A

SUMMER TRAINING PROJECT REPORT

ON

AT
BIRLA CEMENT SATNA

SUBMITTED TO

AWADHESH PRATAP SINGH UNIVERSITY, REWA (M.P.)

FOR THE AWARD OF

MASTER OF BUSINESS ADMINISTRATION
MBA (SEMESTER-III)
BY
NEHA KHAT WANI
UNDER GUIDANCE OF
PROF. GAURAV SOIN

VINDHYA INSTITUTE OF MANAGEMENT & RESEARCH,

SATNA (M.P.)
 2016- 2017

VINDHYA INSTITUTE OF MANAGEMENT & RESEARCH,

SATNA (M.P.)

GUIDES CERTIFICATE
This is to certify that MISS. NEHA KHATWANI has satisfactorily
completed the Summer Training Project Report on WORKING CAPITAL
MANAGEMENT AT BIRLA CEMENT, Satna under my guidance for the partial
fulfillment of MBA (Semester-III) submitted to Awadhesh Pratap Singh University, Rewa
during the academic year 2016-2017.
To best of my knowledge and belief the matter presented by her is original work
and not copied from any source. Also this report has not been submitted earlier for the
award of any Degree of Awadhesh Pratap Singh University, Rewa.

Place: Satna PROF. GAURAV SOIN

Date: / / 2016 (Project Guide)

2|
 VINDHYA INSTITUTE OF MANAGEMENT & RESEARCH,
SATNA (M.P.)

DECLARATION

I undersigned, hereby declare that this project report entitled WORKING

CAPITAL MANAGEMENT AT BIRLA CEMENT SATNA prescribed by AWADHESH
PRATAP SINGH UNIVERSITY, REWA during the academic year 2016-2017 under the guidance of
PROF. GAURAV SOIN is my original work.
The matter presented in this report has not been copied from any source. I
understand that any such copying is liable to be punishable in any way the university
authorities deem to be fit. Also this report has not been submitted earlier for the award of
any Degree or Diploma of Awadhesh Pratap Singh University, Rewa or any other
University.
This work humbly submitted to Awadhesh Pratap Singh University for the partial
fulfillment of Master of Business Administration (Sem-III).

PLACE: SATNA NEHA KHATWANI

DATE: / / 2016
3|
 VINDHYA INSTITUTE OF MANAGEMENT & RESEARCH,
SATNA (M.P.)

ACKNOWLEDGEMENT

Whenever we are standing on most difficult step of the dream of our life, we often
remind about The Great God for His blessings & kind help and he always helps us in
tracking off the problems by some means in our lifetime. I feel great pleasure to present
this project entitled WORKING CAPITAL MANAGEMENT AT BIRLA CEMENT
CORPORATION SATNA
I am grateful to those people who help me a lot in preparation of this project report.
It is their support and blessings, which has brought me to write this project report. I have a
deep sense of gratitude in my heart for them.
I would give sincere thanks to Mr. Sujeet Tiwari, Asst. Manager (HR) of Birla Cement, Satna
who is been & will be source of inspiration to us.
I am very thankful to my project guide Prof. GAURAV SOIN for his whole-hearted
support and affectionate encouragement without which my successful project would not
have been possible.
Finally, I am very grateful to Mighty God and inspiring parents whose loving &
caring support contributed a major share in completion of my task.

NEHA KHATWANI

4|
 INDEX
CHAPTER TOPICS COVERED PAGE NO.

CHAPTER 1 INTRODUCTION OF PROJECT 7

CHAPTER 2 THE PROBLEM 8

CHAPTER 3 OBJECTIVE OF THE STUDY 9

CHAPTER 4 COMPANY PROFILE 11

CHAPTER 5 CORPORATE OVERVIEW 15

CHAPTER 6 INTRODUCTION OF THE TOPIC 27

CHAPTER 7 CONCEPT 28

CHAPTER 8 SIGNIFICANCE 29

CHAPTER 9 CLASSIFICATION OF WORKING CAPITAL 31

CHAPTER 10 WORKING CAPITAL MANAGEMENT 37

CHAPTER 11 FINANCIAL HIGHLIGHTS OF BCL 41-43

CHAPTER 12 CONCLUSION 51

CHAPTER 13 RESEARCH METHODOLOGY 55

CHAPTER 14 QUESTIONNAIRE 59

CHAPTER 15 BIBLIOGRAPHY 64

5|
 ABSTRACT

This project is based on the study of working capital management in BIRLA

CEMENT SATNA An insight view of the project will encompass what it is all
about, what it aims to achieve, what is its purpose and scope, the various methods
used for collecting data and their sources, including literature survey done, further
specifying the limitations of our study and in the last, drawing inferences from the
learning so far.
Birla cement (Satna cement) is well-established brand in INDIA, beside it has a
market in Madhya Pradesh, utter Pradesh, Orissa and other parts of the
country. One of the major sections which require or purchase cement in bulk
quantity are engineers, architect, builders, and contractors. This section or
segment is known as the non-trader segment. And the retailers, stockiest,
whole-sellers are known as trader segment.
The working capital management refers to the management of working capital, or
precisely to the management of current assets. A firms working capital consists of
its investments in current assets, which includes short-term assetscash and bank
balance, inventories, receivable and marketable securities.

This project tries to evaluate how the management of working capital is done in
BIRLA CEMENT SATNA through inventory ratios, working capital ratios, trends,
computation of cash, inventory and working capital, and short term financing.

6|
 INTRODUCTION

The project undertaken is on WORKING CAPITAL MANAGEMENT IN

BIRLA CEMENT SATNA
It describes about how the company manages its working capital and the various
steps that are required in the management of working capital.

Cash is the lifeline of a company. If this lifeline deteriorates, so does the

company's ability to fund operations, reinvest and meet capital requirements and
payments. Understanding a company's cash flow health is essential to making
investment decisions. A good way to judge a company's cash flow prospects is to
look at its working capital management (WCM).

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.
The working capital is an important yardstick to measure the companys
operational and financial efficiency. Any company should have a right amount of
cash and lines of credit for its business needs at all times.

This project describes how the management of working capital takes place at
BIRLA CEMENT SATNA.

7|
 The Problems
In the management of working capital, the firm is faced with two key problems:
1. First, given the level of sales and the relevant cost considerations, what are the
optimal amounts of cash, accounts receivable and inventories that a firm should
choose to maintain?
2. Second, given these optimal amounts, what is the most economical way to
finance these working capital investments? To produce the best possible results,
firms should keep no unproductive assets and should finance with the cheapest
available sources of funds. Why? In general, it is quite advantageous for the firm
to invest in short term assets and to finance short-term liabilities.

8|
 PURPOSE OF STUDY

The objectives of this project were mainly to study the inventory, cash and
receivable at BIRLA CEMENT SATNA , but there are some more and they are
-

The main purpose of our study is to render a better understanding of

the concept Working Capital Management.

To understand the planning and management of working capital at BIRLA

CEMENT SATNA
To measure the financial soundness of the company by analyzing various
ratios.
To suggest ways for better management and control of working capital at the
concern.

9|
 SCOPE OF THE STUDY

This project is vital to me in a significant way. It does have some importance

for the company too. These are as follows

This project will be a learning device for the finance student.

Through this project I would study the various methods of the working capital
management.
The project will be a learning of planning and financing working capital.
The project would also be an effective tool for credit policies of the
companies.
This will show different methods of holding inventory and dealing with cash
and receivables.
This will show the liquidity position of the company and also how do they
maintain a particular liquidity position.

10 |
C OMPANY PROF IL E

BIRLA CEMENT SATNA

11 |
Birla cement (Satna cement) is well-established brand in Bihar region, beside
it has a market in Madhya Pradesh, utter Pradesh, Orissa and other parts of
the country. One of the major sections which require or purchase cement in
bulk quantity are engineers, architect, builders, and contractors. This section
or segment is known as the non-trader segment. And the retailers, stockiest,
whole-sellers are known as trader segment.
I carried out my project concerning Financial statement at Birla cement
satna

The project was carried out in the organization of Birla cement. There are five
major market players in cement industry of these arias. They are Jaypee, Birla
cement, Ultratech, Acc, and Prism. Apart from this there are few local brands
such as Birla samrat (M.P. Birla group) in Madhya Pradesh which is selling in
the market. The information about the market was gathered by visiting
retailers in the market. Interview of retailers was taken depending upon their
accessibility. Also opinion of engineers, contractors, architects, builders (who
posses knowledge regarding different brands available in the market) has
been taken.

Survey was done for both trade and non-trade segment to get the right
picture about the market scenario. While doing the project attempt was made
to collect maximum information about the market. To get actual and correct
information. It was not told retailer that the survey is conducted by Birla
cement for confidentiality reasons.

Large numbers of retailers were visited to get the actual picture of the
market. Again the retailers of each grade (according to the performance) were
visited, to get each and every detail about the market

12 |
 History of Birla

In 1919, a young man Ghanshyam das Birla set up the

Indian owned jute mill near Kolkata. He called it Birla jute manufacturing
company. Time watched as the small unit prospered. It also embarked a young
to bacon the new industry in India

SRI MADHAV PRASAD BIRLA transformed the humble jute manufacturing

company into a mighty conglomerate:-BIRLA COPORATION LIMITED

Current scenario

After the demise late M.P. BIRLA, his wife Priyamvada BIRLA look over as
chairman of BCL and continue to lead company till her death 3rd July 2004.
Now under the co- chairmanship of Mr. R.S. Lodha of the company has
crossed the 1300 crores plus turnover more and has widen the profit. Its
export in 2006-2007 stood at Rs. 70.80 crores.

BIRLA Corporation has grown from strength to strength.

As an enlightened corporate citizen BIRLA

corporation is keenly aware of its social responsibility too, and provide
education and health care facilities for employees, their families and their
community at large

BOARD OF DIRECTORS

13 |
Madhav Prasad ji Birla Rajrndra ji loch Priyamvada ji Birla
(1919-1990) (1942-2008) (1928-2004)

Sheri harsh v. loch Shri pracheta majumdar Shri Aanand bordia Shri B.Btondon
(chairman) ( chief management )
Adviser

Sri B.R. nahar Shri D.N. Ghos Shri vikram swarup Dr. Deepak nayyer

CORPORATE OVERVIEW
14 |
 MR. MP BIRLA

BIRLA Corporation limited is the flagship company of the M.P.

BIRLA jute manufacturing company limited in 1919. It was Mr.
Madam Prasad Birla. Who gave shape to its present from? As
chairman of the company.Shri madam Prasad Birla transformed it
from a manufacturer of jute goods to a leading multi-product
corporation with widespread activities. Under the chairmanship of
Ms. Priyamvada Ji Birla, the company crossed the Rs. 1300- crore
turnover marks and the name was changed to Birla Corporation
limited in 1998.

15 |
Smt. Priyamvada ji BIRLA

After the demise of Mrs. Priyamvada ji Birla, the company continues to

consolidate and grew under the leadership of Mr. Rajendra ji Lodha, who is
now the chairman the company has posted its best ever result in the year
ended 31.03.2005. And, thereafter, once again in the year ended 31.03.2006.

16 |
 BRANDS OF CEMENTS

UNITS BRANDS

Satna cement works Birla cement khajuraho

BIRLA Vikas cement BIRLA CEMENT samrat

BIRLA cement works BIRLA CEMENT Chetek

Chittor Cement works BIRLA CEMENT Chetek

Durgapur cement works BIRLA cement Durgapur

Export to Nepal & Camel & Royal tiger

Bangladesh

17 |
Birla Corporation Limited (BCL) has been ranked 6th amongst Indias ten Most Admired
Companies in the Cement Sector by Fortune India, the eminent business magazine. The
ranking has been based on a number of criteria, including size, contribution GDP, growth
rate, maturity of industry and sufficient competition. The ranking of the company has
gone up to 6th in 2013 from 8th in 2012. This is Fortune Indias second survey of Indias
Most Admired Companies.

Birla Corporation Limited is the flagship Company of the M.P. Birla Group.
Incorporated as Birla Jute Manufacturing Company Limited in 1919, it was Late Mr.
Madhav Prasad Birla who gave shape to it. As Chairman of the Company, Mr.
Madhav Prasad Birla transformed it from a manufacturer of jute goods to a leading
multi-product corporation with widespread activities. Under the Chairmanship of Mrs.
Priyamvada Birla, the Company crossed the Rs. 1300 - crore turnover mark and the
name was changed to Birla Corporation Limited in 1998.

18 |
After the demise of Mrs. Priyamvada Birla, the Company continued to consolidate in
terms of profitability, competitiveness and growth under the leadership of Mr. Rajendra
S. Lodha, late Chairman of the M.P. Birla Group. Under his leadership, the Company
posted its best ever results in the years ended 31.3.2006, 31.3.2007 and 31.3.2008.

The Company continued to record impressive growth in 2008-09 and 2009-10. Mr H V

Lodha is now Chairman of the company.

Birla Corporation Limited has products ranging from cement to jute goods, PVC floor
covering, as well as auto trims (jute felt-based car interiors).

Installed Capacity and Production

Product Installed Capacity Production (2009-2010)

Cement 6.46 Mill. Tons. 5.69 Mill. Tons.

Jute Goods 38000 M T 27,300 MT
PVC Floor Covering 48.60 lakh sq. mtrs 1.09 lakh sq. mtrs.
Auto Trim Parts 7.80 lakh Pcs 0.64 lakh Pcs
Iron & Steel Casting 3,750 tons 1,078 tons

19 |
Award earned by BIRLA corporation limited cement satna

No. Award Awarded by Year Unit

01 Best Energy NCB, New Delhi & 1986-87 BVC

performance Ministry of power 1993-98 SCW
Govt. of India 2001-02 SCW
02 Fuller energy MP chamber of cement 1997-99 SCW
conversation award manufacturers. 2000-03 BVC

03 Best productivity National productivity 1987-90 BVC

Council New Delhi. 1993-98 BVC

04 Top Export Award CAPEXELL Calcutta 1990-92 BVC

1993-98 BVC

05 Special Export Award CAPEXELL Calcutta 1999-01 SCW

1996-97 BOTH

06 National safety award Ministry of Labors 1994-95 BVC

Govt. of India 1996-97 BVC

07 ISO 9002 for Quality RWTUV Germany July BVC

1995

08 IS/ISO- 1400 BIS New Delhi Sep. Both

Environment 1999
Management
09 Rajiv Gandhi national Greentech foundation 2006-74 Both
Award for energy Hyderabad
conversation
10 Workers Education Central Board of 1998-99 SCW
Trophy. Workers Education 2008-09 BVC
11 National safety award Ministry of Labors 2010-11 BVC
Govt. of India

20 |
Product

Cement is the flagship of BIRLA Corporation limited. Nearly 93%

of BCL turn over comes from the cement division.

Cement: - A binding material exhibiting hydraulic strength known as

Hydraulic cement.

Finally ground material which on addition of requisites quantity

water is capable of Harding both under and air by the chemical of blending
together.

Raw Material: - Lime stone, clay iron, fuel used.

Manufacturing process: - Wet, semi wet, semi dry, finished,

Important Properties of cement:-

Compressive strength

Starting time

Specific surface aria

Resistance to chemical attack

Heat of duration

Application aria of Cement;-

Dams and Bridges

Concert roads
21 |
All type of general construction

Under water construction

Application of product;-

BIRLA Cement Khajuraho/ Chetek-43 grades ordinary, Portland cement

Brick and stone masonry.

Plastering and flooring
Plain and reinforced cement concrete
Pre- cast and pre stressed concrete
Birla cement Khajuraho/ Chetek-53 grad ordinary, Portland cement
Railway sleepers
Pre-stressed graders and electronic poles.
M-25& above concrete.
Roads runways industrial, building, RCC bridge, & lofty building
Pre-cast concrete elements
Birla samrat Portland pozzolana cement -
Bricks and flooring
Plastering and flooring
Plain and reinforced cement concrete
Ordinary pre-cat concrete work.
Birla cement khajuraho-sulphate Resisting Portland cement-
Building near sea coast
Below ground, where concrete or mortar is used in foundation, aqua
ducts, canals & culverts.
Desert condition
In swampy area for footing, plinth beans, piles etc.
Industrial effluent treatment plant, cooling, towers, chimneys,
sewerages treatment plant.
Marine structures.

22 |
BIRLA cement Khajuraho Law alkali cement

Bridges
Dames
Reservoirs

BIRLA cement Khajuraho IRS T40 cement

Railways

P.P.C.
(Pozzolana Cement)
BIRLA

P.S.C.
Product range (Portland Slag
cement satna )

O.P.C.
(Ordinary Portland
Cement )

23 |
Product profile;-

Facts;-

Rs.1300 crore plus turn over

93% turnover comes from cement
All six plant capacity 57.80 ton per annum
40.58 crores exports in year 006-07

Plant:-

1. Satna Madhya Pradesh BIRLA vikas cement (1982) satna cement

works (1959)
2. Chakan ( pune ): Auto term Division
3. Chanderia ( Rajasthan ) : BIRLA cement works (1967), Chanderia
cement works,
4. Durgapur (west Bengal): Durgapur cements works (1974), Durga hi-
tech cement.
5. Gorgon ( Haryana ) : Auto term division
6. Kolkata (west Bengal): Soorah joot mill.
7. Rae Bareli ( Utter Pradesh) : BIRLA corporation limited-1998 (
cement Division
8. BIRLApur (west Bengal) Auto term division. BIRLA jute mill
BIRLApur Service division. BIRLA Vinoleum.

24 |
SATNA CEMENT WORKS:-
The origin of BIRLA juts cement activities at sonata go back to mid

fifties and at this point if time, division of BIRLA jute to other areas

started to take shape. Satna cement works was the first cement plant in

the house of BIRLA and the plant itself was a capacity, which was the

largest single unit it terms of production capacity of 2.51 lac ton per

annum (TAP). Our cement is sold under the trademark of KHAJURAHO

A lot of changes in cement making process technology took place

between seventies and eighties and again the company was in for front

to establish the fist largest sized plant based on dry process with

precalcinutor technology.

The plant of 8 lac TAP capacity started functioning from October 1982

and had all largest technology. Instrument and automation. This has the

first plant in the century on one computer control of the process with

25 |
the aid of array spectrometer for quick and accurate analysis of the

process with the aid of materials selection of plant process enabled

satna cement to produce extremely good quality of cement efficiently

and economically.

With the establishment of this plant. The materials cement making by

wet process becoming uneconomical apart from wastage of valuable

fuel and energy in counting to run the outdated was process plant

established in 1959. After that the company decided to convert the

wasteful wet process plant with precalcinatar technology in the year

1987. This plant also incorporates the latest machinery and equipment

for making cement of quality and low cost.

26 |
 INTRODUCTION

MEANING OF WORKING CAPITAL

Working capital (abbreviated WC) is a financial metric which represents operating liquidity

available to a business, organization or other entity, including governmental entity. Along with

fixed assets such as plant and equipment, working capital is considered a part of operating

capital. Net working capital is calculated as current assets minus current liabilities. It is a

derivation of working capital that is commonly used in valuation techniques such as DCFs

(Discounted cash flows). If current assets are less than current liabilities, an entity has a

working capital deficiency, also called a working capital deficit. A company can be endowed

with assets and profitability but short of liquidity if its assets cannot readily be converted into

cash. Positive working capital is required to ensure that a firm is able to continue its operations

and that it has sufficient funds 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.

Current assets and current liabilities include three accounts which are of special

importance. These accounts represent the areas of the business where managers have the most

direct impact:

Accounts receivable (current asset)

inventory (current assets), and

27 |
 accounts payable (current liability)

Working capital is commonly defined as the difference between current assets

and current liabilities.

Working Capital = Current Assets-Current Liabilities

There are two major concepts of working capital:

Gross working capital
Net working capital

Gross working capital:

It refers to firm's investment in current assets. Current assets are the assets,
which can be converted into cash with in a financial year. The gross working
capital points to the need of arranging funds to finance current assets.

Net working capital:

It refers to the difference between current assets and current liabilities. Net
working capital can be positive or negative. A positive net working capital will
arise when current assets exceed current liabilities. And vice-versa for negative
net working capital. Net working capital is a qualitative concept. It indicates the
liquidity position of the firm and suggests the extent to which working capital
needs may be financed by permanent sources of funds. Net working capital also
covers the question of judicious mix of long-term and short-term funds for
financing current assets.

28 |
 Significance Of Working Capital Management

The management of working capital is important for several reasons:

For one thing, the current assets of a typical manufacturing firm account for
half of its total assets. For a distribution company, they account for even more.

Working capital requires continuous day to day supervision. Working capital

has the effect on company's risk, return and share prices,

There is an inevitable relationship between sales growth and the level of

current assets. The target sales level can be achieved only if supported by
adequate working capital Inefficient working capital management may lead to
insolvency of the firm if it is not in a position to meet its liabilities and
commitments.

29 |
CLASSIFICATION OF WORKING CAPITAL
Working capital can be classified as follows:
On the basis of time
On the basis of concept

KINDS OF WORKING CAPITAL

ON THE ON THE
BASIS OF BASIS OF
CONCEPT TIME

PERMANENT/ TEMPORARY/
GROSS NET
FIXED VARIABLE
WORKING WORKING
WORKING WORKING
CAPITAL CAPITAL CAPITAL CAPITAL

REGULAR RESERVE SEASONAL SPECIAL

WORKING WORKING WORKING WORKING
CAPITAL CAPITAL CAPITAL CAPITAL

30 |
 Types of Working Capital Needs

Another important aspect of working capital management is to analyze the total

working capital needs of the firm in order to find out the permanent and

temporary working capital. Working capital is required because of existence of

operating cycle. The lengthier the operating cycle, greater would be the need for

working capital. The operating cycle is a continuous process and therefore, the

working capital is needed constantly and regularly. However, the magnitude and

quantum of working capital required will not be same all the times, rather it will

fluctuate.

The need for current assets tends to shift over time. Some of these changes reflect

permanent changes in the firm as is the case when the inventory and receivables

increases as the firm grows and the sales become higher and higher. Other

changes are seasonal, as is the case with increased inventory required for a

particular festival season. Still others are random reflecting the uncertainty

associated with growth in sales due to firm's specific or general economic factors.

31 |
The working capital needs can be bifurcated as:
Permanent working capital
Temporary working capital

Permanent working capital:

There is always a minimum level of working capital, which is continuously
required by a firm in order to maintain its activities. Every firm must have a
minimum of cash, stock and other current assets, this minimum level of current
assets, which must be maintained by any firm all the times, is known as
permanent working capital for that firm. This amount of working capital is
constantly and regularly required in the same way as fixed assets are required. So,
it may also be 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. The position of the required working
capital is needed to meet fluctuations in demand consequent upon changes in
production and sales as a result of seasonal changes.

32 |
 FINANCING OF WORKING CAPITAL

There are two types of working capital requirements as discussed above. They
are:
Permanent or Fixed Working Capital requirements
Temporary or Variable Working Capital requirements

Therefore, to finance either of these two working capital requirements, we have

long-term as well as short-term sources.

FACTORS DETERMINING WORKING CAPITAL

REQUIREMENTS

There are many factors that determine working capital needs of an enterprise.
Some of these factors are explained below:
Nature or Character of Business.
The working capital requirement of a firm is closely related to the nature of
its business. A service firm, like an electricity undertaking or a transport
corporation, which has a short operating cycle and which sells
predominantly on cash basis, has a modest working capital requirement. Oh
the other hand, a manufacturing concern like a machine tools unit, which
has a long operating cycle and which sells largely on credit, has a very
substantial working capital requirement.

33 |
 Sintech is a manufacturing concern so this requires them to keep a very
sizeable amount in working capital.

Size of Business/Scale of Operations.

Sintech has a good position in its segment and they are also spending
their operations in the domestic market as well as in foreign market.
The scale of operations and the size it holds in the market makes it a
must for them to hold their inventory and current asset at a huge level.

Rate of Growth of Business.

The rate of growth of sales indicates a need for increase in the working
capital requirements of the firm. As the firm is projected to increase their
sales by 69% from what it was in 2009, it is required to guard them against
the increasing requirements of the net current asset by way of efficient
working capital management. The sales and projected sales level determine
the investment in inventories and receivables.

Price Level Changes.

Changes in the price level also affect the working capital requirements. It
was the reduced margins in the price of the raw materials that had
prompted them to go for bulk purchases thus making on additions to their
net current assets. They might have gone for this large-scale procurement
for availing discounts and anticipating a rise in prices, which would have
meant that more funds are required to maintain the same current assets.

34 |
WORKING CAPITAL CYCL
The upper portion of the diagram above shows in a simplified form the chain of
events in a manufacturing firm. Each of the boxes in the upper part of the diagram
can be seen as a tank through which funds flow. These tanks, which are
concerned with day-to-day activities, have funds constantly flowing into and out
of them.

The chain starts with the firm buying raw materials on credit.
In due course this stock will be used in production, work will be carried out
on the stock, and it will become part of the firms work-in-progress.
Work will continue on the WIP until it eventually emerges as the finished
product.
As production progresses, labor costs and overheads need have to be met.
Of course at some stage trade creditors will need to be paid.
When the finished goods are sold on credit, debtors are increased.
They will eventually pay, so that cash will be injected into the firm.

Each of the areas- Stock (raw materials, WIP, and finished goods), trade debtors,
cash (positive or negative) and trade creditors can be viewed as tanks into and
from which funds flow.
Working capital is clearly not the only aspect of a business that affects the amount
of cash.
The business will have to make payments to government for taxation.
Fixed assets will be purchased and sold
Lessors of fixed assets will be paid their rent
Shareholders (existing or new) may provide new funds in the form of cash
35 |
 Some shares may be redeemed for cash
Dividends may be paid
Long-term loan creditors (existing or new) may provide loan finance, loans
will need to be repaid from time-to-time, and
Interest obligations will have to be met by the business
Unlike, movements in the working capital items, most of these non-working
capital cash transactions are not every day events. Some of them are annual events
(e.g. tax payments, lease payments, dividends, interest and, possibly, fixed asset
purchases and sales). Others (e.g. new equity and loan finance and redemption of
old equity and loan finance) would typically be rarer events

The current portion of debt (payable within 12 months) is critical, because it represents a

short-term claim to current assets and is often secured by long term assets. Common types of

short-term debt are bank loans and lines of credit. An increase in working capital indicates that

the business has either increased current assets (that it has increased its receivables, or other

current assets) or has decreased current liabilities,

for example has paid off some short-term creditors.

Implications on M&A: The common commercial definition of working capital for the purpose

of a working capital adjustment in an M&A transaction (i.e. for a working capital adjustment

mechanism in a sale and purchase agreement) is equal to: Current Assets Current Liabilities

excluding deferred tax assets/liabilities, excess cash, surplus assets and/or deposit balances.

Cash balance items often attract a one-for-one purchase price adjustment.

36 |
 WORKING CAPITAL

MANAGEMENT AT BIRLA

CEMENT SATNA

37 |
Birla cement corporation satna Decisions relating to working capital and short term financing

are referred to as working capital management. These involve managing the relationship

between a firm's short-term assets and its short-term liabilities. The goal of working capital

management is to ensure that the firm is able to continue its operations and that it has

sufficient cash flow to satisfy both maturing short-term debt and upcoming operational

expenses.

A popular measure of working capital management is the cash conversion cycle, that is, the

time span between the expenditure for the purchases of raw materials and the collection of

sales of finished goods for example, found that the longer the time lag, the larger the

investment in working capital. A long cash conversion cycle might increase profitability

because it leads to higher sales. However, corporate profitability might decrease with the cash

conversion cycle, if the costs of higher investment in working capital rise faster than the

benefits of holding more inventories and/or granting more trade credit to customers.

For many manufacturing firms the current assets account for over half of their total assets. The

management of working capital may have both negative and positive impact of the firms

profitability, which in turn, has negative and positive impact on the shareholders wealth. The

present study seeks to explore in detail these effects. Firms may have an optimal level of

working capital that maximizes their value. Large inventory and generous trade credit policy

may lead to high sales. The larger inventory also reduces the risk of a stock-out. Trade credit

may stimulate sales because it allows a firm to access product quality before paying . Another

component of working capital is accounts payables. It is believed that delaying payment of

accounts payable to suppliers allows firms to access the quality of bough products and can be
38 |
expensive if a firm is offered a discount for the early payment. By the same token, uncollected

accounts receivables can lead to cash inflow problems for the firm.

By definition, working capital management entails short term decisions - generally, relating to

the next one year period - which is "reversible". These decisions are therefore not taken on 3

the same basis as Capital Investment Decisions (NPV or related, as above) rather they will be

based on cash flows and / or profitability.

One measure of cash flow is provided by the cash conversion cycle - the net number of days

from the outlay of cash for raw material to receiving payment from the customer. As a

management tool, this metric makes explicit the inter-relatedness of decisions relating to

inventories, accounts receivable and payable, and cash. Because this number effectively

corresponds to the time that the firm's cash is tied up in operations and unavailable for other

activities, management generally aims at a low net count.

In this context, the most useful measure of profitability is Return on capital (ROC). The result

is shown as a percentage, determined by dividing relevant income for the 12 months by capital

employed; Return on equity (ROE) shows this result for the firm's shareholders. Firm value is

enhanced when, and if, the return on capital, which results from working capital management,

exceeds the cost of capital, which results from capital investment decisions as above. ROC

measures are therefore useful as a management tool, in that they link short-term policy with

long-term decision making. See Economic value added (EVA).

Credit policy of the firm: Another factor affecting working capital management is credit policy

of the firm. It includes buying of raw material and selling of finished goods either in cash or on

credit. This affects the cash conversion cycle.

39 |
 Management of Working Capital In company

Guided by the above criteria, management will use a combination of policies and techniques for

the management of working capital. The policies aim at managing the current assets (generally

cash and cash equivalents, inventories and debtors) and the short term financing, such that

cash flows and returns are acceptable.

Cash management. Identify the cash balance which allows for the business to meet day to

day expenses, but reduces cash holding costs.

Inventory management. Identify the level of inventory which allows for uninterrupted

production but reduces the investment in raw materials - and minimizes reordering costs - and

hence increases cash flow. Besides this, the lead times in production should be lowered to

reduce Work in Process (WIP) and similarly, the Finished Goods should be kept on as low level

as possible to avoid over production - see Supply chain management; Just In Time (JIT);

Economic order quantity (EOQ); Economic quantity

Debtors management. Identify the appropriate credit policy, i.e. credit terms which will

attract customers, such that any impact on cash flows and the cash conversion cycle will be

offset by increased revenue and hence Return on Capital (or vice versa); see Discounts and

allowances.

Short term financing. Identify the appropriate source of financing, given the cash conversion

cycle: the inventory is ideally financed by credit granted by the supplier; however, it may be

necessary to utilize a bank loan (or overdraft), or to "convert debtors to cash" through

"factoring".
40 |
41 |
 BALANCE SHEET as at 31st March, 2015

(` in lacs)
Note No. As at March 31, 2015 As at March 31, 2014
EQUITY AND LIABILITIES
SHAREHOLDERS FUNDS
Share Capital 2.1 7700.89 7700.89
Reserves and Surplus 2.2 254710.48 244906.76
262411.37 252607.65
NON-CURRENT LIABILITIES
Long-Term Borrowings 2.3 110178.17 91630.90
Deferred Tax Liabilities (Net) 2.4 24293.75 23421.38
Other Long-Term Liabilities 2.5 35317.30 28862.26
Long-Term Provisions 2.6 3117.06 2714.46
172906.28 146629.00
CURRENT LIABILITIES
Short-Term Borrowings 2.7 14082.74 16310.49
Trade Payables 2.8 18808.55 15474.23
Other Current Liabilities 2.9 23547.43 49968.27
Short-Term Provisions 2.6 7369.87 6865.97
63808.59 88618.96
TOTAL 499126.24 487855.61

ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets 2.10 192067.03 186121.62
Intangible assets 2.10 189.73 363.34
Capital Work-In-Progress 12269.87 14166.77
204526.63 200651.73
Non-Current Investments 2.11 36253.96 35202.55
Long-Term Loans and Advances 2.12 22423.75 20335.36
Other Non-Current Assets 2.13 2907.78 3006.50
266112.12 259196.14
CURRENT ASSETS
Current Investments 2.14 95535.95 98197.36
Inventories 2.15 55211.02 51510.71
Trade Receivables 2.16 8812.50 7471.14
Cash and Bank Balances 2.17 46677.06 50108.27
Short-Term Loans and Advances 2.12 10368.32 8055.39
Other Current Assets 2.13 16409.27 13316.60
233014.12 228659.47
TOTAL 499126.24 487855.61
Significant Accounting Policies 1
The Notes are an integral part of the Financial Statements

As per our Report annexed.

For H. P KHANDELWAL & CO.
Chartered Accountants ADITYA SARAOGI HARSH V. LODHA
Firm Registration No. 302050E Chief Financial Officer Chairman

42 |
 STATEMENT OF PROFIT AND LOSS for the year ended 31st
March, 2015

(` in lacs)
For the year ended For the year ended
Note No. 31st March, 2015 31st March, 2014

INCOME
Revenue from Operations (Gross) 2.18 369216.83 347792.22
Less : Excise Duty 48227.59 46157.01
Revenue from Operations (Net) 320989.24 301635.21
Other Income 2.19 15593.94 12490.85
Total Revenue 336583.18 314126.06

EXPENSES
Cost of Materials Consumed 2.20 51131.22 49327.27
Purchases of Traded Goods 2.21 124.42 140.08
(Increase)/ Decrease in Inventories of Finished Goods,
Work-In-Progress and Traded Goods 2.22 (3998.88) 3915.75
Employee Benefits Expense 2.23 22547.51 22157.56
Finance Costs 2.24 7837.26 8559.44
Other Expenses 2.25 221023.29 200446.34
298664.82 284546.44
Profit before Tax, Depreciation and Amortisation 37918.36 29579.62
Depreciation and Amortisation Expense 2.26 15345.97 13258.27
Profit before Tax & Exceptional Items 22572.39 16321.35
Exceptional Items 2.27 1284.47 1093.19
Profit before tax 21287.92 15228.16
Tax Expense : 2.28
Current Tax 2933.14
Deferred Tax 1316.30 2252.14
Income Tax for earlier years (505.53)
Profit for the year 17544.01 12976.02

Earnings Per Share (Nominal value ` 10 /-) (in Rupees)

Weighted Average Number of Ordinary Shares outstanding 77005347 77005347
during the year
Basic and Diluted earnings per share (in Rupees) 22.78 16.85

Significant Accounting Policies 1

The Notes are an integral part of the Financial Statements

43 |
CASH FLOW STATEMENT for the year ended 31st March, 2015 (` in lacs)
For the year ended For the year ended
31st March, 2015 31st March, 2014
Cash Flow from Operating Activities:
Profit after Exceptional Items & before Tax 21,287.92 15,228.16
Adjustments for :
Depreciation & Amortisation 15,345.97 13,258.27
Investing Activities (Net) (14,628.61) (11,209.12)
Provision for doubtful debts 195.83 441.95
Loss on sale/ discard of Fixed Assets (Net) 64.10 88.24
Excess Liabilities and unclaimed balances written back (Net) (662.32) (2,268.07)
Excess Depreciation written back (41.02) (87.07)
Foreign Exchange Fluctuations 3,015.06 3,462.30
Finance Costs 9,121.73 8,559.44
Operating Profit before Working Capital changes 33,698.66 27,474.10
Adjustments for :
(Inc)/ Dec in Trade Receivables (1,537.19) (416.80)
(Inc)/ Dec in Inventories (3,700.32) 5,503.35
(Inc)/ Dec in Loans and Advances & Other Assets (7,291.69) (628.63)
Inc/ (Dec) in Trade Payables & Other Liability 10,478.19 8,689.62
Inc/ (Dec) in Provisions 764.39 (391.82)
Cash generated from operations 32,412.04 40,229.82
Direct Taxes Paid (4,568.03) (4,012.20)
Net Cash from Operating Activities 27,844.01 36,217.62
Cash Flow from Investing Activities:
Purchase of Tangible & Intangible Assets including
CWIP/ Capital Advances (21,699.13) (16,433.79)
Sale of Tangible Assets 688.67 362.78
(Purchase)/Sale of Investments (Net) 9,295.66 (2,587.65)
(Inc)/ Dec in Other Bank Balances 4,010.44 (21,401.06)
(Inc)/ Dec in Advances to Related Parties (0.69) (6.39)
Interest received 6,563.53 5,120.83
Dividend received 386.49 572.23
Net Cash used in Investing Activities (755.03) (34,373.05)
Cash Flow from Financing Activities :
Proceeds from Long-Term Borrowings 21,725.09 50,312.22
Repayments of Long-Term Borrowings (32,081.18) (26,478.58)
(Repayments)/Proceeds from Short-Term Borrowings (2,248.87) (11,448.01)
Interest Paid (8,499.25) (9,333.01)
Dividend Paid (4,620.32) (3,464.08)
Corporate Dividend tax paid (785.22) (588.92)
Net Cash used in Financing Activities (26,509.75) (1,000.38)
Net Increase in Cash and Cash Equivalents 579.23 844.19
Cash and Cash Equivalents (Opening Balance) 6,496.37 5,652.18
Cash and Cash Equivalents (Closing Balance) 7,075.60 6,496.37

Notes :
a) Above statement has been prepared in indirect method.
b) Figures for the previous year have been re-grouped wherever considered necessary.
c) Direct Taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities

44 |
Position of WORKING CAPITAL RATIO in Birla Corporation Limited Satna

FORMULA

INVENTORY + RECIVEABLE - PAYABLE

WORKING CAPITAL RATIO= ----------------------------------------------------------
(AS % OF SALES) SALES

YEAR 31.03.012 31.03.013 31.03.14

WORKING CAPITAL RATIO 18 32 53

Analysis through chart:

60
50
40
AS %

30
20
10
0
20012 2013 2014
YEAR

INTERPRETATION

This ratio indicates whether the investments in current assets or net current
assets ( i.e., working capital ) have been properly utilized. In order words it
shows the relationship between sales and working capital. Higher the ratio

45 |
lower is the investment in working capital and higher is the profitability. But
too high ratio indicates over trading.

This ratio is an important indicator about the working capital position. Now if
we analyze the three years data, we find that it follows an increasing trend
which means that its investment in working capital is lower and the company
is utilizing more of its profit. But we find that ratio is increasing at a very fast
rate which is not a good sign for the company and the company is required to
look into these matters closely.

Position of CURRENT RATIO in Birla Corporation Limited Satna.

FORMULA
TOTAL CURRENT ASSETS
CURRENT RATIO= --------------------------------------------
TOTAL CURRENT LIABILITIES

YEAR 31.03.012 31.03.013 31.03.14

CURRENT RATIO 1.00 1.14 1.14

Analysis through chart:

1.2
1.15
1.1
1.05
1
0.95
0.9
2012 2013 2014

YAER

46 |
INTERPRETATION

This ratio reflects the financial stability of the enterprise. The standard of the
normal ratio is 2:1 but in most of companies standard is taken according to
Tandon Committee which is taken as 1.33:1.
Now if we analyze the three years data it can be predicted that it holds a
stable position all throughout period but it is seen that it holds a low position
than the standard one and the company is required to improve its position.

Position of QUICK RATIO in Birla Corporation Limited Satna

FORMULA

TOTAL CURRENT ASSETS - INVENTORIES

QUICK RATIO= -----------------------------------------------------------------
TOTAL CURRENT LIABILITIES

YEAR 31.03.012 31.03.013 31.03.14

QUICK RATIO 0.46 0.74 0.40

Analysis through chart:

0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2012 2013 2014

YEAR

INTERPRETATION

47 |
It is the ratio between quick liquid assets and quick liabilities. The normal
value for such ratio is taken to be 1:1. It is used as an assessment tool for
testing the liquidity position of the firm. It indicates the relationship between
strictly liquid assets whose realizable value is almost certain on one hand and
strictly liquid liabilities on the other hand. Liquid assets comprise all current
assets minus stock.
By analyzing the three years data it can be said that its position was weak in
the year 2007 but it improved significantly in the next year and again it is
declined during the 2009. It is to be said that it does not meet with the
standard but in the year 2008 it was very close to the standard and it can be
said that its liquidity position is not good & stable.

Position of CURRENT ASSETS TO FIXED ASSETS RATIO Birla Corporation

Limited Satna
FORMULA
CURRENT ASSETS
CA TO FA RATIO = -----------------------------
FIXED ASSETS

YEAR 31.03.012 31.03.013 31.03.14

CATO FA RATIO 1.65 2.93 3.21

Analysis through chart:

3.5
3
2.5
DAYS

2
1.5
1
0.5
0
2012 2013 2014

YEAR

48 |
INTERPRETATION

Assuming a constant level of fixed assets, a higher CA/FA ratio indicates a

conservative current assets policy and a lower CA/FA ratio means an
aggressive current assets policy assuming other factors to be constant. A
conservative policy i.e. higher CA/FA ratio implies greater liquidity and lower
risk; while an aggressive policy i.e. lower CA/FA ratio indicates higher risk
and poor liquidity.

Now if we analyze the three year data we find the CA TO FA Ration in

increasing pattern, so we can say that company is following the conservative
policy to finance its short term capital requirement.

Position of INVENTORY TURNOVER RATIO Birla Corporation Limited

Satna

FORMULA

AVERAGE STOCK
STOCK TURN OVER RATIO ( IN DAYS )= --------------------------------------- * 365
COST OF GOODS SOLD

YEAR 31.03.012 31.03.013 31.03.14

INVENTORY TURNOVER RATIO 104 79 227
(In Days)

Analysis through chart:

49 |
 250
200

DAYS
150
100
50
0
2012 2013 2014
YEAR

INTERPRETATION

This ratio tells the story by which stock is converted into sales. A high stock
turnover ratio reveals the liquidity of the inventory i.e., how many times on an
average, inventory is turned over or sold during the year. If a firm maintains a
minimum stock level in order to maximize sales by quick rotation of inventory
and the holding cost of inventory will be minimum. A low stock turn over ratio
reveals undesirable accumulation of obsolete stock.

By analyzing the three year data it seen that it follows an uneven trend. We
see that it is reduced to 79 from the 104 days in 2008 and in 2009 it is
increased by 148 days, Which is not a good indicator for the company.
Company should have to reduce the inventory conversion period in order to
reduce the cost.

50 |
Conclusion

51 |
The over all performance of Birla Corporation limited is getting on a good

track. The total turnover of the company has registered a growth of

11.27% where as the operating profits for the year were higher by 18.03%

mainly on the accounts of increase in the volume or blended cement in the

over all cement sales. Higher realization and effective cost control measure

taken by the company. The profit before tax was up by 19.37% at Rs.

551.18 crores at against Rs. 461.74 crores in the previous year. The cash

earning of the company improved substantially to Rs. 501.39 crores as

against Rs. 179.25 crores in the last financial year. With the increase in

capacity on account of expansion projects being undertaken by the

company. It is expected that all the company would be in position to

maintain the growth in future years.

Company has parked its surplus fund in the various debt schemes of

mutual fund. There is an increase of 140% in investment from the previous

year. Company is cash rich but as there are expansion and diversification

plans under the pipeline, company is not utilizing these funds for meeting

the working capital need and capacity expansion need it has borrowed

from banks.

52 |
The recent boom in the housing. Construction and retail sector in India

coupled with continued thrust of the Government on infrastructure

projects expected to sustain healthy growth of cement demand. During the

year 2013-14, Indian cement industry has registered a growth of 9.34% in

terms of Birla Corporation Ltd. Have announced substantial increase in

capacity and the possibility of oversupply situation cannot

rule out.

LIMITATION OF WORKING CAPITAL

When there is an excessive working capital it possibly will lead to the

needless procurement and buildup of inventory attracting more

probability of burglary, waste and losses.

Redundant working capital implies too much debtors and faulty credit

practices which may create elevated occurrence of bad debts.

It may lead to incompetency of the company, on the whole.

53 |
 Owing to less rate of return on funds the worth of shares may as well

decrease.

The excessive working capital may raise speculative transactions.

A company which has insufficient working capital will not be able to

meet its short-term obligations in time. Therefore, it will lose its

goodwill and shall not be capable of getting superior credit facilities.

It cannot procure its necessities in bulk and cannot avail discounts.

It becomes difficult for the company to take advantage of positive

market situation and take on lucrative projects owing to lack of working

capital.

The company will not be able to disburse day-to-day expenditure of its

business activities and this may lead to inefficiencies and inflated

expenses and finally decrease the earning of the company.

54 |
RESEARCH MATHODLOGY

55 |
Research methodology is the systematic Method of recording new facts or
verifying old facts, their interrelationship casual explanation & the natural
laws that govern them.

The primary object of R.M. is to get true & intimate knowledge of human
society, organization & its functioning to know & understand the laws that are
operating behind various social activities of man.

METHOD OF COLLECTION:-
While deciding about the method of data collection to be used for the study,
there are two types of data

Primary & and secondary

The primary data are those which are collective a fresh & for first time & this
happen to be organization in character.

Secondary data are those which have already been collected by someone else
& which have been already passing through the statistical process.

I used two types of Primary data collection method:-

QUESTIONNAIRE MATHOD

This method, of collecting data is quite popular in case of big enquiry. In this

method a questionnaire is given to the person connected with a request to

answer the question. A questionnaire consist of no. of question Printed in

56 |
define order in a form. Data collection through the Questionnaire is free

from bias of the interviewer & is more dependable& reliable.

INTERVIEW METHOD

It involves presentation of oral verbal stimulus & reply in term of oral-

verbal response. This method can be used through telephone interviews.

TYPE OF RESEARCH

This is descriptive research as this research includes surveys and fact

. Finding inquiries of different kinds. So Descriptive research help in

Knowing about the particular item or group of items on other words. It

Describes the state as it exists at present.

DATA COLLECTED
The data collected in this research is first hand so it is primary data. It is
collected directly from the respondent through questionnaire.

DATA COLLACTION METHOD

THIS data is collected for research questionnaire method. A questionnaire is
framed then data collected by making it fill by different respondent.

DATA COLLECTION INSTRUMENT

It is closed ended and open ended both type of questionnaire. If

Questionnaire is closed ended then questions are in the form of YES or

NO and if questionnaire is open ended then questions are in the forms of

Any numerical form.

57 |
 SIMPLE TECHNIQUES

Simple techniques are used in judgment sampling. As the selection of Sample

was done according to the researcher convenience.

SIMPLE UNIT
For people who want to be climb the success ladder fast. Then we targeted

high profile people like CA or MBAs or govt. people. For that we drafted a

letter in which we just gave them a hang of what our proposal was for them

(foe recruiting them as adviser) and ask them to contact us themselves if

they are interested. We got at least 10-15 calls of people who were interested

and wanted to become our advisers. Meetings were held with them and they

were converted.

58 |
QUESTIONNAIRE

59 |
 WORKING CAPITAL MANAGEMENT
Year End Questionnaire
Date:
Client Name:

Clint address .
..
Contact .
Email
Mobile

1- First Time Financial Statements & Tax Returns Yes No NA

60 |
 If we are preparing your accounts for the first time, please provide copies of your
last banking, Tax Returns, and ATO Notices of Assessment.

2 Computerized Accounts Yes No NA

Please provide a copy of your computerized data file

Name of program
Version Number

3 Manual Accounts Yes No NA

Please provide the following information

Reconciled cash book (if applicable )
Cheque payment details
Deposit details

4 Cash Balances Yes No NA

Please provides following information

Bank statement for the period 1 July to 30 June
Bank reconciliation ( if applicable)

5 Account receivable Yes No NA

Please supply a list of trade debtors as at 30 June

Please provide a list of bad debts written off or to be written off
6 Investment /Property Yes No NA

Please provide detail of all investment and rental property INCOME received
during the year including
Dividend statement
Interest statement
Trust taxation summaries
Rental property statements

Please provide all information details of investment /property PURCHASE

during the year including
Date of purchase
Cost of acquisition
Copy of contract for purchase
61 |
 Copy of settlement statement
Please provide detail of investment/property SOLD or DISPOSED during the
year including
Date of disposal
Consideration received
Copy of contract for purchase
Copy of settlement

7 stock/inventory/work in progress Yes No NA

Please advise the value of stock on hand/work in progress at 30 June

Please circle the valuation method you have used:
Cost Market Replacement
Alternative, Please confirm the value of stock at 30 June does not exceed the
value at 30 June the previous year by more than Rs. 5000

8 Prepayments Yes No NA

Have you paid any expenses in advance that span two financial years for
example
Subscription
Insurance
Internet / phone access
Legal fees

9 fixed assets Yes No NA

Please provide detail of assets PURCHASE during the year, including date and
estimate useful life
Please provide details of assets SOLD or DISPOSED during the year including
date and consideration received
Please review your depreciation schedule from the previous year. Have any of
these assets been scrapped taken for personal use or traded in ?
10 Accounts payables Yes No NA

Please supply a list of trade creditors as at 30 June.

Please provide a copy of credit card statements up to and including 30 June.

11 GST Yes No NA

62 |
Please provide copies of all Business Activity Statements (BAS) lodged during the
year

Date Signature

63 |
 BIBLIOGRAPHY

Financial management I- PANDEY

64 |
 Financial Statement Analysis- Dr Anjana
Bhattacharya
Financial management S.N. Maheswari
Annual report of BCL 2015-65
www.birlacementworkssatna.com
www.bcl.ltd.com

65 |