Training Report on

Working capital management

In

JAMMU AND KASHMIR BANK LIMITED

SRINAGAR

Submitted in partial fulfilment of Requirement for the degree of Masters of Business

Administration in Finance to

PUNJAB TECHNICAL UNIVERSITY

2014-2016

Submitted to: Submitted by

Miss. Divya Preet (HOD) Mamin Mushtaq

Miss. Harpreet Kaur (Incharge) M.B.A-3rd Sem

1465850

ARYANS GROUP OF COLLEGES

1
 STUDENTS DECLARATION

I hereby certify that the work which is being presented in this report entitled by
WORKING CAPITAL MANAGEMENT by Mamin Mushtaq (university roll no
1465850) in partial fulfillment of the requirement for the award of degree of MASTERS OF
BUSINESS ADMINISTRATION in the department of ARYANS GROUP OF COLLEGES
under the PUNJAB TECHNICAL UNIVERSITY, JALANDHAR

(Mamin Mushtaq)

2
 ACKNOWLEDGEMENT

This report would not have been possible without the help of certain people unstinting
support of J&K Bank.

We offer our gratitude to all those who have spent their precious time, expressed keen interest
and given continued encouragement through the study enabled the successful completion of
my project.

Practical training in Jammu and Kashmir Zonal Office, M.A. road Srinagar was very valuable
to us and our special thanks are due to our project co-ordinator

Mr. Mohammad Ashraf (Executive Officer) for his inspiring guidance, valuable help and
angelic support for the completion of my project in WORKING CAPITAL.

In the J&K Bank, we would like to extend my gratitude to the management and staff of J&K
Zonal Office for their co-operation during our training.

(Mamin Mushtaq)

3
 PREFACE

On the job training in business organisation infuses among students a sense of critical
analysis to apply of real managerial situation to which they are exposed. It gives them an
opportunity to apply their conceptual, theoretical and imaginative skills to the real life
situation and to evaluate the results thereafter.

I was lucky to have got an opportunity to work at J&K Bank to get the project of my interest.
I visited the concern for six weeks and prepared my project Working capital management. I
also got the practical experience in the field of management.

This report is written account of what I learnt, experienced and explored during my summer
training.

4
 CONTENTS

Chapter -1 6-11

1.1 INTRODUCTION

1.2 HISTORY OF BANKS

Chapter-2 12-21

2.1 J&k BANK PROFILE

2.2 SWOT ANALYSIS

2.3 HISTORY OF J&K BANK
2.4 MISSION AND VISSION
2.5 ACHIEVEMENTS

2.5 ORGANISATIONAL STRUCTURE

Chapter-3 22-29

3.1 REVIEW OF LITERATURE

3.2 WORKING CAPITAL MANAGEMENT

Chapter-4 30-44

4.1 OBJECTIVES, SCOPE, LIMITATIONS

4. 2 RESEARCH METHOLOGY

Chapter-5 45-51

FINANCIAL ANALYSIS

Chapter-6 52-54

6.1 RECOMMENDATIONS AND SUGGESTIONS

6.2 CONCLUSION

BALANCE SHEET 55-56

PROFIT AND LOSS STATEMENT 57-58

REFERENCE 59

5
CHAPTER-I

6
 1.1 INTRODUCTION TO BANKING SECTOR

The banking system in India is significantly different from that of other Asian nations
because of the countrys unique geographic, social, and economic characteristics. India has a
large population and land size, a diverse culture, and extreme disparities in income, which are
marked among its regions. There are high levels of illiteracy among a large percentage of its
population but, at the same time, the country has a large reservoir of managerial and
technologically advanced talents. Between about 30 and 35 percent of the population resides
in metro and urban cities and the rest is spread in several semi-urban and rural centers. The
countrys economic policy framework combines socialistic and capitalistic features with a
heavy bias towards public sector investment. India has followed the path of growth-led
exports rather than the exportled growth of other Asian economies, with emphasis on self-
reliance through import substitution. These features are reflected in the structure, size, and
diversity of the countrys banking and financial sector. The banking system has had to serve
the goals of economic policies enunciated in successive fiveyear development plans,
particularly concerning equitable income distribution, balanced regional economic growth,
and the reduction and elimination of private sector monopolies in trade and industry. I order
for the banking industry to serve as an instrument of state policy, it was subjected to various
nationalization schemes in different phases (1955, 1969,and 1980). As a result, banking
remained internationally isolated (few Indian banks had presence abroad in international
financial centers) because of preoccupations with domestic priorities, especially massive
branch expansion and attracting more people to the system. Moreover, the sector has been
assigned the role of providing support to other economic sectors such as agriculture, small-
scale indus tries, exports, and banking activities in the developed commercial centers (i.e.,
metro, urban, and a limited number of semi-urban centers).

7
The banking systems international isolation was also due to strict branch licensing controls
on foreign banks already operating in the country as well as entry restrictions facing new
foreign banks. A criterion of reciprocity is required for any Indian bank to open an office
abroad. These features have left the Indian banking sector with weaknesses and strengths. A
big challenge facing Indian banks is how, under the current ownership structure, to attain
operational efficiency suitable for modern financial intermediation. On the other hand, it has
been relatively easy for the public sector banks to recapitalise, given the increase in
nonperforming assets (NPAs), as their Government dominated ownership structure has
reduced the conflicts of interest that private banks would face.

8
 1.2 HISTORY OF BANKS IN INDIA

Indian merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a
consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and
still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank: A company
that issues stock and requires shareholders to be held liable for the company's debt) It was not
the first though. That honour belongs to the Bank of Upper India, which was established in
1863, and which survived until 1913, when it failed, with some of its assets and liabilities
being transferred to the Alliance Bank of Simla.

When the American Civil War stopped the supply of cotton to Lancashire from
the Confederate States, promoters opened banks to finance trading in Indian cotton. With
large exposure to speculative ventures, most of the banks opened in India during that period
failed. The depositors lost money and lost interest in keeping deposits with banks.
Subsequently, banking in India remained the exclusive domain of Europeans for next several
decades until the beginning of the 20th century.

Foreign banks too started to arrive, particularly in Calcutta, in the 1860s. The Comptoire
d'Escompte de Paris opened a branch in Calcutta in 1860, and another in Bombay in 1862;
branches in Madras and Pondicherry, then a French colony, followed. HSBC established
itself in Bengal in 1869. Calcutta was the most active trading port in India, mainly due to the
trade of the British Empire, and so became a banking centre.

9
The first entirely Indian joint stock bank was the Oudh Commercial Bank, established in
1881 in Faizabad. It failed in 1958. The next was the Punjab National Bank, established
in Lahore in 1895, which has survived to the present and is now one of the largest banks in
India.

Around the turn of the 20th Century, the Indian economy was passing through a relative
period of stability. Around five decades had elapsed since the Indian Mutiny, and the social,
industrial and other infrastructure had improved. Indians had established small banks, most of
which served particular ethnic and religious communities.

The presidency banks dominated banking in India but there were also some exchange banks
and a number of Indian joint stock banks. All these banks operated in different segments of
the economy. The exchange banks, mostly owned by Europeans, concentrated on financing
foreign trade. Indian joint stock banks were generally undercapitalized and lacked the
experience and maturity to compete with the presidency and exchange banks. This
segmentation let Lord Curzon to observe, "In respect of banking it seems we are behind the
times. We are like some old fashioned sailing ship, divided by solid wooden bulkheads into
separate and cumbersome compartments."

The period between 1906 and 1911, saw the establishment of banks inspired by
the Swadeshi movement. The Swadeshi movement inspired local businessmen and political
figures to found banks of and for the Indian community. A number of banks established then
have survived to the present such as Bank of India, Corporation Bank, Indian Bank, Bank of
Baroda, Canara Bank and Central Bank of India.

The fervour of Swadeshi movement lead to establishing of many private banks in Dakshina
Kannada and Udupi district which were unified earlier and known by the name South
Canara ( South Kanara ) district. Four nationalised banks started in this district and also a
leading private sector bank. Hence undivided Dakshina Kannada district is known as "Cradle
of Indian Banking".

During the First World War (1914-1918) through the end of the Second World War (1939-
1945), and two years thereafter until the independence of India were challenging for Indian
banking. The years of the First World War were turbulent, and it took its toll with banks
simply collapsing despite the Indian economy gaining indirect boost due to war-related
economic activities. At least 94 banks in India failed between 1913 and 1918.

10
11
CHAPTER-II

12
 2.1 BRIEF PROFILE OF JAMMU AND KASHMIR BANK

NAMES
DESIGNATION

MUSHTAQ AHMAD
CHAIRMAN

Mohammad Ibrahim Shahdad

EXECUTIVE DIRECTOR

Arnab Roy
DIRECTOR

Sudhanshu Pandey
DIRECTOR

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 NISAR ALI
DIRECTOR

Abdul Majid Matto

NON-EXECUTIVE DIRECTOR

14
 2.2 HISTORY OF J&K BANK

The origin of Jammu and Kashmir Bank Limited, more commonly referred to as J&K Bank,
can be traced back to the year 1938, when it was established as the first state-owned bank in
India. The bank was incorporated on 1st October 1938 and it was in the following year (more
precisely on 4th July 1939) that it commenced its business, in Kashmir (India). It was initially
set up as a semi-State Bank, with its capital being contributed by State as well as the public
under the control=of=state=government.

Jammu and Kashmir Bank had to face serious problems in 1947 i.e. at the time of
independence. With the partition of Pakistan, two out of the total ten branches of the bank,
namely the ones in Muzaffarabad and Mirpur, fell to the other side of the line of control (now
Pak Occupied Kashmir), along with cash and other assets. At that point of time, in keeping
with the extended Central laws of the state, J&K Bank was categorized as a Government
Company, as per the provisions of Indian Companies Act 1956.

It was in the year 1971 that Jammu and Kashmir Bank was granted the status of a 'Scheduled
Bank'. Five years later, it was declared as "A" Class Bank, by the Reserve Bank of India
(RBI). As the years passed on, the bank started achieving more and more success. Today, it
boasts of more than 500 branches across the country. It was only recently that Jammu and
Kashmir Bank became a billion dollar company. Governed by the Companies Act and
Banking Regulation Act of India, it is regulated by RBI and SEBI. It finds a listing on the
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) as well.

Unique Characteristics & Services

J&K Bank carries out banking business of the Central Government

Inspite of a government equity holding of 53 per cent, Jammu & Kashmir Bank
(J&K Bank) is regarded as a private sector bank

J&K Bank is the one and only banker and lender of last resort to the Government of
J&K

Plan and non-plan funds, taxes and non-tax revenues are routed through the J&K
Bank

15
 J&K Bank claims the distinction of being the only private sector bank that has been
designated as agent of RBI for banking

The services of J&K Bank are utilized for the purposes of disbursing the salaries of
Government officials

J&K Bank collects taxes pertaining to Central Board of Direct Taxes, in Jammu &
Kashmir

Products+&+services

Support Services

Anywhere Banking

Internet Banking

SMS Banking

ATM Services

Debit Cards

Credit Cards

Merchant Acquiring

Depository Services

Demat Account

Other Services

Third Party Services

Mutual Funds

Insurance Services - Life & Non Life

Remittance Services

Cash Management Services

16
 Real Time Gross Settlement (RTGS)

National Electronic Fund Transfer (NEFT)

2.3 SWOT ANALYSIS

Strength

1. Resources and capabilities.

2. Strong brand name.
3. Good reputation among customers.
4. Good quality schemes.
5. Latest machines and advanced technology.

Weakness

1. Lack of stress on research and development.

2. Lack of innovation.
3. Lack of commercial schemes.

Opportunities

1. Arrival of new technology.

2. New market.
3. J&K Bank is not stressing on its advertising for attracting the customers.

Threats

1. Cut-throat competition in industry.

2. The other banks because of their large financial base, better technology are threat to
the J&K banking sector.

17
 2.4 MISSION AND VISION OF J&K BANK

To catalyse economic transformation and capitalise on growth. Our vision is to engender

and catalyse economic transformation of Jammu and Kashmir and capitalise from the growth
induced financial prosperity thus engineered. Bank aspires to make Jammu and Kashmir the
most prosperous state in the country, by helping create a new financial architecture for the
J&K economy, at the centre of which will be the J&K Bank.

The Jammu Central Co-operative Bank dedicates itself to all round of growth of PACS by
providing required credit to them. It also swears to serve the general public by extending
improved banking services and enhanced credit dispersal better than any other banking
channel.

As a corporate process, the uniqueness and distinct culture of the Jammu Central Co-
operative Bank is our experience specialisation in the field of agricultural credit and vast
clientele base. Therefore, as a corporate mission, our focus would be agricultural finance and
needs of the rural people. In light of above, the corporate mission would be to double the
flow of Agriculture Credit during the next three years.

The organisational mission would be to inculcate sense of belongingness by

bringing professionalization in true sense to introduce and upgrade technology based skill
with human face and strengthen its resource base by broadening its customer base.

18
 2.5 ACHIEVEMENTS

Emerging as topper, the J&K Bank has disbursed Rs 631.76 crore out of the total credit of Rs
914.73 crore extended by the banks operating in J&K during Q1 of FY 2011-12.

J&K Bank has been awarded as the best Bank in the prestigious Dun & Bradstreet (D&B)
Polaris Software Banking Awards 2011. The award was conferred in the category for Rural
Reach- Private Sector. The award was presented by R Bandyopadhyay, IAS (Retd.), Former
Secretary, Ministry of Corporate Affairs, Government of India. J&K Bank Zonal Head
(Mumbai) Surjeet Singh Sehgal received the award on Banks behalf in presence of Mohan
Ramaswamy, Chief Operating Officer, Dun & Bradstreet India and Subhash Chand
Aggarwal, Chairman & Managing Director, SMC Global Securities Limited. at a function
held at ITC Maratha in Andheri (E) Mumbai that also marked the launch of the fifth edition
of D&B Indias study on Indias Top Banks 2011.

J&K Bank has been awarded as the best Bank in the prestigious Dun & Bradstreet (D&B)
Polaris Software Banking Awards 2011. The award was conferred in the category for Rural
Reach- Private Sector.

J&K Banks Annual Report 2013-09 has won three awards at the prestigious LACP 2014
Vision Awards the worlds largest award programme for Annual Reports, organised by
California-based League of American Communications Professionals (LACP), USA.

19
 IDENTITY

The new identity for J&K Bank is a visual representation of the Banks philosophy and
business strategy. The three colored squares represent the regions of Jammu, Kashmir and
Ladakh. The counter-form created by the interaction of the squares is a falcon with
outstretched wings a symbol of power and empowerment.

The synergy between the three regions propels the

bank towards new horizons. Green signifies growth
and renewal, blue conveys stability and unity, and
red represents energy and power. All these attributes are integrated and assimilated in the
white counter-form.

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 2.6 ORGANIZATIONAL STRUCTURE OF J&K BANK

Chairman & CEO

Executive Director Executive Director

(Chief Operating Officer) (Chief Financial Officer)

Sr. President President President President (Bus. President President (Adv.& President
(HRD/Reg.) (Strategy & Bus .Sup.) (Fin. Services) Supt/Tech) (Comp.Sec.) asset plng ) (CTC)

Human Law & Treasury

Resources Regulatory
Supervision & Financial
Controls Services

Finance & Strategy & Technology & Business

Company Advances Deposits
Risk Mgmtt Business Information Support
Secretary & Asset & Liability

Departments Departments Departments

Departments Departments Departments

Departments Departments
Departments Departments Departments
Departments

Concurrent
Audit
Card ATM Switch
Issuing & Credit Audit Company Zonal Corporat
CDW I&V ALM
Acquiring
Depository Call Centre Estates & Secretary Office
Asset
Personal KYC Balance sheet Services e Deposit
Depository Engineering Kmr Monitori Debit
Training Law
Services (Central -ng &
Recruitm Lead Bank Corporate Connectivity Retail
Branches Distributio ) Forex
RBI Comp & communic General Inform
ent Credit Risk n Deposit
Regulatory Distribution Mon
Terminal Financial -ation Database ation
Matters Insurance ey
Benefits Reporting Public
Placeme Empanelmen
Sponsored Data Mining Relations & Corporate
t Of Valuers E-Banking Deriv
nts Banks Credit
IBR Customer ative
Risk Mgmtt Financial Care
IS Audit Finacle
Portfolio Products Financial
Rating
Hardware Inclusion
Insurance R&D
Macro
Rem. & St. Information Micro
Economics
Structured Policy Plng
RBI Internal Technology Security Credit &
Risk Audit Priority
Management Stationery sector
Marketing
Taxation Stock Audit &
Systems &
Information Retail
Procedure
System Credit

Network Small &

Medium
21
Software
Enterpris
es
CHAPTER-III

22
 3.1 REVIEW OF LITERATURE

1- The research done by Pass C.L., Pike R.H., An overview of working capital
management and corporate financing,(1984) describes that over the past 40 years major
theoretical developments have occurred in the areas of longer-term investment and
financial decision making. Many of these new concepts and the related techniques are
now being employed successfully in industrial practice. By contrast, far less attention has
been paid to the area of short-term finance, in particular that of working capital
management. Such neglect might be acceptable were working capital considerations of
relatively little importance to the firm, but effective working capital management has a
crucial role to play in enhancing the profitability and growth of the firm. Indeed,
experience shows that inadequate planning and control of working capital is one of the
more common causes of business failure.

2- The research done by Herrfeldt B., How to Understand Working Capital Management
describes thatCash is king--so say the money managers who share the responsibility of
running this country's businesses. And with banks demanding more from their
prospective borrowers, greater emphasis has been placed on those accountable for so-
called working capital management. Working capital management refers to the
management of current or short-term assets and short-term liabilities. In essence, the
purpose of that function is to make certain that the company has enough assets to operate
its business. Here are things you should know about working capital management.

3- The research done by, Samiloglu F. and Demirgunes K., The Effect of Working Capital
Management on Firm Profitability: Evidence from Turkey (2008) describes that the
effect of working capital management on firm profitability. In accordance with this aim,
to consider statistically significant relationships between firm profitability and the
components of cash conversion cycle at length, a sample consisting of Istanbul Stock
Exchange (ISE) listed manufacturing firms for the period of 1998-2007 has been analysed
under a multiple regression model. Empirical findings of the study show that accounts
receivables period, inventory period and leverage affect firm profitability negatively;
while growth (in sales) affects firm profitability positively.

23
4- The research done by, Appuhami, Ranjith B A, The Impact of Firms' Capital
Expenditure on Working Capital Management: An Empirical Study across Industries in
Thailand , International Management Review,(2008), The purpose of this research is to
investigate the impact of firms' capital expenditure on their working capital management.
The author used the data colleted from listed companies in the Thailand Stock Exchange.
The study used Shulman and Cox's (1985) Net Liquidity Balance and Working Capital
Requirement as a proxy for working capital measurement and developed multiple
regression models. The empirical research found that firms' capital expenditure has a
significant impact on working capital management. The study also found that the firms'
operating cash flow, which was recognized as a control variable, has a significant
relationship with working capital management.

5- The research done by, Hardcastle J., Working Capital Management,(2007) describes
that Working capital, sometimes called gross working capital, simply refers to the firm's
total current assets (the short-term ones), cash, marketable securities, accounts receivable,
and inventory. While long-term financial analysis primarily concerns strategic planning,
working capital management deals with day-to-day operations. By making sure that
production lines do not stop due to lack of raw materials, that inventories do not build up
because production continues unchanged when sales dip, that customers pay on time and
that enough cash is on hand to make payments when they are due. Obviously without
good working capital management, no firm can be efficient and profitable.

6- The research done by, Thachappilly G., Working Capital Management Manages Flow of
Funds,(2009) describes that Working capital is the cash needed to carry on operations
during the cash conversion cycle, i.e. the days from paying for raw materials to collecting
cash from customers. Raw materials and operating supplies must be bought and stored to
ensure uninterrupted production. Wages, salaries, utility charges and other incidentals
must be paid for converting the materials into finished products. Customers must be
allowed a credit period that is standard in the business. Only at the end of this cycle does
cash flow in again.The research done by, Beneda, Nancy; Zhang, Yilei, Working Capital
Management, Growth and Performance of New Public Companies.

24
7- The research done by, Dubey R.,Working Capital Management-an Effective Tool for
Organisational Success (2008) describes that The working capital in a firm generally
arises out of four basic factors like sales volume,technological changes,seasonal , cyclical
changes and policies of the firm.The strenghth of the firm is dependent on the working
capital as discussed earlier but this working capital is inteslf dependent on the level of
sales volume of the firm.The firm requires current assets to support and maintain
operational or functional activities.By current assets we mean the assets which can be
converted readily into cash say within a year such as receivables,inventories and liquid
cash.If the level of sales is stable and towards growth the level of cash,receivables and
stock will also be on the high.

8- The research done by, McClure B., Working Capital Works describes that Cash is the
lifeline of a company. If this lifeline deteriorates, so does the company's ability to fund
operations, reinvest and meet capital requirements and payments. Understanding a
company's cash flow health is essential to making investment decisions. A good way to
judge a company's cash flow prospects is to look at its working capital management
(WCM). Cash is king, especially at a time when fund raising is harder than ever. Letting
it slip away is an oversight that investors should not forgive. Analyzing a company's
working capital can provide excellent insight into how well a company handles its cash,
and whether it is likely to have any on hand to fund growth and contribute to shareholder
value.

9- The research done by, Gass D., How To Improve Working Capital Management (2006)
"Cash is the lifeblood of business" is an often repeated maxim amongst financial
managers. Working capital management refers to the management of current or short-
term assets and short-term liabilities. Components of short-term assets include
inventories, loans and advances, debtors, investments and cash and bank balances. Short-
term liabilities include creditors, trade advances, borrowings and provisions. The major
emphasis is, however, on short-term assets, since short-term liabilities arise in the context
of short-term assets. It is important that companies minimize risk by prudent working
capital management.

25
 3.2 WORKING CAPITAL MANAGEMENT

Every business needs finance for two purposes for its establishment and to carry out its day
to day operations. Long term funds are required to create production facilities through
purchase of fixed assets such as plant and machinery, land & building, furniture etc. funds
are also needed for short term purposes : for purchase of raw material , payment of wages
and other day to day expenses etc. These funds are known as working capital. In simple
terms working capital refers to that part of firms capital which is required for financing short
term or current assets such as such as cash, marketable securities, debtors and inventories
etc. Funds thus invested in current assets keep revolving fast and are being constantly
converted into cash and these cash flows out again in exchange for other assets. Hence it is
also known as revolving or circulating capital or short term capital.

KINDS OF WORKING CAPITAL

Working capital may be classified into two ways:

On the basis of concept.

On the basis of time.

On the basis of concept, working capital is classified as Gross Working capital and Net
Working capital. On the basis of time, working capital is classified as permanent or fixed
working capital and temporary and variable working capital.

TYPES OF WORKING CAPITAL

WORKING CAPITAL

BASIS OF BASIS OF
CONCEPT TIME

Gross Net Permanent Temporary

Working Working / Fixed / Variable
Capital Capital WC WC

Seasonal Special
WC WC
Regular Reserve
WC WC

26
 Gross working: It represents the amount of funds invested in current assets. Thus the
Gross working capital is the capital invested in the total current assets of the
enterprise. Current assets are those assets which in the ordinary course of business
can be converted into cash within a short period of normally one accounting year.

Examples of current assets are:

1. Cash in hand and bank balance.
2. Bills receivables
3. Sundry debtors(less provision for bad debts).
4. Short term loans and advances.
5. Inventories of stock.
6. Temporary investment in surplus goods.
7. Prepaid expenses.
8. Accrued incomes.

Net working capital: It is the excess of current assets over current liabilities. Net working
capital may positive or negative. When the current assets exceed the current liabilities, the
working capital is positive and the negative working capital results when the current
liabilities are then the current assets. Current liabilities are those liabilities which are intended
to paid in the ordinary course of business within a short period of normally one accounting
year out of the current assets or the income of the business.

Examples of current liabilities are:

9. Bills payables
10. Sundry creditors.
11. Accrued or outstanding expenses.
12. Dividend payable.
13. Bank overdraft.
14. Provision for taxation, if it does not amount to appropriate to profits.

Net working capital = current assets current liabilities.

Permanent working capital: It is the minimum amount which is required to ensure effective
utilisation of fixed facilities and for maintaining the circulation of current assets. There is
always a minimum level of current assets which is continuously required by the enterprise to

27
carry out its normal business operations. For example, every firm has to maintain a minimum
level of raw material, work in progress, finished goods and cash balance. The minimum level
of current assets is called fixed or permanent working capital as this part of working capital is
permanently blocked in current assets. As the business grows, the requirement of permanent
working capital also increases de to the increase in current assets. The permanent working
capital can further be classified as regular working capital and reserve working capital.

Temporary or Variable working capital: it is that amount of working capital which is

required to meet the seasonal demand and some special exigencies. Variable working capital
can further be classified as seasonal working capital and special working capital. Most of the
enterprise have to provide additional working capital to meet seasonal and special needs. The
capital requirement to meet the seasonal needs of the enterprise is called seasonal working
capital. Special working capital is that part o working capital which is required to meet the
special exigencies such as launching of extensive marketing campaigns for conducting
research.

IMPORTANCE OF WORKING CAPITAL

The working capital is the life-blood and nerve centre of a business firm. The sufficiency of
working capital assists in raising credit standing of a business because of better terms on
goods bought, lesser cost of manufacturing due to the acceptance of cash discounts, favorable
rates of interest etc.

No business can run effectively without a sufficient quantity of working capital. It is crucial
to retain right level of working capital. Finance manager is required to decide the amount of
accurate working capital.

A business enterprise with ample working capital is always in a position to avail advantages
of any favorable opportunity either to buy raw materials or to implement a special order or to
wait for enhanced market status.

Cash is needed to carry out day-to-day workings and buy inventories etc. The shortage of
cash may badly affect the position of a business concern. The receivables management is
related to the volume of production and sales. For escalating sales there may be a need to
offer additional credit facilities. While sales may ascend but the danger of bad debts and cost
involved in it may have to be considered against the benefits.

28
Inventory control is also a significant constituent in working capital management. The
deficiency of inventory may cause work stoppage. On the other hand, surplus inventory may
result in blocking of money in stocks.

The overall success of the company depends upon its working capital position. So, it should
be handled properly because it shows the efficiency and financial strength of company.

29
CHAPTER-IV

30
 4.1 OBJECTIVES OF THE STUDY

To analyze the trend in various components of working capital.

Evaluation of working capital management.
To study the operating cycle of J&K Bank
To know the future requirements of the working capital.
To give the suggestions regarding the proper management of working capital
to the company.

SCOPE OF THE STUDY

Scope of the study was confirmed to internal environment only. The study based on the
secondary data collected from annual report, journals, magazines, newspapers, and website
etc.

Financial statement analysis is the process of identifying the financial position of the
company. After duly recognizing the importance of financial statement analysis of this topic
has been chosen as the focus of the project.

LIMITATIONS OF THE STUDY

1. The analysis of this study is mainly based on secondary data.

2. The study covers for 45 DAYS.
3. The financial statements are generally based on historical or original cost. The current
economical condition is ignored.

31
 4.2 RESEARCH METHODOLOGY

In order to learn and observe the practical applicability and feasibility of various theories and
concepts, the following sources are being used:

Primary Sources of Information

Discussions with the project guide and staff members.

Discussions with various other department head.

Secondary Sources of Information

RBI guidelines regulating the activities of the banks

Banks Credit policy and related circulars and guidelines issued by the bank.

Research papers, power point presentations and PDF files prepared by the bank and
its related officials.

Study of proposals and manuals

Website of Jammu and Kashmir bank and other net sources

Analysis of data

The information gathered are the policies and practices regarding management of the
working capital. Analysis is done in terms of the theoretical concepts. Analysis of the
working capital performance is done with the help of percentages by showing graphs,
ratios and operating cycles etc.

32
 COMPOSITION AND LEVEL OF CURRENT ASSETS

The level of current assets is measured with the help of ratio i.e., current assets as a
percentage of total assets.

INVENTORY

(Rs in 000)

YEARS INVENTORY TOTAL INVENTORY

(IN RS) ASSETS IN % AGE

2013 3597158 15814404 22.75

2014 4646596 16540326 28.09

2015 2456396 17871565 32.02

Inventory of total assets

2013
2014
2015

33
 Inventory in %age

35

30

25

20
Inventory in %age
15

10

0
2013 2014 2015

ANALYSIS

The percentage of inventory is clearly depicted in the table from the year 2013 to
2015. From 2013 to 2014 the percentage of the total inventory to total assets has increased
from 22.7% to 28.09% and this has been further increased to 30.02%.

INTERPRETATION:-

The level of inventory is continuously increasing in the J&K Bank because of banks
successful marketable strategies and its continuous increased market base.

34
DEBTORS

(Rs in 000)

YEARS DEBTORS TOTAL DEBTORS IN

(IN RS) ASSETS %AGE

2013 879660 15814404 5.56

2014 1122564 165403326 6.78

2015 1314231 17871565 8.84

DEBTORS IN %AGE

5.56
8.84

2013
2014
2015
6.78

35
 DEBTORS TO TOTAL SSETS
20000000
18000000
16000000
14000000
12000000
10000000
DEBTORS TO TOTAL SSETS
8000000
6000000
4000000
2000000
0
2013 2014 2015

ANALYSIS:-

From the above table it is very evident that the debtors are increasing from
2013 to 2015. In 2013 debtors are 5.58% and in 2014 it is 6.78% and in 2014 %age of debtors
to total assets has increased to 8.84%.

INTREPRETATION:-

In the year 2015, debtors have increased from 1122564 thousand to 1314231 thousand
indicating an increase from 6.78% to 8.84% of total assets. Such increase has been gained by
bank due to increase in sales followed by expansion activities in spinning, weaving and
processing units respectively.

36
CASH BALANCE

YEARS CASH TOTAL CASH BALANCE

%AGE
ASSETS

2013 2124541 15814404 13.43

2014 1176715 16540326 7.11

2015 1331970 17871565 10.95

CASH BALANCE %AGE

10.95
13.43

2013
2014
2015
7.11

20000000
18000000
16000000
14000000
12000000
10000000 CASH BALANCE
8000000 TOTAL ASSETS
6000000
4000000
2000000
0
2013 2014 2015

37
LOANS AND ADVANCES

YEAR LOANS AND TOTAL LOANS AND

ADVANCES ADVANCES %AGE
ASSETS

2013 40,247.62 8,334.12 20.7

2014 35626.96 10,418.42 29.24

2015 30,902.19 13676.39 44.25

LOANS AND ADVANCES %AGE

2013
2015 22%
47%

2014
31%

LOANS AND ADVANCES TO TOTAL ASSETS

45000

40000

35000

30000

25000
LOANS AND ADVANCES
20000
TOTAL ASSETS
15000

10000

5000

0
2013 2014 2015

38
ANALYSIS

From the above table it is clear that the loans and advances are continuously decreasing but
consecutively its total assets are increasing. It is due to the reason that bank is using
conservative mode of issuing loans and advances and is recovery the loans and advances by
the effective means.

INTERPRETATION

From the table since loans and advance to total assets is consecutively increasing from 20.7%
in 2013, 29.24% in 2014 and 42.25% in 2015, it means banks are optimally using their
assets to gain the maximum profits and is relatively trying to attracting the more customers.

COMPOSITION AND LEVEL OF CURRENT LIABILITIES:-

PARTICULARS 2013 2014 2015

Current liabilities Amt. % Amt. % Amt. %

Sundry creditors 206132 1.95 346960 3.06 338128 3.72

Security deposits 3329 .0315 42160 .0372 42999 .473

Int. accrued 2596 .0245 2039 .0180 426 .0045

Adv. From 18382 .174 5211114 4.600 11369 .125

customers

Stat liabilities 90155 .853 74619 .658 57720 .635

Other liabilities 214454 2.02 359291 3.172 342748 3.77

Unclaimed 214454 2.029 3592691 3.172 342748 3.77

dividend

Provisions 46838 .4432 46838 .4135 46838 .515

Total 584686 5.533 1398012 12.34 847318 9.329

Total liabilities 10567023 11326723 9082216

39
ANALYSIS:-

The above table shows the composition and level of current liabilities. The position of
creditors of J&K Bank is revealed from the table. The creditors remain fluctuating in 2013,
the creditors are of Rs 206132 and company has projected increase in creditor level in 2014
are 346960, in 2015 creditors are 338128. Advances from the customers have been increased
immensely from 2013 to 2015.

INTERPRETATION:-

The table shows that the creditors have been increased in 2014
with rise in inventory level. And in the year 2015, the level of inventory is decreased due to
less prominent schemes.

COMPUTATION OF GROSS WORKING CAPITAL:-

PARTICULARS 2013 2014 2015

Inventory 3597158 4646596 5456396

(+) sundry debtors 879660 1122564 1314231.

(+) cash balance 2124541 1176715 2331970

(+) loans and 1462490 1208673 1814990

advances

GROSS 8063849 8154548 10917587

WORKING
CAPITAL

INTERPRETATION:-

From the table it is evident that the gross working capital is constantly
increasing in J&K Bank, this increase is due to the fact that in every successive year the J&K
Bank has introduced or updated the new schemes for its customers and has efficiently
improve the their service for customers. It is clear that in 2013 the GWC was 8063849, in
2014 it was 8154548 and in 2015 it has drastically increased to 10917587.

40
COMPUTATION OF NET WORKING CAPITAL:-

PARTICULARS 2013 2014 2015

Total current 8088407 8168078 8229289

assets

(-) Total current liabilities 584689 1398012 847318

Net working capital 7503718 6770066 7381971

INTERPRETATION:-

Net working capital is the excess of current assets over the current
liabilities. And from the table it is clear that in 2013, the NWC was 7503718 and it decreased
to 6770066 in 2014 and again increased to 7381971 in 2015. The reason for this increase is
the banks intervention in different financial fields (mutual funds, insurance, etc) and the
profound customer base infra-structure.

OPERATING CYCLE AND CASH CYCLE

All business firms aim at maximizing the wealth of the shareholder for which they need to
earn sufficient return on their operations. To earn sufficient profits they need to do enough
sales, which further necessitates investment in current assets like raw materiel etc. There is
always an operating cycle involved in the conversion of sales into cash.

The duration of time required to complete the following sequences of events in case of a
manufacturing firm is called the operating cycle:-

1. Conversion of cash into raw material

2. Conversion of raw material into WIP

3. Conversion of WIP into FG

41
 4. Conversion of FG into debtors and bills receivable through sales

5. Conversion of debtors and bills receivable into cash

Each component of working capital namely inventory, receivables and payables has
two dimensions time and money. When it comes to managing working capital - Time Is
Money. Therefore, if cash is tight, consider other ways of financing capital investment -
loans, equity, leasing etc. Similarly, if you pay dividends or increase drawings, these are cash

If you ....... Then ......

Collect receivables (debtors) faster You release cash from the cycle

Collect receivables (debtors) slower Your receivables soak up cash

Get better credit from suppliers You increase your cash resources

Shift inventory (stocks) faster You free up cash

Move inventory (stocks) slower You consume more cash

outflows remove liquidity from the business.

Operating Cycle Of Non Manufacturing Firms / Operating Cycle Of Service And

Financial Firms

DEBTORS

CASH
CASH DEBTORS

STOCK OF
FINISHED GOODS

42
Operating cycle of non-manufacturing firm like the wholesaler and retail includes conversion
of cash into stock of finished goods, stock of finished goods into debtors and debtors into
cash. Also the operating cycle of financial and service firms involves conversion of cash into
debtors and debtors into cash.

Thus we can say that the time that elapses between the purchase of raw material and
collection of cash for sales is called operating cycle whereas time length between the
payment for raw material purchases and the collection of cash for sales is referred to as
cash cycle. The operating cycle is the sum of the inventory period and the accounts
receivables period, whereas the cash cycle is equal to the operating cycle less the accounts
payable period.

STOCK ARRIVES CASH RECD.

ORDER PLACED INV. PERIOD A/CS REC. PERIOD

A/CS Pay.
Period

FIRM REC. INVOICE CASH Pd. FOR MATERIALS

OPERATING CYCLE

CASH CYCLE

43
DEBTORS COLLECTION PERIOD:-

2013 2014 2015

SALES 9077526 8792218 100317765

SALES PER DAY 25215 24423 27866

BOOK DEBTS 879660 1122564 1314231

DCP 35 DAYS 46 DAYS 47 DAYS

ANALYSIS:

In the year 2013 the DCP is 35 days which increases to 45 days in 2014. In 2014
there has been slight increase in DCP and it rises to 47 days.

INTERPRETATION:

In the year 2013 bank is able to maintain its satisfactory debtors

collection period but in the year 2014 and 2015, debtors collection period has been increased
to 46 days and further to 47 days in 2015. This shows the bank is not able to maintain its debt
collection policy. However bank enjoys its good debtor status.

44
CHAPTER-V

45
 FINANCIAL ANALYSIS

Financial analysis is the process of identifying the financial strength & weakness of
the firm by establishing relationship between the items of the balance sheet & profit & loss
account. The purpose of financial analysis is to diagnose the information contained in
financial statements so as to judge the profitability and financial soundness of the firm.

Financial statements involve:

Study of financial statements
Analysis of data given in the financial statements.
Interpretation of financial statements.

Financial analysis of J&K Bank is as follows:

Financial analysis is done on the basis of the published balance sheet and profit and
loss account.
Ratio analysis and Trend analysis is done to know the financial position of the
company.

46
 COMPARATIVE BALANCE SHEET

For the period of 2014-2015

PARTICULARS 2014 2015 CHANGE %CHANGE

LIABILITIES

Share capital 48.49 48.490 -- --

Reserve 2,574.37 2,961.97 387.6 15.5

Long term 552.34 714.95 162.61 29.44

Liabilities

Current 1,069.67 1,198.97 129.3 12.05

liabilities

TOTAL 4245.12 4924.38 679.26 16.01

ASSETS

Current assets 552.34 714.95 162.61 29.44

Fixed assets 517.94 561.35 43.41 8.38

Investment 10,736.33 13,956.25 3219.19 29.98

Misc. expenses 10,080.96 12,091.51 2015.55 19.9

TOTAL 21887.57 27324.06 5436.49 24.38

47
RATIO ANALYSIS:

A ratio is the simple arithmetic expression of the relationship of one

number to another. Ratio analysis is a technique of analysis and interpretation of financial
statements. It is the process of establishing and interpreting various ratios for the helping in
making certain decisions.

Following ratios are calculated for the 2014-2015.

Liquidity ratios:

These ratios are used to measure the firms ability to meet its short term obligations.

LIQUIDITY RATIOS:

1. Current ratio = current assets / current liabilities.

PARTICULARS 2013 2014 2015

TOTAL CURRENT 486.47 552.34 714.95

ASSETS

TOTAL CURRENT 1,102.02 1,069.67 1,198.97

LIABLITIES

CURRENT RATIO 0.44 : 1 0.5 : 1 0.59 : 1

ANALYSIS:

The current ratio is consecutively increasing from the year 2013 to 2015. In 2013
it was 0.44 :1 , in 2014 it went up to 0.5 : 1 and in 2015 it reached to 0.59 : 1.

INTERPRETATION:

As a rule 2:1 ratio is referred to as bankers thumb rule. Since the current ratio of the firm
for the past 3 years is more than 2:1, therefore the firm has been in good liquid position. So,
this implies that the funds of the company since last 3 years have been decreased to pay off
liabilities.

48
LIQUID ASSETS RATIO = LIQUID ASSETS / CURRENT LIABILITIES.

PARTICULARS 2013 2014 2015

Total liquid assets 4231077 3084654 4023228

Total current assets 584689 1398012 847318

Liquid Ratio 7.20:1 2.20:1 4.70:1

ANALYSIS:

In the year 2013 the liquidity ratio is 7.20:1 which has decreased in the 2014.
And in the year 2015 the ratio is increased to 4.70:1

INTERPRETATION:

As a convention ratio of 1:1 is considered satisfactory, hence

company is enjoying satisfactory liquidity position. In the year 2014 ratio has been decreased
to 2.20:1 from 7.20:1. This is due to the decreasing cash balance and increasing debtors

OPERATING RATIOS = Operating cost / Net sales*100

PARTICULARS 2013 2014 2015

Sales 9077576 8792218 10031765

OC 7653262 7944110 9491037

OR 84.30% 90.35% 94.60%

ANALYSIS:

From the above table it shows that in 2013 the OR was 84.30% and in
2014 OR has been increased to 90.35. in year 2015 it reached to 94.60

49
INTERPRETATION:

As the above table shows that the operating cost of the bank increased over
three years, this is mainly due to increasing sales of schemes and term loans.

Profitability ratio:-

Gross profit ratio:- Gross profit / net sales * 100

Particulars 2013 2014 2015

Sales 9077576 8792218 10031765

(-)COGS 6943782 7076586 8589141

GP 2133794 1715632 1442624

GPR 23.50% 19.51% 14.38%

ANALYSIS:-

From the above table it shows that the GP ratio was 23.50% in 2013 and it
decreases to 19.51% in 2014. In 2015 GPR has been further decreased to 14.38.

Net profit ratio= Net profit / net sales * 100

Particulars 2013 2014 2015

SALES 9077576 8792218 10031765

NP 678633 23664 42875

NPR 1% 1.03% 1.04%

ANALYSIS:-

In the year 2013 the NP ratio of the company is 1% but in the year 2014 the
companys NP has increased immensely to 1.03% and in 2015 it reached to 1.04%

INTERPRETATION:-

The companys increasing NP ratio is due to its strong support and

easy providence of term loans to the different class of customers.

50
TREND ANALYSIS:-

The financial statements may be analysed by computing trend series

information. The method determines the direction upward and downward and involves the
computation of the percentage relationship that each statement item bears to the same in the
base year. The information for the number of years has been taken up and one year generally
1st year is taken as the base year. The figures of the base year have been taken as 100 and
trend ratios for the other years are calculated on the basis of the base year. The analysis is
able to see the trend of figures, whether upward or downward.

SALES TREND

YEARS SALES IN RS TREND IN %AGE

2013 9090163 100

2014 8837285 97

2015 10067849 110.7

51
CHAPTER-VI

52
 6.1 RECOMMENDATIONS AND SUGGESTIONS

The following are the recommendations and suggestions for the efficient working of
J&K bank

Year 2014 has revealed an increase of cash and balance of the Bank from 3.43% to
7.11% of total of the company as huge amount of the cash has been diverted to higher
loan disbarments and mortgage loans. In the year 2015 the bank was able to gain an
increase of liquidity position by 2.84% of the total assets as the major expansion
activities have already been implemented in the year 2013.
The company should also made remarkable stress on the advertisement so as to attract
the customers of all the sectors. The banks growing profitability is sound for the
activities of the management but the bank should try to attract new customers by
different schemes.
The J&K Bank should also take an edge in the other states as we can see that there is
a cut-throat competition at the national level but there is also a chance of huge
profitability and expansion of bank in terms of monetary and customers.
The J&K Bank should consistently increase the numbers of branches in different
states and also in the home state and should adopt new means to attract new
customers by its attractive loans schemes.

53
 6. 2 CONCLUSION

Most of the banking companies make substantial investments in current assets so proper
management of working capital in a large concern assumes importance as it reflects the sound
financial health of the corporation. Achieving budgeted growth rate and excelling past
performance n sales turnover do not necessarily indicate the proper management of working
capital as even a highly working capital as even a highly profitable company may be having a
poor cash position. A thorough analysis of the working capital position, drawing of
appropriate action plans for improvement, thorough revamping of existing system.

From the study of working capital management of J&K Bank , it concluded that:

The level of inventory is increased in 2014 from 22.75% to 28.09% due to huge
disbursement of loans. And in the year 2015, the level of inventory is decreased to
16.51% due to less production and that is why there is an excess of opening stock in
2015 and bank try to sell to the maximum.
In the year 2015 debtors have been increased from 1122564 thousands to 1314231
thousands indicating an increase from 6.78% to 8.84% of total assets, such increase
has been gained by bank due to increase in sales followed by expansion activities in
mutual funds, term loans, etc.
Net working capital is the excess of current assets over the current liabilities. It
indicates the financial strength of the company. In 2013 net working capital of the
bank decreased because of increase in the current liabilities of the bank. But in year
2015 the net working capital of the bank decreased due to substantial decrease in the
inventory of the bank which resulted in decrease in the overall current assets of the
bank.

54
Balance Sheet of Jammu and Kashmir Bank ------------------- in Rs. Cr. -------------------

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Capital and Liabilities:

Total Share Capital 48.49 48.49 48.49 48.49 48.49

Equity Share Capital 48.49 48.49 48.49 48.49 48.49

Share Application Money 0.00 0.00 0.00 0.00 0.00

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 6,061.56 5,675.12 4,816.20 4,044.69 3,430.19

Net Worth 6,110.05 5,723.61 4,864.69 4,093.18 3,478.68

Deposits 65,756.19 69,335.86 64,220.62 53,346.90 44,675.94

Borrowings 2,339.67 1,765.00 1,075.00 1,240.96 1,104.65

Total Debt 68,095.86 71,100.86 65,295.62 54,587.86 45,780.59

Other Liabilities & Provisions 1,879.54 1,795.25 1,583.00 1,588.18 1,248.88

Total Liabilities 76,085.45 78,619.72 71,743.31 60,269.22 50,508.15

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Assets

Cash & Balances with RBI 2,373.06 3,045.59 2,695.15 2,783.65 2,974.96

Balance with Banks, Money at

1,360.71 1,168.31 2,709.18 1,670.21 573.85
Call

Advances 44,585.82 46,384.60 39,200.41 33,077.42 26,193.64

Investments 25,124.30 26,195.07 25,741.07 21,624.32 19,695.77

55
Gross Block 654.75 506.52 443.50 415.09 391.64

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Accumulated Depreciation 0.00 0.00 0.00 0.00 0.00

Net Block 654.75 506.52 443.50 415.09 391.64

Capital Work In Progress 34.16 27.29 12.68 5.18 2.13

Other Assets 1,952.66 1,292.35 941.33 693.34 676.17

Total Assets 76,085.46 78,619.73 71,743.32 60,269.21 50,508.16

Contingent Liabilities 22,870.33 17,376.61 33,178.79 15,986.41 26,979.34

Bills for collection 0.00 0.00 0.00 0.00 0.00

Book Value (Rs) 126.04 1,180.67 1,003.49 844.34 717.58

56
ammu and
Previous Years
Kashmir Bank

Standalone Profit & Loss

------------------- in Rs. Cr. -------------------
account

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Income

Interest Earned 7,061.13 6,767.00 6,136.80 4,835.58 3,713.13

Other Income 593.97 390.26 483.73 334.12 364.76

Total Income 7,655.10 7,157.26 6,620.53 5,169.70 4,077.89

Expenditure

Interest expended 4,410.22 4,082.52 3,820.76 2,997.22 2,169.47

Employee Cost 894.03 743.91 652.26 521.41 523.61

Selling, Admin & Misc Expenses 1,747.75 1,070.52 1,042.68 803.86 731.68

Depreciation 94.50 77.86 49.73 43.95 37.93

Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00

Operating Expenses 1,409.05 1,175.00 989.01 802.14 758.93

Provisions & Contingencies 1,327.23 717.29 755.66 567.08 534.29

Total Expenses 7,146.50 5,974.81 5,565.43 4,366.44 3,462.69

Mar '15 Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit for the Year 508.60 1,182.47 1,055.10 803.25 615.20

57
Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Profit brought forward 0.00 0.00 0.00 0.00 0.00

Total 508.60 1,182.47 1,055.10 803.25 615.20

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 101.80 242.39 242.39 162.40 126.04

Corporate Dividend Tax 20.35 41.19 41.19 26.36 20.94

Per share data (annualised)

Earning Per Share (Rs) 10.49 243.92 217.65 165.69 126.90

Equity Dividend (%) 210.00 500.00 500.00 335.00 260.00

Book Value (Rs) 126.04 1,180.67 1,003.49 844.34 717.58

Appropriations

Transfer to Statutory Reserves 386.44 898.89 771.52 614.49 468.22

Transfer to Other Reserves 0.01 0.00 0.00 0.00 0.00

Proposed Dividend/Transfer to
122.15 283.58 283.58 188.76 146.98
Govt

Balance c/f to Balance Sheet 0.00 0.00 0.00 0.00 0.00

Total 508.60 1,182.47 1,055.10 803.25 615.20

58
 REFERENCE

BOOKS

KHAN, M.Y. JAIN, P.K, Financial management, TATA MCGRAW HILL PUBLISHERS,
I/e, 20000

Shashi k gupta, Neeti gupta, Financial management, Kalyani publishers / lyall bk depot 2013

Mir Geelani and Afsal khan financial outlook, MAMTA PUBLISHERS.

Showkat Rah and Abdul Rahim, banking, MAMATA PUBLISHERS.

COMPANY ANNUAL REPORTS

Balance sheet
Profit and Loss Account
Notes and Accounts.

WEBLINKS

WWW.JKBANK.COM

Netbanking@jkbmail.com

www.jkbankonline.com

jkbmail.com

59