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A Study on Working Capital Management with Special Reference to Sharekhan Limited, Chennai

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A Study on Working Capital Management with Special Reference to Sharekhan Limited, Chennai A STUDY ON WORKING CAPITAL MANAGEMENT WITH SPECIAL REFERENCE TO SHAREKHAN LIMITED, CHENNAI The project report Submitted to the BHARATHIDASAN UNIVERSITY, TIRUCHIRAPPALI, In partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Submitted by D.KALAIARASAN, (Reg.no. 11290201) Under the guidance of Prof.R.VENKATESH, (Asst.Professor, Adaikalamatha Institute of Management) ADAIKALAMATHA INSTITUTE OF MANAGEMENT ADAIKALAMATHA COLLEGE VALLAM, THANJAVUR-6130403. MARCH-2013 ADAIKALAMATHA INSTITUTE OF MANAGEMENT ADAIKALAMATHA COLLEGE Arun Nagar, Vallam, Thanjavur- 613 403. Fax : 04362-266265 Phone: 043632-266265 / 266201 1 Mr.R.VENKATESH Date: -03.2013 Asst.Professor, Adaikalamatha Institute of Management. CERTIFICATE This is to certify that the project report entitled “A STUDY ON WORKING CAPITAL MANAGEMENT WITH SPECIAL REFERENCE TO SHAREKHAN LIMITED, CHENNAI” is the bonafide research work done and submitted by D.KALAIARASAN (Reg. No.11290201) under my guidance in partial fulfillment of the requirements for the award of MASTER OF BUSINESS ADMINISTRATION and the project has not previously formed the basis for the award of any degree. Signature of the Director Signature of the Guide Signature of the External Examiner KALAIARASAN.D, II M.B.A., Reg.No.11290201, Adikalamatha Institute of Management, Adakalamathacollege, Vallam, Thanjavur-613403 2 DECLARATION I hereby declare that this project report entitled “A STUDY ON WORKING CAPITAL MANAGEMENT WITH SPECIAL REFERENCE TO SHAREKHAN.LIMITED, CHENNAI” submitted for the M.B.A., degree is my original work and the project report has not formed the basis for award of any other degree. DATE: 03-2013 PLACE: VALLAM (KALAIARASAN.D) ACKNOWLEDGEMENT 3 I am deeply indebted to Dr.A.ARUNACHALAM,MA.,M.L.,M.B.A.,Ph.D., Chairman of Adaikalamatha College, Vallam, Thanjavur, for having given me an opportunity to undergo M.B.A., Course in this institution. I express my sincere gratitude to Prof. Dr.A.RAVIKUMAR M.Com., MBA.,Ph.D., Vice Chairman,Adaikalamatha group of Institution,Vallam for his encouragement to pursue this project. I am happy to thank our Dr.N.SUMATHI B.E., MBA.,Ph.D., Director, Adaikalamatha institute of management, for her inspiring encouragement to take up this project. I express my sincere and deep sense of gratitude to Prof.S.AROCKIARAJ, M.Sc.,M.Phil., M.Ed., (Ph.D.,) Principal, for having promoted strict discipline and hard work during the period of my study in this college. 4 I take this opportunity to convey my deep sense of gratitude and respect to my beloved Guide Prof.R.VENKATESH, MBA.,M.com.,M.Phil.,PGDCA.,(Ph.D.,) Adaikalamtha institute of management, Thanjavur for the valuable guidance, without which it would not be possible for me to complete this project report successfully. My sincere thanks are also due to Mr.M.THIRUMURUGAN, EXCUTIVE-CLIENT ACQSTION, Sharekhan.ltd,Chennai, for scholarly guidance and inspiration. He was kind enough to guide me for collecting data for the project right from the formulation of the problem till its completion, and other members of staff who helped in various ways while completing this work. Place: Vallam Date: -03-2013 Signature of the student 5 INTRODUCTION The working capital of a business enterprise, said to be that portion of its total financial resources which is put to a valuable operative purpose. Shubin defines “working capital is the amount of funds necessary to cover the cost of operating the enterprise”. The facilities that are necessary to carry out the productive activity and represented by fixed asset investment are to be operated by working capital. This working capital is otherwise called operating capital or trading capital. Working capital is always at a more from one form to another [cash to inventory, inventory to finished goods, finished goods to debtors and finally debtors to cash]. Making a circle during the operating period. It is called circulating capital or revolving capital or floating capital. CLASSIFICATION OF WORKING CAPTITAL Working capital can be classified on the basis of forms or investments and the sources resorted for, into gross working capital and net working capital. Another classification is made on the basis of period of investment – a time perspective as permanent and temporary working capital. 1. Gross working capital In a going concern, in the investment point of view, the working capital means gross working capital. Gross working capital a quantitative concept refers 6 to the amount of funds invested in current assets. It is the base of judge profitability since it implies the utilization of working capital. 2. Net working capital From the point of view of financing, the working capital denotes net working capital. Net working capital, a quantitative concept refers to the difference between the current assets and current liabilities. It may be positive or negative. Positive networking capital occurs when current assets exceed the current liabilities. This indicates the use of long-term capital in financing the current assets. Negative networking capital is rare but comes only when current liabilities are in excess of current assets. This is otherwise called working capital deficit, which shows the use of short-term funds in financing the fixed assets. Networking capital is a measure of protection and security to the short-term creditors. It is also acting as a proof of short-term solvency, the liquidity. Thus it must better be positive networking capital rather than negative. 3. Permanent working capital Permanent working capital is the amount of funds required for production of goods and services to satisfy the normal demand. It refers to the irreducible minimum amount necessary for starting the circulation of current assets and to keep it moving. It is perpetually locked – up in the business and it is otherwise 7 called fixed or regular working capital. The quantum of the permanent working capital will be increasing whenever the concern adopts growth and expansion. Permanent working capital is entirely different from net working capital. But it is the same as the core current asset specified by the Tandem committee. Permanent working capital is purely investment aspect and it indicates the amount permanent locked up in the business. Net working capital is purely financial aspect and it denotes the use of long – term capital for financing current assets. 4. Temporary working capital Temporary working capital is the extra working capital needed to support the changes in production and sales activities, and to satisfy the additional or special or seasonal demand. It is otherwise called valuable or fluctuating working capital. 5. Banker’s concepts of working capital For the purpose of Bank finance towards working capital, the total current assets have been classified into chargeable current assets or core current assets [CCA] and other current Assets [OCA]. And total current liabilities. “The total current assets minus other current liabilities have been termed as the working capital Gap [WCG] of the borrower which needs to be bridged”. Part of the working capital gap is to be met from long term sources as per longstanding convention and current policies and practice followed by the controller of capital 8 issues and financial institutions. Making borrowings from bank that is bank loan fills the other part. COMPONENTS OF WORKING CAPITAL Working capital of current assets and current liabilities. This in other words explains the pattern of investment and pattern of financing. 1. Current assets Current Assets denotes cash and other assets or resources which are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business. It consists of cash and bank balance, market securities, short – term investments, bills Receivables, sundry debtors, short – term loans and advances, inventories in the form of (a) Raw materials; (b) Work – in – Progress [WIP]; (c) Stores and spares; (d) Finished goods; (e) Prepaid Expenses & (f) Accrued Income. 2. Current liabilities Current liabilities are those liabilities which are payable within an accounting period and out of current assets or by creating new current liabilities. 9 It comprises a) trade creditors, b) trade advances, c) Bills payable: d) Borrowing from commercial banks or (e) Commercial financing companies (f) Commercial paper – brokers and (g) Provisions. WORKING CAPITAL MANAGEMENT Working capital management is concerned with all decisions and acts that influence the size and effectiveness of working capital. It can also be defined as that aspect of financial management, which is concerned with “safe guarding and controlling the firms current assets and the planning for sufficient funds to pay current bills”. Working capital management refers to the administration of the pattern of investment and financing. The working capital, which is nothing but the administration of current assets and current liabilities are the integral part of the working capital management. 10 OBJECTIVES OF THE STUDY To know the financial performance of the sharekhan limited, Chennai. To study the liquidity position of the study unit. To analysis the working capital performance of the sharekhan limited, Chennai. To know the performance of inventory and receivables. SCOPE OF THE STUDY A study on working capital management is confined in sharekhan limited, Chennai, this study is covered from 2006-2007 to 2010-2011. 11 NEED FOR THE STUDY It is the objective of the financial manager in making decisions to maximize the share holder’s wealth. To achieve this it is necessary to generate sufficient profits. A successful sales program is necessary for earning profits by an enterprise. However , sales do not convert into cash immediately. There is a time lag between sale of goods and receipt of cash. The financial manager should have the knowledge of ascertaining the level of cash balance and where the idle funds (surplus funds ) are to be temporarily invested. Therefore, there is a need for management of current assets to deal with the problem arising out of lack of immediate realization of cash against goods sold.
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