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Iilm Institue of Integrated Learning and Management Gurgaon
Iilm Institue of Integrated Learning and Management Gurgaon
ACKNOWLEDGEMENT
I acknowledge the support and guidance provided by the Dean and the staff of my institute, IILM (Institute of Integrated Learning and Management) Gurgaon, Haryana. I wish to express my sincere gratitude to MR. S.S. SHIVRAIN, General Manager, who gave me the opportunity to complete my summer project at PARLE BISCUITS PRIVATE LIMITED, Bahadurgarh. . My gratitude also extends to the head of the finance department at Parle, Mr.Jaideep Bhala (Fin & Accounts), Mr. Akhil Rastogi, Mr.Parminder Singh, Mr. S.N. Verma, Mr. Vinod Agrawal, Mrs. Santosh Narwal, Mr. Ajay Singal, Mr. Vijendra Singh, Mr. R.K.Monga (Excise), Mr. Rajiv Singh (I.T. Manager) Mr. Vidya Dhar Kaswan (Purchase Officer) who cooperated and guided me throughout the project. My sincere thanks to all staff members of the Finance, HR, Excise, Systems and Purchase departments who encouraged me and gave me valuable insights about the company.
(PRIYANKA TYAGI)
DECLARATION
I PRIYANKA TYAGI, the student of M.B.A. III Semester of IILM (INSTITUTE FOR INTEGRATED LEARNING AND MANAGEMENT) hereby declare that the Project Report on WORKING CAPITAL MANAGEMENT in PARLE BISCUITS PVT. LTD. Is my original work and has not been submitted by any other person. I also declare that I have done my work sincerely and accurately even then if any mistake or error had kept in, I request to the readers to point out these errors and guide me to remove theses errors in future.
(PRIYANKA TYAGI)
PREFACE
Practical work experience is the integral part of individual learning. An individual who is learning managerial concepts has to undergo this practical experience for being a future executive. Master of Business Administration is a two-year programme that inserts management knowledge in an individual to make that individual completely professional for which practical experience is must. Parle Biscuits Pvt. Ltd. is the market leader in biscuit industry. Bahadurgarh plant of PBPL offered me a project on Working Capital Management to understand the current position through dates provided by them.
TABLE OF CONTENTS
OBJECTIVE OF THE PROJECT RESEARCH METHODOLOGY COMPANY PROFILE WORKING CAPITAL AT A GLANCE METHOD OF ASSESMENT OF WORKING CAPITAL THEORTICAL ASPECTS OF WORKING CAPITAL MANAGEMANT
WORKING CAPITAL MANAGEMENT RECEIVABLES MANAGEMENT INVENTROY MANAGEMENT CASH MANAGEMENT
REFRENCES BIBLIOGRAPHY
OBJECTIVE OF PROJECT
Right from the beginning and also in present scenario, Confectionary has carved for itself a strong place in the international market with around half of the global primary demand of confectionary products. This scenario likely to continue into the 21st century. Now-a-days confectionary products are also a means to economic power. Most of the nations including developing countries like INDIA have placed adequate emphasis on self-reliance technology in confectionary industry. There has been a rapid and manifold increase in the activities of Parle Biscuits Pvt. Ltd. since past. These have been directed towards achieving of self-sufficiency in biscuit industry. In order to meet out the rising demand of biscuits in the country co-coordinated and consolidated efforts are required in the direction of exploration. It is precisely in such a background, that the role of analysis of working capital and its various components, so as to manage them effectively, gets pronounced. The problems in managing Working Capital particularly in the context of the risk-return trade off associated to very little scientific and rational analysis. It is against this backdrop that the present study seeks to make an attempt to critically analyze the effectiveness of Working Capital Management of Parle Biscuits Pvt. Ltd. and offer suggestions for improvement wherever necessary. 1) To determine the extent to which advance and modern techniques of Working Capital Management are being applied in Parle Biscuits Pvt. Ltd. 2) To analyze the pattern and size of investment in current assets. 3) To analyze the pattern and size of investment in current liabilities. 4) To analyze the Working Capital and its structure and suggest optimum level of Working Capital keeping in view of risks and imponderables associates with exploration.
5) To suggest measures to improve the current assets structure and to reduce current liabilities of Parle Biscuits Pvt. Ltd.
RESEARCH METHODOLOGY
After knowing the job profile of every employee of finance department in Bahadurgarh plant of PBPL. I choose the project of Working Capital Management. I discussed the project with my instructor and coordinator Mr. JAIDEEP BHALA Deputy Manager of Finance Department. He approved the project. After that a simple course of action has been followed for working on this project. All the data are gathered from the respective annual report of Parle Biscuits Pvt. Ltd. All the figures are taken from their balance sheet, profit & loss account of the respective years and other internal documents. My instructor Mr. JAIDEEP BHALA in understanding the facts and figures provided a great help. Mr. BHALA made it possible for me to ask my queries from that person who can answer these best rather than anybody else in the company. Although is has been a difficult task but the availability of proper data and timely guidance given by Mr. BHALA made it a little simpler to complete this project. In a lucid way I can summarize the steps of Research Methodology as1) 2) 3) 4) Collection Organization Presentation Interpretation
Fun Centre: Parle's Fun Centre range has the highest cream content amongst biscuits in the category. Best of all, one gets a choice of delicious, creamy flavors, such as, orange, elaichi (cardamom), and chocolate cream. Cheeslings: The scrumptious, cheese-filled taste makes it difficult to stop with just a few. The little fluffy biscuits, called Cheeslings is a unique, high-count cheese biscuit. Cheeslings has won 1 'Trophy of the International High Quality', 2 'Gold with Palm Leaves', 1'Grand Gold', 14 Gold and 2 Silver at the Monde Selection' awards. Jeffs: rectangular shaped, salted biscuit, flavored with cumin seed (Zeera) for that delicious, crunchy taste. The high-count of cumin seed makes Jeffs a more scrumptious savory - an absolute must, for munching just about anytime. Sixer: This six-sided, salted delight is one hard-to-resist savory. Whatever the occasion, Sixer makes for a great salty snack. Be it a picnic, a party, or just any snack time, Sixer gives that crunchy, munchy, delicious, salty taste that leaves one wanting for more!
THE PRODUCT
Parle biscuits have a range of variants in its product portfolio. The popular brands Parle g, krackjack, Monaco and its variants (zeera, onion and methi) are available in packets of various convenient sizes. New products like Hide & Seek are a foray into the premium segment.
THE PLACE
A well-entrenched distribution system (the company covers 12-15 lakh outlets across the country), with 39 depots at strategic points all over the country. From the depots, the biscuits are sold to wholesalers and further to retailers.
THE PACKAGING
Biscuit packing has undergone a swift transformation. From the earlier waxedpaper packing, Parles BOPP offering is not only stylish and enticing but also increases the shelf life of the biscuits.
The plant works in coordination with the Mumbai office, Neemrana (Rajasthan) Plant of PBPL, 11-contract base manufacturing units and 40 depots. But the accounts are finalized of Neemrana plant and 11 CMUS at Bahadurgarh Plant. Location of the 11 CMUS is as follows5 at Kanpur 1 at Gorakhpur 1 at Patna 1 at Faizabad 1 at Raipur 1 at Varanasi 1 at Ajmer
DEPARTMENTS IN PLANT
FINANCE HR & PERSONNEL QUALITY ASSURANCE PRODUCTION & PRINTING EXCISE & DESPATCH ENGINEERING I.T. PURCHASE STORE
The organization follows a flat structure with less hierarchal levels. The heads of the different departments report to the General Manager through direct communication. The working atmosphere is not stressful with enough work-flexibility given to staff and managers. The plant also has auditorium and viewing gallery, which is used during the visit of school children. A retail shop at the Plant provides Parle Products at M.R.P. rates.
INTRODUCTION
A successful sales program is necessary for earning profits by any business enterprise. Sales dont convert into cash instantly. There is a time lag between the sale of goods and receipt of cash. Therefore, there is a need for working capital in the form of current assets to deal with the problem arising out of the lack of immediate realization of cash against goods sold. Therefore sufficient working capital is necessary to sustain sales activity.
FEATURES
1) Working capital is regarded as the excess of current assets over current liabilities. 2) Working capital indicates circular flow of funds in the day-to-day activities of business. Thats why it is also called circulating capital. 3) Working capital represents the minimum amount of investment in raw materials, work-in progress, finished goods, stores and spares, accounts receivables and cash balance.
TYPES
Working capital can be classified either on the basis of concept or on the basis of periodicity of its requirement.
DETERMINANTS
2)
3)
4)
Length of period of manufacturing The time which elapses between the commencement and end of the manufacturing process has an important bearing upon the requirements of working capital. The manufacturing cycle may be shorter for certain concerns & longer for others- it depends on the type of the product to be manufactured, work to be done through machine labour & hand labour, degree of rationalization of manufacturing procedures through times, motion & fatigue studies etc. Terms of purchase - If suppliers allow continuous credit, payment can be postponed for some time and can be made out of the sale proceeds of the goods produced. In such a case, the requirements of working capital will be reduced. Dynamic Attitudes As a company grows, it is logical to expect the large amount of working capital will be required.
business. When the price level is up due to boom conditions, the inflationary
5)
6)
conditions create demand for more working capital. During depression also a heavy amount of working capital is needed due to the inventories being locked unsold and book debts uncollected.
8)
company are also influenced by the amount of cash required by it for various purposes. The greater the requirement of cash, the higher will be the working capital needs of the company. 9) Dividend policy of concern If the management follows a conservative dividend policy the needs of working capital can be met with the retained earnings. The relationship between dividend policy and working capital is well established and mostly companies declare dividend after a careful study of their cash requirements. 10) Other Factors - Other factors, which affect the requirement of working capital, are lack of co-operation in production and distribution policies, transport and communication facilities, the fiscal and tariff policies of the government etc.
COMPONENTS
Main components of working capital are as follows:
capital which could put to productive use elsewhere. On the other hand, having too small an inventory could result in loss of sale or loss of customer goodwill. An optimum level of inventory should therefore be maintained .
Working capital cycle indicates the length of time between a firms paying for materials entering into stock and receiving the cash from sale of finished goods. In a manufacturing firm, the duration of time required to complete the sequence of events is called operating cycle. In case of a manufacturing company, the operating cycle is the length of time necessary to complete the following cycle of events: 1) 2) 3) 4) 5) Conversion of cash into raw materials Conversion of raw materials into work-in-progress Conversion of work-in-progress into finished goods Conversion of finished goods into accounts receivable Conversion of accounts receivable into cash
The above operating cycle is repeated again & again over the period depending upon the nature of the business & type of product etc. tne duration of the operating cycle for the purpose of estimating working capital is equal to the sum of duration allowed by the suppliers. Working capital cycle can be expressed as:
R+W+F+D-C
Where R=Raw Material Storage Period= Avg. Stock of Raw Material Avg. Cost of Production per day W=Work in Progress Holding Period = Avg. Work in ProgressInventory Avg. Cost of Production per day F=Finished Goods Storage Period = D=Debtors Collection Period = C=Credit Period Avail = Avg. Stock of Finished Goods Avg. Cost of Goods Sold per day Avg. Book Debts Avg. Credit Sales per day Avg. Trade Creditors Avg. Credit Purchases per day
REALIZATION
Accounts Receivables
SALES
Cash
Finished Goods
PURCHASE
Raw Materials
PROCESS
Work-in-Process
Stock in Process =
.088
Finished goods =
9.13
4.22 _______________
= =
5037.66 Rs.
WORKING CAPITAL REQUIRED = Total Length of X Monthly Expenses Operating Cycle __________________________________ 30 = 21.34 X 30 5037.66
= 3583.45Rs.
Working Notes: 1. Raw Material (Mentioned in P&L Account) Opening Stock + Purchases Closing Stock 2003-04: Annual Consumption
= =
2. Stock In Process -Raw Material + Power + Labour + Repairs + Other Manufacturing Expenses + Depreciation + Opening Stock Closing Stock 2003-04: Cost of Production = 40125.5 Rs. 40125.5/12 = 3343.81Rs.
= 41315.08 Rs.
3. Finished Goods -Cost of Production + Opening Stock - Closing Stock 2003-04: Cost of Goods Sold
= 40275.31Rs.
1 Months Finished Goods = 40275.31/12 = 3356.27Rs. 2004-05: Cost of Goods Sold = 41529.54Rs.
Working capital management is concerned with the problems that arise in attempting to manage the current assets, the current liabilities and the interrelationship that exists between them. The term current assets refer to those assets which is the ordinary course of business can be converted into cash within one year. Major current assets are cash, marketable securities, accounts receivable and inventory. Current liabilities are those liabilities, which are intended, at their inception, to be paid in the ordinary course of business within a year, out of the current assets or earnings of the concern. Current liabilities are accounts payable, bills payable, bank overdraft, and outstanding expenses. Working capital is that portion of firms assets which is financed by long-term funds. Interaction between current assets and current liabilities is the main theme of the theory of working capital management. Goal of working capital management is to manage the firms current assets and liabilities in such a way so that a satisfactory level of working capital is maintained. The second important segment of working capital management is deciding the optimum level of investment in various current assets. There are three important current assets cash, accounts receivables and inventory
RECEIVABLES MANAGEMENT
INTRODUCTION
The term receivable is defined as debt owed to the firm by customers arising from sale of goods or services in the ordinary course of business. When a firm makes an ordinary sale of goods or services and doesnt receive payment, the firm grants trade credit accounts receivable, which could be collected in the future. Receivables Management is also called trade credit management.
OBJECTIVE
The objective of receivables management is to promote sales and profits until that point is reached where the return on investment in further funding receivables is less than the cost of funds raised to finance that additional credit.
BENEFITS
Investments in receivables involve both benefits and costs. The extension of trade credit has a major impact on sales, costs and profitability. Other things being equal, a relatively liberal policy and, therefore, higher investments in receivables, will produce larger sales. However, costs will be higher with liberal policies than with more stringent measures. Therefore, accounts receivables management should aim at a trade-off between profit (benefit) and risk (cost).
CREDIT POLICIY
The credit policy of a firm provides the framework to determine: 1) Credit standards 2) Credit terms 3) Credit Analysis
Credit Standard
The term credit standards represent the basic criteria for the extension of credit to those customers to whom goods could be sold on credit. If a firm has more slow-paying customers, its investment in accounts receivables will increase. The firm will also be exposed to higher risk of default.
Credit Terms
Credit terms specify duration of credit and terms of payment by customers. Investment in accounts receivables will be high if customers are allowed extended time period for making payments.
Credit Analysis
Credit analysis and investigation is an aspect of credit policies of a firm. Two basic steps are involved in the credit investigation process: Obtaining credit information B. Analysis of credit information It is on the basis of credit analysis that the decisions to grant credit to a customers as well as the quantum of credit would be taken.
After collecting the amount of sold goods it is deposited by the depots in any of these bank. Parle Biscuits Pvt. Ltd. divided its customers in 4 categories1) Cheque Parties Cheque parties are those who send their blank cheques to Depots before receiving the finished goods. Depots fill the selling amount of the consignment in those cheques and then these cheques are deposited by the depots in the account of PBPL in any of these 5 banks. 2) Demand Draft Parties In such cities where anyone of these 5 banks isnt there customers of those come in this category. Before receiving the finished goods customers send the draft of the consignment amount to production plants directly. Then consignment is sent to those customers by concerned depot. 3) Credit Parties Those parties to whom maximum 4 days credit facility is provided are called credit parties. After 4 days these parties send cheque of consignment amount to depot. And then procedure just like first category is followed by depot.
4) Credit Demand Draft Parties - These are those parties to whom 4 days credit facility is provided but they also dont have facility of any of those 5 banks in their city. After 4 days just like the second category these parties send the draft of consignment amount directly to production plant.
INVENTORY MANAGEMENT
INTRODUCTION
Inventories constitute the principal item in the working capital of the majority of trading and industrial companies. In inventory we include raw materials, finished goods, work-in-progress, supplies and other accessories. To maintain the continuity in the operations of business enterprises, a minimum stock of inventory is required. Management of inventory is designed to regulate the volume of investment in goods on hand and the types of goods carried in stock to meet the needs of production and sales while at the same time, the investment in them is to be kept at a reasonable level.
CONCEPT
The term inventory management is used in two ways- Unit Control and Value Control. Production and purchase officials use this word in term of unit control whereas in accounting this word is used in term of value control. Investment in inventory is one the largest asset item of business enterprises particularly those engaged in manufacturing. The proper management and control of the capital invested in the inventory should be the prime responsibility of accounting department because resources invested in inventory arent earning a return for the company. Rather, on the other hand, they are costing the firm money both in terms of capital costs being incurred and loss of opportunity income that is being foregone.
OBJECTIVES
The basic managerial objectives of inventory control are two1) The avoidance of over-investment or under-investment in inventories. 2) To provide the right quantity of standard raw material to the production department at the right time.
I. II. III.
Re-order levels of inventories are maintained in the plant in wake of per day consumption level of inventories and lead-time in days. The position of inventory at the end of last two years is as follows-
NAME OF THE COMMODITY Rs/-) Stores and spares Raw Materials Packing Material Finished Goods
AMOUNT
(In
82, 91,000 57, 29,000 10, 21,52,000 8,11,54,000 5,82,08,000 7,08,06,000 11,61,33,000 9,46,87,000
CASH MANAGEMENT
INTRODUCTION
Cash is the most important current asset for the smooth operations of the business. Now-a-days liquidity and solvency maintenance has become the main task of financial executives. Moreover, cash management assumes more importance than current assets because cash is the most significant and the least productive asset that a firm holds. Cash balance is an unproductive balance also. Idle cash produces nothing. Therefore, the aim of cash management may be said to maintain adequate cash position at one hand and to use excess cash in some profitable way on the other hand.
3) Speculative Motive - Speculative motive represents a positive and aggressive approach. Firms aim to exploit profitable opportunities and keep cash in reserve to do so. The speculative motive helps to take advantage of An opportunity to purchase raw materials at a reduced price on payment of immediate cash. A chance to speculate on interest rate movements by buying securities when interest rates are expected to decline. Delay purchases of raw materials on the anticipation of decline in prices. Make purchase at favorable prices.
It refers to the desire of a firm to take advantage of opportunities which present themselves at unexpected moments and which are typically outside the normal course of business.
5) Duration of Production Cycle - It refers to the time period taken by the raw material to become finished product/marketable produce. In case of long production cycle, the level of cash holding is likely to be high and vice-versa. 6) Policy followed by the Organization as to disbursement of Salaries, Bonus, Dividend etc. - If salaries are being distributed after 15 days the organization would have to manage a high level of cash reserve, while the weekly payment of wages and salaries will require still more funds. On the contrary, monthly payments will reduce the need of funds.
In case of strike or any contingency supply of demand is completed by another plant of Parle Biscuits Pvt. Ltd. and by 11 CMUS. Supply doesnt disturb. Authority for getting the benefit of any opportunity is given to Mumbai office of Parle Biscuits Pvt. Ltd. That decides the policy regarding to any market opportunity. Parle Biscuits Pvt. Ltd. doesnt have any credit policy. It deals in cash. Thats why it doesnt has any cash problem. Distribution channel of Parle Biscuits Pvt. Ltd. is very short only depots are there as a middleman between plant & open market. Thats why there isnt any necessity of more cash. Biscuits come in FMCG product. So circulation of cash is smooth & fast. Production cycle is short. Thats why Parle Biscuits Pvt. Ltd has less demand of cash.
In this chapter an analysis over the Working Capital of Parle Biscuits Pvt. Ltd. has been done. But before going further let us have a look on the current position of Working Capital. The Working Capital of the last two years is as follows
In year 2002-03 Working Capital of Parle Biscuits Pvt. Ltd. was 2500 lacs Rs/- while in the same period the sales was noticed 65,000 lacs Rs/then % of Working Capital to sale was 3.84 but in the next year 2003-04 sales was 50,000 lacs Rs/- and Working Capital was 3,000 lacs Rs/-. So in year 200304 % of Working Capital to sales was 6. In year 2002-03 Investments were 20,000 lacs Rs/- so % of Working Capital to Investments was 12.5 and in year 2003-04 Investments were 15,000 lacs Rs/- so % of Working Capital to Investments was 20.
RATIO ANALYSIS
It is a powerful tool of financial analysis. A ratio is defined as the indicated quotient of two mathematical expressions and as the relationship between two or more things. Ratio helps to summaries the large quantities of financial data and to make qualitative judgment about the firms financial performance. The point to note is that a ratio indicates a quantitative relationship, which can be turn, used to make a qualitative judgment. Here are some of the calculated ratios of the financial year of Parle Biscuits Pvt. Ltd. All the ratios are calculated in Lacs Rs/- figures.
2003-04 Net Working Capital Net Assets or Capital employed Ratio 6596.16 29340.48 .22: 1
The difference between Current Assets and Current Liabilities excluding short-term borrowings is called Net Working Capital or Net Current Assets. The position of Net Working Capital in the year 2003-04 is better as compared with the year 2002-03. The important thing to say is that this organization has healthy Current Assets.
Current Ratio
Current Assets Current Liabilities 2003-04 Current Assets Current Liabilities Ratio 26686.68 20090.52 1.33: 1 2004-05 28602.82 23308.81 1.23: 1
Current Assets include cash and those assets, which can be converted into cash within a year. All obligations maturing within a year are included in current liabilities. As a conventional rule a current ratio 2: 1 or more is considered satisfactory. The current ratio doesnt represent margin of safety i.e. a cushion of protection for creditors.
The average collection period shows the efficiency of debtors. It tells that Parle Biscuits Pvt. Ltd doesnt has credit policy and if is given then in rare cases.
2003-04
2004-05
Current Assets-Inventories 26686.68-2869.33= 28602.82 -2524.98= 23817.35 Current Liabilities Ratio 20090.52 1.18: 1 26077.84 23308.81 1.12: 1
Generally a quick ratio of 1:1 is considered to represent a satisfactory position. But it cant be said that a company having quick ratio of less than 1:1 isnt financially sound, Because it depends upon the nature of debtors. If the debtors are slow paying the quick ratio of more than 1:1 can become harmful. But if debtors are liquid like in this organization than even less than 1:1 can work out to be satisfactory. As debtors of this organization arent slow paying so that quick ratio is satisfactory. The above made calculation of various ratios has told us about the various aspects of Working Capital of Parle Biscuits Pvt. Ltd. The system is well under control an effective but still in some areas a little more concentration to be needed.
The statement of change in financial position, prepared to determine only the sources and uses of working capital between dates of the two Balance Sheets is known as the Fund Flow Statement. Working Capital is defined as the difference between Current Assets and Current Liabilities. Working determines the liquidity of the firm. The Working Capital flow or fund arises when the net effect of transaction is to increase or decrease the amount of Working Capital. Normally, a firm will have some transactions that will change Net Working Capital and some that ill cause no change in Net Working Capital. The transaction will cause Net Change of Working Capital only when one of the accounts affected is a current account (Current Liability) and account is non-current account (Long-term Assets or Long term Liability).
The concepts of Working Capital may be summarized as follows: The Net Working Capital increases or decreases when a transaction involves a current account and a non-current asset account. The Net Working Capital remains unaffected when a transaction involves only Current accounts. The Net Working Capital remains unaffected when a transaction involves only non current accounts. Now let us examine the Working Capital flow of Parle Biscuits Pvt. Ltd. through the statement of change in Working Capital.
TRADE CREDIT
Trade Credit refers to the credit extended by the supplier of goods and services in the normal course of transaction/business/sale of the firm. According to trade practices, cash is not paid immediately for purchases but after an agreed period of time. Thus, deferral of payment (trade credit) represents a source of finance for credit purchases.
BANK CREDIT
Bank Credit is the primary institutional source of Working Capital finance in India. In fact, it represents the most important source for financing of Current Assets. Working Capital finance is provided by banks in five ways: 1) 2) 3) 4) 5) Cash Credits/Overdrafts Loans Purchase/Discount Bills Letter of Credit Working Capital term loans
COMMERCIAL PAPERS
Commercial Paper is a short-term unsecured negotiable instrument, consisting of usance promissory notes with a fixed maturity. It is issued on a discount on face value basis but it can also be issued in interest bearing form. A Commercial Paper when issued by a company directly to the investor is called a Direct Paper. The companies announce current rates of Commercial Papers of various maturities, and investors can select those maturities, which closely approximate their holding period. When Commercial Papers are issued by security dealers/dealers on behalf of their corporate customers, they are called Dealer Paper. They buy at a price less than the commission and sell at the highest possible level.
FACTORING
Factoring provides resources to finance receivables as well as facilitates the collection of receivables. Although such services constitute a critical segment of the financial services scenario in the developed countries, they appeared in the Indian financial scene only in the early nineties as a result of RBI initiatives. There are two bank-sponsored organizations, which provide such services: 1) SBI Factors and Commercial Services Ltd. 2) Canbank Factors Ltd. The first private sector factoring company, Foremost Factors Ltd, started operations since the beginning of 1997.
INTERNAL SOURCES
This is also another major source for financing of Working Capital. Internal Sources include profits, reserves etc.
BIBLIOGRAPHY
1) Management Accounting by D.C.Sharma & K.G.Gupta 2) Financial Management by M.Y.Khan & P.K.Jain 3) Managerial Accounting by S. N. Maheswari 4) Parle Biscuits Pvt. Ltd. annual report 2001-02 5) Parle Biscuits Pvt. Ltd. annual report 2002-03 6) Parle Biscuits Pvt. Ltd. annual report 2003-04