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A

Project report on
A study working Capital Management
With special reference to
SHRI VITHAL SAHAKARI SAKHAR KARKHAA LT!"
VENUNAGAR
Submitted To
#ni$ersity o% &une
In Partial fulfillment of the requirement for the degree of
Master o% 'usiness Administration
Submitted By
Mr" S(aik( Mo(ammad )a**ar
Under the Guidance of
&ro%" Riyasat &eer+ade
T(roug(

Poona Institute of Management and science !ntrepreneurship
"
#!,RTAKI-
I the undersigned# hereby declare that the Project $eport entitled %A Study o%
.orking Capital"& is 'ritten and submitted by me to the #ni$ersity o% &une in
partial fulfillment of the requirements for the a'ard (egree of Master o% 'usiness
Administration under the guidance of &ro%" Riyasat &eer+ade" It is my original
'or) and conclusions there in are based on the material collected by myself *
(ate+ $esearch Student
Place+ Pune Mohammad Shai)h
,-inance.

/
ACK/.L,!-,M,T
This project has gi0en me a great opportunity to e1plore in terms of
)no'ledge# facts and 'isdom as 'ell as e1panded my learning to a multitude* 2ny
research is not an indi0idual effort* It is contribute efforts of many hearts# hands and
brain*
My respectful regards &ro%" Riyasat &eer+ade ,Project guide. 'ho has
immensely contributed to'ards the successful completion of this project report* It is
her perspecti0e for gi0ing me a sense of direction and moti0ation* I also than)s to our
!ire0tor !r" a+aruddin for his great support*
2t last I am than)ful to my family members and friends 'ho had gi0en me
their constructi0e ad0ice# encouragement and co3operation to prepare this project
report*
&la0e1 2 Pune
!ate12 Mr" S(aik( Mo(ammad )a**ar
3M"'"A"4
4
,5,C#TIV, S#MMAR6
The topic of the project underta)en 'as 'or)ing capital management and appraisal
for S5$I 6IT527 S25282$I S2852$ 82$85292 7T(* 6!9U92G!$ *
The idea behind selection of this project 'as mainly due to its nature and importance
in the o0erall financial management in organisation*
The importance of 'or)ing capital management is reflected in the fact that the
financial mangers spend a great deal of time in managing current asset and current
liabilities* 2rranging short term financial negotiation fa0ourable credit term#
controlling cash mo0ement# managing account recei0able and monitoring in0estment
in in0entories consumes a great deal of time of finance manager*
Wor)ing capital means e1cess of current asset o0er current liabities* If refers to all
the aspect of administration of both current liabilities* The basic objecti0e of 'or)ing
capital management is to manage the firms current asset and current liabilities in such
a'ay that the satisfactory le0el of 'or)ing capital is maintained*
The need of 'or)ing capital arises firm the cash: operating cycle of the firm*
!fficiency of operations accelerate the pace of cash cycle and impro0es the 'or)ing
capital turn o0er resulting in a reduce requirement of 'or)intg capital* 2 firm should
ha0e adequate 'or)ing capital to support its budgeted le0el of acti0ity in terms of
production: sales* It should ha0e neither more nor less 'or)ing capital than required*
;
I!,5
<
I!,5
S*9=* >=9T!9TS P2G! 9=*
" I9T$=(U>TI=9
Introduction to study
Statement of the problem
Scope of study
=bjecti0es of study
$esearch Methodology
7imitations of study
?
/ I9(UTS$@ P$=-I7!
/*" 9ame address of organiAation
/*/ Industrial profile
/*4 5istorical bac)ground of organiAation
/*; Special a'ards to organiAation
/*< =rganiAation body structure
/*B Goals# =bjecti0es# Importance# 7imitations of =rganiAation
/*C Manufacturing process
"4
4 T5!=$=TI>27
4*" Introduction to Wor)ing capital
4*/ >oncept of Wor)ing >apital
4*4 Importance of Wor)ing >apital
4*; Wor)ing >apital >ycle
/C
; (2T2 2927@SIS 29( I9T!$P$IT2TI=9
,tables# charts# formulas# interpretations.
44
< -I9(I9GS 29( =BS!$62TI=9 ;;
B >=9>7USI=9 29( SUGG!TI=9 ;B
C 2PP!9(ID ;?
? BIB7I=G$2P5@ <B

B
71 ITR/!#CTI/

C
ITR/!#CTI/
Allo0ating re0ourses to In$estment wit(out a sound 0on0ept o% di$isional and
0orporate strategy is a lot like t(rowing darts in a dark room"
In0estment opportunities ha0e to be identified or created* They do not occur
automatically* In0estment proposals of 0arious types may originate at different le0els
'ithin a firm but efficient allocation of capital is the most important finance function
in the modern times*
Management is an art of anticipating and preparing for ris)s# uncertainties and
o0ercoming obstacles* 2n essential precondition for sound and consistent assets
management is establishing the sound and consistent assets management policies
co0ering fi1ed as 'ell as current assets* In modern financial management# efficient
allocation of funds has a great scope# in finance and profit planning# for the most
effecti0e utiliAation of enterprise resources# the fi1ed and current assets ha0e to be
combined in optimum proportions* Wor)ing capital in simple terms means the amount
of funds that a company requires for financing its day3to3day operations* -inance
manager should de0elop sound techniques of managing current assets*
Wor)ing capital refers to the in0estment by the company in short terms assets
such as cash# mar)etable securities* 9et current assets or net 'or)ing capital refers to
the current assets less current liabilities* In the business the Wor)ing capital is
comparable to the blood of the human body* Therefore the study of 'or)ing capital is
of major importance to the internal and e1ternal analysis because of its close
relationship 'ith the current day to day operations of a business* The inadequacy or
mismanagement of 'or)ing capital is the leading cause of business failures* To meet
the current requirements of a business enterprise such as the purchases of ser0ices#
ra' materials etc* 'or)ing capital is essential* It is also pointed out that 'or)ing
capital is nothing but one segment of the capital structure of a business*
?
STAT,M,T /8 TH, &R/'L,M
Wor)ing capital management is a significant part of business* =bjecti0e of the
business cannot be attended in the absence of prudent 'or)ing capital management*
2dequacy of the 'or)ing capital offers se0eral problems to the business enterprise*
It is the life blood of the organiAation* It )eeps the business li0e and dynamic*
In the absence of 'or)ing capital# a firm 'ould be financially ban)rupt or
insol0ent and it is sure to be close do'n*
If the firm is financially sound# efficiency of firm is encouraged and
management becomes more efficient*
It protects a business firm form the ad0erse effect of shrin)age in the 0alue of
current assets*
It enhances the credit standing of the firm in the mar)et and it helps the
company to enjoy better terms from the mar)et*
So the problem 'as ta)en for study*

SC/&,
The main and basic objecti0e of business organiAation is to earn profit and
manage funds in a proper manner* -or achie0ing this objecti0e# funds are required*
2fter these raising# in0esting funds in the right place so as to incur more benefits
many times management fails because of decision ma)ing* Before proceeding to
e1amine the allocation and raising of funds tools of analysis are important* In
allocation and raising funds# the finance manager uses certain tools of analysis
planning and control* 2 factory is deemed to be financially sound if itEs in position to
carry on its business smoothly and meet the obligations# both short term as 'ell as
long term* $equirement of funds for short term should be met out from short term
funds and long term requirement should be met out from long term funds*
F
/'),CTIV, /8 TH, ST#!61
To analyAe the concept of 'or)ing capital find out 0arious element of
'or)ing capital*
To study the 'or)ing capital cycle*
To calculate ratio related 'or)ing capital and determine financial position of
the factory*
To e1amine 0arious sources of funds and its application*
R,S,ARCH M,TH/!/L/-6
S/#RC,S /8 !ATA1
The data used for the study is of both primary and secondary
in nature*
7" &rimary !ata1
Primary data has been collected from direct discussion 'ith staff
member of the industry*
9" Se0ondary !ata1
Secondary data consisted of general as 'ell as official
sources* The general data is ta)en from boo)let of industry# ne'spaper# te1t boo) etc*
the official data sources includes the firmEs annual report# profile# statements of
accounts etc*
"G

LIMITATI/ /8 TH, ST#!6
The main limitation of the research 'as the data source* The data 'as
collected from the audited financial statements# 'hich 'ere prepared on the
historical cost basis*
These financial statements 'ere prepared at the end of the financial year* So# it
gi0es a 0ie' on particular date*
Period of obser0ation is of fi0e years* So# long term obser0ation for the period
more than fi0e years cannot be ascertained*
Some financial data 'as not disclosed by the organiAation for the purpose of
secrecy*
""
CHA&T,R 29
I!#STR6 &R/8IL,
C/M&A6 &R/8IL,
9"7 AM, : A!!R,SS /8 /R-AI;ATI/
"/
9"73a4 ame o% /rgani+ation
Shri 6ithal >o3operati0e Sugar -actory ltd* 6enunagar
9"7 3*4 Address o% /rgani+ation1
6enunagar# post3 Gursale# tal3 Pandharpur# dist3 Solapur*
-a1 no+ ,G/"?B./;FB/<*
!3mail address+ 3 shri0itthalsugarHyahoo*com
39"94 3A4 I!#STR6 &R/8IL,
SHRI VITHAL SAHAKARI SAKHAR KARKHAA LT!" VENUNAGER,
POST- GURSALE, CITY- PANDHARPUR, DIST- SOLAPUR Is t(e manu%a0ture o%
t(e sugar" It is one of the big sugar industries in the city of Pandharpur* This is a get
production of sugar* T(is is a 0o2operati$e %irm" The founder of this sugar industry is
KARMV,,R KAI" A/#!#M'AR RAVA)I &ATIL*
The firm purchases the sugar cane from the local farmers for the manufacturing
of the sugar* 2s per Go0ernments circular they ha0e to produce sale the sugar*
2rea of the purchasing sugar 'as decided by the Go0ernment*
T(e %irm is esta*lis(ed in t(e year 7<=>"The date of the registration of firm is
< 2pril "FC;* The organiAation gets the license in "G (ecember "FC4* T(e 8irm is
start produ0tion in < !e0em*er 7<?@" They manufacture on that date is /GGG ton
"4
sugar per day* Then after on date /F 9o0ember "F?< they ha0e licensed to
production 4<GGG ton per day*
This is the co3operati0e firm so they did not spend money time on the
mar)eting* The organiAation does the business according to the central
Go0ernmentEs policy of the sugar* In the company there are abo0e than FGG 'or)ers
'ho 'or)ing in three shifts*
The firm ha0e o'n >o I Generation Plant* The firm has his distillery plant its
produce alcohol minimum B? lac)s liters per annum* They use molasses /4?"" ton
for his distillery process and they get per ton /?C*? liters 2lcohol* The distilleries
per day capacity are BG#GGG liters* The firm has manufacture fertiliAer for his
farmers from 'aste material of the firm* The firm 'here crushing CGGG ton sugar
cane daily* The manufacturing process ta)es -our days* 2fter crushing the cane the
sugar comes out in the ; days* The firm ha0e a capacity to storage is about < 7ac
quintals in the storeroom*
In this last year industry gi0es satisfactory rate to the farmers is /;C<:3 $s per
ton* 2nd the sugars selling price is in a0erage /4C4:3 $s* The total members of the
industries are abo0e /<GGG* The supply of sugarcane from "?< 0illages*
These industries ha0e got a'ard second number in Maharashtra in production
of sugar* 2nd a'ard from Maharashtra (istrict >o3operati0e Ban) gi0es demand draft
of rupees /CF<?G:3
It has pro0ided education facilities to 'or)ers or farmers boys and girls* In
industry areas ha0e school# collage are a0ailable for students* In this education field
there are C< teachersE are 'or)ing in collage and school* 2nd proud thing is "<GG
students are getting education in school and college* The collage is starts ne' coerce
li)e B > 2# B S ># 2G$!!# B2=3T!># IT etc*
This factory is establish ne' plant for produce self electric and it has done
'or) from first stage of project* It completes 'or) "G 'att in first stage* -rom this
project o0erload electric send to the M S ! B* itEs ha0ing contract 'ith M S ! B for
ten years* 2nd thatEs 'hy factory ha0enEt paid ta1 on purchasing sugarcane*
";
9"A '1 HIST/RICAL 'ACK-R/#! /8 /R-AI;ATI/
". "FC4+3 In year of "FC4 the organiAation recei0ed the permission of go0ernment on
date"G3"/3"FC4*
/. "FC<+3 In year of "FC< the organiAation selected sight on date "G3""3"FC<*
4. "FCB+3 In year of "FCB the organiAation started the construction of factory on date
/;3"G3"FCB*
;. "FCC+3 In that year the organiAation ma)e the contract to purchase of machinery*
<. "FCF3?G+3 In that year the organiAation ta)en the season of the machinery chec)*
B. "F?<+3 In that year the organiAation recei0ed the permission capacity of crushing of
sugarcane at /GGG tunes per day on date F3"/3"F?<*
C. "FF"+3 in that year the organiAation recei0ed the permission of capacity of crushing
of sugarcane at 4<GG tunes per day on date ";3;3"FF"# registered no* I74F< ,"FF".*
?."FFB+3 in this year the organiAation recei0ed the permission of capacity of crushing
of sugarcane at <GGG tunes per day on date "B3"G3"FFB# registered no* 7I;;/ ,"FFB.*
F./GGF3/G"G+3 in that year organiAation 'as starting cogeneration for the organiAation
use* They create the "G mega 0at electricity in the year*
"G. /GGF3"G+3 the organiAation established (istillery project* In that year the
organiAation produced the alcohol B?# </#F;? liters*
39"B4 3C4 S&,CIAL A.AR!S T/ TH, /R-AI;ATI/
"<
"F?/3?4+3 Gold Medal*
"F?;3?<+3 (iamond Stated super selection a'ard*
"F?<3?B+3 Gold Medal*
"F?B3?C+3 (iamond Stated super selection a'ard*
/GG43G;+3 Best mechanical capacity+ 9ational /
nd
a'ard*
/GG?3GF+3 Best economical a'ard+ century international quality !$2 a'ard*
/GGF3"G+3 Best economical a'ard+ century international quality !$2 a'ard*
!ire0tors12
Mr* Mohan Babasaheb 8ole)ar
Mr* Bhagirath Bharat Bhal)e
Mr* 9a0nath 9agnath Bhosale
Mr* Go)ul (igamber Jadha0
Mr* Ul)esh Tu)aram Bedre
Mr* (asharath Pandharinath 8halage
Mr* 6ithal 2nnaso More
Mr* $ajaram (hondiba Sa'ant
Mr* @u0raj 6ilasrao Patil
"B
Mr* Mahesh (attatray Bhosale
Mr* Bibhishan (adarao Pa'ar
Mr* Gangadhar Parappa Gai)'ad
Mr* 6ilas 6ishnu (ethe
Mr* $amdas Go0ardhan >ha0han
Mr* Madhu)ar Shamrao Gidde
Mr* Jaysinh Balasaheb (eshmu)h
Mr* 8antilal $ang 9ath Bhingare
Mr* (hondiba Santu Waghamare
Mr* Mani) Maruti Baber
Mr* $ayappa (hondiba 5alan'ar
Mr* Santosh 2bhimanue Sadabase
Mrs* Sundar Madhu)ar Bagal
Mrs* Taramati 9amde0 Mule
Mrs* Umade0i Madha0 >ha0han
39">4-A/LSC /'),CTIV,SC IM&/RTAC, : LIMITATI/S
3A4 -/ALS A! /'),CTIV, /8 I!#SRT6
To e1pand to "GGGG ton sugar cane crushing capacity per day*
Sell sugar to farmerEs in cheap rate*
-armers get better rate for its crop*
To increase capacity to storage facility for his product*
To e1pand his coIgeneration project*
To e1port sugar in foreign*
Increase distillery capacity at BGGGG liters per day*
!stablish bagging machine*
"C
To create a0ailability fertiliAers to farmers in credit distribution*
3'4 IM&/RTAC, /8 /R-AISATI/
It helps in (e0elopment of Industrial area*
It pro0ides education to poor students*
It pro0ides education about ho' to do farm*
It create self eclectic for industries and MS!B*
It gi0es cheap rate to farmers and it helps in there de0elopment*
=n those areas farms are good for planting of sugarcane thatEs 'hy industries
are important*
In this era situation 'e ha0e need of sugar factory for manufacture more sugar
for e1port thatEs 'hy foreign currency are made automatically*
It helps Indian economy
3C4LIMITATI/ /8 /R-AISATI/
The organiAation could not sell sugar 'ithout Go0t* permission*
The organiAation do not sale share to out his organiAation radius*
The organiAation must follo' Go0t* orders*
39"=4MA#8ACT#RI- &R/C,SS
"?
&R/#CTI/ &R/C,SS /8 S#-AR IS#!TR6
"F
7" .,I-HI- A! SAM&LI-
=nce inside the factory grounds the lorries dri0e o0er a 'eighbridge 'here
their gross 'eight is automatically measured*
2t the same time a sample of the particular load is ta)en to determine the
sugar percentage and the amount of tare in the o0erall load*
Tare may consist of clay# stones# beet tops# etc* It is deducted from the gross
'eight of the load in order to determine the net 'eight of clean beet deli0ered*
/G
9" #L/A!I-
There are t'o systems of unloading 3 dry unloading and 'et unloading* When
dry unloading# the beet is con0eyed from the lorry by a series of con0eyer belts to
open air silos 'here it is stored* In 'et unloading the beet is 'ashed from the lorry by
means of a po'erful jet of 'ater*
Beet is transferred from the silos to the factory by means of 'ater* !n route to
the production process# stones and grass are remo0ed in a series of stone and grass
catchers* The beet is thoroughly 'ashed before processing to remo0e all traces of clay
and sand*
/"
A" !I88#SI/
The actual sugar is inside the beet and has to be e1tracted* In order to e1tract
the sugar the beet is first cut up into elongated slices*
Sugar is then e1tracted from the beet by diffusing it out 'ith hot 'ater* This is
done in a large 0essel specially designed for this purpose* Beet slices are fed in
continuously at one end and hot 'ater at the other end* 2 solution of sugar emerges
from one end and the e1hausted beet slices emerge from the other* The
e1hausted beet slices# or pulp# are mi1ed 'ith molasses then dried and sold as an
animal feed*
The solution no' left to continue for the rest of the process is referred to as the
ra' juice* This contains about ";K sugar and is blac) in colour*
//
B" SAT#RATI/
2t the diffusion stage other substances are e1tracted from the beet as 'ell as
the sugar* But before sugar can be produced in a 'hite crystalline form it is necessary
to remo0e as many of these non3sugars as possible* This part of the process is referred
to as juice purification*
The main ra' materials used in the purification are lime and carbon dio1ide
gas 'hich are got by burning limestone in a )iln* These substances are added to the
juice causing non3sugars to be precipitated out of the solution* The solid material is
then filtered off* 2fter juice purification the juice has a light yello' colour*
/4
@" ,VA&/RATI/
The purified juice is a sugar solution containing appro1imately ";K sugar and
"K non3sugars* It is no' necessary to concentrate this solution* This is done by
boiling off 'ater from the solution in large 0essels )no'n as e0aporators* =n entering
the e0aporators# the solution contains appro1imately ";K sugar* =n lea0ing
the e0aporators it contains appro1imately BGK*
/;
>" VAC##M &AS
In order to turn the sugar into a crystalline form it is no' necessary to
e0aporate still more 'ater* This is done at a reduced temperature and pressure in large
0essels )no'n as 0acuum pans* Syrup is fed to the pans and as the 'ater is
e0aporated off# the crystals of sugar begin to gro'* When the pan is full it contains
about <G tonnes of a mi1ture of sugar 0rystals in syrup* The contents are then
discharged into large holding 0essels )no'n as crystalliAers*
/<
=" C,TRI8#-ALS
The ne1t step in the operation is to separate the sugar from the syrup* This is
done in automatically controlled machines )no'n as centrifugals* In them the syrup is
spun off and the sugar crystals remain* The 'et sugar is then dried# screened# cooled
and sent to large bul) storage silos each of 'hich can contain up to <G#GGG tones*
The syrup from the centrifugals still contains a lot of dissol0ed sugar* This
syrup is put bac) through t'o more boiling stages in order to e1tract still more sugar*
The final syrup from 'hich it is no longer practical or economical to e1tract
more sugar is )no'n as molasses* It contains some sugar together 'ith non3sugars
'hich 'ere not remo0ed at the juice purification stage* It is mainly used for
animal feed*
The total time from beet 'ashing to 'hite sugar is about t'el0e hours*
(epending upon sugar content of the beet# "GG tones of beet 'ill gi0e appro1imately
"/3"; tons of sugar and 43; tones of molasses*

/B

CHA&T,R 2 A
TH,/R/TICAL
8RAM,./RK

/C
./RKI- CA&ITAL MAA-,M,T
3A"74 ITR/!#CTI/1
Wor)ing >apital is the )ey difference bet'een the long term financial
management and short term financial management in terms of the timing of cash*
7ong term finance in0ol0es the cash flo' o0er the e1tended period of time i*e* < to "<
years# 'hile short term financial decisions in0ol0e cash flo' 'ithin a year or 'ithin
operating cycle* Wor)ing capital management is a short term financial management*
Wor)ing capital management is concerned 'ith the problems that arise in
attempting to manage the current assets# the current liabilities the inter relationship
that e1ists bet'een them* The current assets refer to those assets 'hich can be easily
con0erted into cash in ordinary course of business# 'ithout disrupting the operations
of the firm*
>omposition of 'or)ing capital
MaDor Current Assets
". >ash
/. 2ccounts $ecei0ables
4. In0entory
;. Mar)etable Securities
MaDor Current Lia*ilities
". Ban) =0erdraft
/. =utstanding !1penses
4. 2ccounts Payable
;. Bills Payable
The Goal of >apital Management is to manage the firm s current assets
liabilities# so that the satisfactory le0el of 'or)ing capital maintained* If the firm
cannot maintain the satisfactory le0el of 'or)ing capital# it is li)ely to become
insol0ent may be forced into ban)ruptcy* To maintain the margin of safety current
asset should be large enough to co0er its current assets* Main theme of the theory of
/?
'or)ing capital management is interaction bet'een the current assets
current liabilities*
3A"94C/C,&T /8 ./RKI- CA&ITAL1
74 -ross .orking Capital
94 et .orking Capital
-ross working 0apital+ 3
It is referred as total current assets* -ocuses on# =ptimum in0estment in
current assets+ !1cessi0e in0estment impairs firm s profitability# as idle in0estment
earns nothing* Inadequate 'or)ing capital can threaten sol0ency of the firm because
of its inability to meet its current obligations* Therefore there should be adequate
in0estment in current assets*
8inan0ing o% 0urrent assets1
Whene0er the need for 'or)ing capital funds arises# agreement should be
made quic)ly* If surplus funds are a0ailable they should be in0ested in short term
securities*
et working 0apital 3.C4 de%ined *y 9 waysC
(ifference bet'een current assets and current liabilities 9et 'or)ing capital is
that portion of current assets 'hich is financed 'ith long term funds*
,T ./RKI- CA&ITAL E C#RR,T ASS,TS 2 C#RR,T LIA'ILITI,S
If the 'or)ing capital is efficiently managed then liquidity and profitability
both 'ill impro0e* They are not components of 'or)ing capital but outcome of
'or)ing capital* Wor)ing capital is basically related 'ith the question of profitability
0ersus liquidity related aspects of ris)*
Impli0ations o% et .orking Capital1
9et 'or)ing capital is necessary because the cash outflo's and inflo's do not
coincide* In general the cash outflo's resulting from payments of current liability are
/F
relati0ely predictable* The cash inflo's are ho'e0er difficult to predict* More
predictable the cash inflo's are# the less 9W> 'ill be required* But 'here the cash
inflo's are uncertain# it 'ill be necessary to maintain current assets at le0el adequate
to co0er current liabilities that are there must be 9W>* -or e0aluating 9W>
position# an important consideration is tradeoff bet'een probability and ris)* The term
profitability is measured by profits after e1penses* The term ris) is defined as the
profitability that a firm 'ill become technically insol0ent so that it 'ill not be able to
meet its obligations 'hen they become due for payment* The ris) of becoming
technically insol0ent is measured by 9W>* If the firm 'ants to increase profitability#
the ris) 'ill definitely increase* If firm 'ants to reduce the ris)# the profitability 'ill
decrease*
3A"A4 IM&/RTAC, /8 ./RKI- CA&ITAL1
Wor)ing capital is required to run day to day business operations* -irms differ
in their requirement of 'or)ing capital ,W>.* -irm s aim is to ma1imiAe the 'ealth of
share holders and to earn sufficient return from its operations* W>M is a significant
facet of financial management* Its importance stems from t'o reasons+ In0estment in
current asset represents a substantial portion of total in0estment* In0estment in current
assets and le0el of current liability has to be geared quic)ly to change in sales*
Business underta)ing required funds for t'o purposes+ To create producti0e capacity
through purchase of fi1ed assets* To finance current assets required for running of the
business*
The importance of W>M is reflected in the fact that financial managers spend
a great deal of time in managing current assets and current liabilities* The e1tent to
'hich profit can be earned is dependent upon the magnitude of sales* Sales are
necessary for earning profits* 5o'e0er# sales do not con0ert into cash instantlyL there
is in0ariably a time lag bet'een sale of goods and the receipt of cash* W>
management affect the profitability and liquidity of the firm 'hich are in0ersely
proportional to each other# hence proper balance should be maintained bet'een t'o*
To con0ert the sale of goods into cash# there is need for W> in the form of current
asset to deal 'ith the problem arising out of immediate realiAation of cash against
good sold* Sufficient W> is necessary to sustain sales acti0ity* This is referred to as
the operating or cash cycle*
4G
3A"B4./RKI- CA&ITAL C6CL,1
2 firm requires many years to reco0er initial in0estment in fi1ed assets* =n
contrary the in0estment in current asset is turned o0er many times a year* In0estment
in such current assets is realiAed during the operating cycle of the firm* !ach
component of 'or)ing capital ,namely in0entory# recei0ables and payables.
has t'o dimensions *** TIM! ********* and M=9!@* When it comes to managing
'or)ing capital 3 TIM! IS M=9!@* If you can get money to mo0e faster around the
cycle ,e*g* collect dues from debtors more quic)ly. or reduce the amount of money
tied up ,e*g* reduce in0entory le0els relati0e to sales.# the business 'ill generate more
cash or it 'ill need to borro' less money to fund 'or)ing capital* 2s a consequence#
you could reduce the cost of ban) interest or youMll ha0e additional free money
a0ailable to support additional sales gro'th or in0estment* Similarly# if you can
negotiate impro0ed terms 'ith suppliers e*g* get longer credit or an increased credit
limitL you effecti0ely create free finance to help fund future sales*
It can be tempting to pay cash# if a0ailable# for fi1ed assets e*g* computers#
plant# 0ehicles etc* If you do pay cash# remember that this is no' longer a0ailable for
'or)ing capital* Therefore# if cash is tight# consider other 'ays of financing capital
in0estment 3 loans# equity# leasing etc* Similarly# if you pay di0idends or increase
dra'ings# these are cash outflo's and# li)e 'ater flo'ing do'n a plughole# they
remo0e liquidity from the business*
/perating 0y0le1
The 'or)ing capital cycle refers to the length of time bet'een the firms
paying the cash for materials# etc*# entering into production process:stoc) the
inflo' of cash from debtors ,sales.# suppose a company has certain amount of cash it
'ill need ra' materials* Some ra' materials 'ill be a0ailable on credit but# cash 'ill
be paid out for the other part immediately* Then it has to pay labour costs incurs
factory o0erheads* These three combined together 'ill constitute 'or) in progress*
2fter the production cycle is complete# 'or) in progress 'ill get con0erted into
sundry debtors* Sundry debtors 'ill be realiAed in cash after the e1piry of the credit
period* This cash can be again used for financing ra' material# 'or) in progress etc*
thus there is complete cycle from cash to cash 'herein cash gets con0erted into ra'
4"
material# 'or) in progress# finished goods and finally into cash again* Short term
funds are required to meet the requirements of funds during this time period* This
time period is dependent upon the length of time 'ithin 'hich the original cash gets
con0erted into cash again* The cycle is also )no'n as operating cycle or cash cycle*
Wor)ing capital cycle can be determined by adding the number of days
required for each stage in the cycle* -or e1ample# company holds ra' material on
a0erage for BG days# it gets credit from the supplier for "< days# finished goods
are held for 4G days 4G days credit is e1tended to debtors* The total days are "/G#
i*e*# BG "< N "< N "< N 4G N 4G days is the total of 'or)ing capital* Thus the 'or)ing
capital cycle helps in the forecast# control management of 'or)ing capital* It
indicates the total time lag the relati0e significance of its constituent parts* The
duration may 0ary depending upon the business policies* In light of the facts discusses
abo0e 'e can broadly classify the operating cycle of a firm into three phases 0iA*
"* 2cquisition of resources*
/* Manufacture of the product and
4* Sales of the product ,cash : credit.*
-irst and second phase of the operating cycle result in cash outflo's# and be
predicted 'ith reliability once the production targets and cost of inputs are )no'n*
5o'e0er# the third phase results in cash inflo's 'hich are not certain because sales
and collection 'hich gi0e rise to cash inflo's are difficult to forecast accurately*
/perating 0y0le 0onsists o% t(e %ollowing1
>on0ersion of cash into ra'3materialsL
>on0ersion of ra'3material into 'or)3in3progressL
>on0ersion of 'or)3in3progress into finished stoc)L
>on0ersion of finished stoc) into accounts recei0able through salesL
and >on0ersion of accounts recei0able into cash*
In the form of an equation# the operating cycle process can be e1pressed as follo's
=perating cycle O $ N W N - N ( >
$ O $a' material storage period
W O Wor) in progress holding period
- O -inished goods storage period
( O (ebtors collection period
> O >redit period a0ailed
4/
>52PT!$ 3 ;
!ATA AAL6SIS :
IT,R&RITATI/
44
!ATA AAL6SIS : IT,R&RITATI/
This chapter includes analysis and interpretation of data of s(ri $it(al sa(akari
Sak(ar kark(ana ltd"C Venunagar* The unique features of each item ha0e been
analysied interpreted in this chapter*
./RKI- CA&ITAL MAA-,M,T12

The principal of 'or)ing capital for calculation purposes*
2P >urrent assets+
There is the direct relationship bet'een current asset and 'or)ing capital* Therefore #
". If the amount of current asset increases# the 'or)ing capital also increases*
/. If the amount of current asset decreased# the 'or)ing capital also decreases*
BP >urrent liabilities+
There is in0erse relationship bet'een the current liabilities and 'or)ing capital*
Therefore
". If the amount of current liabilities increases# the 'or)ing capital also
decreases*
/. If the amount of current liabilities is decreases# the 'or)ing capital also
increases*
Particulars /GG? /GGF /G"G /G"" /G"/
Shares ";*F; //*?B /B*// /C*// /F*4C
TA'L, /" B"7 1 Sour0es o% 8unds12 3amount in 0rores4
,Source+3 balance sheet.
4;
Share capital indicated in the abo0e table is totally paid up in the respecti0e years*
TA'L, /" B"9 1 Reser$e : Surplus12 3amount in 0rores4
Particulars /GG? /GGF /G"G /G"" /G"/
reser0e surplus ;G*4C ;/*C< ;?*GB <4*?G <F*//
,Source+3 balance sheet.
-actory earned surplus of $s ;G*4C in the year /GGB* In year /GGF it increased at ;/*C<
and till the year /G"/ it increased at <F*//*
4<
TA'L, /" B"A 1 In$estment 12 3amount in 0rores4
Particulars /GG? /GGF /G"G /G"" /G"/
In0estment /*// ;*"/ C*/" /*?" 4*""
,Source+3 balance sheet.
The abo0e table sho's the in0estment in year /GGB is /*//# it increased to year /G"G
at C*/" but it decreased in year /G"" /G"/ at /*?"#4*"" respecti0ely*
TA'L, /" B"B 1 8iFed Assets 12 3amount in 0rores4
Particulars /GG? /GGF /G"G /G"" /G"/
B"*FF CF*C; F<*CF "G?*;/ ";G*B<
4B
,Source+3 balance sheet.
The abo0e table sho's that fi1ed assets are increasing in their respecti0e years*
TA'L, /" B"@1 Statement s(owing 0(ange in .orking Capital 3amount in
0rores4
&arti0ulars 9G77 9G79 In0reased !e0reased
Current Assets
>ash Ban) ?*?? ?*G? 3 G*?G
In0entory /;"*CB /G4*/B 3 4?*B
2d0ance "?*C" 4F*?; /"*"4 3
(ebtors /B*4B <G*;< /;*GF 3
Total 3A4 9<@"=7 AG7">A
Current Lia*ilities
4C
>reditors "4G*C/ ""?*;; "/*/? 3
Pro0isions G*C4 G*C? G*G<
Total 3'4 7A7"BB 77<"99
et .orking
Capital 3A2'4
7>B"9= 7?9"B7
In0reased working
0apital
7?"7B 7?"7B
Total 7?9"B7 7?9"B7 @="@ @="@
,Source+ 3 balance sheet.
Sr"
no"
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
"
>ash Ban) //*;G 4*;B "<*/< ?*?? ?*G?
/ In0entory "C<*;/ "/B*/; "C"*<G /;"*CB /G4*/B
4 2d0ance 4*C/ "G*"F "/*B4 "?*C" 4F*?;
; (ebtors 4*CF "B*;4 /4*"B /B*4B <G*;<
Total Current Assets 9G@"AA 7B="A9 999"@B 9<@"=7 AG7">A
TA'L, /" B">1 Total Current Assets1 3amount in 0rores4
,Source+ 3 Balance sheet.
The abo0e table sho's the current assets of the factory from /GG? to /GGF* It
can be seen that in /GG? current asset 'as /G<*44# then in /GGF current asset
decreased at ";C*4/ and again /G"G3"" current asset are increased rapidly*
4?
TA'L, /" B"=1 Total Current Lia*ilities 3amount in 0rores4
Current Lia*ilities 9GG? 9GG< 9G7G 9G77 9G79
>reditors BB*;B 4C*<? C4*<G "4G*C/ ""?*;;
Pro0isions G*/B G*<4 G*B? G*C4 G*C?
Total Current Lia*ilities >>"=9 A?"77 =B"7? 7A7"BB 77<"99
,Source+ 3 balance sheet.
The abo0e table indicates current liabilities during the period under the study i*e* year
/G"G3"" decreased in /G""3"/ It 'as been seen that the year current liabilities 'ere
increased again in /G"G current liability 'ere decreased*
TA'L, /" B"=1 Total .orking Capital 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
Current Assets
>ash Ban) //*;G 4*;B "<*/< ?*?? ?*G?
In0entory "C<*;/ "/B*/; "C"*<G /;"*CB /G4*/B
2d0ance 4*C/ "G*"F "/*B4 "?*C" 4F*?;
(ebtors 4*CF "B*;4 /4*"B /B*4B <G*;<
Total 3A4 9G@"AA 7B="A9 999"@B 9<@"=7 AG7">A
Current Lia*ilities
>reditors BB*;B 4C*<? C4*<G "4G*C/ ""?*;;
Pro0isions G*/B G*<4 G*B? G*C4 G*C?
Total 3'4 >>"=9 A?"77 =B"7? 7A7"BB 77<"99
4F
et .orking
Capital
3A2'4 7A?">7 77?"9G 9<>"=@ 7>B"9= 7?9"B7
,Source+ 3 balance sheet.
The abo0e table indicates that the net 'or)ing capital 'as highest in /G"G at /FB*C<
in /G"G it 'as the lo'est at ""?*/*
TA'L, /" B"<1 Current Ratio 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
>urrent 2ssets /G<*44 ";C*4/ ///*<; /F<*C" 4G"*B4
>urrent 7iabilities BB*C/ 4?*"" C;*"? "4"*;; ""F*//
Ratio A"G= A"?> A"GG 9"9B 9"@A
,Source+ 3 balance sheet.
>urrent $atio
>urrent ratio indicates the increased trend in year of /G"G3"" It 'as satisfactory the
firm 'ill meet its current obligation* But in /G"G3"" current ratio 'as decreased in
/G"/ it 'as increased by /*/; to /*<4*
TA'L, /" B"7G1 A0id Test Ratio1 3amount in 0rores4
Sr" no" &arti0ulars 9GG? 9GG< 9GG7G 9G77 9G79
7 Quic) 2sset /F*F" /"*G? <"*G; <4*F< F?*4C
9 Quic) 7iabilities BB*C/ 4?*"" C;*"? "4"*;; ""F*//
Ratio G"BB G"@@ G">? G"B7 G"?9
,Source+ 3 balance sheet.
2cid Test $atio
The ratio establishes relationship bet'een quic) asset quic) liabilities* The ratio
indicates the immediate sol0ency of concern* In the theory quic) ratio of "+" is the
standard it means that for e0ery rupee of quic) liabilities there is quic) asset* The
concern should be in a position to meet quic) liabilities 'hen they become due*
;G
-rom the abo0e table it is clear that the ratio 'as belo' standard* 2nd the quic) assets
'ere increasing year by year so the concern 'as trying to reach the standard of "+"*
TA'L, /" B"771 .orking Capital Turno$er Ratio1 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
9et Sales "?C*/G ""B*F; "?4*<C /BG*C< 4"G*?G
Wor)ing >apital "4?*B" ""?*/G /FB*C< "B;*/C "?/*;"
Ratio 7"A@ G"<? G">7 7"@? 7"=G
,Source+ 3 balance sheet.
Wor)ing >apital Turno0er ratio
The 'or)ing capital turno0er ratio establishes the relationship bet'een cost of
goods sold and 'or)ing capital*
In the abo0e table it 'as clear that in /G"G3"" there 'as o0er in0estment in
'or)ing capital 'hich ad0erse to organiAation and the ratio is reduced# on
account of increased in stoc)* In /G""3"/ less in0estment in 'or)ing capital
'hich in0erse to the organiAation* The ratio is increased# on account of
decreased in stoc)*
TA'L, /" B"791 Current Asset Turno$er Ratio 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
9et Sales "?C*/G ""B*F; "?4*<C /BG*C< 4"G*?G
>urrent 2ssets /G<*44 ";C*4/ ///*<; /F<*C" 4G"*B4
Ratio G"<7 G"=< G"?9 G"?? 7"GA
,Source+ 3 balance sheet.
>urrent 2sset Turno0er $atio
The ratio establishes relationship bet'een sales current asset* -rom the abo0e table
clear that in /G"G the ratio is G*F" /G"/ it is decreased at G*CF* 2nd from /GGF 3"G
the ratio is increased rapidly*
;"
TA'L, /" B"7A1 In$entory Turno$er Ratio1 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
Sales "?C*/G ""B*F; "?4*<C /BG*C< 4"G*?G
20erage
In0entory
?C*C" "<G*?4 ";?*<C /GB*B4 ///*<"
Ratio 9"7A G"== 7"9A 7"9> 7"A<
In0entory Turno0er $atio
In0entory turno0er ratio for the year /G"/is highest 'hich indicates
achie0ement of ma1imum sales turno0er 'ith minimum e1penses compared to
year /G"" to /G"/*
;/
TA'L, /" B"7B1 !e*tors turno$er ratio 3amount in 0rores4
&arti0ulars 9GG? 9GG< 9G7G 9G77 9G79
Sales "?C*/G ""B*F; "?4*<C /BG*C< 4"G*?G
(ebtors 4*CF "B*;4 /4*"B /B*4B <G*;<
Ratio ;F*4F C*"" C*F/ F*?F B*"B
(ebtorEs Turno0er $atio
2 high ratio is indicati0e of shorter time lag bet'een cash sales and cash collection* in
/G"G ratio is high and in /G"" it is reduced at C*""* 'hich 'as a bad sign as it reflect
debt are being collected slo'ly* 2fter /G"" it is increased to /G"/ again decreased
in /G"/*
;4
C(apter 2 @
8I!I-S
;;
". It has been obser0ed that the amount of 'or)ing capital 'as highest in /G"G this
'as mainly due to the increase in current asset as compare 'ith the current liabilities*
9et 'or)ing capital has decreased in the year of /GG?#/GGF#/GG"G#/G""*
/. Wor)ing capital turno0er ratio has decreased from the year /GG?to /GGF*it sho's
decreasing trend 'hich 'as bad sign as turno0er 'as decreasing in proportion 'ith
increasing 'or)ing capital* But# again in the year /G""3"/# the 'or)ing capital
turno0er ratio 'as increased*
4. >urrent ratio indicates the increasing trends in year /GG? to /GGF* It 'as
satisfactory and the firm 'ill meet the current obligation* But again /G""3/G"/ it has
been decreased* That indicates current liabilities 'ere increased and current asset
'ere decreased*
;. Quic) ratio sho's that the firm has not sound financial position* 2cid test ratio
indicates the firmEs ability to con0ert its cursrent assets quic)ly into cash in order to
meet its current liabilities# the liquidity position of the firm is belo' the standard*
<. The in0entory turno0er ratio 'as nearly /*"4 in the year /GG?* But there after it has
reduced to G*CC in the year /GGF* It means that stoc) turno0er period has decreased
the efficiency of in0entory management has been affected ad0ersely* -rom /GGF to
/G"/ the in0entory turno0er ratio 'as increased# that means stoc) turno0er period has
increased the efficiency of in0entory management has not been affected ad0ersely*
B. -irm operates in highly competiti0e mar)ets to 'in retain customer it may
forced among these things to offer genius credit terms to them* The debtorEs turno0er
sho's ratio has reduced 'hich has an ad0erse effect on the firm* (ue to that the firm
requires more 'or)ing capital*
C. It 'as obser0ed that the collection period has been increasing o0er the years* This
indicates that the payment by debtors is not prompt the funds are tied up 'ith the
debtors for a long time*
;<
C(apter 2 >
C/CL#SI/

;B
Wor)ing capital refers to the cash a business requires for its day to day operation or
more specifically for financing the con0ersion of ra' material into finished goods#
'hich the factory sells* The main objecti0e of the research 'as to study to 'or)ing
capital management of the factory* There 'ere 0arious factors 'hich affects the
'or)ing capital* Wor)ing capital turno0er ratio 'as fa0orable in company* This ratio
indicates e1tent of 'or)ing capital* This should al'ays be moderate*
>urrent ratio and 2cid test ratios for the factory 'ere fa0orable throughout the
research period 'hich pro0es the efficiency of factory management* >urrent asset
turno0er ratio 'as increasing 'hich sho's the efficiency utiliAation of in0entory* So
from the study it 'as obser0ed that the 'or)ing capital management of the factory is
0ery good*
;C
C(apter 2 =
A&&,!I5
;?
In t(e 'ooks /%
Shri 6ithal Saha)ari Sa)har 8ar)hana 7td*&
&R/8IT : L/SS ACC/#T
As /n A7
st
Mar0( 39GG?29G794
!e*it Side
3Amounts are in 0rores4
Particulars /GG? /GGF /G"G /G"" /G"/
;F
>ane Purchase
$elated !1penses
>ane Purchase
T2D
>ane 5ar0esting
Transport
!1penses
>ane Supply
$elated !1penses
Salary Wages
!1penses
Spars $epairs
!1penses
Manufacturing
Selling !1penses
2dministrati0e
!1penses
Interest
(epreciation
7oss =n Sub3
"4<*<B
;*B<
//*F<
G*/;
C*FB
""*;?
"*4"
<*4/
C*4?
/*4<
?B*/B
3
/4*"G
G
G*G4
?*;C
"4*BF
"*<<
/*B<
?*;C
/*<<
"/F*B"
4*G?
4G*G<
G*G"
?*";
";*?<
/*<<
;*"F
"<*BC
4*"C
/"/*GG
B*4B
4G*BC
G*G/
"G*??
"C*<4
/*C4
;*<C
"4*<<
4*C"
/4;*B?
C*4B
4"*"/
G*G;
"C*"/
"C*;C
/*/C
B*"G
""*GG
4*BC
"*/C
<G
Manufacturer
2ssets
7oss =n =ther
>ane Supply
Business
9et Profit
3
"*B"
G*4;
3
3
3
3
*G"*G"
<*BC*44
3
3
?*"/*<F
3
/*4C
3
Total
/G"*/G ";B*?G /"C*G; 4"G*"F 44;*?F
<"
&R/8IT : L//S ACC/#T
As /n A7
st
Mar0( 39GG?29G794
Credit side 3Amounts are in 0rores4
Particulars /GG? /GGF /G"G /G"" /G"/
Sugar Sales
Sales =f By3
Product
=ther
Income
Profit =n
(iesel
Petrol
(istillery
Income
9et 7oss
"?C*/G
"/*4G
"*B/
G*G<
3
3
""B*F;
;*"C
4*;"
G*GF
3
//*"C
"?4*<C
F*4<
"C*FB
3
B*"<
3
/BG*C<
4;*G4
F*FG
3
<*;F
G*GG/C
4"G*?G
"F*44
;*"C
3
G*B?
3
Total
/G"*/G ";B*?G /"C*G; 4"G*"F 44;*F?
T
</
H, STAT,M,T /8 'ALAC, SH,,T
As /n A7
st
Mar0( 39GG?29G794 3Amounts are in 0rores4
7iabilities /GG? /GGF /G"G /G"" /G"/
Share >apital
$eser0e Surplus
Secured 7oan
Unsecured 7oan
(eposits
>urrent 7iabilities
=ther Pro0isions
Go0t*
7iabilities
>ane Bills
=ther
$eco0ery*
=ther
7iabilities
Pro0isions
Interest Payable
Profit 7oss 2:>
";*F;
;G*4C
""*/"
?*CC
/4*"<
BC*;"
""*;;
;/*4<
"/*B<
G*/B
4*4B
G*<<
//*?B
;/*C<
""G*F"
/;*;/
/G*44
4?*"/
C*BB
";*C;
"<*"?
G*<4
/*F4
3
/B*//
;?*GB
"/?*44
;;*F/
"F*BC
C;*"?
";*G?
;/*G"
"C*;"
G*B?
"*"B
3
/C*//
<4*?G
";4*?;
;;*4C
"?*B;
"4"*;<
"F*4G
?B*"/
/<*/F
G*C4
"*?F
3
/F*4C
<F*//
"FF*"C
/F*B4
"?*GC
""F*/4
";*B;
B?*4"
4<*;?
G*C?
G*"B
3
3
<4
Pre0ious @ear
Profit
>urrent @ear
Profit
G*/G
G*4;
3
3
3
3
3
3
3
Total
/BF*?G /B/*4; 4;/*<C ;/"*/; ;<;*?F
TH, STAT,M,T /8 'ALAC, SH,,T
As /n A7
st
Mar0( 39GG?29G794 3Amounts are in 0rores4
2ssets
/GG? /GGF /G"G /G"" /G"/
>ash Ban) Balance
>ash In 5and
>ash 2t Ban)
Ban)
Balance:(eposi
ts
In0estment
2d0ances =ther
$ecei0able
2d0ance
(eposits
=ther
$ecei0able
>urrent 2ssets
>onsumable
Stores
//*;G
G*/"
//*"?

3
/*//
C*</
4*4?
G*44
4*CF
"C<*;/
?*<C
4*;B
G*;B
4*GG
3
;*"/
/B*B/
F*F?
G*/G
"B*;4
"/B*/;
C*"/
"<*/<
G*//
"<*G4

3
C*/"
4<*CF
"/*4/
G*4"
/4*"B
"C"*<G
<*F<
?*??
G*GC
C*<F

"*//
/*?"
;<*GC
"?*;G
G*4"
/B*4B
/;"*CB
C*;4
?*G?
G*"G
B*FC
"*G"
4*""
FG*/F
4F*<G
G*44
<G*;<
/G4*/B
F*CF
<;
>losing Stoc)
-i1ed 2ssets
Prepaid !1penses
9e1t @ear
!1penses
(istillery Unit
2gri* >ollage
Biogas Unit
B*!(* >ollage
>o3 Generation
Project
2ccumulated 7oss
Pre0ious
@ear 7oss
>urrent
@ear 7oss
"BB*?<
B"*FF
G*/4
G*/"
G*G/
3
3
3
3
3
3

3
""F*"/
CF*C;
G*<G
G*/C
G*/G
G*G"
G*G"
3
3
/"*B/
//*"C
G*<<
"B<*<;
F<*CF
"*G<
G*4"
G*G4
G*G"
G*BB
G*GG"/
G*G/
"<*F<
/"*B/
,3.<*BC
/;G*44
"G?*;/
G*;4
G*4F
G*G;
3
3
3
3
C*?/
"<*F<
G*?"
"F4*;C
";G*B<
;*G4
G*4<
G*G;
3
3
3
4*B4
<*;<
C*/?
/*4C
Total
/BF*?G /B/*4; 4;/*<C ;/"*/; ;<;*?F
<<
C(apter 2 ?
'I'LI/-RA&H6
<B
Re%eren0e 'ooks1
I* M* Pandey ,/GGB. 8inan0ial Management 2 6i)as Publishing 5ouse
p0t* 7td*# 9e' (elhi*
P* >handra ,/GGC. 8undamentals o% 8inan0ial Management 2 Tata
McGro' 5ill# 9e' (elhi*
Internet sites
'''*sugarindusrty*com 0ie'ed on 4
rd
september /G"4 at GC+GG pm
'''*0ithalsugar*com 0ie'ed on C
rd
september /G"4 at "G+GG pm
/t(er
2nnual report of fi0e years,/GGB3/G"G. of Shri 6ithal Saha)ari Sa)har
8ara)hana ltd*
!3mail address+3 shri0ithalsugarHyahoo*com
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