MANAGEMENT OF WORKING CAPITAL 1.

Meaning and Types of Finance: Finance - Finance is the Art & Science of Managing Money - Finance is the Art of passing currency from hand to hand until it finally disappears Types & Sources of Finance

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Long Term Sources of Finance

Short Term Sources of Finance

- Finance required to meet Capital Expenditure - Finance required to meet day-to-day Business requirements - Also, known as Fixed Capital Finance 2. Working Capital Management: Working Capital (WC) - Also, known as Working Capital Finance

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Basics regarding WC Classification/Type of WC

Methods of estimating WC

- Meaning of WC A On the Basis of Concept - Conventional Method - Working Capital Concept (i) Gross Working Capital - Operating Cycle Method - Factors Affecting WC (ii) Net Working Capital - Cash Cost Method - Meaning of WC Management (Positive & Negative Working Capital) - Balance Sheet Method - Importance of WC Management B On the Basis of Periodicity (i) Fixed / Permanent Working Capital

Debtors and Inventories. Growth prospects . Operating Cycle & Rapidity of Turnover. Size of Business/Scale of Operations. This is knows as Quantitative aspect of Working Capital (Focus is on (i) Optimum Investment in Current Assets and (ii) Financing of Current Assets) .Operating Efficiency.CAalley.Business Cycle. Profit Appropriation .e.Depreciation Policy. .Working Capital is the amount of Capital that a Business has available to meet the day-to-day cash requirements of its operations .Cash Î Raw-Materials Î Work-in-Process Î Finished Goods Î Cash Factors affecting Working Capital/ Determinants of Working Capital: . CA .Net Concept: It means difference between Currents Assets & Current Liabilities.CL) .(Regular & Reserve Margin/ Cushion WC) (ii) Variable Working Capital (Seasonal & Special Working Capital) Parag Nalin Doshi www. Profit Margin.Working Capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commitments for which cash will soon be required (Current Liabilities) . Manufacturing Cycle.Working Capital refers to that part of the firm’s Capital.comMeaning of Working Capital: 1/12/2009 . Working Capital is also known as Revolving or Circulating Capital or ShortTerm Capital Working Capital Concepts: .It refers to the amount of Current Assets that exceeds Current Liabilities (i. Taxation Policy.Nature of Business/Industry. Marketable Securities. which is required for Financing Short-Term or Current Assets such as Cash. This is knows as Qualitative aspect of Working Capital (Focus is on (i) Liquidity Position of the Firm and (ii) WC Amount that can be financed by Permanent sources of Funds) Meaning of Operating Cycle/Working Capital Cycle: . Dividend Policy and Government Regulations Approaches (Methods) of estimating Working Capital: .Gross Concept: It means Current Assets.

Current Liabilities and the interrelationship that exists between them .generally.Liquidity V/s Profitability Objectives of Working Capital Management: ..e. relating to the next one year period .Working capital management entails short term decisions .Balance Sheet Method: Working Capital forecast is done on various Assets & Liabilities (i. .comMeaning of Working Capital Management: .Working Capital Management is concerned with the problems that arise in attempting to manage the Current Assets.Decide Appropriate means of Short Term Financing Process/Steps Involved in Working Capital Management: . final product to Debtors and Debtors to Cash again. This method takes into Account length of Time which is required to convert cash into resources.Operating Cycle Method: Debtors + Stock (RM/WIP/FG) . taking P&L items into account) .CAalley.which are "reversible" .Deciding Optimum Level of Investment in various WC Assets .Forecasting the Amount of Working Capital .Decide Optimal Mix of Short Term and Long Term Capital .Conventional Method: Matching of Cash Inflows & Outflows.Working Capital is the Life Blood of the Business .Working Capital Management means the deployment of current assets and current liabilities efficiently so as to maximize short-term liquidity .Two Steps involved in the Working Capital Management: (i) Forecasting the Amount of Working Capital (ii) Determining the Sources of Working Capital Importance of Working Capital Management: .Creditors.Fixed Assets (Long Term Assets) can be purchased on Lease/Hire Purchase but Current Assets cannot be . resources to final product. This method ignores Time Value of Money .Cash Cost Technique: Working Capital forecast is done on Cost Basis (i.e. taking B/S items into account) Parag Nalin Doshi 1/12/2009 www.

WIP) for Sale OR.com2.CAalley. It is also known as Optimum Level of Inventory Inventory Includes Raw-Material. Parag Nalin Doshi Various Aspects relating to Inventory Management: Various Aspects of Inventory Management 1/12/2009 www. FG.CAalley.An Optimum Investment in the Inventories .Management of Payables/Creditors Parag Nalin Doshi www. Consumables etc.For Sale in the ordinary course of Business OR. . Maintaining Inventory at the Optimum Level is called Inventory Magt..comMANAGEMENT OF INVENTORY 1.In the process of Production (i.e. Inventory means Tangible property which is held: Inventory Management means: . .Determining the Sources of Working Capital Different Aspects of Working Capital Management: .Striking balance between Adequate Stock & Investment For Consumption in the production of good & services which will be used for sale in the ordinary course of Business Maintain Adequate Stock and that too by keeping Investment at Minimum Level. Meaning of Inventory and Inventory Management: Inventory 1/12/2009 ____________________________________________________________________ Meaning of the Term Inventory Meaning of the Term Inventory Magt.Management of Inventory . Spares.Management of Cash . WIP. .Management of Receivables/Debtors .

Management Policies .Optimum Investment & .Length & Technical Nature of the .Control of Production Level .______________________________________________________________________ Objectives of Inventory Tools of Inventory Factors Determining Optimum Management Management Level of Inventory __________________________________ ______________________________________ Operating Objectives Financial Objectives General Factors Specific Factors . Minimum.Perpetual inventory System Restoration of the Stock Issued . Medium & High Number/Usage .Minimizing the Wastage .Availability of Funds .Operations Level .Loan Facility .Reasonable Price .Style factor in the End Product .Promotion of Manufacturing .Anticipated Volume of Sales and Demand for Finished Goods Efficiency Efficient use of Capital .Nature of Business .Seasonal Nature of Raw Materials .Economy in Purchasing .Price Level Variations Production process .Better Service to Customer .Fixation of Levels of Inventory Maximum.Terms of Purchase Optimum Level of Inventories .Price Level Variation .Time Factor .VED Analysis Vital.Attitude of the Management . Essential and Desirable .Other Factors Tools Meaning/Importance .Availability of Materials . Re-order and Danger Level .Minimizing Cost .ABC Analysis Small.Supply conditions .

.HML Tool High.com3.Periodical Inventory Valuation Annual Stock Taking .Economic Order Quantity (EOQ) Analysis Ordering Cost & Carrying Cost .SDE Tool Scarce. Difficult & Easy (Procurement Difficulty) Parag Nalin Doshi Important Formulas: (a) Maximum Level: (Maximum Quantity of Stock to be held) Maximum Level = (Reorder Level + Reorder Quantity) – (Minimum Usage x Minimum Reorder Period) (b) Minimum Level: (Minimum Quantity of Stock to be held) Minimum Level = (Reorder Level) – (Normal Usage x Normal Reorder Period) (c) Reorder Level: (Demand in the Lead Time) Reorder Level = (Maximum Consumption x Maximum Reorder or Delivery Period) OR Reorder Level = (Minimum Level) + (Normal Consumption x Normal Delivery Period) (d) Danger Level: Danger Level = (Minimum Rate of Consumption x Emergency Delivery Time) OR Danger Level = (Average Consumption x Maximum Reorder period for Emergency Purchases) (e) Lead Time: Time Lag between the Indenting and Receipt of Materials OR Time normally required for obtaining fresh supply of Materials (f) Economic Order Quantity: 1/12/2009 www. Slow Moving & Non Moving .CAalley. EOQ = + Ordering Cost) 2AB = 2 x Ordering Cost x Demand = Lowest of (Carrying Cost CS Holding Cost Where. A = Annual Usage/Annual Consumption B = Buying Cost/Ordering Cost C = Cost Per Unit .FSN Analysis Fast Moving. Medium & Low (Unit Price) .

Book Debts .Cost of Financing .Collection Costs in Future Strategy to Face Competition .CAalley.Maintain Receivables at a level at which there is a Services provided on Credit trade-off between Profitability & Cost .S = Storage Cost/Cost of Carrying Inventory Assumptions of EOQ Model: (i) Known and Constant Demand (ii) Known and Constant lead time (iii) Instantaneous receipt of material (iv) No quantity discounts (v) Only order (setup) Cost and holding cost (vi) No stock-outs (vii)Supply of the Goods is Satisfactory (viii)Prices of the goods are Stable Parag Nalin Doshi www. Meaning of Receivables and Receivables Management: Receivables ________________________________________________________________ 1/12/2009 Meaning of the Receivables Meaning of the Term Receivables Magt. Debtors.Increase & Margin Increase) . Sundry Debtors.comMANAGEMENT OF RECEIVABLES 1.Increase in Profit (Volume .It is based on Economic Value .It is amount/Debt which is receivable for the goods or .This is called Optimum Level of Receivables Receivables.It Involves an Element of Risk .Administrative Cost .Three Aspects of Managing Accounts Receivalbes _____________________________________________________ Characteristics Objectives Costs of Maintaining .Defaulting Costs __________________________________________________________________________________ __ Establishing Credit Policy Establishing Collection Policy of Concern Control of the Account Receivables . .Cash Payment will be made .Increase Sales .Also known as Trade. Trade .

Credit Policies ..Trade Discount . General Factors Specific Factors ______________________________________________ _________________________________________ .Capital Collateral Conditions Parag Nalin Doshi www.Volume of the Business .Determining Policy & Procedures .Availability of Funds .Character .com2.Determining of the Credit Standards to be followed for the collection of Receivables at the Minimum possible .It Means maintaining of the Account .Cash Discount .CAalley.Volume of Anticipated Sales .Quantity Discount .Capacity .Type & Nature of Business .CAalley.Volume of Credit Sales .comMANAGEMENT OF CASH 1/12/2009 .Price-Level Variations .Attitude of the Executives ________________________________________________________ Credit Standards Credit Terms Credit Rating ___________________________ Credit Period Discount Terms 5 C’s .Determining of the Credit Terms the Account Receivables Level Parag Nalin Doshi Factors Determining Size of Investment in Receivables: Factors ____________________________________________ 1/12/2009 www.Determining the Level of Credit Sales .

Cash Flows means Cash Inflows and Cash Outflows .1.Transaction Motive . Meaning & Importance of Cash & Cash Management: Cash & Cash Management .Cash Forecasting: (a) Receipt & Disbursement Method (b) Adjusted Net Income Method Parag Nalin Doshi Meaning of Cash Flows: Cash Flows .Precautionary Motive . _____________________________________________________ . it is Positive Cash Flow and vice-versa 1/12/2009 www.Speculative Motive .Smallest Portion of Total Current Assets maintaining Optimum Cash Balance .Most Significant & Least Productive Asset .To meet Cash Disbursement as per Payment Schedule .com2.To meet Cash Collection as per Repayment Schedule . It includes Cheques.Cash means Liquid Assets that a Business Owns. Money Orders & Bank Drafts .CAalley.Cash Planning .If Cash Inflows are more than Cash Outflows.Difficult to predict Cash Flows (Inflows & Outflows) .To minimize funds locked up as Cash Balance by .Cash Management means efficient Collection & Disbursement of cash and any Temporary Investment of Cash (Maintaining Optimum Level of Cash in an Organization is called Cash Management) __________________________________________________________________________________ Objectives of Cash Management Management Motives of Holding Cash Importance of Cash .

Cash Budget means estimation of Cash Receipt and Cash Disbursement during a future period of Time .Ready Forwards .Cash Budget is a forecast of future Cash Receipts and Cash Disbursement over various intervals of Time 1/12/2009 www. __________________________________________________________________________________ Functions/Importance of Cash Budget Surplus Cash Methods of Preparing Cash Budget Investment of .Testing the Influence of Proposed Expansion .Unit 1964 Scheme .Badla Financing .Maintenance of Ample Cash Balance .Receipts & Payment Method .Making use of Float Parag Nalin Doshi Meaning & Importance of Cash Budget: Cash Budget .com3.Lock Box System .Evaluation of Performance .Payable through Draft .Controlling Cash Expenditure .Forecasting the Future Needs of Funds .CAalley.Balance Sheet Method .Centralization of Payments .Prompt Payment by Customers .Helpful in Planning .Decentralized Collection .Adjusting Payroll Funds .Quick conversion of payment into Cash .Paying on Last Date .Methods of Accelerating Cash Inflows Method of Decelerating Cash Outflows .Inter-Corporate Deposits .Adjusted Profit & Loss Account Method .Negotiable Certificate of deposits .Treasury Bills .Inter-Bank Transfer .

Retained Earnings .Govt.Public Deposit .Basis of Long Term Planning & Co-ordination .Three Months Deposits .Bank Credit (Loans/OD/CC/BD) .Issue of Equity Shares (Profit & Loss A/c) .Accrual Accounts (Provision for Tax) .Bill Discount .Security from Customers (Private Individuals) .Loans from FI’s .Security from Employees .Sound Dividend Policy .Zero Coupon Bonds .Investment in Market Securities Parag Nalin Doshi 1/12/2009 www. Various Sources of securing Working Capital Finance: Sources of Finance ______________________________________________________________________ Long Term Sources (Regular Working Capital) Working Capital) Other Sources Short Term Sources (Seasonal _______________________ ____________________ Internal Sources External Sources Internal Sources External Sources .Issue of Debentures .CAalley..Credit Papers .Commercial Papers .Depreciation Funds .Trade Credit (Open .Issue of Preference Shares Acct/Acceptance) .Sale of FA’s .comSOURCES OF WORKING CAPITAL FINANCE 1. Assistance .Customer Advances .Factoring .Indigenous Bankers .Business Finance Co’s .

Only Part use of Long - be used in case of Term Funds Emergency __________________________________________________________________________________ Method I Method II Method III Total Current Assets x Total Current Assets x Total Current Assets x .25% from Long Term Sources x .Total Current Liabilities# x .Core Current Assets x = Working Capital Gap xx = Net Current Assets xx = Net WC Current Assets xx .CAalley.com3. .com2. __________________________________________________________________________________ ____ Hedging Approach Conservative Approach Aggressive Approach Trade-off Approach .Short Term Funds to .25% from Long Term Sources x . of Maximum and (Financed from Minimum WC requirement Long Term Funds) Avg.(Recourse & Non Recourse) Parag Nalin Doshi Approaches for Determining Financing Mix: Financing Mix 1/12/2009 www.Total Current Liabilities# x .All requirements from Long Term Funds Short Term Funds .Permanent WC .Avg.25% from Long Term Sources x .Balance to be funded by Short Term Funds) Short Term Funds Parag Nalin Doshi 1/12/2009 Maximum Permissible Bank Finance (Tandon Committee Recommendation): MPBF Methods/Workings/Calculations www.Temporary WC Long Term Funds (Financed from .CAalley. to be funded by .All requirements from .

com .Total Current Liabilities# x = MPBF xx # Note: Total Current Liabilities means Liabilities excluding Bank Borrowings to be taken into account for Calculation Parag Nalin Doshi 1/12/2009 www.CAalley.= MPBF xx = MPBF xx = Net Currents Assets xx .

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