A Project Report On Working Capital Management Patel Shanti Steels PVT LTD

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS
PVT LTD, RAICHUR
CONTENTS
SL.NO PARTICUARS PAGE NO
01 02 03 04 05 06 07 08 09 10
Executive summery Company Profile Objectives Introduction to Working Capital Cash Management Analysis and Interpretation Ratio Analysis Finding Conclusion Bibliography 1 2-35 36 37-49 45-46 47-50 51-61 63 64
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PVT LTD, RAICHUR
INTRODUCTION
Backed by 10 years of experience in steel rolling, PATEL SHANTI STEELS PVT. LTD is the Raichurs 1st steel production unit with an existing annual production of more than 4000 tons per annum. Production started in March-1998, initially, because of unavailability of power. The production was stated by using Generator sets, using Diesel as fuel and continued for initial two years, after that power was available, later generator set were disposed off and regular production continued. Initial years of company raw material were concerned because of recession period 19982001. The company would get raw materials (M.S Billets) from only USP Plant and Jindal Vijaynagar Steel Ltd. But from 2002 onwards the above said materials got comparatively costly and company could not afford to buy from them profitably. Hence it stated buying small T Bars. The company production steel bars has been upgraded by Thermo Mechanical Treatment(TMT) processes to the Bureau of Indian Standards(BIS). The necessary Research and Development facility has been setup and clearance are being obtained. With the BIS upgradation, the company hopes to increase it production to 50% more than the existing level of production.

PVT LTD, RAICHUR
Overview of Company business:M/s. Patel Shanti Steels Pvt Limited (the Company) is an private company. The Company is presently involved in the business of manufacturing Steel Bars, which is used in the Construction of Multistoried Buildings, Dams, bridges, flyovers, and power plants as a basic reinforcement material. The Company is manufacturer of TMT Bars. The Company is using the Tempcore Process, which is the most advanced technology worldwide for manufacturing TMT Steel Bars. The Companys products meet IS 1786-2008 specification The main manufacturing facility of the Company is situated at Bhiwadi (Karnataka). The Plant Capacity is 4500 MetricTonnes per annum. All these plants are using US Technology which makes Steels Bars. The company has a network of more than 150 distributors and dealers spread across the State of Karnataka.

PVT LTD, RAICHUR
PROFILE OF THE COMPANY

Name of the company : Reg. Office Address Factory Location PATEL SHANTI STEELS PVT LTD : : 12-7-77, Goushala Road Raichur-584102 Survey No. 259/28, 8th km, Yegnoor Village, Hyderabad Road, Raichur Growth Center, Raichur-584102. PAN No. Status Tin No. : : : AADCP6628H Private Limited Company 29880042693

PVT LTD, RAICHUR
PRODUCT PROFILE
TMT Steel Bars
TMT BARS
TMT Bars used in diversified construction requirements. Our manufactured Thermo Mechanically Treated Steel Bars exhibit high bendability and re-bendability features due to lower carbon content and higher elongation. Excellent yield and ductility characteristics of our Building TMT Steel Bars make them perfect to use at earthquake zones. TMT Bars are made at our state-of-the-art plant and under the close supervision of frontline engineers and metallurgists. The Construction TMT Bars are passed through a highly controlled in-line process of hardening and tempering during hot rolling. Prior to passing through the finishing stand, Ribbed Bars undergo specially designed water-based cooling systems. The cooling system transforms the outer surface to marten site, while the core remains comparatively hot and austenitic. The composite structure has so formed high yield strength and excellent ductility characteristics.
Chemical Composition Chemicals Unit IS:1786 (Fe 415) Carbon % 0.30 max. Sulphur % 0.060 max. Phosphorus % 0.60 max. S&P % 0.110 max.
Mechanical Composition
Mech Properties Unit IS:1786 (Fe 415) Yield Stress N/mm2 415 min Tensile Strength N/mm2 10% over YS Elongation %min 14.5min.

PVT LTD, RAICHUR
TMT Bars Features
Excellent Bond Strength The rib pattern of TMT Bars has been specially designed to ensure excellent bounding between the bar and the surrounding concrete. These ribs are uniform and concrete due to cutting by automated machines. Thus the bond strength is 100-200% higher than the M.S Plain Bars and convectional CTD Bars. Excellent Weld Ability TMT Bar has far more superior weld ability than convectional CTD Bars. Due to its low carbon content, it can be butt- welded or lap-welded using ordinary retile coated electrodes of matching strength. Super Bend Ability The tough outer surface and the ductile core of I TMT Bars make it extra high ductile and bendable than reinforcement Steel Bars. Highly Resistant Against Corrosion Our premium product TMT is manufactured by thermo mechanical treatment processes with no tensional residual stresses on the Bars. This results in superior corrosion resistance characteristics than conventional Bars. Dimensional Tolerances Argee Bar confirms to the IS: 1786 standard laid for dimensional tolerances and has section weight generally lower than found on other bars. More Economical Argee manufactured TMT Bars are new generation high strength bars with usable yield strengths in excess than required to meet Fe-415 grade and ARE - 1786 standard. It helps our Argee Bars take higher stress levels, resulting in less consumption of our Steel Bars than other conventional Bars. Thus, it helps in saving the valuable money of our clients and avoiding unnecessary loads on the structure.

PVT LTD, RAICHUR
Standard sizes TMT Fe415 bars as per BIS Section (mm) 8 10 12 16 20 Nominal Weight (kg/meter) 0.395 0.617 0.888 1.580 2.470
PATEL SHANTI STEELS PVT LTD manufactures following quality of steel bars: CTD BARS Cold Twisted Deformed Bars having high strength and proof stress produced by High Speed Rolling and precision cold twisting.
TMT BARS Our TMT bars are Thermo-Mechanically treated for high yield strength. The process involves the rapid quenching of hot bars through a series of water jets after they come out of the last rolling mill stand. The bars are cooled allowing the core and surface temperatures to equalize. The bar core cools down slowly to turn into a ferritepearlite aggregate.
TMT Bars TMT bars are Thermo-Mechanically treated for high yield strength. The process involves the rapid quenching of hot bars through a series of water jets after they come out of the last rolling mill stand. The bars are cooled allowing the core and surface temperatures to equalize. The bar core cools down slowly to turn into a ferrlitepearlite aggregate.
The company is using the Tempcore Process, the most advanced technology worldwide for manufacturing TMT bars in private sector after Tata Iron and Steel Corporation Limited. For determining better quality monitoring of the different layers of the TMT bars at the micro level, the company uses Micro Structure Analysis.

PVT LTD, RAICHUR The salient features of these products are: High strength High ductility Bending and re-bending Weld ability Corrosion Resistant Characteristics High Temperature Resistant Dimensional Tolerance Seismic Resistance Properties
Product Specifications Trademark Tempcore TMT Grades : TMT Grade Fe 415, Fe500 Diameter :8,10,12,16,20,25 mm Standard Length 5.5 meters to 13 meters.

PVT LTD, RAICHUR Mechanical Properties of the product and Comparison with Indian Standard
PROPERTIES/COMPOSITION TMT
BIS INDIA (IS : 1786)
COMPANYs
For Grade Fe-415 MECHANICAL PROPERTIES Proof Stress Tensile Strength Elongation Bend Test 415 N/mm2 485 N/mm2 14.50% Up to 22 mm-3D 450 N/mm2 530 N/mm2 20%
CHEMICAL COMPOSTION (%) Carbon Sulphur Phosphorous S+P 0.30 Max. 0.06 Max. 0.06 Max. 0.11Degree Max. 0.30 Max. 0.06 Max. 0.06 Max. 0.11Degree Max.
For Grade Fe- 500 MECHANICAL PROPERTIES Proof Stress Tensile Strength Elongation Bend Test 500N/mm2 545N/mm2 12% Upto 22mm-4D 30N/mm2 600N/mm2 15% Upto 22mm-3D

PVT LTD, RAICHUR CHEMICAL COMPOSTION (%) Carbon Sulphur Phosphorous S+P Mn Si 0.30 Max 0.060 Max 0.060 Max 0.110 Max --------0.14-0.22 Max 0.05 Max 0.05 Max 0.09 Max 0.4 Min 0.4 Max
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PVT LTD, RAICHUR
Organization Structure:MANAGING DIRECTOR
1ST DIRECTOR
FACTORY
Manager
2ND DIRECTOR
MARKETING MANAGER
FINANCIAL MANAGER
PRODUCTIO N MANAGER
HUMAN RESOURCE MANAGER
Asst. Manager
Asst. Manager
Asst. Manager Foreman
Sales Executives
Financial Executives
Fitter Helper
The companys organizational chart is formed in a hierarchical way, where the hierarchy starts with the Managing Director. Then in the next level of hierarchy two Directors are there. After Director, Factory Manager leads to the next level which is further divided into four departments namely Marketing Manager, Financial Manager, Production Manager, Human Resource Manager. Where each department is further divided into assistant managers and helpers which helps the upper level of the organization to work effectively and efficiently. Hence the organizational chart shows the structure of the company and the flow of authority between different levels.

PVT LTD, RAICHUR Boards of Directors:-
Managing Director 1st. Director 2nd. Director Factory Manager Marketing Manager Assistant Marketing Manager : Finance Manager Assistant Finance Manager Production Manager : :
: : : : :
Mr. Shivji Patel Mr. Mohanlal Patel Mr. Lalji Patel Mr. Shamlal Mr. Bhim Rao
Mr. Mallikarjun : Mr. Vinay Patel
Mr. Mukesh Vyas Mr. Ravji Patel Mr. Punesh Solanki Mr. Shamlal
Assistant Production Manager : Human Resource Manager :

PVT LTD, RAICHUR
FUNCTIONS OF VARIOUS DEPARTMENTS

The company consists of four departments namely Production, Finance, Administration & Marketing and Human Resource Management. The company of 48 permanent staff and there are some 5-10 more who work on a daily wage basis. Every employee who joins the company for the first time has to under go a probation period for one year. The employee will be under observation during this period. If the director board is satisfied with the performance, he will be made permanent. The permanent staff members are entitled for provident fund, gratuity, employee state insurance, house rent allowance. The daily wage basis employees are entitled for shift allowance. During the peek seasons the company works round the clock with two shifts. The normal office working hours are from 9.00 to 14.00 hrs and 15.00 hrs to 19.00 hrs. The working shifts is of 6(six) hrs of two shifts.

PVT LTD, RAICHUR
MARKETING DEPARTMENT
MARKETING DEPARTMENT Marketing occupies an important position in the organization of any business unit. Marketing functions are not limited to the functions of buying and selling but they include all function necessary to satisfy the customer such as financing, storage, risk bearing and after sales services etc. Marketing is a vital connecting link between the producer and the customer.
Functions
Target Customer Target customer are small dealers vending in Taluks and small villages and house constructing customers. Market Research Market Research are determined by the feedback by their dealers and walk-in customers. Present Market Situation The demand situation is slack due to general slowdown on the export front and there by due to a slowdown general Indian economy. However due to agricultural production the rural demand is intact and therefore demand situation is not totally hopeless and the production is some-how seems to be picking up due to the seasonal demand. Major Competitor Major Competitor are from outside the state steel producers because there is very less production as the local electricity power rate is very high, so there is minimum production allover the state(being electricity is the major cost in the production of steel), naturally the goods comes from out of the state for local demand within the state. Market Segmentation About 50% from city and other 50% from near by rural markets. Market Target ___________________________________________________________________ Babasabpatilfreepptmba.com - 14 -

PVT LTD, RAICHUR Target Market is our own district (Raichur), because delivery to other places involves higher transportation charges and hence less profitable. Positioning The main strategy is to produce only economically viable production that is produce only such extant which is viably saleable.
Sales Promotion For sales promotion, suitable incentives in kind are being offered to the dealer and as well as direct customer, so that the sales volume is maintained at the optimum level. Just like: 1. Quantity discount. 2. Price discount. 3. Better credit facility to credit worthy dealer and customers. 4. FOR delivery. General economic and business conditions The demand for company products is dependent on general economic conditions in India and may affect if there are changes in business conditions in our country. Demand The demand for company products viz. Steel, Cement, SS Pipes and POP is a derived demand, meaning that it is dependent upon the state and condition of the infrastructure, construction and housing industry. Company have a very well diversified customer base which obviates dependence on any major Customer. Company have further sought to expand company customer base. The prospects and earnings growth of the customers company serve will have an impact on company ability to generate sales. Competition Selling prices of company products may be affected if competition intensifies, including as a result of increased capacity of Competitors or company competitors adopt aggressive pricing strategies in order to gain market share or new competitors enter the markets we serve. ___________________________________________________________________ Babasabpatilfreepptmba.com - 15 -

PVT LTD, RAICHUR Raw Material Prices Raw materials i.e. Steel Ingots, Sponge Iron and M.S. Scrap constitute a major portion of company total expenses. Fluctuations in the cost of these raw materials may alter company cost structure and affect profitability. Historically, we have been able to pass on increases in raw material costs to company customers but company cannot assure you that in future also company will be able to do so. Other Factors Company results of operations are dependent upon company success in managing company inventories. Company have to schedule out production process and procurements according to delivery schedule of customers. Any change in schedule may affect company operation in short run. Demand Forecasting The company expects the demand revival in the third quarter of this year following the government realized finance through various schemes for enhancing construction activities. We have appointed special representative to study the demand from various segment of the industry and various customers putting up houses.

PVT LTD, RAICHUR Marketing Department Chart
DIRECTOR
MARKETING MANAGER
ASST. MARKETING MANAGER
SALES EXECUTIVES

PVT LTD, RAICHUR Human Resource Department Human Resource department is a department for the effective management of personnel at work. Human Resources management is the sense of planning organizing and controlling the various operating functions of processing, developing, maintaining and utilizing the labor process for the purpose of contributing a lot towards the accomplishment of major goals of the organization. FUNCTIONS 1. Recruitment & Selection. 2. Performance Appraisal. 3. Compensation. 4. Human Resource Planning. 5. Manpower Planning.
6.
Maintaining Communication with Employees.
HUMAN RESOURCE POLICY
1. Patel Shanti Steels recognizes that its people are the primary source of its
competitiveness. 2. It will pursue management practices designed to enrich the quality of life of its employees, develop their potential and maximise their productivity.

PVT LTD, RAICHUR
3. Patel Shanti Steels will strive continuously to foster a climate of openness, mutual trust
and teamwork.

PVT LTD, RAICHUR MANPOWER PLANNING
The present strength of the Company is 60 employees.
S.No. Name of Department Number of Employees
1. 2.
Technical & Administration Staff at 10 Administration ,Marketing and Finance at Registered Office 08
Total 18. The Company also employs contract labour for its manufacturing facility at Raichur, Karnataka
RECRUITMENT AND SELECTION There is no recruitment from last few years in Patel Shanti Steels Pvt Ltd Due to heavy computerization, mechanisms, and modern technologies. Preference is given to son(s) workman. They require much lesser manpower as there is centralized management. of
PERFORMANCE APPRAISAL Performance appraisal assesses an individual's performance against previously agreed work objectives. Performance appraisal is normally carried out once a year. They assess key result areas of their employees, workers and supervisors. Since it is a joint responsibility of the individual and the supervisor every individual in PSSPL are co prime to each other. It also enables management to compare performance and potential between employees and subordinates of the same rank. Rating of employees is done by their performances. It is given as per ranks very good, average, and average to medium and below average.

PVT LTD, RAICHUR TRAINING AND DEVELOPMENT Safety is a high priority area. Several movements to inculcate a culture of safety have been practiced, but the Company needs to do more to prevent accidents and improve its safety record. They are trained to know the changes in environment, market, and in steel prices. They also get training of problem solving techniques, conflict management, etc.
COMPENSATION PLANNING It depends on financial capabilities. Yearly increments are given. Compensation for inflation is common for all employees. (flat rates) It is decided by union and management where various demands are negotiated. It is paid as per other industries. Individual performance bonus is also given.
MAINTAINING COMMUNICATION WITH EMPLOYEES Communication is maintained through various communication channels such as: Notices Circulars Calling forums Correspondents Functional departmental meetings, ETC.

PVT LTD, RAICHUR FINANCE DEPARTMENT FINANCE DEPARTMENT It is finance, which brings together various segments of an organization and transforms them into an integrated whole so that it may function smoothly and move in the direction of achieving the organizational goal. Finance Manger is the top authority in Finance Department. He has equal rights and responsibilities as compared to the Managing Director of the Company in general matters. Director himself handles finance department covering both purchase and sales as price of steel very volatile, changing almost every day. Therefore they have make bulk purchase at the time of lower price and make sales as and when appropriate. Capital Structure of the Company Capital structure or composition of capital or pattern of securities or the security mix is a major aspect of financial planning. Once the finance manager has determined the firms financial requirements and his next task is to see that there are fund in hand. The capital comes in many forms long term and short term Loans, secured and unsecured debtors, share contribution etc. The decision upon the ratio of these securities into total capitalization is to decide the capital structure. Working Capital Short Term Funds:- Working Capital generally taken care of by cash credit facility extended by SBI to the extend of 1.5 corers. Long Term Funds:- Now, there been a long term slow down due to international financial crisis, there is no proposal to invest further as of now. If economic revival takes place in future, fund can be raise through Equity, Bank funds, Private Equity.

PVT LTD, RAICHUR Financial Plan General financial plan is not done on a regular basis due to volatility of prices, all decisions regarding purchases and sales is done by market on daily basis. Financial Position Current financial position of the organization is quite stable. Report to Government Agencies 1. The usual financial reports are always required for excise department, VAT department and lending Banks. 2. Report to PCB Boards(Pollution Control Boards). 3. Report to Auditors. Tax Policies and procedures Tax policies and procedures are observed with the consultant CAs. Insurance Cover Regular insurance is covered for the value average stock held at the factory. Cost of Unit of Product Cost of product is approximately Rs. 3600 per ton inclusive of all taxes and expenses. 1. Coal Rs. 700. 2. Power Rs. 750. 3. Burning Loss Rs. 700. 4. Labour Rs. 600. 5. Administrative Expenses Rs. 200. 6. Tax and Interest Rs. 650.

PVT LTD, RAICHUR Financials As of 31st March 2008 total turnover including other income was Rs. 12.51 Corers and net profit after tax was Rs.9.7 Lacks.
Accounting Policies
1.
Basis of Accounting: Financial statement is prepared under the historical cost convention and on annual basis.
2. Fixed Assets: Fixed Assets are stated at their historical and less accumulated depreciation there
own. The cost of fixed assets comprises their acquisition cost and any attributable of bringing the asset to its working conditions. The cost of self - constructed fixed assets comprise those costs that are related directly to the specific assets and overheads consistently allocated at predetermined percentage of direct salaries and wages.
3. Valuation of Inventories
a. Raw Material, stores &Spares, Packing Material, Fuel, Stock in process are valued at cost b. Finished goods are valued at cost or realizable value whichever is less.
c. 4. Sales
Waste & scrap and Runner & Riser are valued at realizable value.
Sales are stated net of sales returns. 5. Cenvat Cenvat claimed on Plant & Machinery is reduced from the cost of Plant& Machinery. Cenvat claimed on purchases of raw materials and other materials reduced from the cost of such materials. ___________________________________________________________________ Babasabpatilfreepptmba.com - 24 -

PVT LTD, RAICHUR 6. Provision For Current And Deffered Tax Provision for current tax is made after taking into consideration benefits admissible under the provision of income tax Act, 1961. Deferred tax resulting from timing difference between book profit and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the dare of balance sheet. The deferred tax liability is recognized and carried forward only to the extent that there is a reasonable certainty that the same will be realized in future.
Companys Future Business strategy Company has taken a conscious decision to develop and enlarge its business operations by adopting Franchise route. The Franchisee markets the Products at its own using Marketing network of PSSPL and paying the Company Royalty on sales per tone basis/per bag/percentage. Company have plans to establish our own Stock Yards at various strategic locations and materials required for these yards will be sourced from the nearby Franchisees, who are manufacturers of PSSPL Steel TMT/ CTD Bars.
The Company will derive following benefits of this strategy:
Company would be able to increase its profitability by increased turn-around cycle of available resources. Company would be able to derive benefits of handling large volumes. Company would get Royalty payments from the Franchisees for use of PSSPL brand. . PSSPL proposes to establish the stockyards in leased properties. It is proposed to acquire land at a suitable location. Each stockyard would be managed by a team of 5-6 people.

PVT LTD, RAICHUR
Finance Department Chart
Director
Finance Manager
Asst. Finance Manager
Financial Executives

PVT LTD, RAICHUR PRODUCTION DEPARTMENT Production Process Chart:Production Process Chart:-
Charged in Re-heating Furnace
Roughing Mil (Ingot 4 reduced to 2)
Finishing Mill (2 to reduced to required finishing size)
TMT Treatment Plant
Cooling Bed
Cutting and sizing
Bending and Staking
Finished Goods (8mm,10mm,12mm,16mm,20mm TMT Bars)

PVT LTD, RAICHUR
PROCESS FLOW CHART FOR PRODUCTION OF STEEL BARS M.S.Ingot Sponge iron and Mild Steel Scrap is fed into induction furnace for melting at the temp of 1550 degree Celsius. Suitable quantity of Ferro Alloys i.e. Ferro Silicon, Ferro manganese aluminum sorts etc are added as per required chemical composition. The melted scrap is tapped from induction furnace to C.I. Moulds for manufacturing M.S. Ingot by bottom
TMT Tempcore Bars The Tempcore process is the best process for the production of high quality rebars because it replaces costly alloy elements like Vanadium and Niobium with low cost raw material. It results in high mechanical properties, excellent weldability, excellent ductility& bendability. It imparts high strength to the bar using the latest technique of Thermo Mechanical Treatment (TMT). Steel billets are heated in a Reheating Furnace and rolled through a sequence of rolling stands, which progressively reduce the billet to the final size and shape of the reinforcing bar. According to Tempcore process, the bar leaving the final stand is submitted to a special heat treatment involving three stages.
Quenching Stage The first stage consists of a drastic water cooling applied to the bar as it leaves the last finishing stand. The efficiency of the water cooling equipment used at this stage has to be as high as to produce a very hard cooling, on the bar surface, faster than the critical rate to form the martensite so as to obtain a surface layer of crude martensite while core remains austenite.

PVT LTD, RAICHUR Tempering Stage In the second stage the bar leaves the water quenching line and is exposed to air. The heat flux from the still hot core reheats the quenched by conduction and the martensite formed in the first stage is thus subjected to selftempering giving a structure called Tempered Martensite which is strong and tough. The core is still austenitic at this stage.
Final Cooling stage The third stage of Atmospheric Cooling occurs on the cooling bed, where the austenitic core is transformed to a ductile ferrite pearlite core. Thus, the final structure consists of a combination of strong outer layer of tempered martensite and a ductile core of ferrite-pearlite.

PVT LTD, RAICHUR Structure of Production and Operation
Production Manager Asst. Production/supervisor Foreman
Operation Manager Production Worker
Fitter Operation Mgr. Helpers
Work shop Department
Electricity Department Electricity Supervisor Asst. Electrician
Roughing Mill Finishing Mill Materials Handling Raw Materials
6 Workers
Turner Roller Finisher Store Manager
Helper
8 Workers
Helper
Finish Goods
4 Workers
24 Workers

PVT LTD, RAICHUR Production Department Chart
Director
Production Manager
Asst. Production Manager
Foreman
Fitter
Helper

PVT LTD, RAICHUR Sources of Raw-Materials Ingot are procured from various private manufacturers(furnaces) from different states, like Goa, Maharashtra, Andra Pradesh and within Karnataka itself. Water Water consumption for TMT & Mill Cooling and for domestic purpose consumption is met from a bore well tube well within the factory premises. Water is recirculated and re-used. Power The Company sources Power from GESCOMM, through dedicated high voltage feeder lines and do not have alternate source of electricity for manufacturing facilities. Evaluate of Suppliers Demanding upon the quality supplied by various private manufacturers and best prices offered by them. Suppliers Evaluation and Rating Mechanism Usually evaluation is done in-house by quality material received from him and best prized offered by him, these are only criteria for evaluation and rating mechanism. Usual Ordering Practice During these time of economic slowdown of lower demand, ordering is done only when the inventory is of minimum requirement (i.e., 10 tons.) Purchase Around 4200 tons per annum. Production Capacity Production capacity is about 6000 ton per annum; usually single shift is operated because of lower demand.

PVT LTD, RAICHUR Schedule of Working Hours Schedule is from 7am to 7pm with intermittent interval of one hour after each hour of work for all workers, that mean effectively each worker works for only 6 hours during 7am to 7pm. Typical Mechanism/ Technology Used 1. Roughing Stands Where in 7 passes are taken up for rolling down the materials from 100mm sq to 35mm sq. 2. Finishing Stands Where in 7 to 9 passes are under taken up for rolling down to finishing size of materials from 35mm sq to finishing size (i.e., 8mm, 10mm, 12mm, 14mm, 16mm, 20mm.) 3. Technology Used Jet thermo technology is used for TMT Bars.

PVT LTD, RAICHUR SWOT Analysis (Strength, Weakness, Opportunity, Threat) Strength
1. Company is using Tempcore Process which is the most advanced technology worldwide
for the manufacturing of the Thermo Mechanical Treatment bars. As the plants are based on the upgraded Automatic US Technology, the speed of the plant is 32 seconds for manufacturing of Thermo Mechanical Treatment Bars. 2. The company has a network of more than 175 dealers and distributors spread across the state.
3. The Thermo Mechanical Treatment bars manufactured in the factory according to standard of Indian Standard(IS) 1786:2008. In making Thermo Mechanical Treatment bars US technology is used. The companys name is Jet Therm. 4. The company has talented, skilled and qualified man power to look after different activities at various levels in the organization. 5. The company provides adequate training to staff to keep them updated on all issues related to our Industry.
6. Raw material is locally available within the boundary of 200 kms.
7. The company has a Skilled Manpower.
8. The company has its own trading shop and has experience of 3 decades.
9. Company produces quality product at reasonable prices which has competitive of the company. ___________________________________________________________________ Babasabpatilfreepptmba.com - 34 -

PVT LTD, RAICHUR 10. Direct Marketing helps company to deal directly with the customers to know their needs and satisfaction.
WEAKNESS 1. Fluctuation in raw material prices results in fluctuation in daily prices of the product. 2. Labour shortage and communication problem with labour. 3. High cost of production compared to giant producers like Tata, SAIL (Steel Authority of India Limited). 4. Irregularity of power supply stops the production process and leads to the idle machine time, idle workforce as there is no power backup.

PVT LTD, RAICHUR OPPORTUNITIES 1. The major raw material is available within the boundary of 200 kms, so that company can compete easily with the bigger player as the cost of production is very less. 2. Beside the factory about 2000 acres has been allotted towards development of growth center, because of this all development activity needs heavy quantity of steel. Obviously they will buy from nearby manufacturing only. 3. Company can make use of full capacity of production by providing good maintenance of machines and proper power supply. 4. Company should create good dealers distribution network to make a good hold and a large market share for its product. 5. Company can reduce its cost of production due to high productivity.

PVT LTD, RAICHUR THREATS 1. Emerging big player & hence there is competition in the market. 2. Steel prices are depends globally, so sometimes it affects the availability of raw material and it is not possible to make a large stock of raw material due to daily fluctuation in price.
The Company Vision To be the first choice of customers through leadership in quality and services and achieve sustainable growth through backward integration.
The Company Mission To constantly strive to meet or exceed customers' needs and expectations by staying ahead of competition with innovative ideas and add super-value to all customers. Scope of Study Since the decision regarding working capital are of an operating nature not one time decision, the scope of the study is geared towards identifying important areas of control and to establish model for better control of the various components of working capital The study would also attempt to identify the various sources available for financing of working capital. The study gives a fair idea of improvement in efficiency of working capital management and also to have proper control over the components of working capital and managing of efficiency.
Objectives of Study To study the efficiency of working capital management of the company
To analyze the working capital trends in the company ___________________________________________________________________ Babasabpatilfreepptmba.com - 37 -

PVT LTD, RAICHUR

To study the efficiency of cash, and receivables management of the company To understand and analyze the working capital position of PSSP Ltd. During the period of 2004-2008. To measure the overall financial position of the organization with the help of ratio analysis.
METHODOLOGY The information of the budgetary control where obtained from Primary Data : The information Collected from Personnel Interaction with manager and other staff Secondary:- Annual reports of PSSPL Company
Limitation of the study This study deals only with the data made available. Hence the result of this study cannot judge the business of the firm in general The study have been influenced by the limitation of the ratio analysis The study extensively uses the data provided is the financial reports of the firm which may also have their own limited perspective The analysis made on the working capital management is for a particular period of time the current assets and current liabilities will change for an analysis made at any other of time.

PVT LTD, RAICHUR Theoretical background Introduction
One of the vital aspects of companys financial management is to manage its current assets and the current liabilities in such a way that a satisfactory level of working capital is maintained. Working capital management means administration of all aspects of working capital i.e. current assets and current liabilities. Firm has to manage it properly in order to attain its goal of wealth maximization.
Meaning Working capital is that part of total capital which is used for carrying out routine business operations. In simple terms, working capital is the capital with which the business of the company is worked over. Working capital is the lifeblood of business and it is the controlling system of every business firm. The working capital management is concerned with the problems that arise in attempting to manage the current assets and current liabilities and the interrelationships that exists between them. This tries to evolve how much funds to be invested in each type of current assets and what should be the proportion of long-term funds to short-term funds and which are the sources that are ideal for financing current assets.
Concepts of working capital There are two concepts of working capital, they are; 1. Gross working capital concept 2. Net working capital concept

PVT LTD, RAICHUR Gross working capital concept Gross working capital concept refers to firms investments in its current assets. Current assets are assets, which can be converted into cash within an accounting year (or operational cycle) and includes cash, short-term securities, debtors, bills receivables and inventories. The gross working capital is a financial concept. It is also called as current capital or circulating capital and is represented as sum total of current assets of an enterprise. The gross working capital concept focuses attention on two aspects of current asset management: 1. Optimum investment in current assets 2. Financing of current assets
Net working capital concept Net working capital is the difference between current assets and current liabilities. It may be positive or negative. A positive working capital arises when current assets exceeds current liabilities and a negative working capital occurs when current liabilities exceeds current assets
Net working capital= Current assets-Current liabilities Net working capital is a qualitative concept and it indicates the: 1. Liquidity position of the firm 2. Suggests the extent to which working capital needs may be financed by permanent sources of funds. The current assets of the firm should be sufficiently in excess of current liabilities to constituting a margin for maturing obligations within the ordinary operating cycle of the business. A weak liquidity position poses a threat to the solvency position of the firm and makes it unsafe and unsound. A negative working capital may prove to be harmful for the companys reputation. On the other hand, excessive liquidity is also bad which may lead to mismanagement of current assets. The net working capital concept also covers the question of judicious mix of long-term funds for financing the current assets. Every firm needs a minimum amount of net working capital, which is permanent. Hence a portion of working capital should be financed with the permanent ___________________________________________________________________ Babasabpatilfreepptmba.com - 40 -

PVT LTD, RAICHUR sources of funds such as owners capital, debenture, long-term debts, preference capital or retained earnings. Management must therefore decide the extent to which current assets should be financed with long-term sources. Even though both gross and net working capital concepts are the important facets of working capital, there is no precise way to determine the exact of gross or net working capital for every firm. The working capital needs depends upon the business operations of the firm.
Significance of working capital: To fulfill its endeavor to maximize the shareholders wealth, firm has to earn sufficient return from its operations, which needs a successful sales activity. The firm has to invest sufficient funds in current assets to succeed in sales, as the sale do not convert into cash instantaneously because of time gap between the sale of goods and actual receipts in cash. Hence there is a need for working capital in the form of current assets to sustain sales activity during that period. Since cash inflows and cash out flows dont match, firms have to necessarily keep cash or investment in short term liquid securities to fulfill its obligations as and when they become due. The adequate stock of inventory provides a cushion against being out of stock and help as a guard to meet the demand for its products. To be competitive, the firm must sell its products to their customers on credit, which necessitates the holding of accounts receivables therefore an adequate level of working capital is absolutely necessary for the smooth sales activities, which in turn enhance the owners wealth. The working capital need arises for the following purpose: For purchasing raw materials, components and spare parts For paying wages and salaries To incur day-to-day expense and overhead costs like fuel, power and office expense etc. To meet selling costs of packing advertising etc

PVT LTD, RAICHUR CLASSIFICATION OF WORKING CAPITAL
WORKING CAPITAL
On the basis of concepts
On the basis of time
Net working Capital
Gross working capital
Permanent working capital
Variable Working capital
Seasonal working Capital
Special working capital
Initial working capital
Regular working capital

PVT LTD, RAICHUR
A. On the basics of Concept :
1. Net Working capital :
This is the difference between current assets and current liabilities. Current liabilities are those that are expected to mature within an accounting year and include creditors, bills payable and outstanding expenses. Working Capital Management is no doubt significant for all firms, but its significance is enhanced in cases of small firms. A small firm has more investment in current assets than fixed assets and therefore current assets should be efficiently managed. The working capital needs increase as the firm grows. As sales grow, the firm needs to invest more in debtors and inventories. The finance manager should be aware of such needs and finance them quickly. Current Assets can be financed through long term and short-term sources. The ratio of long term to short-term source will depend on whether the firm is aggressive or conservative. If the firm is aggressive then it will finance a part of its permanent current assets with short-term funds. On the other hand , a conservative firm will finance its permanent assets and also a part of temporary current assets with long- term financing.

PVT LTD, RAICHUR
2. Gross Working Capital This refers to the firms investment in current assets. Current assets are the assets which can be converted into cash within a short period say, an accounting year. Current assets include cash, debtors, bills receivables, short term securities etc.
B) On the Basis of Time

1) Permanent Working Capital Permanent Working Capital is permanently locked up in the circulation of current assets. It covers the minimum amount requested for maintaining the circulation of current ass a) Initial working capital At its inception and during the formative period of its operations a company must have enough cash fund to meet its obligations. The need for initial working capital is for every company to consolidate its position.
b) Regular working capital It refers to the minimum amount of liquid capital required to keep up the circulation of the capital from the cash inventories to accounts receivable and from account receivables to back again cash. It consists of adequate cash balance on hand and at bank, adequate stock of raw materials and finished goods and amount of receivables.

PVT LTD, RAICHUR 2. Variable Working Capital It refers to the past of the Working Capital which changes with the volume of business; it may be divided into two classes. a) Seasonal Working Capital There are many lines of business where the volumes of operations are different and hence the amount of working capital varies with the seasons. The capital required to meet the seasonal needs of the enterprise is known as seasonal Working capital. b) Special Working Capital The Capital required meeting any special operations such as experiments with new products or new techniques of production and making interior advertising campaign etc, are also known as special Working Capital.
Sources of Working capital:
Sources of working capital can be broadly divided into two types, 1. Internal sources 2. External sources Internal sources: 1. Shares 2. Debentures 3. Retained earnings 4. long term loans 5. Sale of fixed assets 6. Depreciation fund 7. Using the resource meant for taxation

PVT LTD, RAICHUR External resources:
1. Bank credit 2. Customer advances 3. short term public deposits 4. Installment credit 5. Factoring 6. Commercial papers 7. Indigenous banker 8. Trade credit 9. Outstanding expenses
CASH MANAGEMENT: Cash is the liquid money, which a firm can disburse immediately without any restriction. The term cash includes coins, currency and cheques held by the firm and balances in its bank accounts. Sometimes near cash items, such as marketable securities or bank time deposits are also included in cash. The basic characteristics of wear cash assets are that they can readily be converted into cash, and we invests it in marketable securities. The kind of the investment contribute some profit to the firm. Cash is often called as non earning asset. It is needed to pay for labor and raw materials, to buy fixed assets, to pay taxes, to service debts, to pay dividends and so on. However, cash itself earns no interest. Thus the goal of the firms must hold for use in conducting its normal business activities. It the same time it should have sufficient cash. 1. To take trade discounts 2. To maintain its credit rating 3. To meet unexpected cash needs The cash management is concerned with the managing of 1. Cash flows into and out of the firm 2. Cash flows within the firm at 3. Cash balance held by the firm at a point of time by financing deficit.

PVT LTD, RAICHUR Cash management techniques or procedures: 1. Improving forecasts of cash flows 2. Synchronizing cash inflows and outflows 3. Speed up the cheque clearing process 4. Using float 5. Accelerating collections 6. Getting available funds to where they are needed 7. Controlling disbursements
Collection technique: 1. Speedy cash collections 2. Prompt payment by customer 3. Early conversion of payments into cash

PVT LTD, RAICHUR
ANALYSIS AND INTERPRETATION OF DATA Evaluating the financial performance of Patel Shanti steels Pvt ltd. Working Capital Management Schedule showing working capital for the financial years Calculation of Gross working capital
Particular
2004-05
2005-06
Increase
Decrease
A. Current assets Inventories
11108491 4955298 2115880 646872 24648397
10293700 6466001 1466183 10095831 28321715
_ 1510703 _ 3627103 _
814971 _ 649697 _ _
Sundry debtors Cash and bank balance Loans and advances
Total current assets or gross working capital B. Current Liabilities
42403714 (17755317)
9516509 18805206 _ 18805206
32887205 38025011 _ 38025011
_ 1464488 36560523 38025011
Decreased W C Net working capital
36560523 18805206
Interpretion As we can see increase in the table 2005-06 as compared to 2004-05. above table current assets are increases more. In current assets are llike inventeiors, bank and loan, sundry detros. ___________________________________________________________________ Babasabpatilfreepptmba.com - 48 -

PVT LTD, RAICHUR Calculation of Gross working capital
Particular A. Current assets
2006-07
2007-08
Increase
Decrease
Inventories
10293700
8244141
2049560
Sundry debtors
646600
5805123
660878
Cash and bank balance
1466183
1266688
199495
Loans and advances Total current assets or gross working capital B. Current Liabilities Net Working Capital Decreased W C Net working capital
10095831 28321715
12995701 28311653
2899871 2899871
_ 2909933 _
9516510 18805205 (4032149) 22837454
5474299 22837454 _ 22837454
4042211 _ 6942082
_ 4032149 6942082
As we can decreases in the above table 2006-07assets are decreases because of increases the inventories decrease bank and loan sundry debtors decreases as compare to previous years.

PVT LTD, RAICHUR Calculation of Gross working capital
Particular A. Current assets Inventories
2007-08
2008-09
Increase
Decrease
8244141
13318258
5074117
Sundry debtors Cash and bank balance Loans and advances
5805123
30322092
24516969
1266688
1019325
247363
12995701 28311653
4977737 496377414
_ 29591086
8017962 8265325
Total current assets or gross working capital B. Current Liabilities
5474299 22837354
12616200 37021314 _ 37021314
7141901 14183860
Decreased W C Net working capital
14183860 37031214
29591086
29591086
Interpretation As we can increases in the above table current assets 2007-08 as compared to 2006-07 are decreases because of increases the inventories bank and loan sundry debtors increases as compare to previous years.

PVT LTD, RAICHUR
RATIO ANALYSIS
INTRODUCTION The financial statement of a company contains a lot of information about the financial performance of the company. Financial statements mainly consist of the Balance Sheet and Profit and Loss Accounts. These statements give the overall picture of the company, but to analyse each aspect of business extensively, financial ratios are used. The Balance Sheet and the Statement of Income are essential, but they are only the starting point for successful financial management. Financial Ratio Analysis derived from Financial Statements analyses the success, failure, and progress of business.
Ratio Analysis is a very powerful analytical tool useful for measuring the performance of an organization. The ratio analysis concentrates on the interrelationship among the figures appearing in the mentioned financial statements. The ratio analysis helps the management to analyze the past performance of the firm and to make further projections.
Note: we have used the ratio analysis in this project in order to substantiate the managing of working capital. For this, we used some of the ratios to get the required output.
Various working capital ratios used by me are as follows: Liquidity ratios Turnover/activity ratios

PVT LTD, RAICHUR I. Liquidity Ratio Liquidity ratio measures the ability of the firm to meet its current obligation (liabilities). In fact analysis of liquidity needs the preparation of cash budget and cash and fund flow statement but liquidity ratio, by establishing a relationship between cash and other current asset to current obligation, to provide a quick measure of liquidity. A firm should ensure that it doesnt suffer lack of liquidity and also that it dose not have excess liquidity. The common liquidity ratios are:1. Current Ratio Current ratio may be defined as the relationship between quick or liquid asset and current liabilities. This is a measure of general liquidity & is most widely used to make analysis of shortturn financial position or liquidity of firm. It is calculated by dividing the total current assets by total current liabilities.
Current Ratio=
Current Assets Current Liabilities
TABLE-1.1 Current Ratio
Year 2004-05 2005-06 2006-07 2007-08
Current Assets 24648397 28321715 28311652 49637413
Current Liabilities 42403714 9516509 5474299 12616200
Ratio 0.58 2.97 5.171 3.93
INTERPRETATION ___________________________________________________________________ Babasabpatilfreepptmba.com - 52 -

PVT LTD, RAICHUR An arbitrary standard of current ratio is 2:1 indicates that for every one rupee of current liability two rupee of current assets is available. in the year 2004-05 Ratio was 0.58. in the year 2005-06 increasing ratio 2.97. in the year 2006-07 increasing ratio 5.17. in the year2007-08 decreasing 3.93. company position is favorable.
2. Quick Ratio/Acid Test Ratio Quick ratio establishes relationship between quick or liquid assets & current liabilities. It is also known as acid test ratio. An asset is said to be liquid if it can be converted into case within short period of time without loss of value. The prepaid expenses and stock were excluded. Quick ratio = Quick asset Current Liabilities
TABLE-1.2 Quick Ratio
Year 2004-05 2005-06 2006-07 2007-08
Quick Assets 13539906 18028015 20067511 36319155
Ratio 0.31 1.89 3.66 2.87
INTERPRETATION Table 1.2 Standard of ratio is 1:1 . in the year 2004-05 ratio was 0.31. in the year 2005-06 increasing 1.89. in the year 2006-06 increasing ratio 3.66. and in the year 2007-08 decreasing trend 2.87. company position is favorable.
3. Absolute Quick Ratio/cash Ratio Cash ratio is the strongest measurement of liquidity. Since cash is the most liquid assets, a financial analyze may examine cash ratio & its equivalent to current liabilities. Trade investments or marketable securities are equivalent of cash therefore they may be included in computation of cash ratio. To calculate absolute quick ratio we consider cash in hand, cash at bank & marketable securities. Cash Ratio = Cash + Marketable securities Current Liabilities TABLE-1.3 Absolute Quick Ratio
Year 2004-05 2005-06 2006-07 2007-08
Quick Assets 2115880 146183 1266688 1019325
Ratio 0.04 0.15 0.23 0.08
INTERPRETATION In the year 2004-05 ratio was 0.04 in the year 2005-06 increased o.15. in the year 2006-07 increased o.23. in the year 2007-08 again decreased 0.08 . there fore company position is unfavorable. Table 1.3 reveals that absolute quick ratio is below the standard ratio i.e. 0.5:1 indicates that 50 paisa worth of absolute liquidity assets are sufficient to meet one rupee worth of current liabilities.
4. Net Working capital ratio Net Working capital ratio is the relationship between net working capital to its net assets. The different between current asset & current liabilities excluding short term called net working capital (NWC) or net current assets. borrowing is
NWC
Net Working Capital Net Assets
TABLE-1.4 Net Working Capital Ratio
Year 2004-05 2005-06 2006-07 2007-08
NWC 17755317 18805206 22837353 36751213
Net Asset 65071495 88085255 822771402 98137066
Ratio 0.27 0.21 0.02 0.37
INTERPRETATION In the year 2004-05 ratio was 0.02 in the year 2005-06 decreased 0.5. in the year 2006-07 increased 0.26. in the year 2007-08 again increased 0.37 . there fore company position is unfavorable. Table 1.3 reveals that absolute quick ratio is below the standard ratio i.e. 0.5:1 indicates that 50 paisa worth of absolute liquidity assets are sufficient to meet one rupee worth of current liabilities.
In Relation to Sales Gross Profit Ratio G.P.Ratio measures the relationship between gross profits & sales; it is usually represented in percentage. Thus Gross profit margin highlights the production efficiency at a concern
G.P.Ratio
= Gross Profit Sales
X 100
G.P.Ratio indicate the extent to which selling price of goods per unit may decline without resulting in losses on operations of firm. It reflect efficiency with which firm produces the product.
TABLE-3.1 Gross Profit Ratio
Year 2004-05 2005-06 2006-07 2007-08
Gross Profit 3218328 5556628 3446889 7459228
Sales 125946615 108477129 107302000 122909228
Ratio 2.55 5.12 3.212 6.06
INRTEPRETATION In the year 2004-05 ratio was 2.55 . in the year 2006-07 increased 5.12 and in the year 2006-07 decreased 3.21 and 2007-08 increased 6.06.
Findings:1) Current ratio is favorable of the company. 2) Quick ratio is below the standard of ratio so for it is unfavorable of the company.
3) Cash ratio is fluctuating year by year .there fore un favorable of the company. 4) Gross profit is increasing year by year so it favorable of the company.
CONCLUSION
Today working capital is considered to be an important tool for progress. Working capital management techniques are playing significant role in assistant the management for design making. The study of working capital system at Patel Shanti Steel Pvt at Raichur is found to be very affective. The working capital contains the management of cash, management of receivables and management of inventory.
BIBOLOGRAPHY
Financial management by M.Y. Khan and P.K. Jain Financial management by I.M. Pandey
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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

PVT LTD, RAICHUR

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

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PROFILE OF THE COMPANY

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

TMT Steel Bars

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

TMT Bars Features

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

BIS INDIA (IS : 1786)

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A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

Organization Structure:MANAGING DIRECTOR

HUMAN RESOURCE MANAGER

Asst. Manager Foreman

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

Mr. Mallikarjun : Mr. Vinay Patel

Assistant Production Manager : Human Resource Manager :

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

FUNCTIONS OF VARIOUS DEPARTMENTS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

ASST. MARKETING MANAGER

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

Maintaining Communication with Employees.

HUMAN RESOURCE POLICY

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

The present strength of the Company is 60 employees.

S.No. Name of Department Number of Employees

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

The Company will derive following benefits of this strategy:

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

Finance Department Chart

Asst. Finance Manager

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS

Charged in Re-heating Furnace

Roughing Mil (Ingot 4 reduced to 2)

Finishing Mill (2 to reduced to required finishing size)

TMT Treatment Plant

Cutting and sizing

Bending and Staking

Finished Goods (8mm,10mm,12mm,16mm,20mm TMT Bars)

A STUDY ON WORKING CAPITAL MANAGEMENT PATEL SHANTI STEELS