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CHAPTER - 1 INTRODUCTION

INTRODUCTION:1.1 . INTRODUCTION OF WORKING CAPITAL MANAGEMENT THE


MAJOR OBJECTIVE OF THIS STUDY IS FOR THE PROPER UNDERSTANDING OF THE WORKING

CAPITAL OF

APNA CIRCLE INFOTECH PVT. LTD.

AND TO SUGGEST NECESSARY MEASURES TO

OVERCOME THE SHORTFALLS IF ANY IN THE INDUSTRY.

The project undertaken is on Working Capital Management of Apna Circle InfoTech Pvt. Ltd.. 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 of 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 Apna Circle InfoTech Pvt. Ltd.

There are numerous instances in the history of business world where inadequacy of working capital has led to business failures when a firm finds it difficult to meetings day to day affairs. Operating expenses essential out lays may have to be postponed for want of funds, operating plans will go out of gear & enterprise objectives on investment slumps the suppliers & creditors of the firm may have to wait longer to raise their dues & will hesitate to extend further credit to the firm. Thus efficient management of working capital in an important prerequisite for successful working of a business concern it reduces the chances of business failure generates a felling of security and confidence in the minds of personnel in the organization it assurance solvency of steady of the organization.

1.2.IMPORTANCE OF THE STUDY.


1. This projects is helpful in knowing the companys position of funds maintenance and setting the standards for working capital inventory levels, current ratio level, quick ratio, current asset turnover level & size of current liability etc.

2. This project is helpful to the managements for expanding the dualism & the project viability & present availability of funds.

3. This project is also useful as it combines the present year data with the previous year data and thereby it shows the trend analysis, i.e. increasing fund or decreasing fund.

4. The project is done as a whole entirely. It will give overall view of the organization and it is useful in further expansion decision to be taken by management.

1.3. OBJECTIVES OF THE STUDY

To study the various proportions of working capital of Apna Circle InfoTech Pvt. Ltd...

To find out different ratios related with working capital.

To check the impact of cash flows on working capital of Apna Circle InfoTech Pvt. Ltd..

To know the current trend of Assets and Liabilities.

1.4. RESEARCH METODOLOGY


The research methodology incorporates all the function which helps a researcher to get their work more efficiently and effectively. Research Methodology is the important aspect of project in any field. It has very high place in working capital analysis , While analyzing working capital a person should be aware in regard with collection and analysis of Data .I have put my all efforts in collecting the accurate and real data collection. So I have tried my level best to collect the sources of data collection by the help of my guide and through internet. I have collected data from the various sources like various year financial data of the company. This kind of information helps me to analysis the financial position of the company. Data collected from the primary source and the secondary source of the company.

In the first group I am include those methods which are concerned with the collection of data. These methods will be used where the data already available are sufficient to arrive at the required solution.

The second group consists of those statistical techniques which are used to establish relationships between the data and the unknown. The third group consists of those methods which are used to evaluate the accuracy of the obtained results.

1.5. LIMITATIONS OF THE STUDY

Based on financial statements these statements suffer from certain limitations. Affected by window dressing. Company provides only secondary data, so certain type of bias is in study. Unsuitable for forecasting.

CHAPTER -2 INRTRODUCTION OF THE TOPIC

INTRODUCTION OF THE TOPIC:-

2.1. Definition of Working Capital: According to C.W. GestenberghWorking capital is ordinarily defined as the excess of the current assets over current liabilities.

According to Lawrence. J. Gitmen


The most common definition of working capital is the difference of the

firms current assets and current liabilities.

Definition of working capital management:Working capital management involves the relationship between a firm's short-term assets and its short-term liabilities. The goal of working capital management is to ensure that a firm is able to continue its operations and that it has sufficient ability to satisfy both maturing short-term debt and upcoming operational expenses. The management of working capital involves managing inventories, accounts receivable and payable, and cash.

Management of working capital


Guided by the above criteria, management will use a combination of policies and techniques for the management of working capital. These require managing the current assets - generally cash and cash equivalents, inventories and debtors. There are also a variety of short-term financing options which are considered.

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 hence increases cash flow; see Just In Time (JIT) and Economic order quantity (EOQ).

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 - inventory is ideally financed by credit granted by the


supplier; dependent on the cash conversion cycle, it may be necessary to utilize a bank loan (or overdraft), or to "convert debtors to cash" through "factoring".

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TYPES
Working capital can be classified either on the basis of concept or on the basis of periodicity of its requirement.

1. ON THE BASIS OF CONCEPT: - On the basis of concept working capital is of 2 types. Gross working capital - Gross working capital is represented by the total Current assets.

Gross working capital = Total current assets


Net working capital: - Net working capital is the excess of current assets over current liabilities.

Net working capital = Current assets Current liabilities 2.


On the basis of requirement working capital is also of 2 types. Permanent working capital - It is that amount of investment which should always be there in the fixes or minimum current assets like inventory, accounts receivables or cash balance etc. to carry out business smoothly. Such an amount cant be reduced if the firms want to carry on business operations without interruption.

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Variable working capital - The excess amount of working capital over permanent working capital is known as variable working capital. It may also be subdivided into two parts.

a) Seasonal working capital - Such capital is required to meet out the seasonal demands of busy periods occurring at stated intervals.

Special working capital - Such capital is required to meet out the extra-ordinary
needs for contingencies. Events like strike, fire, unexpected competition, rising price tendencies, or initiating a big advertisement campaign require such capital.

2.2. DETERMINANTS
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1) Nature of business The effect of the general nature of the business on working capital requirements cant be exaggerated. Rail, roads and other public utility services have large fixes investment so they have the lower requirements of current assets. Industrial and manufacturing enterprises, on the other hand, generally require a large amount of working capital. 2) Production policies if the production is evenly spread over the entire year, working capital requirements are greater, because the inventories will be unnecessarily accumulated during of season period. But if the production schedule favours a varying production plan as per the seasonal requirements, working capital is required to a greater extent during a specified season only. The production policies are affected by so many factors availability of raw materials, labour, stocking facility etc & therefore, whatever the productions policies are, the firm has to arrange its working capital requirements accordingly. 3) Proportion of the cost of raw materials to total cost - In those industries where cost of proportion is a large proportion of total cost of the goods produced, requirements of working capital will be comparatively large. 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.

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5) 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. 6) Dynamic Attitudes As a company grows, it is logical to expect the large amount of working capital will be required. 7) Business cycles Requirement of working capital also varies with the business. When the price level is up due to boom conditions, the inflationary 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) Requirement of cash - The working capital requirements of a 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.

2.3. COMPONENTS
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Main components of working capital are as follows: 1) Cash Cash is the most liquid and important component of working capital. Holding cash involves cash in the sense that the present worth of cash held for a year is less than the value of cash on today. During inflationary situations as exist today the cost of holding includes the deterioration in the value of the cash due to inflation. Cash, therefore, results in enhanced liquidity, but lower profitability. Despite in the cost involved it is pertinent to hold cash because it facilitates the attainment of some important motives. 2) Marketable Securities Though marketable securities provides a such lower yield that the firms operation assets. They serve two useful functions. Firstly, they act as a substitute for cash, and secondly, are used as temporary investment. Where these securities are held in lieu of the cash balance, they act as a substitute for transactional or precautionary balances. Normally, these arent used as speculative balances, but only as a guard against the possible shortage of bank credit. Marketable securities (as temporary investment) may be held for one of the following reasons: Seasonal or cyclical operations To meet known financial requirements. Construction of an additional plant. Immediately after the sale of long-term securities.

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3)

Account Receivable - Though accounts receivable are a vital investment of any


business organization, little analytical work as been done to determine credit policies. Maintaining account receivable has its cost implications in that the firms monetary resources are tied up. This is of greater significance in the inflationary economy, because of the depreciation in the value of money. Basically, this is a two-step account. When goods are shipped, inventories are reduced and accounts receivable is created. When payment is made, this account is reduced and the cash level increases. Accounts receivables are, therefore a function of the volume of credit sales and the average length of time between sales and collections.

4) Inventory Inventories represent a substantial amount of a firms current assets. Management of inventories should be efficiently carried out so that this investment doesnt become too large, as it would result in blocked 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.

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2.4. Working Capital Cycle:


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. Click here for more information about the vital distinction between profits and cash flow. The faster a business expands the more cash it will need for working capital and investment. The cheapest and best sources of cash exist as working capital right within business. Good management of working capital will generate cash will help improve profits and reduce risks. Bear in mind that the cost of providing credit to customers and holding stocks can represent a substantial proportion of a firm's total profits. There are two elements in the business cycle that absorb cash - Inventory (stocks and work-inprogress) 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.

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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).

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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 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.

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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.

TECHNIQUES OF INVENTORY CONTROL

1) 2) 3) 4) 5)

The Selective Inventory Control or ABC System of Control Maximum Stock Limit Minimum Stock Limit Re-ordering Level Economic Order Quantity

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ABC System of Control


The various inventory items are, according to this system, categorized into three classes1) A 2) B 3) C

The item included in-group involve the largest investment. Therefore, inventory control should be the most rigorous and intensive and the most sophisticated inventory control techniques should be applied to these items. The C group consists of items of inventory which involve relatively small investments although the numbers of items is fairly large. These items deserve minimum attention. The B group stands midway. It deserves less attention than A but more than C. It can be controlled by employing less sophisticated techniques.

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Maximum Stock Limit


This represents the quantity if inventory above which it should not be allowed to be kept. The following formula may be applied to calculate the maximum stock-

Maximum

Stock

Reorder

Level

Minimum

Consumption

during

Minimum Lead Time + Lot Size.

Minimum Stock Limit


This represents the quantity below which stock should not be allowed to fall. The main purpose of this level is to ensure that production isnt held up due to storage of any material.

Minimum Stock Limit = Re-order Level Normal storage during Lead Time Re- Ordering Level
It is the point at which if stock of the material in store reaches, the storekeeper should initiate the purchase requisition for fresh supplies of the material. This level is fixed somewhere between the maximum and minimum levels in such a way that the difference of quantity of the material between the reordering level and the minimum level will be sufficient to meet requirements of production up to the time of fresh supply of the material.

The reorder point = Lead time in days * Average daily usage of inventory

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Economic Order Quantity


It is the quantity of inventory, which can be reasonably ordered at a time and purchased economically. It is also known as Standard Order Quantity or Economic Lot Size. By definition Economic Order Quantity is that size or order at which the total cost of ordering and holding are the minimum. In determining the economic order quantity the problem is one to set a balance between two opposing costs, namely, namely ordering costs and carrying costs. The ordering costs are basically the costs of getting an item into the firms inventory. Carrying costs, sometimes also known as holding costs are the costs of possessing the materials. These costs are combined known as Associated Costs. Hence, the management tries to reconcile them and this reconciliation point is economic order quantity.

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CHAPTER 3 PROFILE OF THE ORGANIZATION

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3.1. INTRODUCTION OF THE COMPANY


ApnaCircle is a Viadeo Group Co. and is Indias first and leading Business and Career networking site. Professionals can use the network to enhance their career prospects, discover business opportunities, build relationships with new contacts and create their effective online identities. Most people familiar with technology-driven businesses of any type will associate the word ecosystem with technology, solutions, service, and sales partners. This is correct. However, the concept of ecosystem is much broader and applies to any type of organisation. It covers all generic groups of people and organizations who, in a way or another, have a direct or indirect interaction with the company and on any matter. With this definition, a companys business ecosystem includes; all types of media (print, online, broadcast, as well as blogs), industry and financial analysts, academics, clients and client associations, sales and technology partners, industry alliances and associations, standard and regulatory bodies, governments and administrations, non-governmental organisations, employees and trade unions. In specific cases, but not rare ones, citizens and associations of citizens must also be taken into consideration. Communication and Public Affairs professionals use the term of Stakeholders that cover many parts of the ecosystem, but not all. It does matter because the agenda, opinion, actions and reactions of each constituency have or can have an impact on the companys business. Below are presented the most common reasons to engage with specific parts of the ecosystem. This list is by far not exhaustive.

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In the previous post, we have seen that B2B buyers prefer to take information and advice from trusted sources, their peers and recognized third parties (journalists, experts, analysts). Paving the way to sales requires engaging with these influencers. It is or should be the primary job of marketing. Public Relations and Industry Analyst Relations also play a role there.

Organisations and people who influence regulations have an impact on the companys business. It is therefore important to know their plans and be able to explain and defend the companys agenda, via direct or indirect contacts. It is the space of Public and Regulatory Affairs and Lobbying.

Listed companies need to manage their relationship with the financial community. This is the space of Investor Relations.

Many companies have activities that can directly impact citizens and must therefore manage the opinion and reactions of impacted groups and individuals. For example, a construction company chartered to build a motorway will face the reactions of people who lose their property or perceive a loss on their quality of life. Managing such situations is a Public Affairs and Public Relations matter.

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Companies above a certain size and their leadership team are constantly exposed to the judgment of public opinion, and must manage their image and reputation. This is or should be a crucial role for top executives supported by the various communication teams

Last but not least, in almost all industries, companies of all size are competing to attract and retain talents. This is so crucial that the concept of employers branding has emerged. This is a role for Human Resources but with implications in terms of Corporate Communication, Public Relations, and Internal Communication. The critical point is that strength or a weakness with one constituency will often have a high impact with others constituencies and this often beyond rational aspects. As a dramatic example, think about the worldwide negative impact for BP of the platform explosion in the gulf of Mexico in 2010. Many groups of stakeholders, not all of them located in the impacted area, expressed their concern and issues and there was a synergetic effect to at least temporarily destroy the companys image.

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3.2. HISTORY
ApnaCircle InfoTech, Founded in the year 2006, Viadeo Group Co. is one of the pioneers in the Indian networking space. It connects professionals across India and gives them a platform to brand themselves and build the right contacts worldwide. The company was founded by Mr. Yogesh Bansal in 2006. ApnaCircle merged with Viadeo, the leading professional networking site in Europe and with Tianji, the leading professional networking site in China in 2009 to form the leading global entity. Also, ApnaCircle Viadeo - Tianji acquired Unyk, a Canadian social networking site to grow the Indian market organically. With more than 36 million members worldwide, including CEOs, Senior Managers, Entrepreneurs, Consultants and professionals from various fields like Finance, Communications & Media, Production & Engineering, Marketing & Sales, ApnaCircle today is the world's second largest professional network on the Internet. ApnaCircle is a networking marketplace and has the advantage of a strong presence in the non English speaking countries. ApnaCircles mergers have enabled the Indian users to interact with vast consumers from Europe, China and other parts of the globe. Headquartered at Paris, the Viadeo Group has its offices in New Delhi, Beijing, San Francisco, London, Spain, Italy, Germany, Mexico City, Morocco, Austria and more. In a previous post, I described the shift in behaviour of B2B buyers as the main reason why B2B marketers need to manage the interaction of their company with the overall business environment, or ecosystem.

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CHAPTER 4 RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
When we talk of research methodology, we not only talk of the research methods but also the comparison of the logic behind the methods, we used in this context of our research study and explain why we are using a particular method or technique and why using the others. Research methodology is a way to systematically solve the research problem. It may be understood as a science of studying how research is done systematically. In this, we study the various steps that are generally adopted by researcher in studying his research problem along with the logic behind them. The present study is based upon the case study method of research to investigate procedures at micro level. As the study is analyzing probing in nature, thus, entirely based on the secondary data gathered through the annual reports of the industry. Therefore it provides a historical perspective of decisions.

RESEARCH
Research refers to search for knowledge. Research is an original contribution to the existing stock of knowledge making for its advancement. It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowledge through objective and systematic method of finding solution of the problem is research. The advance learners dictionary of current English gives the meaning of research a careful investigation or inquiry especially through search for new facts in any branch of knowledge.

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4.1. RESEARCH METHODS Research methods may be understood as those methods/techniques that are used for conduction of research. All those methods which are used by the researcher during the course of studying his research problem are termed as research methods. Keeping in view, the research methods can be put into following three groups: In the first group we include those methods which are concerned with the collection of data. These methods will be used where the data already available are sufficient to arrive at the required solution. The second group consists of those statistical techniques which are used to establish relationships between the data and the unknown. The third group consists of those methods which are used to evaluate the accuracy of the obtained results.

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4.2. COLLECTION OF DATA There are several ways of collecting the appropriate data which differ considerably in context of money, cost, time and other sources at the disposable of the researcher. There are two types of data: Primary data Secondary data

Primary data Primary data are those which are collected afresh and for the first time, and thus happen to be original in character. In case of descriptive research, researcher performs survey whether sample survey or census survey, thus we obtain primary data either through Observation Direct communication with respondent Personal interview

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Secondary data Secondary data are those which have already been collected by someone else and have already been passed through statistical process. In this project report, both types of data have been used. Mainly, secondary data is used such as annual reports of last five years of Apna Circle InfoTech Pvt. Ltd.

4.3. Statistical Tools


Ratio Analysis Trend Analysis

4.4. Data Representation


Tables Pie charts

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CHAPTER- 5 Data Analysis & Interpretation

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5.1. RATIO ANALYSIS

Over several years scientific tools have been evolved for determine optimum level of working capital online assessment of each of the components of current assets for selective application of management control. Undisputedly the ratio analysis occupies place of prime importance. Ratio are complied and studied for profitability assessment of financial position sufficiency of working capital strategies perused by the organization short term and long term solvency liquidity etc. I would deal with some of the predominant rations more relevantly applicable net working capital management studies.

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CURRENT RATIO

Current ratio indicates ability of the company to meet the current obligation i.e., the current assets must be sufficient to pay as and when the latter matrices. The standard ratio is 2:1, the current ratio is calculated by using the formula:

Current assets Current ratio = -------------------------Current liabilities

YEAR

CURRENT ASSETS

CURRENTLIABILITIES

RATIO

2006-07 2007-08 2008-09 2009-10 2010-11

23,33,30,395.13 12,09,66,623.21 14,13,26,040.41 32,30,19,288.99 31,32,95,829.13

18,90,06,552.17 14,22,10,762.18 14,78,60,117.24 20,38,85,067.19 21,93,27,902.79

1.234 0.85 0.955 1.584 1.428

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Diagram: -

INTERPRETATION:The current ratio was 1.234 in the year 2006 2007 and the year 20072008 the current ratio was 0.85 and in the year 2008 -2009 the current ratio was 0.955 this show the current ratio has increase every year but in the year 2009-2010 the current ratio was decreased to 1.584 . In the year 2010 2011 the current ratio has increases 1.428.The current ratio is above the standard of 2: 1 ratio and hence it can be said that there is enough working capital in the Apna Circle InfoTech Pvt Ltd to meet its current liabilities.

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QUICK RATIO
Quick ratio are acid test ratio ignores less liquidity assets like inventory. This takes account readily available cash and other assets which are quickly converted into cash. The standard is ratio is 1:1. The general principle of quick ratio is as follows:

Liquid Assets Quick ratio = -------------------------------Current liabilities

YEAR 2006-07 2007-08 2008-09 2009-10 2010-11

QUICK ASSETS 1,36,67,591.83 2,44,16,882.94 2,83,90,812.06 1,86,38,461.57 3,39,59,496.91

CURRENT LIABILITIES 18,90,06,552.17 14,22,10,762.18 14,78,60,117.24 20,38,85,067.19 21,93,27,902.79

RATIO 0.072 0.169 0.192 0.091 0.154

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Diagram: -

INTERPRETATION:-

The Quick ratio is below satisfactory level of 0:072 during the year 2006-07 and the year 200708 above the satisfactory level. However there is a increase during the years 2008-09 this year position is 2010-11 the increase in the Quick ratio indicates satisfy trend of company.

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INVENTORY TURNOVER RATIO


Turnover ratio is also known as stock velocity. This ratio is calculated to consider the adequacy of the quantum of capital and its institution for investing in inventory. A firm must have reasonable stock in caparison to sales. It is the ratio of cost of sales and average inventory of. This ratio helps the financial managers to calculate inventory policy. This ratio reveals the number of times finished stock is turned over during a given accounting period. The ratio is used for measuring the profitability. These are the various ways in which stock turnover ratio may be calculated.

Net sales Inventory turnover ratio = -------------------------------Average Inventory

YEAR

NET SALES

AVERAGE INVENTORY

RATIO

2006-07 2007-08 2008-09 2009-10 2010-11

20,14,86,573.36 13,05,17,436.90 9,66,54,360.90 12,37,19,616.75 36,88,53,566.89

23,41,47,889.61 13,75,97,979.61 8,31,65,010.43 10,30,03,384.82 18,47,71,625.02

0.86 0.948 1.162 1.201 1.996

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Diagram: -

INTERPRETATION:The Inventory turnover ratio was 0.86 in the year 2006 2007 and the year 2007-2008 the current ratio was 0.948 and in the year 2008 -2009 the current ratio was 1.162 this show the current ratio has increase every year but in the year 2009-2010 the current ratio was decreased to 1.201 . In the year 2010 2011 the inventory turnover ratio has increases 1.996.

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CASH POSITION RATIO


Cash in the most liquid asset, a financial analyst may examine the ration of cash and its equivalent to current liabilities. Trade investment or marketable securities are equivalent of cash, therefore, they may be included in the computation of cash position ratio.

Cash + marketable securities Cash Position Ratio = --------------------------------------------Current liabilities

YEAR

CASH+MARKETABLE SECURITIES

CURRENT LIABILITIES

RATIO

2006-07 2007-08 2008-09 2009-10 2010-11

53,79,219.50 1,59,03,764.68 2,00,18,991.55 79,51,888.86 4,56,44,654.96

18,90,06,552.17 14,22,10,762.18 14,78,60,117.24 20,38,85,067.19 21,93,27,902.79

0.028 0.111 0.135 0.039 0.208

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Diagram: -

INTERPRETATION :The cash position ratio is inadequate as there are ups and downs during the year. The above ratio indicates that the company is unable to quickly realize its current liabilities it is not good enough.

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WORKING CAPITAL TURNOVER RATIO


Working capital of a concern is directly related to sales. The current assets like debtors, bills receivable, cash, and stock etc., change with the increase or decrease in sales. The working capital is taken as:

Working capital =current assets-current liabilities

This ratio indicates the velocity of the utilization of net working capital. This ratio indicates the number of times the working capital is turned over in the course of a year. The ratio measures the efficiency with which the working capital is being used by a firm. A higher ratio indicates the efficient utilization of working capital and the low ratio indicates inefficient utilization of working capital. SALES WORKING CAPITAL TURNOVER RATIO = ------------------------------NET WORKING CAPITAL

Year 2006-07 2007-08 2008-09 2009-10 2010-2011

NETSALES 20,14,86,573.36 13,05,17,436.81 9,66,54,360.90 12,37,19,616.75 36,88,53,566.89

NET WORKING CAPITAL 4,43,23,842.96 2,12,44,138.97 1,35,34,076.83 11,91,34,221.80 9,39,67,926.34 45

RATIO 4.545 6.143 7.141 1.038 3.925

Diagram: -

INTERPRETATION :-

This ratio indicates the velocity of the utilization of net working capital. This ratio indicates the number of times the working capital is turned over in the course of a year. The ratio measures the efficiency with which the working capital is being used by a firm. This ratio indicates the number of times the net sales met with the working capital for the year. The turnover of the working capital has highly increasing from 2006-2007 to 2008-09.

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5.2. DATA ANALYSIS


SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR 2006-07 PARTICULARS CURRENTASSETS: Cash on hand Balances with bank Interest Receivable Closing stock Total current assets A LIABILITIES: Outstanding Interest 4429829.45 6094477.9 -----------1664648.45 42159.91 494953.16 1826488.57 292692156.2 295055757.8 1283980.24 4095239.26 1826488.57 219662803.7 226868511.7 1241820.33 3600286.1 ---------------------------------------------------------73029352.5 2006 2007 Increase Decrease

Total current liabilitiesB Working Capital (A-B) Net decrease in working Capital

4429829.45

6094477.9

290625928.3

220774033.8

69851894.5

69851894.5

290625928.3

290625928.3

74694000.95

74694000.95

47

Effect of working capital

PARTICULARS CURRENT ASSETS: Cash on hand Balances with bank Interest Receivable Closing stock Total current assets -A LIABILITIES: Outstanding Interest Total current liabilities -B

2007

2008

Increase

Decrease

1283980.24 4095239.26 1826488.57 219662803.7 226868511.7

22575.2 15881189.48 1826488.57 96849740.27 114579993.5

------------

1261405.04

11785950.22 --------------------------------------------122813063.4

6094477.9 6094477.9

27190688.4 27190688.4

------------

21096210.5

Working Capital (A-B) Net decrease in working Capital

220774033.8

87389305.1

133384728.7 220774033.8 220774033.8

133384728.7 145170678.9 145170678.9

SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR 2007-08

48

SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR 2008-09

Effect of working capital PARTICULARS CURRENT ASSETS: Cash on hand Balances with bank Interest Receivable Closing stock Total current assets -A LIABILITIES: Outstanding Interest Total current liabilities -B Working Capital (A-B) 27190688.4 40525798.4 -----------13335110 22575.2 15881189.48 1826488.57 96849740.27 114579993.5 1878931.06 18140037.49 1826488.57 110043159 131888616.1 1856355.86 ------------2258848.01 -----------------------------------2008 2009 Increase Decrease

13193418.73 -------------

27190688.4 87389305.1

40525798.4 91362817.7

Net Increase in working Capital

3973512.6 91362817.7 91362817.7 17308622.6

3973512.6 17308622.6

49

SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR 2009-10 Effect of working capital PARTICULARS CURRENT ASSETS: Cash on hand Balances with bank Interest Receivable Closing stock Total current assets -A LIABILITIES: Out standing Interest Total current liabilities -B Working Capital (A-B) Net increase in working Capital 173476293.40 264839111.10 264839111.10 194598290.50 173476293.40 194598290.50 91362817.70 264839111.10 40525798.40 40525798.40 49024988.90 49024988.90 -------------8499190.50 1878931.06 18140037.49 1826488.57 110043159.00 131888616.10 141218.80 7254943.14 1826488.57 304641449.50 313864100.00 ---------------------------------------194598290.50 1737712.20 10885094.35 --------------------------2009 2010 Increase Decrease

50

SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR 2010-11 Effect of working capital PARTICULARS CURRENT ASSETS: Cash on hand Balances with bank 2010 141218.8 0 7254943.1 4 Interest Receivable 1826488.57 2011 95082.9 2 17849583.4 1 1826488.57 ---------------------------------10594640.27 46135.88 -----------Increase Decrease

Closing stock

304641449.50

281582198.30

------------

23059251.20

Total current assets -A

313864100.00

301353353.20

LIABILITIES: Out standing Interest 49024988.90 46928301.64 2096687.26 ------------

Total current liabilities -B

49024988.90

46928301.64

Working Capital (A-B)

264839111.10

254425051.50

Net Decrease in working Capital 264839111.10

10414059.60

10414059.60

264839111.10

23105387.08

23105387.08

51

CHAPTER- 6 FINDINGS, CONCLUSION SUGGESTION AND RECOMMENDATION

52

6.1. FINDINGS
In the over all evaluation of the Working Capital Management at each and every aspect, the following are the findings.

1. Working Capital ratio of the Apna Circle InfoTech Pvt Ltd is decreasing in all the years which indicate poor liquidity position of the company. 2. Inventory turn over ratio of Apna Circle InfoTech Pvt Ltd good in all the 5 years of study, which indicates the efficient management of inventory. 3. Current ratio of Apna Circle InfoTech Pvt Ltd is highest , which is the management of effective and efficient utilization 4. The company sales have been decreased in all the year. 5. The reserves and surplus is always accumulating every year. The company can capitalize the reserves and Surplus.

53

6.2. CONCLUSION
The study involves practical and conceptual over view of decisions concerning current assets like cash and bank balance, inventories (like raw materials, WIP, finished goods), sundry debtors, loans and advances, other current assets and current liabilities like sundry creditors, securities and other deposits, other current liabilities and provisions of Apna Circle InfoTech Pvt Ltd. Was with the objective of maximizing the overall net profit of the bank. And complete synchronization and co ordination among the working capital components which shall contribute to optimum level of operations. Mismanagement of each or any of these components shall be detrimental to the objectives of efficient operation, profitability and maximization of overall value of the bank. The working capital limits would be considered only after the project nearing completion and after ensuring control over the inventory. The inventory is a great concern for Apna Circle InfoTech Pvt Ltd and it needs proper procurement and management.

Eligible working capital limits would be assessed by cash Budget method And Projected production method depending the market condition, scale of operation, nature of activity/enterprise and duration/length of operating cycle etc.

54

6.3. SUGGESTIONS AND RECOMMENDATON

It pays to have contingency plans to tide over unexpected events. While market-leaders can manage uncertainty better, even other companies must have risk-management procedures. These must be based on objective and realistic view of the role of working capital. Addressing the issue of working capital on a corporate-wide basis has certain advantages. Cash generated at one location can well be utilized at another. For this to happen, information access, efficient banking channels, good linkages between production and billing, internal systems to move cash and good treasury practices should be in place.

An innovative approach, combining operational and financial skills and an allencompassing view of the companys operations will help in identifying and implementing strategies that generate short-term cash. This can be achieved by having the right set of executives who are responsible for setting targets and performance levels. They could be then held accountable for delivering, encouraged to be enterprising and to act as change agents.

Working capital management is an important yardstick to measure a company operational and financial efficiency. This aspect must form part of the strategic and operational thinking. Efforts should constantly be made to improve the working capital position. This will yield greater efficiencies and improve customer satisfaction.

55

BIBLIOGRAPHY

Financial Management By M.Y. Khan & P.K. Jain Financial Management By D. K. Goyal Research Methodology By C.R.Kothari Annual Reports of the Apna Circle InfoTech Pvt Ltd www.google.com www.apn.com/our_sectors/index.htm http://corporate.apnacircle.com/ Last 5 year annual reports

ARTICLES http://www.caclubindia.com/articles/working-capital-management-420.asp http://www.worldaffairsjournal.org/?gclid=CJubjt-Uy7ICFY-6zAodlikAww http://www.jpmorgan.com/tss/Knowledge_Bank_Index/Articles/1104848723729

56

57

ANNEXURE

58

ANNEXURE
APNA CIRCLE INFOTECH PVT. LTD.
TRADING ACCOUNT FOR THE YEAR 2006 PARTICULARS AMOUNT Rs. Ps. PARTICULARS AMOUNT Rs. Ps.

1.OPENING STOCK: 2. PURCHASES: 3. Expenditure debitable to trading a/c 4. Cost of production Transferred from Manufacturing a/c

269391356.62 15,120.00 1,75,86,673.28

CLOSING STOCK: SALES Misc. income Creditable to Trading a/c Gross loss

198904422.6 20,14,86,573.36 1,72,00,316.54 3,76,45,558.10

16,82,44,220.70

--------------------45,52,37,370.60 ---------------------

---------------------45,52,37,370.60 ----------------------

59

APNA CIRCLE INFOTECH PVT. LTD.


BALANCE SHEET AS ON 2006 LIABILITIES
1. Share capital 2.DEPOSITS & BORROWINGS: a) Deposits b) Borrowings 3. Out standing Interest payable 4. Adjusting heads Due by 5. Reserves 6. U.D.P 7. Audit fund 8. Reserve fund yet To be invested 9. Vysya bank balance 10. Bank of India 11. Canara bank 12. Indian bank 13. Indian overseas Bank 14. S.V. Grameena Bank 15. State bank of India 16. Union bank of India 17. CDCC bank, U.p. 18. Corporation bank

Rs.
14,09,58,700.00 2,88,36,536.05 23,56,16,210.28 60,94,477.90 18,29,12,074.27 21,93,57,187.86 64,226.88 9,695.57 24,702.69 ---------------------

ASSETS
1. Cash on hand 2. BALANCE WITH BANKS: a) current account b) savings account 3. Shares in other Co-op. institutions 4. Deposits with Various agencies 5. F.Ds with banks 6. Loans & advances To members 7. Loans to other Co-op. sugar Factories 8. ADJ. heads due to 9. Interest receivable 10. Value of assets 11. Revaluation of Assets 12. VALUE OF CLOSING STOCK: a) Stores stocks b) Packing material c) Stationary d) raw material e) raw material process f) other expenses g) work in process h) FMP raw material & feed 13. Deficits

Rs.
12,83,980.24 17,15,099.27 23,80,139.99 2,28,550.00 12,54,825.77 2,50,000.00 64,61,883.31 30,00,000.00 5,44,12,361.15 18,26,488.57 12,62,06,460.22 9,59,30,271.73 2,02,69,708.93 1,78,240.45 26,375.50 19,19,96,947.80 2,54,382.07 69,07,474.80 9,290.00 20,474.20 47,943.52

----------------------81,38,73,811.50 LESS: Difference between Assets & liabilites Total

29,92,13,003.98 ----------------------51,46,60,807.52 -----------------------

Total

---------------------51,46,60,807.52 ----------------------

60

APNA CIRCLE INFOTECH PVT. LTD.


TRADING ACCOUNT FOR THE YEAR 2007 PARTICULARS AMOUNT Rs. Ps.
198904422.6

PARTICULARS

AMOUNT Rs. Ps.


76291537.1

OPENING STOCK:

CLOSING STOCK
sales

13,05,17,436.81 1,15,01,190.42

Expenditure debitable to trading a/c Cost of production Transferredfrom Manufacturing a/c

1,18,46,077.46 Misc. income Creditable to Trading a/c 4. Gross loss

3,26,16,707.00

2,50,57,642.73 ---------------------24,33,67,207.06 -----------------------

--------------------24,33,67,207.06 ----------------------

61

APNA CIRCLE INFOTECH PVT. LTD.


BALANCE SHEET AS ON 2007 LIABILITIES
1. Share capital 2.DEPOSITS & BORROWINGS: a) Deposits b) Borrowings 3. Out standing Interest payable 4. Adjusting heads Due by 5. Reserves 6. U.D.P 7. Audit fund 8. Reserve fund yet To be invested

Rs.
14,09,60,300.00 2,88,12,456.68 22,38,22,462.57 2,71,90,688.40 11,50,20,073.78 22,87,27,884.01 64,226.88 9,695.57 24,702.69

ASSETS
1. Cash on hand 2. BALANCE WITH BANKS: a) current account b) savings account 3. Shares in other Co-op. institutions 4. Deposits with Various agencies 5. F.Ds with banks 6. Loans & advances To members 7. Loans to other Co-op. sugar Factories 8. ADJ. heads due to 9. Interest receivable 10. Value of assets 11. Rvaluation of Assets 12. VALUE OF CLOSING STOCK: a) Stores stocks b) Packing material c) Stationary d) raw material e) raw material process f) other expenses g) work in process h) FMP raw material & feed 13. Deficits

Rs.
22,575.20 13,49,421.74 1,45,31,767.74 2,28,550.00 12,61,225.77 22,50,000.00 63,86,629.69 10,00,000.00 5,48,94,708.08 18,26,488.57 12,62,06,460.22 9,59,30,271.73 2,01,00,264.62 1,78,240.45 18,671.00 7,60,05,445.10 2,34,802.90 2,86,092.00 5,750.00 20,474.20 47,943.52

----------------------76,46,32,490.58

LESS: Difference between Assets & liabilites Total

36,18,46,708.05 ----------------------40,27,85,782.53 -----------------------

Total

---------------------40,27,85,782.53 ----------------------

62

APNA CIRCLE INFOTECH PVT. LTD.


TRADING ACCOUNT FOR THE YEAR 2008 PARTICULARS AMOUNT Rs. Ps.
76291537.1 5,04,000.00 69,45,366.83

PARTICULARS

AMOUNT Rs. Ps.

1.OPENING STOCK:
2. PURCHASES: 3. Expenditure debitable to trading a/c 4. Cost of production Transferred from Manufacturing a/c

1. OPENING STOCK:
a) Sugar b) Molasses c) Pesticides 2. sales

7,88,16,404.20 1,06,60,683.35 3,62,250.00 9,69,20,394.30 69,04,064.85 5323482.37

11,52,46,375.14

3. Misc. income Creditable to Trading a/c 4. Gross loss

--------------------19,89,87,279.07 ---------------------

---------------------19,89,87,279.07 ----------------------

63

APNA CIRCLE INFOTECH PVT. LTD.


BALANCE SHEET AS ON 2008 LIABILITIES
1. Share capital 2.DEPOSITS & BORROWINGS: a) Deposits b) Borrowings 3. Out standing Interest payable 4. Adjusting heads Due by 5. Reserves 6. U.D.P 7. Audit fund 8. Reserve fund yet To be invested

Rs.
14,09,61,400.00 2,91,54,179.61 26,60,73,587.95 4,05,25,798.40 10,81,07,592.19 24,80,88,004.02 64,226.88 9,695.57 24,702.69

ASSETS
1. Cash on hand 2. BALANCE WITH BANKS: a) current account b) savings account 3. Shares in other Co-op. institutions 4. Deposits with Various agencies 5. F.Ds with banks 6. Loans & advances To members 7. Loans to other Co-op. sugar Factories 8. ADJ. heads due to 9. Interest receivable 10. Value of assets 11. Revaluation of Assets 12. VALUE OF CLOSING STOCK: a) Stores stocks b) Packing material c) Stationary d) raw material e) raw material process f) other expenses g) work in process h) Pesticides h) FMP raw material & feed 13. Deficits

Rs.
18,78,931.06 91,72,861.36 89,67,176.13 2,28,550.00 12,71,225.77 27,50,000.00 90,85,235.94 10,00,000.00 6,70,56,511.94 18,26,488.57 12,66,47,509.22 9,59,30,271.73 2,00,46,520.64 93,100.00 43,726.65 7,88,16,404.20 -------1,06,60,683.35 --------3,62,250.00 20,474.20 47,943.52

----------------------83,30,09,187.31

LESS: Difference between Assets & liabilites Total

39,71,03,323.03 ----------------------43,59,05,864.28 -------------------------------------------43,59,05,864.28 ----------------------

Total

64

APNA CIRCLE INFOTECH PVT. LTD.


TRADING ACCOUNT FOR THE YEAR 2009 PARTICULARS 1.OPENING STOCK:
Factory expenses

AMOUNT Rs. Ps.

PARTICULARS

AMOUNT Rs. Ps.


274974033.57 1,16,480.00 12,46,29,656.78 1,20,12,750.35

89477093.05 1. OPENING STOCK: 3,62,250.00


11,20,000.00 1,14,74,796.84 25,75,46,899.47 5,17,51,887.40 ----------------------41,17,32,920.70 ----------------------Carriage outward 2. sales 3. Misc. income Creditable to Trading a/c

2. PURCHASES: 3. Expenditure debitable to trading a/c 4. Cost of production Transferred from Manufacturing a/c 5. Gross Profit

---------------------41,17,32,920. ----------------------

65

APNA CIRCLE INFOTECH PVT. LTD.


BALANCE SHEET AS ON 2009 LIABILITIES
1. Share capital 2.DEPOSITS & BORROWINGS: a) Deposits b) Borrowings 3. Out standing Interest payable 4. Adjusting heads Due by 5. Reserves 6. U.D.P 7. Audit fund 8. Reserve fund yet To be invested

Rs.
14,11,40,700.00 3,10,24,046.10 40,43,40,806.12 4,90,24,988.90 14,09,80,325.36 26,43,09,028.13 64,226.88 9,695.57 24,702.69

ASSETS
1. Cash on hand 2. BALANCE WITH BANKS: a) current account b) savings account 3. Shares in other Co-op. institutions 4. Deposits with Various agencies 5. F.Ds with banks 6. Loans & advances To members 7. Loans to other Co-op. sugar Factories 8. ADJ. heads due to 9. Interest receivable 10. Value of assets 11. Revaluation of Assets 12. VALUE OF CLOSING STOCK: a) Stores stocks b) Packing material c) Stationary d) raw material e) raw material process f) other expenses g) work in process h) prepaid rent h) FMP raw material & feed 13. Deficits

Rs.
1,41,218.80 1,66,827.11 70,83,116.03 2,28,550.90 12,67,225.77 2,50,000.00 1,06,24,987.20 10,00,000.00 7,32,09,660.39 18,26,488.57 12,91,97,586.22 9,59,30,271.73 2,06,58,101.84 5,87,128.50 28,089.00 26,74,59,792.80 78,41,426.47 75,14,240.11 4,15,715.92 1,16,480.00 20,474.20 47,943.52

LESS: Difference between Assets & liabilites Total

----------------------1,03,09,18,519.75 40,53,03,194.91 ----------------------62,56,15,324.84 ----------------------Total ---------------------62,56,15,324.84 ----------------------

66

APNA CIRCLE INFOTECH PVT. LTD.


TRADING ACCOUNT FOR THE YEAR 2010 PARTICULARS AMOUNT Rs. Ps. PARTICULARS AMOUNT Rs. Ps.
253330292 2,05,940.00 2,60,98,795.50 3,76,82,757.68

1.OPENING STOCK:
Factory expenses 2. Expenditure debitable to trading a/c 3.. Cost of production Transferred from Manufacturing a/c 4. lighting expenses

7514240.77 1. OPENING STOCK:


1,16,480.00 2,66,76,030.20 38,10,97,458.30 33,07,360.00 ---------------------68,61,71,362.07 ---------------------2. sales 3. Misc. income Creditable to Trading a/c 4. Gross loss

---------------------68,61,71,362.07 ----------------------

67

APNA CIRCLE INFOTECH PVT. LTD.


BALANCE SHEET AS ON 2010 LIABILITIES
1. Share capital 2.DEPOSITS & BORROWINGS: a) Deposits b) Borrowings 3. Out standing Interest payable 4. Adjusting heads Due by 5. Reserves 6. U.D.P 7. Audit fund 8. Reserve fund yet To be invested

Rs.
14,25,53,600.00 3,52,01,887.01 40,57,02,422.76 4,69,28,301.64 22,91,72,904.82 26,80,06,835.01 64,226.88 9,695.57 24,702.69

ASSETS
1. Cash on hand 2. BALANCE WITH BANKS: a) current account b) savings account 3. Shares in other Co-op. institutions 4. Deposits with Various agencies 5. F.Ds with banks 6. Loans & advances To members 7. Loans to other Co-op. sugar Factories 8. ADJ. heads due to 9. Interest receivable 10. Value of assets 11. Revaluation of Assets 12. VALUE OF CLOSING STOCK: a) Stores stocks b) Packing material c) Stationary d) raw material e) raw material process f) other expenses g) work in process h) Prepaid expenses h) FMP raw material & feed 13. Deficits

Rs.
95,082.98 33,80,265.98 14,46,93,17.43 2,28,550.00 12,70,225.77 2,50,000.00 18,17,48,73.00 10,00,000.00 7,55,41,003.33 18,26,488.57 13,99,27,312.64 9,59,30,271.73 1,94,14,206.14 14,70,696.50 40,532.00 24,67,11,289.11 62,98,460.92 66,19,002.89 8,01,596.61 2,05,940.00 20,474.20 47,943.52

LESS: Difference between Assets & liabilites Total

11,27,66,45,76.38 49,89,41,043.06 -----------------------62,87,23,533.32 -----------------------Total ---------------------62,87,23,533.32 ----------------------

68

69

70

EVALUATION SHEET FOR SUMMER TRAINING PROJECT REPORT

STUDENTS NAME ROLL NO. EVALUATORS FEEDBACK

: ____________________________ :____________________________ : ____________________________ ____________________________ ____________________________ ____________________________

DID THE STUDENT CONTACT YOU REGULARLY FOR DISCUSSION? : YES/NO (Please tick) MARKS AWARDED :____________________________

SIGNATURE OF EVALUATOR NAME: DATE:

71

ATTENDANCE FOR SUMMER TRAINING PROJECT REPORT NAME OF THE STUDENT CLASS ROLL NO. NAME OF THE SUPERVISOR S.NO. 1 2 3 4 5 6 7 8 DATE TIME : : : : DINESH CHAND M.B.A. IInd YEAR 001 DR. V. K. AGGARWAL SIGNATURE OF STUDENT SIGNATURE OF SUPERVISOR

PROGRESS OF REPORT (REMARKS)

DR. V. K. AGGARWAL PROJECT GUIDE B.P.I.B.S.

72