium-sized companies and over 1200 small companies (turnover less than 1 million rupees). There are over 60 larger companies. Around 25 companies are exporting their products, led by the manufacturers of chemical process equipment. INTRODUCTION TO FINANCE Finance is the life blood and nerve centre of a business. Just as circulation of blood is essential in the human body for maintaining life, blood is very essential for smooth running of business. It has been rightly termed as universal lubricant which keeps the enterprise dynamic. Finance is about the bottom line of business activities. It is that branch of economics that deals with management of money and assets involving banking, investment, credits, and so on. As a verb, lets look at the activities that happen around us. One needs a proper planning, or estimation in a business management, like arranging funds, assessing the profit or loss factor, etc. In the personal front arranging ones finance may be his or her saving ability or investment in various instruments available. A nation needs to have a budget to run the economy, have to plan accordingly regarding the general welfare based on the revenue generated from the tax-payers, or foreign exchanges earned over a period whether its private, public, or personal front, the common mantra here is proper
planning, understanding of income and expenditure, and risk-factors involved. Now, where do we find these entire activities taking place, or in common mans term wheres the market place? Its everywhere around us, but happens in a very organized fashion, so we will call them in different names, like stock (equity) markets, Forex market, etc. The Foreign Exchange or the Forex market is regarded to be the largest financial market place based on the volume of transaction every day. It involves regulatory banking bodies, government, MNCS, and other financial institutions. Finance market place is basically the exchange or trading place for one currency with other. There isnt any particular institutional body where this trading happens, but usually an over-the counter practice, where different currency instruments are exchanged. Even the rate varies from place to place, that is why you will find different values for one dollar in other countries. MEANING OF FINANCE Finance may be defined as the provision of money at the time when it is required. Finance refers to managing the flows of money through an organization. It concerns with the application of skills in the manipulation, use and control of money. Different authorities have interpreted the term Finance differently.
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DEFINITION OF FINANCE Finance is that part of business activity which is concerned with organization and conservation of capital funds in meeting the financial needs and overall objectives of business enterprise. SCOPE OF FINANCE The main objective of financial management is to arrange sufficient finance for meeting short-term and long-term needs. These funds are procured at minimum costs so that profitability of business is maximized. With these things in mind, a financial manager will have to concentrate on the following areas of finance function. 1. 2. 3. Estimating Financial Requirement Deciding Capital Structure Proper Cash Management IMPORTANCE OF FINANCE 1. It helps in decision making for investment. 2. It helps in solving their problems and attaining wealth maximization goal. 3. It helps in allocation of earnings between payments to shareholders and retained earnings. 4. It helps the management in choosing most viable projects promising maximum result with minimum risk. By Wheeler
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FINANCIALMANAGEMENT Management of funds is a critical aspect of financial management. Management of funds acts as the foremost concern whether it is in a business undertaking or in an educational institution. Financial management, which is simply meant dealing with management of money matters. DEFINITION OF FINANCIAL MANAGEMENT Financial management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operation. By Joseph &Massie Financial management may be defined as that area or set of administrative functions in an organization which relate with arrangement of cash and credit so that the organization may have the means to carry out its objective as satisfactorily as possible. By Howard & Opton
Business finance deals primarily with rising administering and disbursing funds by privately owned business units operating in non-financial field of industry. SCOPE OF FINANCIAL MANAGEMENT 1. Estimating financial Requirements 2. Deciding Capital structure 3. Selecting a source of Finance 4. Selecting a pattern of Investment 5. Proper Cash Management
6. Implementing financial Controls 7. Proper Use of Surpluses OBJECTIVES OF FINANCIAL MANAGEMENT Financial management is concerned with procurement and use of funds. Its main aim is to use business funds in such a way that the firms value/earnings are maximized. The main objective of a business of a business is to maximize the owners economic welfare. This objective can be achieved by; 1. Profit Maximization Profit earning is the main aim of every economic activity. A business being an economic institution must earn profit to cover its costs and provide funds to growth. No business can survive without earning profit. Profit is measure of efficiency Thus, profit maximization is considered as the main objective of business. 2. Wealth Maximization Wealth maximization is the appropriate objective of an enterprise. Financial theory asserts that wealth maximization is the single substitute for a stockholders utility. When the firm maximizes the stockholders wealth, the individual stockholder can use this wealth to maximize his individual utility.
FUNCTIONAL AREAS OF FINANCIAL MANAGEMENT
The study of financial institutions like stock exchange, capital market etc. is also emphasized because they influence underwriting of securities and corporate promotion. Company finance was considered to be the major domain of financial management.
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Some of the functional areas covered in financial management are discussed as such: 1. Determining financial needs 2. Selecting the source of funds 3. Financial analysis and interpretation 4. Cost-volume-profit analysis 5. Capital budgeting 6. Working capital management 7. Profit planning and control 8. Dividend policy 9. Fair returns to investor WORKING CAPITAL MANAGEMENT-AN INTRODUCTION Working Capital refers to that part of total capital which is used for carrying out routine or regular business operations of any company. In other words it is the amount of funds used for financing the day to day operation. In short it is the capital with which the business is worked over. Thus the capital invested in various current assets and current liabilities constitutes the working capital and the management or administration to all its aspects is called as Working Capital Management. Without it however successful the manager of the firm may be he is unable to manage his firm. The important is that much that all financial managers spend a great of time in managing current assets and current liabilities, which are true ingredients of Working Capital.
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Management of Working Capital refers to the Management of current assets as well as current liabilities. However, Manager should avoid two danger points-excessive and inadequate investments in current assets. The investment in current assets should be just adequate not more not less than the need of the firm. Excessive investment in Current assets should be avoided because it impairs firms profitability. On the other hand inadequate amount of Working Capital can threaten the solvency of the firm. Thus, the management should be too prompt to initiate an action and correct the imbalances. Whenever a need for Working Capital funds due to the increasing level of business activity or for any other reason, the arrangement should be made quickly. Similarly, some surplus funds arise; they should be invested in short term securities. Thus the financial manager should have knowledge of the sources of Working Capital funds as well as the investment avenues for temporary investment of idle funds. MEANING OF WORKING CAPITAL Working capital means the funds (i.e.; capital) available and used for day to day operations (i.e.; working) of an enterprise. It consists broadly of that portion of assets of a business which are used in or related to its current operations. It refers to funds which are used during an accounting period to generate a current income of a type which is consistent with major purpose of a firm existence. Working capital, also known as net working capital or NWC, is a financial metric which represents operating liquidity available to a business. Along with fixed assets such as plant and equipment, working capital is considered
a part of operating capital. It is calculated as current assets minus current liabilities. If current assets are less than current liabilities, an entity has a working capital deficiency, also called a working capital deficit. Working Capital = Current Assets Current Liabilities DEFINITION OF WORKING CAPITAL An accounting strategy in which a company seeks to maximize its cash flows so as to pay for its current liabilities and operating expenses. Examples of working capital management include active monitoring of accounts receivable and maintaining little short-term debt. Working capital management, CONCEPTS OF WORKING CAPITAL There are two concepts of Working capital viz., Gross Working capital and Net Working capital. GROSS WORKING CAPITAL It refers to amount of funds contained in current assets employed in business. NET WORKING CAPITAL It refers to difference between current assets and current liabilities.
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CURRENT ASSETS The constituents of current assets are, 1. 2. 3. 4. 5. 6. 7. Cash and Bank Balances Marketable securities Bills receivables Inventories Short term Investments Short term Fixed Deposits Debtors CURRENT LIABILITIES The constituents of Current liabilities are: 1. 2. 3. 4. 5. 6. Sundry Creditors In secured Loans Bills payable Outstanding Expenses Short term borrowings Bank Overdraft
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CLASSIFICATION OF WORKING CAPITAL On the basis of time, working capital can be classified into, 1. 2. Permanent Working Capital and Temporary Working Capital.
Permanent Working capital There is always a minimum level of current assets which is continuously required by the firm to on its business operations. This minimum level of Current assets is referred to as permanent of Fixed Working Capital. Temporary Working capital Temporary Working Capital is that extra Working Capital needed to support the changing levels of production & sales activities. It is also known as fluctuating variable Working Capital. Both the above kinds of Working Capital are necessary to facilitate production and sales but temporary working capital is created by the firm to meet liquidity requirement that last only temporarily. OPERATING CYCLE IN A MANUFACTURING UNIT Working capital process is cyclical in nature. Suppose a Company has certain amount of cash and with it. It purchases raw materials and also pays for the labor costs and factory overheads. These together constitute work in progress. Work in progress than gets converted into finished goods, which
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are sold for cash or credit. The credit sales results in the creation of Accounts receivables which release in cash at the end of the credit period. Every business needs investment to procure fixed assets, which remain in use for longer period Capital, the Working Capital can be categorized, as funds needed for carrying out day-to-day operation of the business smoothly. The management of the working capital is equally important as the management of long-term financial investment. IMPORTANCE OF WORKING CAPITAL It is important for several reasons. For one thing, the current assets of a typical manufacturing firm account for over half of its total assets. For a distribution company, they account for even more. Excessive levels of current assets can easily in a firm realizing a substandard return on investment. However, firm with too current assets may incur shortage and difficulties in maintaining smooth operation. For small companies, current liabilities are the principle source of external financing. The firms do not have access to the longer-term capital market, other than to acquire a mortgage on a building. The fast-growing but larger company also makes use of current liabilities financing. For these reasons, the financial manager and staff devote a considerable portion of their time to working capital matters. The management of cash, marketable securities, accounts receivable, accounts payable, accruals, and other means of shortterm financial is the direct responsibility of the financial manager: only the management of inventories is not. Moreover these management
responsibilities require continues, day-to-day supervision. Unlike divided

and capital stretcher decision, you cannot study the issue, reach a decision, and set the matter aside many months to come. Thus working manager capital management is important, if for no other reason than the proportion of the financial managers time that must be devoted to it. More fundamental, however, is the effect working capital decisions have on the companys risk, return, and share price. 1. Working capital has acquired a great significance and sound position for the twin objects. 2. It occupies an important place in financial management. 3. The developing economies are generally faced with the problem of inefficient utilization of resources available to them. 4. Fixed capital and working capital are the dominant contributors to the total capital of the developing country. DETERMINANTS OF WORKING CAPITAL A large number of factors influence the working capital needs of the firms. The factors are of different importance and then; important may vary over a period of time. The importances of the factors which generally influence the working capital requirement of a firm are: Factors determining size of working capital: 1. Nature of industry: In case of a trading organization they need less working capital where as a manufacturing industry requires more. Even in manufacturing industry depending upon the product they are manufacturing working capital limit varies.
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2.
Volume of sales: This is the most important factor which is directly related with volume of working capital. Higher the turnover higher will be the working capital and vice versa.
3.
Terms of purchase and sale: Favorable terms of purchase or sale means less working capital and vice versa.
4.
Inventory (turnover) cycle:- Its the time involved in converting raw material into finished goods then in to sales. Less period (high turnover) of inventory cycle lesser will be required for working capital and vice versa.
5.
Receivables (collection period) turnover:- This is the time involved in converting debtors into cash. Higher turnover (less collection period involved) less amount of working capital is required and vice versa.
6.
Collection policy/ credit policy:- Strict collection policy adopted by the firm means less working capital and vice versa.
7.
Attitude to risk:- The firm attitude towards risk determines size of working capital. If they are ready to have more risk for more profit, they can manage with less working capital and vice versa.
8.
Seasonal fluctuation:- More fluctuation means more working capital required to manage the fluctuation and vice versa.
9.
Government policy:- especially in case of banking business, size of working capital is determined by government policies like minimum cash balance to be kept, amount to be invested in government security etc.
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Following diagram show the kinds of working capital
KINDS OF WORKING CAPITAL
ON THE BASIS OF CONCEPTS
ON THE BASIS OF TIME
GROSS WORKING CAPITAL
FIXED WORKING CAPITAL
TEMPORARY WORKING CAPITAL
NET WORKING CAPITAL
REGULAR WORKING CAPITAL
SEASONAL WORKING CAPITAL
RESERVE WORKING CAPITAL
SPECIAL WORKING CAPITAL
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CASH MANAGEMENT Cash is the basic input needed to keep the business running on a continuous basis, basically the firms needed to hold cash for the following three motives: 1. 2. 3. The transactions motive The precautionary motive The speculative motive
Cash shortage will disrupt the firms manufacturing operation while excessive cash will simply remain idle, which is least productive asset. Thus, (The firm should keep sufficient cash, neither more, not less). In order to resolve the uncertainty about cash flow, the firm, to follow the following strategies. 1. 2. 3. 4. Cash planning Managing the cash flows Investing surplus cash Optimum cash level
IMPORTANCE OF CASH MANAGEMENT Cash Management assumes more important than other current assets, because cash is the most significant because it is used to pay the firm holds. It is significant because it is used to pay the firm obligations. Cash has two unique features. First it is the most liquid of all assets that is it can be distributed immediately without any restrictions and secondly it is the least productive
Asset that the firm holds cash to a business is like blood to the human body. Therefore the aim of cash management is to maintain adequate control over cash position to keep the firm sufficiently liquid, and to use excess cash in some profitable way. NEED FOR MAINTENANCE OF ADEQUATE WORKING CAPITAL An adequate or optimum working capital balance refers to the desired working capital where a firm will not have excess or shortage of working capital and indicates both profitability and liquidity for the firm. It is necessary to maintain an optimum cash balance, an optimum level of inventory and an optimum level of debtors and receivable. DANGERS OF EXCESS WORKING CAPITAL 1. It results in unnecessary accumulation of inventory in the form of raw material or work in progress or finished goods, leading to a high cost of storage, space, Insurance, increased theft, deterioration in the quality of goods, etc. 2. Also, it is an indication of defective credit policy and slack collection period. 3. Excess cash in hand indicates idle cash and even though the liquidity position of the company is good, it lacks profitability. 4. Excessive working capital makes the management complacent, which degenerates into managerial inefficiency.
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DANGERS OF INADEQUATE WORKING CAPITAL 1. The production process will be obstructed if there is shortage of working capital. 2. Fixed assets are not efficiently utilized if there is lot of working capital funds, which leads to deterioration in profits. 3. The firm loses its reputation when it is not in a position to honor its shortterm obligations 2. RESEARCH DESIGN
TITLE OF THE STUDY A study on Working Capital Management at Uniglass Private Ltd. STATEMENT OF THE PROBLEM Working capital is an important requirement for any business, without which no business can survive. Every activity of the business is related to the availability of the working capital. That is, arranging short-term financing, negotiating favorable credit terms, controlling the movement of cash, administering the account receivable and monitoring the investment in inventories. All this consumes a great deal of time of finance managers. Also the obstacles inhabiting the effective working capital management throws open challenges to the finance managers in managing working capital. Uniglass Industries private ltd is engaged in manufacturing business, since it is engaged in manufacturing business it needs lot of working capital to meet the financial requirements of day to day business.
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The management should utilize at optimum level of working capital so as to maintain good liquidity and profitability position in the company. Maintenance of short term solvency is very much important since they are depending on outside for their raw-material short term solvency can be attained and maintained only when there is proper working capital management. This study emphasizes on evaluating the efficiency of working capital management at Uniglass private ltd. OBJECTIVE OF THE STUDY 1. To study the effectiveness of working capital in the company. 2. To study the liquidity position of the company. 3. To know the credit worthiness and purchasing power of the company with the suppliers. 4. To test the financial performance of the company. 5. To offer constructive suggestions for the findings. LIMITATIONS OF THE STUDY 1. The study focuses on evaluation of Working Capital based on four year annual report only. 2. The study conducted, deals only with impact of Working Capital on profitability without taking into consideration the risk involved. 3. The time factor is also one of the major limitations. 4. The study is confined with the performance of financial position of Uniglass private ltd only.
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5. The facts and figures taken for evaluation are based on the annual report of the company and interaction with management persons. METHODOLOGY OF THE STUDY Review of literature is basically relied on text, published in finance discipline, financial report of Uniglass private ltd, information from accounting department personnel. Other case studies website and journals in the relevant field of study. RESEARCH INSTRUMENTS PRIMARY DATA The data collected from company, annual reports and discussing with various officers in the account departments. SECONDARY DATA The secondary data were collected from the published annual reports, budgeted manuals and the audited balance sheet and profit and loss account, database of the company. The data has also been collected from various sources like books, magazines and websites. PLAN OF ANALYSIS: Common size data ratio analysis and some of the statistical tools such as tables and graphs have been used for assessing the Working Capital efficiency. The data is tabulated and analyzed are drawn based on findings. The recommendations and suggestions are given based on the findings.
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The study also done by using the following resources. 1. Working capital turnover ratio 2. Current ratio 3. Quick ratio 4. Inventory /( stock) turnover ratio 5. Capital employed turnover ratio 6. Current assets to Total assets ratio 7. Inventory to working capital 8. Cash to current assets ratio
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3. COMPANY PROFILE INTRODUCTION UNIGLASS INDUSTRY is the leading manufacturer of fiber reinforced plastic (FRP) components. It is serving electrical industry since 1976. Uniglass was founded and is managed by a team of technocrats ,with more than 35 years of experience in Fiber Reinforced Plastic (FRP) industries it as a strong track record of quality , innovation and reliability and major strengths in product development . Uniglass industry is also serving society using CATIA V5 software in association with dassault systems, Anga Karunaya Kendra (AKK) and RK foundation designed, fabricate and disperse free cost of fiber glasses composite artificial limbs, artificial lower limbs are provided to amputees. They provide wide variety of cylinders and laminated sheets, rods, tubes and customized molding. BUSINESS OBJECTIVES 1. Enhance customer satisfaction. 2. Increase productivity. 3. Enhance supplier performance. 4. Increase product base VISSION We at Uniglass Industries Private Limited strive for continual improvement in business volumes, methods and processes to make timely supplies of costMadurai kamraj university Page 24
effective fibre reinforced plastic products to meet specified requirements to ensure customer satisfaction. NATURE 1. It is a 35 year old company with company heading towards professional management. 2. The company ISO 9001 2008 certified company. 3. Company as a strong track record of quality innovation and customer service. 4. The major strength of the industry is in development of new product with in the fastest lead time from design to production. 5. The company as large customer based over 450 companies. BOARD OF DIRECTORS 1. H N A Prasad 2. K Venkateshwaran. 3. K G Ramesh
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ORGANIZATION CHART
Board of Directors
CEO Management Representative
Dy. Manger Production Dy. Manager tech Dy. Manager Admn Asst. Manager Engg Asst manager QA
Manager Finance
Asst Mgr Mktg
Foremen Engg Inspectors & Engrs
Sr. executive sales
Stores officer
Engr. Tech Services
Clerks
Clerks
Clerks
Groups Leaders
Stores Asst
Workers
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PRODUCT RANG
UNIROD
UNIGLASS
UNILAM UNICYL
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UNIROD Epoxy & Polyester bonded glass pultruded rods and profiles: Spacers for Line Traps Drive Rods Rods for composite insulators
Products for switchgears: Drive Rods Switching bars Tension plates Operating Rods bars for tap
Selector changers.
Studs for lightning arresters
Products for Transformers: Duct strips Dovetail strips & spacers Dog bone profiles Hat profiles
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UNICYL Epoxy bonded glass filament wound tubes: Applications: Tubes for lightning arrestors Fuse bodies (low & medium voltages)
Products for tap changer: Selector column Switch pillars Centering tubes OLTC tubes & hollow shafts
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UNILAM Epoxy & polyester bonded glass sheets & laminates Rectifier boards for motors Barriers for circuit breakers Shutters for switchgears Links for switchgears
Products for transformers
Terminal boards Stepped blocks Core support blocks Yoke insulation Barriers
1. Sheets of 1m x 1.5m area with thickness from 0.3mm up to 75mm. Blocks of thickness 150 mm can also be provided Ready-to-use components of the desired shapes and profiles as specified can be provided.
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Process of producing these products:
Filament winding process: In this process glass fibers are drawn through a resin bath (epoxy) and wound on an ms mandrel of known diameter (internal diameter of cylinder). The winding process will be carried out for the desired length and desired outer diameter plus 2-3 mm for machining to get smooth finish. Both circumferential (90 degree to the mandrel axis) as well as angular (54 degree included angle) winding will be carried out to get maximum strength in axial and circumferential directions. The wound cylinder is cured as per respective curing schedule, de molded and machined to get required do and length. Pultrusion process: Pultrusion is one of the latest techniques for production of FRP composites. In this technique the reinforcements viz, glass, carbon, aramid etc. Are drawn through a resin bath (epoxy, polyester, vinyl ester etc.), which enters a preheated die of desired dimension. The resin and glass cures inside the die. The cured composite will be pulled continuously by alternate pullers. Glass ravings alone will give maximum strength in longitudinal direction. Whenever bidirectional strength is required, glass mat, woven roving, glass cloth will be used along with continuous ravings. Composites produced by this technique will have very high mechanical and electrical properties. This technique is known for high volume production. The reinforcement to resin ratio will be constant throughout the process.
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Hand layup process: This is one the techniques for manufacture of FRP laminates. In this technique fibrous reinforcements in the form of cloth, woven roving, chopped strand mat will be laid to the desired thickness and wetting layers by epoxy or polyester or vinyl ester resin system. The whole set up is cured inside a press at a high pressure and temperature
Competitors List: 1. Fiber glass molding Company 2. Surendra Engineering Works 3. Abond Strands Pvt ltd 4. ICP India Pvt Ltd Bangalore. Bhopal. Chennai. Bangalore.
Future Prospects Annualized growth rate of 30% in the next 5 years. Volume of exports to be increased to 50% in the next three years. Expansion of operations. Implementation of Lean Manufacturing controls. Implementation of ERP systems. Implementation of ISO 14001 systems.
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A BRIEF HISTORY OF UNIGLASS 1972

Conception of Uniglass by two Mechanical Engineers, Mr. K Venkateshwaran, and Mr. HNA Prasad.
1976
First OLTC cylinder is produced for Bharat Heavy Electricals Limited. Turnover of $22000.
1989
Electrical insulation forms bulk of the sales, with turnover of $25000.
1995
Exit from the chemical tank lining market, with strategies based on supplying fiberglass insulation materials for the power sector. Turnover of $85000.
1999
Exit from the chemical tank lining market, with strategies based on supplying fiberglass insulation materials for the power sector. Turnover of $85000.
2005
Focus completely on producing components for the electrical insulation market. Expansion project initiated. Turnover of $1.1 million.
2006
Production at new state of the art facility with over 50000 sq..ft of built up area commences. Turnover of $1.5 million.
2009
Target turnover of $2.5 million, with 500 tones of production output planned.
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CUSTOMERS
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OPERATIONAL DEFINITIONS OF CONCEPTS ANALYSIS OF WORKING CAPITAL MANAGEMENT Classification of ratio: Liquidity or Short Term Solvency Analysis Profitability Analysis Stability ratio Turnover ratio Liquidity or short term solvency analysis: Liquidity or short term solvency analysis aims to determine the ability of a business to meet its financial obligations during the short-term and to maintain its short term debt paying ability. The main aim of liquidity analysis is for a company to have adequate funds to pay bills when they are due on to meet unexpected needs or cash. Liquidity analysis mainly focuses on balance sheet relationships that indicate the ability of a business to liquidate current and non-current liabilities. The ratios that evaluate liquidity relate to working capital. The comparisons and ratios related to evaluating liquidity or short term solvency are as follows.
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Working Capital Position
Current Ratio
Acid Test Ratio
Cash Ratio
Types of Liquidity Ratio Working Capital Position: The working capital of a business is the excess of current assets over current liabilities. This is computed by subtracting current liabilities form the current assets. Working Capital = Current Assets Current Liabilities Current Ratio: Current ratio is sometimes referred to as working capital ratio, current ratio expresses the relationship of current assets to current liabilities, and it is widely used as a broad indicator of a companys liquidity and short term debt paying ability. Current ratio = Current assets Current Liabilities
Acid test Ratio or Quick Ratio: The quick ratio is designed to inventory should be removed from current assets when computing the acid test ratio. Quick Ratio = Current Assets Inventory Current Liabilities
Cash Ratio: The cash ratio relates cash and marketable securities to current liabilities, The Cash Ratio is computed as follows: Cash ratio = Cash + Marketable Securities Current Liabilities Profitability Ratios: The long term survival of a business enterprise depends on satisfactory income earned by it and evaluating of a company past profits may give the investors, creditors and others a better understanding for decision making the profitability position also affects the liquidity position which is vital to creditors as well. Profitability ratios try to establish relationship among profit, turnover, capital employed etc there ratios are:
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Net Profit Ratio Profitability ratios Price earning s ratio
Earning s per share
Types of profitability Ratio Net Profit Ratio: It is also known as net margin. This measures the relationship between net profits and sales of a firm. Depending on the concept of net profit employed, this ratio can be computed. Net Profit Ratio= Earnings after interest and taxes (EAT) / Net sales Earnings per share: This helps in determining the market price of equity shares of the company and estimating the companys capacity to pay dividend to its equity shareholders. Earnings per share = Net profit after tax Numbers of equity shares
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Price earnings ratio: This ratio indicates the market value of every rupee earning in the firm and is compared with industry average. Price earnings ratio = Market value per share Earnings per share
Turnover ratios: These ratios are very important for a concern to judge how well facilities at the disposal of the concern are being used or to measure the effectiveness with which a concern uses its resources at its disposal.
Working capital turnover ratio Debtors turnover ratio Sales to capital employed
Turn over ratios Types of Turnover Ratio Debtors turnover ratio: The relationship between credit sale and accounts receivables may be stated as the receivable turnovers.
Receivable turnover determines the liquidity of one item of current assets and finds out how faster debts are being collected it is computed by dividing net credit sales by the average net accounts. Receivables turnover is as follows: Debtors turnover ratio = Net credit sales Average debtors Sales to capital employed: This ratio shows the efficiency of capital employed in the business by computing how many times capital employed is turned over in a stated period. Sales to capital employed = Sales Capital employed Working capital turnover ratio: This ratio shows the number of times working capital is turned over in a stated period. Working capital turnover ratio = Sales Net working capital Stability ratios: These ratios help in ascertaining the long term solvency of a firm which depends on firms adequate resources to meet its long term funds
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requirements, appropriate debt equity mix to raise long term and earnings to pay interest and installments of long term loans in time.
Fixed assets ratio

Ratio of current assets to fixed assets
Properitory
ratio
Stability ratios
Debt equity ratio
Types of Stability Ratio Fixed assets ratio: This ratio explains whether the firm has raised adequate long term funds to meet its fixed assets requirements and is calculated as follows: Fixed assets ratio = Fixed assets Capital employed Ratio of current assets to fixed assets: This ratio is explained as Ratio of current assets to fixed assets = Current assets Fixed assets
Debt equity ratio: It measures the extent of equity covering the debt. This ratio is calculated to measure the relative proportions of relative proportions of outsiders funds and share holders funds invested in the company. Debt equity ratio = long term funds Share holders funds Proprietary ratio: A variant of debt to equity ratio is the Proprietary ratio which shows the relationship between share holders funds and the total tangible assets Proprietary ratio = Share holders funds Total tangible assets
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4.1 Table showing statement of comparison in working capital for the year ending 31st March 2008-2009 Table 4.1 Rs in 00,000s Particulars CURRENT ASSETS Inventories Sundry debtor Cash and Bank Balance Loans and Advance 14,811,970 20405,671 5.593.701 31.3.2008 31.3.2009 increase decrease
32,574,896 34,595,900 2,021,004 056,386 7,813,971 385,232 8,262,618 328,846 448,647
Total (A) 55,257,223 63,649,421 CURRENT LIABILITIES Provision 18,289,796 22,259,806 Total (B) 18,289,796 22,259,806 Net Working Capital C= (A-B) 36,967,427 41389,615 4,422,188 3,970,010
Net Increase in Working Capital (D)
4,422,188
Total =(C+D) 41,389,615 41,389,615 8,392,198 8,392,198 Analysis: The above table shows that total current assets in the year 2008 is 55,257,223 and in the year 2008 is 63,649,421on the other hand total current liabilities in the year 2008 is 18,289,796 and in the year 2009 is2,259,806 so working capital in the year 2008 is 36967427 and in the year 2009 is 41389615.
Page 43
4.1 Graph showing statement of comparison in working capital for the year ending 31st March 2008-2009 Graph 4.1
700 600 500 400 2008 300 200 100 0 Current assets Current liabilities Working capital 2009
Inference: The above graph shows that current assets position increased from 55,257,223 lakh to 63649421 lakh current liabilities position also increased from 18,289,796 lakh to 22,259,806 lakh. We interpret that current asset to current liabilities when position 55,257,223 lakh to 36,967,427 lakh and 63,649,421 lakh to 41,389,615 and Working capital position is good.
Page 44
4.2 Table showing Statement of comparison in working capital for the year ending 31st March 2009-2010 Table 4.2 Rs in 00,000s Particulars CURRENT ASSETS Inventories Sundry debtor Cash and Bank Balance Loans and Advance Total (A) CURRENT LIABILITIES Provision Total (B) Net Working Capital C= (A-B) 22,259,806 13,983,489 222,59,806 139,83,489 41,389,615 41,007,844 381,771 8,276,317 204,05l,671 22,403,784 345,95,900 265,09,203 3,85,232 82,62,618 1,09,867 59,68,479 19,98,113 8,086,697 2,75,365 22,94,139 31-3-2009 31-3-2010 increase decrease
63,649,421 54,991,333
Net Decrease in Working Capital (D)
3,81771
Total =(C+D)
413,89,615 413,89,615 106,56201
106,56201
Analysis: From the above table total current assets in the year 2009 is 636,49421 and in the year 2010 549,91333 on the other hand total current liabilities in the year 2009 222,59806 and in the year 2010 139,83489 so working capital in the year 2009 413,89615 and in the year 2010 410,0784,
4,2 Graph showing Statement of comparison in working capital for the year ending 31st March 2009-20010 Graph 4,2
700 636.49421 600 549.91333 500 413.89615 410.07844 400 2009 300 222.59806 200 139.83489 2010
100
0 Current assets Current liabilities Working capital
Inference: The above graph shows that, compare to 2009 and 2010, current assets is decreased from 636,49421 to 549,91333 and current liabilities also decreased from 222,59806 to 139,83489,When current assets is decreased as a result working capital is also decreased from 413,89615 to 410,07844,
Page 46
4,3 Table showing Statement of comparison in working capital for the year ending 31st March 20010-2011 Table 4,3 Rs in 00,000s Particulars CURRENT ASSETS Inventories Sundry debtor Cash and Bank Balance Loans and Advance Total (A) CURRENT LIABILITIES Provision Total (B) Net Working Capital C=(A-B) 13983489 13983489 41007844 16123128 16123128 43207677 2199833 2139639 22403784 26509203 109867 5968479 54991333 22598561 29350182 183201 7198861 59330805 194777 2840979 73334 1230982 31,3,2010 31,3,2011 increase decrease
Net Decrease in Working Capital (D)
21,99833
Total =(C+D)
43207677
43207677
4339472
4339472
Analysis: The above table shows that total current assets in the year 2010 is 549, 91333 and in the year 2011 is 593,30805 on the other hand total current liabilities in the year 2011 is 139,83489 and in the year 2011 is 161,23128 so working capital in the year 2010 is 410,07844and in the year 2011 432,07677,
4,3 Graph showing Statement of comparison in working capital for the year ending 31st March 2010-2011 Graph 4,3
600
500
400 2010 300 2011
200
100
0 Current Assets Current Liabilities Woking capital
Inference: The above graph shows that, compare to 2010 and 2011, current assets is increase from 549,91333 to 593,30805 and current liabilities also increased from 139,83489 to 161,23128,When current assets is increased as a result working capital is also increase from 410,07844to 432,07677,
Page 48
4,4 Table showing four years Detail values of current assets and liabilities Table 4,4 Rs in 00,000s Particulars Total Current Assets Total Current liabilities Working Capital 2008 552,57223 182,89796 369,67427 2009 636,49421 222,59806 413,89615 2010 549,91333 139,83489 410,07844 2011 593,30805 161,23128 432,07677
Analysis: The above table shows that total current assets in the year 2008 is 552,57223 in 2009is 636,49421 in 2010 is 549,91333 and in 2011is 593,30805 on the other hand total current liabilities in the year 2008 is 182,89796 in 2009 is 222,59806 in 2010 is 139,83489 and in 2011 is 161,23128, after deducting the total current liabilities from total current assets of all the four years the working capital in the year 2008 is 369,67427 in 2009 is 413,89615 in 2010 is 410,07844 and in 2011is 432,07677,
Page 49
4,4 Graph showing Detail values of current assets and liabilities Graph 4,4
700
600
500 2008 2009 300 2010 2011 200
400
100
0 Current assets Current liabilities Working capital
Inference: The above graph and table show that the position of total current assets was 552,57223 in the year 2008, In 2009 636,49421 in 2010 549,91333 and in 2011 593,30805, on the other hand total current liabilities in the year 2008 182,89796 in 2009 222,59806 in 2010 139,83489 and in 2011 161,23128, after deducting the total current liabilities from total current assets of all the four years the working capital in the year 2008 369,67427 in 2009 413,89615 in 2010 410,07844 and in 2011 432,07677,
Page 50
FINANCIAL STATEMENT AND RATIO ANALYSIS Working capital turnover ratio = Sales Net Working Capital 4,5 Table showing Working capital turnover ratio, Table 4,5 Rs in 00,000 Particulars Net sales Current Assets Current Liabilities Working Capital =(CA-CL) Working Capital turnover 2008 759,27273 552,57223 182,89796 369,67427 2,053 2009 961,33005 636,49421 222,59806 413,89615 2,322 2010 2011
916,59576 978,71466 549,91333 593,30805 139,83489 161,23128 410,07844 432,07677 2,235 2,265
Analysis: The above table shows that the working capital turnover in the year 2008 is 2,053 in 2009 2,322 in 2010 2,235 and in 2011 2,265, Uniglass private ltd has maintained a working capital turnover,
Page 51
4,5 Graph showing Working capital turnover ratio, Graph 4,5

2.35 2.3 2.25 2.2 2.15 2.1 2.05 2 2.053 1.95 1.9 Working Capital turnover 2.322 2.235 2.265 2008 2009 2010 2011
Inference: In 2008 working capital turnover ratio was 2,053 and there is an increased trend of working capital turnover ratio in 2009 it was 2,322 in 2010 and later it has decreased the value of working capital turnover ratio to 2,235 in 2010 and in 2011 there is a slate increased to 2,65,
Page 52
1.6 Table showing Current ratio, Table 4,6 Rs in 00,000s Current assets Inventories Sundry debtor Cash and Bank Balance Loans and Advance Total 2008 2009 20010 2011
148,11970 204,05671 325,74896 345,95900 0,56386 78,13971 3,85232 82,62618
224,03784 225,98561 265,09203 293,50182 1,09867 59,68479 1,83201 71,98861
552,57223 636,49421
549,91333 593,30805
Current liabilities Provision Total
2008
2009
2010
2011
182,89796 222,59806 182,89796 222,59806
139,83489 161,23128 139,83489 161,23128
Particulars Current assets Current liabilities Current ratio
2008 552,57223 182,89796 3,021
2009 636,49421 222,59806 2,859
2010
2011
549,91333 593,30805 139,83489 161,23128 3,932 3,679
Analysis: From the above table it shows that the current ratio of Uniglass private ltd in the year 2008 is 3,021 in 2009 2,859 in 2010 3,932 and in 2011 3,679,
Page 53
4.6 Graph showing Current ratio, Graph 4,6
4 3.5 3 2.5 2008 2 1.5 1 3.021 0.5 0 Current ratio 2.859 3.932 3.679 2009 2010 2011
Inference: The current ratio of Uniglass Private Ltd in 2008 it was 3,021and in 2009 2,859 and later in 2010 it has reached to 3,932, It means company has maintained the good condition of current ratio, in 2011 it came to 3,679,
Page 54
4,7 Table showing Quick ratio, Table 4,7 Rs in 00,000s Components ratio Current assets 552,57223 636,49421 549,91333 593,30805 of quick 2008 2009 2010 2011
Inventory Current liabilities
148,11970 182,89796
204,05671 222,59806
224,03784 139,83489
225,98561 161,23128
Quick ratio
2,211
1,947
2,330
2,278
Analysis: From the table the quick ratio in the year 2008 was 2,211 in 2009 1,947 in 2010 2,330 and in 2011 it has decreased to 2,278,
Page 55
4,7 Graph showing Quick ratio, Graph4,7

2.4 2.3 2.2 2.211 2.1 2 1.9 1.8 1.7 Quick ratio 1.947 2008 2009 2010 2011
2.33 2.278
Inference: Quick ratio in the year 2008 it was 2,211and it is decrease in the year 2009 to 1,947 due to increase in current liabilities and in 2010 the current liabilities has came down from 222, 59806 to 139, 83489 so in 2010 quick ratio has increased to 2, 330, The quick ratio of the Uniglass Private Ltd has increased in 2010 and in 2011 it came bit down to 2,278,
Page 56
4,8 Table showing Inventory / (stock) turnover ratio, Table 4,8 Rs in 00,000s Particulars Net sales Opening stock Closing stock Total Average inventory Inventory turnover 2008 759,27273 63,13726 95,91733 159,905459 74,05985 10,252 2009 961,33005 95,91733 133,04175 228,95908 1020,28355 9,422 2010 916,59576 133,04175 154,53995 287,58170 2011 978,71466 154,53995 165,78996 320,32991
112,01892 160,164955 8,186 6,110
Analysis: From the above table it shows that the inventory turnover ratio in the year 2008 is 10,252 in 2009 9,422 in 2010 8,186 and in 2011 6,110, the inventory turnover from the past four years is goes on decreasing from 2008 to 2011,
Page 57
4.8 Graph showing Inventory / (stock) turnover ratio Graph 4,8
12 10 8 6 4 2 0 Inventory turnover
10.252 9.422 8.186 6.11 2008 2009 2010 2011
Inference: The above graph shows that the condition of Inventory turnover in Uniglass Private Ltd is not good because in the year 2008 it was 10,252 and in 2009 it came down to 9,422 in 2010 came down to 8,186 and in 2011 it reduce to 6,110, it is because of there is increase in closing stock than the opening stock of the Uniglass Private Ltd,The increase in closing stock leads to decrease in inventory turnover ratio in the year 2010 and 2011,
Page 58
4,9 Table showing Capital employed turnover ratio, Table 4,9 Rs in 00,000s Particulars 2008 2009 2010 2011
Net sales
759,27273 961,33005
916,59576 978,71466
Capital employed = (FA+WC) Capital ratio employed turnover
843,99816 868,22938 0,810 1,107
841,10953 844,72273 1,089 1,158
Analysis: The above table it shows that Capital employed turnover ratio of Uniglass private ltd was found good, in the year 2008 was 0,810 in 2009, 1,107 in 2010, 1,089 and in 2011,
Page 59
4,9 Graph showing Capital employed turnover ratio Graph 4,9
1.2 1.158 1 0.8 0.6 0.4 0.2 0 Capital employed turnover ratio 1.107 1.089
0.81
2008 2009 2010 2011
Inference: Uniglass Private Ltd has maintained its net sales, Increase in net sales than the capital employed of the company leads to increase in capital employed turnover ratio,
Page 60
4.10 Table showing Current assets to total assets ratio, Table 4,10 Rs in 00,000s Current components Inventories Sundry debtor Cash and Bank Balance Loans and Advance Total 148,11970 325,74896 0,56386 78,13971 552,57223 204,05671 345,95900 3,85232 82,62618 636,49421 224,03784 265,09203 1,09867 59,68479 549,91333 225,98561 293,50182 1,83201 71,98861 593,30805 assets 31,3,2008 31,3,2009 31,3,2010 31,3,2011
Particulars Net fixed assets Investment Current assets Total CA to TA ratio%
2008 474,32389 4,55000 552,57223 1031,44612 0,536
2009 454,33323 4,55000 636,49421 1095,37744 0,581
2010 431,03109 4,55000 549,91333
2011 412,64596 4,55000 593,30805
985,49442 1010,50401 0,558 0,587
Analysis: From the above table it shows that Current assets to Total assets ratio in the year 2008 was 0,536 in 2009, 0,581 in 2010, 0,558 and in 2011, 0,587,
Page 61
4,10 Graph showing Current assets to total assets ratio, Graph 4,10
0.59 0.58 0.57 0.56 0.558 0.55 0.54 0.53 0.52 0.51 0.536 2008 2009 2010 2011 0.587 0.581
Inference: The above graph shows that the current assets to total assets ratio in the year 2008 it was 0,536 and in 2009 0,581 in 2010 0,558 later in 2011, 0,587 this is because increase in current assets and decrease in net fixed assets,
Page 62
4.11 Table showing Inventory to working capital,
Table 4,11 Rs in 00,000s Particulars 2008 2009 2010 2011
Inventories
148,11970 204,05671
224,03784 225,98561
Working Capital
369,67427 413,89615
410,07844 432,07677
Inventory to WC ratio
0,401
0,493
0,546
0,523
Analysis: From the above table it shows that the Inventory to WC ratio in the year 2008 is 0,401 in 2009 0,493 in 2010 0,546 and in 2011, 0,523,
Page 63
4.11 Graph showing Inventory to working capital, Graph 4,11
0.6 0.493 0.5 0.401 0.4 0.3 0.2 0.1 0 2008
0.546
0.523
2008 2009 2010 2011 2010 2009 2011
Inference: The inventory to working capital ratio of Uniglass Private Ltd is increasing from year to year in 2008 it was 0,401 and in 2009 it was 0,493 in 2010 it was reached to 0,546 and in 2011 it came down to 0,523,
Page 64
4,12 Table Showing Cash to current assets ratio,
Table 4,12 Rs in 00,000s Particulars 2008 2009 2010 2011
Current assets
552,57223
636,49421
549,91333
593,30805
Cash
0,56386
3,85232
1,09867
1,83201
Cash to Current assets ratio
979,98
165,22
500,52
323,85
Analysis: From the above table Cash to Current assets ratio in the year 2008 was 979,98 in 2009 have decrease to 165,22, in 2010500,52 because in 2010 the company has maintain the flow of Cash to current assets ratio, and in 2011 it is 323,85,
Page 65
4,12 Graph showing Cash to current assets ratio, Graph 4,12
1000 900 800 700 600 500 500.52 400 300 200 100 0 Cash to Current assets ratio 165.22 323.85 979.98
2008 2009 2010 2011
Inference: In the year 2008 the cash to current ratio was 979,98 and in 2009 it was 165,22 in 2010 it decline to 500,52 this is because of increase in cash 0,56386 to 1,09867and in 2011 the position of cash to current assets ratio has decreased it reached to 323,85because of the contribution of cash has came down to 1,83201in 2011,
Page 66
5. SUMMARY OF FINDINGS AND CONCLUSION SUMMARY OF FINDINGS 1. The net working capital position in the last four years is in an increasing trend with an exception in the year 2010, due to disproportionate increase in current liabilities, 2. The current ratio of the company in the past four year is good except in the year 2010, due to increase in current liabilities comparatively, 3. The quick ratio position is fluctuating due to fluctuation in current liabilities position, 4. Capital employed turnover ratio of the company from 2008to 2011 is good, but in the year 2010 it has declined due to decline in sales in the year 2010, 5. Current assets to total assets ratio of the company is in an increasing trend and shows good trend of assets position, 6. Inventory to working capital ratio in the last four year is satisfactory with an exception in the year 2010, due to decrease in working capital in the year 2010, 7. A current asset to cash position is not favorable in the last four year due to fluctuating position of cash in the company, 8. Inventory turnover position of the company is not favorable, because the companys closing stock value is more than that of the opening stock in three year also,
9. Net working capital has declined from 2009 to 2010 due to decrease in current assets position of the company, 10.Working capital turnover ratio from 2008 to 2009 2,053 to 2,322 and 2008 to 2010 2,322 to 2,235, 11.Current assets position in 2009 has been increased from 552,57223 to 636,49421 lakhs again there is declining trend in the year 2010 636,49421 lack to 549,91333 lakhs, Likewise the current liabilities also increased in the year 2009 comparatively and declined in 2010, 12.The net sales position in given three years i,e, 2008, 2009 and 2010 has been increasing from 759,27273 lakhs 91633005 and 91659576 respectively, There for sales of the company is good, 13.Cash and banks balance increased in the year 2009 and again detained in the year 2010 14. Net fixed assets also decreased continuously in three year from 2008, 2009 and 2010 i,e,474,32389 lakhs, 454,33323 lakhs and 431,03109 lakhs respectively,
Page 68
CONCLUSION The study entitled Working capital management by using various financial tools; the we can conclude that as there is proportionate change in current assets and current liabilities, the overall working capital position of the company is good in the past four years, The company can have good control over inventory system; it can have good profitability as sales condition is good, The companys total assets position has recovered in the current year compare to last year, Since the study is restricted to academic purpose only, the financial position of Uniglass private, Ltd including working capital position is good,
Page 69
SUGGESTION AND RECOMMANDATION 1. The company needs to maintain its working capital by proportionate increasing in its current assets to the current liabilities, 2. Uniglass private ltd should maintain good inventory turnover by maintaining adequate stock level, to have good control over its inventory without maintaining excessive stock, 3. The company quick ratio position needs to be improved to meet current requirements of the company, 4. Company sales position needs to be maintained stability, 5. The cash position of the company is not favorable, so the company is advised to focus on cash requirements, 6. The companys net fixed assets position also need to improve, 7. Cash and bank balance in the year 2010 has been declined, this should be increased, 8. Loans and advance, sundry debtors and other current assets also declined in 2010 compare to 2009, it needs to improve the same, 9. Capital employed in 2010 decreased when compare to previous years level, The company should focus on improving the same,
Page 70

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