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CHAPTER-1

INTRODUCTION

WORKING CAPITAL FINANCING & MANAGEMENT

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

cash.

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".

Thus:

WORKING CAPITAL = CURRENT ASSETS - CURRENT LIABILITIES

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

smaller.

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.

WORKING CAPITAL CYCLE

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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.

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Cash

Receivables

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

METHODOLOGY

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

study.

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.

OBJECTIVES

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

problems.

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

business (treasury management).

CHAPTER-2COMPANY PROFILE- NHPC

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

corporation

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

commissioned

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

commissioned

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

Ltd.

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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

Stock

Adjustments 0.00 0.00 0.00

Total Income 3,107.58 3,100.11 4,899.02

Expenditure

Raw Materials 6.15 8.92 4.28

Power & FuelCost 0.00 0.00 0.00

Employee Cost 316.78 492.51 529.84

Other

Manufacturing

Expenses 82.92 98.56 114.78

Selling and

Admin Expenses 259.84 41.85 288.50

Miscellaneous

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

Extra-ordinary

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

Preference

Dividend 0.00 0.00 0.00

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Equity Dividend 300.00 325.00 676.54

Corporate

Dividend Tax 50.99 55.23 112.36

Per share data

(annualised)

Shares in issue

(lakhs)

111,824.

93

111,824.

93

123,007.

43

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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20

Formulae Result Interpretation


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CHAPTER-3

ANALYSIS & FINDINGS

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Stock

Turnover

(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

Receivables

Ratio

(in days)

Debtors * 365/

Sales

= 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

days.

Payables Ratio

(in days)

Creditors * 365/

Cost of Sales (or

Purchases)

= 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

Liabilities

= 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 -

Inventory)/

Total Current

Liabilities

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

that it may take time to convert inventory into ca

Working

Capital Ratio

(Inventory +

Receivables -

Payables)/

Sales

As % Sales A high percentage means that working capital

high relative to your sales.


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WORKING CAPITAL MANAGEMENT RATIOS IN

NHPC.:-

(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

Liabilities

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

turnover

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

FINDINGS

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.

CHAPTER-4

CONCLUSIONS

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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BIBLIOGRAPHY

Websites:-

www.wikipedia.com

www.careerage.com

www.investopedia.com

www.ezinearticles.com

www.universalteacherpublication.comwww.domain-b.com

www.allbusiness.com

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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http://www.wikipedia.com/http://www.careerage.com/http://www.investopedia.com/http://www.ezinearticles.com/http://www.universalteacherpublication.com/http://www.domain-b.com/http://www.allbusiness.com/http://www.wikipedia.com/http://www.careerage.com/http://www.investopedia.com/http://www.ezinearticles.com/http://www.universalteacherpublication.com/http://www.domain-b.com/http://www.allbusiness.com/


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`Financial Management ICFAI.

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