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A STUDY ON WORKING CAPITAL MANAGEMENT
IN
INTEGRAL COACH FACTORY
A SUMMER PROJECT REPORT
Submitted by
J.RAMDASS
1080078
Under the Guidance of
Mr M.MARTIN SELVAKUMAR
Lecturer, Department of management sciences
in partial fulfillment for the award of the degree
of
MASTER OF BUSINESS ADMINISTRATION
FACULTY OF MANAGEMENT STUDIES
ANNA UNIVERSITY OF TECHNOLOGY CHENNAI: CHENNAI 600113
AUGUST 2011
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ANNA UNIVERSITY OF TECHNOLOGY CHENNAI
BONAFIDE CERTIFICATE
Certified that this project titled
is the bonafide work of Mr. /
Ms.. who carried out the research under my supervision.
Certified further that to the best of my knowledge the work reported herein does not form part of any
other project or dissertation on the basis of which a degree or award was conferred on an earlier
occasion of this or any other candidate.
Mr M.MARTIN SELVAKUMAR Dr.S.N.GEETHA
Lecturer Supervisor/Professor
Department of Management Studies Department of Management Studies
Anna University of Technology Chennai, Anna University of Technology
Chennai,
Chennai-600 113. Chennai- 600 113.
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ACKNLOWLEDMENT
I express my Sincere and Profound thanks to Dr. S.N.Geetha M.com., M.phil., PhD.H.O.D Department of management studies, Anna university of Technology, Chennai for
having given all the facilities and resource in bringing this work successfully.
I sincerely acknowledge the contribution of my guide Mr.M. Martien
Selvakumar., M.Phil., for the guidance and invaluable suggestions to completion of the
project work. Without his help and contribution I could not have been completed the project
work.
I express my heartful thanks to the Integral Coach Factory for allowing me to do
the summer project and also i thank MS.Vijayalakshmi for guiding me in successfully
completing my project.
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CONTENTS
Chapter No Title Page No
I INTRODUCTION 5
II COMPANY PROFILE 9
III REVIEW OF LITERATURE 13
IV RESEARCH METHODOLOGY 18
V DATA ANALYSIS &INTERPREATIONS 19
VI FINDINGS &SUGGESTION 54
VII CONCLUSION 5
VIII BIBLIOGRAPHY 57
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INTRODUCTION
Working capital management is an integral part of overall corporate management.
Management is an art of anticipating and preparing for risks and uncertainties and
overcoming obstacles. For the finance manager who is ready to play his role and has a
working knowledge of the tools and techniques he can employ to carry out his tasks, the
working capital sphere throws open a welcome challenge and an opportunity.
Working capital is a simple term is the account of funds which a company must have
to finance its day to day operation. In practice a firm has to employ short term funds as short
term assets. The management of such assets described as working capital management the
problems involved in the management of working capital differ from those in fixed assets.
The purpose of this project is to provide an insight into the problem of working
capital management is discussed in subsequent chapters.
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INDUSTRY PROFILE
The first railway on Indian sub continent ran over a stretch of 21 miles from Bombay
to thane. The idea of a railway to connect Bombay with thane, kalyan and with the thane and
Bhore ghats inclines first occurred to George clark, the chief engineer of Bombay
government, during a visit to Bhandup in 1843.
The formal inauguration ceremony was performed on april 1853 when 14 railway
carriage about 400 guests bori bunder. The first passenger train streamed out of howrah
station destined for Hooghly a distance of 24 miles on 15 th august 1854. Thus the first
section of east Indian railways opened to public traffic inaugurating the beginning of railwaytransport on eastern side of sub continent.
In south,the first line was opened on 1st
july1856 by the madras railway company . it
ran between vyasarpadi and walajah broad(arcot) a distance of 63 miles. In the north, a length
of 119 miles of line was laid from Allahabad to Kanpur on 3rd
march,1959. The first section
from hathras road to Mathura cantonment was opened to traffic on 19th
October,1875.
These were the small beginnings which is in due course developed into a
network of railway lines all over the country by 1880. The Indian railway system had a route
mileage of about 9000 miles. Indian railways, the premier transport organisation of the
country is the largest rail network in asia and the worlds second largest under one
management.
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RAILWAY ZONES
Western railway South east central railway Central railway East central railway
East coast railway
Eastern railway North central railway North eastern railway North western railway North east frontier railway Northern railway South central railway South eastern railway South western railway Southern railway
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PRODUCTION UNITS
Chittarajan loco works Diesel loco Modernisation works diesel locomotive works Integral coach factory Rail wheel factory
CORPORATION UNDER INDIAN RAILWAYS
Central organization for modernisation of workshops centre for railway informationsystem
Container corporation of india ltd Indian railways catering and tourism corporation ltd Indian railways finance corporation Mumbai railway vikas corporation Railtel corporation of india ltd RITES ltd
OTHER ORGANIZATION UNDER INDIAN RAILWAYS
Rail Vikas Nigam Ltd., Central Organization For Railway Electrification Delhi Metro Rail Corporation
Federation Of Railway Officer Association Indian Railway Accounts Service Association
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Indian Railway Accounting Reforms Indian Railway Central Organization For Telecom Indian railway stores services Indian railway welfare organization Indian railway institute of electrical engineering Institute of railway transport National rail museum Railway board Railway recruitment board Railway staff college baroda Research design and standards organization Indian railway institute of mechanical and electrical engineering
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COMPANY PROFILE
INAUGRATION
The Integral Coach Factory at Chennai is the first of its kind to be established after
Independence for the manufacture of light weight, all steel and of welded Integral railway
passenger coaches. The factory was set up in 1955 with Swiss Collaboration.
PRODUCTION
ICFs initial plan was to produce 30 Board Gauge Third Class shells (unfurnished
body of the Railway Coaches) only, which were to be furnished by the Zonal Railways
Workshops. Later, in view of the sever limitation of capacity of the Railway Workshops and
also take advantage of mass production, a separate Furnishing Division was added on 2nd
October, 1962. The capacity was progressively expanded from the initial 350 shells to 750
fully furnished coaches per annum by 1973- 74 with additional inputs. This was enhanced to
thousand coaches during 1986-87. The production belt was modernized at a cost of Rs. 63
Crores with view to augment production to 1000 coaches per annum. During 1990-91,
against a target of 1000 coaches, ICF turned 1013 coaches.
DESIGN FEATURES
By, design, the roof, side wells, end walls and the under frame are joined together by
welding, to form a fully integral coach shell. The end wall construction has been made
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especially strong to make it anti-telescopic safety to passengers. From the basic design
handed down by the collaborators. ICF has diversified having established its expertise and
skills in this field, to design and manufacture more than 127 different types of coaches for
Indian Railways and export market. Every time a new type of coaches is launched, emphasis
is laid on improving passengers comfort, passenger safety and higher speeds. ICF follows
standard inspection procedures to ensure quality from raw material stage to the finished
coach.
PRODUCT RANGE
ICF has been meeting the needs of the Indian Railways for varied types of coaches
however sophisticated the type may be. Some of the important types are:
1. SELF PROFELLED
Electric multiple Units for suburban services in Metropolitan cities; Diesel Rail Cars; Metro Coaches for Calcutta underground Metro Railways; Diesel Electric Multiple Units & Diesel Hydraulic Multiple Units for non-electrified
routes and Mainline Electric Multiple Units for long distance inter-city commuter
ship.
2. SPECIAL COACHES
Air-conditioned & Non-air-conditioned Pantry Cars. High capacity Power Cars for Shatabdi & Rajdhani Express trains. Air-Conditioned Military Ward Cars for Indian Army. Air-conditioned Saloon Cars, Dining Cars of the luxurious Palace-on-wheels train.
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EXPORT
ICFs achievement on the export front has been enviable since its inception. Against stiff
international competition from more advanced countries like Japan, etc., ICF secured several
export orders most of which are repeat orders. So far, 359 bogies and 485 coaches including
air-conditioned coaches have exported to 11 Afro-Asians countries. ICF has bagged a
number of awards for Export Excellence also.
DESIGN & DEVELOPMENT EFFORTS
Complementing the existing design capacities and facilities, a fully computerized
Design & Development Cell has been set up with sophisticated state of the art Computer
designing facilities and testing equipments for coach components and raw materials.
FOR BETTER TRAVEL
ICF has carved a niche of the Indian Railway system by constantly improving the
quality of travel through its passenger coach design which has undergone a sea-change from
the days of bye-gone era of mere transport of passengers. There has been a steady growth
both in the quality and quantity of its production.
As a milestone in this endless travel, ICF has obtained the ISO.9001 certificate for
the quality systems from M/s.TUV, Germany. ICF is also on the anvil of implementing the
total quality systems management in every sphere of its activity.
All this has been made possible through ICFs commitment to progress and
improvement with its decided work force functioning in a contented atmosphere in pleasant
surroundings and working conditions. Several welfare schemes like staff quarters, adequate
clean water supply, improved medical facilities, encouragement in sports activities, etc., are
provided.
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NEED FOR THE STUDY
Working capital analysis is a powerful mechanisms of determining working capitalposition of the firm
Analysing financial statements is a process of evaluating the component part offinancial statement to obtain a better understanding of firms position and
performance
The purpose of working capital analysis is to diagnose the information contained infinancial statement and to judge the working capital soundness of the firm
Working capital management refers to the administration of all aspects of currentassets and current liabilities
The annual report of company constitutes he most important source of data forjudging the working capital position of integral coach factory
OBJECTIVE OF THE STUDY
To evaluate the effectiveness of working capital management in ICF To study the liquidity position through various ratios To evaluate the cost structure of the organization To evaluate the effective utilization of resources To perform the trend analysis
LIMITATIONS OF THE STUDY
The primary data collected is restricted in integral coach factory Time limit was the major constraint for the researcher, hence a wide and deep study
cannot be possible
Only few datas is available for analysis. This causes a major limitation in analyzingvarious ratios
The main limitation of the study is that the datas are mostly secondary in nature as itwas taken from financial statements, annual reports etc.
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REVIEW OF LITERATURE
Meaning of working capital management
Working capital management is the amount of funds that are needed for short term purposefor the purchase of raw materials, payment of wages and other day to day expenses etc. These
funds are known as working capital, working capital refers to a part of the firms capital
which is required financing short form or current assets such as cash, marketable securities,
debtors etc, hence it is also known as revolving or circulating capital or short term capital.
DEFINITION
According to shubin, working capital is the amount of funds necessary to cover the cost ofoperating enterprise
CONCEPTS OF WORKING CAPITAL
There are two concepts of working capital;
1. Gross working capital2. Net working capital
GROSS WORKING CAPITAL
The gross working capital is the capital invested in the total current assets of an enterprise.
NET WORKING CAPITAL
Net working capital is the excess of current assets over current liabilities
NEED FOR WORKING CAPITAL
A firm should aim at maximizing the wealth of shareholder and a firm should earn sufficient
return from its operations. The firm has to invest enough finds in current assets for generating
sales. Current assets are needed because sales do not convert into cash immediately
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MANAGEMENT OF WORKING CAPITAL
Working CAPITAL MANAGEMENT policies of a firm have a great effect on its
profitability, liquidity and structural health of organization
Working capital management is concerned with problem that arise in attempting to manage
the current assets, current liabilities and the inter relationship between them
TYPES OF WORKING CAPITAL
There are two types of working capital are as follows:
1. Permanent or fixed working capital2. Temporary or variable working capital
PERMANENT OR FIXED WORKING CAPITAL
It is the minimum amount which is required to ensure an effective utilisation of fixed
facilities and her maintaining the circulation of current assets. There is always a minimum
level of current assets which is continuously required by the enterprise to carry out its normal
business operations.
TEMPORARY OR VARIABLE WORKING CAPITAL
It is amount of working capital which is required to meet the seasonal demand and some
special contingencies. It keeps on fluctuating from time to time on the basis of business
activities.
COMPONENTS OF WORKING CAPITAL
Current assets
Current assets are those assets which are convertible into cash within a period of one year and
those which are required to meet day to day operations of the business. These includes
i. Cash and bank balanceii. Temporary investment
iii. Short term advancesiv. Prepaid expenses
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v. Receivablevi. Inventory of raw material stores and spares
vii. Inventory of work in progressCurrent liabilities
These are those liabilities which are intend to be paid in ordinary course of business within a
short period of normally one accounting year out of the current assets or the income of the
business
Creditors for supplies and service Liabilities for employee payments include provident fund provision for sales tax,
excise duty etc.
Short term loans and borrowings including bank overdraft Advance received and deferred payment
IMPORTANCE OF ADEQUATE WORKING CAPITAL
i. Solvency of the businessii. Goodwill
iii. Easy loansiv. Cash discountsv. Regular supply of raw material
vi. Regular payment of salaries, wages and other day to day commitmentsvii. Quick and regular return on investment
DETERMINANTS OF WORKING CAPITAL
A large number of factors, each having a different importance influence working capital
needs of firm the important among them are
Nature of business Sales and demand conditions Technology and manufacturing policy Credit policy
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Availability of credit Operating efficiency Price level changes
ISSUES IN WORKING CAPITAL MANAGEMENT
Working capital represents a large portion of total investment in assets Working capital management has a greater significance for all firms but it is very
critical for small firms
The need for working capital is directly related to the firms growth
MAIN COMPONENTS OF WORKING CAPITAL
Cash Inventory Receivables
SOURCES OF WORKING CAPITAL
The working capital requirement should be met both from short term as well as long term
sources of funds.
The financing of working capital through short term sources of funds has the benefit of
lowest cost and establishing close relationship with bank
Financing of working capital from long term resource provides the following benefits;
It reduces the risk since the need to repay loans at frequent intervals is eliminated It increase liquidity since the firm has not worry about the payment of these funds in
near future
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The following are the general principles of a sound working capital management
Principle of risk variation Principle of cost of capital Principle of equity position Principle of maturity of payment
It is concerned with the relation between the level of working capital and others
The type of working capital directly affects the amount of risk that a firm assumes as well as
the opportunity for gain or loss and cost of capital
The greater disparity between maturities of firm short term debt instrument and its flow of
internally generated funds the greater the risk and vice versa
STEPS INVOLVED IN EFFICIENT MANAGEMENT OF WORKING
CAPITAL
Proper financial set up with appropriate authority and responsibility Co-ordination between the following functional areas
Production planning and control Sales credit control Material management Optimum utilization of fixed plant and machinery together with
other facilities
Acquiring plant and machinery Cost reduction programme
Financial planning and control for achieving increased profitability to have adequateinternal source of finance
Proper cash management through projection of cash flow sources and application offunds
Estimating appropriating information and reporting system
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RESEARCH METHODOLOGY
DEFINITION
According to Ridman and Mory , it is defined as a systematic effort to gain knowledge. It
has been defined as a careful investigation or inquiry especially through search for new facts
in any branch of knowledge
AIM OF THE STUDY
The aim of the study is to examine the factors affecting the working capital requirements in
integral coach factory and to compare the last working capital requirement with the current
year working capital requirement
RESEARCH DESIGN
Based on the nature of the study, the researcher has selected the exploratory and analytical
research design. The historical research design study was also made as most of past figures
are used for research
PERIOD OF STUDY
The study was carried out for a period of one month (july 2011)
SOURCES OF DATA
There are two types of sources data. They are:
Primary data Secondary data
The primary data are those which are collected afresh and for first time and thus it happen to
be original in character
The information which is collected from any published sources is called secondary data. In
this study secondary data are collected from annual reports of ICF also the data was collected
through journals, magazines etc..
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TOOLS FOR DATA ANALYSIS
Ratio Analysis Changes in working capital Trend Analysis Correlation Analysis Comparative balance sheet
RATIO ANALYSIS
The Ratio Analysis is one of the most powerful tools of financial analysis. It is the
process of establishing and interpreting various ratios. The financial statements can be
analysed more clearly and decisions are made from such Analysis. Ratios help to summaries
large quantities offinancial data and to make qualitature Judgement about the firm financial
performance the main ratios used for the analysis are
Liquidity Ratios
Activity RatiosLiquidity Ratios
These Ratio are also termed as working capital ratio or short term solvency ratio. An
enterprise must have adequate working capital to run its days to days operation, inadequacy
of working capital my bring the entire business operation to a grinding halt because of
inability of enterprise to pay for wages materials and other regular expenses. The most
common liquity ratios are
Current Ratio
Quick Ratio
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Current Ratio
The current ratio is a measure of the firms short term solvency current assets
including cash and those assets which can be converted in to cash with in a year. All expense
are maturing within a year are included in current liabilities. The current ratio is calculated as
follows
Current Ratio = Current Assets/ Current Liabilities
Quick Ratio
This Ratio is also termed as acid test ratio or liquidity ratio. This ratio is ascertained
as a relationship between quick or liquid assets and current liabilities. An assets is liquid if it
can be converted into cash immediately or reasonably soon without a loss of value. Quick
assets are debtors and bills receivable inventories are considered to be less liquid. The Quick
Ratio is found out as follows
Quick Ratio = Current Assets-Inventories/Current Liabilities
ACTIVITY RATIOS:
Activity Ratios are employed to evaluate the efficiency with which the firm manages
and utilize its Asset. These Ratios are also called Turnover Ratios because they indicate the
speed with which assets are being converted or turned in to sales several activity ratios can becalculated to judge the effectiveness of asset utilization, there are several activity ratios. They
are as follows
Inventory Turnover Ratio
Debtors Turnover Ratio
Creditors Turnover Ratio
Working Capital Turnover Ratio
Fixed Assets Turnover Ratio
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Capital Turnover Ratio
INVENTORY TURNOVER RATIO:
Inventory Turnover Ratio indicates the efficiency of the firm in producing and selling
its products. It is calculated by dividing the cost of Goods Sold by the Average Inventory.
Cost of Goods Sold
Inventory Turnover Ratio= -----------------------------
Average Inventory
Average Inventory is the opening and closing balance of Inventory
DEBTORS TURNOVER RATIO
Debtors constitute an important constituents of current assets and therefore a quality
of debtors to a great extent determines a firms liquidity.
Credit sales
Debtors turnover Ratio= -----------------------
Average debtors
CREDITORS TURNOVER RATIO
Creditors Turnover Ratio indicates the speed with which the payments for credit
purchase are made to the creditors. The ratio can be computed as follows:
Credit Purchase
Creditors turnover ratio= ------------------------
Average creditors
WORKING CAPITAL TURNOVER RATIO
Working capital ratio measures the effective utilization of working capital.
The ratio establishes relationship between cost of sales and working capital.
Working capital turnover ratio is calculated with help of following formula.
Sales
Working capital Turnover Ratio =---------------------------
Net Working Capital
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FIXIED ASSETS TURNOVER RATIO
This ratio determines efficiency of utilization of Fixed Assets and profitability of a
business concern higher the ratio more is the efficiency in utilization of fixed assets. A lower
ratio is the under utilization of fixed assets.
Sales
Fixed assets turnover ratio= -------------------------------
Net fixed assets
CAPITAL TURNOVER RATIO
Managerial efficiency is also calculated by establishing the relationship between cost
of sales with the amount of capital invested in the Business capital turn over ratio is
calculated with help of the following formula
sales
Capital turnover ratio= ----------------------------
Capital employed
CHANGES IN WORKING CAPITAL
Probable associate with excess and inadequate working capital. Both the excessive
and inadequate working capital positions are dangerous from firms point of view. Excessworking capital results in ideal funds which do not earn any return for the firm and shortage
of working capital affects the firms profitability.
COMPARATIVE BALANCE SHEET
Comparative balance sheet as on two or more different dates can be used for
comparing assets and liabilities and finding out any increase or decrease in these items.
TREND ANALYSIS
Comparing the past data over a period of time with a base years called Trend Analysis underthis techniques information for a number of year is taken up and one year usually the first
year is taken as a base year and on that basis the percentage is to show the direction of the
change in upward or downward. The trend percentages are generally computed for major
items in the statement.
CORRELATION ANALYSIS
The statistical tool with help of which these relationship between two or more than
one variable are studied is called correlation the correlation refers to the techniques used for
measuring the various variable.
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The value of coefficient shall always lie between
It means there is a positive correlation between variable
It means there is a perfect negative correlation between variable.
It means there is no relationship between the two variable.
RATIO ANALYSIS
Table 1.1
Table showing current ratio for five consecutive years
YEARS CURRENT
ASSETS
CURRENT
LIABILITIES
RATIO
2005-2006 1665705026 1196306538 1.39
2006-2007 1976529595 1450533740 1.36
2007-2008 2806068953 1591220981 1.76
2008-2009 3870055543 2063097393 1.87
2009-2010 5053680042 2647040395 1.90
Current ratio= current assets/current liabilities
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INTERPRETATION
The current ratio has been fluctuating during the past five years. The ratio has decreased from1.39 to 1.90. The current ratio is above 1 for all the years. This indicates that short term
solvency of the organisation is satisfactory.
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
1 2 3 4 5 6 7 8 9 10
YEARS
CURRENT RATIO
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Table 1.2
Table showing the quick ratio for the five consecutive years
YEARS CURRENT
ASSETS
INVENTORY QUICK
ASSETS
CURRENT
LIABILITIES
RATIO
2005-
06
1665705026 740925711 924779325 1196306538 0.77
2006-
07
1976529595 890343607 1086185987 1450533740 0.75
2007-
08
2806068953 1655726690 1150342263 1591220981 0.72
2008-
09
3870055543 2351627647 1518427896 2063097393 0.73
2009-
10
5053680042 3137616020 1916064022 2647040395 0.72
Quick ratio= (current assets-inventories)/current liabilities
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INTERPRETATION
According to the above table in the year 2005-08 there is a decrease in quick ratio but there is
an slight increase in the year of 2008-09. The quick ratio for all the years are above 0.3
indicating that liquidity position of the organisation is satisfactory.
0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9
1
2
3
4
5
6
7
8
9
10
QUICK RATIO
YEARS
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Table 1.3
Table showing the inventory turnover ratio for the five year
YEARS SALES AVERAGE
INVENTORY
INVENTORY
TURNOVER
RATIO
DAY OF
INVENTORY
HOLDING
2005-06 6678179606 598523284.5 11.16 32
2006-07 7755278040 815634659 9.51 38
2007-08 9084052393 1273035148 7.14 50
2008-09 1177000000.03 2003677169 5.87 62
2009-10 15810000000.2 2744621384 5.76 63
Inventory turnover ratio= sales/average inventory
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INTERPRETATION
The inventory turnover ratio is to reflect the efficiency of inventory management. The
inventory holding period can be upto 30 days. In case of ICF the inventory holding period for
2010 is 63 days indicating that is not within then acceptable limit. The inventory turnover
ratio is declining over the years. This is mainly due to increase in holding inventories for
export of goods every year.
0
2
4
6
8
10
12
1 2 3 4 5 6 7 8 9 10
YEARS
INVENTORY TURNOVER RATIO
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DEBTORS TURNOVER RATIO
YEARS CREDIT SALES AVERAGE
DEBTORS
DEBTORS
TURNOVER
RATIO
AVERAGE
COLLECTION
PERIOD
2005-06 6678179606 1047758859 6.37 57
2006-07 7755278040 1004649112.5 7.72 47
2007-08 9084052393 1109084913 8.19 44
2008-09 1177000000.03 814723026 14.4 35
2009-10 15810000000.2 1715241184 9.2 39
Debtors turnover ratio= credit sales/average debtors
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INTERPRETATION
The debtors turnover ratio reveals the quickness with which the debtors clears the debt owing
to the firm in ICF the average collection period of 30 days is normal. But in ICF all the years
have more than 30 days except 2008-09 indicating that the organisation is not able to collect
its debt in time.
0
2
4
6
8
10
12
14
16
1 2 3 4 5 6 7 8 9 10
DEBTORS TURNOVER
RATIO
YEARS
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CREDITORS TURNOVER RATIO
YEARS CREDIT
PURCHASE
AVERAGE
CREDITORS
CREDITORS
TURNOVER
RATIO
AVERAGE
PAYMENT
PERIOD
2005-06 4457640296 1179707039 3.77 97
2006-07 5773937015.57 652203083.5 8.85 41
2007-08 7040181897.14 705288281.5 9.98 36
2008-09 8750000000.45 746347388 11.72 31
2009-10 11910000000.8 835121599 14.26 26
Creditors turnover ratio= credit purchase/average creditors
INTERPRETATION
The creditors turnover ratio indicates the speed with which payment for credit purchase are
made to creditors for an assembly organisation
0
2
4
6
8
10
12
14
16
1 2 3 4 5 6 7 8 9 10
YEARS
CREDITORS TURNOVER
RATIO
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WORKING CAPITAL TURNOVER RATIOThe below table indicates that the working capital turnover ratio of ICF over the year is
reducing. This is due to high volume of sales and
Relatively small amount of working capital which indicates effective utilization of working
capital of the company
Table showing working capital turnover ratio for five years
YEARS SALES WORKING
CAPITAL
WORKING
CAPITAL
TURNOVER
RATIO
2004-05 6678179606 469398498 14.23
2005-06 7755278040 525995854 14.74
2006-07 9084052393 1214847972 7.48
2007-08 1177000000.03 1806958150 6.51
2008-09 15810000000.16 24066399647 0.6
WORKINGCAPITALTURNOVERRATIO=SALES/WORKINGCAPITAL
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INTERPRETATION
The above table indicates that the working capital turnover ratio of ICF over the year
is reducing. The is due to high volume of sales and relatively small amount of working
capital which indicates effective utilisation of working capital of the company.
0
2
4
6
8
10
12
14
16
2005-06 2006-07 2007-08 2008-09 2009-10
WORKING CAPITAL TURNOVER RATIO
WORKING CAPITAL TURNOVER
RATIO
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FIXED ASSETS TURNOVER RATIO
YEARS SALES FIXED ASSETS FIXED ASSETS
TURNOVER
RATIO2005-06 6678179606 2081337873 3.2
2006-07 7755278040 2569823785 3.0
2007-08 9084052393 3455052598 2.6
2008-09 1177000000.03 4267731379 2.7
2009-10 15810000000.2 5430349629 2.9
Fixed assets turnover ratio= sales/net fixed assets
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CAPITAL TURNOVER RATIO
YEARS SALES CAPITAL
EMPLOYED
CAPITAL
TURNOVER RATIO
2005-06 6678179606 1809810660 3.68
2006-07 7755278040 2205476032 3.52
2007-08 9084052393 3014173880 3.01
2008-09 1177000000.03 3870094963 3.04
2009-10 15810000000.2 5018996566 3.15
Capital turnover ratio= sales/capital employed
INTERPRETATION
The above table indicates that the capital turnover ratio of ICF is declining over the year in
the year 2005-06 the capital turnover ratio is high which indicates the efficiency in usage of
capital is high.
0
0.5
1
1.5
2
2.5
3
3.5
4
1 2 3 4 5 6 7 8 9 10
CAPITAL TURNOVER
RATIO
YEARS
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SOLVENCY RATIO
YEARS TOTAL ASSETS TOTAL DEBTS SOLVENCY
RATIO
2005-06 3006117198 6309455853 2.10
2006-07 3656009772 7390342084 2.02
2007-08 4605394861 8679508662 1.88
2008-09 8137786922 10251128420 1.25
2009-10 10484029671 12098708088 1.15
Solvency ratio= total debts/total assets
INTERPRETATION
The above table indicates that the solvency ratio of ICF over the years is moving downwards
it indicates that the greater risk and lower safety to the organisation.
0
0.5
1
1.5
2
2.5
1 2 3 4 5 6 7 8 9 10
YEARS
SOLVENCY RATIO
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MATERIAL COST OF TOTAL TRANSFER COST
YEARS STORES TRANSFER
COST
STORES TOTAL
TRANSFER
COST2005-06 4457640296 6678179606 66.74
2006-07 5773937015.5 7755278040 74.45
2007-08 7040181897 9084052393 77.50
2008-09 8787234117 10526617973 83.50
2009-10 1156274992 12111974443 95.65
Stores
Material Cost to Total Transfer cost = -----------------------x100
Transfer Cost
0
10
20
30
40
50
60
70
80
90
100
1 2 3 4 5 6 7 8 9 10
YEARS
STORES TOTAL TRANSFER
COST
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INTERPRETATION
In this above table the proportion of materials cost to total transfer cost is increasing
over the years of 2005-2010.
LABOUR COST TO TOTAL TRANSFER COST
YEARS LABOUR COST TRANSFER
COST
LABOUR COST
TO TOTAL
TRANSFERCOST
2005-06 1909762002 6678179606 28.59
2006-07 2011682396 7755278040 25.93
2007-08 2159293177.5 9084052393 23.77
2008-09 2295839606 10526617973 21.81
2009-10 3499014466 12111974443 28.88
Labour cost to total transfer cost= labour cost/transfer cost *100
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INTERPRETATION
The labour cost of the organisation for the year 2010 is 28.88% of total transfer cost for ICF
which is labour intensive, the labour cost of 28.88% is acceptable. The proportion of labour
cost to total transfer cost is fluctuating over the year indicating that the organisation is able to
the labour even in a inflationary situation.
0
5
10
15
20
25
30
35
1 2 3 4 5 6 7 8 9 10
YEARS
LABOUR COST TO TOTAL
TRANSFER COST
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SCHEDULE OF CHANGES IN WORKING CAPITAL FOR THE YEAR
2006-2010
PARTICULARS 2005 2006 CHANGES IN WORKING
CAPITAL
INCREASE DECREASE
CURRENT
ASSETS
Debtors 1171620957 923896761 247724196
Inventory 456120858 740925711 284804853
Cash in hand 20804713 882564 19922149
Total (A) 164854528 1665705036CURRENT
LIABILITIES
Sundry
creditors
559152426 650554613 61402187
Expenses
outstanding
825752943 575751925 250001018
Total (B) 1384905369 1196306538
WORKING
CAPITAL(A-B)
263641159 469398498
Increase in
working
capital
205757339 205757339
GRAND
TOTAL
469398498 469398498 534805871 534805871
INTERPRETATION
In the year 2006, it has been noticed that there is an incease in inventory and also due to
decrease in expenses outstanding. Thus it shows an increase in working capital of
Rs.205757339
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PARTICULARS 2006 2007 CHANGES IN WORKING
CAPITAL
INCREASE DECREASE
CURRENT
ASSETSDebtors 923896761 1085401464 161504703
Inventory 740925711 890343607 149417896
Cash in hand 882564 784523 98041
Total (A) 1665705036 1976529594
CURRENT
LIABILITIES
Sundry
creditors
620554613 683851554 63296941
Expenses
outstanding
575751925 766682186 190930261
Total (B) 1196306538 1450533740
WORKING
CAPITAL(A-B)
469398498 525995854
Increase in
working
capital
56597356 56597356
GRANDTOTAL
525995854 525995854 310922599 310922599
INTERPRETATION
The above schedule clearly states that there is an increase in Debtors and inventory.
This is the reason which made an increase in working capital of Rs.56597356.
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Schedule of changes in working capital for the years 2009
PARTICULARS 2008 2009 CHANGES IN WORKING
CAPITAL
INCREASE DECREASECURRENT
ASSETS
Debtors 1132768362 1576169190 383400828
Inventory 1655726690 2351627647 695900957
Cash in hand 17573901 2258706 15315195
Total (A) 2806068953 3870055543
CURRENT
LIABILITIES
Sundry
creditors
726725009 765969767 39244758
Expenses
outstanding
864495972 1297127626 432631654
Total (B) 1591220981 2063097363
WORKING
CAPITAL(A-B)
1214847972 1806958150
Increase in
workingcapital
592110178 592110178
GRAND
TOTAL
1806958150 1806958150 1079301785 1079301785
INTERPRETATION
In this year inventories increased and current liabilities also increased this causes a
main reason for increase in working capital of Rs.592110178.
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Schedule of changes in working capital for the years 2009
PARTICULARS 2009 2010 CHANGES IN WORKING
CAPITAL
INCREASE DECREASECURRENT
ASSETS
Debtors 1576169190 1914313178 398143988
Inventory 2351627647 3137616020 785988373
Cash in hand 2258706 1750844 507862
Total (A) 3870055543 5053680042
CURRENT
LIABILITIES
Sundry
creditors
765969767 904273431 138303664
Expenses
outstanding
1297127626 1742766964 445639338
Total (B) 2063097363 2647040395
WORKING
CAPITAL(A-B)
1806958150 2406639647
Increase in
workingcapital
599681497 599681497
GRAND
TOTAL
2406639647 2406639647 1184132361 1184132361
INTERPRETATION
In this year there is a increase in debtors and cash in hand where there is a increase in
current liabilities. This causes a main reason for increase in working capital of Rs.599681497.
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COMPARATIVE BALANCE SHEET
PARTICULARS 2005 2006 AMOUNT %
CURRENT
ASSETSDebtors 1171620957 923896761 -247724196 -21.14
Inventory 456120858 740925711 284804853 62044
Cash in hand 20804713 882564 -19922149 -95.75
TOTAL 1648546528 1665705036 17158508 1.04
Fixed assets 1675794651 2081337873 405543222 24.2
Investment 3246889773 3651483491 404593718 12.46
TOTAL 4922684424 5732831364 810136940 16.45
Total assets 6571230952 7398526400 827295448 12.58
CURRENT
LIABILITIES
Creditors 559152426 650554613 61402187 10.98
Expenses
outstanding
825752943 575751925 -250001018 -30.27
TOTAL 1384905369 1196306538 -188598831 -13.6
Capital 1483314952 1809810660 326495708 22.01
Reserves and
surplus
3703010631 4392409202 689398571 18.6
TOTAL 5186325583 6202219862 1015894279 19.5
Total
liabilities
6571230952 7398526400 827295448 12.5
INTERPRETATION
In the above balance sheet of 2005 and 2006. It indicate that there is a decrease in
Debtors and cash in hand and increase in assets where there is decrease in current liabilities
and in 2006 the company have planned to minimise the expenses by full utilisation of current
assets.
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PARTICULARS 2006 2007 AMOUNT %
CURRENT
ASSETSDebtors 923896761 1085401464 161504703 17.48
Inventory 740925711 890343607 149417896 20.16
Cash in hand 882564 784523 -98041 -11.10
TOTAL 1665705036 1976529594 310824558 18.66
Fixed assets 2081337873 2569823785 488485912 23.46
Investment 3651483491 4053051599 401568099 10.99
TOTAL 5732831364 662875375 4176394011 170.7
Total assets 7398526400 8599404969 1200878569 16.23
CURRENT
LIABILITIES
Creditors 650554613 683851554 63296941 10.20
Expenses
outstanding
575751925 766682186 190930261 33.16
TOTAL 1196306538 1450533740 254227202 21.25
Capital 1809810660 2205476032 395665372 21.86
Reserves and
surplus
4392409202 4943395197 550985995 12.54
TOTAL 6202219862 7148871229 946651367 15.26
Total
liabilities
7398526400 8599404969 1200878569 16.23
INTERPRETATION
In the above table, when compared to 2005 and 2007. It indicate that there is an
increase in debtors and inventory but there is a decrease in cash in hand and there is anincrease in assets and liabilities.
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PARTICULARS 2007 2008 AMOUNT %
CURRENT
ASSETS
Debtors 1085401464 1132768362 47366898 4.36
Inventory 890343607 1655726690 765383083 85.96Cash in hand 784523 175753901 174969378 23.02
TOTAL 1976529594 2806068953 829539359 41.96
Fixed assets 2569823785 3455052598 -22243185 -86.5
Investment 4053051599 4342386191 2893334601 7.13
TOTAL 662875375 7797438789 1174563414 17.3
Total assets 8599404969 10603507742 2004102771 23.3
CURRENT
LIABILITIESCreditors 683851554 726725009 42873455 6.26
Expenses
outstanding
766682186 864495972 97813786 12.75
TOTAL 1450533740 1591220981 140687241 9.69
Capital 2205476032 3014173880 808697848 36.6
Reserves and
surplus
4943395197 5998112879 1054717682 21.3
TOTAL 7148871229 9012286759 1863415530 26.0
Totalliabilities
8599404969 10603507742 2004102771 23.3
INTERPRETATION
In the above table, it is said that in 2007 and 2008 it indicate that there is an increase
in current assets and increase in current liabilities.
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PARTICULARS 2008 2009 AMOUNT %
CURRENT
ASSETS
Debtors 1132768362 1516169190 383400828 33.84
Inventory 1655726690 2351627647 695900957 42.02Cash in hand 175753901 2258706 -15315195 -87.14
TOTAL 2806068953 3870055545 1063986590 37.9
Fixed assets 3455052598 4267731379 812678781 23.5
Investment 4342386191 4684010709 341624518 7.8
TOTAL 7797438789 8951742088 1154303299 14.8
Total assets 10603507742 12821797631 2218289890 20.9
CURRENT
LIABILITIESCreditors 726725009 765969767 39244758 5.4
Expenses
outstanding
864495972 1297127626 432631654 50.04
TOTAL 1591220981 2063097393 471876412 29.6
Capital 3014173880 3870094963 855921083 28.3
Reserves and
surplus
5998112879 6888605274 6288793987 48.4
TOTAL 9012286759 10758700237 1746413476 19.37
Totalliabilities
10603507742 12821797631 2218289890 20.9
INTERPRETATION
In the above table, it is compared to 2008 and 2009. It indicate that there is an
increase in current assets and increase in current liability it due to current assets and current
liability is fully utilised.
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PARTICULARS 2009 2010 AMOUNT %
CURRENT
ASSETSDebtors 1516169190 1914313178 398143988 26.25
Inventory 2351627647 3137616020 785988373 33.43
Cash in hand 2258706 1750844 -507862 -22.48
TOTAL 3870055545 5053680042 1183624499 30.58
Fixed assets 4267731379 5430349629 1162618250 27.2
Investment 4684010709 4923840651 239829942 5.12
TOTAL 8951742088 10354190280 1402448192 15.6
Total assets 12821797631 1540787032 -112810106 -87.98
CURRENT
LIABILITIES
Creditors 765969767 904273431 138303664 18.05
Expenses
outstanding
1297127626 1742766964 445639338 34.35
TOTAL 2063097393 2647040395 583943002 28.3
Capital 3870094963 5018996566 1148901603 29.68
Reserves and
surplus
6888605274 -3912743203 -1080134848 -15.6
TOTAL 10758700237 -1106253364 -1186495419 -110.28
Total
liabilities
12821797631 1540787032 -112810106 -87.98
INTERPRETATION
When compared to 2009 and 2010 it indicate that all current assets and fixed assets
have increased but cash in hand have slightly decreased. There is an increase in currentliability and there is a decrease in reserves. So the present company position is satisfactory in
maintenance of assets and liability.
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TREND PERCENTAGE FOR THE YEAR 2006-2010
Amount (Rs. In lakhs) Trend % base year 2006
PARTICULARS 2006 07 08 09 10 2006 07 08 09 10
Current assetsSundry
debtors
9238 10854 11327 15161 19143 100 117 122 164 207
Inventory 7409 8903 1655 2351 3137 100 120 22.3 31.73 42.3
Cash in hand 8825 7845 1757 2258 1750 100 89 20 26 20
TOTAL 25472 27602 14739 19770 24030 100 108 58 78 94
Current
liabilities
Sundry
creditors
6205 6838 7267 7659 9042 100 110 117 123 146
Expense o/s 5757 7666 8644 1297 1742 100 133 15+0 23 31
TOTAL 11962 14505 15911 8956 10784 100 121 133 75 90
INTERPRETATION
For all the years under analysis the liquidity position is highly satisfactory. The growing trend
in working capital is satisfactory. During the year 2010 cash in hand has been decreased to
20% and inventory has been increased to 42%. The above table also indicate that there is an
increase in sundry creditors and expense outstanding in the year 2010.
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TREND ANALYSIS OF WORKING CAPITAL FOR THE YEAR 2011-
2015
YEAR WORKING
CAPITAL(y)
DEVIATIONS
FROMMIDDLE(x)
X2
Xy
2006 469398498 -2 4 -938796996
2007 525995854 -1 1 -525995854
2008 1214847972 0 0 0
2009 1806958150 1 1 1806958150
2010 24066399647 2 4 4813267992
TOTAL 2808360011 0 10 5155433292
a = y/n =2808360011/5 =561672002
b = xy/x^2 =5155433292/10 = 515543329
yc = a+bx
2006:
561672002+515543329(-2) = -469414656
2007:
561672002+515543329(-1) = 510117673
2008:
561672002+515543329(0) = 561672002
2009:
561672002+515543329(1) = 613226331
2010:
561672002+515543329(2) = 664780660
2011:
561672002+515543329(3) = 716334989
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2012:
561672002+515543329(4) = 767889318
2013:
561672002+515543329(5) = 819443647
2014:
561672002+515543329(6) = 870997976
2015:
561672002+515543329(7) = 922552305
INTERPRETATION
The trend analysis of working capital for the next 5 years from 2011-2015 would be
Rs.716334989, Rs. 767889318,Rs. 819443647,Rs. 870997976, and Rs. 922552305
716334989767889318
819443647870997976
922552305
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
1E+09
1 2 3 4 5
YEAR
TREND VALUE
Linear (TREND VALUE)
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CORRELATION BETWEEN NET PROFIT AND FIXED ASSETS
YEAR NET
PROFIT(x)
FIXED
ASSETS(y) X2
Y2
Xy
2005-06
542490595 2081337873 2.942960457 4.331967342 1.129106221
2006-
07
1051460673 256982378 1.105569547 6.603994286 2.702068646
2007-
08
1247558174 3455052598 1.556401398 1.193738845 4.31037911
2008-
09
1522388928 4267731379 2.317668048 1.821353112 6.497146999
2009-
10
1800084320 5430349629 3.240303559 2.948869709 9.775087219
TOTAL 6163982690 1780427526 11.162990301 16.89992329 24.4137882
x / n = 6163982690/5 = 1232796538
= y / n = 1780429526/5 = 356085905.2
x = (1/n) x2-2
1/5*(11.16290301)-(123796538)2
(11.16290301/5)-1.519787
2.2325-1.519787
0.7127
=0.84
y = (1/n) y2-2
1/5*(16.89992329)-(356085905)2
= (16.89992329/5)-1.26797
= 1.45
r = (1/n) -.
xy
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= (24.4137/5)-(1232796538)(356085905)
(0.84)(1.45)
=4.88274-4.3898
1.218
=0.40
INTERPRETATION
From the above calculation it clearly states that there is a positive correlation between net
profit and fixed assets in ICF.
TABLE SHOWING CORRELATION BETWEEN NET SALES & WORKING CAPITAL
YEAR NET SALES(x) WORKING
CAPITAL(y) X2
Y2
Xy
2005-
06
6678179606 469398488 445980825 220334949 3134727476
2006-
07
7755278040 525995854 601443748 2766716384 4079244096
2007-08 9084052393 1214847972 825200078 1475855595 1103574263
2008-
09
11770000000 1806958150 1385329 3265097756 2126789743
2009-
10
15810000000 24066399647 2499561 5791915916 3804897783
TOTAL 5.109751004 2.808360011 1.87301277 1.55029351 1.424923336
x / n = 5.109751004/5 = 1.0219
= y / n = 2.808360011/5 = 0.5616
x = (1/n) x2-2
= -0.817
y = (1/n) y2-2
= -2.30
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FINDINGS
The current assets shows an increasing trend from 2006-2010. The working capital turnover ratio was high in 2006-2010 which indicates the
working capital activity is more than other years.
The organisation quick ratio is decreasing over the year from 2009-2010which indicates a liquidity position is satisfactory.
The inventory turnover ratio was high in 2005 -2006 and 20062007, this indicatesa good management of inventory in the organisation.
The fixed assets turnover ratio in the year 2005-2006 is high which indicates moreefficiency in utilisation of fixed assets.
Average collection period for the organisation is high which indicate a lower turnoverof debtors and inefficient collection procedures.
Average payment period is high which indicates that the organisation is not able topay its payment in time.
The percentage of labour cost to transfer cost is decreased to 21.18 in the year 2008-2009 and there is an increase in the year of 2009-2010. The organisation is able to
control the labour cost.
The direct cost to total transfer cost is decreased to 1.536 in the year 2009-2010. There is a significant reduction of overhead cost is 7.5112. The companys investment in working capital was increasing every year from 2006-
2010.
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SUGGESTIONS
The organisation is to take adequate steps in maintaining its working capital as well asliquidity position.
Working capital requirement of the organisation increases mainly due to increase indebtor and inventory.\
The organisation purchases the materials according to the need as and when arises.This may lead to urgent purchases sometimes it leading to extra payment therefore it
is better to follow JIT method for purchase of material.
The Material cost of the organisation is also increasing over the year. Theorganisation should take steps to control the Material cost.
The organisation can speed up collection process. The organisation should try tominimise collection period for better utilisation of funds.
The inventory holding period not within the acceptable limit hence the organisationshould try to minimise the inventory holding period for efficient Management of
inventory.
The Average payment period for all the years is more than 30 days indicating thatorganisation is not able to pay its payment in time.Hence the organisation should take
steps to make payment in time.
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CONCLUSION
The project was undertaken in ICF, Chennai is to study the detailed analysis on the
working capital management of the organisation. The study at ICF provided me an insight in
to workings of Coach Factory and to how a firm manages its working capital.
The Goal of working capital management is to manage the firms current assets and
current and current liabilities. In such a way that satisfactory level of working capital is
maintained on the review of the performance of company ratio and other financial statements
for the past five years reveals that the company maintained the good solvency positions.
Hence it is concluded that ICF is found to be efficiently managing working capital
and this study reveals the working capital has been increased through the years it is hoped
that the interpretations, findings would support the organization in an efficient way.
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BIBLIOGRAPHY
Books Referred
Financial Management 1 IM pandey Financial Management and Policy - V.K. Bhall Principles of Management AccountingDr.S.N.Maheswari Management AccountT.S. Reddy and Y. Hari Prasad Reddy
Websites
www.icf.gov.in
www.indianrailways.org
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