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Dr. Vineet Singh, International Journal of Research in Engineering, IT And Dr. Vineet Singh, International Journal of Research in Engineering, IT and Social Sciences, ISSN 2250-0588, Impact Factor: 6.452, Volume 08 Issue 05, May 2018, Page 1-7 Cash Ratio Analysis of Indian Steel Industries: A Case Study of TATA Steel Ltd. and JSW Steel Ltd. Dr. Vineet Singh1 and Nand Kishor Bhardwaj2 1(Assistant Professor, Department of Commerce, Guru Ghasidas Vishwavidyalaya, Bilaspur, C.G., India) 2 (Research Scholar, Department of Commerce, Guru Ghasidas Vishwavidyalaya, Bilaspur, C.G., India) Abstract: Cash ratio is an important tool which measures ability of an enterprise to pay off its current liabilities immediately. It is calculated by dividing total cash and bank balance with total current liabilities of a firm. An ideal cash ratio is considered to be 1:1. A cash ratio of more than 1:1 indicates the fact that a portion of company’s cash and bank balance is laying ideal which earns no return. This paper is an attempt to analyse cash ratio of Tata Steel Ltd. and JSW Steel Ltd. from 2007-08 to 2016-17. Keywords: Tata Steel Ltd., JSW Steel Ltd., Cash Ratio. I. INTRODUCTION Cash is the money which the firm can expend straightway without any constraint. The term cash includes coins, currency and cheques held by the firm, and balances in bank accounts. Sometimes, near cash items, such as marketable securities or bank time- deposits, are also include in cash. The basic characteristics of near cash assets are that they can readily be converted in to cash. Generally, when a firm has excess cash, it invests it in marketable securities. This kind of investment contributes some profit to the firm. Cash management is an organizational process of collecting and managing cash to ensuring financial stability and solvency. The objectives of cash management are straightforward – maximise liquidity and control cash flows and maximise the value of funds while minimising the cost of funds. The strategies for meeting such objectives include varying degrees of long-term planning requirements. Cash management assistance to reduce the length of account receivables, increase collection rates, select appropriate short-term investment vehicles and increase cash-in-hand to improve cash position and profitability.1 The steel industry of India became operational in real sense with the establishment of Tata Iron and Steel Company (TISCO) on 26th August in the year 1907 which changed its name to Tata Steel in the year 2005. Tata steel is the Asia’s first integrated steel company and after the completion of its successful 100 years operations it is the world`s second most geographically diversified steel producer and a Fortune 500 Company. With the experience of more than 100 glorious years in steel making, the company is the world’s 6thlargest steel company with an existing annual crude steel production capacity of 30 Million Tonnes Per Annum (MTPA).2 Today Tata Steel is the world’s second most diversified steel producer with operations in 26 countries and commercial presence in over 50 countries. They are the 11thlargest steel player globally; producing 25.9 Million ton finished steel and employing 77,000 people. JSW Steel Ltd. is one of the India's leading integrated steel manufacturers with a capacity of 18 MTPA owned by the JSW Group based in Mumbai, Maharashtra. It is one of the fastest growing companies in India with a footprint in over 140 countries. JSW Steel Ltd. is the first Indian company which produce one crore tonne of steel per annum and having corex technology. The JSW Group’s foray into steel manufacturing began in 1982, Founded by Sajjan Jindal when it set up the Jindal Iron and Steel Company with its first steel plant at Vasind near Mumbai. The journey that started in 1982 with the commissioning of a 20 high cold rolling mill has turned into a full-fledged complex with cold rolling, hot rolling, galvanizing and colour coating facilities. Galvanized steel producing at Vasind plant is a market leader in both domestic and international markets. The unit exports mainly to the USA, Europe and Middle East Asia and South African Continent. JSW Steel is a pioneer in the use of innovative technology that keeps them ahead of the competition. Not only do they offer the widest product portfolio in India and also further leverage its capability to customise offerings to match customer expectations. Objectives of the Study In order to analyse cash ratio of Tata Steel Ltd. and JSW Steel Ltd. the following objectives have been framed: To calculate and compare cash and bank balances of Tata Steel Ltd. and JSW Steel Ltd. from 2007-08 to 2016-17. To calculate and compare current liabilities of Tata Steel Ltd. and JSW Steel Ltd. from 2007-08 to 2016-17. http://indusedu.org Page 1 This work is licensed under a Creative Commons Attribution 4.0 International License Dr. Vineet Singh, International Journal of Research in Engineering, IT and Social Sciences, ISSN 2250-0588, Impact Factor: 6.452, Volume 08 Issue 05, May 2018, Page 1-7 To calculate and compare cash ratio of both the companies. Hypothesis of the Study In addition to above mentioned objectives, the following hypothesis has also been integrated in the study: H0: There is no significant difference between Cash ratios of Tata Steel Ltd. and JSW Steel Ltd. Ha: There is a significant difference between Tata Steel Ltd. and JSW Steel Ltd. II. RESEARCH METHODOLOGY The current study focuses on ten years time period i.e. from 2007-08 to 2016-17 and is mainly based on secondary data. The relevant information in this regard has been collected from articles, annual reports, journals etc. Various statistical tools such as average, t-test etc. have also been applied, in order to give a meaningful conclusion to the study. III. ANALYSIS AND INTERPRETATION Cash and current liability figures of TATA Steel Ltd. and JSW Steel Ltd. has been examined with the help of table and graphical representation, followed by t-test. Table 1.1 Total Cash and Bank Balance (Tata Steel Ltd. and JSW Steel Ltd.) Total Cash and Bank Balance Total Cash and Bank Balance (JSW Year (Tata Steel Ltd.) Steel Ltd.) Rs. in Crores Rs. in Crores 2007-08 465.04 339.22 2008-09 1590.60 419.96 2009-10 3234.14 287.11 2010-11 4141.54 1886.88 2011-12 3946.99 2956.02 2012-13 2218.11 1401.79 2013-14 961.16 465.72 2014-15 478.59 1795.06 2015-16 1014.67 596.31 2016-17 905.21 1027.02 Average 1895.61 1117.51 Figure 1.1 Total Cash and Bank Balance (Tata Steel Ltd. and JSW Steel Ltd.) Above table and figure exposes Total Cash and Bank Balance of Tata Steel Ltd. and JSW Steel Ltd. which stood at an average of Rs. 1895.61 crores and Rs. 1117.51 crores respectively during the study period. Total Cash and Bank Balance of both companies have shown a mixed trend of increase and decrease during the http://indusedu.org Page 2 This work is licensed under a Creative Commons Attribution 4.0 International License Dr. Vineet Singh, International Journal of Research in Engineering, IT and Social Sciences, ISSN 2250-0588, Impact Factor: 6.452, Volume 08 Issue 05, May 2018, Page 1-7 study period. Total Cash and Bank Balance of Tata Steel Ltd. was highest in 2010-11 at Rs. 4141.54 crores and lowest in 2007-08 at Rs. 465.04 crores whereas, Total Cash and Bank Balance of JSW Steel Ltd. was highest in 2011-12 at Rs. 2956.02 crores and lowest in 2009-10 at Rs. 287.11 crores. Table 1.2 Current Liabilities (Tata Steel Ltd. and JSW Steel Ltd.) Current Liabilities Current Liabilities Year (Tata Steel Ltd.) (JSW Steel Ltd.) Rs. in Crores Rs. in Crores 2007-08 6768.78 4102.37 2008-09 8974.05 7557.21 2009-10 8999.61 7621.89 2010-11 10995.81 10064.73 2011-12 16903.64 17437.82 2012-13 16488.65 15559.92 2013-14 18881.78 20671.60 2014-15 16623.79 20411.44 2015-16 21087.99 21733.76 2016-17 23056.33 26079.74 Average 14878.04 15124.05 Figure 1.2 Current Liabilities (Tata Steel Ltd. and JSW Steel Ltd.) Current Liabilities position of Tata Steel Ltd. and JSW Steel Ltd. from 2007-08 to 2016-17 is revealed by table 1.2 and figure 1.2. Current Liabilities of Tata Steel Ltd. and JSW Steel Ltd. stood at an average of Rs. 14878.04 crores and Rs. 15124.05 crores respectively. In 2007-08 Current Liabilities of Tata Steel Ltd. stood at Rs. 6768.78 crores which increased to Rs. 23056.33 crores in 2016-17. Similarly, in 2007-08 Current Liabilities of JSW Steel Ltd. stood at Rs. 4102.37 crores which increased to Rs. 26079.74 crores in 2016-17. During the study period Current Liabilities of Tata Steel Ltd. as well as JSW Steel Ltd. were highest in 2016-17 and lowest in 2007-08. http://indusedu.org Page 3 This work is licensed under a Creative Commons Attribution 4.0 International License Dr. Vineet Singh, International Journal of Research in Engineering, IT and Social Sciences, ISSN 2250-0588, Impact Factor: 6.452, Volume 08 Issue 05, May 2018, Page 1-7 Table 1.3 Cash Ratio (Tata Steel Ltd.) Cash and Bank Current Liabilities Year Cash Ratio (Rs. in Crores) (Rs. in Crores) 2007-08 465.04 6768.78 0.07 2008-09 1590.60 8974.05 0.18 2009-10 3234.14 8999.61 0.36 2010-11 4141.54 10995.81 0.38 2011-12 3946.99 16903.64 0.23 2012-13 2218.11 16488.65 0.13 2013-14 961.16 18881.78 0.05 2014-15 478.59 16623.79 0.03 2015-16 1014.67 21087.99 0.05 2016-17 905.21 23056.33 0.04 Average 1895.61 14878.04 0.15 Figure 1.3 Cash Ratio (Tata Steel Ltd.) The above table illuminates Cash Ratio of Tata Steel Ltd.
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