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    Working Capital Financing & Managing is the process of planning and controlling the

    level and mix of the current assets of the company as well as financing these assets.

    WCM requires decisions like what quantities of cash, other liquid assets, accounts

    receivables, and inventories the company will hold at any point of time.

    Working capital management involves the relationship between a company's short-term

    assets and its short-term liabilities. The goal of working capital management is to ensure

    that a company 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


    For increasing shareholder's wealth a firm has to analyze the effect of fixed assets and

    current assets on its return and risk. Working Capital Management is related with the

    Management of current assets. The Management of current assets is different from fixed

    assets on the basis of the following points:

    1. Current assets are for short period while fixed assets are for more than one Year.


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    2. The large holdings of current assets, especially cash, strengthens Liquidity position but

    also reduces overall profitability, and to maintain an optimum level of liquidity and

    profitability, risk return trade off is involved holding Current assets.

    3. Only Current Assets can be adjusted with sales fluctuating in the short run. Thus, the

    firm has greater degree of flexibility in managing current Assets. The management of

    Current Assets helps affirm in building a good market reputation regarding its business

    and economic condition.

    "Cash is the lifeblood of business" is an often repeated maxim amongst financial

    managers. Working capital management refers to the management of current or short-

    term assets and short-term liabilities. Components of short-term assets include

    inventories, loans and advances, debtors, investments and cash and bank balances. Short-

    term liabilities include creditors, trade advances, borrowings and provisions. The major

    emphasis is, however, on short-term assets, since short-term liabilities arise in the context

    of short-term assets. It is important that companies minimize risk by prudent working

    capital management. Working capital refers to the cash a business requires for day-to-day

    operations, or, more specifically, for financing the conversion of raw materials into

    finished goods, which the company sells for payment. Among the most important items

    of working capital are levels of inventory, accounts receivable, and accounts payable.

    Analysts look at these items for signs of a company's efficiency and financial strength.

    Working capital is the money which a company needs to keep its business going until

    company cover its operating costs out of revenue. Its a challenge for even the biggest


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    companies: sustaining working capital while managing the flow of cash through the

    business along with the proper inventory management and receivables management. But

    there are ways to ensure that operation makes the best use of its current assets.

    The term working capital refers to the amount of capital which is readily available to an

    organization. That is, working capital is the difference between resources in cash or

    readily convertible into cash (Current Assets) and organizational commitments for which

    cash will soon be required (Current Liabilities).

    Current Assets are resources which are in cash or will soon be converted into cash in "the

    ordinary course of business".

    Current Liabilities are commitments which will soon require cash settlement in "the

    ordinary course of business".



    In a department's Statement of Financial Position, these components of working capital

    are reported under the following headings:

    Current Assets Current Liabilities

    Cash in hand / at bank

    Bills Receivable

    Sundry Debtors

    Short term loans

    Investors/ stock

    Bills Payable

    Sundry Creditors

    Outstanding expenses

    Accrued expenses

    Bank Over draft


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    Temporary investment

    Prepaid expenses

    Accrued incomes

    A satisfactory level of working capital is to be maintained from not becoming insolvent

    and bankrupt. The current assets should be large enough to cover its current liabilities in

    order to ensure a reasonable margin of safety.

    The task of the financial manager is to ensure sufficient liquidity in the operations of the

    enterprise. The liquidity of a business company is measured by its ability to satisfy short-

    term obligations as they become due. The three basic measures of a companys overall

    liquidity are

    The current ratio

    The acid test ratio

    The net working capital

    Positive working capital means that the company is able to pay off its short-term

    liabilities. Negative working capital means that a company currently is unable

    to meet its short-term liabilities with its current assets.

    If a company's current assets do not exceed its current liabilities, then it may run into

    trouble paying back creditors in the short term. The worst-case scenario is bankruptcy. A

    declining working capital ratio over a longer time period could also be a red flag that


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    warrants further analysis. For example, it could be that the company's sales volumes are

    decreasing, and as a result, its accounts receivables number continues to get smaller and


    Working capital also gives investors an idea of the company's underlying operational

    efficiency. Money that is tied up in inventory or money that customers still owe to the

    company cannot be used to pay off any of the company's obligations. So, if a company is

    not operating in the most efficient manner (slow collection), it will show up, as an

    increase in the working capital. This can be seen by comparing the working capital from

    one period to another; slow collection may signal an underlying problem in the

    company's operations.



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

    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 company'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.


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    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

    monies 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 fund working capital. As a consequence, you could reduce

    the cost of bank interest or you'll have additional free money available to support

    additional sales growth or investment. Similarly, if you can negotiate improved terms

    with suppliers e.g. get longer credit or an increased credit limit; you effectively create

    free finance to help fund future sales.

    More businesses fail for lack of cash than for want of profit.

    Need for Working Capital:-

    A successful sales program is necessary for earning profits by any business

    enterprise. However sales do not convert into cash instantly; there is invariably a

    time lag between the sale of goods and receipts of cash.

    A sufficient amount of working capital is necessary to sustain sales activity.

    Technically this is referred to as the operating or cash cycle.

    The operating cycle can be said to at the heart of the need for working capital.


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    The operating cycle consist of three phases:-

    Phase 1: Cash Gets Converted in to Inventory.

    This includes purchase of raw materials, conversion of raw material into work in

    progress, finished goods and finally the transfer of goods to stock at the end of the

    manufacturing activity and cash is directly converted into inventory.

    Phase 2: Inventory converted into Receivables.

    The inventory is converted into receivables as credit sales are made to customers.

    Phase 3: Receivables converted into cash

    This phase represents the stage when receivables are collected. This phase completes

    the operating cycle. Thus, the company has moved from cash to inventory.





    Phase 1

    Phase 2

    Phase 3

    Operating Cycle

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    These phases affect cash flows because sometimes sale is done on credit and it takes

    sometimes to realize.

    The most appropriate method of calculating the Working Capital needs of firm is

    the concept of operating cycle. There are some limitations with all the three

    approaches therefore some factors govern the choice of method of Working Capital.

    Factors considered are seasonal variations in operations, accuracy sales forecasts,

    investment cost and variability in sales price would generally be considered. The

    production cycle and credit and collection policy of the firm would have an impact on

    Working Capital requirements


    In the project we will be analyzing the factors that affect the quantum of working capital

    in a company and to know better about the efficient management of liquidity and


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    understanding the components that make up working capital of a company through a case


    I have taken a company named NHPC- National Hydro Electric Power Limited Pvt Ltd.

    for the accomplishment of the objectives of my project. I have used various financial

    ratios for this purpose.


    To understand the concept of working capital and its management in a company.

    To study the important factors that determines the quantum of working capital.

    To know about the need of working capital in a company.

    To examine the salient points regarding each element of working capital.


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    To know how company should maintain its working capital to keep its excellent

    performance and run its business effectively and efficiently without facing much


    To understand the need of efficient management of liquidity and financial risks in a

    business (treasury management).


    OurCompany was incorporated on November 7, 1975 under the Companies

    Act as a private limited company underthe name National Hydro Electric Power

    Corporation Private Limited. The word private was subsequently deleted on

    September 18, 1976.Our Company was converted to a public limited company w.e.f.

    April 2,1986. Pursuant to a shareholders resolution dated March 13, 2008, the name of

    our Company was changed to its present name NHPC Limited and a fresh certificate of

    Incorporation consequent upon change of name was issued by the RoC, National


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    Capital Territory of Delhi and Haryana, on March 28, 2008.

    Major events

    Financial Year Event

    1975 - 76 Incorporation of our Company

    1976 - 77 Transfer of the Loktak hydroelectric project

    (105 MW) from GoI to our Company

    1977 - 78 Transfer of the Baira Siul hydroelectric

    project (180 MW) from GoI to our Company

    1982 - 83 Baira Siul power station (180 MW) in Himachal

    Pradesh commissioned

    1983 - 84 All units of Devighat power station in Nepal commissioned ahead of

    schedule Loktak power station (105 MW) in Manipur commissioned

    1985 - 86 Hydro PowerTraining Institute set up at the Baira Siul hydroelectric

    project to train operators and supervisory staff

    1986 - 87 First issue of 14% 7 years, redeemable secured non convertible bonds

    amounting to Rs. 143.64 crore

    Nuwakot Rural Electrification project in Nepal completed ahead of schedule

    1987 - 88 Establishment of a satellite telecommunication network taken up to link


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    various projects of our Company

    1989 - 90 GoI upgraded our Company from a Schedule B to a Schedule A


    1992 - 93 A consultancy wing set up to provide a range of specialised services in

    the investigation, design, construction and operation of hydel projects

    Tanakpur power station (120 MW) in Uttarakhand commissioned

    Our Company declared its maiden dividend

    of Rs. 5 crore for the year ending

    March 31, 1994

    Our Companys registered office started operating from its present building in

    Faridabad Chamera I power station (540 MW) in Himachal Pradesh commissioned

    1995 - 96 Agreement signed for execution of Kurichhu

    hydroelectric project (45 MW) in Bhutan

    1997 - 98 Uri power station (480 MW) in Jammu & Kashmir


    1999 - 2000 Rangit power station (60 MW) in Sikkim commissioned


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    2000 - 01 Three units of 45 MW Kurichhu power station in Bhutan

    commissioned by our Company ahead of schedule

    Our Company and the government of Madhya Pradesh entered into an MoU to

    exploit the hydro electric potential of the Narmada basin by completing the

    Indira Sagar and Omkareshwar projects

    Our Company and the government of Jammu & Kashmir entered into an MoU to

    exploit the power potential of the state

    2002 - 03 A line of credit for a tenor of 19 years taken from LIC for an amount of Rs.

    2,500 crore

    Our Company was accorded AAA credit rating for domestic borrowing and

    BB credit rating at par with sovereign rating of international borrowings by

    Fitch Ratings

    2003 - 04 Chamera- II power station (300 MW) in

    Himachal Pradesh commissioned

    2004 - 05 Indira Sagar hydroelectric project (1,000 MW) of NHDC, a joint venture of

    our Company and the government of Madhya Pradesh in Madhya Pradesh


    2005 - 06 ERP initiated under the name Project Kiran

    2006 - 07 Our Company entered into an agreement with

    Government of Bhutan for preparation of DPR of Mangdechhu

    project (672 MW) in Bhutan

    2007 - 08 The name of our Company changed to its present name NHPC Limited

    Dulhasti power station (390 MW) commissioned


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    Teesta-V power station (510 MW) commissioned

    Omkareshwar hydroelectric project (520 MW) of NHDC, a joint venture of our

    Company and the government of Madhya Pradesh, commissioned

    Our Company entered into an MoA with the government of Arunachal Pradesh

    to execute the Dibang multipurpose hydroelectric project

    Our Company entered into an MoU with the government of Manipur to exploit

    the hydro electric potential of the tailrace discharge of Loktak Downstream

    Hydroelectric Project

    2008 - 09 Our Company conferred Mini Ratna Category I

    status by the GoI

    Our Company entered into an MoU with the government of Jammu & Kashmir,

    JKSPDC and PTC to incorporate a joint venture develop the Pakal Dul and

    other hydro projects in the Chenab River Basin

    Incorporation of joint venture company, National Power Exchange Limited,

    along with NTPC, PFC and Tata Consultancy Services Limited

    NHPC Ltd has appointed Shri. Sudhir Kumar, Joint Secretary (Hydel),

    Ministry of Power as Part-time Director on the Board of the Company

    with effect from October 21, 2009.

    NHPC Ltd has informed that Ministry of Power has informed the

    approval of appointment of Shri A. Gopalakrishnan as part-time

    non-official Director by the President of India on the Board of NHPC



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    2009-10 Incorporation of a joint venture company,

    National High Power Test Laboratory

    Private Limited, along with NTPC, Powergrid Corporation of India Limited and

    Damodar Valley Corporation

    Balance Sheet

    Mar '08 Mar '09 Mar '10

    Sources Of Funds

    Total Share Capital 11,182.49 11,182.49 12,300.74

    Equity Share Capital 11,182.49 11,182.49 12,300.74

    Share Application Money 0.00 0.00 0.00

    Preference Share Capital 0.00 0.00 0.00

    Reserves 6,093.34 6,798.13 10,972.45

    Revaluation Reserves 0.00 0.00 0.00

    Networth 17,275.83 17,980.62 23,273.19

    Secured Loans 7,003.49 8,212.38 10,953.18

    Unsecured Loans 2,952.84 4,021.65 2,915.04

    Total Debt 9,956.33 12,234.03 13,868.22

    Total Liabilities 27,232.16 30,214.65 37,141.41

    Application Of Funds

    Gross Block 20,626.52 21,460.08 21,279.70

    Less: Accum. Depreciation 3,262.66 3,816.27 4,907.44

    Net Block 17,363.86 17,643.81 16,372.26

    Capital Work in Progress 7,408.97 10,498.62 14,047.69

    Investments 3,049.22 2,793.60 2,894.05

    Inventories 739.63 56.71 71.15


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    Sundry Debtors 348.06 294.66 1,140.21

    Cash and Bank Balance 287.37 240.79 343.00

    Total Current Assets 1,375.06 592.16 1,554.36

    Loans and Advances 1,586.11 2,167.95 2,013.05

    Fixed Deposits 1,553.90 1,659.16 6,254.38

    Total CA, Loans & Advances 4,515.07 4,419.27 9,821.79Deffered Credit 0.00 0.00 0.00

    Current Liabilities 3,165.92 3,479.72 3,706.13

    Provisions 1,939.38 1,663.26 2,288.25

    Total CL & Provisions 5,105.30 5,142.98 5,994.38

    Net Current Assets -590.23 -723.71 3,827.41

    Miscellaneous Expenses 0.34 2.33 0.00

    Total Assets 27,232.16 30,214.65 37,141.41


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    Profit & Loss accountMar '08 Mar '09 Mar '10

    Sales Turnover 2,570.36 2,720.82 4,331.98

    Excise Duty 0.00 0.00 0.00

    Net Sales 2,570.36 2,720.82 4,331.98

    Other Income 537.22 379.29 567.04


    Adjustments 0.00 0.00 0.00

    Total Income 3,107.58 3,100.11 4,899.02


    Raw Materials 6.15 8.92 4.28

    Power & FuelCost 0.00 0.00 0.00

    Employee Cost 316.78 492.51 529.84



    Expenses 82.92 98.56 114.78

    Selling and

    Admin Expenses 259.84 41.85 288.50


    Expenses 466.74 300.66 286.41

    Preoperative Exp

    Capitalised -239.09 0.00 0.00

    Total Expenses 893.34 942.50 1,223.81

    Operating Profit 1,677.02 1,778.32 3,108.17

    PBDIT 2,214.24 2,157.61 3,675.21

    Interest 611.54 506.84 463.98

    PBDT 1,602.70 1,650.77 3,211.23

    Depreciation 443.74 518.24 1,033.25

    Other Written

    Off 0.00 0.00 1.00

    Profit Before Tax 1,158.96 1,132.53 2,176.98


    items -26.47 72.63 323.72

    PBT (Post Extra-

    ord Items) 1,132.49 1,205.16 2,500.70

    Tax 127.46 119.99 404.81

    Reported Net

    Profit 1,004.09 1,075.22 2,090.50

    Total Value

    Addition 887.19 933.58 1,219.53


    Dividend 0.00 0.00 0.00


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    Equity Dividend 300.00 325.00 676.54


    Dividend Tax 50.99 55.23 112.36

    Per share data


    Shares in issue








    Earning Per

    Share (Rs) 0.90 0.96 1.70

    Equity Dividend

    (%) 2.68 2.91 5.50

    Book Value (Rs) 15.45 16.08 18.92


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    Formulae Result Interpretation

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    (in days)

    Average Stock * 365/

    Cost of Goods Sold

    = x days On average, you turn over the value of your en

    every x days. You may need to break this d

    product groups for effective stock ma

    Obsolete stock, slow moving lines will exten

    stock turnover days. Faster production, fewe

    lines, just in time ordering will reduce average d



    (in days)

    Debtors * 365/


    = x days It takes you on average x days to collect moni

    you. If your official credit terms are 45 days an

    you 65 days...

    One or more large or slow debts can drag out th

    days. Effective debtor management will mini


    Payables Ratio

    (in days)

    Creditors * 365/

    Cost of Sales (or


    = x days On average, you pay your suppliers every x da

    negotiate better credit terms this will increase. I

    earlier, say, to get a discount this will declin

    simply defer paying your suppliers (without ag

    this will also increase - but your reputation, the

    service and any flexibility provided by your

    may suffer.

    Current Ratio Total Current Assets/

    Total Current


    = x times Current Assets are assets that you can readily

    cash or will do so within 12 months in the c

    business. Current Liabilities are amount you a

    pay within the coming 12 months. For exa

    times means that you should be able to lay your

    $1.50 for every $1.00 you owe. Less than 1 t

    0.75 means that you could have liquidity prob

    be under pressure to generate sufficient cash

    oncoming demands.

    Quick Ratio (Total Current Assets -


    Total Current


    = x times Similar to the Current Ratio but takes account o

    that it may take time to convert inventory into ca


    Capital Ratio

    (Inventory +

    Receivables -



    As % Sales A high percentage means that working capital

    high relative to your sales.

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    (Values of Rs. in crores)

    Working Capital = Current Assets- Current Liabilities

    Years Current Assets Current Liabilities WC2007-08 1375.06 3165.92 (1790.86)2008-09 592.16 3479.92 (2087.76)2009-10 1554.36 3706.13 (2151.77)

    Current Ratio = Current Assets / Current Liabilities

    Years Current Assets Current Liabilities Current ratio2007-08 4515.07 5105.30 0.884 times2008-09 4419.27 5142.98 0.859 times2009-10 9821.79 599.38 1.638 times

    Quick Ratio = (Current Asset - Inventory)/ Current Liabilities

    Years Current Assets Current


    Inventory Quick ratio

    2007-08 4515.07 5105.30 739.63 0.739 times

    2008-09 4419.27 5142.98 56.71 0.848 times

    2009-10 9821.79 5994.38 71.15 1.626 times


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    Working capital turnover ratio (W.C.T.R.) =

    Net sales/Working capital

    Years Net sales Working capital W.C.T.R.2007-08 2570.36 (1790.86) 1.43 times2008-09 2720.82 (2087.76) 1.30 times2009-10 4331.98 (2151.77) 2.01 times

    Stock turnover= Cost of goods sold/ Average stock

    Cost of goods sold = opening stock + Purchases + Direct expenses - closing stock

    Average stock= Opening stock + Closing stock2

    Years Cost of goods sold Average stock Stock turnover 2007-08 5242168 685238 7.65 times2008-09 5097752 1141866 4.46 times2009-10 7082376 1655906.5 4.28 times

    Average inventory collection period (AICP) = 365 days/

    Stock turnover

    Years Stock turnover AICP2007-08 7.65 48 Days2008-09 4.46 82 Days2009-10 4.28 85 Days

    Receivable Turnover = Credit Sales/ Average Receivables

    Average receivables = (Opening debtors + Closing debtors)/ 2


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    Years Credit sales Average receivables Receivables


    2007-08 5278457 1145038 4.61 times

    2008-09 7130404 1945787.5 3.66 times

    2009-10 10074856 3065168.5 3.29 times

    Average Collection Period (ACP) = 365 days/

    Receivables turnover

    Years Receivables Turnover ACP

    2007-08 4.61 79 Days

    2008-09 3.66 100 Days

    2009-10 3.29 111 Days


    1. Current ratio is the ratio between current assets and current liabilities and shows

    whether the company has sufficient short term assets to meet short term liabilities.

    The current ratio should ideally be 2:1 or in other words the ratio should ideally

    have a value of more than one. A high current ratio may point to inefficiencies in

    working capital management as well. If the company has high levels of inventory

    or short term debtors the ratio would be very high. High level of cash holding,


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    which should ideally be used more productively, would also push up the ratio. We

    can see that this ratio has improved over the 3 years, from 0.844 in 2008 to 1.638

    in 2010.

    2. Quick ratio measures whether the company can meet its short term liabilities with

    its current assets excluding stocks. It judge the ability to pay the current liabilities

    without relying on the sale of stock in hand. The standard quick ratio is 1:1. The

    company has shown an increase over the years. It has risen from 0.739 in 2008 to

    1.626 in 2010.

    3. Using the Working capital turnover ratio we can measure as to how sales are

    generated by each rupee invested in working capital. The higher the ratio the

    better it is. We can observe that from year 2008 the ratio has improved i.e from

    1.43 in 2007-08 to 2.01 times in 2009-10.

    4. Stock turnover ratio is a ratio that measures the speed with which the inventory is

    converted into sales. The higher the ratio the better it is and thus indicates high

    profits. We can see the ratio has declined over the years, from 7.65 in 2008 to 4.28

    in 2010.

    5. Debtors turnover ratio measures the activity involved in converting the

    receivables into cash. Higher debtors turnover ratio means quicker collection

    from debtors and bills receivables. Here also the ratio has fallen from 4.61 to 3.29

    in 2010.


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    6. Average debt collection period ratio indicates as to how soon the debtors pays the

    amount. The company has managed to improve this ratio , from 79 days in 2008

    to 111 days in 2010.



    After analyzing various ratios regarding the working capital structure of the firm,

    I would like to say that working capital which has been decreased up to 20% is a

    bad indicator of the financial soundness to meet the short term obligations. It is

    showing that current assets are not able to meet the current liability.

    Rate of accumulation of working capital is very less. The company is not capable

    to meet its liability very easily.


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    Firms liquidity position is quite strong. It can be analyzed by looking over the

    current ratio and quick ratio.

    Working capital turnover has been increased in 2010, as a result the turnover was

    also high.

    Receivable turnover is also decreasing year by year. This is the indicator of

    increment in average collection period. Firms credit limit is increasing yearly;

    this may be a bad indicator for firm. By this chances of bad debts may occur. To

    play safe, firm should decrease its collection period.

    Generally, sales are increasing, but apart from it, collection period should be in

    focus. Due to giving emphasize on collection period, automatically it will cover

    the receivable turnover ratio which is also to be decrease.


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    Books referred:-

    Pandey, I.M., Financial management, Vikas Publication House Private Limited,

    New Delhi, 2001.

    Khan M.Y. and Jain P.K., Financial Management, Tata McGraw-Hill

    Publishing Company Limited, New Delhi, 2000.


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    `Financial Management ICFAI.