1

LAYOUT OF BRITANNIA INDUSTRIES

SUMMER TRAINING PROJECT REPORT ON WORKING CAPITAL MANAGEMENTOF BRITANNIA INDUSTRIES LIMITED
SUMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (2006-08)

UTTARAKHAND TECHNICAL UNIVERSITY, DEHRADUN

SUBMITTED BY:
SHELLY AGARWAL

SUBMITTED TO:
DR PRADEEP SURI

CERTIFICATE
I have the pleasure in certifying that Ms. SHELLY AGARWAL is a bonafide student of III semester of the Masters Degree in Business Administration of Institute of Management Studies, Dehradun under Class ID No. MB06022 He has completed her Summer Training Project work entitled Working

capital management under my guidance.

I certify that this is his original effort and has not been copied from any other source. This project has also not been submitted in any other university for the purpose of award of nay degree. This project fulfills the requirement of the curriculum prescribed by Uttarakhand Technical University, Dehradun for the said course.

Signature: Name of the Guide: MR. MUDIT AGARWAL Date: 10TH AUGUST, 2007

PREFACE
Working Capital Management holds an important role in the theory of finance. A large number of tools and techniques have been developed in the past to insure optimal allocation of working capital management funds more than 80% of finance manager spent in dealing with day to day problem which are part & parcel of working capital requirements of the enterprise. Efficient use of working capital has direct bearing on profitability of the enterprise. It augments the productivity of the investment in the fixed assets. Basic survival of the firm may stake if adequate working capital is not available in time. It is essential to maintain constant supply of working capital for healthy growth of an enterprise. Management of working capital assumes added significance in the context of small scale and medium size industries in our country. Most of them have week financial base and limited access institutional finance. Their risk capacity is also low. Working capital management deals with management of each of the firm current assets in such a way that is maximizes the value of the firm. In any economy, the financial sectors play a major role in the mobilization and allocation of savings. In changing economic environment, manufacturing industries have to become more competitive. They have to keep their cost in check. An efficient use of working capital would release the funds locked in the current assets.

ACKNOWLEDGEMENT
I readily acknowledge my indebt ness to my parents whose support, dedication and honest efforts have given me an immense help in doing this project. It gives me immense pleasure to express my deep sense of gratitude and appreciation to my external guides, Mr. Mudit Agarwal, Mr. Sumit Mathur, Mr. Kiran Kumar, Mr.Dubey & Mr.Joshi, Mr.Mudit Agarwal whose constant encouragement and valuable suggestions gave back bone support in completing this project. I take the opportunity to thanks to Dr.Pradeep suri for motivating, encouraging, guiding and supporting at every step and sparing his valuable time for me. Last but not the least I record my sincere thanks to all beloved and respectable persons who helped me and could find any separate mention. Above all I praise GOD the most beneficial, the most merciful that I have been able to complete my training project successfully.

SHELLY AGARWAL

DECLARATION
I SHELLY AGARWAL student of MBA III sem. hereby declare that this project report Working capital management: A case study of Britannia Industries Limited is written and submitted by me under the guidance of DR. PRADEEP SURI is our original work. The entire analysis and conclusion of this report are based on the information which is collected by me during the training period. The empirical finding in the report are based on the data collected myself while preparing this project. I have not copied any thing from any source or other project submitted for the similar purpose, if any.

SHELLY AGARWAL

CONTENT
PREFACE ACKNOWLEGEMENT DECLERATION

Chapter-1: INTRODUCTION ABOUT BRITANNIA Company overview Company Profile Board of Directors Management team Mile stones History of Biscuits Activities of the company
PANTNAGAR UNIT

Introduction Company Profile SWOT Analysis 5S of BIL Department of the company Safety policy of the company CHAPTER-3: RESEARCH METHODOLOGY Sample Size Method of Sampling Area of work Parameters of study Method of Data collection Tools Limitations
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CHAPTER-4: WORKING CAPITAL MANAGEMENT About Working capital Classification of working capital Working capital management Difference between Cash flow & Funds Flow Structure of working capital in BIL Working capital pattern of BIL Share holding Pattern of BIL Management Pattern of Inventory Management Pattern of Debt Management Pattern of Cash Management Pattern of Loans & Advances Some important Ratios. Analysis & Findings Recommendations

CHAPTER-5: CONCLUSION & FINDINGS CHAPTER-6: BIBLIOGRAPHY

CHAPTER-I INTRODUCTION ABOUT THE COMPANY

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COMPANY OVERVIEW
The story of one of Indias favorite brands reads almost like a fairy tale. Once upon a time, in 1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now Kolkata) with an initial investment of Rs.295. The company we all know as Britannia today. The beginnings might have been humble-the dreams were anything but. By 1910, with the advent of electricity, Britannia mechanized its operations, and in 1921, it became the first company east of the Suez Canal to use imported gas ovens. Britannias business was flourishing. But, more importantly, Britannia was acquiring a reputation for quality and value. As a result, during the tragic World War II, the Government reposed its trust in Britannia by contracting it to supply large quantities of service biscuits to the armed forces.

As time moved on, the biscuit market continued to grow and Britannia grew along with it. In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parrys who till now distributed Britannia biscuits in India. In the subsequent public issue of 1978, Indian shareholding crossed 60%, firmly establishing the Indian ness of the firm. The following year, Britannia Biscuit Company was re-christened Britannia Industries Limited (BIL). Four years later in 1983, it crossed the Rs.100crores revenue mark. On the operations front, the company was making equally dynamic strides. In 1992, it celebrated its Platinum Jubilee. In 1997, the company unveiled its new corporate identity Eat Healthy, Think Better and made its first foray into the dairy products market. In 1999, the Britannia Khao, World Cup Jao promotion further fortified the affinity consumers had with Brand Britannia. Britannia strode into the 21st Century as one of Indias biggest brands and the pre-eminent food brand of the country. It was equally recognized for its innovative approach to products and marketing: the Lagan Match was voted Indias most successful promotional activity of the year 2001 while the delicious Britannia 50-50 Maska-Chaska became Indias most successful product launch. In 2002, Britannias New Business Division formed a joint venture with Fonterra, the worlds second largest Dairy Company, and Britannia New Zealand Foods Pvt. Ltd. Was born. In recognition of its vision and accelerating graph, Forbes Global rated Britannia One amongst the 11

Top 200 Small Companies of the World, and The Economic Times pegged Britannia Indias 2nd Most Trusted Brand. Today, more than a century after those tentative first steps, Britannias fairy tale is not only going strong but blazing new standards, and that miniscule initial investment has grown by leaps and bounds to crores of rupees in wealth for Britannias shareholders. The companys offerings are spread across the spectrum with products ranging from the healthy and economical Tiger biscuits to the more lifestyle-oriented Milkman Cheese. Having succeeded in garnering the trust of almost one-third of Indias one billion populations and a strong management at the helm means Britannia will continue to dream big on its path of innovation and quality. And millions of consumers will favor the results, happily ever after.

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COMPANY PROFILE
Registered office of Britannia Industries Limited is situated in West Bengal. This company is registered under Companies Act, 1956. Britannia biscuits Company Limited was originally incorporated on 21st March 1918under Indian Companies Act under the name The Britannia Biscuits Company Limited under section 21 of Companies Act and approval of Central Government. The main aim of the Company is to make available good and improved quality biscuits to each and every part of the country. The Company is perusing for ISO14001certificate and it is ISO 22000 certified. The Company was established at the Pantnagar branch on 21st May 2005 mainly for production with a production coverage area of approximately 20 acres. The control of management is through Board of Directors. The Companys head and registered office and works place are located at the below mentioned addresses: Registered & Head office : Britannia Industries Limited 5/1A, Hungerford Street Kolkata- 700017 Works Places: (a) Britannia Industries Limited 33, Industrial Area Lawrence Road, Delhi- 110035 (b) Britannia Industries Limited Plot No.1, Sector- 1 Integrated Industrial Estate Pantnagar, Pantnagar- 263153

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(c) Britannia Industries Limited 15, Taratola road, Kolkata 700088

(d) Britannia Industries Limited MTH road, Padi Chennai 600050 (e) Britannia Industries Limited Ready road (East), Mazagaon, Mumbai 400010

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BOARD OF DIRECTORS Name

Mr. Nusli N Wadia Ms. Vinita Bali Mr. George Casala Mr. Keki Dadiseth Mr. Avijit Deb Mr. Stephan Gerlich Mr. A K Hirjee Mr. Nimesh N Kampani Mr. S. S Kelkar Dr. Vijay Kelkar Mr. Pratap Khanna Mr. Jeh Wadia Mr. Francois Xavier Roger Field Marshall Sam Manekshaw

Designation
Chairman Managing Director Director Director Director Director Director Director Director Director Director Director Director Director Emeritus

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MANAGEMENT TEAM

GAUTAM BANERJEE ASHOK KUMAR GUPTA SAROJ KUMAR CHAKRABORTY RICHA ARORA AMITAVA MUKHERJEE PURNENDU ROY V. MADAN VINOD MENON Dr. K.N. SHASHIKANTH TS PURUSHOTHAMAN

General Manager Materials General Manager Accounts & Planning General Manager & Head of Technical General Manager Marketing National Sales Manager Head of R&D Company Secretary & Head of Legal Head of Internal Audit & Projects Corporate Quality Assurance Manager Corporate Head IT & Systems

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MILE STONES
1892 1910 1921

The Genesis Britannia established with an investment of Rs. 295

in Kolkata Advent of electricity sees operations mechanized

Imported machinery introduced; Britannia becomes the first

company East of the Suez to use gas ovens 1939 44

Sales rise exponentially to Rs.16,27,202 in 1939 During 1944 sales ramp up by more than eight times to reach

Rs.1.36crore 1975 1978 1979 1983 1989

Britannia Biscuit Company takes over biscuit distribution from

Parrys Public issue Indian shareholding crosses 60%

Re-christened Britannia Industries Ltd. (BIL) Sales cross Rs.100crore The Executive Office relocated to Bangalore

1992 1993

BIL celebrates its Platinum Jubilee Wadia Group acquires stake in ABIL, UK and becomes an equal

partner with Group Danone in BIL 1994 1997

Volumes cross 1,00,000 tons of biscuits Re-birth new corporate identity Eat Healthy, Think Better leads

to new mission: Make every third Indian a Britannia consumer

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1999

BIL enters the dairy products market Britannia Khao World Cup Jao a major success! Profit up by

37% 2000

Forbes Global Ranking Britannia among Top 300 small

companies 2001

BIL ranked one of Indias biggest brands No.1 food brand of the country Britannia Lagaan Match: Indias most successful promotional

activity of the year

2002

Maska Chaska: Indias most successful FMCG launch BIL launches joint venture with Fonterra, the worlds second Britannia New Zealand Foods Pvt. Ltd. Is born Rated as One amongst the Top 200 Small Companies of the Economic Times ranks BIL Indias 2nd Most Trusted Brand Pure Magic Winner of the World star, Asia star and India star

largest dairy company

World by Forbes Global

2003

award for packaging Treat Duet- most successful launch of the year

2004

Britannia Khao World Cup Jao rocks the consumer lives yet again Britannia accorded the status of being a Super brand Volumes cross 3,00,000 tons of biscuits Good Day adds a new variant Coconut in its range Re-birth of Tiger Swasth Khao, Tiger Ban Jao becomes the Britannia launched Greetings range of premium assorted gift The new plant in Uttaranchal, commissioned ahead of schedule.

2005

popular chant!

packs

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The launch of yet another exciting snacking option Britannia 50-

50 Pepper Chakkar

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THE ORIGIN OF EAT HEALTHY THINK BETTER

Britannia the biscuit leader with a history-has withstood the tests of time. Part of the reason for its success has been its ability to resonate with the changes in consumer needs-needs that have varied significantly across its 100+ year epoch. With consumer democracy reaching new levels, the one common thread to emerge in recent times has been the shift in lifestyles and a corresponding awareness of health. People are increasingly becoming conscious of dietary care and its correlation to wellness and matching the new pace to their lives with improved nutritional and dietary habits. This new awareness has seen consumers seeking foods that complement their lifestyles while offering convenience, variety and economy, over and above health and nutrition. Britannia saw the writing on the wall. Its Swasth Khao Tan Man Jagao (Eat Healthy, Think Better) re-position directly addressed this new trend by promising the new generation a healthy and nutritious alternative that was also delightful and tasty. Thus, the new logo was born, encapsulating the core essence of Britannia healthy, nutritious, optimistic and combining it with a delightful product range to offer variety and choice to consumers.

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OUR PRODUCTS

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Nutri Choice Sugar Out Sounds like yesterday when people commented that healthy foods meant compromising on the taste. Nutri Choice Sugar Out is the most novel product range to have been introduced in the market. The product is not just sweet but tastes great, and yet contains no added sugar. This is because Nutri Choice Sugar Out is sweetened with Sucralose, derived from sugar, which provides the same sweetness as any other biscuit, without the added calories of sugar. This range is available in 3 delicious variants namely Lifetime, Chocolate cream, and Orange cream, targeted towards all health sensitive people. It is also relevant for consumers with sugar related ailments. We are sure that you will be pleasantly delighted with its great taste and equally surprised to know that it has no added sugar. Dont be taken for a ride when you read Sugar Free label on many biscuit packs marketed in India or abroad. Even with 100% no-added sugar, wheat-cereals in biscuits have their own natural sugar content. Britannia has chosen to represent these biscuits with No Added Sugar claim, as there is no added sugar in the processing of Nutri Choice Sugar out. Nutri Choice Digestive Biscuit Nothing can be more difficult than making small efforts in our daily life towards healthy and active living. 24/7 we are engrossed in our busy schedules; skipping meals, missing walks, along with inadequate sleep and frequently eating-out, all take a heavy toll on our health. At least with the new and improved Nutri Choice Digestive Biscuit, we have one less thing to worry about. Made with 50% whole-wheat and packed with added fiber (10% of our daily dietary needs), these delightfully tasty biscuits are amongst your healthiest bites of the day. 24

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OTHER PRODUCTS OF BRITANNIA

Colief Infant Drops Lactase Enzyme Drops Reduce the hours of Crying Fruisana Fruit Sugar The Low-GI Sugar Britaxan Astaxanthin Complex Antioxidant Food Supplement Moducare Plant Sterols & Sterolins Maintain Immune Defense Vogels Cereals Prostabrit for Men Rye Grass Pollen Extract Nutritious & Delicious, High-Fibre Breakfast Cereals XyloBrit 100% Xylitol Sugar-Free Table-Top Sweetener LomaBrit Lip Balm Melissa (lemon balm) extract for healthy lips

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ANNUAL PERFORMANCE (FY 2006)

Britannias gross sales turnover increased to Rs18179 million in 2005-06 from Rs16,154 million in the previous year, registering a growth of 13%. Operating profit at Rs1,763 million increased by 7%, profit before tax and exceptional items at Rs.1,958 million declined by 19% against 200405 , impacted by the profit on sale of long term investments that accrued to other income last year.

The Company achieved these results despite significant increases in input cost, particularly sugar, fuel and oils, coupled with aggressive pricing in the industry. Your Companys focused initiatives on commercializing market place opportunities, supply chain efficiencies and overall cost management resulted in its top line growth and profitability. Operating margin at 10.3% in 2005-06 compared with 10.9% in the previous year was impacted by the inflation in input costs.

Despite stiff competition, your Company stabilized and held its overall market share at 27

31.7%

in

volume

and

38.8%

in

value

for

the

last

year.

Exports turnover during the year was Rs111.71 million against Rs71.65 million in 2004-05, a growth of 56%.

The major exceptional items during the year were:

Compensation and amortization of VRS costs Rs.111 million Profit on sale of properties Rs.117 million

After considering all the exceptional items, Profit before tax and Net Profit works out to Rs.2,007 million and Rs.1,464 million respectively. Earnings per Share are Rs.59.96 for 2005-06. Britannia believes in giving the best value to consumers through its brands and constantly looks for ways to enhance the overall consumer experience. 2005-06 witnessed a boost in product innovation and renovation and as many as six new launches were executed and well received in the market. The Companys largest brand Tiger, was successfully renovated with the re-staging of Tiger Glucose and the fortification of Tiger Creams. New variants were introduced in Treat Duet and Pepper Chakkar was launched under the 50:50 brand umbrellas. The Company also introduced Marie Gold Doubles in a totally new to market format and a new range Greetings an assortment of biscuits was introduced during Diwali, targeted at the large gifting opportunity. 28

The Company also seized the growing opportunity in adjacent categories like Cakes and the launch of Cup Cakes was the first step in strengthening this business.

Additionally, new packaging formats were introduced in several markets to tap into attractive price points from consumers perspective. Britannia will continue to invest in its brands and deliver growth through an emphasis on brand activation, anchored by new product launches.

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HISTORY OF BISCITS

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Sweet or salty. Soft or crunchy. Simple or exotic. Everybody loves munching on biscuits, but do they know how biscuits began? The history of biscuits can be traced back to a recipe created by the Roman chef Apicius, in which a thick paste of fine wheat flour was boiled and spread out on a plate. When it had dried and hardened it was cut up and then fried until crisp, then served with honey and pepper. The word Biscuit is derived from the Latin words Bis (meaning twice) and Coctus (meaning cooked or baked). The word Biscotti is also the generic term for cookies in Italian. Back then, biscuits were unleavened, hard and thin wafers which, because of their low water content, were ideal food to store. As people started to explore the globe, biscuits became the ideal traveling food since they stayed fresh for long periods. The seafaring age, thus, witnessed the boom of biscuits when these were sealed in airtight containers to last for months at a time. Hard track biscuits (earliest version of the biscotti and present-day crackers) were part of the staple diet of English and American sailors for many centuries. In fact, the countries which led this seafaring charge, such as those in Western Europe, are the ones where biscuits are most popular even today. Biscotti is said to have been a favorite of Christopher Columbus who discovered America! Making good biscuits is quite an art, and history bears testimony to that. During the 17th and 18th Centuries in Europe, baking was a carefully controlled profession, managed through a series of guilds or professional associations. To become a baker, one had to complete years of apprenticeship working through the ranks of apprentice, journeyman, and finally master baker. Not only this, the amount and quality of biscuits baked were also carefully monitored. The English, Scotch and Dutch immigrants originally brought the first cookies to the United States and they were called teacakes. They were often flavored with nothing more than the finest butter, sometimes with the addition of a few drops of rose water. Cookies in America were also called by such names as jumbles, plunkets and cry babies. As technology improved during the Industrial Revolution in the 19th century, the price of sugar and flour dropped. Chemical leavening agents, such as baking soda, became available and a profusion of cookie 31 recipes occurred. This led to the development of manufactured cookies. Interestingly, as time has passed and despite more varieties

WHAT MAKES A BRITANNIA

If you think Britannias are extraordinary individuals who are passionate about everything they docreate inspiration through everything they doand succeed in everything they do youre probably right. Britannians are hand-picked for a singular purposeto perpetually ensure Market Leadership and generate exemplary performance in every function. Britannians exhibit the following leadership behaviors (we fondly call BULBs Britannia Universal Leadership Behaviors)

Integrity Team Orientation People Development Learning Orientation Customer Orientation Quality Orientation Drive for Results Entrepreneurial Spirit System and Process Orientation Communication

If feel you stack up well in terms of all these behaviorsdont waste timeJoin us!!!

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ACTIVITIES OF THE COMPANY

Sales Production Research & Developme nt Human Resources & Legal Finance & IT Technical & Operations Exports
Activities of the company

Marketing

Quality Assurance

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OBJECTIVES OF THE COMPANY

The objectives of the company are as follows: 1. To acquire and take over as a going concern the biscuit manufacturing business now carried on at Dum dum junction under the styles or firms of V.S Brothers and company, Gupta and company and Britannia biscuits company and all or any of the lands, buildings, plant and machinery, assets and liabilities of the proprietors of that business in connection there with and with a view thereto to enter into the agreement referred to in clause 3 of the companies article of association and to carry the same into effect with or without modification. 2. To manufacture, buy, sell, prepare for market and deal in farinaceous foods for all kinds and in particular biscuits, breads, cakes and confectionary and food of every description suitable for individuals. 3. To carry on business as millers and grain merchants, dealers in flour, rice and other produces. 4. To carry on business as bakers and confectioners and to manufacture buy, sell, refine prepare, grow, import export and deal in provisions of all kinds of wholesale and retail, whether solid or liquid. 5. To make, accept, endorse, discount and issue promissory notes, bills of exchange and other negotiable instruments etc.

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CHAPTER-II INTRODUCTION ABOUT PANTNAGAR UNIT

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Welcome To Britannia Industries Ltd.Pantnagar Uttarakhand

Swasth Khao Tan man Jagao

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The story of one of Indias favourite brands reads almost like a fairy tale. Once upon a time, in 1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now Kolkata) with an initial investment of Rs. 295. The company we all know as Britannia today. As time moved on, the biscuit market continued to grow and Britannia grew along with it. In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parrys who till now distributed Britannia biscuits in India. In the subsequent public issue of 1978, Indian shareholding crossed 60%, firmly establishing the Indian ness of the firm. The following year, Britannia Biscuit Company was re-christened Britannia Industries Limited (BIL). Four years later in 1983, it crossed the Rs. 100 crores revenue mark.

INTRODUCTION
Britannia industries limited was established at Pantnagar on 1st may 2005in the area of approximately 20 acres mainly for the purpose of production of biscuits as this area is free from almost all types of taxes. In Britannia Industries Limited there are many types of departments which are inter connected to each other and work together for the welfare of the Company as the whole. There is a well built communication system inside the Company which helps in doing the work on time and with full efficiency and effectiveness. The departments of the Company includes Quality assurance, Stores, Production, Purchase, Maintenance, Engineering, Packaging and dispatch, Personnel and training, Finance, legal and administrative security. In the Company when the raw material is entered in the Company from that time onwards the quality of material is taken into consideration. Firstly the material is taken into the laboratory and it is being tested and after that it is being taken in progress. At the production plant also care is being taken for the neatness and cleanness of the biscuits and the biscuits are prepared in full hygienic conditions. For this purpose all the persons who enter the production or plant area is not allowed to go inside without wearing a cap. New concept like 5S is also being implemented in Britannia Industries Limited. The Company is perusing for ISO14001certificate and it is ISO 22000 certified. 37

There are four plants in operation in the Company at this branch. First plant is for Marie Gold which has a flexi line for Good day also. Second plant is for Good day, third one is for 50:50 variants, pepper chakker and Maska Chaska. Forth and last plant is for Bourbon which has a flexi line for Orange cream also.

COMPANY PROFILE
1) Bhumi poojan of Britannia industries limited was on 20th may 2004. 2) Machinery was set up on 23rd march 2005. 3) Production trial was taken on 23rd march 2005 itself. 4) Actual production was started on 1st April 2005. 5) First dispatch of finished goods was done on 20th April 2005. 6) Biggest plant of the company is plant number two. 7) The company is set up in an area of approximately 20 acres. 8) Minimum production of the company is 210tons per day. 9) Maximum production is 300 tons per day. 10) Control of management is through Board of Directors. 11) It is a public limited company. 12) The auditors of the company are Lovelock & Lewes. 13) The bankers of the company are: State Bank of India. Standard Chartered Bank. ABN Ambro Bank. Citi Bank. The hongkong and shanghai banking corporation limited. Bank of America. HDFC Bank limited. ICICI Bank limited. 38

NUMBER OF PLANTS AND PRODUCTION AT THE PANTNAGAR BRANCH

Not all the brands of Britannia are produced in this branch only some brands of biscuits are produced at this branch. Production of biscuits in Britannia Pantnagar branch is divided in to four Plants. 1) Plant I a) Marigold

b) Good day butter

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41

c) Good day Pista badam

2) Plant II a) good day cashew

3) Plant III a) fifty- fifty (50-50) i) 50-50

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ii) 50-50 Maska Chaska

iii) 50-50 pepper chakker

4) Plant IV a) Chocolate treat bourbon

b) Orange treat

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OBJECTIVES OF THE UNIT

Investing in appropriate technology. Working collaborators with the business partners. Quality products to customers. Continuous training and retraining of the employees to create culture that value quality and food safety as a core pillar of the business. To control the wastage and save time and efforts. To work under the principals of Kiazen, Haccp and 5 S.

STORAGE AND USAGE OF RAW MATERIAL

There are many types of raw materials which are used in Britannia for the production of different types of biscuits. Some of them are wheat flour, sugar, butter, skimmed milk powder, cashew, salt, different types of fats which includes different oils, sodium bi carbonate, ammonium bi carbonate etc. Now the question comes of their storage. As we can see that some of the materials which are used in Britannia industries need cold storage while some needs normal storage. So on the basis of the need of different raw materials they are stored in different storage places. The materials which are stored in cold storage are at the temperature of 5 degree Celsius while the materials which need normal storage are stored at the normal temperature. There classification of some of the raw materials is as follows:

Normal storage raw material

Wheat flour Sugar Ammonia Skimmed milk powder Palm oil Salt 45

Cold storage raw material

Butter Cashew Essences Skimmed milk powder Condensed milk

HOW THE PRODUCTION PLAN COMES?

The production plan comes directly from companys head office which is situated at Bangalore every month. The plan consists of: Variety name How much production to do for the particular variety. Total production in tons. Area where varieties will be dispatched along with quantity. Dispatch order.

THINGS YOU DONT KNOW ABOUT BRITANNIA

Britannia products are sold in over two million outlets, reaching millions of customers who buy approximately 2.4 billion packets each year. A small army keeps Britannia going over 180 stock keeping units, 3000 employees, over 2200 authorized whole sellers and 56 depots. The number of biscuits produced by Britannia in one year would be the equivalent of one pack of twelve biscuits for every two people in the world. Stacked on top of each other, all Britannia biscuits sold in a year would stand 10,000 times taller than Mount Everest.

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 Britannia has had a long association with cricket and cricket players. Nearly half the members of the current Indian cricket team serve as its brand ambassadors. Launched in 1997, Tiger became the largest selling Britannia biscuit brand in just 4 months of launch. It crossed Rs.1 billion sales mark in its very first year and is growing stronger.

SWOT ANALYSIS

STRENGTH
Goodwill of company Financially a very strong company Effective well designed and developed production and marketing network. Superior quality and service to provide maximum benefits to customers. The family environment in the company. Dedicated work force. Continuous growth. Market share of the company. Tax benefit to the company.

WEAKNESSES
No uniform of the officers and of the workers too. Storage capacity of the company is limited. Land is not properly utilized. Raw material is wasted at the time of unloading. Unit is situated far away from main plant. There is no board of Britannia at the entry gate. 47

OPPORTUNITY
There can be minimization of waste. There must be more efficient utilization of the raw material. More and more incentives should be given to workers to motivate them which help in increasing the employee moral. There can be use of the foreign technologies for efficient utilization of raw material so that the production of a biscuit can be increased. Lang can be used more efficiently.

THREATS
New entrants in the business Threats of substitute products. Availability of the other brands. Rivalry among the competitions. Taste and preference of customers.

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PRINCIPLES OF BRITANNIA PANTNAGAR

BIL works under some principles because it is a food manufacturing unit. The principles are: a) Kaizen b) 5s c) HACCP

KAIZEN
Kaizen means change for improvement. The word kaizen is a Japanese word and is made up of two words Kai and Zen. The word kai means change and Zen means better. Kaizen is a continuous small improvement in personal life as well as in official life. All human beings have an infinite brain power whose utilization does not require any expenditure and small changes are easy to implement is the philosophy of kaizen.
Kaizen is of three types:

Management oriented kaizen Group oriented kaizen Individual oriented kaizen

Characteristics of kaizen program at BIL: a. One should work smarter, if not harder. b. Management attention and responsiveness is very important. c. Suggestion scheme is internal part of kaizen. d. Use your head not money. e. Requires a faith in the people. f. Opportunities for improvement are every where.

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5 SOF BRITANNIA INDUSTRIES LIMITED

Five s is an integrated concept for work place management. It is determination to organize the workplace, to keep it neat, to clean, to maintain standardized conditions and to maintain the discipline that is needed to do a good job.

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SEIRI

SEITON

5S OF BRITA NNIA

SHITSUKE

SEISO

SEIKETSU

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SEIR I
It is sorting between wanted and unwanted things in a selected area, region or domain and get rid of what you do not need and aims at stratification management and dealing with the causes of filth activities..

SEITON
It means a place for everything and everything in its place i.e. establishing a neat layout so you can always get just as much of what you need it. It aims at: a. A neat looking workplace. b. Efficient layout and placement c. Raising the productivity.

SEISO
It deals with the job of thoroughly cleaning the workplace. Cleaning as a form of inspection. It aims at zero dirt and a good degree of cleanliness.

SEIKETSO
It means standardization which is needed to maintain SEIRI, SEITON and SEISO. It leads to use of visual management to avoid mistakes. It aims at management standards for maintaining the 5 S.

SHITSUKE
It means discipline which is called for strict adherence to a system form our present unsystematic way. 52

HACCP
HACCP: HACCP refers to hazardous activities critical control point. It is a structured application of the basic rules of preventing the food borne diseases.

HACCP concept
It includes following: Identification of potential food safety problems. Determination of now and where these can be prevented. Description of what to do and training of the personnel. Implementation and recording.

HACCP PRINCIPLES
Conduct a hazard analysis Determine the HACCPs Establish Critical Limit (s) Establish a monitoring system. Establish corrective actions. Establish verification procedures Establish documentation.

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WHY HACCP
Need for hygiene requirements (control measures) specific to food and process and their associated potential hazards. Prioritizing control measures. Need for ensuring that essential measures were correctly implemented and carried out. Need for planning of corrective measures in case of failure. Need for monitoring the process parameters to be able to control safety at all times.

DEPARTMENTS/ HIERARCHY OF THE COMPANY

There are mainly six departments of the company. These are as follows:

UNIT HEAD

Human resource

Accounts

Production

Purchase

Maintenance

Quality

Officers Officers

Officers Officers Officers Officers

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HEADS OF DEPARTMENTS OF THE COMPANY

Unit Head Accounts Human Resource Production Purchase Engineering & Factory assistant Standards : : Mr. Neeraj Agarwal Mr. Dhananjay : : : : : Mr. Manas Dutta Mr. Mudit Agarwal Mr. S.K. Mathur Mr. Mahak Singh Mr. Abhijeet Dutta

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QUALITY AND FOOD SAFETY POLICY OF THE COMPANY

The purpose of this policy is to ensure that we win through quality in the market place. This means that we must do every thing to ensure consistent delivery of quality products to the customers every time. Our commitment to quality and food safety will be reflected in every action and is non negligible. That means: All ingredients used in our factories always meet specified quality standards. All factories and depots maintain high standard of hygiene which ensures that our products are healthy and safe for consumption. Our manufacturing product always ensures delivery of products consistent with product and pack specifications which are free from contamination. Our supply chain practices enable delivery of fresh products to our customers.

We will fulfill these objectives through:

Investing in appropriate technology and equipping our factories adequately. Working collaborates with our business partners to create win win business outcomes. Developing process which enable consistent delivery of quality products to our customers. Continually training and retraining our employees and business partners to create a culture that values quality and food safety as the core pillars of our business.

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FMCG SECTOR
The FMCG sector represents consumer goods required for daily or frequent use, the main segments of this sector are personal care(oral care, hair care, soaps, cosmetics, toiletries), house hold care (fabric wash and house hold cleaners), branded and packaged foods, beverages (health beverages, soft drinks, staples, cereals, dairy products, chocolates, bakery products) and tobacco. The Indian FMCG sector is an important contributor to the countrys GDP. It is the fourth largest sector in the economy and is responsible for 5% of the total factory employment in India. The industry also creates employment for many people in downstream activities, much of which is disbursed in small towns and rural India. This industry has witnessed strong growth in the past decade. This has been due to liberalization, urbanization, increase in disposable incomes and altered lifestyle. Furthermore, the boom has been also fuelled by the reduction in excise duties, dereservation from the small-scale sector and the burgeoning affluent segment in the middle class through product and packaging innovations. Unlike the perception that the FMCG sector is a producer of luxury items targeted at the elite, in reality, the sector meets the everyday needs of the masses. The lower-middle income group accounts for over 60% of the sectors sales. Rural markets account for 56% of the domestic FMCG demand. Many of the global FMCG majors have been present in the country for many decades. But in the last ten years; many of the smaller rung Indian FMCG companies have gained scale. As a result, the unorganized and regional players have witnessed erosion in the market share.

A PEEK IN TO THE PAST.

In India, companies like ITC, HLL, Colgate, Cadbury and nestle have been a domestic force in the FMCG sector well supported by relatively less competition and hard entry barriers (import duty was high). These companies were, therefore able to charge a premium for their products. In the context, the margins were also on the higher side. With the gradual opening up of the economy over the last decade, FMCG companies have been forced to fight for a market share. In the process, margins have been compromised, more so in the last six years (FMCG sector witnessed decline in demand). 57

THE CURRENT AND FUTURE SCENARIO..

The growth potential for FMCG companies looks promising over the long term horizon, as percapita consumption of almost all products in the country is amongst the lowest in the world. As per the consumer survey by KSA-Technopak in 2004, of the total consumption expenditure, almost 40% and 8% was accounted by groceries and personal care product respectively. Rapid urbanization, increased literacy and rising per capita income are the key growth driver for the sector. Around 45% of the population in India is below 20 years of age and the proportion of the young population in India is below 20 years of age and the proportion of the young population is expected to increase in the next five years. Aspirations levels in this age group have fuelled by greater media exposure, unleashing a latent demand with more money and a new mindset. In this backdrop, industry estimates suggest that the industry could triple in value by 2015 (by some estimates, the industry could in size by 2010). In over view, testing times for the FMCG sector are over and driving rural penetration will be the going forward. Due to infrastructure constraints, companies were unable to grow faster. Although companies like HLL and ITC have dedicated initiatives targeted are the rural market, these are still at a relatively nascent stage. The implementation of VAT with effect from April 1, 2005 is a step in the right direction for the sector. This has simplified the tax structure in the many ways, as a result of which FMCG companies are confident that prices will decline over the long term. We believe that the full benefit of VAT will be reflected over the next 3-5 years. The bottlenecks of conventional distribution system are likely to be removed once organized retailing gains in scale. Currently, organized retailing accounts for just 23% of retail sales is likely to touch 10% over the next 3-5 years. In over view, organized retailing result in discount prices, forced-buying by offering many choice and also opens up new avenues for growth for the FMCG sector. Given the aggressive plans of players like pantaloon, Trent, shoppers stop and shop rite. We are confident that on the back of economic transformation that India has witnessed since the early 1990s, the middle class has proposed in the country, growing by around 10% to 12% per annum. This transformation has been fed partly by the explosion of new jobs for the young population, primarily in software and other service sectors. This new found prosperity has further fed consumerism, which has benefited all the constituents of the FMCG sector. Going forward, we 58

believe that accretion in income levels of the rising Indian middle class and consequent rise in disposable incomes will fuel consumption driven growth. Now, while determining the long term outlook for the sector might seem easy, when it comes to picking an FMCG stock investors. With the markets currently at their all time highs, and on an upswing, it is even more important to separate the wheat from chaff. Here are some of the parameters that one should keep in mind while considering an investment in the FMCG sector.

LOGISTICS STRENGTH
While purchasing power is the function of a economic growth and rising disposable incomes, awareness is a function as the product reach and its usability. It is in this context that companys logistics gain importance. But logistics do not only mean a companys reach in terms of retail outlets. It also means the level of sophistication of this distribution reach-how intelligent is this supply chain and is it well geared for the companys future growth?

PRODUCT FOLIO
MNCs form almost half of the branded FMCG industry in India. In case of MNCs therefore, it is relevant to look at the parents support and commitment to its subsidiary before making an investment decision. Again, support and commitment alone is not enough. Investors need to look at the parents product portfolio and its plans for India. If the parent is present only across the limited category globally, all its support to domestic subsidiary is of little help owing to its limited product portfolio. For all companies, be it domestic otherwise, a look at the companys product introduction track record can be an eye-opener. Find how many products the company has introduced in its year of existence? How relevant are they to Indias consumer habits? How successful have the products launches been and what are the future plans of the company in terms of new products?

COMPETITIVE STRENGTHS
The success of the FMCG companies is often attributed to their marketing and branding skillsability to continuously create successful brands and advertising which convey the message across. Once a brand is successful, it is easier for the company to piggyback on its initial success

59

and introduce more products and associate with them known brand. As thy say, nothing succeeds like success. As mentioned earlier, greater the number the product is offering, greater is the resource utilization, be it is the distribution channel, the marketing or branding strengths. It is in this context, that single or few product companies are risky. Firstly, they have to be varying the competitors coming in and weaning away the market share. Therefore they have to consistently spend higher amounts on advertising and marketing. This is the double whammy for the company under pressure. On one hand, revenues are under pressure and on the other hand, costs go up and on the other, costs go up and margins are squeezed. Also, due to this, the company is often shy of investing in new product and expanding distribution network. The bottom-line is that future growth prospects get stunted. With respect to MNC companies investors should also look at the number of subsidiaries the parent has in the same country. For example, P&G and glaxo smith Kline both have other subsidiaries besides the listed entities. If the parent has another subsidiary, especially if it is 100% owned, then it is likely that the former would be inclined to introduce new brands and products through this subsidiary. As such, shareholders of the listed subsidiary will not be able to reap the rewards of the product portfolio expansions. Investors should worry of investing in such companies where parent focus and plans are under a cloud.

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OBJECTIVE OF THE STUDY

The objective for doing my summer training is to make my self capable for moving forward in corporate world, to gain knowledge & experience & know how to work in the organization environment. It will help me to gain more & more about corporate sector, which was very essential for me to do. Therefore I joined BIL Pantnagar to improve my capabilities.

MAIN OBJECTIVE To analyze how WORKING CAPITAL is maintained in Britannia Industries Limited

SUB-OBJECTIVE

Are the working capital system is sufficient enough to analyze the ability of a company. To know the method of managing the working capital requirement of the organization. To see the difference between the theoretical knowledge & practical knowledge.

Period of study
I did my summer internship at BRITANNIA INDUSTRIES LTD., which is one of the largest FMCG Company in India. The duration of my study was 60 days (8 weeks). My timing of work was from 9:30 A.M. to 5:30 P.M., 6 days in a week.

SCOPE OF THE STUDY

It provides useful information for research and also introduces the researcher with the practical problem faced in the company. This research is very important for any finance student to gain a real time experience. I have done my research in Britannia in Working capital management. There are many departments in Britannia but my research work is confined with finance department where I studied that how they meet the requirement of working capital and how they use it in financial activities. In finance department, I studied how they manage their different ratio with respect to the working capital. 61

LIMITATION TO THE STUDY

Following are the limitations of this project: It is mainly a secondary data based report and secondary data has its own limitations. The source of data collection is limited to annual report of the company only. The company does not show their cost & operating accounts to any research students. The interpretations of ratios require great caution and expertise as it misleading in some cases. Due to the tight schedule of managers, there are some difficulties for trainee to get cooperation and attention.

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CHAPTER-III RESEARCH METHODOLOGY

63

RESEARCH METHODOLOGY
When we talk of Research Methodology, we not only talk of the research methods but also consider the logic behind the methods we use in the context of our research study and explain why we are using a particular method or technique and why we are not using so that research results are capable of being evaluated either by research himself or by others. As the title of the project suggests the project is about the study of the working capital management in the company. So my objective is that to know that how the working capital should be maintained in the company & which method is used in this.

SAMPLE SIZE
The sample size refers to the no. of employees selected from the company to constitute a sample. The sample size used for study includes two companies.

METHOD OF SAMPLING
The process employed for the sample was Cluster Sampling. Sample Size: 2 Method of Sampling: Cluster Area of work: Working capital management Method of Data collection: Secondary Tools: Annual report, Balance sheet, Internal sources.

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SOURCES OF DATA COLLECTION

SECONDARY DATA Secondary data are those which have already been collected by someone else and have already been passed through the statistical process. Acc. to Dessel-Data collected by other persons All the data has been collected from internal source that includes:a) Magazines b) Books c) Websites d) Reports e) Files f) Staff

DATA COLLECTION METHOD

The data was collected by me from both the sources for my training project report. In case of secondary ways of data collection of magazines and books of Britannia were used.

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CHAPTER IV INTRODUCTION ABOUT WORKING CAPITAL MANAGEMENT

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WORKING CAPITAL
Working capital in short may be said as the capital required in meeting the short tem needs. The requirement of working capital differs from firm to firm. The firm may require large amount of working capital or may be less, it depends on the kind of work done by the particular organization.

CLASSIFICATION OR KINDS OF WORKING CAPITAL

Kinds of working capital

On the basis of concept

On the basis of time

Gross working capital

Net working capital

Permanent or fixed working capital

Temporary or variable working capital

Regular working capital

Reserve working capital

Seasonal working capital

Special working capital

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GROSS WORKING CAPITAL: Total current assets

1. Gross working capital: Gross working capital refers to the firms investment in current assets. Current assets are the assets which can be converted into cash within an accounting year and include cash, short term securities, debtors, (account receivable or book debts) bills receivable and stock (inventory).

NET WORKING CAPITAL:

Thus

Change in current assets and current liabilities

Working capital= current assets- current liabilities Net working capital: - Net working capital refers to the difference between current assets and current liabilities. Current liabilities are those claims of outsider which are expected to mature for payment within an accounting year and include creditors (account payable), bills payable, and outstanding expenses. Net working capital can be positive. Or negative. A positive net working capital will arise when current assets exceed current liabilities. A negative net working capital occurs when current liabilities s are in excess of current assets.

The two concepts of working capital gross and net-are not exclusive rather, they have equal significance from the management viewpoint.

Permanent or fixed working capital: It is the minimum amount which is required to

ensure effective utilization of fixed facilities and maintaining the circulation of current assets. For example every firm has to maintain a minimum level of raw material, work-in-progress, finished goods and cash balance. This minimum level of current asset is called permanent or fixed working capital as this part of capital is permanently blocked in current asset.

Temporary or variable working capital: It is the amount of working capital which is

required to meet the seasonal demand and some exigencies. Variable working capital can be further be classified as Seasonal working capital: the capital required to meet the seasonal needs of the enterprises is called as seasonal working capital. 68

Special working capital: That part of working capital which is required to meet special exigencies such as launching of extensive marketing campaigns for conducting research etc.

OPERATING CYCLE OF WORKING CAPITAL

Sufficient working capital is necessary to sustain sales activity. Technically this is referred to as a operating/ cash cycle. It can be said to be at the heart of the need of working capital. Cash/operating cycle is the length of time necessary to complete following event. Convert cash into raw material. Raw material into goods in process. Goods in process into finished goods. Finished goods into debtors through credit sales, and debtor into cash. The cycle is a continuous process

DEBTORS

CASH

SALES

RAW MATERIAL

FINISHED GOODS

WORK IN PROGRESS

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OPERATING CYCLE

The Working Capital cycle or Cash Conversion cycle as it is also called is usually expressed in terms of the number of days. This figure is the average time that it takes to turn investment in books into cash and profit. Payback expresses the number of days required to recoup the original investment on a single title. In the organizations Balance Sheet there will be the costs of paper, titles still under development, and author advances of books already and not yet published. In addition there will be the cost of stocks of unsold books, Accounts Receivable, and Accounts Payable.

Determinants of working capital

The requirements of working capital generally vary from industry to industry, concern to concern and time to time. Comparing the production cycle of BHEL with any of the FMCG Company we will notice that, BHEL takes considerably longer period to manufacture a turbine while in FMCG companies like HLL or P&G takes few minutes to manufacture their product. Working capital in these companies can be even negative as they take credit from suppliers and sell their products on cash. So current liabilities are higher due to which figure of working capital can be negative. The various factor which influence the amount of working capital required by a business enterprises, may be grouped under two heads. 1) Internal factor: - The factor which are within the control and competence of management. These may include the risk taking attitude of management, turn over of receivable and inventories terms of purchase and sale s and credit rating etc. 2) External factor: - these may include the nature of business, volume of production and sales and business cycle.

PERMANENT AND TEMPORARY WORKING CAPITAL

The operating cycle thus crates the need for current assets (working capital).however this need does not come to an end after the cycle is completed. It continues to exist. Thus the distinction between permanent and temporary working capital should be known. Business keeps on going even after the realization of cash from customers, which creates the need for regular supply of working capital. However the magnitude of Working capital required 70

is not constant, but fluctuating. To carry on business, a certain minimum level of Working capital is necessary on a continuous and uninterrupted basis. For all practical purpose, this requirement has to be met permanently as with other fixed assets. This requirement is referred to as Permanent or fixed Working capital. Any amount over or above the permanent level of Working capital is temporary, fluctuating or variable Working capital. This portion of the required Working capital is needed to meet fluctuation in demand consequent upon changes in production and sales as a result of seasonal changes. The basic distinction between these two is:

30 25 20 Area 2 15 10 5 0
TEMPORARY WORKING CAPITAL

PERMANENT WO RKING C APITAAL

FINANCING OF WORKING CAPITAL The various sources for the financing of working capital are as follows:

Sources of Working capital

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Permanent or fixed Shares Debentures Public deposits Ploughing back of profits Loans from Financial institutions.

Temporary or variable 1. Commercial banks 2. Indigenous bankers 3. Trade creditors 4. Installment credit 5. Advances 6. Accounts ReceivablesCredit/Factoring 7. Accrued expenses 8. Commercial papers

CALCULATION OF WORKING CAPITAL

Working capital is the excess of current assets over current liabilities. Information regarding current assets and current liabilities is available from the balance sheet. Working capital should be sufficient to meet routine requirement of the business. The two concepts of working capital are current assets and current liabilities. They have a bearing on the cash operating cycle. In order to calculate the working capital the working capital needs, what is required is the holding period of various types of inventories, the credit collection period and credit payment period. Working capital also depends on the budgeted level of activity in terms of production/sales. The calculation of working capital is based on the assumption that the production/sales is carried on evenly throughout the year and all costs accrue similarly. As the working capital requirements are related to the cost excluding and not to the sale price. Working capital is computed with reference to cash cost. The cash cost approach is comprehensive and superior to the operating cycle approach based on holding period of debtors and inventories and payment of creditors. The computation of working capital can be summarized as follows: (I) Estimation of current asset : a) Minimum desired cash and bank balances b) Inventories Raw material Work-in-progress 72

Finished goods c) Debtors* Total current assets (II) Estimation of current liabilities : a) Creditors** b) Wages c) Overheads Total current liabilities (III) (IV) Net working capital (I-II) Add: margin for contingency Net working capital required

* If payment is received in advance, the item would be listed in current liabilities. ** If advance payment is to be made to creditors, the item would appear under current asset. The same would be treated for advance payment of wages and overheads.

IMPORTANCE OR ADVANTAGES OF WORKING CAPITAL

Working capital is the blood and nerve centre of a business. Just as circulation of blood is essential in the human body for maintaining life, working capital is very essential to maintain the smooth running of a business. No business can run successfully without an adequate amount of working capital. The main advantages of maintaining adequate amount of working capital are as follows: Solvency of the business. Goodwill Easy loans Cash discounts Regular supply of raw materials Regular payment of salaries, wages and other day-to-day commitments. 73

Exploitation of favorable market conditions. Ability to face crisis Quick and regular return on investments High morale.

WORKING CAPITAL MANAGEMENT

Working Capital is the money used to make goods and attract sales. The less Working Capital used to attract sales, the higher is likely to be the return on investment. Working Capital management is about the commercial and financial aspects of Inventory, credit, purchasing, marketing, and royalty and investment policy. The higher the profit margin, the lower is likely to be the level of Working Capital tied up in creating and selling titles. The faster that we create and sell the books the higher is likely to be the return on investment. Thus when we have been using the word investment in the chapter on pricing, we have been discussing Working Capital.

AFFECT OF BUSINESS TRANSACTIONS ON WORKING CAPITAL

In preparing a statement of changes in financial position, on working capital basis, it is convient to classify business transactions into three categories: 1. Transactions Affecting only Current Asset or Current liabilities Accounts: These transactions produce changes in working capital accounts but do not change the account of working capitals. For example, the purchase of merchandise increases inventory and accounts payable but has no effect on working capital; it may therefore be ignored in preparing the statement of changes in financial positions. Similarly, paying accounts payable affects cash, so this transaction would be reflected in cash basis statement of changes in financial position. However, the transaction has no effect on working capital since a current asset (cash) and a current liability (accounts payable) decrease by the same amount. Hence, the transaction would not be reflected as a source or use in a working capital basis statement of changes in financial position. Other transactions like collection of receivables, short-term borrowing, purchase of short-term government securities also fall in this category of transactions. Thus, when funds are defined as working capital, there is no need to show the details of the more or less continous movement of resources between current liabilities and current assets which results from the manufacture and sale of goods and the collection of receivables from customers. Indeed, the 74

focus is on the usually more significant flows affecting non-current assets (i.e. long term investments) and permanent capital, the name given to the sum of long-term liabilities and owners equity. Thus the funds statement, i.e. Statement of Chances in Financial Position based on changes in working capital position, is a better and useful tool for highlighting the changes that have taken place in the financial operations between two balance sheet dates. 2. Transactions Affecting Current Asset or Current Liability Account and a Non-Working Capital (Non-current) Account: These transactions bring about either an increase or a decrease in the amount of working capital. The issue of long-term bonds, for example, increases current assets and increases loan on bonds, a non-working capital account; therefore the issue of bonds is a source of working capital. Similarly when the bonds approach maturity they are transferred to the current liability classification in the balance sheet. This causes a reduction (a use) of working capital. If changes in non-working capital accounts are analyzed, these events are brought to light, and their effect on working capital will be reported in the statement of changes in financial position. 3. Transactions affecting only Non-current Accounts: These transactions have no direct effect on the amount of working capital. The entry to record depreciation is an example of such a transaction. Other transaction in this category, such as issue of share capital in exchange for plant assets, are called exchanged transactions involving only non-current accounts and are viewed as both a source and a use of working capital, but do not change the amount of working capital. Alternatively, such exchange transactions may not be considered in preparing a statement of changes in financial position on working capital basis.

WORKING CAPITAL ANALYSIS OR MEASURING THE WORKING CAPITAL

The working capital is a means to run the business smooth and profitably, and not an end. Thus, concept of working capital has its own importance in a going concern. A going concern, usually, has a positive balance of working capital i.e., the excess of current assets over current liabilities, but sometimes the uses of working capital may be more than the sources resulting into a negative value of working capital. This negative balance is generally offset soon by gains in the following periods. A study of changes in the uses and sources of working capital is necessary to evaluate 75

the efficiency with which the working capital is employed in the business. This involves the need of working capital analysis. The analysis of working capital can be conducted through a number of devices, such as: 1. Ratio analysis 2. Funds flow analysis 3. Budgeting

Ratio Analysis: A ratio is a simple arithmetical expression of the relationship of one

number to another. The technique of ratio analysis can be employed for measuring shot-term liquidity or working capital position of the firm. The following ratios can be calculated for this purpose: Current ratio Acid test ratio Absolute liquid ratio or cash position ratio Inventory turnover ratio Receivables turnover ratio Payables turnover ratio Working capital turnover ratio Working capital leverages Ratio of current liabilities to tangible net worth

Asset Usage
The assessment of asset usage is important as it helps us to understand the overall level of efficiency at which a business is performing. The basic equations for this section are:

Total Asset Turnover

= 76

Turnover Total Assets

Stock Turnover

Average Stocks Credit Sales/365 Average Debtors Credit Sales/365 Average Creditors Credit Sales/365

Debtors Turnover

Creditors Turnover

The assessment of asset usage is important as it helps us to understand the overall level of efficiency at which a business is performing.

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DIFFERENCE BETWEEN CASH FLOW AND FUND FLOW STATEMENT

BASIS OF DIFFERENCE MEANING CASH FLOW STATEMENT It is a statement of changes in the financial position of business due to the inflow and outflow of PLANNING PERIOD RELIABILTY cash. Statement of cash flow is required for short range planning. Plans for more immediate future can rely upon information TREATMENT OF CURRENT ASSETS supplied by cash flow statement. It does not treat all current assets as cash. FUNDS FLOW STATEMENT It is a statement of changes in the financial position of business due to the inflow and outflow of funds. Funds flow statement is required for long range planning. Plans for more immediate future cannot rely upon information supplied by funds flow statement. It treats all current assets at par with funds, although debts are collected within months and stock is sold TREATMENT OF CURRENT LIABILITIES CASH/FUNDS FROM OPERATION BASIS Increase in bank overdraft and increase in outstanding expenses are treated separately. While making cash flow statement cash from operation is calculated. Prepared on cash basis. within 6 months. Increase in outstanding expenses is treated as increase in overdraft. While making funds flow statement funds from operation is calculated. Prepared on accrual basis.

Working capital budget:

A budget is a financial and/or quantitative expression of business plans and policies to be pursued in the future period of time. Working capital budget, as a part of total budgeting process of a business, is prepared estimating future long-term and short-term working capital needs and the sources to finance them, and then comparing the budgeted figures with the actual performance for calculating variances, if any, so that corrective actions may be taken in the future. The objective of working capital budget is to ensure the availability of funds as and when 78

needed, and to ensure effective utilization of these resources. The successful implementation of working capital budget involves the preparing of separate budgets for various elements of working capital, such as cash, inventories and receivables, etc.

Working Capital Management (Debt vs. Equity)

Working capital is the money you will need to keep your business going until you can cover your operating costs out of revenue. As a small business owner, it will be wise to have enough working capital on hand to cover items such as the following during the first few months that you are in business: Replacing inventory and raw materials: you will need to fund the purchase of inventory out of working capital until you start to see cash from sales, which could take months. Paying employees: even the most loyal worker wants to get paid on time, regardless of how much or how little cash your firm earns during its first months. Paying yourself: unless you have made other arrangements, you will need to withdraw some money to support yourself. Debt payments: if you have borrowed money to get started, you probably have to begin repaying it right away. Missing your first loan payments will not do your credit rating any good. An emergency fund: you need some cash on hand to cover unforeseen shortfalls that may result from any number of factors such as delays in getting your space ready, a slow paying client, or slow business.

Debt vs. Equity Assessments

It is essential that you assess the relative merits of each form of funding for your specific business.

DEBT
Take on Creditors Low Expected Return 79

EQUITY
Take on Partners High Expected Return

Smaller Funding Amounts Periodic Payments Maturity Date More Restrictions ADVANTAGES OF USING DEBT Debt is not an ownership interest in the business. Creditors generally do not have voting power.

Larger Funding Amount No Short-Term Payments Open-Ended Exit Date Less Restrictions DISADVANTAGES OF USING DEBT Unpaid debt is a liability of the business. If it is not paid then the creditors can legally claim the assets of the firm. This action can result in liquidation or reorganization.

The payment of interest on debt is considered a Your business must earn at least enough money cost of doing business and is fully tax deductible. to cover for the interest expense, otherwise you may not be able to pay you interest which may lead to default (financial distress). The creditors will only be concerned that the business will be able to generate cash flow to cover interest expenses.

ADVANTAGES OF USING EQUITY

DISADVANTAGES OF USING EQUITY

Unlike obligation of debt, your business will not Equity is an ownership of the business. So an have any contractual obligation to pay for equity dividend. Equity financing also allows your business to obtain funds without incurring debt, or without having to repay a specific amount of money at a particular time. equity partner will have a direct say about your business.

Making more efficient use of Working Capital

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The table below lists items, which influence Working Capital levels favorably and adversely Items that reduce Working Capital levels for publishers - Increased profit margins - Customers who pay promptly - Advance payments by customers - Inventory which is sold and paid for quickly by customers after publication - Lower Inventory levels by reducing print quantities and working with printers who will deliver quickly and produce low print runs economically Items that increase Working Capital levels for publishers - Lower profit margins - Long print runs except where all the books are required on publication e.g. School and university textbooks - Slow authors who deliver late and whose manuscripts require substantial editing - Holding paper stock unless market conditions demand and the savings are large - Slow schedules for the development - Successful promotion that speeds up the rate of sale of new titles - Making advance payments to printers - Seasonal sales except where the publishers prints only for the season - Licensing (but problematic in young economies) - Paying suppliers on completion with credit - Authors who deliver manuscripts on disk ready for computer make-up - Incentives to staff , authors , suppliers, customers , sales staff and agents to speed up the rate of sale and of developing new books, delivering manuscripts on schedule

Measures to Improve Working capital management

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The essence of effective Working capital management is proper cash flow forecasting. This should take into account the impact of unforeseen events, market cycles, loss of a prime customer and actions by competitors. The effect of unforeseen demands of Working capital should be factored in. 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 all-encompassing 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 are then held accountable for delivering, encouraged to be enterprising and to act as change agents. Effective dispute management procedures in relation to customers will go along way in freeing up cash otherwise locked in due to disputes. It will also improve customer service and free up time for legitimate activities like sales, order entry and cash collection. Overall, efficiency will increase due to reduced operating costs. Collaborating with your customers instead of being focused only on own operations will also yield good results. If feasible, helping them to plan their inventory requirements efficiently to match your production with their consumption will help reduce inventory levels. This can be done with suppliers also. Working capital management is an important yardstick to measure a company operational and financial efficiency. This aspect must form part of the companys strategic and operational thinking. Efforts should constantly be made to improve the Working capital position. This will yield greater efficiencies and improve customer satisfaction

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Structure of Working Capital of BIL

The analysis of structure of working capital enables management of an enterprise to know as to how the working capital is being administered. It also furnishes valuable information to the short term creditors and others regarding the strength of working capital of the undertaking. The structure of working capital can also be analyzed by measuring the change the proportion of cash, receivable, inventory and other items to the total current assets in course of time. This analysis points out the components which have over grown and where unduly high fund has been tied up. This analysis may be carried further to each component of current assets to study the changes in its sub-divisions. Investment in working capital is generally considered as dead investment as it, does not contribute towards companys profit generating capacity but are also required, so it should be done in such a way that it does not create any side-effects like blockage of money. In comparison to working capital, investments should be more in fixed assets which are productive and contribute towards firms profit.

WORKING CAPITAL PATTERN OF BIL

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(In 000)

CURRENT ASSET Inventory Sundry debtors Cash & bank balance Other C.A. Loans & advances TOTAL C.A. CURRENT LIABILITIES Current liabilities Provision TOTAL WORKING CAPITAL TURNOVER W.C. CONVERSION PERIOD (in days)

2006-07 2149406 286070 486460 1709 890016 3813661

2005-06 1847956 208516 353395 5558 940652 3356077

2004-05 1341899 443147 163062 2185 631468 2581761

2381169 849097 3230266 583395

2247006 783313 3030319 325758 14525.49 151

2059717 973431 3033148 (451387) 10336.4 173

84

(Working Capital = Total current assets Total current liabilities)

Working capital pattern of BIL of last 2 years 800000 583395 600000

400000 200000 0 -200000 -400000 -600000 -451387
2004-05 2005-06
85

325758

2006-07

86

SHAREHOLDING PATTERN OF BRITANNIA

Category A. Promoters Holding 1. Promoters - Indian - Foreign 2. Persons acting in concert Sub Total B. Non-Promoters Holding 3. Institutional Investor a. Mutual Funds and UTI b. Banks, Financial institutions, insurance companies (Central/State Govt. Institutions/ Non-Govt. Institutions) c. Foreign Institutional Investors (FIIs) Sub Total 4. Others a. Private Corporate bodies b. Indian Public c. NRIs/OCBs d. Any Other Sub Total GRAND TOTAL No. of shares held 2004-05 750 1217321 9 1217396 9 1171619 4 861938 4137370 1402489 6401797 338934 4851195 120388 3880 5314397 2389016 3 2005-06 750 1217321 9 1217396 9 1171619 4 653796 3263233 2977656 6894685 235253 4467818 114148 4290 4821509 2389016 3 %age of share holding 2004-05 2005-06 0.00 50.96 50.96 49.04 3.61 17.32 5.87 26.80 1.42 20.30 0.50 0.02 22.24 100.00 0.00 50.96 50.96 49.04 2.74 13.66 12.46 28.86 0.98 18.70 0.48 0.02 20.18 100.00

87

PIE CHART SHOWING SHAREHOLDING PATTERN OF BILFOR THE YEAR 2005-06

0.48 18.7 0.98 12.46 13.66 Indian Promoters Mutual funds & UTI FIIs Indian Public Other 2.74

0.02 0

50.96

Foreign Promoters Banks Private corporate bodies NRIs/OCBs

88

PIE CHART SHOWING SHARE HOLDING PATTERN OF BIL FOR THE YEAR 2004-05

0.5 20.3 1.42 5.87 17.32 3.61

0.02 0

50.96

Indian Promoters Mutual funds & UTI FIIs Indian Public Other

Foreign Promoters Banks Private corporate bodies NRIs/OCBs

89

90

WORKING CAPITAL FOR THE YEAR 2005-06 BRITANNIA INDUSTRIES LTD. PANTNAGAR (UTTARAKHAND)
G/L PARTICULARS AMOUNT TOTAL

CURRENT ASSETS
CLOSING STOCK 20500 1 20500 2 20500 3 20500 4 20600 0 20600 1 20600 2 20700 3 20701 3 20701 9 INVENTORY FO INVENTORY HSD INVENTORY LDO INVENTORY ENGG.STR INVENTORY INGREDIENT INVENTORY PACKING INVENTORY CBBS,CLSG INVENTORY FG BISCUITS INVENTORY WIP- GOOT CLOSING STOCK INV FG 2386279.87 1319357.44 775863.92 3090080.16 29191221.91 20387586.5 2245570.54 5614899.25 151412.25 552790.21

A/C RECEIVABLE 21000 0 ACCOUNTS RECEIVABLE DOMESTIC CASH IN HAND 21100 2 21104 3 CASH IN HAND-DEL BR CASH IN HAND-UA CASH AT BANK 21305 2 21305 3 21311 CITI BANK DELHI MAIN CITI BANK DELHI DISB HDFC DISB BANK-UA 0 0 0 34476 12048.89

91

OF BRITANNIA INDUSTRIES LTD. Pantnagar (Uttarakhand) G/L PARTICULARS AMOUNT TOTAL

CURRENT ASSETS
205001 205002 205003 205004 206000 206001 206002 207003 207013 207019 209000 210000 CLOSING STOCK INVENTORY FO INVENTORY HSD INVENTORY LDO INVENTORY ENGG.STR INVENTORY INGREDIENT INVENTORY PACKING INVENTORY CBBS,CLSG INVENTORY FG BISCUITS INVENTORY WIP- GOOT CLOSING STOCK INV FG LOOSE TOOLS A/C RECEIVABLE ACCOUNTS RECEIVABLE DOMESTIC CASH IN HAND CASH IN HAND-DEL BR CASH IN HAND-UA PREPAID EXPENSES PREPAID EXPENSES MISC PREPAID INSURANCE PREPAID LEASE RENTAL PREPAID MEDICAL INSUR. PREPAID RATES & TAXES PREPAID GROUP INSUR ADVANCE STAFF TRAVEL DOM WIP 202000 202001 CWIP AUC- D&M(CWIP) TOTAL CURRENT ASSETS 0 5369271.68 145540958.8 1250901.87 1737552.76 1322501.12 6571934.32 84432770.4 16249728.09 2444207.44 19911752.57 132982.7 166906.11 905051.8 4896050.28

211002 211043

0 15917

220002 220003 220004 220006 220009 220041 220039

14446.68 59052 0 0 0 5515 54417

CURRENT LIABILITIES
111000 111001 111002 111003 111004 111005 111007 BILLS PAYABLE ACC PAYABLE DOMESTIC ACC PAYABLE EXPORT ACC PAYABLE ONE VD ACC PAYABLE STATUT ACC PAYABLE EMPL ACC PAYABLE SSI ACC PAYABLE AW VENDOR 45606390.3 0 51391 525202 2030 135300 0

92

104143 104127 104118 104165 104201 104202 104203

DEPOSIT PAYABLE VENDR DEPOSIT PAYABLE CUST OTH C.S.T PAYABLE WORK CONT TAX PAYABLE APMC CLEARING A/C GR/IR-CLEARING-PRO FREIGHT CLEARING (MM)

275000 150000 4154.89 28377 0 2721309.9 12046697.98

104016 104017 104023 104025 104033 104220 104207 104209 104210 104218 104244 104245 104246 104152

ACCRUED & O/S EXPENSES ACC MISC EXPENSES ACC ONWARD FREIGH ACCR PRIMARY FREIGHT ACCR SALARIES & WAGES ACCR LOADING ACCR TAX SERVICE TDS CONTRACTOR S 194 C TDS RENT SEC 1941 TDS- PROF.FEES 194 J TCS CUST SCRAP SALE VAT PAYABLE VAT INPUT CREDIT RM VAT INPUT CREDIT CG MISC RECOVERY CREDITORS CO CONTR GPF LIA A/C CO CONTR ESI LIA A/C RET. PAYABLE VENDOR EMPL CONTR ESIC STALE CHJEQE /AC EMPL CONTR GPF ENTRY TAX TDS INT DEP SEC 194 A AACO DEP PAYABLE CUSTM PROVISIONS PROV FOR BONUS PROV GRATUITY FUND PROV. FOR LTA PROV LEAVE ENCASHMENT TOTAL CURRENT LIABILITIES WORKING CAPITAL(CA-CL)

8076499.86 669362.71 26697238.71 614091 81934 0 517762 21004 729 6646.51 86142.02 0 0 0

104050 104053 104154 104064 104128 104067 104124 104125 104126

71111 33200 8426606.06 12256 70946.07 62697 102750.37 0 0

110002 110006 110011 104014

925276.44 635064.63 0 114398.16 108771568.6

36769390

93

* AS PER CHANGE IN THE POLICY OF THE ORGANISATION LOOSE

TOOLS HAVE BEEN CONVERTED INTO FIXED ASSETS FROM CURRENT ASSETS WITH AFFECT FROM APRIL 2007.

94

MANAGEMENT OF INVENTORY
PERCENTAGE OF INVENTORY TO WORKING CAPITAL

(In 000) Inventory W.C. Ratio of inventory/ W.C.

2006-07 2149406 583395 368.43

2005-06 1847956 325758 567.27

2004-05 1341899 (451387) 297.28

Above table shows the inventory and working capital relationship in BIL .It appears from the analysis that the percentage of inventory to WC is reasonable considering the nature and the size of the business, for the given period i.e. 04-05 to 05-06 .How ever in 05-06 it has increased marginally. Generally inventory in any business enterprise should be kept at minimum. Inventory in excess of this limit is a sign of excessive buying and slow use of material reason being the large production cycle. How ever this ratio can differ from Industry to industry. Heavy manufacturing industries characterized by a long production cycle invariably have higher inventory to working capital ratio as indicated by the figure inventory to working capital ratio as indicated by the figure.

95

2500000 567.27 2000000 2149406

600

1847956

500

1500000

1341899 400 368.43

1000000 297.28 500000 325758 200 0 2004-05 2005-06 2006-07 100 -451387 583395 300

-500000

-1000000 Inventory Working capital Ratio of in ventory to WORKING CAPITAL

96

MANAGEMENT OF DEBTORS
PERCENTAGE OF DEBTORS TO WORKING CAPITAL

(In crores)

2006-07 286070 583395

2005-06 208516 325758

2004-05 443147 (451387)

Debtors Working capital % of debtors to working capital

49.03

64.009%

(98.17)%

The study of debtors and working capital relationship is shown in above table. The analysis of the table reveals that the amount of debtors in BIL is on an average 81% of working capital during the above stated period, which means not very large amount of working capital, is blocked in debtors, but still it should be minimum ass much as possible. Looking at the trend during the period, BIL debtors to working capital ratio has been fluctuated. It has increased from 04-05 to 05-06.

97

800000 64.009 600000 443147 400000 286070 208516 200000 49.03

80

60

40 20

Debtors Working capital Ratio to WORKING CAPITAL

-20 0 2004-05 2005-06 2006-07 -40

-200000

-60 -80

-400000 -98.17 -100

-600000

-120

98

MANAGEMENT OF CASH
PERCENTAGE OF CASH TO WORKING CAPITAL
(In crores)

2006-07 486460 583395

2005-06 353395 325758

2004-05 163062 (451387)

CASH Working capital % of Cash to working capital

83.38%

108.48%

(36.12)%

Above table shows the relationship of cash to working capital for the companies during the period 04-05 to 06-07 On analyzing the table we find that cash was on an average 51.91% of working capital in BIL, which is not, a good sign as excess of liquidity is also harmful. It is clear from above table that during 04-05 the ratio was negative where as in 05-06 it was too high as to 06-07 which has decreased to 83.38% along with increasing cash. This suggests that BIL need to take some good steps for maintaining the adequate liquidity along with sufficient cash generating power. At the year end cash collection is high in comparison to whole year that is the reason company has high percentage of cash to working capital.

99

800000 108.48 600000 583395 486460 83.38 400000 353395 325758

120

100

80

60

200000

163062

40

0 2004-05 2005-06 2006-07

20

0 -200000 -20 -400000 -36.12 -451387 -600000 -60

-40

CASH

Working capital

% ofcash to working capital

100

LOANS AND ADVANCES

LOANS AND ADVANCES AS A % OF WORKING CAPITAL

(In crores)

2006-07 583395 890016

2005-06 325758 940316

2004-05 (451387) 631468

Working Capital loans and advances % of loan and advances to W.C.

152.55

288.65

(139.89)

Table shows the relationship of loans and advances as a percentage of working capital in BIL during the period 04-05 to 06-07. During this period loans and advances accounted an average increase of 100.44 %. According to common norms loans and advances should be made as low as possible unless they earn reasonable returns. During the above period percentage has been consistently increased along with loans and advances in last year it, which is a negative sign.

101

1200000

350 300 890016 250

1000000

940316 288.65

800000 631468 600000 200 583395 152.55 325758 150 100 50 0 2004-05 -200000 -100 -400000 -451387 -600000 -200 -139.89 -150 2005-06 2006-07 -50

400000

200000

working capital Loans & Advances % of loan & advances to working capital

102

ANALYSIS OF SOME IMPORTANT SIGNIFICANT RATIOS

RATIOS

Formula to be used 2006 -07 2005 -06 2004-05

MEASURES OF INVESTMENT
RETURN ON EQUITY
PROFIT AFTER TAX EQUITY SHAREHOLDERS FUND

17.4%

26.7%

33.5%

BOOK VALUE PER SHARE DIVIDEND COVER

SHAREHOLDERS FUND NUMBER OF EQUITY SHARES EARNING PER SHARE DIVIDENDS (plus tax) PER SHARE CURRENT ASSETS CURRENT LIABILITIES BORROWED CAPITAL EQUITY SHARE HOLDERS FUND TAX PROVISION PROFIT BEFORE TAX

Rs. 257.4 2.5 times 1.2 times 0.78% 9.1%

Rs. 229.8 3.5 times 1.1 times 1.7% 27%

Rs. 185.7 3.8 times 0.9 times 1.4% 32.5%

MEASURES OF FINANCIAL STATUS

CURRENT RATIO DEBT RATIO TAX RATIO

MEASURES OF PERFORMANCE
PROFIT MARGIN DEBTORS TURNOVER STOCK TURNOVER
PROFIT BEFORE TAX AND EXCEPTIONAL ITEM SALES+OTHER INCOME SALES DEBTORS+BILLS RECEIVABLES SALES STOCK

5.6% 81.0 times 10.8 times

11.3% 87.2 times 9.8 times

15.2% 36.5 times 12.0 times

103

COMPETITORS START FROM SCRATCH

As for the threat from the phase-out of the QRs, in respect of biscuits, Britannia has faced this threat reasonably well over the past one year, without a visible impact on its financial performance. The proposed foray by Nestle India and Hindustan Lever into confectionery and dairy products, could pose the only remaining threat to Britannia. On this, Britannia's already established brand name in the foods business could erect an entry barrier, however temporary, when it comes to mass market products. Though both HLL and Nestle have the option of drawing products from their parents' portfolio, these brands would scarcely be familiar names in India; therefore, investments in brand-building would be necessarily high, at least in the initial stages. In the bakery business, HLL's acquisition of Modern Foods, the largest bread manufacturer in India, could pose a threat. However, Britannia's dependence on the bread segment is now negligible, and any extension of the Modern brand to biscuits and cakes could take some time, affording some breathing space to Britannia.

104

CHAPTER-V CONCLUSIONS & FINDINGS

105

FINDINGS
As most of the sale is done from its head office, so the requirement of cash is not too much. Comparing to its working capital the amount of creditors is quite low. After introduction of Ferrari project the company was able to maintain its quality and reduce wastages. Company also follows ISO 140001 certified to maintain the quality. It also performs several activities to motivate the employees such as publishing magazines, competition, sports and several others.

106

CONCLUSION
At last it is concluded that the company as a whole is a well branded company. The goodwill of the company is very high. As considered to my topic working capital management it is concluded that the system of working capital management of the company is very good and the inventory of the company is also maintained and controlled properly. It was observed that the requirement of working capital is not too much and what ever amount is required is being satisfied by its main branch i.e. from Bangalore. As compared to requirement of working capital the amount of creditors is also too low which shows that company is in itself sufficient enough its resources. It does not borrow much of funds from outside party. It only sales its by products and scraps. Now we see through this analysis that a Britannia industry is doing a good job in trade sector. If we analysis the Marketing strategy of Britannia industries then we conclude that its totally customer oriented firm with well managed strategies.

So, in all, it is concluded that the environment (working and cultural) is found very calm and the employees are pleased to work very hard in the corporation to achieve the desired objectives.

107

CHAPTER-VI BIBLIOGRAPHY

108

BIBLIOGRAPHY Websites www.britindia.com www.sidcul.com www.google.com www.yahoo.com www.rediff.com Books FINANCIAL MANAGEMENT----------- M Y KHAN FINANCIAL MANAGEMENT----------I M PANDEY ACCOUNTANCY----------------------S.A. SIDDIQUI ANNUAL REPORT OF BRITANNIA INDUSTRIES

109

110

111