49590270-working-capital

WORKING CAPITAL IN MCRB&MSLtdCONTENTS

Chapter-I INTRODUCTION

Working capital management and policy Importance of working capital Objectives of the study Methodology Scope of the study Limitations of the study

Chapter-II PROFILE OF THE ORGANISATION

Chapter-III DATA ANALYSIS

Advantages of working capital

DETERMINANTS OF WORKING CAPITAL

WORKING CAPITAL MANAGEMENT

TYPES OF working capital

WORKING CAPITAL CYCLE

Chapter-IV CONCLUSIONS & SUGGESTIONS

Chapter-V BIBLIOGRAPHY

INTRODUCTION

Working capital management is an integral part of overall

corporate management. Many finance managers, who are quite at

home and competent in dealing with long term decisions, such as

capital investments experience difficulties when they have to scout for

funds to meet the day to day working needs. With bank finance getting

increasingly scare, regulated and expensive the emphasis has shifted to

closer attention to internal generation of funds and the development of

the enterprises ability to raise funds in the market.

WORKING CAPITAL MANAGEMENT AND POLICY

Working capital can be defined as the amount at funds, which a

Company must have to finance tits day-to-day operations. It can also

be regarded as that proportion of the companies’ total capital, which is

employed in “current liabilities” which are short term assets that are

normally expected to get converted into cash with in a year. Current

liabilities are short term liabilities maturing for the payment with in a

short period say one year, and they partly support the investment in

current assets. In other words they serve as a source of working

capital.

Net working capital is defined as the difference between current assets

and

current liabilities, and represents the extent to which current assets are

financed by long-term funds.

Working capital management is the process of administration of current

assets

and Current liabilities within the policy guidelines of the company.

Working capital policy is concerned with basic policy decisions

regarding.

The target levels each category of current assets.

The methods of financing the current assets.

Current assets in many cases constitute more than half of the total

Assets employed In business and therefore, it is essential to evolve an

appropriate working capital policy to suit the specific needs of the firm an

manage its working capital accordingly.

Current liabilities that are specifically financing current assets come

under the preview of working capital policy. These are distinct from current

liabilities which are consequences of past long term financing decisions,

such as current maturates of long term debt or those in nature of temporary

financing of capital projects which will be subsequently funded by long term

sources off finance.

The aim in working capital management and policy is to maintain a

proper balance between the magnitude of working capital and the general

scale of operations of the company and to determine, with reference

therefore, the appropriate levels of components of current assets to be

maintained and the pattern of financing them.

IMPROTANCE OF WORKING CAPITAL MANAGEMENT

The importance of working capital management can be. Traced to the

following main considerations.

Current assets constitute the dominant segment of the total assets

employed in most business and, therefore, require more intense and

careful managerial attention.

The investment in current assets and level of current liabilities are very

sensitive to changes in sale and the funds requirements shifts rapidly,

demanding quick short-term decisions to sustain smooth operations.

Through profitability and proper selection of investments are essential

for the long fun prosperity of the business, its short-term survival

depends on its liquidity or ability to meet short-term obligations fully

and promptly. The precondition for liquidity is efficient management of

the elements of working capital and the ability to raise sufficient short

and long-term finance. The finance managers of companies will have

to devote considerable time and energy in arranging short term

financing obtaining favorable credit terms from the suppliers of goods

and services, deciding on credit policies for credit sales, keeping n

check on the funds blocked in inventories and monitoring and directing

the movement of cash in the business.

OBJECTIVES OF THE STUDY:

The objective of the study is to know the short term financial position

of the Mulkanoor Co-operative Rural Bank with Working Capital

Management.

To, identify the limitations in management of the Mulkanoor Co-

operative Rural Bank and suggestions to overcome those limitations.

To provide a conceptual frame work and theoretical perception about

the performance of Mulkanoor Co-operative Rural Bank.

To provide credit facilities to the customers

To pay wages and salaries to the employees working in the

organization.

To know the day-to-day expenses.

METHODOLOGY

For the purpose of the study, the data collected from primary and

Secondary has sanitized edited and presented in the from of tables and

statements. The analysis of the data has been made with the help of certain

mathematical techniques lie percentages etc. Where ever feasible and

opportiate graphs and diagrams are used.

The collection of data is done through two principles sources viz

1. Primary Data

2. Secondary Data

PRIMARY DATA:-

It is the information collected directly without any reference. In the study,

it mainly interviews with concerned officers and staff either individually or

collectively. Some of the information had been verified or supplemented with

personal observation, the data collected through conducting personal

interview with the officer of the Mulkanoor Co-operative Rural Bank.

SECONDARY DATA:-

When an investigator uses the data which is already been collected by

other, that data is called secondary data. Such as pamphlets annual reports,

return and internal records.

The data includes:

1. Collection of required data from annual report of Mulkanoor Co-

operative Rural Bank, Mulkanoor.

2. Reference from text book and journals relating to financial management.

3. Articles published in business dailies like economic times, Business

world, and etc

SCOPE OF THE STUDY

The Mulkanoor Co-operative Rural Bank is the present study however

was able to cover Mulkanoor Co-operative Rural Bank financing services.

Moreover it is a case study about Mulkanoor Co-operative Rural Bank the

financing activities at Mulkanoor Co-operative Rural Bank level were

covered.

LIMITATIONS OF THE STUDY

The limitations of present study are as follows:

1. Due to the time constraint the study is confined to the assessment of

working capital management only.

2. Data collected for 5 years which is limited.

3. The study is confined to the secondary source of data and figures are

taken from the annual reports and suggestions of various accountants.

4. The data which is used in this project are taken from the annual reports,

published at the end of the year.

5. The study is limited to the period of 2002-2007.

ORGANIZATIONAL PROFILE

Profile of the Mulkanoor Co-operative Rural Bank & Marketing Society Limited.

This chapter is devoted to present the historical aspects of the bank.

The objectives of the bank, the organizational structure of the bank, and area of the operation.

The Mulkanoor Co-operative Rural Bank is situated in Mulkanoor Village of Bheemadevarapally Mandal of Karimnagar district in Andhra Pradesh.

It was registered as primary agricultural credit society under

Hyderabad Co-operative Society act XVI of 1952, it was started in the year of

1956 with paid-up Share capital of Rs.2792.And authorized share capital of

Rs.25000.The authorized share capital enhanced Rs. 2 crore on 30th June,

1994 and the paid up share capital in the year was Rs. 1 crore, the paid of

share capital 2.8 crores in the year 2007-2008. The initial membership of

Mulkanoor Co-operative Rural Bank was only 373 but, it increased to 6257 in

the year 2007-2008.

CO-OPERATIVE BANKING PRINCIPLE:

A Co-operative bank has been defined as an agency which is in a

position to deal with small men’s on his own terms accepting the security he

has without drawing on the protection of the rich. The agency must not be a

channel for pouring charity or subsidizing the small man out of public funds

instead of the material help must be backed by moral improvement and

strengthening the fiber.

AREA OF OPERATION:

The area operation of Mulkanoor Co-operative rural Bank confined to the following 14 villages are as follows:

Mulkanoor,Mutharam,Mallaram,Bheemadevarapally,Errabelli,Mustafapoor, Gopalpoor, Jeelugula, Kothakonda, Vangara, Gatlanarsingapoor, Koppur, Rathnagiri and Kothapalli.

All these villages are situated around five miles distance from the head

Quarters of the MCRB i.e., Mulkanoor up to 1969-70.The Karimnagar district

co-operative central bank was the financing bank to the MCRB. According to

the guidelines of the Reserve Bank of India, presently the State Bank of

Hyderabad is its financing bank.

ESTABLISHMENTOF MULKANOORCO-OPERATIVE RURAL BANK &

MARKETING SOCIETY LIMITED:

Mulkanoor and marketing society limited was established in the

year1956 with a view to serve the small traders, middle class families,

different professionals and backward class people of Mulkanoor and hear

villages by lending loans on Co-operative principles. The following members

are nominated in the meeting for the managing Committee to look after the

establishment of the Bank and Marketing Society Limited.

Sarvasri:-

1) A.K. Praveen Reddy Garu PRESIDENT 2) P.V. Gadha Komuraiah Garu VICE-PRESIDENT 3) A. Raji Reddy Garu TREASURER 4) A. Papaiah Garu DIRECTOR 5) D. Venkat Rao Garu DIRECTOR 6) M. Prakash Rao Garu DIRECTOR 7) Y. Srinivas Raj Garu DIRECTOR

8) P. Prathap Reddy Garu DIRECTOR9) P. Chandraiah Garu DIRECTOR

Co-operative Department MemberBlock Development officer or village level workers

10) P.Chandraiah Garu PROMOTER11) Narayana Garu ACCOUNTANT12) Krishna Garu STATIONARY13) Veera Reddy Garu WATCH MAN14) V. Illaiah ATTENDER15) K. Venkateshwarlu ATTENDER16) M. Yadagiri ATTENDER17)

The Mulkanoor Co-operative Rural Bank has been a successful multi

Co-operative society in India and got a lot of appreciation from leading

national and international authorities on co-operatives. The BBC has taken a

film on the various function of the society. It was one of the best multi-co-

operatives in the Asian region. The president of the MCRB was the recipient

of the best manager award in the year of 1981 from the Hyderabad

Management Association .The performance of the MCRB by covering the

functions such as credit and non-credit.

Funds: Funds may be raised by the following means:

I. The funds of the co-operative shall consist of the following.

1) Share capital from members and nominal members.

2) Deposits from members and others.

3) Loans and borrowings from members and others.

4) Grants and donations from members and others.

5) Reserves and surplus from members and others.

6) Donations, grants & subsides

II. The funds shall be mobilized and managed in accordance with the policies of the board.

Maximum share holding

No member may hold shares worth.

Members:

When a bank is said to be called as a regional rural bank by

fulfilling the following conditions as follows. The rural sector in any place

which has

1) Population not exceeding 5000 members.

2) Density of population not more than400 per square kilo meter.

3) At least 75%of the mall working populations engaged in

Agriculture.

ELEGIBILITY FOR MEMBERSHIP:

Agriculturists involved in agriculture and allied activities who are

cultivators, who are competent to contract and who reside in one of the

villagers mentioned in the “Area of operation” shall be eligible for

admission as members. Subject to the by Laws, any person who is

desirous of utilizing the services of co-operative shall express his/ her

willingness to accept the responsibilities of membership and fulfill Such

other conditions as may be required to by the board of general body and

there Upon she /he may be admitted as a member, subject to condition

that the co - operative is in a position to extend its services to the

applicant.

The members of the co-operative shall be drawn from the 14 revenue

villages as mentioned the “area of operation” And their hamlets in

Elkathurthy mandal of Karimnagar district.

Normal member:

The following may be admitted as nominal members.

1. A minor who is the legal heir of member and on whose behalf the members May have to execute a mort age deed in favor of the co-operative.

2. Persons who are residing the villages of Saidapoor,Husnabad, Elkathurthy, Bheemadevarapally, Dharmasagar, and Ghanpur

3. Any commercial bank or any other agency which intends to financially Support the Co-operative.

4. Nominal members shall have no voting rights and shall be entitled

only to

Nominal shares which do not carry any interest.

Services:

The co-operative shall provide the following services to members and

Conduct the following activities in order to fulfill its aims.

1. Financial services

2. Produce marketing services

3. Consumer services

4. Welfare services

5. General services

Financial services :

Loans for various crops

Medium term loan - deepening of wells, installation of

pump sets, laying of

pipe line, orchards , poultry, diary, sheep rearing, tractor, personal

loans 18

kinds of loans .

Member funds - voluntary funds

Fixed deposits

Self imposed deposits

Share capital

Inputs supply services: Supply of fertilizers, pesticides, seeds, sprayers, pump sets,

Accessories,

pipe lines, seedlings of orchards, poultry feed and medicines, diesel.

Technical services to farmers by our Agricultural officers.

MARKETING SERVICES: _ VALUE ADDITION TO PRODUCE

Purchase of paddy produce from its members.

Processing of paddy and selling rice in its market.

Purchase of cotton and ginning of cotton.

Purchase of maize.

Production of paddy seed, processing & marketing.

Consumer services:

Cloth, cosmetics, food grains edible& non edible articles

Fair price shops (PDS)

Supply of cooking gas of Bharath petroleum’s.

Welfare Services:

Providing drinking water by bore wells

Conduct of family planning camps, eye camps

Insurance services through L.I.C.,N.I.C.

Mutual family welfare fund up to Rs.25000

Funeral expenses Rs.1500

Janatha accident policy Rs.50000

Life insurance of Rs.20000

Merit scholar ships to students of Rs.30000

Electric motors insurance

Loan insurance schemes to the extend of crop loans

Scholar ship to students of Rs.16,90,800 through L.I.C

Electrifying the village

Conditions prevailed:

Lack of irrigation facilities.

Lack of finance

High rate of interest

Lack of inputs

Remunerative price for Agriculture produce

Lack of self confidence among farmers.

The Mulkanoor Cooperative Rural Bank & Marketing Society Ltd., Mulkanoor, Mandal: Bheemadeverapally, District: Karimnagar.

Year of established : 1956

No. of members it started with : 373

No. of villages : 14

Total share capital collected : Rs.2,300

No. of employees : 1

Short term loan given : Rs.32, 000

Primary Objective:

Timely available of finance

Increase their production for high returns from his production

To stop migration

Structure: Registered under A.P. act 1964 in the year 1956

Converted through APMACS act 1995 in the year 1995

General body consist of 6,202 members

Managing committee consist of 15

President

General manger and employees-106

FINANCE:

1. Main sources

2. Our members

3. State Bank of Hyderabad National co-operative

Development Corporation

4. Government of ANDHRA PRADESH

5. After 1969 we are ceded to State Bank of Hyderabad

STATEMENT SHOWING MEMBERSHIP FOR LAST 5-YEARS

This is a co-operative. They believe in the will of their members.

Experience has shown, too that in the last 50 years. The decisions of the

members have been on the whole, wise and reasonable. They made some

mistakes, but then they are the people.

They had two years of trauma – but that was when our democratic

Structure was not allowed to function when our members were not making

decisions. Constant increases of members were there in the bank year to

year.

Table No: 1

(Rupees in Lakhs)

OBJECTIVES OF THE BANK

S.No Period Members Share Capital Rs.

12003-2004 6048 182.10

2 2004-20056077 194.94

3 2005-20066166 221.95

4 2006-2007 6202 238.05

5 2007-2008 6251 280.01

The objectives of the co-operative shall be to achieve the economic

and social development of its members, on the basis of mutual help and

cooperation in accordance with the following 6 co-operative principles.

1. Membership of the cooperative shall be voluntary &available with out

restrictions of any social, political, racial or religious discrimination, to

all persons who can make use of its services & are willing to take

responsibilities of membership.

2. Co-operative societies are democratic organizations. Their shall be

Administered to the persons elected or appointed in a manner agreed

by the members and accountable to them. Members of primary

cooperative societies shall enjoy equal Rights of voting (1 member, 1

vote) and participation in decision affecting their Cooperative societies

in other than primary cooperative societies. The administration shall be

conducted on a democratic basis in a suitable form.

3. Share capital shall only receive a strictly limited rate of interest, if any.

4. The economic results arising out of the operation of a cooperative

society, belong to the members of that cooperative society and shall

be distributed in such a manner as would avoid one member gaining

at the expense of others which shall be achieved.

By provision for development of the business of the cooperative society.

By provision of common services .

By distribution among the members in proportion to their

transactions with the cooperative society .

5. All co-operative societies shall make provision for the education of their

members, office bears & employees and of the general public in the

principles and techniques of cooperation, both economic and

democratic.

6. All cooperative societies in order to best serve the interest of their

member and their Communities, shall actively cooperate in every

practical way with other cooperatives at local, national &international

levels, having as their aim the achievement of unity of action by

cooperators through out the world.

ORGANISATION STRUCTURE OF THE MCRB AND MSLtd

The Mulkanoor cooperative rural bank and marketing society limited

don’t has no Branches till 31-3-2008.General body consists of all the user

members they have 6251 of them all from the 14 villages and all agriculturists.

They elect 15 members as managing committee including the president

with a term of 5 years and once in every 20 months there will be election to 5

seats in staggered term. We believe that the owners of any enterprise must

understand that enterprise it is to bee sensitive to them and be viable. Our

managing committee makes the policy decisions. While the posts of president

and committee members are honorary. We expect our president to put several

hours in week at the cooperative and our committee members to available for

consultations in their villages. The organization structure of the bank is as

shown in chart.

ORGANIZATIONAL CHART

GENERAL BODY

BOARD OF DIRECTORS

CHAIR MAN

VICE CHAIR MAN

CHIEF EXECUTIVE OFFICER

ACCOUTANT

CLERKS

CLERK-COM-CASHIERCLERK CUM TYPIST

SUPPORTING STAFF

COMPOSITION OF BOARD OF DIRECTORS

The management of the co-operative shall be vest in the Board of

Directors

Consisting of 15 members as indicated below

Scheduled castes 2

Scheduled Tribes 1 1

Back ward classes 3

Women 2

Open to all 7

GENERAL BODY:

Subject to the provision of the act and rules, the final authority

of the bank shall vest in the general body. General body meeting shall,

be of 3

kinds viz,.

1. Annual general body meeting

2. Special body meeting

3. Requisition general body meeting

1. GENERAL BODY MEETING:-

This type of meeting is held once in a year in the month

September this meeting shall be held with in 6 months of closure

of the financial year.

2. SPECIAL BODY MEETING:-

Held when there is an urgency or necessary of all the members.

This meeting may be convent by the board at any time during the

year.

3. REQUISITIONED GENERAL BODY MEETING:-

This meeting may be convened by the board with in 30 days of

requisition signed by at least 1/10 of the members. A requisition as

mentioned above shall be addressed to the general manager &

shall state the need for the meeting & the proposed agenda

IMPORTANT OBJECTIVES OF THE MCRB & MSL IN

MOBILIZATION DEPOSITS:

The MCRB &MSL are as follows :

1. To promote the economic interests of the members as per the co

– operative Principles.

2. To borrow or to rise funds to lent out to it members at a moderate

rate of interests Mainly for their agriculture needs To grant loans

or pity loans to members against the mortgage of gold and

approved securities etc.

3. To provide fertilizers and seeds, other agricultural implements to

the members To supply basic consumer goods and daily

requirements such as sugar, kerosene, oil, cloths, cosmetics etc.,

to the members.

4. To inculcate the habits of thrift self help through their own outlets

among its Members. To arrange for the sale of agricultural

produce milk, milk products, eggs & other products.

5. To open marketing (thrift society) branches in suitable centers

with he permission of deputy registered of co-operatives of A.P.

(INDIA).

WORKING CAPITAL

The term working capital refers to the capital required for day to

day operations of a business enterprise. It is represented by excess of

current assets, over Current liabilities. It is necessary for any

organization to run successfully its affairs, to provide for adequate

working capital.

ADVANTAGES OF ADEQUATE WORKING CAPITAL

Working capital is the lifeblood and nerve center of business.

Just as circulation of blood is essential in the human body for

maintaining life, working capital is very essential to maintain the

smooth running of a business. No business can run successfully

without an adequate amount of working capital. The main

advantages of maintaining adequate amount of working capital

are as follows:

1. Solvency of the business : Adequate working capital helps in

maintaining solvency of the business by providing uninterrupted

flow of production.

2. Goodwill: sufficient working capital enables a business

concern to make prompt payments and hence helps in creating

and maintaining goodwill.

3. Easy loans: a concern hacking adequate working capital,

high solvency and good credit standing can arrange loans from

banks and others on easy and favorable terms.

4. Cash Discounts: Adequate working capital also enables a

concern to avail cash discounts on the purchases and hence it

reduces costs.

5. Regular payments : Regular payments of salaries, wages and

other day-to-day commitments company which has sample working

capital can make regular payment of salaries. Wages and other day-

to-day commitments which raises the morale of its employees,

increase their efficiency reduces wastage’s and costs and enhances

production and profits.

6. Regular supply of raw materials: Sufficient working capital

ensures regular supply of raw materials and continues production.

7. Ability to face Crisis: Adequate working capital enables a

concern to face business crisis in emergencies such as depression

because during such periods. Generally, there is much pressure on

working capital.

8. Quick and Regular return on Investments: Every investor wants

a quick and regular return on investments. Sufficient of working

capital enables a concern to pay quick and regular dividends to its

investors, as their may not be much pressure to plough back profits.

This gains the confidence of its investors and creates a favorable

market to raise additional funds in the future.

9. High morale : Adequacy of working capital creates an

environment of security, confidence and high morale creates over all

efficiency in a business.

DISADVANTAGES OF EXCESSIVE WORKING CAPITAL

Every business concern should have adequate working capital to

run its business operations. It should have neither redundant or

excessive working capital nor inadequate nor shortage of working

capital. Both excessive as well as short working capital positions are

bad for any business.

1. Excessive working capital means idle funds which earn no profits for

the

Business and hence the business cannot earn a proper rate of return

on its

Investments.

2. When there is redundant working capital, it may lead to unnecessary

Purchasing and accumulation of inventories causing more chances of

Theft, waste and losses.

3. Excessive working capital implies excessive debtors and defective

credit

Policy, which may cause higher incidence of bad debts.

It may result into overall inefficiency in the organization.

When there is an excessive working capital relation with the

banks

and other financial institutions may not be maintained.

Due to low rate of return on investments the value of shares may

also fall.

DISADVANTAGES OF INADEQUATE WORKING CAPITAL

1. A concern, which has inadequate working capital, cannot pay its

short-termliabilities in time. Thus it will loose its reputation and

shall not be able to get good credit facilities.

2. It cannot buy its requirements in bulk can cannot avail of

discounts etc.

3. It becomes difficult for the firm to exploit favorable market

conditions and undertaken profitable due to lack of working

capital.

4. The firm cannot pay day-to-day expenses of its operations and it

creates inefficiencies, increase costs and reduces the profits of

the business.

5. It becomes impossible to utilize efficiently the fixed assets due to

non- availability of liquids funds.

6. The rate of return on investments also falls with the shortage of

working capital.

DETERMINANTS OF WORKING CAPITAL

In determining the working capital requirements of a concern, the

following are to be considered.

1. Nature and size of Business

2. Manufacturing cycle

3. Sales Growth

4. Production Policy

5. Price Level Changes

6. Firms Credit Policy

7. Availability of Credit

1. Formative phase:

The Start up of a new project years from the most crucial phase

planning and provisioning of working capital funds. By neglecting

this, many ventures run into financial difficulties in their early

operating years, the rather casual approach to assessment of

working capital needs during the periods when industry and business

functioned in a sellers market could be understand as at the banker

was willing to absorb all shock of fluctuations in project operations by

providing ready funds to meet emergency needs. The position has

undergone radical change. The banker can no longer be taken for

granted and in the absence oil proper estimation of working capital

needs, the project may have to face serious financial problems.

2. Position of Business Cycle:

Movements of the business cycle bring about shifts in working

capital position. The upward swing is associated with spurt in sales

and increase in levels of inventories and book debts. There could be

a cash shortage and borrowing may become necessary. On the

otherhand, when there is a downswing, the level of inventories and

book debts may fall, but revenues also fall, while certain categories

of costs remain fixed and cash shortage right still be felt.

3. Nature of Business:

The nature of business has an important bearing on its working

capital needs, some ventures like retail stores, construction

companies etc. require an abundance of working capital. In other

cases such as power generations and supply, the current assets

playa minor and secondary role.

1. The manufacturing Cycle:S

A longer manufacturing cycle between the raw material purchase

and the completion of he manufacturing process will obviously mean

larger tie up of funds to meet increased working capital needs. In

such cases management should try to increase the rate of

production and reduce the cycle time and thus cut down working

capital requirement. This can be achieved through process changes

or through effective organization and coordination at all levels of

enterprise activity. Frequent changes in setups, waiting for materials,

tools or instructions and accumulations of working progress result

inn extending the time cycle and blocking more funds. Organised

negotiations with suppliers for attractive credit terms and retention of

their continued confidence by the settlement of bills on agreed dated

can also help reduce working capital requirements.

1. Credit Terms to Customers:

The credit terms to customers influence the working capital level

by determining the level of investment in book debts. Management

has to decide on suitable credit policy relevant to each customer

based on the merits of his case.

Unduly liable credit policies and permissive attitude in the matter

of collections of outstanding can lock up funds that would be other

wise be available for operating needs.

2. Vagaries in supply of Raw Materials

The sources of certain raw materials are few and irregular and

pore problems in the matter of procurement and holding, using up

more funds. Materials that are available only in certain seasons have

to be obtained and stored in advance. The working capital

requirements in such instances will show seasonal fluctuations.

3. Shifts in Demand for Products:

Some manufactured products are subject to seasonal fluctuations

in sales. In order to utilize the capacity to the maximum possible

extent, steady production may have to be maintained, through the

demand for finished products may very from time to time. Finished

goods inventories will therefore accumulate during off season,

requiring increased amounts of working capital to support higher

levels of inventory. Financial planning will have to provide for these

funds, requirements associated with steady, production and

seasonal sales.

4. Production Polices:

To tackle the problem of having to find funds to support the

increasing finished goods inventory levels until they are sold during

the peak seasons, some companies diversify and produce other

products that are in demand, enabling manufacture of the main

product to follow the seasonal pattern of its demand.

5. Competitive Conditions:

In a competitive market, winnings and maintaining customers

goodwill will involve additional costs and present a variety of working

capital problems. To offer the customer the benefit of choice, a

variety of products will have to be manufactured and stocked. This

would mean higher levels of inventories in all stages and, therefore,

additional working capital funds. More generous credit terms may

have to be extended and the investments in accounts receivables

may have to be higher, requiring additional funds. The degree of

completion is thus an important factor influencing working capital

requirements.

6. Growth and Expansion Programs:

As business grows, additional working capital has to be found. In

fact, the need for increased working capital does not follow the

growth in business activity, but preceded it. Advance planning of

working capital is thus a continuing necessity for example Owing

concern. Or else, the company may have substantial earnings but

little cash. With fast growth, they may be under constant pressure

for raising external funds in addition to the internal generation.

Forward planning and continuous review, therefore, are very

essential for such companies.

7. Profit Levels:

By the very nature of things, some enterprises generate high

margins compared to others. The product category and the firm’s

position in the market may have given this advantages. Others have

to struggle in a highly competitive environment. But, profits cannot

be considered as available cash at the end of the period. Even as

the companies operations are in progress, cash is used up for

augmenting stocks, book debts and fixed assets. Elaborate planning

and projections of expected activities and cash flows, at short

intervals, assume importance. To meet anticipated deficits, sources

of funds will have to be identified and where surpluses are

expected, suitable applications will have to be planned.

8. Taxation:

Tax liability is an inescapable element in working capital planning.

It is a short term liability payable in cash. Advance taxes may have

to be remitted in installment’s, on the basis of estimated profits.

Periods of high taxation impose additional strain on working capital.

To able to get the best out of the available tax incentives, the

finance manager has to draw up the operating plans of the company

in advance and utilize the resources for research and development,

exports or other purposes which promise tax benefits and promote

the companies earnings.

9. Dividend Policy:

Management has to preserve cash resources but at the same

time, it can not fail to satisfy investor expectations. Market prestige

for the shares of the company has also lobe nurtured and

maintained in its long run interests. During periods of low profits,

maintenances of steady dividends will involve draining of resources

but may be needed to preserve the companies image.

10.Reserves Policy:

One of the cherished goal of enterprise management is to build

up adequate reserves out of profits the urge to retain profits may act

as a major constraint on the dividend policy. The funds position

being given higher priority over dividend policy.

11.Depreciation Policy:

Depreciation policy determines the amount to be provided as,

depreciation on the various categories of Fixed Assets. The

depreciation charges do not in any cash outflow. Enhanced rated of

depreciation have the effect of reducing profits correspondingly,

which in turn can help in holding back of dividends. This process

conserves cash depreciation policies.

12. Price level changes:

Rapidly raising prices creates the need for more funds for

maintaining the present volume of activity for same levels of

inventories, higher cash outlays are needed. In an inflationary set

up, even operating expenses will grow for given levels of activity.

Some companies may be able to compensate part of these cost

increases through increases in prices for their products. The

implications of changing price levels on working capital position will

vary from company to company depending on the nature of the

company.

13. Operating Efficiency:

This is a close relationship between the operating efficiency of a

company and its working capital position. Waste elimination,

improved coordination 19 cut delays higher efficiency in operations

and full utilization of resources are among the initiatives taken to

prevent erosion of profits. They also have the effect of getting more

out of given volume of working capital or obtaining the current levels

of out puts with a reduced volume of working capital. Efficiency of

operation accelerates the place of the cash cycle, and improves the

working capital turnover.

WORKING CAPITAL MANAGEMENT

Working capital management involves the relationship between a

firms short term assets and its short term liabilities. The goal of working

capital management is to ensure that a firm is able to continue its

operations and that it has sufficient ability to satisfy both maturing short-

term debt and upcoming operational expenses. The management of

working capital involves managing inventories, accounts receivable and

payable and cash.

Why firms hold cash:

The finance profession recognizes the three primary reasons

offered by economist JOHN Maynard Keynes to explain why firms hold

cash. The three reasons are for the purpose of speculation, for the

purpose of precaution, and for making transactions. All three of these

reasons from the need for companies to process liquidity.

CONCEPTS OF WORKING CAPITAL

There are two concepts of working capital:

(i) Gross Working Capital

(ii) Net Working Capital

In the broad sense, the term working capital refers to the gross

working capital and represents the amount of funds invested in current

assets. Current assets are those assets, which in the ordinary course of

business can be converted into cash within a short period of normally

one accounting year.

In a narrow sense, the term working capital refers to the net

working capital. Net working capital is the excess of current assets over

current liabilities.

Working Capital = Current Assets – Current Liabilities

Net working capital may be positive or negative. When the current

assets exceed the current liabilities, the working capital is positive and

the negative working capital results when the current liabilities are more

than the current assets.

The Gross working capital concept in financial or going concern

concept whereas net working capital is an accounting concept of

working capital. These two concepts of working capital are not

exclusive; rather both have their own merits.

Gross concept is very suitable to the company form of

organization where there is divorce between ownership, management

and control. The net concept of working capital may be suitable only for

proprietary form of organizations such as sole-trader or partnership

firms. However, it may be made clear that as per the general practice

net working capital is referred to simply as working capital.

TYPES OF WORKING CAPITAL

There are varying concepts or perceptions of working capital,

which have relevance to specific situations.

WORKING CAPITAL

ON THE BASIS OF CONCEPT

ON THE BASIS OF TIME

GROSS WORKING

CAPIAL

NET WORKING CAPITAL

PERMANENT OR FIXED

WORKING CAPITAL

TEMPORARY

OR VARIABLE

REGULAR WORKING

CAPITAL

RESERVE

WORKING

CAPITAL

SEASONAL

WORKING

CAPITAL

SPECIAL

WORKING

CAPITAL

1. GROSS WORKING CAPITAL:

Gross working capital represents by the sum total of all current

assets of the enterprise. Enough funds will have to be provided to

sustain the movement of raw materials through the work.

But short term financing is more risky than long term financing. In

process to the finished goods stage and then to accounts receivables

and up to the realization of cash. In other words, the funds needed

would total up to the constituent components, namely stock of raw

materials and minimal cash and bank balances, constituting working

capital. In managing gross working capital, the shifts in investment in

current assets are under constant review, close attention and prompt

correction. Excessive investment in current assets is to be carefully

avoided, as otherwise profits would be adversely affected.

2. NET WORKING CAPITAL:

Net working capital is the difference between the current assets

and current liabilities. While current assets are short term assets that

are expected to get converted into cash with in one year, current

liabilities are short-term liabilities that are expect to fall due or mature for

payment in a short period, generally within a year, and represent short

term sources of funds. The concept of net working capital, as the

excess of current assets over current liabilities, highlights the character

of he Sources from which the funds have been obtained to support that

portion of current assets in excess of current liabilities. This part of

working capital may be provided by way of share capital, from internal

sources such as reserves or plough back of profits or from external

sources in the form of long term borrowings. There are two implications.

The management has to examine what proportion of the current assets

has to be financed by permanent capital and long term borrowings.

Then there is the eagerness of short – term creditors to verify whether

the total current assets,

representing ultimate source of funds for the recovery of their

dues, maintains a convincing level above the total current liabilities or

obligations. A judicious

policy of mixing long term and permanent as distinct from short

term sources should be formulate to finance investment in current

assets.

3. PERMANENT WORKING CAPITAL:

Permanent or fixed working capital is the minimum amount, which

is required to ensure effective utilization of fixed facilities and for

maintaining the circulation of current assets. There is always a

minimum.

Level of current assets, which are continuously required by the

enterprise to carry out its normal business operations. For example.

Every firm has to maintain a minimum level of raw materials, work-in-

progress, finished goods and cash balance. This minimum level of

current assets is called fixed working capital.

TEMPORARY WORKING CAPITAL:

Any amount over and above the permanent level of working

capital is temporary, fluctuating or variable working capital. This portion

of the required working capital is needed to meet fluctuations in demo

consequent upon changes in production and sales because of seasonal

changes.

WORKING CAPITAL CYCLE

Cash flows in a cycle into, around and out of a business. It is the

business’s lifeblood and every manager’s primary task is to help keep it

flowing and to use the cash flow to generate profits. If a business is

operating profitably, then it should , in theory, generate cash surpluses.

If it doesn’t generate surpluses, the business will eventually run out or

cash and expire.

The faster a business expands the more cash it will need for

working capital and investment. The cheapest and best sources of cash

exist as working capital right within business. Good management of

working capital will generate cash will help improve profits and reduce

risks. Bear in mind that the cost of providing credit to customers and

holding stocks can represent a substantial proportion of a firm’s total

profits.

There are two elements in the business cycle that absorb cash –

Inventory (stocks and work-in-progress) and Receivables (debtors

owing you money). The main sources of cash are payables (your

creditors) and Equity and Loans.

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 monics due 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

find working capital.

Consequently, you could reduce the cost of bank interest or you

will 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.

If you… Then…..

Collect receivables

(debtors) faster

Collect receivables

(debtors) shower

Get better credit (in terms of

duration or amount) from

suppliers

Shift inventory (stocks)

faster

Move inventory (stocks)

slower

You release cash from the

cycle

Your receivables soak up

cash

You increase your cash

resources

You free up cash

You consume more cash

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 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 down a plughole, they remove

liquidity from the business.

More business fail for lack of cash than for want of profit.The third area in the account receivable management is collection

policies. These policies cover two aspects.

Degree of effect to collect overdue

Type of collection effects.

The collection policy should aim at accelerating collections from slow

payees and reducing bad debt.

STATEMENT SHOWING THE CHANGES IN WORKING

CAPITAL

(In Rupees 000)

PARTICULARS 2003 2004 INCREASE

Rs

DECREASE

Rs.

CHANGE

IN %

Current Assets

Advance 1,25,753 1,34,977 9,224 73.3

Stock 35,902 54,276 18,374 51.17

Receivables 18,830 28,730 9,900 52.57

Cash 414 563 149 35.99

Debtors 1,28,464 1,10,603 17861 13.90

Bank 2,732 5,346 2614 95.68

Total(a) 3,12,095 3,34,495

Current

Liabilities

Borrowing 20,000 37,464 17464 87.32

Payables 12,388 12,545 157 1.26

Surplus 10,155 9,813 342 3.36

Dividends 2,544 2,731 187 7.35

Total(b) 45,087 62,553

Networking

capital

2,67,088 2,71,942

Increase in

working capital

4,934

Total: 2,71,942 2,71,942 40,603 40,603

INTERPRETATIONS:-

1. By observing the above table we can notice that the Gross

Working capital has increased during the year 2003-2004.

2. From the above table there has been increase in Current

Assets from Rs. 3,12,095 in the year 2003 to Rs. 3,34,495

in year 2004 showing an overall increase. And Current

Liabilities increased from 45,087 in year 2003 to Rs. 62,553

in year 2004 showing an overall increase. Understudy of

above table working capital overall increase 4,934 in 2003-

2004.

3. There it is to be noticed that greater the net Working Capital

higher liquidity, there is found 1year of Mulkanoor Co-

operative Rural Bank


CAPITAL

(In Rupees 000)

PARTICULARS 2004 2005INCREASE

Rs

DECREASE

Rs.

CHANGE

IN %

Current Assets

Advance 1,34,977 1,46,047 11,070 8.20

Stock 54,276 57,676 3,400 6,026

Receivables 28,730 52,759 24,029 83.63

Cash 563 1,382 819 145.47

Debtors 1,10,603 1,30,622 20,019 21.71

Bank 5,346 5,961 615 11.50

Total(a) 3,34,495 3,94,447

Current

Liabilities

Borrowing 37,464 53,858 16,394 43.75

Payables 12,545 12,658 513 1.36

Surplus 9,813 10,555 742 7.56

Dividends 2,731 2,924 193 7.03

Total(b) 62,553 79,995

Networking

capital 2,71,942 3,14,452

Increase

inworking

capital

42,110 42,110

Total: 3,14,452 3,14,452 59,952 59,952

INTERPRETATIONS:-


Working capital has increased during the year 2004-2005

2. From the above table there has been increase in Current Assets

from Rs. 3,34,495 in the year 2003 to Rs. 3,94,447 in year 2004

showing an overall increase. And Current Liabilities increased

from 45,087 in year 2003 to Rs. 62,553 in year 2004 to Rs.

79,995 in the year 2005 showing an overall increase. Understudy

of above table working capital overall increase 42,111 in 2004-

2005.


higher liquidity, there is found 1year of Mulkanoor Co-operative

Rural Bank


CAPITAL

(In Rupees 000)


Rs

DECREASE

Rs.

CHANGE

IN %

Current Assets

Advance 1,46,047 1,68,135 22,088 15.12

Stock 57,676 81,341 23,665 41.03

Receivables 52,759 77,171 24,412 46.27

Cash 1,382 448 934 67.58

Debtors 1,30,622 2,09,649 79,027 60.50

Bank 5,961 4,630 1,331 22.33

Total(a) 3,94,447 5,41,374

Current

Liabilities

Borrowing 53,858 1,60,694 1,06,836 198.36

Payables 12,658 21,544 8,886 70.20

Surplus 10,555 10,973 418 3.96

Dividends 2,924 3,329 405 13.89

Total(b) 79,995 1,96,54

0

Networking

capital

3,14,452 3,44,834

Increase in

working capital

30,382 30,382

Total: 3,44,834 3,44,834 1,49,192 1,49,192

INTERPRETATIONS:






Liabilities increased from 79,995 in year 2005 to Rs.

1,96,540 in year 2006 showing an overall increase.

Understudy of above table working capital overall increase

30,381 in 2005-2006.

3. There it is to be noticed that greater the net Working

Capital higher liquidity, there is found 1year of Mulkanoor

Co-operative Rural Bank

STATEMENT SHOWING THE CHANGES IN WORKING CAPITAL

(In Rupees 000)


Rs

DECREASE

Rs.

CHANGE

IN %

Current Assets

Advance 1,68,135 2,09,200 41,065 15.12

Stock 81,341 1,36,93

5

55,594 41.03

Receivables 77,171 54,219 22,952 46.27

Cash 448 1,21

0

762 67.58

Debtors 2,09,649 3,20,344 1,10,695 60.50

Bank 4630 11,91

9

7288 157.41

Total(a) 5,41,374 7,33,826

Current

Liabilities

Borrowing 1,60,694 2,08,818 48,124 198.36

Payables 21,544 21,053 491 70.20

Surplus 10,973 10,431 542 3.96

Dividends 3,329 3,571 242 7.27

Total(b) 1,96,540 2,43,873

Networking

capital

3,44,834 4,89,953

Increase in

working capital

1,45,119 1,45,119

Total: 4,89,953 4,89,953 2,16,43

7

2,16,437

INTERPRETATIONS:






Liabilities increased from 1,96,540 in year 2006 to Rs.

2,43,873 in year 2007 showing an overall increase.

Understudy of above table working capital overall increase

1,45,119 in 2006-2007.

3. There it is to be noticed that greater the net Working

Capital higher liquidity, there is found 1year of Mulkanoor

Co-operative Rural Bank

STATEMENT SHOWING THE CHANGES IN WORKING CAPITAL

(In Rupees 000)


Rs

DECREASE

Rs.

CHANGE

IN %

Current Assets

Advance 2,09,200 2,38,435 29,235 13.97

Stock 1,36,9352 69,10

4

67,831 49.54

Receivables 54,219 41,01

6

13,203 24.35

Cash 1210 1,55

7

347 28.68

Debtors 3,20,344 3,06,167 14,177 4.43

Bank 11,918 33,56

5

21,64

7

81.63

Total(a) 7,33,826 6,89,844

Current

Liabilities

Borrowing 2,08,818 1,98,96

8

9,850 4.72

Payables 21,053 24,057 3004 14.27

Surplus 10,431 12,11

3

1,682 16.12

Dividends 3,571 4,200 629 17.61

Total(b) 2,43,873 2,39,33

8

Networking

capital

4,89,953 4,50,506

Increase in

working capital

39,447 39,447

Total: 4,89,953 4,89,953 1,00,526 1,00,526

INTERPRETATIONS:


Working

capital has increased during the year 2007-2008

2. From the above table there has been decrease in Current Assets

from

Rs 7,33,826 in the year 2007 to Rs. 6,89,844 in year 2008 showing

an overall decrease. And Current Liabilities decreased from

Rs.2,43,873 in year 2007 to Rs. 2,39,338 in year 2008.Showing an

overall decrease. Understudy of above table working capital

overall increase 4,535 in 2007-2008.


higher liquidity, there is found 1year of Mulkanoor Co-operative

Rural Bank.

RATIOS OF WORKING CAPITAL IN MCRB&MS Ltd

MEASUREMENT OF CURRENT RATIO MCRB&MS Ltd

MEASUREMENT OF CURRENT RATIO’S

a) CURRENT RATIO:

Current ratio is the relationship between current assts and current

liabilities. This ratio’s is a measure of general liquidity and is must

widely used to make the analysis or a short-term financial position or

liquidity of a company is calculated by dividing the total current assets

by total current liabilities.

CURRENT RATIO = CURRENT ASSETS /CURRENT LIABILITIES

The Ideal ratio of current ratio is= 2:1

(a) CURRENT RATIO

(b) QUICK RATI

A) CURRENT RATIO ANALYSIS

YEAR/PARTICULARS 2003-04(Rs)

2004-05(Rs)

2005-06(Rs)

2006-07(Rs)

2007-08(Rs)

CURRENT ASSETS 334495 394447 541374 733826 689271

CURRENT LIABILITIES

62553 79995 196540 243873 237560

RATIO 5.35 4.93 2.75 3.01 2.90

Relatively high current ration is on indication of the companies liquidity

position and has the ability to pay its obligation in time as and when they

become due on the other hand a relating low current ratio represent that the

liquidity position of the company is not good and the company shall not be

able to pay its current liabilities in time without facing difficulties. An

increase in current ratio’s represents the improvement in the liquidity position

of a company while a decrease in current ratio indicated that there has been

a deterioration in the liquidity position of company as a convention. The

current ratio of 2:1 is considered to be satisfactory. But in case of firms in

India this is about 1.3:1 is rather than 2:1 during to strict monetary policy of

Reserve Bank of India.

It can be observe from the above graph that the current ratio of the bank

moves 5.36to 2.90 during the study perform from 2003-04 to 2007-

08.Generally consider satisfactory ratio 2:1 the ratio of bank less than the

consider satisfactory ratio, this ratio indicate that the cushion over able to short-

term creditors are relatively lower. An average its standards at 2:1 which is

less than the consider satisfactory ratio of 2:1 that is every one rupee of current

liabilities minimum 2 Rupees are available as margin of set.

B) QUICK RATIO:

Quick Ratio also known as Acid Test or Liquid ratio is a more vigorous

quick assets and current Liabilities. Quick ratio can be calculated by dividing the

total quick assets by total current liabilities.

QUICK RATIO = QUICK ASSETS / CURRENT LIABILITIES

Usually a high quick ratio is an indication that the company is liquid and has

the ability to meet its current or liquidity liabilities in time and on the other hand

a low quick ratio represents that the company liquidity position is not good. An

increase in the quick ratio reveals the liquidity position of the company

improved. As a general rule a quick ratio of 1:1 is considered to be

satisfactory. But the acceptable ratio for Indian firms may 0.80:1 instead of 1:1.

QUICK ASSETS = CURRENT ASSETS – (STOCK+PREPAID EXPENSES)

II.QUICK RATIO:-

YEAR/PARTICULARS 2003-04

(RS)

2004-05

(Rs)

2005-06

(Rs)

2006-07

(Rs)

2007-08

(Rs)

QUICK ASSETS 20219 336771 460033 596891 620167

CURRENT LIABILITIES

62553 79995 196540 243873 237560

RATIO 4.48 4.21 2.34 2.45 2.61

Interpretation:

By the above table we can observe the quick ratio of the bank at 2006-

07 is 2.45 but idle quick ratio is 1:1.

These ratios are used to know the liquidity positions of organizations.

The ideal ratio for Quick ratio is 1:1.The above graph shows the changes in

quick ratio from the year 2003-04 to 2007-08.In the year 03-04 the quick ratio

is 4.48,it is decreased to 4.21 in 2004.

In the year 2005-06 it is decreased to 2.34, in the year 2006-07 if we

compare with to 05-06 it is increased to 2.45, in the year 2007-08 it is

increased to 2.61.

C) DEBT EQUITY RATIO = LONG TERM DEBTS / SHARE HOLDERS FUNDS

YEAR/PARTICULARS 2003-04 (Rs)

2004-05(Rs)

2005-06(Rs)

2006-07(Rs)

2007-08(Rs)

LONG TERM DEBTS 2951 3233 1870 2529 12796

SHRE HOLDERS FUNDS

160602 183979 211604 239850 302103

RATIO 0.02 0.017 0.008 0.011 0.04

SHARE HOLDERS FUND = SHARE CAPITAL + PREFERENCE SHARES+GENERAL RESERVES

Interpretation:

From the above graph it can be observe that in the year 2003-04 the debt

equityratio is 0.02, which is decreased to 0.017 in the year 2004-05. in the year

05-06 it is decreased to 0.008, in 2006-07 it is 0.011, in the year 2007-08 it is

increased to 0.04.

D) Absolute Cash Ratio=Absolute assets / Current Liabilities

YEAR/PARTICULARS 2003-04

2004-05

2005-06

2006-07

2007-08

Absolute assets 58895 64094 99753 121380 163814

Current Liabilities 62553 79995 196540 243873 237560

Ratio 0.941 0.801 0.507 0.497 0.589

Absolute Assets= C.H + C.B + Short Term Investment+ Market securities

Interpretation:

From the above graph we can observe that the absolute cash ratio is

decreased compared to 2003-04 to 2004-05 is 0.941 to 0.801, in the year

2005-06 is 0.507 which is decreased to 0.497 in 2006-07.

In the year 2007-08 ratio is increased compared to 2006-07 is 0.689.

CONCLUSIONS & SUGGESTIONS:

In the 5 years of this project work of working capital from

2003-2004 to 2007-2008. there is a highly increase in

working capital in 2005-2006 to 2006-2007. It is a highlights

of two years. But in 2007-2008 year there is a decrease in

working capital.

Items, which our co-operative sells, our families must buy

only from the co-operative if we need to buy after co-

operative shop is close for the day, then we must learn to

do with it till tomorrow. On account may be buying from

other shops. If co-operative sells the same item.

It is better to see at reasonable rates and later to return to

surplus to members or add the services being provided to

them.

Continuous internal audit by members / staff, appointed by

managing committee is must for every co-operative

because it exposes flaws early enough for rectifications.

Elections to co-operative must be contested and only those

who members have confidence in must be allowed to

managed the co-operative any attempt by a group of

leaders to arrive at an understanding of compromise will

mean denying members the right to decide who they wish

to have at helm of affairs.

Individual who have not bother to approach to the co-

operative for using its services it part has no business

demanding membership at the time of election.

FINDINGS:

In this chapter attempt is made to performs suitable suggestion to improve the

financial performance of “Mulkanoor Co-operative Rural Bank And Marketing Society

Ltd

They are as follows

The society should take some remedial measures to control its productive cost

to increase its profits.

The society should decrease its unrecovered percentage of loans and

advances. It should study the credit worthiness for the members and based on

this should advanced loan.

If the society starts recording its non performing assets (MPA). It could

understand the current financial positions of its at the end of the year and it

could take necessary to control NPA’S as this are productive

The society should decrease its long term borrowing (deposits) to decrease the

interest payment as it pays more EPS.

The ROI of society was recorded poor when compare to other financial

institutions.

it is due to rendering services to its members, even than it has to increase the

interest percentage slightly to survive and grow and serve its members .

BIBLIOGRAPHY

NAME OF THE BOOKS, PUBLISHERS AND AUDITORS

MANAGEMENT ACCOUNTING

KALYANI PUBLISHERS, 8th

EDITION R.K. SHARMA &

SHASHI K. GUPTA

COST ACCOUNTING

KALYANI PUBLISHERS, 8th

EDITION S.P. JAIN & K.L. NARANG

FINANCIAL MANAGEMENT PRINCIPLES AND PRACTICE

S.M. MAHESWARI

FINANCE MANAGEMENT

GALGOTIA PUBLICATIONS R.P. RUSTAGI

www.mcrbms.com

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