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PROJECT REPORT
ON
WORKING CAPITAL MANAGEMENT
OF
HETERO DRUGS LTD,ERRAGADDA, HYDERABAD.
Submitted in partial fulfillment of the requirement for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
To the
SCHOOL OF MANAGEMENT STUDIES
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY KUKATPALLY,
HYDERABAD.
By
M.RAKESH
H.T.NO!"#UK"E##"$
At
VAAGDEVI ENGINEERING COLLEGE
BOLLIKUNTA, WARANGAL!%##%.
'Affiliated to Jawaharlal Nehru Technological University Kukatpally, Hyderabad(
')#"# !)#")(
VAAGDEVI ENGINEERING COLLEGE
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BOLLIKUNTA! WARANGAL!%#& ##%
'Affiliated to Jawaharlal Nehru Technological University, Kukatpally, Hyderabad(
D*. M. JAGANMOHAN REDDY
M.Com. M. Phil., PhD
CO!ORDINATOR
CERTIFICATE
This is to certify that M*. M. RAKESH, H.T.No "#UK"E##"$ is a bonafide student of
MBA in this college during the academic year 20102012. !e has done the "ro#ect $or% entitled
+WORKING CAPITAL MANAGEMENT OF HETERO DRUGS LTD,ERRAGADDA,
HYDERABAD and com"leted the $or% in "artial fulfillment of the re&uirement for the a$ard
of MASTER OF BUSINESS ADMINISTRATION 'M.B.A(course, as "er the norms sti"ulated
by the JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY, K-/t0/11y,
Hy2e*/3/2.
The $or% is original and has not been submitted for any other degree or di"loma in "art
or in full.
CO!ORDINATOR
VAAGDEVI ENGINEERING COLLEGE
BOLLIKUNTA, WARANGAL 4 %##%
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'Affiliated to Jawaharlal Nehru Technological University, Kukatpally, Hyderabad(
CERTIFICATE
This is to certify that the "ro#ect entitled +WORKING CAPITAL MANAGEMENT
OF HETERO DRUGS LTD, ERRAGADDA, HYDERABADhas been "re"ared by M*. M.
RAKESH, H.T.No "#UK"E##"$ under my su"er)ision. !e has com"leted this "ro#ect $or% as
"er the rules "rescribed by the JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY,
Hy2e*/3/2 for the "artial fulfillment of MASTER OF BUSINESS ADMINISTRATION. *t is
a bonafide $or% done by him and has not been submitted either in "art or full for any other
Degree or Di"loma of any other +ni)ersity.
'S*5 G. BHANU CHANDER(
PROJECT GUIDE
DECLARATION
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* hereby declare that the Pro#ect entitled +WORKING CAPITAL MANAGEMENT OF
HETERO DRUGS LTD, ERRAGADDA, HYDERABAD is a bonafide $or% done by me as a
"art of re&uirement of MASTER OF BUSINESS ADMINISTATION 'M.B.A( at VAAGDEVI
ENGINEERING COLLEGEaffiliated to the JAWAHARLAL NEHRU TECHNOLOGICAL
UNIVERSITY, Hy2e*/3/2 during the year 20102012.
* also declare that this is the original $or% done by me and no "art of $or% has been
submitted either in "art or full for any Degree or Di"loma of any other uni)ersity or institution.
'M. RAKESH(
H.T.NO."#UK"E##"$
ACKNOWLEDGEMENTS
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* ta%e this o""ortunity to e"ress my than%s to HETERO DRUGS LTD,
ERRAGADDA, HYDERABAD, $ho ga)e me this o""ortunity to carry out my "ro#ect in their
organi-ation.
* am )ery than%ful to Manager, S*5 K.MADHU KUMAR forhis )aluableguidance
and their constructi)e criticism, $hich $ere )ery hel"ful for the com"letion of the "ro#ect $or% in
this organi-ation.
* sincerely than% D*. M. JAGANMOHAN REDDY, coordinator, VAAGDEVI
ENGINEERING COLLEGE, Bo115-6t/, W/*/67/1, for gi)ing su""ort and encouragement
during my "ro#ect $or% in an efficient manner.
* sincerely than% to the efforts of S*5 G. BHANUCHANDER, 8/9-1ty :e:3e* o8
V//72e;5 E6756ee*567 Co11e7e, Bo115-6t/, W/*/67/1, for guiding and su""orting me in
com"letion of this "ro#ect.
This "ro#ect re"ort is dedicated to my "arents $ho are the source of su""ort and
encouragement, in e)ery as"ect of my life, education and career.
M.RAKESH
H.T.NO."#UK"E##"$
CONTENTS
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S.NO CHAPTER P/7e No
* *T/D+CT* 010
** /3A/C! MT!D456 0718
*** CMPA6 P/9*4 1:81
*; DATA AA463*3 AD *T/P/TAT* 82
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CHAPTER ! I
INTRODUCTION
INTODUCTION
)ery business needs funds for t$o "ur"oses, for its establishment and to
carry outs its daytoday o"erations. 4ong term funds are re&uired to create
"roduction facilities though "urchase of fied assets such as "lants and machinery,
land, building, furniture, etc. in)estments in these assets re"resent that "art of firm=s
ca"ital $hich is bloc%ed in a "ermanent or fied basis funds are also needed for short
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term "ur"oses for that "urchase of ra$ marital, "ayment of $ages and other dayto
day e"enses, etc. these funds are %no$n as $or%ing ca"ital. *n sim"le $ords,
$or%ing ca"ital refers to that "art of the firm=s ca"ital $hich is re&uired for financing
short term or current assets such as cash, mar%etable securities, debtor and
in)entories.
*n the $ords of 3!+B*, >$or%ing ca"ital is the amount of funds necessary
to co)er the cost or o"erating the enter"rise?.
According to 53TB/5, >circulating ca"ital means current assets of a
com"any that are changed in the ordinary course of business from one form to
another form, as "er eam"le from cash to in)entories, in)entories to recei)ables,
recei)ables into cash?.
*n sim"le $ords, $or%ing ca"ital refers to that "art of the firm=s ca"ital $hich
is re&uired for financing short term or current assets such as cash, mar%etable
securities, debtors and in)entories. 9unds, thus, in)ested in current asst %ee"
re)ol)ing fast and are being constantly con)erted into cash and this cash flo$s out
again in echange for other current assets. !ence, it is also %no$n as *e;o1;567 o*
95*9-1/t567 9/05t/1or short term ca"ital.
That $or%ing ca"ital refer to that difference bet$een current assets and
current liabilities, it is ecess of current assets o)er current liabilities.
@or%ing ca"ital current assetscurrent liabilities
O0e*/t567 Cy91e o8 Wo*567 C/05t/1
*t is clear that $or%ing ca"ital is re&uired because of the time ga" bet$een the
sales and their actual reali-ation into cash. This time ga" is technically called as
>"erating cycle? of the business.
*n case of a manufacturing com"any the o"erating cycle is the length of time
necessary to com"lete the follo$ing cycle of e)ents.
Con)ersion of cash into ra$ materials.
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Con)ersion of ra$ material into $or% in "rogress.
Con)ersion of $or% in "rogress into finished goods.
Con)ersion of finished goods into accounts recei)able, and
Con)ersion of account recei)able into cash.
This cycle $ill be re"eated again and again. The s"eed $ith $hich the
$or%ing ca"ital com"letes one cycle determines the re&uirements of $or%ing ca"ital
4onger the "eriod of the cycle larger is the re&uirement of $or%ing ca"ital.
The o"eration cycle of manufacturing business can be sho$n as the follo$ing chart.
Nee2 o8
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Technically this is refers to o"erating or cash cycle. *f the com"any has certain amount of
cash, it $ill re&uire for "urchasing the ra$ material may be a)ailable on credit basis.
M/6/7e:e6t o8 . De3to*= :/6/7e:e6tdebtors management identify the a""ro"riate credit "olicy i.e.
credit terms $hich attract customers, such that any im"act on cash flo$s and the cash
con)ersion cycle $ill be offset by increased re)enue and hence /eturn on ca"ital.
?. Sho*t Te*: F56/69567 short term financing identify the a""ro"riate source of
financing, gi)en the cash con)ersion cycle.
CLASSIFICATION
Wo*567 9/05t/1 :/y 3e 91/==585e2 56 to t
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There are t$o conce"ts of $or%ing ca"ital management
1. 5ross $or%ing ca"ital
5ross $or%ing ca"ital refers to the firm=s in)estment in current assets. Current
assts are the assets $hich can be con)ert into cash $ithin year includes cash, short term
securities, debtors, bills recei)able and in)entory.
2. et $or%ing ca"ital
et $or%ing ca"ital to the difference bet$een current assets and current
liabilities. Current liabilities are those claims of outsiders $hich are e"ected to mature
for "ayment $ithin an accounting year and include creditors, bills "ayable and
outstanding e"enses. et $or%ing ca"ital can be "ositi)e or negati)e efficient $or%ing
ca"ital management re&uired that firms should o"erate $ith some amount of net $or%ing
ca"ital, the eact amount )arying from firm to firm and de"ending, among other thins on
the nature of industries, net $or%ing ca"ital is necessary because the cash out flo$s and
inflo$s do not coincide. The cash out flo$s resulting from "ayment of current liabilities
are relati)ely "redictable. The cash inflo$ are ho$e)er difficult to "redict. The more
"redictable the cash inflo$s are the less net $or%ing ca"ital $ill be re&uired.
The conce"t of $or%ing ca"ital $as, first e)ol)ed by arl Mar. Mar used
the term )ariable ca"ital= means outlays for "ayrolls ad)ance to $or%ers before the
com"letion or $or%. !e com"ared this $ith constant ca"ital= $hich according to him in
nothing but dead labor=. This )ariable ca"ital= is nothing $age fund $hich remains
bloc%ed in terms of financial management, in $or%ing "rocess along $ith the other
o"erating e"enses until it is released through sale of finished goods although Mar did
not mentioned that $or%ers also ga)e credit to the firm by acce"ting "eriodical "ayment
of $ages $hich funded a "ortioned of @.*.P. the conce"t of $or%ing ca"ital, as $eunderstand today $as embedded in his )ariable ca"ital=.
ON THE BASIS OF TIME
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n the basis of conce"t $or%ing ca"ital can be classified as gross $or%ing
ca"ital and net $or%ing ca"ital. n the basis of time, $or%ing ca"ital may be classified
asE
". Pe*:/6e6t
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:. Pay go)ernment taation and "ro)iders of ca"ital di)idends
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reasonable relati)e to sales, ho$ ra"idly are recei)ables being collected, and the
slo$ "aying customers.
8. *n)entory can be as much as
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The o"erating efficiency of the firm relates to the o"timum utili-ation of
resources at minimum costs. The firm $ill be effecti)ely contributing in %ee"ing the
$or%ing ca"ital in)estment at a lo$er le)el if it is efficient to controlling o"eratingcosts and utili-ing current assets. The use of $or%ing ca"ital is im"ro)ed and "ace of
a cash con)ersion cycle is accelerated $ith o"erating efficiency.
&. BUSINESS FLUCTUATIONS
Most firm e"erience seasonal and cyclical fluctuation in the demand for their"roducts and ser)ices. This business )ariation effects the $or%ing ca"ital
re&uirements es"ecially the tem"orary $or%ing ca"ital re&uirement of the firm. @hen
there is an u"$ard s$ing in the economy, sales $ill increase and )ice)ersa.
$. PRODUCTION POLICY
A steady "roduction "olicy $ill cause in)entories to accumulate during theoffseason "eriods and the firm $ill be e"osed to greater in)entory cost and ris%.
Thus, if the cost and ris%s of maintaining a constant "roduction schedules are high,
the firm may ado"t the "olicy of )arying its "roduction schedules in accordance $ithchange in demand.
. GROWTH AND EPANSION ACTIVITIES
The $or%ing ca"ital needs of firm increases it gro$th in terms of sales of
fied assets. *t it is difficult to "recisely determine the relationshi" bet$een )olume of
sales and the $or%ing ca"ital needs. The critical fact ho$e)er that is the need forincreased $or%ing ca"ital funds does not follo$ gro$th in business acti)ities but
"recedes it.
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CHAPTER ! II
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
5ood research is carefully "lanned and is conducted "rofessionally and generates
de"endable data. Data generated from good research can be used reliably for managerial
decision ma%ing.
1. The research should be described in details. ach ste" in the research "rocess
should be e"lained in details so that another researcher $ill be able to re"eat the
research. The sources of the data should be re)ealed and the means by $hich they
$ere obtained should be made clear.
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2. /esearcher should ta%e care to "rotect the "ri)acy of the res"ondents. The
researcher should be ta%ing into consideration the $elfare of the "artici"ants of
the studies as $ell as that of their client.
8. Data obtained from research should be used to #ustify the conclusion. Personal
inter"retations or e"eriences of the researcher should be a)oided.
:. Any dra$bac% in the design should be re)ealed by the researcher and its effects
on the finding should be estimated.
BENEFITS OF RESEARCH
1. /esearch can hel" businesses to communicate $ith their sta%e holders li%e
customers, su""liers etc. they can de)ice im"ortant conclusions through business
research.
2. /esearch hel"s businesses to identify the o""ortunities and threats.
8. /is%s and uncertainties can be minimi-ed through business research. /esearch is
)ery im"ortant for e)aluating the "rogress of the business and to e"loit more
o""ortunities
:. *t can hel" the business to trac% their benchmar% and to a)oid any loss $hich they
can incur $ithout ha)ing mar%et and business information.
OBJECTIVES OF THE STUDY
The follo$ing are the ob#ecti)e of the study.
1. To study the $or%ing ca"ital management of !T/ D/+53 4*M*TD.
2. To eamine the feasibility of "resent system of managing cash, debtor andin)entory.
8. To study the management of current assets and current liabilities of !T/
D/+53 4*M*TD.
:. To e)aluate the financial "osition of the com"any.
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:. The study has concentrated only on the $or%ing ca"ital of the com"any. The other
financial as"ects or com"onents $ere ignored.
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". P*5:/*y D/t/
*n "rimary data collection, the data $ill be collected by using &uestionnaires and
inter)ie$s.
There are many methods of collecting "rimary data and the main methods includeE
1. *nter)ie$s
2. bser)ation
). Se9o62/*y D/t/
3econdary data a)ailable from "ublishers, inhouse database, research
agencies etc. it constitutes readymade information that can be used for research
"ur"ose $ith minimal analysis. !o$e)er, the research should bear in mind
secondary data is "ublished for "ur"ose other than the current research.
3econdary data hel"s researchers to sa)e time. @hile "rimary research
ta%es a considerable amount of time in the form of collecting and analy-ing the
data, secondary data offers readymade solutions.
SOURCES OF DATA
Methodology is systematic "rocess of collecting information in order to analy-e
and )erify a "henomenon, the collection of the data t$o "rinci"les "rocess.
1. Primary data
2. 3econdary data
". P*5:/*y 2/t/
The data that is collected first time for any statistical in)estigation and is used
in the statistical analysis is termed as "rimary data.
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The "rimary data is obtained by ha)ing "ersonal inter)ie$s $ith the officials of
the com"any, interacting $ith the manager I other concerned eecuti)es at the
administrati)e office of the com"any.
). Se9o62/*y 2/t/
the data $hether "ublished, $hich ha)e been already collected and "rocessed
by some agency or "erson and ta%e o)er from them and used by any other agency
or "erson for their statistical $or% are termed as secondary data.
The secondary data $as collected mainly from the follo$ing source.
1. Annual re"ort
2. Manuals and maga-ines.
8. /eference to #ournals, tet boo%s and ne$s "a"ers.
:. Com"any $ebsite .com.
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CHAPTER ! III
COMPANY PROFILE
COMPANY PROFILE
". H5=to*y o8 HETERO
). Fo-62e* o8 HETERO
>. M/60o
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&. V5=5o6 ;/1-e= o8 HETERO
$. B-=56e== 8o9-= o8 HETERO
. D*-7 25=9o;e*y
. A115/69e= 0/*t6e*=h50=
"#. Re=e/*9h 2e;e1o0:e6t
"". HETERO DRUGS 9-1t-*e
"). Wo*01/9e eth59=
">. So95/1 *e=0o6=53515t5e=
"?. Ne
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He/2-/*te*= !yderabad, *ndia
Key 0eo01e Dr. B. Partha 3aradhi /eddy 'CMD(
E:01oyee= )er H,HH
We3=5te $$$.heterodrugs.com
!etero is a research based global "harmaceutical com"any focused on
de)elo"ment, manufacturing and mar%eting of Acti)e Pharmaceutical *ngredients 'AP*s(,
*ntermediate Chemicals I 9inished Dosages. )er since its establishment in 1778,
!etero sho$ed a tradition of ecellence and dee" sense of commitment in de)elo"ing
cost effecti)e "rocesses to offer $ide range of affordable drugs.
!etero is building on the strengths of )ertical integration in disco)ery research,
"rocess chemistry, AP* manufacturing, formulation de)elo"ment and commerciali-ation.
!etero is a leading international su""lier $ith a rich "ortfolio of o)er 200 "roducts from
$ide range of thera"eutic categories both in acti)e "harmaceutical ingredients and
finished dosages.
!etero=s manufacturing facilities are c5MP com"liant meeting global standards in
terms of infrastructure and systems. Ma#ority of them are a""ro)ed by the )arious
regulatory authorities of +39DA, @!5ene)a, Australian T5A, 3"anish agency of
medicines I health care "roducts, A;*3ABra-il, *DAetherlands etc.@ith full
http://en.wikipedia.org/wiki/Hyderabad,_Andhra_Pradeshhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Websitehttp://www.heterodrugs.com/http://en.wikipedia.org/wiki/Hyderabad,_Andhra_Pradeshhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Websitehttp://www.heterodrugs.com/ -
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fledged mar%eting ca"abilities, the com"any has been able to mar%et its "roducts in o)er
18 countries across the globe.
HISTORY OF HETERO
stablished in the year 1778, $ith the motto
to be the best in the AP* manufacturing, !etero
today embodies the )ision of a to" notch "layer in
de)elo"ing and commerciali-ing "roducts catering
to a )ariety of thera"eutic categories, integrating
into a 4eading finished dosage manufacturer.
True to the 3tatement, J@here the 9uture 3tarted 6esterdayJ, $ith a
foresight on the current trends in the Pharmaceutical Mar%et, !etero has gro$n from
strength to strength, combining its /esearch 3trengths, Manufacturing Ca"abilities, and
!uman /esources and $ell established &uality management system.
@ith fullfledged mar%eting ca"abilities, the com"any has been able to mar%et its
"roducts in o)er 100 countries in Asia, Middleeast, astern uro"e and 4atin America.
@ith its com"liance to the most stringent regulatory re&uirements, !etero has today
gained foothold to mar%et se)eral of its AP*s in the +nited 3tates, Canada and uro"e.
@ith all si manufacturing facilities being su""orted by ecellent infrastructure
and com"liance to the 5MP re&uirements, !etero has crossed numerous milestones in a
com"arati)ely short "eriod since its ince"tion.
Fo-62e*
Whe*e the 8-t-*e =t/*te2 ye=te*2/y....
... Wo*= / 2/y /he/2 o8 8-t-*e....
A V5=5o6/*y S95e6t5=t
Dr. Bandi Parthasaradhi /eddy, Chairman I Managing Director of !etero grou"
is academically endo$ed $ith a Post 5raduate and Doctoral degrees $ith distinction in
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the field of synthetic chemistry. Prior to founding of !etero Drugs 4imited, Dr. B.P.3
/eddy had a stint in leading "harmaceutical com"anies as the head of the /esearch I
De)elo"ment di)ision. !is shar" analysis and ability to synthesi-e )arious chemical
com"ounds lead to the disco)ery of ne$ "rocesses, cost effecti)e schemes for
manufacturing of )arious "harmaceutical "roducts. During the said "eriod Dr.B.P.3
/eddy has the credit of introducing many ne$ molecules for the first time in *ndian
"harmaceutical mar%et.
A )isionary the $orld %no$s as Dr. B.P.3./eddy, is the dri)ing force behind this
gro$ing "harmaceutical "henomenon called >!T/?. Dr.B.P.3./eddy=s dream child,
!etero $as born in the year 1778 as a small AP* unit. Today, 1H years later, the name is
synonymous $ith leadershi" in "harmaceuticals $ith more than 1 manufacturing units
and 000 em"loyees. An entity that is gro$n in stature by )irtue of its combined strength
in research, manufacturing and mar%eting.
Dr. B.P.3./eddy steered !etero to$ards the forefront of global "harmaceutical
industry $ith his )ision to be recogni-ed as an aggressi)e com"any that combines its
strength of /ID and manufacturing $ith definite ad)antages in terms of cost and
chemistry $ith a strong em"hasis on &uality of the "roducts.
Dr. B.P.3./eddy is no$ focusing on gi)ing ne$ dimensions to !etero in terms of
research and inno)ation "rograms in disco)ery research to ta%e the com"any to greater
heights.
MANPOWER IN HETERO GROUP
1. !etero Drugs 4imited 1H8H
2. !etero 4abs 4imited
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MANAGEMENT
3.. AM D3*5AT*
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1.
2.
8.
:.
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Managing Director
5eneral Manager
De"uty 5eneral Manager
Assistant 5eneral Manger
Manager
Assistant Manager
3enior ecuti)e
ecuti)e
Kunior ecuti)e
Assistant ecuti)e
Trainee
V5=5o6 /62 ;/1-e=
!etero belie)es in >@!/ T! 9+T+/ 3TA/TD 63T/DA6
@/3 A DA6 A!AD 9 9+T+/.?
!T/=3 Ambition is to be an aggressi)e "layer in "harmaceutical mar%ets
combining **P/ s%ills, manufacturing ca"abilities, strong human resources in"uts and
mar%eting strengths.
;alues in "ursuit of ecellenceE
*nno)ation
Creati)ity
/eliability
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Accessibility
Cost effecti)eness
Luality
Accuracy
Customer delight
co friendly
!etero )isuali-es itself as an aggressi)e "layer in the global "harmaceutical
scenario su""lying generics de)elo"ed combining intellectual "ro"erty research strength
and strong human resource in"uts
The com"any )alues the conce"ts of ha)ing social res"onsibilities in the
course of its assents to greater heights. *t strongly belie)es in focusing on customer
re&uirements and deli)ering the "roducts at the right "ace. !etero considers its human
resource as the core of all its ca"abilities and belie)es in ta""ing and honing the talent of
its members to reach the -enith of success. *t belie)es in continuous e)aluation and
im"ro)ement in all the factors that contribute in transforming the organi-ation into a
global to rec%on. !etero ta%es recogni-e the fact that the "rocesses that it de)elo"s all eco
friendly and it should not result in any conse&uence that harms the ecological harmony.
M5==5o6
!etero=s mission is to be a globally acclaimed "harmaceutical com"any,
meeting the re&uirement of healthcare imbibing the "hiloso"hy of both commercial and
social concerns, dri)en by research and manufacturing ca"abilities.
St*e67th
3trong em"hasis on research and de)elo"ment
Ability to de)elo" "rocesses for a large range of thera"eutic categories
Ability to orient and ada"t to the changing facets of industry "articularly in
terms of regulations, intellectual "ro"erty and manufacturing ca"abilities
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Cohesi)e teams of s%illed "rofessionals in all $ings related to research,
manufacturing and mar%eting
3trong customer base and mar%et "resence
A strong commitment to$ards the society to "ro)ide timely su""ort by"ro)iding life sa)ing drugs at relati)ely lo$ costs, short s"an of time.
G1o3/1 0*e=e69e
!etero e"orts its "roducts across different regions N +3A, Canada, uro"e,
Ka"an, 4atin America, Africa, Middle ast, 9ar ast, Australia, /ussia I C*3, in the
$orld and is catering to the re&uirements of around 18 countries in the $orld.
B-=56e== 8o9-=
A9t5;e 0h/*:/9e-t59/1 567*e25e6t=
!etero is one of the largest manufacturer and su""lier of Acti)e
Pharmaceutical *ngredients 'AP*=s( catering to the e)er increasing re&uirements of the
global "harmaceutical mar%et.
The infrastructure a)ailable $ith !etero for manufacturing of Acti)e
Pharmaceutical *ngredients and the intermediate chemicals is one of the best, $ith 3tate
ofthe Art facilities designed to meet the global standards and c5MP.
@ith 11 AP* manufacturing facilities in o"eration, !etero has been able
to manufacture more than 200 AP*s, and su""ly to different mar%ets. G of the AP*
facilities are a""ro)ed by +39DA, T5A, +, PMDA, 9DA and @!.
!etero is a trusted su""lier of se)eral AP*s in $ide range of thera"eutic
categories and the largest su""lier of com"lete range in antiretro)iral "roducts. !etero
also has dedicated facility for manufacturing of ncology "roducts.
F565=he2 2o=/7e=
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!etero has $orldclass facilities for manufacturing $ide range of finished
dosages. As a leading inno)ationdri)en cor"oration, !etero is de)elo"ing a gro$ing
"ortfolio of "harmaceutical "roducts to meet some of the $orldOs most urgent medical
needs. Today !etero is manufacturing "roduct "ortfolio of o)er 200 "roducts in ma#or
thera"eutic areas, $ith an em"hasis on antiretro)iral, gastrointestinal, cardio)ascular,
antide"ressants Fanti"sychotic, anti diabetics, "ain management, antiinfecti)e,
dermatology and oncology. !etero has
9our finished dosage manufacturing facilities, out of $hich t$o are +39DA,
a""ro)ed facilities.
Dedicated ncology facility
ffers
1. *n#ectables
2. 3olidF4i&uid oral dosages
8. intments
:. 3oft gelatin ca"sules
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de)elo"ment. T$o "roducts are e"ected to be commerciali-ed in *ndia for oncology
and ne"hrology indications by 201112.
D*-7 25=9o;e*y
!etero started disco)ery research $ith the focus on de)elo"ing Cs in selected
thera"eutic areas. 3cientists at Drug Disco)ery Di)ision are $or%ing on the
follo$ing "ro#ects E
o AT*!*; /esearch
o AT*!C; /esearch
o Diabetes /esearch
ur business strategy is to out license early stage disco)ery molecules and to e"lore
early stage disco)ery collaborations to maimi-e the "otential of our disco)ery "ro#ects.
A115/69e= P/*t6e*=h50=
At !etero, $e )alue alliancesF"artnershi"s. !etero has de)elo"ed
"roducti)e alliances and "artnershi"s that ad)ance our ca"acity to de)elo" inno)ati)e
medicines at lo$er costs. ur collaborations ha)e "roduced strong, enduring "artnershi"s
and yielded consistent success in the mar%et "lace. A glance at our trac% record highlights
some of our achie)ements $hile illustrating the di)ersity among our "artners and the"roducts. !etero is regarded as one of the best com"anies in the $orld to $or% for, and
generations of !etero em"loyees ha)e sustained a culture that )alues ecellence,
integrity, and res"ect for "eo"le.
Re=e/*9h De;e1o0:e6t
/esearch I De)elo"ment is the foundation of !etero=s "hiloso"hy of de)elo"ing
costeffecti)e, high &uality and safe medicines to society. !etero /esearch 9oundation is
one of the most inno)ati)e, "roducti)e, and res"ected scientific research organi-ations
$hich are recogni-ed by the De"artment of 3cience I Technology, 5o)ernment of *ndia.
!etero /esearch 9oundation '!/9( has a team of o)er :00 dedicated scientists
$or%ing in the areas of Process, Analytical and Disco)ery /esearch. / I D centre
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conforms to international standards and has ad)anced e&ui"ment for both basic and
a""lied research.
P*o9e== RD
!/9 has de)elo"ed "rocess for 1
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C/*ee*= /t HETERO
!etero=s strength lies in the talent and commitment of the "eo"le $ho $or% for us.
!etero is on the "ath of "rogress and e"anding )ery fast in all its )erticals. ""ortunities
eist in for talented "eo"le of di)erse bac%grounds in )arious de"artments. !etero creates
an en)ironment for "ersonal and "rofessional gro$th of em"loyees.
A healthy $or%life balance is su""orted through %no$ledgedri)en $or%
en)ironment $here ideas and s%ills are )alued $here "eo"le can reali-e their full
"otential through dedicated training "rograms and $here indi)idual contribution is
res"ected, recogni-ed and re$arded.
The Hete*o 2*-7= 15:5te2 9-1t-*e
C-=to:e* Fo9-=e2 /62 Pe*8o*:/69e D*5;e6 $here both eternal and internal
customers are accorded the highest "riority and $here e)eryone is sensiti)e to
Commitments, time I cost and focuses on deli)ering inno)ati)e affordable
medicines globally.
E6t*e0*e6e-*5/1 /62 566o;/t5;e $here genuine mista%es are tolerated,
intelligent ris% N ta%ing is encouraged and "eo"le feel a sense of em"o$erment. E7/15t/*5/6 /62 T*-=t567 $here ran% and status consciousness is lo$, leadershi"
$al%s the tal%, $here credibility I trust$orthiness are cham"ioned and leaders
"ro)ide access to "eo"le, resources and information.
F1e531e /62 A2/0t5;e $here change is $elcome and initiati)es are im"lemented
$ith sincerity and commitment, di)ersity is understood and acce"ted and mutual
res"ect for di)ersity and )arious ethnic cultures coeist.
Wo* 01/9e eth59=
O0e6 2oo* 9o::-659/t5o6:
!etero Drugs maintains an o"endoor culture for communication to assist
$ith em"loyee concerns. *f em"loyee does not feel comfortable discussing concerns $ith
his Fher su"er)isor or manager, they contact the net le)el of management. !etero Drugs
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belie)es that o"en communication is essential to a successful $or% en)ironment and all
em"loyees should feel free to raise concerns $ithout fear of re"risal.
Co-*te=y
They de)elo" an attitude or hel"fulness to$ards their customers,
su""liers, )endors, and their fello$ em"loyees. Courtesy is a ma#or com"onent of good
human relations. 5ood tele"hone eti&uette is also im"ortant $hen dealing $ith others,
both inside and outside of !etero Drugs.
D*e== 9o2e
m"loyees are bet ad)ised to be formally attired on all $ee%days so as to
reflect confidence and "rofessionalism. n $ee%ends '2ndand :th9ridays at head office
and all $or%ing 3aturdays at all 8 locations(, em"loyees could $ear informal $ear as
follo$s.
M/1e e:01oyee=
Business casual '$ee%days(E collared shirts, Trousers, leather shoes 'Blac%FBro$n(
Casual '9ridays(E 3hirtsF collared Tshirts, Trousers and s"orts shoes
Fe:/1e e:01oyee=
9ormal $earE 3arees, 3al $ar %ames, formal shirts, full s%irts, trousers and sandals
*nformal $earE collared Tshirts, full s%irts, shirts, trousers, and sandals.
ID C/*2=
All em"loyees are issued an id card $ithin one $ee% of #oining, and it is
ad)ised that the cards are al$ays $orn on "erson $hile on duty. *n case of the card being
lost or damaged, the "ersonnel de"artment needs to be informed immediately.
Le/;e=
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m"loyees are re&uested to a)ail lea)e as "er eligibility unless eigencies
demand other$ise. Planned lea)e need be a""ro)ed by the incharge, in the "rescribed
form a)ailable $ith the "ersonnel de"artment.
So95/1 *e=0o6=53515ty
!etero recogni-es its obligations to$ards the society and as a socially res"onsible
organi-ation $e stri)e to ta%e care of the less "ri)ileged sections of our society. @e
etend our e"ertise to transform the li)es of our "eo"le and ma%e a difference to the
society. *n this initiati)e, !etero has ada"ted fe$ )illages for their o)erall de)elo"ment.
E2-9/t5o6
!etero assists in setting u" of schools $here there is no access to education
facilities, "ro)iding financial assistance to the "oor students $ho ha)e "romising
academic record, ada"ting schools.
S0o*t=
3"onsors athletics from )arious educational institutions to "artici"ate in ational
and *nternational le)el com"etition.
Me259/1
!etero conducts "eriodical medical cam"s at )arious locations in socially bac%$ard
areas to "ro)ide timely medical assistance to the needy. !etero has liberally donated
medicines to the 5o)ernment of *ndia, 5o)ernment of A.P. and to )arious !os"itals.
Ne
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The total unit area is H< acres and $ith t$o manufacturing facilities. This facility
offers a huge "roduction ca"acity of 1 billion tablets and ca"sules "er annum. *t has a
dedicated ncology facility $ith a "roduction ca"acity of 200 million tablets I ca"sules,
1< million li&uid in#ectable )ials I 1< million lyo"hili-ed *n#ectables.
This @orldclass facility is meeting the c5MP and regulatory re&uirements, $ith
integrated &uality management system in "lace. All &uality control *nstruments are 21
C9/ com"liant. @al% in ty"e stability chambers $ith global re&uirements for stability
study and *ntegrated building management system from !oney $ell +3A , 4yo"hili-er
;*/T*3 +3A, 4i&uid 9illing machine from B3C! N 5ermany, ma%es this
manufacturing facility at "ar $ith the best in the $orld.
A0*51)#"#
Hete*o *e9e5;e= te6t/t5;e /00*o;/1 8o* Te6o8o;5* 25=o0*o51 8-:/*/te t/31et= 8*o:
USFDA
!etero is "leased to announce that it has recei)ed the tentati)ely a""ro)al for
Tenofo)ir diso"roil fumarate from the +3 9ood I Drug Administration '+39DA(.
A Tenofo)ir tablet 800 mg is generic e&ui)alent to ;iread tablets 800 mg of
5ilead 3ciences. Tenofo)ir belongs to a class of antiretro)iral drugs %no$n as nucleotide
analogue re)erse transcri"tase inhibitors 'n/T*s(, $hich bloc% re)erse transcri"tase, an
en-yme crucial to )iral "roduction in !*;infected "eo"le. Tenofo)ir is indicated in
combination $ith other antiretro)iral agents for the treatment of !*;1 infection in
adults.
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No;)##
Hete*o *e9e5;e= te6t/t5;e /00*o;/1 o8 L/:5;-256e /62 Te6o8o;5* 85e2 2o=e 9o:356/t5o6
t/31et=, >##:7>##:7 t/31et= 8*o: USFDA
n o)ember
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"
!ighest e"orter a$ard against stiff com"etition from internationally recogni-ed
domestic com"etitors.
"!"&
To" Chemeil a$ard for "orts.
ational a$ard for JBe=t E88o*t= 56 Re=e/*9h /62 De;e1o0:e6tJ from the De"artment
of 3cientific and *ndustrial /esearch, Ministry of 3cience and Technology, 5o)ernment
of *ndia, in the year 177G.
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CHAPTER ! IV
DATA ANALYSIS
AND
INTERPRETATION
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STATEMENT SHOWING CHANGES IN WORKING CAPITAL
FOR THE YEAR ENDED )##$!)##
'R=. I6 C*o*e=(
PARTICULARS
A= o6 >"=tDe9e:3e* Ch/67e= 56 Wo*567 9/05t/1
)##$'R=( )##'R=( I69*e/=e'R=( De9*e/=e'R=(
CURRENT ASSETS
*n)entories
3undry Debtors
Cash and Ban% Balance
4oans and ad)ances
80.:0
2.82
% >%.)$
NET WORKING CAPITAL 'A!B( #.) >#.$$ >.> .#
*ncrease F Decrease in et @or%ing
Ca"ital
?.%) ?.%)
TOTAL #.) #.) .# .#
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INTERPRETATION
9rom the abo)e table, it can be obser)ed that
1. *n)entories $ere increased by /s.:.11 crores, due to increased "urchase of ra$ materials.
2. 3undry debtors $ere decreased by /s.21.1: crores, due to decrease in credit sales.
8. Cash and ban% balances $ere decreased by /s.
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FOR THE YEAR ENDED )##!)##
'R=. I6 C*o*e=(
PARTICULARS
A= o6 >"=tDe9e:3e* Ch/67e= 56 Wo*567 9/05t/1
)##'R=( )##'R=( I69*e/=e'R=( De9*e/=e'R=(
CURRENT ASSETS
*n)entories
3undry Debtors
Cash and Ban% Balance
4oans and ad)ances
8:.% >>.&% "".#>
NET WORKING CAPITAL 'A!B( >#.$$ &).& ??.#" "".)
*ncrease F Decrease in et @or%ing
Ca"ital
>)." >)."
TOTAL &).& &).& ??.#" ??.#"
INTERPRETATION
9rom the abo)e table, it can be obser)ed that
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1. *n)entories $ere increased by /s.20.80 crores, due to increased "urchase of chemicals.
2. 3undry debtors $ere increased by /s.1
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PARTICULARS
A= o6 >"=tDe9e:3e* Ch/67e= 56 Wo*567 9/05t/1
)##'R=( )#"#'R=( I69*e/=e'R=( De9*e/=e'R=(
CURRENT ASSETS
*n)entories
3undry Debtors
Cash and Ban% Balance
4oans and ad)ances
>.&% >$.& ?.#& .#
NET WORKING CAPITAL 'A!B( &).& ">>.> $.& .#
*ncrease F Decrease in et @or%ing
Ca"ital
$#.$ $#.$
TOTAL ">>.> ">>.> $.& $.&
INTERPRETATION
9rom the abo)e table, it can be obser)ed that
1. *n)entories $ere increased by /s.1
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:. 4oans and ad)ances $ere increased by /s.1H.7 crores, due to the com"any ha)e
"ro)ided more loans to the em"loyees and also ad)anced to the su""liers of ra$
materials.
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PARTICULARS
)#"#'R=( )#""'R=( I69*e/=e'R=( De9*e/=e'R=(
CURRENT ASSETS
*n)entories
3undry Debtors
Cash and Ban% Balance
4oans and ad)ances
H0.2.&" ).%% ?.?
NET WORKING CAPITAL 'A!B( ">>.> "%".$$ )).?) ?.?
*ncrease F Decrease in et @or%ing
Ca"ital
"$.? "$.?
TOTAL "%".$$ "%".$$ )).?) )).?)
INTERPRETATION
9rom the abo)e table, it can be obser)ed that
1. *n)entories $ere increased by /s.:.2< crores, due to increased "urchases.
2. 3undry debtors $ere increased by /s.
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CURRENT ASSETS
*n)entories
3undry Debtors
Cash and Ban% Balance
4oans and ad)ances
H:..&" ).) ").>? ".#"
NET WORKING CAPITAL 'A!B( "%".$$ "%).# ".? "."&
*ncrease F Decrease in et @or%ing
Ca"ital
#.>) #.>)
TOTAL "%).# "%).# ".? ".?
INTERPRETATION
9rom the abo)e table, it can be obser)ed that
1. *n)entories $ere decreased by /s.
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G. Pro)isions $ere increased by /s.1.01 crores, due to decrease in sundry debtors.
H. The o)erall net $or%ing ca"ital has been increased by /s.0.82 crores, due to increase in
current assets.
. The net $or%ing ca"ital "osition of the com"any $as sho$ing a)erage "erformance.
CURRENT RATIO
Current ratio is the common ratio for measuring li&uidity, being related to $or%ing ca"ital
analysis it is also called as the current ratio, $hich e"resses the relationshi" bet$een
current assets and current liabilities. The current ratio is the ratio of total current asset to total
current liabilities. *t is calculated by di)iding current assets by current liabilities.
FORMULA
Current Assets
Current ratio
Current 4iabilities
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St/62/*2 C-**e6t R/t5o 5enerally 2E1 is considered as ideal for the concern
CURRENT RATIO TABLE '/s. *n Crores(
Ye/*= C-**e6t A==et='R=( C-**e6t 15/3515t5e= 'R=( R/t5o
200H200
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INTERPRETATION
1. The analysis sho$s that the current ratio of the com"any has been sho$ing an increasing
trend during the "eriod of the study.
2. The increase in the current ration is :.2E1 due to the increase of current assets o)er the
current liabilities.
8. The a)erage current ratio is :.2E1. 3o the com"any=s li&uidity "osition is satisfactory.
:. The current ratio re)eals that the com"any=s shortterm funds are loc%ed in current assets.
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Ye/*= C-**e6t A==et= 'R=( C-**e6t 15/3515t5e= 'R=( R/t5o
200H200 1.G1 22.8< 0.8
2002007 :1. 88.G< 1.2:
20072010 101.2G 8H.G 2.G
20102011 11G. 87.G1 2.7.$> "&".%$ ).?"
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INTERPRETATION
1. The analysis sho$s that the &uic% ratio $as increasing from year to year during the
"eriod of the study.
2. *n the year 20112012 the ratio $as satisfactory, because of increased &uic% assets.
8. The a)erage &uic% ratio is 2.:1E1. 3o, the li&uidity "osition of the com"any is satisfactory.
:. )er though the li&uidity "osition is good, the analysis sho$ing that there are idle funds
loc%ed in &uic% assets.
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2002007 1
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2. The ratio $as sho$ing an increasing trend from 20102011 to 20112012, due to
increased net sales.
8. *n the year 20072010. *t is ha)ing a less $or%ing ca"ital turno)er ratio of 1.20 times,
because of increased e"enses.
:. The a)erage $or%ing ca"ital turno)er is 1.GE1. 3o, the com"any is not efficiently
managing its $or%ing ca"ital.
ABSOLUTE LIUID RATIO
Absolute li&uid ratio is also called as cash "osition ratio. This ratio established the
relationshi" bet$een the absolute li&uid assets and current liabilities. Absolute li&uid
assets include cash in hand, cash at ban%, and mar%etable securities.
The o"timum )alue for this ratio should be one, i.e., 1E2
Fo*:-1/
A3=o1-te 15-525ty */t5o ' C/=h I6 H/62 /62 B/6 M/*et/31e Se9-*5t5e= (
C-**e6t L5/3515t5e=
ABSOLUTE LIUID RATIO TABLE '/s. *n Crores(
Ye/*= A3=o1-te 15-52
A==et='R=(
C-**e6t 15/3515t5e= 'R=( R/t5o
200H200 1.H
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20112012 G.0 10.8H 0.08
A;e*/7eA3=o1-te L5-52
R/t5o
"$.? &). #.#)&
INTERPRETATION
1. By obser)ing the abo)e absolute li&uid ratio table, it is fluctuating year to during the
"eriod of the study.
2. The ratio $as sho$ing an decreasing trend from 200H200 to 2002007, due to
decreased cash and ban% balances.
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8. *n the year 20102011 to 20112012, the absolute li&uid ratio is in better "osition by
com"aring the other years.
:. The a)erage absolute li&uid ratio is 0.02G times. 3o, the com"any=s li&uidity "osition of
the com"any is satisfactory.
INVENTORY RATIO
*n order to ascertain that there is no o)erstoc%ing, the ratio of in)entory to $or%ing
ca"ital should be calculated. *t is $or%ed out as follo$sE
FORMULA
*n)entory
*n)entory /atio
@or%ing ca"ital
INVENTORY RATIO TABLE '/s. *n Crores(
Ye/*= I6;e6to*y 'R=( Wo*567 9/05t/1'R=( R/t5o
200H200 80.:0 0.27 0.8H
2002007 8:.
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INTERPRETATION
1. The analysis sho$s that the *n)entory /atio $as decreased from year to year
during the "eriod of study.
2. *n the year 200 to 2007 the in)entory $as satisfactory, because of increased
in)entory ratio.
8. By obser)ing the abo)e *n)entory /atio table, it is fluctuating year to during the
"eriod of the study.
:. 9rom the year 2002012 the ratio $as continuously decreasing.
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CHAPTER ! V
CONCLUSIONS
AND
SUGGESTIONS
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CONCLUSIONS
1. During the study "eriod in)entories ha)e been sho$ing an increasing trend, ece"t in the year
20112012.
2. Current assets $ere increased during the study "eriod.
8. The analysis re)eals there are more idle funds in current assets.
:. The analysis sho$s that the com"any is sho$ing more funds in &uic% assets than the re&uired
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SUGGESTIONS
1. The com"any has to ta%e "ro"er measures to im"ro)e its $or%ing ca"ital "osition.
2. *t is better to offer credit facility to the same etent to its customers in order to increase
the sales.
8. The com"any has to maintain cash balances to meet daily re&uirements as "er standards.
:. The com"any has to manage current assets "ro"erly to im"ro)e li&uidity "osition.
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BIBLIOGRAPHY
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BIBLIOGRAPHY
TITLE OF THE BOOK AUTHOR PUBLISHERS
Management Accounting, 3hashi 5u"ta I /..3harma alyani
9inancial Management, M.6.han and P..Kain Tata Mc5ra$!ill
9inancial Management, 3.. Mahesh$ari 3ultan Chand I 3ons
WEBSITES
$$$.heterodrugs.com
$$$.moneycontrol.com
http://www.heterodrugs.com/http://www.heterodrugs.com/ -
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APPENDI
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B/1/69e =heet HETERO DRUGS Lt2.
B/1/69e Sheet !!!!!!!!!!!!!!!!!!! 56 R=. C*. !!!!!!!!!!!!!!!!!!!
M/* ") M/* "" M/* "# M/* # M/* #
12 mths 12 mths 12 mths 12 mths 12 mths
So-*9e= O8 F-62=
Total 3hare Ca"ital 2:.:< 2:.1< 12.0 .2G H.7
&uity 3hare Ca"ital 2:.:< 2:.1< 12.0 .2G H.7
3hare A""lication Money 0.00 0.00 0.00 0.00 0.08
Preference 3hare Ca"ital 0.00 0.00 0.00 0.00 0.00
/eser)es 18H. )?).)" "&.%> ).>" %."$
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Contingent 4iabilities 1.0: 1.0H 0.7H 1.GH 1.27
Boo% ;alue '/s( G.G8 G.GH 12.0 G2.%."% >?.&) )).&%
PBD*T :G.10 :0.1H 8G.H1 8H.G< 2:.00
*nterest 1G.
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Ta H.G :.8 7.G1 7.2 :.G
Re0o*te2 Net P*o85t ">." "$.% "&.>) ".# ">.%
Total ;alue Addition 87.:0 80.:7 2H.8< 2G.87 22.:2
Preference Di)idend 0.00 0.00 0.00 0.00 0.00
&uity Di)idend 0.00 2.:2 1.78 1.1 0.G1
Cor"orate Di)idend Ta 0.00 0.:1 0.88 0.81 0.10
Pe* =h/*e 2/t/ '/66-/15=e2(
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