A

SUMMER TRAINING PROJECT

REPORT
ON
WORKING CAPITAL MANAGEMENT

(CENTURY PULP AND PAPER GHANSHYAMDHAN,
LALKUAN (NAINITAL)
IN PARTIAL FULFILMENT FOR THE DEGREE OF
MBA

(SESSION 2013-201)
SUBMITTED BY! A"#$%& T'(%)*
MBA III SEM
(+,%-.,/ G012%0 C%/3,#, R11)"'')
DURATION! - J,0& 4 5 A,6,#.


ACKNOWLEDGEMENT
I take this opportunity to express my gratitude to the Management of
Century Pulp and Paper at Lalkuan (Nainital) for providing me the opportunity
to get an exposure of their esteemed unit.
I am sincerely thankful to the ! department for coordination my training
and for their continued help and guidance during my stay there. I "ish to
express my sincere gratitude to account department personnel for their
inspiring guidance and motivation# I received during my stay in their
respective sections.
Last $ut not the least# I express my deep gratitude to my pro%ect guide for
sending me to a large integrated Pulp & Paper Industry and giving me a
chance to ac'uire experience of my lifetime.
I also express my thanks to parents and all family mem$ers and friends "ho
directly or indirectly provided me their moral support.
A"#$%& T'(%)*
MBA III S'/
(+,%-.,/ G012%0 C%/3,#, R11)"'')
Preface
(orking capital is the life of every concern. )unds are needed in every
$usiness for carrying day to day operations. It is %udged from the fact that
many a times the main cause of failure of a $usiness enterprise has $een
found to $e a shortage of "orking capital and its mishandling. Inade'uate
"orking capital is a serious handicap in $usiness. *o# the amount of "orking
capital in any $usiness should neither $e more nor less than "hat is actually
re'uired. )urther# management of "orking capital in every enterprise has
pro+ta$ility and li'uidity implications. ,he main o$%ective of "orking capital
management is to arrange the needed funds at right time# from right source
and for the right period so that a trade o- $et"een li'uidity and pro+ta$ility
may $e reali.ed.
Paper industry of any country aids in its economic gro"th and so is the
century pulp and paper doing. )rom the vie" of socio economic development
of the country# paper industry is signi+cant enough in terms of investment
and employment. ,o accomplish all these ma%or roles paper industry re'uires
a large amount of funds and need to maintain asustaina$le amount of
"orking capital.
ence there is a need for proper "orking capital management in century
pulp and paper# so that day $y day operations do not hamper. (ith this
$ackground in vie"# the present study "as undertaken for a proper insight in
to the management of "orking capital at century pulp and paper.
INDE7
,itle page
/ckno"ledgement
Preface
Chapter 0
Introduction to "orking capital management 6-7
1$%ectives of study 8
Period of study 8
!esearch methodology 9-10
Chapter 2
Industry Pro+le 12
Company Pro+le 13
1rganisation structure of CPP 14-15
Chapter 3
4ata /nalysis and Interpretation 17-25
Chapter I5
)indings 27
*uggestions and !ecommendations 28
Conclusion 29
Bibiliopgraphy 30

CHAPTER - 1
INTRODUCTION TO WORKING CAPITAL
MANAGEMENT
OBJECTIVES OF STUDY
PERIOD OF STUDY
RESEARCH METHODOLOGY
I!r"#$c!%" !" W"r&%' Ca(%!a) Maa'e*e!
(orking capital management is concerned "ith the pro$lems arise in
attempting to manage the current assets# the current lia$ilities and the inter
relationship that exist $et"een them. ,he term current assets refers to those
assets "hich in ordinary course of $usiness can $e# or# "ill $e# turned in to
cash "ithin one year "ithout undergoing a diminution in value and "ithout
disrupting the operation of the +rm. ,he ma%or current assets are cash#
marketa$le securities# account receiva$le and inventory. Current lia$ilities
"are those lia$ilities "hich intended at there inception to $e paid in ordinary
course of $usiness# "ithin a year# out of the current assets or earnings of the
concern. ,he $asic current lia$ilities are account paya$le# $ill paya$le# $ank
over6draft# and outstanding expenses. ,he goal of "orking capital
management is to manage the +rm7s current assets and current lia$ilities in
such "ay that the satisfactory level of "orking capital is mentioned. ,he
current should $e large enough to cover its current lia$ilities in order to
ensure a reasona$le margin of the safety.
De+%!%",-
/ccording to G$!!*a - D"$' a)) 6 89xcess of current assets over current
lia$ilities:.
Nee# "f ."r&%' ca(%!a) *aa'e*e!
,he need for "orking capital gross or current assets cannot $e over
emphasi.ed. /s already o$served# the o$%ective of +nancial decision making
is to maximi.e the shareholders "ealth. ,o achieve this# it is necessary to
generate su;cient pro+ts can $e earned "ill naturally depend upon the
magnitude of the sales among other things $ut sales can not convert into
cash. ,here is a need for "orking capital in the form of current assets to deal
"ith the pro$lem arising out of lack of immediate reali.ation of cash against
goods sold. ,herefore su;cient "orking capital is necessary to sustain sales
activity.
/
,echnically this cycle. If the company has certain amount of cash# it "ill $e
re'uired for purchasing the ra" material may $e availa$le on credit $asis.
,hen the company has to spend some amount for la$our and factory
overhead to convert the ra" material in "ork in progress# and ultimately
+nished goods. ,hese +nished goods convert in to sales on credit $asis in the
form of sundry de$tors. *undry de$tors are converting into cash after expiry of
crei! perio" #hus so$e a$oun! of cash is bloc%e in ra& $a!erials' ()*' finishe goos' an
sunry eb!ors an ay !o ay cash re+uire$en!s" #his is !he precise reason &hy !he nees for
&or%ing capi!al arise
Gr"00 ."r&%' ca(%!a) a# Ne! ."r&%' ca(%!a)
18 G)1## (1)"*-6 9%3*.%0
<ross "orking capital refers to the +rm7s investment I current assets. Current
assets are the assets "hich can $e convert in to cash "ithin year includes
cash# short term securities# de$tors# $ills receiva$le and inventory.
12 Ne! ."r&%' ca(%!a)0
,e! &or%ing capi!al refers !o !he ifference be!&een curren! asse!s an curren! liabili!ies"
N'. W1)"*-6 C%3*.%0 : C,))'-. A##'.# 4 C,))'-. L*%2*0*.*'#
3
OBJECTIVES OF STUDY
*tudy of the "orking capital management is important $ecause unless the
"orking capital is managed e-ectively# monitored e;ciently planed properly
and revie"ed periodically at regular the company cannot earn pro+ts and
increase its turnover. (ith this primary o$%ective of the study# the follo"ing
further o$%ectives are framed for a depth analysis --
1. ,o study the "orking capital management of Century Pulp and Papers.
2. ,o study the optimum level of current assets and current lia$ilities of the
company.
3. ,o study the li'uidity position through various "orking capital related
ratios.
=. ,o study the Inventory position $eing a important part of "orking capital.
>. ,o study the operating cycle of the company"
PERIOD OF STUDY
#he s!uy &as conuc!e on &or%ing capi!al $anage$en! of cen!ury pulp an paper fro$ ;,0&
2015 .1 5 %,6,#. 20158
4
RESEARCH METHODOLOGY
!esearch methodology is a "ay to systematically solve the research
pro$lem. It may $e understood as a science of studying no" research is done
systematically. :,he procedures $y "hich researcher go a$out their "ork of
descri$ing# explaining and predicting phenomenon are called methodology.:
Methods comprise the procedures used for generating# collecting and
evaluating data. /ll this means that it is necessary for the researcher to
design his methodology for his pro$lem as the same may di-er from pro$lem
to pro$lem. 4ata collection is important step in any pro%ect and success of
any pro%ect "ill $e largely depend upon no" much accurate you "ill $e a$le
to collect and ho" much time# money and e-ort "ill $e re'uired to collect
that necessary data. 4ata collection plays an important role in research
"ork. (ithout proper data availa$le for analysis you cannot do the research
"ork accurately.
T5(e0 "f #a!a c"))ec!%" ,6
12 Pr%*ar5 #a!a c"))ec!%"
12 Sec"#ar5 #a!a c"))ec!%"
16 Pr%*ar5 #a!a c"))ec!%"
(hich is collected fresh or +rst hand# and for +rst time "hich is original in
nature. Primary data can collect through personal Intervie".
7
16 Sec"#ar5 #a!a c"))ec!%" *e!8"#
,he secondary data are those "hich have already collected and stored.
*econdary data easily get those secondary data from records# %ournals#
annual reports of the company etc. It "ill save the time# money and e-orts to
collect the data. *econdary data also made availa$le through trade
maga.ines# $alance sheets# $ooks etc.
T8%0 (r"9ec! %0 :a0e# " 0ec"#ar5 %f"r*a!%" c"))ec!e# !8r"$'8
."r&%' ca(%!a) #a!a (r";%#e# :5 !8e c"*(a5< 0$(("r!e# :5 ;ar%"0
:""&0 a# %!ere! 0%!e02 T8e #a!a c"))ec!%" .a0 a%*e# a! 0!$#5 "f
."r&%' ca(%!a) *aa'e*e! "f !8e c"*(a52
1=
CHAPTER - 1
PAPER INDURTRY PROFILE
COMPANY PROFILE
ORGANISATION STRUCTURE OF CPP
PAPER INDUSTRY PROFILE
Paper industry is primarily dependent upon forest6$ased ra" materials. ,he
+rst paper mill in India "as set up at *ree rampur# (est ?engal# in the year
0@02. Large scale mechani.ed technology of papermaking "as introduced in
India in early 0ABC. *ince then the ra" material for the paper industry
under"ent a num$er of changes and over a period of time# $esides "ood
and $am$oo# other non6conventional ra" materials have $een developed for
use in the papermaking. ,he Indian pulp and paper industry at present is
very "ell developed and esta$lished. No"# the paper industry is categori.ed
as forest6$ased# agro6$ased and "aste $ased.
In 0AC0# there "ere 0D paper mills# and today there are a$out C0C units
engaged in the manufacture of paper and paper$oards and ne"sprint in
India. India is self6su;cient in manufacture of most varieties of paper and
paper$oards. Import is con+ned only to certain specialty papers. <ro"th of
paper industry in India has $een constrained due to high cost of production
caused $y inade'uate availa$ility and high cost of ra" materials# po"er cost
and concentration of mills in one particular area. <overnment has taken
several policy measures to remove the $ottlenecks of availa$ility of ra"
materials and infrastructure development.
11
COMPANY PROFILE
Century Pulp and Paper# unit of the top Indian Corporate Conglomerate6 B2K2
B%r)a <roup of Companies is one of the leading integrated Pulp and Papers
plants. 9sta$lished in the year 0A@= at Lalkuan# a to"nship near the foothills
of imalayas in 4istt. Nainital (Ettarakhand)# the company after expansion
and moderni.ation# presently operates four +$er lines at the follo"ing
installed capacitiesF
!ayon <rade Pulp , 3032B ,P/
(riting & Printing Papers ((ood) , 3D2CB ,P/
(riting & Printing Papers (?agasse) , @=>BB ,P/
(riting & Printing Papers , DCA>B ,P/
People are "orking as a team to achieve the o$%ective of the organi.ation.
,here is an excellent harmony $et"een the employees union and the
management.
,he company has esta$lished a strong $rand image in the domestic and
overseas market "ith excellent 'uality of its products and services and
caters to diversi+ed sectors like Note ?ooks & 4iaries# Continuous *tationery#
Copier# 9nvelopes# and 1-set printing# *ecurity Papers# Industrial Papers and
5iscose )ilament Garn & Cellophane Paper.

Company7s main ra" materials are 9ucalyptus# Poplar# ?am$oo# ?agasse &
(aste Paper. Company7s marketing policy is targeted to meet customers7
need and satisfaction. Presently the company is also exporting its Paper to
various countries. ,he ead 1;ce of the Company is at Holkata.
1>
O)6%-*<%.*1- S.),9.,)' 1= CPP
. *" *resien! /0ni! hea1
2oin! presien! /&or%s1
.3" 4ice *resien!
.enior 5eneral 6anager /s1

5eneral 6anager /s1
78" 5eneral 6anager /s1
.enior 6anager /s1
6anager/s1
78" 6anager /s1
.3" .uperin!enen!
.uperin!enen!
9fficer
:ss!" officer /5rae .!aff1
1?
CHAPTER @ III
DATA ANALYSIS
AND
INTERPRETATION
W"r&%' Ca(%!a) )e;e) a# aa)50%0
I6 W"r&%' ca(%!a) )e;e)2
II6 W"r&%' ca(%!a) !re# aa)50%02
III6 C$rre! a00e!0 aa)50%02
IV6 C$rre! )%a:%)%!5 aa)50%02
V6 O(era!%' c5c)e
VI6 I;e!"r5 Maa'e*e!
13
S%Ae "f ."r&%' ca(%!a)
(I- 0%"$)

Par!%c$)ar0 1==3-=4 1==4-
=7
1==7-
1=
1=1=-
11
1=11-
11
A6 C$rre! a00e!0
Inventories A0@B 0B@2D 0C=3D 0@3D3 2D=3B
*undry 4e$tors 033=> 0>2BB 223B= 2@3BC ==BC0
Cash & ?ank ?alance 222@ 03D@ 002D 22>0A 3C>>
1ther /ssets 0CC> 3=A 32A CD0 0B0B
Loan & /dvances DD>C D3=0 D2D0 DCDD 0BDC0
T"!a) "f A BGr"00
W2C26
134// >/=7
?
C/C/
4
33CC
?
4/4=
4
B6 C$rre! )%a:%)%!%e0
Current lia$ilities 0=C0C 0>CD2 2BB0A 3BD@A =32B3
Provisions 03@ 3B@ 3>A 3B0@ 2CA=
T"!a) "f B 1C/?> 1/44
=
1=>4
4
>>4=
3
C?37
3
Ne! W2C2BA-B6 1>11> 1711
?
1/=4
=
C>/>
4
C1=1
1
14
I6 W"r&%' ca(%!a) )e;e)
,he consideration of the level investment in current assets should avoid t"o
danger points excessive and inade'uate investment in current assets.
Investment in current assets should $e %ust ade'uate# not more or less# to
the need of the $usiness +rms. 9xcessive investment in current assets should
$e avoided $ecause it impairs the +rm7s pro+ta$ility# as idle investment
earns nothing. 1n the other hand inade'uate amount of "orking capital can
$e threatened solvency of the +rms $ecause of it7s ina$ility to meet it7s
current o$ligation. It should $e reali.ed that the "orking capital need of the
+rms may $e Iuctuating "ith changing $usiness activity. ,his may cause
excess or shortage of "orking capital fre'uently. ,he management should $e
prompt to initiate an action and correct im$alance
II6 W"r&%' ca(%!a) !re# aa)50%0
In "orking capital analysis the direction at changes over a period of time is of
crucial importance. (orking capital is one of the important +elds of
management. It is therefore very essential for an analyst to make a study
a$out the trend and direction of "orking capital over a period of time. *uch
analysis ena$les as to study the up"ard and do"n"ard trend in current
assets and current lia$ilities and it7s e-ect on the "orking capital position.
17
I!er(re!a!%"

0. It "as o$served that ma%or source of li'uidity pro$lem is the mismatch
$et"een current payments and current receipts from the comparison of
de$tors and lia$ilities.
2. In the year 2B0B to 2B00 net "orking capital increased to !s =3>=B lakh
from !s. 2>B@0 lakh . It sho"s that management is using long6term funds to
short term re'uirements.
3. /nd it has fallen to !s.=0B0 lakh in the year 2BBD $ecause current assets
have increased less as compared to current lia$ilities. ,he fall in "orking
capital is a clear indication that the company7s utili.ing its short term
resources "ith e;ciency.
III6 C$rre! a00e!0
,otal assets are $asically classi+ed in t"o parts as +xed assets and current
assets. )ixed assets are in the nature of long term or life time for the
organi.ation. Current assets convert in the cash in the period of one year. It
means that current assets are li'uid assets or assets "hich can convert in to
cash "ithin a year.
COMPOSITION OF CURRENT ASSETS (*- 0%"$#)
P%).*9,0%)# 200>-0? 200?-0@ 200@-10 2010-11 2011-12
)n4en!ories 9180 10827 15437 18373 27430
.unry 7eb!ors 13346 16200 22304 28305 44051
Cash ; Ban% Balance 2248 1378 1127 22619 3566
9!her :sse!s 1556 349 329 571 1010
<oan ; :4ances 1556 7341 7271 7577 10751
T1.%0 1= C8A 2>?AA 3A0@ 5A5A? >>55 ?A?0?
1=
I!er(re!a!%"
0. ,he excess of current assets is sho"ing positive li'uidity position of the
+rm $ut it is not al"ays good $ecause excess current assets then re'uired# it
may adversely a-ects on pro+ta$ility.
2. ,he $alance of current assets is highly increased in year 2BBC6B># $ecause
of increase in cash $alance.
3. Current assets components sho" sundry de$tors are the ma%or part in
current assets it indicates that the ine;cient collection management. 1ver
investment in the de$tor a-ects li'uidity of +rm
=. company has raised funds from other sources like short term loan "hich
incurred the interest.
C. / large tie up of funds in inventories a-ects the pro+ta$ility of $usiness.
IB) C$rre! )%a:%)%!%e0
Current lia$ilities mean the lia$ilities "hich have to pay in current year. It
includes sundry creditor7s means supplier "hose payment is due $ut not paid
yet# thus creditors called as current lia$ilities. Current lia$ilities also include
short term loan and provision as tax provision. Current lia$ilities also includes
$ank overdraft. )or some current assets like $ank overdrafts and short term
loan# company has to pay interest thus the management of current lia$ilities
has importance.
11
CURRENT LIABILITY SICE
(*- 0%"$)
P%).*9,0%)# 200>-0? 200?-0@ 200@-10 2010-11 2011-12
Curren! liabili!ies 14515 16572 20019 30789 43203
*ro4isions 138 308 369 3018 2594
T1.%0 1= C8L 15A3 1A??0 203?? 33?0> 5>@>
I!er(re!a!%"
Current lia$ilities sho" continues gro"th each year $ecause company creates
the credit in the market $y good transaction. ,o get maximum credit from
supplier "hich is pro+ta$le to the company it reduces the need of "orking
capital of +rm. /s a current lia$ility increase in the year 2B0B600 it reduce the
"orking capital si.e in the same year. ?ut company en%oyed over creditors
"hich may include indirect cost of credit terms.
B6 O(era!%' C5c)e
,he need of "orking capital arrived $ecause of time gap $et"een production
of goods and their actual reali.ation after sale. ,his time gap is called
81perating Cycle: or (orking Capital Cycle:. ,he operating cycle of a
company consist of time period $et"een procurement of inventory and the
collection of cash from receiva$les. ,he operating cycle is the length of time
$et"een the company7s outlay on ra" materials# "ages and other expanses
and inIo" of cash from sales of goods. Juicker the operating cycle less
amount of investment in "orking capital is needed and it improves
pro+ta$ility. ,he duration of the operating cycle depends on nature of
industries and e;ciency in "orking capital management.
11
Ca)c$)a!%" "f "(era!%' c5c)e

S!a!e*e! "f c8a'e0 % ."r&%' ca(%!a)
B% )a&86
Par!%c$)ar0 1=1=-
11
1=11-
11
C8a'e0 %
W2C2
Icrea0e Decrea0e
A6 C$rre! a00e!0
Inventories 0@3D3 2D=3BABCD
*undry 4e$tors 2@3BC ==BC00CD=>
Par!%c$)ar0 1==1- 1==>- 1==C- 1==?- 1==/-
Cash & ?ank ?alance 22>0A 3C>> 0ABC3
1ther /ssets CD0 0B0B=3A
Loan & /dvances DCDD 0BDC030D=
T"!a) "f A 33CC? 4/4=
4
B6 C$rre! )%a:%)%!%e0
Current lia$ilities 3BD@A =32B3 02=0=
Provisions 3B0@ 2CA==2=
T"!a) "f B >>4=3 C?37
3
W2C2BT"!a) A- T"!a) B6 C>/>4 C1=1
1
Ne! Decrea0e %
W"r&%'
Ca(%!a)
1/13

1>
;%6 I;e!"r5 Maa'e*e!
,he manufacturing +rm7s inventory consist follo"ing components F
I) !a" material
ii) (ork6 in6progress
iii) )inished goods

O:9ec!%;e "f %;e!"r5 *aa'e*e!
1" #o $ini$i=e !he fir$>s in4es!$en! in in4en!ory
2" #o $ee! a e$an for !he prouc! by efficien!ly organi=ing !he fir$s prouc!ion an sales
opera!ion"
3" #o ha4e s!oc% a4ailable as an &hen !hey are re+uire"
4" #o u!ili=e a4ailable s!orage space bu! pre4en!s s!oc% le4els fro$ exceeing space a4ailable"
5" #o $ain!ain ae+ua!e accoun!abili!y of in4en!ories asse!s"

S%Ae "f %;e!"r5 (*-
0%"$)
Par!%c$)ar0 1==1-=> 1==>-=C 1==C-
=?
1==?-
=/
1==/-=3
!a" material 3C@
2
=0@2 >3=3 @203 0=BC2
(.I.P 0
3
=3 30 22 003
)inished goods ==2
=
=>D0 >3C= 0CB0
3
22A>3
other inventories 00@
0
0A32 2D0B 3>03 A@30
,otal A00
B
0B@2@ 0C=3@ 2>@>
0
=>ACA
Indices 0BB.B
B
00D.D= 0>D.AB 2A2.0
D
C0B.@@
I!er(re!a!%"
0. Company has continuously increased its ra" material level or investment
in it from 2BBD6 2B02. It can $e $ene+cial in case of increase in demand or
la" availa$ility of ra" material.
2. (.I.P level too increasing "hich is not a good sign.
3. !ising level of +nished goods sho"s company having a high demand of its
products.
1?
CHAPTER IV
FINDINGS
RECOMMENDATIONS
CONCLUSION
BIBILIOGRAPHY
FINDINGS

0. /fter analysis "orking capital data it is found the li'uidity position of the
company is very strong and every yr. current assets are more than the
current lia$ilities.
2. ,he data descri$e us that the company has intangi$le assets more than its
other assets.
3. In the yr. 2B00602 "orking capital decreased $ecause of increased manufacturing
expenses and increased price of ra" material.
=. Current assets components sho"s sundry de$tors "ere thee ma%or part in current
assets "hich reIects the ine;cient recieva$les collection management.
C. Current assets are more than current lia$ilities indicate that company used long
term funds for short term re'uirements# "here long term funds are more costly than
short term funds.
>. 1ther than these 'uantitative +ndings some 'ualitative advantages "ere also
o$served in favour of C.P.P like6 the human resource of CPP is very much
innovative and hard"orking as "ell# the marketing strategy of is the most
prominent reason to compete its competitors# innovation is the key factor of
CPP success.
13
RECOMMENDATIONS
!ecommendation can $e use $y the +rm for its $etter performance after
studying and analysis of pro%ect report on "orking capital. I "ould like to
recommendF6
0. Company should raise funds through short term sources for short term
re'uirement of funds# "hich comparatively economical as compare to long
term funds.
2. Company should take control on de$tor7s collection period "hich is ma%or
part of current assets.
3. Company has to take control on cash $alance $ecause cash is non earning
assets and increasing cost of funds.
=. Company should reduce the inventory holding period "ith use of .ero
inventory concepts.
1ver all company has good li'uidity position and su;cient funds to
repayment of lia$ilities. Company has accepted conservative +nancial policy
and thus maintaining more current assets $alance. Company is increasing
sales volume per year "hich supported to company for sustain 2nd position
in the "orld and num$er one position in /sia.
14
CONCLUSION
(orking capital management is important aspect of +nancial management.
,he study of "orking capital management of Century Pulp and Paper Ltd.
has revealed that the current position "as as per the standard industrial
practice $ut the li'uidity position of the company sho"ed an increasing
trend.
0. (orking capital of the company "as increasing and sho"ing positive
"orking capital per year. It sho"s good li'uidity position.
2. Positive "orking capital indicates that company has the a$ility of
payments of short terms lia$ilities.
3. (orking capital increased $ecause of increment in the current assets is
more than increase in the current lia$ilities.
=. Company7s current assets "ere al"ays more than re'uirement it a-ect on
pro+ta$ility of the company.
17
BIBLIOGRAPHY
B""&0 Referre#,
12 Pa#e5# I2 M2 - F%ac%a) Maa'e*e! 6 5ikas Pu$lishing ouse Pvt.
Ltd. 6 Ninth 9dition 2BB>
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